RELATED PARTY TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2022

Related Party Transactions [Abstract]

Summary of Fees and Expenses Incurred by Company

The table below summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services the Dealer Manager provided in connection with our public offerings and any related amounts payable:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,				Payable as of
(in thousands)	2022		2021		2022		2021		September 30, 2022		December 31, 2021
Selling commissions and dealer manager fees (1)	$	7,533	$	4,110	$	19,204	$	11,737	$	—	$	—
Ongoing distribution fees (1)(2)		7,359		4,263		19,867		10,876		2,483		1,779
Advisory fee—fixed component		18,237		8,273		48,494		17,733		6,248		3,864
Performance participation allocation		14,034		29,910		136,480		45,932		136,480		81,185
Other expense reimbursements (3)(4)		3,494		2,927		10,218		9,192		3,125		707
Property accounting fee (5)		743		368		1,943		786		277		166
DST Program selling commissions, dealer manager fees and distribution fees (1)		2,501		1,051		6,708		1,278		576		190
Other DST Program related costs (4)		2,876		1,492		8,275		2,400		145		61
Development fees (6)		4,673		116		7,056		830		671		78
Total	$	61,450	$	52,510	$	258,245	$	100,764	$	150,005	$	88,030

(1) All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers.

(2) The distribution fees are payable monthly in arrears. Additionally, we accrue for future estimated amounts payable related to ongoing distribution fees. The future estimated amounts payable were approximately $95.1 million and $85.4 million as of September 30, 2022 and December 31, 2021, respectively.

(3) Other expense reimbursements include certain expenses incurred for organization and offering, acquisition and general administrative services provided to us under the Advisory Agreement, including, but not limited to, certain expenses described below after footnote 6, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment.

(4) Includes costs reimbursed to the Advisor related to the DST Program.

(5) The cost of the property management fee, including the property accounting fee, is generally borne by the tenant or tenants at each real property, either via a direct reimbursement to us or, in the case of tenants subject to a gross lease, as part of the lease cost. In certain limited circumstances, we may pay for a portion of the property management fee, including the property accounting fee, without reimbursement from the tenant or tenants at a real property.

(6) Development fees are included in the total development project costs of the respective properties and are capitalized in construction in progress, which is included in net investment in real estate properties on our condensed consolidated balance sheets. Amounts also include our proportionate share of development acquisition fees relating to the BTC Partnerships, which are included in investment in unconsolidated joint venture partnership(s) on our condensed consolidated balance sheets.