Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2022

Related Party Transactions [Abstract]

Schedule of Related Party Transactions

The following table details the components of due to affiliates:

$ in thousands	March 31, 2022		December 31, 2021
Advanced general and administrative expenses	$	8,019	$	6,443
Advanced offering costs	4,631		4,245
Performance participation interest	2,121		3,280
Advanced organization expenses	1,474		1,474
Distributions payable	2,132		1,440
Accrued management fee	77		28
Share-based compensation payable	19		20
Total	$	18,473	$	16,930

Through March 31, 2022, affiliates had purchased the following amounts of our common stock:

$ in thousands, except share amounts	Class T Shares	Class S Shares	Class D Shares	Class I Shares	Class E Shares	Class N Shares	Total Purchase Price
MassMutual(1)	—	—	—	—	—	11,165,872	$	314,526
Invesco Global Property Plus Fund	—	—	—	—	1,994,164	1,992,224	119,500
Invesco Realty, Inc.(2)	165,126	165,126	165,126	164,573	—	738,701	40,008
Members of our board of directors and employees of our Adviser(3)	—	—	—	174	19,922	75,128	2,583
	165,126	165,126	165,126	164,747	2,014,086	13,971,925	$	476,617

(1)In accordance with MassMutual’s subscription agreement to purchase up to $400.0 million of Class N shares of our common stock in the Class N Private Offering, we repurchased 2,388,175 of MassMutual Shares for $70.0 million. The amount presented is inclusive of the shares repurchased.

(2)Invesco Realty, Inc. purchased 738,701 of Class N shares for $20.0 million and we subsequently exchanged these Class N shares for 186,731 Class T shares, 186,731 Class S shares, 186,731 Class D shares and 186,208 Class I shares.

(3)Members of our board of directors and employees of our Adviser purchased 75,128 Class N shares for $2.0 million and we subsequently exchanged these Class N shares for 75,128 Class E shares.

Schedule of Stockholder Servicing Fees

The following table presents the upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees per annum for each class of shares sold in the Offering:

	Class T Shares	Class S Shares	Class D Shares	Class I Shares	Class E Shares
Maximum Upfront Selling Commissions (% of Transaction Price)	up to 3.0%	up to 3.5%	up to 1.5%	—	—
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	0.50%	—	—	—	—
Stockholder Servicing Fee (% of NAV)	0.85%(1)	0.85%	0.25%	—	—

(1)Consists of an advisor stockholder servicing fee (0.65% per annum) and a dealer stockholder servicing fee (0.20% per annum).