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EQUITY (Tables)
9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Summary of Changes in Shares Outstanding for Each Class of Common Stock

The following table summarizes the changes in the shares outstanding for each class of common stock for the periods presented below:

 

Class T

 

Class D

 

Class I

 

Total

(in thousands)

Shares

Shares

Shares

Shares

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021

Balance as of June 30, 2021

 

164,487

 

10,504

 

20,248

 

195,239

Issuance of common stock:

 

  

 

  

 

  

 

  

Primary shares

 

28,833

 

1,338

 

10,988

 

41,159

DRIP

 

1,150

 

75

 

132

 

1,357

Stock grants

29

29

Redemptions

 

(520)

 

(45)

 

(1)

 

(566)

Forfeitures

 

 

 

(1)

 

(1)

Balance as of September 30, 2021

193,950

11,872

31,395

237,217

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2022

Balance as of June 30, 2022

 

223,734

 

17,582

 

53,716

 

295,032

Issuance of common stock:

 

  

 

  

 

  

 

  

Primary shares

 

13,850

 

2,257

 

4,027

 

20,134

DRIP

 

937

 

91

 

254

 

1,282

Stock grants, net of cancellations

 

 

 

21

 

21

Redemptions

 

(3,280)

 

(212)

 

(831)

 

(4,323)

Conversions

(4,409)

4,409

Forfeitures

(1)

(1)

Balance as of September 30, 2022

 

230,832

 

19,718

 

61,595

 

312,145

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021

Balance as of December 31, 2020

 

130,565

 

7,866

 

3,040

 

141,471

Issuance of common stock:

 

  

 

  

 

  

 

  

Primary shares

 

61,769

 

3,900

 

27,951

 

93,620

DRIP

 

3,037

 

205

 

213

 

3,455

Stock grants

233

233

Redemptions

 

(1,421)

 

(99)

 

(18)

 

(1,538)

Forfeitures

 

 

 

(24)

 

(24)

Balance as of September 30, 2021

 

193,950

 

11,872

 

31,395

 

237,217

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

Balance as of December 31, 2021

206,129

13,649

37,391

257,169

Issuance of common stock:

 

  

 

  

 

  

 

  

Primary shares

 

34,141

 

6,213

 

16,986

 

57,340

DRIP

 

3,054

 

259

 

695

 

4,008

Stock grants, net of cancellations

 

 

 

193

 

193

Redemptions

 

(4,762)

 

(403)

 

(1,377)

 

(6,542)

Conversions

(7,730)

7,730

Forfeitures

(23)

(23)

Balance as of September 30, 2022

 

230,832

 

19,718

 

61,595

 

312,145

Summary of Distribution Activity

The following table summarizes our distribution activity (including distributions to noncontrolling interests and distributions reinvested in shares of our common stock) for each of the quarters ended below:

 

Amount

Common Stock

Declared per

Distributions

Other Cash

Reinvested

Distribution

Gross

(in thousands, except per share data)

 

Common Share (1)

 

Paid in Cash

 

Distributions (2)

in Shares

 

Fees (3)

 

Distributions (4)

2022

  

  

  

  

  

September 30

$

0.13625

$

14,599

$

618

$

19,936

$

7,359

$

42,512

June 30

0.13625

13,674

618

18,953

6,852

40,097

March 31

0.13625

13,043

639

18,158

5,656

37,496

Total

$

0.40875

$

41,316

$

1,875

$

57,047

$

19,867

$

120,105

2021

 

  

 

  

 

  

 

  

 

  

December 31

$

0.13625

$

12,429

$

179

$

16,900

$

5,146

$

34,654

September 30

 

0.13625

 

11,020

178

 

15,219

 

4,263

 

30,680

June 30

 

0.13625

 

8,552

179

 

12,295

 

3,373

 

24,399

March 31

 

0.13625

 

6,721

179

 

10,310

 

3,240

 

20,450

Total

$

0.54500

$

38,722

$

715

$

54,724

$

16,022

$

110,183

(1)Amounts reflect the quarterly distribution rate authorized by our board of directors per Class T share, per Class D share, and per Class I share of common stock. Distributions were declared and paid as of monthly record dates. These monthly distributions have been aggregated and presented on a quarterly basis. The distributions on Class T shares and Class D shares of common stock are reduced by the respective distribution fees that are payable with respect to such Class T shares and Class D shares.
(2)Consists of distributions paid to holders of OP Units for redeemable noncontrolling interests.
(3)Distribution fees are paid monthly to the Ares Wealth Management Solutions, LLC (the “Dealer Manager”) with respect to Class T shares and Class D shares issued in the primary portion of our public offerings only. All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers.
(4)Gross distributions are total distributions before the deduction of any distribution fees relating to Class T shares and Class D shares issued in the primary portion of our public offerings.
Share Redemption Activity

Below is a summary of redemptions and repurchases pursuant to our share redemption program for the nine months ended September 30, 2022 and 2021. Our board of directors may modify or suspend our current share redemption programs if it deems such action to be in the best interest of our stockholders:

 

For the Nine Months Ended September 30, 

(in thousands, except per share data)

2022

2021

Number of eligible shares redeemed

6,542

1,538

Aggregate dollar amount of shares redeemed

$

97,209

$

15,836

Average redemption price per share

$

14.86

$

10.30