Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (6,259)	$ (10,362)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee - related party	814	301
Performance participation interest - related party	0	4,394
Income from unconsolidated entities, net	(360)	(5,707)
Depreciation and amortization	13,530	20,488
Share-based compensation	39	38
Straight-line rents	(624)	(719)
Amortization of below-market lease intangibles	(198)	(50)
Amortization of above-market lease intangibles	87	77
Amortization of deferred financing costs	853	645
Loss from investments in affiliated fund	418	0
Unrealized loss on real estate-related securities, net	616	1,554
Unrealized loss (gain) on derivative instruments	546	(2,470)
Distributions of earnings from investments in unconsolidated entities	1,314	3,413
Other items	754	392
Change in assets and liabilities, net of assets and liabilities acquired in acquisitions:
(Increase) decrease in other assets	(842)	2,525
Increase in due to affiliates	1,112	1,574
(Decrease) increase in accounts payable, accrued expenses and other liabilities	(945)	1,136
Net cash provided by operating activities	10,855	17,229
Cash flows from investing activities:
Investments in unconsolidated entities	(651)	(3,720)
Investment in unconsolidated affiliated fund	(15,000)	0
Origination of commercial loan	(13,007)	0
Acquisitions of real estate	0	(342,453)
Pre-acquisition deposits	0	(480)
Capital improvements to real estate	(2,533)	(223)
Purchase of real estate-related securities	(8,826)	(14,235)
Proceeds from sale of real estate-related securities	2,590	0
Distributions of capital from investments in unconsolidated entities	2,742	0
Net cash used in investing activities	(34,685)	(361,111)
Cash flows from financing activities:
Proceeds from issuance of redeemable common stock	0	87,202
Proceeds from issuance of common stock	24,395	61,833
Offering costs paid	(124)	0
Repurchase of common stock	(23,202)	(13,995)
Subscriptions received in advance	1,619	6,328
Proceeds from revolving credit facility	34,100	123,400
Repayment of revolving credit facility	(25,200)	(136,800)
Borrowings from mortgages payable	1,716	214,925
Purchase of derivative instruments	(323)	(1,808)
Payment of deferred financing costs	(300)	(2,987)
Common stock and INREIT OP unit distributions	(16,350)	(11,482)
Preferred stock dividends	(4)	(4)
Sale of interest to non-controlling interest	0	22,462
Contributions from non-controlling interests	219	4,963
Distributions to non-controlling interests	(403)	(283)
Net cash (used in) provided by financing activities	(3,857)	353,754
Net change in cash and cash equivalents and restricted cash	(27,687)	9,872
Cash and cash equivalents and restricted cash, beginning of period	45,242	15,499
Cash and cash equivalents and restricted cash, end of period	17,555	25,371
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	11,499	16,144
Restricted cash	6,056	9,227
Total cash and cash equivalents and restricted cash	17,555	25,371
Supplemental disclosures:
Interest paid	10,175	4,128
Non-cash investing and financing activities:
Assumption of assets and liabilities in conjunction with acquisitions of real estate, net	0	1,331
Issuance of Class E OP Units to non-controlling interests	3,976	3,280
Issuance of Class E shares for payment of management fees	797	157
Accrued capital expenditures	334	508
Distributions payable	2,870	2,198
Distribution reinvestment	594	209
Accrued offering costs due to affiliates	1,137	795
Adjustment to carrying value of redeemable equity instruments	$ (16,247)	$ 20,556