Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Event [Line Items]

Subsequent Events

Subsequent Events

In preparation of the accompanying Condensed Consolidated Financial Statements, the Company has evaluated events and transactions that occurred after June 30, 2023 for recognition or disclosure purposes. Based on this evaluation, the following subsequent events, from June 30, 2023 through the date the financial statements were issued.

Acquisitions

Save Mart Supermarkets

Additionally, in July 2023, the Company acquired two industrial properties from Blue Owl Real Estate Capital Fund V (fka Oak Street Real Estate Capital Fund V) (“Fund V”), a related party of the Company that is not under common control, for an aggregate purchase price of $84,603 paid in cash. Fund V is comprised of Blue Owl Real Estate Capital Fund V, LP (fka Oak Street Real Estate Capital Fund V, LP) and its subsidiaries and Blue Owl Real Estate Capital Fund V (A), LP (fka Oak Street Real Estate Capital Fund V (A), LP) and its subsidiaries. We are in the process of assessing the fair values of the acquired tangible assets and any intangible assets and liabilities for these acquisitions.

Financings

In August 2023, the Company paid down $77,730 on its unsecured revolving credit facility.

Proceeds from the Issuance of Common Shares

From July 1, 2023 through the date the financial statement were issued, the Company sold an aggregate of 20,316,012 shares of its common shares (consisting of 7,932,063 Class S shares, 260,858 Class D shares, and 12,123,091 Class I shares) resulting in net proceeds of $207,367 to the Company as payment for such shares.

Repurchases

The Board has approved an amended and restated repurchase plan (the “New Repurchase Plan”) effective starting July 1, 2023. Under the New Repurchase Plan,we intend to repurchase once per quarter no more than 5% aggregate NAV per calendar quarter (measured using the average aggregate NAV as of the end of the immediately preceding three months). We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended.

Oak Street Real Estate Capital Fund IV and V Acquired Predecessor Portfolio

Subsequent Event [Line Items]

Subsequent Events

Subsequent EventsIn preparing the Statements, the Company has evaluated events and transactions occurring through the date the Statement was available to be issued, and management did not identify any subsequent events requiring additional disclosure. Please see the accompanying notes to the condensed consolidated financial statements of ORENT included in this Form 10-Q for subsequent events related to the Company.