Condensed Consolidated Statements of Cash Flow - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ (2,197,000)	$ 36,000
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee - related party	114,000	0
Performance participation interest - related party	2,121,000	182,000
Income from unconsolidated entities, net	(3,979,000)	(1,732,000)
Depreciation and amortization	8,778,000	1,525,000
Share-based compensation	19,000	19,000
Straight-line rents	(359,000)	(207,000)
Amortization of below-market lease intangibles	(49,000)	(49,000)
Amortization of above-market lease intangibles	33,000	0
Amortization of deferred financing costs	293,000	157,000
Unrealized loss on real estate-related securities, net	160,000	12,000
Unrealized gain on derivative instruments	(1,516,000)	0
Distributions of earnings from investments in unconsolidated entities	989,000	1,259,000
Other operating activities	123,000	6,000
Change in assets and liabilities, net of assets and liabilities acquired in acquisitions:
Decrease (increase) in other assets	2,808,000	(584,000)
Increase in due to affiliates	1,510,000	1,802,000
Increase in accounts payable, accrued expenses and other liabilities	508,000	334,000
Net cash provided by operating activities	9,356,000	2,760,000
Cash flows from investing activities:
Investments in unconsolidated entities	(3,068,000)	(9,528,000)
Acquisitions of real estate	(150,997,000)	(71,015,000)
Pre-acquisition deposits	(6,118,000)	0
Capital improvements to real estate	(164,000)	0
Purchase of real estate-related securities	(11,161,000)	(4,328,000)
Proceeds from sale of real estate-related securities	0	319,000
Distributions of capital from investments in unconsolidated entities	0	496,000
Net cash used in investing activities	(171,508,000)	(84,056,000)
Cash flows from financing activities:
Proceeds from issuance of redeemable common stock	42,999,000	61,726,000
Proceeds from issuance of common stock	48,535,000	9,344,000
Subscriptions received in advance	3,092,000	0
Proceeds from revolving credit facility	79,800,000	80,000,000
Repayment of revolving credit facility	(47,000,000)	(67,700,000)
Borrowings from mortgages payable	39,660,000	0
Purchase of derivative instruments	(1,808,000)	0
Payment of loan deposit	0	(685,000)
Payment of deferred financing costs	(534,000)	(831,000)
Common stock distributions	(5,119,000)	(1,951,000)
Preferred stock dividends	(2,000)	0
Contributions from non-controlling interests	2,025,000	0
Distributions to non-controlling interests	(95,000)	0
Net cash provided by financing activities	161,553,000	79,903,000
Net change in cash and cash equivalents and restricted cash	(599,000)	(1,393,000)
Cash and cash equivalents and restricted cash, beginning of period	15,499,000	3,718,000
Cash and cash equivalents and restricted cash, end of period	14,900,000	2,325,000
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	9,633,000	1,575,000
Restricted cash	5,267,000	750,000
Total cash and cash equivalents and restricted cash	14,900,000	2,325,000
Supplemental disclosures:
Interest paid	1,570,000	409,000
Non-cash investing and financing activities:
Assumption of assets and liabilities in conjunction with acquisitions of real estate, net	510,000	68,000
Issuance of redeemable INREIT OP units as consideration for performance participation interest	3,280,000	0
Distributions payable	2,132,000	929,000
Distribution reinvestment	80,000	1,000
Accrued offering costs due to affiliates	386,000	26,000
Adjustment to carrying value of redeemable equity instruments	$ 10,182,000	$ 0