10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 10-K

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☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2021

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from______to_______.

Commission file number: 000-51948

Jones Lang LaSalle Income Property Trust, Inc.

(Exact name of registrant as specified in its charter)

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Maryland	20-1432284
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

333 West Wacker Drive, Chicago, IL, 60606

(Address of principal executive offices, including Zip Code)

Registrant’s telephone number, including area code: (312) 897-4000

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:

Title of each class

Class A Common Stock, $.01 par value

Class M Common Stock, $.01 par value

Class A-I Common Stock, $.01 par value

Class M-I Common Stock, $.01 par value

Class D Common Stock, $.01 par value

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Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ¨    No  ý

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ¨    No  ý

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨	Accelerated filer	¨	Emerging growth company	☐
Non-accelerated filer	ý	Smaller reporting company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued it audit report. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ¨    No  ☒

As of June 30, 2021, the aggregate market value of the 92,740,925 shares of Class A common stock, 35,056,224 shares of Class M common stock, 9,584,832 shares of Class A-I common stock, 39,559,491 shares of Class M-I common stock and 7,513,281 shares of Class D common stock held by non-affiliates of the registrant was $1,119,342, $423,952, $116,015, $478,632, and $90,768 for Class A, Class M, Class A-I, Class M-I and Class D shares, respectively, based upon the last net asset value of $12.07, $12.09, $12.10, $12.10 and $12.08 per share for Class A, Class M, Class A-I, Class M-I and Class D shares, respectively.

As of March 11, 2022, there were 103,851,302 shares of Class A common stock, 37,025,103 shares of Class M common stock, 9,330,859 shares of Class A-I common stock, 59,287,251 shares of Class M-I common stock and 6,041,611 shares of Class D common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Specified portions of the registrant’s proxy statement, which will be filed with the Commission pursuant to Regulation 14A in connection with the registrant’s 2022 Annual Meeting of Stockholders, are incorporated by reference into Part III of this annual report. 

Auditor Name: KPMG LLP Auditor Location: Chicago, IL Auditor Firm ID: 185

Risk Factor Summary

We are subject to numerous risks and uncertainties (many of which may be amplified by the COVID-19 outbreak), that could cause our actual results and future events to differ materially from those set forth or contemplated in our forward-looking statements, including those summarized below. The following list of risks and uncertainties is only a summary of some of the most important factors and is not intended to be exhaustive. This risk factor summary should be read together with the more detailed discussion of risks and uncertainties set forth under “Item 1A. Risk Factors” in this Form 10-K.

Risks Related to Investment in Shares of Our Common Stock

•There is no public trading market for shares of our common stock; therefore, the ability of our stockholders to dispose of their shares will likely be limited to the repurchase of shares by us which generally will not be available during the first year after the purchase. If stockholders do sell their shares to us, they may receive less than the price paid.

•Our ability to repurchase shares may be limited, and our board of directors may modify or suspend our share repurchase plan at any time.

•We have a history of operating losses and cannot assure you that we will sustain profitability.

•The availability, timing and amount of cash distributions to you is uncertain.

•Your overall return may be reduced if we pay distributions from sources other than our cash from operations.

•Your purchase price may be more or less than the actual net asset value ("NAV") if our NAV is incorrectly calculated.

•Our NAV per share may suddenly change if the appraised values of our properties materially change from prior appraisals or the actual operating results for a particular month differ from what we originally budgeted for that month.

•The NAV per share that we publish may not necessarily reflect changes in our NAV that are not immediately quantifiable.

Risks Related to Conflicts of Interest

•Our Advisor will face a conflict of interest with respect to the allocation of investment opportunities and competition for tenants between us and other real estate programs that it advises.

•Our Advisor faces a conflict of interest because the fees it receives for services performed are based on our NAV, for which our Advisor is ultimately responsible for calculating.

•Our Advisor’s management personnel face conflicts of interest relating to time management and there can be no assurance that our Advisor’s management personnel will devote adequate time to our business activities or that our Advisor will be able to hire adequate additional employees.

Risks Related to Adverse Changes in General Economic Conditions

•Changes in economic and capital markets conditions, including periods of generally deteriorating real estate industry fundamentals, may significantly affect our results of operations and returns to our stockholders.

•Any market deterioration may cause the value of our real estate investments to decline.

•Inflation or deflation may adversely affect our financial condition and results of operations.

•The continuing spread of COVID-19 may adversely affect our investments and operations.

Risks Related to Our General Business Operations and Our Corporate Structure

•We depend on our Advisor and the key personnel of our Advisor and we may not be able to secure suitable replacements in the event that we fail to retain their services.

•Our Advisor’s inability to retain the services of key real estate professionals could negatively impact our performance.

•We may change our investment and operational policies without stockholder consent.

Risks Related to Investments in Real Property

•We depend on tenants for our revenue, and accordingly, lease terminations and/or tenant defaults, particularly by one of our significant tenants, could adversely affect the income produced by our properties, which may harm our operating performance, thereby limiting our ability to pay distributions to our stockholders.

•Our revenues will be significantly influenced by the economies and other conditions of the industrial, office, residential, retail and other markets in general and the specific geographic markets in which we operate where we have high concentrations of these types of properties.

•Our operating results are affected by economic and regulatory changes that impact the real estate market in general.

•Our retail properties may decline in rental revenue and/or occupancy as a result of co-tenancy provisions contained in certain tenant’s leases.

•We face considerable competition in the leasing market and may be unable to renew existing leases or re let space on terms similar to the existing leases, or we may expend significant in our efforts to re let space, which may adversely affect our operating results.

•Competition in acquiring properties may reduce our profitability and the return on your investment.

Risks Related to Investments in Real Estate-Related Assets

•Our investments in real estate-related assets will be subject to the risks related to the underlying real estate.

•The real estate-related equity securities in which we may invest are subject to specific risks relating to the particular issuer of the securities and may be subject to the general risks of investing in subordinated real estate securities.

•The value of the real estate-related securities that we may invest in may be volatile.

•We may invest in mezzanine debt, which is subject to greater risks of loss than senior loans secured by real properties, and may result in losses to us.

•We expect a portion of our securities portfolio to be illiquid, and we may not be able to adjust our portfolio in response to changes in economic and other conditions.

•Interest rate and related risks may cause the value of our real estate-related assets to be reduced.

Risks Related to Debt Financing

•We have incurred and are likely to continue to incur mortgage or other indebtedness, which may increase our business risks, could hinder our ability to pay distributions and could decrease the value of your investment.

•Renewed uncertainty and volatility in the credit markets could affect our ability to obtain debt financing on reasonable terms, or at all, which could reduce the number of properties we may be able to acquire and the amount of cash distributions we can make to our stockholders.

•Increases in interest rates could increase the amount of our loan payments and adversely affect our ability to pay distributions to our stockholders.

•If we draw on our line of credit to fund repurchases or for any other reason, our financial leverage ratio could increase beyond our target.

•Lenders may require us to enter into restrictive covenants relating to our operations, which could limit our ability to pay distributions to our stockholders.

Federal Income Tax Risks

•Failure to qualify as a real estate investment trust ("REIT") would have significant adverse consequences to us.

•To maintain our REIT status, we may have to borrow funds on a short-term basis during unfavorable market conditions.

•Compliance with REIT requirements may cause us to forego otherwise attractive opportunities, which may hinder or delay our ability to meet our investment objectives and reduce your overall return.

•We may be subject to tax liabilities that reduce our cash flow and our ability to pay distributions to you even if we qualify as a REIT for federal income tax purposes.

•Our board of directors is authorized to revoke our REIT election without stockholder approval, which may cause adverse consequences to our stockholders.

General Risk Factors

•Economic events that may cause our stockholders to request that we repurchase their shares may materially adversely affect our cash flow and our ability to achieve our investment objectives.

•The phase-out of LIBOR could affect interest rates for our Term Loans and interest rate cap and swap arrangements.

•Legislative, regulatory or administrative changes could adversely affect us or our stockholders.

TABLE OF CONTENTS

		Page
PART I
Item 1.	Business	3
Item 1A.	Risk Factors	12
Item 1B.	Unresolved Staff Comments	42
Item 2.	Properties	43
Item 3.	Legal Proceedings	55
Item 4.	Mine Safety Disclosures	55
PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	56
Item 6.	Reserved	62
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	63
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	81
Item 8.	Financial Statements and Supplementary Data	81
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	81
Item 9A.	Controls and Procedures	81
Item 9B.	Other Information	82
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	82
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	82
Item 11.	Executive Compensation	82
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters	82
Item 13.	Certain Relationships and Related Transactions, and Director Independence	82
Item 14.	Principal Accountant Fees and Services	82
PART IV
Item 15.	Exhibits, Financial Statement Schedule	82
Item 16.	Form 10-K Summary	84

1

Cautionary Note Regarding Forward-Looking Statements

This Form 10-K may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), regarding, among other things, our plans, strategies and prospects, both business and financial. Forward-looking statements include, but are not limited to, statements that represent our beliefs concerning future operations, strategies, financial results or other developments. Forward-looking statements can be identified by the use of forward-looking terminology such as, but not limited to, “may,” “should,” “expect,” “anticipate,” “estimate,” “would be,” “believe,” or “continue” or the negative or other variations of comparable terminology. Because these forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control or are subject to change, actual results could be materially different. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this Form 10-K is filed with the Securities and Exchange Commission (“SEC”). Except as required by law, we do not undertake any obligation to update or revise any forward-looking statements contained in this Form 10-K. Important factors that could cause actual results to differ materially from the forward-looking statements are disclosed in “Item 1A. Risk Factors,” “Item 1. Business” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Presentation of Dollar Amounts

Unless otherwise noted, all dollar amounts, except per share dollar amounts, reported in this Form 10-K are in thousands.

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PART I

Item 1. Business.

GENERAL

Except where the context suggests otherwise, the terms “we,” “us,” “our,” the “Company” and "JLL Income Property Trust" refer to Jones Lang LaSalle Income Property Trust, Inc. The terms “Advisor” and “LaSalle” refer to LaSalle Investment Management, Inc.

Jones Lang LaSalle Income Property Trust, Inc. is an externally advised, daily valued perpetual-life REIT that owns and manages a diversified portfolio of industrial, office, residential, retail and other properties located in the United States. In the future, our real estate portfolio may be further diversified on a global basis through the acquisition of properties outside of the United States and will be complemented by investments in real estate-related debt and equity securities. We were incorporated on May 28, 2004 under the laws of the State of Maryland. We believe that we have operated in such a manner to qualify to be taxed as a REIT for federal income tax purposes commencing with the taxable year ended December 31, 2004, when we first elected REIT status. As of December 31, 2021, we owned interests in a total of 120 properties and over 4,000 single-family rental houses located in 27 states.

We own substantially all of our assets through JLLIPT Holdings, LP, a Delaware limited partnership (our “operating partnership”), of which we are a limited partner and JLLIPT Holdings GP, LLC, our wholly owned subsidiary, is the sole general partner. The use of our operating partnership to hold substantially all of our assets is referred to as an Umbrella Partnership Real Estate Investment Trust ("UPREIT"). By using an UPREIT structure, a property owner who desires to defer taxable gain on the disposition of his or her property may transfer the property to our operating partnership in exchange for limited partnership interests in the operating partnership ("OP Units") and defer taxation of gain until the limited partnership interests are disposed of in a taxable transaction. As of December 31, 2021, we raised aggregate proceeds from the issuance of OP Units in our operating partnership of $88,925, and owned directly or indirectly 96.6% of the OP Units of our operating partnership. The remaining 3.4% of the OP Units are held by third parties.

From our inception to December 31, 2021, we have received approximately $3,565,671 in gross offering proceeds from various public and private offerings of shares of our common stock as well as issuance of OP Units. On October 1, 2012, we commenced our initial public offering of common stock and since that time we have offered shares of our common stock in various public offerings registered with the SEC.

On December 21, 2021, our most recent public offering (the "Current Public Offering") of up to $3,000,000 in any combination of shares of our Class A, Class M, Class A-I and Class M-I common stock was declared effective by the SEC. As of December 31, 2021, we have raised aggregate gross proceeds from the sale of shares of our common stock in our Current Public Offering of $22,553. We intend to continue to offer shares of our common stock on a continuous basis for an indefinite period of time by filing a new registration statement before the end of each offering.

In addition to our public offerings, on March 3, 2015, we commenced a private offering (the "Private Offering") of up to $350,000 in shares of our Class D common stock with an indefinite duration. As of December 31, 2021, we have raised aggregate gross proceeds of $98,188 in the Private Offering. In addition, on October 16, 2019, through our operating partnership, we initiated a program (the “DST Program”) to raise up to $500,000, which our board of directors increased to $1,000,000 on August 10, 2021, in private placements exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), through the sale of beneficial interests to accredited investors in specific Delaware statutory trusts ("DSTs") holding real properties ("DST Properties"), which may be sourced from our real properties or from third parties. As of December 31, 2021, we have raised approximately $473,723 of aggregate gross proceeds from our DST Program.

As of December 31, 2021, 100,038,362 shares of Class A common stock, 36,458,191 shares of Class M common stock, 9,356,309 shares of Class A-I common stock, 52,676,693 shares of Class M-I common stock, and 7,513,281 shares of Class D common stock were outstanding and held by a total of 20,039 stockholders.

LaSalle acts as our Advisor pursuant to the advisory agreement among us, our operating partnership and LaSalle (the "Advisory Agreement"). The term of our Advisory Agreement expires June 5, 2022, subject to an unlimited number of successive one-year renewals. Our Advisor, a registered investment advisor with the SEC, has broad discretion with respect to our investment decisions and is responsible for selecting our investments and for managing our investment portfolio pursuant to the terms of the Advisory Agreement. Our executive officers are employees of, and compensated by, our Advisor. We have no employees.

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LaSalle is a wholly-owned, but operationally independent subsidiary, of Jones Lang LaSalle Incorporated ("JLL" or our "Sponsor"), a New York Stock Exchange-listed leading professional services firm that specializes in real estate and investment management. As of December 31, 2021, JLL and its affiliates owned an aggregate of 2,521,801 Class M shares, which were issued for cash at a price equal to the most recently reported net asset value ("NAV") per share as of the purchase date and have a current value of approximately $35,700.

INVESTMENT OBJECTIVES AND STRATEGY

Investment Objectives

Our primary investment objectives are:

•to generate an attractive level of current income for distribution to our stockholders;

•to preserve and protect our stockholders' capital investments;

•to achieve appreciation of our NAV over time; and

•to enable stockholders to utilize real estate as an asset class in diversified, long-term investment portfolios.

We cannot assure you that we will achieve our investment objectives. Our charter places numerous limitations on us with respect to the manner in which we may invest our funds. In most cases, these limitations cannot be changed unless our charter is amended, which may require the approval of our stockholders.

Investment Strategy

The cornerstone of our investment strategy is to acquire and manage income-producing commercial real estate properties and real estate-related assets around the world. We believe this strategy will enable us to provide stockholders with a portfolio that is well-diversified across property type, geographic region and industry, both in the United States and internationally. It is our belief that adding international investments to our portfolio over time will serve as an effective tool to construct a well-diversified portfolio designed to provide our stockholders with stable distributions and attractive long-term risk-adjusted returns.

We believe that our broadly diversified portfolio will benefit our stockholders by providing:

•diversification of sources of income;

•access to attractive real estate opportunities currently in the United States and, over time, around the world; and

•exposure to a return profile that should have lower correlations with other investments.

Since real estate markets are often cyclical in nature, our strategy will allow us to more effectively deploy capital into property types and geographic regions where the underlying investment fundamentals are relatively strong or strengthening and away from those property types and geographic regions where such fundamentals are relatively weak or weakening. We intend to meet our investment objectives by selecting investments across multiple property types and geographic regions to achieve portfolio stability, diversification, current income and favorable risk-adjusted returns. To a lesser degree, we also intend to invest in debt and equity interests backed principally by real estate, which we refer to collectively as “real estate-related assets.”

We will leverage LaSalle's broad commercial real estate research and strategy platform and capabilities to employ a research-based investment philosophy focused on building a portfolio of commercial properties and real estate-related assets that we believe have the potential to provide stable income streams and outperform market averages over an extended holding period. Furthermore, we believe that having access to LaSalle and JLL's international organization and platform, with real estate professionals living and working full time throughout our global target markets, will be a valuable resource to us when considering and executing upon international investment opportunities.

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Investment Portfolio Allocation Targets

Our board of directors has adopted investment guidelines for our Advisor to implement and actively monitor in order to allow us to achieve and maintain diversification in our overall investment portfolio. Our board of directors formally reviews our investment guidelines on an annual basis and our investment portfolio on a quarterly basis or, in each case, more often as they deem appropriate. Our board of directors will review the investment guidelines to ensure that the guidelines are being followed and are in the best interests of our stockholders. Each such determination and the basis therefor shall be set forth in the minutes of the meetings of our board of directors. Changes to our investment guidelines must be approved by our board of directors and do not require notice to or the vote of our stockholders.

We will seek to invest:

•up to 95% of our assets in properties;

•up to 25% of our assets in real estate-related assets; and

•up to 15% of our assets in cash, cash equivalents and other short-term investments.

Notwithstanding the above, the actual percentage of our portfolio that is invested in each investment type may from time to time be outside the target levels provided above due to factors such as a large inflow of capital over a short period of time, a lack of attractive investment opportunities or an increase in anticipated cash requirements for repurchase requests.

Sustainability and Climate Risk

We actively work to promote our growth and operations in a sustainable and responsible manner across our portfolio. Our sustainability strategy focuses on delivering long-term value to our stockholders while operating our properties in a manner that contributes to positive economic, social and environmental outcomes for our tenants and the communities we serve. This sustainability strategy complements our investment strategy and policies and furthers our core investment thesis.

We are focused on acquiring and maintaining healthy, high-performing properties, while simultaneously mitigating operational costs and the potential external impacts of energy, water, waste, greenhouse gas emissions and climate change. We strive to manage our properties in a manner that offers our tenants utility and operational efficiency. We offer our tenants sustainability programs focused on helping tenants reduce their energy and water consumption and increase their recycling diversion rates. We attempt to incorporate green lease language into new leases, and pursue resource-efficiency related capital expenditures, such as LED lighting retrofits, installation of Energy-Star appliances, installing electric vehicle chargers and introducing reduced water consumption and recycling programs, all of which seek to align tenant and landlord interests on energy, water and waste efficiency. Green leases aim to align the financial and energy incentives of building owners and tenants so they can work together to save money, conserve resources and ensure the efficient operation of buildings.

Climate change is a risk to us, our tenants and our other stakeholders, but also is an opportunity for long-term value creation and a key driver in long-term strategic business decisions. These risks and opportunities include transitional risks such as policy, market, technology and reputational concerns, as well as physical risks, and are a focus area for the board of directors and our Advisor.

Our Advisor addresses climate risk by considering climate change scenarios and continues to evolve its acquisition and portfolio reviews process and will continue to assess climate change vulnerabilities resulting from potential future climate scenarios and sea level rise. Physical and transition risks that may result from climate change could have a material adverse effect on our properties, operations and business. Our Advisor’s role in assessing and managing these climate-related risks and initiatives is spread across multiple teams in its organization, including executive leadership and its sustainability, acquisitions, risk management, asset management, legal and compliance and research departments.

In 2018, we became the first NAV REIT to submit to Global Real Estate Sustainability Benchmark ("GRESB"), a leading global provider of real estate environmental, social and governance ("ESG") benchmarking and performance assessments. For 2021, we achieved a 3-star out of 5-star GRESB rating. In addition to our GRESB rating, we have had increasing participation in 2021 amongst our portfolio in pursuing and achieving property certifications. We have successfully obtained various certifications at over 40 properties within the current portfolio. These have included obtaining LEED, BREEAM and Fitwel certifications as well as the seal of Well Health Safety and EnergyStar certification for energy efficiency. Our Advisor committed to reduce the landlord-controlled operation carbon emissions of our portfolio of directly-managed properties to net zero by the year 2050, including a 50% reduction by 2030. In line with this, our Advisor is a signatory to the UN’S net Zero Asset Managers Initiative, ULI Greenprint’s Net Zero Goal and the US DOE’s Better Climate Challenge.

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INVESTMENT POLICIES

We may invest in real estate directly or indirectly through interests in corporations, limited liability companies, partnerships and joint ventures having an equity interest in real property, real estate investment trusts, ground leases, tenant in common interests, mortgages, participating mortgages, convertible mortgages, second mortgages, mezzanine loans or other debt interests convertible into equity interests in real property, options to purchase real estate, real property purchase-and-leaseback transactions and other transactions and investments with respect to real estate.

We intend to use financial leverage to provide additional funds to support our investment activities. We expect to maintain a targeted Company leverage ratio (calculated as our share of total liabilities (excluding future dealer manager fees) divided by our share of the fair value of total assets) of between approximately 30% and 50%. Our Company leverage ratio was 42% at December 31, 2021 and 33% at December 31, 2020. We intend to continue to use portions of the proceeds from our offerings to retire certain borrowings as they mature or become available for repayment or when doing so is beneficial to achieving our investment objectives. We are precluded from borrowing more than approximately 75% of the sum of the cost of our investments (before non-cash reserves and depreciation), which is based upon the limit specified in our charter that borrowing may not exceed 300% of the cost of our net assets. “Net assets” is defined as our total assets, other than intangibles, valued at cost (prior to deducting depreciation and amortization, reserves for bad debts and other non-cash reserves) less total liabilities. However, we may temporarily borrow in excess of these amounts if such excess is approved by a majority of our board, including a majority of our independent directors, and disclosed to stockholders in our next quarterly report, along with justification for such excess. In such event, we will review our debt levels at that time and take action to reduce any such excess as soon as practicable. We are currently in compliance with the charter limitations on our indebtedness.

Investments in Properties

We generally invest in properties located in large metropolitan areas that are well-leased with a stable tenant base and that are expected to generate predictable income. However, we may make investments in properties with other characteristics if we believe that the investments have the potential to enhance portfolio diversification or investment returns, as further described below under “Value Creation Opportunities.” There is no limitation on the amount we may invest in any single property.

We intend to manage risk through constructing and managing a broadly diversified portfolio of properties in developed markets around the world. We believe that a broadly diversified investment portfolio may offer stockholders significant benefits for a given level of risk relative to a more concentrated investment portfolio. In addition, we believe that assembling a diversified tenant base by investing in multiple properties and property types across multiple markets and geographic regions may mitigate the economic impacts associated with releasing properties or tenants potentially defaulting under their leases, since lease revenues represent the primary source of income from our real estate investments.

We will focus on acquiring and managing a portfolio of properties that provides tenants and residents with modern functionality and location desirability in order to avoid near-term obsolescence. We will generally invest in well-designed buildings that we believe present an attractive appearance, have been and are properly maintained and require minimal capital improvements in the near term. We generally do not intend to materially invest in higher risk properties in need of significant renovation, development or new construction; however, we may invest in these types of properties if we believe attractive risk-adjusted investment returns can be achieved through proactive management techniques or value-add programs, as further described below under “Value Creation Opportunities.”

Our board of directors is responsible for determining the consideration we pay for each property we acquire. However, our board has adopted investment guidelines that delegate this authority to our Advisor, so long as our Advisor complies with these investment guidelines. The investment guidelines limit the types of properties and investment amounts that may be acquired or disposed of without the specific approval of our board. Our board may change from time to time the scope of authority delegated to our Advisor.

Subject to limitations contained in our charter, we may issue, or cause to be issued, shares of our stock or limited partnership units in our operating partnership in any manner (and on such terms and for such consideration) in exchange for real estate. Our existing stockholders have no preemptive rights to purchase any such shares of our stock or limited partnership units, and any such issuance might cause a dilution of a stockholder’s initial investment. We may enter into additional contractual arrangements with contributors of property under which we would agree to repurchase a contributor’s units for shares of our common stock or cash, at the option of the contributor, at specified times.

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Global Target Markets

In general, we seek to invest in properties in well-established locations within larger metropolitan areas and with the potential for above average population or employment growth. Although we have focused, and expect to continue to focus, on investing primarily in developed markets throughout the United States, we may also invest a substantial portion of the proceeds of our offerings in markets outside of the United States. We believe that investments in international markets that meet our investment objectives and guidelines will contribute materially to the diversification of our portfolio, the ability for us to identify favorable income-generating investments and the potential for achieving attractive long-term risk-adjusted returns. We believe that opportunities for attractive risk-adjusted returns exist both in and outside the United States. Most of our investments outside of the United States will be in core properties in stabilized, well-developed markets within Europe and the Asia Pacific region. We believe that our long-term strategy to acquire properties on a global basis will provide for a well-diversified portfolio that will generate attractive current returns and optimize long-term value for our stockholders.

Value Creation Opportunities

We may periodically seek to enhance investment returns through various value creation opportunities. While there are no specific limitations on the nature or amount of these types of investments, in the aggregate they are not expected to materially change the risk profile of our overall portfolio. Examples of likely value creation investments include properties with significant leasing risk, forward purchase commitments, development, redevelopment or repositioning opportunities and nontraditional or mixed-use property types. These investments generally have a higher risk and higher return profile than our primarily core strategy.

Disposition Policies

We anticipate that we will hold most of our properties for an extended period. However, we may determine to sell a property before the end of its anticipated holding period. We will monitor each investment within the portfolio and the overall portfolio composition for appropriateness in meeting our investment objectives. Our Advisor may determine to sell a property if:

•an opportunity has arisen to enhance overall investment returns by reallocating capital;

•there are diversification benefits associated with disposing of the property and rebalancing our investment portfolio;

•in the judgment of our Advisor, the value of the property might decline or underperform as compared to our investment strategy;

•an opportunity has arisen to pursue a more attractive investment;

•the property was acquired as part of a portfolio acquisition and does not meet our investment guidelines;

•there exists a need to generate liquidity to satisfy repurchase requests, to pay distributions to our stockholders or for working capital; or

•in the judgment of our Advisor, the sale of the property is in the best interests of our stockholders.

Generally, we intend to reinvest proceeds from the sale, financing or other disposition of properties in a manner consistent with our investment strategy and guidelines, although we may be required to distribute such proceeds to stockholders in order to comply with REIT requirements or we may make distributions for other reasons.

Investments in Real Estate-Related Assets

We may invest a portion of our portfolio in real estate-related assets other than properties. These assets may include the common and preferred stock of publicly-traded real estate-related companies, preferred equity interests, mortgage loans and other real estate-related equity and debt instruments. Up to 25% of our overall portfolio may be invested in real estate-related assets. We believe that our Advisor’s ability to acquire real estate-related assets in conjunction with acquiring a portfolio of properties may provide us with additional liquidity and further diversification, which provides greater financial flexibility and discretion to construct an investment portfolio designed to achieve our investment objectives.

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Our charter requires that any investment in equity securities (other than equity securities traded on a national securities exchange or included for quotation on an inter-dealer quotation system) not within the specific parameters of our investment guidelines adopted by our board of directors must be approved by a majority of our directors (including a majority of our independent directors) not otherwise interested in the transaction as being fair, competitive and commercially reasonable. As of December 31, 2021, we had $43,206 invested in publicly-traded real estate companies.

We may invest in mortgage loans consistent with the requirements for qualification as a REIT. We may originate or acquire interests in mortgage loans, generally on the same types of properties we might otherwise buy. These mortgage loans may pay fixed or variable interest rates or have “participating” features described below. Normally, mortgage loans will be secured by income-producing properties. These mortgage loans typically will be nonrecourse, which means they will not be the borrower’s personal obligations. We expect that most will be first mortgage loans, with first priority liens on the property. These mortgage loans may provide for payments of principal and interest or may provide for interest-only payments, with a balloon payment at maturity. We may make mortgage loans that permit us to participate in the revenues from, or appreciation, of the underlying property consistent with the rules applicable for qualification as a REIT. These participations may entitle us to receive additional interest, usually calculated as a percentage of the gross income the borrower receives from operating, selling or refinancing the property. We may also receive an option to buy an interest in the property securing the participating loan.

Subject to the percentage of ownership limitations and gross income and asset requirements required for REIT qualification, we may invest in equity securities of companies engaged in real estate activities, including for the purpose of exercising control over such entities. Companies engaged in real estate activities may include, for example, REITs that either own properties or make real estate loans, real estate developers, entities with substantial real estate holdings such as limited partnerships, funds and other commingled investment vehicles, and other companies whose products and services are related to the real estate industry, such as mortgage lenders or mortgage servicing companies. We may acquire all or substantially all of the securities or assets of companies engaged in real estate activities where such investment would be consistent with our investment policies and our status as a REIT. We may also acquire exchange traded funds and mutual funds focused on REITs and real estate companies. In any event, we do not intend that our investments in securities will require us to register as an investment company under the Investment Company Act of 1940, as amended (the "Investment Company Act"), and we intend to generally divest appropriate securities before any such registration would be required.

Cash, Cash Equivalents and Other Short-Term Investments

We may invest up to 15% of our assets in cash, cash equivalents and other short-term investments. These types of investments may include the following, to the extent consistent with our qualification as a REIT:

•money market instruments, cash and other cash equivalents (such as high-quality short-term debt instruments, including commercial paper, certificates of deposit, bankers' acceptances, repurchase agreements, interest- bearing time deposits and credit rated corporate debt securities);

•U.S. government or government agency securities; and

•credit rated corporate debt or asset-backed securities of U.S. or foreign entities, or credit rated debt securities of foreign governments or multi-national organizations.

Other Investments

We may, but do not presently intend to, make investments other than as previously described. At all times, we intend to make investments in such a manner consistent with maintaining our qualification as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"). We do not intend to underwrite securities of other issuers.

COMPETITION

We face competition when attempting to make real estate investments, including competition from domestic and foreign financial institutions, other REITs, life insurance companies, pension funds, partnerships and individual investors. The leasing of real estate is also highly competitive. Our properties compete for tenants with similar properties primarily on the basis of location, total occupancy costs (including base rent and operating expenses), services provided and the design and condition of the improvements.

SEASONALITY

Our investments are not materially impacted by seasonality, despite certain of our retail tenants being impacted by seasonality. Percentage rents (rents computed as a percentage of tenant sales) that we earn from investments in retail properties may, in the future, be impacted by seasonality.

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GOVERNMENTAL REGULATIONS

As an owner of real estate, our operations are subject, in certain instances, to supervision and regulation by U.S. and other governmental authorities, and may be subject to various laws and judicial and administrative decisions imposing various requirements and restrictions, which, include among other things: (i) federal and state securities laws and regulations; (ii) federal, state and local tax laws and regulations, (ii) state and local laws relating to real property; (iv) federal, state and local environmental laws, ordinances, and regulations, and (v) various laws relating to housing, including permanent and temporary rent control and stabilization laws, the Americans with Disabilities Act of 1990 and the Fair Housing Amendment Act of 1988, among others.

Compliance with the federal, state and local laws described above has not had a material, adverse effect on our business, assets, results of operations, financial condition and ability to pay distributions, and we do not believe that our existing portfolio will require us to incur material expenditures to comply with these laws and regulations.

GEOGRAPHIC CONCENTRATION

The following table provides information regarding the geographic concentration of our real estate portfolio as of December 31, 2021: 

	Real Estate Portfolio
	Number of Properties(1)	Net Rentable Square Feet	Estimated Percent  of Fair Value
South	27	11,161,152	27	%
West	43	7,246,551	36
East	29	7,561,279	27
Midwest	20	4,425,089	10
Total	119	30,394,071	100	%

________

(1)    Excludes over 4,000 single-family rental houses located in various markets across the United States.

The following charts sets forth the percentage of our consolidated revenues derived from properties owned in each state that accounted for more than 10% of our consolidated revenues during 2021, 2020 and 2019:

 

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DEPENDENCE ON SIGNIFICANT TENANTS

Our significant tenants that accounted for more than 10% of the consolidated revenues from their respective segments during the years ending December 31, 2021, 2020 and 2019 were as follows:

	For the year ended December 31,
	2021	2020	2019
Office
Amazon(1)	26%	31%	45%
Summit Medical Group	—%	10%	15%
Cellularity Inc.	11%	—%	—%

________

(1)    Amazon, including Whole Foods, also accounted for 5%, 6%, and 4% of the consolidated revenues in the retail segment in 2021, 2020 and 2019, respectively, and 4%, 5% and 5% of the consolidated revenues in the industrial segment in 2021, 2020 and 2019, respectively.

REPORTABLE SEGMENTS

We align our internal operations along the primary property types we are targeting for investments, resulting in five operating segments: industrial properties, office properties, residential properties, retail properties and other properties. See Item 7, “Management's Discussion and Analysis of Financial Condition and Results of Operations” and Item 8, “Financial Statements and Supplementary Data” for financial information related to our reportable segments.

Industrial Properties

Industrial properties are generally categorized as warehouse/distribution centers, research and development facilities, flex space or manufacturing. The performance of industrial properties is typically dependent on the proximity to economic centers and the movement of global trade and goods. Industrial properties typically utilize a triple-net lease structure pursuant to which the tenant is generally responsible for property operating expenses in addition to base rent which can help mitigate the risks associated with rising expenses. We intend to invest in industrial properties that are located in major distribution hubs and near transportation modes such as port facilities, airports, rail lines and major highway systems.

Office Properties

Office sector properties are generally categorized based upon location and quality. Buildings may be located in Central Business Districts ("CBDs") or suburbs. Buildings may also be classified by general quality and size, ranging from Class A properties, which are generally large-scale buildings of the highest-quality, to Class C buildings which are below investment grade. We intend to invest in Class A or B office properties that are near areas of dense population, have sufficient transportation access or are located within well-established suburban office/business parks or CBDs. We also anticipate that a portion of the office properties in which we invest will be medical office and healthcare related facilities. We expect the duration of our office leases to be generally between five to ten years, which can help mitigate the volatility of our portfolio's income.

Residential Properties

Residential properties include multifamily apartments and single-family rental properties. Apartments are generally defined as having five or more dwelling units that are part of a single complex and offered for rental use as opposed to detached single-family residential properties. There are three main types of apartment properties: garden-style (mostly two to four story apartments), mid-rise and high-rise. Apartments generally have the lowest vacancy rates of any property type, with the better performing properties typically located in suburban markets in strong school districts, or in urban locations with strong employment and demographic dynamics. We plan to invest in apartment properties that are located in such areas or near employment centers with favorable potential for employment growth and conveniently situated with access to transportation and retail and service amenities. Traditional apartment properties are generally leased by apartment unit to individual tenants for one-year terms. Single-family rentals properties differ from apartments in that single-family rental units are detached, singular homes, usually featuring private yards and garages, as opposed to multi-unit apartments with shared common areas. Tenants in single-family rentals tend to stay longer, about three years, and are on average an older demographic of approximately 40 years old versus multifamily renters whose average age is in the lower 30s.

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In addition, single-family rental homes typically offer larger individual living spaces, at around 1,900 square feet per home versus 900 square feet for multifamily (but not featuring the shared amenities of Class A multifamily such as a resident center, outdoor pool, fitness facility, business center, etc.). Single-family rentals is a growing institutional segment within the broader residential sector, and offers a meaningful opportunity to scale. According to a 2018 white paper released by Freddie Mac, the U.S. single-family rental market is estimated at roughly $4 trillion, and according to the U.S. Census Bureau's American Housing Survey conducted in 2019, the United States added approximately 14 million homes, as compared to approximately 10 million Class A/B multifamily apartment units.

Retail Properties

The retail sector is comprised of five main formats: neighborhood retail, community centers, regional centers, super-regional centers and single-tenant stores. Location, convenience, accessibility and tenant mix are generally considered to be among the key criteria for successful retail investments. Retail leases tend to range from three to five years for small tenants and ten to 15 years for large anchor tenants. Leases, particularly for anchor tenants, may include a base payment plus a percentage of retail sales. Household incomes and population density are generally considered to be key drivers of local retail demand. We will seek investments in retail properties that are located within densely populated residential areas with favorable demographic characteristics and near other retail and service amenities.

Other Properties

The other property sector is currently comprised of parking facilities. The parking industry is a large and fragmented sector and includes facilities that provide short-term parking spaces for vehicles on an hourly, daily, weekly or monthly basis. Parking structures can range from surface lots to larger multi-level buildings. Location and the local trade area are critically important to the performance of parking facilities. In addition to location, parking rates offered at a facility have a significant influence on a driver’s decision to use a particular facility.  We will seek to invest principally in parking facilities in densely populated urban areas with high barriers to entry for new competition and multiple demand drivers.

AVAILABLE INFORMATION

We are subject to the information requirements of the Exchange Act. Therefore, we file periodic reports, proxy statements and other information with the SEC. The SEC maintains a website (www.sec.gov) where the reports, proxy and information statements, and other information that we file electronically with the SEC can be accessed free of charge. Our website is www.JLLIPT.com. We may use our website as a distribution channel for material information about our Company. Our reports on Forms 10-K, 10-Q and 8-K, and all amendments to those reports are posted on our website as soon as reasonably practicable after the reports are electronically filed with or furnished to the SEC. The contents of our website are not incorporated by reference.

INSURANCE

Although we believe our investments are currently adequately covered by insurance consistent with the terms and levels of coverage that are standard in our industry, we cannot predict at this time if we will be able to obtain adequate coverage at a reasonable cost in the future.

HUMAN CAPITAL

We have no paid employees. The employees of our Advisor or its affiliates provide management, acquisition, advisory and certain other administrative services for us.

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Item 1A. Risk Factors.

You should consider carefully the risks and uncertainties described below and the other information in this Form 10-K, including our consolidated financial statements and the related notes included elsewhere in this Form 10-K. If any of the following risks actually occur, they may materially harm our business and our financial condition and results of operations and cause the NAV to decline.

Risks Related to Investing in Shares of Our Common Stock

There is no public trading market for shares of our common stock; therefore, the ability of our stockholders to dispose of their shares will likely be limited to the repurchase of shares by us which generally will not be available during the first year after the purchase. If stockholders do sell their shares to us, they may receive less than the price paid.

There is no current public trading market for shares of our common stock, and we do not expect that such a public market will ever develop. Therefore, the repurchase of shares by us will likely be the only way for stockholders to dispose of their shares, however we are not obligated to repurchase any shares of our common stock and may choose to only repurchase some, or even none, of the shares requested to be repurchased. To the extent we choose to repurchase shares, we will repurchase shares at a price equal to our NAV per share of the class of shares being repurchased on the date of repurchase, and not based on the price at which the shares were purchased. Shares are not eligible for repurchase for the first year after purchase except upon death or disability of a stockholder or under certain circumstances following the departure of key persons; provided, however, that shares issued pursuant to our distribution reinvestment plan are not subject to the one-year holding period. In addition, we may repurchase shares if a stockholder fails to maintain a minimum balance of $5 in shares, even if the failure to meet the minimum balance is caused solely by a decline in our NAV. As a result of these terms of our share repurchase plan, stockholders may receive less than the price they paid for their shares when they sell them to us pursuant to our share repurchase plan. In addition, as a perpetual-life REIT, we are not required to and do not intend to pursue a strategic transaction such as a listing on a national securities exchange or a sale of our Company that would provide liquidity to our stockholders.

Our ability to repurchase shares may be limited, and our board of directors may modify or suspend our share repurchase plan at any time.

Our share repurchase plan limits the funds we may use to purchase shares each calendar quarter to 5% of the combined NAV of all classes of shares as of the last day of the previous calendar quarter, which means that in any 12-month period, to the extent we choose to repurchase shares, we limit repurchases to approximately 20% of our total NAV. We are not obligated to repurchase any shares of our common stock and may choose to only repurchase some, or even none, of the shares requested to be repurchased. The vast majority of our assets consist of properties that cannot generally be liquidated quickly. Therefore, we may not always have a sufficient amount of cash to immediately satisfy repurchase requests. Our board of directors may modify or suspend for any period of time or indefinitely our share repurchase plan should repurchase requests, in the business judgment of our board of directors, place an undue burden on our liquidity, adversely affect our investment operations or pose a risk of having a material adverse impact on stockholders whose shares are not repurchased, or should we otherwise determine that investing our liquid assets in real properties or other illiquid investments rather than repurchasing our shares is in the best interests of the Company as a whole, then we may choose to repurchase fewer shares than have been requested to be repurchased, or none at all. Because our board of directors is not required to authorize the recommencement of the share repurchase plan within any specified period of time, our board of directors may effectively terminate the plan by suspending it indefinitely. As a result, our stockholders’ ability to have their shares repurchased by us may be limited and at times no liquidity may be available for our stockholders’ investment.

We have a history of operating losses and cannot assure you that we will sustain profitability.

As a consequence of recognizing depreciation in connection with the properties we own, we have a history of operating losses and cannot assure you that we will sustain profitability. As a result, since our inception in 2004, we have experienced net losses (calculated in accordance with U.S. generally accepted accounting principles ("GAAP")) over a number of years. The extent of our future operating losses are highly uncertain, and we may not sustain profitability.

The availability, timing and amount of cash distributions to you are uncertain.

Our board of directors is not obligated to declare quarterly dividends for our stockholders in any specific amounts or at all. We bear all expenses incurred in our operations, which are deducted from cash funds generated from operations prior to computing the amount of cash for distribution to stockholders. In addition, our board of directors, in its discretion, may retain any portion of such funds for working capital or other purposes, which was the policy of our board of directors from March 2009 through September 2011 when we suspended our distributions as a part of our cash conservation strategy adopted in response to the uncertain economic climate and extraordinary conditions in the commercial real estate industry.

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To the extent our distributions represent a return of capital for tax purposes, our stockholders could recognize an increased capital gain upon a subsequent sale of our common stock.

Distributions in excess of our current and accumulated earnings and profits and not treated by us as a dividend will not be taxable to a stockholder to the extent those distributions do not exceed the stockholder’s adjusted tax basis in his or her common stock. Instead, the distribution will constitute a return of capital and will reduce the stockholder’s adjusted basis. (Such distributions to non-U.S. stockholders may be subject to withholding, which may be refundable.) If distributions exceed the stockholder’s adjusted basis, then his or her adjusted basis will be reduced to zero, and the excess will be treated as capital gain to the stockholder. Relatedly, if distributions result in a reduction of a stockholder’s adjusted basis in his or her common stock, then subsequent sales of such stockholder’s common stock potentially will result in recognition of an increased capital gain.

Your overall return may be reduced if we pay distributions from sources other than our cash from operations.

To date, all of the distributions we have paid to stockholders have been funded through a combination of cash flows from our operations, investing and financing activities. We may not generate sufficient cash flow from operations to fully fund distributions to stockholders. Therefore, we may choose to use cash flows from investing activities such as sales of real estate investments or interests in joint ventures. We may also choose to use financing activities, which include borrowings (including borrowings secured by our assets), net proceeds of our offerings or other sources to fund distributions to our stockholders. For the year ended December 31, 2021, 95% of our distributions were funded from cash flows from operations and 5% from investing activities. We may be required to continue to fund our regular distributions from a combination of some of these sources if our investments fail to perform as anticipated, our expenses are greater than expected or due to numerous other factors. We have not established a limit on the amount of our distributions that may be paid from any of these sources. Using certain of these sources may result in a liability to us, which would require a future repayment. The use of these sources for distributions and the ultimate repayment of any liabilities incurred could adversely impact our ability to pay distributions in future periods, decrease our NAV and NAV per share, decrease the amount of cash we have available for operations and new investments and adversely impact the value of an investment in our shares of common stock.

Your purchase price may be more or less than the actual NAV if our NAV is incorrectly calculated.

If our NAV is calculated in a way that is not reflective of our actual NAV, then the purchase price of shares of our common stock or the price paid for the repurchase of your shares of common stock on a given date may not accurately reflect the value of our portfolio, and your shares may be worth more or less than the purchase or repurchase price.

You will not have the opportunity to evaluate future investments we will make with the proceeds raised in our offerings prior to purchasing shares of our common stock.

We have not identified all of the investments that we will make with the proceeds of our offerings. As a result, you will not be able to evaluate the economic merits, transaction terms or other financial or operational data concerning our future investments prior to purchasing shares of our common stock. You must rely on our Advisor and our board of directors to implement our investment policies, to evaluate our investment opportunities and to structure the terms of our investments. Because you cannot evaluate all of the investments we will make in advance of purchasing shares of our common stock, this additional risk may hinder your ability to achieve your own personal investment objectives related to portfolio diversification, risk-adjusted investment returns and other objectives.

Our Dealer Manager has a limited operating history and our ability to implement our investment strategy is dependent, in part, upon the ability of our Dealer Manager to successfully conduct our offerings, which makes an investment in us more speculative.

We have retained LaSalle Investment Management Distributors, LLC, an affiliate of our Advisor, to conduct our offerings (the “Dealer Manager”). The success of this offering, and our ability to implement our business strategy, is dependent upon the ability of our Dealer Manager to build and maintain a network of broker-dealers to sell our shares to their clients. If our Dealer Manager is not successful in establishing, operating and managing this network of broker-dealers, our ability to raise proceeds through this offering will be limited, and we may not have adequate capital to execute our investment strategy. If we are unsuccessful in executing our investment strategy, you could lose all or a part of your investment.

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The performance component of the advisory fee is calculated for each class of our common stock and each class of operating partnership units on the basis of the total return attributable to that class over a calendar year, so it may differ among classes and it may not be consistent with the return on our shares over a longer or shorter time frame.

The performance component of the advisory fee is calculated for each class of our common stock and for each class of operating partnership units on the basis of the total return attributable to that class over a calendar year. As a result, our Advisor may be entitled to receive the performance component with respect to one class of shares or operating partnership units but not another and may be entitled to receive compensation under the performance component of the advisory fee for a given year even if some of our stockholders who purchased shares during such year experienced a decline in NAV per share. Similarly, stockholders who request that we repurchase their shares during a given year may have their shares repurchased at a lower NAV per share as a result of an accrual for the estimated performance component of the advisory fee, even if no performance component is ultimately payable to our Advisor at the end of such calendar year. In addition, if the NAV of our classes of common stock or classes of operating partnership units remains above certain threshold levels, our Advisor’s ability to earn the performance fee in any year will not be affected by poor performance in prior years. Furthermore, the Advisor will not be obligated to return any portion of advisory fees paid based on our subsequent performance.

Valuations and appraisals of our properties and real estate-related assets are estimates of fair value and may not necessarily correspond to realizable value.

For the purposes of calculating our NAV after the close of business on each business day, our properties will initially be valued at cost upon their acquisition which we expect to represent fair value at that time. Thereafter, valuations of properties, which will be based in part on appraisals of each of our properties by our independent valuation advisor at least once during every calendar quarter after the first full calendar quarter in which we owned each respective property, will be performed in accordance with our valuation guidelines. Likewise, our investments in real estate-related assets will initially be valued at cost upon their acquisition, and thereafter will be valued quarterly, or in the case of liquid securities, daily, as applicable, at fair value. Within the parameters of our valuation guidelines, the valuation methodologies used to value our properties will involve subjective judgments regarding such factors as comparable sales, rental and operating expense data, the capitalization or discount rate, and projections of future rent and expenses based on appropriate analysis. Valuations and appraisals of our properties and real estate-related assets will be only estimates of fair value. Ultimate realization of the value of an asset depends to a great extent on economic and other conditions beyond our control and the control of our Advisor and independent valuation advisor.

Further, valuations do not necessarily represent the price at which an asset would sell, since market prices of assets can only be determined by negotiation between a willing buyer and seller. Therefore, the valuations of our properties and our investments in real estate-related assets may not correspond to the timely realizable value upon a sale of those assets. There will be no retroactive adjustment in the valuation of such assets, the price of our shares of common stock, the price we paid to repurchase shares of our common stock or NAV-based fees we paid to our Advisor and Dealer Manager to the extent such valuations prove to not accurately reflect the true estimated value and are not a precise measure of realizable value. Because the price you will pay for shares of our common stock, and the price at which your shares may be repurchased by us pursuant to our share repurchase plan, are based on our estimated NAV per share, you may pay more than realizable value or receive less than realizable value for your investment.

No rule, regulation, or industry practice requires that we calculate our NAV in a certain way, and our board of directors, including a majority of our independent directors, may adopt changes to our valuation guidelines.

There are no existing rules or regulatory bodies that specifically govern the manner in which we calculate our NAV and there is no established practice among public REITs, whether listed or not, for calculating NAV in order to establish a purchase and repurchase price. As a result, it is important that you pay particular attention to the specific methodologies and assumptions we use to calculate our NAV, as other public REITs may use different methodologies or assumptions to determine their NAV. For example, we do not fair value our mortgage notes and other debt payable. In addition, our board of directors, including a majority of our independent directors, will review the appropriateness of our valuation guidelines at least annually and may, at any time, adopt changes to our valuation guidelines.

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Our NAV per share may suddenly change if the appraised values of our properties materially change from prior appraisals or the actual operating results for a particular month differ from what we originally budgeted for that month.

Each of our properties will be appraised at least once per quarter and, under normal circumstances, will not be appraised more frequently than once per quarter. Properties may be valued more frequently than quarterly if our advisor or independent valuation advisor believes that the value of such property has changed materially since the most recent quarterly valuation. As such, when these appraisals are reflected in our NAV calculation, there may be a sudden change in our NAV per share for each class of our common stock. These changes in a property’s value may be as a result of property-specific events or as a result of more general changes to real estate values resulting from local, national or global economic changes, including as a result of the COVID-19 pandemic.

In addition, actual operation results for a given month may differ from what we originally budgeted for that month, which may cause a sudden increase or decrease in the NAV per share amounts. We accrue estimated income and expenses on a daily basis based on our budgets. On an ongoing basis, we adjust the income and expenses we accrued to reflect the income and expenses actually earned and incurred. We do not retroactively adjust the NAV per share of each class for each day. Therefore, because the actual results from operations may be better or worse than what we previously budgeted, the adjustment to reflect actual operating results may cause the NAV per share for each class of our common stock to increase or decrease, and such increase or decrease will occur on the day the adjustment is made.

The NAV per share that we publish may not necessarily reflect changes in our NAV that are not immediately quantifiable.

From time to time, we may experience events with respect to our investments that may have a material impact on our NAV. For example, an unexpected termination or renewal of a material lease, a material change in vacancies or an unanticipated structural or environmental event at a property may cause the value of a property to change materially. The NAV per share of each class of our common stock as published on any given day may not reflect such extraordinary events to the extent that their financial impact is not immediately quantifiable, including as a result of economic fallout from the COVID-19 pandemic. As a result, the NAV per share of each class published after the announcement of a material event may differ significantly from our actual NAV per share for such class until such time as the financial impact is quantified and our NAV is appropriately adjusted in accordance with our valuation guidelines. The resulting potential disparity in our NAV may inure to the benefit of stockholders whose shares are repurchased or new stockholders, depending on whether our published NAV per share for such class is overstated or understated.

In addition, our independent valuation advisor has informed us that its appraisals will now contain a disclosure that because the impact of COVID-19 on the commercial real estate market is rapidly evolving, the future impacts of COVID-19 are not known at this time and will depend on many factors.  Although the independent valuation advisor has adjusted the appraisal conclusions to the extent the independent valuation advisor believes to be appropriate in light of material events such as the COVID-19 outbreak, the independent valuation advisor’s assumptions may differ from other parties’.  As a result, the property appraisals we receive from our independent valuation advisor may not fully take into account the rapid changes to the value of properties resulting from COVID-19 and the price per share paid by new investors may be higher than the actual value of our common stock.

Due to daily fluctuations in our NAV, the price at which your purchase is executed could be higher than our NAV per share at the time you submit your subscription, and the price at which your repurchase is executed could be lower than our NAV per share at the time you submit your repurchase request.

The purchase and repurchase price for shares of our common stock will not be based on any established trading price. Your accepted subscription will be executed at a price equal to our NAV per share for the class of shares being purchased next determined after your subscription is received in proper form and processed, plus, for Class A and Class A-I shares only, any applicable selling commissions. As a result of this process, you will not know the purchase price per share at which your subscription will be executed at the time you submit your subscription. The purchase price per share at which your subscription is executed could be higher than the NAV per share on the date you submitted your subscription and if this is the case, you could receive fewer shares than initially anticipated. If the purchase price per share at which your subscription agreement is lower than the NAV per share on the date you submitted your subscription, you could receive more shares than initially anticipated. For example, if a subscription is processed and accepted on a business day and before the close of business (4:00 p.m. Eastern time) on that day, the subscription will be executed at a purchase price equal to our NAV per share for the class of shares being purchased determined after the close of business on that day, plus, for Class A and Class A-I shares, any applicable selling commissions.

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If a subscription is processed and accepted on a business day, but after the close of business on that day, the subscription will be executed at a purchase price equal to our NAV per share for the class of shares being purchased determined after the close of business on the next business day, plus, for Class A and Class A-I shares only, any applicable selling commissions. Similarly, received and processed repurchase requests will be effected at a repurchase price equal to the next-determined NAV per share for the class of shares being repurchased. Investors who subscribe for shares will not know the purchase price at the time they submit their subscription. Because stockholders will not know the repurchase price that will apply at the time that repurchase requests are submitted, the repurchase price per share at which your repurchase request is executed could be lower than the NAV per share on the date you submitted your repurchase request. If our NAV per share increases, purchasers of Class A and Class A-I shares will pay a higher selling commission per share and if our NAV per share decreases, purchasers of Class A and Class A-I shares will pay a lower selling commission per share, as the amount of commissions is calculated as a percentage of NAV per share.

We have broad discretion in how we use the proceeds from our offerings, and we may use the proceeds in ways with which you disagree.

We expect to use the net proceeds of our public and private offerings to (1) grow and further diversify our portfolio by making investments in accordance with our investment strategy and policies, (2) repay indebtedness incurred under various financing instruments and (3) fund repurchases under our share repurchase plan or through tender offers. We have not allocated specific amounts of the net proceeds from our public and private offerings for any specific purpose. Accordingly, our management will have significant flexibility in applying the net proceeds of our public and private offerings, including the ability to apply net proceeds to the payment of distributions. You will be relying on the judgment of our management with regard to the use of these net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately. In addition, it is possible that the net proceeds will be invested in a way that does not yield a favorable, or any, return for us or our stockholders. The failure of our management to use such funds effectively could have a material adverse effect on our business, financial condition, operating results and cash flows.

Future offerings of debt securities, which would be senior to our common stock upon liquidation, or equity securities, which would dilute our existing stockholders and may be senior to our common stock for the purposes of distributions, may adversely affect the value of our common stock.

In the future, we may attempt to increase our capital resources by making additional offerings of debt or equity securities, including medium term notes, senior or subordinated notes and classes of preferred or common stock. Upon liquidation, holders of our debt securities and shares of preferred stock and lenders with respect to other borrowings will receive a distribution of our available assets prior to the holders of our common stock.

Additionally, holders of our common stock will not have preemptive rights to any shares we issue in the future. Our charter authorizes us to issue 1 billion shares of common stock. Our board of directors may amend our charter from time to time to increase or decrease the aggregate number of authorized shares of common stock or the number of authorized shares of capital stock of any class or series without stockholder approval. After you purchase shares of our common stock, our board of directors may elect, without stockholder approval, to: (1) sell additional shares in future public offerings; (2) issue equity interests in private offerings; (3) issue shares upon the exercise of the options we may grant to our independent directors or future employees; (4) issue shares to our Advisor, or its successors or assigns, in payment of an outstanding obligation to pay fees for services rendered to us or to reimburse expenses paid on our behalf or (5) issue shares to sellers of properties we acquire in connection with an exchange of limited partnership interests of our operating partnership. Because our decision to issue securities in any future offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future offerings. Thus, our stockholders bear the risk of our future offerings reducing the market price of our common stock and diluting their proportionate ownership.

If you purchase shares of common stock, you may experience immediate dilution in the net tangible book value per share.

Net tangible book value is used as a measure of net worth that reflects certain dilution in the value of our common stock from the issue price as a result of (i) accumulated depreciation and amortization of real estate investments, (ii) fees paid in connection with the offering and (iii) the fees and expenses paid to our Advisor and its affiliates in connection with the selection, acquisition, management and sale of our investments. Net tangible book value does not reflect our estimated value per share nor does it necessarily reflect the value of our assets upon an orderly liquidation of the Company in accordance with our investment objectives. As of December 31, 2021, our net tangible book value per share was $10.00, calculated as our net tangible book value as of December 31, 2021 divided by the 206,042,836 shares of our common stock outstanding as of December 31, 2021, as compared to our share price of $13.56, $13.58, $13.59 and $13.58 per Class A, Class M, Class A-I and Class M-I share, respectively, on such date pursuant to our public offering.

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Compliance with the SEC’s Regulation Best Interest by participating broker-dealers may negatively impact our ability to raise capital in Our Current Public Offering, which would harm our ability to achieve our investment objectives.

Broker-dealers must comply with Regulation Best Interest, which, among other requirements, establishes a new standard of conduct for broker-dealers and their associated persons when making a recommendation of any securities transaction or investment strategy involving securities to a retail customer. The full impact of Regulation Best Interest on participating dealers cannot be determined at this time, and it may negatively impact whether participating dealers and their associated persons recommend our Current Public Offering to certain retail customers, or the amount of shares which are recommended to such customers. In particular, under SEC guidance concerning Regulation Best Interest, a broker-dealer recommending an investment in our shares should consider a number of factors, including but not limited to cost and complexity of the investment and reasonably available alternatives in determining whether there is a reasonable basis for the recommendation. Broker-dealers may recommend a more costly or complex product as long as they have a reasonable basis to believe it is in the best interest of a particular retail customer. However, if broker-dealers instead choose alternatives to our shares, many of which likely exist, our ability to raise capital may be adversely affected. If Regulation Best Interest reduces our ability to raise capital in our Current Public Offering, it would harm our ability to create a diversified portfolio of investments and ability to achieve our investment objectives.

Risks Related to Conflicts of Interest

Our Advisor will face a conflict of interest with respect to the allocation of investment opportunities and competition for tenants between us and other real estate programs that it advises.

Our Advisor’s officers and key real estate professionals identify potential investments in properties and other real estate-related assets that are consistent with our investment guidelines for our possible acquisition. However, our Advisor may not acquire an investment in a property unless it has reviewed and approved presenting it to us in accordance with its allocation policies. LaSalle and its affiliates advise other investment programs that invest in properties and real estate-related assets in which we may be interested, including the DST Program. LaSalle could face conflicts of interest in determining which programs will have the opportunity to acquire and participate in such investments as they become available. As a result, other investment programs advised by LaSalle may compete with us with respect to certain investments that we may want to acquire. Our Advisor also has discretion to choose which of our properties to syndicate in the DST Program, which presents conflicts because our Advisor and the Dealer Manager, earn fees from the DST Program.

In addition, we may acquire properties in geographic areas where other investment programs advised by LaSalle own properties. Therefore, our properties may compete for tenants with other properties owned by such investment programs. If one of such investment programs attracts a tenant that we are competing for, we could suffer a loss of revenue due to delays locating another suitable tenant.

Our Advisor faces a conflict of interest because the fees it receives for services performed are based on our NAV, for which our Advisor is ultimately responsible for calculating.

Our Advisor is paid a fee for its services based on our daily NAV, which is calculated by ALPS Fund Services Inc. ("ALPS") under the supervision of our Advisor. The calculation of our NAV includes certain subjective judgments of our Advisor and our independent valuation advisor, including estimates of fair value of particular assets, and therefore may not correspond to realizable value upon a sale of those assets. Our Advisor may benefit by us retaining ownership of our assets at times when our stockholders may be better served by the sale or disposition of our assets in order to avoid a reduction in our NAV. If our NAV is calculated in a way that is not reflective of our actual NAV, then the purchase price of shares of our common stock or the price paid for the repurchase of your shares of common stock on a given date may not accurately reflect the value of our portfolio, and your shares may be worth less than the purchase price or more than the repurchase price.

Our Advisor’s management personnel face conflicts of interest relating to time management and there can be no assurance that our Advisor’s management personnel will devote adequate time to our business activities or that our Advisor will be able to hire adequate additional employees.

All of our Advisor’s management personnel, other employees, affiliates and related parties may also provide services to other affiliated entities of our Advisor. We are not able to estimate the amount of time that such management personnel will devote to our business. As a result, certain of our Advisor’s management personnel may have conflicts of interest in allocating their time between our business and their other activities which may include advising and managing various other real estate programs and ventures, which may be numerous and may change as programs are closed or new programs are formed. During times of significant activity in other programs and ventures, the time they devote to our business may decline and be less than we would require. There can be no assurance that our Advisor’s affiliates will devote adequate time to our business activities or that our Advisor will be able to hire adequate additional employees.

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Our Advisor and its affiliates, including our officers and some of our directors, face conflicts of interest caused by compensation arrangements with us and other LaSalle affiliated entities, which could result in actions that are not in our stockholders’ best interests.

Our Advisor and its affiliates receive substantial fees from us in return for their services and these fees could influence our Advisor’s advice to us. Among other matters, the compensation arrangements could affect their judgment with respect to:

•the continuation, renewal or enforcement of our agreements with our Advisor and its affiliates, including the Advisory Agreement;

•the decision to adjust the value of our real estate portfolio or the value of certain portions of our portfolio of other real estate-related assets, or the calculation of our NAV;

•public offerings of equity by us, which may result in increased advisory fees of the Advisor;

•competition for tenants from affiliated programs that own properties in the same geographic area as us;

•whether to sell interests in certain of our real properties through the DST Program and to select which properties to be sold through the DST Program; and

•asset sales, which may allow LaSalle or its affiliates to earn disposition fees and commissions.

We currently have, and may enter into additional, agreements with subsidiaries of our Sponsor to perform certain services for our real estate portfolio.

Subsidiaries of our Sponsor provide property management, leasing and other services to property owners, and currently provides certain services to us with respect to a portion of our properties, and we may engage subsidiaries of our Sponsor to perform additional property or construction management, leasing and other services related to our real estate portfolio. The fees, commissions and expense reimbursements paid to our Sponsor in connection with these services have not and will not be determined with the benefit of arm’s-length negotiations of the type normally conducted between unrelated parties. Even though all such agreements will be subject to approval by our independent directors, they could be on terms not as favorable to us as those we could receive from a third party.

The time and resources that LaSalle affiliated entities devote to us may be diverted and we may face additional competition due to the fact that LaSalle affiliated entities are not prohibited from raising money for another entity that makes the same types of investments that we target.

LaSalle affiliated entities are not prohibited from raising money for another investment entity that makes the same types of investments as those we target. As a result, the time and resources they could devote to us may be diverted. In addition, we may compete with any such investment entity for the same investors and investment opportunities. We may also co-invest with any such investment entity. Even though all such co-investments will be subject to approval by our independent directors, they could be on terms not as favorable to us as those we could achieve co-investing with a third party.

Our Advisor may have conflicting fiduciary obligations if we acquire properties with its affiliates or other related entities; as a result, in any such transaction we may not have the benefit of arm’s-length negotiations of the type normally conducted between unrelated parties.

Our Advisor has in the past and may in the future cause us to acquire an interest in a property from its affiliates or through a joint venture with its affiliates or to dispose of an interest in a property to its affiliates. In these circumstances, our Advisor will have a conflict of interest when fulfilling its fiduciary obligation to us. In any such transaction we may not have the benefit of arm’s-length negotiations of the type normally conducted between unrelated parties. Even though all such agreements will be subject to approval by our independent directors, they could be on terms not as favorable to us as those we could receive from a third party.

The fees we pay to affiliates in connection with our offerings of securities and in connection with the management of our investments were not determined on an arm’s-length basis, and therefore, we do not have the benefit of arm’s-length negotiations of the type normally conducted between unrelated parties.

Our Advisor, our Dealer Manager and other affiliates, including our sponsor, have earned and will continue to earn fees, commissions and expense reimbursements from us. The fees, commissions and expense reimbursements paid and to be paid to our Advisor, our Dealer Manager and other affiliates for services they provided us in connection with our offerings were determined without the benefit of arm’s-length negotiations of the type normally conducted between unrelated parties.

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Our executive officers, our affiliated directors and the key real estate professionals acting on behalf of our Advisor face conflicts of interest related to their positions or interests in affiliates of our Advisor, which could hinder our ability to implement our business strategy and to generate returns to our stockholders.

Our executive officers, our affiliated directors and the key real estate professionals acting on behalf of our Advisor may also be involved in the management of other real estate businesses, including other LaSalle affiliated entities, and separate accounts established for institutional investors, each of which invests in the real estate or real estate-related assets. As a result, they owe fiduciary duties to each of these entities and their investors, which fiduciary duties may from time to time conflict with the fiduciary duties that they owe to us and our stockholders. Their loyalties to these other entities and investors could result in action or inaction that is detrimental to our business, which could harm the implementation of our investment strategy. These individuals face conflicts of interest in allocating their time among us and such other funds, investors and activities. These conflicts of interest could cause these individuals to allocate less of their time to us than we may require, which may adversely impact our operations.

You may not have the benefit of an independent due diligence review in connection with our offerings, which would increase the risk of your investment.

Because our Dealer Manager is an affiliate of our Advisor, investors will not have the benefit of an independent due diligence review and investigation by our Dealer Manager of the type normally conducted by an unaffiliated, independent underwriter in connection with a securities offering. Accordingly, you will have to rely on your own broker-dealer to make an independent due diligence review of the terms of our offerings. The absence of a due diligence review of us and our offerings by an independent underwriter increases the risk you face as a stockholder.

Risks Related to Adverse Changes in General Economic Conditions

Changes in economic and capital markets conditions, including periods of generally deteriorating real estate industry fundamentals, may significantly affect our results of operations and returns to our stockholders.

We are subject to risks generally incident to the ownership of real estate investments, including changes in global, national, regional or local economic, demographic and real estate market conditions, as well as other factors particular to the locations of our investments. The COVID-19 pandemic is expected to continue to have a significant impact on local, national and global economies and has resulted in a world-wide economic slowdown. A recession could adversely impact our investments as a result of, among other items, increased tenant defaults under our leases, lower demand for rentable space, as well as potential oversupply of rentable space, each of which could lead to increased concessions, tenant improvement expenditures or reduced rental rates to maintain occupancies. These conditions could also adversely impact the financial condition of the tenants that occupy our real properties and, as a result, their ability to pay us rents.

To the extent that a general economic slowdown is prolonged or becomes more severe or real estate fundamentals deteriorate, it may have a significant and adverse impact on the values of our assets, revenues, results from operations, financial condition, liquidity, overall business prospects and ultimately our ability to pay distributions to our stockholders.

Any market deterioration may cause the future value of our real estate investments to decline.

If the current economic or real estate environment were to worsen in the markets where our properties are located, our NAV per share of our common stock may experience more volatility or decline as a result. The fallout from the ongoing COVID-19 pandemic is uncertain and may have a significant negative impact on the real estate market. Volatility in the fair value and operating performance of commercial real estate has made estimating cash flows from our real estate investments difficult, since such estimates are dependent upon our judgment regarding numerous factors, including, but not limited to, current and potential future refinancing availability, fluctuations in regional or local real estate values and fluctuations in regional or local rental or occupancy rates, real estate tax rates and other operating expenses.

We cannot assure our stockholders that we will not have to realize or record impairment charges, or experience disruptions in cash flows and/or permanent losses related to our real estate investments or decreases in our NAV per share of our common stock in future periods. In addition, to the extent that volatile markets persist, these conditions could adversely impact our ability to potentially sell our real estate investments at a price and with terms acceptable to us or at all.

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Economic events that may cause our stockholders to request that we repurchase their shares may materially adversely affect our cash flow and our ability to achieve our investment objectives.

Economic events affecting the U.S. and global economies, such as the general negative performance of the real estate sector, and the turbulence in the stock market related to the COVID-19 pandemic, could cause our stockholders to seek to have us repurchase their shares pursuant to our share repurchase plan. Our share repurchase plan limits the amount of funds we may use for repurchases during each calendar quarter to 5% of the combined NAV of all classes of shares as of the last day of the previous calendar quarter. Even if we are able to satisfy all resulting repurchase requests, our cash flow could be materially adversely affected.

In addition, if we determine to sell assets to satisfy repurchase requests, our ability to achieve our investment objectives, including, without limitation, diversification of our portfolio by property type and location, moderate financial leverage, conservative operating risk and an attractive level of current income, could be adversely affected.

Inflation or deflation may adversely affect our financial condition and results of operations.

Although neither inflation nor deflation has materially impacted our operations in the recent past, increased inflation could have an adverse impact on our floating rate mortgages and interest rates and general and administrative expenses, as these costs could increase at a rate higher than our rental and other revenue. Inflation could also have an adverse effect on consumer spending which could impact our tenants’ revenues and, in turn, our percentage rents, where applicable. Conversely, deflation could lead to downward pressure on rents and other sources of income.

The continuing spread of COVID-19 may adversely affect our investments and operations.

The global impact of the COVID-19 pandemic, has been widespread and many countries have reacted by instituting quarantines and restrictions on travel, closing financial markets or restricting trading, and limiting operations of non-essential businesses. Such actions have created disruption in global supply chains, and have adversely impacted many industries. Although vaccines for COVID-19 have been made available to the general public in the United States and in many places around the world, vaccination rates vary and may lose effectiveness without boosters and the outbreak could have a continued adverse impact on economic and market conditions.

While the COVID-19 pandemic has not adversely impacted our business to date, the continuing spread of COVID-19 may in the future have an adverse impact on our NAV, results of operations, cash flows and fundraising, and may have an adverse impact on our ability to source new investments, obtain financing, fund distributions to stockholders and satisfy repurchase requests, among other factors. Although many or all facets of our business could in the future be impacted by the COVID-19 pandemic, we currently believe the following impacts to be among the most important to us:

•We are subject to risks related to increases in rent defaults, rent deferral or rent forgiveness and decreases in rent collection. We may experience rent deferrals and decreased rent collection in the future as a result of COVID-19. We may not be able to promptly lease properties that are vacant or become vacant because a tenant defaults or decides not to renew its lease, resulting in reduced occupancy at our properties, and the rental rates or other terms under new leases may be less favorable than the terms of the current lease.

•Our residential properties face an increased risk of tenant defaults during disruptions in the labor market, resulting in high rates of unemployment, making it more difficult for some tenants to meet their rent obligations and for us to retain tenants at current rental rates. We may also, for economic or regulatory reasons, defer or forgive rent for certain tenants of our properties. In particular, where state and local requirements temporarily stay eviction proceedings.

The immediately preceding outcomes are those we consider to be most important as a result of the COVID-19 pandemic. We may experience other negative impacts to our business as a result of the COVID-19 pandemic that could exacerbate other risks described in this Annual Report on Form 10-K. Any of the COVID-19 risks, or other effects from the COVID-19 pandemic that we currently do not foresee, could have a negative impact on our cash flows, operating results and NAV and on our ability to fund distributions to stockholders and satisfy repurchase requests.

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Changes in accounting standards or inaccurate estimates or assumptions in the application of accounting policies could adversely affect our financial results.

Our accounting policies and methods are fundamental to how we record and report our financial condition and results of operations. Some of these policies require use of estimates and assumptions that may affect the reported value of our assets or liabilities and financial results and are critical because they require management to make difficult, subjective, and complex judgments about matters that are inherently uncertain. Accounting standard setters and those who interpret the accounting standards (such as the Financial Accounting Standards Board ("FASB"), the SEC, and our independent registered public accounting firm) may amend, clarify, interpret or even reverse their previous interpretations or positions on how these standards should be applied. In some cases, we could be required to apply a new or revised standard retrospectively, resulting in the revision of prior period financial statements. Changes in accounting standards can be hard to predict and can materially impact how we record and report our financial condition and results of operations.

Risks Related to Our General Business Operations and Our Corporate Structure

We depend on our Advisor and the key personnel of our Advisor and we may not be able to secure suitable replacements in the event that we fail to retain their services.

Our success is dependent upon our relationships with, and the performance of, our Advisor and the key real estate professionals of our Advisor for the acquisition and management of our investment portfolio and our corporate operations. Any of these parties may suffer or become distracted by adverse financial or operational problems in connection with their business and activities unrelated to us and over which we have no control. Should any of these parties fail to allocate sufficient resources to perform their responsibilities to us for any reason, we may be unable to achieve our investment objectives. In the event that, for any reason, the Advisory Agreement is terminated, or our Advisor is unable to retain its key personnel, it may be difficult for us to secure suitable replacements on acceptable terms, which would adversely impact the value of your investment.

Our Advisor’s inability to retain the services of key real estate professionals could negatively impact our performance.

Our success depends to a significant degree upon the contributions of certain key real estate professionals employed by our Advisor, each of whom would be difficult to replace. Neither we nor our Advisor have employment agreements with these individuals and they may not remain associated with us or our Advisor. If any of these persons were to cease their association with us or our Advisor, our operating results could suffer. Our future success depends, in large part, upon our Advisor’s ability to attract and retain highly skilled managerial, operational and marketing professionals. If our Advisor loses or is unable to obtain the services of highly skilled professionals, our ability to implement our investment strategies could be delayed or hindered.

We are required to pay substantial compensation to our Advisor and its affiliates, which may be increased or decreased during our Current Public Offering or future offerings by a majority of our board of directors, including a majority of the independent directors.

Pursuant to our agreements with our Advisor and its affiliates, including our sponsor, we are obligated to pay substantial compensation to our Advisor and its affiliates. Subject to limitations in our charter, the fees, expense reimbursements and other payments that we are required to pay to our Advisor and its affiliates may increase or decrease during our Current Public Offering or future offerings from those described elsewhere in our prospectus related to our Current Public Offering if such change is approved by a majority of our board of directors, including a majority of the independent directors. These payments to our Advisor and its affiliates will decrease the amount of cash we have available for operations and new investments and could negatively impact our NAV, our ability to pay distributions and your overall return.

We may change our investment and operational policies without stockholder consent.

We may change our investment and operational policies, including our policies with respect to investments, operations, indebtedness, capitalization and distributions, at any time without the consent of our stockholders, which could result in our making investments that are different from, and possibly riskier or more highly leveraged than is currently contemplated. A change in our investment strategy may, among other things, increase our exposure to interest rate risk, default risk and real estate market fluctuations, all of which could materially affect our ability to achieve our investment objectives.

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Our board of directors will not approve each investment selected by our Advisor.

Our board of directors has approved investment guidelines that delegate to our Advisor the authority to execute (1) acquisitions and dispositions of real property and (2) investments in other real estate-related assets, in each case so long as such investments are consistent with the investment guidelines. Our directors review our investment guidelines on an annual basis and our investment portfolio on a quarterly basis or, in each case, as often as they deem appropriate. The prior approval of our board of directors will be required only for the acquisition or disposition of assets that are not in accordance with our investment guidelines. In addition, in conducting periodic reviews, our directors will rely primarily on information provided to them by our Advisor. Furthermore, transactions entered into on our behalf by our Advisor may be costly, difficult or impossible to unwind when they are subsequently reviewed by our board of directors.

We are and may continue to be subject to litigation, which could have a material adverse effect on our financial condition.

We currently are, and are likely to continue to be, subject to litigation. Some of these claims may result in significant defense costs and potentially significant judgments against us. We cannot be certain of the ultimate outcomes of currently asserted claims or of those that arise in the future. Resolution of these types of matters against us may result in our having to pay significant fines, judgments, or settlements, which, if uninsured, or if the fines, judgments, and settlements exceed insured levels, would adversely impact our earnings and cash flows, thereby impacting our ability to service debt and make quarterly distributions to our stockholders. Certain litigation or the resolution of certain litigation may affect the availability or cost of some of our insurance coverage, which could adversely impact our results of operations and cash flows, expose us to increased risks that would be uninsured, and/or adversely impact our ability to attract officers and directors.

The limits on the percentage of shares of our common stock that any person may own may discourage a takeover or business combination that could otherwise benefit our stockholders.

Our charter, with certain exceptions, authorizes our board of directors to take such actions as are necessary and desirable to preserve our qualification as a REIT. Unless exempted by our board of directors, no person may own more than 9.8% in value of our outstanding capital stock or more than 9.8% in value or number of shares, whichever is more restrictive, of our outstanding common stock. A person that did not acquire more than 9.8% of our shares may become subject to our charter restrictions if repurchases by other stockholders cause such person’s holdings to exceed 9.8% of our outstanding shares. Any attempt to own or transfer shares of our common stock in excess of the ownership limit without the consent of our board of directors will be void, or will result in those shares being transferred by operation of law to a charitable trust, and the person who acquired such excess shares will not be entitled to any distributions thereon or to vote those excess shares. Our 9.8% ownership limitation may have the effect of delaying, deferring or preventing a change in control of us, including an extraordinary transaction (such as a merger, tender offer or sale of all or substantially all of our assets) that might provide a premium price for our stockholders.

Maryland law and our organizational documents limit our rights and the rights of our stockholders to recover claims against our directors and officers, which could reduce your and our recovery against them if they cause us to incur losses.

Maryland law provides that a director will not have any liability as a director so long as he or she performs his or her duties in accordance with the applicable standard of conduct. In addition, Maryland law and our charter provide that no director or officer shall be liable to us or our stockholders for monetary damages unless the director or officer (1) actually received an improper benefit or profit in money, property or services or (2) was actively and deliberately dishonest as established by a final judgment. Moreover, our charter generally requires us to indemnify and advance expenses to our directors and officers for losses they may incur by reason of their service in those capacities unless their act or omission was material to the matter giving rise to the proceeding and was committed in bad faith or was the result of active and deliberate dishonesty, they actually received an improper personal benefit in money, property or services or, in the case of any criminal proceeding, they had reasonable cause to believe the act or omission was unlawful. As a result, you and we may have more limited rights against our directors or officers than might otherwise exist under common law, which could reduce your and our recovery from these persons if they act in a manner that causes us to incur losses. In addition, we are obligated to fund the defense costs incurred by these persons in some cases. However, our charter provides that we may not indemnify our directors, or our Advisor and its affiliates, for any liability or loss suffered by them or hold our directors, our Advisor and its affiliates harmless for any liability or loss suffered by us, unless they have determined that the course of conduct that caused the loss or liability was in our best interests, they were acting on our behalf or performing services for us, the liability or loss was not the result of negligence or misconduct by our non-independent directors, our Advisor and its affiliates, or gross negligence or willful misconduct by our independent directors, and the indemnification or agreement to hold harmless is recoverable only out of our net assets or the proceeds of insurance and not from the stockholders.

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Certain provisions in our organizational documents and Maryland law could inhibit transactions or changes of control under circumstances that could otherwise provide stockholders with the opportunity to realize a premium.

Our charter and bylaws contain provisions that could delay or prevent a change of control of our company or changes in our board of directors that our stockholders might consider favorable. For example, our charter authorizes the issuance of preferred stock which can be created and issued by our board of directors without prior stockholder approval, with rights senior to those of our common stock, and prohibits our stockholders from filling board vacancies. In addition, for so long as the advisory agreement is in effect, our Advisor has the right to nominate, subject to the approval of such nomination by our board of directors, three affiliated directors to the slate of directors to be voted on by the stockholders at our annual meeting of stockholders. Furthermore, our board of directors must also consult with our Advisor in connection with (i) its selection of each independent director for nomination to the slate of directors to be voted on at the annual meeting of stockholders, and (ii) filling any vacancies created by the removal, resignation, retirement or death of any director. These and other provisions in our charter and bylaws could make it more difficult for stockholders or potential acquirers to obtain control of our board of directors or initiate actions that are opposed by our then-current board of directors, including a merger, tender offer or proxy contest involving our company.

In addition, certain provisions of the Maryland General Corporation Law applicable to us prohibit business combinations with: (1) any person who beneficially owns 10% or more of the voting power of our outstanding voting stock, which we refer to as an “interested stockholder;” (2) an affiliate or associate of ours who, at any time within the two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of our then outstanding stock, which we also refer to as an “interested stockholder;” or (3) an affiliate of an interested stockholder. These prohibitions last for five years after the most recent date on which the interested stockholder became an interested stockholder. Thereafter, any business combination with the interested stockholder or an affiliate of the interested stockholder must be recommended by our board of directors and approved by the affirmative vote of at least 80% of the votes entitled to be cast by holders of our outstanding voting stock, and two-thirds of the votes entitled to be cast by holders of our voting stock other than shares held by the interested stockholder or its affiliate with whom the business combination is to be effected or held by an affiliate or associate of the interested stockholder. These requirements could have the effect of inhibiting a change in control even if a change in control were in our stockholders’ best interest. These provisions of Maryland law do not apply, however, to business combinations that are approved or exempted by our board of directors prior to the time that someone becomes an interested stockholder. Pursuant to the business combination statute, our board of directors has exempted any business combination involving us and any person, provided that such business combination is first approved by a majority of our board of directors, including a majority of our independent directors.

Our UPREIT structure may result in potential conflicts of interest with our operating partnership or limited partners in our operating partnership whose interests may not be aligned with those of our stockholders

Conflicts of interest exist or could arise in the future as a result of the relationships between us and our affiliates, on the one hand, and our operating partnership or any partner thereof, on the other. Our directors and officers have duties to our company under applicable Maryland law in connection with their direction of the management of our company. At the same time, we, as sole member, have duties to the general partner of our operating partnership which, in turn, as general partner of our operating partnership, has duties to our operating partnership and to the limited partners under Delaware law in connection with the management of our operating partnership.

Under Delaware law, the general partner of a Delaware limited partnership has fiduciary duties of care and loyalty, and an obligation of good faith, to the partnership and its partners. While these duties and obligations cannot be eliminated entirely in the limited partnership agreement, Delaware law permits the parties to a limited partnership agreement to specify certain types or categories of activities that do not violate the general partner’s duty of loyalty and to modify the duty of care and obligation of good faith, so long as such modifications are not unreasonable. These duties as general partner of our operating partnership to the partnership and its partners may come into conflict with the interests of our company. Under the partnership agreement of our operating partnership, upon the admission of a person other than one of our subsidiaries as a limited partner in our operating partnership, the limited partners of our operating partnership expressly agree that the general partner of our operating partnership is acting for the benefit of our operating partnership itself and our stockholders, collectively. The general partner is under no obligation to give priority to the separate interests of the limited partners in deciding whether to cause our operating partnership to take or decline to take any actions. If there is a conflict between the interests of us or our stockholders, on the one hand, and the interests of the limited partners of our operating partnership other than us or our subsidiaries, on the other, that cannot be resolved in a manner not adverse to either, the partnership agreement provides that such conflict will be resolved in favor of our stockholders and the general partner will not be liable for losses sustained by the limited partners in connection with such decisions provided the general partner acted in good faith. Additionally, the partnership agreement of our operating partnership expressly limits our liability by providing that we and our directors, officers, agents and employees, will not be liable or accountable to our operating partnership or its partners for money damages.

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In addition, our operating partnership is required to indemnify us, our directors, officers and employees, the general partner and its trustees, officers and employees, employees of our operating partnership and any other persons whom the general partner may designate from and against any and all claims arising from operations of our operating partnership in which any indemnitee may be involved, or is threatened to be involved, as a party or otherwise unless it is established that the act or omission of the indemnitee constituted fraud, intentional harm or gross negligence on the part of the indemnitee, the claim is brought by the indemnitee (other than to enforce the indemnitee’s rights to indemnification or advance of expenses) or the indemnitee is found to be liable to our operating partnership, and then only with respect to each such claim. The provisions of Delaware law that allow the fiduciary duties of a general partner to be modified by a partnership agreement have not been tested in a court of law, and we have not obtained an opinion of counsel covering the provisions set forth in the partnership agreement that purport to waive or restrict our fiduciary duties.

Tax protection agreements could limit our ability to sell or otherwise dispose of property contributed to our operating partnership.

In connection with a contribution of property to our operating partnership, our operating partnership may enter into a tax protection agreement with the contributor of such property that provides that if we dispose of any interest in the contributed property in a taxable transaction within a certain time period, subject to certain exceptions, we may be required to indemnify the contributor for its tax liabilities attributable to the built-in gain that exists with respect to such property interests, and the tax liabilities incurred as a result of such tax protection payment. Therefore, although it may be in our stockholders’ best interests that we sell the contributed property, it may be economically prohibitive for us to do so because of these obligations.

Tax protection agreements may require our operating partnership to maintain certain debt levels that otherwise would not be required to operate our business.

Under a tax protection agreement, our operating partnership may provide the contributor of property the opportunity to guarantee debt or enter into a deficit restoration obligation. If we fail to make such opportunities available, we may be required to deliver to such contributor a cash payment intended to approximate the contributor’s tax liability resulting from our failure to make such opportunities available to that contributor and the tax liabilities incurred as a result of such tax protection payment. These obligations may require our operating partnership to maintain more or different indebtedness than we would otherwise require for our business.

The DST Program could subject us to liabilities from litigation or otherwise.

The DST Program raises capital in private placements exempt from registration under the Securities Act through the sale of beneficial interests to “accredited investors” in specific DSTs holding DST Properties. We expect that the DST Program will give us the opportunity to expand and diversify our capital-raising strategies by offering what we believe to be an attractive investment product for investors that may be seeking replacement properties to complete like-kind exchange transactions under Section 1031 of the Code. There is no guarantee that the DST Program will provide the tax benefits expected by investors. Investors who acquire beneficial interests pursuant to such private placements may be seeking certain tax benefits that depend on the interpretation of, and compliance with, federal and state income tax laws and regulations. As the sole member and manager of the general partner of our operating partnership, we may become subject to liability, from litigation or otherwise, as a result of the DST Program, including in the event an investor fails to qualify for any desired tax benefits.

The DST Program will not shield us from risks related to the performance of the DST Properties held through such structures.

Pursuant to the DST Program, certain of our existing real properties and real properties acquired from third parties may be placed into DSTs, the beneficial interests of which will be sold to investors. We will hold long-term leasehold interests in each DST Property pursuant to a master lease, which is intended to be fully guaranteed by our operating partnership. Under each master lease we will be responsible for subleasing the DST Property to occupying tenants until the earlier of the expiration of the master lease or our operating partnership’s exercise of the fair market value purchase option giving it the right, but not the obligation, to acquire the beneficial interests in the DSTs from the investors in exchange for operating partnership units or cash (the “FMV Option”), which means that we bear the risk that the underlying cash flow from a DST Property may be less than the master lease payments. Therefore, even though we will no longer own the DST Property, because of the fixed terms of the master lease guaranteed by our operating partnership, negative performance by the DST Property could affect cash available for distributions to our stockholders and will likely have an adverse effect on our results of operations. In addition, although our operating partnership will hold a FMV Option to reacquire each DST Property, the purchase price will be based on the then-current fair market value of the DST Property, without regard for the rental terms fixed by the master lease. Therefore, we may pay more for the DST Property upon the FMV Option exercise if it appreciates while held by the DST than if we had not placed such property in the DST Program.

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We may own beneficial interests in trusts owning DST Properties that will be subject to the agreements under our DST Program, which may have an adverse effect on our results of operations, relative to if the DST Program agreements did not exist.

In connection with the launch of our DST Program, we may own beneficial interests in DSTs owning DST Properties that are subject to the terms of the agreements provided by our DST Program. The DST Program agreements may limit our ability to encumber, lease or dispose of our beneficial interests. Such agreements could affect our ability to turn our beneficial interests into cash and could affect cash available for distributions to our stockholders. The DST Program agreements, and in some cases the financing documents, used in connection with the DST Program could also impair our ability to take actions that would otherwise be in the best interests of our stockholders and, therefore, may have an adverse effect on our results of operations and NAV, relative to if the DST Program agreements did not exist.

DST Properties may be less liquid than other assets, which could impair our ability to utilize cash proceeds from sales of such DST Properties for other purposes such as paying down debt, distributions or additional investments.

DST Properties may later be reacquired through the exercise of our operating partnership’s FMV Option. In such cases the investors who become limited partners in our operating partnership will generally still be tied to the DST Property in terms of basis and built-in gain. As a result, if the DST Property is subsequently sold, unless we effectuate a like-kind exchange under Section 1031 of the Code, then tax will be triggered on the investors’ built-in gain. Although we are not contractually obligated to do so, we intend to execute 1031 exchanges in such situations rather than trigger gain. Any replacement property acquired in connection with a 1031 exchange will similarly be tied to the investors with similar considerations if such replacement property ever is sold. As a result of these factors, placing real properties into the DST Program may limit our ability to access liquidity from such real properties or replacement properties through sale without triggering taxes due to the built-in gain tied to investors in the DST Program. Such reduced liquidity could impair our ability to utilize cash proceeds from sales for other purposes such as paying down debt, distributions or additional investments.

Cash payments to redeem operating partnership units will reduce cash available for distribution to our stockholders or to honor their repurchase requests under our share repurchase program.

Following a one-year holding period, the holders of operating partnership units (other than us and the general partner) generally have the right to cause our operating partnership to redeem all or a portion of their OP Units for, at our sole discretion, shares of our common stock, cash, or a combination of both. An election to redeem operating partnership units for cash may reduce funds available for distribution to our stockholders or to honor our stockholders’ repurchase requests under our share repurchase program.

Determining to exercise the FMV Option for DST Properties may cause us to incur significant additional non-cash interest expense that could materially impact our GAAP earnings and our funds from operations ("FFO").

When we determine it is probable that we will exercise a DST Property's FMV Option we will need to begin recording additional non-cash interest expense, which will reduce GAAP earnings and FFO. If we exercise the FMV Option prior to the end of the master lease, we record, as a lump sum, non-cash interest expense for the difference between the FMV of the property and the sum of the mortgage debts outstanding balance and the financing obligation, in the quarter in which we exercise the FMV Option. The lump sum non-cash interest expense could have a very material negative impact on our GAAP earnings and FFO.

Your investment return may be reduced if we are required to register as an investment company under the Investment Company Act.

We intend to conduct our operations so that neither we nor our operating partnership or our respective subsidiaries are investment companies under the Investment Company Act. Section 3(a)(1)(A) of the Investment Company Act defines an investment company as any issuer that is or holds itself out as being engaged primarily in the business of investing, reinvesting or trading in securities. Section 3(a)(1)(C) of the Investment Company Act defines an investment company as any issuer that is engaged or proposes to engage in the business of investing, reinvesting, owning, holding or trading in securities and owns or proposes to acquire investment securities having a value exceeding 40% of the value of the issuer's total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis. Excluded from the term “investment securities,” among other things, are U.S. government securities and securities issued by majority-owned subsidiaries that are not themselves investment companies and are not relying on the exception from the definition of investment company set forth in Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act.

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Rule 3a-1 under the Investment Company Act generally provides that, notwithstanding Section 3(a)(1)(C) of the Investment Company Act, an issuer will not be deemed to be an “investment company” under the Investment Company Act provided that (1) it does not hold itself out as being engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities, and (2) on an unconsolidated basis except as otherwise provided, no more than 45% of the value of its total assets, consolidated with the assets of any wholly owned subsidiary, (exclusive of U.S. government securities and cash items) consists of, and no more than 45% of its net income after taxes, consolidated with the net income of any wholly owned subsidiary, (for the last four fiscal quarters combined) is derived from, securities other than U.S. government securities, securities issued by employees' securities companies, securities issued by certain majority owned subsidiaries of such company and securities issued by certain companies that are controlled primarily by such company. In addition, we believe that neither we nor our operating partnership will be considered an investment company under Section 3(a)(1)(A) of the Investment Company Act because neither we nor our operating partnership will engage primarily or hold ourselves out as being engaged primarily in the business of investing, reinvesting or trading in securities. Rather, through our operating partnership's wholly owned or majority-owned subsidiaries, we and our operating partnership will be primarily engaged in the non-investment company businesses of these subsidiaries, namely the business of purchasing or otherwise acquiring real property, mortgages and other interests in real estate. We believe that we, our operating partnership and our respective subsidiaries will satisfy this exclusion.

A change in the value of any of our assets could cause us, our operating partnership or one or more of our respective subsidiaries to fall within the definition of “investment company” and thus be required to register under the Investment Company Act. To ensure that we are not required to register the company or an of our subsidiaries as an investment company under the Investment Company Act, we may be unable to sell assets we would otherwise want to sell and may be unable to purchase securities we would otherwise want to purchase. In addition, we may have to acquire additional income- or loss-generating assets that we might not otherwise have acquired or may have to forgo opportunities to acquire interests in companies that we would otherwise want to acquire and would be important to our investment strategy.

Our Advisor will continually review our investment activity to attempt to ensure that we will not be regulated as an investment company.

However, if we were obligated to register as an investment company, we would have to comply with a variety of substantive requirements under the Investment Company Act that impose, among other things:

•limitations on capital structure;

•restrictions on specified investments;

•restrictions or prohibitions on retaining earnings;

•restrictions on leverage or senior securities;

•restrictions on unsecured borrowings;

•requirements that our income be derived from certain types of assets;

•prohibitions on transactions with affiliates; and

•compliance with reporting, record keeping, voting, proxy disclosure and other rules and regulations that would significantly increase our operating expenses.

If we were required to register as an investment company but failed to do so, we would be prohibited from engaging in our business, and criminal and civil actions could be brought against us. In addition, our contracts would be unenforceable unless a court required enforcement, and a court could appoint a receiver to take control of us and liquidate our business.

Registration with the SEC as an investment company would be costly, would subject our company to a host of complex regulations, and would divert the attention of management from the conduct of our business. In addition, the purchase of real estate that does not fit our investment guidelines and the purchase or sale of investment securities or other assets to preserve our status as a company not required to register as an investment company could materially adversely affect our NAV, the amount of funds available for investment and our ability to pay distributions to our stockholders.

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Rapid changes in the values of potential investments in real estate-related investments may make it more difficult for us to maintain our qualification as a REIT or our exception from the Investment Company Act.

If the market value or income potential of our real estate-related investments declines, including as a result of increased interest rates, prepayment rates or other factors, we may need to increase our real estate investments and income or liquidate our non-qualifying assets in order to maintain our REIT qualification or our exception from registration under the Investment Company Act. If the decline in real estate asset values or income occurs quickly, this may be especially difficult to accomplish. This difficulty may be exacerbated by the illiquid nature of any non-real estate assets that we may own. We may have to make investment decisions that we otherwise would not make absent REIT and Investment Company Act considerations.

We rely on information technology in our operations, and any material failure, inadequacy, interruption or security failure of that technology or other business interruption could harm our business.

We rely on information technology networks and systems, including the Internet, to process, transmit and store electronic information and to manage or support a variety of our business processes, including financial transactions and maintenance of records, which may include confidential information of tenants and lease data. We rely on commercially available systems, software, tools and monitoring to provide security for processing, transmitting and storing confidential tenant information, such as individually identifiable information relating to financial accounts. Although we have taken steps to protect the security of the data maintained in our information systems, there is no guarantee that our security measures will be able to prevent the systems’ improper functioning, or the improper disclosure of personally identifiable information such as in the event of cyber attacks. Security breaches include physical or electronic break-ins, computer viruses, attacks by hackers and similar breaches. To date, we have seen no material impact on our business or operations from these attacks or events. Any future significant compromise or breach on our data security could create system disruptions, shutdowns or unauthorized disclosure of confidential information. Any failure to maintain proper function, security and availability of our information systems could interrupt our operations, damage our reputation, subject us to liability claims or regulatory penalties and could materially and adversely affect us. In addition, as the regulatory environment related to information security, data collection and use, and privacy becomes increasingly rigorous, with new and constantly changing requirements applicable to our business, compliance with those requirements could also result in additional costs.

Other disruptive events, including, but not limited to, natural disasters and public health or pandemic crises (such as COVID-19), may adversely affect our ability to conduct business. Such adverse effects may include the inability of our advisor’s employees, or the employees of its affiliates and other service providers, to perform their responsibilities as a result of any such event. Such disruptions to our business operations can result in significant operational issues.

Risks Related to Investments in Real Property

We depend on tenants for our revenue, and accordingly, lease terminations and/or tenant defaults, particularly by one of our significant tenants, could adversely affect the income produced by our properties, which may harm our operating performance, thereby limiting our ability to pay distributions to our stockholders.

The success of our investments depends on the financial stability of our tenants, any of whom may experience a change in their business at any time, including as a result of global economic events, natural disasters and public health or pandemic crises. Our tenants may delay lease commencements, decline to extend or renew their leases upon expiration, fail to make rental payments when due, or declare bankruptcy. Any of these actions could result in the termination of the tenants’ leases, or expiration of existing leases without renewal, and the loss of rental income attributable to the terminated or expired leases. In the event of a tenant default or bankruptcy, we may experience delays in enforcing our rights as a landlord and may incur substantial costs in protecting our investment and re-letting our property. If significant leases are terminated or defaulted upon, we may be unable to lease the property for the rent previously received or sell the property without incurring a loss. In addition, significant expenditures, such as mortgage payments, real estate taxes and insurance and maintenance costs, are generally fixed and do not decrease when revenues at the related property decrease.

The occurrence of any of the situations described above, particularly if it involves one of our significant tenants, could seriously harm our operating performance. If any of these significant tenants were to default on its lease obligation(s) to us or not extend current leases as they mature, our results of operations and ability to pay distributions to our stockholders could be adversely affected. The revenues generated by the properties these tenants occupy are substantially dependent upon the financial condition of these tenants and, accordingly, any event of bankruptcy, insolvency, or a general downturn in the business of any of these tenants may result in the failure or delay of such tenant’s rental payments, which may have a substantial adverse effect on our operating performance.

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Our revenues will be significantly influenced by the economies and other conditions of the industrial, office, residential, retail and other markets in general and the specific geographic markets in which we operate where we have high concentrations of these types of properties.

As of December 31, 2021, our diversification of current fair value of our consolidated properties by property type consisted of, 40% in the industrial property sector, 12% in the office property sector, 34% in the residential property sector, 14% in the retail property sector and less than 1% in the other property sector. As of December 31, 2021, we also owned an interest in unconsolidated properties in the office, residential, retail and other property sectors. Because our portfolio consists primarily of industrial, office, residential and retail properties, we are subject to risks inherent in investments in these property types and in particular the risk that e-commerce poses to retail. This concentration exposes us to risk of economic downturns in these property sectors to a greater extent than if our portfolio included other sectors in the real estate industry.

Additionally, as of December 31, 2021, approximately 41% and 25% of the current fair value of our consolidated properties was geographically concentrated in the western and southern United States, respectively. Moreover, our properties located in California, Texas and Arizona accounted for approximately 17%, 14%, and 11% of our consolidated revenues, respectively. As a result, we are particularly susceptible to adverse market conditions in these particular areas, including the current economic conditions, the reduction in demand for office, retail, industrial or residential properties, industry slowdowns, relocation of businesses and changing demographics.

Adverse economic or real estate developments in the markets in which we have a concentration of properties, or in any of the other markets in which we operate, or any decrease in demand for office, retail, industrial or residential space resulting from the local or national business climate, could adversely affect our rental revenues and operating results.

Our operating results are affected by economic and regulatory changes that impact the real estate market in general.

Real estate historically has experienced significant fluctuations and cycles in value that have resulted in reductions in the value of properties. Real estate will continue to be subject to such fluctuations and cycles in value in the future that may negatively impact the value of our properties. The value of our properties will depend on many factors beyond our control. The value of our properties depends upon our ability to operate the real properties in a manner sufficient to maintain or increase revenues in excess of operating expenses and debt service. Revenues and the values of our properties may be adversely affected by:

•changes in national or international economic conditions;

•the cyclicality of real estate;

•changes in local market conditions due to changes in general or local economic conditions and neighborhood characteristics;

•the financial condition of tenants, buyers and sellers of properties;

•acts of God, earthquakes, hurricanes, climate change and other natural disasters, acts of war, acts of terrorism (any of which may result in uninsured losses), epidemics and pandemics such as the COVID-19 pandemic;

•competition from other properties offering the same or similar services;

•changes in interest rates and in the availability, cost and terms of mortgage debt;

•access to capital;

•the impact of present or future environmental legislation and compliance with environmental laws;

•the ongoing need for capital improvements (particularly in older structures);

•changes in real estate tax rates and other operating expenses;

•adverse changes in governmental rules and fiscal policies;

•civil unrest;

•adverse changes in zoning laws; and

•other factors that are beyond our control.

All of these factors are beyond our control. Any negative changes in these factors could affect our ability to meet our obligations and pay distributions to stockholders.

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Consequences of climate change and related regulations could impact our properties and financial performance.

The impact of climate change presents a significant risk. Damage to our properties caused by extreme weather events linked to climate change is becoming more evident, highlighting the fragility of global infrastructure. These physical effects of climate change could have a material adverse effect on our properties, operations and business, including a decline in demand for our properties and an increase in operation costs related to repairs and insurance. In addition, the adoption of regulations at the federal, state and local levels designed to address climate change may present additional costs and compliance risks as more markets move toward carbon neutral goals.

We anticipate the potential effects of climate change will increasingly impact the decisions and analysis our Advisor makes with respect to buying and selling properties, as climate change considerations can impact the relative desirability of locations and the cost of operating and insuring acquired properties, with the possibility that insurance may not be available, or on terms we find acceptable, for some properties in the future. Legislation that requires specific performance levels for building operations could make non-compliant buildings obsolete or costly to obtain compliance, which could materially affect the performance of our existing and future investments. In addition, capital improvements required to mitigate the potential impacts of climate risk could have an impact on our financial performance.

Our retail properties may decline in rental revenue and/or occupancy as a result of co-tenancy provisions contained in certain tenant’s leases.

Tenants of certain of our retail properties have leases that contain certain co-tenancy provisions that require either certain tenants and/or certain amounts of square footage to be occupied and open for business. If these co-tenancy provisions are not satisfied then other tenants of these properties may have the right to, among other things, pay reduced rents and/or terminate the lease. As a result, the loss of a single tenant on these properties, and the triggering of these co-tenancy provisions, could result in reduced rental income and/or reduced occupancy with respect to these properties, which could have a material adverse effect on our business, financial condition and results of operations.

We face considerable competition in the leasing market and may be unable to renew existing leases or re-let space on terms similar to the existing leases, or we may expend significant capital in our efforts to re-let space, which may adversely affect our operating results.

Leases (excluding our residential properties) representing approximately 4% and 8% of the annualized minimum base rent from our consolidated properties, as of December 31, 2021, were scheduled to expire in 2022 and 2023, respectively. Because we compete with a number of other developers, owners and managers of office, retail, industrial and residential properties, we may be unable to renew leases with our existing tenants and, if our current tenants do not renew their leases, we may be unable to re-let the space to new tenants. To the extent that we are able to renew leases that are scheduled to expire in the short-term or re-let such space to new tenants, heightened competition resulting from adverse market conditions may require us to utilize rent concessions and tenant improvements to a greater extent than we historically have. Further, leases of long-term duration or which include renewal options that specify a maximum rate increase may not result in fair market lease rates over time if we do not accurately estimate inflation or market lease rates. If we are subject to below-market lease rates on a significant number of our properties pursuant to long-term leases, our cash flow from operations and financial position may be adversely affected. In addition, historic economic turmoil led to foreclosures and sales of foreclosed properties at depressed values, and we may have difficulty competing with competitors who purchase properties in the foreclosure process, because their lower cost basis in their properties may allow them to offer space at reduced rental rates.

If our competitors offer space at rental rates below current market rates or below the rental rates we currently charge our tenants, we may lose potential tenants, and we may be pressured to reduce our rental rates below those we currently charge in order to retain tenants upon expiration of their existing leases. Even if our tenants renew their leases or we are able to re-let the space, the terms and other costs of renewal or re-letting, including the cost of required renovations, increased tenant improvement allowances, leasing commissions, declining rental rates, and other potential concessions, may be less favorable than the terms of our current leases and could require significant capital expenditures. If we are unable to renew leases or re-let space in a reasonable time, or if rental rates decline or tenant improvement, leasing commissions, or other costs increase, our financial condition, cash flows, cash available for distribution, value of our common stock, and ability to satisfy our debt service obligations could be materially adversely affected.

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Competition in acquiring properties may reduce our profitability and the return on your investment.

We face competition from various entities for investment opportunities in properties, including other REITs, pension funds, insurance companies, investment funds and companies, partnerships, and developers. We may also face competition from real estate programs sponsored by JLL and its affiliates. Many third party competitors have substantially greater financial resources than we do and may be able to accept more risk than we can prudently manage. Competition from these entities may reduce the number of suitable investment opportunities offered to us or increase the bargaining power of property owners seeking to sell. Additionally, disruptions and dislocations in the credit markets may materially impact the cost and availability of debt to finance real estate acquisitions, which is a key component of our acquisition strategy. A lack of available debt could result in a further reduction of suitable investment opportunities and create a competitive advantage for other entities that have greater financial resources than we do. In addition, the number of entities and the amount of funds competing for suitable investments may continue to increase. In addition to third party competitors, other programs sponsored by our Advisor may raise additional capital and seek investment opportunities under our Advisor's allocation policy. If we acquire properties and other investments at higher prices or by using less-than-ideal capital structures, our returns will be lower and the value of our assets may not appreciate or may decrease significantly below the amount we paid for such assets. If such events occur, you may experience a lower return on your investment.

To the extent we acquire properties, our operating results may depend on the availability of, and our Advisor’s ability to identify, acquire and manage, appropriate real estate investment opportunities. It may take considerable time for us or our Advisor to identify and acquire appropriate investments. In general, the availability of desirable real estate opportunities and our investment returns will be affected by the level and volatility of interest rates, conditions in the financial markets and general, national and local economic conditions. No assurance can be given that we will be successful in identifying, underwriting and then acquiring investments which satisfy our return objectives or that such investments, once acquired, will perform as intended. The real estate industry is competitive and we compete for investments with traditional equity sources, both public and private, as well as existing funds, or funds formed in the future, with similar investment objectives. If we cannot effectively compete with these entities for investments, our financial performance may be adversely affected.

Potential losses or damage to our properties may not be covered by insurance.

Our tenants are required to maintain property insurance coverage for the properties under net leases and we carry comprehensive liability, fire, extended coverage, business interruption and rental loss insurance covering all of the properties in our portfolio not insured by our tenants under a blanket policy. Our Advisor will select policy specifications and insured limits that it believes to be appropriate and adequate given the relative risk of loss, the cost of the coverage and industry practice. Insurance policies on our properties may include some coverage for losses that are generally catastrophic in nature, such as losses due to terrorism, earthquakes and floods, but we cannot assure you that it will be adequate to cover all losses and some of our policies will be insured subject to limitations involving large deductibles or co-payments and policy limits which may not be sufficient to cover losses.

In addition, we share certain policy risk with other clients of our Advisor and it is possible that they may draw those limits leaving no coverage for a claim by us. If we or one or more of our tenants experience a loss which is uninsured or which exceeds policy limits, we could lose the capital invested in the damaged properties as well as the anticipated future cash flows from those properties. In addition, if the damaged properties are subject to recourse indebtedness, we would continue to be liable for the indebtedness, even if these properties were irreparably damaged.

Our real properties are subject to property and other taxes that may increase in the future, which could adversely affect our cash flow.

Our real properties are subject to real and personal property and other taxes that may increase as tax rates change and as the properties are assessed or reassessed by taxing authorities. Certain of our leases provide that the property taxes, or increases therein, are charged to the lessees as an expense related to the real properties that they occupy while other leases will generally provide that we are responsible for such taxes. In any case, as the owner of the properties, we are ultimately responsible for payment of the taxes to the applicable governmental authorities. If property taxes increase, our tenants may be unable to make the required tax payments, ultimately requiring us to pay the taxes even if otherwise stated under the terms of the lease. If we fail to pay any such taxes, the applicable taxing authorities may place a lien on the property and the property may be subject to a tax sale. In addition, we will generally be responsible for property taxes related to any vacant space.

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We rely on third party property managers to operate our properties and leasing agents to lease vacancies in our properties.

Although our Advisor has hired and may hire JLL to manage and lease certain of our properties, we also rely on third party property managers and leasing agents to manage and lease vacancies in most of our properties. The third party property managers have significant decision-making authority with respect to the management of our properties. Our ability to direct and control how our properties are managed on a day-to-day basis may be limited because we will engage third parties to perform this function. Thus, the success of our business may depend in large part on the ability of our third party property managers to manage the day-to-day operations and the ability of our leasing agents to lease vacancies in our properties. Any adversity experienced by our property managers or leasing agents could adversely impact the operation and profitability of our properties.

We may not have sole decision-making authority over some of our real property investments and may be unable to take actions to protect our interests in these investments.

A component of our investment strategy includes entering into joint venture agreements with partners in connection with certain property acquisitions. As of December 31, 2021, we had interests in seven joint ventures that collectively own 16 properties and over 4,000 single-family rental homes across the United States accounting for 20% of our total assets. We may co-invest in the future with third parties through partnerships or other entities, which we collectively refer to as joint ventures, acquiring non-controlling interests in or sharing responsibility for managing the affairs of the joint venture. In such event, we would not be in a position to exercise sole decision-making authority regarding the joint venture. Investments in joint ventures may, under certain circumstances, involve risks not present were a third party not involved, including the possibility that partners or co-venturers might become bankrupt or fail to fund their required capital contributions. Co-venturers may have economic or other business interests or goals which are inconsistent with our business interests or goals, and may be in a position to take actions contrary to our policies or objectives. Such investments may also have the potential risk of impasses on decisions, such as a sale, because neither we nor the co-venturer would have full control over the joint venture. Disputes between us and co-venturers may result in litigation or arbitration that would increase our expenses and prevent our officers and directors from focusing their time and effort on our business. Consequently, actions by or disputes with co-venturers might result in subjecting properties owned by the joint venture to additional risk. In addition, we may in certain circumstances be liable for the actions of our co-venturers. In addition, our lack of control over the properties in which we invest could result in us being unable to obtain accurate and timely financial information for these properties and could adversely affect our internal control over financial reporting.

We may not have funding for future tenant improvements, which may adversely affect the value of our assets, our results of operations and returns to our stockholders.

When a tenant at one of our real properties does not renew its lease or otherwise vacates its space in one of our buildings, it is likely that, in order to attract one or more new tenants, we will be required to expend substantial funds to construct new tenant improvements in the vacated space. We do not anticipate that we will maintain permanent working capital reserves and do not currently have an identified funding source to provide funds that may be required in the future for tenant improvements and tenant refurbishments in order to attract new tenants. If we do not establish sufficient reserves for working capital or obtain adequate financing to supply necessary funds for capital improvements or similar expenses, we may be required to defer necessary or desirable improvements to our real properties. If we defer such improvements, the applicable real properties may decline in value, and it may be more difficult for us to attract or retain tenants to such real properties or the amount of rent we can charge at such real properties may decrease. We cannot assure our stockholders that we will have any sources of funding available to us for repair or reconstruction of damaged real property in the future.

The costs of compliance with governmental laws and regulations may adversely affect our financial condition and results of operations.

Real estate and the operations conducted on properties are subject to federal, state and local laws and regulations relating to environmental protection and human health and safety. Tenants’ ability to operate and generate income to pay their lease obligations may be affected by permitting and compliance obligations arising under such laws and regulations. Some of these laws and regulations may impose joint and several liability on tenants, owners, or managers for the costs to investigate or remediate contaminated properties, regardless of fault or whether the acts causing the contamination were legal. In addition, the presence of hazardous substances, or the failure to properly remediate these substances, may hinder our ability to sell, rent, or pledge such property as collateral for future borrowings. Compliance with new laws or regulations or stricter interpretation of existing laws by agencies or the courts may require us to incur material expenditures. Future laws, ordinances, or regulations may impose material environmental liability.

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Additionally, our tenants’ operations, the existing condition of land when we buy it, operations in the vicinity of our properties such as the presence of underground storage tanks or activities of unrelated third parties may affect our properties. In addition, there are various local, state, and federal fire, health, life-safety, and similar regulations with which we may be required to comply, and which may subject us to liability in the form of fines or damages for noncompliance. Any material expenditures, fines, or damages we must pay will reduce our cash flows and ability to pay distributions and may reduce the value of our shares of common stock.

As the present or former owner or manager of real property, we could become subject to liability for environmental contamination, regardless of whether we caused such contamination.

We could become subject to liability in the form of fines or damages for noncompliance with environmental laws and regulations. These laws and regulations generally govern wastewater discharges, air emissions, the operation and removal of underground and above-ground storage tanks, the use, storage, treatment, transportation and disposal of solid hazardous materials, the remediation of contaminated property associated with the disposal of solid and hazardous materials and other health and safety-related concerns. Some of these laws and regulations may impose joint and several liability on tenants, owners or managers for the costs of investigation or remediation of contaminated properties, regardless of fault or the legality of the original disposal. Under various federal, state and local environmental laws, ordinances, and regulations, a current or former owner or manager of real property may be liable for the cost to remove or remediate hazardous or toxic substances, wastes, or petroleum products on, under, from, or in such property. These costs could be substantial and liability under these laws may attach whether or not the owner or manager knew of, or was responsible for, the presence of such contamination. Even if more than one person may have been responsible for the contamination, each liable party may be held entirely responsible for all of the clean-up costs incurred.

In addition, third parties may sue the owner or manager of a property for damages based on personal injury, natural resources, or property damage and/or for other costs, including investigation and clean-up costs, resulting from the environmental contamination. The presence of contamination on one of our properties, or the failure to properly remediate a contaminated property, could give rise to a lien in favor of the government for costs it may incur to address the contamination, or otherwise adversely affect our ability to sell or lease the property or borrow using the property as collateral. In addition, if contamination is discovered on our properties, environmental laws may impose restrictions on the manner in which the property may be used or businesses may be operated, and these restrictions may require substantial expenditures or prevent us from entering into leases with prospective tenants. There can be no assurance that future laws, ordinances or regulations will not impose any material environmental liability, or that the current environmental condition of our properties will not be affected by the operations of the tenants, by the existing condition of the land, by operations in the vicinity of the properties. There can be no assurance that these laws, or changes in these laws, will not have a material adverse effect on our business, results of operations or financial condition.

Future terrorist attacks may result in financial losses for us and limit our ability to obtain terrorism insurance.

Our portfolio maintains significant holdings in areas that are located in or around major population centers that may be high-risk geographical areas for terrorism and threats of terrorism. Future terrorist attacks and the anticipation of any such attacks, or the consequences of the military or other response by the United States and its allies, could severely impact the demand for, and value of, our properties. Terrorist attacks in and around any of the major metropolitan areas in which we own properties also could directly impact the value of our properties through damage, destruction, loss, or increased security costs, and could thereafter materially impact the availability or cost of insurance to protect against such acts. A decrease in demand could make it difficult to renew or re-lease our properties at lease rates equal to or above historical rates. To the extent that any future terrorist attacks otherwise disrupt our tenants’ businesses, it may impair our tenants’ ability to make timely payments under their existing leases with us, which would harm our operating results.

In addition, the events of September 11, 2001 created significant uncertainty regarding the ability of real estate owners of high profile properties to obtain insurance coverage protecting against terrorist attacks at commercially reasonable rates, if at all. With the enactment of the Terrorism Risk Insurance Act, which has been extended through 2027, insurers must make terrorism insurance available under their property and casualty insurance policies, but this legislation does not regulate the pricing of such insurance. The absence of affordable insurance coverage may affect the general real estate lending market, lending volume and the market’s overall loss of liquidity may reduce the number of suitable investment opportunities available to us and the pace at which its investments are made. We currently carry terrorism insurance under our master insurance program on all of our investments.

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We may be subject to additional risks from our international investments.

We do not own any properties located outside the United States as of December 31, 2021 but may purchase investments located outside the United States, and may make or purchase loans or participations in loans secured by property located outside the United States. These investments may be affected by factors peculiar to the laws and business practices of the jurisdictions in which the properties are located. These laws and business practices may expose us to risks that are different from and in addition to those commonly found in the United States. Foreign investments could be subject to the following additional risks:

•the burden of complying with a wide variety of foreign laws;

•changing governmental rules and policies, including changes in land use and zoning laws, more stringent environmental laws or changes in such laws;

•existing or new laws relating to the foreign ownership of real property or loans and laws restricting the ability of foreign persons or companies to remove profits earned from activities within the country to the person’s or company’s country of origin;

•the potential for expropriation;

•possible currency transfer restrictions;

•imposition of adverse or confiscatory taxes;

•changes in real estate and other tax rates and changes in other operating expenses in particular countries;

•possible challenges to the anticipated tax treatment of the structures that allow us to acquire and hold investments;

•adverse market conditions caused by terrorism, civil unrest and changes in national or local governmental or economic conditions;

•the willingness of domestic or foreign lenders to make loans in certain countries and changes in the availability, cost and terms of loan funds resulting from varying national economic policies;

•general political and economic instability in certain regions;

•the potential difficulty of enforcing obligations in other countries; and

•our limited experience and expertise in foreign countries relative to our experience and expertise in the United States.

Investments in properties or other real estate investments outside the United States subject us to foreign currency risks, which may adversely affect distributions and our REIT status.

Revenues generated from any properties or other real estate investments we acquire or ventures we enter into relating to transactions involving assets located in markets outside the United States likely will be denominated in the local currency. Therefore any investments we make outside the United States may subject us to foreign currency risk due to potential fluctuations in exchange rates between foreign currencies and the U.S. dollar. As a result, changes in exchange rates of any such foreign currency to U.S. dollars may affect our revenues, operating margins and distributions and may also affect the book value of our assets and the amount of stockholders’ equity. Changes in foreign currency exchange rates used to value a REIT’s foreign assets may be considered changes in the value of the REIT’s assets. These changes may adversely affect our status as a REIT. Further, bank accounts in foreign currency that are not considered cash or cash equivalents may adversely affect our status as a REIT.

Inflation in foreign countries, along with government measures to curb inflation, may have an adverse effect on our investments.

Certain countries have in the past experienced extremely high rates of inflation. Inflation, along with governmental measures to curb inflation, coupled with public speculation about possible future governmental measures to be adopted, has had significant negative effects on the certain international economies in the past and this could occur again in the future. The introduction of governmental policies to curb inflation can have an adverse effect on our business. High inflation in the countries in which we purchase real estate or make other investments could increase our expenses and we may not be able to pass these increased costs onto our tenants.

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Lack of compliance with the United States Foreign Corrupt Practices Act could subject us to penalties and other adverse consequences.

We are subject to the United States Foreign Corrupt Practices Act, which generally prohibits United States companies from engaging in bribery or other prohibited payments to foreign officials for the purpose of obtaining or retaining business. Foreign companies, including potential competitors, are not subject to these prohibitions. Fraudulent practices, including corruption, extortion, bribery, pay-offs, theft and others, occur from time-to-time in countries in which we may do business. If people acting on our behalf or at our request are found to have engaged in such practices, severe penalties and other consequences could be imposed on us that may have a material adverse effect on our business, results of operations, cash flows and financial condition and our ability to pay distributions to our stockholders and the value of our shares of common stock.

Risks Related to Investments in Real Estate-Related Assets

Our investments in real estate-related assets will be subject to the risks related to the underlying real estate.

Real estate loans secured by properties are subject to the risks related to underlying real estate. The ability of a borrower to repay a loan secured by a property typically is dependent upon the successful operation of such property rather than upon the existence of independent income or assets of the borrower. If the net operating income of the property is reduced, the borrower's ability to repay the loan may be impaired. Any default on the loan could result in our acquiring ownership of the property, and we would bear a risk of loss of principal to the extent of any deficiency between the value of the collateral and the principal and accrued interest of the mortgage loan. In addition, foreclosure of a mortgage loan can be an expensive and lengthy process that could have a substantial negative effect on our anticipated return on the foreclosed loan. We will not know whether the values of the properties ultimately securing our loans will remain at the levels existing on the dates of origination of those loans. If the values of the underlying properties decline, our risk will increase because of the lower value of the security associated with such loans. In this manner, real estate values could impact the values of our loan investments. Our investments in mortgage-backed securities, collateralized debt obligations and other real estate-related investments may be similarly affected by property values.

The real estate-related equity securities in which we may invest are subject to specific risks relating to the particular issuer of the securities and may be subject to the general risks of investing in subordinated real estate securities.

We may invest in common and preferred stock of both publicly traded and private real estate companies, which involves a higher degree of risk than debt securities due to a variety of factors, including that such investments are subordinate to creditors and are not secured by the issuer's properties. Our investments in real estate-related equity securities will involve special risks relating to the particular issuer of the equity securities, including the financial condition and business outlook of the issuer. Issuers of real estate-related common equity securities generally invest in real estate or real estate-related assets and are subject to the inherent risks associated with real estate discussed in our prospectus related to our Current Public Offering.

The value of the real estate-related securities that we may invest in may be volatile.

The value of real estate-related securities, including those of publicly-listed REITs, fluctuates in response to issuer, political, market and economic developments. In the short term, equity prices can fluctuate dramatically in response to these developments. Different parts of the market and different types of equity securities can react differently to these developments and they can affect a single issuer, multiple issuers within an industry, the economic sector or geographic region, or the market as a whole. The real estate industry is sensitive to economic downturns. The value of securities of companies engaged in real estate activities can be affected by changes in real estate values and rental income, property taxes, interest rates and tax and regulatory requirements. In addition, the value of a REIT's equity securities can depend on the capital structure and amount of cash flow generated by the REIT.

We may invest in mezzanine debt, which is subject to greater risks of loss than senior loans secured by real properties, and may result in losses to us.

We may invest in mezzanine loans that take the form of subordinated loans secured by second mortgages on the underlying real property or loans secured by a pledge of the ownership interests of either the entity owning the real property or the entity that owns the interest in the entity owning the real property. These types of investments involve a higher degree of risk than first-lien mortgage loans secured by income producing real property because the investment may become unsecured as a result of foreclosure by the senior lender. In the event of a bankruptcy of the entity providing the pledge of its ownership interests as security, we may not have full recourse to the assets of such entity, or the assets of the entity may not be sufficient to satisfy our mezzanine loan. If a borrower defaults on our mezzanine loan or debt senior to our loan, or in the event of a borrower bankruptcy, our mezzanine loan will be satisfied only after the senior debt. As a result, we may not recover some or all of our investment. In addition, mezzanine loans may have higher loan-to-value ratios than conventional mortgage loans, resulting in less equity in the real property and increasing the risk of loss of principal.

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We expect a portion of our securities portfolio to be illiquid, and we may not be able to adjust our portfolio in response to changes in economic and other conditions.

We may purchase real estate-related securities in connection with privately negotiated transactions that are not registered under the relevant securities laws, resulting in a prohibition against their transfer, sale, pledge or other disposition except in a transaction that is exempt from the registration requirements of, or is otherwise in accordance with, those laws. As a result, our ability to vary our portfolio in response to changes in economic and other conditions may be relatively limited. The mezzanine and bridge loans we may purchase will be particularly illiquid investments due to their short life, their unsuitability for securitization and the greater risk of our inability to recover loaned amounts in the event of a borrower's default.

Interest rate and related risks may cause the value of our real estate-related assets to be reduced.

We are subject to interest rate risk with respect to our investments in fixed income securities such as preferred equity and debt securities, and to a lesser extent dividend paying common stocks. Interest rate risk is the risk that these types of securities will decline in value because of changes in market interest rates. Generally, when market interest rates rise, the fair value of such securities will decline, and vice versa. Our investment in such securities means that our NAV may decline if market interest rates rise. During periods of rising interest rates, the average life of certain types of securities may be extended because of slower than expected principal payments. This may lock in a below-market interest rate, increase the security's duration and reduce the value of the security. This is known as extension risk. During periods of declining interest rates, an issuer may be able to exercise an option to prepay principal earlier than scheduled, which is generally known as “call risk” or “prepayment risk.” If this occurs, we may be forced to reinvest in lower yielding securities. This is known as “reinvestment risk.” Preferred equity and debt securities frequently have call features that allow the issuer to redeem the security prior to its stated maturity. An issuer may redeem an obligation if the issuer can refinance the debt at a lower cost due to declining interest rates or an improvement in the credit standing of the issuer. These risks may reduce the value of our securities investments.

Risks Related to Debt Financing

We have incurred and are likely to continue to incur mortgage or other indebtedness, which may increase our business risks, could hinder our ability to pay distributions and could decrease the value of your investment.

As of December 31, 2021, we had total outstanding indebtedness of $1,817,664. Our Company leverage ratio, calculated as our share of total liabilities (excluding future dealer manager fees) divided by our share of the fair value of total assets, was 42% as of December 31, 2021 and 33% as of December 31, 2020. We may obtain mortgage loans and pledge some or all of our properties as security for these loans to acquire the property secured by the mortgage loan, acquire additional properties or pay down other debt. We may also use our line of credit as a flexible borrowing source to cover short-term capital needs, for new property acquisitions and for working capital. If there is a shortfall between the cash flow from a property and the cash flow needed to service mortgage loans on that property, then the amount of cash available for distributions to stockholders may be reduced.

In addition, incurring mortgage debt increases the risk of loss of a property since defaults on indebtedness secured by a property may result in lenders initiating foreclosure actions. In that case, we could lose the property securing the loan that is in default, thus reducing the value of the shares of our common stock. For tax purposes, a foreclosure on any of our properties will be treated as a sale of the property for a purchase price equal to the outstanding balance of the debt secured by the mortgage. If the outstanding balance of the loan secured by the mortgage exceeds our tax basis in the property, we will recognize taxable income on foreclosure, but we would not receive any cash proceeds. We may give full or partial guarantees to lenders of mortgage loans to the entities that own our properties. When we give a guaranty on behalf of an entity that owns one of our properties, we will be responsible to the lender for satisfaction of the loan if it is not paid by such entity. If any mortgage contains cross-collateralization or cross-default provisions, a default on a single property could affect multiple properties. If any of our properties are foreclosed upon due to a default, our ability to pay cash distributions to our stockholders may be adversely affected.

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Renewed uncertainty and volatility in the credit markets could affect our ability to obtain debt financing on reasonable terms, or at all, which could reduce the number of properties we may be able to acquire and the amount of cash distributions we can make to our stockholders.

The U.S. and global credit markets have historically experienced severe dislocations and liquidity disruptions, which caused volatility in the credit spreads on prospective debt financings and constrained the availability of debt financing due to the reluctance of lenders to offer financing at high leverage ratios. Renewed uncertainty in the credit markets, including as a result of global economic events, natural disasters and public health or pandemic crises, may adversely impact our ability to access additional debt financing on reasonable terms or at all, which may adversely affect investment returns on future acquisitions or our ability to make acquisitions.

If mortgage debt is unavailable on reasonable terms as a result of increased interest rates, increased credit spreads, decreased liquidity or other factors, we may not be able to finance the initial purchase of properties. In addition, when we incur mortgage debt on properties, we run the risk of being unable to refinance such debt upon maturity, or of being unable to refinance on favorable terms. As of December 31, 2021, we had $1,184,620 in aggregate outstanding mortgage notes payable, which had maturity dates through March 1, 2038.

If interest rates are higher or other financing terms, such as principal amortization, the need for a corporate guaranty, or other terms are not as favorable when we refinance debt or issue new debt, our income could be reduced. To the extent we are unable to refinance debt on reasonable terms, or at appropriate times or at all, we may be required to sell properties on terms that are not advantageous to us, or could result in the foreclosure of such properties. If any of these events occur, our cash flow would be reduced. This, in turn, would reduce cash available for distribution to our stockholders and may hinder our ability to raise more capital by borrowing more money.

Increases in interest rates could increase the amount of our loan payments and adversely affect our ability to pay distributions to our stockholders.

Interest we pay on our loan obligations will reduce cash available for distributions. If we obtain variable rate loans, increases in interest rates would increase our interest costs, which would reduce our cash flows and our ability to pay distributions to stockholders. In addition, if we need to repay existing loans during periods of rising interest rates, we could be required to liquidate one or more of our investments in properties at times which may not permit realization of the maximum return on such investments.

If we draw on our line of credit to fund repurchases or for any other reason, our financial leverage ratio could increase beyond our target.

We may use our line of credit to provide for a ready source of liquidity to fund repurchases of shares of our common stock in the event that repurchase requests exceed net proceeds from our continuous offerings. If we borrow under a line of credit to fund repurchases of shares of our common stock, our financial leverage will increase and may exceed our target leverage ratio. Our leverage may remain at the higher level until we receive additional net proceeds from our continuous offerings or sell some of our assets to repay outstanding indebtedness.

Lenders may require us to enter into restrictive covenants relating to our operations, which could limit our ability to pay distributions to our stockholders.

When providing financing, a lender may impose restrictions on us that affect our distribution and operating policies and our ability to obtain additional loans. Loan documents we enter into may contain covenants that limit our ability to further mortgage the property or discontinue insurance coverage. In addition, loan documents may limit our ability to enter into or terminate certain operating or lease agreements related to the property. These or other limitations may adversely affect our flexibility and our ability to achieve our investment objectives.

If we enter into financing arrangements involving balloon payment obligations, it may adversely affect our ability to pay distributions to our stockholders.

Some of our financing arrangements may require us to make a lump-sum or “balloon” payment at maturity. Our ability to make a balloon payment at maturity is uncertain and may depend upon our ability to obtain replacement financing or our ability to sell particular properties. At the time the balloon payment is due, we may or may not be able to refinance the balloon payment on terms as favorable as the original loan or sell the particular property at a price sufficient to make the balloon payment. The effect of a refinancing or sale could affect the rate of return to stockholders and the projected time of disposition of our assets.

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Failure to hedge effectively against interest rate changes may materially adversely affect our ability to achieve our investment objectives.

Subject to any limitations required to maintain qualification as a REIT, we may seek to manage our exposure to interest rate volatility by using interest rate hedging arrangements, such as interest rate cap or collar agreements and interest rate swap agreements. These agreements involve risks, such as the risk that counterparties may fail to honor their obligations under these arrangements and that these arrangements may not be effective in reducing our exposure to interest rate changes. These interest rate hedging arrangements may create additional assets or liabilities from time to time that may be held or liquidated separately from the underlying property or loan for which they were originally established. We have adopted a policy relating to the use of derivative financial instruments to hedge interest rate risks related to our variable rate borrowings. Hedging may reduce the overall returns on our investments. Failure to hedge effectively against interest rate changes may materially adversely affect our ability to achieve our investment objectives.

Federal Income Tax Risks

Failure to qualify as a REIT would have significant adverse consequences to us.

We are organized and operated in a manner intended to qualify to be taxed as a REIT for U.S. federal income tax purposes. We first elected REIT status for our taxable year that ended December 31, 2004. REIT qualification requires ongoing satisfaction of various requirements regarding our organization, the nature of our gross income and assets and the amount of dividends we distribute. In addition, future legislative, judicial or administrative changes to the federal income tax laws, which could be applied retroactively, could result in our disqualification as a REIT. If the Internal Revenue Service (the "IRS") determines that we do not qualify as a REIT or if we qualify as a REIT and subsequently lose our REIT qualification, we will be subject to serious tax consequences that would cause a significant reduction in our cash available for distribution for each of the years involved and our NAV because:

•we would be subject to federal and applicable state and local corporate income taxation on our taxable income;

•we would not be permitted to take a deduction for dividends paid to stockholders in computing our taxable income; and

•we could not re-elect to be taxed as a REIT for four taxable years following the year during which we were disqualified (unless we were entitled to relief under applicable statutory provisions).

In addition, if we do not qualify as a REIT, we will not be required to pay distributions to stockholders. As a result of all these factors, our failure to qualify as a REIT also could hinder our ability to raise capital and grow our business.

Legislative, regulatory or administrative changes could adversely affect us or our stockholders.

Legislative, regulatory or administrative changes could be enacted or promulgated at any time, either prospectively or with retroactive effect, and may adversely affect us and/or our stockholders.

On December 22, 2017, tax legislation commonly referred to as the Tax Cuts and Jobs Act was signed into law. The Tax Cuts and Jobs Act made significant changes to the U.S. federal income tax rules for taxation of individuals and corporations. Most of the changes applicable to individuals are temporary and apply only to taxable years beginning before January 1, 2026. On March 27, 2020, federal legislation intended to ameliorate the economic impact of the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), was signed into law. The CARES Act made technical corrections to, or modified on a temporary basis, certain of the provisions of the Tax Cuts and Jobs Act. There can be no assurance that future tax law changes will not increase income tax rates, impose new limitations on deductions, credits or other tax benefits, or make other changes that may adversely affect our business, cash flows or financial performance or a stockholder's investment in us. For example, President Biden, the House leadership and the Senate leadership have expressed interest in passing comprehensive tax reform.

We urge you to consult with your own tax advisor with respect to the impact of legislative, regulatory or administrative developments and proposals and their potential effect on an investment in shares of our common stock.

To maintain our REIT status, we may have to borrow funds on a short-term basis during unfavorable market conditions.

To maintain our status as a REIT, we generally must distribute annually to our stockholders dividends equal to at least 90% of our REIT taxable income, determined without regard to the dividends-paid deduction and excluding net capital gain. We will be subject to regular corporate income taxes on any undistributed REIT taxable income, including undistributed net capital gain each year.

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Additionally, we will be subject to a 4% nondeductible excise tax on any amount by which dividends paid by us in any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from previous years. Payments we make to our stockholders under our share repurchase plan generally will not be taken into account for purposes of these distribution requirements. If we do not have sufficient cash to pay distributions necessary to preserve our REIT status for any year or to avoid taxation, we may be forced to borrow funds or sell assets even if the market conditions at that time are not favorable for these borrowings or sales.

Compliance with REIT requirements may cause us to forego otherwise attractive opportunities, which may hinder or delay our ability to meet our investment objectives and reduce your overall return.

To maintain our status as a REIT, we are required at all times to satisfy tests relating to, among other things, the sources of our income, the nature and diversification of our assets, the ownership of our stock and the amounts we distribute to our stockholders. Compliance with the REIT requirements may impair our ability to operate solely on the basis of maximizing profits. For example, we may be required to pay distributions to stockholders at disadvantageous times or when we do not have funds readily available for distribution.

Compliance with REIT requirements may force us to liquidate otherwise attractive investments.

To maintain our status as a REIT, at the end of each calendar quarter, at least 75% of our assets must consist of cash, cash items, government securities and qualified real estate assets. The remainder of our investments in securities (other than securities that are qualifying assets for purposes of the 75% asset test and securities of our taxable REIT subsidiaries) generally cannot include more than 10% of the voting securities of any one issuer or more than 10% of the value of the outstanding securities of any one issuer.

Additionally, no more than 5% of the value of our assets (other than securities that are qualifying assets for purposes of the 75% asset test and securities of our taxable REIT subsidiaries) can consist of the securities of any one issuer, and no more than 20% of the value of our assets may be represented by securities of one or more taxable REIT subsidiaries. Finally, no more than 25% of our assets may consist of debt instruments that are issued by "publicly offered REITs" and would not otherwise be treated as qualifying real estate assets. In order to satisfy these requirements, we may be forced to liquidate otherwise attractive investments.

The IRS may take the position that the gain from one or more sales of our properties is subject to a 100% prohibited transaction tax.

From time to time, we may sell assets to fund repurchase requests, to satisfy our REIT distribution requirements, to satisfy other REIT requirements, or for other purposes. The IRS may deem one or more sales of our properties to be “prohibited transactions.” If the IRS takes the position that we have engaged in a “prohibited transaction” (i.e., we sell a property held by us primarily for sale in the ordinary course of our trade or business and we do not qualify for a statutory safe harbor), the gain we recognize from such sale would be subject to a 100% tax. The Code sets forth a safe harbor for REITs that wish to sell property without risking the imposition of the 100% tax; however, there is no assurance that we will be able to qualify at all times for the safe harbor.

We do not intend to hold our properties for sale in the ordinary course of business, but there is no assurance that our position will not be challenged by the IRS, especially if we make frequent property sales or frequent sales of property in which we have short holding periods.

Investments outside the U.S. may subject us to additional taxes and could present additional complications to our ability to satisfy the REIT qualification requirements.

Non-U.S. investments may subject us to various non-U.S. tax liabilities, including withholding taxes. In addition, operating in functional currencies other than the U.S. dollar and in environments in which real estate transactions are typically structured differently than they are in the U.S. or are subject to different legal rules may complicate our ability to structure non-U.S. investments in a manner that enables us to satisfy the REIT qualification requirements.

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We may be subject to tax liabilities that reduce our cash flow and our ability to pay distributions to you even if we qualify as a REIT for federal income tax purposes.

We may be subject to federal and state taxes on our income or property even if we qualify as a REIT for federal income tax purposes, including, but not limited to, situations as those described below:

•in order to maintain our status as a REIT, we are required to distribute as dividends annually at least 90% of our REIT taxable income (determined without regard to the dividends-paid deduction and excluding net capital gain) to our stockholders. If we satisfy the distribution requirement but distribute less than 100% of our REIT taxable income, we will be subject to corporate income tax on the undistributed income, including undistributed net capital gains;

•we will be required to pay a 4% nondeductible excise tax on the amount, if any, by which the distributions we make to our stockholders in any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from previous years;

•if we have net income from the sale of foreclosure property that we hold primarily for sale to customers in the ordinary course of business or other non-qualifying income from foreclosure property, we will be required to pay a tax on that income at the highest corporate income tax rate; and

•any gain we recognize on the sale of a property, other than foreclosure property, that we hold primarily for sale to customers in the ordinary course of business would be subject to the 100% “prohibited transaction” tax unless we qualify for a safe harbor exception.

Restrictions on the deduction of our interest expense could prevent us from satisfying the REIT distribution requirement and avoiding the incurrence of income or excise taxes.

Section 163(j) of the Code, as amended by the Tax Cuts and Jobs Act, may limit our ability (and the ability of entities that are not treated as disregarded entities for U.S. federal income tax purposes and in which we hold an interest) to deduct interest expense in taxable years beginning after December 31, 2017. The deduction for business interest expense may be limited to the amount of the taxpayer’s business interest income plus 30% of the taxpayer’s “adjusted taxable income” unless the taxpayer’s gross receipts do not exceed $25 million per year during the applicable testing period or the taxpayer qualifies to elect and elects to be treated as an “electing real property trade or business.” A taxpayer’s adjusted taxable income will start with its taxable income and add back items of non-business income and expense, business interest income and business interest expense, net operating losses, any deductions for “qualified business income,” and, in taxable years beginning before January 1, 2022, any deductions for depreciation, amortization or depletion. A taxpayer that is exempt from the interest expense limitation as an electing real property trade or business is ineligible for certain expensing benefits and is subject to less favorable depreciation rules for real property.

The rules for business interest expense will apply to us and at the level of each entity in which or through which we invest that is not a disregarded entity for U.S. federal income tax purposes. To the extent that our interest expense is not deductible, our taxable income will be increased, as will our REIT distribution requirement and the amounts we need to distribute to avoid incurring income and excise taxes.

Our board of directors is authorized to revoke our REIT election without stockholder approval, which may cause adverse consequences to our stockholders.

Our charter authorizes our board of directors to revoke or otherwise terminate our REIT election, without the approval of our stockholders, if it determines that it is not in our best interest to qualify as a REIT. In this event, we would become subject to U.S. federal income tax on our taxable income and we would no longer be required to distribute most of our net taxable income to our stockholders, which may cause a reduction in the total return to our stockholders.

You may have current tax liability on distributions you elect to reinvest in our common stock.

If you participate in our distribution reinvestment plan, you will be deemed to have received, and for income tax purposes will be taxed on, the amount reinvested in shares of our common stock to the extent the amount reinvested was not a tax-free return of capital. Therefore, unless you are a tax-exempt entity, you may be forced to use funds from other sources to pay your tax liability on the reinvested dividends.

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We may choose to pay dividends in our own stock, in which case our stockholders may be required to pay income taxes in excess of the cash dividends received.

Under IRS Revenue Procedure 2017-45, as a publicly offered REIT, we may give stockholders a choice, subject to various limits and requirements, of receiving a dividend in cash or in our common stock. As long as at least 20% of the total dividend is available to be paid in cash and certain other requirements are satisfied, the IRS will treat the stock distribution as a dividend (to the extent applicable rules treat such distribution as being made out of the REIT’s earnings and profits). Taxable stockholders receiving such dividends will be required to include in income for federal income tax purposes the full amount of the dividend income to the extent of our current and accumulated earnings and profits. As a result, a U.S. stockholder may be required to pay income taxes with respect to such dividends in excess of the cash dividends received. If a U.S. stockholder sells the stock it receives as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of our stock at the time of the sale. Furthermore, with respect to non-U.S. stockholders, we may be required to withhold U.S. tax with respect to such dividends, including in respect of all or a portion of such dividend that is payable in stock.

Generally, ordinary dividends payable by REITs do not qualify for the reduced U.S. federal income tax rates that apply to "qualified dividend income".

The maximum U.S. federal income tax rate applicable to “qualified dividend income” payable by U.S. corporations to individual U.S. stockholders (as such term is defined under “Federal Income Tax Considerations” below) is 20%. However, dividends payable by REITs that are not designated as capital gain dividends or qualified dividend income or "qualified REIT dividends," generally are not eligible for the reduced rates applicable to qualified dividend income and are taxed at ordinary income tax rates. In taxable years beginning before January 1, 2026, however, non-corporate U.S. stockholders are entitled to a deduction of up to 20% of the amount of their qualified REIT dividends, subject to certain limitations. Nevertheless, non-corporate investors may perceive investments in REITs to be relatively less attractive than investments in the stocks of other corporations whose dividends are taxed at lower rates as qualified dividend income.

There may be tax consequences to any modifications to our borrowings, our hedging transactions and other contracts to replace references to LIBOR.

The publication of LIBOR rates may be discontinued by 2023. We are parties to loan agreements with LIBOR-based interest rates and derivatives with LIBOR-based terms used for hedging. We may have to renegotiate such LIBOR-based instruments to replace references to LIBOR. Under current law, certain modifications of terms of LIBOR-based instruments may have tax consequences, including deemed taxable exchanges of the pre-modification instrument for the modified instrument. Proposed Treasury Regulations and Revenue Procedure 2020-44 would treat certain modifications that would be taxable events under current law as non-taxable events. Such guidance does not discuss REIT-specific issues of modifications to LIBOR-based instruments. It is not clear when the proposed Treasury Regulations will be finalized or what, if any, changes will be made to the proposed Treasury Regulations in final Treasury Regulations. We will attempt to migrate to a post-LIBOR environment without jeopardizing our REIT qualification or suffering other adverse tax consequences but can give no assurances that we will succeed.

The failure of a mezzanine loan to qualify as a real estate asset could adversely affect our ability to qualify as a REIT.

The IRS has issued Revenue Procedure 2003-65, which provides a safe harbor pursuant to which a mezzanine loan that is secured by interests in a pass-through entity will be treated by the IRS as a real estate asset for purposes of the REIT tests, and interest derived from such loan will be treated as qualifying mortgage interest for purposes of the REIT 75% gross income test. Although the Revenue Procedure provides a safe harbor on which taxpayers may rely, it does not prescribe rules of substantive tax law. To the extent that any of our investments in loans secured by interests in pass-through entities do not satisfy all of the requirements for reliance on the safe harbor set forth in the Revenue Procedure, there can be no assurance that the IRS will not challenge the tax treatment of such loans, which could jeopardize our ability to qualify as a REIT.

If certain sale-leaseback transactions are not characterized by the IRS as “true leases,” we may be subject to adverse tax consequences.

We may purchase investments in properties and lease them back to the sellers of these properties. If the IRS does not characterize these leases as “true leases,” the rental payments would not be treated as rents from real property, which could affect our ability to satisfy the REIT gross income tests and qualify as a REIT.

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If our operating partnership failed to qualify as a partnership or is not otherwise disregarded for U.S. federal income tax purposes, we would cease to qualify as a REIT.

If the IRS were to successfully challenge the status of our operating partnership as a partnership or disregarded entity for U.S. federal income tax purposes, it would be taxable as a corporation. In the event that this occurs, it would reduce the amount of distributions that our operating partnership could make to us. This would also result in our failing to qualify as a REIT and becoming subject to a corporate-level tax on our income, which would substantially reduce our cash available to pay distributions and the yield on your investment.

Retirement Plan Risks

If the fiduciary of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), fails to meet the fiduciary and other standards under ERISA, the Code or common law as a result of an investment in our stock, the fiduciary could be subject to civil (and criminal, if the violation was willful) penalties.

There are special considerations that apply to investing in our shares on behalf of a trust, pension, profit sharing or 401(k) plans, health or welfare plans, trusts, individual retirement accounts, or IRAs, or Keogh plans. If you are investing the assets of any of the entities identified in the prior sentence in our common stock, you should satisfy yourself that:

•the investment is consistent with your fiduciary obligations under applicable law, including common law, ERISA and the Code;

•the investment is made in accordance with the documents and instruments governing the trust, plan or IRA, including a plan’s investment policy;

•the investment satisfies the prudence and diversification requirements of Sections 404(a)(1)(B) and 404(a)(1)(C) of ERISA and other applicable provisions of ERISA and the Code;

•the investment will not impair the liquidity of the trust, plan or IRA;

•the investment will not produce “unrelated business taxable income” for the plan or IRA;

•our stockholders will be able to value the assets of the plan annually in accordance with ERISA requirements and applicable provisions of the plan or IRA; and

•the investment will not constitute a prohibited transaction under Section 406 of ERISA or Section 4975 of the Code.

Failure to satisfy the fiduciary standards of conduct and other applicable requirements of ERISA, the Code, or other applicable statutory or common law may result in the imposition of civil (and criminal, if the violation was willful) penalties, and can subject the fiduciary to equitable remedies.

In addition, if an investment in our shares constitutes a prohibited transaction under ERISA or the Code, the fiduciary that authorized or directed the investment may be subject to the imposition of excise taxes with respect to the amount invested. Investors that are governmental plans or foreign plans may be subject to laws that are similar to the aforementioned provisions of ERISA and the Code or that otherwise regulate the purchase of our shares.

If we were at any time deemed to hold “plan assets” under ERISA or the Code, stockholders subject to ERISA and the related excise tax provisions of the Code may be subject to adverse financial and legal consequences.

Stockholders subject to ERISA or the Code should consult their own advisors as to the effect of an investment in the shares. As discussed under “Certain ERISA Considerations,” our assets may not be deemed to constitute “plan assets” of stockholders that are subject to the fiduciary provisions of ERISA or the prohibited transaction rules of Section 4975 of the Code (“Plans”). If we were deemed to hold “plan assets” of Plans (i) ERISA’s fiduciary standards would apply to, and might materially affect, our operations if any such Plans are subject to ERISA, and (ii) any transaction we enter into could be deemed a transaction with each Plan and transactions we might enter into in the ordinary course of business could constitute prohibited transactions under ERISA and/or Section 4975 of the Code. Holding plan assets may negatively impact our results.

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General Risk Factors

Economic events that may cause our stockholders to request that we repurchase their shares may materially adversely affect our cash flow and our ability to achieve our investment objectives.

Economic events affecting the U.S. and global economies, such as the general negative performance of the real estate sector, and the turbulence in the stock market related to the COVID-19 pandemic, could cause our stockholders to seek to have us repurchase their shares pursuant to our share repurchase plan. Our share repurchase plan limits the amount of funds we may use for repurchases during each calendar quarter to 5% of the combined NAV of all classes of shares as of the last day of the previous calendar quarter. Even if we are able to satisfy all resulting repurchase requests, our cash flow could be materially adversely affected. In addition, if we determine to sell assets to satisfy repurchase requests, our ability to achieve our investment objectives, including, without limitation, diversification of our portfolio by property type and location, moderate financial leverage, conservative operating risk and an attractive level of current income, could be adversely affected.

The phase-out of LIBOR could affect interest rates for our Term Loans and interest rate cap and swap arrangements.

LIBOR is used as a reference rate for our Term Loans and our interest rate cap and swap arrangements. On July 27, 2017, the United Kingdom’s Financial Conduct Authority ("FCA") announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. On March 5, 2021, the ICE Benchmark Administration Limited, which is supervised by the FCA, announced that it will cease publication of the 3-month U.S. Dollar denominated LIBOR rate after June 30, 2023. There is no assurance that LIBOR will continue to be published until any particular date, and it is unclear if a new method of calculating LIBOR will be established, or if an alternative reference rate will be established. The Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rates Committee, which identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative to U.S. dollar LIBOR in derivatives and other financial contracts.

We are not able to predict when LIBOR will cease to be available or if SOFR, or another alternative rate reference rate, attains market traction as a LIBOR replacement. Our Term Loans and interest rate cap and swap arrangements provide that if LIBOR is no longer available, then the parties to the agreements shall enter into an amendment utilizing the prevailing market convention for determining the rate of interest for syndicated loans in the United States at the time. In such circumstances the interest rates on our Term Loans and in our interest rate cap and swap arrangements may change. The new rates may not be as favorable as those in effect prior to any LIBOR phase-out. In addition, the transition process may result in delays in funding, higher interest expense, additional expenses, and increased volatility in markets for instruments that currently rely on LIBOR, all of which could negatively impact our cash flow.

Item 1B. Unresolved Staff Comments.

Not applicable.

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Item 2. Properties.

DESCRIPTION OF REAL ESTATE

Our investments in real estate assets as of December 31, 2021 consisted of interests in wholly-owned properties and seven joint ventures. The following table sets forth information with respect to our real estate assets by segment as of December 31, 2021. We own a fee simple interest in all properties unless otherwise noted.

Property Name	Location	% Owned		Year Built	Date Acquired	Net Rentable Square Feet	Percentage Leased
Consolidated Properties:
Industrial Segment:
Kendall Distribution Center	Atlanta, GA	100	%	2002	June 30, 2005	409,000	100	%
Norfleet Distribution Center(1)	Kansas City, MO	100		2007	February 27, 2007	702,000	100
Suwanee Distribution Center	Suwanee, GA	100		2013	June 28, 2013	559,000	100
Grand Prairie Distribution Center
3325 West Trinity Boulevard	Grand Prairie, TX	100		2013	January 22, 2014	277,000	100
3324 West Trinity Boulevard	Grand Prairie, TX	100		2015	May 31, 2019	145,000	100
Charlotte Distribution Center	Charlotte, NC	100		1991	June 27, 2014	347,000	100
DFW Distribution Center
4050 Corporate Drive	Grapevine, TX	100		1996	April 15, 2015	441,000	100
4055 Corporate Drive	Grapevine, TX	100		1996	April 15, 2015	202,000	89
O'Hare Industrial Portfolio
200 Lewis	Wood Dale, IL	100		1985	September 30, 2015	31,000	100
1225 Michael Drive	Wood Dale, IL	100		1985	September 30, 2015	109,000	100
1300 Michael Drive	Wood Dale, IL	100		1985	September 30, 2015	71,000	100
1301 Mittel Drive	Wood Dale, IL	100		1985	September 30, 2015	53,000	100
1350 Michael Drive	Wood Dale, IL	100		1985	September 30, 2015	56,000	100
2501 Allan Drive	Elk Grove, IL	100		1985	September 30, 2015	198,000	100
2601 Allan Drive	Elk Grove, IL	100		1985	September 30, 2015	124,000	100
Tampa Distribution Center	Tampa, FL	100		2009	April 11, 2016	386,000	100
Aurora Distribution Center	Aurora, IL	100		2016	May 19, 2016	305,000	100
Valencia Industrial Portfolio:
28150 West Harrison Parkway	Valencia, CA	100		1997	June 29, 2016	87,000	100
28145 West Harrison Parkway	Valencia, CA	100		1997	June 29, 2016	114,000	100
28904 Paine Avenue	Valencia, CA	100		1999	June 29, 2016	117,000	100
25045 Tibbitts Avenue	Santa Clarita, CA	100		1988	June 29, 2016	142,000	100
Pinole Point Distribution Center:
6000 Giant Road	Richmond, CA	100		2016	September 8, 2016	225,000	100
6015 Giant Road	Richmond, CA	100		2016	September 8, 2016	252,000	100
6025 Giant Road	Richmond, CA	100		2016	December 29, 2016	41,000	100
Mason Mill Distribution Center(2)	Buford, GA	100		2016	December 20, 2017	340,000	100
Fremont Distribution Center
45275 Northport Court	Fremont, CA	100		1991	March 29, 2019	117,000	100
45630 Northport Loop East	Fremont, CA	100		1995	March 29, 2019	120,000	100
Taunton Distribution Center	Taunton, MA	100		2016	August 23, 2019	200,000	100
Chandler Distribution Center
1725 East Germann Road	Chandler, AZ	100		2016	December 5, 2019	122,000	100
1825 East Germann Road	Chandler, AZ	100		2016	December 5, 2019	89,000	100
Fort Worth Distributiom Center	Fort Worth, TX	100		2020	October 23, 2020	351,000	100
Whitestown Distribution Center(2)
4993 Anson Boulevard	Whitestown, IN	100		2020	December 11, 2020	280,000	100
5102 E 500 South	Whitestown, IN	100		2020	December 11, 2020	440,000	100
Louisville Distribution Center	Shepherdsville, KY	100		2020	January 21, 2021	1,040,000	100
Southeast Phoenix Distribution Center
6511 West Frye Road	Chandler, AZ	100		2019	February 23, 2021	102,000	100
6565 West Frye Road	Chandler, AZ	100		2019	February 23, 2021	118,000	100
6615 West Frye Road	Chandler, AZ	100		2019	February 23, 2021	136,000	100
6677 West Frye Road	Chandler, AZ	100		2019	February 23, 2021	118,000	100

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Property Name	Location	% Owned		Year Built	Date Acquired	Net Rentable Square Feet	Percentage Leased
Louisville Airport Distribution Center(2)	Louisville, KY	100		2020	June 24, 2021	284,000	100
13500 Danielson Street	Poway, CA	95		1997	July 2, 2021	73,000	100
237 Via Vera Cruz	San Marcos, CA	95		1987	July 2, 2021	66,000	100
4211 Starboard	Fremont, CA	95		1997	July 9, 2021	130,000	100
5 National Way	Durham, NC	100		2020	September 28, 2021	188,000	100
47 National Way	Durham, NC	100		2020	September 28, 2021	187,000	100
Friendship Distribution Center
4627 Distribution Pkwy	Buford, GA	100		2020	October 20, 2021	126,000	100
4630 Distribution Pkwy	Buford, GA	100		2020	October 20, 2021	149,000	100
4646 Distribution Pkwy	Buford, GA	100		2020	October 20, 2021	102,000	100
4651 Distribution Pkwy	Buford, GA	100		2020	October 20, 2021	272,000	100
South San Diego Distribution Center
2001 Sanyo Avenue	San Diego, CA	100		1987	October 28, 2021	320,000	100
2055 Sanyo Avenue	San Diego, CA	100		1991	October 28, 2021	209,000	87
2065 Sanyo Avenue	San Diego, CA	100		2020	October 28, 2021	136,000	100
1755 Britannia Drive	Elgin, IL	100		2020	November 16, 2021	80,000	100
2451 Bath Road	Elgin, IL	100		2020	November 16, 2021	327,000	100
687 Conestoga Parkway	Shepardsville, KY	100		2021	November 17, 2021	327,000	100
2840 Loker Avenue	Carlsbad, CA	95		1998	November 30, 2021	104,000	100
15890 Bernardo Center Drive	San Diego, CA	95		1991	November 30, 2021	48,000	100
Office Segment:
Monument IV at Worldgate	Herndon, VA	100	%	2001	August 27, 2004	228,000	100	%
140 Park Avenue	Florham Park, NJ	100		2015	December 21, 2015	100,000	100
San Juan Medical Center(2)	San Juan Capistrano, CA	100		2015	April 1, 2016	40,000	100
Genesee Plaza
9333 Genesee Ave	San Diego, CA	100		1983	July 2, 2019	80,000	78
9339 Genesee Ave	San Diego, CA	100		1983	July 2, 2019	81,000	91
Fountainhead Corporate Park	Tempe, AZ	100		1985	February 6, 2020	295,000	100
170 Park Avenue	Florham Park, NJ	100		1998	February 2, 2021	147,000	100
9101 Stony Point Drive(2)	Richmond, VA	100		2018	September 15, 2021	87,000	100
North Tampa Surgery Center	Odessa, FL	100		2021	October 8, 2021	13,000	100
Durham Medical Center	Durham, NC	100		2010	December 23, 2021	60,000	96
KC Medical Office Portfolio
8600 NE 82nd Street	Kansas City, MO	100		2021	December 23, 2021	11,000	100
1203 SW 7 Highway	Blue Springs, MO	100		2000	December 23, 2021	10,000	100
Roeland Park Medical Office	Roeland Park, KS	100		2021	December 28, 2021	30,000	100
South Reno Medical Center	Reno, NV	100		2004	December 28, 2021	32,000	100
Sugar Land Medical Office	Sugar Land, TX	100		2020	December 30, 2021	37,000	100
Residential Segment:
The Edge at Lafayette(3)	Lafayette, LA	100	%	2007	January 15, 2008	207,000	84	%
Townlake of Coppell(4)	Coppell, TX	100		1986	May 22, 2015	351,000	95
AQ Rittenhouse	Philadelphia, PA	100		2015	July 30, 2015	92,000	98
Lane Parke Apartments	Mountain Brook, AL	100		2014	May 26, 2016	263,000	90
Dylan Point Loma	San Diego, CA	100		2016	August 9, 2016	204,000	96
The Penfield(2)	St. Paul, MN	100		2013	September 22, 2016	245,000	96
180 North Jefferson	Chicago, IL	100		2004	December 1, 2016	217,000	96
Jory Trail at the Grove	Wilsonville, OR	100		2012	July 14, 2017	315,000	95
The Reserve at Johns Creek(2)	Johns Creek, GA	100		2007	July 28, 2017	244,000	96
Villas at Legacy(2)	Plano, TX	100		1999	June 6, 2018	340,000	95
Stonemeadow Farms	Bothell, WA	100		1999	May 13, 2019	228,000	97
Summit at San Marcos(2)	Chandler, AZ	100		2018	July 31, 2019	257,000	97
Presley Uptown(5)	Charlotte, NC	98		2016	September 30, 2019	190,000	96
Princeton North Andover	North Andover, MA	100		2019	May 3, 2021	204,000	97
The Preserve at the Meadows(2)	Fort Collins, CO	100		2001	August 23, 2021	208,000	96
The Rockwell(2)	Berlin, MA	100		2020	August 31, 2021	233,000	98

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Property Name	Location	% Owned		Year Built	Date Acquired	Net Rentable Square Feet	Percentage Leased
Miramont	Fort Collins, CO	100		1995	September 29, 2021	212,000	97
Pinecone	Fort Collins, CO	100		1993	September 29, 2021	176,000	99
Reserve at Venice	North Venice, FL	100		2021	December 17, 2021	268,000	94
Woodside Trumbull	Trumbull, CT	100		2021	December 21, 2021	207,000	81
Retail Segment:
The District at Howell Mill(5)	Atlanta, GA	88	%	2006	June 15, 2007	306,000	96	%
Grand Lakes Marketplace(5)	Katy, TX	90		2012	September 17, 2013	131,000	75
Oak Grove Plaza	Sachse, TX	100		2003	January 17, 2014	120,000	94
Rancho Temecula Town Center	Temecula, CA	100		2007	June 16, 2014	165,000	97
Skokie Commons	Skokie, IL	100		2015	May 15, 2015	97,000	98
Whitestone Market	Austin, TX	100		2003	September 30, 2015	145,000	99
Maui Mall	Kahului, HI	100		1971	December 22, 2015	235,000	83
Silverstone Marketplace	Scottsdale, AZ	100		2015	July 27, 2016	78,000	93
Kierland Village Center	Scottsdale, AZ	100		2001	September 30, 2016	118,000	98
Timberland Town Center	Beaverton, OR	100		2015	September 30, 2016	92,000	96
Montecito Marketplace(2)	Las Vegas, NV	100		2007	August 8, 2017	190,000	95
Milford Crossing(2)	Milford, MA	100		2018	January 29, 2020	159,000	99
Other Segment:
South Beach Parking Garage(6)	Miami Beach, FL	100	%	2001	January 28, 2014	130,000	N/A
Unconsolidated Properties:
Chicago Parking Garage(7)	Chicago, IL	100	%	2003	December 23, 2014	167,000	N/A
NYC Retail Portfolio(8)	NY/NJ	14		1996 - 2004	December 8, 2015	1,940,000	91	%
Pioneer Tower(9)	Portland, OR	100		1990	June 28, 2016	308,000	68
The Tremont(5)	Burlington, MA	75		2016	July 19, 2018	175,000	97
The Huntington(5)	Burlington, MA	75		2018	July 19, 2018	115,000	93
Siena Suwanee Town Center(10)	Suwanee, GA	100		2018	December 15, 2020	226,000	92
Single-Family Rental Portfolio(11)	Various	47		Various	August 5, 2021	7,207,097	96
Kingston at McLean Crossing(5)	McLean, VA	80		2018	December 3, 2021	223,000	94

___________

(1)On December 15, 2021, the property was designated as held-for-sale. The property was subsequently sold on January 6, 2022.

(2)This property is included in our DST Program.

(3)On December 23, 2021, the property was designated as held-for-sale. The property was subsequently sold on January 24, 2022.

(4)On December 5, 2019, we acquired our joint venture partner's 10% interest in the property.

(5)We own a majority interest in the joint venture that owns a fee simple interest in this property.

(6)The parking garage contains 343 stalls. This property is owned leasehold.

(7)We own a condominium interest in the building that contains a 366 stall parking garage.

(8)We own an approximate 14% interest in a portfolio of 8 urban infill retail properties located in the greater New York City area.

(9)We own a condominium interest in the building that contains a 17 story multi-tenant office property.

(10)We own a condominium interest in the project that contains a 240-unit residential property.

(11)We own an approximate 47% interest in a portfolio of over 4,000 single-family rental homes located in various markets across the United States.

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ACQUISITIONS

2021 Acquisitions

On January 21, 2021, we acquired Louisville Distribution Center, a 1,040,000 square foot industrial property located in Shepherdsville, Kentucky for approximately $95,000. The acquisition was funded with cash on hand.

On February 2, 2021, we acquired 170 Park Avenue, a 147,000 square foot life sciences office property located in Florham Park, New Jersey for approximately $46,600. The acquisition was funded with cash on hand.

On February 23, 2021, we acquired Southeast Phoenix Distribution Center, a four property industrial distribution center totaling 474,000 square feet located in Chandler, Arizona for approximately $91,000. The acquisition was funded with cash on hand.

On May 3, 2021, we acquired Princeton North Andover, a newly constructed, 192-unit residential property located in North Andover, Massachusetts for approximately $72,500. The acquisition was funded with cash on hand.

On June 24, 2021, we acquired Louisville Airport Distribution Center, a nearly 284,000 square-foot, newly constructed Class A industrial property located in the Southside/Airport industrial submarket of Louisville, Kentucky for approximately $32,100. The acquisition was funded with cash on hand.

On July 2, 2021, we acquired a 95% interest in two industrial properties, 237 Via Vera Cruz and 13500 Danielson Street, totaling 153,000 square feet located in San Marcos and Poway, California, respectively, for approximately $36,640. The acquisitions were funded with cash on hand.

On July 9, 2021, we acquired a 95% interest in 4211 Starboard Drive, a 130,000 square foot industrial property located in Fremont, California for approximately $32,000 using cash on hand.

On August 5, 2021, we acquired a 47% interest in a portfolio of approximately 4,000 stabilized single-family rental homes located in various markets across the United States, including Atlanta, Dallas, Phoenix, Nashville and Charlotte, among others (the "Single-Family Rental Portfolio"). The Single-Family Rental Portfolio is encumbered by securitized mortgages in a net amount of approximately $760,000 maturing in the fourth quarter of 2025 at a weighted average interest rate of 2.1%. The equity purchase price was approximately $205,000. We funded the transaction using cash on hand and a draw on our revolving line of credit.

On August 23, 2021, we acquired The Preserve at the Meadows, a garden-style residential community in Fort Collins, Colorado. The purchase price was approximately $61,000. The acquisition was funded with cash on hand.

On August 31, 2021, we acquired The Rockwell, a garden-style residential community in Berlin, Massachusetts. The purchase price was approximately $84,000. The acquisition was funded with cash on hand.

On September 15, 2021, we acquired 9101 Stony Point Drive, an 87,000 square foot, medical office property in Richmond, Virginia. The purchase price was approximately $52,000. The acquisition was funded with cash on hand.

On September 28, 2021, we acquired 5 National Way and 47 National Way, a two property life sciences industrial center totaling 375,000 square feet, located in Durham, North Carolina for approximately $66,750. The acquisitions were funded with cash on hand.

On September 29, 2021, we acquired Miramont Apartments, a 210-unit residential property located in Fort Collins, Colorado for approximately $57,400. The acquisition was funded with cash on hand and a draw on our line of credit.

On September 29, 2021, we acquired Pinecone Apartments, a 195-unit residential property located in Fort Collins, Colorado for approximately $51,600. The acquisition was funded with cash on hand and a draw on our line of credit.

On October 7, 2021, we acquired North Tampa Surgery Center, an 13,000 square foot medical office property located in in Odessa, Florida for approximately $8,500. The acquisition was funded with cash on hand.

On October 20, 2021, we acquired Friendship Distribution Center, a four property industrial distribution center totaling 649,000 square feet located in Buford, Georgia for approximately $95,000. The acquisition was funded with cash on hand.

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On October 28, 2021 we acquired South San Diego Distribution Center, a four property industrial distribution center totaling 665,000 square feet located in San Diego, California for approximately $158,500. We assumed a $72,500 mortgage note payable that bears an interest rate of 3.18% and matures on January 31, 2031. The acquisition was funded as an UPREIT transaction in which we issued OP Units and funded with cash on hand.

On November 16, 2021, we acquired two industrial properties, 1755 Britannia Drive and 2451 Bath Road, totaling 407,000 square feet located in Elgin, Illinois for approximately $47,100. The acquisitions were funded with cash on hand and a draw on our line of credit.

On November 17, 2021, we acquired 687 Conestoga Parkway, a 327,000 square foot industrial property located in Shepherdsville, Kentucky for approximately $39,500. The acquisition was funded with cash on hand and a draw on our line of credit.

On November 30, 2021, we acquired a 95% interest in two industrial properties, 2840 Loker Avenue and 15890 Bernardo Center Drive, totaling 152,000 square feet located in Carlsbad and San Diego, California, respectively, for approximately $41,100. The acquisitions were funded with cash on hand and a draw on our line of credit.

On December 3, 2021, we acquired a 80% interest in Kingston at McLean Crossing, a 319-unit residential property in McLean, Virginia. The total purchase price was approximately $120,000. At closing the venture entered into a mortgage note payable in the amount of $75,000, with a floating interest rate of SOFR + 1.45% and a maturity date of December 1, 2026. The acquisition was funded with cash on hand.

On December 17, 2021, we acquired The Reserve at Venice, a 276-unit residential property in North Venice, Florida for approximately $93,000. The acquisition was funded with cash on hand and a draw on our line of credit.

On December 21, 2021, we acquired Woodside Trumbull, a 199-unit residential property in Trumbull, Connecticut for approximately $98,000. The acquisition was funded with cash on hand and a draw on our line of credit.

On December 23, 2021, we acquired Durham Medical Office, a medical office property totaling 60,000 square feet, in Durham, North Carolina for approximately $37,125. The acquisition was funded with cash on hand and a draw on our line of credit.

On December 23, 2021, we acquired 1203 SW 7 Highway, a 10,000 square foot, medical office property in Blue Springs, Missouri for approximately $3,400. The acquisition was funded with cash on hand and a draw on our line of credit.

On December 23, 2021, we acquired 8600 NE 82nd Street, a 11,000 square foot, medical office property in Kansas City, Missouri for approximately $5,500. The acquisition was funded with cash on hand and a draw on our line of credit.

On December 28, 2021, we acquired South Reno Medical Center, a 32,000 square foot, medical office property in Reno, Nevada for approximately $14,025. The acquisition was funded with cash on hand and a draw on our line of credit.

On December 28, 2021, we acquired Roeland Park Medical Office, a 30,000 square foot, medical office property in Roeland Park, Kansas for approximately $13,300. The acquisition was funded with cash on hand and a draw on our line of credit.

On December 30, 2021, we acquired Sugar Land Medical Office, a 37,000 square foot, medical office property in Sugar Land, Texas for approximately $18,350. The acquisition was funded with cash on hand and a draw on our line of credit.

2020 Acquisitions

On January 29, 2020, we acquired Milford Crossing, a 159,000 square foot, grocery-anchored retail center located in Milford, Massachusetts, for approximately $42,100. The acquisition was funded with cash on hand.

On February 6, 2020, we acquired Fountainhead Corporate Park, a 295,000 square foot, two-building Class A office portfolio comprised of two six-story buildings located in the Phoenix, Arizona submarket of Tempe for approximately $61,500. The acquisition was funded with cash on hand.

On October 23, 2020, we acquired Fort Worth Distribution Center, a 351,000 square foot industrial distribution center located in Fort Worth, Texas, for approximately $24,050. The acquisition was funded with cash on hand.

On December 11, 2020 we acquired Whitestown Distribution Center, a two-building, 720,000 square foot distribution center located in Whitestown, Indiana for approximately $62,300. The acquisition was funded with cash on hand.

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On December 15, 2020, we acquired Siena Suwanee Town Center, a 240-unit residential property in Suwanee, Georgia for approximately $70,200. We assumed a $40,183 mortgage note payable that bears an interest rate of 3.28% and matures on November 10, 2039. The acquisition was funded as an UPREIT transaction in which we issued shares of common stock and OP Units in lieu of cash. In accordance with authoritative guidance, Siena Suwanee Town Center is accounted for as an investment in an unconsolidated real estate affiliate.

2019 Acquisitions

On March 29, 2019, we acquired Fremont Distribution Center, a 237,000 square foot, two building industrial property located in Fremont, California, for approximately $47,000. The acquisition was funded with cash on hand.

On May 13, 2019, we acquired Stonemeadow Farms, a 280-unit residential property located in Bothell, Washington, for approximately $81,800. The acquisition was funded with cash on hand.

On May 31, 2019, we acquired 3324 West Trinity Boulevard, a 145,000 square foot industrial distribution center located in Grand Prairie, Texas, for approximately $16,150. The acquisition was funded with cash on hand.

On July 2, 2019, we acquired Genesee Plaza, a 161,000 square foot two building medical office campus located in San Diego, California, for approximately $89,500. The acquisition was funded by the assumption of a six-year mortgage loan that bears interest at a fixed rate of 4.30% in the amount of $41,546 and with cash on hand.

On July 31, 2019, we acquired Summit at San Marcos, a 273-unit residential property located in Chandler, Arizona, for approximately $71,750. The acquisition was funded with a draw on the credit facility and cash on hand.

On August 23, 2019, we acquired Taunton Distribution Center, a 200,000 square foot industrial distribution center located in Taunton, Massachusetts, for approximately $25,700. The acquisition was funded with cash on hand.

On September 30, 2019, we acquired a 97.5% interest in Presley Uptown, a 230-unit residential property in the Uptown submarket of Charlotte, North Carolina. The joint venture acquired the property for approximately $55,250. The acquisition was funded with a draw on the credit facility and cash on hand.

On December 5, 2019, we acquired Chandler Distribution Center, a 211,000 square foot industrial distribution center located in Chandler, Arizona for $31,000. The acquisition was funded with cash on hand.

On December 5, 2019, we acquired our joint venture partner's 10% interest in Townlake of Coppell for approximately $6,000 plus the assumption of the joint venture partners pro rata share of the mortgage loan in the amount of $2,880. The acquisition was funded with cash on hand.

DISPOSITIONS

2021 Dispositions

On January 8, 2021, we sold South Seattle Distribution Center, a 323,000 square foot industrial property located in Seattle, Washington for approximately $72,600 less closing costs and the loan of $17,841 was retired. We recorded a gain on the sale of the property in the amount of $33,580.

2020 Dispositions

On March 4, 2020, a 74,000 square foot retail property in the NYC Retail Portfolio was sold and its mortgage loan extinguished. Sale proceeds were maintained at the venture for operating needs.

On March 27, 2020, we sold 24823 Anza Drive, a 31,000 square foot industrial property located in Santa Clarita, California for approximately $5,600 less closing costs. We recorded a gain on the sale of the property in the amount of $1,724.

2019 Dispositions

On January 7, 2019, two retail properties in the NYC Retail Portfolio with a combined 148,000 square feet were sold and the mortgage loans were extinguished.

On February 7, 2019, we sold 111 Sutter Street for approximately $227,000 less closing costs. In connection with the disposition, the mortgage loan associated with the property of approximately $52,300 was retired. We recorded a gain on the sale of property in the amount of $107,108.

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On June 28, 2019, a 218,000 square foot property within the NYC Retail Portfolio was relinquished to the lender and its mortgage loan was extinguished.

FINANCING

The following is a summary of the mortgage notes for our consolidated properties as of December 31, 2021:

Property	Interest Rate		Maturity Date	Principal Balance
Aurora Distribution Center	3.39	%	June 1, 2023	$	13,441
180 N Jefferson	3.89		July 1, 2023	45,000
Grand Lakes Marketplace	4.20		October 1, 2023	23,900
Oak Grove Plaza	4.17		February 1, 2024	8,915
Charlotte Distribution Center	3.66		September 1, 2024	9,341
Genesee Plaza	4.30		January 1, 2025	39,285
Jory Trail at the Grove	3.81		February 1, 2025	42,793
Skokie Commons	3.31		June 1, 2025	23,627
DFW Distribution Center	3.23		June 1, 2025	17,720
AQ Rittenhouse	3.65		September 1, 2025	26,370
Timberland Town Center	4.07		October 1, 2025	20,253
Whitestone Market	3.58		December 1, 2025	25,750
Miramont Apartments	3.87		March 1, 2026	27,629
Pinecone Apartments	3.87		March 1, 2026	25,355
Louisville Distribution Center	1.76		May 1, 2026	52,250
Maui Mall	3.64		June 1, 2026	36,322
Rancho Temecula Town Center	4.02		July 1, 2026	28,000
Dylan Point Loma	3.83		September 1, 2026	40,319
237 Via Vera Cruz	1.50		September 1, 2026	11,880
4211 Starboard Drive	1.50		September 1, 2026	20,612
13500 Danielson Street	1.50		September 1, 2026	10,990
2840 Loker Ave	1.50		September 1, 2026	14,316
15890 Bernardo Center Drive	1.50		September 1, 2026	8,702
Lane Parke Apartments	3.18		November 1, 2026	37,000
The District at Howell Mill	5.30		March 1, 2027	28,858
San Juan Medical Center	3.35		October 1, 2027	16,730
Whitestown Distribution Center	2.95		February 10, 2028	34,000
Townlake of Coppell	2.41		April 10, 2028	36,030
Southeast Phoenix Distribution Center	2.70		June 1, 2028	49,000
Princeton North Andover	1.65		June 1, 2028	39,900
Stonemeadow Farms	3.62		August 1, 2029	44,722
Presley Uptown	3.25		November 1, 2029	30,000
Reserve at Johns Creek	3.58		December 1, 2029	26,000
Summit at San Marcos	3.28		May 1, 2030	35,900
Mason Mill Distribution Center	3.25		October 1, 2030	17,500
The Penfield	2.50		October 1, 2030	35,500
South San Diego Distribution Center	3.18		January 1, 2031	72,500
Villas at Legacy	2.53		January 1, 2031	29,500
The Preserve at the Meadows	2.57		October 1, 2031	32,400
The Rockwell	2.62		October 1, 2031	46,310

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On May 24, 2021, we entered into a credit agreement providing for a $650,000 revolving line of credit and unsecured term loan (collectively, the "Credit Facility") with a syndicate of eight lenders led by JPMorgan Chase Bank, N.A., Bank of America, N.A., PNC Bank, National Association, and Wells Fargo Bank, N.A.. The Credit Facility provides us with the ability, from time to time, to increase the size of the Credit Facility up to a total of $800,000, subject to receipt of lender commitments and other conditions. The $650,000 Credit Facility consists of a $415,000 revolving line of credit (the “Revolving Credit Facility”) and a $235,000 term loan (the “Term Loan”). The Revolving Credit Facility contains a sublimit of $25,000 for letters of credit. The primary interest rate for the Revolving Credit Facility is based on LIBOR, plus a margin ranging from 1.4% to 2.10%, depending on our total leverage ratio. The primary interest rate for the Term Loan is based on LIBOR, plus a margin ranging from 1.35% to 2.05%, depending on our total leverage ratio. The maturity date of the Revolving Credit Facility and the Term Loan is May 24, 2025. Based on our current total leverage ratio, we can elect to borrow at LIBOR plus 1.45% and LIBOR plus 1.40% for the Revolving Credit Facility and Term Loan, respectively, or alternatively, we can choose to borrow at a “base rate” equal to (i) the highest of (a) the Federal Funds Rate plus 0.5%, (b) the prime rate announced by JPMorgan Chase Bank, N.A., and (c) LIBOR plus 1.0%, plus (ii) a margin ranging from 0.40% to 1.10% for base rate loans under the Revolving Credit Facility or a margin ranging from 0.35% to 1.05% for base rate loans under the Term Loan. If the “base rate” is less than 1.0%, it will be deemed to be 1.0% for purposes of the Credit Facility. We intend to use the Revolving Credit Facility to cover short-term capital needs, for new property acquisitions and working capital. We may not draw funds on our Credit Facility if we (i) experience a material adverse effect, which is defined to include, among other things, (a) a material adverse effect on the business, assets, operations or financial condition of the Company taken as a whole; (b) the inability of any loan party to perform any of its obligations under any loan document; or (c) a material adverse effect upon the validity or enforceability of any loan document or (ii) are in default, as that term is defined in the agreement, including a default under certain other loan agreements and/or guarantees entered into by us or our subsidiaries. As of December 31, 2021, we believe no material adverse effects had occurred.

On December 10, 2021, we entered into an additional $100,000 short-term bridge loan (the "Bridge Loan") with JPMorgan Chase Bank, N.A. under the same terms as our Credit Facility. The Bridge Loan bears interest at the secured overnight financing rate ("SOFR") plus 1.45% to 2.15% depending on our total leverage ratio. The maturity date of the Bridge Loan is June 10, 2022 and has two, three month extension options. Based on our current total leverage ratio this borrowing is priced at SOFR plus 1.70%.

Borrowings under the Credit Facility are guaranteed by us and certain of our subsidiaries. The Credit Facility requires the maintenance of certain financial covenants, including: (i) unencumbered property pool leverage ratio; (ii) debt service coverage ratio; (iii) maximum total leverage ratio; (iv) fixed charges coverage ratio; (v) minimum NAV; (vi) maximum secured debt ratio; (vii) maximum secured recourse debt ratio; (viii) maximum permitted investments; and (ix) unencumbered property pool criteria. The Credit Facility provides the flexibility to move assets in and out of the unencumbered property pool during the term of the Credit Facility.

At December 31, 2021, we had $300,000 outstanding under the Revolving Credit Facility at LIBOR + 1.65%, $235,000 outstanding under the Term Loan at LIBOR + 1.60% and $100,000 outstanding under the Bridge Loan at SOFR + 1.70%. We swapped the LIBOR portion on $190,000 of our Term Loan to a blended fixed rate of 1.80% (all in rate of 3.40% at December 31, 2021). We swapped $90,000 of the Revolving Credit Facility to a fixed rate of 2.08% (all in rate of 3.68% at December 31, 2021). The interest swap agreements have maturity dates ranging from May 26, 2022 through February 17, 2023. At December 31, 2020, we had nothing outstanding under our previous credit facility and $100,000 outstanding under the Term Loans.

At December 31, 2021, we were in compliance with all debt covenants.

INSURANCE

Although we believe our investments are currently adequately covered by insurance consistent with the terms and levels of coverage that are standard in our industry, we cannot predict at this time if we will be able to obtain adequate coverage at a reasonable cost in the future.

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OPERATING STATISTICS

We generally hold investments in properties with high occupancy rates leased to quality tenants under long-term, non-cancelable leases. We believe these leases are beneficial to achieving our investment objectives. The following table shows our operating statistics by property type for our consolidated properties as of December 31, 2021:

	Number of Properties	Total Area (Sq Ft)	% of Total Area		Stabilized Occupancy %(1)		Estimated Percent  of Fair Value		Average Minimum Base Rent per Occupied Sq Ft(2)
Industrial	56	12,093,000	61	%	100	%	40	%	$	6.28
Office	16	1,256,000	6		98		12		31.72
Residential	20	4,663,000	23		95		34		23.15
Retail	12	1,834,000	9		93		14		21.10
Other	1	130,000	1		N/A		—		N/A
Total	105	19,976,000	100	%	98	%	100	%	$	13.14

________

(1)We calculate stabilized portfolio occupancy as the occupancy of all the properties we own, excluding newly constructed properties that have not yet leased up to 90% since our acquisition of the property.

(2)Amount calculated as in-place minimum base rent for all occupied space at December 31, 2021 and excludes any straight line rents, tenant recoveries and percentage rent revenues.

The following table shows our operating statistics by property type for our unconsolidated properties as of December 31, 2021:

	Number of Properties/ Portfolios (1)	Total Area (Sq Ft)	% of Total Area		Stabilized Occupancy %(2)		Estimated Percent  of Fair Value		Average Minimum Base Rent per Occupied Sq Ft(3)
Office	1	308,000	3	%	68	%	10	%	$	30.63
Residential	5	8,002,000	76		96		78		12.70
Retail	8	1,940,000	18		91		11		35.10
Other	1	167,000	2		N/A		1		N/A
Total	15	10,417,000	99	%	94	%	100	%	$	17.19

________

(1)Residential includes over 4,000 single-family rental homes in the Single-Family Rental Portfolio.

(2)We calculate stabilized portfolio occupancy as the occupancy of all the properties we own, excluding newly constructed properties that have not yet leased up to 90% since our acquisition of the property.

(3)Amount calculated as in-place minimum base rent for all occupied space at December 31, 2021 and excludes any straight line rents, tenant recoveries and percentage rent revenues.

As of December 31, 2021, our average effective annual rent per square foot, calculated as average minimum base rent per occupied square foot less tenant concessions and allowances, was $11.39 for our consolidated properties. As of December 31, 2021, the scheduled lease expirations at our consolidated properties are as follows: 

Year	Number of Leases Expiring	Annualized Minimum Base Rent (1)		Square Footage	Percentage of Annualized Minimum Base Rent
2022 (2)	44	$	6,071	368,000	4	%
2023	56	12,523		1,406,000	8
2024	59	15,742		1,419,000	10
2025	69	16,695		1,336,000	11
2026	63	19,766		3,112,000	13
2027 and thereafter	168	79,623		7,390,000	53
Total	459	$	150,420	15,031,000

________ 

(1)Amount calculated as annualized in-place minimum base rent excluding any above- and below-market lease amortization, straight line rents, tenant recoveries and percentage rent revenues as of December 31, 2021 presented in the year of lease expiration.

(2)Does not include 4,894 leases totaling approximately 4,397,000 square feet and approximately $101,779 in annualized minimum base rent associated with the 20 residential properties we owned as of December 31, 2021.

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As of December 31, 2021, the scheduled lease expirations at our unconsolidated properties are as follows: 

Year	Number of Leases Expiring	Annualized Minimum Base Rent (1)		Square Footage	Percentage of Annualized Minimum Base Rent
2022 (2)	10	$	4,038	134,000	6	%
2023	12	6,190		166,000	9
2024	15	11,423		362,000	17
2025	12	10,188		230,000	15
2026	12	11,900		293,000	17
2027 and thereafter	40	24,637		744,000	36
Total	101	$	68,376	1,929,000

________ 

(1)Amount calculated as annualized in-place minimum base rent excluding any above- and below-market lease amortization, straight line rents, tenant recoveries and percentage rent revenues as of December 31, 2021 presented in the year of lease expiration.

(2)Does not include 4,684 leases for apartments and single-family homes totaling approximately 7,652,054 square feet and approximately $97,151 in annualized minimum base rent associated with the five unconsolidated residential investments.

The following table shows the aggregate stabilized portfolio occupancy rates for our consolidated and unconsolidated properties as of December 31, 2021 and each of the previous five years:

As of December 31,	Stabilized Occupancy Rate for Consolidated Properties(1)		Stabilized Occupancy Rate for Unconsolidated Properties(1)
2021	98	%	94	%
2020	96		87
2019	97		91
2018	94		93
2017	94		95
2016	95		97

________ 

(1)We calculate stabilized portfolio occupancy as the occupancy of all the properties we own, excluding newly constructed properties that have not yet leased up to 90% since our acquisition of the property.

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The following tables show the stabilized occupancy rates for our consolidated properties by property type as well as the average minimum base rent per occupied square foot as of December 31, 2021 and 2020:

	Stabilized Occupancy Rate
	December 31, 2021		December 31, 2020		Change
Industrial	100	%	99	%	1	%
Office	98		93		5
Residential	95		94		1
Retail	93		93		—
Total	98	%	96	%	2	%

________ 

(1)    We calculate stabilized portfolio occupancy as the occupancy of all the properties we own, excluding newly constructed properties that have not yet leased up to 90% since our acquisition of the property.

	Average Minimum Base Rent per Occupied Square Foot (1)
	December 31, 2021		December 31, 2020		Change
Industrial	$	6.28	$	5.51	$	0.77
Office	31.72		33.99		(2.27)
Residential	23.15		21.68		1.47
Retail	21.10		21.05		0.05
Total	$	13.14	$	13.03	$	0.11

________

(1)      Amount calculated as in-place minimum base rent for all occupied space and excludes any straight line rents, tenant recoveries and percentage rent revenues.

Our industrial properties' stabilized occupancy rate increased slightly from December 31, 2020 to December 31, 2021. The average minimum base rent per occupied square foot for our industrial properties at December 31, 2021 increased slightly when compared to December 31, 2020, due to higher in place rents of our recent acquisitions, as well as base rent increases in our existing properties.

Our office properties' stabilized occupancy rate increased from December 31, 2020 to December 31, 2021 primarily due to recent acquisitions of fully-leased properties as well as new leases executed at Fountainhead Corporate Park. Average minimum base rent decreased from December 31, 2020 to December 31, 2021 primarily as a result of recent acquisitions, which have lower minimum base rents than our average office property.

Our residential properties' stabilized occupancy rate increased slightly from December 31, 2020 to December 31, 2021. The average minimum base rents per occupied square foot for our residential properties at December 31, 2021 increased when compared to December 31, 2020, primarily due to recent acquisitions, which have higher market rents.

Our retail properties' stabilized occupancy rate remained the same from December 31, 2020 to December 31, 2021. The average minimum base rents per occupied square foot for our retail properties at December 31, 2021 increased slightly when compared to December 31, 2020, primarily due to base rent increases.

The stabilized occupancy rate of our properties increased across our overall portfolio from December 31, 2020 to December 31, 2021, primarily due to recent acquisitions. The average minimum base rent per occupied square foot increased slightly from December 31, 2020 to December 31, 2021, primarily due to higher in place rents of our recent acquisitions.

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PRINCIPAL TENANTS

The following table sets forth the top ten tenants of our consolidated properties based on their percentage of annualized minimum base rent as of December 31, 2021:

Tenants	Property	Line of Business	Date of Lease Expiration	Lease Renewal Options	Annual Minimum Base Rent (1)		% of Total Area		% of Annualized Minimum Base Rent (2)
Amazon	Monument IV at Worldgate, Pinole Point Distribution Center, Maui Mall & Grand Lakes Marketplace	Internet Web Services / Online Retailer / Grocery Store	Various	Various	12,952		3	%	5	%
McKesson Corporation	Louisville Distribution Center	Pharmaceutical Distibutor	December 31, 2030	Two 5-year options	4,265		5	%	2	%
Williams Sonoma	Pinole Point Distribution Center, Taunton Distribution Center	Home Products Retailer	Various	Various	3,009		1	%	1	%
Musician's Friend(3)	Norfleet Distribution Center	Online Retailer	December 31, 2026	Three 5-year options	2,886		4	%	1	%
Cellularity Inc	170 Park Ave	Biotechnology Company	1/31/2036	Two 5-year options	2,760		1	%	1	%
Summit Medical Group	140 Park Ave.	Medical Practice	April 30, 2030	Three 5-year options	2,750		1	%	1	%
Quanta Computer	Fremont Distribution Center	Computer Manufacturer	August 31, 2025	Two 5-year options	2,640		1	%	1	%
Mitsubishi Electric	Suwanee Distribution Center	HVAC Manufacturer	July 31, 2023	None	2,622		3	%	1	%
Kroger	Montecito Marketplace, Oak Grove Plaza, & Skokie Commons	Grocery Store	Various	Two 5-year options	2,490		1	%	1	%
Virginia Urology	9101 Stony Point	Medical Practice	March 31, 2035	Three 5-year options	2,384		1	%	1	%
Total					$	38,758	21	%	15	%

________

(1)Annual minimum base rent is calculated as annualized monthly in-place minimum base rent excluding any above- and below-market lease amortization, straight-line rents, tenant recoveries and percentage rent revenues.

(2)Percent of annualized minimum base rent is calculated as annualized in-place minimum base rent excluding any above- and below-market lease amortization, straight-line rents, tenant recoveries and percentage rent revenues divided by total annualized minimum base rent.

(3)Norfleet Distribution Center was classified as held for sale on December 15, 2021 and subsequently sold on January 6, 2022.

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PRINCIPAL PROPERTIES

The following table sets forth our top ten consolidated properties based on percentage of annualized minimum base rent as of December 31, 2021: 

Properties	% of Total Area		% of Annualized Minimum Base Rent (1)
Monument IV at Worldgate	1	%	4	%
Fountainhead Corporate Park	2		3
180 North Jefferson	1		3
South San Diego Distribution Center	3		3
Genesee Plaza	1		3
Lane Parke Apartments	1		3
Townlake of Coppell	2		3
Dylan at Point Loma	1		3
Woodside Trumbull	1		2
Reserve at Venice	1		2
Total	14	%	29	%

________

(1)Minimum base rent is calculated as in-place minimum base rent excluding any above- and below-market lease amortization, straight-line rents, tenant recoveries and percentage rent revenues.

Item 3. Legal Proceedings.

We are involved in various claims and litigation matters arising in the ordinary course of business, some of which involve claims for damages. Many of these matters are covered by insurance, although they may nevertheless be subject to deductibles or retentions. Although the ultimate liability for these matters cannot be determined, based upon information currently available, we believe the ultimate resolution of such claims and litigation will not have a material adverse effect on our financial position, results of operations or liquidity.

Item 4. Mine Safety Disclosures.

Not applicable.

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PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Our common stock is not currently traded on any exchange, and there is no established public trading market for our common stock. As of March 11, 2022, there were 17,766 stockholders of record of our common stock, including 10,652 holders of Class A, 4,278 holders Class M, 55 holders Class A-I, 2,780 holders of Class M-I and 1 holder of Class D shares.

NAV per Share

At the end of each day the New York Stock Exchange is open for unrestricted trading, before taking into consideration additional issuances of shares of common stock, repurchases or class-specific expense accruals for that day, any change in our aggregate NAV (whether an increase or decrease) is allocated among each class of shares based on each class's relative percentage of the previous aggregate NAV. Changes in our daily NAV reflect factors including, but not limited to, our portfolio income, interest expense and unrealized/realized gains (losses) on assets, and accruals for the advisory fees. The portfolio income is calculated and accrued on the basis of data extracted from (1) the annual budget for each property and at the company level, including organization and offering expenses incurred after commencement of a public offering and certain operating expenses, (2) material, unbudgeted non-recurring income and expense events such as capital expenditures, prepayment penalties, assumption fees, tenant buyouts, lease termination fees and tenant turnover with respect to our properties when our Advisor becomes aware of such events and the relevant information is available and (3) material property acquisitions and dispositions occurring during the month. For the first month following a property acquisition, we calculate and accrue portfolio income with respect to such property based on the performance of the property before the acquisition and the contractual arrangements in place at the time of the acquisition, as identified and reviewed through our due diligence and underwriting process in connection with the acquisition. On an ongoing basis, our Advisor adjusts the accruals to reflect actual operating results and to appropriately reflect the outstanding receivable, payable and other account balances resulting from the accumulation of daily accruals for which financial information is available. The daily accrual of portfolio income also includes reimbursements to our Advisor and dealer manager for organization and offering expenses incurred prior to the date the offering commences and paid on our behalf, which we are reimbursing over the 36 months following the date the offering commences. For the purpose of calculating our NAV, all organization and offering costs incurred after the date the offering commences are recognized as expenses when incurred, and acquisition expenses with respect to each acquired property will be amortized on a daily basis over a five year period following the acquisition date.

Following the allocation of income and expenses as described above, NAV for each class is adjusted for additional issuances of common stock, repurchases and class specific expense accruals, such as the dealer manager fee (which will be included in the calculation on a daily basis and not when accrued on our financial statements), to determine the current day's NAV. Our share classes may have different expense accruals associated with the advisory fee we pay to our Advisor because the performance component of the advisory fee is calculated separately with respect to each class. At the close of business on the date that is one business day after each record date for any declared distribution, our NAV for each class will be reduced to reflect the accrual of our liability to pay the distribution to our stockholders of record of each class as of the record date. NAV per share for each class is calculated by dividing such class's NAV at the end of each trading day by the number of shares outstanding for that class on such day.

At the beginning of each calendar year, our Advisor develops a valuation plan with the objective of having each of our wholly owned properties valued each quarter by an appraisal. Newly acquired wholly owned properties are initially valued at cost and thereafter become subject to the quarterly appraisal cycle during the quarter following the first full calendar quarter in which we own the property.

The fair value of our wholly owned properties is done using the fair value methodologies detailed within the FASB Accounting Standards Codification under Topic 820, Fair Value Measurements and Disclosures. Our valuation procedures and our NAV are not subject to GAAP or independent audit. Real estate appraisals are reported on a free and clear basis, excluding any property-level indebtedness that may be in place. We expect the primary methodology used to value properties will be the income approach, whereby value is derived by determining the present value of an asset's stream of future cash flows (for example, discounted cash flow analysis). Consistent with industry practices, the income approach incorporates subjective judgments regarding comparable rental and operating expense data, the capitalization or discount rate and projections of future rent and expenses based on appropriate evidence. Other methodologies that may also be used to value properties include sales comparisons and replacement cost approaches.

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A fundamental element of the valuation process, the valuation of our properties and the DST Properties, is managed by our independent valuation advisor, SitusAMC Real Estate Valuation Services, LLC (formally known as RERC, LLC), a valuation firm selected by our advisor and approved by our board of directors, including a majority of our independent directors. SitusAMC Real Estate Valuation Services, LLC, founded in 1931, is one of the longest-serving commercial real estate research, valuation and consulting firms in the nation with offices throughout the United States. SitusAMC Real Estate Valuation Services, LLC is engaged in the business of rendering opinions regarding the value of commercial real estate properties and is not affiliated with us or our advisor. The compensation we pay to our independent valuation advisor is based on the number of properties appraised and is not based on the estimated values of such properties. While our independent valuation advisor is responsible for providing our property valuations, our independent valuation advisor is not responsible for, and does not calculate, our daily NAV. Effective January 1, 2018, our NAV and our NAV per share are calculated by ALPS, in accordance with the valuation guidelines established by our board of directors. Our advisor is responsible for reviewing and confirming our NAV, and overseeing the process around the calculation of our NAV, in each case, as performed by ALPS.

Our independent valuation advisor has provided, and is expected to continue to provide, real estate appraisal, appraisal management and real estate valuation advisory services to other clients of our advisor and its affiliates and has received, and is expected to continue to receive, fees in connection with such services. Our independent valuation advisor and its affiliates may from time to time in the future perform other commercial real estate and financial advisory services for other clients of our advisor and its affiliates, so long as such other services do not adversely affect the independence of the independent valuation advisor as certified in the applicable appraisal report.

Properties held through joint ventures are valued in a manner that is consistent with the guidelines described above for wholly-owned properties. Once the value of a property held by the joint venture is determined by an independent appraisal, the value of our interest in the joint venture would then be determined by applying the distribution provisions of the applicable joint venture agreements to the value of the underlying property held by the joint venture.

The DST Properties included in a DST offering will be valued at cost until the quarterly appraisal cycle during the quarter following the first full calendar quarter in which the DST Property is owned, and thereafter will be valued before the commencement of the DST offering for purposes of determining the price for beneficial interests in the DST Properties in such DST offering regardless of the valuation schedule otherwise applicable pursuant to the valuation guidelines, and no subsequent valuation of such DST Properties will be performed until the earlier of (i) ninety days from the date of the last closing on the DST offering and (ii) one year from the commencement of the DST offering. Such values will be included in our or our operating partnership’s NAV calculation only to the extent of our or our operating partnership’s interest in such DST Properties. In addition, the cash received or a loan made in exchange for the sale of interests in a DST Property will be valued as our assets.

Real estate-related assets that we own or may acquire include debt and equity interests backed principally by real estate, such as the common and preferred stock of publicly traded real estate companies, commercial mortgage-backed securities, mortgage loans and participations in mortgage loans (i.e. A-Notes and B-Notes) and mezzanine loans. In general, real estate-related assets are valued according to the procedures specified below upon acquisition or issuance and then quarterly, or in the case of liquid securities, daily, as applicable, thereafter.

Publicly traded debt and real estate-related equity securities (such as bonds and shares issued by listed REITs) that are not restricted as to salability or transferability are valued by our Advisor on the basis of publicly available information provided by third parties. Generally, the third parties will rely on the price of the last trade of such securities that was executed at or prior to closing on the valuation day or, in the absence of such trade, the last “bid” price. Our Advisor may adjust the value of publicly traded debt and real estate-related equity securities that are restricted as to salability or transferability for a liquidity discount. In determining the amount of such discount, consideration will be given to the nature and length of such restriction and the relative volatility of the market price of the security.

Investments in privately placed debt instruments and securities of real estate-related operating businesses (other than joint ventures), such as real estate development or management companies, are valued by our Advisor at cost (purchase price plus all related acquisition costs and expenses, such as legal fees and closing costs) and thereafter will be revalued each quarter at fair value. In evaluating the fair value of our interests in certain commingled investment vehicles (such as private real estate funds), values periodically assigned to such interests by the respective issuers, broker-dealers or managers may be relied upon. Our board of directors may retain additional independent valuation firms to assist with the valuation of our private real estate-related assets.

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Individual investments in private mortgages, mortgage participations and mezzanine loans are valued by our Advisor at our acquisition cost and may be revalued by our Advisor from time to time. Revaluations of mortgages reflect the changes in value of the underlying real estate, with anticipated sale proceeds (estimated cash flows) discounted to their present value using a discount rate based on current market rates.

Liquid non-real estate-related assets include credit rated government and corporate debt securities, publicly traded equity securities and cash and cash equivalents. Liquid non-real estate-related assets are valued daily by our Advisor.

Our liabilities include the fees payable to our Advisor and dealer manager, accounts payable, accrued operating expenses, property-level mortgages, any portfolio-level credit facilities and other liabilities. All liabilities are valued at cost. Costs and expenses that relate to a particular loan will be amortized over the life of the loan. We allocate the financing costs and expenses incurred in connection with obtaining multiple loans that are not directly related to any single loan among the applicable loans, generally pro rata based on the amount of proceeds from each loan. Liabilities allocable to a specific class of shares are only included in the NAV calculation for that class. For non-recourse, property-level mortgages that exceed the value of the underlying property, we assume a value of zero for purposes of the property and the mortgage in the determination of our NAV.

NAV as of December 31, 2021

The following table presents our historical NAV per share as of each date indicated below:

	NAV per Share
Quarter Ended	Class A		Class M		Class A-I		Class M-I		Class D
December 31, 2021	$	13.56	$	13.58	$	13.59	$	13.58	$	13.57
September 30, 2021	12.71		12.73		12.75		12.74		12.72
June 30, 2021	12.07		12.09		12.10		12.10		12.08
March 31, 2021	11.81		11.83		11.84		11.84		11.82
December 31, 2020	11.60		11.62		11.63		11.62		11.61
September 30, 2020	11.56		11.58		11.59		11.58		11.57
June 30, 2020	11.60		11.63		11.64		11.63		11.61
March 31, 2020	11.94		11.96		11.97		11.97		11.95

The increase in NAV from December 31, 2020 to December 31, 2021 is primarily related to an overall 15.9% increase in the values of our properties during 2021.

The following table provides a breakdown of the major components of our NAV per share as of December 31, 2021:

	December 31, 2021
Component of NAV	Class A		Class M		Class A-I		Class M-I		Class D		Total
Real estate investments(1)	$	2,307,210	$	842,232	$	216,341	$	1,217,062	$	173,358	$	4,756,203
Debt	(988,699)		(360,918)		(92,708)		(521,543)		(74,289)		(2,038,157)
Other assets and liabilities, net	37,998		13,871		3,563		20,044		2,856		78,332
Estimated enterprise value premium	None assumed		None assumed		None assumed		None assumed		None assumed		None assumed
NAV	$	1,356,509	$	495,185	$	127,196	$	715,563	$	101,925	$	2,796,378
Number of outstanding shares	100,038,362		36,458,191		9,356,309		52,676,693		7,513,281
NAV per share	$	13.56	$	13.58	$	13.59	$	13.58	$	13.57

________

(1)The value of our real estate investments was greater than the historical cost by approximately 3.6% as of December 31, 2021.

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The following table provides a breakdown of the major components of our NAV per share as of December 31, 2020:

	December 31, 2020
Component of NAV	Class A		Class M		Class A-I		Class M-I		Class D		Total
Real estate investments(1)	$	1,464,376	$	582,651	$	157,468	$	544,201	$	81,029	$	2,829,725
Debt	(472,476)		(187,990)		(50,807)		(175,584)		(26,144)		(913,001)
Other assets and liabilities, net	48,023		19,107		5,165		17,846		2,658		92,799
Estimated enterprise value premium	None assumed		None assumed		None assumed		None assumed		None assumed		None assumed
NAV	$	1,039,923	$	413,768	$	111,826	$	386,463	$	57,543	$	2,009,523
Number of outstanding shares	89,671,096		35,612,156		9,616,299		33,247,001		4,957,915
NAV per share	$	11.60	$	11.62	$	11.63	$	11.62	$	11.61

________

(1)     The value of our real estate investments was greater than the historical cost by approximately 2.6% as of December 31, 2020.

The following are key assumptions (shown on a weighted-average basis) that are used in the discounted cash flow models to estimate the value of our real estate investments as of December 31, 2021:

	Industrial		Office		Residential		Retail		Other (1)		Total Company
Exit capitalization rate	4.61	%	5.54	%	4.51	%	5.49	%	6.25	%	4.85	%
Discount rate/internal rate of return (IRR)	5.62		6.32		5.94		6.42		7.80		5.99
Annual market rent growth rate	3.30		2.77		3.31		2.74		3.07		3.14
Holding period (years)	10.00		10.00		10.00		10.00		21.83		10.09

________

(1)    Other includes two standalone parking garages. South Beach Parking Garage is subject to a ground lease and the appraisal incorporates discounted cash flows over the remaining term and therefore does not utilize an exit capitalization rate.

The following are key assumptions (shown on a weighted-average basis) that are used in the discounted cash flow models to estimate the value of our real estate investments as of December 31, 2020:

	Industrial		Office		Residential		Retail		Other (1)		Total Company
Exit capitalization rate	5.44	%	5.72	%	5.09	%	5.56	%	6.25	%	5.43	%
Discount rate/internal rate of return (IRR)	6.00		6.50		6.35		6.38		7.78		6.30
Annual market rent growth rate	2.96		2.80		3.03		2.50		3.13		2.83
Holding period (years)	10.00		10.00		10.00		10.00		21.81		10.15

________

(1)    Other includes two standalone parking garages. South Beach Parking Garage is subject to a ground lease and the appraisal incorporates discounted cash flows over the remaining term and therefore does not utilize an exit capitalization rate.

While we believe our assumptions are reasonable, a change in these assumptions would impact the calculation of the value of our real estate investments. For example, assuming all other factors remain unchanged, the changes listed below would result in the following effects on our real estate investment value:

Input		December 31, 2021		December 31, 2020
Discount Rate - weighted average	0.25% increase	(1.7)	%	(2.0)	%
Exit Capitalization Rate - weighted average	0.25% increase	(2.8)		(2.9)
Annual market rent growth rate - weighted average	0.25% decrease	(1.2)		(1.5)

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The following table reconciles stockholders' equity per our Consolidated Balance Sheet to our NAV:

	December 31, 2021
Stockholders' equity under GAAP	$	1,747,335
Adjustments:
Accrued dealer manager fees (1)	132,865
Organization and offering costs (2)	761
Unrealized real estate appreciation (3)	545,034
Accumulated depreciation, amortization and other (4)	370,383
NAV	$	2,796,378

________

(1)    Accrued dealer manager fees represents the accrual for future dealer manager fees for Class A, Class M and Class A-I shares. We accrue all future dealer manager fees up to the ten percent regulatory limit on the date of sale of our common stock as an offering cost.  For NAV calculation purposes, dealer manger fees are accrued daily, on a continuous basis equal to 1/365th of the stated fee.

(2)    The Advisor agreed to advance organization and offering costs on our behalf through December 21, 2021. Such costs will be reimbursed to the Advisor ratably over 36 months through December 20, 2024. Under GAAP, organization costs are expensed as incurred and offering costs are charged to equity as such amounts are incurred. For NAV, such costs will be recognized as a reduction to NAV ratably over 36 months.

(3)    Our investments in real estate are presented under historical cost in our GAAP Consolidated Financial Statements. As such, any increases in the fair market value of our investments in real estate are not included in our GAAP results. For purposes of determining our NAV, our investments in real estate are recorded at fair value.

(4)    We depreciate our investments in real estate and amortize certain other assets and liabilities in accordance with GAAP. Such depreciation and amortization is not recorded for purposes of determining our NAV. Additionally, we make other fair value adjustments to our NAV to account for differences with historical cost GAAP, an example would be straight-line rent revenue.

Limitations and Risks

As with any valuation methodology, our methodology is based upon a number of estimates and assumptions that may not be accurate or complete. Our valuation methodology may not result in the determination of the fair value of our net assets as our mortgage notes and other debt payable are valued at cost. Different parties with different assumptions and estimates could derive a different NAV per share.

Accordingly, with respect to our NAV per share, we can provide no assurance that:

•a stockholder would be able to realize this NAV per share upon attempting to resell his or her shares;

•we would be able to achieve for our stockholders the NAV per share upon a listing of our shares of common stock on a national securities exchange, selling our real estate portfolio, or merging with another company; or

•the NAV per share, or the methodologies relied upon to estimate the NAV per share, will be found by any regulatory authority to comply with any regulatory requirements.

Furthermore, the NAV per share was calculated as of a particular point in time. The NAV per share will fluctuate over time in response to, among other things, changes in real estate market fundamentals, capital markets activities and attributes specific to the properties and leases within our portfolio.

UNREGISTERED SALES OF EQUITY SECURITIES

On March 3, 2015, we commenced the Private Offering of up to $350,000 in shares of our Class D common stock with indefinite duration. As of December 31, 2021, we have raised aggregate gross proceeds from the sale of 8,711,716 Class D shares in our Private Offering of $98,188. The shares of common stock issued in the Private Offering were issued in transactions exempt from registration under the Securities Act pursuant to Rule 506 of Regulation D promulgated under the Securities Act because the purchasers are accredited investors within the meaning of Regulation D under the Securities Act. The Dealer Manager also serves as the dealer manager for the Private Offering. No commissions were paid with respect to the placement of shares in connection with the Private Offering.

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ISSUER PURCHASES OF EQUITY SECURITIES

Share Repurchase Plan

We adopted a share repurchase plan whereby on a daily basis stockholders may request we repurchase all or a portion of their shares of common stock at that day's NAV per share. The share repurchase plan is subject to a one-year holding period, with certain exceptions, and limited to 5% of NAV per quarter. To date, we have neither deferred nor rejected any request for repurchase under our share repurchase plan. All redemptions were paid out from offering proceeds. During the quarter ended December 31, 2021, we fulfilled redemption requests and repurchased shares of our common stock pursuant to our share repurchase plan as follows:

Period	Total Number of Shares Purchased	Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet Be Purchased Pursuant to the Plan (1)
October 1-October 31, 2021	700,175	$12.77	700,175	—
November 1-November 30, 2021	703,360	12.94	703,360	—
December 1-December 31, 2021	432,000	13.38	432,000	—

________

(1)    Redemptions are limited as described above. 

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Performance Graph (Dollars in whole dollars)

The following graph is a comparison of the cumulative return of our shares of Class M-I common stock (post leverage and fees), the Standard and Poor’s 500 Index (“S&P 500”) and the National Counsel of Real Estate Investment Fiduciaries Fund Index-Open-End Diversified Core Equity (“ODCE”). The graph assumes that $100 was invested on January 1, 2017 in each of shares of Class M-I common stock, the S&P 500 Index and the ODCE, assuming that all dividends were reinvested without the payment of any commissions. We currently have Class A, Class M, Class A-I, Class M-I and Class D common stock outstanding. There can be no assurance that the performance of our shares will continue in line with the same or similar trends depicted in the graph below.

*The ODCE is a capitalization-weighted, time weighted index of open-end core real estate funds reported net of fees. The term core typically reflects lower risk investment strategies, utilizing low leverage and generally represented by equity ownership positions in stable U.S. operating properties. Funds are weighted by capitalization, so larger funds have a greater impact on index returns. While funds used in this benchmark typically target institutional investors and have characteristics that differ from the Company (including differing fees), we feel that the ODCE is an appropriate and accepted index for the purpose of evaluating returns on investments in direct real estate funds. Investors cannot invest in this index. The Company has the ability to utilize higher leverage than is allowed for the funds in this index, which could increase the Company’s volatility relative to the index.

Item 6. Reserved

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Management Overview

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help the reader understand our results of operations and financial condition. This MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying notes to the consolidated financial statements appearing elsewhere in this Form 10-K. All references to numbered Notes are to specific notes to our consolidated financial statements beginning on page F-1 of this Form 10-K, and the descriptions referred to are incorporated into the applicable portion of this section by reference. References to “base rent” in this Form 10-K refer to cash payments made under the relevant lease(s), excluding real estate taxes and certain property operating expenses that are paid by us and are recoverable under the relevant lease(s) and exclude adjustments for straight-line rent revenue and above- and below-market lease amortization.

The discussions surrounding our Consolidated Properties refer to our wholly or majority owned and controlled properties, which as of December 31, 2021 were comprised of:

Industrial

•Kendall Distribution Center,

•Norfleet Distribution Center,

•Suwanee Distribution Center,

•Grand Prairie Distribution Center,

•Charlotte Distribution Center,

•DFW Distribution Center,

•O'Hare Industrial Portfolio,

•Tampa Distribution Center,

•Aurora Distribution Center,

•Valencia Industrial Portfolio,

•Pinole Point Distribution Center,

•Mason Mill Distribution Center,

•Fremont Distribution Center (acquired in 2019),

•3324 Trinity Boulevard (acquired in 2019),

•Taunton Distribution Center (acquired in 2019),

•Chandler Distribution Center (acquired in 2019),

•Forth Worth Distribution Center (acquired in 2020),

•Whitestown Distribution Center (acquired in 2020),

•Louisville Distribution Center (acquired in 2021),

•Southeast Phoenix Distribution Center (acquired in 2021),

•Louisville Airport Distribution Center (acquired in 2021),

•237 Via Vera Cruz (acquired in 2021),

•4211 Starboard (acquired in 2021),

•13500 Danielson Street (acquired in 2021),

•5 National Way (acquired in 2021),

•47 National Way (acquired in 2021),

•Friendship Distribution Center (acquired in 2021),

•South San Diego Distribution Center (acquired in 2021),

•1755 Britannia Drive (acquired in 2021),

•2451 Bath Road (acquired in 2021),

•687 Conestoga Parkway (acquired in 2021),

•2840 Loker Avenue (acquired in 2021), and

•15890 Bernardo Center Drive (acquired in 2021).

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Office

•Monument IV at Worldgate,

•140 Park Avenue,

•San Juan Medical Center,

•Genesee Plaza (acquired in 2019),

•Fountainhead Corporate Park (acquired in 2020),

•170 Park Avenue (acquired in 2021),

•9101 Stony Point Drive (acquired in 2021),

•North Tampa Surgery Center (acquired in 2021),

•Durham Medical Office (acquired in 2021),

•1203 SW 7 Highway (acquired in 2021),

•8600 NE 82nd Street (acquired in 2021),

•South Reno Medical Center (acquired in 2021),

•Roeland Park Medical Office (acquired in 2021), and

•Sugar Land Medical Office (acquired in 2021).

Residential

•The Edge at Lafayette,

•Townlake of Coppell,

•AQ Rittenhouse,

•Lane Parke Apartments,

•Dylan Point Loma,

•The Penfield,

•180 North Jefferson,

•Jory Trail at the Grove,

•The Reserve at Johns Creek Walk,

•Villas at Legacy,

•Stonemeadow Farms (acquired in 2019),

•Summit at San Marcos (acquired in 2019),

•Presley Uptown (acquired in 2019),

•Princeton North Andover (acquired in 2021),

•The Preserve at the Meadows (acquired in 2021),

•The Rockwell (acquired in 2021),

•Miramont Apartments (acquired in 2021),

•Pinecone Apartments (acquired in 2021),

•The Reserve at Venice (acquired in 2021), and

•Woodside Trumbull (acquired in 2021).

Retail

•The District at Howell Mill,

•Grand Lakes Marketplace,

•Oak Grove Plaza,

•Rancho Temecula Town Center,

•Skokie Commons,

•Whitestone Market,

•Maui Mall,

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•Silverstone Marketplace,

•Kierland Village Center,

•Timberland Town Center,

•Montecito Marketplace, and

•Milford Crossing (acquired in 2020).

Other

•South Beach Parking Garage.

Sold Properties

•111 Sutter Street (sold in 2019),

•24823 Anza Drive (sold in 2020), and

•South Seattle Distribution Center (sold in 2021).

Discussions surrounding our Unconsolidated Properties refer to properties owned through joint venture arrangements or condominium interests, which were comprised of:

December 31, 2021	December 31, 2020	December 31, 2019
Pioneer Tower	Pioneer Tower	Pioneer Tower
NYC Retail Portfolio (1)	NYC Retail Portfolio (1)	NYC Retail Portfolio (1)
Chicago Parking Garage	Chicago Parking Garage	Chicago Parking Garage
The Tremont	The Tremont	The Tremont
The Huntington	The Huntington	The Huntington
Siena Suwanee Town Center	Siena Suwanee Town Center
Single-Family Rental Portfolio (1)
Kingston at McLean Crossing

________

(1)     We have elected the Fair Value Option to account for this investment.

Our primary business is the ownership and management of a diversified portfolio of industrial, office, residential, retail and other properties primarily located in the United States. It is expected that over time our real estate portfolio will be further diversified on a global basis and will be complemented by investments in real estate-related assets.

We are managed by our Advisor, LaSalle, a subsidiary of our Sponsor, JLL (NYSE: JLL), a New York Stock Exchange-listed leading professional services firm that specializes in real estate and investment management. We hire property management and leasing companies to provide the on-site, day-to-day management and leasing services for our properties. When selecting a property management or leasing company for one of our properties, we look for service providers that have a strong local market or industry presence, create portfolio efficiencies, have the ability to develop new business for us and will provide a strong internal control environment that will comply with our Sarbanes-Oxley Act of 2002 internal control requirements. We currently use a mix of property management and leasing service providers that include large national real estate service firms, including an affiliate of our Advisor, and smaller local firms.

We seek to minimize risk and maintain stability of income and principal value through broad diversification across property sectors and geographic markets and by balancing tenant lease expirations and debt maturities across the real estate portfolio. Our diversification goals also take into account investing in sectors or regions we believe will create returns consistent with our investment objectives. Under normal conditions, we intend to pursue investments principally in well-located, well-leased properties within the industrial, office, residential, retail and other sectors. We expect to actively manage the mix of properties and markets over time in response to changing operating fundamentals within each property sector and to changing economies and real estate markets in the geographic areas considered for investment. When consistent with our investment objectives, we also seek to maximize the tax efficiency of our investments through like-kind exchanges and other tax planning strategies.

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The following charts summarize our portfolio diversification by property sector and geographic region based upon the fair value of our properties. These tables provide examples of how our Advisor evaluates our real estate portfolio when making investment decisions.

Estimated Percent of Fair Value as of December 31, 2021

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Future Lease Expirations

The future lease expiration table represents the lease expirations by both total square feet and annualized minimum base rents for current tenants of our Consolidated Properties (excluding our residential properties).

Year	Total Occupied Square Footage	Annualized Minimum Base Rents (1)		Percent of Annualized Minimum Base Rents
2022 (2)	368,000	$	6,071	4	%
2023	1,406,000	12,523		8
2024	1,419,000	15,742		10
2025	1,336,000	16,695		11
2026	3,112,000	19,766		13
2027	1,404,000	20,240		13
2028	1,228,000	9,776		6
2029	375,000	4,593		3
2030	2,245,000	15,756		10
2031 and thereafter	2,138,000	29,257		22

________

(1)Amount calculated as annualized in-place minimum base rent excluding any above- and below-market lease amortization, straight line rents, tenant recoveries and percentage rent revenues.

(2)Does not include 4,894 short-term leases totaling approximately 4,397,000 square feet and approximately $101,779 in annualized minimum base rent associated with our 20 residential properties as of December 31, 2021.

Ten-Year Debt Repayment

The ten-year debt repayment table represents debt principal repayments and maturities and the weighted average interest rate of those repayments and maturities for our Consolidated Properties and our Credit Facility, excluding mortgage notes payable held for sale.

Year	Principal Repayments and Maturities		Percent of Total Outstanding Debt		Weighted Average Interest Rate
2022	$	107,812	6	%	1.91	%
2023	89,890		5		3.91
2024	559,917		31		2.45
2025	192,296		11		3.77
2026	308,023		17		2.90
2027	45,645		3		4.36
2028	163,977		9		2.45
2029	95,555		5		3.47
2030	87,062		5		2.98
2031 and thereafter	169,443		9		2.81

Use of Estimates

The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. For example, significant estimates and assumptions have been made with respect to the useful lives of assets, recoverable amounts of receivables, initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions. Actual results could differ from those estimates.

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Critical Accounting Policies

This MD&A is based upon our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. Management bases its estimates on historical experience and assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Our critical accounting policies are those applicable to the following which can be found in greater detail within Note 2 Summary of Significant Accounting Policies.

Initial Valuations for Real Estate Investments and Intangibles

These estimates are particularly important as they are used for the allocation of purchase price between building, land and other identifiable intangibles, including acquired in-place, above, below and at-market leases. As a result, the impact of these estimates on our operations could be substantial. Significant differences in annual depreciation or amortization expense may result from the differing useful life or amortization periods related to such purchased assets and liabilities.

We allocate the purchase price of acquired properties to tangible and identified intangible assets based on their relative fair values, using all pertinent information available at the date of acquisition. The allocation of the purchase price to tangible assets, such as building and land, is based upon our determination of the value of the property as if it were vacant. This “as-if vacant” value is estimated using an income, or discounted cash flow, approach that relies upon internally determined assumptions that we believe are consistent with current market conditions for similar properties. Land is valued using comparable land sales specific to the applicable market.

The purchase price of real estate assets is also allocated to intangible assets consisting of the above or below market component of in-place leases and the value of in-place leases. The value allocable to the above or below market component of an acquired in-place lease is determined based upon the present value of the difference between (i) the contractual amounts to be received pursuant to the lease over its remaining term and (ii) management's estimate of the amounts that would be received using market rates over the remaining term of the lease. Factors considered in determining the value allocable to in-place leases include estimates, during estimated lease up periods, related to space that is actually leased at the time of acquisition. These estimates include (i) lost rent at market rates, (ii) fixed operating costs that will be recovered from tenants and (iii) theoretical leasing commissions and tenant improvements required to execute similar leases.

Impairment of Long-Lived Assets

Our estimate of the expected future cash flows used in testing for impairment is highly subjective and based on, among other things, our estimates regarding future market conditions, rental rates, occupancy levels, costs of tenant improvements, leasing commissions and other tenant concessions, assumptions regarding the residual value of our properties at the end of our anticipated holding period, discount rates and the length of our anticipated holding period. These assumptions could differ materially from actual results. If our strategy changes or if market conditions otherwise dictate a change in the holding period and an exit date, an impairment loss could be recognized and such loss could be material. During the year ended December 31, 2021, we determined that The Edge at Lafayette no longer fits our current investment objectives and strategy; therefore, we reduced our expected hold period. We further determined that this asset was impaired as the carrying value of the investment was not deemed recoverable. Therefore, we recognized an impairment charge totaling $1,822, which represents the difference between the sale price less estimated costs to sell and the carrying value of the property.

Collectibility of Rental Revenue

Individual leases are evaluated for collectibility at each reporting period. We evaluate the collectibility of rents and other receivables at each reporting period based on factors including, among others, tenant's payment history, the financial condition of the tenant, business conditions and trends in the industry in which the tenant operates and economic conditions in the geographic area where the property is located. If evaluation of these factors or others indicates it is not probable we will collect substantially all rent we recognize an adjustment to rental revenue. If our judgment or estimation regarding probability of collection changes we may adjust or record additional rental revenue in the period such conclusion is reached.

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Recent Events and Outlook

COVID-19 Business Outlook

Since March 2020, the COVID-19 pandemic has impacted global financial markets, severely restricted international trade and travel, disrupted business operations (in part or in their entirety) and negatively impacted many investment asset classes including real estate. While the outlook improved in 2021, the ongoing outbreak and corollary response could still have a material adverse impact on our financial condition and results of operations and we will continue to monitor the situation. The severity of the impact brought on by these disruptions will be different across property types and markets but could have serious negative impacts on all real estate depending on the longer-term economic effects of COVID-19.

Rent Collections

Rent collections across our portfolio have continued to improve as most tenants have been able to reopen their businesses and return to normal payment patterns amidst the COVID-19 pandemic. Collections have been in the upper 90 percent range, and we have received very few new requests for rent relief over the last year. Our retail tenants continue to be a slight laggard in collection of outstanding receivables as compared to the other property sectors.

Property Valuations

Property valuations across our portfolio have stabilized, and we are seeing positive valuation increases across our residential, industrial and healthcare properties driven by good underlying property fundamentals and strong capital markets.

Credit Facility

On May 24, 2021, we entered into our Credit Facility providing for a $415,000 Revolving Credit Facility and a $235,000 Term Loan. The Credit Facility provides us with the ability, from time to time, to increase the size of the Credit Facility up to a total of $800,000, subject to receipt of lender commitments and other conditions. On December 10, 2021, we entered into our Bridge Loan under the Credit Facility for an additional $100,000 to fund the investments made in late 2021. We are in compliance with our debt covenants as of December 31, 2021. We expect to maintain compliance with our debt covenants.

Liquidity

At December 31, 2021, we had in excess of $70,000 in total cash on hand and $115,000 of capacity under our Credit Facility. Looking at the remainder of 2021 and into 2022, we expect to utilize our cash on hand and Credit Facility capacity to acquire new properties, fund repurchases of our shares and fund quarterly distributions.

Share Repurchase Plan

During the fourth quarter of 2021, we repurchased $23,827 of our common stock pursuant to our share repurchase plan, which had a quarterly limit of $123,680. The quarterly limit on repurchases is calculated as 5% of our NAV as of the last day of the previous quarter. The limit for the first quarter of 2022 is $139,819.

Impairments

At December 31, 2021, we had an impairment at The Edge at Lafayette of $1,822 as a result of the property no longer fitting our current investment objectives and strategy; therefore, we reduced our expected hold period. The property was sold in January 2022.

Fair Value of Assets and Liabilities

We account for our approximate 14% investment in the NYC Retail Portfolio and our approximate 47% investment in the Single-Family Rental Portfolio using the fair value option. During the year ended December 31, 2021, we recorded an unrealized fair value loss of $4,021 related to our NYC Retail Portfolio investment and a $61,945 unrealized fair value gain related to our Single-Family Rental Portfolio investment. Our interest rate swaps resulted in an unrealized fair value gain of $3,920 as interest rates increased during the year. We utilize our interest rate swaps to fix interest rates on variable rate debt we plan to hold to maturity.

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General Company and Market Commentary

On December 21, 2021, the SEC declared our Current Public Offering effective registering up to $3,000,000 in any combination of shares of our Class A, Class M, Class A-I and Class M-I common stock, consisting of up to $2,700,000 of shares offered in our primary offering and up to $300,000 in shares offered pursuant to our distribution reinvestment plan. We intend to offer shares of our common stock on a continuous basis for an indefinite period of time by filing a new registration statement before the end of each offering period, subject to regulatory approval. The per share purchase price varies from day to day and, on each day, equals our NAV per share for each class of common stock, plus, for Class A and Class A-I shares, applicable selling commissions. The Dealer Manager is distributing shares of our common stock in our Current Public Offering. We intend to primarily use the net proceeds from the offering, after we pay the fees and expenses attributable to the offerings and our operations, to (1) grow and further diversify our portfolio by making investments in accordance with our investment strategy and policies, (2) reduce borrowings and repay indebtedness incurred under various financing instruments and (3) fund repurchases of our shares under our share repurchase plan.

On March 3, 2015, we commenced our Private Offering of up to $350,000 in shares of our Class D common stock with an indefinite duration. Proceeds from our Private Offering will be used for the same corporate purposes as the proceeds from our public offerings.

On October 16, 2019, we, through our operating partnership, initiated the DST Program to raise up to $500,000, which our board of directors increased to $1,000,000 on August 10, 2021, in private placements exempt from registration under the Securities Act through the sale of beneficial interests to accredited investors in specific DSTs holding DST Properties, which may be sourced from our real properties or from third parties.

Capital Raised and Use of Proceeds

As of December 31, 2021, we have raised gross proceeds of over $3,087,000 from our public and private offerings since 2012. We used these proceeds along with proceeds from mortgage debt to acquire approximately $4,499,000 of real estate investments, deleverage the Company by repaying mortgage loans of approximately $647,000 and repurchase shares of our common stock for approximately $903,000.

Property Acquisitions

•23 industrial properties totaling 4,642,000 square feet,

•nine medical office properties totaling 427,000 square feet and

•eight residential properties totaling 1,508,000 square feet and an investment in a joint venture owning over 4,000 single-family rental houses.

Property Dispositions

•disposed of South Seattle Distribution Center.

Financing

•entered into 13 new mortgage notes totaling in excess of $431,000,

•assumed three mortgage notes totaling approximately $125,000 and

•repaid two mortgage notes totaling $62,800.

Leasing and Occupancy

We ended 2021 with our stabilized portfolio occupancy at 97%. We calculate stabilized portfolio occupancy as the occupancy of all the properties we own, excluding newly constructed properties that have not yet leased up to 90% since our acquisition of the property. During the year we signed new or renewal leases encompassing approximately 1,235,000 square feet of industrial, office and retail property space. Additionally, we had 58% of our expiring residential leases renew. Our portfolio-wide occupancy was 97% at the end of 2021.

During 2021, we raised approximately $545,000 of new capital and acquired over $1,700,000 of real estate investments. These properties are in keeping with the investment strategy we began in 2012 and provide solid cash flow and good dividend coverage. We will continue to acquire these types of properties in 2022 and beyond.

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The 2021 property acquisitions and leasing activity were in line with our long-term strategic objectives of generating attractive income, preserving stockholder capital and realizing moderate appreciation of our NAV over time. Our gross dividends declared and paid in 2021 was $0.54 per share.

Investment Objectives and Strategy

Our primary investment objectives are:

•to generate an attractive level of current income for distribution to our stockholders;

•to preserve and protect our stockholders' capital investments;

•to achieve appreciation of our NAV over time; and

•to enable stockholders to utilize real estate as an asset class in diversified, long-term investment portfolios.

The cornerstone of our investment strategy is to acquire and manage income-producing commercial real estate properties and real estate-related assets. We believe this strategy enables us to provide our stockholders with a portfolio that is well-diversified across property type, geographic region and industry, both in the United States and, over time, internationally. It is our belief that adding international investments to our portfolio over time will serve as an effective tool to construct a well-diversified portfolio designed to provide our stockholders with stable distributions and attractive long-term risk-adjusted returns.

We believe that our broadly diversified portfolio benefits our stockholders by providing:

•diversification of sources of income;

•access to attractive real estate opportunities currently in the United States and, over time, around the world; and

•exposure to a return profile that should have lower correlations with other investments.

Since real estate markets are often cyclical in nature, our strategy allows us to more effectively deploy capital into property types and geographic regions where the underlying investment fundamentals are relatively strong or strengthening and away from those property types and geographic regions where such fundamentals are relatively weak or weakening. We intend to meet our investment objectives by selecting investments across multiple property types and geographic regions to achieve portfolio stability, diversification, current income and favorable risk-adjusted returns. To a lesser degree, we also intend to invest in debt and equity interests backed principally by real estate, which we refer to collectively as “real estate-related assets.”

Our board of directors has adopted investment guidelines for our Advisor to implement and actively monitor in order to allow us to achieve and maintain diversification in our overall investment portfolio. Our board of directors formally reviews our investment guidelines on an annual basis and our investment portfolio on a quarterly basis or, in each case, more often as they deem appropriate. Our board of directors reviews the investment guidelines to ensure that the guidelines are being followed and are in the best interests of our stockholders.

We seek to invest:

•up to 95% of our assets in properties;

•up to 25% of our assets in real estate-related assets; and

•up to 15% of our assets in cash, cash equivalents and other short-term investments.

Notwithstanding the above, the actual percentage of our portfolio that is invested in each investment type may from time to time be outside these target levels due to numerous factors including, but not limited to, large inflows of capital over a short period of time, lack of attractive investment opportunities or increases in anticipated cash requirements for repurchase requests.

We expect to maintain a targeted Company leverage ratio (calculated as our share of total liabilities divided by our share of the fair value of total assets) of between 30% and 50%. We intend to use low leverage, or in some cases possibly no leverage, to finance new acquisitions in order to maintain our targeted Company leverage ratio. Our Company leverage ratio was 42% as of December 31, 2021.

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Net Asset Value

The NAV per share for our five classes of common stock was between $13.56 and $13.59 as of December 31, 2021. The increase of approximately $0.85 per share in NAV from September 30, 2021 is primarily related to an increase in the values of our properties and the accrual of property income. Additionally, we paid a distribution of $0.135 per share during the quarter ended December 31, 2021, less share class specific fees. For the year ended 2021, our Class A, Class M, Class A-I, and Class M-I common stock had total net returns of 21.15%, 21.67%, 21.66% and 21.99%, respectively, including cash distributions of $0.54 per share, less share class specific fees.

2022 Key Initiatives

Our initiatives for 2022 are to use capital raised from our public and private offerings and the DST Program to acquire new investment opportunities, repurchase stock under our share repurchase plan, and fund quarterly distributions. Likely acquisition candidates may include well-located, residential properties, industrial, healthcare and grocery-anchored retail properties. We will also attempt to further our geographic diversification. We will use debt financing to take advantage of the current favorable interest rate environment, while looking to keep the Company leverage ratio in the 30% to 50% range in the near term. We also intend to use our Revolving Credit Facility to allow us to efficiently manage our cash flows.

Subsequent Events

On January 6, 2022, we sold Norfleet Distribution Center, a 702,000 square foot industrial property located in Kansas City, Missouri for approximately $60,375 less closing costs. We recorded a gain on the sale of the property and extinguishment of debt in the amount of approximately $34,000.

On January 24, 2022, we sold The Edge at Lafayette, a 207,000 square foot student housing apartment property located in Lafayette, Louisiana for approximately $16,500 less closing costs.

On February 28, 2022, our board of directors approved a gross dividend for the first quarter of 2022 of $0.14 per share to stockholders and OP Unit holders of record as of March 24, 2022. The dividend will be paid on or around March 30, 2022. Class A, Class M, Class A-I, Class M-I, and Class D stockholders and Class M-I OP Unit holders will receive $0.14 per share or OP Unit, less applicable class-specific and unit-specific fees, if any.

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Results of Operations

General

Our revenues are primarily received from tenants in the form of fixed minimum base rents and recoveries of operating expenses. Our expenses primarily relate to the costs of operating and financing our properties. Our share of the net income, net loss or dividend income from our unconsolidated properties is included in equity in income of unconsolidated affiliates. We believe the following analysis of reportable segments provides important information about the operating results of our real estate investments, such as trends in total revenues or operating expenses that may not be as apparent in a period-over-period comparison of our entire Company. We group our investments in real estate assets from continuing operations into five reportable operating segments based on the type of property: industrial, office, residential, retail and other. Operations from corporate level items and real estate assets sold are excluded from reportable segments.

Results of Operations for the Years ended December 31, 2021 and 2020:

Properties acquired or sold during any of the periods are presented within the recent acquisitions and sold properties line until the property has been owned for all periods presented. The properties currently presented within the recent acquisitions and sold properties line include the properties listed as either acquired or sold in the Management Overview section above. Properties owned for the entire years ended December 31, 2021 and 2020 are referred to as our comparable properties.

Revenues

The following chart sets forth revenues, by reportable segment, for the years ended December 31, 2021 and 2020:

	Year Ended December 31, 2021		Year Ended December 31, 2020		$  Change		% Change
Revenues:
Rental revenue
Industrial	$	49,708	$	46,453	$	3,255	7.0	%
Office	20,183		20,454		(271)		(1.3)
Residential	65,407		63,948		1,459		2.3
Retail	44,588		42,369		2,219		5.2
Other	379		294		85		28.9
Comparable properties total	$	180,265	$	173,518	$	6,747	3.9	%
Recent acquisitions and sold properties	47,675		13,123		34,552		263.3
Total rental revenue	$	227,940	$	186,641	$	41,299	22.1	%
Other revenue
Industrial	$	136	$	268	$	(132)	(49.3)	%
Office	936		861		75		8.7
Residential	3,431		3,474		(43)		(1.2)
Retail	491		526		(35)		(6.7)
Other	2,588		1,298		1,290		99.4
Comparable properties total	$	7,582	$	6,427	$	1,155	18.0	%
Recent acquisitions and sold properties	3,816		553		3,263		590.1
Total other revenue	$	11,398	$	6,980	$	4,418	63.3	%
Total revenues	$	239,338	$	193,621	$	45,717	23.6	%

Rental revenue at comparable properties increased by $6,747 for the year ended December 31, 2021 as compared to the same period in 2020. The increase of $3,255 within our industrial segment is primarily related to $1,619 of increased rent collections at Norfleet Distribution Center and $755 at Taunton Distribution Center due to higher occupancy. The increase of $2,219 within our retail segment was primarily related to an increase in collections from tenants that had experienced a decrease in operations from COVID-19 in 2020. The increase of $1,459 within the residential segment was primarily related to an overall increase in rental rates and occupancy within the segment during the year ended December 31, 2021 as compared to 2020.

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Other revenues relate mainly to parking and nonrecurring revenue such as lease termination fees. Other revenue at comparable properties increased by $1,155 for the year ended December 31, 2021 as compared to the same period in 2020. The increase is primarily related to approximately $1,290 of higher parking revenue at our parking garage in Miami as a result of travel and shelter in place orders within the city of Miami during 2020.

Operating Expenses

The following chart sets forth real estate taxes and property operating expenses, by reportable segment, for the years ended December 31, 2021 and 2020:

	Year Ended December 31, 2021		Year Ended December 31, 2020		$  Change		% Change
Operating expenses:
Real estate taxes
Industrial	$	8,129	$	7,643	$	486	6.4	%
Office	2,400		2,602		(202)		(7.8)
Residential	11,738		11,476		262		2.3
Retail	5,558		5,832		(274)		(4.7)
Other	459		382		77		20.2
Comparable properties total	$	28,284	$	27,935	$	349	1.2	%
Recent acquisitions and sold properties	4,553		1,730		2,823		163.2
Total real estate taxes	$	32,837	$	29,665	$	3,172	10.7	%
Property operating expenses:
Industrial	$	4,478	$	3,962	$	516	13.0	%
Office	4,302		4,088		214		5.2
Residential	20,335		19,643		692		3.5
Retail	7,634		7,302		332		4.5
Other	755		714		41		5.7
Comparable properties total	$	37,504	$	35,709	$	1,795	5.0	%
Recent acquisitions and sold properties	6,491		2,290		4,201		183.4
Total property operating expenses	$	43,995	$	37,999	$	5,996	15.8	%
Total operating expenses	$	76,832	$	67,664	$	9,168	13.5	%

Real estate taxes at comparable properties increased by $349 for the year ended December 31, 2021 as compared to the same period in 2020. Our properties are reassessed periodically by the taxing authorities, which may result in increases or decreases in the real estates taxes that we owe. Overall, we expect real estate taxes to increase over time; however, we utilize real estate tax consultants to attempt to control assessment increases.

Property operating expenses consist of the costs of ownership and operation of the real estate investments, many of which are recoverable under net leases. Examples of property operating expenses include insurance, utilities and repair and maintenance expenses. The increases within our residential and industrial segment were primarily related to increases in utilities and various repairs and maintenance projects during the year ending December 31, 2021 as compared to the same period in 2020 in addition to expenses related to increases in occupancy.

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The following chart sets forth expenses not directly related to the operations of the reportable segments for the years ended December 31, 2021 and 2020:

	Year Ended December 31, 2021		Year Ended December 31, 2020		$  Change		%  Change
Property general and administrative	$	1,596	$	4,318	$	(2,722)	(63.0)	%
Advisor fees	65,667		25,274		40,393		159.8
Company level expenses	4,841		2,936		1,905		64.9
Provision for impairment of real estate	1,822		—		1,822		100.0
Depreciation and amortization	94,051		75,603		18,448		24.4
Interest expense	48,230		40,668		7,562		18.6
(Income) loss from unconsolidated affiliates and fund investments	(67,333)		19,451		(86,784)		(446.2)
Investment income on marketable securities	(418)		—		(418)		100.0
Net realized gain upon sale of marketable securities	(247)		—		(247)		100.0
Net unrealized change in fair value of investment in marketable securities	(2,933)		—		(2,933)		100.0
(Gain) loss on disposition of property and extinguishment of debt, net	(33,422)		1,772		(35,194)		(1,986)
Total expenses	$	111,854	$	170,022	$	(58,168)	(34.2)	%

Property general and administrative expenses relate mainly to property expenses unrelated to the operations of the property. Property general and administrative expenses decreased $2,722 for the year ending December 31, 2021 as compared to the same period in 2020 due to expenses incurred for unsuccessful acquisitions in 2020 and a partial recovery of a deposit for an unsuccessful acquisition received in 2021.

Advisor fees relate to the fixed advisory and performance fees earned by our Advisor. Fixed fees increase or decrease based on changes in our NAV which will be primarily impacted by changes in capital raised and the value of our properties. The performance fee is accrued when the total return per share for a share class exceeds 7% for that calendar year, where in our Advisor will receive 10% of the excess total return above the 7% threshold. The increase in advisor fees of $40,393 for the year ended December 31, 2021 is primarily related to the accrual of a performance fee in the amount of $36,711 due to the increase in NAV during 2021 related to the increase in values of our properties.

Company level expenses relate mainly to our compliance and administration related costs. Company level expenses increased $1,905 for the year ended December 31, 2021 as compared to the same period in 2020 primarily related to increases in professional service fees as well as the increase in size of our portfolio.

Provision for impairment of real estate relates to real estate investments where the estimated future undiscounted cash flows have decreased below the carrying value of the property. A provision for impairment of real estate is recorded to write the property down from its carrying value to its fair value. We recorded a provision for impairment of $1,822 related to The Edge at Lafayette during the year ended December 31, 2021.

Depreciation and amortization expense is impacted by the values assigned to buildings, personal property and in-place lease assets as part of the initial purchase price allocation. The increase of $18,448 in depreciation and amortization expense for the year ended December 31, 2021 as compared to the same period in 2020 is primarily related to additional expense from acquisitions partially offset by lower expenses from property dispositions.

Interest expense increased by $7,562 for the year ended December 31, 2021 as compared to the same period in 2020 as a result of increased borrowings on our Credit Facility and mortgage notes obtained in addition to increased interest expense of $9,319 on the financial obligations related to the DST Program which includes interest expense related to the properties deemed probable for repurchase. Offsetting the increases were unrealized gains on our interest rate swaps in the amount of $3,920 during the year ended December 31, 2021 compared to unrealized losses of $4,360 during the year ended December 31, 2020.

(Income) loss from unconsolidated affiliates and fund investments relates to the income from Chicago Parking Garage, Pioneer Tower, The Tremont, The Huntington, Siena Suwanee Town Center and Kingston at McLean Crossing as well as changes in fair value and operating distributions received from our investment in the NYC Retail Portfolio and the Single-Family Rental Portfolio. During the year ended December 31, 2021, we recorded a $61,945 increase in the fair value in the Single-Family Rental Portfolio and distributions of income totaling $4,145.

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During the year ended December 31, 2021, we recorded a $4,021 increase in the fair value in the NYC Retail Portfolio as compared to a $15,869 decrease in the fair value and distributions of income totaling $4,145 during the same period of 2020.

Investment income on marketable securities relates to dividends earned on our portfolio of publicly traded REIT securities. We made our initial purchase of marketable securities during the year ended December 31, 2021.

Net realized gain upon the sale of marketable securities relates to sales of individual stocks within our portfolio of publicly traded REIT stocks. We made our initial purchase of marketable securities during the year ended December 31, 2021.

Net unrealized change in fair value of investment in marketable securities relate to changes in fair value of our portfolio of publicly traded REIT securities. We made our initial purchase of marketable securities during the year ended December 31, 2021.

(Gain) loss on disposition of property and extinguishment of debt, net of $33,422 in the year ended December 31, 2021 relates to the gain on sale of South Seattle Distribution Center and the $1,772 loss in the year ended December 31, 2020 relates to the sale of 24823 Anza Drive and early payoff of the mortgage notes payable on Townlake of Coppell and The Penfield.

Results of Operations for the Years ended December 31, 2020 and 2019:

For discussion on our results of operations for the years ended December 31, 2020 and 2019 please see our Annual Report on Form 10-K filed with the SEC on March 12, 2021.

FUNDS FROM OPERATIONS

Consistent with real estate industry and investment community preferences, we consider FFO as a supplemental measure of the operating performance for a real estate investment trust and a complement to GAAP measures because it facilitates an understanding of the operating performance of our properties. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income attributable to the Company (computed in accordance with GAAP), excluding gains or losses from cumulative effects of accounting changes, extraordinary items, impairment write-downs of depreciable real estate and sales of properties, plus real estate related depreciation and amortization and after adjustments for these items related to noncontrolling interests and unconsolidated affiliates.

FFO does not give effect to real estate depreciation and amortization because these amounts are computed to allocate the cost of a property over its useful life. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO provides stockholders with an additional view of our operating performance. We also use Adjusted FFO ("AFFO") as a supplemental measure of operating performance. We define AFFO as FFO adjusted for straight-line rental income, amortization of above- and below-market leases, amortization of net discount on assumed debt, gains or losses on the extinguishment or modification of debt, performance fees based on the investment returns on shares of our common stock, acquisition related costs and adjustments for DST program properties. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO and AFFO provide investors with an additional view of our operating performance.

In order to provide a better understanding of the relationship between FFO, AFFO and GAAP net income, the most directly comparable GAAP financial reporting measure, we have provided reconciliations of GAAP net income attributable to Jones Lang LaSalle Income Property Trust, Inc. to FFO and FFO to AFFO. FFO and AFFO do not represent cash flow from operating activities in accordance with GAAP, should not be considered as an alternative to GAAP net income is not a measure of liquidity or an indicator of the Company's ability to make cash distributions. We believe that to more comprehensively understand its operating performance, FFO and AFFO should be considered along with its reported net income attributable to Jones Lang LaSalle Income Property Trust, Inc. and its cash flows in accordance with GAAP, as presented in our consolidated financial statements. Our presentations of FFO and AFFO are not necessarily comparable to the similarly titled measures of other REITs due to the fact that not all REITs use the same definitions.

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The following table presents a reconciliation of net income to NAREIT FFO for the periods presented:

Reconciliation of net income to NAREIT FFO	Year ended December 31,
	2021		2020		2019		2018		2017
Net income (loss) attributable to Jones Lang LaSalle Income Property Trust, Inc.	$	49,121	$	(44,006)	$	99,933	$	25,567	$	22,548
Real estate depreciation and amortization(1)	105,631		84,842		75,888		71,525		68,033
(Gain) loss on disposition of property and unrealized loss (gain) on investment in unconsolidated real estate affiliate(1)	(97,525)		14,344		(111,139)		(31,890)		(23,079)
Loss on transfer of property	—		—		—		—		1,642
Impairment of depreciable real estate(1)	1,774		1,502		—		—		—
NAREIT FFO attributable to Jones Lang LaSalle Income Property Trust, Inc.	$	59,001	$	56,686	$	64,682	$	65,202	$	69,144
Weighted average shares outstanding, basic and diluted	186,610,215		151,179,459		151,179,459		135,051,377		134,507,458
NAREIT FFO per share, basic and diluted	$	0.32	$	0.33	$	0.43	$	0.48	$	0.51

________

(1)    Includes amounts attributable to our ownership share of both consolidated properties and unconsolidated real estate affiliates for all periods.

The following table presents a reconciliation of NAREIT FFO to AFFO for the periods presented:

Reconciliation of NAREIT FFO to AFFO	Year ended December 31,
	2021		2020		2019		2018		2017
NAREIT FFO attributable to Jones Lang LaSalle Income Property Trust, Inc.	$	59,001	$	56,686	$	64,682	$	65,202	$	69,144
Straight-line rental income(1)	(4,503)		(1,510)		(3,371)		(2,548)		(3,665)
Amortization of above- and below-market leases(1)	(3,231)		(2,410)		(2,886)		(3,360)		(3,494)
Amortization of net premium/(discount) on assumed debt(1)	(442)		(129)		91		(102)		(183)
(Gain) loss on derivative instruments and extinguishment or modification of debt(1)	(3,413)		7,857		6,298		(613)		(1,703)
Adjustment for investment accounted for under the fair value option(2)	3,276		1,291		712		3,593		2,211
Net unrealized change in fair value of investment in marketable securities (1)	(2,823)		—		—		—		—
Performance fees(1)	36,028		—		—		1,075		1,269
Acquisition expenses(1)	(582)		2,194		—		—		—
Adjustment for DST Program properties(3)	(5,017)		(1,145)		—		—		—
AFFO attributable to Jones Lang LaSalle Income Property Trust, Inc.	$	78,294	$	62,834	$	65,526	$	63,247	$	63,579
Weighted average shares outstanding, basic and diluted	186,610,215		170,613,298		135,051,377		134,507,458		106,916,148
AFFO per share, basic and diluted	$	0.42	$	0.37	$	0.49	$	0.47	$	0.59

________

(1)    Includes amounts attributable to our ownership share of both consolidated properties and unconsolidated real estate affiliates for all periods.

(2)    Represents the normal and recurring AFFO reconciling adjustments for the NYC Retail Portfolio and Single-Family Rental Portfolio.

(3)    Adjustments to reflect the AFFO attributable to the Company for DST Program properties including non-cash interest expense related to the FMV Option. Prior periods adjusted to conform to current period presentation.

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Review of our Policies

Our board of directors, including our independent directors, has reviewed our policies described in this Annual Report on Form 10-K and our registration statement related to our Current Public Offering, as well as other policies previously reviewed and approved by our board of directors, and determined that they are in the best interests of our stockholders because: (1) they increase the likelihood that we will be able to acquire a diversified portfolio of income-producing properties, thereby reducing risk in our portfolio; (2) there are sufficient property acquisition opportunities with the attributes that we seek; (3) our executive officers, directors and affiliates of our Advisor have expertise with the type of real estate investments we seek; (4) borrowings should enable us to purchase assets and earn rental income more quickly; and (5) best practices corporate governance and high ethical standards help promote long-term performance, thereby increasing our likelihood of generating income for our stockholders and preserving stockholder capital.

Liquidity and Capital Resources

Our primary uses and sources of cash are as follows:

Uses		Sources
Short-term liquidity and capital needs such as:		•	Operating cash flow, including the receipt of distributions of our share of cash flow produced by our unconsolidated real estate affiliates
•	Interest payments on debt
•	Distributions to stockholders	•	Proceeds from secured loans collateralized by individual properties
•	Fees payable to our Advisor
•	Minor improvements made to individual properties that are not recoverable through expense recoveries or common area maintenance charges to tenants	•	Proceeds from our credit facility
		•	Sales of our shares
•	General and administrative costs	•	Sales of real estate investments
•	Costs associated with our continuous public offering	•	Draws from lender escrow accounts
•	Other Company level expenses	•	Sales of beneficial interests in the DST Program
•	Lender escrow accounts for real estate taxes, insurance, and capital expenditures
•	Fees payable to our Dealer Manager
Longer-term liquidity and capital needs such as:
•	Acquisitions of real estate investments
•	Expansion of existing properties
•	Tenant improvements and leasing commissions
•	Debt repayment requirements, including both principal and interest
•	Repurchases of our shares pursuant to our Share Repurchase Plan
•	Fees payable to our Dealer Manager

The sources and uses of cash for the years ended December 31, 2021 and 2020 were as follows:

	Year Ended December 31, 2021		Year Ended December 31, 2020		$ Change
Net cash provided by operating activities	$	87,349	$	62,354	$	24,995
Net cash used in investing activities	(1,488,573)		(204,456)		(1,284,117)
Net cash provided by financing activities	1,421,272		129,514		1,291,758

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Net cash provided by operating activities increased by $24,995 for the year ending December 31, 2021, as compared to the same period in 2020. The increase in cash from operating activities is primarily from acquisitions made during 2020 and 2021 as well as the increase in operating distributions received from our unconsolidated joint ventures.

Net cash used in investing activities increased by $1,284,117 for the year ending December 31, 2021 as compared to the same period in 2020. The increase during the year ended December 31, 2021 as compared to 2020 was related to an increase in acquisitions of $1,050,556 and an increase in investments in unconsolidated joint ventures in the amount of $238,592, as well as net investments in marketable securities of $40,026. Offsetting these increased uses were larger proceeds from the sale of South Seattle Distribution Center during the year ended December 31, 2021 in the amount of $66,992 as compared to $5,372 during the year ended December 31, 2020 received from the sale of 24823 Anza Drive.

Net cash provided by financing activities increased by $1,291,758 for the year ending December 31, 2021 as compared to the same period in 2020. The increase is primarily related to an increase in net proceeds from mortgage note payables and other debt payable of $751,999 for the year ending December 31, 2021 as compared to the same period in 2020. The change also resulted from an increase in cash from net sales of common stock of $535,597 during the year ending December 31, 2021 as compared to the same period in 2020.

Financing

We have relied primarily on fixed-rate financing, locking in what were favorable spreads between real estate income yields and mortgage interest rates, and have tried to maintain a balanced schedule of debt maturities. We also use interest rate derivatives to manage our exposure to interest rate movements of our variable rate debt. The following consolidated debt table provides information on the outstanding principal balances and the weighted average interest rate at December 31, 2021 and 2020:

	Consolidated Debt
	December 31, 2021				December 31, 2020
	Principal Balance		Weighted Average Interest Rate		Principal Balance		Weighted Average Interest Rate
Fixed	$	1,268,220	3.37	%	$	871,043	3.53	%
Variable	551,400		1.71		—		—
Total	$	1,819,620	2.86	%	$	871,043	3.53	%

Covenants

At December 31, 2021, we were in compliance with all debt covenants.

Other Sources

On December 21, 2021, our Current Public Offering registration statement was declared effective with the SEC (Commission File No. 333-256823) to register up to $3,000,000 in any combination of shares of our Class A, Class M, Class A-I and Class M-I common stock, consisting of up to $2,700,000 of shares offered in our primary offering and up to $300,000 in shares offered pursuant to our distribution reinvestment plan. We intend to offer shares of our common stock on a continuous basis for an indefinite period of time by filing a new registration statement before the end of each three-year offering period, subject to regulatory approval. We intend to use the net proceeds from the Current Public Offering, which are not used to pay the fees and other expenses attributable to our operations, to (1) grow and further diversify our portfolio by making investments in accordance with our investment strategy and policies, (2) repay indebtedness incurred under various financing instruments and (3) fund repurchases under our share repurchase plan.

On March 3, 2015, we commenced the Private Offering of up to $350,000 in shares of our Class D common stock with an indefinite duration. Proceeds from our Private Offering will be used for the same corporate purposes as the proceeds of our public offerings. We will reserve the right to terminate the Private Offering at any time and to extend the Private Offering term to the extent permissible under applicable law.

On October 16, 2019, we, through our operating partnership, initiated the DST Program to raise up to $500,000, which our board of directors increased to $1,000,000 on August 10, 2021, in private placements exempt from registration under the Securities Act, through the sale of beneficial interests to accredited investors in specific DSTs holding DST Properties, which may be sourced from our real properties or from third parties.

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Commitments

From time to time, we have entered into contingent agreements for the acquisition and financing of properties. Such acquisitions and financings are subject to satisfactory completion of due diligence.

We are subject to fixed ground lease payments on South Beach Parking Garage of $112 per year until September 30, 2024 and will increase every five years thereafter by the lesser of 12% or the cumulative CPI over the previous five year period. We are also subject to a variable ground lease payment calculated as 2.5% of revenue. The lease expires September 30, 2041 and has a ten-year renewal option.

The operating agreement for Presley Uptown allows the unrelated third party joint venture partner, owning a 2.5% interest, to put its interest to us at a market determined value starting September 30, 2022 through September 30, 2024.

The operating agreement for 237 Via Vera Cruz, 13500 Danielson Street, 2840 Loker Avenue and 15890 Bernardo Center Drive allows the unrelated third party joint venture partner, owning a 5% interest, to put its interest to us at a market determined value starting July 31, 2024.

Off Balance Sheet Arrangements

At December 31, 2021, we had approximately $110 in an outstanding letter of credit, which is not reflected on our balance sheet. We have no other off balance sheet arrangements.

Distributions to Stockholders

To remain qualified as a REIT for federal income tax purposes, we must distribute or pay tax on 100% of our capital gains and distribute at least 90% of ordinary taxable income to stockholders.

The following factors, among others, will affect operating cash flow and, accordingly, influence the decisions of our board of directors regarding distributions:

•scheduled increases in base rents of existing leases;

•changes in minimum base rents and/or overage rents attributable to replacement of existing leases with new or renewal leases;

•changes in occupancy rates at existing properties and procurement of leases for newly acquired or developed properties;

•necessary capital improvement expenditures or debt repayments at existing properties;

•ability of our tenants to pay rent as a result of the impact of COVID-19 on their financial condition; and

•our share of distributions of operating cash flow generated by the unconsolidated real estate affiliates, less management costs and debt service on additional loans that have been or will be incurred.

We anticipate that operating cash flow, cash on hand, proceeds from dispositions of real estate investments, or refinancings will provide adequate liquidity to conduct our operations, fund general and administrative expenses, fund operating costs and interest payments and allow distributions to our stockholders in accordance with the REIT qualification requirements of the Code.

80

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to market risk associated with changes in interest rates in terms of the price of our variable-rate debt and the price of new fixed-rate debt for refinancing of existing debt. We manage our interest rate risk exposure by obtaining fixed-rate loans where possible. As of December 31, 2021, we had consolidated debt of $1,819,620. Including the $1,956 net discount on the assumption of debt and debt issuance costs, we have consolidated debt of $1,817,664 at December 31, 2021. We also entered into interest rate cap and swap agreements on $190,000 of the variable rate debt that cap the LIBOR rate at between 1.0% and 2.6% that mature between 2022 and 2023. A 0.25% movement in the interest rate on the $551,400 of variable-rate debt would have resulted in a $1,379 annualized increase or decrease in consolidated interest expense and cash flow from operating activities.

We are subject to interest rate risk with respect to our fixed-rate financing in that changes in interest rates will impact the fair value of our fixed-rate financing. To determine fair market value, the fixed-rate debt is discounted at a rate based on an estimate of current lending rates, assuming the debt is outstanding through maturity and considering the collateral. At December 31, 2021, the fair value of our mortgage notes and other debt payable was estimated to be approximately $3,794 higher than the carrying value of $1,819,620. If treasury rates were 0.25% higher at December 31, 2021, the fair value of our consolidated debt would have been approximately $7,258 lower than the carrying value.

Item 8. Financial Statements and Supplementary Data.

See “Index to Consolidated Financial Statements” on page F-1 of this Form 10-K. 

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

None. 

Item 9A. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including the chief executive officer and chief financial officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of the end of the period covered by this report. Based on management’s evaluation as of December 31, 2021, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective to provide reasonable assurance that the information required to be disclosed by us in our reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and such information is accumulated and communicated to management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

Management's Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Our internal control over financial reporting is a process designed under the supervision of our chief executive officer and chief financial officer to provide reasonable assurance regarding the reliability of financial reporting and preparation of our financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America.

As of December 31, 2021, our management conducted an assessment of the effectiveness of our internal control over financial reporting based on criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in “Internal Control—Integrated Framework” (2013). Based on the assessment, management has concluded that our internal control over financial reporting was effective as of December 31, 2021 to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the United States of America.

Changes in Internal Control Over Financial Reporting

There were no changes to our internal control over financial reporting during the quarter ended December 31, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. 

81

Item 9B. Other Information.

None.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

Not applicable.

PART III

In accordance with the rules of the SEC, certain information required by Part III is omitted and incorporated by reference into this Form 10-K from our definitive proxy statement (our "2022 Proxy Statement") relating to our 2022 annual meeting of stockholders (our “2022 Annual Meeting”) that we intend to file with the SEC no later than April 1, 2022.

On February 28, 2022, our board of directors determined to hold the 2022 Annual Meeting on June 9, 2022.

Item 10. Directors, Executive Officers and Corporate Governance.

The information required by this Item is incorporated by reference to our 2022 Proxy Statement.

Item 11. Executive Compensation.

The information required by this Item is incorporated by reference to our 2022 Proxy Statement.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters.

The information required by this Item is incorporated by reference to our 2022 Proxy Statement.

Item 13. Certain Relationships and Related Transactions, and Director Independence.

The information required by this Item is incorporated by reference to our 2022 Proxy Statement.

Item 14. Principal Accounting Fees and Services.

The information required by this Item is incorporated by reference to our 2022 Proxy Statement.

PART IV

Item 15. Exhibits, Financial Statement Schedules.

(1)Consolidated Financial Statements: See “Index to Consolidated Financial Statements” at page F-1 below.

(2)Financial Statement Schedule: See “Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2021” at page F-35 below.

(3)Exhibits

82

Exhibit Number	Description
3.1	Second Articles of Amendment and Restatement (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed with the SEC on September 28, 2012).
3.2	First Articles of Amendment to the Second Articles of Amendment and Restatement (incorporated by reference to Appendix A to the Company’s prospectus supplement filed with the SEC on May 9, 2013).
3.3	First Articles of Amendment to the Second Articles of Amendment and Restatement (incorporated by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 8, 2014).
3.4	Articles Supplementary (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on June 9, 2014).
3.5	Articles of Amendment (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on July 9, 2014).
3.6	Second Articles of Amendment to the Second Articles of Amendment and Restatement (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on June 18, 2015).
3.7	Certificate of Correction to the Company’s Articles Supplementary (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 17, 2016).
3.8	Third Articles of Amendment to the Second Articles of Amendment and Restatement (incorporated by reference to Exhibit 3.1 to Post-Effective Amendment No. 8 to the Company’s Registration Statement on Form S-11 filed with the SEC on October 16, 2019).
3.9	Second Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K filed with the SEC on September 28, 2012).
4.1	Second Amended and Restated Distribution Reinvestment Plan (incorporated by reference to Appendix C to the Company’s prospectus dated December 21, 2021).
4.2*	Description of the Company's securities.
10.1	Fourth Amended and Restated Advisory Agreement, dated October 16, 2019, among Jones Lang LaSalle Income Property Trust, Inc., JLLIPT Holdings LP and LaSalle Investment Management, Inc. (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on October 16, 2019).
10.2	Amended and Restated Dealer Manager Agreement between Jones Lang LaSalle Income Property Trust, Inc. JLLIPT Holdings LP and LaSalle Investment Management Distributors, LLC, dated as of March 9, 2021 (incorporated by reference to Exhibit 10.13 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 6, 2021).
10.3*	Amended and Restated Jones Lang LaSalle Income Property Trust, Inc. 2012 Incentive Plan.
10.4	Fifth Amended and Restated Independent Directors Compensation Plan (incorporated by reference to Exhibit 10.7 to the Company's Annual Report on Form 10-K filed with the SEC on March 10, 2020).
10.5	License Agreement by and between Jones Lang LaSalle Income Property Trust, Inc. and Jones Lang LaSalle IP, Inc. dated as of November 14, 2011 (incorporated by reference to Exhibit 10.16 to the Company's Registration Statement on Form S-11, Commission File No. 333-177963, filed with the SEC on November 14, 2011).
10.6	Subscription Agreement by and among Jones Lang LaSalle Income Property Trust, Inc. and LIC II Solstice Holdings, LLC, dated as of August 8, 2012 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on August 9, 2012).
10.7	Dealer Manager Agreement between Jones Lang LaSalle Income Property Trust, Inc. and LaSalle Investment Management Distributors, LLC, dated as of March 3, 2015 (incorporated by reference to Exhibit 10.9 to the Company's Annual Report on Form 10-K filed with the SEC on March 5, 2015).
10.8	Contribution and Assignment Agreement between Jones Lang LaSalle Income Property Trust, Inc. and JLLIPT Holdings LP (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the SEC on April 2, 2018).

83

Exhibit Number	Description
10.9	Purchase and Sale Agreement for 111 Sutter Street, dated December 17, 2018, between CEP Investors XII, LLC and Paramount Group Acquisition and Development LLC (incorporated by reference to Exhibit 10.12 to the Company’s Annual Report on Form 10-K filed with the SEC on March 8, 2019).
10.10*	Dealer Manager Agreement, dated August 25, 2021, among JLL Exchange TRS, LLC, LaSalle Investment Management Distributors, LLC, JLLIPT Holdings LP and Jones Lang LaSalle Income Property Trust, Inc.
10.11	Form of First Amended and Restated Trust Agreement (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on November 8, 2019).
10.12	Form of Master Lease (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on November 8, 2019).
10.13	Fourth Amended and Restated Limited Partnership Agreement of JLLIPT Holdings LP (incorporated by reference to Exhibit 10.17 to the Company's Annual Report on Form 10-K filed with the SEC on March 12, 2021).
10.14	Purchase and Sale Agreement for Single-Family Rental Portfolio, dated August 5, 2021 between LIPT SFR Portfolio, LLC and GVI RH JV HoldCo, LLC (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed with the SEC on November 10, 2021).
10.15	Sixth Amended and Restated Independent Director's Compensation Plan (incorporated by reference to Exhibit 10.14 to the Company's Registration Statement on Form S-11 filed with the SEC on December 21, 2021).
21.1*	Subsidiaries of the Registrant.
24.1*	Power of Attorney (included in signature page).
31.1*	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*	Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
99.1*	RH Joint Ventures, LLC and Subsidiaries Consolidated Financial Statements as of and for the years ended December 31, 2021 and 2020.
101.INS*	XBRL Instance Document.
101.SCH*	XBRL Schema Document.
101.CAL*	XBRL Calculation Linkbase Document.
101.DEF*	Definition Linkbase Document.
101.LAB*	XBRL Labels Linkbase Document.
101.PRE*	XBRL Presentation Linkbase Document.
104*	Cover Page Intereactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101)

            

*     Filed herewith.

Item 16. Form 10-K Summary.

The Company has elected not to provide summary information.

84

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant, Jones Lang LaSalle Income Property Trust, Inc., has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		JONES LANG LASALLE INCOME PROPERTY TRUST, INC.
		By:	/S/    C. ALLAN SWARINGEN
Date:	March 11, 2022		C. Allan Swaringen President, Chief Executive Officer

POWER OF ATTORNEY

Each individual whose signature appears below constitutes and appoints C. Allan Swaringen, his or her true and lawful attorney-in-fact and agent with full power of substitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to this report on Form 10-K, and to file the same, with all exhibits thereto and all documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his substitute, may lawfully do or cause to be done or by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature	Title	Date
/S/    LYNN C. THURBER	Chairman of the Board of Directors, Director	March 11, 2022
/S/    C. ALLAN SWARINGEN	President, Chief Executive Officer (Principal Executive Officer)	March 11, 2022
/S/    GREGORY A. FALK	Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)	March 11, 2022
/S/    VIRGINIA G. BREEN	Director	March 11, 2022
/S/    JONATHAN B. BULKELEY	Director	March 11, 2022
/S/    R. MARTEL DAY	Director	March 11, 2022
/S/    JACQUES N. GORDON	Director	March 11, 2022
/S/    KRISTY F. HEUBERGER	Director	March 11, 2022
/S/    ROBIN M. ZEIGLER	Director	March 11, 2022
/S/    WILLIAM E. SULLIVAN	Director	March 11, 2022

85

Jones Lang LaSalle Income Property Trust, Inc.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

	PAGE NUMBER
CONSOLIDATED FINANCIAL STATEMENTS
Report of Independent Registered Public Accounting Firm	F-2
Consolidated Balance Sheets as of December 31, 2021 and 2020	F-4
Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, 2021, 2020 and 2019	F-5
Consolidated Statements of Equity for the years ended December 31, 2021, 2020 and 2019	F-6
Consolidated Statements of Cash Flows for the years ended December 31, 2021, 2020 and 2019	F-7
Notes to Consolidated Financial Statements	F-8
FINANCIAL STATEMENT SCHEDULE
Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2021	F-37

F-1

Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors

Jones Lang LaSalle Income Property Trust, Inc.:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Jones Lang LaSalle Income Property Trust, Inc. and subsidiaries (the Company) as of December 31, 2021 and 2020, the related consolidated statements of operations and comprehensive income, equity, and cash flows for each of the years in the three‑year period ended December 31, 2021, and the related notes and financial statement schedule III (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the years in the three‑year period ended December 31, 2021, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Relative fair value of certain asset acquisitions

As discussed in Note 3 to the consolidated financial statements, the Company acquired $1,444,176 thousand of real estate properties accounted for as asset acquisitions during the year ended December 31, 2021. In asset acquisitions, the Company uses estimates of future cash flows and other valuation techniques to allocate the fair value of the property among land, building and equipment, and other identifiable asset and liability intangibles on a relative basis.

We identified the assessment of the relative fair value of land and in-place lease intangibles in certain asset acquisitions as a critical audit matter. A higher degree of subjectivity and auditor judgment was required to evaluate the fair value amounts used in the relative allocation of the purchase price to these assets. Specifically, the measurement of the relative fair values of land and in-place lease intangibles is dependent upon key assumptions that have a higher degree of sensitivity within the Company’s asset acquisition accounting model. Such key assumptions include comparable market land values and market rents.

F-2

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design of an internal control related to management’s review of purchase price allocations. For certain asset acquisitions, we involved valuation professionals with specialized skills and knowledge, who assisted in:

•comparing the Company’s determination of the fair value of land to independently developed ranges of estimated fair value based on publicly available land sales

•comparing the market rents used in the Company’s in-place lease intangible value to market data such as industry guides.

Expected hold period of net property and equipment

As discussed in Note 2 to the consolidated financial statements, the Company evaluates the recoverability of net property and equipment whenever events or changes in circumstances, including changes in the expected hold period, indicate that the carrying amount of net property and equipment may exceed fair value. As of December 31, 2021, the Company had net property and equipment of $3,349,561 thousand.

We identified the assessment of the expected hold period for net property and equipment as a critical audit matter. A high degree of auditor judgment was required to evaluate the reasonableness of management’s assessment of the hold period. Changes in the expected hold period could have a material impact on the results of management’s recoverability assessment and indicate a potential impairment.

The following are the primary procedures we performed to address this critical audit matter. We compared the Company’s historical hold period for similar net property and equipment to the hold period assumed in the Company’s analyses used to evaluate whether a change in circumstance has occurred. We inquired of management and inspected documents such as meeting minutes of the Board of Directors and forecasts developed at the portfolio management team's strategic planning meetings to evaluate the likelihood that a property would be sold before the end of its previously identified hold period. We read external communications with investors in order to identify information regarding potential sales of the Company’s properties, or other indicators of a potential reduction in an investment property’s hold period.

/s/ KPMG LLP

We have served as the Company’s auditor since 2012.

Chicago, Illinois

March 11, 2022

F-3

Jones Lang LaSalle Income Property Trust, Inc.

CONSOLIDATED BALANCE SHEETS

$ in thousands, except per share amounts

	December 31,
	2021		2020
ASSETS
Investments in real estate:
Land (including from VIEs of $59,006 and $22,605, respectively)	$	598,564	$	428,313
Buildings and equipment (including from VIEs of $206,016 and $142,946, respectively)	3,010,359		1,892,023
Less accumulated depreciation (including from VIEs of $(26,955) and $(23,083), respectively)	(259,362)		(219,833)
Net property and equipment	3,349,561		2,100,503
Investments in unconsolidated real estate affiliates	217,044		187,890
Real estate fund investments	352,905		79,192
Investments in real estate and other assets held for sale	39,326		34,148
Net investments in real estate	3,958,836		2,401,733
Investment in marketable securities	43,206		—
Cash and cash equivalents (including from VIEs of $6,740 and $3,159, respectively)	70,273		84,805
Restricted cash (including from VIEs of $859 and $800, respectively)	51,203		16,629
Tenant accounts receivable, net (including from VIEs of $1,850 and $2,679, respectively)	9,066		8,680
Deferred expenses, net (including from VIEs of $533 and $516, respectively)	14,511		10,982
Acquired intangible assets, net (including from VIEs of $12,500 and $2,638, respectively)	216,227		105,206
Deferred rent receivable, net (including from VIEs of $1,135 and $1,087, respectively)	25,634		21,274
Prepaid expenses and other assets (including from VIEs of $284 and $164, respectively)	13,290		9,290
TOTAL ASSETS	$	4,402,246	$	2,658,599
LIABILITIES AND EQUITY
Mortgage notes and other debt payable, net (including from VIEs of $147,076 and $82,033, respectively)	$	1,817,664	$	868,102
Liabilities held for sale	271		18,242
Accounts payable and other accrued expenses (including from VIEs of $2,477 and $1,335, respectively)	70,551		36,137
Financing obligation	448,319		155,882
Accrued offering costs	137,776		106,908
Accrued interest (including from VIEs of $368 and $296, respectively)	3,321		2,153
Accrued real estate taxes (including from VIEs of $541 and $738, respectively)	9,497		6,640
Advisor fees payable	39,709		2,122
Acquired intangible liabilities, net	31,022		14,990
TOTAL LIABILITIES	2,558,130		1,211,176
Commitments and contingencies	—		—
Equity:
Class A common stock: $0.01 par value; 200,000,000 shares authorized 100,038,362 and 89,671,096 shares issued and outstanding at December 31, 2021 and 2020, respectively	1,000		897
Class M common stock: $0.01 par value; 200,000,000 shares authorized 36,458,191 and 35,612,156 shares issued and outstanding at December 31, 2021 and 2020, respectively	365		356
Class A-I common stock: $0.01 par value; 200,000,000 shares authorized 9,356,309 and 9,616,299 shares issued and outstanding at December 31, 2021 and 2020 respectively	94		96
Class M-I common stock: $0.01 par value; 200,000,000 shares authorized 52,676,693 and 33,247,001 shares issued and outstanding at December 31, 2021 and 2020, respectively	527		332
Class D common stock: $0.01 par value; 200,000,000 shares authorized 7,513,281 and 4,957,915 shares issued and outstanding at December 31, 2021 and 2020, respectively	75		50
Additional paid-in capital (net of offering costs of $264,066 and $216,405 as of December 31, 2021 and 2020, respectively)	2,284,839		1,922,136
Distributions to stockholders	(573,963)		(481,760)
Retained earnings (Accumulated deficit)	34,398		(14,723)
Total Jones Lang LaSalle Income Property Trust, Inc. stockholders’ equity	1,747,335		1,427,384
Noncontrolling interests	96,781		20,039
Total equity	1,844,116		1,447,423
TOTAL LIABILITIES AND EQUITY	$	4,402,246	$	2,658,599

The abbreviation “VIEs” above means Variable Interest Entities.

See notes to consolidated financial statements.

F-4

Jones Lang LaSalle Income Property Trust, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

$ in thousands, except per share amounts

	Year Ended December 31, 2021		Year Ended December 31, 2020		Year Ended December 31, 2019
Revenues:
Rental revenue	$	227,940	$	186,641	$	167,170
Other revenue	11,398		6,980		7,109
Total revenues	239,338		193,621		174,279
Operating expenses:
Real estate taxes	32,837		29,665		25,012
Property operating	43,995		37,999		31,783
Property general and administrative	1,596		4,318		1,659
Advisor fees	65,667		25,274		23,026
Company level expenses	4,841		2,936		3,201
Provision for impairment of real estate	1,822		—		—
Depreciation and amortization	94,051		75,603		67,348
Total operating expenses	244,809		175,795		152,029
Other (expenses) and income:
Interest expense	(48,230)		(40,668)		(36,185)
Income (loss) from unconsolidated real estate affiliates and fund investment	67,333		(19,451)		7,066
Investment income on marketable securities	418		—		—
Net realized gain upon sale of marketable securities	247		—		—
Net unrealized change in fair value of investment in marketable securities	2,933		—		—
Gain (loss) on disposition of property and extinguishment of debt, net	33,422		(1,772)		106,871
Total other (expenses) and income	56,123		(61,891)		77,752
Net income (loss)	50,652		(44,065)		100,002
Net (income) loss attributable to the noncontrolling interests	(1,531)		59		(69)
Net income (loss) attributable to Jones Lang LaSalle Income Property Trust, Inc.	$	49,121	$	(44,006)	$	99,933
Net income (loss) attributable to Jones Lang LaSalle Income Property Trust, Inc. per share-basic and diluted:
Class A	$	0.28	$	(0.26)	$	0.66
Class M	0.27		(0.26)		0.66
Class A-I	0.28		(0.26)		0.66
Class M-I	0.24		(0.26)		0.66
Class D	0.26		(0.26)		0.66
Weighted average common stock outstanding-basic and diluted	186,610,215		170,613,298		151,179,459

See notes to consolidated financial statements.

F-5

Jones Lang LaSalle Income Property Trust, Inc.

CONSOLIDATED STATEMENTS OF EQUITY

$ in thousands, except per share amounts

	Common Stock			Additional Paid-in Capital		Distributions to  Stockholders		(Accumulated Deficit) Retained Earnings		Noncontrolling Interests		Total Equity
	Shares	Amount
Balance, December 31, 2018	138,148,451	$	1,382	$	1,568,474	$	(318,780)	$	(70,650)	$	6,866	$	1,187,292
Issuance of common stock	37,588,047	377		460,456		—		—		—		460,833
Repurchase of shares	(10,000,352)	(101)		(121,721)		—		—		—		(121,822)
Offering costs	—	—		(42,056)		—		—		—		(42,056)
Stock based compensation	11,298	—		138		—		—		—		138
Net income	—	—		—		—		99,933		69		100,002
Cash distributed to noncontrolling interests	—	—		(4,557)		—		—		(2,559)		(7,116)
Distributions declared ($0.58) per share	—	—		—		(80,159)		—		—		(80,159)
Balance, December 31, 2019	165,745,572	$	1,658	$	1,860,734	$	(398,939)	$	29,283	$	6,021	$	1,498,757
Issuance of common stock	28,718,218	287		345,625		—		—		—		345,912
Repurchase of shares	(21,372,888)	(214)		(255,141)		—		—		—		(255,355)
Conversion of shares	(2,435)	—		—		—		—		—		—
Offering costs	—	—		(29,274)		—		—		—		(29,274)
Stock based compensation	16,000	—		192		—		—		—		192
Net income	—	—		—		—		(44,006)		(59)		(44,065)
Issuance of OP units	—	—		—		—		—		14,252		14,252
Cash contributed from noncontrolling interests	—	—		—		—		—		3		3
Cash distributed to noncontrolling interests	—	—		—		—		—		(178)		(178)
Distributions declared ($0.54) per share	—	—		—		(82,821)		—		—		(82,821)
Balance, December 31, 2020	173,104,467	$	1,731	$	1,922,136	$	(481,760)	$	(14,723)	$	20,039	$	1,447,423
Issuance of common stock	44,071,596	441		545,261		—		—		—		545,702
Repurchase of shares	(11,151,942)	(111)		(135,135)		—		—		—		(135,246)
Conversion of shares	(1,285)	—		—		—		—		—		—
Offering costs	—	—		(47,661)		—		—		—		(47,661)
Stock based compensation	20,000	—		238		—		—		—		238
Net income	—	—		—		—		49,121		1,531		50,652
Issuance of OP units	—	—		—		—		—		74,673		74,673
Cash contributed from noncontrolling interests	—	—		—		—		—		4,350		4,350
Cash distributed to noncontrolling interests	—	—		—		—		—		(3,812)		(3,812)
Distributions declared ($0.54) per share	—	—		—		(92,203)		—		—		(92,203)
Balance, December 31, 2021	206,042,836	$	2,061	$	2,284,839	$	(573,963)	$	34,398	$	96,781	$	1,844,116

See notes to consolidated financial statements.

F-6

Jones Lang LaSalle Income Property Trust, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

$ in thousands, except per share amounts

	Year Ended December 31, 2021		Year Ended December 31, 2020		Year Ended December 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	50,652	$	(44,065)	$	100,002
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	93,045		75,073		66,860
Gain on disposition of property and extinguishment of debt, net	(33,422)		1,772		(106,871)
Net realized gain upon sale of marketable securities	(247)		—		—
Net unrealized gain in fair value of marketable securities	(2,933)		—		—
Straight line rent	(3,975)		(1,324)		(3,444)
Provision for impairment of real estate	1,822		—		—
(Income) loss from unconsolidated real estate affiliates and fund investments	(67,333)		19,451		(7,066)
Distributions received from unconsolidated affiliates and fund investments	11,860		4,043		10,637
Net changes in assets, liabilities and other	37,880		7,404		2,584
Net cash provided by operating activities	87,349		62,354		62,702
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of real estate investments	(1,238,381)		(187,825)		(373,355)
Proceeds from sales of real estate investments and fixed assets	66,992		5,372		216,010
Capital improvements and lease commissions	(28,764)		(13,201)		(19,718)
Investment in unconsolidated real estate affiliates and fund investments	(247,394)		(8,802)		(3,779)
Deposits for investments under contract	(1,000)		—		(2,250)
Investment in marketable securities	(45,373)		—		—
Proceeds from sale of marketable securities	5,347		—		—
Distributions received from unconsolidated affiliates and fund investments	—		—		3,248
Net cash used in investing activities	(1,488,573)		(204,456)		(179,844)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock	809,571		394,082		437,592
Offering costs	(16,792)		(17,592)		(19,299)
Repurchase of shares	(135,246)		(255,354)		(121,822)
Distributions to stockholders	(33,070)		(35,719)		(25,802)
Distributions paid to noncontrolling interests	(3,812)		(178)		(7,116)
Contributions received from noncontrolling interests	4,350		3		1,645
Deposits for loan commitments	(937)		—		(379)
Draws on credit facility	675,000		200,000		57,000
Payment on credit facility	(140,000)		(200,000)		(147,000)
Proceeds from mortgage notes and other debt payable	356,390		135,130		101,000
Principal payments on mortgage notes and other debt payable	(86,402)		(89,349)		(88,515)
Payment on early extinguishment of debt	—		(1,457)		(207)
Debt issuance costs	(7,780)		(52)		(1,202)
Net cash provided by financing activities	1,421,272		129,514		185,895
Net increase (decrease) in cash, cash equivalents and restricted cash	20,048		(12,588)		68,753
Cash, cash equivalents and restricted cash at the beginning of the year	101,434		114,022		45,269
Cash, cash equivalents and restricted cash at the end of the year	$	121,482	$	101,434	$	114,022
Reconciliation of cash, cash equivalents and restricted cash shown per Consolidated Balance Sheets to Consolidated Statements of Cash Flows
Cash and cash equivalents	70,273		84,805		77,056
Restricted cash	51,203		16,629		36,966
Restricted cash included in assets held for sale	6		—		—
Cash, cash equivalents and restricted cash at the end of the period	$	121,482	$	101,434	$	114,022
Supplemental disclosure of cash flow information:
Interest paid	$	37,184	$	35,966	$	29,343
Non-cash activities:
Write-offs of receivables	$	198	$	74	$	26
Write-offs of retired assets and liabilities	10,257		12,599		16,515
Change in liability for capital expenditures	(2,109)		(412)		(146)
Net liabilities transferred at sale of real estate investments	230		63		2,100
Net liabilities assumed at acquisition	2,945		520		285
Change in issuance of common stock receivable and redemption of common stock payable	(731)		176		(647)
Change in accrued offering costs	30,869		11,682		22,757
Assumption of mortgage notes payable	(125,716)		—		(41,546)
Investments in net investments in real estate in exchange for common stock and OP Units	74,673		29,086		—

See notes to consolidated financial statements.

F-7

Jones Lang LaSalle Income Property Trust, Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

$ in thousands, except per share amounts

NOTE 1—ORGANIZATION

General

Except where the context suggests otherwise, the terms “we,” “us,” “our” and the “Company” refer to Jones Lang LaSalle Income Property Trust, Inc. The terms “Advisor” and “LaSalle” refer to LaSalle Investment Management, Inc.

Jones Lang LaSalle Income Property Trust, Inc. is an externally advised, daily valued perpetual-life real estate investment trust ("REIT") that owns and manages a diversified portfolio of industrial, office, residential, retail and other properties located in the United States. Over time our real estate portfolio may be further diversified on a global basis through the acquisition of properties outside of the United States and will be complemented by investments in real estate-related debt and equity securities. We were incorporated on May 28, 2004 under the laws of the State of Maryland. We believe that we have operated in such a manner to qualify to be taxed as a REIT for federal income tax purposes commencing with the taxable year ended December 31, 2004, when we first elected REIT status. As of December 31, 2021, we owned interests in a total of 120 properties and over 4,000 single-family rental houses located in 27 states.

We own substantially all of our assets through JLLIPT Holdings, LP, a Delaware limited partnership (our “operating partnership”), of which we are a limited partner and JLLIPT Holdings GP, LLC, our wholly owned subsidiary, is the sole general partner. The use of our operating partnership to hold substantially all of our assets is referred to as an Umbrella Partnership Real Estate Investment Trust ("UPREIT"). By using an UPREIT structure, a property owner who desires to defer taxable gain on the disposition of his or her property may transfer the property to our operating partnership in exchange for limited partnership interests in the operating partnership ("OP Units") and defer taxation of gain until the limited partnership interests are disposed of in a taxable transaction. As of December 31, 2021, we raised aggregate proceeds from the issuance of OP Units in our operating partnership of $88,925, and owned directly or indirectly 96.6% of the OP Units of our operating partnership. The remaining 3.4% of the OP Units are held by third parties.

From our inception to December 31, 2021, we have received approximately $3,565,671 in gross offering proceeds from various public and private offerings of shares of our common stock as well as issuance of OP Units. On October 1, 2012, we commenced our initial public offering of common stock and since that time we have offered shares of our common stock in various public offerings registered with the Securities and Exchange Commission (the "SEC").

On December 21, 2021, our most recent public offering (the "Current Public Offering") of up to $3,000,000 in any combination of shares of our Class A, Class M, Class A-I and Class M-I common stock was declared effective by the SEC. As of December 31, 2021, we have raised aggregate gross proceeds from the sale of shares of our common stock in our Current Public Offering of $22,553. We intend to continue to offer shares of our common stock on a continuous basis for an indefinite period of time by filing a new registration statement before the end of each offering.

In addition to our public offerings, on March 3, 2015, we commenced a private offering (the "Private Offering") of up to $350,000 in shares of our Class D common stock with an indefinite duration. As of December 31, 2021, we have raised aggregate gross proceeds of $98,188 in the Private Offering. In addition, on October 16, 2019, we, through our operating partnership, initiated a program (the “DST Program”) to raise up to $500,000, which our board of directors increased to $1,000,000 on August 10, 2021, in private placements exempt from registration under the Securities Act of 1933, as amended, through the sale of beneficial interests to accredited investors in specific Delaware statutory trusts ("DSTs") holding real properties ("DST Properties"), which may be sourced from our real properties or from third parties. As of December 31, 2021, we have raised $473,723 of aggregate gross proceeds from our DST program.

As of December 31, 2021, 100,038,362 shares of Class A common stock, 36,458,191 shares of Class M common stock, 9,356,309 shares of Class A-I common stock, 52,676,693 shares of Class M-I common stock, and 7,513,281 shares of Class D common stock were outstanding and held by a total of 20,039 stockholders.

LaSalle acts as our advisor pursuant to the advisory agreement among us, our operating partnership and LaSalle (the "Advisory Agreement"). The term of our Advisory Agreement expires June 5, 2022, subject to an unlimited number of successive one-year renewals. Our Advisor, a registered investment advisor with the SEC, has broad discretion with respect to our investment decisions and is responsible for selecting our investments and for managing our investment portfolio pursuant to the terms of the Advisory Agreement. Our executive officers are employees of, and compensated by, our Advisor. We have no employees.

F-8

LaSalle is a wholly-owned, but operationally independent subsidiary of Jones Lang LaSalle Incorporated ("JLL" or our "Sponsor"), a New York Stock Exchange-listed leading professional services firm that specializes in real estate and investment management. As of December 31, 2021, JLL and its affiliates owned an aggregate of 2,521,801 Class M shares, which were issued for cash at a price equal to the most recently reported net asset value ("NAV") per share as of the purchase date and have a current value of approximately $35,700.

NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the instructions to Form 10-K and include the accounts of our wholly-owned subsidiaries, consolidated variable interest entities ("VIE") and the unconsolidated investments in real estate affiliates. We consider the authoritative guidance of accounting for investments in common stock, investments in real estate ventures, investors accounting for an investee when the investor has the majority of the voting interest but the minority partners have certain approval or veto rights, determining whether a general partner or general partners as a group controls a limited partnership or similar entity when the limited partners have certain rights, and the consolidation of VIEs in which we own less than a 100% interest. All significant intercompany balances and transactions have been eliminated in consolidation.

Parenthetical disclosures are shown on our Consolidated Balance Sheets regarding the amounts of VIE assets and liabilities that are consolidated. As of December 31, 2021, our VIEs include The District at Howell Mill, Grand Lakes Marketplace, Presley Uptown, 237 Via Vera Cruz, 4211 Starboard Drive, 13500 Danielson Drive, 2840 Loker Ave, and 15890 Bernardo Center Drive due to the joint venture structures and our partners having limited participation rights and no kick-out rights. The creditors of our VIEs do not have general recourse to us.

Noncontrolling interests represent the minority members’ proportionate share of the equity in our VIEs. At acquisition, the assets, liabilities and noncontrolling interests were measured and recorded at the estimated fair value. Noncontrolling interests will increase for the minority members’ share of net income of these entities and contributions and decrease for the minority members’ share of net loss and distributions. As of December 31, 2021, noncontrolling interests represented the minority members’ proportionate share of the equity of the entities listed above as VIEs.

Certain of our joint venture agreements include provisions whereby, at certain specified times, each party has the right to initiate a purchase or sale of its interest in the joint ventures at an agreed upon fair value. Under these provisions, we are not obligated to purchase the interest of its outside joint venture partners.

Investments in Real Estate

Real estate assets are stated at cost. Our real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. A real estate asset is considered to be impaired when the estimated future undiscounted operating cash flow over the expected hold period is less than its carrying value in accordance with the authoritative guidance on accounting for the impairment or disposal of long-lived assets. To the extent impairment has occurred, the excess of the carrying value of the asset over its estimated fair value will be charged to operations. The valuation adjustments were calculated based on market conditions and assumptions made by management at the time the valuation adjustments were recorded, which may differ materially from actual results if market conditions or the underlying assumptions change in the future. If our strategy changes or if market conditions otherwise dictate a change in the holding period and an exit date, an impairment loss could be recognized and such loss could be material. When we have committed to a plan to sell a property that is available for immediate sale, have the necessary approvals and marketing in place, and believe that the sale of the property is probable the assets selected for disposal will be classified as held-for-sale and carried at the lower of their carrying values (i.e., cost less accumulated depreciation and any impairment loss recognized, where applicable) or estimated fair values less costs to sell. Carrying values are reassessed at each balance sheet date. Due to market fluctuation, actual proceeds realized on the ultimate sale of these properties may differ from estimates and such differences could be material. Depreciation and amortization cease once a property is classified as held-for-sale. We recorded $1,822 in impairment charges related to the The Edge at Lafayette for the year ended December 31, 2021. We recorded no impairment charges in 2020 or 2019.

F-9

Depreciation expense is computed using the straight-line method based upon the following estimated useful lives:

Asset Category	Estimated Useful Life
Buildings and improvements	40-50 Years
Tenant improvements	Lesser of life of improvement or life of related lease
Equipment and fixtures	2-10 Years

Maintenance and repairs are charged to expense when incurred. Expenditures for significant betterments and improvements are capitalized.

Investments in Unconsolidated Real Estate Affiliates and Real Estate Fund Investment

We account for our investments in unconsolidated real estate affiliates using either the equity method or the fair value option. Under the equity method the cost of the investment is adjusted for our share of equity in net income or loss and reduced by distributions received and increased by contributions provided. Under the fair value option, the cost basis of the investment is increased for contributions made to the investment and adjusted for our share of changes in the fair value of the investment. Distributions received from investments in unconsolidated real estate affiliates under the fair value option are recorded as income from the unconsolidated affiliates. Distributions that are identified as returns of capital are recorded as a reduction to the cost basis of the investment, whereas distributions identified as capital gains or losses are recorded as realized gains or losses.

We evaluate the carrying values of our investments in unconsolidated real estate affiliates accounted for under the equity method, excluding our investment under the fair value option, in accordance with the authoritative guidance on the equity method of accounting for investments in common stock. We analyze our investments in unconsolidated real estate affiliates when circumstances change and at every reporting period and determine if an “other-than-temporary” impairment exists and, if so, we assess our ability to recover our carrying cost of the investment. During 2020, we concluded that an other than temporary decline in value exists in our investment in the Chicago Parking Garage and recognized an impairment charge of $1,506.

Investment in Marketable Securities

In accordance with our investment guidelines, investments in marketable securities consist of stock of publicly traded REITs. The net unrealized change in the fair value of our investments in marketable securities is recorded in earnings as part of net income in accordance with Accounting Standard Update ("ASU") 2016-1, Financial Statements - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities.

Rental Revenue Recognition

Minimum rent revenues are recognized on a straight-line basis over the terms of the related leases. Straight-line rent revenue (representing rents recognized prior to being billed and collectible as provided by the terms of the leases) caused net increases to rent revenue of $3,155, $951 and $3,351 for the years ended December 31, 2021, 2020 and 2019, respectively. Also included, as an increase to rent revenue, for the years ended December 31, 2021, 2020 and 2019, are $2,714, $1,859 and $2,107, respectively, of net amortization related to above-and below-market in-place leases at properties acquired as provided by authoritative guidance on goodwill and intangible assets. Tenant recoveries are recognized as revenues in the period the applicable costs are incurred.

We recognize rental revenue from tenants under operating leases on a straight-line basis over the non-cancelable term of the lease when collectibility of substantially all rents is reasonably assured. Recognition of rental revenue on a straight-line basis includes the effects of rental abatements, lease incentives and fixed and determinable increases in lease payments over the lease term. For leases where collection of substantially all rents is not deemed to be probable of collection, revenue is recorded equal to cash that has been received from the tenant. We evaluate the collectibility of rents and other receivables at each reporting period based on factors including, among others, tenant's payment history, the financial condition of the tenant, business conditions and trends in the industry in which the tenant operates, economic conditions in the geographic area where the property is located. If evaluation of these factors or others indicates it is not probable we will collect substantially all rent we recognize an adjustment to rental revenue. If our judgment or estimation regarding probability of collection changes we may adjust or record additional rental revenue in the period such conclusion is reached.

F-10

The COVID-19 pandemic has had a negative impact on many of our tenant’s businesses and the collectibility of certain tenants rent receivable balances remain uncertain. We have taken into account current tenant conditions, which include consideration of COVID-19 in our estimation of its uncollectible accounts and deferred rents receivable at December 31, 2021. We are closely monitoring the collectibility of such rents and will adjust future estimations as further information becomes known. During the years ended December 31, 2021 and 2020, we recorded a reduction in minimum base rent and recovery revenue of $741, and $3,887, respectively. During the year ended December 31, 2021, we recorded an increase in straight line revenue of $102 as a result of collections from certain tenants. During the year ended December 31, 2020, we recorded a decrease in straight line revenue of $2,019 due to the concern of collectibility. During the years ended December 31, 2021 and 2020, we deferred $929 and $1,919, respectively, and we abated $537 and $1,142 of rental revenue, respectively.

Cash and Cash Equivalents

We consider all highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. We maintain a portion of our cash in bank deposit accounts, which, at times, may exceed the federally insured limits. No losses have been experienced related to such accounts. We believe our bank deposit accounts are held with quality financial institutions.

Restricted Cash

Restricted cash includes amounts established pursuant to various agreements for loan escrow accounts, loan commitments and property sale proceeds. When we sell a property, we can elect to enter into a like-kind exchange pursuant to the applicable Internal Revenue Service guidance whereby the proceeds from the sale are placed in escrow with a qualified intermediary until a replacement property can be purchased. At December 31, 2021, our restricted cash balance on our Consolidated Balance Sheet was primarily related to loan escrow amounts and subscriptions received in advance.

Deferred Expenses

Deferred expenses consist of lease commissions. Lease commissions are capitalized and amortized over the term of the related lease as a component of depreciation and amortization expense. Accumulated amortization of deferred expenses at December 31, 2021 and 2020 was $8,436 and $6,495, respectively.

Acquisitions

We use estimates of future cash flows and other valuation techniques to allocate the fair value of acquired property among land, building and other identifiable asset and liability intangibles. We value land based on comparable land sales specific to the applicable market. We record building values using an as-if-vacant methodology. We record above- and below-market in-place lease values for acquired properties based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) our estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease plus any below-market lease extension option periods. We amortize the capitalized above-market lease values as a reduction of minimum rents over the remaining non-cancelable terms of the respective leases. We amortize the capitalized below-market lease values as an increase to minimum rents over the term of the respective leases plus any below-market lease extension option terms. Should a tenant terminate its lease prior to the contractual expiration, the unamortized portion of the above-market and below-market in-place lease value is immediately charged to minimum rents.

We measure the aggregate value of other intangible assets acquired based on the difference between (i) the property valued with existing in-place leases and (ii) the property valued as-if-vacant. Our estimates of value are made using methods similar to those used by independent appraisers, primarily discounted cash flow analyses. Factors considered by us in our analysis include an estimate of carrying costs during the hypothetical expected lease-up periods considering current market conditions at the date of acquisition, and costs to execute similar leases. We also consider information obtained about each property as a result of the pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. In estimating carrying costs, we will include estimates of lost rentals during the expected lease-up periods, which is expected to primarily range from one to two years, depending on specific local market conditions, and costs to execute similar leases, including leasing commissions, legal and other related expenses to the extent that such costs are not already incurred in connection with a new lease origination as part of the transaction.

F-11

The total amount of other intangible assets acquired is further allocated to in-place lease values and customer relationship intangible values based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics considered by us in allocating these values include, among other factors, the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement). As of December 31, 2021 and 2020, we have allocated no value to customer relationship value. We amortize the value of in-place leases to expense over the weighted average lease term of the respective leases, which generally range from one to 10 years.

Purchase price has been allocated to acquired intangible assets, which include acquired in-place lease intangibles, acquired above-market in-place lease intangibles and acquired ground lease intangibles, which are reported net of accumulated amortization of $102,842 and $82,699 at December 31, 2021 and 2020, respectively, on the accompanying Consolidated Balance Sheets. The acquired intangible liabilities represent acquired below-market in-place leases, which are reported net of accumulated amortization of $15,481 and $12,724 at December 31, 2021 and 2020, respectively, on the accompanying Consolidated Balance Sheets. Our amortizing intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. According to authoritative guidance, an amortizing intangible asset is considered to be impaired when the estimated future undiscounted operating cash flow is less than its carrying value. To the extent impairment has occurred, the excess of the carrying value of the amortizing intangible asset over its estimated fair value will be charged to operations.

Future amortization related to amortizing acquired intangible assets and liabilities, including those classified as held for sale, as of December 31, 2021 is as follows:

	Acquired in-place leases		Acquired above-market leases		Below-market ground lease		Acquired below-market leases
2022	$	43,720	$	1,790	$	401	$	(4,991)
2023	34,161		1,581		401		(4,497)
2024	27,358		1,353		401		(4,020)
2025	20,202		1,194		401		(3,566)
2026	16,269		1,174		15		(2,713)
Thereafter	59,150		6,424		232		(11,235)
	$	200,860	$	13,516	$	1,851	$	(31,022)

Income Taxes

We first elected to be taxed as a REIT under sections 856-860 of the Internal Revenue Code of 1986, as amended (the “Code”), for our taxable year ended December 31, 2004. To qualify as a REIT, we must meet a number of organizational and operational requirements, including requirements to distribute at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains, and to meet certain quarterly asset and annual income tests. It is our current intention to adhere to these requirements. As a REIT, we will generally not be subject to corporate-level federal income tax to the extent we distribute 100% of our taxable income to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income, property or net worth, and to certain federal income and excise taxes.

On December 22, 2017, tax legislation commonly referred to as the Tax Cuts and Jobs Act was signed into law which resulted in significant U.S. federal income tax reform. We did not identify any items for which the accounting for the income tax effects of the Tax Cut and Jobs Act have not been completed. The Alternative Minimum Tax has been repealed for tax years beginning after December 31, 2017 as a result of the Tax Cut and Jobs Act.

Earnings and profits, which determine the tax treatment of dividends to stockholders, differ from net income reported for financial reporting purposes due to differences for federal income tax reporting purposes in computing, among other things, estimated useful lives, depreciable basis of properties and permanent and timing differences on the inclusion or deductibility of elements of income and expense for such purposes.

We evaluate uncertain tax positions in accordance with FASB ASC 740, Income Taxes. Based upon our current evaluation, we have concluded that there are no significant uncertain tax positions relevant to the jurisdictions where we are required to file income tax returns requiring recognition in the consolidated financial statements at December 31, 2021, 2020, and 2019. We are not subject to federal income tax examinations for tax years prior to 2018.

F-12

Business Segments

Consistent with how we review and manage our properties, we align our internal operations along the five primary property types we are targeting for investments resulting in five operating segments: industrial, office, residential, retail and other properties.

Assets and Liabilities Measured at Fair Value

The Financial Accounting Standards Board’s (“FASB”) guidance for fair value measurement and disclosure states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering assumptions, authoritative guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

•Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have access to at the measurement date.

•Level 2—Observable inputs, other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.

•Level 3—Unobservable inputs for the asset or liability. Unobservable inputs are those inputs that reflect our own assumptions that market participants would use to price the asset or liability based on the best available information.

The authoritative guidance requires the disclosure of the fair value of our financial instruments for which it is practicable to estimate that value. The guidance does not apply to all balance sheet items. Market information as available or present value techniques have been utilized to estimate the amounts required to be disclosed. Since such amounts are estimates, there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument.

Our investments in marketable securities are valued using Level 1 inputs as the securities are publicly traded on major stock exchanges.

Real estate fund investments accounted for under the fair value option are stated at the fair value of our ownership in the fund. The fair value is recorded based upon changes in the NAV of the limited partnership as determined from the financial statements of the real estate fund. During the year ended December 31, 2021 and 2020, we recorded an unrealized increase and decrease in fair value classified within the Level 3 category of $65,966 and $15,869, respectively, which related to our investments in the NYC Retail Portfolio (as defined below) and the Single-family Rental Portfolio (see Note 4-Unconsolidated Real Estate Affiliates and Fund Investments).

We have estimated the fair value of our mortgage notes and other debt payable reflected in the accompanying Consolidated Balance Sheets at amounts that are based upon an interpretation of available market information and valuation methodologies (including discounted cash flow analysis with regard to fixed rate debt) for similar loans made to borrowers with similar credit ratings and for the same maturities. The fair value of our mortgage notes and other debt payable, including amounts included as held for sale, using level two inputs was approximately $3,794 and $30,923 higher than the aggregate carrying amounts at December 31, 2021 and 2020, respectively. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon extinguishment of our mortgage notes and other debt payable.

Derivative Financial Instruments

We record all derivatives on the Consolidated Balance Sheets at fair value in prepaid expenses and other assets or accounts payable and other accrued expenses. Changes in the fair value of our derivatives are recorded on our Consolidated Statements of Operations and Comprehensive Income, as a component of interest expense, as we have not designated our derivative instruments as hedges. Our objective in using interest rate derivatives is to manage our exposure to interest rate movements. To accomplish this objective, we use interest rate caps and swaps.

 As of December 31, 2021, we had the following outstanding interest rate derivatives related to managing our interest rate risk:

Interest Rate Derivative	Number of Instruments	Notional Amount
Interest Rate Swaps	5	$	190,000

F-13

The fair value of our interest rate caps and swaps represent liabilities of $2,580 and $6,500 at December 31, 2021 and 2020, respectively.

F-14

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. For example, significant estimates and assumptions have been made with respect to useful lives of assets, recoverable amounts of receivables, fair value of derivatives and real estate assets, initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions. Actual results could differ from those estimates.

Recent Issued Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board issued Accounting Standard Update ("ASU") No. 2020-04, Reference Rate Reform (Topic 848), which provides guidance containing practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We will continue to evaluate the impact of the guidance and expect to adopt it over time as debt markets transition from LIBOR to alternative rates such as the Secured Overnight Funding Rate ("SOFR").

NOTE 3—PROPERTY

The primary reason we make acquisitions of real estate investments in the industrial, office, residential, retail and other property sectors is to invest capital contributed by stockholders in a diversified portfolio of real estate assets. All references to square footage and units are unaudited.

2021 Acquisitions

On January 21, 2021, we acquired Louisville Distribution Center, a 1,040,000 square foot industrial property located in Shepherdsville, Kentucky for approximately $95,000. The acquisition was funded with cash on hand.

On February 2, 2021, we acquired 170 Park Avenue, a 147,000 square foot life sciences office property located in Florham Park, New Jersey for approximately $46,600. The acquisition was funded with cash on hand.

On February 23, 2021, we acquired Southeast Phoenix Distribution Center, a four property industrial distribution center totaling 474,000 square feet located in Chandler, Arizona for approximately $91,000. The acquisition was funded with cash on hand.

On May 3, 2021, we acquired Princeton North Andover, a newly constructed, 192-unit residential property located in North Andover, Massachusetts for approximately $72,500. The acquisition was funded with cash on hand.

On June 24, 2021, we acquired Louisville Airport Distribution Center, a nearly 284,000 square foot, newly constructed Class A industrial property located in the Southside/Airport industrial submarket of Louisville, Kentucky for approximately $32,100. The acquisition was funded with cash on hand.

On July 2, 2021, we acquired a 95% interest in two industrial buildings, 237 Via Vera Cruz and 13500 Danielson Street, totaling 153,000 square feet located in San Marcos and Poway, California, respectively, for approximately $36,640. The acquisitions were funded with cash on hand.

On July 9, 2021, we acquired a 95% interest in 4211 Starboard Drive, a 130,000 square foot industrial property located in Fremont, California for approximately $32,000 using cash on hand.

On August 23, 2021, we acquired The Preserve at the Meadows, a 220-unit garden-style residential property in Fort Collins, Colorado for approximately $61,000. The acquisition was funded with cash on hand.

On August 31, 2021, we acquired The Rockwell, a 204-unit residential property in Berlin, Massachusetts for approximately $84,000. The acquisition was funded with cash on hand.

On September 15, 2021, we acquired 9101 Stony Point Drive, an 87,000 square foot, medical office building in Richmond, Virginia for approximately $52,000. The acquisition was funded with cash on hand.

On September 28, 2021, we acquired 5 National Way and 47 National Way, a two-building life sciences industrial center totaling 375,000 square feet, located in Durham, North Carolina for approximately $66,750. The acquisitions were funded with cash on hand.

F-15

On September 29, 2021, we acquired Miramont Apartments, a 210-unit residential property located in Fort Collins, Colorado for approximately $57,400. The acquisition was funded with cash on hand and a draw on our line of credit.

On September 29, 2021, we acquired Pinecone Apartments, a 195-unit residential property located in Fort Collins, Colorado for approximately $51,600. The acquisition was funded with cash on hand and a draw on our line of credit.

On October 7, 2021, we acquired North Tampa Surgery Center, a 13,000 square foot medical office property located in Odessa, Florida for approximately $8,500. The acquisition was funded with cash on hand.

On October 20, 2021, we acquired Friendship Distribution Center, a 649,000 square foot industrial property located in Buford, Georgia for approximately $95,000. The acquisition was funded with cash on hand.

On October 28, 2021 we acquired South San Diego Distribution Center, a 665,000 square foot industrial property located in San Diego, California for approximately $158,500. We assumed a $72,500 mortgage note payable that bears an interest rate of 3.18% and matures on January 31, 2031. The acquisition was funded as an UPREIT transaction in which we issued OP Units and funded with cash on hand.

On November 16, 2021, we acquired two industrial buildings, 1755 Britannia Drive and 2451 Bath Road, totaling 407,000 square feet located in Elgin, Illinois for approximately $47,100. The acquisitions were funded with cash on hand and a draw on our line of credit.

On November 17, 2021, we acquired 687 Conestoga Parkway, a 327,000 square foot industrial property located in Shepherdsville, Kentucky for approximately $39,500. The acquisition was funded with cash on hand and a draw on our line of credit.

On November 30, 2021, we acquired a 95% interest in two industrial properties, 2840 Loker Avenue and 15890 Bernardo Center Drive, totaling 152,000 square feet located in Carlsbad and San Diego, California, respectively, for approximately $41,100. The acquisitions were funded with cash on hand and a draw on our line of credit.

On December 17, 2021, we acquired The Reserve at Venice, a 276-unit residential property in North Venice, Florida for approximately $93,000. The acquisition was funded with cash on hand and a draw on our line of credit.

On December 21, 2021, we acquired Woodside Trumbull, a 199-unit residential property in Trumbull, Connecticut for approximately $98,000. The acquisition was funded with cash on hand and a draw on our line of credit.

On December 23, 2021, we acquired Durham Medical Office, a 60,000 square feet medical office property located in Durham, North Carolina for approximately $37,125. The acquisition was funded with cash on hand and a draw on our line of credit.

On December 23, 2021, we acquired 1203 SW 7 Highway, a 10,000 square foot, medical office property in Blue Springs, Missouri for approximately $3,400. The acquisition was funded with cash on hand and a draw on our line of credit.

On December 23, 2021, we acquired 8600 NE 82nd Street, a 11,000 square foot, medical office property in Kansas City, Missouri for approximately $5,500. The acquisition was funded with cash on hand and a draw on our line of credit.

On December 28, 2021, we acquired South Reno Medical Center, a 32,000 square foot, medical office property in Reno, Nevada for approximately $14,025. The acquisition was funded with cash on hand and a draw on our line of credit.

On December 28, 2021, we acquired Roeland Park Medical Office, a 30,000 square foot, medical office property in Roeland Park, Kansas for approximately $13,300. The acquisition was funded with cash on hand and a draw on our line of credit.

On December 30, 2021, we acquired Sugar Land Medical Office, a 37,000 square foot, medical office property in Sugar Land, Texas for approximately $18,350. The acquisition was funded with cash on hand and a draw on our line of credit.

F-16

We allocated the purchase price for our 2021 asset acquisitions in accordance with authoritative guidance as follows:

	2021 Acquisitions
Land	$	173,962
Building and equipment	1,145,365
In-place lease intangible (acquired intangible assets)	135,278
Above-market lease intangible (acquired intangible assets)	9,568
Below-market lease intangible (acquired intangible liabilities)	(19,997)
	$	1,444,176
Amortization period for intangible assets and liabilities	5 months - 19 years

2020 Acquisitions

On January 29, 2020, we acquired Milford Crossing, a 159,000 square foot, grocery-anchored retail center located in Milford, Massachusetts, for approximately $42,100. The acquisition was funded with cash on hand.

On February 6, 2020, we acquired Fountainhead Corporate Park, a 295,000 square foot, two-building Class A office portfolio comprised of two six-story buildings located in the Phoenix, Arizona submarket of Tempe for approximately $61,500. The acquisition was funded with cash on hand.

On October 23, 2020, we acquired Fort Worth Distribution Center, a 351,000 square foot industrial distribution center located in Fort Worth, Texas, for approximately $24,050. The acquisition was funded with cash on hand.

On December 11, 2020, we acquired Whitestown Distribution Center, a 720,000 square foot distribution center located in Whitestown, Indiana for approximately $62,300. The acquisition was funded with cash on hand.

We allocated the purchase price for our 2020 asset acquisitions in accordance with authoritative guidance as follows:

	2020 Acquisitions
Land	$	15,782
Building and equipment	136,430
In-place lease intangible (acquired intangible assets)	35,345
Above-market lease intangible (acquired intangible assets)	2,947
Below-market lease intangible (acquired intangible liabilities)	(2,317)
	$	188,187
Amortization period for intangible assets and liabilities	5 months - 15 years

2019 Acquisitions

On March 29, 2019, we acquired Fremont Distribution Center, a 237,000 square foot, two building industrial property located in Fremont, California, for approximately $47,000. The acquisition was funded with cash on hand.

On May 13, 2019, we acquired Stonemeadow Farms, a 280-unit residential property located in Bothell, Washington, for approximately $81,800. The acquisition was funded with cash on hand.

On May 31, 2019, we acquired 3324 West Trinity Boulevard, a 145,000 square foot industrial distribution center located in Grand Prairie, Texas, for approximately $16,150. The acquisition was funded with cash on hand.

On July 2, 2019, we acquired Genesee Plaza, a 161,000 square foot two building medical office campus located in San Diego, California, for approximately $89,500. The acquisition was funded by the assumption of a six-year mortgage loan that bears interest at a fixed rate of 4.30% in the amount of $41,546 and with cash on hand.

On July 31, 2019, we acquired Summit at San Marcos, a 273-unit residential property located in Chandler, Arizona, for approximately $71,750. The acquisition was funded with a draw on the credit facility and cash on hand.

On August 23, 2019, we acquired Taunton Distribution Center, a 200,000 square foot industrial distribution center located in Taunton, Massachusetts, for approximately $25,700. The acquisition was funded with cash on hand.

F-17

On September 30, 2019, we acquired a 97.5% interest in Presley Uptown, a 230-unit residential property in the Uptown submarket of Charlotte, North Carolina. The joint venture acquired the property for approximately $55,250. The acquisition was funded with a draw on the credit facility and cash on hand.

On December 6, 2019, we acquired Chandler Distribution Center, a 211,000 square foot industrial distribution center located in Chandler, Arizona for $31,000. The acquisition was funded with cash on hand.

We allocated the purchase price for our 2019 asset acquisitions in accordance with authoritative guidance as follows:

	2019 Acquisitions
Land	$	74,458
Building and equipment	313,335
In-place lease intangible (acquired intangible assets)	32,312
Above-market lease intangible (acquired intangible assets)	998
Below-market lease intangible (acquired intangible liabilities)	(2,702)
	$	418,401
Amortization period for intangible assets and liabilities	1 month -10 years

On December 5, 2019, we acquired our joint venture partner's 10% interest in Townlake of Coppell for approximately $6,000 plus the assumption of the joint venture partners pro rata share of the mortgage loan in the amount of approximately $2,880.

Impairment of Investment in Real Estate

During the year ended December 31, 2021, in accordance with authoritative guidance for impairment of long-lived assets, we determined that The Edge at Lafayette no longer fits our current investment objectives and strategy and reduced our expected hold period. We further determined that this asset was impaired as the carrying value of the investment was not deemed recoverable. Therefore, we recognized an impairment charge totaling $1,822, which represents the difference between the sale price less estimated costs to sell and the carrying value of the property.

2021 Disposition

On January 8, 2021, we sold South Seattle Distribution Center, a three property industrial center totaling 323,000 square feet located in Seattle, Washington for approximately $72,600 less closing costs. In connection with the disposition, the mortgage loan associated with the property of $17,841 was retired. We recorded a gain on the sale of the property in the amount of $33,580.

2020 Disposition

On March 27, 2020, we sold 24823 Anza Drive, a 31,000 square foot industrial property located in Santa Clarita, California for approximately $5,600 less closing costs. We recorded a gain on the sale of the property in the amount of $1,724.

2019 Disposition

On February 7, 2019, we sold 111 Sutter Street for approximately $227,000 less closing costs. In connection with the disposition, the mortgage loan associated with the property of approximately $52,300 was retired. We recorded a gain on the sale of property in the amount of $107,108.

Held for Sale

On December 15, 2021, Norfleet Distribution Center was classified as held for sale and was sold on January 6, 2022. On December 23, 2021, The Edge at Lafayette was classified as held for sale and was sold on January 24, 2022. As of December 31, 2021, our investment in real estate and other assets and liabilities held for sale was comprised of:

F-18

	December 31, 2021
Land	$	3,530
Building and equipment, net	35,349
Other assets, net	447
Total assets	$	39,326
Mortgage notes and other debt payable, net	$	—
Other liabilities	271
Total liabilities	$	271

On November 11, 2020, South Seattle Distribution Center was classified as held for sale and was sold on January 8, 2021. As of December 31, 2021, our investment in real estate and other assets and liabilities held for sale was comprised of:

	December 31, 2020
Land	$	16,652
Building and equipment, net	16,237
Other assets, net	1,616
Total assets	$	34,505
Mortgage notes and other debt payable, net	$	17,811
Other liabilities	430
Total liabilities	$	18,241

NOTE 4—UNCONSOLIDATED REAL ESTATE AFFILIATES AND FUND INVESTMENTS

In addition to investments in consolidated properties, we may make investments in real estate which are classified as unconsolidated real estate affiliates under GAAP. The residential sector includes residential properties and single-family rental homes.

Unconsolidated Real Estate Affiliates

The following represent our unconsolidated real estate affiliates as of December 31, 2021 and December 31, 2020.

				Carrying Amount of Investment
Property	Property Type	Location	Acquisition Date	December 31, 2021		December 31, 2020
Chicago Parking Garage	Other	Chicago, IL	December 23, 2014	$	13,992	$	14,000
Pioneer Tower	Office	Portland, OR	June 28, 2016	103,529		108,715
The Tremont	Residential	Burlington, MA	July 19, 2018	21,345		21,430
The Huntington	Residential	Burlington, MA	July 19, 2018	10,773		11,549
Siena Suwanee Town Center	Residential	Suwanee, GA	December 15, 2020	30,685		32,196
Kingston at McLean Crossing	Residential	McLean, VA	December 3, 2021	36,720		—
Total				$	217,044	$	187,890

F-19

Summarized Combined Balance Sheets—Unconsolidated Real Estate Affiliates—Equity Method Investments (Unaudited)

	December 31, 2021		December 31, 2020
Net investments in real estate	$	408,233	$	296,930
Acquired intangible assets, net	10,139		12,653
Other assets	8,433		6,803
Total assets	$	426,805	$	316,386
Mortgage notes and other debt payable	$	182,318	$	110,104
Acquired intangible liabilities, net	3,933		2,821
Other liabilities	2,266		3,200
Total liabilities	188,517		116,125
Members’ equity	238,288		200,261
Total liabilities and members' equity	$	426,805	$	316,386

Company Investments in Unconsolidated Real Estate Affiliates—Equity Method Investments (Unaudited)

	December 31, 2021		December 31, 2020
Members’ equity	$	238,288	$	200,261
Less: other members' equity	(19,858)		(10,969)
Basis differential	(1,386)		(1,402)
Investments in unconsolidated real estate affiliates	$	217,044	$	187,890

Summarized Combined Statements of Operations—Unconsolidated Real Estate Affiliates—Equity Method Investments (Unaudited)

	Year Ended December 31, 2021		Year Ended December 31, 2020		Year Ended December 31, 2019
Total revenues	$	24,862	$	18,978	$	21,057
Total operating expenses	22,868		17,792		17,014
Operating income	$	1,994	$	1,186	$	4,043
Total other expenses	4,586		2,894		2,860
Net (loss) income	$	(2,592)	$	(1,708)	$	1,183

Company Equity in Income of Unconsolidated Real Estate Affiliates—Equity Method Investments (Unaudited)

	Year Ended December 31, 2021		Year Ended December 31, 2020		Year Ended December 31, 2019
Net (loss) income of unconsolidated real estate affiliates	$	(2,592)	$	(1,708)	$	1,183
Other members’ share of net (income) loss	(186)		(368)		(351)
Company equity in (loss) income of unconsolidated real estate affiliates	$	(2,778)	$	(2,076)	$	832

F-20

Real Estate Fund Investments

At acquisition we may make the election to account for our interest in investments under the fair value option. This fair value election may be made when the investment is in the form of a commingled fund with institutional partners where fair value accounting provides the most relevant information about the financial condition of the investment. We record increases and decreases in our investment each reporting period based on the change in the fair value of the investment as estimated by the general partner. Critical inputs to NAV estimates include valuations of the underlying real estate assets which incorporate investment-specific assumptions such as discount rates, capitalization rates and rental growth rates. We do not consider adjustments to NAV estimates provided by the general partner, including adjustments for any restrictions to the transferability of ownership interests embedded within the investment agreement to which we are a party, to be necessary based upon (1) our understanding of the methodology utilized and inputs incorporated to estimate NAV at the investment level, (2) consideration of market demand for the assets held by the venture, and (3) contemplation of real estate and capital markets conditions in the localities in which the venture operates. Our investments accounted for under the fair value option are presented on our Consolidated Balance Sheets within real estate fund investments. Changes in the fair value of our investments as well as cash distributions received are recorded on our Consolidated Statements of Operations within income from unconsolidated real estate affiliates and fund investments.

NYC Retail Portfolio

On December 8, 2015, a wholly-owned subsidiary of ours acquired an approximate 28% interest in a newly formed limited partnership, Madison NYC Core Retail Partners, L.P, which acquired an approximate 49% interest in entities that initially owned 15 retail properties located in the greater New York City area (the “NYC Retail Portfolio”), the result of which is that we own an approximate 14% interest in the NYC Retail Portfolio. The purchase price for such portion is approximately $85,600 including closing costs. As of December 31, 2021, the NYC Retail Portfolio owned eight retail properties totaling approximately 1,940,000 square feet across urban infill locations in Manhattan, Brooklyn, Queens and New Jersey. We have no unfunded commitments.

As of December 31, 2021 and December 31, 2020, the carrying amount of our investment in the NYC Retail Portfolio was $84,874 and $79,192, respectively. During the year ended December 31, 2021, we recorded increases in fair value of our investment in the NYC Retail Portfolio of $4,021 and received no cash distributions. During the year ended December 31, 2021, we made a $1,661 capital contribution to and received no distributions from Madison NYC Core Retail Partners, L.P. During the year ended December 31, 2020, we recorded decreases in fair value of our investment in the NYC Retail Portfolio of $15,869 and received no cash distributions. During the year ended December 31, 2020, we made a $1,661 capital contribution to Madison NYC Core Retail Partners, L.P. On March 4, 2020, a retail property in the NYC Retail Portfolio with a square footage of 74,000 was sold and the mortgage loan was extinguished.

Single-Family Rental Portfolio

On August 5, 2021, we acquired an approximate 47% interest in a portfolio of approximately 4,000 stabilized single-family rental homes located in various markets across the United States, including Atlanta, Dallas, Phoenix, Nashville and Charlotte, among others (the "Single-Family Rental Portfolio"). The portfolio is encumbered by securitized mortgages in a net amount of approximately $760,000 maturing in the fourth quarter of 2025 at a weighted average interest rate of 2.1%. The equity purchase price for our approximate 47% interest was approximately $205,000. We funded the transaction using cash on hand and a draw on our Revolving Credit Facility.

As of December 31, 2021, the carrying amount of our investment in the Single-Family Rental Portfolio was $268,031. During the year ended December 31, 2021, we recorded an increase in the fair value of our investment in the Single-Family Rental Portfolio of $61,945. During the year ended December 31, 2021, we received distributions of income totaling $4,145. The cash distributions of income increased income from unconsolidated real estate affiliates and fund investments. During the year ended December 31, 2021, we made a working capital funding of $909 to GVI RH JV Investor LLC and paid $343 in closing costs.

F-21

Summarized Combined Balance Sheets—NYC Retail Portfolio Investment and Single-Family Rental Portfolio—Fair Value Option Investment (Unaudited)

	December 31, 2021		December 31, 2020
Investment in real estate venture	$	1,666,923	$	290,830
Cash	19,650		3,158
Other assets	55,562		202
Total assets	$	1,742,135	$	294,190
Total liabilities	$	823,503	$	7,405
Partners' capital	918,632		286,785
Total liabilities and partners' capital	$	1,742,135	$	294,190

Summarized Statement of Operations—NYC Retail Portfolio Investment and Single-Family Rental Portfolio—Fair Value Option Investment (Unaudited)

	Year Ended December 31, 2021		Year Ended December 31, 2020		Year Ended December 31, 2019
Total revenue	$	31,945	$	2,261	$	6,001
Net investment income (loss)	$	4,025	$	(28)	$	4,128
Net change in unrealized gain (loss) on investment in real estate venture	162,207		(57,323)		15,292
Net income (loss)	$	166,232	$	(57,351)	$	19,420

F-22

NOTE 5—MORTGAGE NOTES AND OTHER DEBT PAYABLE

Mortgage notes and other debt payable have various maturities through 2031 and consist of the following:

Property	Maturity/Extinguishment Date	Fixed / Floating	Interest Rate		Amount payable as of
					December 31, 2021		December 31, 2020
140 Park Avenue (1)	March 1, 2021	Fixed	3.00	%	$	—	$	22,800
Monument IV at Worldgate (2)	February 1, 2023	Fixed	3.13		—		40,000
Aurora Distribution Center	June 1, 2023	Fixed	3.39		13,441		13,716
180 N Jefferson	July 1, 2023	Fixed	3.89		45,000		45,000
Grand Lakes Marketplace	October 1, 2023	Fixed	4.20		23,900		23,900
Oak Grove Plaza	February 1, 2024	Fixed	4.17		8,915		9,154
Charlotte Distribution Center	September 1, 2024	Fixed	3.66		9,341		9,556
Genesee Plaza	January 1, 2025	Fixed	4.30		39,285		40,221
Jory Trail at the Grove	February 1, 2025	Fixed	3.81		42,793		43,600
Skokie Commons	June 1, 2025	Fixed	3.31		23,627		24,120
DFW Distribution Center	June 1, 2025	Fixed	3.23		17,720		17,720
AQ Rittenhouse	September 1, 2025	Fixed	3.65		26,370		26,370
Timberland Town Center	October 1, 2025	Fixed	4.07		20,253		20,746
Whitestone Market	December 1, 2025	Fixed	3.58		25,750		25,750
Miramont Apartments	March 1, 2026	Fixed	3.87		27,629		—
Pinecone Apartments	March 1, 2026	Fixed	3.87		25,355		—
Louisville Distribution Center	May 1, 2026	Fixed	1.76		52,250		—
Maui Mall	June 1, 2026	Fixed	3.64		36,322		37,122
Rancho Temecula Town Center	July 1, 2026	Fixed	4.02		28,000		28,000
Dylan Point Loma	September 1, 2026	Fixed	3.83		40,319		40,500
237 Via Vera Cruz	September 1, 2026	Floating	1.50		11,880		—
4211 Starboard Drive	September 1, 2026	Floating	1.50		20,612		—
13500 Danielson Street	September 1, 2026	Floating	1.50		10,990		—
2840 Loker Ave	September 1, 2026	Floating	1.50		14,316		—
15890 Bernardo Center	September 1, 2026	Floating	1.50		8,702		—
Lane Parke Apartments	November 1, 2026	Fixed	3.18		37,000		37,000
The District at Howell Mill	March 1, 2027	Fixed	5.30		28,858		29,638
San Juan Medical Center	October 1, 2027	Fixed	3.35		16,730		16,730
Whitestown Distribution Center	February 10, 2028	Fixed	2.95		34,000		—
Townlake of Coppell	April 10, 2028	Fixed	2.41		36,030		—
Southeast Phoenix Distribution Center	June 1, 2028	Fixed	2.70		49,000		—
Princeton North Andover	June 1, 2028	Floating	1.65		39,900		—
Stonemeadow Farms	August 1, 2029	Fixed	3.62		44,722		45,000
Presley Uptown	November 1, 2029	Fixed	3.25		30,000		30,000
Reserve at Johns Creek	December 1, 2029	Fixed	3.58		26,000		26,000
Summit at San Marcos	May 1, 2030	Fixed	3.28		35,900		35,900
Mason Mill Distribution Center	October 1, 2030	Fixed	3.25		17,500		17,500
The Penfield	October 1, 2030	Fixed	2.50		35,500		35,500
South San Diego Distribution Center	January 1, 2031	Fixed	3.18		72,500		—
Villas at Legacy	January 1, 2031	Fixed	2.53		29,500		29,500
The Preserve at the Meadows	October 1, 2031	Fixed	2.57		32,400		—
The Rockwell	October 1, 2031	Fixed	2.62		46,310		—

F-23

Revolving line of credit	May 25, 2024	Fixed & Floating	1.75 - 3.68	300,000		—
Bridge loan	December 10, 2022	Floating	1.75	100,000		—
Term loans	May 25, 2024	Fixed & Floating	1.70 - 3.40	235,000		100,000
TOTAL				$	1,819,620	$	871,043
Net debt discount on assumed debt and debt issuance costs				(1,956)		(2,941)
MORTGAGE NOTES AND OTHER DEBT PAYABLE, NET				$	1,817,664	$	868,102
South Seattle Distribution Center (3)				$	—	$	17,873
MORTGAGE NOTES AND OTHER DEBT PAYABLE OF HELD FOR SALE PROPERTY				$	—	$	17,873

________

(1)    On March 8, 2021, we repaid the mortgage note payable related to 140 Park Avenue in the amount of $22,800.

(2)    On March 17, 2021, we repaid the mortgage note payable related to Monument IV in the amount of $40,000.

(3)    The property associated with this loan was designated as held for sale as of December 31, 2020. The property associated with this loan was sold on January 8, 2021 and the loan was repaid.

We have recognized a premium or discount on debt we assumed with the following property acquisitions, the remaining premium or discount is as follows as of December 31, 2021:

Property	Debt Premium  (Discount)		Effective Interest Rate
The District at Howell Mill	$	(1,035)	6.34	%
Timberland Town Center	382		3.34
Jory Trail at the Grove	(80)		3.94
Genesee Plaza	991		4.30
Pinecone Apartments	1,572		2.33
Miramont Apartments	1,712		2.33
South San Diego	3,399		3.18
Net debt premium on assumed debt	$	6,941

Aggregate future principal payments of mortgage notes payable and other debt payable are as follows:

 

Year	Amount
2022	$	107,812
2023	89,890
2024	559,917
2025	192,296
2026	308,023
Thereafter	561,682
Total	$	1,819,620

 

Land, buildings, equipment and acquired intangible assets related to the mortgage notes payable, with an aggregate cost of approximately $2,421,000 and $1,642,000 at December 31, 2021 and 2020, respectively, have been pledged as collateral, and are not available to satisfy our debts and obligations unless first satisfying the mortgage note payable on the property. As our mortgage notes mature, we will explore refinancing and paying off the loans as well as full or partial sales of the properties. To accomplish these refinancings and pay downs, we would use cash on hand, cash from future property operations and capital from the proceeds of the Current Public Offering.

F-24

Credit Facility

On May 24, 2021, we entered into a credit agreement providing for a $650,000 revolving line of credit and unsecured term loan (collectively, the "Credit Facility") with a syndicate of eight lenders led by JPMorgan Chase Bank, N.A., Bank of America, N.A., and PNC Capital Markets LLC and Wells Fargo Bank, N.A. The Credit Facility provides us with the ability, from time to time, to increase the size of the Credit Facility up to a total of $800 million, subject to receipt of lender commitments and other conditions. The $650,000 Credit Facility consists of a $415,000 revolving line of credit (the “Revolving Credit Facility”) and a $235,000 term loan (the “Term Loan”). The Revolving Credit Facility contains a sublimit of $25,000 for letters of credit. The primary interest rate for the Revolving Credit Facility is based on LIBOR, plus a margin ranging from 1.40% to 2.10%, depending on our total leverage ratio. The primary interest rate for the Term Loan is based on LIBOR, plus a margin ranging from 1.35% to 2.05%, depending on our total leverage ratio. The maturity date of the Revolving Credit Facility and the Term Loan is May 24, 2025. Based on our current total leverage ratio, we can elect to borrow at LIBOR plus 1.65% and LIBOR plus 1.60% for the Revolving Credit Facility and Term Loan, respectively, or alternatively, we can choose to borrow at a “base rate” equal to (i) the highest of (a) the Federal Funds Rate plus 0.50%, (b) the prime rate announced by JPMorgan Chase Bank, N.A., and (c) LIBOR plus 1.0%, plus (ii) a margin ranging from 0.40% to 1.10% for base rate loans under the Revolving Credit Facility or a margin ranging from 0.35% to 1.05% for base rate loans under the Term Loan. If the “base rate” is less than 1.0%, it will be deemed to be 1.0% for purposes of the Credit Facility. We intend to use the Revolving Credit Facility to cover short-term capital needs, for new property acquisitions and working capital. We may not draw funds on our Credit Facility if we (i) experience a material adverse effect, which is defined to include, among other things, (a) a material adverse effect on the business, assets, operations or financial condition of the Company taken as a whole; (b) the inability of any loan party to perform any of its obligations under any loan document; or (c) a material adverse effect upon the validity or enforceability of any loan document or (ii) are in default, as that term is defined in the agreement, including a default under certain other loan agreements and/or guarantees entered into by us or our subsidiaries. As of December 31, 2021, we believe no material adverse effects had occurred.

On December 10, 2021, we entered into an additional $100,000 short-term bridge loan (the "Bridge Loan") with JPMorgan Chase Bank, N.A. under the same terms as our Credit Facility. The Bridge Loan bears interest at the secured overnight financing rate ("SOFR") plus 1.45% to 2.15% depending on our total leverage ratio. The maturity date of the Bridge Loan is June 10, 2022 and has two, three month extension options. Based on our current total leverage ratio this borrowing is priced at SOFR plus 1.70%.

Borrowings under the Credit Facility are guaranteed by us and certain of our subsidiaries. The Credit Facility requires the maintenance of certain financial covenants, including: (i) unencumbered property pool leverage ratio; (ii) debt service coverage ratio; (iii) maximum total leverage ratio; (iv) fixed charges coverage ratio; (v) minimum NAV; (vi) maximum secured debt ratio; (vii) maximum secured recourse debt ratio; (viii) maximum permitted investments; and (ix) unencumbered property pool criteria. The Credit Facility provides the flexibility to move assets in and out of the unencumbered property pool during the term of the Credit Facility.

At December 31, 2021, we had $300,000 outstanding under the Revolving Credit Facility at LIBOR + 1.65%, $235,000 outstanding under the Term Loan at LIBOR + 1.60% and $100,000 outstanding under the Bridge Loan at SOFR +1.70%. We swapped the LIBOR portion on $100,000 of our Term Loan to a blended fixed rate of 1.80% (all in rate of 3.40% at December 31, 2021). We swapped $90,000 of the Revolving Credit Facility to a fixed rate of 2.08% (all in rate of 3.68% at December 31, 2021). The interest swap agreements have maturity dates ranging from May 26, 2022 through February 17, 2023. At December 31, 2020, we had nothing outstanding under our previous revolving line of credit and $100,000 outstanding under the Term Loans.

Covenants

At December 31, 2021, we were in compliance with all debt covenants.

Debt Issuance Costs

Debt issuance costs are capitalized and amortized over the terms of the respective agreements as a component of interest expense. Accumulated amortization of debt issuance costs at December 31, 2021 and December 31, 2020 were $8,024 and $6,749, respectively.

F-25

NOTE 6—COMMON STOCK AND OP UNITS

We have five classes of common stock: Class A, Class M, Class A-I, Class M-I, and Class D. The fees payable to LaSalle Investment Management Distributors, LLC, an affiliate of our Advisor and the dealer manager for our offerings (the "Dealer Manager"), with respect to each outstanding share of each class, as a percentage of NAV, are as follow:

	Selling Commission (1)	Dealer Manager Fee (2)
Class A Shares	up to 3.0%	0.85%
Class M Shares	—	0.30%
Class A-I Shares	up to 1.5%	0.30%
Class M-I Shares	—	None
Class D Shares (3)	up to 1.0%	None

________

(1)     Selling commissions are paid on the date of sale of our common stock.

(2)     We accrue all future dealer manager fees up to the ten percent regulatory limitation as accrued offering costs on our Consolidated Balance Sheets on the date of sale of our common stock. For NAV calculation purposes, dealer manager fees are accrued daily, on a continuous basis equal to 1/365th of the stated fee. Each Class A, Class M and Class A-I share sold in a public offering will automatically convert into the number of Class M-I shares based on the then-current applicable NAV of each class on the date following the termination of the primary portion of such public offering in which we, with the assistance of the Dealer Manager, determine that total underwriting compensation paid with respect to such public offering equals 10% of the gross proceeds from the primary portion of such public offering.

(3)     Shares of Class D common stock are only being offered pursuant to a private offering.

The selling commissions and dealer manager fees are offering costs and are recorded as a reduction of additional paid in capital.

Stock Transactions

The stock transactions for each of our classes of common stock for the years ending December 31, 2021, 2020 and 2019 were as follows:

	Shares of Class A Common Stock	Shares of Class M Common Stock	Shares of Class A-I Common Stock	Shares of Class M-I Common Stock	Shares of Class D Common Stock
Balance, December 31, 2018	71,187,722	39,869,130	11,083,034	9,738,086	6,270,479
Issuance of common stock	20,389,402	5,356,380	462,451	11,379,814	—
Repurchase of shares	(3,271,008)	(4,889,772)	(453,781)	(73,227)	(1,312,564)
Stock based compensation	—	—	—	11,298	—
Balance, December 31, 2019	88,007,721	39,036,770	11,153,567	22,589,599	4,957,915
Issuance of common stock	13,533,380	2,453,336	314,149	12,417,353	—
Repurchase of shares	(11,333,773)	(5,009,716)	(1,878,636)	(3,150,763)	—
Stock based compensation	—	—	—	16,000	—
Stock conversion	(536,232)	(868,234)	27,219	1,374,812	—
Balance, December 31, 2020	89,671,096	35,612,156	9,616,299	33,247,001	4,957,915
Issuance of common stock	16,945,256	3,590,727	478,460	20,501,787	2,555,366
Repurchase of shares	(6,327,886)	(1,937,556)	(738,450)	(2,148,050)	—
Stock based compensation	—	—	—	20,000	—
Share conversions	(250,104)	(807,136)	—	1,055,955	—
Balance, December 31, 2021	100,038,362	36,458,191	9,356,309	52,676,693	7,513,281

F-26

Stock Issuances

The stock issuances for our classes of shares, including those issued through our distribution reinvestment plan, for the years ending December 31, 2021, 2020 and 2019 were as follows:

	December 31, 2021			December 31, 2020			December 31, 2019
	# of shares	$ Amount		# of shares	$ Amount		# of shares	$ Amount
Class A Shares	16,945,256	$	210,810	13,533,380	$	164,020	20,389,402	$	250,822
Class M Shares	3,590,727	44,885		2,453,336	29,258		5,356,380	65,332
Class A-I Shares	478,460	6,077		314,149	3,736		462,451	5,674
Class M-I Shares	20,521,787	254,168		12,433,353	149,090		11,391,112	139,143
Class D Shares	2,555,366	30,000		—	—		—	—
Total		$	545,940		$	346,104		$	460,971

Share Repurchase Plan

Our share repurchase plan allows stockholders, subject to a one-year holding period, with certain exceptions, to request that we repurchase all or a portion of their shares of common stock on a daily basis at that day's NAV per share, limited to 5% of aggregate Company NAV per quarter. We have made repurchases according to our share repurchase plan as following:

Year ending December 31,	Shares of Class A Common Stock	Shares of Class M Common Stock	Shares of Class A-I Common Stock	Shares of Class M-I Common Stock	Shares of Class D Common Stock	Total Dollar of Repurchases
2019	3,271,008	4,889,772	453,781	73,227	1,312,564	$	121,822
2020	11,333,773	5,009,716	1,878,636	3,150,763	—	255,355
2021	6,327,886	1,937,556	738,450	2,148,050	—	135,246

Distribution Reinvestment Plan

Pursuant to our distribution reinvestment plan, holders of shares of any class of our common stock may elect to have their cash distributions reinvested in additional shares of our common stock at the NAV per share applicable to the class of shares being purchased on the distribution date. For the year ended December 31, 2021, we issued 4,726,012 shares of common stock for $59,133 under the distribution reinvestment plan. For the year ended December 31, 2020, we issued 5,653,314 shares of common stock for $66,990 under the distribution reinvestment plan. For the year ended December 31, 2019, we issued 4,133,544 shares of common stock for $50,309 under the distribution reinvestment plan.

Operating Partnership Units

For the year ended December 31, 2021, in connection with the acquisition of South San Diego Distribution Center, we issued 5,820,165 Class M-I OP Units to third parties for a total of $74,673. For the year ended December 31, 2020, in connection with the acquisition of Siena Suwanee Town Center, we issued 1,217,092 Class M-I OP Units to third parties for a total of $14,252. Each OP Unit is redeemable at the option of the holder after a hold period of one year. Holders of OP Units have certain redemption rights which enable them to cause our operating partnership to redeem their units in exchange for cash equal to the unit price upon exercising or for shares of our common stock.

Earnings Per Share (“EPS”)

Basic per share amounts are based on the weighted average of shares outstanding of 186,610,215, 170,613,298 and 151,179,459 for the years ended December 31, 2021, 2020 and 2019, respectively. We have no dilutive or potentially dilutive securities.

We compute net income per share for Class A, Class M, Class A-I, Class M-I, and Class D common stock using the two-class method. Our Advisor may earn a performance fee (see Note 9-Related Party Transactions) which may impact the net income of each class of common stock differently. The calculated performance component for the years ended December 31, 2021, 2020 and 2019, and the impact on each class of common stock, are shown below. In periods where no performance fee is recognized in our Consolidated Statements of Operations and Comprehensive Income, the net income per share will be the same for each class of common stock.

F-27

Basic and diluted net income per share for each class of common stock is computed using the weighted-average number of common shares outstanding during the period for each class of common stock. We have not issued any dilutive or potentially dilutive securities, and thus the basic and diluted net income per share for a given class of common stock is the same for each period presented.

The following table sets forth the computation of basic and diluted net income per share for each of our Class A, Class M, Class A-I, Class M-I, and Class D common stock:

	Year Ended December 31, 2021
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net income per share:
Allocation of net income before performance fee	$	43,011	$	16,231	$	4,360	$	18,960	$	3,262
Allocation of performance fee	17,269		6,561		1,712		8,992		1,408
Total	$	25,742	$	9,670	$	2,648	$	9,968	$	1,854
Weighted average number of common shares outstanding	93,504,890		35,291,400		9,484,119		41,229,584		7,100,222
Basic and diluted net income per share:	$	0.28	$	0.27	$	0.28	$	0.24	$	0.26
	Year Ended December 31, 2020
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net loss per share:
Allocation of net loss before performance fee	$	(23,259)	$	(9,465)	$	(2,598)	$	(7,405)	$	(1,279)
Allocation of performance fee	—		—		—		—		—
Total	$	(23,259)	$	(9,465)	$	(2,598)	$	(7,405)	$	(1,279)
Weighted average number of common shares outstanding	90,176,584		36,694,995		10,073,075		28,710,729		4,957,915
Basic and diluted net loss per share:	$	(0.26)	$	(0.26)	$	(0.26)	$	(0.26)	$	(0.26)
	Year Ended December 31, 2019
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net income per share:
Allocation of net income before performance fee	$	52,118	$	26,958	$	7,315	$	9,987	$	3,555
Allocation of performance fee	—		—		—		—		—
Total	$	52,118	$	26,958	$	7,315	$	9,987	$	3,555
Weighted average number of common shares outstanding	78,844,620		40,782,711		11,066,621		15,108,522		5,376,985
Basic and diluted net income per share:	$	0.66	$	0.66	$	0.66	$	0.66	$	0.66

F-28

Distributions Declared

The distributions declared per share for each of our classes of common stock for the years ended December 31, 2021, 2020 and 2019 were as follows:

	Distributions		Distributions Paid (1)
Record Date	Declared		Class A		Class M		Class A-I		Class M-I		Class D
3/24/2021	$	0.13500	$	0.11326	$	0.12715	$	0.12726	$	0.13500	$	0.13500
6/24/2021	0.13500		0.11294		0.12696		0.12710		0.13500		0.13500
9/24/2021	0.13500		0.11189		0.12666		0.12644		0.13500		0.13500
12/23/2021	0.13500		0.11092		0.12637		0.12675		0.13500		0.13500
Total	$	0.54000	$	0.44901	$	0.50714	$	0.50755	$	0.54000	$	0.54000
	Distributions		Distributions Paid (1)
Record Date	Declared		Class A		Class M		Class A-I		Class M-I		Class D
3/25/2020	$	0.13500	$	0.11211	$	0.12649	$	0.12681	$	0.13500	$	0.13500
6/24/2020	0.13500		0.11239		0.12683		0.12753		0.13500		0.13500
9/24/2020	0.13500		0.11282		0.12661		0.12632		0.13500		0.13500
12/23/2020	0.13500		0.11280		0.12719		0.12715		0.13500		0.13500
Total	$	0.54000	$	0.45012	$	0.50712	$	0.50781	$	0.54000	$	0.54000
	Distributions		Distributions Paid (1)
Record Date	Declared		Class A		Class M		Class A-I		Class M-I		Class D
3/28/2019	$	0.13500	$	0.11216	$	0.12662	$	0.12653	$	0.13500	$	0.13500
6/27/2019	0.13500		0.11214		0.12643		0.12653		0.13500		0.13500
9/27/2019 (2)	0.17500		0.15184		0.16642		0.16660		0.17500		0.17500
12/30/2019	0.13500		0.11189		0.12600		0.12674		0.13500		0.13500
Total	$	0.58000	$	0.48803	$	0.54547	$	0.54640	$	0.58000	$	0.58000

________

(1)     Distributions paid are net of dealer manager fees applicable to each share class.

(2)    Includes a special dividend of $0.04 per share.

Organization and Offering Costs

Organization and offering costs include, but are not limited to, legal, accounting and printing fees and personnel costs of our Advisor attributable to our organization, preparation of the registration statement, registration and qualification of our common stock for sale with the SEC, or in a private placement, and in the various states and filing fees incurred by our Advisor. LaSalle agreed to fund our organization and offering expenses for the Current Public Offering until December 21, 2021, the day the registration statement was declared effective by the SEC, following which time we commenced reimbursing LaSalle over 36 months. Following the Current Public Offering commencement date, we began paying directly or reimbursing LaSalle if it pays on our behalf any organization and offering costs incurred during the Current Public Offering period (other than selling commissions and dealer manager fees) as and when incurred. After the termination of the Current Public Offering, LaSalle has agreed to reimburse us to the extent that the organization and offering costs that we incur exceed 15% of our gross proceeds from the Current Public Offering. Organization costs are expensed, whereas offering costs are recorded as a reduction of capital in excess of par value. As of December 31, 2021 and 2020, LaSalle had paid $2,113 and $1,138, respectively, of organization and offering costs on our behalf which we had not yet reimbursed. These costs are included in accrued offering costs on the Consolidated Balance Sheets.

F-29

NOTE 7—DST PROGRAM

On October 16, 2019, we, through our operating partnership, initiated the DST Program, and on August 10, 2021, our board of directors approved an increase to raise up to a total of $1,000,000 in private placements through the sale of beneficial interests in specific Delaware statutory trusts (“DST”) holding DST Properties, which may be sourced from our existing portfolio or from newly acquired properties sourced from third parties. Each DST Property will be leased back by a wholly owned subsidiary of our operating partnership on a long-term basis of up to ten years pursuant to a master lease agreement. The master lease agreements are expected to be guaranteed by our operating partnership. As compensation for the master lease guarantee, our operating partnership will retain a fair market value purchase option giving it the right, but not the obligation, to acquire the beneficial interests in the DST from the investors at any time after two years from the closing of the applicable DST offering in exchange for OP Units or cash, at our discretion.

The sale of beneficial interests in the DST Property will be accounted for as a failed sale-leaseback transaction due to the fair market value purchase option retained by the operating partnership and as such, the property will remain on our books and records. The proceeds received from each DST offering will be accounted for as a financing obligation on the Consolidated Balance Sheets. Upfront costs incurred for services provided to the DST totaling $449 are accounted for as deferred loan costs and are netted against the financing obligation.

Under the master lease, we are responsible for subleasing the DST Property to tenants, for covering all costs associated with operating the underlying DST Property, and for paying base rent to the DST that owns such property. For financial reporting purposes (and not for income tax purposes), the DST Properties are included in our consolidated financial statements, with the master lease rent payments accounted for using the interest method whereby a portion is accounted for as interest expense and a portion is accounted for as a reduction of the outstanding principal balance of the financing obligation. During the years ended December 31, 2021 and 2020 we recorded non-cash interest expense related to the master lease in the amounts of $8,603 and $1,271, respectively. Upon the determination that it is probable that we will exercise the fair market value purchase option, we will recognize additional interest expense or interest income to the financing obligation to account for the difference between the fair value of the property and the outstanding liabilities. During the year ended December 31, 2021, we determined that certain properties were probable for exercising the fair market value purchase option and recorded additional non-cash interest expense of $1,987. We will remeasure the fair value of these properties at each balance sheet date and adjust the non-cash interest expense recognized over the remaining term of the master lease for any changes in fair value. If we elect to repurchase the property prior to the maturity date of the master lease, we will record the difference between the repurchase amount and the financial obligation as additional non-cash interest expense in the period of repurchase. For financial reporting purposes, the rental revenues and rental expenses associated with the underlying property of each master lease are included in the respective line items on our Consolidated Statements of Operations and Comprehensive Income. The net amount we receive from the underlying DST Properties may be more or less than the amount we pay to the investors in the specific DST and could fluctuate over time.

As of December 31, 2021, we sold approximately $454,090 of interests related to the DST Program. As of December 31, 2021, the following properties are included in our DST Program:

•The Reserve at Johns Creek,

•Summit at San Marcos,

•Mason Mill Distribution Center,

•San Juan Medical Center,

•The Penfield,

•Milford Crossing,

•Villas at Legacy,

•Montecito Marketplace,

•Whitestown Distribution Center,

•Louisville Airport Distribution Center,

•The Preserve at the Meadows,

•The Rockwell and

•9101 Stony Point Drive.

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NOTE 8—RENTALS UNDER OPERATING LEASES

We receive rental income from operating leases. The minimum future rentals from consolidated properties, excluding those classified as held for sale, based on operating leases in place at December 31, 2021 are as follows:

Year	Amount
2022	$	193,511
2023	150,970
2024	128,099
2025	115,781
2026	100,469
Thereafter	372,690
Total	$	1,061,520

Minimum future rentals do not include amounts payable by certain tenants based upon a percentage of their gross sales or as reimbursement of property operating expenses. During the years ended December 31, 2021, 2020 and 2019, no individual tenant accounted for greater than 10% of minimum base rents. The majority of the decrease in rents from 2022 future rents to 2023 is related to our residential properties which generally have a one year lease life.

NOTE 9—RELATED PARTY TRANSACTIONS

Pursuant to the Advisory Agreement with LaSalle, we pay a fixed advisory fee of 1.25% of our NAV calculated daily. The Advisory Agreement allows for a performance fee to be earned for each share class based on the total return of that share class during the calendar year. The performance fee is calculated as 10% of the return in excess of 7% per annum. The term of our Advisory Agreement expires June 5, 2022, subject to an unlimited number of successive one-year renewals.

The fixed advisory fees for the years ended December 31, 2021, 2020 and 2019 were $28,956, $25,274 and $23,026, respectively. The performance fees for the years ended December 31, 2021, 2020 and 2019 were $36,711, $0 and $0, respectively. Included in Advisor fees payable for the year ended December 31, 2021 and 2020 were $2,998 and $2,122 of fixed fee expense, respectively and $36,711 and $0 of performance fee expenses, respectively.

We pay Jones Lang LaSalle Americas, Inc. (“JLL Americas”), an affiliate of the Advisor, for property management, leasing, mortgage brokerage and sales brokerage services performed at various properties we own. For the years ended December 31, 2021, 2020 and 2019, JLL Americas was paid $1,222, $741 and $1,608, respectively, for property management and leasing services. During the year ended December 31, 2021, we paid JLL Americas $209 in mortgage brokerage fees related to the mortgage notes payable for Louisville Airport Distribution Center and $162 in mortgage brokerage fees related to the mortgage payable for Townlake of Coppell. During the year ended December 31, 2020, we paid JLL Americas $75 in brokerage fees for the sale of 24823 Anza Drive and $133 in mortgage brokerage fees related to the mortgage note payable for Villas at Legacy. During the year ended December 31, 2019, we paid JLL Americas $203 in mortgage brokerage fees related to the mortgage note payable for Stonemeadow Farms and $146 in mortgage brokerage fees related to the mortgage note payable for Presley Uptown.

We pay the Dealer Manager selling commissions and dealer manager fees in connection with our offerings. For the years ended December 31, 2021, 2020 and 2019, we paid the Dealer Manager selling commissions and dealer manager fees totaling $12,246, $11,303 and $12,203, respectively. A majority of the selling commissions and dealer manager fees are reallowed to participating broker-dealers. Included in accrued offering costs at December 31, 2021 and 2020 were $135,663 and $105,770 of future dealer manager fees payable, respectively.

As of December 31, 2021 and 2020, we owed $2,113 and $1,138, respectively, for organization and offering costs paid by LaSalle (see Note 6-Common Stock). These costs are included in Accrued offering costs.

F-31

LaSalle Investment Management Distributors, LLC also serves as the dealer manager for the DST Program on a “best efforts” basis. Our taxable REIT subsidiary, which is a wholly owned subsidiary of our operating partnership, will pay the dealer manager upfront selling commissions, upfront dealer manager fees and placement fees of up to 5.0%, 1.0% and 1.0%, respectively, of the gross purchase price per unit of beneficial interest sold in the DST Program. All upfront selling commissions and upfront dealer manager fees are reallowed to participating broker-dealers. For the year ended December 31, 2021 and 2020, our taxable REIT subsidiary paid $5,697 and $1,917, respectively, to the Dealer Manager. In addition, the dealer manager may receive an ongoing investor servicing fee that is calculated daily on a continuous basis from year to year equal to 1/365th of (a) 0.25% of the NAV of each outstanding unit of beneficial interest for such day, payable by the DSTs; (b) 0.85% of the NAV of each outstanding Class A OP Unit, 0.30% of the NAV of each outstanding Class M OP Unit and 0.30% of the NAV of each outstanding Class A-I OP Unit for such day issued in connection with the FMV Option, payable by our operating partnership; and (c) 0.85% of the NAV of each outstanding Class A share, 0.30% of the NAV of each outstanding Class M share and 0.30% of the NAV of each outstanding Class A-I share for such day issued in connection with the Redemption Right, payable by us. The investor servicing fee may continue for so long as the investor in the DST Program holds beneficial interests, Class A, Class M, and Class A-I OP Units or Class A, Class M and Class A-I shares that were issued in connection with the DST Program. No investor servicing fee will be paid on Class M-I OP Units or Class M-I shares. For the year ended December 31, 2021 and 2020, the DSTs paid $754 and $100, respectively, in investor servicing fees to the Dealer Manager in connection with the DST Program.

LaSalle also serves as the manager for the DST Program. Each DST may pay the manager a management fee equal to a to-be-agreed upon percentage of the total equity of such DST. For the years ended December 31, 2021 and 2020, the DSTs paid $463 and $62, respectively, in management fees to our Advisor in connection with the DST Program.

NOTE 10—COMMITMENTS AND CONTINGENCIES

We are involved in various claims and litigation matters arising in the ordinary course of business, some of which involve claims for damages. Many of these matters are covered by insurance, although they may nevertheless be subject to deductibles or retentions. Although the ultimate liability for these matters cannot be determined, based upon information currently available, we believe the ultimate resolution of such claims and litigation will not have a material adverse effect on our financial position, results of operations or liquidity.

From time to time, we have entered into contingent agreements for the acquisition and financing of properties. Such acquisitions and financings are subject to satisfactory completion of due diligence or meeting certain leasing or occupancy thresholds.

We are subject to fixed ground lease payments on South Beach Parking Garage of $112 per year until September 30, 2024, which will increase every five years thereafter by the lesser of 12% or the cumulative CPI over the previous five year period. We are also subject to a variable ground lease payment calculated as 2.5% of revenue. The lease expires September 30, 2041 and has a ten-year renewal option.

The operating agreement for Presley Uptown allows the unrelated third party joint venture partner, owning a 2.5% interest, to put its interest to us at a market determined value starting September 30, 2022 through September 30, 2024.

The operating agreement for 237 Via Vera Cruz, 13500 Danielson Street, 4211 Starboard Drive, 2840 Loker Avenue and 15890 Bernardo Center Drive allows the unrelated third party joint venture partner, owning a 5% interest, to put its interest to us at a market determined value starting July 31, 2024.

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NOTE 11—SEGMENT REPORTING

We have five operating segments: industrial, office, residential, retail and other properties. Consistent with how we review and manage our properties, the financial information summarized below is presented by operating segment and reconciled to income from operations for the years ended December 31, 2021, 2020 and 2019:

Year Ended December 31, 2021	Industrial		Office		Residential		Retail		Other		Total
Assets	$	1,352,580	$	479,306	$	1,301,454	$	564,565	$	23,412	$	3,721,317
Capital expenditures by segment	$	17,165	$	4,284	$	6,196	$	3,212	$	16	$	30,873
Revenues:
Rental revenue	$	71,719	$	33,178	$	74,378	$	48,286	$	379	$	227,940
Other revenue	367		1,792		5,534		1,117		2,588		11,398
Total revenues	$	72,086	$	34,970	$	79,912	$	49,403	$	2,967	$	239,338
Operating expenses:
Real estate taxes	$	10,505	$	3,394	$	12,500	$	5,979	$	459	$	32,837
Property operating	5,783		6,865		22,619		7,973		755		43,995
Total segment operating expenses	$	16,288	$	10,259	$	35,119	$	13,952	$	1,214	$	76,832
Reconciliation to net income
Property general and administrative											1,596
Advisor fees											65,667
Company level expenses											4,841
Provision for impairment of real estate											1,822
Depreciation and amortization											94,051
Total operating expenses											$	244,809
Other income and (expenses):
Interest expense											$	(48,230)
Loss from unconsolidated real estate affiliates and fund investment											67,333
Investment income on marketable securities											418
Net realized gain upon sale of marketable securities											247
Net unrealized change in fair value of investment in marketable securities											2,933
Loss on disposition of property and extinguishment of debt											33,422
Total other income and (expenses)											$	56,123
Net income											$	50,652
Reconciliation to total consolidated assets as of December 31, 2021
Assets per reportable segments (1)											$	3,721,317
Investment in unconsolidated real estate affiliates, real estate fund investment and corporate level assets											680,929
Total consolidated assets											$	4,402,246

________

(1)     Includes $39,326 of Industrial and Residential segment assets classified as held for sale as of December 31, 2021.

F-33

Year Ended December 31, 2020	Industrial		Office		Residential		Retail		Other		Total
Assets	$	659,870	$	277,556	$	788,060	$	577,588	$	22,134	$	2,325,208
Capital expenditures by segment	$	4,673	$	2,589	$	4,346	$	1,803	$	119	$	13,530
Revenues:
Rental revenue	$	49,743	$	27,239	$	63,948	$	45,417	$	294	$	186,641
Other revenue	323		1,313		3,474		572		1,298		6,980
Total revenues	$	50,066	$	28,552	$	67,422	$	45,989	$	1,592	$	193,621
Operating expenses:
Real estate taxes	$	8,218	$	3,396	$	11,476	$	6,193	$	382	$	29,665
Property operating	4,121		5,938		19,643		7,583		714		37,999
Total segment operating expenses	$	12,339	$	9,334	$	31,119	$	13,776	$	1,096	$	67,664
Reconciliation to net income
Property general and administrative											4,318
Advisor fees											25,274
Company level expenses											2,936
Depreciation and amortization											75,603
Total operating expenses											$	175,795
Other income and (expenses):
Interest expense											$	(40,668)
Loss from unconsolidated real estate affiliates and fund investments											(19,451)
Loss on disposition of property and extinguishment of debt											(1,772)
Total other income and (expenses)											$	(61,891)
Net loss											$	(44,065)
Reconciliation to total consolidation assets as of December 31, 2020
Assets per reportable segments											$	2,325,208
Investment in unconsolidated real estate affiliates, real estate fund investment and corporate level assets											333,391
Total consolidated assets											$	2,658,599

F-34

Year Ended December 31, 2019	Industrial		Office		Residential		Retail		Other		Total
Capital expenditures by segment	$	5,162	$	584	$	7,510	$	6,602	$	16	$	19,874
Revenues:
Rental revenue	$	45,166	$	18,918	$	57,069	$	45,699	$	318	$	167,170
Other income	469		529		3,179		728		2,204		7,109
Total revenues	$	45,635	$	19,447	$	60,248	$	46,427	$	2,522	$	174,279
Operating expenses:
Real estate taxes	$	7,395	$	1,985	$	10,120	$	5,063	$	449	$	25,012
Property operating	3,701		3,677		16,465		7,117		823		31,783
Total segment operating expenses	$	11,096	$	5,662	$	26,585	$	12,180	$	1,272	$	56,795
Reconciliation to net income
Property general and administrative											1,659
Advisor fees											23,026
Company level expenses											3,201
Depreciation and amortization											67,348
Total operating expenses											$	152,029
Other income and (expenses):
Interest expense											$	(36,185)
Income from unconsolidated real estate affiliates and fund investments											7,066
Gain on disposition of property and extinguishment of debt											106,871
Total other income and (expenses)											$	77,752
Net income											$	100,002

NOTE 12—INVESTMENT IN MARKETABLE SECURITIES

The following is a summary of our investment in marketable securities held as of December 31, 2021, which consisted entirely of stock of publicly traded REITs.

	December 31, 2021
Investment in marketable securities - cost	$	40,273
Unrealized gains	3,161
Unrealized losses	(228)
Net unrealized gain	2,933
Investment in marketable securities - fair value	$	43,206

Upon the sale of a particular security, the realized net gain or loss is computed assuming the shares purchased first are sold first. During the year ended December 31, 2021, marketable securities sold generated proceeds of $5,347, resulting in realized gains of $352, and $105 realized losses.

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NOTE 13—SUBSEQUENT EVENTS

On January 6, 2022, we sold Norfleet Distribution Center, a 702,000 square foot industrial property located in Kansas City, Missouri for approximately $60,375 less closing costs. We recorded a gain on the sale of the property in the amount of approximately $34,000.

On January 24, 2022, we sold The Edge at Lafayette, a 207,000 square foot student housing apartment property located in Lafayette, Louisiana for approximately $16,500 less closing costs.

On February 28, 2022, our board of directors approved a gross dividend for the first quarter of 2021 of $0.14 per share to stockholders and OP Unit holders of record as of March 24, 2022. The dividend will be paid on or around March 30, 2022. Class A, Class M, Class A-I, Class M-I and Class D stockholders and Class M-I OP Unit holders will receive $0.14 per share or OP Unit, less applicable class-specific fees, if any.

*  *  *  *  *  *

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Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2021

Col. A	Col. B	Col. C		Col. D			Col. E
Description	Encumbrances	Initial Cost		Costs Capitalized Subsequent to Acquisition (1)			Gross Amounts at which Carried at the Close of Period		Total
		Land	Building and Equipment	Land	Building and Equipment	Carrying Costs	Land	Building and Equipment
Industrial Properties:
Kendall Distribution Center—Atlanta, GA	—	2,656	12,836	(293)	279	—	2,363	13,115	15,478
Suwanee Distribution Center—Suwanee, GA	—	6,155	27,598	—	68	—	6,155	27,666	33,821
Grand Prairie Distribution Center—Grand Prairie, TX	—	2,100	12,478	—	404	—	2,100	12,882	14,982
Charlotte Distribution Center—Charlotte, NC	9,341	5,381	15,002	—	372	—	5,381	15,374	20,755
4050 Corporate Drive—Grapevine, TX	12,147	5,200	18,327	—	1,357	—	5,200	19,684	24,884
4055 Corporate Drive—Grapevine, TX	5,573	2,400	12,377	—	1,566	—	2,400	13,943	16,343
2501-2575 Allan Drive—Elk Grove, IL	—	4,300	10,926	—	661	—	4,300	11,587	15,887
2601-2651 Allan Drive—Elk Grove, IL	—	2,600	7,726	—	179	—	2,600	7,905	10,505
1300 Michael Drive—Wood Dale, IL	—	1,900	6,770	—	380	—	1,900	7,150	9,050
1350 Michael Drive—Wood Dale, IL	—	1,500	5,059	—	283	—	1,500	5,342	6,842
1225 Michael Drive—Wood Dale, IL	—	2,600	7,149	—	127	—	2,600	7,276	9,876
200 Lewis Drive—Wood Dale, IL	—	1,100	4,165	—	478	—	1,100	4,643	5,743
1301-1365 Mittel Boulevard—Chicago, IL	—	2,700	5,473	—	141	—	2,700	5,614	8,314
Tampa Distribution Center- Tampa, FL	—	3,507	22,485	—	84	—	3,507	22,569	26,076
Aurora Distribution Center- Aurora, IL	13,441	9,861	14,646	—	—	—	9,861	14,646	24,507
28150 West Harrison Parkway- Valencia, CA	—	2,760	8,899	—	279	—	2,760	9,178	11,938
28145 West Harrison Parkway- Valencia, CA	—	3,468	10,111	—	20	—	3,468	10,131	13,599
28904 Avenue Paine- Valencia, CA	—	3,812	10,535	—	428	—	3,812	10,963	14,775
25045 Avenue Tibbitts- Santa Clarita, CA	—	4,087	13,224	—	288	—	4,087	13,512	17,599
6000 Giant Road- Richmond, CA	—	11,572	26,556	—	31	—	11,572	26,587	38,159
6015 Giant Road- Richmond, CA	—	10,468	24,127	—	(1,004)	—	10,468	23,123	33,591
6025 Giant Road- Richmond, CA	—	2,700	4,167	—	497	—	2,700	4,664	7,364
Mason Mill Distribution Center—Buford, GA	17,500	3,406	23,312	—	(123)	—	3,406	23,189	26,595
Fremont Distribution Center - Fremont, CA	—	29,427	7,024	—	1,782	—	29,427	8,806	38,233
3324 Trinity Boulevard - Grand Prairie, TX	—	3,215	11,255	—	(13)	—	3,215	11,242	14,457
Taunton Distribution Center - Taunton, MA	—	2,000	21,589	—	220	—	2,000	21,809	23,809
Chandler Distribution Center - Chandler, AZ	—	3,803	24,095	—	272	—	3,803	24,367	28,170
Fort Worth Distribution Center--Fort Worth, TX	—	3,059	21,053	—	1,296	—	3,059	22,349	25,408
4993 Anson Boulevard--Whitestown, IN	17,000	2,197	20,224	—	(59)	—	2,197	20,165	22,362
5102 E 500 South--Whitestown, IN	17,000	3,460	28,049	—	(80)	—	3,460	27,969	31,429
Louisville Distribution Center—Shepherdsville, KY	52,250	9,028	66,792	—	4,161	—	9,028	70,953	79,981
6511 West Frye Road—Chandler, AZ	12,250	2,102	15,511	—	1,654	—	2,102	17,165	19,267
6565 West Frye Road—Chandler, AZ	12,250	2,451	18,807	—	—	—	2,451	18,807	21,258
6615 West Frye Road—Chandler, AZ	12,250	2,799	18,030	—	—	—	2,799	18,030	20,829

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Col. A	Col. B	Col. C		Col. D			Col. E
Description	Encumbrances	Initial Cost		Costs Capitalized Subsequent to Acquisition (1)			Gross Amounts at which Carried at the Close of Period		Total
		Land	Building and Equipment	Land	Building and Equipment	Carrying Costs	Land	Building and Equipment
6677 West Frye Road—Chandler, AZ	12,250	2,451	18,662	—	37	—	2,451	18,699	21,150
5 National Way—Durham, NC	—	6,846	21,233	—	490	—	6,846	21,723	28,569
47 National Way—Durham, NC	—	6,840	20,401	—	2,103	—	6,840	22,504	29,344
South San Diego Distribution Center—San Diego, CA	72,500	18,496	123,682	—	—	—	18,496	123,682	142,178
2451 Bath Road—Elgin, IL	—	4,247	26,182	—	(63)	—	4,247	26,119	30,366
1755 Britannia Drive—Elgin, IL	—	1,046	10,522	—	(16)	—	1,046	10,506	11,552
687 Conestoga Parkway—Shepardsville, KY	—	2,462	33,393	—	—	—	2,462	33,393	35,855
Louisville Airport Distribution Center(2)—Louisville, KY	—	2,843	26,812	—	—	—	2,843	26,812	29,655
Friendship Distribution Center-Buford, GA	—	7,082	80,654	—	4	—	7,082	80,658	87,740
13500 Danielson Street-Poway, CA	10,990	7,624	11,503	—	54	—	7,624	11,557	19,181
237 Via Vera Cruz-San Marcos, CA	11,880	5,421	8,581	—	39	—	5,421	8,620	14,041
4211 Starboard-Fremont, CA	20,612	13,409	13,872	—	92	—	13,409	13,964	27,373
2840 Loker Avenue-Carlsbad, CA	14,316	7,631	16,030	—	73	—	7,631	16,103	23,734
15890 Bernardo Center Drive-San Diego, CA	8,702	2,316	11,715	—	38	—	2,316	11,753	14,069
Total Industrial Properties	332,252	248,488	979,619	(293)	18,879	—	248,195	998,498	1,246,693
Office Properties:
Monument IV at Worldgate—Herndon, VA	—	5,186	57,013	—	20,014	—	5,186	77,027	82,213
140 Park Avenue—Florham Park, NJ	—	3,162	34,784	—	(4)	—	3,162	34,780	37,942
San Juan Medical Center- San Juan Capistrano, CA	16,730	9,807	13,303	—	1,129	—	9,807	14,432	24,239
Genesee Plaza - San Deigo, CA	39,285	8,222	73,964	—	676	—	8,222	74,640	82,862
Fountainhead Corporate Park--Tempe, AZ	—	5,942	36,301	—	4,246	—	5,942	40,547	46,489
170 Park Avenue-Florham Park, NJ	—	4,612	38,337	—	3	—	4,612	38,340	42,952
South Reno Medical Center-Reno, NV	—	1,029	9,882	—	—	—	1,029	9,882	10,911
North Tampa Surgery Center-Odessa, FL	—	1,227	5,069	—	(4)	—	1,227	5,065	6,292
1203 SW 7 Highway-Blue Springs, MO	—	171	2,355	—	—	—	171	2,355	2,526
8600 NE 82nd Street-Kansas City, MO	—	143	3,519	—	—	—	143	3,519	3,662
Sugar Land Medical Office-Sugar Land, TX	—	2,449	9,943	—	(20)	—	2,449	9,923	12,372
Roeland Park Medical Office-Roeland Park, KS	—	1,057	8,182	—	—	—	1,057	8,182	9,239
Durham Medical Center-Durham, NC	—	974	29,575	—	—	—	974	29,575	30,549
9101 Stony Point Drive(2)--Richmond, VA	—	3,980	37,939	—	—	—	3,980	37,939	41,919
Total Office Properties	56,015	47,961	360,166	—	26,040	—	47,961	386,206	434,167
Residential Properties:
Townlake of Coppell—Coppell, TX	36,030	8,444	36,805	—	3,175	—	8,444	39,980	48,424
AQ Rittenhouse—Philadelphia, PA	26,370	11,000	39,963	—	(182)	—	11,000	39,781	50,781

F-38

Col. A	Col. B	Col. C		Col. D			Col. E
Description	Encumbrances	Initial Cost		Costs Capitalized Subsequent to Acquisition (1)			Gross Amounts at which Carried at the Close of Period		Total
		Land	Building and Equipment	Land	Building and Equipment	Carrying Costs	Land	Building and Equipment
Lane Park Apartments—Mountain Brook, AL	37,000	5,100	66,428	—	934	—	5,100	67,362	72,462
Dylan Point Loma—San Diego, CA	40,319	19,000	70,860	—	(527)	—	19,000	70,333	89,333
The Penfield—St. Paul, MN	35,500	8,021	52,713	—	1,238	—	8,021	53,951	61,972
180 North Jefferson—Chicago, IL	45,000	18,588	75,435	—	8,280	—	18,588	83,715	102,303
Jory Trail at the Grove—Wilsonville, OR	42,793	7,877	64,369	—	4,330	—	7,877	68,699	76,576
The Reserve at Johns Creek Walk—Johns Creek, GA	26,000	7,552	38,025	—	839	—	7,552	38,864	46,416
Villas at Legacy—Plano, TX	29,500	6,888	48,504	—	3,759	—	6,888	52,263	59,151
Stonemeadow Farms - Bothell, WA	44,722	14,000	65,535	—	1,952	—	14,000	67,487	81,487
Summit at San Marcos - Chandler, AZ	35,900	6,401	63,335	—	37	—	6,401	63,372	69,773
Presley Uptown - Charlotte, NC	30,000	7,390	46,479	—	259	—	7,390	46,738	54,128
Princeton North Andover-North Andover, MA	39,900	8,140	63,156	—	106	—	8,140	63,262	71,402
The Preserve at the Meadows(2)--Fort Collins, CO	32,400	9,656	53,870	—	52	—	9,656	53,922	63,578
The Rockwell(2)--Berlin, MA	46,310	7,501	75,403	—	4	—	7,501	75,407	82,908
Miramont-Fort Collins, CO	27,629	9,217	49,005	—	23	—	9,217	49,028	58,245
Pinecone-Fort Collins, CO	25,355	8,558	43,833	—	30	—	8,558	43,863	52,421
Reserve at Venice-North Venice, FL	—	5,500	86,125	—	—	—	5,500	86,125	91,625
Woodside Trumbull-Trumbull, CT	—	4,654	91,755	—	—	—	4,654	91,755	96,409
Total Residential Properties	600,728	173,487	1,131,598	—	24,094	—	173,487	1,155,907	1,329,394
Retail Properties:
The District at Howell Mill—Atlanta, GA	28,858	10,000	56,040	—	6,179	—	10,000	62,219	72,219
Grand Lakes Marketplace—Katy, TX	23,900	5,215	34,770	—	87	—	5,215	34,857	40,072
Oak Grove Plaza—Sachse, TX	8,915	4,434	18,869	—	832	—	4,434	19,701	24,135
Rancho Temecula Town Center—Temecula, CA	28,000	14,600	41,180	—	1,079	—	14,600	42,259	56,859
Skokie Commons—Skokie, IL	23,627	8,859	25,705	890	183	—	9,749	25,888	35,637
Whitestone Market—Austin, TX	25,750	7,000	39,868	—	534	—	7,000	40,402	47,402
Maui Mall—Maui, HI	36,322	44,257	39,454	—	11,210	—	44,257	50,664	94,921
Silverstone Marketplace—Scottsdale, AZ	—	8,012	33,771	—	220	—	8,012	33,991	42,003
Kierland Village Center—Scottsdale, AZ	—	7,037	26,693	—	326	—	7,037	27,019	34,056
Timberland Town Center—Beaverton, OR	20,253	6,083	33,826	—	444	—	6,083	34,270	40,353
Montecito Marketplace—Las Vegas, NV	—	11,410	45,212	—	352	—	11,410	45,564	56,974
Milford Crossing--Milford, MA	—	1,124	30,869	—	(163)	—	1,124	30,706	31,830
Total Retail Properties	195,625	128,031	426,257	890	21,283	—	128,921	447,540	576,461
Other Properties:
South Beach Parking Garage—Miami, FL	—	—	21,467	—	741	—	—	22,208	22,208
Total Other Properties	—	—	21,467	—	741	—	—	22,208	22,208

F-39

Col. A	Col. B		Col. C				Col. D						Col. E
Description	Encumbrances		Initial Cost				Costs Capitalized Subsequent to Acquisition (1)						Gross Amounts at which Carried at the Close of Period				Total
			Land		Building and Equipment		Land		Building and Equipment		Carrying Costs		Land		Building and Equipment
Total Consolidated Properties:	$	1,184,620	$	597,967	$	2,919,107	$	597	$	91,037	$	—	$	598,564	$	3,010,359	$	3,608,923
Properties Held for Sale:
The Edge at Lafayette—Lafayette, LA	—		1,782		23,266		(182)		(8,741)		—		1,600		14,525		16,125
Norfleet Distribution Center—Kansas City, MO	—		2,134		31,397		(205)		(1,914)		—		1,929		29,483		31,412
Total Properties Held for Sale	$	—	$	3,916	$	54,663	$	(387)	$	(10,655)	$	—	$	3,529	$	44,008	$	47,537

The unaudited aggregate cost and accumulated depreciation for tax purposes was approximately $2,330,580 and $301,026, respectively.

(1)Includes net provisions for impairment of real estate taken since acquisition of property.

F-40

Col. A	Col. F	Col. G	Col. H	Col. I
Description	Accumulated Depreciation	Date of Construction	Date of Acquisition	Life on which depreciation in latest income statement is computed
Industrial Properties:
Kendall Distribution Center—Atlanta, GA	(4,345)	2002	6/30/2005	50 years
Suwanee Distribution Center—Suwanee, GA	(4,712)	2012	6/28/2013	50 years
Grand Prairie Distribution Center—Grand Prairie, TX	(2,056)	1980	12/18/2013	40 years
Charlotte Distribution Center—Charlotte, NC	(2,919)	2013	1/22/2014	50 years
4050 Corporate Drive—Grapevine, TX	(3,095)	1991	6/27/2014	40 years
4055 Corporate Drive—Grapevine, TX	(2,465)	1996	4/15/2015	40 years
2501-2575 Allan Drive—Elk Grove, IL	(1,841)	1996	4/15/2015	40 years
2601-2651 Allan Drive—Elk Grove, IL	(1,286)	1985	9/30/2015	40 years
1300 Michael Drive—Wood Dale, IL	(1,119)	1985	9/30/2015	40 years
1350 Michael Drive—Wood Dale, IL	(856)	1985	9/30/2015	40 years
1225 Michael Drive—Wood Dale, IL	(1,134)	1985	9/30/2015	40 years
200 Lewis Drive—Wood Dale, IL	(1,035)	1985	9/30/2015	40 years
1301-1365 Mittel Boulevard—Chicago, IL	(879)	1985	9/30/2015	40 years
Tampa Distribution Center- Tampa, FL	(3,267)	1985	9/30/2015	40 years
Aurora Distribution Center- Aurora, IL	(1,635)	2009	4/11/2016	40 years
28150 West Harrison Parkway- Valencia, CA	(1,235)	2016	5/19/2016	50 years
28145 West Harrison Parkway- Valencia, CA	(1,407)	1997	6/29/2016	40 years
28904 Avenue Paine- Valencia, CA	(1,527)	1997	6/29/2016	40 years
25045 Avenue Tibbitts- Santa Clarita, CA	(1,898)	1988	6/29/2016	40 years
6000 Giant Road- Richmond, CA	(2,834)	1988	6/29/2016	40 years
6015 Giant Road- Richmond, CA	(2,463)	2016	9/8/2016	50 years
6025 Giant Road- Richmond, CA	(473)	2016	9/8/2016	50 years
Mason Mill Distribution Center—Buford, GA	(1,861)	2016	12/29/2016	50 years
Fremont Distribution Center - Fremont, CA	(797)	1991	3/29/2019	40 years
3324 Trinity Boulevard - Grand Prairie, TX	(726)	2015	5/31/2019	40 years
Taunton Distribution Center - Taunton, MA	(1,094)	2016	8/23/2019	50 years
Chandler Distribution Center - Chandler, AZ	(1,022)	2016	12/5/2019	50 years
Fort Worth Distribution Center--Fort Worth, TX	(512)	2020	10/23/2020	50 years
4993 Anson Boulevard--Whitestown, IN	(437)	2020	12/11/2020	50 years
5102 E 500 South--Whitestown, IN	(606)	2020	12/11/2020	50 years
Louisville Distribution Center—Shepherdsville, KY	(1,544)	2020	1/21/2021	50 years
6511 West Frye Road—Chandler, AZ	(338)	2019	2/23/2021	50 years
6565 West Frye Road—Chandler, AZ	(313)	2019	2/23/2021	50 years
6615 West Frye Road—Chandler, AZ	(301)	2019	2/23/2021	50 years
6677 West Frye Road—Chandler, AZ	(312)	2019	2/23/2021	50 years
5 National Way—Durham, NC	(106)	2020	9/28/2021	50 years
47 National Way—Durham, NC	(102)	2020	9/28/2021	50 years
South San Diego Distribution Center—San Diego, CA	(497)	2020	10/28/2021	40 years

F-41

Col. A	Col. F	Col. G	Col. H	Col. I
Description	Accumulated Depreciation	Date of Construction	Date of Acquisition	Life on which depreciation in latest income statement is computed
2451 Bath Road—Elgin, IL	(87)	2020	11/16/2021	50 years
1755 Britannia Drive—Elgin, IL	(35)	2020	11/16/2021	50 years
687 Conestoga Parkway—Shepardsville, KY	(56)	2021	11/17/2021	50 years
Louisville Airport Distribution Center(2)—Louisville, KY	(268)	2020	6/24/2021	50 years
Friendship Distribution Center-Buford, GA	(269)	2020	10/20/2021	50 years
13500 Danielson Street-Poway, CA	(108)	1997	7/2/2021	40 years
237 Via Vera Cruz-San Marcos, CA	(144)	1987	7/2/2021	40 years
4211 Starboard-Fremont, CA	(174)	1997	7/9/2021	40 years
2840 Loker Avenue-Carlsbad, CA	(34)	1998	11/30/2021	40 years
15890 Bernardo Center Drive-San Diego, CA	(24)	1991	11/30/2021	40 years
Total Industrial Properties	(56,248)
Office Properties:
Monument IV at Worldgate—Herndon, VA	(33,092)	2001	8/27/2004	50 years
140 Park Avenue—Florham Park, NJ	(4,174)	2015	12/21/2015	50 years
San Juan Medical Center- San Juan Capistrano, CA	(1,827)	2015	4/1/2016	50 years
Genesee Plaza - San Deigo, CA	(4,758)	1983	7/2/2019	40 years
Fountainhead Corporate Park--Tempe, AZ	(1,999)	1985	2/6/2020	40 years
170 Park Avenue-Florham Park, NJ	(904)	1998	2/2/2021	40 years
South Reno Medical Center-Reno, NV	—	2004	12/28/2021	40 years
North Tampa Surgery Center-Odessa, FL	(25)	2021	10/8/2021	50 years
1203 SW 7 Highway-Blue Springs, MO	—	2021	12/23/2021	40 years
8600 NE 82nd Street-Kansas City, MO	—	2021	12/23/2021	50 years
Sugar Land Medical Office-Sugar Land, TX	—	2020	12/30/2021	50 years
Roeland Park Medical Office-Roeland Park, KS	—	2021	12/28/2021	50 years
Durham Medical Center-Durham, NC	—	2010	12/23/2021	40 years
9101 Stony Point Drive(2)--Richmond, VA	(253)	2018	9/15/2021	50 years
Total Office Properties	(47,032)
Residential Properties:
Townlake of Coppell—Coppell, TX	(7,703)	1986	5/22/2015	40 years
AQ Rittenhouse—Philadelphia, PA	(5,232)	2015	7/30/2015	50 years
Lane Park Apartments—Mountain Brook, AL	(7,868)	2014	5/26/2016	50 years
Dylan Point Loma—San Diego, CA	(7,696)	2016	8/9/2016	50 years
The Penfield—St. Paul, MN	(6,182)	2013	9/22/2016	50 years
180 North Jefferson—Chicago, IL	(11,871)	2004	12/1/2016	40 years
Jory Trail at the Grove—Wilsonville, OR	(7,720)	2012	7/14/2017	50 years
The Reserve at Johns Creek Walk—Johns Creek, GA	(4,528)	2007	7/28/2017	40 years
Villas at Legacy—Plano, TX	(5,834)	1999	6/6/2018	40 years

F-42

Col. A	Col. F		Col. G	Col. H	Col. I
Description	Accumulated Depreciation		Date of Construction	Date of Acquisition	Life on which depreciation in latest income statement is computed
Stonemeadow Farms - Bothell, WA	(4,894)		1999	5/13/2019	40 years
Summit at San Marcos - Chandler, AZ	(3,926)		2018	7/31/2019	50 years
Presley Uptown - Charlotte, NC	(2,473)		2016	9/30/2019	50 years
Princeton North Andover-North Andover, MA	(929)		2019	5/3/2021	50 years
The Preserve at the Meadows(2)--Fort Collins, CO	(489)		2001	8/23/2021	40 years
The Rockwell(2)--Berlin, MA	(547)		2020	8/31/2021	50 years
Miramont-Fort Collins, CO	(331)		1995	9/29/2021	40 years
Pinecone-Fort Collins, CO	(296)		1993	9/29/2021	40 years
Reserve at Venice-North Venice, FL	—		2021	12/17/2021	50 years
Woodside Trumbull-Trumbull, CT	—		2021	12/21/2021	50 years
Total Residential Properties	(78,519)
Retail Properties:
The District at Howell Mill—Atlanta, GA	(17,958)		2006	6/15/2007	50 years
Grand Lakes Marketplace—Katy, TX	(5,834)		2012	9/17/2013	50 years
Oak Grove Plaza—Sachse, TX	(4,110)		2003	1/17/2014	40 years
Rancho Temecula Town Center—Temecula, CA	(8,377)		2007	6/16/2014	40 years
Skokie Commons—Skokie, IL	(3,500)		2015	5/15/2015	50 years
Whitestone Market—Austin, TX	(6,467)		2003	9/30/2015	40 years
Maui Mall—Maui, HI	(9,521)		1971	12/22/2015	40 years
Silverstone Marketplace—Scottsdale, AZ	(3,693)		2015	7/27/2016	50 years
Kierland Village Center—Scottsdale, AZ	(3,593)		2001	9/30/2016	40 years
Timberland Town Center—Beaverton, OR	(3,671)		2015	9/30/2016	50 years
Montecito Marketplace—Las Vegas, NV	(5,053)		2007	8/8/2017	50 years
Milford Crossing--Milford, MA	(1,167)		2017	1/29/2020	50 years
Total Retail Properties	(72,944)
Other Properties:
South Beach Parking Garage—Miami, FL	(4,619)		2001	1/28/2014	40 years
Total Other Properties	(4,619)
Total Consolidated Properties:	$	(259,362)
Properties Held for Sale:
The Edge at Lafayette—Lafayette, LA	4,131		2007	1/15/2008	50 years
Norfleet Distribution Center—Kansas City, MO	(9,070)		2007	2/27/2007	50 years
Total Properties Held for Sale	$	(4,939)

F-43

Reconciliation of Real Estate

 

Consolidated Properties	2021		2020		2019
Balance at beginning of year	$	2,320,336	$	2,200,514	$	1,797,585
Additions	1,372,562		161,947		404,353
Assets sold/ written off	(36,438)		(5,817)		(1,424)
Reclassed as held for sale	(47,537)		(36,308)
Balance at close of year	$	3,608,923	$	2,320,336	$	2,200,514

Reconciliation of Accumulated Depreciation

 

Consolidated Properties	2021		2020		2019
Balance at beginning of year	$	219,833	$	176,236	$	135,480
Additions	49,966		49,134		42,180
Assets sold/ written off	(3,676)		(2,118)		(1,424)
Reclassed as held for sale	(4,939)		(3,419)		—
Balance at close of year	$	259,362	$	219,833	$	176,236

F-44

EX-4.2

Exhibit 4.2

References herein to “we,” “us,” or “our” refer to Jones Lang LaSalle Income Property Trust, Inc., a Maryland corporation, and its subsidiaries unless the context specifically requires otherwise.

The following summary of the material terms of our capital stock does not purport to be complete and is subject to and qualified in its entirety by reference to Maryland law and our charter and bylaws. Our charter authorizes us to issue up to 1,000,000,000 shares of common stock, par value $0.01, 200,000,000 of which are classified as Class A shares, 200,000,000 of which are classified as Class M shares, 200,000,000 of which are classified as Class A-I shares, 200,000,000 of which are classified as Class M-I shares and 200,000,000 of which are classified as Class D shares, and 50,000,000 shares of preferred stock, par value $0.01 per share. Our charter authorizes our board of directors to amend our charter from time to time to increase or decrease the aggregate number of authorized shares or the number of authorized shares of any class or series that we have authority to issue without stockholder approval.

Common Stock

Subject to the provisions of our charter regarding the restrictions on ownership and transfer of our stock and except as may otherwise be specified in the charter, the holders of shares of our common stock are entitled to one vote per share on all matters voted on by stockholders, including the election of our directors. Each holder of a share of common stock will vote together with the holders of all other shares of common stock entitled to vote on all matters (as to which a common stockholder is entitled to vote pursuant to applicable law) at all meetings of stockholders. Our charter does not provide for cumulative voting in the election of directors. Therefore, under the provisions of Maryland General Corporation Law, the holders of a majority of the outstanding shares of our common stock can elect our entire board of directors to hold office until the next annual meeting of stockholders and until their successors are elected and qualify. Subject to any preferential rights of any outstanding series of preferred stock and the provisions of our charter regarding the restrictions on ownership and transfer of our stock, the holders of shares of our common stock are entitled to such distributions as may be authorized from time to time by our board of directors out of legally available funds and declared by us and, upon liquidation, are entitled to receive all assets available for distribution to stockholders. All shares of our common stock issued in the offering will be fully paid and nonassessable shares of common stock. Holders of shares of our common stock will not have preemptive rights, which means that they will not have an option to purchase any new shares of common stock that we issue, or preference, conversion, exchange, sinking fund or redemption rights. Holders of shares of our common stock will not have appraisal rights, unless our board of directors determines that appraisal rights apply, with respect to all or any classes or series of our common stock, to one or more transactions occurring after the date of such determination in connection with which stockholders would otherwise be entitled to exercise such rights. Stockholders are not liable for our acts or obligations.

1

We will not issue certificates for shares of our common stock. Shares of our common stock will be held in “uncertificated” form, which will eliminate the physical handling and safekeeping responsibilities inherent in owning transferable share certificates and eliminate the need to return a duly executed share certificate to effect a transfer. SS&C Technologies acts as our registrar and as the transfer agent for shares of our common stock. Transfers can be effected by contacting the transfer agent at:

Jones Lang LaSalle Income Property Trust, Inc.

c/o SS&C Technologies, Inc.

P.O. Box 219165

Kansas City, MO 64121-9165

(855) 652-0277

Class A Shares

Each Class A share issued in the primary offering is subject to a selling commission of up to 3.0% of the net asset value (“NAV”) per Class A share on the date of purchase. In addition, we pay our dealer manager a dealer manager fee that accrues daily in an amount equal to up to 1/365th of 0.85% of the amount of our NAV for the Class A shares for such day on a continuous basis from year to year, subject to certain limitations. Each Class A share sold in our offering will automatically convert into the number of Class M-I shares based on the then-current applicable NAV of each class on the date following the completion of the primary portion of our offering in which we, with the assistance of our dealer manager, determine that total underwriting compensation paid with respect to our offering equals 10% of the gross proceeds from the primary portion of our offering.

Class M Shares

No selling commissions are paid for sales of any Class M shares. We pay our dealer manager a dealer manager fee that accrues daily in an amount equal to up to 1/365th of 0.30% of the amount of our NAV for the Class M shares for such day on a continuous basis from year to year, subject to certain limitations. Class M shares are available for purchase in our offering only (1) through fee-based programs, also known as wrap accounts, of investment dealers, (2) through participating broker-dealers that have alternative fee arrangements with their clients, (3) through certain registered investment advisers, (4) through bank trust departments who charge fiduciary fees on the shares or any other organization or person authorized to act in a fiduciary capacity for its clients or customers for a fee, (5) by endowments, foundations, pension funds and other institutional investors or (6) by our executive officers and directors and their immediate family members, as well as officers and employees of our advisor, our sponsor or other affiliates and their immediate family members, and, if approved by our board of directors, joint venture partners, consultants and other service providers. Each Class M share sold in our offering will automatically convert into the number of Class M-I shares based on the then-current applicable NAV of each class on the date following the completion of the primary portion of our offering in which we, with the assistance of our dealer manager, determine that total underwriting compensation

2

paid with respect to our offering equals 10% of the gross proceeds from the primary portion of our offering.

Class A-I Shares

Each Class A-I share issued in the primary offering is subject to a selling commission of up to 1.5% of the NAV per Class A-I share on the date of purchase. In addition, we pay our dealer manager a dealer manager fee that accrues daily in an amount equal to up to 1/365th of 0.30% of the amount of our NAV for the Class A-I shares for such day on a continuous basis from year to year, subject to certain limitations. Investors in Class A-I shares must purchase the minimum investment amount of at least $1,000,000 in shares, provided that the minimum initial investment amount may be reduced in the discretion of our dealer manager and by our advisor with respect to investments by our executive officers and directors and their immediate family members and officers and employees of our advisor, our sponsor or other affiliates. Each Class A-I share sold in our offering will automatically convert into the number of Class M-I shares based on the then-current applicable NAV of each class on the date following the completion of the primary portion of our offering in which we, with the assistance of our dealer manager, determine that total underwriting compensation paid with respect to our offering equals 10% of the gross proceeds from the primary portion of our offering.

Class M-I Shares

No selling commissions or dealer manager fees are paid in connection with the sale of any Class M-I shares. Class M-I shares are available for purchase in our offering only (1) through fee-based programs, also known as wrap accounts, of investment dealers, (2) through participating broker-dealers that have alternative fee arrangements with their clients, (3) through certain registered investment advisers, (4) through bank trust departments who charge fiduciary fees on the shares or any other organization or person authorized to act in a fiduciary capacity for its clients or customers for a fee, (5) by endowments, foundations, pension funds and other institutional investors or (6) by our executive officers and directors and their immediate family members, as well as officers and employees of our advisor, our sponsor or other affiliates and their immediate family members, and, if approved by our board of directors or our advisor, joint venture partners, consultants and other service providers. Investors in Class M-I shares must purchase the minimum investment amount of at least $1,000,000 in shares, provided that the minimum initial investment amount may be reduced in the discretion of our dealer manager and by our advisor with respect to investments by our executive officers and directors and their immediate family members and officers and employees of our advisor, our sponsor or other affiliates.

3

Class D Shares

No Class D shares will be issued in our offering. Each Class D share sold in our private offering is subject to a selling commission of up to 1.0% of the NAV per Class D share on the date of purchase, provided that no selling commissions will be charged with respect to Class D shares sold pursuant to the distribution reinvestment plan. No dealer manager fee is payable with respect to the Class D shares. Class D shares are available for purchase by any investor which satisfies the investor suitability standards established by us and which satisfies the minimum initial investment amount of at least $10,000,000 in Class D shares.

Rights Upon Liquidation

In the event of any voluntary or involuntary liquidation, dissolution or winding up of our company, or any distribution of our assets, (i) the holder of each Class A share shall be entitled to be paid, out of our assets that are legally available for distribution, a liquidation preference equal to our NAV for Class A shares divided by the number of Class A shares outstanding, or the NAV per Class A share, (ii) the holder of each Class M share shall be entitled to be paid, out of our assets that are legally available for distribution, a liquidation preference equal to the NAV for Class M shares divided by the number of Class M shares outstanding, or the NAV per Class M share, (iii) the holder of each Class D share shall be entitled to be paid, out of our assets that are legally available for distribution, a liquidation preference equal to our NAV for Class D shares divided by the number of Class D shares outstanding, or the NAV per Class D share, (iv) the holder of each Class A-I share shall be entitled to be paid, out of our assets that are legally available for distribution, a liquidation preference equal to our NAV for Class A-I shares divided by the number of Class A-I shares outstanding, or the NAV per Class A-I share, and (v) the holder of each Class M-I share shall be entitled to be paid, out of our assets that are legally available for distribution, a liquidation preference equal to our NAV for Class M-I shares divided by the number of Class M-I shares outstanding, or the NAV per Class M-I share. If upon the voluntary or involuntary liquidation, dissolution or winding up of our company, our available assets, or proceeds thereof, distributable among our stockholders are insufficient to pay these liquidation preferences, then such assets, or the proceeds thereof, will be distributed among the holders of each of share class ratably in the same proportion as the respective amounts that would be payable on such share class if all amounts payable thereon were paid in full.

Elective Conversion of Stock

If a holder of Class A, Class A-I, or Class M shares has a change in circumstances (including for example a change in broker-dealer, financial advisor, or type of account in which the shares are held, or availability of a lower fee share class) and, in each case, satisfies the eligibility requirements to hold either Class A-I, Class M, or Class M-I shares, such holder may convert Class A, Class A-I, or Class M shares into an equivalent NAV amount of Class A-I, Class M, or Class M-I shares.

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Preferred Stock

Our charter authorizes our board of directors, without stockholder approval, to classify and reclassify any unissued shares of our common stock and preferred stock into other classes or series of stock. Prior to issuance of shares of each class or series, the board of directors is required by the Maryland General Corporation Law and by our charter to set, subject to our charter restrictions on transfer of our stock, the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms and conditions of redemption for each class or series. Thus, the board of directors could authorize the issuance of shares of common stock or preferred stock with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or change in control that might involve a premium price for holders of our common stock or otherwise be in their best interest. Our board of directors has no present plans to issue preferred stock, but may do so at any time in the future without stockholder approval. The issuance of preferred stock must be approved by a majority of our independent directors not otherwise interested in the transaction, who will have access, at our expense, to our legal counsel or to independent legal counsel. Our board of directors has passed a resolution that no preferred stock will be issued that has voting rights greater than any class of common stock, except that it may allow for the election of no more than three directors by the holders of preferred stock, provided, however, that a majority of directors shall be elected by the common stockholders.

Meetings, Special Voting Requirements and Access to Records

An annual meeting of the stockholders will be held each year at our principal executive office or such other location convenient to stockholders on a specific date which will be at least 30 days after delivery of our annual report. Special meetings of stockholders may be called upon the request of a majority of the directors, a majority of the independent directors, the chairman of the board, the chief executive officer or the president and must be called by the secretary to act on any matter that may properly be considered at a meeting of stockholders upon the written request of stockholders entitled to cast at least 10% of the votes entitled to be cast on such matter at the meeting. The presence either in person or by proxy of stockholders entitled to cast at least 50% of the votes entitled to be cast at the meeting on any matter will constitute a quorum. Generally, the affirmative vote of a majority of all votes cast is necessary to take stockholder action, except as described in the next paragraph and except that the affirmative vote of a majority of the shares entitled to vote and represented in person or by proxy at a meeting at which a quorum is present is required to elect a director.

Under the mandatory provisions of Maryland General Corporation Law, stockholders are not entitled to vote to cause the company to dissolve, amend its charter, merge, sell all or substantially all of its assets, engage in a share exchange or engage in similar transactions outside the ordinary course of business unless such matters are first declared advisable by the board of directors. Even if declared advisable by the board of directors, a Maryland corporation generally cannot perform any such action unless the action is approved by the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter. However, a Maryland corporation may provide in its charter for

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approval of these matters by a lesser percentage, but not less than a majority of all of the votes entitled to be cast on the matter. Our charter provides for approval of these matters by the affirmative vote of stockholders entitled to cast at least a majority of the votes entitled to be cast on the matter. Under Maryland General Corporation Law, stockholder approval is not required for certain mergers and transfers of all or substantially all of a corporation’s assets. Such transactions include (1) mergers with a 90% or more owned subsidiary in which the charter is not amended and stockholder contract rights do not change, (2) mergers in which the corporation is the successor entity and the terms of its stock do not change, its charter is not otherwise amended and the number of shares of stock of any class or series outstanding immediately after the merger becomes effective does not increase by more than 20% of the number of shares of the class or series outstanding immediately before the merger becomes effective and (3) transfers of all or substantially all of the corporation’s assets to a wholly owned subsidiary or by mortgage or pledge.

The advisory agreement is approved annually by our board of directors including a majority of the independent directors. While the stockholders do not have the ability to vote to replace our advisor or to select its replacements, stockholders do have the ability, by the affirmative vote of a majority of the votes entitled to be cast generally in the election of directors, to remove a director from our board of directors.

Under Maryland General Corporation Law, any stockholder and any designated representative will be permitted access to the following records: our charter, our bylaws, the minutes of the proceedings of our stockholders, our annual statements of affairs and voting trust agreements deposited with us. We will make any of these requested documents available at our principal office within seven days after receipt of a request; provided, however, that we will have up to 20 days to prepare and have available on file for inspection and copying certain requested statements of stock and securities issued. A requesting stockholder may inspect and copy any of these documents for a reasonable charge, upon reasonable notice and during normal business hours. In addition, we may require the stockholder to execute a confidentiality agreement prior to reviewing certain other corporate records relating to our proposed and existing investments. Inspection of our records by the office or agency administering the securities laws of a jurisdiction will be provided upon reasonable notice and during normal business hours. An alphabetical list of the names, addresses and telephone numbers of our stockholders, along with the number of shares of our stock held by each of them, will be maintained as part of our books and records and will be available for inspection by any stockholder or the stockholder’s designated agent at our office. The stockholder list will be updated at least quarterly to reflect changes in the information contained therein. A copy of the list will be mailed to any stockholder who requests the list within 10 days of the receipt of the request. A stockholder may request a copy of the stockholder list in connection with matters relating to voting rights and the exercise of stockholder rights under federal proxy laws. A stockholder requesting a list will be required to pay reasonable costs of postage and duplication. We have the right to request that a requesting stockholder represent to us that the list will not be used to pursue commercial interests unrelated to the stockholder’s interest in us. In addition to the foregoing, stockholders have rights under Rule 14a-7 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which provides that, upon the request of investors and the payment of the expenses of the distribution, we are

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required to distribute specific materials to stockholders in the context of the solicitation of proxies for voting on matters presented to stockholders or, at our option, provide requesting stockholders with a copy of the list of stockholders so that the requesting stockholders may make the distribution of proxies themselves. If a proper request for the stockholder list is not honored, then the requesting stockholder will be entitled to recover certain costs, including attorneys’ fees, incurred in compelling the production of the list as well as actual damages suffered by reason of the refusal or failure to produce the list.

Restriction on Ownership and Transfer of Shares of Capital Stock

For us to qualify to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes, no more than 50% in value of the outstanding shares of our stock may be owned, directly or indirectly through the application of certain attribution rules under the Internal Revenue Code of 1986, as amended (the “Code”), by any five or fewer individuals, as defined in the Code to include specified entities, during the last half of any taxable year. In addition, the outstanding shares of our stock must be owned by 100 or more persons independent of us and each other during at least 335 days of a 12-month taxable year or during a proportionate part of a shorter taxable year. These ownership tests do not apply in our first taxable year for which we elect to be taxed as a REIT. In addition, we must meet requirements regarding the nature of our gross income to qualify as a REIT. One of these requirements is that at least 75% of our gross income for each calendar year must consist of specified types of income, such as rents from real property and certain income from other real property investments. The rents received by us or our operating partnership from any tenant will not qualify as rents from real property, which could result in our loss of REIT status, if we own, actually or constructively within the meaning of certain provisions of the Code, 10% or more of the ownership interests in that tenant. To assist us in preserving our status as a REIT, our charter contains limitations on the ownership and transfer of shares of common stock which prohibit: (1) any person or entity from owning or acquiring, directly or indirectly, more than 9.8% of the value of our then outstanding capital stock or more than 9.8% of the value or number of shares, whichever is more restrictive, of our then outstanding common stock; and (2) any transfer of or other event or transaction with respect to shares of capital stock that would result in the beneficial ownership of our outstanding shares of capital stock by fewer than 100 persons. In addition, our charter prohibits any transfer of, or other event with respect to, shares of our capital stock that would (1) result in us being “closely held” within the meaning of Section 856(h) of the Code, (2) cause us to own, actually or constructively, 9.8% or more of the ownership interests in a tenant of our real property or the real property of our operating partnership or any of our respective direct or indirect subsidiaries or (3) otherwise cause us to fail to qualify as a REIT.

Our charter provides that the shares of our capital stock that, if transferred, would: (1) result in a violation of a 9.8% ownership limit; (2) result in us being “closely held” within the meaning of Section 856(h) of the Code; (3) cause us to own 9.8% or more of the ownership interests in a tenant of our real property or the real property of our operating partnership any of our respective direct or indirect subsidiaries; or (4) otherwise cause us to fail to qualify as a REIT, will be transferred automatically to a trust for the benefit of a charitable beneficiary effective as of the close of business on the business day before the purported transfer of such shares of our capital stock. We will designate a trustee of the share

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trust that will not be affiliated with us or the purported transferee or record holder. We will also name a charitable organization as beneficiary of the share trust. The trustee will receive all dividends or other distributions on the shares of our capital stock in the share trust and will hold such dividends or other distributions in trust for the benefit of the beneficiary. The trustee also will vote the shares of capital stock in the share trust and, subject to Maryland law, will have the authority (1) to rescind as void any vote cast by the intended transferee prior to our discovery that the shares have been transferred to the share trust and (2) to recast the vote in accordance with the desires of the trustee acting for the benefit of the charitable beneficiary. However, if we have already taken irreversible corporate action, then the trustee will not have the authority to rescind and recast the vote. The intended transferee will acquire no rights in such shares of capital stock, unless, in the case of a transfer that would cause a violation of the 9.8% ownership limit, the transfer is exempted by the board of directors from the ownership limit (prospectively or retroactively) based upon receipt of information (including certain representations and undertakings from the intended transferee) establishing that such transfer would not violate the provisions of the Code for our qualification as a REIT. In addition, our charter provides that any transfer of shares of our capital stock that would result in shares of our capital stock being beneficially owned by fewer than 100 persons will be null and void and the intended transferee will acquire no rights in such shares of our capital stock.

The trustee will transfer the shares of our capital stock to a person whose ownership of shares of our capital stock will not violate the ownership limits. The transfer will be within 20 days after the trustee receives notice from us that shares of our capital stock have been transferred to the share trust or the date we determine that a purported transfer of shares of stock has occurred. Upon any such transfer, the purported transferee or holder will receive the lesser of (1) the price paid by the purported transferee or holder for the shares or, if the purported transferee or holder did not give value for the shares in connection with the event causing the shares to be transferred to the share trust (e.g., a gift, devise or other similar transaction), the market price of the shares on the day of the event causing the shares to be transferred to the share trust and (2) the price received by the trustee from the sale or other disposition of the shares. The trustee may reduce the amount payable to the purported transferee or holder by the amount of dividends and other distributions which have been paid to the purported transferee or holder and are owed by the purported transferee or holder to the trustee. The charitable beneficiary will receive any excess amounts. If, prior to our discovery that shares of our capital stock have been transferred to the share trust, the shares are sold by the purported transferee or holder, then (1) the shares will be deemed to have been sold on behalf of the share trust and (2) to the extent that the purported transferee or holder received an amount for the shares that exceeds the amount such purported transferee or holder was entitled to receive, the excess must be paid to the trustee upon demand.

Any person who acquires shares of our capital stock in violation of the foregoing restrictions or who would have owned shares of our capital stock that were transferred to any such share trust is required to give written notice to us of such event promptly, and any person who proposes or attempts to transfer or receive shares of our capital stock subject to such limitations is required to give us 15 days prior written notice. In both cases, such persons must provide to us such other information as we may request to determine the effect, if any, of such event on our status as a REIT. The foregoing restrictions will

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continue to apply until the board of directors determines it is no longer in our best interest to continue to qualify as a REIT or that compliance is no longer required for REIT qualification.

The ownership limits do not apply to a person or persons that the board of directors exempts (prospectively or retroactively) from the ownership limit upon the receipt of certain representations and undertakings and other appropriate assurances that our qualification as a REIT is not jeopardized. Any person who owns more than 5% (or such lower percentage applicable under the regulations promulgated by the U.S. Treasury Department, or the Treasury Regulations) of the outstanding shares of our capital stock during any taxable year will be asked to deliver a statement or affidavit setting forth the number of shares of our capital stock beneficially owned.

Distributions

We intend to declare and pay distributions on a quarterly basis, subject to applicable law. In connection with a distribution to our stockholders, our board of directors will approve a quarterly distribution for each share of each class of our common stock. For purposes of calculating our NAV to account for any declared distributions, our advisor will accrue as our liability on the day after the record date (the distribution adjustment date) the amount of the declared distributions. Distributions will be payable only to stockholders of record at the close of business on the business day immediately preceding the distribution adjustment date.

Distributions will be made on all classes of our common stock at the same time. The per share amount of distributions on each class of shares will likely differ because of different allocations of class-specific expenses. We expect to use the record share method of determining the per share amount of distributions on each share class, although our board of directors may choose any other method. The record share method is one of several distribution calculation methods for multiple-class funds recommended, but not required, by the American Institute of Certified Public Accountants (AICPA). Under this method, the amount to be distributed on our common stock will be increased by the sum of all class-specific expenses accrued for such period. Such amount will be divided by the number of share of our common stock outstanding at the close of business on the record date. Such per share amount will be reduced for each class of common stock by the per share amount of any class-specific expenses allocable to such class.

We are required to pay distributions sufficient to satisfy the requirements for qualification as a REIT for federal income tax purposes. Generally, income we distribute to our stockholders will not be taxable to us under the Code if we qualify to be taxed as a REIT. Distributions will be authorized at the discretion of our board of directors, in accordance with our earnings, cash flow and general financial condition. Our board of directors’ discretion will be directed, in substantial part, by its obligation to cause us to comply with the REIT requirements. Because we may receive income from interest or rents at various times during our fiscal year, distributions may not reflect our income earned in that particular distribution period and may be made in advance of actual receipt of funds in an attempt to pay relatively

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uniform distributions. We are authorized to borrow money, issue new securities or sell assets to pay distributions. There are no restrictions on the ability of our operating partnership to transfer funds to us.

We are not prohibited from distributing our own securities in lieu of making cash distributions to stockholders, provided that the securities distributed to stockholders are readily marketable. The receipt of marketable securities in lieu of cash distributions may cause stockholders to incur transaction expenses in liquidating the securities. We do not have any current intention to list the shares of our common stock on a national securities exchange, nor is it expected that a public market for the shares of common stock will develop.

Generally, our policy will be to pay distributions from cash flow from operations. However, we may pay distributions from any other source, including, without limitation, the sale of assets, borrowings, the net proceeds from our offering, the net proceeds from the issuance of additional securities and the deferral of fees and expense reimbursements by our advisor in its sole discretion. If we fund distributions from financings or the net proceeds from our offering, we will have less funds available for investment in properties, real estate-related assets and other investments. In addition, in each previous year in which we paid distributions, our total distributions for the year exceeded our U.S. generally accepted accounting principles (“GAAP”) earnings due to the fact that GAAP earnings are reduced by non-cash charges for depreciation and amortization expenses and impairment of real estate. For the same reasons, we anticipate that we will pay distributions in excess of our earnings in the future. We will make certain payments to our advisor for services provided to us in connection with the selection, acquisition and management of our assets and certain administrative services, some of which are based on performance. Such payments, including advisory fees and expense reimbursements, will reduce the amount of cash available for distributions. Payments to fulfill repurchase requests under our share repurchase plan will also reduce funds available for distribution to remaining stockholders. However, our board of directors may modify or suspend our share repurchase plan if it deems such modification or suspension to be in the best interest of our stockholders, which may include the preservation of funds to pay distributions.

Distribution Reinvestment Plan

We have adopted a distribution reinvestment plan whereby stockholders (other than investors who reside in Alabama, Idaho, Kansas, Kentucky, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Vermont and Washington; and clients of certain participating broker-dealers that do not permit automatic enrollment in our distribution reinvestment plan) will have their cash distributions automatically reinvested in additional shares of our common stock unless they elect to receive their distributions in cash. Investors who reside in Alabama, Idaho, Kansas, Kentucky, Maryland, Massachusetts, Nebraska, New New Jersey, North Carolina, Ohio, Vermont and Washington; and clients of certain participating broker-dealers that do not permit automatic enrollment in our distribution reinvestment plan will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional shares of our common stock. All such distributions are reinvested in our shares on behalf of the participants on the business day such distribution would have been paid to such stockholder.

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The per share purchase price for shares purchased pursuant to the distribution reinvestment plan is equal to our NAV per share applicable to the class of shares purchased, calculated as of the distribution date. Stockholders do not pay selling commissions when purchasing shares pursuant to the distribution reinvestment plan. Because the dealer manager fee is calculated based on our NAV for Class A, Class A-I and Class M shares, it will reduce the NAV with respect to the shares of each such class, including shares issued under our distribution reinvestment plan. Shares acquired under the distribution reinvestment plan entitle the participant to the same rights and be treated in the same manner as shares of that class purchased in our offering.

We reserve the right to amend any aspect of our distribution reinvestment plan without the consent of our stockholders, provided that notice of any material amendment is sent to participants at least ten days prior to the effective date of that amendment. In addition, we may suspend or terminate the distribution reinvestment plan for any reason at any time upon ten days’ prior written notice to participants. A stockholder’s participation in the plan will be terminated to the extent that a reinvestment of such stockholder’s distributions in our shares would cause the percentage ownership or other limitations contained in our charter to be violated. Participants may terminate their participation in the distribution reinvestment plan with ten days’ prior written notice to us.

Account Statements

We provide on a quarterly basis to each participant in the distribution reinvestment plan a statement of account describing, as to such participant: (1) the distributions reinvested during the quarter; (2) the number of shares purchased during the quarter; (3) the per share purchase price for such shares; and (4) the total number of shares purchased on behalf of the participant under the plan. On an annual basis, tax information with respect to income earned on shares under the plan for the calendar year is provided to each applicable participant.

Tax Consequences of Participation

If a stockholder elects to participate in the distribution reinvestment plan, the stockholder will be treated as receiving, in lieu of the reinvested cash distribution, a distribution of additional shares of the same class of common stock on which the distribution is made. If the stockholder is subject to federal income taxation, the stockholder will be treated for federal income tax purposes as if he or she has received a dividend, to the extent of our current and accumulated earnings and profits, in an amount equal to the fair value on the relevant distribution date of the shares of the class of common stock purchased with the reinvested distributions, and will be taxed on the amount of such distribution as ordinary income (after taking into account up to a 20% deduction for ordinary REIT dividends received by non-corporate U.S. stockholders in taxable years beginning before January 1, 2026) to the extent such distribution is from current or accumulated earnings and profits, unless we have designated all or a portion of the distribution as a capital gain dividend or qualified dividend income, in which event the appropriate portion of the distribution will be treated as long-term capital gain to the extent the distribution does not exceed our current and accumulated earnings and profits.

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Business Combinations

Under Maryland General Corporation Law, business combinations between a Maryland corporation and an interested stockholder or the interested stockholder’s affiliate are prohibited for five years after the most recent date on which the stockholder becomes an interested stockholder. For this purpose, the term “business combinations” includes mergers, consolidations, share exchanges or, in circumstances specified in the Maryland General Corporation Law, asset transfers and issuances or reclassifications of equity securities. An “interested stockholder” is defined for this purpose as: (1) any person who beneficially owns 10% or more of the voting power of the corporation’s outstanding voting stock; or (2) an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then outstanding stock of the corporation. A person is not an interested stockholder under Maryland General Corporation Law if the board of directors approved in advance the transaction by which he otherwise would have become an interested stockholder. However, in approving the transaction, the board of directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the board of directors. After the five-year prohibition, any business combination between the corporation and an interested stockholder generally must be recommended by the board of directors of the corporation and approved by the affirmative vote of at least: (1) 80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation, voting together as a single voting group; and (2) two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares of stock held by the interested stockholder or its affiliate with whom the business combination is to be effected or held by an affiliate or associate of the interested stockholder, voting together as a single voting group.

These super-majority vote requirements do not apply if the corporation’s common stockholders receive a minimum price, as defined under Maryland General Corporation Law, for their shares of common stock in the form of cash or other consideration in the same form as previously paid by the interested stockholder for its shares of common stock.

None of these provisions of the Maryland General Corporation Law will apply, however, to business combinations that are approved or exempted by the board of directors of the corporation prior to the time that the interested stockholder becomes an interested stockholder. Pursuant to the business combination statute, our board of directors has exempted any business combination involving us and any person, provided that such business combination is first approved by a majority of our board of directors, including a majority of our independent directors. Consequently, the five-year prohibition and the super majority vote requirements will not apply to business combinations between us and any person. As a result, any person may be able to enter into business combinations with us that may not be in the best interest of our stockholders, without compliance with the super-majority vote requirements and other provisions of the statute.

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Should our board of directors opt into the business combination statute or otherwise fail to first approve a business combination, it may discourage others from trying to acquire control of us and increase the difficulty of consummating any offer.

Control Share Acquisitions

The Maryland General Corporation Law provides that control shares of a Maryland corporation acquired in a control share acquisition have no voting rights except to the extent approved by a vote of two-thirds of the votes entitled to be cast on the matter. Shares of common stock owned by the acquiror, by officers or by employees who are directors of the corporation are not entitled to vote on the matter. “Control shares” are voting shares of stock which, if aggregated with all other shares of stock owned by the acquiror or with respect to which the acquiror has the right to vote or to direct the voting of, other than solely by virtue of revocable proxy, would entitle the acquiror to exercise voting power in electing directors within one of the following ranges of voting powers:

•one-tenth or more but less than one-third;

•one-third or more but less than a majority; or

•a majority or more of all voting power.

Control shares do not include shares of stock the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval. Except as otherwise specified in the statute, a “control share acquisition” means the acquisition of issued and outstanding control shares. Once a person who has made or proposes to make a control share acquisition has undertaken to pay expenses and has satisfied other required conditions, the person may compel the board of directors to call a special meeting of stockholders to be held within 50 days of demand to consider the voting rights of the shares of stock. If no request for a meeting is made, the corporation may itself present the question at any stockholders meeting. If voting rights are not approved for the control shares at the meeting or if the acquiring person does not deliver an “acquiring person statement” for the control shares as required by the statute, the corporation may redeem any or all of the control shares for their fair value, except for control shares for which voting rights have previously been approved. Fair value is to be determined for this purpose without regard to the absence of voting rights for the control shares, and is to be determined as of the date of the last control share acquisition or of any meeting of stockholders at which the voting rights for control shares are considered and not approved.

If voting rights for control shares are approved at a stockholders’ meeting and the acquiror becomes entitled to vote a majority of the shares of stock entitled to vote, all other stockholders may exercise appraisal rights. The fair value of the shares of stock as determined for purposes of these appraisal rights may not be less than the highest price per share paid in the control share acquisition. Some of the limitations and restrictions otherwise applicable to the exercise of dissenters’ rights do not apply in the context of a control share acquisition.

The control share acquisition statute does not apply to shares of stock acquired in a merger or consolidation or share exchange if the corporation is a party to the transaction or to acquisitions approved

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or exempted by the charter or bylaws of the corporation. As permitted by the Maryland General Corporation Law, we have provided in our bylaws that the control share provisions of the Maryland General Corporation Law will not apply to any acquisition by any person of shares of our stock, but the board of directors retains the discretion to change this provision at any time in the future.

Unsolicited Takeover Statutes

Subtitle 8 of Title 3 of the Maryland General Corporation Law permits a Maryland corporation with a class of equity securities registered under the Exchange Act and at least three independent directors to elect to be subject, without a stockholder vote, by provision in its charter or bylaws or a resolution of its board of directors and notwithstanding any contrary provision in the charter or bylaws, to any or all of five provisions:

•a classified board;

•requiring a two-thirds stockholder vote for removing a director;

•requiring that the number of directors be fixed only by vote of the board of directors;

•requiring that a vacancy on the board be filled only by the remaining directors and for the remainder of the full term of the class of directors in which the vacancy occurred; and

•a majority requirement for the calling of a special meeting of stockholders.

Pursuant to Subtitle 8, we have elected to provide that vacancies on our board of directors be filled only by the remaining directors and for the remainder of the full term of the directorship in which the vacancy occurred. Through provisions in our charter and bylaws unrelated to Subtitle 8, we vest in the board the exclusive power to fix the number of directors.

Anti-Takeover Effect of Certain Provisions of Maryland Law and of Our Charter and Bylaws

Our charter and bylaws and Maryland law contain provisions that may delay, defer or prevent a change of control or other transaction that might involve a premium price for our common stock or otherwise be in the best interests of our stockholders, including the power of our board to issue additional shares of our common stock, the restrictions on ownership and transfer of our shares, advance notice requirements for director nominations and stockholder proposals and the application of the Maryland business combination provisions. Likewise, if the provision in the bylaws opting out of the control share acquisition provisions of the Maryland General Corporation Law were rescinded, these provisions of the Maryland General Corporation Law could have similar anti-takeover effects.

Restrictions on Roll-Up Transactions

In accordance with our charter, in connection with any proposed transaction considered a “roll-up transaction” (as defined below) involving us and the issuance of securities of an entity that would be created or would survive after the successful completion of the roll-up transaction, an appraisal of all of our assets shall be obtained from a competent independent appraiser. If the appraisal will be included in a prospectus used to offer the securities of a roll-up entity, the appraisal shall be filed with the Securities and Exchange Commission and the states as an exhibit to the registration statement for the offering. The

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assets shall be appraised on a consistent basis, and the appraisal shall be based on the evaluation of all relevant information and shall indicate the value of the assets as of a date immediately prior to the announcement of the proposed roll-up transaction. The appraisal shall assume an orderly liquidation of the assets over a 12-month period. The terms of the engagement of the independent appraiser shall clearly state that the engagement is for our benefit and the benefit of our stockholders. A summary of the appraisal, indicating all material assumptions underlying the appraisal, shall be included in a report to stockholders in connection with any proposed roll-up transaction.

A “roll-up transaction” is a transaction involving the acquisition, merger, conversion or consolidation, directly or indirectly, of us and the issuance of securities of another entity, or a roll-up entity, that would be created or would survive after the successful completion of such transaction. The term roll-up transaction does not include:

•a transaction involving securities of our company that have been for at least 12 months listed on a national securities exchange; or

•a transaction involving our conversion to a corporate, trust, or association form if, as a consequence of the transaction, there will be no significant adverse change in any of the following: common stockholder voting rights; the term of our existence; compensation to our advisor; or our investment objectives.

In connection with a proposed roll-up transaction, the person sponsoring the roll-up transaction must offer to common stockholders who vote “no” on the proposal the choice of:

(1)accepting the securities of a roll-up entity offered in the proposed roll-up transaction; or

(2)one of the following:

(a)remaining as holders of shares of our common stock and preserving their interests therein on the same terms and conditions as existed previously; or

(b)receiving cash in an amount equal to the stockholder’s pro rata share of the appraised value of our net assets.

We are prohibited from participating in any proposed roll-up transaction:

•that would result in the common stockholders having voting rights in a roll-up entity that are less than those provided in our charter, including rights with respect to the election and removal of directors, annual and special meetings, amendment of our charter and our dissolution;

•that includes provisions that would operate to materially impede or frustrate the accumulation of shares by any purchaser of the securities of the roll-up entity, except to the minimum extent necessary to preserve the tax status of the roll-up entity, or which would limit the ability of an investor to exercise the voting rights of its securities of the roll-up entity on the basis of the number of shares held by that investor;

•in which investor’s rights to access of records of the roll-up entity will be less than those provided in the section above entitled “Meetings, Special Voting Requirements and Access to Records;” or

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•in which any of the costs of the roll-up transaction would be borne by us if the roll-up transaction is rejected by the common stockholders.

Tender Offers

Our charter provides that any tender offer made by any person, including any “mini-tender” offer, must comply with the provisions of Regulation 14D of the Exchange Act, including the notice and disclosure requirements. Among other things, the offeror must provide us notice of such tender offer at least ten business days before initiating the tender offer. Any non-complying offeror will be responsible for all of our expenses in connection with that offeror’s noncompliance.

Advance Notice of Director Nominations and New Business

Our bylaws provide that with respect to an annual meeting of stockholders, nominations of individuals for election to the board of directors and the proposal of business to be considered by stockholders may be made only (1) pursuant to our notice of the meeting, (2) by or at the direction of the board of directors or (3) by a stockholder who is a stockholder of record both at the time of giving the advance notice required by the bylaws and at the time of the meeting, who is entitled to vote at the meeting in the election of each individual so nominated or on any such other business and who has complied with the advance notice procedures of the bylaws. With respect to special meetings of stockholders, only the business specified in our notice of the meeting may be brought before the meeting. Nominations of individuals for election to the board of directors at a special meeting may be made only (1) by or at the direction of the board of directors or (2) provided that the special meeting has been called in accordance with the bylaws for the purpose of electing directors, by a stockholder who is a stockholder of record both at the time of giving the advance notice required by the bylaws and at the time of the meeting, who is entitled to vote at the meeting in the election of each individual so nominated and who has complied with the advance notice provisions of the bylaws.

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EX-10.3

Exhibit 10.3

__________________________________________________________

AMENDED AND RESTATED

JONES LANG LASALLE INCOME PROPERTY TRUST, INC.

2012 INCENTIVE PLAN

__________________________________________________________

AMENDED AND RESTATED

JONES LANG LASALLE INCOME PROPERTY TRUST, INC.

2012 INCENTIVE PLAN

ARTICLE 1 PURPOSE	1
1.1General	1
ARTICLE 2 DEFINITIONS	1
2.1Definitions	1
ARTICLE 3 EFFECTIVE TERM OF PLAN	5
3.1Effective Date	5
3.2Term of Plan	6
ARTICLE 4 ADMINISTRATION	6
4.1Committee	6
4.2Actions and Interpretations by the Committee	6
4.3Authority of Committee	6
4.5Indemnification	7
ARTICLE 5 SHARES SUBJECT TO THE PLAN	7
5.1Number of Shares	7
5.2Share Counting	8
5.3Stock Distributed	8
ARTICLE 6 ELIGIBILITY	8
6.1General	8
ARTICLE 7 STOCK OPTIONS	9
7.1General	9
ARTICLE 8 STOCK APPRECIATION RIGHTS	10
8.1Grant of Stock Appreciation Rights	10
ARTICLE 9 RESTRICTED STOCK, RESTRICTED STOCK UNITS AND DEFERRED STOCK UNITS	10
9.1Grant of Restricted Stock, Restricted Stock Units and Deferred Stock Units	10
9.2Issuance and Restrictions	11
9.3Dividends on Restricted Stock	11
9.4Forfeiture	11
9.5Delivery of Restricted Stock	11
ARTICLE 10 PERFORMANCE AWARDS	11
10.1Grant of Performance Awards	11
10.2Performance Goals	11
ARTICLE 11 STOCK OR OTHER STOCK-BASED AWARDS	12
11.1Grant of Stock or Other Stock-Based Awards	12
ARTICLE 12 PROVISIONS APPLICABLE TO AWARDS	12
12.1Award Certificates	12

12.2Form of Payment of Awards	12
12.3Limits on Transfer	12
12.4Beneficiaries	12
12.5Stock Trading Restrictions	13
12.6Acceleration for Any Other Reason	13
12.7Forfeiture Events	13
12.8Substitute Awards	13
ARTICLE 13 CHANGES IN CAPITAL STRUCTURE	13
13.1Mandatory Adjustments	14
13.2Discretionary Adjustments	14
13.3General	14
ARTICLE 14 AMENDMENT, MODIFICATION AND TERMINATION	14
14.1Amendment, Modification and Termination	14
14.2Awards Previously Granted	15
14.3Compliance Amendments	15
ARTICLE 15 GENERAL PROVISIONS	15
15.1Rights of Participants	15
15.2Withholding	16
15.3Special Provisions Related to Section 409A of the Code	16
15.4Unfunded Status of Awards	18
15.5Relationship to Other Benefits	18
15.6Expenses	18
15.7Titles and Headings	18
15.8Gender and Number	18
15.9Fractional Shares	18
15.10Government and Other Regulations	18
15.11Governing Law	19
15.12Severability	19
15.13No Limitations on Rights of Company	19

AMENDED AND RESTATED

JONES LANG LASALLE INCOME PROPERTY TRUST, INC. 2012 INCENTIVE PLAN

ARTICLE 1

PURPOSE

1.1.    GENERAL. The purpose of the Amended and Restated Jones Lang LaSalle Income Property Trust, Inc. 2012 Incentive Plan (the “Plan”) is to promote the success, and enhance the value, of Jones Lang LaSalle Income Property Trust, Inc. (the “Company”), by linking the personal interests of employees (to the extent the Company hires any employees), officers, directors and consultants of the Company or any Affiliate (as defined below) to those of Company shareholders and by providing such persons with an incentive for outstanding performance. The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract, and retain the services of employees, officers, directors and consultants upon whose judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent. Accordingly, the Plan permits the grant of incentive awards from time to time to selected employees, officers, directors and consultants of the Company and its Affiliates.

ARTICLE 2

DEFINITIONS

2.1.    DEFINITIONS. When a word or phrase appears in this Plan with the initial letter capitalized, and the word or phrase does not commence a sentence, the word or phrase shall generally be given the meaning ascribed to it in this Section or in Section 1.1 unless a clearly different meaning is required by the context. The following words and phrases shall have the following meanings:

(a)“Affiliate” means (i) any Subsidiary or Parent, or (ii) an entity that directly or through one or more intermediaries controls, is controlled by or is under common control with, the Company, as determined by the Committee.

(b)“Award” means an award of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Deferred Stock Units, Performance Awards, Other Stock-Based Awards, or any other right or interest relating to Stock or cash, granted to a Participant under the Plan.

(c)“Award Certificate” means a written document, in such form as the Committee prescribes from time to time, setting forth the terms and conditions of an Award. Award Certificates may be in the form of individual award agreements or certificates or a program document describing the terms and provisions of an Award or series of Awards under the Plan. The Committee may provide for the use of electronic, internet or other non-paper Award Certificates, and the use of electronic, internet or other non-paper means for the acceptance thereof and actions thereunder by a Participant.

(d)“Beneficial Owner” shall have the meaning given such term in Rule 13d-3 of the General Rules and Regulations under the 1934 Act.

(e)“Board” means the Board of Directors of the Company.

(f)“Cause” as a reason for a Participant’s termination of employment shall have the meaning assigned such term in the employment, severance or similar agreement, if any, between such Participant and the Company or an Affiliate; provided, however, that if there is no such employment, severance or similar agreement in which such term is defined, and unless otherwise defined in the applicable Award Certificate, “Cause” shall mean any of the following acts by the Participant, as determined by the Committee: gross neglect of duty, prolonged absence from duty without the consent of the Company, material breach by the Participant of any published Company code of conduct or code of ethics; or willful misconduct, misfeasance or malfeasance of duty which is reasonably determined to be detrimental to the Company. With respect to a

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Participant’s termination of directorship, “Cause” means an act or failure to act that constitutes cause for removal of a director under applicable Maryland law.  The determination of the Committee as to the existence of “Cause” shall be conclusive on the Participant and the Company.

(g)“Change in Control” means and includes the occurrence of any one of the following events but shall specifically exclude a Public Offering:

    (i)    during any consecutive 12-month period, individuals who, at the beginning of such period, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority of such Board, provided that any person becoming a director after the beginning of such 12-month period and whose election or nomination for election was approved by a vote of at least a majority of the Incumbent Directors then on the Board shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to the election or removal of directors (“Election Contest”) or other actual or threatened solicitation of proxies or consents by or on behalf of any Person other than the Board (“Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest, shall be deemed an Incumbent Director; or

    (ii)    any person becomes a Beneficial Owner, directly or indirectly, of either (A) 35% or more of the then-outstanding shares of common stock of the Company (“Company Common Stock”) or (B) securities of the Company representing 35% or more of the combined voting power of the Company’s then outstanding securities eligible to vote for the election of directors (the “Company Voting Securities”); provided, however, that for purposes of this subsection (ii), the following acquisitions of Company Common Stock or Company Voting Securities shall not constitute a Change in Control: (w) an acquisition directly from the Company, (x) an acquisition by the Company or a Subsidiary, (y) an acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, or (z) an acquisition pursuant to a Non-Qualifying Transaction (as defined in subsection (iii) below); or

    (iii)    the consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company or a Subsidiary (a “Reorganization”), or the sale or other disposition of all or substantially all of the Company’s assets (a “Sale”) or the acquisition of assets or stock of another corporation or other entity (an “Acquisition”), unless immediately following such Reorganization, Sale or Acquisition: (A) all or substantially all of the individuals and entities who were the Beneficial Owners, respectively, of the outstanding Company Common Stock and outstanding Company Voting Securities immediately prior to such Reorganization, Sale or Acquisition beneficially own, directly or indirectly, more than 35% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such Reorganization, Sale or Acquisition (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company’s assets or stock either directly or through one or more subsidiaries, the “Surviving Entity”) in substantially the same proportions as their ownership, immediately prior to such Reorganization, Sale or Acquisition, of the outstanding Company Common Stock and the outstanding Company Voting Securities, as the case may be, and (B) no person (other than (x) the Company or any Subsidiary, (y) the Surviving Entity or its ultimate parent entity, or (z) any employee benefit plan (or related trust) sponsored or maintained by any of the foregoing) is the Beneficial Owner, directly or indirectly, of 35% or more of the total common stock or 35% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Surviving Entity, and (C) at least a majority of the members of the board of directors of the Surviving Entity were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for such Reorganization, Sale or Acquisition (any Reorganization, Sale or Acquisition which

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satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a “Non-Qualifying Transaction”).

(h) “Charter” means the articles of incorporation of the Company, as such articles of incorporation may be amended from time to time.

(i)“Code” means the Internal Revenue Code of 1986, as amended from time to time. For purposes of this Plan, references to sections of the Code shall be deemed to include references to any applicable regulations thereunder and any successor or similar provision.

(j)“Committee” means the committee of the Board described in Article 4.

(k)“Company” means Jones Lang LaSalle Income Property Trust, Inc., a Maryland corporation, or any successor corporation.

(l)“Continuous Service” means the absence of any interruption or termination of service as an employee, officer, consultant or director of the Company or any Affiliate, as applicable. Continuous Service shall not be considered interrupted in the following cases: (i) a Participant transfers employment between the Company and an Affiliate or between Affiliates, or (ii) in the discretion of the Committee as specified at or prior to such occurrence, in the case of a spin-off, sale or disposition of the Participant’s employer from the Company or any Affiliate, or (iii) any leave of absence authorized in writing by the Company prior to its commencement. Whether military, government or other service or other leave of absence shall constitute a termination of Continuous Service shall be determined in each case by the Committee at its discretion, and any determination by the Committee shall be final and conclusive; provided, however, that for purposes of any Award that is subject to Code Section 409A, the determination of a leave of absence must comply with the requirements of a “bona fide leave of absence” as provided in Treas. Reg. Section 1.409A-1(h).

(m)“Deferred Stock Unit” means a right granted to a Participant under Article 9 to receive Shares (or the equivalent value in cash or other property if the Committee so provides) at a future time as determined by the Committee, or as determined by the Participant within guidelines established by the Committee in the case of voluntary deferral elections.

(n)“Disability” of a Participant means that the Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Participant’s employer. In the event of a dispute, the determination of whether a Participant is Disabled will be made by the Committee and may be supported by the advice of a physician competent in the area to which such Disability relates.

(o) “Effective Date” has the meaning assigned such term in Section 3.1.

(p)“Eligible Participant” means an employee, officer, consultant(including without limitation senior management of the Company’s external advisor), or director of the Company or any Affiliate.

(q)“Fair Market Value,” on any date, means (i) if the Stock is listed on a securities exchange, the closing sales price on the principal such exchange on such date or, in the absence of reported sales on such date, the closing sales price on the immediately preceding date on which sales were reported, or (ii) if the Stock is not listed on a securities exchange, the mean between the bid and offered prices as quoted by the applicable interdealer quotation system for such date, provided that if the Stock is not quoted on an interdealer quotation system or it is determined that the fair market value is not properly reflected by such quotations, Fair Market Value will be

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determined by such other method as the Committee determines in good faith to be reasonable and in compliance with Code Section 409A.

(r)“Full-Value Award” means an Award other than in the form of an Option or SAR, and which is settled by the issuance of Stock (or at the discretion of the Committee, settled in cash valued by reference to Stock value).

(s)“Grant Date” of an Award means the first date on which all necessary corporate action has been taken to approve the grant of the Award as provided in the Plan, or such later date as is determined and specified as part of that authorization process. Notice of the grant shall be a provided to the grantee within a reasonable time after the Grant Date.

(t)“Non-Employee Director” means a director of the Company who is not a common law employee of the Company or an Affiliate and who meets the additional requirements set forth for an “independent director” in the Charter.

(u)“Option” means a right granted to a Participant under Article 7 of the Plan to purchase Stock at a specified price during specified time periods. Options granted under the Plan are not intended to be incentive stock options that meet the requirements of Section 422 of the Code or any successor provision thereto

(v)“Other Stock-Based Award” means a right, granted to a Participant under Article 12, that relates to or is valued by reference to Stock or other Awards relating to Stock.

(w)“Parent” means a corporation, limited liability company, partnership or other entity which owns or beneficially owns a majority of the outstanding voting stock or voting power of the Company.

(x)“Participant” means an Eligible Participant who has been granted an Award under the Plan; provided that in the case of the death of a Participant, the term “Participant” refers to a beneficiary designated pursuant to Section 12.4 or the legal guardian or other legal representative acting in a fiduciary capacity on behalf of the Participant under applicable state law and court supervision.

(y)“Performance Award” means any award granted under the Plan pursuant to Article 10.

(z)“Person” means any individual, entity or group, within the meaning of Section 3(a)(9) of the 1934 Act and as used in Section 13(d)(3) or 14(d)(2) of the 1934 Act.

(aa)“Plan” means the Amended and Restated Jones Lang LaSalle Income Property Trust, Inc. 2012 Incentive Plan, as amended from time to time.

(ab)“Public Offering” means a public offering of any class or series of the Company’s equity securities pursuant to a registration statement filed by the Company under the 1933 Act.

(ac)“Restricted Stock” means Stock granted to a Participant under Article 9 that is subject to certain restrictions and to risk of forfeiture.

(ad)“Restricted Stock Unit” means the right granted to a Participant under Article 9 to receive shares of Stock (or the equivalent value in cash or other property if the Committee so provides) in the future, which right is subject to certain restrictions and to risk of forfeiture.

(ae)“Shares” means shares of the Company’s Stock. If there has been an adjustment or substitution pursuant to Article 13, the term “Shares” shall also include any shares of stock or other securities that are substituted for Shares or into which Shares are adjusted pursuant to Article 13.

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(af)“Stock” means the $0.01 par value Class M, Class A, Class A-I, Class M-I and Class D common stock of the Company, and such other securities of the Company as may be substituted for such class of Stock pursuant to Article 13.

(ag)“Stock Appreciation Right” or “SAR” means a right granted to a Participant under Article 8 to receive a payment equal to the difference between the Fair Market Value of a Share as of the date of exercise of the SAR over the base price of the SAR, all as determined pursuant to Article 8.

(ah)“Subsidiary” means any corporation, limited liability company, partnership or other entity of which a majority of the outstanding voting stock or voting power is beneficially owned directly or indirectly by the Company.

(ai)“1933 Act” means the Securities Act of 1933, as amended from time to time.

(aj)“1934 Act” means the Securities Exchange Act of 1934, as amended from time to time.

ARTICLE 3

EFFECTIVE TERM OF PLAN

3.1.    EFFECTIVE DATE. The Plan will become effective on the date that it is adopted by the Board (the “Effective Date”).

3.2.    TERMINATION OF PLAN. Unless earlier terminated as provided herein, the Plan shall continue in effect until the tenth anniversary of the Effective Date or, if the shareholders approve an amendment to the Plan that increases the number of Shares subject to the Plan, the tenth anniversary of the date of such approval. The termination of the Plan on such date shall not affect the validity of any Award outstanding on the date of termination, which shall continue to be governed by the applicable terms and conditions of the Plan.

ARTICLE 4

ADMINISTRATION

4.1.    COMMITTEE. The Plan shall be administered by a Committee appointed by the Board (which Committee shall consist of at least two directors) or, at the discretion of the Board from time to time, the Plan may be administered by the Board. It is intended that at least two of the directors appointed to serve on the Committee shall be Independent Directors and that any such members of the Committee who do not so qualify shall abstain from participating in any decision to make or administer Awards that are made to Eligible Participants who at the time of consideration for such Award are persons subject to the short-swing profit rules of Section 16 of the 1934 Act. However, the mere fact that a Committee member shall fail to qualify as an Independent Director or shall fail to abstain from such action shall not invalidate any Award made by the Committee which Award is otherwise validly made under the Plan. The members of the Committee shall be appointed by, and may be changed at any time and from time to time in the discretion of, the Board. The Board may reserve to itself any or all of the authority and responsibility of the Committee under the Plan or may act as administrator of the Plan for any and all purposes. To the extent the Board has reserved any authority and responsibility or during any time that the Board is acting as administrator of the Plan, it shall have all the powers and protections of the Committee hereunder, and any reference herein to the Committee (other than in this Section 4.1) shall include the Board. To the extent any action of the Board under the Plan conflicts with actions taken by the Committee, the actions of the Board shall control.

4.2.    ACTION AND INTERPRETATIONS BY THE COMMITTEE. For purposes of administering the Plan, the Committee may from time to time adopt rules, regulations, guidelines and procedures for carrying out the provisions and purposes of the Plan and make such other determinations, not inconsistent with the Plan, as the Committee may deem appropriate. The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award in the manner and to the extent it deems necessary to carry out the intent of the Plan. The Committee’s interpretation of the Plan, any Awards granted under the Plan, any Award Certificate and all decisions and determinations by

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the Committee with respect to the Plan are final, binding, and conclusive on all parties. Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of the Company or any Affiliate, the Company’s or an Affiliate’s independent certified public accountants, Company counsel or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan. No member of the Committee will be liable for any good faith determination, act or omission in connection with the Plan or any Award.

4.3.    AUTHORITY OF COMMITTEE. Except as provided in Section 4.1 hereof, the Committee has the exclusive power, authority and discretion to:

(a)Grant Awards;

(b)Designate Participants;

(c)    Determine the type or types of Awards to be granted to each Participant;

(d)    Determine the number of Awards to be granted and the number of Shares or dollar amount to which an Award will relate;

(e)    Determine the terms and conditions of any Award granted under the Plan;

(f)    Prescribe the form of each Award Certificate, which need not be identical for each Participant;

(g)    Decide all other matters that must be determined in connection with an Award;

(h)    Establish, adopt or revise any rules, regulations, guidelines or procedures as it may deem necessary or advisable to administer the Plan;

(i)    Make all other decisions and determinations that may be required under the Plan or as the Committee deems necessary or advisable to administer the Plan;

(j)    Amend the Plan or any Award Certificate as provided herein; and

(k)    Adopt such modifications, procedures, and subplans as may be necessary or desirable to comply with provisions of the laws of the United States or any non-U.S. jurisdictions in which the Company or any Affiliate may operate, in order to assure the viability of the benefits of Awards granted to participants located in the United States or such other jurisdictions and to further the objectives of the Plan.

4.5.    INDEMNIFICATION. Each person who is or shall have been a member of the Committee, or of the Board, or an officer of the Company to whom authority was delegated in accordance with this Article 4 shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf, unless such loss, cost, liability, or expense is a result of his or her own willful misconduct or except as expressly provided by statute. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s charter or bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.

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ARTICLE 5

SHARES SUBJECT TO THE PLAN

5.1.    NUMBER OF SHARES. Subject to adjustment as provided in Sections 5.2 and Section 13.1, the aggregate number of Shares of Stock reserved and available for issuance pursuant to Awards granted under the Plan shall be 2,000,000; provided, however, that no Awards shall be granted under the Plan on any date on which the aggregate number of Shares subject to Awards previously issued under the Plan, together with the proposed Awards to be granted on such date, shall exceed 2% of the Company’s total outstanding shares of Stock on such date.

5.2.    SHARE COUNTING. Shares covered by an Award shall be subtracted from the Plan share reserve as of the Grant Date, but shall be added back to the Plan share reserve in accordance with this Section 5.2.

(a)    To the extent that an Award is canceled, terminates, expires, is forfeited or lapses for any reason, any unissued or forfeited Shares originally subject to the Award will be added back to the Plan share reserve and again be available for issuance pursuant to Awards granted under the Plan.

(b)    Shares subject to Awards settled in cash will be added back to the Plan share reserve and again be available for issuance pursuant to Awards granted under the Plan.

(c)    Shares withheld or repurchased from an Award or delivered by a Participant to satisfy minimum tax withholding requirements will be added back to the Plan share reserve and again be available for issuance pursuant to Awards granted under the Plan.

(d)    If the exercise price of an Option is satisfied in whole or in part by delivering Shares to the Company (by either actual delivery or attestation), the number of Shares so tendered (by delivery or attestation) shall be added to the Plan share reserve and will be available for issuance pursuant to Awards granted under the Plan.

(e)    To the extent that the full number of Shares subject to an Option or SAR is not issued upon exercise of the Option or SAR for any reason, including by reason of net-settlement of the Award, the unissued Shares originally subject to the Award will be added back to the Plan share reserve and again be available for issuance pursuant to other Awards granted under the Plan.

(f)    To the extent that the full number of Shares subject to an Award other than an Option or SAR is not issued for any reason, including by reason of failure to achieve maximum performance goals, the unissued Shares originally subject to the Award will be added back to the Plan share reserve and again be available for issuance pursuant to Awards granted under the Plan.

(g)    Substitute Awards granted pursuant to Section 12.8 of the Plan shall not count against the Shares otherwise available for issuance under the Plan under Section 5.1.

(h)    Subject to any applicable requirements of a securities exchange, shares available under a stockholder-approved plan of a company acquired by the Company (as appropriately adjusted to Shares to reflect the transaction) may be issued under the Plan pursuant to Awards granted to individuals who were not employees of the Company or its Affiliates immediately before such transaction and will not count against the maximum share limitation specified in Section 5.1.

5.3.    STOCK DISTRIBUTED. Any Stock distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Stock, treasury Stock or Stock purchased on the open market.

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ARTICLE 6

ELIGIBILITY

6.1.    GENERAL. Awards may be granted only to Eligible Participants. Eligible Participants who are service providers to an Affiliate may be granted Options or SARs under this Plan only if the Affiliate qualifies as an “eligible issuer of service recipient stock” within the meaning of §1.409A-1(b)(5)(iii)(E) of the final regulations under Code Section 409A.

ARTICLE 7

STOCK OPTIONS

7.1.    GENERAL. The Committee is authorized to grant Options to Participants on the following terms and conditions:

(a)    EXERCISE PRICE. The exercise price per Share under an Option shall be determined by the Committee, provided that the exercise price for any Option (other than an Option issued as a substitute Award pursuant to Section 12.8) shall not be less than the Fair Market Value as of the Grant Date.

(b)    PROHIBITION ON REPRICING. Except as otherwise provided in Section 13.1, the exercise price of an Option may not be reduced, directly or indirectly by cancellation and regrant or otherwise, without the prior approval of the shareholders of the Company. In addition, the Company may not, without the prior approval of shareholders of the Company, repurchase an Option for value from a Participant if the current Fair Market Value of the Shares underlying the Option is lower than the exercise price per share of the Option.

(c)    TIME AND CONDITIONS OF EXERCISE. The Committee shall determine the time or times at which an Option may be exercised in whole or in part, subject to Section 7.1(e), including a provision that an Option that is otherwise exercisable and has an exercise price that is less than the Fair Market Value of the Stock on the last day of its term will be automatically exercised on such final date of the term by means of a “net exercise,” thus entitling the optionee to Shares equal to the intrinsic value of the Option on such exercise date, less the number of Shares required for tax withholding. The Committee shall also determine the performance or other conditions, if any, that must be satisfied before all or part of an Option may be exercised or vested.

(d)    PAYMENT. The Committee shall determine the methods by which the exercise price of an Option may be paid, the form of payment, and the methods by which Shares shall be delivered or deemed to be delivered to Participants. As determined by the Committee at or after the Grant Date, payment of the exercise price of an Option may be made in, in whole or in part, in the form of (i) cash or cash equivalents, (ii) delivery (by either actual delivery or attestation) of previously-acquired Shares based on the Fair Market Value of the Shares on the date the Option is exercised, (iii) withholding of Shares from the Option based on the Fair Market Value of the Shares on the date the Option is exercised, (iv) broker-assisted market sales, or (iv) any other “cashless exercise” arrangement.

(e)    EXERCISE TERM. Except for Nonstatutory Options granted to Participants outside the United States, no Option granted under the Plan shall be exercisable for more than ten years from the Grant Date.

(f)    NO DEFERRAL FEATURE. No Option shall provide for any feature for the deferral of compensation other than the deferral of recognition of income until the exercise or disposition of the Option.

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ARTICLE 8

STOCK APPRECIATION RIGHTS

8.1.    GRANT OF STOCK APPRECIATION RIGHTS. The Committee is authorized to grant Stock Appreciation Rights to Participants on the following terms and conditions:

(a)    RIGHT TO PAYMENT. Upon the exercise of a SAR, the Participant has the right to receive, for each Share with respect to which the SAR is being exercised, the excess, if any, of:

(1)    The Fair Market Value of one Share on the date of exercise; over

(2)    The base price of the SAR as determined by the Committee and set forth in the Award Certificate, which shall not be less than the Fair Market Value of one Share on the Grant Date.

(b)    PROHIBITION ON REPRICING. Except as otherwise provided in Section 13.1, the base price of a SAR may not be reduced, directly or indirectly by cancellation and regrant or otherwise, without the prior approval of the shareholders of the Company. In addition, the Company may not, without the prior approval of shareholders of the Company, repurchase a SAR for value from a Participant if the current Fair Market Value of the Shares underlying SAR is lower than the base price per share of the SAR.

(c)    TIME AND CONDITIONS OF EXERCISE. The Committee shall determine the time or times at which a SAR may be exercised in whole or in part, including a provision that a SAR that is otherwise exercisable and has a base price that is less than the Fair Market Value of the Stock on the last day of its term will be automatically exercised on such final date of the term, thus entitling the holder to cash or Shares equal to the intrinsic value of the SAR on such exercise date, less the cash or number of Shares required for tax withholding. Except for SARs granted to Participants outside the United States, no SAR shall be exercisable for more than ten years from the Grant Date.

(d)    NO DEFERRAL FEATURE. No SAR shall provide for any feature for the deferral of compensation other than the deferral of recognition of income until the exercise or disposition of the SAR.

(e)    OTHER TERMS. All SARs shall be evidenced by an Award Certificate. Subject to the limitations of this Article 8, the terms, methods of exercise, methods of settlement, form of consideration payable in settlement (e.g., cash, Shares or other property), and any other terms and conditions of the SAR shall be determined by the Committee at the time of the grant and shall be reflected in the Award Certificate.

ARTICLE 9

RESTRICTED STOCK, RESTRICTED STOCK UNITS

AND DEFERRED STOCK UNITS

9.1.    GRANT OF RESTRICTED STOCK, RESTRICTED STOCK UNITS AND DEFERRED STOCK UNITS. The Committee is authorized to make Awards of Restricted Stock, Restricted Stock Units or Deferred Stock Units to Participants in such amounts and subject to such terms and conditions as may be selected by the Committee. An Award of Restricted Stock, Restricted Stock Units or Deferred Stock Units shall be evidenced by an Award Certificate setting forth the terms, conditions, and restrictions applicable to the Award.

9.2.    ISSUANCE AND RESTRICTIONS. Restricted Stock, Restricted Stock Units or Deferred Stock Units shall be subject to such restrictions on transferability and other restrictions as the Committee may impose (including, for example, limitations on the right to vote Restricted Stock or the right to receive dividends on the Restricted Stock). These restrictions may lapse separately or in combination at such times, under such circumstances, in such installments, upon the satisfaction of

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performance goals or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. Except as otherwise provided in an Award Certificate or any special Plan document governing an Award, a Participant shall have none of the rights of a stockholder with respect to Restricted Stock Units or Deferred Stock Units until such time as Shares of Stock are paid in settlement of such Awards.

9.3    DIVIDENDS ON RESTRICTED STOCK. In the case of Restricted Stock, the Committee may provide that ordinary cash dividends declared on the Shares before they are vested (i) will be forfeited, (ii) will be deemed to have been reinvested in additional Shares or otherwise reinvested (subject to Share availability under Section 5.1 hereof), or (iii) in the case of Restricted Stock that is not subject to performance-based vesting, will be paid or distributed to the Participant as accrued (in which case, such dividends must be paid or distributed no later than the 15th day of the 3rd month following the later of (A) the calendar year in which the corresponding dividends were paid to shareholders, or (B) the first calendar year in which the Participant’s right to such dividends is no longer subject to a substantial risk of forfeiture).

9.4.    FORFEITURE. Subject to the terms of the Award Certificate and except as otherwise determined by the Committee at the time of the grant of the Award or thereafter, upon termination of Continuous Service during the applicable restriction period or upon failure to satisfy a performance goal during the applicable restriction period, Restricted Stock or Restricted Stock Units that are at that time subject to restrictions shall be forfeited.

9.5.    DELIVERY OF RESTRICTED STOCK. Shares of Restricted Stock shall be delivered to the Participant at the Grant Date either by book-entry registration or by delivering to the Participant, or a custodian or escrow agent (including, without limitation, the Company or one or more of its employees) designated by the Committee, a stock certificate or certificates registered in the name of the Participant. If physical certificates representing shares of Restricted Stock are registered in the name of the Participant, such certificates must bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock.

ARTICLE 10

PERFORMANCE AWARDS

10.1.    GRANT OF PERFORMANCE AWARDS. The Committee is authorized to grant any Award under this Plan, including cash-based Awards, with performance-based vesting criteria, on such terms and conditions as may be selected by the Committee. Any such Awards with performance-based vesting criteria are referred to herein as Performance Awards. The Committee shall have the complete discretion to determine the number of Performance Awards granted to each Participant and to designate the provisions of such Performance Awards as provided in Section 4.3. All Performance Awards shall be evidenced by an Award Certificate or a written program established by the Committee, pursuant to which Performance Awards are awarded under the Plan under uniform terms, conditions and restrictions set forth in such written program.

10.2.    PERFORMANCE GOALS. The Committee may establish performance goals for Performance Awards which may be based on any criteria selected by the Committee. Such performance goals may be described in terms of Company-wide objectives or in terms of objectives that relate to the performance of the Participant, an Affiliate or a division, region, department or function within the Company or an Affiliate. If the Committee determines that a change in the business, operations, corporate structure or capital structure of the Company or the manner in which the Company or an Affiliate conducts its business, or other events or circumstances render performance goals to be unsuitable, the Committee may modify such performance goals in whole or in part, as the Committee deems appropriate. If a Participant is promoted, demoted or transferred to a different business unit or function during a performance period, the Committee may determine that the performance goals or performance period are no longer appropriate and may (i) adjust, change or eliminate the performance goals or the applicable performance period as it deems appropriate to make such goals and period comparable to the initial goals and period, or (ii) make a cash payment to the participant in an amount determined by the Committee.

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ARTICLE 11

STOCK OR OTHER STOCK-BASED AWARDS

11.1.    GRANT OF STOCK OR OTHER STOCK-BASED AWARDS. The Committee is authorized, subject to limitations under applicable law, to grant to Participants such other Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related to Shares, as deemed by the Committee to be consistent with the purposes of the Plan, including without limitation, Shares awarded purely as a “bonus” and not subject to any restrictions or conditions, convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares, and Awards valued by reference to book value of Shares or the value of securities of or the performance of specified Parents or Subsidiaries. The Committee shall determine the terms and conditions of such Awards.

ARTICLE 12

PROVISIONS APPLICABLE TO AWARDS

12.1.    AWARD CERTIFICATES. Each Award shall be evidenced by an Award Certificate. Each Award Certificate shall include such provisions, not inconsistent with the Plan, as may be specified by the Committee.

12.2.    FORM OF PAYMENT FOR AWARDS. At the discretion of the Committee, payment of Awards may be made in cash, Stock, a combination of cash and Stock, or any other form of property as the Committee shall determine. In addition, payment of Awards may include such terms, conditions, restrictions and/or limitations, if any, as the Committee deems appropriate, including, in the case of Awards paid in the form of Stock, restrictions on transfer and forfeiture provisions. Further, payment of Awards may be made in the form of a lump sum, or in installments, as determined by the Committee.

12.3.    LIMITS ON TRANSFER. No right or interest of a Participant in any unexercised or restricted Award may be pledged, encumbered, or hypothecated to or in favor of any party other than the Company or an Affiliate, or shall be subject to any lien, obligation, or liability of such Participant to any other party other than the Company or an Affiliate. No unexercised or restricted Award shall be assignable or transferable by a Participant other than by will or the laws of descent and distribution; provided, however, that the Committee may (but need not) permit other transfers (other than transfers for value) where the Committee concludes that such transferability does not result in accelerated taxation and is otherwise appropriate and desirable, taking into account any factors deemed relevant, including without limitation, state or federal tax or securities laws applicable to transferable Awards.

12.4.    BENEFICIARIES. Notwithstanding Section 12.3, a Participant may, in the manner determined by the Committee, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal guardian, legal representative, or other person claiming any rights under the Plan is subject to all terms and conditions of the Plan and any Award Certificate applicable to the Participant, except to the extent the Plan and Award Certificate otherwise provide, and to any additional restrictions deemed necessary or appropriate by the Committee. If no beneficiary has been designated or survives the Participant, any payment due to the Participant shall be made to the Participant’s estate. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Participant, in the manner provided by the Company, at any time provided the change or revocation is filed with the Committee.

12.5.    STOCK TRADING RESTRICTIONS. All Stock issuable under the Plan is subject to any stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply with federal or state securities laws, rules and regulations and the rules of any national securities exchange or automated quotation system on which the Stock is listed, quoted, or traded. The Committee may place legends on any Stock certificate or issue instructions to the transfer agent to reference restrictions applicable to the Stock.

12.6.    ACCELERATION FOR ANY REASON. The Committee may in its sole discretion at any time determine that all or a portion of a Participant’s Options, SARs, and other Awards in the nature of rights that may be exercised shall become fully or partially exercisable, that all or a part of the time-based vesting restrictions on all or a portion of the outstanding Awards shall lapse, and/or that any performance-based criteria with respect to any Awards shall be deemed to be wholly or partially satisfied,

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in each case, as of such date as the Committee may, in its sole discretion, declare. The Committee may discriminate among Participants and among Awards granted to a Participant in exercising its discretion pursuant to this Section 12.6. Notwithstanding anything in the Plan, including this Section 12.6, the Committee may not accelerate the payment of any Award if such acceleration would violate Section 409A(a)(3) of the Code.

12.7.    FORFEITURE EVENTS. Awards under the Plan shall be subject to any compensation recoupment policy that the Company may adopt from time to time that is applicable by its terms to the Participant. In addition, the Committee may specify in an Award Certificate that the Participant’s rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include, but shall not be limited to, (i) termination of employment for cause, (ii) violation of material Company or Affiliate policies, (iii) breach of noncompetition, confidentiality or other restrictive covenants that may apply to the Participant, (iv) other conduct by the Participant that is detrimental to the business or reputation of the Company or any Affiliate, or (v) a later determination that the vesting of, or amount realized from, a Performance Award was based on materially inaccurate financial statements or any other materially inaccurate performance metric criteria, whether or not the Participant caused or contributed to such material inaccuracy.

12.8.    SUBSTITUTE AWARDS. The Committee may grant Awards under the Plan in substitution for stock and stock-based awards held by employees of another entity who become employees of the Company or an Affiliate as a result of a merger or consolidation of the former employing entity with the Company or an Affiliate or the acquisition by the Company or an Affiliate of property or stock of the former employing corporation. The Committee may direct that the substitute awards be granted on such terms and conditions as the Committee considers appropriate in the circumstances.

ARTICLE 13

CHANGES IN CAPITAL STRUCTURE

13.1.    MANDATORY ADJUSTMENTS. In the event of a nonreciprocal transaction between the Company and its stockholders that causes the per-share value of the Stock to change (including, without limitation, any stock dividend, stock split, spin-off, rights offering, or large nonrecurring cash dividend), the authorization limits under Section 5.1 shall be adjusted proportionately, and the Committee shall make such adjustments to the Plan and Awards as it deems necessary, in its sole discretion, to prevent dilution or enlargement of rights immediately resulting from such transaction. Action by the Committee may include: (i) adjustment of the number and kind of shares that may be delivered under the Plan; (ii) adjustment of the number and kind of shares subject to outstanding Awards; (iii) adjustment of the exercise price of outstanding Awards or the measure to be used to determine the amount of the benefit payable on an Award; and (iv) any other adjustments that the Committee determines to be equitable. Notwithstanding the foregoing, the Committee shall not make any adjustments to outstanding Options or SARs that would constitute a modification or substitution of the stock right under Treas. Reg. Sections 1.409A-1(b)(5)(v) that would be treated as the grant of a new stock right or change in the form of payment for purposes of Code Section 409A. Without limiting the foregoing, in the event of a subdivision of the outstanding Stock (stock-split), a declaration of a dividend payable in Shares, or a combination or consolidation of the outstanding Stock into a lesser number of Shares, the authorization limits under Section 5.1 shall automatically be adjusted proportionately, and the Shares then subject to each Award shall automatically, without the necessity for any additional action by the Committee, be adjusted proportionately without any change in the aggregate purchase price therefor.

13.2    DISCRETIONARY ADJUSTMENTS. Upon the occurrence or in anticipation of any corporate event or transaction involving the Company (including, without limitation, any merger, reorganization, recapitalization, combination or exchange of shares, or any transaction described in Section 13.1), the Committee may, in its sole discretion, provide (i) that Awards will be settled in cash rather than Stock, (ii) that Awards will become immediately vested and non-forfeitable and exercisable (in whole or in part) and will expire after a designated period of time to the extent not then exercised, (iii) that Awards will be assumed by another party to a transaction or otherwise be equitably converted or substituted in connection with such transaction, (iv) that outstanding Awards may be settled by payment in cash or cash equivalents equal to the excess of the fair market value of the underlying Stock, as of a

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specified date associated with the transaction (or the per-shares transaction price), over the exercise or base price of the Award, (v) that performance targets and performance periods for Performance Awards will be modified, or (vi) any combination of the foregoing. The Committee’s determination need not be uniform and may be different for different Participants whether or not such Participants are similarly situated.

13.3    GENERAL. Any discretionary adjustments made pursuant to this Article 13 shall be subject to the provisions of Section 14.2.

ARTICLE 14

AMENDMENT, MODIFICATION AND TERMINATION

14.1.    AMENDMENT, MODIFICATION AND TERMINATION. The Board or the Committee may, at any time and from time to time, amend, modify or terminate the Plan without stockholder approval; provided, however, that if an amendment to the Plan would, in the reasonable opinion of the Board or the Committee, either (i) materially increase the number of Shares available under the Plan, (ii) expand the types of awards under the Plan, (iii) materially expand the class of participants eligible to participate in the Plan, (iv) materially extend the term of the Plan, or (v) otherwise constitute a material change requiring stockholder approval under applicable laws, policies or regulations or the applicable listing or other requirements of a securities exchange, then such amendment shall be subject to stockholder approval; and provided, further, that the Board or Committee may condition any other amendment or modification on the approval of stockholders of the Company for any reason, including by reason of such approval being necessary or deemed advisable (i) to comply with the listing or other requirements of a securities exchange, or (ii) to satisfy any other tax, securities or other applicable laws, policies or regulations.

14.2.    AWARDS PREVIOUSLY GRANTED. At any time and from time to time, the Committee may amend, modify or terminate any outstanding Award without approval of the Participant; provided, however:

(a)    Subject to the terms of the applicable Award Certificate, such amendment, modification or termination shall not, without the Participant’s consent, reduce or diminish the value of such Award determined as if the Award had been exercised, vested, cashed in or otherwise settled on the date of such amendment or termination (with the per-share value of an Option or SAR for this purpose being calculated as the excess, if any, of the Fair Market Value as of the date of such amendment or termination over the exercise or base price of such Award);

(b)    The original term of an Option or SAR may not be extended without the prior approval of the stockholders of the Company;

(c)    Except as otherwise provided in Section 13.1, the exercise price of an Option or base price of a SAR may not be reduced, directly or indirectly, without the prior approval of the stockholders of the Company; and

(d)    No termination, amendment, or modification of the Plan shall adversely affect any Award previously granted under the Plan, without the written consent of the Participant affected thereby. An outstanding Award shall not be deemed to be “adversely affected” by a Plan amendment if such amendment would not reduce or diminish the value of such Award determined as if the Award had been exercised, vested, cashed in or otherwise settled on the date of such amendment (with the per-share value of an Option or SAR for this purpose being calculated as the excess, if any, of the Fair Market Value as of the date of such amendment over the exercise or base price of such Award).

14.3.    COMPLIANCE AMENDMENTS. Notwithstanding anything in the Plan or in any Award Certificate to the contrary, the Board may amend the Plan or an Award Certificate, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming the Plan or Award Certificate to any present or future law relating to plans of this or similar nature (including, but not limited to, Section 409A of the Code), and to the administrative regulations and rulings promulgated

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thereunder. By accepting an Award under this Plan, a Participant agrees to any amendment made pursuant to this Section 14.3 to any Award granted under the Plan without further consideration or action.

ARTICLE 15

GENERAL PROVISIONS

15.1.    RIGHTS OF PARTICIPANTS.

(a)    No Participant or any Eligible Participant shall have any claim to be granted any Award under the Plan. Neither the Company, its Affiliates nor the Committee is obligated to treat Participants or Eligible Participants uniformly, and determinations made under the Plan may be made by the Committee selectively among Eligible Participants who receive, or are eligible to receive, Awards (whether or not such Eligible Participants are similarly situated).

(b)    Nothing in the Plan, any Award Certificate or any other document or statement made with respect to the Plan, shall interfere with or limit in any way the right of the Company or any Affiliate to terminate any Participant’s employment or status as an officer, or any Participant’s service as a director, at any time, nor confer upon any Participant any right to continue as an employee, officer, or director of the Company or any Affiliate, whether for the duration of a Participant’s Award or otherwise.

(c)    Neither an Award nor any benefits arising under this Plan shall constitute an employment contract with the Company or any Affiliate and, accordingly, subject to Article 14, this Plan and the benefits hereunder may be terminated at any time in the sole and exclusive discretion of the Committee without giving rise to any liability on the part of the Company or an of its Affiliates.

(d)    No Award gives a Participant any of the rights of a shareholder of the Company unless and until Shares are in fact issued to such person in connection with such Award.

15.2.    WITHHOLDING. The Company or any Affiliate shall have the authority and the right to deduct or withhold, or require a Participant to remit to the Company or such Affiliate, an amount sufficient to satisfy federal, state, and local taxes (including the Participant’s FICA obligation) required by law to be withheld with respect to any exercise, lapse of restriction or other taxable event arising as a result of the Plan. The obligations of the Company under the Plan will be conditioned on such payment or arrangements and the Company or such Affiliate will, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Participant. Unless otherwise determined by the Committee at the time the Award is granted or thereafter, any such withholding requirement may be satisfied, in whole or in part, by withholding from the Award Shares having a Fair Market Value on the date of withholding equal to the minimum amount (and not any greater amount) required to be withheld for tax purposes, all in accordance with such procedures as the Committee establishes. All such elections shall be subject to any restrictions or limitations that the Committee, in its sole discretion, deems appropriate.

15.3.     SPECIAL PROVISIONS RELATED TO SECTION 409A OF THE CODE.

(a)    General. It is intended that the payments and benefits provided under the Plan and any Award shall either be exempt from the application of, or comply with, the requirements of Section 409A of the Code. The Plan and all Award Certificates shall be construed in a manner that effects such intent. Nevertheless, the tax treatment of the benefits provided under the Plan or any Award is not warranted or guaranteed. Neither the Company, its Affiliates nor their respective directors, officers, employees or advisers (other than in his or her capacity as a Participant) shall be held liable for any taxes, interest, penalties or other monetary amounts owed by any Participant or other taxpayer as a result of the Plan or any Award.

(b)    Definitional Restrictions. Notwithstanding anything in the Plan or in any Award Certificate to the contrary, to the extent that any amount or benefit that would constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code (“Non-Exempt Deferred Compensation”) would otherwise be payable or distributable, or a different form of payment (e.g., lump

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sum or installment) of such Non-Exempt Deferred Compensation would be effected, under the Plan or any Award Certificate by reason of the occurrence of a Change in Control, or the Participant’s Disability or separation from service, such Non-Exempt Deferred Compensation will not be payable or distributable to the Participant, and/or such different form of payment will not be effected, by reason of such circumstance unless the circumstances giving rise to such Change in Control, Disability or separation from service meet any description or definition of “change in control event”, “disability” or “separation from service”, as the case may be, in Section 409A of the Code and applicable regulations (without giving effect to any elective provisions that may be available under such definition). This provision does not prohibit the vesting of any Award upon a Change in Control, Disability or separation from service, however defined. If this provision prevents the payment or distribution of any amount or benefit, or the application of a different form of payment of any amount or benefit, such payment or distribution shall be made at the time and in the form that would have applied absent the Change in Control, Disability or separation from service, as applicable.

(c)    Allocation among Possible Exemptions. If any one or more Awards granted under the Plan to a Participant could qualify for any separation pay exemption described in Treas. Reg. Section 1.409A-1(b)(9), but such Awards in the aggregate exceed the dollar limit permitted for the separation pay exemptions, the Company (acting through the Committee) shall determine which Awards or portions thereof will be subject to such exemptions.

(d)    Six-Month Delay in Certain Circumstances. Notwithstanding anything in the Plan or in any Award Certificate to the contrary, if any amount or benefit that would constitute Non-Exempt Deferred Compensation would otherwise be payable or distributable under this Plan or any Award Certificate by reason of a Participant’s separation from service during a period in which the Participant is a Specified Employee (as defined below), then, subject to any permissible acceleration of payment by the Committee under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes):

(i) the amount of such Non-Exempt Deferred Compensation that would otherwise be payable during the six-month period immediately following the Participant’s separation from service will be accumulated through and paid or provided on the first day of the seventh month following the Participant’s separation from service (or, if the Participant dies during such period, within 30 days after the Participant’s death) (in either case, the “Required Delay Period”); and

(ii) the normal payment or distribution schedule for any remaining payments or distributions will resume at the end of the Required Delay Period.

For purposes of this Plan, the term “Specified Employee” has the meaning given such term in Code Section 409A and the final regulations thereunder; provided, however, that, as permitted in such final regulations, the Company’s Specified Employees and its application of the six-month delay rule of Code Section 409A(a)(2)(B)(i) shall be determined in accordance with rules adopted by the Board or any committee of the Board, which shall be applied consistently with respect to all nonqualified deferred compensation arrangements of the Company, including this Plan.

(e)    Installment Payments. If, pursuant to an Award, a Participant is entitled to a series of installment payments, such Participant’s right to the series of installment payments shall be treated as a right to a series of separate payments and not to a single payment. For purposes of the preceding sentence, the term “series of installment payments” has the meaning provided in Treas. Reg. Section 1.409A-2(b)(2)(iii) (or any successor thereto).

(f)    Timing of Release of Claims. Whenever an Award conditions a payment or benefit on the Participant’s execution and non-revocation of a release of claims, such release must be executed and all revocation periods shall have expired within 60 days after the date of termination of the Participant’s employment; failing which such payment or benefit shall be forfeited. If such payment or benefit is exempt from Section 409A of the Code, the Company may elect to make or commence payment at any time during such 60-day period. If such payment or benefit constitutes Non-Exempt Deferred Compensation, then, subject to subsection (d) above, (i) if such 60-day period begins and ends in a single calendar year, the Company may make or commence payment at any time during such period at its

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discretion, and (ii) if such 60-day period begins in one calendar year and ends in the next calendar year, the payment shall be made or commence during the second such calendar year (or any later date specified for such payment under the applicable Award), even if such signing and non-revocation of the release occur during the first such calendar year included within such 60-day period. In other words, a Participant is not permitted to influence the calendar year of payment based on the timing of signing the release.

(g)    Permitted Acceleration. The Company shall have the sole authority to make any accelerated distribution permissible under Treas. Reg. section 1.409A-3(j)(4) to Participants of deferred amounts, provided that such distribution(s) meets the requirements of Treas. Reg. Section 1.409A-3(j)(4).

15.4.    UNFUNDED STATUS OF AWARDS. The Plan is intended to be an “unfunded” plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Certificate shall give the Participant any rights that are greater than those of a general creditor of the Company or any Affiliate. In its sole discretion, the Committee may authorize the creation of grantor trusts or other arrangements to meet the obligations created under the Plan to deliver Shares or payments in lieu of Shares or with respect to Awards. This Plan is not intended to be subject to ERISA.

15.5.    RELATIONSHIP TO OTHER BENEFITS. No payment under the Plan shall be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or benefit plan of the Company or any Affiliate unless provided otherwise in such other plan. Nothing contained in the Plan will prevent the Company from adopting other or additional compensation arrangements, subject to shareholder approval if such approval is required; and such arrangements may be either generally applicable or applicable only in specific cases.

15.6.    EXPENSES. The expenses of administering the Plan shall be borne by the Company and its Affiliates.

15.7.    TITLES AND HEADINGS. The titles and headings of the Sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control.

15.8.    GENDER AND NUMBER. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and the singular shall include the plural.

15.9.    FRACTIONAL SHARES. No fractional Shares shall be issued and the Committee shall determine, in its discretion, whether cash shall be given in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down.

15.10.    GOVERNMENT AND OTHER REGULATIONS.

(a)    Notwithstanding any other provision of the Plan, no Participant who acquires Shares pursuant to the Plan may, during any period of time that such Participant is an affiliate of the Company (within the meaning of the rules and regulations of the Securities and Exchange Commission under the 1933 Act), sell such Shares, unless such offer and sale is made (i) pursuant to an effective registration statement under the 1933 Act, which is current and includes the Shares to be sold, or (ii) pursuant to an appropriate exemption from the registration requirement of the 1933 Act, such as that set forth in Rule 144 promulgated under the 1933 Act.

(b)    Notwithstanding any other provision of the Plan, if at any time the Committee shall determine that the registration, listing or qualification of the Shares covered by an Award upon any securities exchange or under any foreign, federal, state or local law or practice, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of such Award or the purchase or receipt of Shares thereunder, no Shares may be purchased, delivered or received pursuant to such Award unless and until such registration, listing, qualification, consent or approval shall have been effected or

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obtained free of any condition not acceptable to the Committee. Any Participant receiving or purchasing Shares pursuant to an Award shall make such representations and agreements and furnish such information as the Committee may request to assure compliance with the foregoing or any other applicable legal requirements. The Company shall not be required to issue or deliver any certificate or certificates for Shares under the Plan prior to the Committee’s determination that all related requirements have been fulfilled. The Company shall in no event be obligated to register any securities pursuant to the 1933 Act or applicable state or foreign law or to take any other action in order to cause the issuance and delivery of such certificates to comply with any such law, regulation or requirement.

15.11.    GOVERNING LAW. To the extent not governed by federal law, the Plan and all Award Certificates shall be construed in accordance with and governed by the laws of the State of Maryland.

15.12.    SEVERABILITY. In the event that any provision of this Plan is found to be invalid or otherwise unenforceable under any applicable law, such invalidity or unenforceability will not be construed as rendering any other provisions contained herein as invalid or unenforceable, and all such other provisions will be given full force and effect to the same extent as though the invalid or unenforceable provision was not contained herein.

15.13.    NO LIMITATIONS ON RIGHTS OF COMPANY. The grant of any Award shall not in any way affect the right or power of the Company to make adjustments, reclassification or changes in its capital or business structure or to merge, consolidate, dissolve, liquidate, sell or transfer all or any part of its business or assets. The Plan shall not restrict the authority of the Company, for proper corporate purposes, to draft or assume awards, other than under the Plan, to or with respect to any person. If the Committee so directs, the Company may issue or transfer Shares to an Affiliate, for such lawful consideration as the Committee may specify, upon the condition or understanding that the Affiliate will transfer such Shares to a Participant in accordance with the terms of an Award granted to such Participant and specified by the Committee pursuant to the provisions of the Plan.

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***************

The foregoing is hereby acknowledged as being the Amended and Restated Jones Lang LaSalle Income Property Trust, Inc. 2012 Incentive Plan as adopted by the Board on May 10, 2016.

JONES LANG LASALLE INCOME PROPERTY TRUST, INC.

By:    /s/ C. Allan Swaringen

Name:    C. Allan Swaringen

Title:    President and Chief Executive Officer

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EX-10.10

Exhibit 10.10

AMENDED AND RESTATED DEALER MANAGER AGREEMENT

JLL EXCHANGE TRS, LLC

Up to $500,000,000 in Units of Beneficial Interests

Dated August 25, 2021

LaSalle Investment Management Distributors, LLC
333 West Wacker Drive, Suite 2300

Chicago, Illinois 60606

Ladies and Gentlemen:

This Amended and Restated Dealer Manager Agreement (this “Agreement”), dated August 25, 2021, by and among JLL Exchange TRS, LLC, a Delaware limited liability company (the “Company”), LaSalle Investment Management Distributors, LLC, a Delaware limited liability company (the “Dealer Manager”), and, solely with respect to Section 6.1(c) hereof, JLLIPT Holdings LP, a Delaware limited partnership (the “Operating Partnership”), and Jones Lang LaSalle Income Property Trust, Inc., a Maryland corporation (“JLLIPT”), amends and restates that certain Dealer Manager Agreement, dated October 16, 2019. This Agreement confirms and comprises the entire agreement among the parties hereto regarding the offer and sale, in one or more private placements (each, an “Offering” and collectively, the “Offerings”) exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Regulation D promulgated under the Securities Act (“Regulation D”), of up to $500,000,000 of units of beneficial interests (“Units”) in specific Delaware statutory trusts (each, a “Trust” and collectively, the “Trusts”), subject to the Company’s right to increase such amount in its sole discretion, pursuant to the terms and conditions of the DST Program Memorandum, as may be amended or supplemented from time to time (with all appendixes thereto, the “Memorandum”). The Company is a wholly-owned subsidiary of the Operating Partnership, and the Operating Partnership is the entity through which JLLIPT conducts substantially all of its business and owns substantially all of its assets. A Unit is a unit of beneficial ownership interest in a Trust that will beneficially own either (i) a series of Trusts, each of which will hold one commercial property (each, a “Property” and collectively, the “Properties”); or (ii) a Property directly. Information regarding each Property in which Units will be offered will be included in a property-specific supplement (the “Property Supplement”) to the Memorandum. Prior to the commencement of an Offering of Units in any particular Trust, such Trust shall execute a joinder agreement in the form attached hereto as Exhibit A, pursuant to which such Trust will join this Agreement and agree to be bound by the terms and conditions hereof.

1.    Exclusive Appointment of Dealer Manager.

1.1    On the basis of the representations, warranties and covenants herein contained, and subject to the terms and conditions herein set forth, the Company hereby appoints the Dealer Manager as its exclusive agent and dealer manager during the period commencing with the date hereof and ending on the Offering Termination Date (as defined in Section 1.2 below) (the “Offering Period”) to solicit, or cause to be solicited, purchasers of the Units on a “best efforts” basis through a private, limited offering exempt from registration under the Securities Act pursuant to Regulation D, and applicable state blue sky registration exemptions, upon the other terms and conditions set forth in the Memorandum. The Dealer Manager, in its sole discretion, is authorized to retain other registered broker-dealers (“Participating Broker-Dealers”) who are members in good standing of the Financial Industry Regulatory Authority, Inc. (“FINRA”) for the purpose of soliciting offers for the purchase of the Units pursuant to a Participating Dealer Agreement substantially in the form attached to this Agreement as Exhibit B (the “Participating Broker-Dealer Agreement”). The Dealer Manager hereby accepts such agency and distributorship and agrees to use its best efforts to sell the Units on said terms and conditions.

1.2    It is understood that no sale of Units shall be regarded as effective unless and until accepted by the Company. The Company reserves the right in its sole discretion to refuse to sell any of the Units to any prospective purchaser. Units will be offered during a period commencing on the date of the first Property Supplement (“Effective Date”), and continuing until the earlier of: (i) the date that the maximum aggregate amount of Units is sold pursuant to the Offerings, subject to the Company’s option

to increase the maximum aggregate amount of the Offerings in its sole discretion, or (ii) such date as Company otherwise terminates the Offerings, which it may do at any time in its sole discretion (in each case, the “Offering Termination Date”).

2.    Representations and Warranties of the Company.

The Company hereby represents and warrants to the Dealer Manager and each Participating Broker-Dealer with whom the Dealer Manager has entered into or will enter into a Participating Broker-Dealer Agreement that, as of the date hereof and at all times during the Offering Period (provided that, to the extent such representations and warranties are given only as of a specified date or dates, the Company only makes such representations and warranties as of such date or dates):

2.1    Good Standing; Qualification to Do Business. The Company is a limited liability company duly organized and validly existing under the laws of the State of Delaware, and is in good standing with the Delaware Division of Revenue, with full power and authority to conduct its business as described in the Memorandum and to enter into this Agreement and to perform the transactions contemplated hereby; this Agreement has been duly authorized, executed and delivered by the Company and is a legal, valid and binding agreement of the Company enforceable against the Company in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally, and by general equitable principles, and except to the extent that the enforceability of the indemnity provisions contained in Section 8 of this Agreement may be limited under applicable securities laws. The Company has qualified to do business and is in good standing in every jurisdiction in which the ownership or leasing of its properties or the nature or conduct of its business, as described in the Memorandum, requires such qualification, except where the failure to do so would not have a material adverse effect on the business, properties, management, financial position, results of operations or cash flows of the Company and its subsidiaries taken as a whole (a “Material Adverse Effect”).

2.2    Authorization and Description of Securities. The issuance and sale of the Units will have been duly authorized by the Company and applicable Trust, and, when issued and duly delivered against payment therefor as contemplated by this Agreement, will be validly issued, fully paid and non-assessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, except the right of the Operating Partnership to acquire such Units in exchange for units of limited partnership interests in the Operating Partnership (“OP Units”) as described in the Memorandum (the “FMV Option”), and the issuance and sale of the Units by a Trust will not be subject to preemptive or other similar rights arising by operation of law, under the charter or bylaws of the Company or under any agreement to which the Company is a party or otherwise. The Units will conform in all material respects to the description of the Units contained in the Memorandum. Neither the Memorandum (as amended or supplemented, if applicable) nor the prospectus relating to a public offering from time to time of the Class A, Class M, Class A-I and Class M-I shares of common stock of JLLIPT (such prospectus, as the same may be supplemented or amended from time to time, and including the documents incorporated by reference therein, is referred to herein as the “JLLIPT Prospectus”)) (as amended or supplemented, if applicable), each as of its date (or as of the date of any such amendment or supplement, if applicable), contains any untrue statement of material fact or omits to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however, that the foregoing provisions of this Section 2.2 will not extend to such statements contained in or omitted from the Memorandum or JLLIPT Prospectus which are based upon information furnished by the Dealer Manager in writing to the Company specifically for inclusion therein.

2.3    Absence of Defaults and Conflicts. The Company is not in violation of its certificate of formation or its limited liability company agreement as currently in effect and the execution and delivery of this Agreement, the issuance, sale and delivery of the Units, the consummation of the transactions herein contemplated and compliance with the terms of this Agreement by the applicable Trust will not, as of the Effective Date, violate the terms of or constitute a default under: (a) the Company’s certificate of formation or limited liability company or the applicable Trust’s trust agreement; or (b) any indenture, mortgage, deed of trust, lease, or other material agreement to which the Trust or the Company is a party or to which the properties of either of the foregoing are bound; or (c) any law, rule or regulation applicable to the Trust or the Company; or (d) any writ, injunction or decree of any government,

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governmental instrumentality or court, domestic or foreign, having jurisdiction over the Trust or the Company except, in the cases of clauses (b), (c) and (d), for such violations or defaults that, individually or in the aggregate, would not result in a Material Adverse Effect on the Company or the Trust.

2.4    Absence of Further Requirements. No filing with, or consent, approval, authorization, license, registration, qualification, order or decree of any court, governmental authority or agency is required for the performance by the Company of its obligations under this Agreement or in connection with the issuance and sale by a Trust of the Units, except such as may be required under the Securities Act, the Securities Exchange Act of 1934, as amended (the “Exchange Act”), rules of FINRA or applicable state securities laws.

2.5    Absence of Proceedings. Except as disclosed in the Memorandum (as amended or supplemented), there are no actions, suits or proceedings pending or, to the knowledge of the Company, threatened against the Company at law or in equity or before or by any federal or state commission, regulatory body or administrative agency or other governmental body, domestic or foreign, that could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

2.6    Possession of Licenses and Permits. The Company possesses adequate permits, licenses, approvals, consents and other authorizations (collectively, “Governmental Licenses”) issued by the appropriate federal, state, local and foreign regulatory agencies or bodies necessary to conduct the business now operated by it, except where the failure to obtain such Governmental Licenses, singly or in the aggregate, would not have a Material Adverse Effect or as otherwise disclosed in the Memorandum; the Company is in compliance with the terms and conditions of all such Governmental Licenses, except where the failure to so comply would not, singly or in the aggregate, have a Material Adverse Effect or as otherwise disclosed in the Memorandum; all of the Governmental Licenses are valid and in full force and effect, except where the invalidity of such Governmental Licenses to be in full force and effect would not have a Material Adverse Effect or as otherwise disclosed in the Memorandum; and the Company has not received any notice of proceedings relating to the revocation or modification of any such Governmental Licenses which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would result in a Material Adverse Effect or as otherwise disclosed in the Memorandum.

2.7    Disqualification Events. None of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of the Company participating in the Offering, any beneficial owner (as that term is defined under Rule 13d-3 under the Exchange Act) of 20% or more of the Company’s outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, a “Company Covered Person” and, together, “Company Covered Persons”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”) except for a Disqualification Event (i) contemplated by Rule 506(d)(2) or (d)(3). The Company has exercised, and during the term of the Offerings will continue to exercise, reasonable care to determine whether any Company Covered Person, any Dealer Covered Person (as defined below) and any Participating Dealer Covered Person (as defined in the Participating Broker-Dealer Agreement) is subject to a Disqualification Event. The Company will immediately comply, to the extent applicable, with its disclosure obligations under Rule 506(e), and will immediately effect the preparation of an amended or supplemented Memorandum that will contain any such required disclosure and will, at no expense to the Dealer Manager (unless the Dealer Manager’s Disqualification Event or any Participating Broker-Dealer’s Disqualification Event is the sole reason for the required amended or supplemented Memorandum, in which case the Dealer Manager shall bear the cost of preparation and distribution of such amended or supplemented Memorandum), promptly furnish the Dealer Manager with such number of printed copies of such amended or supplemented Memorandum containing any such required disclosure, including any exhibits thereto, as the Dealer Manager may reasonably request.

3.    Covenants of the Company.

The Company covenants and agrees with the Dealer Manager that:

3.1    It will, at no expense to the Dealer Manager, furnish the Dealer Manager with such number of serially numbered copies of the Memorandum, including all amendments, supplements and

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exhibits thereto, as the Dealer Manager may reasonably request for the purposes contemplated by federal and state securities laws. It will similarly furnish to the Dealer Manager and others designated by the Dealer Manager as many copies of the following documents as the Dealer Manager may reasonably request: (a) this Agreement; (b) Property Supplements; (c) the JLLIPT Prospectus and (d) any other printed sales literature or other materials the use of which has been approved in writing by the Company.

3.2    If, during an Offering, any event occurs as a result of which, in the opinion of the Company, the Memorandum would include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they are made, not misleading, the Company will promptly notify the Dealer Manager thereof (unless the information shall have been received from the Dealer Manager) and the Dealer Manager will notify Participating Broker-Dealers to suspend the offering and sale of the Units in accordance with Section 5.8 hereof until such time as the Company, in its sole discretion (a) instructs the Dealer Manager to resume the offering and sale of the Units and (b) has prepared any required supplemental or amended Memorandum as shall be necessary to correct such statement or omission.

3.3    The Company will apply the proceeds from the sale of the Units as stated in the Memorandum.

3.4    The Company will not conduct the Offerings or offer or sell any of the Units by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D.

3.5    The Company will prepare or cause to be prepared, executed and timely filed a Notice on Form D relating to the Offering (a) with the Securities and Exchange Commission (the “Commission”) under Regulation D and (b) with all applicable state securities regulatory agencies.

3.6    Subject to the Dealer Manager’s actions and the actions of others in connection with the Offering, the Company will comply with all requirements imposed upon it by Regulation D and other applicable securities laws, including applicable state blue sky registration exemptions.

3.7    The Company will notify the Dealer Manager in writing, promptly upon the occurrence of (i) any Disqualification Event relating to any Company Covered Person and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any Company Covered Person.

4.    Payment of Expenses and Fees.

4.1    Company Expenses. The Company agrees to pay all costs and expenses incident to each Offering, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, including expenses, fees and taxes in connection with (the following, collectively, “Organization and Offering Expenses”): (a) the preparation of the Memorandum, and the printing and furnishing of copies thereof to the Dealer Manager; (b) all fees and expenses of the Company’s legal counsel, independent public or certified public accountants and other advisors; (c) filing with FINRA of all necessary documents and information relating to the Offering and the Units; (d) the fees and expenses of any transfer agent or registrar for the Units and miscellaneous expenses referred to in the Memorandum; (e) all costs and expenses incident to the travel and accommodation of the personnel of the Company and the Company’s advisor, and the personnel of any sub-advisor designated by the Company’s advisor and acting on behalf of the Company; (f) the performance of the Company’s other obligations hereunder; and (g) certain costs and expenses incurred by the Company’s advisor, LaSalle Investment Management, Inc. (the “Advisor”), or the Dealer Manager incident to the Offerings, to the extent permitted pursuant to prevailing rules and regulations of FINRA, including expenses, fees and taxes incurred in connection with: (i) customary travel, lodging, meals and reasonable entertainment expenses incurred in connection with the Offerings; (ii) costs and expenses of conducting educational conferences and seminars, attending broker-dealer sponsored conferences, or educational conferences sponsored by the Company; (iii) customary promotional items; (iv) legal fees of the Dealer Manager; and (v) reasonable bona fide due diligence expenses incurred by any Participating Broker-Dealer and reimbursed by the Dealer Manager to such Participating Broker-Dealer (provided that the Dealer Manager has obtained from any such Participating Broker-Dealer and provided to the Company a detailed and itemized invoice for any such due diligence expenses).

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4.2    Dealer Manager Expenses. The Dealer Manager will pay for all of its own personnel costs and all expenses necessary for the Dealer Manager to remain in compliance with any applicable FINRA rules or federal or state laws, rules or regulations in order to participate in the Offering as a broker-dealer.

5.    Representations, Warranties and Covenants of the Dealer Manager.

The Dealer Manager hereby represents and warrants to, and covenants and agrees with the Company, as of the date hereof and at all times during the Offering Period (provided that, to the extent representations and warranties are given only as of a specified date or dates, the Dealer Manager only makes such representations and warranties as of such date or dates), as follows:

5.1    Good Standing; Qualification to Do Business. The Dealer Manager is a limited liability company duly organized and validly existing under the laws of the State of Delaware, and is in good standing with the Delaware Division of Revenue, with full power and authority to conduct its business as described in the Memorandum and to enter into this Agreement and to perform the transactions contemplated hereby; this Agreement has been duly authorized, executed and delivered by the Dealer Manager and is a legal, valid and binding agreement of the Dealer Manager enforceable against the Dealer Manager in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally, and by general equitable principles, and except to the extent that the enforceability of the indemnity provisions contained in Section 8 of this Agreement may be limited under applicable securities laws.

5.2    Absence of Defaults and Conflicts. The Dealer Manager is not in violation of its certificate of formation or its limited liability company agreement as currently in effect and the execution and delivery of this Agreement, the consummation of the transactions herein contemplated and compliance with the terms of this Agreement will not, as of the Effective Date, violate the terms of or constitute a default under: (a) the Dealer Manager’s certificate of formation or limited liability company; or (b) any indenture, mortgage, deed of trust, lease, or other material agreement to which the Dealer Manager is bound; or (c) any law, rule or regulation applicable to the Dealer Manager; or (d) any writ, injunction or decree of any government, governmental instrumentality or court, domestic or foreign, having jurisdiction over the Dealer Manager.

5.3    Compliance with Applicable Laws, Rules and Regulations. The Dealer Manager represents to the Company that (a) the Dealer Managers is a member of FINRA in good standing, and (b) the Dealer Manager and its employees and representatives who will perform services hereunder have all required approvals, licenses and registrations to act under this Agreement. With respect to its participation and the participation by each Participating Broker-Dealer in the offer and sale of the Units (including, without limitation any resales and transfers of Units), the Dealer Manager agrees, and, by virtue of entering into the Participating Broker-Dealer Agreement, each Participating Broker-Dealer shall have agreed, to comply with any applicable requirements of the Securities Act and the Exchange Act, applicable state securities or blue sky laws, and the rules set forth in the FINRA rulebook (collectively, the “FINRA Rules”).

5.4    AML Compliance. The Dealer Manager represents to the Company that it has established and implemented an anti-money laundering compliance program (“AML Program”) in accordance with applicable law, including applicable FINRA Rules, rules and regulations promulgated by the Commission (the “Commission Regulations”) and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT Act) of 2001, as amended by the USA Patriot Improvement and Reauthorization Act of2005 (the “USA PATRIOT Act”), specifically including, but not limited to, Section 352 of the International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001 (the “Money Laundering Abatement Act,” and together with the USA PATRIOT Act, the “AML Rules”) reasonably expected to detect and cause the reporting of suspicious transactions in connection with the offering and sale of the Units. The Dealer Manager further represents that it is currently in compliance with all AML Rules, specifically including, but not limited to, the Customer Identification Program requirements under Section 326 of the Money Laundering Abatement Act, and the Dealer Manager hereby covenants to remain in compliance with such requirements and shall, upon request by the Company, provide a certification to the Company that, as of the date of such

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certification (a) its AML Program is consistent with the AML Rules and (b) it is currently in compliance with all AML Rules, specifically including, but not limited to, the Customer Identification Program requirements under Section 326 of the Money Laundering Abatement Act.

5.5    Accuracy of Information. The Dealer Manager represents and warrants to the Company that all information furnished to the Company by the Dealer Manager in writing expressly for use in the Memorandum does not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they are made, not misleading.

5.6    Recordkeeping. The Dealer Manager agrees to comply with the record-keeping requirements as may be required by the Company, any state securities commission, FINRA or the Commission, including but not limited to Commission Regulations.

5.7    Customer Information. The Dealer Manager shall abide by and comply with (a) the privacy standards and requirements of the Gramm-Leach-Bliley Act of 1999 (“GLB Act”); (b) the privacy standards and requirements of any other applicable federal or state law; and (c) its own internal privacy policies and procedures, each as may be amended from time to time.

5.8    Suspension or Termination of Offering. The Dealer Manager agrees, and will require that each Participating Broker-Dealer agree, to suspend or terminate the offer and sale of Units in the Offering upon request of the Company at any time and to resume the offer and sale of Units in the Offering upon subsequent request of the Company.

5.9    Customer Complaints. The Dealer Manager hereby agrees to provide to the Company promptly upon receipt by the Dealer Manager copies of any written or otherwise documented customer complaints received by the Dealer Manager from Participating Broker-Dealers relating in any way to the Offering (including, but not limited to, the manner in which the Units are offered by any Participating Broker-Dealer), the Units or the Company.

5.10    Disqualification Events.

(a)    The Dealer Manager represents that neither it, nor any of its directors, executive officers, other officers participating in the Offering, general partners or managing members, or any of the directors, executive officers or other officers participating in the Offering of any such general partner or managing member (each, a “Dealer Covered Person” and, together, “Dealer Covered Persons”), is subject to any Disqualification Event except for a Disqualification Event (i) contemplated by Rule 506(d)(2) of the Securities Act and (ii) a description of which has been furnished in writing to the Company prior to the date hereof or, in the case of a Disqualification Event occurring after the date hereof, prior to the date of any offering of Units. The Dealer Manager has exercised reasonable care to determine (i) the identity of each person that is a Dealer Covered Person and (ii) whether any Dealer Covered Person is subject to a Disqualification Event.

(b)    The Dealer Manager will promptly notify the Company in writing of (i) any Disqualification Event relating to any Dealer Covered Person not previously disclosed to the Company in accordance with Section 5.10(a), and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any Dealer Covered Person.

(c)    The Dealer Manager represents that it is not aware of any person (other than any Dealer Covered Person and any Participating Broker-Dealers which the Dealer Manager has entered into a Participating Broker-Dealer Agreement with) that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of Units. The Dealer Manager will promptly notify the Company of any agreement or arrangement entered into between the Dealer Manager and such person in connection with such sale.

5.11    No General Solicitation. The Dealer Manager will not conduct an Offering or offer or sell the Units by means of: (i) any advertisement, article, notice or other communication mentioning any Offering, Units or Property published in any newspaper, magazine or similar medium, cold mass

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mailings, broadcast over television, radio or the internet, or an e-mail message sent to a large number of previously unknown persons; (ii) any seminar or meeting, the attendees of which have been invited by any general solicitation or general advertising; or (iii) any letter, circular, notice or other written communication constituting a form of general solicitation or general advertising.

5.12    Other Offering Covenants.

    (a)    During the course of an Offering, the Dealer Manager will not make any untrue statement of a material fact or omit to state a material fact required to be stated or necessary to make any statement, in light of the circumstances under which it was made, not misleading concerning the Offering or any matters set forth in or contemplated by the Memorandum or the Property Supplement.

    (b)    During the course of an Offering and prior to the sale of Units, the Dealer Manager will provide, or will cause each Participating Broker-Dealer to provide, each offeree with a copy of the Memorandum and a copy of the applicable Property Supplement for the Property relating to such offer.

    (c)    Until the termination of all Offerings, if the Dealer Manager has been provided with a supplement or amendment to the Memorandum or a Property Supplement, the Dealer Manager will promptly distribute such supplement or amendment to persons who previously received a copy of the Memorandum or Property Supplement from it and who it believes continue to be interested in participating in such Offering and will include such supplement or amendment in all deliveries of the Memorandum and Property Supplement after receipt of any such supplement or amendment.

    (d)    The Dealer Manager will not make any oral or written representations on behalf of the Company other than those contained in the Memorandum or JLLIPT Prospectus unless the making of such representations has been approved by the Company in writing, nor will the Dealer Manager act as an agent of the Company or for the Company in any other capacity except as expressly set forth herein.

    (e)    Except for the Participating Broker-Dealer Agreements and any other agreement approved in advance by the Company in writing, no agreement will be made by the Dealer Manager with any person permitting the resale, repurchase or distribution of any Units.

    (f)    The Dealer Manager will furnish to the Company upon request a complete list of all persons and entities who have received a Memorandum and such parties’ addresses.

    (g)    The Dealer Manager will comply with all applicable federal and state laws and regulations relating to the collection, maintenance and disclosure of non-public information provided by prospective investors in connection with their proposed investment in the Units.

    (h)    The Dealer Manager shall, and shall cause each Participating Broker-Dealer, to recommend Units only to a prospective investor whom the Dealer Manager or Participating Broker-Dealer, as applicable, has reasonable grounds to believe is an Accredited Investor and otherwise meets the financial suitability and other purchaser requirements set forth in the Memorandum and the Property Supplements. During the course of an Offering, the Dealer Manager will comply, and shall direct each Participating Broker-Dealer who enters into a Participating Broker-Dealer Agreement with the Dealer Manager to comply with the provisions of all applicable rules and regulations relating to suitability of investors, including without limitation, the provisions of Regulation D, Rule 506 promulgated under the Securities Act and, if applicable, FINRA Rule 2111. The Dealer Manager shall direct each Participating Broker-Dealer who enters into a Participating Broker-Dealer Agreement with the Dealer Manager to make, or cause to be made, inquiries as required by this Agreement, the Memorandum, the Property Supplements or applicable law of all prospective investors to ascertain whether a purchase of a Unit is suitable for the prospective investor. The Dealer Manager shall direct each Participating Broker-Dealer who enters into a Participating Broker-Dealer Agreement with the Dealer Manager to maintain in its files, for a period of six years following the termination of the Offering, appropriate documents disclosing the basis upon which the above determination of suitability was reached as to each subscriber.

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6.    Sale of Units.

6.1    Compensation.

    (a)    Selling Commissions. Subject to the waivers, discounts or other special circumstances described in or otherwise disclosed in the Memorandum, the Company will pay to the Dealer Manager selling commissions on each Unit sold of up to 5.0% of the gross purchase price per Unit as set forth in the Memorandum and applicable Property Supplement (the “Gross Price per Unit”), unless a reduced amount is agreed to in the Participating Broker-Dealer Agreement for Participating Broker-Dealer that made such particular sale. The selling commissions payable to the Dealer Manager will be paid substantially concurrently with the sale of the applicable Units and may be reallowed by the Dealer Manager to Participating Broker-Dealers.

    (b)    Dealer Manager Fee. The Company will pay to the Dealer Manager a fee (“Dealer Manager Fee”) on each Unit sold of up to 1.0% of the Gross Price per Unit as of the date of purchase. The Dealer Manager may reallow a portion of the Dealer Manager Fee to Participating Broker-Dealers that meet certain thresholds of Units under management and certain other metrics. The Dealer Manager may also re-allow a portion of the Dealer Manager Fee to Participating Broker-Dealers as marketing fees or to defray other distribution-related expenses. Such reallowance, if any, shall be determined by the Dealer Manager in its sole discretion based on factors including, but not limited to, the level of services that each such broker-dealer performs, including ministerial, record-keeping, sub-accounting, stockholder services and other administrative services. The Dealer Manager’s reallowance of Dealer Manager Fees to Participating Broker-Dealers shall be described in Schedule 1 to the Participating Broker-Dealer Agreement with respect to a particular Participating Broker-Dealer. The Dealer Manager Fee payable to the Dealer Manager will be paid substantially concurrently with the sale of the applicable Units.

    (c)    Investor Servicing Fee.

(i)Prior to the Operating Partnership’s exercise of the FMV Option with respect to any given Units, each Trust will pay to the Dealer Manager a fee that is calculated daily on a continuous basis from year to year (“Investor Servicing Fee”), equal to 1/365th of 0.25% per annum of the net asset value (“NAV”) of the Units of such Trust for such day, determined separately with respect to each Trust as described in the Memorandum.

(ii)Following the Operating Partnership’s exercise of the FMV Option with respect to any given Units, the Operating Partnership will pay to the Dealer Manager an Investor Servicing Fee that is calculated daily on a continuous basis from year to year, equal to (A) 1/365th of 0.85% per annum of the NAV of such Class A OP Units (defined below) issued in exchange for Units; (B) 1/365th of 0.30% per annum of the NAV of Class M OP Units (defined below) issued in exchange for Units; and (C) 1/365th of 0.30% per annum of the NAV of Class A-I OP Units (defined below) issued in exchange for Units. No Investor Servicing Fee will be payable with respect to Class M-I OP Units (defined below) issued in exchange for Units. “Class A OP Units” means limited partnership interests in the Operating Partnership that are classified and defined, in the limited partnership agreement of the Operating Partnership (“OP Agreement”), as “Class A Units.” “Class M OP Units” means limited partnership interests in the Operating Partnership that are classified and defined, in the OP Agreement, as “Class M Units.” “Class A-I OP Units” means limited partnership interests in the Operating Partnership that are classified and defined, in the OP Agreement, as “Class A-I Units.” “Class M-I OP Units” means limited partnership interests in the Operating Partnership that are classified and defined, in the OP Agreement, as “Class M-I Units.”

(iii)Following the time, if any, that JLLIPT issues, pursuant to the redemption provisions of the OP Agreement, shares of its common stock in exchange for OP Units that were previously exchanged for Units, JLLIPT will pay the Dealer Manager an Investor Servicing Fee equal to (A) 1/365th of 0.85% per annum of the NAV of such Class A shares issued in exchange for Class A OP Units that were previously exchanged for Units; (B) 1/365th of 0.30% per annum of the NAV of such Class M shares issued in exchange for Class M OP Units that were previously exchanged for Units; and (C) 1/365th of 0.30% per annum of the NAV of such Class A-I shares issued in exchange for Class A-

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I OP Units that were previously exchanged for Units. No Investor Servicing Fee shall be payable with respect to any Class M-I shares of JLLIPT’s common stock issued in exchange for Class M-I OP Units that were previously exchanged for Units.

(iv)The Dealer Manager acknowledges and agrees that Units sold hereunder may be exchanged for Class A OP Units, Class M OP Units, Class A-I OP Units or Class M-I OP Units pursuant to the Operating Partnership’s FMV Option, which election must be identified in the Subscription Agreement.

(v)The Dealer Manager acknowledges and agrees that after the FMV Option is exercised, OP Units in one class (other than Class D OP Units) may be converted to another class of OP Units upon the execution and delivery of an elective OP Unit exchange form by the applicable holder and Participating Broker-Dealer acting as broker of record thereof to the Dealer Manager and the general partner of the Operating Partnership at the respective addresses set forth on such form. The Dealer Manager further acknowledges and agrees that shares of JLLIPT’s common stock designated as Class A shares, Class M shares or Class A-I shares may, as described in the charter of JLLIPT, automatically convert to or otherwise be exchanged for Class M-I shares of JLLIPT’s common stock, which do not provide for Investor Servicing Fees.

(vi)The full amount of the Investor Servicing Fee shall be payable unless the Dealer Manager notifies the Company that it has elected to waive a portion of the Investor Servicing Fee for any given period, in which event the agreed upon lesser Investor Servicing Fee shall be payable. The Dealer Manager may reallow a portion of the Investor Servicing Fee to Participating Broker-Dealers as marketing fees or to defray other distribution-related expenses. Such reallowance, if any, shall be determined by the Dealer Manager in its sole discretion based on factors including, but not limited to, the level of services that each such broker-dealer performs, including ministerial, record-keeping, sub-accounting, stockholder services and other administrative services. The Dealer Manager’s reallowance of Investor Servicing Fees to Participating Broker-Dealers shall be described in Schedule 1 to the Participating Broker-Dealer Agreement with respect to a particular Participating Broker-Dealer.

(vii)The Investor Servicing Fee shall be paid to the Dealer Manager on a quarterly basis in arrears.

    (d)    Placement Fee. The Company will pay to the Dealer Manager a fee (“Placement Fee”) on each Unit sold of up to 1.0% of the Gross Price per Unit. The Placement Fee payable to the Dealer Manager will be paid substantially concurrently with the sale of the applicable Units.

6.2    Obligations to Participating Broker-Dealers. Selling commissions, Dealer Manager Fees and Investor Servicing Fees received by the Dealer Manager will be reallowed to Participating Broker-Dealer who sold the Units giving rise to such selling commissions, Dealer Manager Fees or Investor Servicing Fees as described more fully in the Participating Broker-Dealer Agreement entered into with such Participating Broker-Dealer. The Company will not be liable or responsible to any Participating Broker-Dealer for direct payment of selling commissions, Dealer Manager Fees or Investor Servicing Fees to such Participating Broker-Dealer, it being the sole and exclusive responsibility of the Dealer Manager for payment of such selling commissions, Dealer Manager Fees and Investor Servicing Fees to Participating Broker-Dealers. Notwithstanding the foregoing, the Company, in its sole discretion, may act as agent of the Dealer Manager by making direct payment of selling commissions, Dealer Manager Fees or Investor Servicing Fees to such Participating Broker-Dealers without incurring any liability therefor.

6.3    Suitability; Offer and Sale of Units.

    (a)    The Dealer Manager will limit investment in the Offering of the Units to persons whom the Dealer Manager has reasonable grounds to believe are “accredited investors” as defined in Rule 501(a) under the Securities Act and who also meet the investor suitability standards and minimum purchase requirements as may be established by the Company and set forth in the Memorandum or in any suitability letter or memorandum sent to the Dealer Manager by the Company.

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(b)    To the extent that the Dealer Manager may recommend the purchase or sale of the Units to any offeree, the Dealer Manager or any person associated with the Dealer Manager shall:

    (i)    have reasonable grounds to believe, on the basis of information obtained from the potential investor concerning the investor’s investment objectives, other investments, financial situation and needs, and any other information known by the Dealer Manager or an associated person, that: (A) the prospective investor is an “accredited investor” as that term is defined in Rule 501(a) under the Securities Act, and meets the other investor suitability requirements as may be established by the Company and set forth in the “Suitability Standards” section of the Memorandum and the minimum purchase requirements set forth in the Memorandum; (B) the prospective investor has a fair market net worth sufficient to sustain the risks inherent in an investment in the applicable Trust, including, but not limited to, total loss of its investment, lack of liquidity, and other risks described in the Memorandum; and (C) an investment in the Trust is otherwise suitable for the prospective investor; and

    (ii)    maintain in the Dealer Manager’s files, for a period of at least six years following the Offering Termination Date, information and documents disclosing the basis upon which the above determination of suitability was reached as to each investor.

(c)    The Dealer Manager will provide, or will cause each Participating Broker-Dealer to provide, each offeree with a copy of the Memorandum during the course of an Offering and prior to the sale, and advise each such offeree at the time of the initial offering to such offeree that the Company and/or its agents and consultants will, during the course of the Offering and prior to any sale, afford said offeree and his or her purchaser representative, if any, including the Dealer Manager or Participating Broker-Dealer, the opportunity to ask questions of and to receive answers from the Company and/or its agents and consultants, concerning the terms and conditions of the Offering and to obtain any additional information which is possessed by the Company, or may be obtained by the Company without any unreasonable effort or expense, which is necessary to verify the accuracy of the information contained in the Memorandum.

(d)    The Dealer Manager will comply in all respects with the subscription procedures and plan of distribution set forth in the Memorandum.

(e)    The Dealer Manager will furnish or cause to be furnished to the Company upon request a complete list of all persons who have been offered the Units by the Dealer Manager or any Participating Broker-Dealer.

(f)    By virtue of entering into a Participating Broker-Dealer Agreement with Participating Broker-Dealers, the Dealer Manager shall cause each Participating Broker-Dealer to agree to comply with all of the foregoing obligations.

7.    Submission of Subscription Agreements.

7.1    Each person desiring to purchase Units in the Offering will be required to complete and execute a subscription agreement in the form attached as Appendix A to the Memorandum (as amended or supplemented, the “Subscription Agreement”) and to deliver to the Dealer Manager or Participating Broker-Dealer, as the case may be, such completed and executed Subscription Agreement together with a check, draft, wire or money order (hereinafter referred to as an “instrument of payment”) in the amount of such person’s purchase, which must be at least the minimum purchase amount set forth in the Memorandum. Persons purchasing Units will be instructed by Participating Broker-Dealer to make their instruments of payment payable to or for the benefit of the applicable Trust. The purchase price for subscriptions processed and accepted by the Trust will be as described in the Memorandum and applicable Property Supplement.

7.2    If Participating Broker-Dealer receives a Subscription Agreement or instrument of payment not conforming to the instructions set forth in Section 7.1, Participating Broker-Dealer shall return such Subscription Agreement and instrument of payment directly to such purchaser not later than the end of the second business day following receipt by Participating Broker-Dealer. Subscription Agreements and instruments of payment received by Participating Broker-Dealer which conform to the foregoing instructions shall be transmitted for deposit pursuant to one of the following methods:

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    (a)    where, pursuant to the internal supervisory procedures of Participating Broker-Dealer, internal supervisory review is conducted at the same location at which Subscription Agreements and instruments of payment are received from purchasers, then, by noon of the next business day following receipt by Participating Broker-Dealer, Participating Broker-Dealer will transmit the Subscription Agreements and instruments of payment to the Company or to such other account or agent as directed by the Company; and

    (b)    where, pursuant to the internal supervisory procedures of Participating Broker-Dealer, final internal supervisory review is conducted at a different location (the “Final Review Office”), Subscription Agreements and instruments of payment will be transmitted by Participating Broker-Dealer to the Final Review Office by noon of the next business day following receipt by Participating Broker-Dealer. The Final Review Office will in turn by noon of the next business day following receipt by the Final Review Office, transmit such Subscription Agreements and instruments of payment to the Company or to such other account or agent as directed by the Company.

Notwithstanding the foregoing, with respect to any Units to be purchased by a custodial account, Participating Broker-Dealer shall cause the custodian of such account to deliver a Subscription Agreement and instrument of payment for such account directly to the Company. Participating Broker-Dealer shall furnish to the Company with each delivery of Subscription Agreements and instruments of payment a list of the purchasers showing the name, address, tax identification number, state of residence and dollar amount of Units purchased.

8.    Indemnification.

8.1    Indemnified Parties Defined. For the purposes of this Section 8, an entity’s “Indemnified Parties” shall include such entity’s officers, directors, employees, members, partners, affiliates, agents and representatives, and each person, if any, who controls such entity within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act.

8.2    Indemnification of the Dealer Manager and Participating Broker-Dealers. The Company and each Trust will indemnify, defend (subject to Section 8.6) and hold harmless the Dealer Manager and Participating Broker-Dealers, and their respective Indemnified Parties, from and against any losses, claims (including the reasonable cost of investigation), damages or liabilities, joint or several, to which such Participating Broker-Dealers or the Dealer Manager, or their respective Indemnified Parties, may become subject, under the Securities Act or the Exchange Act, or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (a) in whole or in part, any material inaccuracy in a representation or warranty contained herein by the Company, any material breach of a covenant contained herein by the Company or a Trust, or any material failure by the Company or a Trust to perform its obligations hereunder or to comply with state or federal securities laws applicable to an Offering, or (b) any untrue statement or alleged untrue statement of a material fact contained (i) in the Memorandum or (ii) in any securities filing or other document executed by the Company or a Trust or, in either case, on its behalf specifically for the purpose of qualifying the Offering for exemption from the registration requirements of the securities laws of any jurisdiction or based upon written information furnished by the Company or the Trust under the securities laws thereof (any such application, document or information being hereinafter called a “Securities Application”), or (c) the omission or alleged omission to state a material fact required to be stated in the Memorandum or in any Securities Application or necessary to make the statements therein, in light of the circumstances under which they are made, not misleading, and the Company and each Trust will reimburse each Participating Broker-Dealer or the Dealer Manager, and their respective Indemnified Parties, for any legal or other expenses reasonably incurred by such Participating Broker-Dealer or the Dealer Manager, and their respective Indemnified Parties, in connection with investigating or defending such loss, claim, damage, liability or action; provided, however, that neither the Company nor any Trust will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information furnished either (x) to the Company or the Trust by the Dealer Manager or (y) to the Company, the Trust or the Dealer Manager by or on behalf of any Participating Broker-Dealer expressly for use in the Memorandum or any Securities Application, but only if the party seeking indemnification furnished the written information on which the Company or the Trust relied. This

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indemnity agreement will be in addition to any liability which the Company and each Trust may otherwise have.

Notwithstanding the foregoing, the indemnification and agreement to hold harmless provided in this Section 8.2 is further limited to the extent that no such indemnification by the Company or a Trust of a Participating Broker-Dealer or the Dealer Manager, or their respective Indemnified Parties, shall be permitted under this Agreement for, or arising out of, an alleged violation of federal or state securities laws, unless one or more of the following conditions are met: (a) there has been a successful adjudication on the merits of each count involving alleged material securities law violations as to the particular indemnitee; (b) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; or (c) a court of competent jurisdiction approves a settlement of the claims against the particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the Commission and of the published position of any state securities regulatory authority in which the securities were offered or sold as to indemnification for violations of securities laws.

Notwithstanding anything herein to the contrary, the extent of a Trust’s obligation to indemnify, defend and hold harmless any party hereunder shall be limited to the extent that the applicable losses, claims, damages or liabilities arise out of or are based upon the Offering of Units of such Trust.

8.3    Dealer Manager Indemnification of the Company and Trusts. The Dealer Manager will indemnify, defend and hold harmless the Company and each Trust and its Indemnified Parties from and against any losses, claims, damages or liabilities to which any of the aforesaid parties may become subject, under the Securities Act or the Exchange Act, or otherwise, insofar as such losses, claims (including the reasonable cost of investigation), damages or liabilities (or actions in respect thereof) arise out of or are based upon (a) in whole or in part, any material inaccuracy in a representation or warranty contained herein by the Dealer Manager, any material breach of a covenant or agreement contained herein by the Dealer Manager, or any material failure by the Dealer Manager to perform its obligations hereunder, (b) any untrue statement or any alleged untrue statement of a material fact contained in the Memorandum or (c) the omission or alleged omission to state a material fact required to be stated in the Memorandum or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, provided, however, that in each case described in clauses (b) and (c) to the extent, but only to the extent, that such untrue statement or omission was made in reliance upon and in conformity with written information furnished to the Company or Trust by the Dealer Manager specifically for use in the preparation of the Memorandum, (d) any untrue statement or omission to state a fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading by the Dealer Manager or its representatives or agents in connection with the offer and sale of the Units, (e) any failure by the Dealer Manager to comply with applicable laws governing money laundry abatement and anti-terrorist financing efforts in connection with the Offering, including applicable FINRA Rules, Commission Regulations and the USA PATRIOT Act, or (f) any other failure by the Dealer Manager to comply with any of the applicable provisions of the Securities Act, the Exchange Act, Regulation D or the rules and regulations thereunder or any applicable federal or state securities laws or regulations. The Dealer Manager will reimburse the aforesaid parties in connection with investigation or defense of such loss, claim, damage, liability or action. This indemnity agreement will be in addition to any liability which the Dealer Manager may otherwise have.

8.4    Participating Broker-Dealer Indemnification of the Company and Trusts. By virtue of entering into the Participating Broker-Dealer Agreements with Participating Broker-Dealers, the Dealer Manager shall cause each Participating Broker-Dealer to agree to severally indemnify, defend and hold harmless the Company and each Trust, the Dealer Manager and each of their respective Indemnified Parties, from and against any losses, claims, damages or liabilities to which the Company, a Trust, the Dealer Manager, or any of their respective Indemnified Parties may become subject, as more fully described in each Participating Broker-Dealer Agreement.

8.5    Action Against Parties; Notification. Promptly after receipt by any Indemnified Party under this Section 8 of notice of the commencement of any action, such Indemnified Party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 8, notify in writing the indemnifying party of the commencement thereof and the omission to so notify the indemnifying party

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will relieve such indemnifying party from any liability under this Section 8 as to the particular item for which indemnification is then being sought to the extent that the indemnifying party is materially prejudiced by such omission, but not from any other liability which it may have to any Indemnified Party. In case any such action is brought against any Indemnified Party, and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled, to the extent it may wish, jointly with any other indemnifying party similarly notified, to participate in the defense thereof, with separate counsel. Such participation shall not relieve such indemnifying party of the obligation to reimburse the Indemnified Party for reasonable legal and other expenses (subject to Section 8.6) incurred by such Indemnified Party in defending itself, except for such expenses incurred after the indemnifying party has deposited funds sufficient to effect the settlement, with prejudice, of the claim in respect of which indemnity is sought. Any such indemnifying party shall not be liable to any such Indemnified Party on account of any settlement of any claim or action effected without the consent of such indemnifying party.

8.6    Reimbursement of Fees and Expenses. An indemnifying party under Section 8 of this Agreement shall be obligated to reimburse an Indemnified Party for reasonable legal and other expenses as follows:

(a)    In the case of the Company or a Trust indemnifying the Dealer Manager, the advancement of Company funds or Trust funds to the Dealer Manager for legal expenses and other costs incurred as a result of any legal action for which indemnification is being sought shall be permissible only if all of the following conditions are satisfied: (i) the legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the Company or a Trust; (ii) the legal action is initiated by a third party who is not an owner of equity in the Company or the legal action is initiated by an owner of equity in the Company or the Trust acting in his or her capacity as such and a court of competent jurisdiction specifically approves such advancement; and (iii) the Dealer Manager undertakes to repay the advanced funds to the Company and the Trust, together with the applicable legal rate of interest thereon, in cases in which the Dealer Manager is found not to be entitled to indemnification.

(b)    In any case of indemnification other than that described in Section 8.6(a) above, the indemnifying party shall pay all legal fees and expenses of the Indemnified Party in the defense of such claims or actions; provided, however, that the indemnifying party shall not be obligated to pay legal expenses and fees to more than one law firm in connection with the defense of similar claims arising out of the same alleged acts or omissions giving rise to such claims notwithstanding that such actions or claims are alleged or brought by one or more parties against more than one Indemnified Party. If such claims or actions are alleged or brought against more than one Indemnified Party, then the indemnifying party shall only be obliged to reimburse the expenses and fees of the one law firm that has been participating by a majority of the Indemnified Parties against which such action is finally brought; and in the event a majority of such Indemnified Parties is unable to agree on which law firm for which expenses or fees will be reimbursable by the Indemnified Party, then payment shall be made to the first law firm of record representing an Indemnified Party against the action or claim, provided, however, that in the case of the defense of claims as a result of events alleged to have occurred during a period during which a Participating Broker-Dealer has the right to act as the exclusive Participating Broker-Dealer, and that Participating Broker-Dealer is an Indemnified Party entitled to the payment of fees and expenses under this Section 8.6, such Participating Broker-Dealer shall have the right to select the law firm of record. Such law firm shall be paid only to the extent of services performed by such law firm and no reimbursement shall be payable to such law firm on account of legal services performed by another law firm.

9.    Contribution.

If the indemnification provided for in Section 8 hereof is for any reason unavailable or insufficient to hold harmless the Company, a Trust, the Dealer Manager, a Participating Broker-Dealer or any Indemnified Party thereof in respect of any losses, liabilities, claims, damages or expenses referred to in Section 8 hereof, then the Company, the applicable Trust, the Dealer Manager and Participating Broker-Dealer shall contribute the aggregate amount of such losses, liabilities, claims, damages and expenses as incurred, (a) in such proportion as is appropriate to reflect the relative benefits received by the Company, the applicable Trust, the Dealer Manager and Participating Broker-Dealer, respectively, from the offering of the Units pursuant to this Agreement and the relevant Participating Dealer Agreement or (b) if the allocation provided by clause (a) is not permitted by applicable law, in such

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proportion as is appropriate to reflect not only the relative benefits referred to in clause (a) above but also the relative fault of the Company, the applicable Trust, the Dealer Manager and Participating Broker-Dealer, respectively, in connection with the statements or omissions which resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations.

The relative benefits received by Company, each Trust, the Dealer Manager and any Participating Broker-Dealer, respectively, in connection with an Offering pursuant to this Agreement and the relevant Participating Dealer Agreement shall be deemed to be in the same respective proportion as the total net proceeds from the Offering pursuant to this Agreement and the relevant Participating Broker-Dealer Agreement (before deducting expenses) received by the Company and the applicable Trust, and the total selling commissions, Dealer Manager Fees, Investor Servicing Fees and other fees received hereunder by the Dealer Manager and Participating Broker-Dealer, respectively, bear to the aggregate offering price of the Units.

The relative fault of the Company, a Trust, the Dealer Manager and any Participating Broker-Dealer, respectively, shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact related to information supplied by the Company, the Trust, the Dealer Manager and Participating Broker-Dealer, respectively, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

10.    Survival of Provisions. Except as the context otherwise requires, all representations, warranties and agreements contained in this Agreement shall be deemed to be representations, warranties and agreements at and as of the Offering Termination Date, and such representations, warranties and agreements of the parties hereto, including the indemnity and contribution agreements contained in Sections 8 and 9 above, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Dealer Manager or the Company or any controlling person, and shall survive the sale of, and payment for, the Units.

11.    Applicable Law; Venue. This Agreement was executed and delivered in, and its validity, interpretation and construction shall be governed by the laws of, the State of Delaware; provided however, that causes of action for violations of federal or state securities laws shall not be governed by this Section 11. Venue for any action brought hereunder shall lie exclusively in Chicago, Illinois.

12.    Counterparts. This Agreement may be executed in any number of counterparts. Each counterpart, when executed and delivered, shall be an original contract, but all counterparts, when taken together, shall constitute one and the same Agreement.

13.    Entire Agreement. This Agreement and the Exhibits attached hereto constitute the entire agreement among the parties and supersede any prior understanding, whether written or oral, prior to the date hereof with respect to the Offering.

14.    Successors; Assignment and Amendment.

14.1    Successors. This Agreement shall inure to the benefit of and be binding upon the Dealer Manager and the Company and their respective successors and permitted assigns.

14.2    Assignment. Neither the Company nor the Dealer Manager may assign or transfer any of such party’s rights or obligations under this Agreement without the prior written consent of the Dealer Manager, on the one hand, or the Company, acting together, on the other hand.

14.3    Amendment. This Agreement may be amended only by the written agreement of the Dealer Manager and the Company.

15.    Term and Termination.Either party to this Agreement shall have the right to terminate this Agreement on 60 days’ written notice or immediately upon notice to the other party in the event that such other party shall have failed to comply with any material provision hereof. If not sooner terminated, the Dealer Manager’s agency and this Agreement shall automatically terminate as of the Offering Termination Date without obligation on the part of the Dealer Manager or the Company, except as set

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forth in this Agreement. Upon expiration or termination of this Agreement, (a) the Company shall pay to the Dealer Manager all earned but unpaid compensation and reimbursement for all incurred, accountable compensation to which the Dealer Manager is or becomes entitled under Section 6 of this Agreement pursuant to the requirements of that Section 6 at such times as such amounts become payable pursuant to the terms of such Section 6, offset by any losses suffered by the Company or any officer or director of the Company arising from the Dealer Manager’s breach of this Agreement or an action that would otherwise give rise to an indemnification claim against the Dealer Manager under Section 8 herein, and (b) the Dealer Manager shall promptly deliver to the Company all records and documents in its possession that relate to the Offering and that are not designated as “dealer” copies.

16.    Notices. Any notice, approval, request, authorization, direction or other communication under this Agreement shall be deemed given (a) when delivered personally, (b) on the first business day after delivery to a national overnight courier service, or (c) on the fifth business day after deposited in the United States mail, properly addressed and stamped with the required postage, registered or certified mail, return receipt requested, in each case to the intended recipient at the address set forth below:

If to the Company:	JLL Exchange TRS, LLC
	333 West Wacker Drive, Suite 2300
	Chicago, Illinois 60606
	Attention: General Counsel
With a copy to:	LaSalle Investment Management, Inc.
	333 West Wacker Drive, Suite 2300
	Chicago, Illinois 60606
	Attention: General Counsel
With a copy to:	Jones Lang LaSalle Income Property Trust, Inc.
	333 West Wacker Drive, Suite 2300
	Chicago, Illinois 60606
	Attention: General Counsel
If to the Operating Partnership:	JLLIPT Holdings LP
	333 West Wacker Drive, Suite 2300
	Chicago, Illinois 60606
	Attention: General Counsel
If to JLLIPT:	Jones Lang LaSalle Income Property Trust, Inc.
	333 West Wacker Drive, Suite 2300
	Chicago, Illinois 60606
	Attention: General Counsel
If to a Trust:	c/o LaSalle Investment Management, Inc.
	333 West Wacker Drive, Suite 2300
	Chicago, Illinois 60606
	Attention: General Counsel
If to the Dealer Manager:	LaSalle Investment Management Distributors, LLC
	333 West Wacker Drive, Suite 2300
	Chicago, Illinois 60606
	Attention: General Counsel

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Any party may change its address specified above by giving the other party notice of such change in accordance with this Section 16.

17.    Third Party Beneficiaries. Except as expressly provided otherwise in this Agreement, no provision of this Agreement is intended to be for the benefit of any person or entity not a party to this Agreement, and no third party shall be deemed to be a beneficiary of any provision of this Agreement. Each Participating Broker-Dealer is a third-party beneficiary with respect to this Agreement with respect to Sections 2, 6, 8 and 9 of this Agreement and may enforce its rights against any party to this Agreement.

[Signatures on following page]

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If the foregoing correctly sets forth our understanding, please indicate your acceptance thereof in the space provided below for that purpose, whereupon this letter and your acceptance shall constitute a binding agreement between us as of the date first above written.

			Very truly yours,
			“COMPANY”
			JLL EXCHANGE TRS, LLC, a Delaware limited liability company
			By:	/s/ C. Allan Swaringen
				Name: C. Allan Swaringen
				Title: President
Accepted and agreed as of the date first above written:
“DEALER MANAGER”
LASALLE INVESTMENT MANAGEMENT DISTRIBUTORS, LLC
By:	/s/ Alok Gaur
	Name:	Alok Gaur
	Title:	President

EXECUTING THIS AGREEMENT SOLELY FOR PURPOSES OF ACKNOWLEDGING ITS OBLIGATION IN SECTION 6.1(C) OF THIS AGREEMENT:

“OPERATING PARTNERSHIP”

JLLIPT HOLDINGS LP, a Delaware limited partnership

By: JLLIPT Holdings GP, LLC, a Delaware limited liability company, its general partner

By: Jones Lang LaSalle Income Property Trust, Inc., a Maryland corporation, its sole and managing member

By: /s/ C. Allan Swaringen

Name: C. Allan Swaringen

Title: President & CEO

[Signatures continued on following page]

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[Signatures continued from preceding page]

EXECUTING THIS AGREEMENT SOLELY FOR PURPOSES OF ACKNOWLEDGING ITS OBLIGATION IN SECTION 6.1(C) OF THIS AGREEMENT:

“JLLIPT”

Jones Lang LaSalle Income Property Trust, Inc., a Maryland corporation

By: /s/ C. Allan Swaringen

Name: C. Allan Swaringen

Title: President & CEO

Signature Page to Amended and Restated Dealer Manager Agreement

EXHIBIT A TO AMENDED AND RESTATED DEALER MANAGER AGREEMENT

FORM OF JOINDER TO AMENDED AND RESTATED DEALER MANAGER AGREEMENT

[Trust name] (“Trust”) hereby joins and agrees to the terms and conditions of that certain Amended and Restated Dealer Manager Agreement, date as of August 25, 2021, by and among LaSalle Investment Management Distributors, LLC, as the dealer manager, JLL Exchange TRS, LLC, a Delaware limited liability company, and solely for purposes of Section 6.1(c) thereof, JLLIPT Holdings LP, a Delaware limited partnership, and Jones Lang LaSalle Income Property Trust, Inc., a Maryland corporation (the “Dealer Manager Agreement”). Capitalized terms used and not defined herein shall have the meanings ascribed to such terms in the Dealer Manager Agreement. The Trust is offering Units and holds ownership of the Property commonly referred to as [_] and located at [_].

The Trust hereby specifically acknowledges and agrees to its obligations with respect to the Investor Servicing Fee set forth in Section 6.1(c) of the Dealer Manager Agreement and its obligations under Sections 8 and 9 of the Dealer Manager Agreement.

IN WITNESS WHEREOF, this joinder agreement has been executed and delivered by the Trust as of _____________, 20___.

[Trustee/manager name], as trustee of [Trust name], u/a/d [date]

By:    

Name:    

Title:    

A-1

EXHIBIT B TO AMENDED AND RESTATED DEALER MANAGER AGREEMENT

FORM OF PARTICIPATING BROKER-DEALER AGREEMENT

JLL EXCHANGE TRS, LLC

Up to $500,000,000 in Units of Beneficial Interests

Dated _______, 20__

Ladies and Gentlemen:

Subject to the terms described herein, LaSalle Investment Management Distributors, LLC, as the dealer manager (the “Dealer Manager”) for JLL Exchange TRS, LLC, a Delaware limited liability company (the “Company”), invites you (“Participating Broker-Dealer”) to participate on a “best efforts” basis in the distribution, in one or more private placements (each, an “Offering” and collectively, the “Offerings”) exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Regulation D promulgated under the Securities Act (“Regulation D”), of up to $500,000,000 of units of beneficial interests (“Units”) in specific Delaware statutory trusts (each, a “Trust” and collectively, the “Trusts”), subject to the Company’s right to increase such amount in its sole discretion, pursuant to the terms and conditions of the DST Program Memorandum, as may be amended or supplemented from time to time (with all appendixes thereto, the “Memorandum”). The Company is a wholly-owned subsidiary of JLLIPT Holdings LP, a Delaware limited partnership (the “Operating Partnership”). The Operating Partnership is the entity through which Jones Lang LaSalle Income Property Trust, Inc., a Maryland corporation (“JLLIPT”) conducts substantially all of its business and owns substantially all of its assets. A Unit is a unit of beneficial ownership interest in a Trust that will beneficially own either (i) a series of Trusts, each of which will hold one commercial property (each, a “Property” and collectively, the “Properties”); or (ii) a Property directly. Information regarding each Property in which Units will be offered will be included in a property-specific supplement (the “Property Supplement”) to the Memorandum. The Units are to be issued and sold in the Offering at a purchase price described in the Memorandum and applicable Property Supplement.

The Units will be offered during a period commencing on the date of the first Property Supplement (“Effective Date”), and continuing until the earlier of: (i) the date that the maximum aggregate amount of Units is sold pursuant to the Offerings, subject to the Company’s option to increase the maximum aggregate amount of the Offerings in its sole discretion, or (ii) such date as Company otherwise terminates the Offerings, which it may do at any time in its sole discretion (in each case, the “Offering Termination Date”).

I. Dealer Manager Agreement.

The Dealer Manager has entered into an amended and restated dealer manager agreement with the Company, the Operating Partnership and JLLIPT dated August 25, 2021 (the “Dealer Manager Agreement”). Upon effectiveness of this Participating Broker-Dealer Agreement (this “Agreement”), you will become one of the “Participating Broker-Dealers” referred to in the Dealer Manager Agreement. All capitalized terms used and not defined in this Agreement shall have the meaning ascribed to such terms in the Dealer Manager Agreement.

II. Sale of Units.

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The Dealer Manager agrees to provide to Participating Broker-Dealer a copy of the Memorandum, Property Supplement and any sales literature which has been approved in advance in writing by the Dealer Manager and the Company to supplement the Memorandum (collectively, the “Offering Materials”) prepared for each Property with respect to which Units may be offered by Participating Broker-Dealer. Following its receipt and review of the Offering Materials with respect to a Property, Participating Broker-Dealer may elect to participate in the offering of the Units in such Property by executing the Property Acceptance Letter in the form attached hereto as Exhibit A (the “Property Acceptance Letter”). The rights and obligations of Participating Broker-Dealer and the Dealer Manager set forth in this Agreement shall become effective on the date that the Property Acceptance Letter with respect to such Property is executed by Participating Broker-Dealer. In the event that an executed Property Acceptance Letter with respect to a particular Property is not received from Participating Broker-Dealer by the Dealer Manager, Participating Broker-Dealer and Dealer Manager shall have no further rights or obligations to one another with respect to such Property.

Participating Broker-Dealer hereby agrees to use its best efforts to sell the Units for cash on the terms and conditions stated in the Memorandum and applicable Property Supplement, subject to the terms and conditions specified in Schedule 1 to this Agreement. Nothing in this Agreement shall be deemed or construed to make Participating Broker-Dealer an employee, agent, representative, partner of the Dealer Manager or the Company, and Participating Broker-Dealer is not authorized to act for the Dealer Manager or the Company or to make any representations on their behalf except as set forth in the Memorandum or as otherwise specifically authorized and approved by the Company.

Participating Broker-Dealer acknowledges and agrees that Units sold hereunder may be exchanged for Class A OP Units, Class M OP Units, Class A-I OP Units or Class M-I OP Units pursuant to the Operating Partnership’s FMV Option, which election must be identified in the Subscription Agreement.

Participating Broker-Dealer acknowledges and agrees that after the FMV Option is exercised, OP Units in one class (other than Class D OP Units) may be converted to another class of OP Units upon the execution and delivery of an elective OP Unit exchange form by the applicable holder and Participating Broker-Dealer acting as broker of record thereof to the Dealer Manager and the general partner of the Operating Partnership at the respective addresses set forth on such form. Participating Broker-Dealer further acknowledges and agrees that shares of JLLIPT’s common stock designated as Class A shares, Class M shares or Class A-I shares may, as described in the charter of JLLIPT, automatically convert to or otherwise be exchanged for Class M-I shares of JLLIPT’s common stock, which do not provide for Investor Servicing Fees.

III. Submission of Subscription Agreements.

Each person desiring to purchase Units in the Offering will be required to complete and execute a subscription agreement provided by the Company to the Dealer Manager and each Participating Broker-Dealer for use in connection with the Offering (the “Subscription Agreement”) and to deliver to Participating Broker-Dealer such completed and executed Subscription Agreement together with a check, draft, wire or money (hereinafter referred to as an “instrument of payment”) in the amount of such person’s purchase, which must be at least the minimum purchase amount set forth in the Memorandum, subject to any waiver of such minimum purchase amount for certain categories of purchasers in the discretion of the Company’s advisor (as described in the Memorandum). Persons purchasing Units will be instructed by Participating Broker-Dealer to make their instruments of payment payable to or for the benefit of the applicable Trust. A purchaser will be contractually obligated to purchase Units in the aggregate dollar amount of the purchaser’s subscription as of the close of business on the date the subscription is accepted by the Company. If Participating Broker-Dealer receives a Subscription Agreement or instrument of payment not conforming to the foregoing instructions, Participating Broker-Dealer shall return such Subscription Agreement and instrument of payment directly to such purchaser not later than the end of the second business day following receipt by Participating Broker-Dealer. Subscription Agreements and instruments of payment received by Participating Broker-Dealer which conform to the foregoing instructions shall be transmitted for deposit pursuant to one of the following methods:

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(a)    where, pursuant to Participating Broker-Dealer’s internal supervisory procedures, internal supervisory review is conducted at the same location at which Subscription Agreements and instruments of payment are received from purchasers, then, by noon of the next business day following receipt by Participating Broker-Dealer, Participating Broker-Dealer will transmit the Subscription Agreements and instruments of payment to the Company or to such other account or agent as directed by the Company; and

(b)    where, pursuant to Participating Broker-Dealer’s internal supervisory procedures, final internal supervisory review is conducted at a different location (the “Final Review Office”), then Subscription Agreements and instruments of payment will be transmitted by Participating Broker-Dealer to the Final Review Office by noon of the next business day following receipt by Participating Broker-Dealer. The Final Review Office will in turn, by noon of the next business day following receipt by the Final Review Office, transmit such Subscription Agreements and instruments of payment to the Company or to such other account or agent as directed by the Company. Participating Broker-Dealer understands that the Company reserves the unconditional right to reject any order for any or no reason.

Notwithstanding the foregoing, with respect to any Units to be purchased by a custodial account, Participating Broker-Dealer shall cause the custodian of such account to deliver a Subscription Agreement and an instrument of payment for such account directly to the Company. Participating Broker-Dealer shall furnish to the Company with each delivery of Subscription Agreements and instruments of payment a list of the purchasers showing the name, address, tax identification number, state of residence and dollar amount of Units to be purchased.

IV. Participating Broker-Dealer’s Compensation.

Subject to the waivers, discounts or other special circumstances described in or otherwise disclosed in the Memorandum, Participating Broker-Dealer’s selling commission on each Unit sold by Participating Broker-Dealer which it is authorized to sell hereunder is up to 5.0% of the Gross Price per Unit, which will be paid by the Dealer Manager. For these purposes, a “sale of Units” shall occur if and only if a transaction has closed with a securities purchaser pursuant to all applicable offering documents and the Company has thereafter distributed the selling commission to the Dealer Manager in connection with such transaction.

In addition, as set forth in the Memorandum, the Dealer Manager, in its sole discretion, may reallow a portion of the Dealer Manager Fee and Investor Servicing Fee (collectively, the “Distribution Fees”) described in the Memorandum to Participating Broker-Dealers that meet certain thresholds of shares under management and certain other metrics. The Dealer Manager may also reallow a portion of the Distribution Fees to Participating Broker-Dealers as marketing fees or to defray other distribution-related expenses. Such reallowance, if any, shall be determined by the Dealer Manager in its sole discretion based on factors including, but not limited to, the level of services that each such broker-dealer performs in connection with the distribution of shares, including ministerial, record-keeping, sub-accounting, stockholder services and other administrative services. The Dealer Manager’s reallowance of Distribution Fees to Participating Broker-Dealer are described in Schedule 1 to this Agreement.

Participating Broker-Dealer affirms that the Dealer Manager’s liability for selling commissions and Distribution Fees payable to Participating Broker-Dealer is limited solely to the selling commissions and Distribution Fees received by the Dealer Manager from the Company associated with Participating Broker-Dealer’s sale of Units. Participating Broker-Dealer hereby waives any and all rights to receive payment or reallowance of selling commissions or Distribution Fees, as applicable, due until such time as the Dealer Manager is in receipt of the selling commissions or Distribution Fees, as applicable, from the Company.

The parties hereby agree that (i) the foregoing selling commissions and Distribution Fees are not in excess of the usual and customary compensation received in the sale of securities similar to the Units, (ii) that Participating Broker-Dealer’s interest in the Offering is limited to the selling commissions and Distribution Fees referred to in this Section IV and Participating Broker-Dealer’s indemnity referred to in Section XIII herein, and (iii) that the Company is not liable or responsible for the direct payment of

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selling commissions and Distribution Fees to Participating Broker-Dealer. In addition, as set forth in the Memorandum, the Dealer Manager may reimburse Participating Broker-Dealer for reasonable bona fide due diligence expenses incurred by Participating Broker-Dealer. Such due diligence expenses may include travel, lodging, meals and other reasonable out-of-pocket expenses incurred by Participating Broker-Dealer and its personnel when visiting the Company’s offices or properties to verify information relating to the Company or its properties. Participating Broker-Dealer shall provide a detailed and itemized invoice for any such due diligence expenses, and no such expenses shall be reimbursed absent a detailed and itemized invoice.

Participating Broker-Dealer acknowledges that the Units shall not be included for the purposes of calculating compensation due to Participating Broker-Dealer pursuant to any arrangements other than this Agreement between Participating Broker-Dealer and the Dealer Manager or any entity controlling, controlled by, or under common control with the Dealer Manager.

V. Payment of Selling Commissions and Distribution Fees.

Payments of selling commissions and Distribution Fees will be made by the Dealer Manager (or by the Company as the agent of the Dealer Manager, as provided in the Dealer Manager Agreement) to Participating Broker-Dealer. Unless otherwise provided in Schedule 1 of this Agreement, selling commissions and Distribution Fees will be paid to Participating Broker-Dealer within 30 days after receipt by the Dealer Manager, or, if the Company (as the agent of the Dealer Manager) pays such selling commissions or Distribution Fees directly to Participating Broker-Dealer, then the Company shall pay (i) such selling commissions and Dealer Manager Fees within 30 days of the sale of the applicable Units by Participating Broker-Dealer and (ii) such Investor Servicing Fees within 30 days of the end of each calendar quarter in which such Investor Servicing Fees were earned by Participating Broker-Dealer in accordance with the provisions of Schedule 1 hereto.

Participating Broker-Dealer, in its sole discretion, may authorize Dealer Manager (or the Company as the agent of the Dealer Manager, as provided in the Dealer Manager Agreement) to deposit selling commissions, Distribution Fees and other payments due to it pursuant to this Agreement directly to its bank account. If Participating Broker-Dealer so elects, Participating Broker-Dealer shall provide such deposit authorization and instructions in Schedule 2 to this Agreement.

VI. Right to Reject Subscriptions or Cancel Sales.

All subscriptions, whether initial or additional, are subject to acceptance by and shall only become effective upon confirmation by the Company, which reserves the right to reject any subscription for any or no reason. Subscriptions not accompanied by the required instrument of payment may be rejected. Issuance and delivery of Units will be made only after actual receipt of payment therefor. The Company or its agent shall advise Participating Broker-Dealer no later than the next business day after receipt by the Company or its agent of a subscription if the Company intends to reject a subscription. In the event a subscription is rejected, canceled or rescinded for any reason, Participating Broker-Dealer agrees to return to the Dealer Manager any selling commissions and Dealer Manager Fees theretofore paid with respect to such subscription, and, if Participating Broker-Dealer fails to so return any such amounts, the Dealer Manager shall have the right to offset amounts owed against future selling commissions or Distribution Fees due and otherwise payable to Participating Broker-Dealer.

VII. Memorandum.

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Participating Broker-Dealer is not authorized or permitted to give, and will not give, any information or make any representation (written or oral) concerning the Units except as set forth in the Memorandum or as otherwise specifically authorized and approved by the Company. The Dealer Manager will supply Participating Broker-Dealer with reasonable quantities of the Memorandum for delivery to investors, and Participating Broker-Dealer will deliver a copy of the Memorandum to each investor to whom an offer is made prior to or simultaneously with the first solicitation of an offer to sell the Units to an investor. Participating Broker-Dealer agrees that it will not use in connection with the offer or sale of Units any materials or writings which have not been previously approved by the Company.

VIII. License and Association Membership.

Participating Broker-Dealer’s acceptance of this Agreement constitutes a representation to the Company and the Dealer Manager that Participating Broker-Dealer is a properly registered or licensed broker-dealer, duly authorized to sell Units under federal and state securities laws and regulations in all states where it offers or sells Units, and that it is a member in good standing of the Financial Industry Regulatory Authority, Inc. (“FINRA”). Participating Broker-Dealer represents and warrants that it is currently licensed as a broker-dealer in the jurisdictions identified on Schedule 3 to this Agreement and that its independent contractors and registered representatives have the appropriate licenses(s) to offer and sell the Units in such jurisdictions. This Agreement shall automatically terminate if Participating Broker-Dealer ceases to be a member in good standing of FINRA, or with the securities commission of the state in which Participating Broker-Dealer’s principal office is located. Participating Broker-Dealer agrees to notify the Dealer Manager immediately if Participating Broker-Dealer ceases to be a member in good standing of FINRA or with the securities commission of any state in which Participating Broker-Dealer is currently registered or licensed. Participating Broker-Dealer also hereby agrees to abide by the rules set forth in the FINRA rulebook (collectively, the “FINRA Rules”), specifically including, but not limited to, FINRA Rule 2231, FINRA Rule 2310, FINRA Rule 2420, FINRA Rule 5110 and FINRA Rule 5141.

IX. Anti-Money Laundering Compliance Programs.

Participating Broker-Dealer’s acceptance of this Agreement constitutes a representation to the Company and the Dealer Manager that Participating Broker-Dealer has established and implemented an anti-money laundering compliance program (“AML Program”) in accordance with applicable law, including applicable FINRA Rules, rules and regulations promulgated by the Commission (the “Commission Regulations”) and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT Act) of 2001, as amended by the USA Patriot Improvement and Reauthorization Act of2005 (the “USA PATRIOT Act”), specifically including, but not limited to, Section 352 of the International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001 (the “Money Laundering Abatement Act” and together with the USA PATRIOT Act, the “AML Rules”), reasonably expected to detect and cause the reporting of suspicious transactions in connection with the offering and sale of the Units. Participating Broker-Dealer covenants that it will perform all activities it is required to perform by applicable AML Rules and its AML Program with respect to all customers on whose behalf Participating Broker-Dealer submits Subscription Agreements to the Company. To the extent permitted by applicable law, Participating Broker-Dealer will share information with the Dealer Manager and the Company for purposes of ascertaining whether a suspicious activity report is warranted with respect to any suspicious transaction involving the purchase or intended purchase of Units.

Upon request by the Dealer Manager at any time, Participating Broker-Dealer hereby agrees to (i) furnish a written copy of its AML Program and relevant legal requirements to the Dealer Manager for review, (ii) provide annual certification to the Dealer Manager that Participating Broker-Dealer has complied with the provisions of its AML Program, and (iii) furnish a copy of the findings and any remedial actions taken in connection with Participating Broker-Dealer’s most recent independent testing of its AML Program. Participating Broker-Dealer further represents that it is currently in compliance with all AML Rules, specifically including, but not limited to, the Customer Identification Program requirements under Section 326 of the Money Laundering Abatement Act, and Participating Broker-Dealer hereby covenants to remain in compliance with such requirements and shall, upon request by the

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Dealer Manager, provide a certification to Dealer Manager that, as of the date of such certification (i) its AML Program is consistent with the AML Rules, (ii) it has continued to implement its AML Program, and (iii) it is currently in compliance with all AML Rules, specifically including, but not limited to, the Customer Identification Program requirements under Section 326 of the Money Laundering Abatement Act.

X. Suitability; Offer and Sale of Units.

Participating Broker-Dealer agrees that in recommending to an investor the purchase of the Units, Participating Broker-Dealer shall:

(a)    have reasonable grounds to believe, on the basis of information obtained from the investor (and thereafter maintained in the manner and for the period required by the Commission, any state securities commission, FINRA or the Company) concerning the investor’s age, investment objectives, other investments, financial situation and needs, and any other information known by Participating Broker-Dealer, or person associated with Participating Broker-Dealer, that: (A) the prospective investor is an “accredited investor” as that term is defined in Rule 501(a) under the Securities Act, and meets the other investor suitability requirements as may be established by the Company and set forth in the “Suitability of Investment” section of the Memorandum and the minimum purchase requirements set forth in the Memorandum; (B) the prospective investor is or will be in a financial position appropriate to enable the investor to realize to a significant extent the benefits described in the Memorandum; and (C) the prospective investor has a fair market net worth sufficient to sustain the risks inherent in the investment, including but not limited to loss of investment and lack of liquidity, and other risks described in the Memorandum; and (D) the investment is otherwise suitable for the prospective investor; and

(b)    maintain in its files (for a period of at least six years following the Offering Termination Date) information and documents describing the basis upon which the determination that an investment in Units is suitable and appropriate for each such proposed investor was reached as to each prospective investor, to otherwise comply with the record-keeping requirements provided in Section XV below and to make such documents and records available to (a) the Dealer Manager and the Company upon request, and (b) representatives of the Commission, FINRA and applicable state securities administrators upon Participating Broker-Dealer’s receipt of an appropriate document subpoena or other appropriate request for documents from any such agency.

Participating Broker-Dealer agrees to sell Units only to the extent authorized as set forth on Schedule 1 to this Agreement.

Participating Broker-Dealer shall not purchase any Units for a discretionary account without obtaining the prior written approval of Participating Broker-Dealer’s customer and such customer’s completed and executed Subscription Agreement.

Participating Broker-Dealer shall complete all steps necessary to permit the Company to offer the Units pursuant to the registration exemptions available under applicable federal securities laws and other applicable state securities laws. Participating Broker-Dealer shall not engage in any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D.

In soliciting persons to acquire the Units, Participating Broker-Dealer agrees to comply with the applicable requirements of the Securities Act, the Exchange Act, applicable state securities laws, the published rules and regulations thereunder and the Conduct Rules of FINRA. Further, Participating Broker-Dealer agrees that it will not give any information or make any representations except as set forth in the Memorandum or as otherwise specifically authorized and approved by the Company.

XI. Due Diligence; Adequate Disclosure.

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Prior to offering the Units for sale, Participating Broker-Dealer shall have conducted an inquiry such that Participating Broker-Dealer has reasonable grounds to believe, based on information made available to Participating Broker-Dealer by the Company or the Dealer Manager through the Memorandum, that all material facts are adequately and accurately disclosed in the Memorandum and provide a basis for evaluating a purchase of Units. In determining the adequacy of disclosed facts pursuant to the foregoing, Participating Broker-Dealer may obtain, upon request, information on material facts relating at a minimum to the following: (1) items of compensation; (2) physical properties; (3) tax aspects; (4) financial stability and experience of the Company and its advisor and (if applicable) its sub-advisor; (5) conflicts and risk factors; and (6) appraisals and other pertinent reports. Notwithstanding the foregoing, Participating Broker-Dealer may rely upon the results of an inquiry conducted by an independent third party retained for that purpose or another broker-dealer participating in the distribution of the Units pursuant to an agreement with the Dealer Manager (an “Other Dealer”); provided, that: (a) Participating Broker-Dealer has reasonable grounds to believe that such inquiry was conducted with due care by said independent third party or such Other Dealer; (b) the results of the inquiry were provided to Participating Broker-Dealer with the consent of the Other Dealer conducting or directing the inquiry; and (c) no Other Dealer that participated in the inquiry is an affiliate of the Company. Prior to the sale of the Units, Participating Broker-Dealer shall inform each prospective purchaser of Units of pertinent facts relating to the Units including specifically the risks related to limitations on liquidity and marketability of the Units during the term of the investment but shall not, in any event, make any representation on behalf of the Company except as set forth in the Memorandum.

XII. Representations, Warranties and Covenants of Participating Broker-Dealer.

Participating Broker-Dealer hereby represents and warrants to, and covenants and agrees with the Dealer Manager and the Company, as of the date hereof and at all times during the Offering Period (provided that, to the extent representations and warranties are given only as of a specified date or dates, Participating Broker-Dealer only makes such representations and warranties as of such date or dates), as follows:

(a)Participating Broker-Dealer is a duly organized and validly existing under the laws of the state of its formation, and is in good standing in such state, with full power and authority to conduct its business and to enter into this Agreement and to perform the transactions contemplated hereby; this Agreement has been duly authorized, executed and delivered by Participating Broker-Dealer and is a legal, valid and binding agreement of Participating Broker-Dealer enforceable against Participating Broker-Dealer in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally, and by general equitable principles, and except to the extent that the enforceability of the indemnity provisions contained in Section XIII of this Agreement may be limited under applicable securities laws.

(b)Participating Broker-Dealer is not in violation of its organizational documents as currently in effect and the execution and delivery of this Agreement, the consummation of the transactions herein contemplated and compliance with the terms of this Agreement will not, as of the Effective Date, violate the terms of or constitute a default under: (a) such organizational documents; or (b) any indenture, mortgage, deed of trust, lease, or other material agreement to which Participating Broker-Dealer is bound; or (c) any law, rule or regulation applicable to Participating Broker-Dealer; or (d) any writ, injunction or decree of any government, governmental instrumentality or court, domestic or foreign, having jurisdiction over Participating Broker-Dealer.

(c)Participating Broker-Dealer agrees to comply with the record-keeping requirements as may be required by the Company, any state securities commission, FINRA or the Commission, including but not limited to Commission Regulations.

(d)Participating Broker-Dealer agrees to suspend or terminate the offer and sale of Units in the Offering upon request of the Company at any time and to resume the offer and sale of Units in the Offering upon subsequent request of the Company or Dealer Manager.

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(e)Participating Broker-Dealer will not conduct an Offering or offer or sell the Units by means of: (i) any advertisement, article, notice or other communication mentioning any Offering, Units or Property published in any newspaper, magazine or similar medium, cold mass mailings, broadcast over television, radio or the internet, or an e-mail message sent to a large number of previously unknown persons; (ii) any seminar or meeting, the attendees of which have been invited by any general solicitation or general advertising; or (iii) any letter, circular, notice or other written communication constituting a form of general solicitation or general advertising.

(f)During the course of an Offering, Participating Broker-Dealer will not make any untrue statement of a material fact or omit to state a material fact required to be stated or necessary to make any statement, in light of the circumstances under which it was made, not misleading concerning the Offering or any matters set forth in or contemplated by the Memorandum or the Property Supplement.

(g)During the course of an Offering and prior to the sale of Units, Participating Broker-Dealer will provide each offeree with a copy of the Memorandum and a copy of the applicable Property Supplement for the Property relating to such offer.

(h)Until the termination of all Offerings, if Participating Broker-Dealer has been provided with a supplement or amendment to the Memorandum or a Property Supplement, Participating Broker-Dealer will promptly distribute such supplement or amendment to persons who previously received a copy of the Memorandum or Property Supplement from it and who it believes continue to be interested in participating in such Offering and will include such supplement or amendment in all deliveries of the Memorandum and Property Supplement after receipt of any such supplement or amendment.

(i)Participating Broker-Dealer will not make any oral or written representations on behalf of the Company other than those contained in the Memorandum or JLLIPT Prospectus unless the making of such representations has been approved by the Company in writing, nor will Participating Broker-Dealer act as an agent of the Company or for the Company in any other capacity except as expressly set forth herein.

(j)No agreement will be made by Participating Broker-Dealer with any person permitting the resale, repurchase or distribution of any Units.

(k)Participating Broker-Dealer will furnish to the Company upon request a complete list of all persons and entities who have received a Memorandum and such parties’ addresses.

(l)Participating Broker-Dealer will comply with all applicable federal and state laws and regulations relating to the collection, maintenance and disclosure of non-public information provided by prospective investors in connection with their proposed investment in the Units.

 XIII. Indemnification.

For the purposes of this Section XIII, an entity’s “Indemnified Parties” shall include such entity’s officers, directors, employees, members, partners, affiliates, agents and representatives, and each person, if any, who controls such entity within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act.

(a)    Participating Broker-Dealer severally agrees to indemnify, defend and hold harmless the Company, the Dealer Manager and each of their respective Indemnified Parties from and against any losses, claims, damages or liabilities to which the Company, the Dealer Manager, or any of their respective Indemnified Parties may become subject, under the Securities Act or otherwise, insofar as such losses, claims (including the reasonable cost of investigation), damages or liabilities (or actions in respect thereof) arise out of or are based upon (a) in whole or in part, any material inaccuracy in a representation or warranty contained herein by Participating Broker-Dealer, any material breach or violation of a covenant or agreement contained herein by Participating Broker-Dealer, or any material failure by Participating Broker-Dealer to perform its

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obligations hereunder, (b) any untrue statement or alleged untrue statement of a material fact contained (i) in the Memorandum or (ii) in any application to qualify the Units for the offer and sale under the applicable state securities or “blue sky” laws of any state or jurisdiction, (c) the omission or alleged omission to state a material fact required to be stated in the Memorandum or necessary to make statements therein, in light of the circumstances under which they were made, not misleading; provided, however, that in each case described in clauses (b) and (c) to the extent, but only to the extent, that such untrue statement or omission was made in reliance upon and in conformity with written information furnished to the Company or the Dealer Manager by Participating Broker-Dealer specifically for use in the Memorandum, (d) any use by Participating Broker-Dealer of sales literature or other materials not authorized or approved by the Company in connection with the offer and sale of the Units, (e) any untrue statement made by Participating Broker-Dealer or its representatives or agents or omission to state a fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading in connection with the offer and sale of the Units, (f) any failure of Participating Broker-Dealer to comply with applicable laws governing money laundering abatement and anti-terrorist financing efforts in connection with the Offering, including applicable FINRA Rules, Commission Regulations and the USA PATRIOT Act, or (g) any other failure by Participating Broker-Dealer to comply with applicable FINRA rules or Commission Regulations or any other applicable Federal or state laws in connection with the Offering. Participating Broker-Dealer will reimburse the aforesaid parties in connection with investigation or defense of such loss, claim, damage, liability or action. This indemnity agreement will be in addition to any liability which Participating Broker-Dealer may otherwise have.

(b)    Promptly after receipt by any Indemnified Party under this Section XIII of notice of the commencement of any action, such Indemnified Party will, if a claim in respect thereof is to be made against any indemnifying party under this Section XIII, notify in writing the indemnifying party of the commencement thereof and the omission to so notify the indemnifying party will relieve such indemnifying party from any liability under this Section XIII as to the particular item for which indemnification is then being sought, but not from any other liability which it may have to any Indemnified Party. In case any such action is brought against any Indemnified Party, and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled, to the extent it may wish, jointly with any other indemnifying party similarly notified, to participate in the defense thereof, with separate counsel. Such participation shall not relieve such indemnifying party of the obligation to reimburse the Indemnified Party for reasonable legal and other expenses (subject to Section XIII(c) below) incurred by such Indemnified Party in defending itself, except for such expenses incurred after the indemnifying party has deposited funds sufficient to effect the settlement, with prejudice, of the claim in respect of which indemnity is sought. Any such indemnifying party shall not be liable to any such Indemnified Party on account of any settlement of any claim or action effected without the consent of such indemnifying party.

(c)    An indemnifying party under this Section XIII of this Agreement shall pay all legal fees and expenses of the Indemnified Party in the defense of such claims or actions; provided, however, that the indemnifying party shall not be obligated to pay legal expenses and fees to more than one law firm in connection with the defense of similar claims arising out of the same alleged acts or omissions giving rise to such claims notwithstanding that such actions or claims are alleged or brought by one or more parties against more than one Indemnified Party. If such claims or actions are alleged or brought against more than one Indemnified Party, then the indemnifying party shall only be obliged to reimburse the expenses and fees of the one law firm that has been participating on behalf of a majority of the Indemnified Parties against which such action is finally brought; and in the event a majority of such Indemnified Parties is unable to agree on which law firm for which expenses or fees will be reimbursable by the indemnifying party, then payment shall be made to the first law firm of record representing an Indemnified Party against the action or claim. Such law firm shall be paid only to the extent of services performed by such law firm and no reimbursement shall be payable to such law firm on account of legal services performed by another law firm.

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XIV. Contribution.

If the indemnification provided for in Section XIII hereof is for any reason unavailable to or insufficient to hold harmless an Indemnified Party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such Indemnified Party, as incurred, (a) in such proportion as is appropriate to reflect the relative benefits received by the Company, the Dealer Manager and Participating Broker-Dealer, respectively, from the offering of the Units pursuant to this Agreement and the Dealer Manager Agreement or (b) if the allocation provided by clause (a) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (a) above but also the relative fault of the Company, the Dealer Manager and Participating Broker-Dealer, respectively, in connection with the statements or omissions which resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations.

The relative benefits received by the Company, the Dealer Manager and Participating Broker-Dealer, respectively, in connection with the offering of the Units pursuant to this Agreement shall be deemed to be in the same respective proportion as the total net proceeds from the offering of the Units (before deducting expenses) received by the Company, and the total selling commissions, Distribution Fees and other fees received hereunder by the Dealer Manager and Participating Broker-Dealer, respectively, bear to the aggregate initial public offering price of the Units.

The relative fault of the Company, the Dealer Manager and Participating Broker-Dealer, respectively, shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact related to information supplied by the Company, the Dealer Manager or Participating Broker-Dealer, respectively, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

The Company, the Dealer Manager and Participating Broker-Dealer agree that it would not be just and equitable if contribution pursuant to this Section XIV were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable contributions referred to above in this Section XIV. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an Indemnified Party and referred to above in this Section XIV shall be deemed to include any legal or other expenses reasonably incurred by such Indemnified Party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission or alleged omission.

Notwithstanding the provisions of this Section XIV, the Dealer Manager and Participating Broker-Dealer shall not be required to contribute any amount by which the total price at which the Units sold by them exceeds the amount of any damages which the Dealer Manager and Participating Broker-Dealer have otherwise been required to pay by reason of any untrue or alleged untrue statement or omission or alleged omission.

No party guilty of fraudulent misrepresentation (within the meaning of Section 1(f) of the Securities Act) shall be entitled to contribution from any party who was not guilty of such fraudulent misrepresentation.

For the purposes of this Section XIV, the Dealer Manager’s officers, directors, employees, members, partners, agents and representatives, and each person, if any, who controls the Dealer Manager within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall have the same rights to contribution of the Dealer Manager, and each officer, director, employee, member, partner, agent and representative of the Company and each person, if any, who controls the Company, within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, shall have the same rights to contribution of the Company. Participating Broker-Dealer’s obligations to contribute pursuant to this

B-9

Section XIV are several in proportion to the number of Units sold by Participating Broker-Dealer and not joint.

XV. Compliance with Record-Keeping Requirements.

Participating Broker-Dealer agrees to comply with the record-keeping requirements of the Exchange Act and the rules promulgated under the Exchange Act. Participating Broker-Dealer further agrees to keep such records with respect to each customer who purchases Units, the investor’s suitability and the amount of Units sold, and to retain such records for such period of time as may be required by the Commission, any state securities commission, FINRA or the Company.

XVI. Disqualification Events.

(a)    Participating Broker-Dealer represents that neither it, nor any of its directors, executive officers, other officers participating in the Offering, general partners or managing members, or any of the directors, executive officers or other officers participating in the Offering of any such general partner or managing member (each, a “Participating Dealer Covered Person” and, together, “Participating Dealer Covered Persons”), is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”) except for a Disqualification Event (i) contemplated by Rule 506(d)(2) of the Securities Act and (ii) a description of which has been furnished in writing to the Dealer Manager and the Company prior to the date hereof or, in the case of a Disqualification Event occurring after the date hereof, prior to the date of any offering of Units by Participating Broker-Dealer. Participating Broker-Dealer has exercised reasonable care to determine (i) the identity of each person that is a Participating Dealer Covered Person; and (ii) whether any Participating Dealer Covered Person is subject to a Disqualification Event.

(b)    Participating Broker-Dealer will promptly notify the Dealer Manager and the Company in writing of (i) any Disqualification Event relating to any Participating Dealer Covered Person not previously disclosed in accordance with Section XVI(a) above, and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any Participating Dealer Covered Person. In the event of any Disqualification Event suffered by Participating Broker-Dealer which requires the Company to amend or supplement the Memorandum and requires, pursuant to the Dealer Manager Agreement, that the Dealer Manager bear the costs for amending or supplementing the Memorandum and distributing the amended or supplemented Memorandum, Participating Broker-Dealer shall bear such costs or, in the event that more than one Participating Broker-Dealer’s Disqualification Event is the cause for such amended or supplemented Memorandum, its allocable share of such costs, as determined by the Dealer Manager in its reasonable discretion.

(c)    Participating Broker-Dealer represents that it is not aware of any person (other than the Dealer Manager and any Participating Dealer Covered Person) that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of Units. Participating Broker-Dealer will promptly notify the Dealer Manager and the Company of any agreement or arrangement entered into between Participating Broker-Dealer and such person in connection with such sale.

XVII. Customer Complaints.

Participating Broker-Dealer hereby agrees to provide to the Dealer Manager promptly upon receipt by Participating Broker-Dealer copies of any written or otherwise documented customer complaints received by Participating Broker-Dealer relating in any way to the Offering (including, but not limited to, the manner in which the Units are offered by Participating Broker-Dealer), the Units, a Trust or the Company.

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XVIII. Effective Date.

This Agreement will become effective upon the last date it is executed by any party hereto. This Agreement will become effective with respect to any particular Property upon the date the Property Acceptance Letter in the form attached hereto as Exhibit A is executed by Participating Broker-Dealer and delivered to the Dealer Manager.

XIX. Termination; Amendment; Entire Agreement; Third Party Beneficiaries.

Participating Broker-Dealer will immediately suspend or terminate its offer and sale of Units upon the request of the Company or the Dealer Manager at any time and will resume its offer and sale of Units hereunder upon subsequent request of the Company or the Dealer Manager. Any party may terminate this Agreement by written notice pursuant to Section XXIII below.

Upon termination of this Agreement, the Dealer Manager shall pay to Participating Broker-Dealer all (a) earned but unpaid compensation and (b) reimbursement for all incurred, accountable expenses to which Participating Broker-Dealer is or becomes entitled under Section IV hereof at such time as such compensation or reimbursement becomes payable.

This Agreement may be amended at any time by the Dealer Manager by written notice to Participating Broker-Dealer, and any such amendment shall be deemed accepted by Participating Broker-Dealer upon placing an order for sale of Units after it has received such notice.

This Agreement and the exhibits and schedules hereto are the entire agreement of the parties and supersedes all prior agreements, if any, between the parties hereto relating to the subject matter hereof. The exhibits and schedules to this Agreement are hereby incorporated in this Agreement and shall form an integral part of this Agreement.

Except as expressly provided otherwise in this Agreement, no provision of this Agreement is intended to be for the benefit of any person or entity not a party to this Agreement, and no third party shall be deemed to be a beneficiary of any provision of this Agreement. The Company is a third party beneficiary with respect to this Agreement with respect to Sections XIII, XIV and XVI of this Agreement and may enforce its rights against any party to this Agreement.

XX. Assignment.

Participating Broker-Dealer shall have no right to assign this Agreement or any of Participating Broker-Dealer’s rights hereunder or to delegate any of Participating Broker-Dealer’s obligations hereunder. Any such purported assignment or delegation by Participating Broker-Dealer shall be null and void. The Dealer Manager shall have the right to assign any or all of its rights and obligations under this Agreement by written notice, and Participating Broker-Dealer shall be deemed to have consented to such assignment by execution hereof. Dealer Manager shall provide written notice of any such assignment to Participating Broker-Dealer.

XXI. Privacy Laws.

The Dealer Manager and Participating Broker-Dealer (each referred to individually in this Section XXI as a “party”) agree as follows:

(a)    Each party agrees to abide by and comply with (i) the privacy standards and requirements of the Gramm-Leach-Bliley Act of 1999 (“GLB Act”); (ii) the privacy standards and requirements of any other applicable Federal or state law; and (iii) its own internal privacy policies and procedures, each as may be amended from time to time;

B-11

(b)    Each party agrees to refrain from the use or disclosure of nonpublic personal information (as defined under the GLB Act) of all customers who have opted out of such disclosures except as necessary to service the customers or as otherwise necessary or required by applicable law; and

(c)    Each party shall be responsible for determining which customers have opted out of the disclosure of nonpublic personal information by periodically reviewing and, if necessary, retrieving a list of such customers (the “List”) as provided by each to identify customers that have exercised their opt-out rights. In the event either party uses or discloses nonpublic personal information of any customer for purposes other than servicing the customer, or as otherwise required by applicable law, that party will consult the List to determine whether the affected customer has exercised his or her opt-out rights. Each party understands that each is prohibited from using or disclosing any nonpublic personal information of any customer that is identified on the List as having opted out of such disclosures.

XXII. Electronic Signatures and Electronic Delivery of Documents.

If Participating Broker-Dealer has adopted or adopts a process by which persons may authorize certain account-related transactions or requests, in whole or in part, by “Electronic Signature” (as such term is defined by the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. 7001 et seq., the Uniform Electronic Transactions Act, as promulgated by the Uniform Conference of Commissioners on Uniform State Law in July 1999 and as adopted by the relevant jurisdiction(s) where Participating Broker-Dealer is licensed, and applicable rules, regulations and guidance relating to the use of electronic signatures issued by the Commission, FINRA and the North American Securities Administrators Association (“NASAA”) including, as applicable, the NASAA Statement of Policy Regarding Use of Electronic Offering Documents And Electronic Signatures, adopted May 8, 2017, as amended (collectively, “Electronic Signature Law”)), to the extent the Company allows the use of Electronic Signature, in whole or in part, Participating Broker-Dealer represents that: (i) each Electronic Signature will be genuine; (ii) each Electronic Signature will represent the signature of the person required to sign the Subscription Agreement or other form to which such Electronic Signature is affixed; and (iii) Participating Broker-Dealer will comply with all applicable terms of the Electronic Signature Law.

If Participating Broker-Dealer intends to use electronic delivery to distribute the Memorandum or other documents related to the Company or Trust to any person, Participating Broker-Dealer will comply with all applicable rules, regulations and/or guidance relating to the electronic delivery of documents issued by the Commission, FINRA, NASAA and individual state securities administrators and any other applicable laws or regulations related to the electronic delivery of offering documents including, as appropriate, Electronic Signature Law. Participating Broker-Dealer shall obtain and document its receipt of the informed consent to receive documents electronically of persons, which documentation shall be maintained by Participating Broker-Dealer and made available to the Company or the Dealer Manager upon request.

Participating Broker-Dealer represents that the Company and Trust may accept any Electronic Signature without any responsibility to verify or authenticate that it is the signature of Participating Broker-Dealer’s client given with such client’s prior authorization and consent. Participating Broker-Dealer represents that the Company and Trust may act in accordance with the instructions authorized by Electronic Signature without any responsibility to verify that Participating Broker-Dealer’s client intended to give the Electronic Signature for the purpose of authorizing the instruction, transaction or request and that Participating Broker-Dealer’s client received all disclosures required by applicable Electronic Signature Law. Participating Broker-Dealer agrees to provide a copy of each Electronic Signature and further evidence supporting any Electronic Signature upon request by the Company or Dealer Manager.

XXIII. Notice.

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All notices will be in writing and deemed given (a) when delivered personally, (b) on the first business day after delivery to a national overnight courier service, or (c) on the fifth business day after deposit in the United States mail, properly addressed and stamped with the required postage, registered or certified mail, return receipt requested, to the Dealer Manager at: LaSalle Investment Management Distributors, LLC, 333 West Wacker Drive, Suite 2300, Chicago, Illinois 60606, Attention: Chief Executive Officer, and to Participating Broker-Dealer at the address specified by Participating Broker-Dealer on the signature page hereto.

XXIV. Attorneys’ Fees; Applicable Law and Venue.

In any action to enforce the provisions of this Agreement or to secure damages for breach of this Agreement, the prevailing party shall recover its costs and reasonable attorney’s fees. This Agreement shall be construed under the laws of the State of Delaware. Venue for any action (including arbitration) brought hereunder shall lie exclusively in Chicago, Illinois.

[Signatures on following pages]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on its behalf by its duly authorized agent.

“DEALER MANAGER”

LaSalle Investment Management Distributors, LLC

By:

Name:

Title:

We have read the foregoing Agreement and we hereby accept and agree to the terms and conditions therein set forth. We hereby represent that the jurisdictions identified below represent a true and correct list of all jurisdictions in which we are registered or licensed as a broker or dealer and are fully authorized to sell securities, and we agree to advise you of any change in such list during the term of this Agreement.

1. Identity of Participating Broker-Dealer:

Full Legal Name:

Type of Entity:

Organized in the State of:

Tax Identification Number:

FINRA/CRD Number:

Signature Page to Participating Broker-Dealer Agreement

2. Any notice under this Agreement will be deemed given pursuant to Section XXIII hereof when delivered to Participating Broker-Dealer as follows:

Company Name:	_____________________
Attention to:
	(Name)
	(Title)
Street Address:
City, State and Zip Code:
Telephone No.:	(        )
Facsimile No.:	(        )
Email Address:

Accepted and agreed as of the date below: “PARTICIPATING BROKER-DEALER”
(Print Name of Participating Broker-Dealer)
By:	______________________________
Name:	______________________________
Title:	______________________________
Date:	______________________________

Signature Page to Participating Broker-Dealer Agreement

SCHEDULE 1

TO

PARTICIPATING BROKER-DEALER AGREEMENT

A. Terms and Conditions of the Selling Commissions.

Participating Broker-Dealer shall be entitled to receive selling commissions, in an amount as determined by Participating Broker-Dealer, of up to [5.0]% of the Gross Price per Unit on each Unit sold by Participating Broker-Dealer. Participating Broker-Dealer will have sole discretion whether to waive, remit or reduce the selling commission payable to it in connection with the Units sold by Participating Broker-Dealer and, to the extent so waived, remitted or reduced, neither the Company, nor the Dealer Manager, nor any of their respective affiliates, shall charge or receive a selling commission in connection with a Unit sold by Participating Broker-Dealer. All selling commissions payable to Participating Broker-Dealer will be collected by Participating Broker-Dealer from the purchaser.

B. Terms and Conditions of the Dealer Manager Fee.

Participating Broker-Dealer shall be entitled to receive a Dealer Manager Fee, in an amount as determined by Participating Broker-Dealer, of up to [1.0]% of the Gross Price per Unit on each Unit sold by Participating Broker-Dealer. Participating Broker-Dealer will have sole discretion whether to waive, remit or reduce the Dealer Manager Fee payable to it in connection with the Units sold by Participating Broker-Dealer and, to the extent so waived, remitted or reduced, neither the Company, nor the Dealer Manager, nor any of their respective affiliates, shall charge or receive a Dealer Manager Fee in connection with a Unit sold by Participating Broker-Dealer. All Dealer Manager Fees payable to Participating Broker-Dealer will be collected by Participating Broker-Dealer from the purchaser.

C. Terms and Conditions of the Investor Servicing Fee.

From and after the sale by Participating Broker-Dealer of Units hereunder, the Dealer Manager will pay to Participating Broker-Dealer during the term of the Participating Broker-Dealer Agreement a portion of the Investor Servicing Fee that shall be calculated daily and paid quarterly. For each day during the applicable calendar quarter for which the Investor Servicing Fee is calculated, the Investor Servicing Fee payable to Participating Broker-Dealer shall equal the sum of:

(i)Prior to the Operating Partnership’s exercise of the FMV Option with respect to any given Units, 1/365th of 0.25% per annum of the NAV of such Units in each Trust for such day, determined separately with respect to each Trust as described in the Memorandum.

(ii)Following the Operating Partnership’s exercise of the FMV Option and delivery of OP Units in exchange for such Units, (A) 1/365th of 0.85% per annum of the NAV of such Class A OP Units issued in exchange for Units; (B) 1/365th of 0.30% per annum of the NAV of Class M OP Units issued in exchange for Units; and (C) 1/365th of 0.30% per annum of the NAV of Class A-I OP Units issued in exchange for Units. No Investor Servicing Fee shall be payable with respect to any Class M-I OP Units issued in exchange for Units.

(iii)Following the exchange of any such OP Units for shares of common stock of JLLIPT pursuant to the redemption provisions of the OP Agreement, (A) 1/365th of 0.85% per annum of the NAV of Class A shares issued in exchange for Class A OP Units that were previously exchanged for Units; (B) 1/365th of 0.30% per annum of the NAV of Class M shares issued in exchange for Class M OP Units that were previously exchanged for Units; and (C) 1/365th of 0.30% per annum of the NAV of Class A-I shares issued in exchange for Class A-I OP Units that were previously exchanged for Units. No Investor Servicing Fee shall be payable with respect to Class M-I shares issued in exchange for Class M-I OP Units that were previously exchanged for Units.

In no event shall the Investor Servicing Fee payable to Participating Broker-Dealer exceed the Investor Servicing Fee payable to the Dealer Manager pursuant to the Dealer Manager Agreement with respect to the Units sold by Participating Broker-Dealer.

SCHEDULE 2

TO

PARTICIPATING BROKER-DEALER AGREEMENT

Participating Broker-Dealer hereby authorizes the Dealer Manager or its agent to deposit reallowances and other payments due to it pursuant to the Participating Broker-Dealer Agreement to its bank account specified below. This authority will remain in force until Participating Broker-Dealer notifies the Dealer Manager in writing to cancel it. In the event that the Dealer Manager deposits funds erroneously into Participating Broker-Dealer’s account, the Dealer Manager is authorized to debit the account with no prior notice to Participating Broker-Dealer for an amount not to exceed the amount of the erroneous deposit.

Bank Name:

Bank Address:

Bank Routing Number:

Account Number:

SCHEDULE 3

TO

PARTICIPATING BROKER-DEALER AGREEMENT

Participating Broker-Dealer represents and warrants that it is currently licensed as a broker-dealer in the following jurisdictions:

•	Alabama	•	Montana
•	Alaska	•	Nebraska
•	Arizona	•	Nevada
•	Arkansas	•	New Hampshire
•	California	•	New Jersey
•	Colorado	•	New Mexico
•	Connecticut	•	New York
•	Delaware	•	North Carolina
•	District of Columbia	•	North Dakota
•	Florida	•	Ohio
•	Georgia	•	Oklahoma
•	Guam	•	Oregon
•	Hawaii	•	Pennsylvania
•	Idaho	•	Puerto Rico
•	Illinois	•	Rhode Island
•	Indiana	•	South Carolina
•	Iowa	•	South Dakota
•	Kansas	•	Tennessee
•	Kentucky	•	Texas
•	Louisiana	•	Utah
•	Maine	•	Vermont
•	Maryland	•	Virgin Islands
•	Massachusetts	•	Virginia
•	Michigan	•	Washington
•	Minnesota	•	West Virginia
•	Mississippi	•	Wisconsin
•	Missouri	•	Wyoming

EXHIBIT A

TO

PARTICIPATING BROKER-DEALER AGREEMENT

[DATE]

LaSalle Investment Management Distributors, LLC
333 West Wacker Drive, Suite 2300

Chicago, Illinois 60606

Re:     Offering of units of beneficial interest with respect to the property commonly referred to as [_] and located at [_] (the “Property”)

The undersigned, being Participating Broker-Dealer pursuant to the terms of that certain Participating Broker-Dealer Agreement, dated as of [_], 20[_] (the “Agreement”), makes the following representations with respect to the Property and the disclosure provided in connection with the Agreement. Capitalized terms used herein and not otherwise defined have the meanings given to such terms in the Agreement.

The undersigned acknowledges and agrees that it has received a copy of the Offering Materials with respect to the Property. The undersigned further acknowledges and agrees that (i) it has had sufficient opportunity to review the Offering Materials, (ii) it has been given sufficient opportunity to ask questions of, and receive answers from, the Dealer Manager with respect to the Offering Materials, the Units and the Property, (iii) the undersigned agrees to act as a Participating Broker-Dealer with respect to Units of beneficial interest in the Property in accordance with the terms of the Agreement and the Dealer Manager Agreement, and (iv) the Dealer Manager is hereby authorized to proceed to distribute to the undersigned’s representatives, agents and clients copies of the Offering Materials for such parties’ use in offering the Units of beneficial interest in the Property.

[Name of Participating Broker-Dealer]

By:    

Name:     

Title:    

EX-21.1

Exhibit 21.1

Jones Lang LaSalle Income Property Trust, Inc. Subsidiaries as of December 31, 2021	State or Jurisdiction orIncorporation	PercentOwned
Holding San Marcos LLC	Delaware	78.00
LIPT San Marcos LLC	Delaware	100.00
LIPT 140 Park Avenue, LLC	Delaware	100.00
LIPT Chestnut Street, LLC	Delaware	100.00
Aquinas Realty Investors II, LLC	Delaware	100.00
Aquinas Holdings II, LLC	Delaware	100.00
Aquinas 2021 Chestnut Street, General Partner, LLC	Delaware	100.00
Aquinas 2021 Chestnut Street, LP	Delaware	100.00
JLLIPT Holdings GP	Delaware	100.00
JLLIPT Holdings LP	Delaware	99.00
JLL Exchange TRS, LLC	Delaware	100.00
JLLX Johns Creek Master Tenant, LLC	Delaware	100.00
JLLX Johns Creek, DST	Delaware	100.00
JLLX Mason Mill Master Tenant, LLC	Delaware	100.00
JLLX Mason Mill, DST	Delaware	100.00
JLLX Milford Crossing Master Tenant, LLC	Delaware	100.00
JLLX Milford Crossing, DST	Delaware	100.00
JLLX Penfield Master Tenant, LLC	Delaware	100.00
JLLX Penfield, DST	Delaware	100.00
JLLX San Marcos Master Tenant, LLC	Delaware	100.00
JLLX San Marcos, DST	Delaware	100.00
JLLX SJC Medical Office Master Tenant, LLC	Delaware	100.00
JLLX SJC Medical Office, DST	Delaware	100.00
JLLX Villas at Legacy Master Tenant, LLC	Delaware	100.00
JLLX Villas at Legacy, DST	Delaware	100.00
JLLX Montecito Marketplace Master Tenant, LLC	Delaware	100.00
JLLX Montecito Marketplace, DST	Delaware	100.00
JLLX Whitestown Master Tenant, LLC	Delaware	100.00
JLLX Whitestown, DST	Delaware	100.00
JLLX Louisville Airport Distribution Center Master Tenant	Delaware	100.00
JLLX Louisville Airport Distribution Center DST	Delaware	100.00
JLLX The Preserve at the Meadows Master	Delaware	100.00
JLLX The Preserve at the Meadows DST	Delaware	100.00
JLLX Rockwell Apartments Master Tenant	Delaware	100.00
JLLX Rockwell Apartments DST	Delaware	100.00
JLLX Stony Point Master Tenant LLC	Delaware	100.00
JLLX Stony Point DST	Delaware	100.00
LIPT Distribution Parkway, LLC	Delaware	100.00
JLLX Reserve at Venice, DST	Delaware	100.00
JLLX Reserve at Venice Master Tenant LLC	Delaware	100.00
ELPF Howell Mill LLC	Delaware	100.00
ELPF Kendall LLC	Delaware	100.00

Jones Lang LaSalle Income Property Trust, Inc. Subsidiaries as of December 31, 2021	State or Jurisdiction orIncorporation	PercentOwned
ELPF Lafayette Subsidiary, Inc.	Delaware	100.00
Holding Lafayette LLC	Delaware	100.00
ELPF Lafayette Member LLC	Delaware	100.00
ELPF Lafayette LLC	Delaware	100.00
ELPF Norfleet LLC	Delaware	100.00
LIPT 1225 Michael Drive, LLC	Delaware	100.00
LIPT 1300-1350 Michael Drive, LLC	Delaware	100.00
LIPT 1340 Satellite LLC	Delaware	100.00
LIPT 170 Park Avenue, LLC	Delaware	100.00
LIPT 2212 Vermont Drive, LLC	Delaware	100.00
LIPT 27th Avenue SE, LLC	Delaware	100.00
LIPT 3324 Trinity Boulevard, LLC	Delaware	100.00
LIPT 47 National Way Member, LLC	Delaware	100.00
LIPT 47 National Way, LP	Delaware	100.00
LIPT 4900 Boardwalk Drive, LLC	Delaware	100.00
LIPT 5 National Way Member, LLC	Delaware	100.00
LIPT 5 National Way, LP	Delaware	100.00
LIPT Allan Drive, LLC	Delaware	100.00
LIPT Ash Meadows Lane, LLC	Delaware	100.00
LIPT ASP Valencia, LLC	Delaware	100.00
LIPT Bath Road, LLC	Delaware	100.00
LIPT Bixby Member, LLC	Delaware	95.00
LIPT Bixby JV, LLC	Delaware	100.00
LIPT Bixby I, LLC	Delaware	100.00
LIPT Bixby II, LLC	Delaware	100.00
LIPT Bixby III, LLC	Delaware	100.00
LIPT Bixby IV, LLC	Delaware	100.00
LIPT Bixby V, LLC	Delaware	100.00
LIPT Boulder Falls Street, LLC	Delaware	100.00
Boulder Falls Street JV, LLC	Delaware	95.00
LIPT Britannia Drive, LLC	Delaware	100.00
LIPT Charles Colton Road, LLC	Delaware	100.00
LIPT Clermont Road, LLC	Delaware	100.00
LIPT Collins Avenue, LLC	Delaware	100.00
LIPT Conestoga Parkway, LLC	Delaware	100.00
LIPT Corporate Drive, LLC	Delaware	100.00
LIPT East Germann Road, LLC	Delaware	100.00
LIPT East Greenway Parkway, LLC	Delaware	100.00
LIPT East Kaahumanu Avenue, LLC	Delaware	100.00
LIPT Foothill Boulevard, LLC	Delaware	100.00
LIPT Genesee Avenue, LLC	Delaware	100.00
LIPT Giant Road, LLC	Delaware	100.00
LIPT Grand Lakes GP LLC	Delaware	0.01

Jones Lang LaSalle Income Property Trust, Inc. Subsidiaries as of December 31, 2021	State or Jurisdiction orIncorporation	PercentOwned
Cinco Grand & Fry Retail LP	Texas	90.00
LIPT Grand Lakes Retail LLC	Delaware	90.00
LIPT Highway 114, LLC	Delaware	100.00
LIPT Investors, LLC	Delaware	100.00
LIPT Kingston Member, LLC	Delaware	100.00
LIPT Lane Parke, LLC	Delaware	100.00
LIPT Lewis Mittel, LLC	Delaware	100.00
LIPT Madison Industrial Lane, LLC	Delaware	100.00
LIPT Mason Mill Road, LLC	Delaware	100.00
LIPT McFarland Drive Member, LLC	Delaware	100.00
LIPT McFarland Drive, LP	Delaware	100.00
LIPT MOB Portfolio I, LLC	Delaware	100.00
LIPT Brisbane Court, LLC	Delaware	100.00
LIPT Double Diamond Parkway, LLC	Delaware	100.00
LIPT Northeast 82nd Street, LLC	Delaware	100.00
LIPT Roe Boulevard, LLC	Delaware	100.00
LIPT Southwest 7 Highway, LLC	Delaware	100.00
LIPT Summergate Boulevard, LLC	Delaware	100.00
LIPT Virginia Station	Delaware	100.00
LIPT NE Alderwood Road, LLC	Delaware	100.00
LIPT North Jefferson Street, LLC	Delaware	100.00
LIPT North Moore Road, LLC	Delaware	100.00
Coppell Properties, LLC	Delaware	100.00
LIPT North Scottsdale Road, LLC	Delaware	100.00
LIPT Northport Court, LLC	Delaware	100.00
LIPT Northport Loop East, LLC	Delaware	100.00
LIPT NW Buford Highway, LLC	Delaware	100.00
LIPT NW Cedar Falls Drive, LLC	Delaware	100.00
LIPT Oak Grove, LLC	Delaware	100.00
LIPT Ontario Street, LLC	Delaware	100.00
LIPT Orchard Gateway, LLC	Delaware	100.00
LIPT Osgood Street, LLC	Delaware	100.00
LIPT Otay Mesa Road, LLC	Delaware	100.00
LIPT Patterson Place, LLC	Delaware	100.00
LIPT Presley, LLC	Delaware	97.50
Presley Uptown Venture, LLC	Delaware	100.00
LIPT PM, LLC	Delaware	100.00
LIPT San Diego, Inc.	Delaware	100.00
LIPT Sanyo Avenue, LLC	Delaware	100.00
LIPT SFR Portfolio, LLC	Delaware	100.00
LIPT Shepherdsville Road, LLC	Delaware	100.00
LIPT Spokane Street LLC	Delaware	100.00
LIPT SW Fifth Avenue, LLC	Delaware	100.00

Jones Lang LaSalle Income Property Trust, Inc. Subsidiaries as of December 31, 2021	State or Jurisdiction orIncorporation	PercentOwned
LIPT Sylvan Way, LLC	Delaware	100.00
LIPT Touhy McCormick, LLC	Delaware	100.00
LIPT Tremington Member, LLC	Delaware	75.00
NWP Tremington JV LLC	Delaware	100.00
NWP Huntington Owner LLC	Delaware	100.00
NWP Tremont Owner LLC	Delaware	100.00
LIPT Trinity Boulevard, LLC	Delaware	100.00
LIPT Twin Lakes Member, LLC	Delaware	100.00
LIPT Twin Lakes, LP	Delaware	99.00
LIPT Valencia Commerceplex, LLC	Delaware	100.00
LIPT West Fountainhead Parkway, LLC	Delaware	100.00
LIPT West Frye Road, LLC	Delaware	100.00
LIPT Whitestone Boulevard, LLC	Delaware	100.00
LIPT Winchester Road, Inc.	Delaware	100.00
LIPT Woodside Court, LLC	Delaware	100.00
MIVPO Member LLC	Delaware	100.00
MIVPO LLC	Delaware	100.00

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, C. Allan Swaringen, certify that:

1. I have reviewed this annual report on Form 10-K of Jones Lang LaSalle Income Property Trust, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	March 11, 2022	/s/    C. ALLAN SWARINGEN
		C. Allan Swaringen President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Gregory A. Falk, certify that:

1. I have reviewed this annual report on Form 10-K of Jones Lang LaSalle Income Property Trust, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	March 11, 2022	/s/    GREGORY A. FALK
		Gregory A. Falk Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Jones Lang LaSalle Income Property Trust, Inc. (the “Company”) on Form 10-K for the period ending December 31, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, C. Allan Swaringen, in my capacity as Chief Executive Officer of the Company, do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/    C. ALLAN SWARINGEN

C. Allan Swaringen

President and Chief Executive Officer

March 11, 2022

EX-32.2

Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Jones Lang LaSalle Income Property Trust, Inc. (the “Company”) on Form 10-K for the period ending December 31, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gregory A. Falk, in my capacity as Chief Financial Officer of the Company, do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/    GREGORY A. FALK

Gregory A. Falk

Chief Financial Officer

March 11, 2022

EX-99.1

Exhibit 99.1

RH JOINT VENTURES, LLC AND SUBSIDIARIES

Consolidated Financial Statements

December 31, 2021 and 2020

(With Independent Auditors' Report Thereon)

    1    

RH JOINT VENTURES, LLC AND SUBSIDIARIES

Table of Contents

	Page
Independent Auditor’s Report	1
Consolidated Financial Statements:
Consolidated Statements of Assets, Liabilities and Members' Equity	3
Consolidated Statements of Operations	4
Consolidated Statements of Changes in Members' Equity	5
Consolidated Statements of Cash Flows	6
Notes to Consolidated Financial Statements	8

    2    

Independent Auditors' Report

The Members

RH Joint Ventures, LLC:

Opinion

We have audited the consolidated financial statements of RH Joint Ventures, LLC and its subsidiaries (the Company), which comprise the consolidated statements of assets, liabilities and members' equity as of December 31, 2021 and 2020, and the related consolidated statements of operations, changes in members' equity, and cash flows for the years then ended, and the related notes to the consolidated financial statements.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for the years then ended in accordance with U.S. generally accepted accounting principles.

Basis for Opinion

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with U.S. generally accepted accounting principles, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the consolidated financial statements are issued.

Auditors' Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgement made by a reasonable user based on the consolidated financial statements.

In performing an audit inaccordance with GAAS, we:

    1    

•Exercise professional judgement and maintain professional skepticism throughout the audit.

•Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.

•Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

•Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.

•Conclude whether, in our judgement, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

/s/ KPMG LLP

Austin, Texas

February 25, 2022

    2    

RH JOINT VENTURES, LLC AND SUBSIDIARIES

Consolidated Statement of Assets, Liabilities and Members' Equity

December 31, 2021 and 2020

(In thousands)

ASSETS	2021		2020
Real estate investments, at fair value (cost $867,307 and $862,389 in 2021 and 2020, respectively)	$	1,351,773	$	1,024,081
Cash and cash equivalents	7,446		5,081
Restricted cash	11,805		13,539
Securitization certificates ,at fair value (amortized cost $43,227)	51,667		43,214
Due from related parties	54		84
Other assets	3,712		2,964
Total Assets	$	1,426,457	$	1,088,963
Liabilities and Members' Equity
Liabilities
Securitization, net	$	796,832	$	790,686
Accrued liabilities	15,154		14,206
Due to related parties	2,070		1,332
Total liabilities	814,056		806,224
Commitments and contingencies
Members' equity	612,401		282,739
Total liabilities and members' equity	$	1,426,457	$	1,088,963

See accompanying notes to consolidated financial statements.

    3    

RH JOINT VENTURES, LLC AND SUBSIDIARIES

Consolidated Statement of Operations

Years Ended December 31, 2021 and 2020

(In thousands)

	2021		2020
Revenues
Rental revenue	$	77,614	$	48,045
Interest and other income	3,474		1,026
Total revenues	81,088		49,071
Expenses:
Interest expense	22,943		16,112
Property operating expenses	18,428		11,168
Real estate taxes	10,935		6,714
Professional fees	500		467
Earn out payment	7,500		—
General and administrative	1,379		784
Total expenses	61,685		35,245
Loss on early extinguishment of debt	—		(3,405)
Net income	19,403		10,421
Realized gain on sales of real estate investments	92		174
Net change in unrealized gain on real estate investments	322,775		133,341
Net change in unrealized loss on securitization certificates	4,980		(13)
Net increase in members' equity from operations	$	347,250	$	143,923

See accompanying notes to consolidated financial statements.

    4    

RH JOINT VENTURES, LLC AND SUBSIDIARIES

Consolidated Statements of Changes in Members' Equity

Years Ended December 31, 2021 and 2020

(In thousands)

	GVI RH JV Investor, LLC		Amherst SFRP Member 111-G , LLC		Total Members' Equity
Balance at December 31, 2019	$	119,790	$	11,115	$	130,905
Increase in members' equity from capital transactions:
Contributions	136,438		9,045		145,483
Distributions	(168,587)		(8,775)		(177,362)
Noncash contributions	37,800		1,990		39,790
Net increase in members' equity from capital transactions	5,651		2,260		7,911
Increase in members' equity from operations:
Net income	9,900		521		10,421
Realized gain on sales of real estate investments	165		9		174
Net change in unrealized gain on real estate investments	126,674		6,667		133,341
Net change in unrealized loss on securitization certificates	(12)		(1)		(13)
Income allocation	(28,668)		28,668		—
Net increase in members' equity from operations	108,059		35,864		143,923
Balance at December 31, 2020	$	233,500	$	49,239	$	282,739
Decrease in members' equity from capital transactions:
Contributions	7,125		375		7,500
Distributions	(21,439)		(1,128)		(22,567)
Noncash contributions	(531)		(1,990)		(2,521)
Net decrease in members' equity from capital transactions	(14,845)		(2,743)		(17,588)
Increase in members' equity from operations:
Net income	18,433		970		19,403
Realized gain on sales of real estate investments	87		5		92
Net change in unrealized gain on real estate investments	306,636		16,139		322,775
Net change in unrealized loss on securitization certificates	4,731		249		4,980
Income allocation	(97,562)		97,562		—
Net increase in members' equity from operations	232,325		114,925		347,250
Balance at December 31, 2021	$	450,980	$	161,421	$	612,401

See accompanying notes to consolidated financial statements.

    5    

RH JOINT VENTURES, LLC AND SUBSIDIARIES

Consolidated Statements of Cash Flows

Years Ended December 31, 2021 and 2020

(In thousands)

	2021		2020
Cash flows from operating activities:
Net increase in members' equity from operations	$	347,250	$	143,923
Adjustments to reconcile net increase in members' equity from operations to net cash provided by operating activities:
Loss on early extinguishment of debt	—		3,405
Realized gain on sales of real estate investments	(92)		(174)
Net change in unrealized gain on real estate investments	(322,775)		(133,341)
Net change in unrealized (gain) loss on securitization certificates	(4,980)		13
Amortization of deferred financing costs	2,749		1,355
Amortization of loan discount	3,477		846
Amortization of securitization certificates discount	(3,473)		(846)
Changes in assets and liabilities:
Receivables from related parties	30		(84)
Other assets	(747)		3,069
Accrued liabilities	691		2,289
Payables to related parties	738		(546)
Net cash provided by operating activities	22,868		19,909
Cash flows from investing activities:
Purchases of real estate investments, net of assumed debt	(1,769)		(140,308)
Proceeds from sales of real estate investments	2,240		21,992
Purchase of securitization certificates	—		(42,381)
Real estate improvements	(7,561)		(5,093)
Net cash used in investing activities	(7,090)		(165,790)
Cash flows from financing activities:
Members' contributions	7,500		145,483
Members' distributions	(22,567)		(177,362)
Payments of deferred financing costs	(80)		(14,155)
Payments of debt extinguishment costs	—		(2,063)
Proceeds from securitization	—		803,099
Proceeds from notes payable	—		13,771
Payments on notes payable	—		(614,379)
Net cash (used in) provided by financing activities	(15,147)		154,394
Net increase in cash, cash equivalents and restricted cash	631		8,513
Cash and cash equivalents and restricted cash, beginning of year	18,620		10,107
Cash and cash equivalents and restricted cash, end of year	$	19,251	$	18,620

See accompanying notestoconsolidatedfinancialstatements.

(Continued)

    6    

RH JOINT VENTURES, LLC AND SUBSIDIARIES

Consolidated Statements of Cash Flows

Years Ended December 31, 2021 and 2020

(In thousands)

	2021		2020
Supplemental cash flow information:
Interest paid (net of capitalized interest of $0 and $75 in 2021 and 2020, respectively	$	16,693	$	13,722
Noncash investing activities:
Change in accrued improvements of real estate investments	$	237	$	356
Net working capital liabilities acquired as part of purchases of real estate investments	$	19	$	2,658
Purchase of real estate investments - TPG Portfolio	$	—	$	394,188
Assumption of debt on real estate investments - TPG Portfolio	$	—	$	263,728
Noncash financing activities:
Contribution of real estate investments for members' equity, net	$	—	$	39,790
Distribution of real estate investments to members	$	2,521	$	—
Reconciliation of cash and cash equivalents and restricted cash reported in the consolidated statements of assets, liabilities and members' equity to the consolidated statements of cash flows:
Cash and cash equivalents	$	7,446	$	5,081
Restricted cash	11,805		13,539
Total cash and cash equivalents and restricted cash	$	19,251	$	18,620

See accompanying notestoconsolidatedfinancialstatements.

    7    

RH JOINT VENTURES, LLC AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2021 and 2020

($ amounts in thousands)

(1)Nature of Business

RH Joint Ventures, LLC (the Company), a Delaware limited liability company, was formed on June 12, 2018, and commenced operations on July 31, 2018 (inception). It was formed by Amherst SFRP Member III-G, LLC (Amherst Member), and GVI RH JV Investor, LLC (Investor Member), collectively referred to as the Members, with the purpose of acquiring, holding, improving, repairing, operating, leasing, managing, financing, and disposing of single-family rental properties. The Company’s term is indefinite and it may be dissolved by either, whichever occurs first, unanimous approval of the Members or the entry of a decree of judicial dissolution.

All decisions by and on behalf of the Company are be made by the Members. The Members elected the Amherst Member as the Administrative Member, which shall act as a manager of the Company. The Administrative Member has the day-to-day responsibility for the management of the business and affairs of the Company. All major decisions made by the Company need majority approval of the Members of the Company.

In addition, the Company created an Investment Committee comprised of three representatives appointed by Investor Member and two representatives appointed by Amherst Member. All decisions of the Investment Committee are determined based on a majority vote of the representatives.

(2)Significant Accounting Policies

(a)Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated on consolidation.

(b)Basis of Accounting

These consolidated financial statements are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (GAAP) whereby revenues are recognized in the period earned and expenses are recognized in the period incurred.

The Company applies Accounting Standards Codification (ASC) Topic 946, Financial Services – Investment Companies, by analogy based on guidance published by the National Council of Real Estate Investment Fiduciaries (NCREIF) and the Pension Real Estate Association (PREA): The NCREIF PREA Reporting Standards Fair Value Accounting Policy Manual. Specifically, as a substantial majority of the Company’s investment interests are owned by investors who are required to measure their investments at fair value under GAAP, the Company applies a fair value-based accounting model to its real estate investments.

(c)Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The real estate and capital markets are

    8    

RH JOINT VENTURES, LLC AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2021 and 2020

($ amounts in thousands)

cyclical in nature. Property and investment values are affected by, among other things, the availability of capital, occupancy rates, rental rates and interest and inflation rates. As a result, determining real estate and investment values involves many assumptions. Amounts ultimately realized from each investment may vary significantly from the fair values presented. The Company’s most significant accounting estimate relates to the determination of the fair value of its investments.

(d)Real Estate Investments

Real estate investments are initially recorded at the purchase price, including acquisition costs. Improvements made subsequent to acquisition are capitalized if they enhance the value or extend the useful life of an existing asset. The cost of normal repairs and maintenance are expensed as incurred. Additionally, certain services are either performed, or subcontracted by Main Street Renewal LLC (MSR), a Delaware limited liability company and affiliate of the Amherst Member. MSR invoices the Company its costs incurred plus a profit margin of 15%. These costs, including markup, are either capitalized or expensed depending on their nature in accordance with the policy above. Real estate investments are not subject to depreciation; however, they are subject to adjustment to fair market value as described below.

The Members establish valuation processes and procedures to ensure that the valuation techniques are fair and consistent, and valuation inputs are supportable. Valuations are supported by market data, third-party pricing sources, industry-accepted pricing models, counterparty prices, or other methods determined in good faith by a majority of the Members, including the use of internal proprietary pricing models. Any material modifications to valuation procedures must be approved by the Investor Member.

Fair value of real estate investments is determined periodically throughout the year, including at year-end. When real estate investments are adjusted to fair value, the difference between cost and fair value is included as unrealized gain or loss within real estate investments on the consolidated statements of assets, liabilities and members’ equity. The net change in unrealized gain on real estate investments is included in the net change in unrealized gain on real estate investments caption in the consolidated statements of operations. During the years ended December 31, 2021 and 2020, the Company recorded $322,775 and $133,341, respectively, in net change in unrealized gain on real estate investments.

(e)Cash and Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents consisted primarily of demand deposits at December 31, 2021 and 2020.

Restricted cash represents cash deposited in accounts related to certain rent deposits and collections, security deposits, property taxes, and capital expenditures as well as certain lender reserve accounts. Amounts deposited in the reserve accounts associated with the securitization loan can only be used as provided for in the loan agreement, and security deposits held pursuant to lease agreements are required to be segregated. In addition, the Company considers cash advances from customers for maintenance and repairs of properties to be restricted cash.

    9    

RH JOINT VENTURES, LLC AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2021 and 2020

($ amounts in thousands)

Accordingly, these items are separately presented within the consolidated statements of assets, liabilities and member’s equity.

(f)Securitization Certificates

In connection with the securitization transaction described below, the Company purchased and retained securitization certificates. The securitization certificates retained pursuant to the Risk Retention Rules defined below are recorded at fair value on the consolidated statements of assets, liabilities and members’ equity. Interest income, including amortization of any premium or discount, is included within interest and other income on the consolidated statements of operations. For purposes of classification within the consolidated statements of cash flows, purchases of and repayments from these securities are classified as investing activities.

(g)Other Assets

Other assets as of December 31, 2021 and 2020, consisted of the following:

	2021		2020
Accounts receivable, net of allowance	$	2,069	$	1,339
Prepaid expenses	960		997
Leasing commissions, net	582		449
Auction and other deposits	101		114
Other assets	0		65
Total	$	3,712	$	2,964

(h)Accrued Liabilities

Accrued liabilities as of December 31, 2021 and 2020, consisted of the following:

	2021		2020
Security and other deposits	$	6,321	$	6,123
Real estate and other taxes payable	5,536		4,917
Interest payable	1,384		1,472
Prepaid rent	571		750
Accrued construction costs	444		241
Other accrued liabilities	898		703
Total	$	15,154	$	14,206

    10    

RH JOINT VENTURES, LLC AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2021 and 2020

($ amounts in thousands)

(i)Financial Instruments and Credit Risk

Financial instruments that potentially subject the Company to credit risk include cash and cash equivalents, restricted cash, receivables from related parties, and certain other assets, which are reported at cost and approximate fair value. Additionally, the securitization certificates reported at fair value also potentially subject the Company to credit risk. While the Company’s cash and cash equivalents and restricted cash are on deposit with high quality FDIC insured financial institutions, at times such deposits exceed the insured limits. The Company has not experienced any losses in such accounts.

(j)Rental Revenue

Real estate investments are generally leased with a one-year initial term at market rental rates. Generally, credit investigations are performed for prospective residents and security deposits are obtained. Expenses are recognized when incurred and rental revenue, net of concessions, is recognized on an accrual basis over the term of the related leases. The Company recognizes rental revenue when it has a signed lease with a tenant, collectability of rent is reasonably assured, and services have been rendered. Rental revenue is recognized in accordance with the terms of the respective lease on an accrual basis. Rents received in advance of rents recognized, if any, are included in accrued liabilities on the consolidated statements of assets, liabilities and members’ equity.

Future rental revenue due to the Company under leases existing as of December 31, 2021, is $33,012 in 2022 and is not material thereafter.

The Company maintains an allowance for doubtful accounts for estimated losses that may result from the inability of tenants to make required rent or other payments. This allowance is estimated based on, among other considerations, payment histories, overall delinquencies, and available security deposits. Included within other assets on the consolidated statements of assets, liabilities and members’ equity is an allowance for doubtful accounts of $3,877 and $2,681 as of December 31, 2021 and 2020, respectively.

(k)Income Taxes

The Company is not subject to federal income taxes. Instead, the Members are individually liable for federal income taxes on their respective share of the Company’s taxable income. Therefore, no provision or liability for federal income taxes has been included in these consolidated financial statements. The Company is subject to income taxes in various states; however, resulting income taxes have not been material to date.

The Company is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement, which could result in the Company recording a tax liability that would reduce net assets. Based on its analysis, the Company has determined that there are no unrecognized tax positions that would have a material impact on the Company’s financial position or results of operations.

    11    

RH JOINT VENTURES, LLC AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2021 and 2020

($ amounts in thousands)

(3)Portfolio Diversification

The Company has real estate investments located throughout the United States of America. The diversification of the Company’s holdings based on the estimated fair values and NCREIF divisions and states as of December 31, 2021 and 2020, are as follows:

		Fair Value				State %
		2021		2020		2021		2020
Southeast	GA	$	421,165	$	288,166	31.2	%	28.2	%
	TN	135,936		109,872		10.0		10.7
	FL	116,600		100,307		8.6		9.8
Mountain	AZ	144,240		119,302		10.7		11.6
	CO	79,928		58,939		5.9		5.8
Southwest	TX	163,746		130,381		12.1		12.7
Mideast	NC	155,440		113,709		11.5		11.1
East North Central	IN	62,491		45,925		4.6		4.5
	OH	13,484		10,571		1.0		1.0
West North Central	MO	37,278		29,370		2.8		2.9
	KS	21,465		17,539		1.6		1.7
Total		$	1,351,773	$	1,024,081	100.0	%	100.0	%

(4)Fair Value Measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price methodology).

Determining fair value includes a hierarchy used to classify inputs used in measuring fair value. The hierarchy prioritizes inputs to valuation techniques used to measure fair value into three levels which are either observable or unobservable. Observable inputs reflect market data obtained from independent sources while unobservable inputs reflect an entity’s view of market assumptions in the absence of observable market information. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The three levels of the fair value hierarchy are as follows:

Level 1 –     Inputs based on quoted prices in active markets for identical assets or liabilities. An active market is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 –     Observable inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent from the entity.

Level 3 –     Unobservable inputs that reflect the entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available.

    12    

RH JOINT VENTURES, LLC AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2021 and 2020

($ amounts in thousands)

The Company applies NCREIF PREA Reporting Standards and marks its real estate investments to market (marked-to-market) each reporting period. The Company values its real estate investments based on three general techniques that are used to measure fair value. These valuation techniques are: cost approach – uses the amount that currently would be required to replace the service capacity of an asset (replacement cost), income approach – uses valuation techniques to convert future cash flows to present value based on current market expectations, or market approach – uses prices generated by market transactions involving identical or comparable assets or liabilities.

(a)Real Estate Investments

Real estate investments are adjusted to fair value each reporting period with fair value determined using either the cost, income, or market approach. As of December 31, 2021, the Company held a total of 4,040 properties, of which 2 properties were valued using the cost approach and 4,038 properties were valued using the income approach. As of December 31, 2020, the Company held a total of 4,041 properties, of which 34 properties were valued using the cost approach, 3,995 properties were valued using the income approach, and 12 properties were valued using the market approach.

(i) Cost Approach

For newly acquired properties, the Company has determined that their cost basis, which is adjusted for improvements, approximates fair value. Generally, cost basis homes represent homes purchased within the last three months of year-end that are in the process of being improved. Normally, after properties become rentable or three months has passed, they become valued using either the income or market approach. The cost approach of determining fair value for real estate investments is considered a Level 3 measurement.

(ii)Income Approach

The Company considers a property “Rent Stabilized” when improvements are made to the property such that it meets the Company’s quality standards. Properties that do not meet this standard are either properties with a tenant in place that have planned renovations once the current lease expires (In-Place Non-rent Stabilized) or properties under renovation (Unstabilized).

Rent Stabilized and In-Place Non-rent Stabilized properties are valued using the direct capitalization method. The Company projects the cash flows for each property based upon actual rents for occupied properties or projected rents for properties with tenants in place, projections for property carrying costs, vacancies, and credit loss. Those cash flow projections are then valued at a capitalization rate (Cap Rate). Cap Rates used by the Company are adjusted periodically based upon observable market Cap Rates for companies with portfolios of similar properties, principally via observable bulk asset purchases and sales. Another key input to the Company’s Level 3 measurement of the fair value of real estate investments using the income approach is projected occupancy, which is applied to rental revenue, to determine net cash inflows from real estate investments. Projected occupancy accounts for lost rentals due to lease turnover, credit losses, and other similar matters. The Company’s occupancy rates were determined based upon published market data from peer companies. Next, the Company applies an expense ratio to net cash inflows to arrive at net operating

    13    

RH JOINT VENTURES, LLC AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2021 and 2020

($ amounts in thousands)

income associated with portfolio properties. Expense ratios are estimated based upon a combination of historical data (e.g., actual property tax invoices and related property operating costs) and peer data.

Unstabilized properties are valued using the discounted cash flow method with the following assumptions: a discount rate, a terminal capitalization rate, and annualized market rents. A discount rate is applied to estimated cash flows of these Unstabilized properties based on the rate of return a market participant would require in order to identify a tenant meeting the Company's underwriting criteria. Due to the level of subjectivity associated with these estimates, actual results could vary significantly, and that variance could substantially decrease (or increase) the Company’s unrealized gain related to its real estate investments. The income approach of determining fair value for real estate investments is considered a Level 3 measurement because it is determined based on a variety of unobservable inputs.

(iii)Market Approach

Properties that do not qualify for the cost approach or income approach utilize a market approach determined based on a comparison of the subject properties to comparable properties. Comparable properties are identified using a variety of subject property characteristics including vintage, size, geographic area, and condition. The market approach of determining fair value for real estate investments is considered a Level 3 measurement.

(b)Securitization Certificates

In connection with the Company’s securitization transaction, the Company has retained and purchased certificates (Retained Certificates) totaling $51,667 and $43,214 as of December 31, 2021 and 2020, respectively. As the Company's Retained Certificates do not trade in an active market with readily observable prices, the Company uses significant unobservable inputs to measure the fair value. The fair value of the Retained Certificates is estimated using discounted cash flow methodologies based upon a set of valuation assumptions. The primary assumption used in the discounted cash flow model is the discount rate. The discount rate is determined using interpolation based on observable trades for similar type securities. The Retained Certificates are included as securitization certificates on the Company’s consolidated statements of assets, liabilities, and members’ equity and classified as Level 3 in the fair value hierarchy.

    14    

RH JOINT VENTURES, LLC AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2021 and 2020

($ amounts in thousands)

Fair Value Hierarchy

The following table presents the placement in the fair value hierarchy of assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2021 and 2020:

	Level 1	Level 2	Level 3	Total
2021
Assets:
Real estate investments	$—	$—	$1,351,773	$1,351,773
Securitization certificates	—	—	$51,667	$51,667
2020
Assets:
Real estate investments	$—	$—	$1,024,081	$1,024,081
Securitization certificates	—	—	$43,214	$43,214

The Company’s accounting policy is to recognize transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There were no transfers into or out of Level 3 for the years ended December 31, 2021 and 2020.

The changes in real estate investments classified as Level 3 are as follows:

	Level 3
Cost basis balance, December 31, 2019	$	351,911
Unrealized gain on real estate investment	24,079
Balance, December 31, 2019	375,990
Real estate investments purchased	406,868
Real estate investments contributed	124,781
Real estate investments sold	(21,992)
Real estate improvements	5,093
Unrealized gain on real estate investments	133,341
Balance, December 31, 2020	1,024,081
Real estate investments purchased	1,788
Real estate investments contributed	(2,521)
Real estate investments sold	(2,148)
Real estate improvements	7,798
Unrealized gain on real estate investments	322,775
Balance, December 31, 2021	$	1,351,773

    15    

RH JOINT VENTURES, LLC AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2021 and 2020

($ amounts in thousands)

The changes in securitization certificates classified as Level 3 are as follows:

	Level 3
Cost basis balance, December 31, 2019	$	—
Securitization certificates purchased, net of discount	42,381
Discount amortization	846
Unrealized loss on securitization certificates	(13)
Balance, December 31, 2020	43,214
Discount amortization	3,473
Unrealized loss on securitization certificates	4,980
Balance, December 31, 2021	$	51,667

Significant Unobservable Inputs

The table below presents the significant unobservable inputs used to value the Company’s Level 3 real estate investments as of December 31, 2021:

Level 3 Assets	Significant Unobservable Inputs by Valuation Technique	Significant Unobservable Inputs
Real estate investments -	Direct Capitalization Method:
Income approach	Capitalization Rate	4.29%
Rent stabilized	Projected Occupancy Rate	95.28%
	Expense Ratio	29.13%
	Average Monthly Rent (in dollars)	$1,795
Real estate investments -	Direct Capitalization Method:
Income approach	Capitalization Rate	4.24%
In-place non-rent stabilized	Projected Occupancy Rate	95.17%
	Expense Ratio	32.06%
	Average Monthly Rent (in dollars)	$2,084
Real estate investments -	Discounted Cash Flow Method:
Income approach	Discount Rate	8.00%
Unstabilized	Terminal Capitalization Rate	4.79%
	Average Monthly Rent (in dollars)	$1,849

    16    

RH JOINT VENTURES, LLC AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2021 and 2020

($ amounts in thousands)

The table below presents the significant unobservable inputs used to value the Company’s Level 3 real estate investments as of December 31, 2020:

Level 3 Assets	Significant Unobservable Inputs by Valuation Technique	Significant Unobservable Inputs
Real estate investments - Income approach	Direct Capitalization Method: •Capitalization Rate •Projected Occupancy Rate •Expense Ratio •Average Monthly Rent (in dollars)	•4.84% •94.54% •29.45% •$1,560

The table below presents the significant unobservable inputs used to value the Company’s Level 3 securitization certificates as of December 31, 2021:

Level 3 Assets	Significant Unobservable Inputs by Valuation Technique	Significant Unobservable Input
Securitization certificates	Discounted Cash Flow Method: •Discount Rate	X •5.15%

The table below presents the significant unobservable inputs used to value the Company’s Level 3 securitization certificates as of December 31, 2020:

Level 3 Assets	Significant Unobservable Inputs by Valuation Technique	Significant Unobservable Input
Securitization certificates	Discounted Cash Flow Method: •Discount Rate	X •7.85%

(5)Related Party Transactions

On July 31, 2018, the Company, through its wholly owned subsidiary RH Partners OwnerCo, LLC (OwnerCo), entered into an Asset Management Agreement (AM Agreement) with Amherst Residential Asset Management, LLC (ARAM), a wholly owned subsidiary of Amherst Residential Holdings, LLC (AmRes Holdings), parent of the Amherst Member. On September 29, 2020, at execution of the securitization transaction detailed below, the Company entered into a new AM Agreement with the same parties and paid a sourcing fee of $2,853 to ARAM in connection with the securitization, which is included within securitization, net on the consolidated statements of assets, liabilities and members’ equity as a deferred financing cost. ARAM provides portfolio asset management services including, but not limited to, cash management, accounting, budgeting, leveraging, and reporting services. The Company reimburses ARAM based on actual costs incurred. Related-party asset management fees are included within general and administrative on the consolidated statements of operations and was $908 and $621 for the years ended December 31, 2021 and 2020, respectively. In addition, ARAM provides brokerage disposition services in connection with real estate

    17    

RH JOINT VENTURES, LLC AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2021 and 2020

($ amounts in thousands)

asset dispositions. The Company had certain real estate asset dispositions during the years ended December 31, 2021 and 2020; however, no service fees were charged by ARAM to the Company.

On September 29, 2020, at execution of the securitization transaction, the Company paid $273 to Amherst Pierpont Securities, LLC, an affiliate of the Amherst Member, for a placement agent fee. This fee is included within securitization, net on the consolidated statements of assets, liabilities and members’ equity as a deferred financing cost.

On July 31, 2018, the Company, through OwnerCo, entered into a Property Management Services Agreement (PMSA) with MSR, a wholly owned subsidiary of AmRes Holdings. On September 29, 2020, at execution of the securitization transaction, the Company entered into a new PMSA with MSR which provides property management services, leasing, construction, brokerage and certain other services for fees as described in the PMSA. The PMSA requires the Company to maintain a working capital bank account balance to be used by MSR for the benefit of the Company for maintenance and repair of the real estate investments. The working capital balance was $2,408 and $1,314 as of December 31, 2021 and 2020, respectively, and is included within cash and cash equivalents on the consolidated statements of assets, liabilities and members’ equity. In the ordinary course of business, the Property Manager pays for property related transactions on the Company’s behalf. For the year ended December 31, 2021, the Company incurred total related party property management fees of $8,109, of which $872 was capitalized within real estate investments on the consolidated statements of assets, liabilities and members’ equity, $1,323 was capitalized to leasing commissions within other assets on the consolidated statements of assets, liabilities and members’ equity, and $5,914 was expensed within property operating expenses on the consolidated statements of operations. For the year ended December 31, 2020, the Company incurred related party property management fees of $3,027 which were expensed within property operating expenses on the consolidated statements of operations. Acquisition fees paid, which primarily relate to brokerage commissions on real estate investment purchases, during the years ended December 31, 2021 and 2020, were $0 and $54, respectively, and were capitalized into the cost basis of real estate investments for homes purchased in 2021 and 2020.

On July 31, 2018, the Company entered into a Purchase and Sale Agreement (PSA) with MSR II, LP (MSR II) and Vaca Morada Partners LP (VM) (collectively the Sellers), affiliates of the Company’s indirect parent, to purchase single-family rental properties at different times throughout its term. For the year ended December 31, 2021, the Company purchased 7 single-family rental properties from VM at a gross sales price of $1,769. For the year ended December 31, 2020, there were no purchases from either MSR II or VM. The PSA calls for post-closing adjustments and prorations between the Company and Sellers to be made 90 days subsequent to each closing. These include collected rents, security deposits, real estate taxes and other operating expenses. As of December 31, 2021, no adjustment or proration amounts are due from the Sellers.

On July 29, 2020, the Company entered into a purchase and sale agreement with Jeff 1, LLC (Jeff), a direct subsidiary of VM, and closed on such date, the sale of 68 single-family rental properties from the Company to Jeff at a gross sales price of $22,397.

    18    

RH JOINT VENTURES, LLC AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2021 and 2020

($ amounts in thousands)

The Company had the following receivables from related parties as of December 31, 2021 and 2020:

	2021		2020
Amherst Residential Asset Management, LLC	$	4	$	—
Vaca Morada Partners, LP	—		76
Amherst Residential, LLC	—		1
Other AmRes Holdings affiliates	50		7
Total	$	54	$	84

The Company had the following payables from related parties as of December 31, 2021 and 2020:

	2021		2020
Main Street Renewal LLC	$	1,916	$	967
Vaca Morada Partners, LP	2		—
Amherst Residential Asset Management, LLC	—		273
Other AmRes Holdings affiliates	152		92
Total	$	2,070	$	1,332

(6)Acquisition of TPG Portfolio

On June 29, 2020, the Company, through its wholly owned subsidiary RH Partners EquityCo, LLC, entered into a Purchase Agreement with Suburban Housing Partners, LLC (Suburban), an affiliate of the Amherst Member, to purchase 100% of the limited liability company interests of Single Family Rental Holdings, LLC and Single Family Rental Holdings Two, LLC (Holding Companies). The Holding Companies owned 100% of Safari One Asset Company, LLC and Safari Two Asset Company, LLC, which in turn owned a portfolio of single-family rental properties. As a result, on July 29, 2020, the Company acquired 1,761 homes (TPG Portfolio) for a gross purchase price of $395,000 by acquiring the Holding Companies. The purchase consisted of a group of similar identifiable assets and was accounted for as an acquisition of assets and not of a business. The components of the acquisition were as follows:

    19    

RH JOINT VENTURES, LLC AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2021 and 2020

($ amounts in thousands)

Real estate investment, at fair value	$	395,000
Cash and other assets	8,070
Total assets	403,070
Assumed loan	(263,728)
Other liabilities	(3,515)
Total liabilities	(267,243)
Net assets acquired	$	135,827

In conjunction with the acquisition of the TPG Portfolio, the Company entered into an Earn Out Agreement, in which the Company agreed to pay to Suburban an earn out payment of $7,500 if the Company achieved a certain target IRR on its investment in the TPG Portfolio. During 2021, the Company achieved the target IRR and paid the earn out payment to Suburban. The payment is included in earn out payment on the consolidated statements of operations.

(7)Securitization, Net

The Company, through OwnerCo, entered into a securitization transaction whereby it executed a loan agreement (Loan) on September 29, 2020, with a third-party lender for a total amount of $823,661 with a discount of $20,562. The Loan includes ten components summarized as follows as of December 31, 2021 and 2020:

						2021				2020
Component	Loan Rate	Loan Principal		Loan Discount		Accumulated Discount Amortization		Net Principal		Accumulated Discount Amortization		Net Principal
A	1.43%	$	319,958	$	(10)	$	2	$	319,950	$	—	$	319,948
B	1.78%	91,737		(2)		—		91,735		—		91,735
C	1.93%	46,987		(2)		—		46,985		—		46,985
D	2.08%	55,936		(2)		1		55,935		—		55,934
E1	2.28%	31,325		(1)		—		31,324		—		31,324
E2	2.53%	62,649		(2)		1		62,648		—		62,647
F	2.93%	57,056		—		—		57,056		—		57,056
G1	4.08%	39,156		(2)		—		39,154		—		39,154
G2	4.94%	55,937		(2)		—		55,935		—		55,935
H	—%	62,920		(20,539)		4,319		46,700		846		43,227
Total		$	823,661	$	(20,562)	$	4,323	$	807,422	$	846	$	803,945

As of December 31, 2021 and 2020, the weighted average interest rate was 2.02% and 2.02%, respectively, and the weighted average effective interest rate was 2.61% and 2.61%, respectively. The Loan requires interest-only payments until maturity on November 9, 2025, when the entire principal balance is due. The Loan is collateralized by all of the

    20    

RH JOINT VENTURES, LLC AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2021 and 2020

($ amounts in thousands)

single-family rental properties of OwnerCo and is subject to debt covenants. As of December 31, 2021, the Company was in compliance with its debt covenants. For the years ended December 31, 2021 and 2020, the Company paid deferred financing costs of $80 and $13,962, respectively, relating to the Loan of which $2,749 and $703, respectively, has been amortized and included within interest expense on the accompanying consolidated statements of operations. The Company recorded loan discount amortization of $3,477 and $846, respectively, within interest expense on the accompanying consolidated statements of operations for the years ended December 31, 2021 and 2020.

Concurrent with the execution of the Loan, the third-party lender sold the Loan it originated to a wholly owned subsidiary of the Company (Depositor) who subsequently transferred the Loan to a securitization-specific trust entity (Trust). The transfer of the securitization from the Depositor to the Trust was accounted for as a sale under ASC 860, Transfers and Servicing, with no resulting gain or loss as the securitization was originated by the lender and immediately transferred at the same fair market value, and the Company had no continuing involvement after the sale.

As consideration for the transfer of the Loan to the Trust, the Trust issued classes of certificates which mirror the components of the Loan (collectively, the Certificates) to the Depositor, except that Class R certificates do not have related loan components as they represent residual interest in the Trust. The Certificates represent the entire beneficial interest in the Trust. Following receipt of the Certificates, the Depositor sold the Certificates to investors and used the proceeds as consideration for the Loan sold to the Depositor by the third-party lender. These transactions had no effect on the Company’s consolidated financial statements other than with respect to securitization certificates the Company retained in connection with the securitization, which are referred to as securitization certificates on the consolidated statements of assets, liabilities and members’ equity.

The Trust is structured as a pass-through entity that receives interest payments from the securitization and distributes those payments to the holders of the Certificates. The assets of the Trust are restricted and can only be used to fulfill the obligations of the Trust. The obligations of the Trust do not have any recourse to the general credit of any entities in these consolidated financial statements. Management has evaluated the Company’s interest in the Certificates of the Trust (through ownership of the securitization certificates) and determined that the securitization certificates do not provide the Company with any ability to direct the activities that could impact the Trust’s economic performance. Therefore, the Company does not consolidate the Trust.

As the Trust made Certificates available for sale to both domestic and foreign investors, sponsors of the loans are required to retain a portion of the risk that represents a material net economic interest in each loan pursuant to Regulation RR (the Risk Retention Rules) under the Securities Exchange Act of 1934, as amended. As such, loan sponsors are required to retain a portion of the credit risk that represents not less than 5% of the aggregate fair value of the loan as of the closing date. For the securitization, the Company retained all of the Class H certificates to meet the Risk Retention Rules (the Retained Certificates). These Retained Certificates had a principal balance of $62,920 and an initial discount of $20,539, representing a fair value of $42,381 at the closing date. For the years ended December 31, 2021 and 2020, the Company recorded Retained Certificates discount amortization of $3,473 and $846, respectively, within interest and other income on the accompanying consolidated statements of operations related to these Retained Certificates. These Retained Certificates are a principal-only class and are not entitled to distributions of interest.

    21    

RH JOINT VENTURES, LLC AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2021 and 2020

($ amounts in thousands)

The Company utilized the proceeds from the securitization to fund: (i) repayments of then outstanding indebtedness on certain real estate investments; (ii) initial deposits into securitization reserve accounts; (iii) closing costs in connection with the securitization; (iv) general costs associated with operations; and (v) returns to the Members.

As part of the repayment of then outstanding indebtedness in 2020, the Company incurred loss on early extinguishment of debt of $3,405, reported on the consolidated statements of operations.

(8)Commitments and Contingencies

In the ordinary course of business, the Company may be involved in various claims and legal proceedings. The Company does not believe the ultimate resolution of such matters will have a material adverse effect on its consolidated financial statements.

(9)Members’ Equity

(a)Capital Contributions

The Members have been deemed to make capital contributions in amounts and percentage interests as set forth in the Limited Liability Company Agreement (Agreement). As of December 31, 2021, the Members have fully funded their member commitments.

(b)Allocations and Distributions

Per the Agreement, distributions to the Members shall be made in the following order and priority:

First, (i) 100% to the Members in accordance with their respective Sharing Percentages, until each Member has received distributions equal to such Member’s applicable capital contributions, then (ii) 100% to the Members in accordance with respective Sharing Percentages, until Investor Member has received distributions sufficient to achieve an IRR equal to ten percent (10%) per annum, compounded quarterly.

Second, (i) 20% to the Amherst Member (First Promote), and (ii) 80% to the Members in accordance with respective Sharing Percentages, until Investor Member has received distributions sufficient to achieve an IRR equal to fifteen percent (15%) per annum, compounded quarterly.

Third, (i) 25% to the Amherst Member (Second Promote), and (ii) 75% to the Members in accordance with respective Sharing Percentages, until Investor Member has received distributions sufficient to achieve an IRR equal to twenty percent (20%) per annum, compounded quarterly, and a return to Investor Member of 200% of its actual capital contributions made to the Company.

Fourth, (i) 35% to the Amherst Member (Third Promote), and (ii) 65% to the Members in accordance with respective Sharing Percentages.

The capital accounts reflect the promote to the Amherst Member as if the Company had realized all assets and settled all liabilities at the fair value reported in the consolidated financial statements and allocated all gains and losses and distributed the net assets to the Members at the reporting date consistent with the provisions of the

    22    

RH JOINT VENTURES, LLC AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2021 and 2020

($ amounts in thousands)

Company’s governing documents. The promote to the Amherst Member will remain provisional until final liquidation of the Company.

(c)Hone Portfolio Contribution

On July 30, 2020, the Investor Member transferred and contributed 100% of the interests of SFR Assets Pledgor, LLC, which in turn owned 100% of the interests in each of SFR Investments I, LLC and SFR Assets Owner, LLC, which in turn owned a portfolio of 743 properties (the Hone Portfolio), to the Company. An affiliate of the Amherst Member was a 5% owner of the Hone Portfolio when the Investor Member originally acquired the Hone Portfolio in January 2020. The contribution of interests constituted a common control transfer of assets – real estate investments – recorded at carrying value and accounted for prospectively from the date of transfer. The components of the contribution were as follows:

Real estate investments, at fair value	$	124,781
Other assets	4,800
Total assets	129,581
Notes payable, net	(87,379)
Accrued liabilities	(2,412)
Total liabilities	(89,791)
Net consideration contributed	$	39,790

(d)TPG Portfolio

During 2020, the Company acquired a portfolio of properties (TPG Portfolio) which are held and invested in as a separate pool of properties for purposes of capital contributions, member commitments, and distributions under the Agreement. The member commitment set forth in the Agreement shall not apply with respect to the TPG Portfolio. The following applies specifically to the TPG Portfolio.

(i) Contributions

The Members account for capital contributions made with respect to the TPG Portfolio on a pooled basis such that no capital contributions made with respect to the TPG Portfolio are attributable to any other properties held by the Company or its subsidiaries nor are capital contributions made with respect to other properties attributable to the TPG Portfolio.

(ii)Sharing Percentage

The Sharing Percentage with respect to the TPG Portfolio means, with respect to each Member, as of any date, the fraction, expressed as a percentage, the numerator of which is the aggregate capital contributions made by such Member with respect to the TPG Portfolio and the denominator of which is the aggregate capital contributions made by all of the Members with respect to the TPG Portfolio.

    23    

RH JOINT VENTURES, LLC AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2021 and 2020

($ amounts in thousands)

(iii)Allocations and Distributions

Net operating cash flow attributable to the TPG Portfolio is distributed per the following order and priority:

a)First, (x) 100% to the Members in accordance with their respective Sharing Percentages attributable to the TPG Portfolio, until each Member has received distributions equal to such Member’s applicable capital contributions attributable to the TPG Portfolio, then (y) 100% to the Members in accordance with their respective Sharing Percentages attributable to the TPG Portfolio, until Investor Member has received distributions sufficient to achieve the first hurdle return requirement (applied solely with respect to capital contributions for the TPG Portfolio), and no distributions will be made pursuant to the following clauses b) through d) when such first hurdle return requirement has not been satisfied;

b)Second, (x) 20% to Amherst Member, and (y) 80% to the Members in accordance with their respective Sharing Percentages attributable to the TPG Portfolio, until Investor Member has received distributions sufficient to achieve the second hurdle return requirement (applied solely with respect to capital contributions for the TPG Portfolio), and no distributions will be made pursuant to the following clauses c) through d) when such second hurdle return requirement has not been satisfied;

c)Third, (x) 25% to Amherst Member, and (y) 75% to the Members in accordance with their respective Sharing Percentages attributable to the TPG Portfolio, until Investor Member has received distributions sufficient to achieve (1) the third hurdle return requirement (applied solely with respect to capital contributions for the TPG Portfolio) and (2) a return to Investor Member of 200% of its actual capital contributions made to the Company with respect to the TPG Portfolio, and no distributions will be made pursuant to the following clause d) when such third hurdle return requirement and such return to Investor Member of 200% of its actual capital contributions made to the Company with respect to the TPG Portfolio has not been satisfied; and

d)Fourth, (x) 35% to Amherst Member, and (y) 65% to the Members in accordance with their respective Sharing Percentages attributable to the TPG Portfolio.

First hurdle return requirement means an IRR on a Member’s capital contributions equal to ten percent (10.0%) per annum, compounded quarterly. Second hurdle return requirement means an IRR on a Member’s capital contributions equal to fifteen percent (15.0%) per annum, compounded quarterly. Third hurdle return requirement means an IRR on a Member’s capital contributions equal to twenty percent (20.0%) per annum, compounded quarterly.

(e)Income Allocation

The Company follows the Hypothetical Liquidation at Book Value (HLBV) method for purposes of determining the allocation of net income or loss to the members. Under the HLBV method, net income or loss is allocated amongst the members to achieve each member’s claim on the net assets of the Company. Each member’s claim on the net assets of the Company is calculated as the amount that the member would receive if the Company were to

    24    

RH JOINT VENTURES, LLC AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2021 and 2020

($ amounts in thousands)

liquidate all of its assets at year end at net book value and distribute the resulting cash to creditors and members in accordance with their respective priorities.

(10)Risk Factors

The Company is exposed to market risk, credit risk and liquidity risk. The Amherst Member oversees the management of these risks and is supported by the Asset Manager that advises the Amherst Member regarding financial risks and the appropriate risk governance framework for the Company.

(a)Market Risk

Market risk is that risk that the market value of certain assets held by the Company may fluctuate because of changes in market interest rates and market prices. Exposure to market risk is inherent in the Company’s business strategy. The Amherst Member attempts to monitor and manage the Company’s market risk; however, market risks may arise unexpectedly. The assets held by the Company that are affected by market risk are principally the Company’s real estate investments and its securitization certificates.

In December 2019, a novel strain of coronavirus (COVID-19) surfaced. The spread of COVID-19 around the world has caused significant volatility in U.S. markets. There continues to be significant uncertainty around the breadth and duration of potential business disruptions related to COVID-19, as well as its impact on U.S. single-family rental properties. For the years ended December 31, 2021 and 2020, the Company recorded $312 and $496, respectively, of rent forgiveness included within rental revenue on the consolidated statements of operations as a result of COVID-19. Following the guidance of the Financial Accounting Standards Board (the FASB) Staff Q&A Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic, the Company has elected to not account for these concessions as lease modifications.

(b)Credit Risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from both its leasing activities and its financing activities, including risk related to deposits with banks and financial institutions. The Company has a credit policy in place and the exposure to this is monitored on an ongoing basis by Management.

(i) Tenant Receivables

The Company’s ability to lease its real estate properties is subject to many factors, including supply and demand, unemployment rates, general economic conditions, and other factors that may be unique to a geographic region. The Company may not be able to fully lease its residential real estate properties at all times or lease them at rates that allow it to generate a profit. Additionally, when leases on these properties expire or the properties otherwise become vacant, the Company will be subject to then-applicable market conditions, which may not be as favorable.

    25    

RH JOINT VENTURES, LLC AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2021 and 2020

($ amounts in thousands)

(ii)Cash Deposits

Credit risk from balances with banks and financial institutions is managed by the Amherst Member in accordance with the Company’s policy. This risk pertains to cash and cash equivalents (including restricted cash) that are deposited and held with financial institutions. While the Company’s cash and cash equivalents and restricted cash are on deposit with high quality FDIC insured financial institutions, at times such deposits exceed the insured limits. The Company has not experienced any loss in such accounts. The maximum exposure to credit risk for cash and cash equivalents is the carrying value of cash and cash equivalents as of each reporting date held on deposit with financial institutions less federally insured amounts.

(c) Liquidity Risk

Liquidity risk is the risk that an investment position cannot be easily exited at the prevailing market price. The Company’s exposure to liquidity risk relates primarily to its real estate investments. The Company’s Investment Committee monitors liquidity risks in the markets in which the Company purchases and owns properties on an ongoing basis, but it may not always be possible to execute a transaction at a desired price due to market conditions.

(11)Recent Accounting Pronouncements

New Accounting Pronouncement to be Adopted

In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 842), an update to the lease accounting guidance, which requires the Company to begin recording assets and liabilities arising from leases on the balance sheet. The new guidance will also require significant additional disclosures about the amount, timing and uncertainty of cash flows from leases. This new guidance will be effective for the Company beginning on January 1, 2022. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures and does not expect it to be material.

(12)Subsequent Events

The Company evaluated subsequent events through February 25, 2022, the date the consolidated financial statements were available to be issued, and did not identify any events that warrant adjustment to or disclosure in the consolidated financial statements.

    26    

XML

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 11, 2022	Jun. 30, 2021
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-51948
Entity Registrant Name	Jones Lang LaSalle Income Property Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-1432284
Entity Address, Address Line One	333 West Wacker Drive
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	897-4000
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 2,228,709,000
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCESpecified portions of the registrant’s proxy statement, which will be filed with the Commission pursuant to Regulation 14A in connection with the registrant’s 2022 Annual Meeting of Stockholders, are incorporated by reference into Part III of this annual report
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Entity Central Index Key	0001314152
Class A [Member]
Entity Public Float			1,119,342,000
Entity Common Stock, Shares Outstanding		103,851,302
Common Class M [Member]
Entity Public Float			423,952,000
Entity Common Stock, Shares Outstanding		37,025,103
Common Class A-I [Member]
Entity Public Float			116,015,000
Entity Common Stock, Shares Outstanding		9,330,859
Common Class M-I [Member]
Entity Public Float			478,632,000
Entity Common Stock, Shares Outstanding		59,287,251
Common Class D [Member]
Entity Public Float			$ 90,768,000
Entity Common Stock, Shares Outstanding		6,041,611

XML

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Chicago, IL
Auditor Firm ID	185

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investments in real estate:
Land	$ 598,564	$ 428,313
Buildings and equipment	3,010,359	1,892,023
Less accumulated depreciation	(259,362)	(219,833)
Net property and equipment	3,349,561	2,100,503
Equity Method Investments	217,044	187,890
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	352,905	79,192
Investments in real estate and other assets held for sale	39,326	34,148
Net investments in real estate	3,958,836	2,401,733
Marketable Securities	43,206	0
Cash and cash equivalents	70,273	84,805
Restricted cash	51,203	16,629
Tenant accounts receivable, net	9,066	8,680
Deferred expenses, net	14,511	10,982
Acquired intangible assets, net	216,227	105,206
Deferred rent receivable, net	25,634	21,274
Prepaid expenses and other assets	13,290	9,290
TOTAL ASSETS	4,402,246	2,658,599
LIABILITIES AND EQUITY
Mortgage notes and other debt payable, net	1,817,664	868,102
Disposal Group, Including Discontinued Operation, Liabilities	271	18,242
Accounts payable and other accrued expenses	70,551	36,137
Financing obligation	448,319	155,882
Accrued Offering Costs	137,776	106,908
Accrued interest	3,321	2,153
Accrued real estate taxes	9,497	6,640
Advisor fees payable	39,709	2,122
Acquired intangible liabilities, net	31,022	14,990
TOTAL LIABILITIES	2,558,130	1,211,176
Commitments and contingencies	$ 0	0
Common Stock, Shares Authorized	200,000,000
Common Stock, Par or Stated Value Per Share	$ 0.01
Equity:
Additional Paid in Capital, Common Stock	$ 2,284,839	1,922,136
Distributions to stockholders	(573,963)	(481,760)
Accumulated deficit	34,398	(14,723)
Total Jones Lang LaSalle Income Property Trust, Inc. stockholders’ equity	1,747,335	1,427,384
Noncontrolling interests	96,781	20,039
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	1,844,116	1,447,423
Liabilities and Equity	4,402,246	2,658,599
Class A Shares [Member]
Equity:
Common Stock, Value, Issued	1,000	897
Class M Shares [Member]
Equity:
Common Stock, Value, Issued	365	356
Class A-I Shares [Member]
Equity:
Common Stock, Value, Issued	94	96
Class M-I Shares [Member]
Equity:
Common Stock, Value, Issued	527	332
Class D Shares [Member]
Equity:
Common Stock, Value, Issued	$ 75	$ 50

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Land	$ 598,564	$ 428,313
Buildings and equipment	3,010,359	1,892,023
Less accumulated depreciation	(259,362)	(219,833)
Cash and cash equivalents	70,273	84,805
Restricted Cash and Cash Equivalents	51,203	16,629
Tenant accounts receivable, net	9,066	8,680
Deferred expenses, net	14,511	10,982
Acquired intangible assets, net	216,227	105,206
Deferred Rent Receivables, Net	25,634	21,274
Prepaid Expense and Other Assets	13,290	9,290
Mortgage notes and other debt payable, net	1,817,664	868,102
Accounts payable and other accrued expenses	70,551	36,137
Accrued interest	3,321	2,153
Accrued real estate taxes	$ 9,497	6,640
Common stock, par value	$ 0.01
Common Stock, shares authorized	200,000,000
Accumulated stock issuance costs	$ 264,066	$ 216,405
Class A Shares [Member]
Common stock, shares issued	100,038,362	89,671,096
Common stock, shares outstanding	100,038,362	89,671,096
Class M Shares [Member]
Common stock, shares issued	36,458,191	35,612,156
Common stock, shares outstanding	36,458,191	35,612,156
Class A-I Shares [Member]
Common stock, shares issued	9,356,309	9,616,299
Common stock, shares outstanding	9,356,309	9,616,299
Class M-I Shares [Member]
Common stock, shares issued	52,676,693	33,247,001
Common stock, shares outstanding	52,676,693	33,247,001
Class D Shares [Member]
Common stock, shares issued	7,513,281	4,957,915
Common stock, shares outstanding	7,513,281	4,957,915
Variable Interest Entity, Primary Beneficiary [Member]
Land	$ 59,006	$ 22,605
Buildings and equipment	206,016	142,946
Less accumulated depreciation	(26,955)	(23,083)
Cash and cash equivalents	6,740	3,159
Restricted Cash and Cash Equivalents	859	800
Tenant accounts receivable, net	1,850	2,679
Deferred expenses, net	533	516
Acquired intangible assets, net	12,500	2,638
Deferred Rent Receivables, Net	1,135	1,087
Prepaid Expense and Other Assets	284	164
Mortgage notes and other debt payable, net	147,076	82,033
Accounts payable and other accrued expenses	2,477	1,335
Accrued interest	368	296
Accrued real estate taxes	$ 541	$ 738

XML

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Rental revenue	$ 227,940	$ 186,641	$ 167,170
Other Income	11,398	6,980	7,109
Total revenues	239,338	193,621	174,279
Operating expenses:
Real estate taxes	32,837	29,665	25,012
Property operating	43,995	37,999	31,783
General and administrative	1,596	4,318	1,659
Noninterest Expense Investment Advisory Fees	65,667	25,274	23,026
Company level expenses	4,841	2,936	3,201
Impairment of Real Estate	1,822	0	0
Depreciation and amortization	(94,051)	(75,603)	(67,348)
Total operating expenses	244,809	175,795	152,029
Other (expenses) and income:
Interest expense	(48,230)	(40,668)	(36,185)
Equity in income of unconsolidated affiliates	67,333	(19,451)	7,066
Investment Income, Dividend	418	0	0
Equity Securities, FV-NI, Realized Gain (Loss)	247	0	0
Equity Securities, FV-NI, Unrealized Gain (Loss)	2,933	0	0
Gains (Losses) on Extinguishment of Debt	33,422	(1,772)	106,871
Total other (expenses) and income	56,123	(61,891)	77,752
Net income (loss)	50,652	(44,065)	100,002
Plus: Net (income) loss attributable to the noncontrolling interests	(1,531)	59	(69)
Net income (loss) attributable to Jones Lang LaSalle Income Property Trust, Inc.	$ 49,121	$ (44,006)	$ 99,933
Weighted average common stock outstanding-basic and diluted	186,610,215	170,613,298	151,179,459
Class A Shares [Member]
Other (expenses) and income:
Earnings Per Share, Basic and Diluted	$ 0.28	$ (0.26)	$ 0.66
Class M Shares [Member]
Other (expenses) and income:
Earnings Per Share, Basic and Diluted	0.27	(0.26)	0.66
Class A-I Shares [Member]
Other (expenses) and income:
Earnings Per Share, Basic and Diluted	0.28	(0.26)	0.66
Class M-I Shares [Member]
Other (expenses) and income:
Earnings Per Share, Basic and Diluted	0.24	(0.26)	0.66
Class D Shares [Member]
Other (expenses) and income:
Earnings Per Share, Basic and Diluted	$ 0.26	$ (0.26)	$ 0.66

XML

Consolidated Statements Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Distributions to Stockholders [Member]	Accumulated Deficit [Member]	Noncontrolling Interest [Member]	The Edge at Lafayette [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares, Issued		138,148,451
Beginning balance at Dec. 31, 2018	$ 1,187,292	$ 1,382	$ 1,568,474	$ (318,780)	$ (70,650)	$ 6,866
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)	37,588,047
Issuance of common stock	$ 460,833	377	460,456	0	0	0
Stock Repurchased During Period, Shares	10,000,352
Repurchase of shares	$ (121,822)	$ (101)	(121,721)
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	(42,056)		(42,056)
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures		11,298
Stock based compensation	138		138
Net income (loss)	100,002				99,933	69
Proceeds from Noncontrolling Interests	1,645
Cash distributed to noncontrolling interests	(7,116)					(2,559)	$ (4,557)
Dividends, Common Stock	(80,159)			(80,159)
Ending balance at Dec. 31, 2019	$ 1,498,757	$ 1,658	1,860,734	(398,939)	29,283	6,021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares, Issued		165,745,572
Issuance of common stock (in shares)	28,718,218
Issuance of common stock	$ 345,912	$ 287	345,625
Stock Repurchased During Period, Shares	21,372,888
Repurchase of shares	$ (255,355)	$ 214	255,141
Conversion of Stock, Shares Issued		(2,435)
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	$ (29,274)		29,274
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	16,000
Stock based compensation	$ 192		192
Net income (loss)	(44,065)				(44,006)	(59)
Stock Issued During Period, Value, Other	14,252					14,252
Proceeds from Noncontrolling Interests	3					3
Cash distributed to noncontrolling interests	(178)					178	0
Dividends, Common Stock	(82,821)			82,821
Ending balance at Dec. 31, 2020	$ 1,447,423	$ 1,731	1,922,136	(481,760)	(14,723)	20,039
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares, Issued		173,104,467
Issuance of common stock (in shares)	44,071,596
Issuance of common stock	$ 545,702	$ 441	545,261
Stock Repurchased During Period, Shares	11,151,942
Repurchase of shares	$ (135,246)	$ (111)	(135,135)
Conversion of Stock, Shares Issued		(1,285)
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	$ (47,661)		47,661
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	20,000
Stock based compensation	$ 238		238
Net income (loss)					49,121	1,531
Other comprehensive income (loss)	50,652
Stock Issued During Period, Value, Other						74,673
Proceeds from Noncontrolling Interests	4,350
Cash distributed to noncontrolling interests	(3,812)					3,812	$ 0
Dividends, Common Stock	(92,203)
Ending balance at Dec. 31, 2021	$ 1,844,116	$ 2,061	$ 2,284,839	$ (573,963)	$ 34,398	$ 96,781
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares, Issued		206,042,836

XML

Consolidated Statements Equity Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended												12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.17500	$ 0.13500	$ 0.13500	$ 0.54000	$ 0.54000	$ 0.58000

XML

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$ 50,652	$ (44,065)	$ 100,002
Adjustments to reconcile income (loss) to net cash provided by operating activities:
Depreciation and amortization (including discontinued operations)	93,045	75,073	66,860
Gain (Loss) on Disposition of Property Plant Equipment	(33,422)	1,772	(106,871)
Equity Securities, FV-NI, Realized Gain (Loss)	(247)	0	0
Equity Securities, FV-NI, Unrealized Gain (Loss)	(2,933)	0	0
Straight line rent	(3,975)	(1,324)	(3,444)
Impairment of Real Estate	1,822	0	0
Equity in income of unconsolidated affiliates	67,333	(19,451)	7,066
Proceeds from Equity Method Investment, Distribution	11,860	4,043	10,637
Net changes in assets and liabilities and other	37,880	7,404	2,584
Net cash provided by operating activities	87,349	62,354	62,702
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to Acquire Commercial Real Estate	1,238,381	187,825	373,355
Proceeds from sales of real estate investments	66,992	5,372	216,010
Payments for Capital Improvements	28,764	13,201	19,718
Investments in unconsolidated real estate affiliate	(247,394)	(8,802)	(3,779)
Deposits for investments under contracts	(1,000)	0	(2,250)
Payments to Acquire Marketable Securities	45,373	0	0
Proceeds from Sale and Maturity of Marketable Securities	5,347	0	0
Proceeds from Equity Method Investment, Distribution, Return of Capital	0	0	3,248
Net cash (used in) provided by investing activities	(1,488,573)	(204,456)	(179,844)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock	(809,571)	(394,082)	(437,592)
Offering Costs	(16,792)	(17,592)	(19,299)
Repurchase of shares	(135,246)	(255,354)	(121,822)
Distributions to stockholders	(33,070)	(35,719)	(25,802)
Distributions paid to noncontrolling interests	(3,812)	(178)	(7,116)
Contributions received from noncontrolling interests	4,350	3	1,645
Payments for (Proceeds from) Deposit on Loan	(937)	0	(379)
Proceeds from Lines of Credit	675,000	200,000	57,000
Repayments of Lines of Credit	(140,000)	(200,000)	(147,000)
Proceeds from mortgage notes	356,390	135,130	101,000
Principal payments on mortgage notes and other debt payable	(86,402)	(89,349)	(88,515)
Payment for Debt Extinguishment or Debt Prepayment Cost	0	1,457	207
Debt issuance costs	(7,780)	(52)	(1,202)
Net cash provided by (used in) financing activities	1,421,272	129,514	185,895
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	20,048	(12,588)	68,753
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance	101,434	114,022	45,269
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance	121,482	101,434	114,022
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents at the beginning of the year	84,805	77,056
Restricted Cash and Cash Equivalents	51,203	16,629	36,966
Restricted cash in assets held for sale	6	0	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	121,482	101,434	114,022
Supplemental discolsure of cash flow information:
Interest Paid, Excluding Capitalized Interest, Operating Activities	37,184	35,966	29,343
Non-cash activities:
Write-offs of receivables	198	74	26
Write-Offs of Retired Assets	10,257	12,599	16,515
Change in liability for capital expenditures	(2,109)	(412)	(146)
Liabilities Transferred at Sale	230	63	2,100
Liabilities Assumed	2,945	520	285
Stock issued but not yet received	(731)	(176)	647
Accrued offering costs	30,869	11,682	22,757
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	(125,716)	0	(41,546)
OP Units	$ (74,673)	$ (29,086)	$ 0

XML

Organization

12 Months Ended

Dec. 31, 2021

Organization [Abstract]

Nature of Operations [Text Block]

NOTE 1—ORGANIZATION

General

Except where the context suggests otherwise, the terms “we,” “us,” “our” and the “Company” refer to Jones Lang LaSalle Income Property Trust, Inc. The terms “Advisor” and “LaSalle” refer to LaSalle Investment Management, Inc.

Jones Lang LaSalle Income Property Trust, Inc. is an externally advised, daily valued perpetual-life real estate investment trust ("REIT") that owns and manages a diversified portfolio of industrial, office, residential, retail and other properties located in the United States. Over time our real estate portfolio may be further diversified on a global basis through the acquisition of properties outside of the United States and will be complemented by investments in real estate-related debt and equity securities. We were incorporated on May 28, 2004 under the laws of the State of Maryland. We believe that we have operated in such a manner to qualify to be taxed as a REIT for federal income tax purposes commencing with the taxable year ended December 31, 2004, when we first elected REIT status. As of December 31, 2021, we owned interests in a total of 120 properties and over 4,000 single-family rental houses located in 27 states.

We own substantially all of our assets through JLLIPT Holdings, LP, a Delaware limited partnership (our “operating partnership”), of which we are a limited partner and JLLIPT Holdings GP, LLC, our wholly owned subsidiary, is the sole general partner. The use of our operating partnership to hold substantially all of our assets is referred to as an Umbrella Partnership Real Estate Investment Trust ("UPREIT"). By using an UPREIT structure, a property owner who desires to defer taxable gain on the disposition of his or her property may transfer the property to our operating partnership in exchange for limited partnership interests in the operating partnership ("OP Units") and defer taxation of gain until the limited partnership interests are disposed of in a taxable transaction. As of December 31, 2021, we raised aggregate proceeds from the issuance of OP Units in our operating partnership of $88,925, and owned directly or indirectly 96.6% of the OP Units of our operating partnership. The remaining 3.4% of the OP Units are held by third parties.

From our inception to December 31, 2021, we have received approximately $3,565,671 in gross offering proceeds from various public and private offerings of shares of our common stock as well as issuance of OP Units. On October 1, 2012, we commenced our initial public offering of common stock and since that time we have offered shares of our common stock in various public offerings registered with the Securities and Exchange Commission (the "SEC").

On December 21, 2021, our most recent public offering (the "Current Public Offering") of up to $3,000,000 in any combination of shares of our Class A, Class M, Class A-I and Class M-I common stock was declared effective by the SEC. As of December 31, 2021, we have raised aggregate gross proceeds from the sale of shares of our common stock in our Current Public Offering of $22,553. We intend to continue to offer shares of our common stock on a continuous basis for an indefinite period of time by filing a new registration statement before the end of each offering.

In addition to our public offerings, on March 3, 2015, we commenced a private offering (the "Private Offering") of up to $350,000 in shares of our Class D common stock with an indefinite duration. As of December 31, 2021, we have raised aggregate gross proceeds of $98,188 in the Private Offering. In addition, on October 16, 2019, we, through our operating partnership, initiated a program (the “DST Program”) to raise up to $500,000, which our board of directors increased to $1,000,000 on August 10, 2021, in private placements exempt from registration under the Securities Act of 1933, as amended, through the sale of beneficial interests to accredited investors in specific Delaware statutory trusts ("DSTs") holding real properties ("DST Properties"), which may be sourced from our real properties or from third parties. As of December 31, 2021, we have raised $473,723 of aggregate gross proceeds from our DST program.

As of December 31, 2021, 100,038,362 shares of Class A common stock, 36,458,191 shares of Class M common stock, 9,356,309 shares of Class A-I common stock, 52,676,693 shares of Class M-I common stock, and 7,513,281 shares of Class D common stock were outstanding and held by a total of 20,039 stockholders.

LaSalle acts as our advisor pursuant to the advisory agreement among us, our operating partnership and LaSalle (the "Advisory Agreement"). The term of our Advisory Agreement expires June 5, 2022, subject to an unlimited number of successive one-year renewals. Our Advisor, a registered investment advisor with the SEC, has broad discretion with respect to our investment decisions and is responsible for selecting our investments and for managing our investment portfolio pursuant to the terms of the Advisory Agreement. Our executive officers are employees of, and compensated by, our Advisor. We have no employees.

LaSalle is a wholly-owned, but operationally independent subsidiary of Jones Lang LaSalle Incorporated ("JLL" or our "Sponsor"), a New York Stock Exchange-listed leading professional services firm that specializes in real estate and investment management. As of December 31, 2021, JLL and its affiliates owned an aggregate of 2,521,801 Class M shares, which were issued for cash at a price equal to the most recently reported net asset value ("NAV") per share as of the purchase date and have a current value of approximately $35,700.

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the instructions to Form 10-K and include the accounts of our wholly-owned subsidiaries, consolidated variable interest entities ("VIE") and the unconsolidated investments in real estate affiliates. We consider the authoritative guidance of accounting for investments in common stock, investments in real estate ventures, investors accounting for an investee when the investor has the majority of the voting interest but the minority partners have certain approval or veto rights, determining whether a general partner or general partners as a group controls a limited partnership or similar entity when the limited partners have certain rights, and the consolidation of VIEs in which we own less than a 100% interest. All significant intercompany balances and transactions have been eliminated in consolidation.

Parenthetical disclosures are shown on our Consolidated Balance Sheets regarding the amounts of VIE assets and liabilities that are consolidated. As of December 31, 2021, our VIEs include The District at Howell Mill, Grand Lakes Marketplace, Presley Uptown, 237 Via Vera Cruz, 4211 Starboard Drive, 13500 Danielson Drive, 2840 Loker Ave, and 15890 Bernardo Center Drive due to the joint venture structures and our partners having limited participation rights and no kick-out rights. The creditors of our VIEs do not have general recourse to us.

Noncontrolling interests represent the minority members’ proportionate share of the equity in our VIEs. At acquisition, the assets, liabilities and noncontrolling interests were measured and recorded at the estimated fair value. Noncontrolling interests will increase for the minority members’ share of net income of these entities and contributions and decrease for the minority members’ share of net loss and distributions. As of December 31, 2021, noncontrolling interests represented the minority members’ proportionate share of the equity of the entities listed above as VIEs.

Certain of our joint venture agreements include provisions whereby, at certain specified times, each party has the right to initiate a purchase or sale of its interest in the joint ventures at an agreed upon fair value. Under these provisions, we are not obligated to purchase the interest of its outside joint venture partners.

Investments in Real Estate

Real estate assets are stated at cost. Our real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. A real estate asset is considered to be impaired when the estimated future undiscounted operating cash flow over the expected hold period is less than its carrying value in accordance with the authoritative guidance on accounting for the impairment or disposal of long-lived assets. To the extent impairment has occurred, the excess of the carrying value of the asset over its estimated fair value will be charged to operations. The valuation adjustments were calculated based on market conditions and assumptions made by management at the time the valuation adjustments were recorded, which may differ materially from actual results if market conditions or the underlying assumptions change in the future. If our strategy changes or if market conditions otherwise dictate a change in the holding period and an exit date, an impairment loss could be recognized and such loss could be material. When we have committed to a plan to sell a property that is available for immediate sale, have the necessary approvals and marketing in place, and believe that the sale of the property is probable the assets selected for disposal will be classified as held-for-sale and carried at the lower of their carrying values (i.e., cost less accumulated depreciation and any impairment loss recognized, where applicable) or estimated fair values less costs to sell. Carrying values are reassessed at each balance sheet date. Due to market fluctuation, actual proceeds realized on the ultimate sale of these properties may differ from estimates and such differences could be material. Depreciation and amortization cease once a property is classified as held-for-sale. We recorded $1,822 in impairment charges related to the The Edge at Lafayette for the year ended December 31, 2021. We recorded no impairment charges in 2020 or 2019.

Depreciation expense is computed using the straight-line method based upon the following estimated useful lives:

Asset Category	Estimated Useful Life
Buildings and improvements	40-50 Years
Tenant improvements	Lesser of life of improvement or life of related lease
Equipment and fixtures	2-10 Years

Maintenance and repairs are charged to expense when incurred. Expenditures for significant betterments and improvements are capitalized.

Investments in Unconsolidated Real Estate Affiliates and Real Estate Fund Investment

We account for our investments in unconsolidated real estate affiliates using either the equity method or the fair value option. Under the equity method the cost of the investment is adjusted for our share of equity in net income or loss and reduced by distributions received and increased by contributions provided. Under the fair value option, the cost basis of the investment is increased for contributions made to the investment and adjusted for our share of changes in the fair value of the investment. Distributions received from investments in unconsolidated real estate affiliates under the fair value option are recorded as income from the unconsolidated affiliates. Distributions that are identified as returns of capital are recorded as a reduction to the cost basis of the investment, whereas distributions identified as capital gains or losses are recorded as realized gains or losses.

We evaluate the carrying values of our investments in unconsolidated real estate affiliates accounted for under the equity method, excluding our investment under the fair value option, in accordance with the authoritative guidance on the equity method of accounting for investments in common stock. We analyze our investments in unconsolidated real estate affiliates when circumstances change and at every reporting period and determine if an “other-than-temporary” impairment exists and, if so, we assess our ability to recover our carrying cost of the investment. During 2020, we concluded that an other than temporary decline in value exists in our investment in the Chicago Parking Garage and recognized an impairment charge of $1,506.

Investment in Marketable Securities

In accordance with our investment guidelines, investments in marketable securities consist of stock of publicly traded REITs. The net unrealized change in the fair value of our investments in marketable securities is recorded in earnings as part of net income in accordance with Accounting Standard Update ("ASU") 2016-1, Financial Statements - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities.

Rental Revenue Recognition

Minimum rent revenues are recognized on a straight-line basis over the terms of the related leases. Straight-line rent revenue (representing rents recognized prior to being billed and collectible as provided by the terms of the leases) caused net increases to rent revenue of $3,155, $951 and $3,351 for the years ended December 31, 2021, 2020 and 2019, respectively. Also included, as an increase to rent revenue, for the years ended December 31, 2021, 2020 and 2019, are $2,714, $1,859 and $2,107, respectively, of net amortization related to above-and below-market in-place leases at properties acquired as provided by authoritative guidance on goodwill and intangible assets. Tenant recoveries are recognized as revenues in the period the applicable costs are incurred.

We recognize rental revenue from tenants under operating leases on a straight-line basis over the non-cancelable term of the lease when collectibility of substantially all rents is reasonably assured. Recognition of rental revenue on a straight-line basis includes the effects of rental abatements, lease incentives and fixed and determinable increases in lease payments over the lease term. For leases where collection of substantially all rents is not deemed to be probable of collection, revenue is recorded equal to cash that has been received from the tenant. We evaluate the collectibility of rents and other receivables at each reporting period based on factors including, among others, tenant's payment history, the financial condition of the tenant, business conditions and trends in the industry in which the tenant operates, economic conditions in the geographic area where the property is located. If evaluation of these factors or others indicates it is not probable we will collect substantially all rent we recognize an adjustment to rental revenue. If our judgment or estimation regarding probability of collection changes we may adjust or record additional rental revenue in the period such conclusion is reached.

The COVID-19 pandemic has had a negative impact on many of our tenant’s businesses and the collectibility of certain tenants rent receivable balances remain uncertain. We have taken into account current tenant conditions, which include consideration of COVID-19 in our estimation of its uncollectible accounts and deferred rents receivable at December 31, 2021. We are closely monitoring the collectibility of such rents and will adjust future estimations as further information becomes known. During the years ended December 31, 2021 and 2020, we recorded a reduction in minimum base rent and recovery revenue of $741, and $3,887, respectively. During the year ended December 31, 2021, we recorded an increase in straight line revenue of $102 as a result of collections from certain tenants. During the year ended December 31, 2020, we recorded a decrease in straight line revenue of $2,019 due to the concern of collectibility. During the years ended December 31, 2021 and 2020, we deferred $929 and $1,919, respectively, and we abated $537 and $1,142 of rental revenue, respectively.

Cash and Cash Equivalents

We consider all highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. We maintain a portion of our cash in bank deposit accounts, which, at times, may exceed the federally insured limits. No losses have been experienced related to such accounts. We believe our bank deposit accounts are held with quality financial institutions.

Restricted Cash

Restricted cash includes amounts established pursuant to various agreements for loan escrow accounts, loan commitments and property sale proceeds. When we sell a property, we can elect to enter into a like-kind exchange pursuant to the applicable Internal Revenue Service guidance whereby the proceeds from the sale are placed in escrow with a qualified intermediary until a replacement property can be purchased. At December 31, 2021, our restricted cash balance on our Consolidated Balance Sheet was primarily related to loan escrow amounts and subscriptions received in advance.

Deferred Expenses

Deferred expenses consist of lease commissions. Lease commissions are capitalized and amortized over the term of the related lease as a component of depreciation and amortization expense. Accumulated amortization of deferred expenses at December 31, 2021 and 2020 was $8,436 and $6,495, respectively.

Acquisitions

We use estimates of future cash flows and other valuation techniques to allocate the fair value of acquired property among land, building and other identifiable asset and liability intangibles. We value land based on comparable land sales specific to the applicable market. We record building values using an as-if-vacant methodology. We record above- and below-market in-place lease values for acquired properties based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) our estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease plus any below-market lease extension option periods. We amortize the capitalized above-market lease values as a reduction of minimum rents over the remaining non-cancelable terms of the respective leases. We amortize the capitalized below-market lease values as an increase to minimum rents over the term of the respective leases plus any below-market lease extension option terms. Should a tenant terminate its lease prior to the contractual expiration, the unamortized portion of the above-market and below-market in-place lease value is immediately charged to minimum rents.

We measure the aggregate value of other intangible assets acquired based on the difference between (i) the property valued with existing in-place leases and (ii) the property valued as-if-vacant. Our estimates of value are made using methods similar to those used by independent appraisers, primarily discounted cash flow analyses. Factors considered by us in our analysis include an estimate of carrying costs during the hypothetical expected lease-up periods considering current market conditions at the date of acquisition, and costs to execute similar leases. We also consider information obtained about each property as a result of the pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. In estimating carrying costs, we will include estimates of lost rentals during the expected lease-up periods, which is expected to primarily range from one to two years, depending on specific local market conditions, and costs to execute similar leases, including leasing commissions, legal and other related expenses to the extent that such costs are not already incurred in connection with a new lease origination as part of the transaction.

The total amount of other intangible assets acquired is further allocated to in-place lease values and customer relationship intangible values based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics considered by us in allocating these values include, among other factors, the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement). As of December 31, 2021 and 2020, we have allocated no value to customer relationship value. We amortize the value of in-place leases to expense over the weighted average lease term of the respective leases, which generally range from one to 10 years.

Purchase price has been allocated to acquired intangible assets, which include acquired in-place lease intangibles, acquired above-market in-place lease intangibles and acquired ground lease intangibles, which are reported net of accumulated amortization of $102,842 and $82,699 at December 31, 2021 and 2020, respectively, on the accompanying Consolidated Balance Sheets. The acquired intangible liabilities represent acquired below-market in-place leases, which are reported net of accumulated amortization of $15,481 and $12,724 at December 31, 2021 and 2020, respectively, on the accompanying Consolidated Balance Sheets. Our amortizing intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. According to authoritative guidance, an amortizing intangible asset is considered to be impaired when the estimated future undiscounted operating cash flow is less than its carrying value. To the extent impairment has occurred, the excess of the carrying value of the amortizing intangible asset over its estimated fair value will be charged to operations.

Future amortization related to amortizing acquired intangible assets and liabilities, including those classified as held for sale, as of December 31, 2021 is as follows:

	Acquired in-place leases		Acquired above-market leases		Below-market ground lease		Acquired below-market leases
2022	$	43,720	$	1,790	$	401	$	(4,991)
2023	34,161		1,581		401		(4,497)
2024	27,358		1,353		401		(4,020)
2025	20,202		1,194		401		(3,566)
2026	16,269		1,174		15		(2,713)
Thereafter	59,150		6,424		232		(11,235)
	$	200,860	$	13,516	$	1,851	$	(31,022)

Income Taxes

We first elected to be taxed as a REIT under sections 856-860 of the Internal Revenue Code of 1986, as amended (the “Code”), for our taxable year ended December 31, 2004. To qualify as a REIT, we must meet a number of organizational and operational requirements, including requirements to distribute at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains, and to meet certain quarterly asset and annual income tests. It is our current intention to adhere to these requirements. As a REIT, we will generally not be subject to corporate-level federal income tax to the extent we distribute 100% of our taxable income to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income, property or net worth, and to certain federal income and excise taxes.

On December 22, 2017, tax legislation commonly referred to as the Tax Cuts and Jobs Act was signed into law which resulted in significant U.S. federal income tax reform. We did not identify any items for which the accounting for the income tax effects of the Tax Cut and Jobs Act have not been completed. The Alternative Minimum Tax has been repealed for tax years beginning after December 31, 2017 as a result of the Tax Cut and Jobs Act.

Earnings and profits, which determine the tax treatment of dividends to stockholders, differ from net income reported for financial reporting purposes due to differences for federal income tax reporting purposes in computing, among other things, estimated useful lives, depreciable basis of properties and permanent and timing differences on the inclusion or deductibility of elements of income and expense for such purposes.

We evaluate uncertain tax positions in accordance with FASB ASC 740, Income Taxes. Based upon our current evaluation, we have concluded that there are no significant uncertain tax positions relevant to the jurisdictions where we are required to file income tax returns requiring recognition in the consolidated financial statements at December 31, 2021, 2020, and 2019. We are not subject to federal income tax examinations for tax years prior to 2018.

Business Segments

Consistent with how we review and manage our properties, we align our internal operations along the five primary property types we are targeting for investments resulting in five operating segments: industrial, office, residential, retail and other properties.

Assets and Liabilities Measured at Fair Value

The Financial Accounting Standards Board’s (“FASB”) guidance for fair value measurement and disclosure states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering assumptions, authoritative guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

•Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have access to at the measurement date.

•Level 2—Observable inputs, other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.

•Level 3—Unobservable inputs for the asset or liability. Unobservable inputs are those inputs that reflect our own assumptions that market participants would use to price the asset or liability based on the best available information.

The authoritative guidance requires the disclosure of the fair value of our financial instruments for which it is practicable to estimate that value. The guidance does not apply to all balance sheet items. Market information as available or present value techniques have been utilized to estimate the amounts required to be disclosed. Since such amounts are estimates, there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument.

Our investments in marketable securities are valued using Level 1 inputs as the securities are publicly traded on major stock exchanges.

Real estate fund investments accounted for under the fair value option are stated at the fair value of our ownership in the fund. The fair value is recorded based upon changes in the NAV of the limited partnership as determined from the financial statements of the real estate fund. During the year ended December 31, 2021 and 2020, we recorded an unrealized increase and decrease in fair value classified within the Level 3 category of $65,966 and $15,869, respectively, which related to our investments in the NYC Retail Portfolio (as defined below) and the Single-family Rental Portfolio (see Note 4-Unconsolidated Real Estate Affiliates and Fund Investments).

We have estimated the fair value of our mortgage notes and other debt payable reflected in the accompanying Consolidated Balance Sheets at amounts that are based upon an interpretation of available market information and valuation methodologies (including discounted cash flow analysis with regard to fixed rate debt) for similar loans made to borrowers with similar credit ratings and for the same maturities. The fair value of our mortgage notes and other debt payable, including amounts included as held for sale, using level two inputs was approximately $3,794 and $30,923 higher than the aggregate carrying amounts at December 31, 2021 and 2020, respectively. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon extinguishment of our mortgage notes and other debt payable.

Derivative Financial Instruments

We record all derivatives on the Consolidated Balance Sheets at fair value in prepaid expenses and other assets or accounts payable and other accrued expenses. Changes in the fair value of our derivatives are recorded on our Consolidated Statements of Operations and Comprehensive Income, as a component of interest expense, as we have not designated our derivative instruments as hedges. Our objective in using interest rate derivatives is to manage our exposure to interest rate movements. To accomplish this objective, we use interest rate caps and swaps.

 As of December 31, 2021, we had the following outstanding interest rate derivatives related to managing our interest rate risk:

Interest Rate Derivative	Number of Instruments	Notional Amount
Interest Rate Swaps	5	$	190,000

The fair value of our interest rate caps and swaps represent liabilities of $2,580 and $6,500 at December 31, 2021 and 2020, respectively.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. For example, significant estimates and assumptions have been made with respect to useful lives of assets, recoverable amounts of receivables, fair value of derivatives and real estate assets, initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions. Actual results could differ from those estimates.

Recent Issued Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board issued Accounting Standard Update ("ASU") No. 2020-04, Reference Rate Reform (Topic 848), which provides guidance containing practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We will continue to evaluate the impact of the guidance and expect to adopt it over time as debt markets transition from LIBOR to alternative rates such as the Secured Overnight Funding Rate ("SOFR").

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Property (Notes)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Real Estate Disclosure [Text Block]

PROPERTY

The primary reason we make acquisitions of real estate investments in the industrial, office, residential, retail and other property sectors is to invest capital contributed by stockholders in a diversified portfolio of real estate assets. All references to square footage and units are unaudited.

2021 Acquisitions

On January 21, 2021, we acquired Louisville Distribution Center, a 1,040,000 square foot industrial property located in Shepherdsville, Kentucky for approximately $95,000. The acquisition was funded with cash on hand.

On February 2, 2021, we acquired 170 Park Avenue, a 147,000 square foot life sciences office property located in Florham Park, New Jersey for approximately $46,600. The acquisition was funded with cash on hand.

On February 23, 2021, we acquired Southeast Phoenix Distribution Center, a four property industrial distribution center totaling 474,000 square feet located in Chandler, Arizona for approximately $91,000. The acquisition was funded with cash on hand.

On May 3, 2021, we acquired Princeton North Andover, a newly constructed, 192-unit residential property located in North Andover, Massachusetts for approximately $72,500. The acquisition was funded with cash on hand.

On June 24, 2021, we acquired Louisville Airport Distribution Center, a nearly 284,000 square foot, newly constructed Class A industrial property located in the Southside/Airport industrial submarket of Louisville, Kentucky for approximately $32,100. The acquisition was funded with cash on hand.

On July 2, 2021, we acquired a 95% interest in two industrial buildings, 237 Via Vera Cruz and 13500 Danielson Street, totaling 153,000 square feet located in San Marcos and Poway, California, respectively, for approximately $36,640. The acquisitions were funded with cash on hand.

On July 9, 2021, we acquired a 95% interest in 4211 Starboard Drive, a 130,000 square foot industrial property located in Fremont, California for approximately $32,000 using cash on hand.

On August 23, 2021, we acquired The Preserve at the Meadows, a 220-unit garden-style residential property in Fort Collins, Colorado for approximately $61,000. The acquisition was funded with cash on hand.

On August 31, 2021, we acquired The Rockwell, a 204-unit residential property in Berlin, Massachusetts for approximately $84,000. The acquisition was funded with cash on hand.

On September 15, 2021, we acquired 9101 Stony Point Drive, an 87,000 square foot, medical office building in Richmond, Virginia for approximately $52,000. The acquisition was funded with cash on hand.

On September 28, 2021, we acquired 5 National Way and 47 National Way, a two-building life sciences industrial center totaling 375,000 square feet, located in Durham, North Carolina for approximately $66,750. The acquisitions were funded with cash on hand.

On September 29, 2021, we acquired Miramont Apartments, a 210-unit residential property located in Fort Collins, Colorado for approximately $57,400. The acquisition was funded with cash on hand and a draw on our line of credit.

On September 29, 2021, we acquired Pinecone Apartments, a 195-unit residential property located in Fort Collins, Colorado for approximately $51,600. The acquisition was funded with cash on hand and a draw on our line of credit.

On October 7, 2021, we acquired North Tampa Surgery Center, a 13,000 square foot medical office property located in Odessa, Florida for approximately $8,500. The acquisition was funded with cash on hand.

On October 20, 2021, we acquired Friendship Distribution Center, a 649,000 square foot industrial property located in Buford, Georgia for approximately $95,000. The acquisition was funded with cash on hand.

On October 28, 2021 we acquired South San Diego Distribution Center, a 665,000 square foot industrial property located in San Diego, California for approximately $158,500. We assumed a $72,500 mortgage note payable that bears an interest rate of 3.18% and matures on January 31, 2031. The acquisition was funded as an UPREIT transaction in which we issued OP Units and funded with cash on hand.

On November 16, 2021, we acquired two industrial buildings, 1755 Britannia Drive and 2451 Bath Road, totaling 407,000 square feet located in Elgin, Illinois for approximately $47,100. The acquisitions were funded with cash on hand and a draw on our line of credit.

On November 17, 2021, we acquired 687 Conestoga Parkway, a 327,000 square foot industrial property located in Shepherdsville, Kentucky for approximately $39,500. The acquisition was funded with cash on hand and a draw on our line of credit.

On November 30, 2021, we acquired a 95% interest in two industrial properties, 2840 Loker Avenue and 15890 Bernardo Center Drive, totaling 152,000 square feet located in Carlsbad and San Diego, California, respectively, for approximately $41,100. The acquisitions were funded with cash on hand and a draw on our line of credit.

On December 17, 2021, we acquired The Reserve at Venice, a 276-unit residential property in North Venice, Florida for approximately $93,000. The acquisition was funded with cash on hand and a draw on our line of credit.

On December 21, 2021, we acquired Woodside Trumbull, a 199-unit residential property in Trumbull, Connecticut for approximately $98,000. The acquisition was funded with cash on hand and a draw on our line of credit.

On December 23, 2021, we acquired Durham Medical Office, a 60,000 square feet medical office property located in Durham, North Carolina for approximately $37,125. The acquisition was funded with cash on hand and a draw on our line of credit.

On December 23, 2021, we acquired 1203 SW 7 Highway, a 10,000 square foot, medical office property in Blue Springs, Missouri for approximately $3,400. The acquisition was funded with cash on hand and a draw on our line of credit.

On December 23, 2021, we acquired 8600 NE 82nd Street, a 11,000 square foot, medical office property in Kansas City, Missouri for approximately $5,500. The acquisition was funded with cash on hand and a draw on our line of credit.

On December 28, 2021, we acquired South Reno Medical Center, a 32,000 square foot, medical office property in Reno, Nevada for approximately $14,025. The acquisition was funded with cash on hand and a draw on our line of credit.

On December 28, 2021, we acquired Roeland Park Medical Office, a 30,000 square foot, medical office property in Roeland Park, Kansas for approximately $13,300. The acquisition was funded with cash on hand and a draw on our line of credit.

On December 30, 2021, we acquired Sugar Land Medical Office, a 37,000 square foot, medical office property in Sugar Land, Texas for approximately $18,350. The acquisition was funded with cash on hand and a draw on our line of credit.

We allocated the purchase price for our 2021 asset acquisitions in accordance with authoritative guidance as follows:

	2021 Acquisitions
Land	$	173,962
Building and equipment	1,145,365
In-place lease intangible (acquired intangible assets)	135,278
Above-market lease intangible (acquired intangible assets)	9,568
Below-market lease intangible (acquired intangible liabilities)	(19,997)
	$	1,444,176
Amortization period for intangible assets and liabilities	5 months - 19 years

2020 Acquisitions

On January 29, 2020, we acquired Milford Crossing, a 159,000 square foot, grocery-anchored retail center located in Milford, Massachusetts, for approximately $42,100. The acquisition was funded with cash on hand.

On February 6, 2020, we acquired Fountainhead Corporate Park, a 295,000 square foot, two-building Class A office portfolio comprised of two six-story buildings located in the Phoenix, Arizona submarket of Tempe for approximately $61,500. The acquisition was funded with cash on hand.

On October 23, 2020, we acquired Fort Worth Distribution Center, a 351,000 square foot industrial distribution center located in Fort Worth, Texas, for approximately $24,050. The acquisition was funded with cash on hand.

On December 11, 2020, we acquired Whitestown Distribution Center, a 720,000 square foot distribution center located in Whitestown, Indiana for approximately $62,300. The acquisition was funded with cash on hand.

We allocated the purchase price for our 2020 asset acquisitions in accordance with authoritative guidance as follows:

	2020 Acquisitions
Land	$	15,782
Building and equipment	136,430
In-place lease intangible (acquired intangible assets)	35,345
Above-market lease intangible (acquired intangible assets)	2,947
Below-market lease intangible (acquired intangible liabilities)	(2,317)
	$	188,187
Amortization period for intangible assets and liabilities	5 months - 15 years

2019 Acquisitions

On March 29, 2019, we acquired Fremont Distribution Center, a 237,000 square foot, two building industrial property located in Fremont, California, for approximately $47,000. The acquisition was funded with cash on hand.

On May 13, 2019, we acquired Stonemeadow Farms, a 280-unit residential property located in Bothell, Washington, for approximately $81,800. The acquisition was funded with cash on hand.

On May 31, 2019, we acquired 3324 West Trinity Boulevard, a 145,000 square foot industrial distribution center located in Grand Prairie, Texas, for approximately $16,150. The acquisition was funded with cash on hand.

On July 2, 2019, we acquired Genesee Plaza, a 161,000 square foot two building medical office campus located in San Diego, California, for approximately $89,500. The acquisition was funded by the assumption of a six-year mortgage loan that bears interest at a fixed rate of 4.30% in the amount of $41,546 and with cash on hand.

On July 31, 2019, we acquired Summit at San Marcos, a 273-unit residential property located in Chandler, Arizona, for approximately $71,750. The acquisition was funded with a draw on the credit facility and cash on hand.

On August 23, 2019, we acquired Taunton Distribution Center, a 200,000 square foot industrial distribution center located in Taunton, Massachusetts, for approximately $25,700. The acquisition was funded with cash on hand.

On September 30, 2019, we acquired a 97.5% interest in Presley Uptown, a 230-unit residential property in the Uptown submarket of Charlotte, North Carolina. The joint venture acquired the property for approximately $55,250. The acquisition was funded with a draw on the credit facility and cash on hand.

On December 6, 2019, we acquired Chandler Distribution Center, a 211,000 square foot industrial distribution center located in Chandler, Arizona for $31,000. The acquisition was funded with cash on hand.

We allocated the purchase price for our 2019 asset acquisitions in accordance with authoritative guidance as follows:

	2019 Acquisitions
Land	$	74,458
Building and equipment	313,335
In-place lease intangible (acquired intangible assets)	32,312
Above-market lease intangible (acquired intangible assets)	998
Below-market lease intangible (acquired intangible liabilities)	(2,702)
	$	418,401
Amortization period for intangible assets and liabilities	1 month -10 years

On December 5, 2019, we acquired our joint venture partner's 10% interest in Townlake of Coppell for approximately $6,000 plus the assumption of the joint venture partners pro rata share of the mortgage loan in the amount of approximately $2,880.

Impairment of Investment in Real Estate

During the year ended December 31, 2021, in accordance with authoritative guidance for impairment of long-lived assets, we determined that The Edge at Lafayette no longer fits our current investment objectives and strategy and reduced our expected hold period. We further determined that this asset was impaired as the carrying value of the investment was not deemed recoverable. Therefore, we recognized an impairment charge totaling $1,822, which represents the difference between the sale price less estimated costs to sell and the carrying value of the property.

2021 Disposition

On January 8, 2021, we sold South Seattle Distribution Center, a three property industrial center totaling 323,000 square feet located in Seattle, Washington for approximately $72,600 less closing costs. In connection with the disposition, the mortgage loan associated with the property of $17,841 was retired. We recorded a gain on the sale of the property in the amount of $33,580.

2020 Disposition

On March 27, 2020, we sold 24823 Anza Drive, a 31,000 square foot industrial property located in Santa Clarita, California for approximately $5,600 less closing costs. We recorded a gain on the sale of the property in the amount of $1,724.

2019 Disposition

On February 7, 2019, we sold 111 Sutter Street for approximately $227,000 less closing costs. In connection with the disposition, the mortgage loan associated with the property of approximately $52,300 was retired. We recorded a gain on the sale of property in the amount of $107,108.

Held for Sale

On December 15, 2021, Norfleet Distribution Center was classified as held for sale and was sold on January 6, 2022. On December 23, 2021, The Edge at Lafayette was classified as held for sale and was sold on January 24, 2022. As of December 31, 2021, our investment in real estate and other assets and liabilities held for sale was comprised of:

	December 31, 2021
Land	$	3,530
Building and equipment, net	35,349
Other assets, net	447
Total assets	$	39,326
Mortgage notes and other debt payable, net	$	—
Other liabilities	271
Total liabilities	$	271

On November 11, 2020, South Seattle Distribution Center was classified as held for sale and was sold on January 8, 2021. As of December 31, 2021, our investment in real estate and other assets and liabilities held for sale was comprised of:

	December 31, 2020
Land	$	16,652
Building and equipment, net	16,237
Other assets, net	1,616
Total assets	$	34,505
Mortgage notes and other debt payable, net	$	17,811
Other liabilities	430
Total liabilities	$	18,241

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Unconsolidated Real Estate Affiliates

12 Months Ended

Dec. 31, 2021

Unconsolidated Real Estate Affiliates [Abstract]

UNCONSOLIDATED REAL ESTATE AFFILIATES

NOTE 4—UNCONSOLIDATED REAL ESTATE AFFILIATES AND FUND INVESTMENTS

In addition to investments in consolidated properties, we may make investments in real estate which are classified as unconsolidated real estate affiliates under GAAP. The residential sector includes residential properties and single-family rental homes.

Unconsolidated Real Estate Affiliates

The following represent our unconsolidated real estate affiliates as of December 31, 2021 and December 31, 2020.

				Carrying Amount of Investment
Property	Property Type	Location	Acquisition Date	December 31, 2021		December 31, 2020
Chicago Parking Garage	Other	Chicago, IL	December 23, 2014	$	13,992	$	14,000
Pioneer Tower	Office	Portland, OR	June 28, 2016	103,529		108,715
The Tremont	Residential	Burlington, MA	July 19, 2018	21,345		21,430
The Huntington	Residential	Burlington, MA	July 19, 2018	10,773		11,549
Siena Suwanee Town Center	Residential	Suwanee, GA	December 15, 2020	30,685		32,196
Kingston at McLean Crossing	Residential	McLean, VA	December 3, 2021	36,720		—
Total				$	217,044	$	187,890

Summarized Combined Balance Sheets—Unconsolidated Real Estate Affiliates—Equity Method Investments (Unaudited)

	December 31, 2021		December 31, 2020
Net investments in real estate	$	408,233	$	296,930
Acquired intangible assets, net	10,139		12,653
Other assets	8,433		6,803
Total assets	$	426,805	$	316,386
Mortgage notes and other debt payable	$	182,318	$	110,104
Acquired intangible liabilities, net	3,933		2,821
Other liabilities	2,266		3,200
Total liabilities	188,517		116,125
Members’ equity	238,288		200,261
Total liabilities and members' equity	$	426,805	$	316,386

Company Investments in Unconsolidated Real Estate Affiliates—Equity Method Investments (Unaudited)

	December 31, 2021		December 31, 2020
Members’ equity	$	238,288	$	200,261
Less: other members' equity	(19,858)		(10,969)
Basis differential	(1,386)		(1,402)
Investments in unconsolidated real estate affiliates	$	217,044	$	187,890

Summarized Combined Statements of Operations—Unconsolidated Real Estate Affiliates—Equity Method Investments (Unaudited)

	Year Ended December 31, 2021		Year Ended December 31, 2020		Year Ended December 31, 2019
Total revenues	$	24,862	$	18,978	$	21,057
Total operating expenses	22,868		17,792		17,014
Operating income	$	1,994	$	1,186	$	4,043
Total other expenses	4,586		2,894		2,860
Net (loss) income	$	(2,592)	$	(1,708)	$	1,183

Company Equity in Income of Unconsolidated Real Estate Affiliates—Equity Method Investments (Unaudited)

	Year Ended December 31, 2021		Year Ended December 31, 2020		Year Ended December 31, 2019
Net (loss) income of unconsolidated real estate affiliates	$	(2,592)	$	(1,708)	$	1,183
Other members’ share of net (income) loss	(186)		(368)		(351)
Company equity in (loss) income of unconsolidated real estate affiliates	$	(2,778)	$	(2,076)	$	832

Real Estate Fund Investments

At acquisition we may make the election to account for our interest in investments under the fair value option. This fair value election may be made when the investment is in the form of a commingled fund with institutional partners where fair value accounting provides the most relevant information about the financial condition of the investment. We record increases and decreases in our investment each reporting period based on the change in the fair value of the investment as estimated by the general partner. Critical inputs to NAV estimates include valuations of the underlying real estate assets which incorporate investment-specific assumptions such as discount rates, capitalization rates and rental growth rates. We do not consider adjustments to NAV estimates provided by the general partner, including adjustments for any restrictions to the transferability of ownership interests embedded within the investment agreement to which we are a party, to be necessary based upon (1) our understanding of the methodology utilized and inputs incorporated to estimate NAV at the investment level, (2) consideration of market demand for the assets held by the venture, and (3) contemplation of real estate and capital markets conditions in the localities in which the venture operates. Our investments accounted for under the fair value option are presented on our Consolidated Balance Sheets within real estate fund investments. Changes in the fair value of our investments as well as cash distributions received are recorded on our Consolidated Statements of Operations within income from unconsolidated real estate affiliates and fund investments.

NYC Retail Portfolio

On December 8, 2015, a wholly-owned subsidiary of ours acquired an approximate 28% interest in a newly formed limited partnership, Madison NYC Core Retail Partners, L.P, which acquired an approximate 49% interest in entities that initially owned 15 retail properties located in the greater New York City area (the “NYC Retail Portfolio”), the result of which is that we own an approximate 14% interest in the NYC Retail Portfolio. The purchase price for such portion is approximately $85,600 including closing costs. As of December 31, 2021, the NYC Retail Portfolio owned eight retail properties totaling approximately 1,940,000 square feet across urban infill locations in Manhattan, Brooklyn, Queens and New Jersey. We have no unfunded commitments.

As of December 31, 2021 and December 31, 2020, the carrying amount of our investment in the NYC Retail Portfolio was $84,874 and $79,192, respectively. During the year ended December 31, 2021, we recorded increases in fair value of our investment in the NYC Retail Portfolio of $4,021 and received no cash distributions. During the year ended December 31, 2021, we made a $1,661 capital contribution to and received no distributions from Madison NYC Core Retail Partners, L.P. During the year ended December 31, 2020, we recorded decreases in fair value of our investment in the NYC Retail Portfolio of $15,869 and received no cash distributions. During the year ended December 31, 2020, we made a $1,661 capital contribution to Madison NYC Core Retail Partners, L.P. On March 4, 2020, a retail property in the NYC Retail Portfolio with a square footage of 74,000 was sold and the mortgage loan was extinguished.

Single-Family Rental Portfolio

On August 5, 2021, we acquired an approximate 47% interest in a portfolio of approximately 4,000 stabilized single-family rental homes located in various markets across the United States, including Atlanta, Dallas, Phoenix, Nashville and Charlotte, among others (the "Single-Family Rental Portfolio"). The portfolio is encumbered by securitized mortgages in a net amount of approximately $760,000 maturing in the fourth quarter of 2025 at a weighted average interest rate of 2.1%. The equity purchase price for our approximate 47% interest was approximately $205,000. We funded the transaction using cash on hand and a draw on our Revolving Credit Facility.

As of December 31, 2021, the carrying amount of our investment in the Single-Family Rental Portfolio was $268,031. During the year ended December 31, 2021, we recorded an increase in the fair value of our investment in the Single-Family Rental Portfolio of $61,945. During the year ended December 31, 2021, we received distributions of income totaling $4,145. The cash distributions of income increased income from unconsolidated real estate affiliates and fund investments. During the year ended December 31, 2021, we made a working capital funding of $909 to GVI RH JV Investor LLC and paid $343 in closing costs.

Summarized Combined Balance Sheets—NYC Retail Portfolio Investment and Single-Family Rental Portfolio—Fair Value Option Investment (Unaudited)

	December 31, 2021		December 31, 2020
Investment in real estate venture	$	1,666,923	$	290,830
Cash	19,650		3,158
Other assets	55,562		202
Total assets	$	1,742,135	$	294,190
Total liabilities	$	823,503	$	7,405
Partners' capital	918,632		286,785
Total liabilities and partners' capital	$	1,742,135	$	294,190

Summarized Statement of Operations—NYC Retail Portfolio Investment and Single-Family Rental Portfolio—Fair Value Option Investment (Unaudited)

	Year Ended December 31, 2021		Year Ended December 31, 2020		Year Ended December 31, 2019
Total revenue	$	31,945	$	2,261	$	6,001
Net investment income (loss)	$	4,025	$	(28)	$	4,128
Net change in unrealized gain (loss) on investment in real estate venture	162,207		(57,323)		15,292
Net income (loss)	$	166,232	$	(57,351)	$	19,420

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Mortgage Notes Payable (Notes)

12 Months Ended

Dec. 31, 2021

Mortgage Notes Payable [Abstract]

Debt Disclosure [Text Block]

MORTGAGE NOTES AND OTHER DEBT PAYABLE

Mortgage notes and other debt payable have various maturities through 2031 and consist of the following:

Property	Maturity/Extinguishment Date	Fixed / Floating	Interest Rate		Amount payable as of
					December 31, 2021		December 31, 2020
140 Park Avenue (1)	March 1, 2021	Fixed	3.00	%	$	—	$	22,800
Monument IV at Worldgate (2)	February 1, 2023	Fixed	3.13		—		40,000
Aurora Distribution Center	June 1, 2023	Fixed	3.39		13,441		13,716
180 N Jefferson	July 1, 2023	Fixed	3.89		45,000		45,000
Grand Lakes Marketplace	October 1, 2023	Fixed	4.20		23,900		23,900
Oak Grove Plaza	February 1, 2024	Fixed	4.17		8,915		9,154
Charlotte Distribution Center	September 1, 2024	Fixed	3.66		9,341		9,556
Genesee Plaza	January 1, 2025	Fixed	4.30		39,285		40,221
Jory Trail at the Grove	February 1, 2025	Fixed	3.81		42,793		43,600
Skokie Commons	June 1, 2025	Fixed	3.31		23,627		24,120
DFW Distribution Center	June 1, 2025	Fixed	3.23		17,720		17,720
AQ Rittenhouse	September 1, 2025	Fixed	3.65		26,370		26,370
Timberland Town Center	October 1, 2025	Fixed	4.07		20,253		20,746
Whitestone Market	December 1, 2025	Fixed	3.58		25,750		25,750
Miramont Apartments	March 1, 2026	Fixed	3.87		27,629		—
Pinecone Apartments	March 1, 2026	Fixed	3.87		25,355		—
Louisville Distribution Center	May 1, 2026	Fixed	1.76		52,250		—
Maui Mall	June 1, 2026	Fixed	3.64		36,322		37,122
Rancho Temecula Town Center	July 1, 2026	Fixed	4.02		28,000		28,000
Dylan Point Loma	September 1, 2026	Fixed	3.83		40,319		40,500
237 Via Vera Cruz	September 1, 2026	Floating	1.50		11,880		—
4211 Starboard Drive	September 1, 2026	Floating	1.50		20,612		—
13500 Danielson Street	September 1, 2026	Floating	1.50		10,990		—
2840 Loker Ave	September 1, 2026	Floating	1.50		14,316		—
15890 Bernardo Center	September 1, 2026	Floating	1.50		8,702		—
Lane Parke Apartments	November 1, 2026	Fixed	3.18		37,000		37,000
The District at Howell Mill	March 1, 2027	Fixed	5.30		28,858		29,638
San Juan Medical Center	October 1, 2027	Fixed	3.35		16,730		16,730
Whitestown Distribution Center	February 10, 2028	Fixed	2.95		34,000		—
Townlake of Coppell	April 10, 2028	Fixed	2.41		36,030		—
Southeast Phoenix Distribution Center	June 1, 2028	Fixed	2.70		49,000		—
Princeton North Andover	June 1, 2028	Floating	1.65		39,900		—
Stonemeadow Farms	August 1, 2029	Fixed	3.62		44,722		45,000
Presley Uptown	November 1, 2029	Fixed	3.25		30,000		30,000
Reserve at Johns Creek	December 1, 2029	Fixed	3.58		26,000		26,000
Summit at San Marcos	May 1, 2030	Fixed	3.28		35,900		35,900
Mason Mill Distribution Center	October 1, 2030	Fixed	3.25		17,500		17,500
The Penfield	October 1, 2030	Fixed	2.50		35,500		35,500
South San Diego Distribution Center	January 1, 2031	Fixed	3.18		72,500		—
Villas at Legacy	January 1, 2031	Fixed	2.53		29,500		29,500
The Preserve at the Meadows	October 1, 2031	Fixed	2.57		32,400		—
The Rockwell	October 1, 2031	Fixed	2.62		46,310		—

Revolving line of credit	May 25, 2024	Fixed & Floating	1.75 - 3.68	300,000		—
Bridge loan	December 10, 2022	Floating	1.75	100,000		—
Term loans	May 25, 2024	Fixed & Floating	1.70 - 3.40	235,000		100,000
TOTAL				$	1,819,620	$	871,043
Net debt discount on assumed debt and debt issuance costs				(1,956)		(2,941)
MORTGAGE NOTES AND OTHER DEBT PAYABLE, NET				$	1,817,664	$	868,102
South Seattle Distribution Center (3)				$	—	$	17,873
MORTGAGE NOTES AND OTHER DEBT PAYABLE OF HELD FOR SALE PROPERTY				$	—	$	17,873

________

(1)    On March 8, 2021, we repaid the mortgage note payable related to 140 Park Avenue in the amount of $22,800.

(2)    On March 17, 2021, we repaid the mortgage note payable related to Monument IV in the amount of $40,000.

(3)    The property associated with this loan was designated as held for sale as of December 31, 2020. The property associated with this loan was sold on January 8, 2021 and the loan was repaid.

We have recognized a premium or discount on debt we assumed with the following property acquisitions, the remaining premium or discount is as follows as of December 31, 2021:

Property	Debt Premium  (Discount)		Effective Interest Rate
The District at Howell Mill	$	(1,035)	6.34	%
Timberland Town Center	382		3.34
Jory Trail at the Grove	(80)		3.94
Genesee Plaza	991		4.30
Pinecone Apartments	1,572		2.33
Miramont Apartments	1,712		2.33
South San Diego	3,399		3.18
Net debt premium on assumed debt	$	6,941

Aggregate future principal payments of mortgage notes payable and other debt payable are as follows:

 

Year	Amount
2022	$	107,812
2023	89,890
2024	559,917
2025	192,296
2026	308,023
Thereafter	561,682
Total	$	1,819,620

 

Land, buildings, equipment and acquired intangible assets related to the mortgage notes payable, with an aggregate cost of approximately $2,421,000 and $1,642,000 at December 31, 2021 and 2020, respectively, have been pledged as collateral, and are not available to satisfy our debts and obligations unless first satisfying the mortgage note payable on the property. As our mortgage notes mature, we will explore refinancing and paying off the loans as well as full or partial sales of the properties. To accomplish these refinancings and pay downs, we would use cash on hand, cash from future property operations and capital from the proceeds of the Current Public Offering.

Credit Facility

On May 24, 2021, we entered into a credit agreement providing for a $650,000 revolving line of credit and unsecured term loan (collectively, the "Credit Facility") with a syndicate of eight lenders led by JPMorgan Chase Bank, N.A., Bank of America, N.A., and PNC Capital Markets LLC and Wells Fargo Bank, N.A. The Credit Facility provides us with the ability, from time to time, to increase the size of the Credit Facility up to a total of $800 million, subject to receipt of lender commitments and other conditions. The $650,000 Credit Facility consists of a $415,000 revolving line of credit (the “Revolving Credit Facility”) and a $235,000 term loan (the “Term Loan”). The Revolving Credit Facility contains a sublimit of $25,000 for letters of credit. The primary interest rate for the Revolving Credit Facility is based on LIBOR, plus a margin ranging from 1.40% to 2.10%, depending on our total leverage ratio. The primary interest rate for the Term Loan is based on LIBOR, plus a margin ranging from 1.35% to 2.05%, depending on our total leverage ratio. The maturity date of the Revolving Credit Facility and the Term Loan is May 24, 2025. Based on our current total leverage ratio, we can elect to borrow at LIBOR plus 1.65% and LIBOR plus 1.60% for the Revolving Credit Facility and Term Loan, respectively, or alternatively, we can choose to borrow at a “base rate” equal to (i) the highest of (a) the Federal Funds Rate plus 0.50%, (b) the prime rate announced by JPMorgan Chase Bank, N.A., and (c) LIBOR plus 1.0%, plus (ii) a margin ranging from 0.40% to 1.10% for base rate loans under the Revolving Credit Facility or a margin ranging from 0.35% to 1.05% for base rate loans under the Term Loan. If the “base rate” is less than 1.0%, it will be deemed to be 1.0% for purposes of the Credit Facility. We intend to use the Revolving Credit Facility to cover short-term capital needs, for new property acquisitions and working capital. We may not draw funds on our Credit Facility if we (i) experience a material adverse effect, which is defined to include, among other things, (a) a material adverse effect on the business, assets, operations or financial condition of the Company taken as a whole; (b) the inability of any loan party to perform any of its obligations under any loan document; or (c) a material adverse effect upon the validity or enforceability of any loan document or (ii) are in default, as that term is defined in the agreement, including a default under certain other loan agreements and/or guarantees entered into by us or our subsidiaries. As of December 31, 2021, we believe no material adverse effects had occurred.

On December 10, 2021, we entered into an additional $100,000 short-term bridge loan (the "Bridge Loan") with JPMorgan Chase Bank, N.A. under the same terms as our Credit Facility. The Bridge Loan bears interest at the secured overnight financing rate ("SOFR") plus 1.45% to 2.15% depending on our total leverage ratio. The maturity date of the Bridge Loan is June 10, 2022 and has two, three month extension options. Based on our current total leverage ratio this borrowing is priced at SOFR plus 1.70%.

Borrowings under the Credit Facility are guaranteed by us and certain of our subsidiaries. The Credit Facility requires the maintenance of certain financial covenants, including: (i) unencumbered property pool leverage ratio; (ii) debt service coverage ratio; (iii) maximum total leverage ratio; (iv) fixed charges coverage ratio; (v) minimum NAV; (vi) maximum secured debt ratio; (vii) maximum secured recourse debt ratio; (viii) maximum permitted investments; and (ix) unencumbered property pool criteria. The Credit Facility provides the flexibility to move assets in and out of the unencumbered property pool during the term of the Credit Facility.

At December 31, 2021, we had $300,000 outstanding under the Revolving Credit Facility at LIBOR + 1.65%, $235,000 outstanding under the Term Loan at LIBOR + 1.60% and $100,000 outstanding under the Bridge Loan at SOFR +1.70%. We swapped the LIBOR portion on $100,000 of our Term Loan to a blended fixed rate of 1.80% (all in rate of 3.40% at December 31, 2021). We swapped $90,000 of the Revolving Credit Facility to a fixed rate of 2.08% (all in rate of 3.68% at December 31, 2021). The interest swap agreements have maturity dates ranging from May 26, 2022 through February 17, 2023. At December 31, 2020, we had nothing outstanding under our previous revolving line of credit and $100,000 outstanding under the Term Loans.

Covenants

At December 31, 2021, we were in compliance with all debt covenants.

Debt Issuance Costs

Debt issuance costs are capitalized and amortized over the terms of the respective agreements as a component of interest expense. Accumulated amortization of debt issuance costs at December 31, 2021 and December 31, 2020 were $8,024 and $6,749, respectively.

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Common Stock

12 Months Ended

Dec. 31, 2021

Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]

COMMON STOCK

COMMON STOCK AND OP UNITS

We have five classes of common stock: Class A, Class M, Class A-I, Class M-I, and Class D. The fees payable to LaSalle Investment Management Distributors, LLC, an affiliate of our Advisor and the dealer manager for our offerings (the "Dealer Manager"), with respect to each outstanding share of each class, as a percentage of NAV, are as follow:

	Selling Commission (1)	Dealer Manager Fee (2)
Class A Shares	up to 3.0%	0.85%
Class M Shares	—	0.30%
Class A-I Shares	up to 1.5%	0.30%
Class M-I Shares	—	None
Class D Shares (3)	up to 1.0%	None

________

(1)     Selling commissions are paid on the date of sale of our common stock.

(2)     We accrue all future dealer manager fees up to the ten percent regulatory limitation as accrued offering costs on our Consolidated Balance Sheets on the date of sale of our common stock. For NAV calculation purposes, dealer manager fees are accrued daily, on a continuous basis equal to 1/365th of the stated fee. Each Class A, Class M and Class A-I share sold in a public offering will automatically convert into the number of Class M-I shares based on the then-current applicable NAV of each class on the date following the termination of the primary portion of such public offering in which we, with the assistance of the Dealer Manager, determine that total underwriting compensation paid with respect to such public offering equals 10% of the gross proceeds from the primary portion of such public offering.

(3)     Shares of Class D common stock are only being offered pursuant to a private offering.

The selling commissions and dealer manager fees are offering costs and are recorded as a reduction of additional paid in capital.

Stock Transactions

The stock transactions for each of our classes of common stock for the years ending December 31, 2021, 2020 and 2019 were as follows:

	Shares of Class A Common Stock	Shares of Class M Common Stock	Shares of Class A-I Common Stock	Shares of Class M-I Common Stock	Shares of Class D Common Stock
Balance, December 31, 2018	71,187,722	39,869,130	11,083,034	9,738,086	6,270,479
Issuance of common stock	20,389,402	5,356,380	462,451	11,379,814	—
Repurchase of shares	(3,271,008)	(4,889,772)	(453,781)	(73,227)	(1,312,564)
Stock based compensation	—	—	—	11,298	—
Balance, December 31, 2019	88,007,721	39,036,770	11,153,567	22,589,599	4,957,915
Issuance of common stock	13,533,380	2,453,336	314,149	12,417,353	—
Repurchase of shares	(11,333,773)	(5,009,716)	(1,878,636)	(3,150,763)	—
Stock based compensation	—	—	—	16,000	—
Stock conversion	(536,232)	(868,234)	27,219	1,374,812	—
Balance, December 31, 2020	89,671,096	35,612,156	9,616,299	33,247,001	4,957,915
Issuance of common stock	16,945,256	3,590,727	478,460	20,501,787	2,555,366
Repurchase of shares	(6,327,886)	(1,937,556)	(738,450)	(2,148,050)	—
Stock based compensation	—	—	—	20,000	—
Share conversions	(250,104)	(807,136)	—	1,055,955	—
Balance, December 31, 2021	100,038,362	36,458,191	9,356,309	52,676,693	7,513,281

Stock Issuances

The stock issuances for our classes of shares, including those issued through our distribution reinvestment plan, for the years ending December 31, 2021, 2020 and 2019 were as follows:

	December 31, 2021			December 31, 2020			December 31, 2019
	# of shares	$ Amount		# of shares	$ Amount		# of shares	$ Amount
Class A Shares	16,945,256	$	210,810	13,533,380	$	164,020	20,389,402	$	250,822
Class M Shares	3,590,727	44,885		2,453,336	29,258		5,356,380	65,332
Class A-I Shares	478,460	6,077		314,149	3,736		462,451	5,674
Class M-I Shares	20,521,787	254,168		12,433,353	149,090		11,391,112	139,143
Class D Shares	2,555,366	30,000		—	—		—	—
Total		$	545,940		$	346,104		$	460,971

Share Repurchase Plan

Our share repurchase plan allows stockholders, subject to a one-year holding period, with certain exceptions, to request that we repurchase all or a portion of their shares of common stock on a daily basis at that day's NAV per share, limited to 5% of aggregate Company NAV per quarter. We have made repurchases according to our share repurchase plan as following:

Year ending December 31,	Shares of Class A Common Stock	Shares of Class M Common Stock	Shares of Class A-I Common Stock	Shares of Class M-I Common Stock	Shares of Class D Common Stock	Total Dollar of Repurchases
2019	3,271,008	4,889,772	453,781	73,227	1,312,564	$	121,822
2020	11,333,773	5,009,716	1,878,636	3,150,763	—	255,355
2021	6,327,886	1,937,556	738,450	2,148,050	—	135,246

Distribution Reinvestment Plan

Pursuant to our distribution reinvestment plan, holders of shares of any class of our common stock may elect to have their cash distributions reinvested in additional shares of our common stock at the NAV per share applicable to the class of shares being purchased on the distribution date. For the year ended December 31, 2021, we issued 4,726,012 shares of common stock for $59,133 under the distribution reinvestment plan. For the year ended December 31, 2020, we issued 5,653,314 shares of common stock for $66,990 under the distribution reinvestment plan. For the year ended December 31, 2019, we issued 4,133,544 shares of common stock for $50,309 under the distribution reinvestment plan.

Operating Partnership Units

For the year ended December 31, 2021, in connection with the acquisition of South San Diego Distribution Center, we issued 5,820,165 Class M-I OP Units to third parties for a total of $74,673. For the year ended December 31, 2020, in connection with the acquisition of Siena Suwanee Town Center, we issued 1,217,092 Class M-I OP Units to third parties for a total of $14,252. Each OP Unit is redeemable at the option of the holder after a hold period of one year. Holders of OP Units have certain redemption rights which enable them to cause our operating partnership to redeem their units in exchange for cash equal to the unit price upon exercising or for shares of our common stock.

Earnings Per Share (“EPS”)

Basic per share amounts are based on the weighted average of shares outstanding of 186,610,215, 170,613,298 and 151,179,459 for the years ended December 31, 2021, 2020 and 2019, respectively. We have no dilutive or potentially dilutive securities.

We compute net income per share for Class A, Class M, Class A-I, Class M-I, and Class D common stock using the two-class method. Our Advisor may earn a performance fee (see Note 9-Related Party Transactions) which may impact the net income of each class of common stock differently. The calculated performance component for the years ended December 31, 2021, 2020 and 2019, and the impact on each class of common stock, are shown below. In periods where no performance fee is recognized in our Consolidated Statements of Operations and Comprehensive Income, the net income per share will be the same for each class of common stock.

Basic and diluted net income per share for each class of common stock is computed using the weighted-average number of common shares outstanding during the period for each class of common stock. We have not issued any dilutive or potentially dilutive securities, and thus the basic and diluted net income per share for a given class of common stock is the same for each period presented.

The following table sets forth the computation of basic and diluted net income per share for each of our Class A, Class M, Class A-I, Class M-I, and Class D common stock:

	Year Ended December 31, 2021
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net income per share:
Allocation of net income before performance fee	$	43,011	$	16,231	$	4,360	$	18,960	$	3,262
Allocation of performance fee	17,269		6,561		1,712		8,992		1,408
Total	$	25,742	$	9,670	$	2,648	$	9,968	$	1,854
Weighted average number of common shares outstanding	93,504,890		35,291,400		9,484,119		41,229,584		7,100,222
Basic and diluted net income per share:	$	0.28	$	0.27	$	0.28	$	0.24	$	0.26
	Year Ended December 31, 2020
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net loss per share:
Allocation of net loss before performance fee	$	(23,259)	$	(9,465)	$	(2,598)	$	(7,405)	$	(1,279)
Allocation of performance fee	—		—		—		—		—
Total	$	(23,259)	$	(9,465)	$	(2,598)	$	(7,405)	$	(1,279)
Weighted average number of common shares outstanding	90,176,584		36,694,995		10,073,075		28,710,729		4,957,915
Basic and diluted net loss per share:	$	(0.26)	$	(0.26)	$	(0.26)	$	(0.26)	$	(0.26)
	Year Ended December 31, 2019
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net income per share:
Allocation of net income before performance fee	$	52,118	$	26,958	$	7,315	$	9,987	$	3,555
Allocation of performance fee	—		—		—		—		—
Total	$	52,118	$	26,958	$	7,315	$	9,987	$	3,555
Weighted average number of common shares outstanding	78,844,620		40,782,711		11,066,621		15,108,522		5,376,985
Basic and diluted net income per share:	$	0.66	$	0.66	$	0.66	$	0.66	$	0.66

Distributions Declared

The distributions declared per share for each of our classes of common stock for the years ended December 31, 2021, 2020 and 2019 were as follows:

	Distributions		Distributions Paid (1)
Record Date	Declared		Class A		Class M		Class A-I		Class M-I		Class D
3/24/2021	$	0.13500	$	0.11326	$	0.12715	$	0.12726	$	0.13500	$	0.13500
6/24/2021	0.13500		0.11294		0.12696		0.12710		0.13500		0.13500
9/24/2021	0.13500		0.11189		0.12666		0.12644		0.13500		0.13500
12/23/2021	0.13500		0.11092		0.12637		0.12675		0.13500		0.13500
Total	$	0.54000	$	0.44901	$	0.50714	$	0.50755	$	0.54000	$	0.54000
	Distributions		Distributions Paid (1)
Record Date	Declared		Class A		Class M		Class A-I		Class M-I		Class D
3/25/2020	$	0.13500	$	0.11211	$	0.12649	$	0.12681	$	0.13500	$	0.13500
6/24/2020	0.13500		0.11239		0.12683		0.12753		0.13500		0.13500
9/24/2020	0.13500		0.11282		0.12661		0.12632		0.13500		0.13500
12/23/2020	0.13500		0.11280		0.12719		0.12715		0.13500		0.13500
Total	$	0.54000	$	0.45012	$	0.50712	$	0.50781	$	0.54000	$	0.54000
	Distributions		Distributions Paid (1)
Record Date	Declared		Class A		Class M		Class A-I		Class M-I		Class D
3/28/2019	$	0.13500	$	0.11216	$	0.12662	$	0.12653	$	0.13500	$	0.13500
6/27/2019	0.13500		0.11214		0.12643		0.12653		0.13500		0.13500
9/27/2019 (2)	0.17500		0.15184		0.16642		0.16660		0.17500		0.17500
12/30/2019	0.13500		0.11189		0.12600		0.12674		0.13500		0.13500
Total	$	0.58000	$	0.48803	$	0.54547	$	0.54640	$	0.58000	$	0.58000

________

(1)     Distributions paid are net of dealer manager fees applicable to each share class.

(2)    Includes a special dividend of $0.04 per share.

Organization and Offering Costs

Organization and offering costs include, but are not limited to, legal, accounting and printing fees and personnel costs of our Advisor attributable to our organization, preparation of the registration statement, registration and qualification of our common stock for sale with the SEC, or in a private placement, and in the various states and filing fees incurred by our Advisor. LaSalle agreed to fund our organization and offering expenses for the Current Public Offering until December 21, 2021, the day the registration statement was declared effective by the SEC, following which time we commenced reimbursing LaSalle over 36 months. Following the Current Public Offering commencement date, we began paying directly or reimbursing LaSalle if it pays on our behalf any organization and offering costs incurred during the Current Public Offering period (other than selling commissions and dealer manager fees) as and when incurred. After the termination of the Current Public Offering, LaSalle has agreed to reimburse us to the extent that the organization and offering costs that we incur exceed 15% of our gross proceeds from the Current Public Offering. Organization costs are expensed, whereas offering costs are recorded as a reduction of capital in excess of par value. As of December 31, 2021 and 2020, LaSalle had paid $2,113 and $1,138, respectively, of organization and offering costs on our behalf which we had not yet reimbursed. These costs are included in accrued offering costs on the Consolidated Balance Sheets.

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DST Program (Notes)

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

DST Program

DST PROGRAM

On October 16, 2019, we, through our operating partnership, initiated the DST Program, and on August 10, 2021, our board of directors approved an increase to raise up to a total of $1,000,000 in private placements through the sale of beneficial interests in specific Delaware statutory trusts (“DST”) holding DST Properties, which may be sourced from our existing portfolio or from newly acquired properties sourced from third parties. Each DST Property will be leased back by a wholly owned subsidiary of our operating partnership on a long-term basis of up to ten years pursuant to a master lease agreement. The master lease agreements are expected to be guaranteed by our operating partnership. As compensation for the master lease guarantee, our operating partnership will retain a fair market value purchase option giving it the right, but not the obligation, to acquire the beneficial interests in the DST from the investors at any time after two years from the closing of the applicable DST offering in exchange for OP Units or cash, at our discretion.

The sale of beneficial interests in the DST Property will be accounted for as a failed sale-leaseback transaction due to the fair market value purchase option retained by the operating partnership and as such, the property will remain on our books and records. The proceeds received from each DST offering will be accounted for as a financing obligation on the Consolidated Balance Sheets. Upfront costs incurred for services provided to the DST totaling $449 are accounted for as deferred loan costs and are netted against the financing obligation.

Under the master lease, we are responsible for subleasing the DST Property to tenants, for covering all costs associated with operating the underlying DST Property, and for paying base rent to the DST that owns such property. For financial reporting purposes (and not for income tax purposes), the DST Properties are included in our consolidated financial statements, with the master lease rent payments accounted for using the interest method whereby a portion is accounted for as interest expense and a portion is accounted for as a reduction of the outstanding principal balance of the financing obligation. During the years ended December 31, 2021 and 2020 we recorded non-cash interest expense related to the master lease in the amounts of $8,603 and $1,271, respectively. Upon the determination that it is probable that we will exercise the fair market value purchase option, we will recognize additional interest expense or interest income to the financing obligation to account for the difference between the fair value of the property and the outstanding liabilities. During the year ended December 31, 2021, we determined that certain properties were probable for exercising the fair market value purchase option and recorded additional non-cash interest expense of $1,987. We will remeasure the fair value of these properties at each balance sheet date and adjust the non-cash interest expense recognized over the remaining term of the master lease for any changes in fair value. If we elect to repurchase the property prior to the maturity date of the master lease, we will record the difference between the repurchase amount and the financial obligation as additional non-cash interest expense in the period of repurchase. For financial reporting purposes, the rental revenues and rental expenses associated with the underlying property of each master lease are included in the respective line items on our Consolidated Statements of Operations and Comprehensive Income. The net amount we receive from the underlying DST Properties may be more or less than the amount we pay to the investors in the specific DST and could fluctuate over time.

As of December 31, 2021, we sold approximately $454,090 of interests related to the DST Program. As of December 31, 2021, the following properties are included in our DST Program:

•The Reserve at Johns Creek,

•Summit at San Marcos,

•Mason Mill Distribution Center,

•San Juan Medical Center,

•The Penfield,

•Milford Crossing,

•Villas at Legacy,

•Montecito Marketplace,

•Whitestown Distribution Center,

•Louisville Airport Distribution Center,

•The Preserve at the Meadows,

•The Rockwell and

•9101 Stony Point Drive.

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Rentals Under Operating Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lessor, Operating Leases

RENTALS UNDER OPERATING LEASES

We receive rental income from operating leases. The minimum future rentals from consolidated properties, excluding those classified as held for sale, based on operating leases in place at December 31, 2021 are as follows:

Year	Amount
2022	$	193,511
2023	150,970
2024	128,099
2025	115,781
2026	100,469
Thereafter	372,690
Total	$	1,061,520

Minimum future rentals do not include amounts payable by certain tenants based upon a percentage of their gross sales or as reimbursement of property operating expenses. During the years ended December 31, 2021, 2020 and 2019, no individual tenant accounted for greater than 10% of minimum base rents. The majority of the decrease in rents from 2022 future rents to 2023 is related to our residential properties which generally have a one year lease life.

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Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transaction, Due from (to) Related Party [Abstract]

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

Pursuant to the Advisory Agreement with LaSalle, we pay a fixed advisory fee of 1.25% of our NAV calculated daily. The Advisory Agreement allows for a performance fee to be earned for each share class based on the total return of that share class during the calendar year. The performance fee is calculated as 10% of the return in excess of 7% per annum. The term of our Advisory Agreement expires June 5, 2022, subject to an unlimited number of successive one-year renewals.

The fixed advisory fees for the years ended December 31, 2021, 2020 and 2019 were $28,956, $25,274 and $23,026, respectively. The performance fees for the years ended December 31, 2021, 2020 and 2019 were $36,711, $0 and $0, respectively. Included in Advisor fees payable for the year ended December 31, 2021 and 2020 were $2,998 and $2,122 of fixed fee expense, respectively and $36,711 and $0 of performance fee expenses, respectively.

We pay Jones Lang LaSalle Americas, Inc. (“JLL Americas”), an affiliate of the Advisor, for property management, leasing, mortgage brokerage and sales brokerage services performed at various properties we own. For the years ended December 31, 2021, 2020 and 2019, JLL Americas was paid $1,222, $741 and $1,608, respectively, for property management and leasing services. During the year ended December 31, 2021, we paid JLL Americas $209 in mortgage brokerage fees related to the mortgage notes payable for Louisville Airport Distribution Center and $162 in mortgage brokerage fees related to the mortgage payable for Townlake of Coppell. During the year ended December 31, 2020, we paid JLL Americas $75 in brokerage fees for the sale of 24823 Anza Drive and $133 in mortgage brokerage fees related to the mortgage note payable for Villas at Legacy. During the year ended December 31, 2019, we paid JLL Americas $203 in mortgage brokerage fees related to the mortgage note payable for Stonemeadow Farms and $146 in mortgage brokerage fees related to the mortgage note payable for Presley Uptown.

We pay the Dealer Manager selling commissions and dealer manager fees in connection with our offerings. For the years ended December 31, 2021, 2020 and 2019, we paid the Dealer Manager selling commissions and dealer manager fees totaling $12,246, $11,303 and $12,203, respectively. A majority of the selling commissions and dealer manager fees are reallowed to participating broker-dealers. Included in accrued offering costs at December 31, 2021 and 2020 were $135,663 and $105,770 of future dealer manager fees payable, respectively.

As of December 31, 2021 and 2020, we owed $2,113 and $1,138, respectively, for organization and offering costs paid by LaSalle (see Note 6-Common Stock). These costs are included in Accrued offering costs.

LaSalle Investment Management Distributors, LLC also serves as the dealer manager for the DST Program on a “best efforts” basis. Our taxable REIT subsidiary, which is a wholly owned subsidiary of our operating partnership, will pay the dealer manager upfront selling commissions, upfront dealer manager fees and placement fees of up to 5.0%, 1.0% and 1.0%, respectively, of the gross purchase price per unit of beneficial interest sold in the DST Program. All upfront selling commissions and upfront dealer manager fees are reallowed to participating broker-dealers. For the year ended December 31, 2021 and 2020, our taxable REIT subsidiary paid $5,697 and $1,917, respectively, to the Dealer Manager. In addition, the dealer manager may receive an ongoing investor servicing fee that is calculated daily on a continuous basis from year to year equal to 1/365th of (a) 0.25% of the NAV of each outstanding unit of beneficial interest for such day, payable by the DSTs; (b) 0.85% of the NAV of each outstanding Class A OP Unit, 0.30% of the NAV of each outstanding Class M OP Unit and 0.30% of the NAV of each outstanding Class A-I OP Unit for such day issued in connection with the FMV Option, payable by our operating partnership; and (c) 0.85% of the NAV of each outstanding Class A share, 0.30% of the NAV of each outstanding Class M share and 0.30% of the NAV of each outstanding Class A-I share for such day issued in connection with the Redemption Right, payable by us. The investor servicing fee may continue for so long as the investor in the DST Program holds beneficial interests, Class A, Class M, and Class A-I OP Units or Class A, Class M and Class A-I shares that were issued in connection with the DST Program. No investor servicing fee will be paid on Class M-I OP Units or Class M-I shares. For the year ended December 31, 2021 and 2020, the DSTs paid $754 and $100, respectively, in investor servicing fees to the Dealer Manager in connection with the DST Program.

LaSalle also serves as the manager for the DST Program. Each DST may pay the manager a management fee equal to a to-be-agreed upon percentage of the total equity of such DST. For the years ended December 31, 2021 and 2020, the DSTs paid $463 and $62, respectively, in management fees to our Advisor in connection with the DST Program.

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

We are involved in various claims and litigation matters arising in the ordinary course of business, some of which involve claims for damages. Many of these matters are covered by insurance, although they may nevertheless be subject to deductibles or retentions. Although the ultimate liability for these matters cannot be determined, based upon information currently available, we believe the ultimate resolution of such claims and litigation will not have a material adverse effect on our financial position, results of operations or liquidity.

From time to time, we have entered into contingent agreements for the acquisition and financing of properties. Such acquisitions and financings are subject to satisfactory completion of due diligence or meeting certain leasing or occupancy thresholds.

We are subject to fixed ground lease payments on South Beach Parking Garage of $112 per year until September 30, 2024, which will increase every five years thereafter by the lesser of 12% or the cumulative CPI over the previous five year period. We are also subject to a variable ground lease payment calculated as 2.5% of revenue. The lease expires September 30, 2041 and has a ten-year renewal option.

The operating agreement for Presley Uptown allows the unrelated third party joint venture partner, owning a 2.5% interest, to put its interest to us at a market determined value starting September 30, 2022 through September 30, 2024.

The operating agreement for 237 Via Vera Cruz, 13500 Danielson Street, 4211 Starboard Drive, 2840 Loker Avenue and 15890 Bernardo Center Drive allows the unrelated third party joint venture partner, owning a 5% interest, to put its interest to us at a market determined value starting July 31, 2024.

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Segment Reporting

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

SEGMENT REPORTING

We have five operating segments: industrial, office, residential, retail and other properties. Consistent with how we review and manage our properties, the financial information summarized below is presented by operating segment and reconciled to income from operations for the years ended December 31, 2021, 2020 and 2019:

Year Ended December 31, 2021	Industrial		Office		Residential		Retail		Other		Total
Assets	$	1,352,580	$	479,306	$	1,301,454	$	564,565	$	23,412	$	3,721,317
Capital expenditures by segment	$	17,165	$	4,284	$	6,196	$	3,212	$	16	$	30,873
Revenues:
Rental revenue	$	71,719	$	33,178	$	74,378	$	48,286	$	379	$	227,940
Other revenue	367		1,792		5,534		1,117		2,588		11,398
Total revenues	$	72,086	$	34,970	$	79,912	$	49,403	$	2,967	$	239,338
Operating expenses:
Real estate taxes	$	10,505	$	3,394	$	12,500	$	5,979	$	459	$	32,837
Property operating	5,783		6,865		22,619		7,973		755		43,995
Total segment operating expenses	$	16,288	$	10,259	$	35,119	$	13,952	$	1,214	$	76,832
Reconciliation to net income
Property general and administrative											1,596
Advisor fees											65,667
Company level expenses											4,841
Provision for impairment of real estate											1,822
Depreciation and amortization											94,051
Total operating expenses											$	244,809
Other income and (expenses):
Interest expense											$	(48,230)
Loss from unconsolidated real estate affiliates and fund investment											67,333
Investment income on marketable securities											418
Net realized gain upon sale of marketable securities											247
Net unrealized change in fair value of investment in marketable securities											2,933
Loss on disposition of property and extinguishment of debt											33,422
Total other income and (expenses)											$	56,123
Net income											$	50,652
Reconciliation to total consolidated assets as of December 31, 2021
Assets per reportable segments (1)											$	3,721,317
Investment in unconsolidated real estate affiliates, real estate fund investment and corporate level assets											680,929
Total consolidated assets											$	4,402,246

________

(1)     Includes $39,326 of Industrial and Residential segment assets classified as held for sale as of December 31, 2021.

Year Ended December 31, 2020	Industrial		Office		Residential		Retail		Other		Total
Assets	$	659,870	$	277,556	$	788,060	$	577,588	$	22,134	$	2,325,208
Capital expenditures by segment	$	4,673	$	2,589	$	4,346	$	1,803	$	119	$	13,530
Revenues:
Rental revenue	$	49,743	$	27,239	$	63,948	$	45,417	$	294	$	186,641
Other revenue	323		1,313		3,474		572		1,298		6,980
Total revenues	$	50,066	$	28,552	$	67,422	$	45,989	$	1,592	$	193,621
Operating expenses:
Real estate taxes	$	8,218	$	3,396	$	11,476	$	6,193	$	382	$	29,665
Property operating	4,121		5,938		19,643		7,583		714		37,999
Total segment operating expenses	$	12,339	$	9,334	$	31,119	$	13,776	$	1,096	$	67,664
Reconciliation to net income
Property general and administrative											4,318
Advisor fees											25,274
Company level expenses											2,936
Depreciation and amortization											75,603
Total operating expenses											$	175,795
Other income and (expenses):
Interest expense											$	(40,668)
Loss from unconsolidated real estate affiliates and fund investments											(19,451)
Loss on disposition of property and extinguishment of debt											(1,772)
Total other income and (expenses)											$	(61,891)
Net loss											$	(44,065)
Reconciliation to total consolidation assets as of December 31, 2020
Assets per reportable segments											$	2,325,208
Investment in unconsolidated real estate affiliates, real estate fund investment and corporate level assets											333,391
Total consolidated assets											$	2,658,599

Year Ended December 31, 2019	Industrial		Office		Residential		Retail		Other		Total
Capital expenditures by segment	$	5,162	$	584	$	7,510	$	6,602	$	16	$	19,874
Revenues:
Rental revenue	$	45,166	$	18,918	$	57,069	$	45,699	$	318	$	167,170
Other income	469		529		3,179		728		2,204		7,109
Total revenues	$	45,635	$	19,447	$	60,248	$	46,427	$	2,522	$	174,279
Operating expenses:
Real estate taxes	$	7,395	$	1,985	$	10,120	$	5,063	$	449	$	25,012
Property operating	3,701		3,677		16,465		7,117		823		31,783
Total segment operating expenses	$	11,096	$	5,662	$	26,585	$	12,180	$	1,272	$	56,795
Reconciliation to net income
Property general and administrative											1,659
Advisor fees											23,026
Company level expenses											3,201
Depreciation and amortization											67,348
Total operating expenses											$	152,029
Other income and (expenses):
Interest expense											$	(36,185)
Income from unconsolidated real estate affiliates and fund investments											7,066
Gain on disposition of property and extinguishment of debt											106,871
Total other income and (expenses)											$	77,752
Net income											$	100,002

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Comprehensive Text Block List

12 Months Ended

Dec. 31, 2021

Text Block [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure

NOTE 12—INVESTMENT IN MARKETABLE SECURITIES

The following is a summary of our investment in marketable securities held as of December 31, 2021, which consisted entirely of stock of publicly traded REITs.

	December 31, 2021
Investment in marketable securities - cost	$	40,273
Unrealized gains	3,161
Unrealized losses	(228)
Net unrealized gain	2,933
Investment in marketable securities - fair value	$	43,206

Upon the sale of a particular security, the realized net gain or loss is computed assuming the shares purchased first are sold first. During the year ended December 31, 2021, marketable securities sold generated proceeds of $5,347, resulting in realized gains of $352, and $105 realized losses.

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Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

On January 6, 2022, we sold Norfleet Distribution Center, a 702,000 square foot industrial property located in Kansas City, Missouri for approximately $60,375 less closing costs. We recorded a gain on the sale of the property in the amount of approximately $34,000.

On January 24, 2022, we sold The Edge at Lafayette, a 207,000 square foot student housing apartment property located in Lafayette, Louisiana for approximately $16,500 less closing costs.

On February 28, 2022, our board of directors approved a gross dividend for the first quarter of 2021 of $0.14 per share to stockholders and OP Unit holders of record as of March 24, 2022. The dividend will be paid on or around March 30, 2022. Class A, Class M, Class A-I, Class M-I and Class D stockholders and Class M-I OP Unit holders will receive $0.14 per share or OP Unit, less applicable class-specific fees, if any.

*  *  *  *  *  *

XML

Schedule III - Real Estate and Accumulated Depreciation (Notes)

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Real Estate and Accumulated Depreciation Disclosure [Text Block]

Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2021

Col. A	Col. B	Col. C		Col. D			Col. E
Description	Encumbrances	Initial Cost		Costs Capitalized Subsequent to Acquisition (1)			Gross Amounts at which Carried at the Close of Period		Total
		Land	Building and Equipment	Land	Building and Equipment	Carrying Costs	Land	Building and Equipment
Industrial Properties:
Kendall Distribution Center—Atlanta, GA	—	2,656	12,836	(293)	279	—	2,363	13,115	15,478
Suwanee Distribution Center—Suwanee, GA	—	6,155	27,598	—	68	—	6,155	27,666	33,821
Grand Prairie Distribution Center—Grand Prairie, TX	—	2,100	12,478	—	404	—	2,100	12,882	14,982
Charlotte Distribution Center—Charlotte, NC	9,341	5,381	15,002	—	372	—	5,381	15,374	20,755
4050 Corporate Drive—Grapevine, TX	12,147	5,200	18,327	—	1,357	—	5,200	19,684	24,884
4055 Corporate Drive—Grapevine, TX	5,573	2,400	12,377	—	1,566	—	2,400	13,943	16,343
2501-2575 Allan Drive—Elk Grove, IL	—	4,300	10,926	—	661	—	4,300	11,587	15,887
2601-2651 Allan Drive—Elk Grove, IL	—	2,600	7,726	—	179	—	2,600	7,905	10,505
1300 Michael Drive—Wood Dale, IL	—	1,900	6,770	—	380	—	1,900	7,150	9,050
1350 Michael Drive—Wood Dale, IL	—	1,500	5,059	—	283	—	1,500	5,342	6,842
1225 Michael Drive—Wood Dale, IL	—	2,600	7,149	—	127	—	2,600	7,276	9,876
200 Lewis Drive—Wood Dale, IL	—	1,100	4,165	—	478	—	1,100	4,643	5,743
1301-1365 Mittel Boulevard—Chicago, IL	—	2,700	5,473	—	141	—	2,700	5,614	8,314
Tampa Distribution Center- Tampa, FL	—	3,507	22,485	—	84	—	3,507	22,569	26,076
Aurora Distribution Center- Aurora, IL	13,441	9,861	14,646	—	—	—	9,861	14,646	24,507
28150 West Harrison Parkway- Valencia, CA	—	2,760	8,899	—	279	—	2,760	9,178	11,938
28145 West Harrison Parkway- Valencia, CA	—	3,468	10,111	—	20	—	3,468	10,131	13,599
28904 Avenue Paine- Valencia, CA	—	3,812	10,535	—	428	—	3,812	10,963	14,775
25045 Avenue Tibbitts- Santa Clarita, CA	—	4,087	13,224	—	288	—	4,087	13,512	17,599
6000 Giant Road- Richmond, CA	—	11,572	26,556	—	31	—	11,572	26,587	38,159
6015 Giant Road- Richmond, CA	—	10,468	24,127	—	(1,004)	—	10,468	23,123	33,591
6025 Giant Road- Richmond, CA	—	2,700	4,167	—	497	—	2,700	4,664	7,364
Mason Mill Distribution Center—Buford, GA	17,500	3,406	23,312	—	(123)	—	3,406	23,189	26,595
Fremont Distribution Center - Fremont, CA	—	29,427	7,024	—	1,782	—	29,427	8,806	38,233
3324 Trinity Boulevard - Grand Prairie, TX	—	3,215	11,255	—	(13)	—	3,215	11,242	14,457
Taunton Distribution Center - Taunton, MA	—	2,000	21,589	—	220	—	2,000	21,809	23,809
Chandler Distribution Center - Chandler, AZ	—	3,803	24,095	—	272	—	3,803	24,367	28,170
Fort Worth Distribution Center--Fort Worth, TX	—	3,059	21,053	—	1,296	—	3,059	22,349	25,408
4993 Anson Boulevard--Whitestown, IN	17,000	2,197	20,224	—	(59)	—	2,197	20,165	22,362
5102 E 500 South--Whitestown, IN	17,000	3,460	28,049	—	(80)	—	3,460	27,969	31,429
Louisville Distribution Center—Shepherdsville, KY	52,250	9,028	66,792	—	4,161	—	9,028	70,953	79,981
6511 West Frye Road—Chandler, AZ	12,250	2,102	15,511	—	1,654	—	2,102	17,165	19,267
6565 West Frye Road—Chandler, AZ	12,250	2,451	18,807	—	—	—	2,451	18,807	21,258
6615 West Frye Road—Chandler, AZ	12,250	2,799	18,030	—	—	—	2,799	18,030	20,829

Col. A	Col. B	Col. C		Col. D			Col. E
Description	Encumbrances	Initial Cost		Costs Capitalized Subsequent to Acquisition (1)			Gross Amounts at which Carried at the Close of Period		Total
		Land	Building and Equipment	Land	Building and Equipment	Carrying Costs	Land	Building and Equipment
6677 West Frye Road—Chandler, AZ	12,250	2,451	18,662	—	37	—	2,451	18,699	21,150
5 National Way—Durham, NC	—	6,846	21,233	—	490	—	6,846	21,723	28,569
47 National Way—Durham, NC	—	6,840	20,401	—	2,103	—	6,840	22,504	29,344
South San Diego Distribution Center—San Diego, CA	72,500	18,496	123,682	—	—	—	18,496	123,682	142,178
2451 Bath Road—Elgin, IL	—	4,247	26,182	—	(63)	—	4,247	26,119	30,366
1755 Britannia Drive—Elgin, IL	—	1,046	10,522	—	(16)	—	1,046	10,506	11,552
687 Conestoga Parkway—Shepardsville, KY	—	2,462	33,393	—	—	—	2,462	33,393	35,855
Louisville Airport Distribution Center(2)—Louisville, KY	—	2,843	26,812	—	—	—	2,843	26,812	29,655
Friendship Distribution Center-Buford, GA	—	7,082	80,654	—	4	—	7,082	80,658	87,740
13500 Danielson Street-Poway, CA	10,990	7,624	11,503	—	54	—	7,624	11,557	19,181
237 Via Vera Cruz-San Marcos, CA	11,880	5,421	8,581	—	39	—	5,421	8,620	14,041
4211 Starboard-Fremont, CA	20,612	13,409	13,872	—	92	—	13,409	13,964	27,373
2840 Loker Avenue-Carlsbad, CA	14,316	7,631	16,030	—	73	—	7,631	16,103	23,734
15890 Bernardo Center Drive-San Diego, CA	8,702	2,316	11,715	—	38	—	2,316	11,753	14,069
Total Industrial Properties	332,252	248,488	979,619	(293)	18,879	—	248,195	998,498	1,246,693
Office Properties:
Monument IV at Worldgate—Herndon, VA	—	5,186	57,013	—	20,014	—	5,186	77,027	82,213
140 Park Avenue—Florham Park, NJ	—	3,162	34,784	—	(4)	—	3,162	34,780	37,942
San Juan Medical Center- San Juan Capistrano, CA	16,730	9,807	13,303	—	1,129	—	9,807	14,432	24,239
Genesee Plaza - San Deigo, CA	39,285	8,222	73,964	—	676	—	8,222	74,640	82,862
Fountainhead Corporate Park--Tempe, AZ	—	5,942	36,301	—	4,246	—	5,942	40,547	46,489
170 Park Avenue-Florham Park, NJ	—	4,612	38,337	—	3	—	4,612	38,340	42,952
South Reno Medical Center-Reno, NV	—	1,029	9,882	—	—	—	1,029	9,882	10,911
North Tampa Surgery Center-Odessa, FL	—	1,227	5,069	—	(4)	—	1,227	5,065	6,292
1203 SW 7 Highway-Blue Springs, MO	—	171	2,355	—	—	—	171	2,355	2,526
8600 NE 82nd Street-Kansas City, MO	—	143	3,519	—	—	—	143	3,519	3,662
Sugar Land Medical Office-Sugar Land, TX	—	2,449	9,943	—	(20)	—	2,449	9,923	12,372
Roeland Park Medical Office-Roeland Park, KS	—	1,057	8,182	—	—	—	1,057	8,182	9,239
Durham Medical Center-Durham, NC	—	974	29,575	—	—	—	974	29,575	30,549
9101 Stony Point Drive(2)--Richmond, VA	—	3,980	37,939	—	—	—	3,980	37,939	41,919
Total Office Properties	56,015	47,961	360,166	—	26,040	—	47,961	386,206	434,167
Residential Properties:
Townlake of Coppell—Coppell, TX	36,030	8,444	36,805	—	3,175	—	8,444	39,980	48,424
AQ Rittenhouse—Philadelphia, PA	26,370	11,000	39,963	—	(182)	—	11,000	39,781	50,781

Col. A	Col. B	Col. C		Col. D			Col. E
Description	Encumbrances	Initial Cost		Costs Capitalized Subsequent to Acquisition (1)			Gross Amounts at which Carried at the Close of Period		Total
		Land	Building and Equipment	Land	Building and Equipment	Carrying Costs	Land	Building and Equipment
Lane Park Apartments—Mountain Brook, AL	37,000	5,100	66,428	—	934	—	5,100	67,362	72,462
Dylan Point Loma—San Diego, CA	40,319	19,000	70,860	—	(527)	—	19,000	70,333	89,333
The Penfield—St. Paul, MN	35,500	8,021	52,713	—	1,238	—	8,021	53,951	61,972
180 North Jefferson—Chicago, IL	45,000	18,588	75,435	—	8,280	—	18,588	83,715	102,303
Jory Trail at the Grove—Wilsonville, OR	42,793	7,877	64,369	—	4,330	—	7,877	68,699	76,576
The Reserve at Johns Creek Walk—Johns Creek, GA	26,000	7,552	38,025	—	839	—	7,552	38,864	46,416
Villas at Legacy—Plano, TX	29,500	6,888	48,504	—	3,759	—	6,888	52,263	59,151
Stonemeadow Farms - Bothell, WA	44,722	14,000	65,535	—	1,952	—	14,000	67,487	81,487
Summit at San Marcos - Chandler, AZ	35,900	6,401	63,335	—	37	—	6,401	63,372	69,773
Presley Uptown - Charlotte, NC	30,000	7,390	46,479	—	259	—	7,390	46,738	54,128
Princeton North Andover-North Andover, MA	39,900	8,140	63,156	—	106	—	8,140	63,262	71,402
The Preserve at the Meadows(2)--Fort Collins, CO	32,400	9,656	53,870	—	52	—	9,656	53,922	63,578
The Rockwell(2)--Berlin, MA	46,310	7,501	75,403	—	4	—	7,501	75,407	82,908
Miramont-Fort Collins, CO	27,629	9,217	49,005	—	23	—	9,217	49,028	58,245
Pinecone-Fort Collins, CO	25,355	8,558	43,833	—	30	—	8,558	43,863	52,421
Reserve at Venice-North Venice, FL	—	5,500	86,125	—	—	—	5,500	86,125	91,625
Woodside Trumbull-Trumbull, CT	—	4,654	91,755	—	—	—	4,654	91,755	96,409
Total Residential Properties	600,728	173,487	1,131,598	—	24,094	—	173,487	1,155,907	1,329,394
Retail Properties:
The District at Howell Mill—Atlanta, GA	28,858	10,000	56,040	—	6,179	—	10,000	62,219	72,219
Grand Lakes Marketplace—Katy, TX	23,900	5,215	34,770	—	87	—	5,215	34,857	40,072
Oak Grove Plaza—Sachse, TX	8,915	4,434	18,869	—	832	—	4,434	19,701	24,135
Rancho Temecula Town Center—Temecula, CA	28,000	14,600	41,180	—	1,079	—	14,600	42,259	56,859
Skokie Commons—Skokie, IL	23,627	8,859	25,705	890	183	—	9,749	25,888	35,637
Whitestone Market—Austin, TX	25,750	7,000	39,868	—	534	—	7,000	40,402	47,402
Maui Mall—Maui, HI	36,322	44,257	39,454	—	11,210	—	44,257	50,664	94,921
Silverstone Marketplace—Scottsdale, AZ	—	8,012	33,771	—	220	—	8,012	33,991	42,003
Kierland Village Center—Scottsdale, AZ	—	7,037	26,693	—	326	—	7,037	27,019	34,056
Timberland Town Center—Beaverton, OR	20,253	6,083	33,826	—	444	—	6,083	34,270	40,353
Montecito Marketplace—Las Vegas, NV	—	11,410	45,212	—	352	—	11,410	45,564	56,974
Milford Crossing--Milford, MA	—	1,124	30,869	—	(163)	—	1,124	30,706	31,830
Total Retail Properties	195,625	128,031	426,257	890	21,283	—	128,921	447,540	576,461
Other Properties:
South Beach Parking Garage—Miami, FL	—	—	21,467	—	741	—	—	22,208	22,208
Total Other Properties	—	—	21,467	—	741	—	—	22,208	22,208

Col. A	Col. B		Col. C				Col. D						Col. E
Description	Encumbrances		Initial Cost				Costs Capitalized Subsequent to Acquisition (1)						Gross Amounts at which Carried at the Close of Period				Total
			Land		Building and Equipment		Land		Building and Equipment		Carrying Costs		Land		Building and Equipment
Total Consolidated Properties:	$	1,184,620	$	597,967	$	2,919,107	$	597	$	91,037	$	—	$	598,564	$	3,010,359	$	3,608,923
Properties Held for Sale:
The Edge at Lafayette—Lafayette, LA	—		1,782		23,266		(182)		(8,741)		—		1,600		14,525		16,125
Norfleet Distribution Center—Kansas City, MO	—		2,134		31,397		(205)		(1,914)		—		1,929		29,483		31,412
Total Properties Held for Sale	$	—	$	3,916	$	54,663	$	(387)	$	(10,655)	$	—	$	3,529	$	44,008	$	47,537

The unaudited aggregate cost and accumulated depreciation for tax purposes was approximately $2,330,580 and $301,026, respectively.

(1)Includes net provisions for impairment of real estate taken since acquisition of property.

Col. A	Col. F	Col. G	Col. H	Col. I
Description	Accumulated Depreciation	Date of Construction	Date of Acquisition	Life on which depreciation in latest income statement is computed
Industrial Properties:
Kendall Distribution Center—Atlanta, GA	(4,345)	2002	6/30/2005	50 years
Suwanee Distribution Center—Suwanee, GA	(4,712)	2012	6/28/2013	50 years
Grand Prairie Distribution Center—Grand Prairie, TX	(2,056)	1980	12/18/2013	40 years
Charlotte Distribution Center—Charlotte, NC	(2,919)	2013	1/22/2014	50 years
4050 Corporate Drive—Grapevine, TX	(3,095)	1991	6/27/2014	40 years
4055 Corporate Drive—Grapevine, TX	(2,465)	1996	4/15/2015	40 years
2501-2575 Allan Drive—Elk Grove, IL	(1,841)	1996	4/15/2015	40 years
2601-2651 Allan Drive—Elk Grove, IL	(1,286)	1985	9/30/2015	40 years
1300 Michael Drive—Wood Dale, IL	(1,119)	1985	9/30/2015	40 years
1350 Michael Drive—Wood Dale, IL	(856)	1985	9/30/2015	40 years
1225 Michael Drive—Wood Dale, IL	(1,134)	1985	9/30/2015	40 years
200 Lewis Drive—Wood Dale, IL	(1,035)	1985	9/30/2015	40 years
1301-1365 Mittel Boulevard—Chicago, IL	(879)	1985	9/30/2015	40 years
Tampa Distribution Center- Tampa, FL	(3,267)	1985	9/30/2015	40 years
Aurora Distribution Center- Aurora, IL	(1,635)	2009	4/11/2016	40 years
28150 West Harrison Parkway- Valencia, CA	(1,235)	2016	5/19/2016	50 years
28145 West Harrison Parkway- Valencia, CA	(1,407)	1997	6/29/2016	40 years
28904 Avenue Paine- Valencia, CA	(1,527)	1997	6/29/2016	40 years
25045 Avenue Tibbitts- Santa Clarita, CA	(1,898)	1988	6/29/2016	40 years
6000 Giant Road- Richmond, CA	(2,834)	1988	6/29/2016	40 years
6015 Giant Road- Richmond, CA	(2,463)	2016	9/8/2016	50 years
6025 Giant Road- Richmond, CA	(473)	2016	9/8/2016	50 years
Mason Mill Distribution Center—Buford, GA	(1,861)	2016	12/29/2016	50 years
Fremont Distribution Center - Fremont, CA	(797)	1991	3/29/2019	40 years
3324 Trinity Boulevard - Grand Prairie, TX	(726)	2015	5/31/2019	40 years
Taunton Distribution Center - Taunton, MA	(1,094)	2016	8/23/2019	50 years
Chandler Distribution Center - Chandler, AZ	(1,022)	2016	12/5/2019	50 years
Fort Worth Distribution Center--Fort Worth, TX	(512)	2020	10/23/2020	50 years
4993 Anson Boulevard--Whitestown, IN	(437)	2020	12/11/2020	50 years
5102 E 500 South--Whitestown, IN	(606)	2020	12/11/2020	50 years
Louisville Distribution Center—Shepherdsville, KY	(1,544)	2020	1/21/2021	50 years
6511 West Frye Road—Chandler, AZ	(338)	2019	2/23/2021	50 years
6565 West Frye Road—Chandler, AZ	(313)	2019	2/23/2021	50 years
6615 West Frye Road—Chandler, AZ	(301)	2019	2/23/2021	50 years
6677 West Frye Road—Chandler, AZ	(312)	2019	2/23/2021	50 years
5 National Way—Durham, NC	(106)	2020	9/28/2021	50 years
47 National Way—Durham, NC	(102)	2020	9/28/2021	50 years
South San Diego Distribution Center—San Diego, CA	(497)	2020	10/28/2021	40 years

Col. A	Col. F	Col. G	Col. H	Col. I
Description	Accumulated Depreciation	Date of Construction	Date of Acquisition	Life on which depreciation in latest income statement is computed
2451 Bath Road—Elgin, IL	(87)	2020	11/16/2021	50 years
1755 Britannia Drive—Elgin, IL	(35)	2020	11/16/2021	50 years
687 Conestoga Parkway—Shepardsville, KY	(56)	2021	11/17/2021	50 years
Louisville Airport Distribution Center(2)—Louisville, KY	(268)	2020	6/24/2021	50 years
Friendship Distribution Center-Buford, GA	(269)	2020	10/20/2021	50 years
13500 Danielson Street-Poway, CA	(108)	1997	7/2/2021	40 years
237 Via Vera Cruz-San Marcos, CA	(144)	1987	7/2/2021	40 years
4211 Starboard-Fremont, CA	(174)	1997	7/9/2021	40 years
2840 Loker Avenue-Carlsbad, CA	(34)	1998	11/30/2021	40 years
15890 Bernardo Center Drive-San Diego, CA	(24)	1991	11/30/2021	40 years
Total Industrial Properties	(56,248)
Office Properties:
Monument IV at Worldgate—Herndon, VA	(33,092)	2001	8/27/2004	50 years
140 Park Avenue—Florham Park, NJ	(4,174)	2015	12/21/2015	50 years
San Juan Medical Center- San Juan Capistrano, CA	(1,827)	2015	4/1/2016	50 years
Genesee Plaza - San Deigo, CA	(4,758)	1983	7/2/2019	40 years
Fountainhead Corporate Park--Tempe, AZ	(1,999)	1985	2/6/2020	40 years
170 Park Avenue-Florham Park, NJ	(904)	1998	2/2/2021	40 years
South Reno Medical Center-Reno, NV	—	2004	12/28/2021	40 years
North Tampa Surgery Center-Odessa, FL	(25)	2021	10/8/2021	50 years
1203 SW 7 Highway-Blue Springs, MO	—	2021	12/23/2021	40 years
8600 NE 82nd Street-Kansas City, MO	—	2021	12/23/2021	50 years
Sugar Land Medical Office-Sugar Land, TX	—	2020	12/30/2021	50 years
Roeland Park Medical Office-Roeland Park, KS	—	2021	12/28/2021	50 years
Durham Medical Center-Durham, NC	—	2010	12/23/2021	40 years
9101 Stony Point Drive(2)--Richmond, VA	(253)	2018	9/15/2021	50 years
Total Office Properties	(47,032)
Residential Properties:
Townlake of Coppell—Coppell, TX	(7,703)	1986	5/22/2015	40 years
AQ Rittenhouse—Philadelphia, PA	(5,232)	2015	7/30/2015	50 years
Lane Park Apartments—Mountain Brook, AL	(7,868)	2014	5/26/2016	50 years
Dylan Point Loma—San Diego, CA	(7,696)	2016	8/9/2016	50 years
The Penfield—St. Paul, MN	(6,182)	2013	9/22/2016	50 years
180 North Jefferson—Chicago, IL	(11,871)	2004	12/1/2016	40 years
Jory Trail at the Grove—Wilsonville, OR	(7,720)	2012	7/14/2017	50 years
The Reserve at Johns Creek Walk—Johns Creek, GA	(4,528)	2007	7/28/2017	40 years
Villas at Legacy—Plano, TX	(5,834)	1999	6/6/2018	40 years

Col. A	Col. F		Col. G	Col. H	Col. I
Description	Accumulated Depreciation		Date of Construction	Date of Acquisition	Life on which depreciation in latest income statement is computed
Stonemeadow Farms - Bothell, WA	(4,894)		1999	5/13/2019	40 years
Summit at San Marcos - Chandler, AZ	(3,926)		2018	7/31/2019	50 years
Presley Uptown - Charlotte, NC	(2,473)		2016	9/30/2019	50 years
Princeton North Andover-North Andover, MA	(929)		2019	5/3/2021	50 years
The Preserve at the Meadows(2)--Fort Collins, CO	(489)		2001	8/23/2021	40 years
The Rockwell(2)--Berlin, MA	(547)		2020	8/31/2021	50 years
Miramont-Fort Collins, CO	(331)		1995	9/29/2021	40 years
Pinecone-Fort Collins, CO	(296)		1993	9/29/2021	40 years
Reserve at Venice-North Venice, FL	—		2021	12/17/2021	50 years
Woodside Trumbull-Trumbull, CT	—		2021	12/21/2021	50 years
Total Residential Properties	(78,519)
Retail Properties:
The District at Howell Mill—Atlanta, GA	(17,958)		2006	6/15/2007	50 years
Grand Lakes Marketplace—Katy, TX	(5,834)		2012	9/17/2013	50 years
Oak Grove Plaza—Sachse, TX	(4,110)		2003	1/17/2014	40 years
Rancho Temecula Town Center—Temecula, CA	(8,377)		2007	6/16/2014	40 years
Skokie Commons—Skokie, IL	(3,500)		2015	5/15/2015	50 years
Whitestone Market—Austin, TX	(6,467)		2003	9/30/2015	40 years
Maui Mall—Maui, HI	(9,521)		1971	12/22/2015	40 years
Silverstone Marketplace—Scottsdale, AZ	(3,693)		2015	7/27/2016	50 years
Kierland Village Center—Scottsdale, AZ	(3,593)		2001	9/30/2016	40 years
Timberland Town Center—Beaverton, OR	(3,671)		2015	9/30/2016	50 years
Montecito Marketplace—Las Vegas, NV	(5,053)		2007	8/8/2017	50 years
Milford Crossing--Milford, MA	(1,167)		2017	1/29/2020	50 years
Total Retail Properties	(72,944)
Other Properties:
South Beach Parking Garage—Miami, FL	(4,619)		2001	1/28/2014	40 years
Total Other Properties	(4,619)
Total Consolidated Properties:	$	(259,362)
Properties Held for Sale:
The Edge at Lafayette—Lafayette, LA	4,131		2007	1/15/2008	50 years
Norfleet Distribution Center—Kansas City, MO	(9,070)		2007	2/27/2007	50 years
Total Properties Held for Sale	$	(4,939)

Reconciliation of Real Estate

 

Consolidated Properties	2021		2020		2019
Balance at beginning of year	$	2,320,336	$	2,200,514	$	1,797,585
Additions	1,372,562		161,947		404,353
Assets sold/ written off	(36,438)		(5,817)		(1,424)
Reclassed as held for sale	(47,537)		(36,308)
Balance at close of year	$	3,608,923	$	2,320,336	$	2,200,514

Reconciliation of Accumulated Depreciation

 

Consolidated Properties	2021		2020		2019
Balance at beginning of year	$	219,833	$	176,236	$	135,480
Additions	49,966		49,134		42,180
Assets sold/ written off	(3,676)		(2,118)		(1,424)
Reclassed as held for sale	(4,939)		(3,419)		—
Balance at close of year	$	259,362	$	219,833	$	176,236

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Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Consolidation, Policy

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the instructions to Form 10-K and include the accounts of our wholly-owned subsidiaries, consolidated variable interest entities ("VIE") and the unconsolidated investments in real estate affiliates. We consider the authoritative guidance of accounting for investments in common stock, investments in real estate ventures, investors accounting for an investee when the investor has the majority of the voting interest but the minority partners have certain approval or veto rights, determining whether a general partner or general partners as a group controls a limited partnership or similar entity when the limited partners have certain rights, and the consolidation of VIEs in which we own less than a 100% interest. All significant intercompany balances and transactions have been eliminated in consolidation.

Parenthetical disclosures are shown on our Consolidated Balance Sheets regarding the amounts of VIE assets and liabilities that are consolidated. As of December 31, 2021, our VIEs include The District at Howell Mill, Grand Lakes Marketplace, Presley Uptown, 237 Via Vera Cruz, 4211 Starboard Drive, 13500 Danielson Drive, 2840 Loker Ave, and 15890 Bernardo Center Drive due to the joint venture structures and our partners having limited participation rights and no kick-out rights. The creditors of our VIEs do not have general recourse to us.

Noncontrolling interests represent the minority members’ proportionate share of the equity in our VIEs. At acquisition, the assets, liabilities and noncontrolling interests were measured and recorded at the estimated fair value. Noncontrolling interests will increase for the minority members’ share of net income of these entities and contributions and decrease for the minority members’ share of net loss and distributions. As of December 31, 2021, noncontrolling interests represented the minority members’ proportionate share of the equity of the entities listed above as VIEs.

Certain of our joint venture agreements include provisions whereby, at certain specified times, each party has the right to initiate a purchase or sale of its interest in the joint ventures at an agreed upon fair value. Under these provisions, we are not obligated to purchase the interest of its outside joint venture partners.

Real Estate Held for Development and Sale, Policy [Policy Text Block]

Investments in Real Estate

Real estate assets are stated at cost. Our real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. A real estate asset is considered to be impaired when the estimated future undiscounted operating cash flow over the expected hold period is less than its carrying value in accordance with the authoritative guidance on accounting for the impairment or disposal of long-lived assets. To the extent impairment has occurred, the excess of the carrying value of the asset over its estimated fair value will be charged to operations. The valuation adjustments were calculated based on market conditions and assumptions made by management at the time the valuation adjustments were recorded, which may differ materially from actual results if market conditions or the underlying assumptions change in the future. If our strategy changes or if market conditions otherwise dictate a change in the holding period and an exit date, an impairment loss could be recognized and such loss could be material. When we have committed to a plan to sell a property that is available for immediate sale, have the necessary approvals and marketing in place, and believe that the sale of the property is probable the assets selected for disposal will be classified as held-for-sale and carried at the lower of their carrying values (i.e., cost less accumulated depreciation and any impairment loss recognized, where applicable) or estimated fair values less costs to sell. Carrying values are reassessed at each balance sheet date. Due to market fluctuation, actual proceeds realized on the ultimate sale of these properties may differ from estimates and such differences could be material. Depreciation and amortization cease once a property is classified as held-for-sale. We recorded $1,822 in impairment charges related to the The Edge at Lafayette for the year ended December 31, 2021. We recorded no impairment charges in 2020 or 2019.

Equity Method Investments

Investments in Unconsolidated Real Estate Affiliates and Real Estate Fund Investment

We account for our investments in unconsolidated real estate affiliates using either the equity method or the fair value option. Under the equity method the cost of the investment is adjusted for our share of equity in net income or loss and reduced by distributions received and increased by contributions provided. Under the fair value option, the cost basis of the investment is increased for contributions made to the investment and adjusted for our share of changes in the fair value of the investment. Distributions received from investments in unconsolidated real estate affiliates under the fair value option are recorded as income from the unconsolidated affiliates. Distributions that are identified as returns of capital are recorded as a reduction to the cost basis of the investment, whereas distributions identified as capital gains or losses are recorded as realized gains or losses.

We evaluate the carrying values of our investments in unconsolidated real estate affiliates accounted for under the equity method, excluding our investment under the fair value option, in accordance with the authoritative guidance on the equity method of accounting for investments in common stock. We analyze our investments in unconsolidated real estate affiliates when circumstances change and at every reporting period and determine if an “other-than-temporary” impairment exists and, if so, we assess our ability to recover our carrying cost of the investment. During 2020, we concluded that an other than temporary decline in value exists in our investment in the Chicago Parking Garage and recognized an impairment charge of $1,506.

Marketable Securities, Policy

Investment in Marketable Securities

In accordance with our investment guidelines, investments in marketable securities consist of stock of publicly traded REITs. The net unrealized change in the fair value of our investments in marketable securities is recorded in earnings as part of net income in accordance with Accounting Standard Update ("ASU") 2016-1, Financial Statements - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities.

Revenue Recognition, Deferred Revenue [Policy Text Block]

Rental Revenue Recognition

Minimum rent revenues are recognized on a straight-line basis over the terms of the related leases. Straight-line rent revenue (representing rents recognized prior to being billed and collectible as provided by the terms of the leases) caused net increases to rent revenue of $3,155, $951 and $3,351 for the years ended December 31, 2021, 2020 and 2019, respectively. Also included, as an increase to rent revenue, for the years ended December 31, 2021, 2020 and 2019, are $2,714, $1,859 and $2,107, respectively, of net amortization related to above-and below-market in-place leases at properties acquired as provided by authoritative guidance on goodwill and intangible assets. Tenant recoveries are recognized as revenues in the period the applicable costs are incurred.

We recognize rental revenue from tenants under operating leases on a straight-line basis over the non-cancelable term of the lease when collectibility of substantially all rents is reasonably assured. Recognition of rental revenue on a straight-line basis includes the effects of rental abatements, lease incentives and fixed and determinable increases in lease payments over the lease term. For leases where collection of substantially all rents is not deemed to be probable of collection, revenue is recorded equal to cash that has been received from the tenant. We evaluate the collectibility of rents and other receivables at each reporting period based on factors including, among others, tenant's payment history, the financial condition of the tenant, business conditions and trends in the industry in which the tenant operates, economic conditions in the geographic area where the property is located. If evaluation of these factors or others indicates it is not probable we will collect substantially all rent we recognize an adjustment to rental revenue. If our judgment or estimation regarding probability of collection changes we may adjust or record additional rental revenue in the period such conclusion is reached.

The COVID-19 pandemic has had a negative impact on many of our tenant’s businesses and the collectibility of certain tenants rent receivable balances remain uncertain. We have taken into account current tenant conditions, which include consideration of COVID-19 in our estimation of its uncollectible accounts and deferred rents receivable at December 31, 2021. We are closely monitoring the collectibility of such rents and will adjust future estimations as further information becomes known. During the years ended December 31, 2021 and 2020, we recorded a reduction in minimum base rent and recovery revenue of $741, and $3,887, respectively. During the year ended December 31, 2021, we recorded an increase in straight line revenue of $102 as a result of collections from certain tenants. During the year ended December 31, 2020, we recorded a decrease in straight line revenue of $2,019 due to the concern of collectibility. During the years ended December 31, 2021 and 2020, we deferred $929 and $1,919, respectively, and we abated $537 and $1,142 of rental revenue, respectively.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

We consider all highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. We maintain a portion of our cash in bank deposit accounts, which, at times, may exceed the federally insured limits. No losses have been experienced related to such accounts. We believe our bank deposit accounts are held with quality financial institutions.

Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy

Restricted Cash

Restricted cash includes amounts established pursuant to various agreements for loan escrow accounts, loan commitments and property sale proceeds. When we sell a property, we can elect to enter into a like-kind exchange pursuant to the applicable Internal Revenue Service guidance whereby the proceeds from the sale are placed in escrow with a qualified intermediary until a replacement property can be purchased. At December 31, 2021, our restricted cash balance on our Consolidated Balance Sheet was primarily related to loan escrow amounts and subscriptions received in advance.

Deferred Expenses

Deferred Expenses

Deferred expenses consist of lease commissions. Lease commissions are capitalized and amortized over the term of the related lease as a component of depreciation and amortization expense. Accumulated amortization of deferred expenses at December 31, 2021 and 2020 was $8,436 and $6,495, respectively.

Acquisitions

Acquisitions

We use estimates of future cash flows and other valuation techniques to allocate the fair value of acquired property among land, building and other identifiable asset and liability intangibles. We value land based on comparable land sales specific to the applicable market. We record building values using an as-if-vacant methodology. We record above- and below-market in-place lease values for acquired properties based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) our estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease plus any below-market lease extension option periods. We amortize the capitalized above-market lease values as a reduction of minimum rents over the remaining non-cancelable terms of the respective leases. We amortize the capitalized below-market lease values as an increase to minimum rents over the term of the respective leases plus any below-market lease extension option terms. Should a tenant terminate its lease prior to the contractual expiration, the unamortized portion of the above-market and below-market in-place lease value is immediately charged to minimum rents.

We measure the aggregate value of other intangible assets acquired based on the difference between (i) the property valued with existing in-place leases and (ii) the property valued as-if-vacant. Our estimates of value are made using methods similar to those used by independent appraisers, primarily discounted cash flow analyses. Factors considered by us in our analysis include an estimate of carrying costs during the hypothetical expected lease-up periods considering current market conditions at the date of acquisition, and costs to execute similar leases. We also consider information obtained about each property as a result of the pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. In estimating carrying costs, we will include estimates of lost rentals during the expected lease-up periods, which is expected to primarily range from one to two years, depending on specific local market conditions, and costs to execute similar leases, including leasing commissions, legal and other related expenses to the extent that such costs are not already incurred in connection with a new lease origination as part of the transaction.

The total amount of other intangible assets acquired is further allocated to in-place lease values and customer relationship intangible values based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics considered by us in allocating these values include, among other factors, the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement). As of December 31, 2021 and 2020, we have allocated no value to customer relationship value. We amortize the value of in-place leases to expense over the weighted average lease term of the respective leases, which generally range from one to 10 years.

Purchase price has been allocated to acquired intangible assets, which include acquired in-place lease intangibles, acquired above-market in-place lease intangibles and acquired ground lease intangibles, which are reported net of accumulated amortization of $102,842 and $82,699 at December 31, 2021 and 2020, respectively, on the accompanying Consolidated Balance Sheets. The acquired intangible liabilities represent acquired below-market in-place leases, which are reported net of accumulated amortization of $15,481 and $12,724 at December 31, 2021 and 2020, respectively, on the accompanying Consolidated Balance Sheets. Our amortizing intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. According to authoritative guidance, an amortizing intangible asset is considered to be impaired when the estimated future undiscounted operating cash flow is less than its carrying value. To the extent impairment has occurred, the excess of the carrying value of the amortizing intangible asset over its estimated fair value will be charged to operations.

Income Tax, Policy [Policy Text Block]

Income Taxes

We first elected to be taxed as a REIT under sections 856-860 of the Internal Revenue Code of 1986, as amended (the “Code”), for our taxable year ended December 31, 2004. To qualify as a REIT, we must meet a number of organizational and operational requirements, including requirements to distribute at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains, and to meet certain quarterly asset and annual income tests. It is our current intention to adhere to these requirements. As a REIT, we will generally not be subject to corporate-level federal income tax to the extent we distribute 100% of our taxable income to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income, property or net worth, and to certain federal income and excise taxes.

On December 22, 2017, tax legislation commonly referred to as the Tax Cuts and Jobs Act was signed into law which resulted in significant U.S. federal income tax reform. We did not identify any items for which the accounting for the income tax effects of the Tax Cut and Jobs Act have not been completed. The Alternative Minimum Tax has been repealed for tax years beginning after December 31, 2017 as a result of the Tax Cut and Jobs Act.

Earnings and profits, which determine the tax treatment of dividends to stockholders, differ from net income reported for financial reporting purposes due to differences for federal income tax reporting purposes in computing, among other things, estimated useful lives, depreciable basis of properties and permanent and timing differences on the inclusion or deductibility of elements of income and expense for such purposes.

We evaluate uncertain tax positions in accordance with FASB ASC 740, Income Taxes. Based upon our current evaluation, we have concluded that there are no significant uncertain tax positions relevant to the jurisdictions where we are required to file income tax returns requiring recognition in the consolidated financial statements at December 31, 2021, 2020, and 2019. We are not subject to federal income tax examinations for tax years prior to 2018.

Segment Reporting, Policy [Policy Text Block]

Business Segments

Consistent with how we review and manage our properties, we align our internal operations along the five primary property types we are targeting for investments resulting in five operating segments: industrial, office, residential, retail and other properties.

Assets and Liabilities Measured at Fair Value

Assets and Liabilities Measured at Fair Value

The Financial Accounting Standards Board’s (“FASB”) guidance for fair value measurement and disclosure states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering assumptions, authoritative guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

•Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have access to at the measurement date.

•Level 2—Observable inputs, other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.

•Level 3—Unobservable inputs for the asset or liability. Unobservable inputs are those inputs that reflect our own assumptions that market participants would use to price the asset or liability based on the best available information.

The authoritative guidance requires the disclosure of the fair value of our financial instruments for which it is practicable to estimate that value. The guidance does not apply to all balance sheet items. Market information as available or present value techniques have been utilized to estimate the amounts required to be disclosed. Since such amounts are estimates, there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument.

Our investments in marketable securities are valued using Level 1 inputs as the securities are publicly traded on major stock exchanges.

Real estate fund investments accounted for under the fair value option are stated at the fair value of our ownership in the fund. The fair value is recorded based upon changes in the NAV of the limited partnership as determined from the financial statements of the real estate fund. During the year ended December 31, 2021 and 2020, we recorded an unrealized increase and decrease in fair value classified within the Level 3 category of $65,966 and $15,869, respectively, which related to our investments in the NYC Retail Portfolio (as defined below) and the Single-family Rental Portfolio (see Note 4-Unconsolidated Real Estate Affiliates and Fund Investments).

We have estimated the fair value of our mortgage notes and other debt payable reflected in the accompanying Consolidated Balance Sheets at amounts that are based upon an interpretation of available market information and valuation methodologies (including discounted cash flow analysis with regard to fixed rate debt) for similar loans made to borrowers with similar credit ratings and for the same maturities. The fair value of our mortgage notes and other debt payable, including amounts included as held for sale, using level two inputs was approximately $3,794 and $30,923 higher than the aggregate carrying amounts at December 31, 2021 and 2020, respectively. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon extinguishment of our mortgage notes and other debt payable.

Derivatives, Policy [Policy Text Block]

Derivative Financial Instruments

We record all derivatives on the Consolidated Balance Sheets at fair value in prepaid expenses and other assets or accounts payable and other accrued expenses. Changes in the fair value of our derivatives are recorded on our Consolidated Statements of Operations and Comprehensive Income, as a component of interest expense, as we have not designated our derivative instruments as hedges. Our objective in using interest rate derivatives is to manage our exposure to interest rate movements. To accomplish this objective, we use interest rate caps and swaps.

 As of December 31, 2021, we had the following outstanding interest rate derivatives related to managing our interest rate risk:

Interest Rate Derivative	Number of Instruments	Notional Amount
Interest Rate Swaps	5	$	190,000

The fair value of our interest rate caps and swaps represent liabilities of $2,580 and $6,500 at December 31, 2021 and 2020, respectively.

Use of Estimates

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. For example, significant estimates and assumptions have been made with respect to useful lives of assets, recoverable amounts of receivables, fair value of derivatives and real estate assets, initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions. Actual results could differ from those estimates.

New Accounting Pronouncements, Policy

Recent Issued Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board issued Accounting Standard Update ("ASU") No. 2020-04, Reference Rate Reform (Topic 848), which provides guidance containing practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We will continue to evaluate the impact of the guidance and expect to adopt it over time as debt markets transition from LIBOR to alternative rates such as the Secured Overnight Funding Rate ("SOFR").

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Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of fixed asset useful lives [Table Text Block]

Depreciation expense is computed using the straight-line method based upon the following estimated useful lives:

Asset Category	Estimated Useful Life
Buildings and improvements	40-50 Years
Tenant improvements	Lesser of life of improvement or life of related lease
Equipment and fixtures	2-10 Years

Maintenance and repairs are charged to expense when incurred. Expenditures for significant betterments and improvements are capitalized.

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Future amortization related to amortizing acquired intangible assets and liabilities, including those classified as held for sale, as of December 31, 2021 is as follows:

	Acquired in-place leases		Acquired above-market leases		Below-market ground lease		Acquired below-market leases
2022	$	43,720	$	1,790	$	401	$	(4,991)
2023	34,161		1,581		401		(4,497)
2024	27,358		1,353		401		(4,020)
2025	20,202		1,194		401		(3,566)
2026	16,269		1,174		15		(2,713)
Thereafter	59,150		6,424		232		(11,235)
	$	200,860	$	13,516	$	1,851	$	(31,022)

Schedule of Derivative Instruments [Table Text Block]

As of December 31, 2021, we had the following outstanding interest rate derivatives related to managing our interest rate risk:

Interest Rate Derivative	Number of Instruments	Notional Amount
Interest Rate Swaps	5	$	190,000

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Property (Tables)

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

We allocated the purchase price for our 2021 asset acquisitions in accordance with authoritative guidance as follows:

	2021 Acquisitions
Land	$	173,962
Building and equipment	1,145,365
In-place lease intangible (acquired intangible assets)	135,278
Above-market lease intangible (acquired intangible assets)	9,568
Below-market lease intangible (acquired intangible liabilities)	(19,997)
	$	1,444,176
Amortization period for intangible assets and liabilities	5 months - 19 years

We allocated the purchase price for our 2020 asset acquisitions in accordance with authoritative guidance as follows:

	2020 Acquisitions
Land	$	15,782
Building and equipment	136,430
In-place lease intangible (acquired intangible assets)	35,345
Above-market lease intangible (acquired intangible assets)	2,947
Below-market lease intangible (acquired intangible liabilities)	(2,317)
	$	188,187
Amortization period for intangible assets and liabilities	5 months - 15 years

	2019 Acquisitions
Land	$	74,458
Building and equipment	313,335
In-place lease intangible (acquired intangible assets)	32,312
Above-market lease intangible (acquired intangible assets)	998
Below-market lease intangible (acquired intangible liabilities)	(2,702)
	$	418,401
Amortization period for intangible assets and liabilities	1 month -10 years

Disclosure of Long Lived Assets Held-for-sale [Table Text Block]

Held for Sale

On December 15, 2021, Norfleet Distribution Center was classified as held for sale and was sold on January 6, 2022. On December 23, 2021, The Edge at Lafayette was classified as held for sale and was sold on January 24, 2022. As of December 31, 2021, our investment in real estate and other assets and liabilities held for sale was comprised of:

	December 31, 2021
Land	$	3,530
Building and equipment, net	35,349
Other assets, net	447
Total assets	$	39,326
Mortgage notes and other debt payable, net	$	—
Other liabilities	271
Total liabilities	$	271

On November 11, 2020, South Seattle Distribution Center was classified as held for sale and was sold on January 8, 2021. As of December 31, 2021, our investment in real estate and other assets and liabilities held for sale was comprised of:

	December 31, 2020
Land	$	16,652
Building and equipment, net	16,237
Other assets, net	1,616
Total assets	$	34,505
Mortgage notes and other debt payable, net	$	17,811
Other liabilities	430
Total liabilities	$	18,241

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Unconsolidated Real Estate Affiliates (Tables)

12 Months Ended

Dec. 31, 2021

Unconsolidated Real Estate Affiliates [Abstract]

Equity Method Investments [Table Text Block]

In addition to investments in consolidated properties, we may make investments in real estate which are classified as unconsolidated real estate affiliates under GAAP. The residential sector includes residential properties and single-family rental homes.

Unconsolidated Real Estate Affiliates

The following represent our unconsolidated real estate affiliates as of December 31, 2021 and December 31, 2020.

				Carrying Amount of Investment
Property	Property Type	Location	Acquisition Date	December 31, 2021		December 31, 2020
Chicago Parking Garage	Other	Chicago, IL	December 23, 2014	$	13,992	$	14,000
Pioneer Tower	Office	Portland, OR	June 28, 2016	103,529		108,715
The Tremont	Residential	Burlington, MA	July 19, 2018	21,345		21,430
The Huntington	Residential	Burlington, MA	July 19, 2018	10,773		11,549
Siena Suwanee Town Center	Residential	Suwanee, GA	December 15, 2020	30,685		32,196
Kingston at McLean Crossing	Residential	McLean, VA	December 3, 2021	36,720		—
Total				$	217,044	$	187,890

Summarized Combined Balance Sheets—Unconsolidated Real Estate Affiliates—Equity Method Investments (Unaudited)

	December 31, 2021		December 31, 2020
Net investments in real estate	$	408,233	$	296,930
Acquired intangible assets, net	10,139		12,653
Other assets	8,433		6,803
Total assets	$	426,805	$	316,386
Mortgage notes and other debt payable	$	182,318	$	110,104
Acquired intangible liabilities, net	3,933		2,821
Other liabilities	2,266		3,200
Total liabilities	188,517		116,125
Members’ equity	238,288		200,261
Total liabilities and members' equity	$	426,805	$	316,386

Company Investments in Unconsolidated Real Estate Affiliates—Equity Method Investments (Unaudited)

	December 31, 2021		December 31, 2020
Members’ equity	$	238,288	$	200,261
Less: other members' equity	(19,858)		(10,969)
Basis differential	(1,386)		(1,402)
Investments in unconsolidated real estate affiliates	$	217,044	$	187,890

Summarized Combined Statements of Operations—Unconsolidated Real Estate Affiliates—Equity Method Investments (Unaudited)

	Year Ended December 31, 2021		Year Ended December 31, 2020		Year Ended December 31, 2019
Total revenues	$	24,862	$	18,978	$	21,057
Total operating expenses	22,868		17,792		17,014
Operating income	$	1,994	$	1,186	$	4,043
Total other expenses	4,586		2,894		2,860
Net (loss) income	$	(2,592)	$	(1,708)	$	1,183

Company Equity in Income of Unconsolidated Real Estate Affiliates—Equity Method Investments (Unaudited)

	Year Ended December 31, 2021		Year Ended December 31, 2020		Year Ended December 31, 2019
Net (loss) income of unconsolidated real estate affiliates	$	(2,592)	$	(1,708)	$	1,183
Other members’ share of net (income) loss	(186)		(368)		(351)
Company equity in (loss) income of unconsolidated real estate affiliates	$	(2,778)	$	(2,076)	$	832

Fair Value Option, Disclosures [Table Text Block]

Summarized Combined Balance Sheets—NYC Retail Portfolio Investment and Single-Family Rental Portfolio—Fair Value Option Investment (Unaudited)

	December 31, 2021		December 31, 2020
Investment in real estate venture	$	1,666,923	$	290,830
Cash	19,650		3,158
Other assets	55,562		202
Total assets	$	1,742,135	$	294,190
Total liabilities	$	823,503	$	7,405
Partners' capital	918,632		286,785
Total liabilities and partners' capital	$	1,742,135	$	294,190

Summarized Statement of Operations—NYC Retail Portfolio Investment and Single-Family Rental Portfolio—Fair Value Option Investment (Unaudited)

	Year Ended December 31, 2021		Year Ended December 31, 2020		Year Ended December 31, 2019
Total revenue	$	31,945	$	2,261	$	6,001
Net investment income (loss)	$	4,025	$	(28)	$	4,128
Net change in unrealized gain (loss) on investment in real estate venture	162,207		(57,323)		15,292
Net income (loss)	$	166,232	$	(57,351)	$	19,420

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Mortgage Notes Payable Table 1 - Schedule of Mortgages and Other Notes Payable (Tables)

12 Months Ended

Dec. 31, 2021

Table 1 - Mortgages and Other Debt Payable [Abstract]

Schedule of Long-term Debt Instruments [Table Text Block]

Mortgage notes and other debt payable have various maturities through 2031 and consist of the following:

Property	Maturity/Extinguishment Date	Fixed / Floating	Interest Rate		Amount payable as of
					December 31, 2021		December 31, 2020
140 Park Avenue (1)	March 1, 2021	Fixed	3.00	%	$	—	$	22,800
Monument IV at Worldgate (2)	February 1, 2023	Fixed	3.13		—		40,000
Aurora Distribution Center	June 1, 2023	Fixed	3.39		13,441		13,716
180 N Jefferson	July 1, 2023	Fixed	3.89		45,000		45,000
Grand Lakes Marketplace	October 1, 2023	Fixed	4.20		23,900		23,900
Oak Grove Plaza	February 1, 2024	Fixed	4.17		8,915		9,154
Charlotte Distribution Center	September 1, 2024	Fixed	3.66		9,341		9,556
Genesee Plaza	January 1, 2025	Fixed	4.30		39,285		40,221
Jory Trail at the Grove	February 1, 2025	Fixed	3.81		42,793		43,600
Skokie Commons	June 1, 2025	Fixed	3.31		23,627		24,120
DFW Distribution Center	June 1, 2025	Fixed	3.23		17,720		17,720
AQ Rittenhouse	September 1, 2025	Fixed	3.65		26,370		26,370
Timberland Town Center	October 1, 2025	Fixed	4.07		20,253		20,746
Whitestone Market	December 1, 2025	Fixed	3.58		25,750		25,750
Miramont Apartments	March 1, 2026	Fixed	3.87		27,629		—
Pinecone Apartments	March 1, 2026	Fixed	3.87		25,355		—
Louisville Distribution Center	May 1, 2026	Fixed	1.76		52,250		—
Maui Mall	June 1, 2026	Fixed	3.64		36,322		37,122
Rancho Temecula Town Center	July 1, 2026	Fixed	4.02		28,000		28,000
Dylan Point Loma	September 1, 2026	Fixed	3.83		40,319		40,500
237 Via Vera Cruz	September 1, 2026	Floating	1.50		11,880		—
4211 Starboard Drive	September 1, 2026	Floating	1.50		20,612		—
13500 Danielson Street	September 1, 2026	Floating	1.50		10,990		—
2840 Loker Ave	September 1, 2026	Floating	1.50		14,316		—
15890 Bernardo Center	September 1, 2026	Floating	1.50		8,702		—
Lane Parke Apartments	November 1, 2026	Fixed	3.18		37,000		37,000
The District at Howell Mill	March 1, 2027	Fixed	5.30		28,858		29,638
San Juan Medical Center	October 1, 2027	Fixed	3.35		16,730		16,730
Whitestown Distribution Center	February 10, 2028	Fixed	2.95		34,000		—
Townlake of Coppell	April 10, 2028	Fixed	2.41		36,030		—
Southeast Phoenix Distribution Center	June 1, 2028	Fixed	2.70		49,000		—
Princeton North Andover	June 1, 2028	Floating	1.65		39,900		—
Stonemeadow Farms	August 1, 2029	Fixed	3.62		44,722		45,000
Presley Uptown	November 1, 2029	Fixed	3.25		30,000		30,000
Reserve at Johns Creek	December 1, 2029	Fixed	3.58		26,000		26,000
Summit at San Marcos	May 1, 2030	Fixed	3.28		35,900		35,900
Mason Mill Distribution Center	October 1, 2030	Fixed	3.25		17,500		17,500
The Penfield	October 1, 2030	Fixed	2.50		35,500		35,500
South San Diego Distribution Center	January 1, 2031	Fixed	3.18		72,500		—
Villas at Legacy	January 1, 2031	Fixed	2.53		29,500		29,500
The Preserve at the Meadows	October 1, 2031	Fixed	2.57		32,400		—
The Rockwell	October 1, 2031	Fixed	2.62		46,310		—

Revolving line of credit	May 25, 2024	Fixed & Floating	1.75 - 3.68	300,000		—
Bridge loan	December 10, 2022	Floating	1.75	100,000		—
Term loans	May 25, 2024	Fixed & Floating	1.70 - 3.40	235,000		100,000
TOTAL				$	1,819,620	$	871,043
Net debt discount on assumed debt and debt issuance costs				(1,956)		(2,941)
MORTGAGE NOTES AND OTHER DEBT PAYABLE, NET				$	1,817,664	$	868,102
South Seattle Distribution Center (3)				$	—	$	17,873
MORTGAGE NOTES AND OTHER DEBT PAYABLE OF HELD FOR SALE PROPERTY				$	—	$	17,873

________

(1)    On March 8, 2021, we repaid the mortgage note payable related to 140 Park Avenue in the amount of $22,800.

(2)    On March 17, 2021, we repaid the mortgage note payable related to Monument IV in the amount of $40,000.

(3)    The property associated with this loan was designated as held for sale as of December 31, 2020. The property associated with this loan was sold on January 8, 2021 and the loan was repaid.

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Mortgage Notes Payable Table 2 - Schedule of Debt Premium / Discount (Tables)

12 Months Ended

Dec. 31, 2021

Debt Instrument, Unamortized Discount (Premium), Net [Abstract]

Summary of Assumed Debt Premium / Discount [Table Text Block]

We have recognized a premium or discount on debt we assumed with the following property acquisitions, the remaining premium or discount is as follows as of December 31, 2021:

Property	Debt Premium  (Discount)		Effective Interest Rate
The District at Howell Mill	$	(1,035)	6.34	%
Timberland Town Center	382		3.34
Jory Trail at the Grove	(80)		3.94
Genesee Plaza	991		4.30
Pinecone Apartments	1,572		2.33
Miramont Apartments	1,712		2.33
South San Diego	3,399		3.18
Net debt premium on assumed debt	$	6,941

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Table 3 - Summary of Aggregate Principa Pmts (Tables)

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Other Disclosure [Abstract]

Aggregate principal payments of mortgage notes payable

Aggregate future principal payments of mortgage notes payable and other debt payable are as follows: 

Year	Amount
2022	$	107,812
2023	89,890
2024	559,917
2025	192,296
2026	308,023
Thereafter	561,682
Total	$	1,819,620

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Common Stock Offering Cost Fees (Tables)

12 Months Ended

Dec. 31, 2021

Common Stock [Abstract]

Offering Cost Fees [Table Text Block]

	Selling Commission (1)	Dealer Manager Fee (2)
Class A Shares	up to 3.0%	0.85%
Class M Shares	—	0.30%
Class A-I Shares	up to 1.5%	0.30%
Class M-I Shares	—	None
Class D Shares (3)	up to 1.0%	None

________

(1)     Selling commissions are paid on the date of sale of our common stock.

(2)     We accrue all future dealer manager fees up to the ten percent regulatory limitation as accrued offering costs on our Consolidated Balance Sheets on the date of sale of our common stock. For NAV calculation purposes, dealer manager fees are accrued daily, on a continuous basis equal to 1/365th of the stated fee. Each Class A, Class M and Class A-I share sold in a public offering will automatically convert into the number of Class M-I shares based on the then-current applicable NAV of each class on the date following the termination of the primary portion of such public offering in which we, with the assistance of the Dealer Manager, determine that total underwriting compensation paid with respect to such public offering equals 10% of the gross proceeds from the primary portion of such public offering.

(3)     Shares of Class D common stock are only being offered pursuant to a private offering.

The selling commissions and dealer manager fees are offering costs and are recorded as a reduction of additional paid in capital.

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Common Stock Stock Transactions (Tables)

12 Months Ended

Dec. 31, 2021

Stock Transactions [Abstract]

Stock Transactions [Table Text Block]

The stock transactions for each of our classes of common stock for the years ending December 31, 2021, 2020 and 2019 were as follows:

	Shares of Class A Common Stock	Shares of Class M Common Stock	Shares of Class A-I Common Stock	Shares of Class M-I Common Stock	Shares of Class D Common Stock
Balance, December 31, 2018	71,187,722	39,869,130	11,083,034	9,738,086	6,270,479
Issuance of common stock	20,389,402	5,356,380	462,451	11,379,814	—
Repurchase of shares	(3,271,008)	(4,889,772)	(453,781)	(73,227)	(1,312,564)
Stock based compensation	—	—	—	11,298	—
Balance, December 31, 2019	88,007,721	39,036,770	11,153,567	22,589,599	4,957,915
Issuance of common stock	13,533,380	2,453,336	314,149	12,417,353	—
Repurchase of shares	(11,333,773)	(5,009,716)	(1,878,636)	(3,150,763)	—
Stock based compensation	—	—	—	16,000	—
Stock conversion	(536,232)	(868,234)	27,219	1,374,812	—
Balance, December 31, 2020	89,671,096	35,612,156	9,616,299	33,247,001	4,957,915
Issuance of common stock	16,945,256	3,590,727	478,460	20,501,787	2,555,366
Repurchase of shares	(6,327,886)	(1,937,556)	(738,450)	(2,148,050)	—
Stock based compensation	—	—	—	20,000	—
Share conversions	(250,104)	(807,136)	—	1,055,955	—
Balance, December 31, 2021	100,038,362	36,458,191	9,356,309	52,676,693	7,513,281

Schedule of Stock by Class [Table Text Block]

The stock issuances for our classes of shares, including those issued through our distribution reinvestment plan, for the years ending December 31, 2021, 2020 and 2019 were as follows:

	December 31, 2021			December 31, 2020			December 31, 2019
	# of shares	$ Amount		# of shares	$ Amount		# of shares	$ Amount
Class A Shares	16,945,256	$	210,810	13,533,380	$	164,020	20,389,402	$	250,822
Class M Shares	3,590,727	44,885		2,453,336	29,258		5,356,380	65,332
Class A-I Shares	478,460	6,077		314,149	3,736		462,451	5,674
Class M-I Shares	20,521,787	254,168		12,433,353	149,090		11,391,112	139,143
Class D Shares	2,555,366	30,000		—	—		—	—
Total		$	545,940		$	346,104		$	460,971

Tender Offer Results [Table Text Block]

Share Repurchase Plan

Our share repurchase plan allows stockholders, subject to a one-year holding period, with certain exceptions, to request that we repurchase all or a portion of their shares of common stock on a daily basis at that day's NAV per share, limited to 5% of aggregate Company NAV per quarter. We have made repurchases according to our share repurchase plan as following:

Year ending December 31,	Shares of Class A Common Stock	Shares of Class M Common Stock	Shares of Class A-I Common Stock	Shares of Class M-I Common Stock	Shares of Class D Common Stock	Total Dollar of Repurchases
2019	3,271,008	4,889,772	453,781	73,227	1,312,564	$	121,822
2020	11,333,773	5,009,716	1,878,636	3,150,763	—	255,355
2021	6,327,886	1,937,556	738,450	2,148,050	—	135,246

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Common Stock Common Stock (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Earnings Per Share [Line Items]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

Earnings Per Share (“EPS”)

Basic per share amounts are based on the weighted average of shares outstanding of 186,610,215, 170,613,298 and 151,179,459 for the years ended December 31, 2021, 2020 and 2019, respectively. We have no dilutive or potentially dilutive securities.

We compute net income per share for Class A, Class M, Class A-I, Class M-I, and Class D common stock using the two-class method. Our Advisor may earn a performance fee (see Note 9-Related Party Transactions) which may impact the net income of each class of common stock differently. The calculated performance component for the years ended December 31, 2021, 2020 and 2019, and the impact on each class of common stock, are shown below. In periods where no performance fee is recognized in our Consolidated Statements of Operations and Comprehensive Income, the net income per share will be the same for each class of common stock.

Basic and diluted net income per share for each class of common stock is computed using the weighted-average number of common shares outstanding during the period for each class of common stock. We have not issued any dilutive or potentially dilutive securities, and thus the basic and diluted net income per share for a given class of common stock is the same for each period presented.

The following table sets forth the computation of basic and diluted net income per share for each of our Class A, Class M, Class A-I, Class M-I, and Class D common stock:

	Year Ended December 31, 2021
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net income per share:
Allocation of net income before performance fee	$	43,011	$	16,231	$	4,360	$	18,960	$	3,262
Allocation of performance fee	17,269		6,561		1,712		8,992		1,408
Total	$	25,742	$	9,670	$	2,648	$	9,968	$	1,854
Weighted average number of common shares outstanding	93,504,890		35,291,400		9,484,119		41,229,584		7,100,222
Basic and diluted net income per share:	$	0.28	$	0.27	$	0.28	$	0.24	$	0.26
	Year Ended December 31, 2020
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net loss per share:
Allocation of net loss before performance fee	$	(23,259)	$	(9,465)	$	(2,598)	$	(7,405)	$	(1,279)
Allocation of performance fee	—		—		—		—		—
Total	$	(23,259)	$	(9,465)	$	(2,598)	$	(7,405)	$	(1,279)
Weighted average number of common shares outstanding	90,176,584		36,694,995		10,073,075		28,710,729		4,957,915
Basic and diluted net loss per share:	$	(0.26)	$	(0.26)	$	(0.26)	$	(0.26)	$	(0.26)
	Year Ended December 31, 2019
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net income per share:
Allocation of net income before performance fee	$	52,118	$	26,958	$	7,315	$	9,987	$	3,555
Allocation of performance fee	—		—		—		—		—
Total	$	52,118	$	26,958	$	7,315	$	9,987	$	3,555
Weighted average number of common shares outstanding	78,844,620		40,782,711		11,066,621		15,108,522		5,376,985
Basic and diluted net income per share:	$	0.66	$	0.66	$	0.66	$	0.66	$	0.66

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Common Stock Dividends Declared (Tables)

12 Months Ended

Dec. 31, 2021

Dividends Declared [Abstract]

Dividends Declared [Table Text Block]

Distributions Declared

The distributions declared per share for each of our classes of common stock for the years ended December 31, 2021, 2020 and 2019 were as follows:

	Distributions		Distributions Paid (1)
Record Date	Declared		Class A		Class M		Class A-I		Class M-I		Class D
3/24/2021	$	0.13500	$	0.11326	$	0.12715	$	0.12726	$	0.13500	$	0.13500
6/24/2021	0.13500		0.11294		0.12696		0.12710		0.13500		0.13500
9/24/2021	0.13500		0.11189		0.12666		0.12644		0.13500		0.13500
12/23/2021	0.13500		0.11092		0.12637		0.12675		0.13500		0.13500
Total	$	0.54000	$	0.44901	$	0.50714	$	0.50755	$	0.54000	$	0.54000
	Distributions		Distributions Paid (1)
Record Date	Declared		Class A		Class M		Class A-I		Class M-I		Class D
3/25/2020	$	0.13500	$	0.11211	$	0.12649	$	0.12681	$	0.13500	$	0.13500
6/24/2020	0.13500		0.11239		0.12683		0.12753		0.13500		0.13500
9/24/2020	0.13500		0.11282		0.12661		0.12632		0.13500		0.13500
12/23/2020	0.13500		0.11280		0.12719		0.12715		0.13500		0.13500
Total	$	0.54000	$	0.45012	$	0.50712	$	0.50781	$	0.54000	$	0.54000
	Distributions		Distributions Paid (1)
Record Date	Declared		Class A		Class M		Class A-I		Class M-I		Class D
3/28/2019	$	0.13500	$	0.11216	$	0.12662	$	0.12653	$	0.13500	$	0.13500
6/27/2019	0.13500		0.11214		0.12643		0.12653		0.13500		0.13500
9/27/2019 (2)	0.17500		0.15184		0.16642		0.16660		0.17500		0.17500
12/30/2019	0.13500		0.11189		0.12600		0.12674		0.13500		0.13500
Total	$	0.58000	$	0.48803	$	0.54547	$	0.54640	$	0.58000	$	0.58000

________

(1)     Distributions paid are net of dealer manager fees applicable to each share class.

(2)    Includes a special dividend of $0.04 per share.

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Rentals Under Operating Leases Rentals Under Operating Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity

We receive rental income from operating leases. The minimum future rentals from consolidated properties, excluding those classified as held for sale, based on operating leases in place at December 31, 2021 are as follows:

Year	Amount
2022	$	193,511
2023	150,970
2024	128,099
2025	115,781
2026	100,469
Thereafter	372,690
Total	$	1,061,520

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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Consistent with how we review and manage our properties, the financial information summarized below is presented by operating segment and reconciled to income from operations for the years ended December 31, 2021, 2020 and 2019:

Year Ended December 31, 2021	Industrial		Office		Residential		Retail		Other		Total
Assets	$	1,352,580	$	479,306	$	1,301,454	$	564,565	$	23,412	$	3,721,317
Capital expenditures by segment	$	17,165	$	4,284	$	6,196	$	3,212	$	16	$	30,873
Revenues:
Rental revenue	$	71,719	$	33,178	$	74,378	$	48,286	$	379	$	227,940
Other revenue	367		1,792		5,534		1,117		2,588		11,398
Total revenues	$	72,086	$	34,970	$	79,912	$	49,403	$	2,967	$	239,338
Operating expenses:
Real estate taxes	$	10,505	$	3,394	$	12,500	$	5,979	$	459	$	32,837
Property operating	5,783		6,865		22,619		7,973		755		43,995
Total segment operating expenses	$	16,288	$	10,259	$	35,119	$	13,952	$	1,214	$	76,832
Reconciliation to net income
Property general and administrative											1,596
Advisor fees											65,667
Company level expenses											4,841
Provision for impairment of real estate											1,822
Depreciation and amortization											94,051
Total operating expenses											$	244,809
Other income and (expenses):
Interest expense											$	(48,230)
Loss from unconsolidated real estate affiliates and fund investment											67,333
Investment income on marketable securities											418
Net realized gain upon sale of marketable securities											247
Net unrealized change in fair value of investment in marketable securities											2,933
Loss on disposition of property and extinguishment of debt											33,422
Total other income and (expenses)											$	56,123
Net income											$	50,652
Reconciliation to total consolidated assets as of December 31, 2021
Assets per reportable segments (1)											$	3,721,317
Investment in unconsolidated real estate affiliates, real estate fund investment and corporate level assets											680,929
Total consolidated assets											$	4,402,246

________

(1)     Includes $39,326 of Industrial and Residential segment assets classified as held for sale as of December 31, 2021.

Year Ended December 31, 2020	Industrial		Office		Residential		Retail		Other		Total
Assets	$	659,870	$	277,556	$	788,060	$	577,588	$	22,134	$	2,325,208
Capital expenditures by segment	$	4,673	$	2,589	$	4,346	$	1,803	$	119	$	13,530
Revenues:
Rental revenue	$	49,743	$	27,239	$	63,948	$	45,417	$	294	$	186,641
Other revenue	323		1,313		3,474		572		1,298		6,980
Total revenues	$	50,066	$	28,552	$	67,422	$	45,989	$	1,592	$	193,621
Operating expenses:
Real estate taxes	$	8,218	$	3,396	$	11,476	$	6,193	$	382	$	29,665
Property operating	4,121		5,938		19,643		7,583		714		37,999
Total segment operating expenses	$	12,339	$	9,334	$	31,119	$	13,776	$	1,096	$	67,664
Reconciliation to net income
Property general and administrative											4,318
Advisor fees											25,274
Company level expenses											2,936
Depreciation and amortization											75,603
Total operating expenses											$	175,795
Other income and (expenses):
Interest expense											$	(40,668)
Loss from unconsolidated real estate affiliates and fund investments											(19,451)
Loss on disposition of property and extinguishment of debt											(1,772)
Total other income and (expenses)											$	(61,891)
Net loss											$	(44,065)
Reconciliation to total consolidation assets as of December 31, 2020
Assets per reportable segments											$	2,325,208
Investment in unconsolidated real estate affiliates, real estate fund investment and corporate level assets											333,391
Total consolidated assets											$	2,658,599

Year Ended December 31, 2019	Industrial		Office		Residential		Retail		Other		Total
Capital expenditures by segment	$	5,162	$	584	$	7,510	$	6,602	$	16	$	19,874
Revenues:
Rental revenue	$	45,166	$	18,918	$	57,069	$	45,699	$	318	$	167,170
Other income	469		529		3,179		728		2,204		7,109
Total revenues	$	45,635	$	19,447	$	60,248	$	46,427	$	2,522	$	174,279
Operating expenses:
Real estate taxes	$	7,395	$	1,985	$	10,120	$	5,063	$	449	$	25,012
Property operating	3,701		3,677		16,465		7,117		823		31,783
Total segment operating expenses	$	11,096	$	5,662	$	26,585	$	12,180	$	1,272	$	56,795
Reconciliation to net income
Property general and administrative											1,659
Advisor fees											23,026
Company level expenses											3,201
Depreciation and amortization											67,348
Total operating expenses											$	152,029
Other income and (expenses):
Interest expense											$	(36,185)
Income from unconsolidated real estate affiliates and fund investments											7,066
Gain on disposition of property and extinguishment of debt											106,871
Total other income and (expenses)											$	77,752
Net income											$	100,002

Equity Method Investments [Table Text Block]

In addition to investments in consolidated properties, we may make investments in real estate which are classified as unconsolidated real estate affiliates under GAAP. The residential sector includes residential properties and single-family rental homes.

Unconsolidated Real Estate Affiliates

The following represent our unconsolidated real estate affiliates as of December 31, 2021 and December 31, 2020.

				Carrying Amount of Investment
Property	Property Type	Location	Acquisition Date	December 31, 2021		December 31, 2020
Chicago Parking Garage	Other	Chicago, IL	December 23, 2014	$	13,992	$	14,000
Pioneer Tower	Office	Portland, OR	June 28, 2016	103,529		108,715
The Tremont	Residential	Burlington, MA	July 19, 2018	21,345		21,430
The Huntington	Residential	Burlington, MA	July 19, 2018	10,773		11,549
Siena Suwanee Town Center	Residential	Suwanee, GA	December 15, 2020	30,685		32,196
Kingston at McLean Crossing	Residential	McLean, VA	December 3, 2021	36,720		—
Total				$	217,044	$	187,890

Summarized Combined Balance Sheets—Unconsolidated Real Estate Affiliates—Equity Method Investments (Unaudited)

	December 31, 2021		December 31, 2020
Net investments in real estate	$	408,233	$	296,930
Acquired intangible assets, net	10,139		12,653
Other assets	8,433		6,803
Total assets	$	426,805	$	316,386
Mortgage notes and other debt payable	$	182,318	$	110,104
Acquired intangible liabilities, net	3,933		2,821
Other liabilities	2,266		3,200
Total liabilities	188,517		116,125
Members’ equity	238,288		200,261
Total liabilities and members' equity	$	426,805	$	316,386

Company Investments in Unconsolidated Real Estate Affiliates—Equity Method Investments (Unaudited)

	December 31, 2021		December 31, 2020
Members’ equity	$	238,288	$	200,261
Less: other members' equity	(19,858)		(10,969)
Basis differential	(1,386)		(1,402)
Investments in unconsolidated real estate affiliates	$	217,044	$	187,890

Summarized Combined Statements of Operations—Unconsolidated Real Estate Affiliates—Equity Method Investments (Unaudited)

	Year Ended December 31, 2021		Year Ended December 31, 2020		Year Ended December 31, 2019
Total revenues	$	24,862	$	18,978	$	21,057
Total operating expenses	22,868		17,792		17,014
Operating income	$	1,994	$	1,186	$	4,043
Total other expenses	4,586		2,894		2,860
Net (loss) income	$	(2,592)	$	(1,708)	$	1,183

Company Equity in Income of Unconsolidated Real Estate Affiliates—Equity Method Investments (Unaudited)

	Year Ended December 31, 2021		Year Ended December 31, 2020		Year Ended December 31, 2019
Net (loss) income of unconsolidated real estate affiliates	$	(2,592)	$	(1,708)	$	1,183
Other members’ share of net (income) loss	(186)		(368)		(351)
Company equity in (loss) income of unconsolidated real estate affiliates	$	(2,778)	$	(2,076)	$	832

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Comprehensive Text Block List (Tables)

12 Months Ended

Dec. 31, 2021

Text Block [Abstract]

Marketable Securities

The following is a summary of our investment in marketable securities held as of December 31, 2021, which consisted entirely of stock of publicly traded REITs.

	December 31, 2021
Investment in marketable securities - cost	$	40,273
Unrealized gains	3,161
Unrealized losses	(228)
Net unrealized gain	2,933
Investment in marketable securities - fair value	$	43,206

XML

Organization (Details) $ in Thousands		12 Months Ended
	Mar. 03, 2015 USD ($)	Dec. 31, 2021 USD ($) Rate shares	Dec. 31, 2020 shares	Oct. 16, 2019 USD ($)
Organization (Textual) [Abstract]
common stock, authorized in offering of new shares		$ 3,000,000
Common Stock, Value, Outstanding		3,565,671
Investment Owned, at Fair Value		35,700
Proceeds from Issuance or Sale of Equity		$ 88,925
Sale of Stock, Percentage of Ownership after Transaction | Rate		96.60%
Organization (Additional Textual) [Abstract]
Incorporation date		May 28, 2004
Total number of stockholders		20,039
Investment Owned, Balance, Shares | shares		2,521,801
Other Ownership Interest
Organization (Textual) [Abstract]
Sale of Stock, Percentage of Ownership after Transaction | Rate		3.40%
DST Program [Member]
Organization (Textual) [Abstract]
Common Stock, Value, Outstanding		$ 454,090
common stock, value authorized during DST offering				$ 1,000,000
DST Gross Proceeds		$ 473,723
Consolidated Properties [Member]
Organization (Textual) [Abstract]
Number of properties owned		120
Number of states		27
Class A Shares [Member]
Organization (Textual) [Abstract]
Common stock, shares outstanding | shares		100,038,362	89,671,096
Class M Shares [Member]
Organization (Textual) [Abstract]
Common stock, shares outstanding | shares		36,458,191	35,612,156
Class A-I Shares [Member]
Organization (Textual) [Abstract]
Common stock, shares outstanding | shares		9,356,309	9,616,299
Class M-I Shares [Member]
Organization (Textual) [Abstract]
Common stock, shares outstanding | shares		52,676,693	33,247,001
Class D Shares [Member]
Organization (Textual) [Abstract]
common stock, value authorized during private offering	$ 350,000
Common stock, shares outstanding | shares		7,513,281	4,957,915
Second Public Offering [Member]
Organization (Textual) [Abstract]
Common Stock, Value, Outstanding		$ 22,553
Private Placement [Member]
Organization (Textual) [Abstract]
Common Stock, Value, Outstanding		$ 98,188

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Summary of Significant Accounting Policies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Summary of Significant Accounting Policies [Line Items]
Derivative Liability	$ 2,580	$ 6,500
Summary of Significant Accounting Policies (Textual) [Abstract]
Asset Impairment Charges	1,822
Straight Line Rent	3,155	951	$ 3,351
Amortization of above and below Market Leases	2,714	1,859	$ 2,107
Provision for Lease Losses	741	3,887
Provision For Lease Losses - Straight Line Rent	102	2,019
Rent relief provided to tenants, be deferral	929	1,919
Rent relief provided to tenants, by abatement	537	1,142
Accumulated amortization of Deferred expenses	8,436	6,495
Finite-Lived Intangible Assets, Accumulated Amortization	102,842	82,699
Finite-Lived intangible liability, Accumulated Amortization	15,481	12,724
Unrealized Gain (Loss) on Investments	65,966	15,869
Level two [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Mortgage notes payable, fair value	$ 3,794	$ 30,923
Minimum [Member] | Building [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Property, Plant and Equipment, Useful Life	40 years
Minimum [Member] | Equipment [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Property, Plant and Equipment, Useful Life	2 years
Maximum [Member] | Building [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Property, Plant and Equipment, Useful Life	50 years
Maximum [Member] | Equipment [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Property, Plant and Equipment, Useful Life	10 years
In-Place Leases [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Acquired In-Place Leases Next Twelve Months	$ 43,720
Acquired Above Market Leases Next Twelve Months	1,790
Below Market Ground Lease Next Twelve Months	401
Acquired Below Market Leases Next Twelve Months	(4,991)
Acquired In-Place Leases Year Two	34,161
Acquired Above Market Leases Year Two	1,581
Below Market Ground Leases Year Two	401
Acquired Below Market Leases Year Two	(4,497)
Acquired In-Place Leases Year Three	27,358
Acquired Above Market Leases Year Three	1,353
Below Market Ground Leases Year Three	401
Acquired Below Market Leases Year Three	(4,020)
Acquired In-Place Leases Year Four	20,202
Acquired Above Market Leases Year Four	1,194
Below Market Ground Leases Year Four	401
Acquired Below Market Leases Year Four	(3,566)
Acquired In-Place Leases Year Five	16,269
Acquired Above Market Leases Year Five	1,174
Below Market Ground Leases Year Five	15
Acquired Below Market Leases Year Five	(2,713)
Acquired In-Place Leases After Year Five	59,150
Acquired Above Market Leases After Year Five	6,424
Below Market Ground Leases After Year Five	232
Acquired Below Market Leases After Year Five	(11,235)
Acquired In Place Leases	200,860
Acquired Above Market Leases	13,516
Below Market Ground Leases	1,851
Acquired Below Market Leases	$ (31,022)
In-Place Leases [Member] | Minimum [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Finite-Lived Intangible Asset, Useful Life	1 year
In-Place Leases [Member] | Maximum [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Finite-Lived Intangible Asset, Useful Life	10 years
Chicago Parking Garage [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Other than Temporary Impairment Losses, Investments	$ 1,506
Interest Rate Swap [Member]
Summary of Significant Accounting Policies [Line Items]
Derivative, Number of Instruments Held	5
Derivative, Notional Amount	$ 190,000

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Property Table 1 - Property Acquisitions (Details) $ in Thousands	Dec. 31, 2021 USD ($)	Dec. 30, 2021 USD ($) ft²	Dec. 28, 2021 USD ($) ft²	Dec. 23, 2021 USD ($) ft²	Dec. 21, 2021 USD ($)	Dec. 17, 2021 USD ($)	Nov. 30, 2021 USD ($) ft²	Nov. 17, 2021 USD ($) ft²	Nov. 16, 2021 USD ($) ft²	Oct. 28, 2021 USD ($) ft²	Oct. 20, 2021 USD ($) ft²	Oct. 07, 2021 USD ($) ft²	Sep. 30, 2021 USD ($)	Sep. 29, 2021 USD ($)	Sep. 28, 2021 USD ($) ft²	Sep. 15, 2021 USD ($) ft²	Aug. 31, 2021 USD ($)	Aug. 23, 2021 USD ($)	Jul. 09, 2021 USD ($) ft²	Jul. 02, 2021 USD ($) ft²	Jun. 24, 2021 USD ($) ft²	May 03, 2021 USD ($)	Feb. 23, 2021 USD ($) ft²	Feb. 02, 2021 USD ($) ft²	Jan. 21, 2021 USD ($) ft²	Dec. 31, 2020 USD ($)	Dec. 11, 2020 USD ($) ft²	Oct. 23, 2020 USD ($) ft²	Feb. 06, 2020 USD ($) ft²	Jan. 29, 2020 USD ($) ft²	Dec. 06, 2019 USD ($) ft²	Dec. 05, 2019 USD ($)	Aug. 23, 2019 USD ($) ft²	Jul. 31, 2019 USD ($)	Jul. 02, 2019 USD ($) ft²	May 31, 2019 USD ($) ft²	May 13, 2019 USD ($)	Mar. 29, 2019 USD ($) ft²
Business Acquisition [Line Items]
Notes Payable	$ 1,819,620																									$ 871,043
Long-term Debt	1,819,620
Apartment Properties [Member]
Business Acquisition [Line Items]
Notes Payable	600,728
Fremont Distribution Center [Member]
Business Acquisition [Line Items]
Notes Payable	0
Fremont Distribution Center [Member] | Industrial Properties [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs																																						$ 47,000
Area of Real Estate Property | ft²																																						237,000
Stonemeadow Farms [Member]
Business Acquisition [Line Items]
Notes Payable	44,722																									45,000
Stonemeadow Farms [Member] | Apartment Properties [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs																																					$ 81,800
3224 Trinity Boulevard [Member]
Business Acquisition [Line Items]
Notes Payable	0
3224 Trinity Boulevard [Member] | Industrial Properties [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs																																				$ 16,150
Area of Real Estate Property | ft²																																				145,000
Genesee Plaza1 [Member]
Business Acquisition [Line Items]
Notes Payable	39,285																									40,221
Genesee Plaza1 [Member] | Office Properties [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs																																			$ 89,500
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate																																			4.30%
Loans Payable																																			$ 41,546
Area of Real Estate Property | ft²																																			161,000
Summit at San Marcos [Member]
Business Acquisition [Line Items]
Notes Payable	35,900																									35,900
Summit at San Marcos [Member] | Apartment Properties [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs																																		$ 71,750
Taunton [Member]
Business Acquisition [Line Items]
Notes Payable	0
Taunton [Member] | Industrial Properties [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs																																	$ 25,700
Area of Real Estate Property | ft²																																	200,000
Presley Uptown [Member]
Business Acquisition [Line Items]
Notes Payable	30,000																									30,000
Presley Uptown [Member] | Apartment Properties [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs													$ 55,250
Chandler Distribution [Member]
Business Acquisition [Line Items]
Notes Payable	0
Chandler Distribution [Member] | Industrial Properties [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs																															$ 31,000
Area of Real Estate Property | ft²																															211,000
The Villas at Legacy [Member]
Business Acquisition [Line Items]
Notes Payable	29,500																									29,500
Jory Trail at the Grove [Member]
Business Acquisition [Line Items]
Notes Payable	42,793																									43,600
The Reserve at Johns Creek Walk [Member]
Business Acquisition [Line Items]
Notes Payable	26,000																									26,000
Montecito Marketplace [Member]
Business Acquisition [Line Items]
Notes Payable	0
Mason Mill Distribution Center [Member]
Business Acquisition [Line Items]
Notes Payable	17,500																									17,500
San Juan Medical Center [Member]
Business Acquisition [Line Items]
Notes Payable	16,730																									16,730
Tampa Distribution Center [Member]
Business Acquisition [Line Items]
Notes Payable	0
Aurora Distribution Center [Member]
Business Acquisition [Line Items]
Notes Payable	13,441																									13,716
Lane Parke Apartments [Member]
Business Acquisition [Line Items]
Notes Payable	37,000																									37,000
Silverstone Marketplace [Member]
Business Acquisition [Line Items]
Notes Payable	0
Dylan Point Loma [Member]
Business Acquisition [Line Items]
Notes Payable	40,319																									40,500
6000 Giant Road- Pinole Point Industrial Portfolio [Member]
Business Acquisition [Line Items]
Notes Payable	0
6025 Giant Road- Pinole Point Industrial Portfolio [Member]
Business Acquisition [Line Items]
Notes Payable	0
The Penfield [Member]
Business Acquisition [Line Items]
Notes Payable	35,500																									35,500
Kierland Village [Member]
Business Acquisition [Line Items]
Notes Payable	0
Skokie Commons [Member]
Business Acquisition [Line Items]
Notes Payable	23,627																									24,120
Townlake of Coppell [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs																																$ 6,000
Loans Payable																																$ 2,880
Notes Payable	36,030																									0
AQ Rittenhouse [Member]
Business Acquisition [Line Items]
Notes Payable	26,370																									26,370
140 Park Avenue [Member]
Business Acquisition [Line Items]
Notes Payable	0																									22,800
Maui Mall [Member]
Business Acquisition [Line Items]
Notes Payable	36,322																									37,122
Fountainhead Corporate Park [Member]
Business Acquisition [Line Items]
Notes Payable	0
Fountainhead Corporate Park [Member] | Industrial Properties [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs																													$ 61,500
Area of Real Estate Property | ft²																													295,000
Fort Worth Distribution Center
Business Acquisition [Line Items]
Notes Payable	0
Fort Worth Distribution Center | Industrial Properties [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs																												$ 24,050
Area of Real Estate Property | ft²																												351,000
4993 Anson Blvd Whitestown
Business Acquisition [Line Items]
Notes Payable	17,000
Milford Crossing
Business Acquisition [Line Items]
Notes Payable	0
Milford Crossing | Retail Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs																														$ 42,100
Area of Real Estate Property | ft²																														159,000
Whitestown
Business Acquisition [Line Items]
Notes Payable	34,000																									0
Whitestown | Industrial Properties [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs																											$ 62,300
Area of Real Estate Property | ft²																											720,000
Louisville Distribution Center
Business Acquisition [Line Items]
Notes Payable	52,250																									0
Louisville Distribution Center | Industrial Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs																									$ 95,000
Area of Real Estate Property | ft²																									1,040,000
170 Park Ave
Business Acquisition [Line Items]
Notes Payable	0
170 Park Ave | Office Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs																								$ 46,600
Area of Real Estate Property | ft²																								147,000
Southeast Phoenix Distribution Center
Business Acquisition [Line Items]
Notes Payable	49,000																									0
Southeast Phoenix Distribution Center | Industrial Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs																							$ 91,000
Area of Real Estate Property | ft²																							474,000
Princeton North Andover
Business Acquisition [Line Items]
Notes Payable	39,900																									0
Princeton North Andover | Apartments Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs																						$ 72,500
Louisville Airport Distribution Center
Business Acquisition [Line Items]
Notes Payable	0
Louisville Airport Distribution Center | Industrial Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs																					$ 32,100
Area of Real Estate Property | ft²																					284,000
Bixby Industrial Portfolio | Industrial Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs							$ 41,100												$ 32,000	$ 36,640
Area of Real Estate Property | ft²							152,000												130,000	153,000
Preserve at the Meadows
Business Acquisition [Line Items]
Notes Payable	32,400																									0
Preserve at the Meadows | Apartments Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs																		$ 61,000
The Rockwell
Business Acquisition [Line Items]
Notes Payable	46,310																									0
The Rockwell | Apartments Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs																	$ 84,000
9101 Stony Point Drive
Business Acquisition [Line Items]
Notes Payable	0
9101 Stony Point Drive | Office Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs																$ 52,000
Area of Real Estate Property | ft²																87,000
Patriot Park | Industrial Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs															$ 66,750
Area of Real Estate Property | ft²															375,000
Miramont Apartments
Business Acquisition [Line Items]
Notes Payable	27,629																									0
Miramont Apartments | Apartments Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs														$ 57,400
Pinecone Apartments
Business Acquisition [Line Items]
Notes Payable	25,355																									0
Pinecone Apartments | Apartments Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs														$ 51,600
North Tampa Surgery Center
Business Acquisition [Line Items]
Notes Payable	0
North Tampa Surgery Center | Office Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs												$ 8,500
Area of Real Estate Property | ft²												13,000
Friendship Distribution Center
Business Acquisition [Line Items]
Notes Payable	0
Friendship Distribution Center | Industrial Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs											$ 95,000
Area of Real Estate Property | ft²											649,000
South San Diego Distribution Center
Business Acquisition [Line Items]
Notes Payable	72,500																									$ 0
Long-term Debt										$ 72,500
South San Diego Distribution Center | Industrial Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs										$ 158,500
Area of Real Estate Property | ft²										665,000
Elgin Distribution Center | Industrial Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs									$ 47,100
Area of Real Estate Property | ft²									407,000
South Louisville Distribution Center
Business Acquisition [Line Items]
Notes Payable	0
South Louisville Distribution Center | Industrial Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs								$ 39,500
Area of Real Estate Property | ft²								327,000
The Reserve at Venice
Business Acquisition [Line Items]
Notes Payable	0
The Reserve at Venice | Apartments Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs						$ 93,000
Woodside Trumbull
Business Acquisition [Line Items]
Notes Payable	0
Woodside Trumbull | Apartments Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs					$ 98,000
Durham Medical Office
Business Acquisition [Line Items]
Notes Payable	0
Durham Medical Office | Office Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs				$ 37,125
Area of Real Estate Property | ft²				60,000
Kansas City Medical Office - 1203 SW 7 Highway
Business Acquisition [Line Items]
Notes Payable	0
Kansas City Medical Office - 1203 SW 7 Highway | Office Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs				$ 3,400
Area of Real Estate Property | ft²				10,000
Kansas City Medical Office - 8600 NE 82nd Street
Business Acquisition [Line Items]
Notes Payable	0
Kansas City Medical Office - 8600 NE 82nd Street | Office Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs				$ 5,500
Area of Real Estate Property | ft²				11,000
South Reno Medical Center
Business Acquisition [Line Items]
Notes Payable	0
South Reno Medical Center | Office Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs			$ 14,025
Area of Real Estate Property | ft²			32,000
Roeland Park Medical Center
Business Acquisition [Line Items]
Notes Payable	0
Roeland Park Medical Center | Office Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs			$ 13,300
Area of Real Estate Property | ft²			30,000
Sugar Land Medical Center
Business Acquisition [Line Items]
Notes Payable	$ 0
Sugar Land Medical Center | Office Segment [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs		$ 18,350
Area of Real Estate Property | ft²		37,000

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Property Table 2 - Purchase Price Allocation, proforma (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Land	$ 598,564	$ 428,313
Investment Building and Building Improvements	$ 3,010,359	$ 1,892,023
Weighted Average Number of Outstanding Shares Basic and Diluted	186,610,215	170,613,298	151,179,459
Assets	$ 4,402,246	$ 2,658,599
4001 North Norfleet Road [Member]
Business Acquisition [Line Items]
Land	3,530
Investment Building and Building Improvements	35,349
Assets	$ 39,326
Minimum [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	5 months	5 months	1 month
Maximum [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	19 years	15 years	10 years
Property, Plant and Equipment, Other Types [Member]
Business Acquisition [Line Items]
Land	$ 173,962	$ 15,782	$ 74,458
Investment Building and Building Improvements	1,145,365	136,430	313,335
Finite-Lived Intangible Asset, Acquired-in-Place Leases	135,278	35,345	32,312
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross	9,568	2,947	998
Off-market Lease, Unfavorable	(19,997)	(2,317)	(2,702)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	$ (1,444,176)	$ (188,187)	$ 418,401

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Property Table 3 - Schedule of Impairment on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Asset Impairment Charges	$ 1,822
Impairment of Real Estate	$ 1,822	$ 0	$ 0

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Property Table 4 - Dispositions (Details) $ in Thousands				12 Months Ended
	Jan. 08, 2021 USD ($) ft²	Mar. 29, 2020 USD ($) ft²	Feb. 07, 2019 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Long-term Debt				$ 1,819,620
Gain (Loss) on Disposition of Property Plant Equipment				33,422	$ (1,772)	$ 106,871
Gains (Losses) on Extinguishment of Debt				33,422	(1,772)	$ 106,871
Land				598,564	428,313
Investment Building and Building Improvements				3,010,359	1,892,023
TOTAL ASSETS				4,402,246	2,658,599
TOTAL LIABILITIES				2,558,130	1,211,176
111 Sutter Street [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Real Estate			$ 227,000
Extinguishment of Debt, Amount			52,300
Gains (Losses) on Sales of Investment Real Estate			$ 107,108
South Seattle Distribution Center [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of Real Estate Property | ft²	323,000
Proceeds from Sale of Real Estate	$ 72,600
Extinguishment of Debt, Amount	17,841
Gains (Losses) on Sales of Investment Real Estate	$ 33,580
Land					16,652
Investment Building and Building Improvements					16,237
Other Assets					1,616
TOTAL ASSETS					34,505
Other Notes Payable					17,811
Other Liabilities					430
TOTAL LIABILITIES					$ 18,241
24823 Anza Drive- Valencia Industrial Portfolio [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of Real Estate Property | ft²		31,000
Proceeds from Sale of Real Estate		$ 5,600
Gains (Losses) on Sales of Investment Real Estate		$ 1,724
4001 North Norfleet Road [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Land				3,530
Investment Building and Building Improvements				35,349
Other Assets				447
TOTAL ASSETS				39,326
Other Notes Payable				0
Other Liabilities				271
TOTAL LIABILITIES				$ 271

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Unconsolidated Real Estate Affiliates (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) ft²	Dec. 31, 2020 USD ($) ft²	Dec. 31, 2019 USD ($)	Aug. 05, 2021 USD ($) Rate	Dec. 08, 2015 USD ($)
Schedule of Equity Method Investments [Line Items]
Notes Payable	$ 1,819,620	$ 871,043
Equity Method Investments	217,044	187,890
Proceeds from Equity Method Investment, Distribution	11,860	4,043	$ 10,637
Proceeds from Equity Method Investment, Distribution, Return of Capital	0	0	3,248
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	352,905	79,192
Unconsolidated Real Estate Affiliates (Textual) [Abstract]
Investment Owned, at Fair Value	35,700
Payments to Acquire Interest in Subsidiaries and Affiliates	247,394	8,802	$ 3,779
Long-term Debt	1,819,620
GVI RH JV Investor LLC
Schedule of Equity Method Investments [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners				47.00%
Madison NYC Core Retail Partners, L.P. [Member]
Schedule of Equity Method Investments [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					28.00%
Chicago Parking Garage [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	13,992	14,000
Pioneer Tower [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	103,529	108,715
The Tremont [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	21,345	21,430
The Huntington [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	10,773	11,549
NYC Retail Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	4,021	15,869
Real Estate Property Ownership Percentage					14.00%
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	$ 84,874	$ 79,192			$ 85,600
Unconsolidated Real Estate Affiliates (Textual) [Abstract]
Area of unconsolidated real estate property sold | ft²		74,000
Area of Real Estate Property | ft²	1,940,000
Payments to Acquire Interest in Subsidiaries and Affiliates	$ 1,661	$ 1,661
SFR Portfolio
Schedule of Equity Method Investments [Line Items]
Proceeds from Equity Method Investment, Distribution	4,145
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	61,945
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	$ 268,031			$ 205,000
Unconsolidated Real Estate Affiliates (Textual) [Abstract]
Long-term Debt				$ 760,000
Debt, Weighted Average Interest Rate | Rate				2.10%

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Unconsolidated Real Estate Affiliates (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) ft²	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 08, 2015
Real Estate Properties [Line Items]
Cash and Cash Equivalents, at Carrying Value	$ 70,273	$ 84,805	$ 77,056
Equity Method Investments	217,044	187,890
SUMMARIZED COMBINED BALANCE SHEETS-UNCONSOLIDATED REAL ESTATE AFFILIATES
Real Estate Investment Property, Net	3,958,836	2,401,733
Acquired intangible assets, net	216,227	105,206
TOTAL ASSETS	4,402,246	2,658,599
Notes Payable	1,817,664	868,102
Acquired intangible liabilities, net	31,022	14,990
TOTAL LIABILITIES	2,558,130	1,211,176
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	1,844,116	1,447,423	1,498,757	$ 1,187,292
Liabilities and Equity	4,402,246	2,658,599
Investment Building and Building Improvements	3,010,359	1,892,023
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	217,044	187,890
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Revenues	239,338	193,621	174,279
Operating Costs and Expenses	244,809	175,795	152,029
Interest Expense	48,230	40,668	36,185
Unrealized Gain (Loss) on Investments	65,966	15,869
Net income (loss)	50,652	(44,065)	100,002
Impairment of Real Estate	1,822	0	0
Net income (loss) attributable to Jones Lang LaSalle Income Property Trust, Inc.	49,121	(44,006)	99,933
NYC Retail Portfolio [Member]
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					49.00%
Unconsolidated Real Estate Affiliates [Member]
SUMMARIZED COMBINED BALANCE SHEETS-UNCONSOLIDATED REAL ESTATE AFFILIATES
Real Estate Investment Property, Net	408,233	296,930
Acquired intangible assets, net	10,139	12,653
Other Assets	8,433	6,803
TOTAL ASSETS	426,805	316,386
Notes Payable	182,318	110,104
Acquired intangible liabilities, net	3,933	2,821
Other Liabilities	2,266	3,200
TOTAL LIABILITIES	188,517	116,125
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	238,288	200,261
Liabilities and Equity	426,805	316,386
Proceeds from Other Equity	(19,858)	(10,969)
Investment Building and Building Improvements	(1,386)	(1,402)
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Revenues	24,862	18,978	21,057
Operating Costs and Expenses	22,868	17,792	17,014
Net income (loss)	2,592	1,708	(1,183)
Noncontrolling Interest in Net Income (Loss) Other Noncontrolling Interests, Nonredeemable	(186)	(368)	(351)
Net income (loss) attributable to Jones Lang LaSalle Income Property Trust, Inc.	2,778	2,076	(832)
The Tremont [Member]
Real Estate Properties [Line Items]
Equity Method Investments	21,345	21,430
NYC Retail Portfolio [Member]
Real Estate Properties [Line Items]
Investments, Fair Value Disclosure	1,666,923	290,830
Cash and Cash Equivalents, at Carrying Value	19,650	3,158
SUMMARIZED COMBINED BALANCE SHEETS-UNCONSOLIDATED REAL ESTATE AFFILIATES
Other Assets	55,562	202
TOTAL ASSETS	1,742,135	294,190
TOTAL LIABILITIES	823,503	7,405
Partners' Capital	918,632	286,785
Liabilities and Equity	1,742,135	294,190
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Revenues	31,945	2,261	6,001
Net Investment Income	4,025	(28)	4,128
Unrealized Gain (Loss) on Investments	162,207	(57,323)	15,292
Net income (loss)	$ 166,232	(57,351)	19,420
Area of Real Estate Property | ft²	1,940,000
Unconsolidated Real Estate Affiliates [Member]
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Operating Income (Loss)	$ 1,994	1,186	4,043
Interest Expense	(4,586)	2,894	$ 2,860
The Huntington [Member]
Real Estate Properties [Line Items]
Equity Method Investments	10,773	11,549
Chicago Parking Garage [Member]
Real Estate Properties [Line Items]
Equity Method Investments	13,992	14,000
Siena Suwanee
Real Estate Properties [Line Items]
Equity Method Investments	30,685	32,196
Kingston at McLean Crossing
Real Estate Properties [Line Items]
Equity Method Investments	36,720	$ 0
SFR Portfolio
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Equity Method Investment, Working Capital Fund	909
Equity Method Investment, Closing Costs	$ 343

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Table 1 - Schedule of Mortgages ... (Details) - USD ($) $ in Thousands			12 Months Ended
	Mar. 17, 2021	Mar. 08, 2021	Dec. 31, 2021	Oct. 28, 2021	Dec. 31, 2020	Jul. 02, 2019
Summary of mortgage notes payable
Total mortgage notes			$ 1,819,620		$ 871,043
Revolving Line of Credit					0
Debt Issuance Costs, Net			(1,956)		(2,941)
Mortgage notes payable, net			1,817,664		868,102
Long-term Debt			1,819,620
Term Loan					100,000
Grand Prairie Distribution Center [Member]
Summary of mortgage notes payable
Total mortgage notes			$ 0
The Reserve at Johns Creek Walk [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Dec. 01, 2029
Debt Instrument, Interest Rate, Stated Percentage			3.58%
Total mortgage notes			$ 26,000		26,000
Townlake of Coppell [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Apr. 10, 2028
Debt Instrument, Interest Rate, Stated Percentage			2.41%
Total mortgage notes			$ 36,030		0
Suwanne Distribution Center [Member]
Summary of mortgage notes payable
Total mortgage notes			$ 0
140 Park Avenue [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Mar. 01, 2021
Debt Instrument, Interest Rate, Stated Percentage			3.00%
Total mortgage notes			$ 0		22,800
Repayments of Debt		$ 22,800
Monument IV at Worldgate [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Feb. 01, 2023
Debt Instrument, Interest Rate, Stated Percentage			3.13%
Total mortgage notes			$ 0		40,000
Repayments of Debt	$ 40,000
Aurora Distribution Center [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Jun. 01, 2023
Debt Instrument, Interest Rate, Stated Percentage			3.39%
Total mortgage notes			$ 13,441		13,716
180 N Jefferson [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Jul. 01, 2023
Debt Instrument, Interest Rate, Stated Percentage			3.89%
Total mortgage notes			$ 45,000		45,000
Grand Lakes Marketplace [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Oct. 01, 2023
Debt Instrument, Interest Rate, Stated Percentage			4.20%
Total mortgage notes			$ 23,900		23,900
Oak Grove Plaza [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Feb. 01, 2024
Debt Instrument, Interest Rate, Stated Percentage			4.17%
Total mortgage notes			$ 8,915		9,154
Charlotte Distribution Center [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Sep. 01, 2024
Debt Instrument, Interest Rate, Stated Percentage			3.66%
Total mortgage notes			$ 9,341		9,556
Jory Trail at the Grove [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Feb. 01, 2025
Debt Instrument, Interest Rate, Stated Percentage			3.81%
Total mortgage notes			$ 42,793		43,600
Skokie Commons [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Jun. 01, 2025
Debt Instrument, Interest Rate, Stated Percentage			3.31%
Total mortgage notes			$ 23,627		24,120
DFW Distribution Center [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Jun. 01, 2025
Debt Instrument, Interest Rate, Stated Percentage			3.23%
Total mortgage notes			$ 17,720		17,720
AQ Rittenhouse [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Sep. 01, 2025
Debt Instrument, Interest Rate, Stated Percentage			3.65%
Total mortgage notes			$ 26,370		26,370
Timberland Town Center [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Oct. 01, 2025
Debt Instrument, Interest Rate, Stated Percentage			4.07%
Total mortgage notes			$ 20,253		20,746
Maui Mall [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Jun. 01, 2026
Debt Instrument, Interest Rate, Stated Percentage			3.64%
Total mortgage notes			$ 36,322		37,122
Rancho Temecula Town Center [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Jul. 01, 2026
Debt Instrument, Interest Rate, Stated Percentage			4.02%
Total mortgage notes			$ 28,000		28,000
Dylan Point Loma [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Sep. 01, 2026
Debt Instrument, Interest Rate, Stated Percentage			3.83%
Total mortgage notes			$ 40,319		40,500
Lane Parke Apartments [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Nov. 01, 2026
Debt Instrument, Interest Rate, Stated Percentage			3.18%
Total mortgage notes			$ 37,000		37,000
The Penfield [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Oct. 01, 2030
Debt Instrument, Interest Rate, Stated Percentage			2.50%
Total mortgage notes			$ 35,500		35,500
Genesee Plaza1 [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Jan. 01, 2025
Debt Instrument, Interest Rate, Stated Percentage			4.30%
Total mortgage notes			$ 39,285		40,221
Stonemeadow Farms [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Aug. 01, 2029
Debt Instrument, Interest Rate, Stated Percentage			3.62%
Total mortgage notes			$ 44,722		45,000
Presley Uptown [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Nov. 01, 2029
Debt Instrument, Interest Rate, Stated Percentage			3.25%
Total mortgage notes			$ 30,000		30,000
The Villas at Legacy [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Jan. 01, 2031
Debt Instrument, Interest Rate, Stated Percentage			2.53%
Total mortgage notes			$ 29,500		29,500
Summit at San Marcos [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			May 01, 2030
Debt Instrument, Interest Rate, Stated Percentage			3.28%
Total mortgage notes			$ 35,900		35,900
Mason Mill Distribution Center [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Oct. 01, 2030
Debt Instrument, Interest Rate, Stated Percentage			3.25%
Total mortgage notes			$ 17,500		17,500
San Juan Medical Center [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Oct. 01, 2027
Debt Instrument, Interest Rate, Stated Percentage			3.35%
Total mortgage notes			$ 16,730		16,730
Whitestone Market
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Dec. 01, 2025
Debt Instrument, Interest Rate, Stated Percentage			3.58%
Total mortgage notes			$ 25,750		25,750
Miramont Apartments
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Mar. 01, 2026
Debt Instrument, Interest Rate, Stated Percentage			3.87%
Total mortgage notes			$ 27,629		0
Pinecone Apartments
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Mar. 01, 2026
Debt Instrument, Interest Rate, Stated Percentage			3.87%
Total mortgage notes			$ 25,355		0
Louisville Distribution Center
Summary of mortgage notes payable
Debt Instrument, Maturity Date			May 01, 2026
Debt Instrument, Interest Rate, Stated Percentage			1.76%
Total mortgage notes			$ 52,250		0
237 Via Vera Cruz
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Sep. 01, 2026
Debt Instrument, Interest Rate, Stated Percentage			1.50%
Total mortgage notes			$ 11,880		0
4211 Starboard Drive
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Sep. 01, 2026
Debt Instrument, Interest Rate, Stated Percentage			1.50%
Total mortgage notes			$ 20,612		0
13500 Danielson Street
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Sep. 01, 2026
Debt Instrument, Interest Rate, Stated Percentage			1.50%
Total mortgage notes			$ 10,990		0
2840 Loker Ave
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Sep. 01, 2026
Debt Instrument, Interest Rate, Stated Percentage			1.50%
Total mortgage notes			$ 14,316		0
15890 Bernardo Center
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Sep. 01, 2026
Debt Instrument, Interest Rate, Stated Percentage			1.50%
Total mortgage notes			$ 8,702		0
The District at Howell Mill [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Mar. 01, 2027
Debt Instrument, Interest Rate, Stated Percentage			5.30%
Total mortgage notes			$ 28,858		29,638
Whitestown
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Feb. 10, 2028
Debt Instrument, Interest Rate, Stated Percentage			2.95%
Total mortgage notes			$ 34,000		0
Southeast Phoenix Distribution Center
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Jun. 01, 2028
Debt Instrument, Interest Rate, Stated Percentage			2.70%
Total mortgage notes			$ 49,000		0
Princeton North Andover
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Jun. 01, 2028
Debt Instrument, Interest Rate, Stated Percentage			1.65%
Total mortgage notes			$ 39,900		0
South San Diego Distribution Center
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Jan. 01, 2031
Debt Instrument, Interest Rate, Stated Percentage			3.18%
Total mortgage notes			$ 72,500		0
Long-term Debt				$ 72,500
Preserve at the Meadows
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Oct. 01, 2031
Debt Instrument, Interest Rate, Stated Percentage			2.57%
Total mortgage notes			$ 32,400		0
The Rockwell
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Oct. 01, 2031
Debt Instrument, Interest Rate, Stated Percentage			2.62%
Total mortgage notes			$ 46,310		0
Office Properties [Member] | Genesee Plaza1 [Member]
Summary of mortgage notes payable
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate						4.30%
Revolving Credit Facility [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			May 25, 2024
Revolving Line of Credit					0
Term Loan [Member]
Summary of mortgage notes payable
Debt Instrument, Maturity Date			May 25, 2024
Debt Instrument, Interest Rate, Stated Percentage			1.70%
Term Loan					100,000
Bridge Loan
Summary of mortgage notes payable
Debt Instrument, Maturity Date			Dec. 10, 2022
Debt Instrument, Interest Rate, Stated Percentage			1.75%
Bridge Loan			$ 100,000		0
Revolving Credit Facility [Member]
Summary of mortgage notes payable
Debt Instrument, Interest Rate, Stated Percentage			1.75%
Revolving Line of Credit			$ 300,000
Term Loan			235,000
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | South Seattle Distribution Center [Member]
Summary of mortgage notes payable
Total mortgage notes			0		17,873
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Summary of mortgage notes payable
Total mortgage notes			0		$ 17,873
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | The Edge at Lafayette [Member]
Summary of mortgage notes payable
Total mortgage notes			0
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | 4001 North Norfleet Road [Member]
Summary of mortgage notes payable
Total mortgage notes			$ 0

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Mortgage Notes Payable Table 2 - Schedule of Debt Premium / Discount (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Summary of Assumed Debt Premium / Discount [Line Items]
Debt Instrument, Unamortized Discount (Premium), Net	$ 6,941
The District at Howell Mill [Member]
Summary of Assumed Debt Premium / Discount [Line Items]
Debt Instrument, Unamortized Discount (Premium), Net	$ (1,035)
Debt Instrument, Interest Rate, Effective Percentage	6.34%
Jory Trail at the Grove [Member]
Summary of Assumed Debt Premium / Discount [Line Items]
Debt Instrument, Unamortized Discount (Premium), Net	$ (80)
Debt Instrument, Interest Rate, Effective Percentage	3.94%
Genesee Plaza1 [Member]
Summary of Assumed Debt Premium / Discount [Line Items]
Debt Instrument, Unamortized Discount (Premium), Net	$ 991
Debt Instrument, Interest Rate, Effective Percentage	4.30%
Timberland Town Center [Member]
Summary of Assumed Debt Premium / Discount [Line Items]
Debt Instrument, Unamortized Discount (Premium), Net	$ 382
Debt Instrument, Interest Rate, Effective Percentage	3.34%
Pinecone Apartments
Summary of Assumed Debt Premium / Discount [Line Items]
Debt Instrument, Unamortized Discount (Premium), Net	$ 1,572
Debt Instrument, Interest Rate, Effective Percentage	2.33%
Miramont Apartments
Summary of Assumed Debt Premium / Discount [Line Items]
Debt Instrument, Unamortized Discount (Premium), Net	$ 1,712
Debt Instrument, Interest Rate, Effective Percentage	2.33%
South San Diego Distribution Center
Summary of Assumed Debt Premium / Discount [Line Items]
Debt Instrument, Unamortized Discount (Premium), Net	$ 3,399
Debt Instrument, Interest Rate, Effective Percentage	3.18%

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Table 3 - Summary of Aggregate Princip... (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Aggregate principal payments of mortgage notes payable
2022	$ 107,812
2023	89,890
2024	559,917
2025	192,296
2026	308,023
Thereafter	561,682
Long-term Debt	$ 1,819,620

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Mortgage Notes Payable Text Detail (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	May 26, 2017
Debt Instrument [Line Items]
Debt Instrument, Collateral Amount	$ 2,421,000	$ 1,642,000
Revolving Line of Credit, Maximum Borrowing Capacity			$ 415,000
Term Loan, Maximum Borrowing Capacity			235,000
Term Loan		100,000
Revolving Line of Credit		0
Amortization of Debt Issuance Costs	$ 8,024	6,749
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 650,000
Debt Instrument, Interest Rate, Stated Percentage	1.75%
Term Loan	$ 235,000
Debt Instrument, Interest Rate During Period	3.68%
Revolving Line of Credit	$ 300,000
Revolving Credit Facility [Member] | Swap
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.08%
Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.40%
Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.10%
Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate During Period	3.40%
Derivative, Fixed Interest Rate	1.60%
Term Loan [Member] | Swap
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.80%
Term Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.35%
Term Loan [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.05%
Bridge Loan
Debt Instrument [Line Items]
Bridge Loan	$ 100
Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.70%
Term Loan		100,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving Line of Credit		$ 0

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Common Stock Fees (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Issuance of common stock (in shares)	44,071,596	28,718,218	37,588,047
Stock Repurchased During Period, Shares	(11,151,942)	(21,372,888)	(10,000,352)
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	20,000	16,000
Class A-I Shares [Member]
Class of Stock [Line Items]
Dealer Manager Fee	0.30%
Class M-I Shares [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares)	20,521,787
Dealer Manager Fee	0.00%
Class D Shares [Member]
Class of Stock [Line Items]
Dealer Manager Fee	0.00%
Common Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures			11,298
Conversion of Stock, Shares Issued	(1,285)	(2,435)
Common Stock [Member] | Class A Shares [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares)	16,945,256	13,533,380	20,389,402
Stock Repurchased During Period, Shares	(6,327,886)	(11,333,773)	(3,271,008)
Dealer Manager Fee	0.85%
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	0	0	0
Conversion of Stock, Shares Issued	(250,104)	(536,232)
Common Stock [Member] | Class M Shares [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares)	3,590,727	2,453,336	5,356,380
Stock Repurchased During Period, Shares	(1,937,556)	(5,009,716)	(4,889,772)
Dealer Manager Fee	0.30%
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	0	0	0
Conversion of Stock, Shares Issued	(807,136)	(868,234)
Common Stock [Member] | Class A-I Shares [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares)	478,460	314,149	462,451
Stock Repurchased During Period, Shares	(738,450)	(1,878,636)	(453,781)
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	0	0	0
Conversion of Stock, Shares Issued	0	27,219
Common Stock [Member] | Class M-I Shares [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares)		12,417,353	11,379,814
Stock Repurchased During Period, Shares	(2,148,050)	(3,150,763)	(73,227)
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	20,000	16,000	11,298
Conversion of Stock, Shares Issued	1,055,955	1,374,812
Common Stock [Member] | Class D Shares [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares)	2,555,366	0	0
Stock Repurchased During Period, Shares	0	0	(1,312,564)
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	0	0	0
Conversion of Stock, Shares Issued	0	0

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Common Stock (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Stock Issued During Period, Shares, Dividend Reinvestment Plan	4,726,012	5,653,314	4,133,544
Stock Issued During Period, Value, Dividend Reinvestment Plan	$ 59,133	$ 66,990	$ 50,309
Weighted Average Number of Outstanding Shares Basic and Diluted	186,610,215	170,613,298	151,179,459
Reimbursement period for Organization and offering expenses made prior Offer Commencement date	36 months
Percentage of reimbursement of organization and offering expenses	15.00%
Reimbursement of organization and offering expenses		$ 1,138
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	20,000	16,000
Issuance of common stock (in shares)	44,071,596	28,718,218	37,588,047
Stock Issued During Period, Value, New Issues	$ 545,702	$ 345,912	$ 460,833
Common Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures			11,298
Stock Issued During Period, Value, New Issues	441	287	$ 377
Class A Shares [Member]
Class of Stock [Line Items]
Stock Issued During Period, Value, New Issues	$ 210,810	$ 164,020	$ 250,822
Class A Shares [Member] | Common Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	0	0	0
Issuance of common stock (in shares)	16,945,256	13,533,380	20,389,402
Class M Shares [Member]
Class of Stock [Line Items]
Stock Issued During Period, Value, New Issues	$ 44,885	$ 29,258	$ 65,332
Class M Shares [Member] | Common Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	0	0	0
Issuance of common stock (in shares)	3,590,727	2,453,336	5,356,380
Class A-I Shares [Member]
Class of Stock [Line Items]
Stock Issued During Period, Value, New Issues	$ 6,077	$ 3,736	$ 5,674
Class A-I Shares [Member] | Common Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	0	0	0
Issuance of common stock (in shares)	478,460	314,149	462,451
Class M-I Shares [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares)	20,521,787
Stock Issued During Period, Value, New Issues	$ 254,168	$ 149,090	$ 139,143
Class M-I Shares [Member] | Common Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	20,000	16,000	11,298
Issuance of common stock (in shares)		12,417,353	11,379,814
Class D Shares [Member]
Class of Stock [Line Items]
Stock Issued During Period, Value, New Issues	$ 30,000
Class D Shares [Member] | Common Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	0	0	0
Issuance of common stock (in shares)	2,555,366	0	0
OP Units
Class of Stock [Line Items]
Stock Issued During Period, Value, New Issues	$ 74,673	$ 14,252
OP Units | Common Stock [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares)	5,820,165	1,217,092

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Common Stock Common Stock Sold (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues	44,071,596	28,718,218	37,588,047
Stock Repurchased During Period, Shares	11,151,942	21,372,888	10,000,352
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	20,000	16,000
Sale of Stock, Consideration Received on Transaction	$ 545,940	$ 346,104	$ 460,971
Stock Issued During Period, Value, New Issues	$ 545,702	$ 345,912	460,833
Class A Shares [Member]
Class of Stock [Line Items]
Common Stock, Shares, Outstanding	100,038,362	89,671,096
Stock Issued During Period, Value, New Issues	$ 210,810	$ 164,020	250,822
Class M Shares [Member]
Class of Stock [Line Items]
Common Stock, Shares, Outstanding	36,458,191	35,612,156
Stock Issued During Period, Value, New Issues	$ 44,885	$ 29,258	65,332
Class A-I Shares [Member]
Class of Stock [Line Items]
Common Stock, Shares, Outstanding	9,356,309	9,616,299
Stock Issued During Period, Value, New Issues	$ 6,077	$ 3,736	5,674
Class M-I Shares [Member]
Class of Stock [Line Items]
Common Stock, Shares, Outstanding	52,676,693	33,247,001
Stock Issued During Period, Shares, New Issues	20,521,787
Stock Issued During Period, Value, New Issues	$ 254,168	$ 149,090	$ 139,143
Class D Shares [Member]
Class of Stock [Line Items]
Common Stock, Shares, Outstanding	7,513,281	4,957,915
Stock Issued During Period, Value, New Issues	$ 30,000
Common Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures			11,298
Conversion of Stock, Shares Issued	(1,285)	(2,435)
Stock Issued During Period, Value, New Issues	$ 441	$ 287	$ 377
Common Stock [Member] | Class A Shares [Member]
Class of Stock [Line Items]
Common Stock, Shares, Outstanding	100,038,362	89,671,096	88,007,721	71,187,722
Stock Issued During Period, Shares, New Issues	16,945,256	13,533,380	20,389,402
Stock Repurchased During Period, Shares	6,327,886	11,333,773	3,271,008
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	0	0	0
Conversion of Stock, Shares Issued	(250,104)	(536,232)
Common Stock [Member] | Class M Shares [Member]
Class of Stock [Line Items]
Common Stock, Shares, Outstanding	36,458,191	35,612,156	39,036,770	39,869,130
Stock Issued During Period, Shares, New Issues	3,590,727	2,453,336	5,356,380
Stock Repurchased During Period, Shares	1,937,556	5,009,716	4,889,772
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	0	0	0
Conversion of Stock, Shares Issued	(807,136)	(868,234)
Common Stock [Member] | Class A-I Shares [Member]
Class of Stock [Line Items]
Common Stock, Shares, Outstanding	9,356,309	9,616,299	11,153,567	11,083,034
Stock Issued During Period, Shares, New Issues	478,460	314,149	462,451
Stock Repurchased During Period, Shares	738,450	1,878,636	453,781
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	0	0	0
Conversion of Stock, Shares Issued	0	27,219
Common Stock [Member] | Common Class M-I [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues	20,501,787	12,433,353	11,391,112
Common Stock [Member] | Class M-I Shares [Member]
Class of Stock [Line Items]
Common Stock, Shares, Outstanding	52,676,693	33,247,001	22,589,599	9,738,086
Stock Issued During Period, Shares, New Issues		12,417,353	11,379,814
Stock Repurchased During Period, Shares	2,148,050	3,150,763	73,227
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	20,000	16,000	11,298
Conversion of Stock, Shares Issued	1,055,955	1,374,812
Common Stock [Member] | Class D Shares [Member]
Class of Stock [Line Items]
Common Stock, Shares, Outstanding	7,513,281	4,957,915	4,957,915	6,270,479
Stock Issued During Period, Shares, New Issues	2,555,366	0	0
Stock Repurchased During Period, Shares	0	0	1,312,564
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	0	0	0
Conversion of Stock, Shares Issued	0	0

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Common Stock Repurchases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Stock Repurchased During Period, Shares	(11,151,942)	(21,372,888)	(10,000,352)
Stock Repurchased During Period, Value	$ 135,246	$ 255,355	$ 121,822
Common Stock [Member]
Class of Stock [Line Items]
Stock Repurchased During Period, Value	$ 111	$ (214)	$ 101
Common Stock [Member] | Class A Shares [Member]
Class of Stock [Line Items]
Stock Repurchased During Period, Shares	(6,327,886)	(11,333,773)	(3,271,008)
Common Stock [Member] | Class M Shares [Member]
Class of Stock [Line Items]
Stock Repurchased During Period, Shares	(1,937,556)	(5,009,716)	(4,889,772)
Common Stock [Member] | Class A-I Shares [Member]
Class of Stock [Line Items]
Stock Repurchased During Period, Shares	(738,450)	(1,878,636)	(453,781)
Common Stock [Member] | Class M-I Shares [Member]
Class of Stock [Line Items]
Stock Repurchased During Period, Shares	(2,148,050)	(3,150,763)	(73,227)
Common Stock [Member] | Class D Shares [Member]
Class of Stock [Line Items]
Stock Repurchased During Period, Shares	0	0	(1,312,564)

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Common Stock Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class A Shares [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income, before performance fee	$ 43,011	$ (23,259)	$ 52,118
Noninterest Expense Related to Performance Fees	17,269	0	0
Net Income (Loss) Available to Common Stockholders, Basic	$ 25,742	$ (23,259)	$ 52,118
Weighted Average Number of Shares Outstanding, Basic and Diluted	93,504,890	90,176,584	78,844,620
Earnings Per Share, Basic and Diluted	$ 0.28	$ (0.26)	$ 0.66
Class M Shares [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income, before performance fee	$ 16,231	$ (9,465)	$ 26,958
Noninterest Expense Related to Performance Fees	6,561	0	0
Net Income (Loss) Available to Common Stockholders, Basic	$ 9,670	$ (9,465)	$ 26,958
Weighted Average Number of Shares Outstanding, Basic and Diluted	35,291,400	36,694,995	40,782,711
Earnings Per Share, Basic and Diluted	$ 0.27	$ (0.26)	$ 0.66
Class A-I Shares [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income, before performance fee	$ 4,360	$ (2,598)	$ 7,315
Noninterest Expense Related to Performance Fees	1,712	0	0
Net Income (Loss) Available to Common Stockholders, Basic	$ 2,648	$ (2,598)	$ 7,315
Weighted Average Number of Shares Outstanding, Basic and Diluted	9,484,119	10,073,075	11,066,621
Earnings Per Share, Basic and Diluted	$ 0.28	$ (0.26)	$ 0.66
Class M-I Shares [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income, before performance fee	$ 18,960	$ (7,405)	$ 9,987
Noninterest Expense Related to Performance Fees	8,992	0	0
Net Income (Loss) Available to Common Stockholders, Basic	$ 9,968	$ (7,405)	$ 9,987
Weighted Average Number of Shares Outstanding, Basic and Diluted	41,229,584	28,710,729	15,108,522
Earnings Per Share, Basic and Diluted	$ 0.24	$ (0.26)	$ 0.66
Class D Shares [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income, before performance fee	$ 3,262	$ (1,279)	$ 3,555
Noninterest Expense Related to Performance Fees	1,408	0	0
Net Income (Loss) Available to Common Stockholders, Basic	$ 1,854	$ (1,279)	$ 3,555
Weighted Average Number of Shares Outstanding, Basic and Diluted	7,100,222	4,957,915	5,376,985
Earnings Per Share, Basic and Diluted	$ 0.26	$ (0.26)	$ 0.66

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Common Stock Dividends Declared (Details) - USD ($)	3 Months Ended												12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Distributions Declared [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.17500	$ 0.13500	$ 0.13500	$ 0.54000	$ 0.54000	$ 0.58000
Class A Shares [Member]
Distributions Declared [Line Items]
Dividends	$ 0.11092	$ 0.11189	$ 0.11294	$ 0.11326	$ 0.11280	$ 0.11282	$ 0.11239	$ 0.11211	$ 0.11189	$ 0.15184	$ 0.11214	$ 0.11216	$ 0.44901	$ 0.45012	$ 0.48803
Class M Shares [Member]
Distributions Declared [Line Items]
Dividends	0.12637	0.12666	0.12696	0.12715	0.12719	0.12661	0.12683	0.12649	0.12600	0.16642	0.12643	0.12662	0.50714	0.50712	0.54547
Class M-I Shares [Member]
Distributions Declared [Line Items]
Dividends	0.13500	0.13500	0.13500	0.13500	0.13500	0.13500	0.13500	0.13500	0.13500	0.17500	0.13500	0.13500	0.54000	0.54000	0.58000
Class A-I Shares [Member]
Distributions Declared [Line Items]
Dividends	0.12675	0.12644	0.12710	0.12726	0.12715	0.12632	0.12753	0.12681	0.12674	0.16660	0.12653	0.12653	0.50755	0.50781	0.54640
Class D Shares [Member]
Distributions Declared [Line Items]
Dividends	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.17500	$ 0.13500	$ 0.13500	$ 0.54000	$ 0.54000	$ 0.58000

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DST Program (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Oct. 16, 2019
Variable Interest Entity [Line Items]
Common Stock, Value, Outstanding	$ 3,565,671
DST Program [Member]
Variable Interest Entity [Line Items]
common stock, value authorized during DST offering			$ 1,000,000
Deferred Costs	449
Common Stock, Value, Outstanding	454,090
DST Program [Member] | Master Lease
Variable Interest Entity [Line Items]
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	8,603	$ 1,271
DST Program [Member] | Certain Properties
Variable Interest Entity [Line Items]
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	$ 1,987

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Rentals Under Operating Leases Rentals Under Operating Leases (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
Lessor, Operating Lease, Payment to be Received, Year One	$ 193,511
Lessor, Operating Lease, Payment to be Received, Year Two	150,970
Lessor, Operating Lease, Payment to be Received, Year Three	128,099
Lessor, Operating Lease, Payment to be Received, Year Four	115,781
Lessor, Operating Lease, Payment to be Received, Year Five	100,469
Lessor, Operating Lease, Payment to be Received, after Year Five	372,690
Lessor, Operating Lease, Payments to be Received	$ 1,061,520

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Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transactions (Textual) [Abstract]
Payments of Stock Issuance Costs	$ 16,792	$ 17,592	$ 19,299
Accrued Offering Costs	137,776	106,908
Related Party Transactions (Additional Textual) [Abstract]
Property management services expense paid	$ 1,222	741	1,608
Fixed fee [Member]
Related Party Transactions (Textual) [Abstract]
Management and Advisory fee percentage on NAV	1.25%
Management and Advisory fees	$ 28,956	25,274	23,026
Manager and advisory fees payable	$ 2,998	2,122
performance fee [Member]
Related Party Transactions (Textual) [Abstract]
Management and Advisory fee percentage on NAV	10.00%
Noninterest Expense Related to Performance Fees	$ 36,711	0	0
Manager and advisory fees payable	$ 36,711	0
Hurdle Rate [Member]
Related Party Transactions (Textual) [Abstract]
Management and Advisory fee percentage on NAV	7.00%
Selling commission, Dealer Manager Fee, Distribution Fee [Member]
Related Party Transactions (Textual) [Abstract]
Payments of Stock Issuance Costs	$ 12,246	11,303	12,203
Accrued Offering Costs	135,663	105,770
Organization and Offering Costs [Member]
Related Party Transactions (Textual) [Abstract]
Payments of Stock Issuance Costs	$ 2,113	1,138
Common Stock [Member]
Related Party Transactions (Textual) [Abstract]
DST Program Selling Commissions	5.00%
DST Program Dealer Manager Fee	1.00%
DST Program Placement Fees	1.00%
DST Program Fees
Related Party Transactions (Textual) [Abstract]
Payments of Stock Issuance Costs	$ 5,697	1,917
Related Party Transactions (Additional Textual) [Abstract]
DST Investor Servicing Fees	754	100
DST Advisor Fees	463	62
Stonemeadow Farms [Member]
Related Party Transactions (Additional Textual) [Abstract]
Payments for brokerage fees			203
Presley Uptown [Member]
Related Party Transactions (Additional Textual) [Abstract]
Payments for brokerage fees			$ 146
The Villas at Legacy [Member]
Related Party Transactions (Additional Textual) [Abstract]
Payments for brokerage fees		133
24823 Anza Drive- Valencia Industrial Portfolio [Member]
Related Party Transactions (Additional Textual) [Abstract]
Payments for brokerage fees		$ 75
Townlake of Coppell [Member]
Related Party Transactions (Additional Textual) [Abstract]
Payments for brokerage fees	162
Louisville Airport Distribution Center
Related Party Transactions (Additional Textual) [Abstract]
Payments for brokerage fees	$ 209

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Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2021 USD ($)
South Beach Parking Garage [Member]
Other Commitments [Line Items]
Other Commitment	$ 112

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Segment Reporting (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
TOTAL ASSETS	$ 4,402,246	$ 2,658,599
Payments for Capital Improvements	28,764	13,201	$ 19,718
Operating Lease, Lease Income	227,940	186,641	167,170
Total revenues	239,338	193,621	174,279
Real estate taxes	32,837	29,665	25,012
Property operating	43,995	37,999	31,783
Operating Costs and Expenses	244,809	175,795	152,029
General and Administrative Expense	1,596	4,318	1,659
Noninterest Expense Investment Advisory Fees	65,667	25,274	23,026
Company level expenses	4,841	2,936	3,201
Impairment of Real Estate	1,822	0	0
Depreciation and amortization	94,051	75,603	67,348
Interest expense	(48,230)	(40,668)	(36,185)
Equity in income of unconsolidated affiliates	67,333	(19,451)	7,066
Gains (Losses) on Extinguishment of Debt	33,422	(1,772)	106,871
Total other income and (expenses)	56,123	(61,891)	77,752
Industrial Segment [Member]
Segment Reporting Information [Line Items]
TOTAL ASSETS	1,352,580	659,870
Payments for Capital Improvements	17,165	4,673	5,162
Operating Lease, Lease Income	71,719	49,743	45,166
Recovery of Direct Costs	367	323	469
Total revenues	72,086	50,066	45,635
Real estate taxes	10,505	8,218	7,395
Property operating	5,783	4,121	3,701
Operating Costs and Expenses	16,288	12,339	11,096
Office Segment [Member]
Segment Reporting Information [Line Items]
TOTAL ASSETS	479,306	277,556
Payments for Capital Improvements	4,284	2,589	584
Operating Lease, Lease Income	33,178	27,239	18,918
Recovery of Direct Costs	1,792	1,313	529
Total revenues	34,970	28,552	19,447
Real estate taxes	3,394	3,396	1,985
Property operating	6,865	5,938	3,677
Operating Costs and Expenses	10,259	9,334	5,662
Apartments Segment [Member]
Segment Reporting Information [Line Items]
TOTAL ASSETS	1,301,454	788,060
Payments for Capital Improvements	6,196	4,346	7,510
Operating Lease, Lease Income	74,378	63,948	57,069
Recovery of Direct Costs	5,534	3,474	3,179
Total revenues	79,912	67,422	60,248
Real estate taxes	12,500	11,476	10,120
Property operating	22,619	19,643	16,465
Operating Costs and Expenses	35,119	31,119	26,585
Retail Segment [Member]
Segment Reporting Information [Line Items]
TOTAL ASSETS	564,565	577,588
Payments for Capital Improvements	3,212	1,803	6,602
Operating Lease, Lease Income	48,286	45,417	45,699
Recovery of Direct Costs	1,117	572	728
Total revenues	49,403	45,989	46,427
Real estate taxes	5,979	6,193	5,063
Property operating	7,973	7,583	7,117
Operating Costs and Expenses	13,952	13,776	12,180
Other Segments [Member]
Segment Reporting Information [Line Items]
TOTAL ASSETS	23,412	22,134
Payments for Capital Improvements	16	119	16
Operating Lease, Lease Income	379	294	318
Recovery of Direct Costs	2,588	1,298	2,204
Total revenues	2,967	1,592	2,522
Real estate taxes	459	382	449
Property operating	755	714	823
Operating Costs and Expenses	1,214	1,096	1,272
Corporate and Other
Segment Reporting Information [Line Items]
TOTAL ASSETS	3,721,317	2,325,208
Payments for Capital Improvements	30,873	13,530	19,874
Operating Lease, Lease Income	227,940	186,641	167,170
Recovery of Direct Costs	11,398	6,980	7,109
Total revenues	239,338	193,621	174,279
Real estate taxes	32,837	29,665	25,012
Property operating	43,995	37,999	31,783
Operating Costs and Expenses	76,832	67,664	56,795
Operating Income (Loss)			152,029
Equity in income of unconsolidated affiliates	67,333	(19,451)	7,066
Total other income and (expenses)	56,123	(61,891)	77,752
Income (loss) from continuing operations	50,652	(44,065)	$ 100,002
Corporate [Member]
Segment Reporting Information [Line Items]
TOTAL ASSETS	$ 680,929	$ 333,391

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Comprehensive Text Block List (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Text Block [Abstract]
Equity Securities, FV-NI, Cost	$ 40,273
Equity Securities, FV-NI, Unrealized Gain	3,161
Equity Securities, FV-NI, Unrealized Loss	(228)
Equity Securities, FV-NI, Unrealized Gain (Loss)	2,933	$ 0	$ 0
Equity Securities, FV-NI, Current	43,206
Proceeds from Sale and Maturity of Marketable Securities	5,347	$ 0	$ 0
Equity Securities, FV-NI, Realized Gain	352
Equity Securities, FV-NI, Realized Loss	$ (105)

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Distributions Payable (Details) - $ / shares	3 Months Ended													12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Distributions Payable (Textual) [Abstract]
Common Stock, Dividends, Per Share, Declared		$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.17500	$ 0.13500	$ 0.13500	$ 0.54000	$ 0.54000	$ 0.58000
Subsequent Event [Member]
Distributions Payable (Textual) [Abstract]
Distribution declared date	Feb. 28, 2022
Common Stock, Dividends, Per Share, Declared	$ 0.14
Distribution recorded date	Mar. 24, 2022
Distribution payable date	Mar. 30, 2022

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Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Revenues	$ 239,338	$ 193,621	$ 174,279
Net Income (Loss) Attributable to Parent	$ 49,121	$ (44,006)	$ 99,933
Weighted Average Number of Outstanding Shares Basic and Diluted	186,610,215	170,613,298	151,179,459
Class A Shares [Member]
Class of Stock [Line Items]
Earnings Per Share, Basic and Diluted	$ 0.28	$ (0.26)	$ 0.66
Class M Shares [Member]
Class of Stock [Line Items]
Earnings Per Share, Basic and Diluted	0.27	(0.26)	0.66
Class A-I Shares [Member]
Class of Stock [Line Items]
Earnings Per Share, Basic and Diluted	0.28	(0.26)	0.66
Class M-I Shares [Member]
Class of Stock [Line Items]
Earnings Per Share, Basic and Diluted	0.24	(0.26)	0.66
Class D Shares [Member]
Class of Stock [Line Items]
Earnings Per Share, Basic and Diluted	$ 0.26	$ (0.26)	$ 0.66

XML

Subsequent Events (Details Textual) $ / shares in Units, $ in Thousands	3 Months Ended													12 Months Ended
	Mar. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 $ / shares	Sep. 30, 2021 $ / shares	Jun. 30, 2021 $ / shares	Mar. 31, 2021 $ / shares	Dec. 31, 2020 $ / shares	Sep. 30, 2020 $ / shares	Jun. 30, 2020 $ / shares	Mar. 31, 2020 $ / shares	Dec. 31, 2019 $ / shares	Sep. 30, 2019 $ / shares	Jun. 30, 2019 $ / shares	Mar. 31, 2019 $ / shares	Dec. 31, 2021 $ / shares	Dec. 31, 2020 $ / shares	Dec. 31, 2019 $ / shares	Jan. 24, 2022 ft²	Jan. 06, 2022 ft²
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared | $ / shares		$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.13500	$ 0.17500	$ 0.13500	$ 0.13500	$ 0.54000	$ 0.54000	$ 0.58000
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends Payable, Date Declared	Feb. 28, 2022
Common Stock, Dividends, Per Share, Declared | $ / shares	$ 0.14
Dividends Payable, Date of Record	Mar. 24, 2022
Dividends Payable, Date to be Paid	Mar. 30, 2022
Subsequent Event [Member] | Industrial Properties [Member] | 4001 North Norfleet Road [Member]
Subsequent Event [Line Items]
Area of Real Estate Property | ft²																		702,000
Proceeds from Sale of Property Held-for-sale	$ 60,375
Gain (Loss) on Sale of Properties	34,000
Subsequent Event [Member] | Apartments Segment [Member] | The Edge at Lafayette [Member]
Subsequent Event [Line Items]
Area of Real Estate Property | ft²																	207,000
Proceeds from Sale of Property Held-for-sale	$ 16,500

XML

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	$ 1,819,620	$ 871,043
Real Estate and Accumulated Depreciation, Amount of Encumbrances	1,184,620
Real Estate and Accumulated Depreciation, Initial Cost of Land	597,967
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	2,919,107
Real estate aggregate cost for tax purposes	2,330,580
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	597
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	91,037
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	598,564
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	3,010,359
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	3,608,923	2,320,336	$ 2,200,514	$ 1,797,585
real estate accumulated depreciation tax basis	301,026
Summit at San Marcos [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	35,900	35,900
Real Estate and Accumulated Depreciation, Initial Cost of Land	6,401
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	63,335
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	37
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	6,401
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	63,372
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	69,773
Presley Uptown [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	30,000	30,000
Real Estate and Accumulated Depreciation, Initial Cost of Land	7,390
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	46,479
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	259
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	7,390
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	46,738
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	54,128
Monument IV at Worldgate [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0	40,000
Real Estate and Accumulated Depreciation, Initial Cost of Land	5,186
105 Kendall Park Lane [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Suwanne Distribution Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Grand Prairie Distribution Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Charlotte Distribution Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	9,341	9,556
DFW Distribution Center 4050 [Member] [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	12,147
DFW Distribution Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	17,720	17,720
DFW Distribution Center 4055 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	5,573
O'Hare Industrial Portfolio - 2501 Allan Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
O'Hare Industrial Portfolio - 2601 Allan Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
O'Hare Industrial Portfolio - 1300 Michael Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
O'Hare Industrial Portfolio - 1350 Michael Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
O'Hare Industrial Portfolio - 1225 Michael Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
O'Hare Industrial Portfolio - 200 Lewis [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
O'Hare Industrial Portfolio - 1301 Mittel Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Tampa Distribution Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Aurora Distribution Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	13,441	13,716
28150 West Harrison Parkway-Valencia Industrial Portfolio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
28145 West Harrison Parkway- Valencia Industrial Portfolio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
28904 Avenue Paine- Valencia Industrial Portfolio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
25045 Avenue Tibbitts- Valencia Industrial Portfolio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
6000 Giant Road- Pinole Point Industrial Portfolio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
6015 Giant Road- Pinole Point Industrial Portfolio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Mason Mill Distribution Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	17,500	17,500
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,406
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	23,312
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	(123)
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,406
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	23,189
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	26,595
Fremont Distribution Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	29,427
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	7,024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	1,782
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	29,427
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	8,806
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	38,233
3224 Trinity Boulevard [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,215
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	11,255
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	(13)
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,215
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	11,242
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	14,457
Taunton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	21,589
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	220
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,000
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	21,809
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	23,809
Chandler Distribution [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,803
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	24,095
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	272
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,803
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	24,367
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	28,170
6025 Giant Road- Pinole Point Industrial Portfolio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Townlake of Coppell [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	36,030	0
Lane Parke Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	37,000	37,000
AQ Rittenhouse [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	26,370	26,370
Dylan Point Loma [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	40,319	40,500
The Penfield [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	35,500	35,500
180 N Jefferson [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	45,000	45,000
The Reserve at Johns Creek Walk [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	26,000	26,000
The Villas at Legacy [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	29,500	29,500
Stonemeadow Farms [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	44,722	45,000
Real Estate and Accumulated Depreciation, Initial Cost of Land	14,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	65,535
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	1,952
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	14,000
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	67,487
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	81,487
Jory Trail at the Grove [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	42,793	43,600
Silverstone Marketplace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
South Beach Parking Garage [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Grand Lakes Marketplace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	23,900	23,900
Oak Grove Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	8,915	9,154
Rancho Temecula Town Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	28,000	28,000
Skokie Commons [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	23,627	24,120
The District at Howell Mill [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	28,858	29,638
140 Park Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0	22,800
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,162
San Juan Medical Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	16,730	16,730
Real Estate and Accumulated Depreciation, Initial Cost of Land	9,807
Genesee Plaza1 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	39,285	40,221
Real Estate and Accumulated Depreciation, Initial Cost of Land	8,222
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	73,964
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	676
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	8,222
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	74,640
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	82,862
Maui Mall [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	36,322	37,122
Kierland Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Timberland Town Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	20,253	20,746
Montecito Marketplace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Fort Worth Distribution Center
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,059
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	21,053
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	1,296
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,059
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	22,349
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	25,408
5102 E 500 South Whitestown
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,460
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	28,049
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	(80)
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,460
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	27,969
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	31,429
4993 Anson Blvd Whitestown
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	17,000
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,197
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	20,224
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	(59)
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,197
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	20,165
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	22,362
Fountainhead Corporate Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	5,942
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	36,301
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	4,246
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	5,942
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	40,547
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	46,489
Milford Crossing
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Louisville Distribution Center
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	52,250	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	9,028
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	66,792
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	4,161
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	9,028
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	70,953
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	79,981
Princeton North Andover
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	39,900	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	8,140
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	63,156
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	106
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	8,140
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	63,262
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	71,402
South San Diego Distribution Center
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	72,500	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	18,496
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	123,682
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	0
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	18,496
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	123,682
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	142,178
Pinecone Apartments
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	25,355	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	8,558
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	43,833
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	30
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	8,558
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	43,863
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	52,421
The Reserve at Venice
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	5,500
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	86,125
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	0
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	5,500
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	86,125
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	91,625
Woodside Trumbull
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	4,654
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	91,755
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	0
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	4,654
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	91,755
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	96,409
6511 West Frye Road
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	12,250
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,102
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	15,511
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	1,654
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,102
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	17,165
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	19,267
6565 West Frye Road
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	12,250
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,451
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	18,807
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	0
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,451
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	18,807
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	21,258
6615 West Frye Road
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	12,250
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,799
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	18,030
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	0
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,799
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	18,030
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	20,829
6677 West Frye Road
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	12,250
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,451
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	18,662
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	37
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,451
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	18,699
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	21,150
5 National Way
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	6,846
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	21,233
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	490
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	6,846
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	21,723
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	28,569
47 National Way
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	6,840
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	20,401
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	2,103
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	6,840
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	22,504
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	29,344
2451 Bath Road - Elgin Distribution Center
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	4,247
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	26,182
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	(63)
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	4,247
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	26,119
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	30,366
1755 Britannia Drive - Elgin Distribution Center
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,046
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	10,522
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	(16)
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,046
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	10,506
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	11,552
South Louisville Distribution Center
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,462
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	33,393
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	0
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,462
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	33,393
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	35,855
Louisville Airport Distribution Center
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,843
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	26,812
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	0
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,843
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	26,812
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	29,655
Friendship Distribution Center
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	7,082
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	80,654
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	4
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	7,082
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	80,658
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	87,740
170 Park Ave
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	4,612
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	38,337
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	3
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	4,612
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	38,340
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	42,952
South Reno Medical Center
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,029
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	9,882
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	0
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,029
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	9,882
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	10,911
North Tampa Surgery Center
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,227
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	5,069
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	(4)
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,227
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	5,065
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	6,292
Kansas City Medical Office - 1203 SW 7 Highway
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	171
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	2,355
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	0
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	171
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	2,355
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	2,526
Kansas City Medical Office - 8600 NE 82nd Street
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	143
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	3,519
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	0
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	143
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	3,519
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	3,662
Sugar Land Medical Center
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,449
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	9,943
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	(20)
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,449
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	9,923
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	12,372
Roeland Park Medical Center
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,057
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	8,182
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	0
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,057
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	8,182
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	9,239
Durham Medical Office
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	974
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	29,575
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	0
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	974
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	29,575
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	30,549
9101 Stony Point Drive
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,980
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	37,939
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	0
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,980
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	37,939
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	41,919
Preserve at the Meadows
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	32,400	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	9,656
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	53,870
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	52
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	9,656
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	53,922
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	63,578
The Rockwell
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	46,310	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	7,501
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	75,403
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	4
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	7,501
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	75,407
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	82,908
Miramont Apartments
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	27,629	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	9,217
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	49,005
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	23
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	9,217
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	49,028
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	58,245
13500 Danielson Street
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	10,990	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	7,624
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	11,503
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	54
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	7,624
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	11,557
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	19,181
237 Via Vera Cruz
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	11,880	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	5,421
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	8,581
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	39
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	5,421
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	8,620
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	14,041
4211 Starboard Drive
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	20,612	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	13,409
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	13,872
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	92
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	13,409
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	13,964
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	27,373
2840 Loker Ave
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	14,316	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	7,631
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	16,030
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	73
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	7,631
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	16,103
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	23,734
15890 Bernardo Center
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	8,702	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,316
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	11,715
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	38
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,316
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	11,753
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	14,069
Office Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	56,015
Real Estate and Accumulated Depreciation, Initial Cost of Land	47,961
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	360,166
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	26,040
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	47,961
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	386,206
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	434,167
Office Properties [Member] | Monument IV at Worldgate [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	57,013
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	20,014
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	5,186
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	77,027
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	82,213
Office Properties [Member] | 140 Park Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	34,784
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	(4)
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,162
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	34,780
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	37,942
Office Properties [Member] | San Juan Medical Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	13,303
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	1,129
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	9,807
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	14,432
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	24,239
Retail Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	195,625
Real Estate and Accumulated Depreciation, Initial Cost of Land	128,031
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	426,257
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	890
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	21,283
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	128,921
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	447,540
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	576,461
Retail Properties [Member] | Silverstone Marketplace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	8,012
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	33,771
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	220
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	8,012
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	33,991
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	42,003
Retail Properties [Member] | Grand Lakes Marketplace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	5,215
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	34,770
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	87
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	5,215
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	34,857
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	40,072
Retail Properties [Member] | Oak Grove Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	4,434
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	18,869
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	832
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	4,434
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	19,701
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	24,135
Retail Properties [Member] | Rancho Temecula Town Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	14,600
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	41,180
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	1,079
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	14,600
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	42,259
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	56,859
Retail Properties [Member] | Skokie Commons [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	8,859
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	25,705
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	890
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	183
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	9,749
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	25,888
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	35,637
Retail Properties [Member] | The District at Howell Mill [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	10,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	56,040
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	6,179
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	10,000
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	62,219
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	72,219
Retail Properties [Member] | Whitestone Market [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	7,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	39,868
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	534
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	7,000
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	40,402
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	47,402
Retail Properties [Member] | Maui Mall [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	44,257
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	39,454
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	11,210
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	44,257
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	50,664
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	94,921
Retail Properties [Member] | Kierland Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	7,037
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	26,693
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	326
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	7,037
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	27,019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	34,056
Retail Properties [Member] | Timberland Town Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	6,083
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	33,826
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	444
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	6,083
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	34,270
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	40,353
Retail Properties [Member] | Montecito Marketplace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	11,410
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	45,212
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	352
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	11,410
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	45,564
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	56,974
Retail Properties [Member] | Milford Crossing
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,124
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	30,869
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	(163)
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,124
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	30,706
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	31,830
Industrial Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	332,252
Real Estate and Accumulated Depreciation, Initial Cost of Land	248,488
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	979,619
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	(293)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	18,879
Real Estate and Accumulated Depreciation, Carrying Amount of Land	248,195
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	998,498
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	1,246,693
Industrial Properties [Member] | 105 Kendall Park Lane [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,656
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	12,836
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	(293)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	279
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,363
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	13,115
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	15,478
Industrial Properties [Member] | Suwanne Distribution Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	6,155
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	27,598
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	68
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	6,155
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	27,666
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	33,821
Industrial Properties [Member] | Grand Prairie Distribution Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,100
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	12,478
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	404
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,100
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	12,882
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	14,982
Industrial Properties [Member] | Charlotte Distribution Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	5,381
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	15,002
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	372
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	5,381
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	15,374
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	20,755
Industrial Properties [Member] | DFW Distribution Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	5,200
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	18,327
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	1,357
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	5,200
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	19,684
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	24,884
Industrial Properties [Member] | DFW Distribution Center 4055 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,400
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	12,377
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	1,566
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,400
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	13,943
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	16,343
Industrial Properties [Member] | O'Hare Industrial Portfolio - 2501 Allan Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	4,300
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	10,926
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	661
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	4,300
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	11,587
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	15,887
Industrial Properties [Member] | O'Hare Industrial Portfolio - 2601 Allan Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,600
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	7,726
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	179
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,600
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	7,905
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	10,505
Industrial Properties [Member] | O'Hare Industrial Portfolio - 1300 Michael Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,900
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	6,770
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	380
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,900
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	7,150
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	9,050
Industrial Properties [Member] | O'Hare Industrial Portfolio - 1350 Michael Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,500
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	5,059
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	283
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,500
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	5,342
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	6,842
Industrial Properties [Member] | O'Hare Industrial Portfolio - 1225 Michael Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,600
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	7,149
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	127
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,600
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	7,276
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	9,876
Industrial Properties [Member] | O'Hare Industrial Portfolio - 200 Lewis [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,100
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	4,165
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	478
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,100
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	4,643
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	5,743
Industrial Properties [Member] | O'Hare Industrial Portfolio - 1301 Mittel Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,700
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	5,473
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	141
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,700
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	5,614
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	8,314
Industrial Properties [Member] | Tampa Distribution Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,507
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	22,485
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	84
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,507
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	22,569
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	26,076
Industrial Properties [Member] | Aurora Distribution Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	9,861
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	14,646
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	0
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	9,861
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	14,646
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	24,507
Industrial Properties [Member] | 28150 West Harrison Parkway-Valencia Industrial Portfolio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,760
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	8,899
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	279
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,760
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	9,178
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	11,938
Industrial Properties [Member] | 28145 West Harrison Parkway- Valencia Industrial Portfolio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,468
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	10,111
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	20
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,468
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	10,131
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	13,599
Industrial Properties [Member] | 28904 Avenue Paine- Valencia Industrial Portfolio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,812
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	10,535
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	428
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,812
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	10,963
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	14,775
Industrial Properties [Member] | 25045 Avenue Tibbitts- Valencia Industrial Portfolio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	4,087
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	13,224
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	288
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	4,087
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	13,512
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	17,599
Industrial Properties [Member] | 6000 Giant Road- Pinole Point Industrial Portfolio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	11,572
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	26,556
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	31
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	11,572
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	26,587
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	38,159
Industrial Properties [Member] | 6015 Giant Road- Pinole Point Industrial Portfolio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	10,468
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	24,127
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	(1,004)
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	10,468
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	23,123
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	33,591
Industrial Properties [Member] | 6025 Giant Road- Pinole Point Industrial Portfolio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,700
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	4,167
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	497
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,700
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	4,664
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	7,364
Apartment Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	600,728
Real Estate and Accumulated Depreciation, Initial Cost of Land	173,487
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	1,131,598
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	24,094
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	173,487
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	1,155,907
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	1,329,394
Apartment Properties [Member] | Townlake of Coppell [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	8,444
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	36,805
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	3,175
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	8,444
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	39,980
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	48,424
Apartment Properties [Member] | Lane Parke Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	5,100
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	66,428
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	934
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	5,100
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	67,362
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	72,462
Apartment Properties [Member] | AQ Rittenhouse [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	11,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	39,963
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	(182)
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	11,000
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	39,781
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	50,781
Apartment Properties [Member] | Dylan Point Loma [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	19,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	70,860
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	(527)
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	19,000
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	70,333
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	89,333
Apartment Properties [Member] | The Penfield [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	8,021
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	52,713
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	1,238
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	8,021
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	53,951
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	61,972
Apartment Properties [Member] | The Reserve at Johns Creek Walk [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	7,552
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	38,025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	839
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	7,552
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	38,864
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	46,416
Apartment Properties [Member] | The Villas at Legacy [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	6,888
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	48,504
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	3,759
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	6,888
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	52,263
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	59,151
Apartment Properties [Member] | 180 North Jefferson [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	18,588
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	75,435
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	8,280
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	18,588
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	83,715
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	102,303
Apartment Properties [Member] | Jory Trail at the Grove [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	7,877
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	64,369
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	4,330
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	7,877
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	68,699
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	76,576
Other Property [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Amount of Encumbrances	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	0
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	21,467
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	741
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	0
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	22,208
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	22,208
Other Property [Member] | South Beach Parking Garage [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Initial Cost of Land	0
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	21,467
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	741
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	0
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	22,208
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	22,208
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0	$ 17,873
Real Estate and Accumulated Depreciation, Amount of Encumbrances	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	3,916
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	54,663
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	(387)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	(10,655)
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,529
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	44,008
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	47,537
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | 4001 North Norfleet Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	2,134
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	31,397
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	(205)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	(1,914)
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,929
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	29,483
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	31,412
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | The Edge at Lafayette [Member]
Real Estate and Accumulated Depreciation [Line Items]
Notes Payable	0
Real Estate and Accumulated Depreciation, Initial Cost of Land	1,782
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	23,266
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Land	(182)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Building and Improvements	(8,741)
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,600
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	14,525
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	$ 16,125

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Schedule III - Real Estate and Accumulated Depreciation Table 2 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (259,362)	$ (219,833)	$ (176,236)	$ (135,480)
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Other Deduction	(4,939)	$ (3,419)	$ 0
Industrial Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	(56,248)
Industrial Properties [Member] | 105 Kendall Park Lane [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (4,345)
Real Estate and Accumulated Depreciation, Construction	2002
Real Estate and Accumulated Depreciation, Date Acquired	Jun. 30, 2005
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Industrial Properties [Member] | Suwanne Distribution Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (4,712)
Real Estate and Accumulated Depreciation, Construction	2012
Real Estate and Accumulated Depreciation, Date Acquired	Jun. 28, 2013
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Industrial Properties [Member] | Grand Prairie Distribution Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (2,056)
Real Estate and Accumulated Depreciation, Construction	1980
Real Estate and Accumulated Depreciation, Date Acquired	Dec. 18, 2013
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Industrial Properties [Member] | Charlotte Distribution Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (2,919)
Real Estate and Accumulated Depreciation, Construction	2013
Real Estate and Accumulated Depreciation, Date Acquired	Jan. 22, 2014
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Industrial Properties [Member] | DFW Distribution Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (3,095)
Real Estate and Accumulated Depreciation, Construction	1991
Real Estate and Accumulated Depreciation, Date Acquired	Jun. 27, 2014
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Industrial Properties [Member] | DFW Distribution Center 4055 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (2,465)
Real Estate and Accumulated Depreciation, Construction	1996
Real Estate and Accumulated Depreciation, Date Acquired	Apr. 15, 2015
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Industrial Properties [Member] | O'Hare Industrial Portfolio - 2501 Allan Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (1,841)
Real Estate and Accumulated Depreciation, Construction	1996
Real Estate and Accumulated Depreciation, Date Acquired	Apr. 15, 2015
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Industrial Properties [Member] | O'Hare Industrial Portfolio - 2601 Allan Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (1,286)
Real Estate and Accumulated Depreciation, Construction	1985
Real Estate and Accumulated Depreciation, Date Acquired	Sep. 30, 2015
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Industrial Properties [Member] | O'Hare Industrial Portfolio - 1300 Michael Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (1,119)
Real Estate and Accumulated Depreciation, Construction	1985
Real Estate and Accumulated Depreciation, Date Acquired	Sep. 30, 2015
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Industrial Properties [Member] | O'Hare Industrial Portfolio - 1350 Michael Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (856)
Real Estate and Accumulated Depreciation, Construction	1985
Real Estate and Accumulated Depreciation, Date Acquired	Sep. 30, 2015
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Industrial Properties [Member] | O'Hare Industrial Portfolio - 1225 Michael Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (1,134)
Real Estate and Accumulated Depreciation, Construction	1985
Real Estate and Accumulated Depreciation, Date Acquired	Sep. 30, 2015
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Industrial Properties [Member] | O'Hare Industrial Portfolio - 200 Lewis [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (1,035)
Real Estate and Accumulated Depreciation, Construction	1985
Real Estate and Accumulated Depreciation, Date Acquired	Sep. 30, 2015
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Industrial Properties [Member] | O'Hare Industrial Portfolio - 1301 Mittel Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (879)
Real Estate and Accumulated Depreciation, Construction	1985
Real Estate and Accumulated Depreciation, Date Acquired	Sep. 30, 2015
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Industrial Properties [Member] | Tampa Distribution Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (3,267)
Real Estate and Accumulated Depreciation, Construction	1985
Real Estate and Accumulated Depreciation, Date Acquired	Sep. 30, 2015
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Industrial Properties [Member] | Aurora Distribution Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (1,635)
Real Estate and Accumulated Depreciation, Construction	2009
Real Estate and Accumulated Depreciation, Date Acquired	Apr. 11, 2016
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Industrial Properties [Member] | 28150 West Harrison Parkway-Valencia Industrial Portfolio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (1,235)
Real Estate and Accumulated Depreciation, Construction	2016
Real Estate and Accumulated Depreciation, Date Acquired	May 19, 2016
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Industrial Properties [Member] | 28145 West Harrison Parkway- Valencia Industrial Portfolio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (1,407)
Real Estate and Accumulated Depreciation, Construction	1997
Real Estate and Accumulated Depreciation, Date Acquired	Jun. 29, 2016
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Industrial Properties [Member] | 28904 Avenue Paine- Valencia Industrial Portfolio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (1,527)
Real Estate and Accumulated Depreciation, Construction	1997
Real Estate and Accumulated Depreciation, Date Acquired	Jun. 29, 2016
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Industrial Properties [Member] | 25045 Avenue Tibbitts- Valencia Industrial Portfolio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (1,898)
Real Estate and Accumulated Depreciation, Construction	1988
Real Estate and Accumulated Depreciation, Date Acquired	Jun. 29, 2016
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Industrial Properties [Member] | 6000 Giant Road- Pinole Point Industrial Portfolio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (2,834)
Real Estate and Accumulated Depreciation, Construction	1988
Real Estate and Accumulated Depreciation, Date Acquired	Jun. 29, 2016
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Industrial Properties [Member] | 6015 Giant Road- Pinole Point Industrial Portfolio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (2,463)
Real Estate and Accumulated Depreciation, Construction	2016
Real Estate and Accumulated Depreciation, Date Acquired	Sep. 08, 2016
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Industrial Properties [Member] | 6025 Giant Road- Pinole Point Industrial Portfolio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (473)
Real Estate and Accumulated Depreciation, Construction	2016
Real Estate and Accumulated Depreciation, Date Acquired	Sep. 08, 2016
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Industrial Properties [Member] | Mason Mill Distribution Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (1,861)
Real Estate and Accumulated Depreciation, Construction	2016
Real Estate and Accumulated Depreciation, Date Acquired	Dec. 29, 2016
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Industrial Properties [Member] | Fremont Distribution Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (797)
Real Estate and Accumulated Depreciation, Construction	1991
Real Estate and Accumulated Depreciation, Date Acquired	Mar. 29, 2019
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Industrial Properties [Member] | 3224 Trinity Boulevard [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (726)
Real Estate and Accumulated Depreciation, Construction	2015
Real Estate and Accumulated Depreciation, Date Acquired	May 31, 2019
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Industrial Properties [Member] | Taunton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (1,094)
Real Estate and Accumulated Depreciation, Construction	2016
Real Estate and Accumulated Depreciation, Date Acquired	Aug. 23, 2019
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Industrial Properties [Member] | Chandler Distribution [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (1,022)
Real Estate and Accumulated Depreciation, Construction	2016
Real Estate and Accumulated Depreciation, Date Acquired	Dec. 05, 2019
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Apartment Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (78,519)
Apartment Properties [Member] | Townlake of Coppell [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (7,703)
Real Estate and Accumulated Depreciation, Construction	1986
Real Estate and Accumulated Depreciation, Date Acquired	May 22, 2015
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Apartment Properties [Member] | AQ Rittenhouse [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (5,232)
Real Estate and Accumulated Depreciation, Construction	2015
Real Estate and Accumulated Depreciation, Date Acquired	Jul. 30, 2015
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Apartment Properties [Member] | Lane Parke Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (7,868)
Real Estate and Accumulated Depreciation, Construction	2014
Real Estate and Accumulated Depreciation, Date Acquired	May 26, 2016
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Apartment Properties [Member] | Dylan Point Loma [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (7,696)
Real Estate and Accumulated Depreciation, Construction	2016
Real Estate and Accumulated Depreciation, Date Acquired	Aug. 09, 2016
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Apartment Properties [Member] | The Penfield [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (6,182)
Real Estate and Accumulated Depreciation, Construction	2013
Real Estate and Accumulated Depreciation, Date Acquired	Sep. 22, 2016
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Apartment Properties [Member] | 180 North Jefferson [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (11,871)
Real Estate and Accumulated Depreciation, Construction	2004
Real Estate and Accumulated Depreciation, Date Acquired	Dec. 01, 2016
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Apartment Properties [Member] | Jory Trail at the Grove [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (7,720)
Real Estate and Accumulated Depreciation, Construction	2012
Real Estate and Accumulated Depreciation, Date Acquired	Jul. 14, 2017
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Apartment Properties [Member] | The Reserve at Johns Creek Walk [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (4,528)
Real Estate and Accumulated Depreciation, Construction	2007
Real Estate and Accumulated Depreciation, Date Acquired	Jul. 28, 2017
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Apartment Properties [Member] | The Villas at Legacy [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (5,834)
Real Estate and Accumulated Depreciation, Construction	1999
Real Estate and Accumulated Depreciation, Date Acquired	Jun. 06, 2018
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Apartment Properties [Member] | Stonemeadow Farms [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (4,894)
Real Estate and Accumulated Depreciation, Construction	1999
Real Estate and Accumulated Depreciation, Date Acquired	May 13, 2019
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Apartment Properties [Member] | Summit at San Marcos [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (3,926)
Real Estate and Accumulated Depreciation, Construction	2018
Real Estate and Accumulated Depreciation, Date Acquired	Jul. 31, 2019
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Apartment Properties [Member] | Presley Uptown [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (2,473)
Real Estate and Accumulated Depreciation, Construction	2016
Real Estate and Accumulated Depreciation, Date Acquired	Sep. 30, 2019
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Office Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (47,032)
Office Properties [Member] | San Juan Medical Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (1,827)
Real Estate and Accumulated Depreciation, Construction	2015
Real Estate and Accumulated Depreciation, Date Acquired	Apr. 01, 2016
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Office Properties [Member] | Genesee Plaza1 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (4,758)
Real Estate and Accumulated Depreciation, Construction	1983
Real Estate and Accumulated Depreciation, Date Acquired	Jul. 02, 2019
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Office Properties [Member] | Monument IV at Worldgate [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (33,092)
Real Estate and Accumulated Depreciation, Construction	2001
Real Estate and Accumulated Depreciation, Date Acquired	Aug. 27, 2004
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Office Properties [Member] | 140 Park Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (4,174)
Real Estate and Accumulated Depreciation, Construction	2015
Real Estate and Accumulated Depreciation, Date Acquired	Dec. 21, 2015
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Retail Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (72,944)
Retail Properties [Member] | The District at Howell Mill [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (17,958)
Real Estate and Accumulated Depreciation, Construction	2006
Real Estate and Accumulated Depreciation, Date Acquired	Jun. 15, 2007
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Retail Properties [Member] | Grand Lakes Marketplace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (5,834)
Real Estate and Accumulated Depreciation, Construction	2012
Real Estate and Accumulated Depreciation, Date Acquired	Sep. 17, 2013
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Retail Properties [Member] | Oak Grove Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (4,110)
Real Estate and Accumulated Depreciation, Construction	2003
Real Estate and Accumulated Depreciation, Date Acquired	Jan. 17, 2014
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Retail Properties [Member] | Rancho Temecula Town Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (8,377)
Real Estate and Accumulated Depreciation, Construction	2007
Real Estate and Accumulated Depreciation, Date Acquired	Jun. 16, 2014
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Retail Properties [Member] | Skokie Commons [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (3,500)
Real Estate and Accumulated Depreciation, Construction	2015
Real Estate and Accumulated Depreciation, Date Acquired	May 15, 2015
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Retail Properties [Member] | Whitestone Market [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (6,467)
Real Estate and Accumulated Depreciation, Construction	2003
Real Estate and Accumulated Depreciation, Date Acquired	Sep. 30, 2015
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Retail Properties [Member] | Maui Mall [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (9,521)
Real Estate and Accumulated Depreciation, Construction	1971
Real Estate and Accumulated Depreciation, Date Acquired	Dec. 22, 2015
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Retail Properties [Member] | Silverstone Marketplace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (3,693)
Real Estate and Accumulated Depreciation, Construction	2015
Real Estate and Accumulated Depreciation, Date Acquired	Jul. 27, 2016
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Retail Properties [Member] | Kierland Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (3,593)
Real Estate and Accumulated Depreciation, Construction	2001
Real Estate and Accumulated Depreciation, Date Acquired	Sep. 30, 2016
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Retail Properties [Member] | Timberland Town Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (3,671)
Real Estate and Accumulated Depreciation, Construction	2015
Real Estate and Accumulated Depreciation, Date Acquired	Sep. 30, 2016
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Retail Properties [Member] | Montecito Marketplace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (5,053)
Real Estate and Accumulated Depreciation, Construction	2007
Real Estate and Accumulated Depreciation, Date Acquired	Aug. 08, 2017
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Other Property [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (4,619)
Other Property [Member] | South Beach Parking Garage [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Accumulated Depreciation	$ (4,619)
Real Estate and Accumulated Depreciation, Construction	2001
Real Estate and Accumulated Depreciation, Date Acquired	Jan. 28, 2014
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years

XML

Schedule III - Real Estate and Accumulated Depreciation Table 3 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	$ 3,608,923	$ 2,320,336	$ 2,200,514	$ 1,797,585
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Improvements	1,372,562	161,947	404,353
Real Estate, Period Increase (Decrease)	(36,438)	(5,817)	(1,424)
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Other Deduction	$ (47,537)	$ (36,308)

XML

Schedule III - Real Estate and Accumulated Depreciation Table 4 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 259,362	$ 219,833	$ 176,236	$ 135,480
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Depreciation Expense	49,966	49,134	42,180
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Investment in Real Estate Sold	(3,676)	(2,118)	(1,424)
Other Property [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	4,619
Retail Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	72,944
Office Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	47,032
Industrial Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	56,248
Apartment Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	78,519
South Beach Parking Garage [Member] | Other Property [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 4,619
Real Estate and Accumulated Depreciation, Construction	2001
Real Estate and Accumulated Depreciation, Date Acquired	Jan. 28, 2014
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Montecito Marketplace [Member] | Retail Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 5,053
Real Estate and Accumulated Depreciation, Construction	2007
Real Estate and Accumulated Depreciation, Date Acquired	Aug. 08, 2017
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Milford Crossing | Retail Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 1,167
Real Estate and Accumulated Depreciation, Construction	2017
Real Estate and Accumulated Depreciation, Date Acquired	Jan. 29, 2020
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Genesee Plaza1 [Member] | Office Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 4,758
Real Estate and Accumulated Depreciation, Construction	1983
Real Estate and Accumulated Depreciation, Date Acquired	Jul. 02, 2019
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Fountainhead Corporate Park [Member] | Office Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 1,999
Real Estate and Accumulated Depreciation, Construction	1985
Real Estate and Accumulated Depreciation, Date Acquired	Feb. 06, 2020
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Chandler Distribution [Member] | Industrial Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 1,022
Real Estate and Accumulated Depreciation, Construction	2016
Real Estate and Accumulated Depreciation, Date Acquired	Dec. 05, 2019
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Fort Worth Distribution Center | Industrial Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 512
Real Estate and Accumulated Depreciation, Construction	2020
Real Estate and Accumulated Depreciation, Date Acquired	Oct. 23, 2020
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
4993 Anson Blvd Whitestown | Industrial Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 437
Real Estate and Accumulated Depreciation, Construction	2020
Real Estate and Accumulated Depreciation, Date Acquired	Dec. 11, 2020
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
5102 E 500 South Whitestown | Industrial Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 606
Real Estate and Accumulated Depreciation, Construction	2020
Real Estate and Accumulated Depreciation, Date Acquired	Dec. 11, 2020
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Louisville Distribution Center | Industrial Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 1,544
Real Estate and Accumulated Depreciation, Construction	2020
Real Estate and Accumulated Depreciation, Date Acquired	Jan. 21, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
6511 West Frye Road | Industrial Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 338
Real Estate and Accumulated Depreciation, Construction	2019
Real Estate and Accumulated Depreciation, Date Acquired	Feb. 23, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
6565 West Frye Road | Industrial Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 313
Real Estate and Accumulated Depreciation, Construction	2019
Real Estate and Accumulated Depreciation, Date Acquired	Feb. 23, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
6615 West Frye Road | Industrial Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 301
Real Estate and Accumulated Depreciation, Construction	2019
Real Estate and Accumulated Depreciation, Date Acquired	Feb. 23, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
6677 West Frye Road | Industrial Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 312
Real Estate and Accumulated Depreciation, Construction	2019
Real Estate and Accumulated Depreciation, Date Acquired	Feb. 23, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
5 National Way | Industrial Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 106
Real Estate and Accumulated Depreciation, Construction	2020
Real Estate and Accumulated Depreciation, Date Acquired	Sep. 28, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
47 National Way | Industrial Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 102
Real Estate and Accumulated Depreciation, Construction	2020
Real Estate and Accumulated Depreciation, Date Acquired	Sep. 28, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
South San Diego Distribution Center | Industrial Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 497
Real Estate and Accumulated Depreciation, Construction	2020
Real Estate and Accumulated Depreciation, Date Acquired	Oct. 28, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
2451 Bath Road - Elgin Distribution Center | Industrial Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 87
Real Estate and Accumulated Depreciation, Construction	2020
Real Estate and Accumulated Depreciation, Date Acquired	Nov. 16, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
1755 Britannia Drive - Elgin Distribution Center | Industrial Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 35
Real Estate and Accumulated Depreciation, Construction	2020
Real Estate and Accumulated Depreciation, Date Acquired	Nov. 16, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
South Louisville Distribution Center | Industrial Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 56
Real Estate and Accumulated Depreciation, Construction	2021
Real Estate and Accumulated Depreciation, Date Acquired	Nov. 17, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Louisville Airport Distribution Center | Industrial Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 268
Real Estate and Accumulated Depreciation, Construction	2020
Real Estate and Accumulated Depreciation, Date Acquired	Jun. 24, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Friendship Distribution Center | Industrial Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 269
Real Estate and Accumulated Depreciation, Construction	2020
Real Estate and Accumulated Depreciation, Date Acquired	Oct. 20, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
13500 Danielson Street | Industrial Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 108
Real Estate and Accumulated Depreciation, Construction	1997
Real Estate and Accumulated Depreciation, Date Acquired	Jul. 02, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
237 Via Vera Cruz | Industrial Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 144
Real Estate and Accumulated Depreciation, Construction	1987
Real Estate and Accumulated Depreciation, Date Acquired	Jul. 02, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
4211 Starboard Drive | Industrial Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 174
Real Estate and Accumulated Depreciation, Construction	1997
Real Estate and Accumulated Depreciation, Date Acquired	Jul. 09, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
2840 Loker Ave | Industrial Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 34
Real Estate and Accumulated Depreciation, Construction	1998
Real Estate and Accumulated Depreciation, Date Acquired	Nov. 30, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
15890 Bernardo Center | Industrial Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 24
Real Estate and Accumulated Depreciation, Construction	1991
Real Estate and Accumulated Depreciation, Date Acquired	Nov. 30, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
170 Park Ave | Office Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 904
Real Estate and Accumulated Depreciation, Construction	1998
Real Estate and Accumulated Depreciation, Date Acquired	Feb. 02, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
South Reno Medical Center | Office Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 0
Real Estate and Accumulated Depreciation, Construction	2004
Real Estate and Accumulated Depreciation, Date Acquired	Dec. 28, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
North Tampa Surgery Center | Office Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 25
Real Estate and Accumulated Depreciation, Construction	2021
Real Estate and Accumulated Depreciation, Date Acquired	Oct. 08, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Kansas City Medical Office - 1203 SW 7 Highway | Office Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 0
Real Estate and Accumulated Depreciation, Construction	2021
Real Estate and Accumulated Depreciation, Date Acquired	Dec. 23, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Kansas City Medical Office - 8600 NE 82nd Street | Office Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 0
Real Estate and Accumulated Depreciation, Construction	2021
Real Estate and Accumulated Depreciation, Date Acquired	Dec. 23, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Sugar Land Medical Center | Office Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 0
Real Estate and Accumulated Depreciation, Construction	2020
Real Estate and Accumulated Depreciation, Date Acquired	Dec. 30, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Roeland Park Medical Center | Office Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 0
Real Estate and Accumulated Depreciation, Construction	2021
Real Estate and Accumulated Depreciation, Date Acquired	Dec. 28, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Durham Medical Office | Office Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 0
Real Estate and Accumulated Depreciation, Construction	2010
Real Estate and Accumulated Depreciation, Date Acquired	Dec. 23, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
9101 Stony Point Drive | Office Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 253
Real Estate and Accumulated Depreciation, Construction	2018
Real Estate and Accumulated Depreciation, Date Acquired	Sep. 15, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Presley Uptown [Member] | Apartment Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 2,473
Real Estate and Accumulated Depreciation, Construction	2016
Real Estate and Accumulated Depreciation, Date Acquired	Sep. 30, 2019
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Princeton North Andover | Apartment Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 929
Real Estate and Accumulated Depreciation, Construction	2019
Real Estate and Accumulated Depreciation, Date Acquired	May 03, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Preserve at the Meadows | Apartment Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 489
Real Estate and Accumulated Depreciation, Construction	2001
Real Estate and Accumulated Depreciation, Date Acquired	Aug. 23, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
The Rockwell | Apartment Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 547
Real Estate and Accumulated Depreciation, Construction	2020
Real Estate and Accumulated Depreciation, Date Acquired	Aug. 31, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Miramont Apartments | Apartment Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 331
Real Estate and Accumulated Depreciation, Construction	1995
Real Estate and Accumulated Depreciation, Date Acquired	Sep. 29, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Pinecone Apartments | Apartment Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 296
Real Estate and Accumulated Depreciation, Construction	1993
Real Estate and Accumulated Depreciation, Date Acquired	Sep. 29, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
The Reserve at Venice | Apartment Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 0
Real Estate and Accumulated Depreciation, Construction	2021
Real Estate and Accumulated Depreciation, Date Acquired	Dec. 17, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Woodside Trumbull | Apartment Properties [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 0
Real Estate and Accumulated Depreciation, Construction	2021
Real Estate and Accumulated Depreciation, Date Acquired	Dec. 21, 2021
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Other Deduction	$ (4,939)	$ (3,419)	$ 0
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	4,939
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | The Edge at Lafayette [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 4,131
Real Estate and Accumulated Depreciation, Construction	2007
Real Estate and Accumulated Depreciation, Date Acquired	Jan. 15, 2008
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | 4001 North Norfleet Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation	$ 9,070
Real Estate and Accumulated Depreciation, Construction	2007
Real Estate and Accumulated Depreciation, Date Acquired	Feb. 27, 2007
Real Estate and Accumulated Depreciation, Life Used for Depreciation	50 years

XML

Label	Element	Value
IPT Long-Term Line of Credit [Member] | Revolving Credit Facility [Member]
Debt Instrument, Maturity Date Range, End	us-gaap_DebtInstrumentMaturityDateRangeEnd1	May 24, 2025