Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2023

The following table details the components of due to affiliates:


$ in thousands	December 31, 2023		December 31, 2022
Advanced general and administrative expenses	$	9,448	$	8,626
Advanced offering costs	6,134		5,307
Distributions payable	2,501		2,378
Accrued stockholder servicing fee	2,112		891
Advanced organization expenses	1,474		1,474
Accrued management fee	309		266
Accrued affiliate service provider expenses	16		13
Performance participation interest	—		3,977
Share-based compensation payable	—		20
Total	$	21,994	$	22,952

The table below shows the amount of shares and the total purchase price of those shares which have been purchased by affiliates as of December 31, 2023. Any share repurchases or exchanges are not a component of the table but have been described in further detail below.


$ 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)	—	—	—	—	—	16,320,994	$	481,299
Invesco Global Property Plus Fund(2)	—	—	—	—	1,994,164	1,992,224	119,500
Invesco Realty, Inc.(3)	165,126	165,126	165,126	416,893	—	738,702	48,216
Members of our board of directors and employees of our Adviser(4)	—	—	—	191	24,176	75,128	2,727
	165,126	165,126	165,126	417,084	2,018,340	19,127,048	$	651,742

(1)In accordance with MassMutual’s Subscription Agreement, we have repurchased 2,537,790 of MassMutual shares for $74.8 million.

(2)Invesco Global Property Plus Fund (“IGP+”), a sub-fund of Invesco Global Real Estate Fund FCP-RAIF, which is managed by an affiliate of the Adviser, purchased 1,992,224 of Class N shares for $61.0 million, and we subsequently exchanged these Class N shares for 2,028,086 Class I shares. Additionally, we have repurchased 1,605,082 Class E shares and Class I shares from IGP+ for $51.0 million. The amount presented is inclusive of the shares subsequently repurchased.

(3)Invesco Realty, Inc. purchased 738,701 Class N shares for $20.0 million and 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. Additionally, we have repurchased 291,818 Class I shares from Invesco Realty, Inc. for $9.2 million. The amount presented is inclusive of the shares subsequently repurchased.

(4)Members of our board of directors and employees of our Adviser who are officers of the Company or serve on the Company’s steering committee purchased 75,128 Class N shares for $2.0 million and 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 and dealer manager fees for each class of shares sold in the Offering, and the stockholder servicing fee per annum based on the aggregate outstanding NAV:


	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%(1)	up to 3.5%	up to 1.5%	—	—
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	0.50%(1)	—	—	—	—
Stockholder Servicing Fee (% of NAV)	0.85%(2)	0.85%	0.25%	—	—

(1)For Class T shares sold in the Offering (other than as part of our distribution reinvestment plan), investors will pay upfront selling commissions of up to 3.0% of the transaction price and upfront dealer manager fees of 0.5% of the transaction price, however such amounts may vary at certain participating broker-dealers, provided that the sum will not exceed 3.5% of the transaction price.

(2)Consists of a representative stockholder servicing fee (0.65% per annum) and a dealer stockholder servicing fee (0.20% per annum).