Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ (5,237,000)	$ (8,545,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee - related party	1,478,000	1,260,000
(Income) loss from unconsolidated entities, net	(129,000)	(2,138,000)
Impairment of investments in real estate	0	1,743,000
Depreciation and amortization	17,676,000	19,733,000
Share-based compensation	57,000	59,000
Straight-line rents	(498,000)	(911,000)
Amortization of below-market lease intangibles	(289,000)	(298,000)
Amortization of above-market lease intangibles	131,000	131,000
Amortization of deferred financing costs	993,000	1,210,000
Income from investment in affiliated fund, net	(1,356,000)	(75,000)
Unrealized (gain) loss on real estate-related securities, net	(2,864,000)	350,000
Unrealized gain on commercial loans	(146,000)	0
Realized and unrealized loss on derivative instruments, net	2,954,000	990,000
Distributions of earnings from investments in unconsolidated entities	2,203,000	2,202,000
Realized loss on sale of real estate-related securities	1,413,000	1,635,000
Other items	292,000	569,000
Change in assets and liabilities, net of assets and liabilities acquired in acquisitions:
Increase in other assets	(371,000)	(2,125,000)
(Decrease) increase in due to affiliates	(1,241,000)	411,000
(Decrease) increase in accounts payable, accrued expenses and other liabilities	(1,438,000)	149,000
Net cash provided by operating activities	13,628,000	16,350,000
Cash flows from investing activities:
Investments in unconsolidated entities	(9,538,000)	(709,000)
Distributions of capital from investments in unconsolidated entities	5,612,000	3,794,000
Investment in affiliated fund	0	(15,000,000)
Redemption of investment in affiliated fund	4,429,000	0
Distribution from affiliated fund	1,778,000	1,580,000
Origination of commercial loan	0	(13,007,000)
Proceeds from repayment of commercial loan	21,800,000	0
Acquisitions of real estate	(11,990,000)	0
Capital improvements to real estate	(2,891,000)	(6,984,000)
Purchase of real estate-related securities	(29,436,000)	(11,028,000)
Proceeds from disposition of real estate	18,492,000	4,735,000
Net cash used in investing activities	(1,744,000)	(36,619,000)
Cash flows from financing activities:
Redemption of preferred stock	(65,000)	0
Proceeds from issuance of common stock	35,426,000	41,054,000
Offering costs paid	(129,000)	(63,000)
Repurchase of common stock and OP units	(25,045,000)	(26,913,000)
Subscriptions received in advance	6,204,000	2,196,000
Proceeds from revolving credit facility	0	36,100,000
Repayment of revolving credit facility	0	(37,900,000)
Borrowings from mortgages payable	260,000	3,227,000
Purchase of derivative instruments	(300,000)	(323,000)
Proceeds from the sale of derivative instruments	574,000	0
Payment of deferred financing costs	(250,000)	(600,000)
Payment of financing obligation	(7,000)	0
Common stock and INREIT OP unit distributions	(11,202,000)	(21,588,000)
Preferred stock dividends	(4,000)	(4,000)
Contributions from non-controlling interests	19,845,000	1,028,000
Distributions to non-controlling interests	(913,000)	(599,000)
Net cash provided by (used in) financing activities	24,394,000	(4,385,000)
Net change in cash and cash equivalents and restricted cash	36,278,000	(24,654,000)
Cash and cash equivalents and restricted cash, beginning of period	43,372,000	45,242,000
Cash and cash equivalents and restricted cash, end of period	79,650,000	20,588,000
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	69,326,000	13,628,000
Restricted cash	10,324,000	6,960,000
Total cash and cash equivalents and restricted cash	79,650,000	20,588,000
Supplemental disclosures:
Interest paid	17,363,000	15,450,000
Income taxes paid	735,000	136,000
Non-cash investing and financing activities:
Issuance of Class E OP Units to non-controlling interests	0	3,976,000
Issuance of Class E shares for payment of management fees	1,444,000	1,228,000
Accrued capital expenditures	6,000	193,000
Accrued preferred dividends	0	2,000
Distributions payable	3,078,000	2,927,000
Distribution reinvestment	16,164,000	4,076,000
Accrued offering costs due to affiliates	1,480,000	1,598,000
Adjustment to carrying value of redeemable equity instruments	96,000	(27,217,000)
Accrued common stock repurchases	$ (230,000)	$ 3,421,000