10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

_________________________________

FORM 10-Q

_________________________________

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

For the quarterly period ended March 31, 2023

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

_________________________________

JLL Income Property Trust, Inc.

(Exact name of registrant as specified in its charter)

_________________________________

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)

(312) 897-4000

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

_________________________________

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

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  ☑    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  ☑    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 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	☐
Non-accelerated filer	☑	Smaller reporting company	☐
		Emerging growth 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☑

The number of shares of the registrant’s Common Stock, $.01 par value, outstanding on May 12, 2023 were 112,284,706 shares of Class A Common Stock, 26,597,969 shares of Class M Common Stock, 4,794,285 shares of Class A-I Common Stock, 95,782,174 shares of Class M-I Common Stock and 3,023,025 shares of Class D Common Stock.

JLL Income Property Trust, Inc.

INDEX

	PAGE NUMBER
Part I - FINANCIAL INFORMATION
Item 1. Financial Statements	3
Consolidated Balance Sheets as of March 31, 2023 (unaudited) and December 31, 2022	3
Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022 (unaudited)	4
Consolidated Statements of Equity for the three months ended March 31, 2023 and 2022 (unaudited)	5
Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022 (unaudited)	6
Notes to Consolidated Financial Statements (unaudited)	7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3. Quantitative and Qualitative Disclosures About Market Risk	46
Item 4. Controls and Procedures	47
Part II - OTHER INFORMATION
Item 1. Legal Proceedings	47
Item 1A. Risk Factors	47
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	47
Item 3. Defaults Upon Senior Securities	48
Item 4. Mine Safety Disclosures	48
Item 5. Other Information	48
Item 6. Exhibits	49
SIGNATURES	50

2

Item 1. Financial Statements.

JLL Income Property Trust, Inc.

CONSOLIDATED BALANCE SHEETS

$ in thousands, except per share amounts

	March 31, 2023		December 31, 2022
ASSETS	(Unaudited)
Investments in real estate:
Land (including from VIEs of $73,593 and $70,527, respectively)	$	728,263	$	725,078
Buildings and equipment (including from VIEs of $248,517 and $236,265, respectively)	3,743,421		3,728,507
Less accumulated depreciation (including from VIEs of $(30,328) and $(28,622), respectively)	(357,314)		(335,216)
Net property and equipment	4,114,370		4,118,369
Investment in unconsolidated real estate affiliates	188,926		202,203
Real estate fund investments	340,206		346,171
Net investments in real estate	4,643,502		4,666,743
Investment in marketable securities	45,539		44,182
Cash and cash equivalents (including from VIEs of $11,237 and $10,720, respectively)	60,217		70,940
Restricted cash (including from VIEs of $787 and $1,082, respectively)	28,748		32,628
Tenant accounts receivable, net (including from VIEs of $2,302 and $1,724, respectively)	7,340		8,656
Deferred expenses, net (including from VIEs of $1,298 and $1,234, respectively)	15,648		15,867
Acquired intangible assets, net (including from VIEs of $7,092 and $8,372, respectively)	243,813		256,515
Deferred rent receivable, net (including from VIEs of $1,569 and $1,539, respectively)	35,413		33,567
Prepaid expenses and other assets (including from VIEs of $2,879 and $6,383, respectively)	23,480		25,120
TOTAL ASSETS	$	5,103,700	$	5,154,218
LIABILITIES AND EQUITY
Mortgage notes and other debt payable, net (including from VIEs of $116,743 and $116,852, respectively)	$	1,847,997	$	1,924,527
Accounts payable and other liabilities (including from VIEs of $4,083 and $3,806, respectively)	50,137		49,747
Financing obligation	771,941		726,375
Accrued offering costs	188,717		187,742
Accrued interest (including from VIEs of $557 and $526, respectively)	3,051		6,057
Accrued real estate taxes (including from VIEs of $1,073 and $591, respectively)	12,873		10,396
Advisor fees payable	2,323		10,820
Acquired intangible liabilities, net (including from VIEs of $386 and $417, respectively)	41,931		43,407
TOTAL LIABILITIES	2,918,970		2,959,071
Commitments and contingencies	—		—
Redeemable noncontrolling interests	13,512		12,387
Equity:
Class A common stock: $0.01 par value; 200,000,000 shares authorized; 113,382,795 and 113,645,166 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	1,134		1,136
Class M common stock: $0.01 par value; 200,000,000 shares authorized; 26,582,022 and 26,170,260 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	266		262
Class A-I common stock: $0.01 par value; 200,000,000 shares authorized; 4,924,897 and 4,950,208 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	49		50
Class M-I common stock: $0.01 par value; 200,000,000 shares authorized; 96,186,183 and 95,803,409 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	962		958
Class D common stock: $0.01 par value; 200,000,000 shares authorized; 3,023,025 and 3,023,025 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	30		30
Additional paid-in capital (net of offering costs of $344,533 and $337,559 as of March 31, 2023 and December 31, 2022, respectively)	2,840,260		2,799,539
Distributions to stockholders	(723,076)		(691,090)
Accumulated deficit	(95,805)		(14,788)
Total JLL Income Property Trust, Inc. stockholders’ equity	2,023,820		2,096,097
Noncontrolling interests	147,398		86,663
Total equity	2,171,218		2,182,760
TOTAL LIABILITIES AND EQUITY	$	5,103,700	$	5,154,218

The abbreviation “VIEs” above means consolidated Variable Interest Entities.

See notes to consolidated financial statements.

3

JLL Income Property Trust, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

$ in thousands, except share and per share amounts

(Unaudited)

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Revenues:
Rental revenue	$	92,602	$	74,955
Other revenue	2,178		2,216
Total revenues	94,780		77,171
Operating expenses:
Real estate taxes	13,587		11,311
Property operating expenses	17,213		14,001
Property general and administrative	964		697
Advisor fees	11,069		17,858
Company level expenses	1,918		1,074
Depreciation and amortization	36,898		32,974
Total operating expenses	81,649		77,915
Other income (expenses):
Interest expense	(84,980)		(17,852)
(Loss) income from unconsolidated real estate affiliates and fund investments	(14,674)		29,025
Investment income from marketable securities	523		304
Net realized (loss) gain upon sale of marketable securities	(332)		79
Net unrealized change in fair value of investment in marketable securities	1,224		(2,984)
Gain on disposition of property and extinguishment of debt, net	—		31,492
Total other income and (expenses)	(98,239)		40,064
Net (loss) income	(85,108)		39,320
Less: Net loss (income) attributable to the noncontrolling interests	4,091		(1,385)
Net (loss) income attributable to JLL Income Property Trust, Inc.	$	(81,017)	$	37,935
Net (loss) income attributable to JLL Income Property Trust, Inc. per share-basic and diluted:
Class A	(0.33)		0.18
Class M	(0.33)		0.18
Class A-I	(0.33)		0.18
Class M-I	(0.33)		0.18
Class D	(0.33)		0.18
Weighted average common stock outstanding-basic and diluted	242,864,524		212,104,884

See notes to consolidated financial statements.

4

JLL Income Property Trust, Inc.

CONSOLIDATED STATEMENTS OF EQUITY

$ in thousands, except share and per share amounts (Unaudited)

	Common Stock			Additional Paid In Capital		Distributions to  Stockholders		Retained Earnings / (Accumulated Deficit)		Noncontrolling Interests		Total Equity
	Shares	Amount
Balance, January 1, 2022	206,042,836	$	2,061	$	2,313,815	$	(573,963)	$	34,398	$	67,805	$	1,844,116
Issuance of common stock	16,263,717	162		227,089		—		—		—		227,251
Repurchase of shares	(3,012,118)	(30)		(41,236)		—		—		—		(41,266)
Conversion of shares	(96)	—		—		—		—		—		—
Offering costs	—	—		(22,070)		—		—		—		(22,070)
Stock based compensation	22,358	—		330		—		—		—		330
Net income	—	—		—		—		37,935		1,385		39,320
Adjustments of noncontrolling interests	—	—		(5,373)		—		—		5,373		—
Cash distributed to noncontrolling interests	—	—		—		—		—		(1,078)		(1,078)
Allocation to redeemable noncontrolling interests	—	—		—		—		(3,048)		(3,922)		(6,970)
Distributions declared per share ($0.140)	—	—		—		(27,347)		—		—		(27,347)
Balance, March 31, 2022	219,316,697	$	2,193	$	2,472,555	$	(601,310)	$	69,285	$	69,563	$	2,012,286
Balance, January 1, 2023	243,592,068	$	2,436	$	2,799,539	$	(691,090)	$	(14,788)	$	86,663	$	2,182,760
Issuance of common stock	6,468,984	65		91,640		—		—		—		91,705
Repurchase of shares	(5,987,355)	(60)		(84,908)		—		—		—		(84,968)
Conversion of shares	(120)	—		—		—		—		—		—
Offering costs	—	—		(6,974)		—		—		—		(6,974)
Stock based compensation	25,345	—		350		—		—		—		350
Net loss ($24 loss allocated to redeemable noncontrolling interests)	—	—		—		—		(81,017)		(4,067)		(85,084)
Issuance of OP units	—	—		—		—		—		108,712		108,712
Adjustments of noncontrolling interests	—	—		41,173		—		—		(41,173)		—
Cash distributed to noncontrolling interests	—	—		—		—		—		(2,737)		(2,737)
Allocation to redeemable noncontrolling interests	—	—		(560)		—		—		—		(560)
Distributions declared per share ($0.145)	—	—		—		(31,986)		—		—		(31,986)
Balance, March 31, 2023	244,098,922	$	2,441	$	2,840,260	$	(723,076)	$	(95,805)	$	147,398	$	2,171,218

See notes to consolidated financial statements.

5

JLL Income Property Trust, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

$ in thousands (Unaudited)

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$	(85,108)	$	39,320
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	36,614		32,719
Gain on disposition of property and extinguishment of debt	—		(31,492)
Net realized loss (gain) upon sale of marketable securities	332		(79)
Net unrealized (gain) loss in fair value of marketable securities	(1,224)		2,984
Straight line rent	(1,847)		(1,646)
Loss (gain) from unconsolidated real estate affiliates and fund investments	14,674		(29,025)
Distributions from unconsolidated real estate affiliates and fund investments	4,569		5,097
Non-cash interest expense related to DST Program	62,564		6,497
Performance fee	(6,969)		(36,711)
Net changes in assets, liabilities and other	(9,379)		(1,395)
Net cash provided by (used in) operating activities	14,226		(13,731)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of real estate investments	(11,528)		(153,896)
Proceeds from sale of real estate investments and fixed assets	—		74,602
Capital improvements and lease commissions	(6,492)		(3,740)
Investment in unconsolidated real estate affiliates	—		(7)
Deposits for investments under contract	(1,000)		(1,350)
Investment in marketable securities	(5,130)		(4,646)
Proceeds from sale of marketable securities	4,665		4,348
Net cash used in investing activities	(19,485)		(84,689)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock	172,431		217,977
Repurchase of shares	(84,246)		(41,266)
Offering costs	(5,999)		(2,273)
Distributions to stockholders	(11,519)		(9,681)
Distributions paid to noncontrolling interests and redeemable noncontrolling interests	(2,737)		(1,078)
Draws on credit facility	25,000		110,000
Payment on credit facility	(100,000)		(205,000)
Proceeds from mortgage notes and other debt payable	—		95,800
Debt issuance costs	(17)		(18)
Principal payments on mortgage notes and other debt payable	(2,257)		(1,947)
Net cash (used in) provided by financing activities	(9,344)		162,514
Net increase in cash, cash equivalents and restricted cash	(14,603)		64,094
Cash, cash equivalents and restricted cash at the beginning of the period	103,568		121,482
Cash, cash equivalents and restricted cash at the end of the period	$	88,965	$	185,576
Reconciliation of cash, cash equivalents and restricted cash shown per Consolidated Balance Sheets to cash, cash equivalents and restricted cash per Consolidated Statements of Cash Flows
Cash and cash equivalents	$	60,217	$	124,415
Restricted cash	28,748		61,161
Cash, cash equivalents and restricted cash at the end of the period	$	88,965	$	185,576
Supplemental disclosure of cash flow information:
Interest paid	$	22,920	$	12,877
Non-cash activities:
Write-offs of receivables	$	347	$	(75)
Write-offs of retired assets and liabilities	2,802		2,539
Change in liability for capital expenditures	1,378		(344)
Net liabilities transferred at disposition of real estate investment	—		396
Net liabilities assumed at acquisition	—		426
Change in issuance of common stock receivable and redemption of common stock payable	634		(4,819)
Change in accrued offering costs	975		19,797
Investments in real estate exchange for OP units	108,682		—

    See notes to consolidated financial statements.

6

JLL 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 JLL Income Property Trust, Inc. The terms “Advisor” and “LaSalle” refer to LaSalle Investment Management, Inc.

JLL Income Property Trust, Inc., formerly known as 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 may 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 March 31, 2023, we owned interests in a total of 136 properties and nearly 4,400 single-family rental houses located in 27 states.

We own all or 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 all or 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 property may transfer the property to our operating partnership in exchange for limited partnership interests in our operating partnership ("OP Units") and defer taxation of gain until the limited partnership interests are disposed of in a taxable transaction. As of March 31, 2023, we have raised aggregate proceeds from the issuance of OP Units in our operating partnership of $237,156, and owned directly or indirectly 93.2% of the OP Units of our operating partnership. The remaining 6.8% of the OP Units are held by third parties.

From our inception to March 31, 2023, we have received approximately $5,435,280 in gross offering proceeds from various public and private offerings of shares of our common stock. 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 March 31, 2023, we have raised aggregate gross proceeds from the sale of shares of our common stock in our Current Public Offering of $916,893. 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 exempt from registration under the Securities Act of 1933, as amended (the "Securities Act") of up to $350,000 in shares of our Class D common stock with an indefinite duration (the "Private Offering"). As of March 31, 2023, we have raised aggregate gross proceeds of $98,188 from our Private Offering. In addition, on October 16, 2019, we, through our operating partnership, initiated a program (the “DST Program”) and on November 8, 2022, our board of directors approved an increase to raise up to a total of $2,000,000 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 March 31, 2023, we have raised $890,902 from our DST Program.

As of March 31, 2023, 113,382,795 shares of Class A common stock, 26,582,022 shares of Class M common stock, 4,924,897 shares of Class A-I common stock, 96,186,183 shares of Class M-I common stock, and 3,023,025 shares of Class D common stock were outstanding and held in aggregate by a total of 24,731 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, 2023, 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, as all operations are managed by our Advisor.

7

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 March 31, 2023, 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 $34,750.

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”), the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and include the accounts of our wholly owned subsidiaries, consolidated variable interest entities ("VIE") and the unconsolidated investment in real estate affiliates accounted for under the equity method of accounting. 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 March 31, 2023, our VIEs included The District at Howell Mill, Grand Lakes Marketplace, 237 Via Vera Cruz, 4211 Starboard Drive, 13500 Danielson Drive, 2840 Loker Ave, 15890 Bernardo Center Drive and Single-Family Rental Portfolio II 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 equity in our VIEs and our operating partnership. 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 March 31, 2023, noncontrolling interests represented the minority members’ proportionate share of the equity of The District at Howell Mill and our operating partnership.

Redeemable noncontrolling interests represent noncontrolling interests that are redeemable at the option of the holder or in circumstances out of our control and therefore are accounted for as temporary equity. The carrying amount of the redeemable noncontrolling interests is adjusted over time on an accretive basis to reflect the fair value at the time the noncontrolling interest becomes redeemable by the holder. Changes in the redemption value of redeemable noncontrolling interest are recorded as an allocation of retained earnings or additional paid in capital on our Consolidated Statements of Equity. During the three months ended March 31, 2022, we recorded an allocation from noncontrolling interests to redeemable noncontrolling interests in the amount of $3,922. We have redeemable noncontrolling interest that related to Grand Lakes Marketplace, 237 Via Vera Cruz, 4211 Starboard Drive, 13500 Danielson Drive, 2840 Loker Ave, 15890 Bernardo Center Drive and Single-Family Rental II as of March 31, 2023. As of March 31, 2023, $13,512 related to these third party joint ventures was included in Redeemable noncontrolling interests on our Consolidated Balance Sheet of which $2,880 is immediately puttable by the holder of the noncontrolling interest.

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 joint venture partners.

The carrying amount of our noncontrolling interests reflected in equity are as follows:

	March 31, 2023		December 31, 2022
Interests in the partnership equity of the operating partnership	$	143,641	$	82,635
Noncontrolling interest in consolidated joint ventures	3,757		4,028
Total noncontrolling interests reflected in equity	$	147,398	$	86,663

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the accounting policies described in the consolidated financial statements and related notes included in our Annual Report on Form 10-K filed with the SEC on March 27, 2023 (our “2022 Form 10-K”) and should be read in conjunction with such consolidated financial statements and related notes. The following notes to these interim consolidated financial statements highlight changes

8

to the notes included in the December 31, 2022 audited consolidated financial statements included in our 2022 Form 10-K and present interim disclosures as required by the SEC.

The interim financial data as of March 31, 2023 and for the three months ended March 31, 2023 and 2022 is unaudited. In our opinion, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the interim periods.

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 March 31, 2023, our restricted cash balance on our Consolidated Balance Sheets was primarily related to common stock subscriptions received in advance of the issuance of the common stock and loan escrow amounts.

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 March 31, 2023 and December 31, 2022 was $10,703 and $10,113, respectively.

Rental Revenue Recognition

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, 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 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.

Acquisitions

We have allocated a portion of the purchase price of our acquisitions 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 $135,277 and $123,725 at March 31, 2023 and December 31, 2022, 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 $16,700 and $15,566 at March 31, 2023 and December 31, 2022, respectively, on the accompanying Consolidated Balance Sheets.

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.

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•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 fall within Level 3 of the hierarchy. 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 three months ending March 31, 2023, we recorded a net decrease in fair value classified within the Level 3 category of $5,965 and during the three months ended March 31, 2022 we recorded a net increase in fair value classified within the Level 3 category of $23,908, which related to our investments in the NYC Retail Portfolio (as defined below) and the Single-Family Rental Portfolio I (as defined below) (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 on our 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 using Level 2 inputs was $112,912 and $139,690 lower than the aggregate carrying amounts at March 31, 2023 and December 31, 2022, respectively. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition of our mortgage notes payable.

Derivative Financial Instruments

We record all derivatives on our 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 as a component of interest expense on our Consolidated Statements of Operations 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 swaps.

As of March 31, 2023, 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	4	200,000

The fair value of our interest rate swaps represent assets of $2,815 and $5,106 at March 31, 2023 and December 31, 2022, respectively.

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.

Ground Lease

As of March 31, 2023, we have a single ground lease arrangement for which we are the lessee and recorded a right-of-use asset within prepaid expenses and other assets on our Consolidated Balance Sheets in the amount of $2,054 and a lease liability within accounts payable and other liabilities on our Consolidated Balance Sheets in the amount of $2,243.

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

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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.

Recently Issued Accounting Pronouncements

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"), 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 are evaluating the impact of this guidance. The FASB extended the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848.

Correction of Immaterial Overstatement of Noncontrolling Interest

During the year ended December 31, 2022, we identified an immaterial overstatement of the net equity balance related to the noncontrolling interests in partnership equity of our operating partnership. We previously recorded these noncontrolling interests based upon the fair value of the OP Units issued as consideration, increased for the noncontrolling interests’ share of net income of the operating partnership and decreased for the noncontrolling interests’ share of net loss and distributions. We have subsequently determined that transactions that change our ownership interest in the operating partnership are accounted for as equity transactions if we retain our controlling financial interest in the operating partnership and no gain or loss was recognized in net income. Accordingly, the net equity balance related to the noncontrolling interests in partnership equity of the operating partnership was adjusted to reflect these changes in ownership of the operating partnership as an equity transaction to reflect the change in ownership percentage of operating partnership. These adjustments are reflected as an allocation between Additional Paid in Capital and Noncontrolling Interest within our equity section on our Consolidated Balance Sheets and Consolidated Statements of Equity. Our ownership percentage of the operating partnership will increase as we issue common stock and will decrease as we issue OP Units to noncontrolling interests in the future. This correction has no impact on our net income, cash flows or the value of the OP Units. The following table summarizes the effects of this correction:

	As of March 31, 2022
	Previously Reported	Adjustment	Corrected
Noncontrolling interests	93,166	(23,603)	69,563
Additional paid in capital	2,448,952	23,603	2,472,555

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.

Acquisitions

Throughout January and February 2023, we acquired 36 single family homes in the Single-Family Rental Portfolio II for approximately $12,270. The acquisitions were funded with cash on hand.

We allocated the purchase price for our 2023 acquisitions in accordance with authoritative guidance as follows:

	2023 Acquisitions
Land	$	2,465
Building and equipment	9,753
In-place lease intangible (acquired intangible assets)	56
	$	12,274
Amortization period for intangible assets and liabilities	0 - 12 months

Dispositions

There have been no dispositions as of March 31, 2023.

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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 apartment properties and single-family rental homes.

Unconsolidated Real Estate Affiliates

The following represent our unconsolidated real estate affiliates as of March 31, 2023 and December 31, 2022.

				Carrying Amount of Investment
Property	Property Type	Location	Acquisition Date	March 31, 2023		December 31, 2022
Chicago Parking Garage	Other	Chicago, IL	December 23, 2014	$	13,485	$	13,449
Pioneer Tower	Office	Portland, OR	June 28, 2016	75,300		88,000
The Tremont	Residential	Burlington, MA	July 19, 2018	21,217		21,211
The Huntington	Residential	Burlington, MA	July 19, 2018	9,847		10,019
Siena Suwanee Town Center	Residential	Suwanee, GA	December 15, 2020	30,741		30,449
Kingston at McLean Crossing	Residential	McLean, VA	December 3, 2021	38,336		39,075
Total				$	188,926	$	202,203

Summarized Combined Balance Sheets—Unconsolidated Real Estate Affiliates—Equity Method Investments

	March 31, 2023		December 31, 2022
Net investments in real estate	$	396,491	$	399,107
Acquired intangible assets, net	8,287		8,334
Other assets	15,070		14,661
Total assets	$	419,848	$	422,102
Mortgage notes and other debt payable	$	179,756	$	180,278
Acquired intangible liabilities, net	1,626		1,733
Other liabilities	3,996		3,518
Total liabilities	185,378		185,529
Members’ equity	234,470		236,573
Total liabilities and members' equity	$	419,848	$	422,102

Summarized Combined Statements of Operations—Unconsolidated Real Estate Affiliates—Equity Method Investments

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Total revenues	$	9,334	$	7,697
Total operating expenses	6,209		6,352
Operating income	$	3,125	$	1,345
Total other expenses (income)	2,271		(1,417)
Net income	$	854	$	2,762

Company Equity in Income of Unconsolidated Real Estate Affiliates - Equity Method Investments

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Net income of unconsolidated real estate affiliates	$	854	$	2,762
Other members’ share of net income	(108)		(1)
Impairment of investments in unconsolidated real estate affiliates	(11,414)		—
Company equity in (loss) income of unconsolidated real estate affiliates	$	(10,668)	$	2,761

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Real Estate 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 was approximately $85,600 including closing costs. As of March 31, 2023, 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.

At acquisition we made the election to account for our interest in the NYC Retail Portfolio under the fair value option. We have no unfunded commitments. Our investment in the NYC Retail Portfolio is presented on our Consolidated Balance Sheets within real estate fund investments. Changes in the fair value of our investment as well as cash distributions received are recorded on our Consolidated Statements of Operations within income from unconsolidated real estate affiliates and fund investments. As of March 31, 2023 and December 31, 2022, the carrying amount of our investment in the NYC Retail Portfolio was $75,452 and $75,417, respectively. During the three months ended March 31, 2023, we recorded an increase in fair value of our investment in the NYC Retail Portfolio of $35 and received no cash distributions. During the three months ended March 31, 2022, we recorded a decrease in fair value of our investment in the NYC Retail Portfolio of $1,447 and received no cash distributions.

Single-Family Rental Portfolio I

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 I"). 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 of our 47% interest was approximately $205,000. We funded the transaction using cash on hand and a draw on our Revolving Credit Facility (as defined below).

At acquisition we made the election to account for our interest in the Single-Family Rental Portfolio I under the fair value option. As of March 31, 2023 and December 31, 2022, the carrying amount of our investment in the Single-Family Rental Portfolio I was $264,754 and $270,754, respectively. During the three months ended March 31, 2023, we recorded a decrease in fair value of our investment in the Single-Family Rental Portfolio I of $6,000. During the three months ended March 31, 2023, we received distributions of income totaling $1,959. These cash distributions of income increased income from unconsolidated real estate affiliates and fund investments.

Summarized Combined Balance Sheets—NYC Retail Portfolio Investment and Single-Family Rental Portfolio I—Fair Value Option Investment

	March 31, 2023		December 31, 2022
Investment in real estate	$	1,625,598	$	1,646,374
Cash	20,671		21,703
Other assets	54,424		52,190
Total assets	$	1,700,693	$	1,720,267
Total liabilities	834,548		834,237
Partners' capital	866,145		886,030
Total liabilities and partners' capital	$	1,700,693	$	1,720,267

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Summarized Statement of Operations—NYC Retail Portfolio Investment and Single-Family Rental Portfolio I—Fair Value Option Investment

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Total revenue	$	22,667	$	19,795
Net investment income	9,440		7,684
Net change in unrealized (loss) gain on investment in real estate venture	(25,074)		66,844
Net (loss) income	$	(15,634)	$	74,528

NOTE 5—MORTGAGE NOTES AND OTHER DEBT PAYABLE

Mortgage notes and other debt payable have various maturities through 2042 and consist of the following:

Mortgage notes and other debt payable	Maturity Date	Interest Rate	Amount payable as of
			March 31, 2023		December 31, 2022
Mortgage notes payable	June 1, 2023 - August 1, 2042	1.76% - 6.62%	$	1,316,357	$	1,318,614
Credit facility
Revolving line of credit	April 28, 2025	6.08%	150,000		225,000
Term loans	April 28, 2027	3.40% - 6.03%	400,000		400,000
TOTAL			$	1,866,357	$	1,943,614
Net debt discount on assumed debt and debt issuance costs			(18,360)		(19,087)
Mortgage notes and other debt payable, net			$	1,847,997	$	1,924,527

Aggregate future principal payments of mortgage notes and other debt payable as of March 31, 2023 are as follows: 

Year	Amount
2023	$	88,504
2024	17,653
2025	343,473
2026	309,240
2027	447,860
Thereafter	659,627
Total	$	1,866,357

Credit Facility

On April 28, 2022, we entered into a credit agreement providing for a $1,000,000 revolving line of credit and unsecured term loan (collectively, the “Credit Facility”) with a syndicate of nine lenders led by JPMorgan Chase Bank, N.A., Bank of America, N.A., PNC Capital Markets LLC, Wells Fargo Securities, LLC and Capital One, National Association. 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 $1,300,000, subject to receipt of lender commitments and other conditions. The $1,000,000 Credit Facility consists of a $600,000 revolving credit facility (the “Revolving Credit Facility”) and a $400,000 term loan (the “Term Loan”). The primary interest rate for the Revolving Credit Facility is based on one-month term Secured Overnight Financing Rate ("SOFR") plus 0.10% (“Adjusted Term SOFR”), plus a margin ranging from 1.30% to 2.00%, depending on our total leverage ratio. The primary interest rate for the Term Loan is based on Adjusted Term SOFR, plus a margin ranging from 1.25% to 1.95%, depending on our total leverage ratio. The maturity date of the Revolving Credit Facility is April 28, 2025 and the Term Loan is April 28, 2027. The Credit Facility contains two, twelve-month extension options at our election. Based on our current total leverage ratio, we can elect to borrow at Adjusted Term SOFR plus 1.35% and Adjusted Term SOFR plus 1.30% 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) Adjusted Term SOFR plus 1.0%, plus (ii) a margin ranging from 0.30% to 1.00% for base rate loans under the Revolving Credit Facility or a margin ranging from

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0.25% to 0.95% 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 March 31, 2023, we believe no material adverse effects had occurred. We expect to utilize our cash on hand and Credit Facility capacity to extinguish mortgage notes maturing in 2023.

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 March 31, 2023, we had $150,000 outstanding under the Revolving Credit Facility at Adjusted Term SOFR plus 1.45% and $400,000 outstanding under the Term Loan at Adjusted Term SOFR plus 1.40%. We swapped $200,000 of the Revolving Credit Facility to a fixed rate of 2.88% (all in rate of 4.28% at March 31, 2023). The interest rate swap agreements have maturity dates ranging from May 25, 2023 through April 28, 2027.

Covenants

At March 31, 2023, we were in compliance with all debt covenants.

Debt Issuance Costs

Debt issuance costs are capitalized, and presented net of mortgage notes and other debt payable, and amortized over the terms of the respective agreements as a component of interest expense. Accumulated amortization of debt issuance costs at March 31, 2023 and December 31, 2022 was $11,911 and $11,032, respectively.

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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 follows:

	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 three months ended March 31, 2023 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	Total
Balance, December 31, 2022	113,645,166	26,170,260	4,950,208	95,803,409	3,023,025	243,592,068
Issuance of common stock	2,314,382	668,688	33,866	3,477,393	—	6,494,329
Repurchase of common stock	(2,514,135)	(242,535)	(59,207)	(3,171,478)	—	(5,987,355)
Share conversions	(62,618)	(14,391)	30	76,859	—	(120)
Balance, March 31, 2023	113,382,795	26,582,022	4,924,897	96,186,183	3,023,025	244,098,922

Stock Issuances

The stock issuances for our classes of common stock, including those issued through our distribution reinvestment plan, for the three months ended March 31, 2023 were as follows:

	Three Months Ended March 31, 2023
	# of shares	Amount
Class A Shares	2,314,382	$	32,967
Class M Shares	668,688	9,441
Class A-I Shares	33,866	473
Class M-I Shares	3,477,393	49,174
Total		$	92,055

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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. For the three months ended March 31, 2023, we satisfied 100% of repurchase requests we received and repurchased 5,987,355 shares of common stock in the amount of $84,968. During the three months ended March 31, 2022, we satisfied 100% of repurchase requests we received and repurchased 3,012,118 shares of common stock in the amount of $41,266.

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 three months ended March 31, 2023, we issued 1,466,805 shares of common stock for $20,433 under the distribution reinvestment plan. For the three months ended March 31, 2022, we issued 1,217,520 shares of common stock for $17,666 under the distribution reinvestment plan.

Operating Partnership Units

On March 16, 2023, our operating partnership exercised its fair market value purchase option to acquire Summit at San Marcos, Mason Mill Distribution Center and San Juan Medical Center and issued 7,817,665 OP Units to the DST investors in exchange for their beneficial interests in such DST Properties. The OP Units were valued at $108,682 to DST investors. As a result of the transaction we incurred $36,432 of non-cash interest expense. On July 8, 2022, our operating partnership exercised its fair market value purchase option to acquire The Reserve at Johns Creek and issued 2,575,832 OP Units to the DST investors in exchange for their beneficial interests in such DST Property. The OP Units were valued at approximately $38,200 to DST investors. After a one-year holding period, holders of OP Units 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.

Earnings Per Share

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. 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.

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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:

	Three Months Ended March 31, 2023
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net income per share:
Allocation of net loss per share before performance fee	$	(37,785)	$	(8,777)	$	(1,637)	$	(31,810)	$	(1,008)
Allocation of performance fee	—		—		—		—		—
Total	$	(37,785)	$	(8,777)	$	(1,637)	$	(31,810)	$	(1,008)
Weighted average number of common shares outstanding	113,264,683		26,311,066		4,907,983		95,357,767		3,023,025
Basic and diluted net loss per share:	$	(0.33)	$	(0.33)	$	(0.33)	$	(0.33)	$	(0.33)
	Three Months Ended March 31, 2022
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net loss per share:
Allocation of net loss per share before performance fee	$	22,431	$	8,042	$	2,044	$	12,498	$	1,405
Allocation of performance fee	3,793		1,463		353		2,370		236
Total	$	18,638	$	6,579	$	1,691	$	10,128	$	1,169
Weighted average number of common shares outstanding	102,496,685		36,744,790		9,338,376		57,107,329		6,417,704
Basic and diluted net gain per share:	$	0.18	$	0.18	$	0.18	$	0.18	$	0.18

Organization and Offering Costs

Organization and offering costs include, but are not limited to, legal, accounting, 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 March 31, 2023 and December 31, 2022, LaSalle had paid $2,425 and $2,185, respectively, of organization and offering costs on our behalf which we had not yet reimbursed. These costs are included in accrued offering costs on our Consolidated Balance Sheets.

NOTE 7—DST PROGRAM

On October 16, 2019, we, through our operating partnership, initiated the DST Program, and on November 8, 2022, our board of directors approved an increase to raise up to a total of $2,000,000 in private placements through the sale of beneficial interests in specific DSTs 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 our 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 our Consolidated Balance Sheets. Upfront costs for legal work and debt placement costs for the DST totaling $586 are accounted for as deferred loan costs and are netted against the financing obligation.

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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. For the three months ended March 31, 2023, we recorded interest expense related to the master lease in the amounts of $9,535. For the three months ended March 31, 2022, we recorded interest expense related to the master lease in the amounts of $3,824. Upon the determination that it is probable that our operating partnership 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 DST Property and the outstanding liabilities. During the three months ended March 31, 2023, we determined it was probable our operating partnership would exercise its fair market value purchase option to acquire Summit at San Marcos, Mason Mill Distribution Center, and San Juan Medical Center which resulted in non-cash interest expense of $36,432. In consideration of our operating partnership exercising its option on all three initial DST programs through March 31, 2023, and the outlook for exercising additional purchase options, we determined that all DST Properties were probable for exercising the fair market value purchase option and recorded additional non-cash interest expense of $25,679 and non-cash interest income of $9,081 during the three months ended March 31, 2023. We will remeasure the financial obligation related to the DST Properties at each balance sheet date and adjust the non-cash interest expense or interest income recognized over the expected period until exercising of the fair market value purchase option. 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.

On March 16, 2023, our operating partnership exercised its fair market value purchase option to acquire Summit at San Marcos, Mason Mill Distribution Center, and San Juan Medical Center and issued 7,817,665 OP Units for approximately $108,682 to DST investors. On July 8, 2022, our operating partnership exercised its fair market value purchase option to acquire The Reserve at Johns Creek and issued 2,575,832 OP Units for approximately $38,200 to DST investors. As of March 31, 2023, we have sold $890,902 in interests related to the DST Program. As of March 31, 2023, the following properties are included in our DST Program:

The Penfield	The Rockwell	Sugar Land Medical Plaza
Milford Crossing	9101 Stony Point Drive	Suwanee Distribution Center
Villas at Legacy	Reserve at Venice	West Phoenix Distribution Center
Montecito Marketplace	Friendship Distribution Center	6300 Dumbarton Circle
Whitestown Distribution Center	Duke Medical Center	6500 Kaiser Drive
Louisville Airport Distribution Center	Silverstone Marketplace
The Preserve at the Meadows	South Reno Medical Center

NOTE 8—OPERATING LEASES

We receive rental income from operating leases. The minimum future rentals from consolidated properties based on operating leases in place at March 31, 2023 are as follows:

Year	Amount
2023	$	209,983
2024	192,551
2025	161,967
2026	141,444
2027	114,587
Thereafter	462,003
Total	$	1,282,535

 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 three months ended March 31, 2023, no tenants accounted for greater than 10% of minimum base rents.

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NOTE 9—RELATED PARTY TRANSACTIONS

Pursuant to our 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 or OP Unit 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, 2023, subject to an unlimited number of successive one year renewals.

Fixed advisory fees for the three months ended March 31, 2023 was $11,069. The fixed advisory fees for the three months ended March 31, 2022 was $9,374. There were no performance fees for the three months ended March 31, 2023. Performance fees for the three months ended March 31, 2022 were $8,484. Included in Advisor fees payable at March 31, 2023 was $3,706 of fixed advisory fee expense. Included in Advisor fees payable for the year ended December 31, 2022 was $3,851 of fixed advisory fee expense and $6,969 of performance fee expenses.

We pay Jones Lang LaSalle Americas, Inc. (“JLL Americas”), an affiliate of our Advisor, for property management, construction management, leasing, mortgage brokerage and sales brokerage services performed at various properties we own. For the three months ended March 31, 2023, we paid JLL Americas $374 for property management and leasing services. For the three months ended March 31, 2022, we paid JLL Americas $419 for property management and leasing services. During the three months ended March 31, 2023, there were no mortgage brokerage fees paid to JLL Americas. During the three months ended March 31, 2022, there were no mortgage brokerage fees paid to JLL Americas.

We pay the Dealer Manager selling commissions and dealer manager fees in connection with our offerings. For the three months ended March 31, 2023, we paid the Dealer Manager selling commissions and dealer manager fees totaling $3,610. For the three months ended March 31, 2022, we paid Dealer Manager selling commissions and dealer manager fees totaling $3,762. A majority of the selling commissions and dealer manager fees are reallowed to participating broker-dealers. Included in accrued offering costs, at March 31, 2023 and December 31, 2022, were $186,292 and $185,557 of future dealer manager fees payable, respectively.

As of March 31, 2023 and December 31, 2022, we owed $2,425 and $2,185, respectively, for organization and offering costs paid by LaSalle (see Note 6-Common Stock and OP Units). 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 three months ended March 31, 2023, the taxable REIT subsidiary paid $2,203 to the Dealer Manager. For the three months ended March 31, 2022, the taxable REIT subsidiary paid $125 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 total equity 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 or 0.30% of the NAV of each outstanding Class A-I OP Unit for such day issued in connection with our operating partnership's fair market value purchase 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 or 0.30% of the NAV of each outstanding Class A-I share for such day issued in connection with the investors' 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 three months ended March 31, 2023, the DSTs paid $508 in investor servicing fees to the Dealer Manager in connection with the DST Program. For the three months ended March 31, 2022, the DSTs paid $287 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 pays the manager a management fee equal to a to-be-agreed upon percentage of the total equity of such DST. For the three months ended March 31, 2023, the DSTs paid $317 in management fees to our Advisor in connection with the DST Program. For the three months ended March 31, 2022, the DSTs paid $184 in management fees to our Advisor in connection with the DST Program.

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NOTE 10—COMMITMENTS AND CONTINGENCIES

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 Consumer Price Index ("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 Grand Lakes Marketplace allows the unrelated third party joint venture partner, owning a 10% interest, to put its interest to us at a market determined value.

The operating agreement for 237 Via Vera Cruz, 13500 Danielson Street, 4211 Starboard, 2840 Loaker 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.

The operating agreement for our investment in Single-Family Rental Portfolio II allows the unrelated third party joint venture partner, owning a 5% interest, to put its interest to us at a market determined value starting November 9, 2030.

NOTE 11—SEGMENT REPORTING

We have five reportable operating segments: industrial, office, residential, retail and other properties. Consistent with how our chief operating decision makers evaluate performance and manage our properties, the financial information summarized below is presented by operating segment and reconciled to net income for the three months ended March 31, 2023 and 2022.

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	Industrial		Office		Residential		Retail		Other		Total
Assets as of March 31, 2023	$	1,572,963	$	635,252	$	1,615,238	$	602,679	$	20,339	$	4,446,471
Assets as of December 31, 2022	1,586,416		640,066		1,623,069		612,640		20,543		4,482,734
Three Months Ended March 31, 2023
Capital expenditures by segment	$	981	$	695	$	2,151	$	1,288	$	—	$	5,115
Revenues:
Rental revenue	$	29,741	$	15,813	$	33,688	$	13,287	$	73	$	92,602
Other revenue	37		332		1,127		127		555		2,178
Total revenues	$	29,778	$	16,145	$	34,815	$	13,414	$	628	$	94,780
Operating expenses:
Real estate taxes	$	5,567	$	1,562	$	4,703	$	1,676	$	79	$	13,587
Property operating expenses	2,168		3,430		9,186		2,219		210		17,213
Total segment operating expenses	$	7,735	$	4,992	$	13,889	$	3,895	$	289	$	30,800
Reconciliation to net income
Property general and administrative											964
Advisor fees											11,069
Company level expenses											1,918
Depreciation and amortization											36,898
Total operating expenses											$	81,649
Other income and (expenses):
Interest expense											$	(84,980)
Loss from unconsolidated real estate affiliates and fund investments											(14,674)
Investment income from marketable securities											523
Net realized loss upon sale of marketable securities											(332)
Net unrealized change in fair value of investment in marketable securities											1,224
Total other income and (expenses)											$	(98,239)
Net loss											$	(85,108)
Reconciliation to total consolidated assets as of March 31, 2023
Assets per reportable segments											$	4,446,471
Investment in unconsolidated real estate affiliates, real estate fund investments and corporate level assets											657,229
Total consolidated assets											$	5,103,700
Reconciliation to total consolidated assets as of December 31, 2022
Assets per reportable segments											$	4,482,734
Investment in unconsolidated real estate affiliates, real estate fund investments and corporate level assets											671,484
Total consolidated assets											$	5,154,218

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	Industrial		Office		Residential		Retail		Other		Total
Three Months Ended March 31, 2022
Capital expenditures by segment	$	1,005	$	1,121	$	—	$	316	$	—	$	2,442
Revenues:
Rental revenue	$	24,886	$	11,332	$	25,061	$	13,615	$	61	$	74,955
Other revenue	35		286		1,222		72		601		2,216
Total revenues	$	24,921	$	11,618	$	26,283	$	13,687	$	662	$	77,171
Operating expenses:
Real estate taxes	$	4,107	$	1,164	$	4,256	$	1,671	$	113	$	11,311
Property operating expenses	2,284		2,173		7,212		2,124		208		14,001
Total segment operating expenses	$	6,391	$	3,337	$	11,468	$	3,795	$	321	$	25,312
Reconciliation to net income
Property general and administrative											697
Advisor fees											17,858
Company level expenses											1,074
Depreciation and amortization											32,974
Total operating expenses											$	77,915
Other income and (expenses):
Interest expense											$	(17,852)
Income from unconsolidated real estate affiliates and fund investment											29,025
Investment income from marketable securities											304
Net realized gain upon sale of marketable securities											79
Net unrealized change in fair value of investment in marketable securities											(2,984)
Gain from disposition of property and extinguishment of debt, net											31,492
Total other income and (expenses)											$	40,064
Net income											$	39,320

NOTE 12—INVESTMENT IN MARKETABLE SECURITIES

The following is a summary of our investment in marketable securities held as of March 31, 2023 and December 31, 2022, which consisted entirely of stock of publicly traded REITs.

	March 31, 2023		December 31, 2022
Investment in marketable securities - cost	$	50,948	$	50,815
Unrealized gains	1,230		716
Unrealized losses	(6,639)		(7,349)
Net unrealized loss	(5,409)		(6,633)
Investment in marketable securities - fair value	$	45,539	$	44,182

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 three months ended March 31, 2023, marketable securities sold generated proceeds of $4,665, resulting in realized gains of $163, and realized losses of $495. During the three months ended March 31, 2022, marketable securities sold generated proceeds of $4,348, resulting in realized gains of $157, and realized losses of $78.

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NOTE 13—SUBSEQUENT EVENTS

On April 20, 2023, we acquired Louisville Logistics Center, a 1,043,000 square foot industrial property located in Shepherdsville, Kentucky for approximately $81,500. The acquisition was funded with cash on hand and a draw on our Credit Facility.

On May 9, 2023, our board of directors approved a gross dividend for the first quarter of 2023 of $0.145 per share and OP unit to stockholders and OP Unit holders of record as of June 23, 2023. The dividend will be paid on or around June 28, 2023. Class A, Class M, Class A-I, Class M-I and Class D stockholders and OP Unit holders will receive $0.145 per share, less applicable class-specific fees, if any.

On May 9, 2023, we renewed our Advisory Agreement for a one-year term expiring on June 5, 2024, without any other changes.

*  *  *  *  *  *

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

$ in thousands, except per share amounts

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q ("Form 10-Q") may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Section 27A of the Securities Act of 1933, as amended (the "Securities 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-Q is filed with the SEC. Except as required by law, we do not undertake to update or revise any forward-looking statements contained in this Form 10-Q. 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” contained in our 2022 Form 10-K and our periodic reports filed with the SEC.

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-Q. All references to numbered Notes are to specific notes to our consolidated financial statements beginning on page 7 of this Form 10-Q, and the descriptions referred to are incorporated into the applicable portion of this section by reference. References to “base rent” in this Form 10-Q 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 portfolio of properties refer to our Consolidated Properties, including our DST Properties, and our Unconsolidated Properties, which can be found below (see - Properties).

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. The residential sector includes apartment properties and single-family rental homes. It is expected that over time our real estate portfolio will be further diversified on a global basis and will be further complemented by investments in real estate-related assets.

We are managed by our Advisor, LaSalle Investment Management, Inc., a subsidiary of our Sponsor, Jones Lang LaSalle Incorporated (NYSE: JLL), a leading global financial and professional services firm that specializes in commercial 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.

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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.

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 March 31, 2023:

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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.

Use of Estimates

The preparation of 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 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, 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.

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. We believe there have been no significant changes during the three months ended March 31, 2023 to the items that we disclosed as our critical accounting policies and estimates under “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2022 Form 10-K.

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Properties

Properties owned at March 31, 2023, including DST Properties, are as follows:

					Percentage Leased as of March 31, 2023
Property Name	Location	Acquisition Date	Ownership %	Net Rentable Square Feet
Consolidated Properties:
Industrial Segment:
Kendall Distribution Center	Atlanta, GA	June 30, 2005	100%	409,000	100%
Suwanee Distribution Center	Suwanee, GA	June 28, 2013	100	559,000	100
Grand Prairie Distribution Center
3325 West Trinity Boulevard	Grand Prairie, TX	January 22, 2014	100	277,000	100
3324 West Trinity Boulevard	Grand Prairie, TX	May 31, 2019	100	145,000	100
Charlotte Distribution Center	Charlotte, NC	June 27, 2014	100	347,000	100
DFW Distribution Center
4050 Corporate Drive	Grapevine, TX	April 15, 2015	100	441,000	100
4055 Corporate Drive	Grapevine, TX	April 15, 2015	100	202,000	100
O'Hare Industrial Portfolio
200 Lewis	Wood Dale, IL	September 30, 2015	100	31,000	100
1225 Michael Drive	Wood Dale, IL	September 30, 2015	100	109,000	100
1300 Michael Drive	Wood Dale, IL	September 30, 2015	100	71,000	100
1301 Mittel Drive	Wood Dale, IL	September 30, 2015	100	53,000	100
1350 Michael Drive	Wood Dale, IL	September 30, 2015	100	56,000	100
2501 Allan Drive	Elk Grove, IL	September 30, 2015	100	198,000	100
2601 Allan Drive	Elk Grove, IL	September 30, 2015	100	124,000	100
Tampa Distribution Center	Tampa, FL	April 11, 2016	100	386,000	100
Aurora Distribution Center	Aurora, IL	May 19, 2016	100	305,000	100
Valencia Industrial Portfolio:
28150 West Harrison Parkway	Valencia, CA	June 29, 2016	100	87,000	100
28145 West Harrison Parkway	Valencia, CA	June 29, 2016	100	114,000	100
28904 Paine Avenue	Valencia, CA	June 29, 2016	100	117,000	100
25045 Tibbitts Avenue	Santa Clarita, CA	June 29, 2016	100	142,000	100
Pinole Point Distribution Center:
6000 Giant Road	Richmond, CA	September 8, 2016	100	225,000	100
6015 Giant Road	Richmond, CA	September 8, 2016	100	252,000	100
6025 Giant Road	Richmond, CA	December 29, 2016	100	41,000	100
Mason Mill Distribution Center	Buford, GA	December 20, 2017	100	340,000	100
Fremont Distribution Center
45275 Northport Court	Fremont, CA	March 29, 2019	100	117,000	100
45630 Northport Loop East	Fremont, CA	March 29, 2019	100	120,000	100
Taunton Distribution Center	Taunton, MA	August 23, 2019	100	200,000	100
Chandler Distribution Center
1725 East Germann Road	Chandler, AZ	December 5, 2019	100	122,000	100
1825 East Germann Road	Chandler, AZ	December 5, 2019	100	89,000	100
Fort Worth Distribution Center	Fort Worth, TX	October 23, 2020	100	351,000	100
Whitestown Distribution Center
4993 Anson Boulevard	Whitestown, IN	December 11, 2020	100	280,000	100
5102 E 500 South	Whitestown, IN	December 11, 2020	100	440,000	100
Louisville Distribution Center	Shepherdsville, KY	January 21, 2021	100	1,040,000	100
Southeast Phoenix Distribution Center
6511 West Frye Road	Chandler, AZ	February 23, 2021	100	102,000	100

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					Percentage Leased as of March 31, 2023
Property Name	Location	Acquisition Date	Ownership %	Net Rentable Square Feet
6565 West Frye Road	Chandler, AZ	February 23, 2021	100	118,000	100
6615 West Frey Road	Chandler, AZ	February 23, 2021	100	136,000	100
6677 West Frye Road	Chandler, AZ	February 23, 2021	100	118,000	100
6635 West Frye Road	Chandler, AZ	June 8, 2022	100	105,000	100
6575 West Frye Road	Chandler, AZ	June 8, 2022	100	140,000	100
Louisville Airport Distribution Center	Louisville, KY	June 24, 2021	100	284,000	100
237 Via Vera Cruz (1)	San Marcos, CA	July 2, 2021	95	66,000	100
13500 Danielson Street (1)	Poway, CA	July 2, 2021	95	73,000	100
4211 Starboard Drive (1)	Fremont, CA	July 9, 2021	95	130,000	100
5 National Way	Durham, NC	September 28, 2021	100	188,000	100
47 National Way	Durham, NC	September 28, 2021	100	187,000	100
Friendship Distribution Center
4627 Distribution Pkwy	Buford, GA	October 20, 2021	100	126,000	100
4630 Distribution Pkwy	Buford, GA	October 20, 2021	100	149,000	100
4646 Distribution Pkwy	Buford, GA	October 20, 2021	100	102,000	100
4651 Distribution Pkwy	Buford, GA	October 20, 2021	100	272,000	100
South San Diego Distribution Center
2001 Sanyo Avenue	San Diego, CA	October 28, 2021	100	320,000	100
2055 Sanyo Avenue	San Diego, CA	October 28, 2021	100	209,000	58
2065 Sanyo Avenue	San Diego, CA	October 28, 2021	100	136,000	100
1755 Britannia Drive	Elgin, IL	November 16, 2021	100	80,000	100
2451 Bath Road	Elgin, IL	November 16, 2021	100	327,000	100
687 Conestoga Parkway	Shepardsville, KY	November 17, 2021	100	327,000	100
2840 Loker Avenue	Carlsbad, CA	November 30, 2021	95	104,000	100
15890 Bernardo Center Drive	San Diego, CA	November 30, 2021	95	48,000	100
Northeast Atlanta Distribution Center	Jefferson, GA	April 8, 2022	100	459,000	100
West Phoenix Distribution Center	Glendale, AZ	September 30, 2022	100	1,200,000	100
Puget Sound Distribution Center	Lacey, WA	October 6, 2022	100	142,000	100
Office Segment:
Monument IV at Worldgate	Herndon, VA	August 27, 2004	100%	228,000	100%
140 Park Avenue	Florham Park, NJ	December 21, 2015	100	100,000	100
San Juan Medical Center	San Juan Capistrano, CA	April 1, 2016	100	40,000	100
Genesee Plaza
9333 Genesee Ave	San Diego, CA	July 2, 2019	100	80,000	85
9339 Genesee Ave	San Diego, CA	July 2, 2019	100	81,000	85
Fountainhead Corporate Park
Fountainhead Corporate Park I	Tempe, AZ	February 6, 2020	100	167,000	92
Fountainhead Corporate Park II	Tempe, AZ	February 6, 2020	100	128,000	73
170 Park Avenue	Florham Park, NJ	February 2, 2021	100	147,000	100
9101 Stony Point Drive	Richmond, VA	September 15, 2021	100	87,000	100
North Tampa Surgery Center	Odessa, FL	October 8, 2021	100	13,000	100
Duke Medical Center	Durham, NC	December 23, 2021	100	60,000	96
KC Medical Office Portfolio
8600 NE 82nd Street	Kansas City, MO	December 23, 2021	100	11,000	100
1203 SW 7 Highway	Blue Springs, MO	December 23, 2021	100	10,000	100
Roeland Park Medical Office	Roeland Park, KS	December 28, 2021	100	30,000	100
South Reno Medical Center	Reno, NV	December 28, 2021	100	32,000	100
Sugar Land Medical Plaza	Sugar Land, TX	December 30, 2021	100	37,000	100

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					Percentage Leased as of March 31, 2023
Property Name	Location	Acquisition Date	Ownership %	Net Rentable Square Feet
Cedar Medical Center	Flagstaff, AZ	April 29, 2022	100	26,000	100
North Boston Medical Center	Haverhill, MA	June 28, 2022	100	30,000	100
North Charlotte Medical Center	Stanley, NC	June 28, 2022	100	25,000	100
Grand Rapids Medical Center	Wyoming, MI	July 21, 2022	100	25,000	100
Glendale Medical Center	Los Angeles, CA	July 29, 2022	100	20,000	100
6300 Dumbarton Circle	Fremont, CA	September 15, 2022	100	44,000	100
6500 Kaiser Drive	Fremont, CA	September 15, 2022	100	88,000	100
Greater Sacramento Medical Center	Rancho Cordova, CA	September 16, 2022	100	18,000	100
Residential Segment:
Townlake of Coppell	Coppell, TX	May 22, 2015	100%	351,000	90%
AQ Rittenhouse	Philadelphia, PA	July 30, 2015	100	92,000	89
Lane Parke Apartments	Mountain Brook, AL	May 26, 2016	100	263,000	90
Dylan Point Loma	San Diego, CA	August 9, 2016	100	204,000	94
The Penfield	St. Paul, MN	September 22, 2016	100	245,000	95
180 North Jefferson	Chicago, IL	December 1, 2016	100	217,000	95
Jory Trail at the Grove	Wilsonville, OR	July 14, 2017	100	315,000	94
The Reserve at Johns Creek	Johns Creek, GA	July 28, 2017	100	244,000	93
Villas at Legacy	Plano, TX	June 6, 2018	100	340,000	93
Stonemeadow Farms	Bothell, WA	May 13, 2019	100	228,000	93
Summit at San Marcos	Chandler, AZ	July 31, 2019	100	257,000	92
Presley Uptown (1)	Charlotte, NC	September 30, 2019	98	190,000	90
Princeton North Andover	North Andover, MA	May 3, 2021	100	204,000	92
The Preserve at the Meadows	Fort Collins, CO	August 23, 2021	100	208,000	92
The Rockwell	Berlin, MA	August 31, 2021	100	233,000	95
Miramont Apartments	Fort Collins, CO	September 29, 2021	100	212,000	95
Pinecone Apartments	Fort Collins, CO	September 29, 2021	100	176,000	96
Reserve at Venice	North Venice, FL	December 17, 2021	100	268,000	86
Woodside Trumbull	Trumbull, CT	December 21, 2021	100	207,000	88
Jefferson Lake Howell	Casselberry, FL	March 30, 2022	100	374,000	90
Oak Street Lofts	Tigard, OR	July 15, 2022	100	162,000	94
Molly Brook on Belmont	North Haledon, NJ	September 27, 2022	100	177,000	92
Single-Family Rental Portfolio II	Various	Various	95	509,000	99
Retail Segment:
The District at Howell Mill (1)	Atlanta, GA	June 15, 2007	88%	306,000	98%
Grand Lakes Marketplace (1)	Katy, TX	September 17, 2013	90	131,000	76
Rancho Temecula Town Center	Temecula, CA	June 16, 2014	100	165,000	99
Skokie Commons	Skokie, IL	May 15, 2015	100	97,000	98
Whitestone Market	Austin, TX	September 30, 2015	100	145,000	100
Maui Mall	Kahului, HI	December 22, 2015	100	235,000	83
Silverstone Marketplace	Scottsdale, AZ	July 27, 2016	100	78,000	92
Kierland Village Center	Scottsdale, AZ	September 30, 2016	100	118,000	99
Timberland Town Center	Beaverton, OR	September 30, 2016	100	92,000	92
Montecito Marketplace	Las Vegas, NV	August 8, 2017	100	190,000	95
Milford Crossing	Milford, MA	January 29, 2020	100	159,000	100
Patterson Place	Durham, NC	May 31, 2022	100	25,000	82
Silverado Square	Las Vegas, NV	June 1, 2022	100	48,000	98

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					Percentage Leased as of March 31, 2023
Property Name	Location	Acquisition Date	Ownership %	Net Rentable Square Feet
Woodlawn Point	Marietta, GA	June 30, 2022	100	98,000	94
Other Segment:
South Beach Parking Garage (2)	Miami Beach, FL	January 28, 2014	100%	130,000	N/A
Unconsolidated Properties:
Chicago Parking Garage (3)	Chicago, IL	December 23, 2014	100%	167,000	N/A
NYC Retail Portfolio (4)(5)	NY/NJ	December 8, 2015	14	1,938,000	89
Pioneer Tower (6)	Portland, OR	June 28, 2016	100	296,000	62
The Tremont (1)	Burlington, MA	July 19, 2018	75	175,000	93
The Huntington (1)	Burlington, MA	July 19, 2018	75	115,000	91
Siena Suwanee Town Center	Suwanee, GA	December 15, 2020	100	226,000	90
Single-Family Rental Portfolio I (5)(7)	Various	August 5, 2021	47	7,207,000	94
Kingston at McLean Crossing (1)	McLean, VA	December 3, 2021	80	223,000	96

________

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

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

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

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

(5)We have elected the fair value option to account for this investment.

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

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

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 March 31, 2023:

	Number of Properties / Portfolios (1)	Total Area (Sq Ft)	% of Total Area		Occupancy %		Average Minimum Base Rent per Occupied Sq Ft (2)
Industrial	60	13,438,000	59	%	100	%	$	6.48
Office	24	1,527,000	7		95		32.70
Residential	23	5,676,000	25		93		24.24
Retail	14	1,887,000	8		94		24.31
Other	1	130,000	1		N/A		N/A
Total	122	22,658,000	100	%	97	%	$	14.11

________

(1)Residential includes over 300 single-family rental homes in the Single-Family Rental Portfolio II.

(2)Amount calculated as in-place minimum base rent for all occupied space at March 31, 2023 and excludes any straight line rents, tenant recoveries and percentage rent revenues.

As of March 31, 2023, our average effective annual rent per square foot, calculated as average minimum base rent per occupied square foot less tenant concessions and allowances, was $13.40 for our consolidated properties.

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Recent Events and Outlook

Property Valuations

Property valuations across our portfolio were slightly negative being driven by capital markets due to increasing capitalization and discount rates during the three months ending March 31, 2023.

Credit Facility

On April 28, 2022, we entered into our $1,000,000 Credit Facility, which consists of a $600,000 Revolving Credit Facility and a $400,000 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 $1,300,000, subject to receipt of lender commitments and other conditions. We are in compliance with our debt covenants as of March 31, 2023. We expect to maintain compliance with our debt covenants.

Liquidity

At March 31, 2023, we had in excess of $60,000 in total cash on hand, $45,000 in marketable securities, and $450,000 of capacity under our Credit Facility. Looking at 2023, we expect to utilize our cash on hand and Credit Facility capacity to acquire new properties, fund repurchases of our shares, extinguish mortgage notes maturing, and fund quarterly distributions.

Share Repurchase Plan

During the first quarter of 2023, we satisfied 100% of repurchase requests totaling $84,968 of our common stock pursuant to our share repurchase plan, which had a quarterly limit of $175,090. 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 second quarter of 2023 is $168,026.

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 I using the fair value option. During the quarter ended March 31, 2023, we recorded an unrealized fair value gain of $35 and an unrealized fair value loss of $6,000 related to our investments in the NYC Retail Portfolio and the Single-Family Rental Portfolio I, respectively. Our interest rate swaps resulted in an unrealized fair value loss of $2,097 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.

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 $2,000,000 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 March 31, 2023, we have raised gross proceeds of over $4,932,481 from our public and private offerings and private share sales since 2012. We used these proceeds along with proceeds from mortgage debt to acquire approximately $5,467,507 of real estate investments, deleverage the Company by repaying mortgage loans of approximately $655,000 and repurchase shares of our common stock for approximately $1,242,000.

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Property Acquisitions

During the quarter ending March 31, 2023, we acquired 36 single family homes in the Single-Family Rental Portfolio II for approximately $12,270. The acquisitions were funded with cash on hand.

Property Dispositions

There have been no dispositions during the quarter ending March 31, 2023.

Financing

There have been no financing agreements entered into during the quarter ending March 31, 2023.

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.

We cannot ensure 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.

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 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 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.”

We will leverage LaSalle's broad commercial real estate research and strategy platform and resources to employ a research-based investment philosophy focused on building a portfolio of commercial properties and real estate-related assets that we believe has 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.

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. Each such determination and the basis therefor shall be set forth in

33

the minutes of the meetings of our board of directors. Changes to our investment guidelines must be approved by our board of directors but do not require notice to or the vote of 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 36% as of March 31, 2023.

2023 Key Initiatives

During 2023, we intend 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. We look to make investments that fit with our investment objectives and guidelines. Likely investment candidates may include well-located, well-leased residential properties, industrial, healthcare, grocery-anchored retail properties and originating mortgage loan investments that align with our property investment strategy. We will also attempt to further our geographic diversification. We will use debt financing when attractive interest rates are available, 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.

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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 the properties. Our share of the net income or net loss from our unconsolidated real estate affiliates is included in income from unconsolidated affiliates and fund investments. 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 the entire Company. We group our investments in real estate assets from continuing operations into five reportable operating segments based on the type of property, which are industrial, office, residential, retail and other. Operations from corporate level items and real estate assets sold are excluded from reportable segments.

Properties acquired or sold during any of the periods presented are presented within the recent acquisitions and sold properties line. The properties currently presented within the recent acquisitions and sold properties line include the properties listed as acquired in the current or prior year in the Properties section above in addition to Norfleet Distribution Center (sold in 2022), The Edge at Lafayette (sold in 2022) and Oak Grove Plaza (sold in 2022). Properties owned for the three months ended March 31, 2023 and 2022 are referred to as our comparable properties.

Results of Operations for the Three Months Ended March 31, 2023 and 2022

Revenues

The following chart sets forth revenues by reportable segment for the three months ended March 31, 2023 and 2022:

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022		$  Change		% Change
Revenues:
Rental revenue
Industrial	$	25,579	$	24,847	$	732	2.9	%
Office	11,818		11,331		487		4.3
Residential	27,209		24,851		2,358		9.5
Retail	12,360		13,025		(665)		(5.1)
Other	73		61		12		19.7
Comparable properties total	$	77,039	$	74,115	$	2,924	3.9	%
Recent acquisitions and sold properties	15,563		840		14,723		1,753
Total rental revenue	$	92,602	$	74,955	$	17,647	23.5	%
Other revenue
Industrial	$	19	$	41	$	(22)	(53.7)	%
Office	329		294		35		11.9
Residential	1,288		1,188		100		8.4
Retail	127		72		55		76.4
Other	555		601		(46)		(7.7)
Comparable properties total	$	2,318	$	2,196	$	122	5.6	%
Recent acquisitions and sold properties	(140)		20		(160)		(800.0)
Total other revenue	$	2,178	$	2,216	$	(38)	(1.7)	%
Total revenues	$	94,780	$	77,171	$	17,609	22.8	%

Rental revenues at comparable properties increased $2,924 for the three months ended March 31, 2023 as compared to the same period in 2022. The increases within our residential and industrial segments was primarily related to an increase in rental rates and occupancy at various properties during the three months ended March 31, 2023 as compared to the same period of 2022. Decreases in our retail segment is primarily related to the timing in collections from tenants that experienced a decrease

35

in operations in past years as well as a decrease in recovery revenue within the segment during the three months ended March 31, 2023.

Other revenues relate mainly to parking and nonrecurring revenue such as lease termination fees. Other revenue at comparable properties increased by $122 for the three months ended March 31, 2023 as compared to the same period in 2022.

Operating Expenses

The following chart sets forth real estate taxes and property operating expenses by reportable segment, for the three months ended March 31, 2023 and 2022:

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022		$  Change		% Change
Operating expenses:
Real estate taxes
Industrial	$	4,831	$	4,107	$	724	17.6	%
Office	1,137		1,164		(27)		(2.3)
Residential	4,202		4,241		(39)		(0.9)
Retail	1,525		1,596		(71)		(4.4)
Other	79		113		(34)		(30.1)
Comparable properties total	$	11,774	$	11,221	$	553	4.9	%
Recent acquisitions and sold properties	1,813		90		1,723		1,914
Total real estate taxes	$	13,587	$	11,311	$	2,276	20.1	%
Property operating expenses
Industrial	$	2,095	$	2,354	$	(259)	(11.0)	%
Office	2,672		2,174		498		22.9
Residential	7,615		7,039		576		8.2
Retail	2,072		2,055		17		0.8
Other	210		208		2		1.0
Comparable properties total	$	14,664	$	13,830	$	834	6.0	%
Recent acquisitions and sold properties	2,549		171		2,378		1,391
Total property operating expenses	$	17,213	$	14,001	$	3,212	22.9	%
Total operating expenses	$	30,800	$	25,312	$	5,488	21.7	%

Real estate taxes at comparable properties increased by $553 for the three months ended March 31, 2023 as compared to the same period in 2022. 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. Property operating expenses at comparable properties increased $834 for the three months ended March 31, 2023 as compared to the same period in 2022. The increases in the three months ended March 31, 2023 as compared to 2022 generally relate to higher repairs and maintenance projects, property management fees due to higher rents, higher salary costs and higher utility costs in some markets.

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The following chart sets forth revenues and expenses not directly related to the operations of the reportable segments for the three months ended March 31, 2023 and 2022:

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022		$  Change		%  Change
Property general and administrative	$	(964)	$	(697)	$	(267)	38.3	%
Advisor fees	(11,069)		(17,858)		6,789		(38.0)
Company level expenses	(1,918)		(1,074)		(844)		78.6
Depreciation and amortization	(36,898)		(32,974)		(3,924)		11.9
Interest expense	(84,980)		(17,852)		(67,128)		376.0
(Loss) income from unconsolidated affiliates and fund investments	(14,674)		29,025		(43,699)		(150.6)
Investment income on marketable securities	523		304		219		72.0
Net realized loss (gain) upon sale of marketable securities	(332)		79		(411)		(520.3)
Net unrealized change in fair value of investment in marketable securities	1,224		(2,984)		4,208		(141.0)
Gain on disposition of property and extinguishment of debt, net	—		31,492		(31,492)		(100.0)
Total revenues and expenses	$	(149,088)	$	(12,539)	$	(136,549)	1,089.0	%

Property general and administrative expenses relate mainly to property expenses unrelated to the operations of the property. Property general and administrative expenses increased during the three months ended March 31, 2023 as compared to the same period in 2022 primarily due to the increase in the size of the number of properties.

Advisor fees relate to the fixed advisory and performance fees earned by the Advisor. Fixed fees increase or decrease based on changes in our NAV, which is 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, and in such years our Advisor will receive 10% of the excess total return above the 7% threshold. The decrease in advisor fees of $6,789 for the three months ended March 31, 2023 as compared to the same period in 2022 is related to a decrease in the accrual of performance fee in the amount of $8,484 offset by an increase in fixed advisory fees of $1,695 primarily related to an increase in NAV.

Company level expenses relate mainly to our compliance and administration related costs. The increase for the three months ended March 31, 2023 when compared to 2022 is primarily related to a $500 tax provision increase primarily related to deferred taxes in our taxable REIT subsidiary related to the DST program and an increase in professional fees of approximately $340.

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 $3,924 in depreciation and amortization expense for the three months ended March 31, 2023 as compared to the same period in 2022 was primarily related to the acquisition of new properties during 2022.

Interest expense increased by $67,128 for the three months ended March 31, 2023 as compared to the same period in 2022 primarily as a result of $6,922 of increased interest expense from new mortgage notes payable placed on several properties and increased usage and interest rate of our Credit Facility in 2023. Additionally, we incurred $58,765 in net non-cash interest expense related to the DST Program as a result of exercising the fair market value purchase option on three DST Properties and changing the expected period for exercising the option on other DST Properties. Further increases to interest expense were related to unrealized losses on our interest rate swaps in the amount of $2,097 during the three months ended March 31, 2023 compared to unrealized gains of $1,985 during the same period of 2022.

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 Single-Family Rental Portfolio I. During the three months ended March 31, 2023, we recorded a $6,000 decrease in the fair value of our investment in Single-Family Rental Portfolio I. During the three months ended March 31, 2023, we recorded a $35 increase in the fair value of our investment in the NYC Retail Portfolio as compared to an $1,447 decrease in the fair value during the same period of 2022.

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Investment income on marketable securities relate to dividends earned on our portfolio of publicly traded REIT securities. We earned $523 in investment income during the three months ended March 31, 2023. The increase over the same period of 2022 is primarily due to a larger investment balance during the three months ended March 31, 2023 as compared to the same period of 2022.

Net realized loss (gain) upon the sale of marketable securities relate to sales of individual stocks within our portfolio of publicly traded REIT stocks. We recorded a realized loss of $332 during the three months ended March 31, 2023.

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 recorded an unrealized gain of $1,224 during the three months ended March 31, 2023.

Gain on disposition of property and extinguishment of debt, net of $31,492 for the three months ended March 31, 2022 relates to the sales Norfleet Distribution Center and The Edge at Lafayette.

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Funds From Operations

Consistent with real estate industry and investment community preferences, we consider funds from operations ("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 (loss) 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. 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 and modification of debt, performance fees based on the investment returns on shares of our common stock and acquisition expenses. 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 JLL 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 alternatives to GAAP net income and are not measures of liquidity or indicators of our ability to make cash distributions. We believe that to more comprehensively understand our operating performance, FFO and AFFO should be considered along with the reported net income attributable to JLL Income Property Trust, Inc. and our 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.

The following table presents a reconciliation of the most comparable GAAP amount of net income attributable to JLL Income Property Trust, Inc. to NAREIT FFO for the periods presented:

Reconciliation of GAAP net income to NAREIT FFO	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Net income attributable to JLL Income Property Trust, Inc. Common Stockholders (1)	$	(81,017)	$	37,935
Real estate depreciation and amortization (1)	37,669		35,189
Gain on disposition of property and unrealized gain on investment in unconsolidated real estate affiliate (1)	5,701		(53,588)
Impairment of real estate held for sale	10,911		—
NAREIT FFO attributable to JLL Income Property Trust, Inc. Common Stockholders	$	(26,736)	$	19,536
Weighted average shares outstanding, basic and diluted	242,864,524		212,104,884
NAREIT FFO per share, basic and diluted	$	(0.11)	$	0.09

________

(1)    Excludes amounts attributable to noncontrolling interests and includes our ownership share of both consolidated properties and unconsolidated real estate affiliates.

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We believe AFFO is useful to investors because it provides supplemental information regarding the performance of our portfolio over time.

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

Reconciliation of NAREIT FFO to AFFO	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
NAREIT FFO attributable to JLL Income Property Trust, Inc. Common Stockholders	$	(26,736)	$	19,536
Straight-line rental income (1)	(1,687)		(1,687)
Amortization of above- and below-market leases (1)	(1,067)		(818)
Amortization of net discount on assumed debt (1)	(171)		(333)
Gain on derivative instruments and extinguishment or modification of debt (1)	2,622		(4,462)
Adjustment for investments accounted for under the fair value option (2)	2,623		1,432
Net unrealized change in fair value of investment in marketable securities (1)	(1,170)		2,886
Performance fees (1)	—		8,207
Acquisition expenses (1)	—		35
Adjustment for DST Properties (3)	53,345		477
AFFO attributable to JLL Income Property Trust, Inc. Common Stockholders	$	27,759	$	25,273
Weighted average shares outstanding, basic and diluted	242,864,524		212,104,884
AFFO per share, basic and diluted	$	0.11	$	0.12

________

(1)    Excludes amounts attributable to noncontrolling interests and includes our ownership share of both consolidated properties and unconsolidated real estate affiliates.

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

(3)    Adjustments to reflect the AFFO attributable to the Company for DST Properties, including non-cash interest expense.

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NAV as of March 31, 2023

The following table provides a breakdown of the major components of our NAV as of March 31, 2023:

	March 31, 2023
Component of NAV	Class A Shares		Class M Shares		Class A-I Shares		Class M-I Shares		Class D Shares		Total
Real estate investments (1)	$	2,445,920	$	574,256	$	106,511	$	2,077,300	$	65,197	$	5,269,184
Debt	(932,179)		(218,858)		(40,593)		(791,692)		(24,848)		(2,008,170)
Other assets and liabilities, net	46,186		10,844		2,011		39,226		1,232		99,499
Estimated enterprise value premium	None assumed		None assumed		None assumed		None assumed		None assumed		None assumed
NAV	$	1,559,927	$	366,242	$	67,929	$	1,324,834	$	41,581	$	3,360,513
Number of outstanding shares	113,382,795		26,582,022		4,924,897		96,186,183		3,023,025
NAV per share	$	13.76	$	13.78	$	13.79	$	13.77	$	13.75

________

(1)The value of our real estate investments was greater than the historical cost by 8.1% as of March 31, 2023.

The following table provides a breakdown of the major components of our NAV as of December 31, 2022:

	December 31, 2022
Component of NAV	Class A Shares		Class M Shares		Class A-I Shares		Class M-I Shares		Class D Shares		Total
Real estate investments (1)	$	2,554,496	$	589,026	$	111,544	$	2,155,728	$	67,936	$	5,478,730
Debt	(968,627)		(223,350)		(42,296)		(817,420)		(25,760)		(2,077,453)
Other assets and liabilities, net	46,871		10,808		2,047		39,554		1,246		100,526
Estimated enterprise value premium	None assumed		None assumed		None assumed		None assumed		None assumed		None assumed
NAV	$	1,632,740	$	376,484	$	71,295	$	1,377,862	$	43,422	$	3,501,803
Number of outstanding shares	113,645,166		26,170,260		4,950,208		95,803,409		3,023,025
NAV per share	$	14.37	$	14.39	$	14.40	$	14.38	$	14.36

________

(1)The value of our real estate investments was greater than the historical cost by 14.6% as of December 31, 2022.

The decrease in NAV per share from December 31, 2022 to March 31, 2023, was related to a net decrease of 2.4% in the value of our portfolio. Property operations for the three months ended March 31, 2023 had an insignificant impact on NAV as dividends declared offset property operations for the period. Our NAV for the different share classes is reduced by normal and recurring class-specific fees and offering and organization costs.

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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 March 31, 2023:

	Healthcare		Industrial		Office		Residential		Retail		Other (1)		Total Company
Exit capitalization rate	5.3	%	4.7	%	6.0	%	4.8	%	5.6	%	6.5	%	5.0	%
Discount rate/internal rate of return (IRR)	6.6		6.5		7.0		6.5		6.8		8.0		6.6
Annual market rent growth rate	3.0		3.2		2.7		3.2		2.9		3.1		3.2
Holding period (years)	10.0		10.0		10.0		10.0		10.0		20.7		10.1

________

(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 its remaining lease 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, 2022:

	Healthcare		Industrial		Office		Residential		Retail		Other (1)		Total Company
Exit capitalization rate	5.3	%	4.7	%	5.9	%	4.8	%	5.5	%	6.5	%	4.9	%
Discount rate/internal rate of return (IRR)	6.4		6.2		6.9		6.3		6.7		7.9		6.4
Annual market rent growth rate	3.0		3.3		2.7		3.3		2.9		3.1		3.2
Holding period (years)	10.0		10.0		10.0		10.0		10.0		21.0		10.1

________

(1)    Other includes Chicago and South Beach parking garages. South Beach Parking Garage is subject to a ground lease, the appraisal incorporates discounted cash flows over its remaining lease 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		March 31, 2023		December 31, 2022
Discount Rate - weighted average	0.25% increase	(1.9)	%	(1.8)	%
Exit Capitalization Rate - weighted average	0.25% increase	(3.2)		(3.0)
Annual market rent growth rate - weighted average	0.25% decrease	(1.6)		(1.4)

The fair value of our mortgage notes and other debt payable was estimated to be approximately $163,606 and $136,611 lower than the carrying values at March 31, 2023 and December 31, 2022, respectively. The NAV per share would have increased by $0.63 and by $0.56 per share at March 31, 2023 and December 31, 2022, respectively, if we were to have included the fair value of our mortgage notes and other debt payable in our methodology to determine NAV.

The selling commission and dealer manager fee are offering costs and are recorded as a reduction of capital in excess of par value. Selling commissions are paid on the date of sale of our common stock. We accrue all future dealer manager fees up to the ten percent regulatory limit on the date of sale of our common stock. For NAV calculation purposes, dealer manger fees are accrued daily, on a continuous basis equal to 1/365th of the stated fee. Dealer manager fees payable are included in accrued offering costs on our Consolidated Balance Sheets.  Dealer manager fees payable as of March 31, 2023 and December 31, 2022 were $186,292 and $185,557, respectively.

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

	March 31, 2023
Stockholders' equity under GAAP	$	2,023,820
Adjustments:
Accrued dealer manager fees (1)	183,005
Organization and offering costs (2)	445
Unrealized real estate appreciation (3)	559,039
Accumulated depreciation, amortization and other (4)	594,204
NAV	$	3,360,513

________

(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 advanced organization and offering costs on our behalf through December 21, 2021. Such costs are reimbursed to the Advisor ratably over 36 months. Under GAAP, organization costs are expensed as incurred and offering costs are charged to equity as such amounts are incurred. For NAV, such costs are 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.

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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 and fund investment
•	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 Revolving Credit Facility
		•	Sales of our shares
•	General and administrative costs	•	Sales of real estate investments
•	Costs associated with capital raising in our continuous public offering, private offering and DST Program	•	Proceeds from our private offering
•	Other company level expenses	•	Draws from lender escrow accounts
•	Lender escrow accounts for real estate taxes, insurance, and capital expenditures	•	Sales of beneficial interests in the DST Program
•	Fees payable to our Dealer Manager
Longer-term liquidity and capital needs such as:
•	Acquisitions of new 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 Advisor
•	Fees payable to our Dealer Manager

The sources and uses of cash for the three months ended March 31, 2023 and 2022 were as follows:

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022		$ Change
Net cash provided by operating activities	$	14,226	$	(13,731)	$	27,957
Net cash used in investing activities	(19,485)		(84,689)		65,204
Net cash (used in) provided by financing activities	(9,344)		162,511		(171,855)

Net cash provided by operating activities increased by $27,957 for the three months ended March 31, 2023 as compared to the same period in 2022. The increase in cash from operating activities is primarily due to the decrease in payments of the performance fee in the amount of $29,742 during the three months ended March 31, 2023 as compared to the same period in 2022.

Net cash used in investing activities decreased by $65,204 for the three months ended March 31, 2023 as compared to the same period in 2022. The decrease was primarily related to decreases in acquisitions offset by a decrease in proceeds from sales of properties during the three months ended March 31, 2023 as compared to the same period in 2022.

Net cash (used in) provided by financing activities decreased by $171,855 for the three months ended March 31, 2023 as compared to the same period in 2022. The change is primarily related to a decrease in net capital raised of $88,526. Further impacting the decrease is $76,110 of lower net proceeds from mortgage note payables and net draws on our Credit Facility during the three months ended March 31, 2023 as compared to the same period in 2022.

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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 on our variable rate debt. The following consolidated debt table provides information on the outstanding principal balances and the weighted average interest rates at March 31, 2023 and December 31, 2022:

	Consolidated Debt
	March 31, 2023				December 31, 2022
	Principal Balance		Weighted Average Interest Rate		Principal Balance		Weighted Average Interest Rate
Fixed	$	1,369,957	3.42	%	$	1,362,214	3.38	%
Variable	496,400		6.14		581,400		5.81
Total	$	1,866,357	4.15	%	$	1,943,614	4.11	%

Covenants

At March 31, 2023, 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, and on November 8, 2022, our board of directors approved an increase to raise up to a total of $2,000,000 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.

Contractual Cash Obligations and Commitments

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 enter 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 and these payments will increase every five years thereafter by the lesser of 12% or the cumulative Consumer Price Index ("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 Grand Lakes Marketplace allows the unrelated third party joint venture partner, owning a 10% interest, to put its interest in the venture to us at a market determined value.

45

The operating agreement for 237 Via Vera Cruz, 13500 Danielson Street, 4211 Starboard, 2840, Loaker Avenue and 15890 Bernardo Center Drive allows the unrelated third party joint venture partner, owning a 5% interest, to put its interest in the venture to us at a market determined value starting July 31, 2024.

The operating agreement for our investment in Single-Family Rental Portfolio II allows the unrelated third party joint venture partner, owning a 5% interest, to put its interest to us at a market determined value starting November 9, 2030.

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 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 Internal Revenue Code of 1986, as amended.

SOURCES OF DISTRIBUTIONS

The following table summarizes our distributions paid over the three months ended March 31, 2023 and 2022:

	For the Three Months Ended March 31,
	2023		2022
Distributions:
Paid in cash	$	11,519	$	9,681
Reinvested in shares	20,433		17,666
Total distributions	31,952		27,347
Source of distributions:
Cash flow from operating activities	14,226		—
Cash flow from investing activities	—		27,347
Cash flow from financing activities	17,726		—
Total sources of distributions	$	31,952	$	27,347

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to market risk associated with changes in interest rates in terms 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 well as by entering into interest rate cap and swap agreements. As of March 31, 2023, we had consolidated debt of $1,866,357. Including the $18,360 net debt discount on assumed debt and debt issuance costs, we have consolidated debt of $1,847,997 at March 31, 2023. We also entered into interest rate swap agreements on $200,000 of debt, which cap the LIBOR or SOFR rates at between 1.4% and 2.8%. A 0.25% movement in the interest rate on the $496,400 of variable-rate debt

46

would have resulted in a $1,241 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 March 31, 2023, the fair value of our consolidated debt was estimated to be $112,912 lower than the carrying value of $1,866,357. If treasury rates were 0.25% higher as of March 31, 2023, the fair value of our consolidated debt would have been $137,212 lower than the carrying value.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our 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 March 31, 2023, 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.

Changes in Internal Control Over Financial Reporting

There have not been any changes in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) during the quarter ended March 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II

OTHER INFORMATION

Item 1. 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 1A. Risk Factors.

There have been no material changes to the risk factors previously disclosed under "Item 1A. Risk Factors" 2022 Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Issuer Purchases of Equity Securities

Our share repurchase plan limits repurchases during any calendar quarter to shares with an aggregate value (based on the repurchase price per share on the day the repurchase is effected) of 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, we limit repurchases to approximately 20% of our total NAV. If the quarterly volume limitation is reached on or before the third business day of a calendar quarter, repurchase requests during the next quarter will be satisfied on a stockholder by stockholder basis, which we refer to as a “per stockholder allocation,” instead of a first-come, first-served basis. Pursuant to the per stockholder allocation, each of our stockholders would be allowed to request repurchase at any time during such quarter of a total number of shares not to exceed 5% of the shares of common stock the stockholder held as of the end of the prior quarter. The per stockholder allocation

47

requirement will remain in effect for each succeeding quarter for which the total repurchases for the immediately preceding quarter exceeded four percent of our NAV on the last business day of such preceding quarter. If total repurchases during a quarter for which the per stockholder allocation applies are equal to or less than four percent of our NAV on the last business day of such preceding quarter, then repurchases will again be first-come, first-served for the next succeeding quarter and each quarter thereafter.

During the three months ended March 31, 2023, we repurchased 5,987,355 shares of common stock under the share repurchase plan, which represented all of the share repurchase requests received for the same period.

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 Program (1)
January 1 - January 31, 2023	2,667,507	$	14.36	2,667,507	—
February 1 - February 28, 2023	1,324,800	14.22		1,324,800	—
March 1 - March 31, 2023	1,995,048	13.94		1,995,048	—
Total	5,987,355	$	14.19	5,987,355	—

________

(1)     Repurchases are limited as described above. 

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 an indefinite duration. No Class D shares were issued during the three months ended March 31, 2023.

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

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Item 6. Exhibits.

Exhibit No.	Description
10.1	Seventh Amended and Restated Independent Directors Compensation Plan (incorporated by reference to Exhibit 10.15 to the Company's Annual Report on Form 10-K filed with the SEC on March 27, 2023).
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.
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.

**    Furnished herewith.

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SIGNATURES

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

			JLL INCOME PROPERTY TRUST, INC.
Date:	May 12, 2023	By:	/s/ C. Allan Swaringen
			C. Allan Swaringen
			President, Chief Executive Officer and Director

			JLL INCOME PROPERTY TRUST, INC.
Date:	May 12, 2023	By:	/s/ Gregory A. Falk
			Gregory A. Falk
			Chief Financial Officer and Treasurer

50

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 quarterly report on Form 10-Q of JLL 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: May 12, 2023

/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 quarterly report on Form 10-Q of JLL 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: May 12, 2023

/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 Quarterly Report of JLL Income Property Trust, Inc. (the “Company”) on Form 10-Q for the period ending March 31, 2023, 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

May 12, 2023

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 Quarterly Report of JLL Income Property Trust, Inc. (the “Company”) on Form 10-Q for the period ending March 31, 2023, 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

May 12, 2023

XML

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 12, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	000-51948
Entity Registrant Name	JLL Income Property Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-1432284
City Area Code	312
Local Phone Number	897-4000
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
Entity Shell Company	false
Entity Central Index Key	0001314152
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Addresses [Line Items]
Entity Address, City or Town	Chicago
Entity Address, Postal Zip Code	60606
Entity Address, Address Line One	333 West Wacker Drive
Entity Address, State or Province	IL
Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		112,284,706
Class M [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		26,597,969
Common Class A-I [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,794,285
Common Class M-I [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		95,782,174
Common Class D [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,023,025

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Investments in real estate:
Land	$ 728,263	$ 725,078
Buildings and equipment	3,743,421	3,728,507
Less accumulated depreciation	(357,314)	(335,216)
Net property and equipment	4,114,370	4,118,369
Equity Method Investments	188,926	202,203
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	340,206	346,171
Real Estate Investment Property, Net	4,643,502	4,666,743
Marketable Securities	45,539	44,182
Cash and cash equivalents	60,217	70,940
Restricted Cash and Cash Equivalents	28,748	32,628
Tenant accounts receivable, net	7,340	8,656
Deferred expenses, net	15,648	15,867
Acquired intangible assets, net	243,813	256,515
Deferred rent receivable, net	35,413	33,567
Prepaid expenses and other assets	23,480	25,120
TOTAL ASSETS	5,103,700	5,154,218
LIABILITIES AND EQUITY
Mortgage notes and other debt payable, net	1,847,997	1,924,527
Accounts payable and other accrued expenses	50,137	49,747
Lease Deposit Liability	771,941	726,375
Accrued Offering Costs	188,717	187,742
Accrued interest	3,051	6,057
Accrued real estate taxes	12,873	10,396
Incentive Fee Payable	2,323	10,820
Acquired intangible liabilities, net	41,931	43,407
TOTAL LIABILITIES	2,918,970	2,959,071
Commitments and contingencies	0	0
Redeemable Noncontrolling Interest, Equity, Carrying Amount	$ 13,512	$ 12,387
Common Stock, Shares, Outstanding	244,098,922	243,592,068
Equity:
Additional paid-in capital	$ 2,840,260	$ 2,799,539
Distributions to stockholders	(723,076)	(691,090)
Accumulated deficit	(95,805)	(14,788)
Total Jones Lang LaSalle Income Property Trust, Inc. stockholders’ equity	2,023,820	2,096,097
Noncontrolling interests	147,398	86,663
Total equity	2,171,218	2,182,760
TOTAL LIABILITIES AND EQUITY	5,103,700	5,154,218
Ownership [Domain]
Investments in real estate:
Land	73,593	70,527
Buildings and equipment	248,517	236,265
Less accumulated depreciation	(30,328)	(28,622)
Cash and cash equivalents	11,237	10,720
Restricted Cash and Cash Equivalents	787	1,082
Tenant accounts receivable, net	2,302	1,724
Deferred expenses, net	1,298	1,234
Acquired intangible assets, net	7,092	8,372
Deferred rent receivable, net	1,569	1,539
Prepaid expenses and other assets	2,879	6,383
LIABILITIES AND EQUITY
Mortgage notes and other debt payable, net	116,743	116,852
Accounts payable and other accrued expenses	4,083	3,806
Accrued interest	557	526
Accrued real estate taxes	1,073	591
Acquired intangible liabilities, net	$ 386	$ 417
Class A Shares [Member]
LIABILITIES AND EQUITY
Common Stock, Shares, Outstanding	113,382,795	113,645,166
Equity:
Common Stock, Value, Issued	$ 1,134	$ 1,136
Common Stock, Shares, Issued	113,382,795	113,645,166
Class M Shares [Member]
LIABILITIES AND EQUITY
Common Stock, Shares, Outstanding	26,582,022	26,170,260
Equity:
Common Stock, Value, Issued	$ 266	$ 262
Common Stock, Shares, Issued	26,582,022	26,170,260
Class A-I Shares [Member]
LIABILITIES AND EQUITY
Common Stock, Shares, Outstanding	4,924,897	4,950,208
Equity:
Common Stock, Value, Issued	$ 49	$ 50
Common Stock, Shares, Issued	4,924,897	4,950,208
Class M-I Shares [Member]
LIABILITIES AND EQUITY
Common Stock, Shares, Outstanding	96,186,183	95,803,409
Equity:
Common Stock, Value, Issued	$ 962	$ 958
Common Stock, Shares, Issued	96,186,183	95,803,409
Class D Shares [Member]
LIABILITIES AND EQUITY
Common Stock, Shares, Outstanding	3,023,025	3,023,025
Equity:
Common Stock, Value, Issued	$ 30	$ 30
Common Stock, Shares, Issued	3,023,025	3,023,025

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Land from VIEs	$ 728,263	$ 725,078
Buildings and equipment from VIEs	3,743,421	3,728,507
Less accumulated depreciation (including from VIEs)	(357,314)	(335,216)
Cash and Cash Equivalents	60,217	70,940
Restricted cash	28,748	32,628
Tenant accounts receivable from VIEs	7,340	8,656
Deferred expenses from VIEs	15,648	15,867
Acquired intangible assets, net	243,813	256,515
Deferred rent receivables from VIEs	35,413	33,567
Prepaid expenses and other assets from VIEs	23,480	25,120
Mortgage notes and other debt payable, net	1,847,997	1,924,527
Accounts payable and other accrued expenses from VIEs	50,137	49,747
Accrued interest from VIEs	3,051	6,057
Accrued real estate taxes from VIEs	$ 12,873	$ 10,396
Common stock, shares outstanding	244,098,922	243,592,068
Accumulated stock issuance costs	$ 344,533	$ 337,559
Class A Shares [Member]
Common stock, par value	$ 0.01
Common Stock, shares authorized	200,000,000
Common Stock, Shares, Issued	113,382,795	113,645,166
Common stock, shares outstanding	113,382,795	113,645,166
Class M Shares [Member]
Common stock, par value	$ 0.01
Common Stock, shares authorized	200,000,000
Common Stock, Shares, Issued	26,582,022	26,170,260
Common stock, shares outstanding	26,582,022	26,170,260
Class A-I Shares [Member]
Common stock, par value	$ 0.01
Common Stock, shares authorized	200,000,000
Common Stock, Shares, Issued	4,924,897	4,950,208
Common stock, shares outstanding	4,924,897	4,950,208
Class M-I Shares [Member]
Common stock, par value	$ 0.01
Common Stock, shares authorized	200,000,000
Common Stock, Shares, Issued	96,186,183	95,803,409
Common stock, shares outstanding	96,186,183	95,803,409
Class D Shares [Member]
Common stock, par value	$ 0.01
Common Stock, shares authorized	200,000,000
Common Stock, Shares, Issued	3,023,025	3,023,025
Common stock, shares outstanding	3,023,025	3,023,025
Ownership [Domain]
Land from VIEs	$ 73,593	$ 70,527
Buildings and equipment from VIEs	248,517	236,265
Less accumulated depreciation (including from VIEs)	(30,328)	(28,622)
Cash and Cash Equivalents	11,237	10,720
Restricted cash	787	1,082
Tenant accounts receivable from VIEs	2,302	1,724
Deferred expenses from VIEs	1,298	1,234
Acquired intangible assets, net	7,092	8,372
Deferred rent receivables from VIEs	1,569	1,539
Prepaid expenses and other assets from VIEs	2,879	6,383
Mortgage notes and other debt payable, net	116,743	116,852
Accounts payable and other accrued expenses from VIEs	4,083	3,806
Accrued interest from VIEs	557	526
Accrued real estate taxes from VIEs	$ 1,073	$ 591

XML

Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Rental revenue	$ 92,602	$ 74,955
Other Revenue	2,178	2,216
Total revenues	94,780	77,171
Operating expenses:
Real estate taxes	13,587	11,311
Property operating	17,213	14,001
Property general and administrative	964	697
Advisory Fees	11,069	17,858
Company Level Expenses	1,918	1,074
Depreciation and amortization	36,898	32,974
Total operating expenses	81,649	77,915
Other income and (expenses):
Interest expense	(84,980)	(17,852)
(Loss) income from unconsolidated real estate affiliates and fund investments	(14,674)	29,025
Investment Income, Dividend	523	304
Equity Securities, FV-NI, Realized Gain (Loss)	(332)	79
Equity Securities, FV-NI, Unrealized Gain (Loss)	1,224	(2,984)
Gain on disposition of property and extinguishment of debt	0	(31,492)
Total other income and (expenses)	(98,239)	40,064
Net (loss) income	(85,108)	39,320
Less: Net (loss) income attributable to the noncontrolling interests	4,091	(1,385)
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc.	$ (81,017)	$ 37,935
Other comprehensive loss:
Weighted Average Number of Shares Outstanding, Basic	242,864,524	212,104,884
Class A Shares [Member]
Other income and (expenses):
Earnings Per Share, Basic	$ (0.33)	$ 0.18
Other comprehensive loss:
Weighted Average Number of Shares Outstanding, Basic	113,264,683	102,496,685
Class M Shares [Member]
Other income and (expenses):
Earnings Per Share, Basic	$ (0.33)	$ 0.18
Other comprehensive loss:
Weighted Average Number of Shares Outstanding, Basic	26,311,066	36,744,790
Class A-I Shares [Member]
Other income and (expenses):
Earnings Per Share, Basic	$ (0.33)	$ 0.18
Other comprehensive loss:
Weighted Average Number of Shares Outstanding, Basic	4,907,983	9,338,376
Class M-I Shares [Member]
Other income and (expenses):
Earnings Per Share, Basic	$ (0.33)	$ 0.18
Other comprehensive loss:
Weighted Average Number of Shares Outstanding, Basic	95,357,767	57,107,329
Class D Shares [Member]
Other income and (expenses):
Earnings Per Share, Basic	$ (0.33)	$ 0.18
Other comprehensive loss:
Weighted Average Number of Shares Outstanding, Basic	3,023,025	6,417,704

XML

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Distributions to Stockholders [Member]	Accumulated Deficit [Member]	Noncontrolling Interest [Member]
Shares, Issued		206,042,836
Beginning balance at Dec. 31, 2021	$ 1,844,116	$ 2,061	$ 2,313,815	$ (573,963)	$ 34,398	$ 67,805
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	227,251	162	227,089
Repurchase of shares	(41,266)	$ (30)	(41,236)
Conversion of Stock, Shares Issued		(96)
Offering costs	(22,070)		(22,070)
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture		22,358
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture	330		330
Net income	39,320				37,935	1,385
Cash distributed to noncontrolling interests	(1,078)					(1,078)
Increase in Carrying Amount of Redeemable Preferred Stock	(6,970)				(3,048)	(3,922)
Distribution declared	(27,347)			(27,347)
Stock Issued During Period, Shares, Conversion of Units		$ 0
Ending balance at Mar. 31, 2022	$ 2,012,286	$ 2,193	2,472,555	(601,310)	69,285	69,563
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		16,263,717
Stock Repurchased During Period, Shares	(3,012,118)	(3,012,118)
Adjustment to limited partners' interest from change in ownership in operating partnership	$ 0		(5,373)			5,373
Shares, Outstanding		219,316,697
Shares, Issued		243,592,068
Beginning balance at Dec. 31, 2022	2,182,760	$ 2,436	2,799,539	(691,090)	(14,788)	86,663
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	91,705	65	91,640
Repurchase of shares	$ (84,968)	$ (60)	(84,908)
Conversion of Stock, Shares Issued	(120)	(120)
Offering costs	$ (6,974)		(6,974)
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture		25,345
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture	350		350
Net income	(85,084)				(81,017)	(4,067)
Stock Issued During Period, Value, Other	108,712					108,712
Adjustments to Additional Paid in Capital, Other			41,173			(41,173)
Cash distributed to noncontrolling interests	(2,737)					(2,737)
Increase in Carrying Amount of Redeemable Preferred Stock	(560)		(560)		0	0
Distribution declared	(31,986)			(31,986)
Stock Issued During Period, Shares, Conversion of Units		$ 0
Ending balance at Mar. 31, 2023	$ 2,171,218	$ 2,441	$ 2,840,260	$ (723,076)	$ (95,805)	$ 147,398
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)	6,494,329	6,468,984
Stock Repurchased During Period, Shares	(5,987,355)	(5,987,355)
Shares, Outstanding		244,098,922

XML

Consolidated Statements of Equity Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Common Stock, Dividends, Per Share, Declared	$ 0.145	$ 0.140

XML

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net income	$ (85,108)	$ 39,320
Adjustments to reconcile income (loss) to net cash provided by operating activities:
Depreciation and amortization	36,614	32,719
Gain on Disposition of Property and extinguishment of debt	0	(31,492)
Equity Securities, FV-NI, Realized Gain (Loss)	332	(79)
Equity Securities, FV-NI, Unrealized Gain (Loss)	(1,224)	2,984
Straight line rent	(1,847)	(1,646)
(Loss) income from unconsolidated real estate affiliates and fund investments	(14,674)	29,025
Proceeds from Equity Method Investment, Distribution	4,569	5,097
Non cash interest expense related to DST Program	62,564	6,497
Manager and Advisory Fees	(6,969)	(36,711)
Net changes in assets, liabilities and other	(9,379)	(1,395)
Net cash provided by operating activities	14,226	(13,731)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to Acquire Commercial Real Estate	11,528	153,896
Proceeds from Sale of Real Estate Held-for-investment	0	74,602
Payments for Capital Improvements	6,492	3,740
Payments to Acquire Interest in Subsidiaries and Affiliates	0	(7)
Payments to Acquire Other Investments	1,000	1,350
Payments to Acquire Marketable Securities	5,130	4,646
Proceeds from Sale and Maturity of Marketable Securities	4,665	4,348
Net cash used in (provided by) investing activities	(19,485)	(84,689)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock	172,431	217,977
Repurchase of shares	(84,246)	(41,266)
Offering Costs	(5,999)	(2,273)
Distributions to stockholders	(11,519)	(9,681)
Distributions paid to noncontrolling interests	(2,737)	(1,078)
Proceeds from Lines of Credit	25,000	110,000
Repayments of Lines of Credit	(100,000)	(205,000)
Proceeds from Issuance of Long-term Debt	0	95,800
Payments of Debt Issuance Costs	(17)	(18)
Principal payments on mortgage notes and other debt payable	(2,257)	(1,947)
Net cash provided by financing activities	(9,344)	162,514
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect [Abstract]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	(14,603)	64,094
Cash and cash equivalents at the beginning of the period	70,940
Cash and cash equivalents at the end of the period	60,217	124,415
Restricted Cash and Cash Equivalents	28,748	61,161
Cash, cash equivalents and restricted cash at the end of the period	88,965	185,576
Supplemental discolsure of cash flow information:
Interest Paid, Excluding Capitalized Interest, Operating Activities	22,920	12,877
Non-cash activities:
Write-Offs of Receivables	347	(75)
Write-offs of retired assets	2,802	2,539
Change in Liability for Capital Expenditures	1,378	(344)
Business Combination, Consideration Transferred	0	396
Liabilities Assumed	0	426
Change in issuance of common stock receivable	634	(4,819)
Change in accrued offering costs	975	19,797
OP Units	108,682	$ 0
NYC Retail Portfolio [Member]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect [Abstract]
Cash and cash equivalents at the beginning of the period	21,703
Cash and cash equivalents at the end of the period	$ 20,671

XML

Organization

3 Months Ended

Mar. 31, 2023

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 JLL Income Property Trust, Inc. The terms “Advisor” and “LaSalle” refer to LaSalle Investment Management, Inc.

JLL Income Property Trust, Inc., formerly known as 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 may 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 March 31, 2023, we owned interests in a total of 136 properties and nearly 4,400 single-family rental houses located in 27 states.

We own all or 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 all or 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 property may transfer the property to our operating partnership in exchange for limited partnership interests in our operating partnership ("OP Units") and defer taxation of gain until the limited partnership interests are disposed of in a taxable transaction. As of March 31, 2023, we have raised aggregate proceeds from the issuance of OP Units in our operating partnership of $237,156, and owned directly or indirectly 93.2% of the OP Units of our operating partnership. The remaining 6.8% of the OP Units are held by third parties.

From our inception to March 31, 2023, we have received approximately $5,435,280 in gross offering proceeds from various public and private offerings of shares of our common stock. 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 March 31, 2023, we have raised aggregate gross proceeds from the sale of shares of our common stock in our Current Public Offering of $916,893. 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 exempt from registration under the Securities Act of 1933, as amended (the "Securities Act") of up to $350,000 in shares of our Class D common stock with an indefinite duration (the "Private Offering"). As of March 31, 2023, we have raised aggregate gross proceeds of $98,188 from our Private Offering. In addition, on October 16, 2019, we, through our operating partnership, initiated a program (the “DST Program”) and on November 8, 2022, our board of directors approved an increase to raise up to a total of $2,000,000 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 March 31, 2023, we have raised $890,902 from our DST Program.

As of March 31, 2023, 113,382,795 shares of Class A common stock, 26,582,022 shares of Class M common stock, 4,924,897 shares of Class A-I common stock, 96,186,183 shares of Class M-I common stock, and 3,023,025 shares of Class D common stock were outstanding and held in aggregate by a total of 24,731 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, 2023, 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, as all operations are managed by our Advisor.

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 March 31, 2023, 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 $34,750.

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

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”), the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and include the accounts of our wholly owned subsidiaries, consolidated variable interest entities ("VIE") and the unconsolidated investment in real estate affiliates accounted for under the equity method of accounting. 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 March 31, 2023, our VIEs included The District at Howell Mill, Grand Lakes Marketplace, 237 Via Vera Cruz, 4211 Starboard Drive, 13500 Danielson Drive, 2840 Loker Ave, 15890 Bernardo Center Drive and Single-Family Rental Portfolio II 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 equity in our VIEs and our operating partnership. 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 March 31, 2023, noncontrolling interests represented the minority members’ proportionate share of the equity of The District at Howell Mill and our operating partnership.

Redeemable noncontrolling interests represent noncontrolling interests that are redeemable at the option of the holder or in circumstances out of our control and therefore are accounted for as temporary equity. The carrying amount of the redeemable noncontrolling interests is adjusted over time on an accretive basis to reflect the fair value at the time the noncontrolling interest becomes redeemable by the holder. Changes in the redemption value of redeemable noncontrolling interest are recorded as an allocation of retained earnings or additional paid in capital on our Consolidated Statements of Equity. During the three months ended March 31, 2022, we recorded an allocation from noncontrolling interests to redeemable noncontrolling interests in the amount of $3,922. We have redeemable noncontrolling interest that related to Grand Lakes Marketplace, 237 Via Vera Cruz, 4211 Starboard Drive, 13500 Danielson Drive, 2840 Loker Ave, 15890 Bernardo Center Drive and Single-Family Rental II as of March 31, 2023. As of March 31, 2023, $13,512 related to these third party joint ventures was included in Redeemable noncontrolling interests on our Consolidated Balance Sheet of which $2,880 is immediately puttable by the holder of the noncontrolling interest.

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 joint venture partners.

The carrying amount of our noncontrolling interests reflected in equity are as follows:

	March 31, 2023		December 31, 2022
Interests in the partnership equity of the operating partnership	$	143,641	$	82,635
Noncontrolling interest in consolidated joint ventures	3,757		4,028
Total noncontrolling interests reflected in equity	$	147,398	$	86,663

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the accounting policies described in the consolidated financial statements and related notes included in our Annual Report on Form 10-K filed with the SEC on March 27, 2023 (our “2022 Form 10-K”) and should be read in conjunction with such consolidated financial statements and related notes. The following notes to these interim consolidated financial statements highlight changes

to the notes included in the December 31, 2022 audited consolidated financial statements included in our 2022 Form 10-K and present interim disclosures as required by the SEC.

The interim financial data as of March 31, 2023 and for the three months ended March 31, 2023 and 2022 is unaudited. In our opinion, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the interim periods.

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 March 31, 2023, our restricted cash balance on our Consolidated Balance Sheets was primarily related to common stock subscriptions received in advance of the issuance of the common stock and loan escrow amounts.

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 March 31, 2023 and December 31, 2022 was $10,703 and $10,113, respectively.

Rental Revenue Recognition

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, 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 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.

Acquisitions

We have allocated a portion of the purchase price of our acquisitions 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 $135,277 and $123,725 at March 31, 2023 and December 31, 2022, 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 $16,700 and $15,566 at March 31, 2023 and December 31, 2022, respectively, on the accompanying Consolidated Balance Sheets.

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 fall within Level 3 of the hierarchy. 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 three months ending March 31, 2023, we recorded a net decrease in fair value classified within the Level 3 category of $5,965 and during the three months ended March 31, 2022 we recorded a net increase in fair value classified within the Level 3 category of $23,908, which related to our investments in the NYC Retail Portfolio (as defined below) and the Single-Family Rental Portfolio I (as defined below) (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 on our 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 using Level 2 inputs was $112,912 and $139,690 lower than the aggregate carrying amounts at March 31, 2023 and December 31, 2022, respectively. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition of our mortgage notes payable.

Derivative Financial Instruments

We record all derivatives on our 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 as a component of interest expense on our Consolidated Statements of Operations 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 swaps.

As of March 31, 2023, 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	4	200,000

The fair value of our interest rate swaps represent assets of $2,815 and $5,106 at March 31, 2023 and December 31, 2022, respectively.

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.

Ground Lease

As of March 31, 2023, we have a single ground lease arrangement for which we are the lessee and recorded a right-of-use asset within prepaid expenses and other assets on our Consolidated Balance Sheets in the amount of $2,054 and a lease liability within accounts payable and other liabilities on our Consolidated Balance Sheets in the amount of $2,243.

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.

Recently Issued Accounting Pronouncements

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"), 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 are evaluating the impact of this guidance. The FASB extended the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848.

Error Correction

Correction of Immaterial Overstatement of Noncontrolling Interest

During the year ended December 31, 2022, we identified an immaterial overstatement of the net equity balance related to the noncontrolling interests in partnership equity of our operating partnership. We previously recorded these noncontrolling interests based upon the fair value of the OP Units issued as consideration, increased for the noncontrolling interests’ share of net income of the operating partnership and decreased for the noncontrolling interests’ share of net loss and distributions. We have subsequently determined that transactions that change our ownership interest in the operating partnership are accounted for as equity transactions if we retain our controlling financial interest in the operating partnership and no gain or loss was recognized in net income. Accordingly, the net equity balance related to the noncontrolling interests in partnership equity of the operating partnership was adjusted to reflect these changes in ownership of the operating partnership as an equity transaction to reflect the change in ownership percentage of operating partnership. These adjustments are reflected as an allocation between Additional Paid in Capital and Noncontrolling Interest within our equity section on our Consolidated Balance Sheets and Consolidated Statements of Equity. Our ownership percentage of the operating partnership will increase as we issue common stock and will decrease as we issue OP Units to noncontrolling interests in the future. This correction has no impact on our net income, cash flows or the value of the OP Units. The following table summarizes the effects of this correction:

	As of March 31, 2022
	Previously Reported	Adjustment	Corrected
Noncontrolling interests	93,166	(23,603)	69,563
Additional paid in capital	2,448,952	23,603	2,472,555

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Property Business Combination (Notes)

3 Months Ended

Mar. 31, 2023

Business Combinations [Abstract]

Real Estate Disclosure [Text Block]

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.

Acquisitions

Throughout January and February 2023, we acquired 36 single family homes in the Single-Family Rental Portfolio II for approximately $12,270. The acquisitions were funded with cash on hand.

We allocated the purchase price for our 2023 acquisitions in accordance with authoritative guidance as follows:

	2023 Acquisitions
Land	$	2,465
Building and equipment	9,753
In-place lease intangible (acquired intangible assets)	56
	$	12,274
Amortization period for intangible assets and liabilities	0 - 12 months

Dispositions

There have been no dispositions as of March 31, 2023.

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Unconsolidated Real Estate Affiliates

3 Months Ended

Mar. 31, 2023

Unconsolidated Real Estate [Abstract]

Equity Method Investments and Joint Ventures Disclosure [Text Block]

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 apartment properties and single-family rental homes.

Unconsolidated Real Estate Affiliates

The following represent our unconsolidated real estate affiliates as of March 31, 2023 and December 31, 2022.

				Carrying Amount of Investment
Property	Property Type	Location	Acquisition Date	March 31, 2023		December 31, 2022
Chicago Parking Garage	Other	Chicago, IL	December 23, 2014	$	13,485	$	13,449
Pioneer Tower	Office	Portland, OR	June 28, 2016	75,300		88,000
The Tremont	Residential	Burlington, MA	July 19, 2018	21,217		21,211
The Huntington	Residential	Burlington, MA	July 19, 2018	9,847		10,019
Siena Suwanee Town Center	Residential	Suwanee, GA	December 15, 2020	30,741		30,449
Kingston at McLean Crossing	Residential	McLean, VA	December 3, 2021	38,336		39,075
Total				$	188,926	$	202,203

Summarized Combined Balance Sheets—Unconsolidated Real Estate Affiliates—Equity Method Investments

	March 31, 2023		December 31, 2022
Net investments in real estate	$	396,491	$	399,107
Acquired intangible assets, net	8,287		8,334
Other assets	15,070		14,661
Total assets	$	419,848	$	422,102
Mortgage notes and other debt payable	$	179,756	$	180,278
Acquired intangible liabilities, net	1,626		1,733
Other liabilities	3,996		3,518
Total liabilities	185,378		185,529
Members’ equity	234,470		236,573
Total liabilities and members' equity	$	419,848	$	422,102

Summarized Combined Statements of Operations—Unconsolidated Real Estate Affiliates—Equity Method Investments

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Total revenues	$	9,334	$	7,697
Total operating expenses	6,209		6,352
Operating income	$	3,125	$	1,345
Total other expenses (income)	2,271		(1,417)
Net income	$	854	$	2,762

Company Equity in Income of Unconsolidated Real Estate Affiliates - Equity Method Investments

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Net income of unconsolidated real estate affiliates	$	854	$	2,762
Other members’ share of net income	(108)		(1)
Impairment of investments in unconsolidated real estate affiliates	(11,414)		—
Company equity in (loss) income of unconsolidated real estate affiliates	$	(10,668)	$	2,761

Real Estate 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 was approximately $85,600 including closing costs. As of March 31, 2023, 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.

At acquisition we made the election to account for our interest in the NYC Retail Portfolio under the fair value option. We have no unfunded commitments. Our investment in the NYC Retail Portfolio is presented on our Consolidated Balance Sheets within real estate fund investments. Changes in the fair value of our investment as well as cash distributions received are recorded on our Consolidated Statements of Operations within income from unconsolidated real estate affiliates and fund investments. As of March 31, 2023 and December 31, 2022, the carrying amount of our investment in the NYC Retail Portfolio was $75,452 and $75,417, respectively. During the three months ended March 31, 2023, we recorded an increase in fair value of our investment in the NYC Retail Portfolio of $35 and received no cash distributions. During the three months ended March 31, 2022, we recorded a decrease in fair value of our investment in the NYC Retail Portfolio of $1,447 and received no cash distributions.

Single-Family Rental Portfolio I

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 I"). 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 of our 47% interest was approximately $205,000. We funded the transaction using cash on hand and a draw on our Revolving Credit Facility (as defined below).

At acquisition we made the election to account for our interest in the Single-Family Rental Portfolio I under the fair value option. As of March 31, 2023 and December 31, 2022, the carrying amount of our investment in the Single-Family Rental Portfolio I was $264,754 and $270,754, respectively. During the three months ended March 31, 2023, we recorded a decrease in fair value of our investment in the Single-Family Rental Portfolio I of $6,000. During the three months ended March 31, 2023, we received distributions of income totaling $1,959. These cash distributions of income increased income from unconsolidated real estate affiliates and fund investments.

Summarized Combined Balance Sheets—NYC Retail Portfolio Investment and Single-Family Rental Portfolio I—Fair Value Option Investment

	March 31, 2023		December 31, 2022
Investment in real estate	$	1,625,598	$	1,646,374
Cash	20,671		21,703
Other assets	54,424		52,190
Total assets	$	1,700,693	$	1,720,267
Total liabilities	834,548		834,237
Partners' capital	866,145		886,030
Total liabilities and partners' capital	$	1,700,693	$	1,720,267

Summarized Statement of Operations—NYC Retail Portfolio Investment and Single-Family Rental Portfolio I—Fair Value Option Investment

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Total revenue	$	22,667	$	19,795
Net investment income	9,440		7,684
Net change in unrealized (loss) gain on investment in real estate venture	(25,074)		66,844
Net (loss) income	$	(15,634)	$	74,528

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Mortgage Notes and Other Debt Payable

3 Months Ended

Mar. 31, 2023

Mortgage Notes Payable [Abstract]

Debt Disclosure [Text Block]

NOTE 5—MORTGAGE NOTES AND OTHER DEBT PAYABLE

Mortgage notes and other debt payable have various maturities through 2042 and consist of the following:

Mortgage notes and other debt payable	Maturity Date	Interest Rate	Amount payable as of
			March 31, 2023		December 31, 2022
Mortgage notes payable	June 1, 2023 - August 1, 2042	1.76% - 6.62%	$	1,316,357	$	1,318,614
Credit facility
Revolving line of credit	April 28, 2025	6.08%	150,000		225,000
Term loans	April 28, 2027	3.40% - 6.03%	400,000		400,000
TOTAL			$	1,866,357	$	1,943,614
Net debt discount on assumed debt and debt issuance costs			(18,360)		(19,087)
Mortgage notes and other debt payable, net			$	1,847,997	$	1,924,527

Aggregate future principal payments of mortgage notes and other debt payable as of March 31, 2023 are as follows: 

Year	Amount
2023	$	88,504
2024	17,653
2025	343,473
2026	309,240
2027	447,860
Thereafter	659,627
Total	$	1,866,357

Credit Facility

On April 28, 2022, we entered into a credit agreement providing for a $1,000,000 revolving line of credit and unsecured term loan (collectively, the “Credit Facility”) with a syndicate of nine lenders led by JPMorgan Chase Bank, N.A., Bank of America, N.A., PNC Capital Markets LLC, Wells Fargo Securities, LLC and Capital One, National Association. 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 $1,300,000, subject to receipt of lender commitments and other conditions. The $1,000,000 Credit Facility consists of a $600,000 revolving credit facility (the “Revolving Credit Facility”) and a $400,000 term loan (the “Term Loan”). The primary interest rate for the Revolving Credit Facility is based on one-month term Secured Overnight Financing Rate ("SOFR") plus 0.10% (“Adjusted Term SOFR”), plus a margin ranging from 1.30% to 2.00%, depending on our total leverage ratio. The primary interest rate for the Term Loan is based on Adjusted Term SOFR, plus a margin ranging from 1.25% to 1.95%, depending on our total leverage ratio. The maturity date of the Revolving Credit Facility is April 28, 2025 and the Term Loan is April 28, 2027. The Credit Facility contains two, twelve-month extension options at our election. Based on our current total leverage ratio, we can elect to borrow at Adjusted Term SOFR plus 1.35% and Adjusted Term SOFR plus 1.30% 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) Adjusted Term SOFR plus 1.0%, plus (ii) a margin ranging from 0.30% to 1.00% for base rate loans under the Revolving Credit Facility or a margin ranging from

0.25% to 0.95% 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 March 31, 2023, we believe no material adverse effects had occurred. We expect to utilize our cash on hand and Credit Facility capacity to extinguish mortgage notes maturing in 2023.

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 March 31, 2023, we had $150,000 outstanding under the Revolving Credit Facility at Adjusted Term SOFR plus 1.45% and $400,000 outstanding under the Term Loan at Adjusted Term SOFR plus 1.40%. We swapped $200,000 of the Revolving Credit Facility to a fixed rate of 2.88% (all in rate of 4.28% at March 31, 2023). The interest rate swap agreements have maturity dates ranging from May 25, 2023 through April 28, 2027.

Covenants

At March 31, 2023, we were in compliance with all debt covenants.

Debt Issuance Costs

Debt issuance costs are capitalized, and presented net of mortgage notes and other debt payable, and amortized over the terms of the respective agreements as a component of interest expense. Accumulated amortization of debt issuance costs at March 31, 2023 and December 31, 2022 was $11,911 and $11,032, respectively.

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Common Stock Common Stock

3 Months Ended

Mar. 31, 2023

Common Stock [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

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 follows:

	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 three months ended March 31, 2023 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	Total
Balance, December 31, 2022	113,645,166	26,170,260	4,950,208	95,803,409	3,023,025	243,592,068
Issuance of common stock	2,314,382	668,688	33,866	3,477,393	—	6,494,329
Repurchase of common stock	(2,514,135)	(242,535)	(59,207)	(3,171,478)	—	(5,987,355)
Share conversions	(62,618)	(14,391)	30	76,859	—	(120)
Balance, March 31, 2023	113,382,795	26,582,022	4,924,897	96,186,183	3,023,025	244,098,922

Stock Issuances

The stock issuances for our classes of common stock, including those issued through our distribution reinvestment plan, for the three months ended March 31, 2023 were as follows:

	Three Months Ended March 31, 2023
	# of shares	Amount
Class A Shares	2,314,382	$	32,967
Class M Shares	668,688	9,441
Class A-I Shares	33,866	473
Class M-I Shares	3,477,393	49,174
Total		$	92,055

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. For the three months ended March 31, 2023, we satisfied 100% of repurchase requests we received and repurchased 5,987,355 shares of common stock in the amount of $84,968. During the three months ended March 31, 2022, we satisfied 100% of repurchase requests we received and repurchased 3,012,118 shares of common stock in the amount of $41,266.

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 three months ended March 31, 2023, we issued 1,466,805 shares of common stock for $20,433 under the distribution reinvestment plan. For the three months ended March 31, 2022, we issued 1,217,520 shares of common stock for $17,666 under the distribution reinvestment plan.

Operating Partnership Units

On March 16, 2023, our operating partnership exercised its fair market value purchase option to acquire Summit at San Marcos, Mason Mill Distribution Center and San Juan Medical Center and issued 7,817,665 OP Units to the DST investors in exchange for their beneficial interests in such DST Properties. The OP Units were valued at $108,682 to DST investors. As a result of the transaction we incurred $36,432 of non-cash interest expense. On July 8, 2022, our operating partnership exercised its fair market value purchase option to acquire The Reserve at Johns Creek and issued 2,575,832 OP Units to the DST investors in exchange for their beneficial interests in such DST Property. The OP Units were valued at approximately $38,200 to DST investors. After a one-year holding period, holders of OP Units 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.

Earnings Per Share

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. 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:

	Three Months Ended March 31, 2023
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net income per share:
Allocation of net loss per share before performance fee	$	(37,785)	$	(8,777)	$	(1,637)	$	(31,810)	$	(1,008)
Allocation of performance fee	—		—		—		—		—
Total	$	(37,785)	$	(8,777)	$	(1,637)	$	(31,810)	$	(1,008)
Weighted average number of common shares outstanding	113,264,683		26,311,066		4,907,983		95,357,767		3,023,025
Basic and diluted net loss per share:	$	(0.33)	$	(0.33)	$	(0.33)	$	(0.33)	$	(0.33)
	Three Months Ended March 31, 2022
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net loss per share:
Allocation of net loss per share before performance fee	$	22,431	$	8,042	$	2,044	$	12,498	$	1,405
Allocation of performance fee	3,793		1,463		353		2,370		236
Total	$	18,638	$	6,579	$	1,691	$	10,128	$	1,169
Weighted average number of common shares outstanding	102,496,685		36,744,790		9,338,376		57,107,329		6,417,704
Basic and diluted net gain per share:	$	0.18	$	0.18	$	0.18	$	0.18	$	0.18

Organization and Offering Costs

Organization and offering costs include, but are not limited to, legal, accounting, 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 March 31, 2023 and December 31, 2022, LaSalle had paid $2,425 and $2,185, respectively, of organization and offering costs on our behalf which we had not yet reimbursed. These costs are included in accrued offering costs on our Consolidated Balance Sheets.

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DST Program (Notes)

3 Months Ended

Mar. 31, 2023

Variable Interest Entity [Line Items]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE 7—DST PROGRAM

On October 16, 2019, we, through our operating partnership, initiated the DST Program, and on November 8, 2022, our board of directors approved an increase to raise up to a total of $2,000,000 in private placements through the sale of beneficial interests in specific DSTs 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 our 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 our Consolidated Balance Sheets. Upfront costs for legal work and debt placement costs for the DST totaling $586 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. For the three months ended March 31, 2023, we recorded interest expense related to the master lease in the amounts of $9,535. For the three months ended March 31, 2022, we recorded interest expense related to the master lease in the amounts of $3,824. Upon the determination that it is probable that our operating partnership 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 DST Property and the outstanding liabilities. During the three months ended March 31, 2023, we determined it was probable our operating partnership would exercise its fair market value purchase option to acquire Summit at San Marcos, Mason Mill Distribution Center, and San Juan Medical Center which resulted in non-cash interest expense of $36,432. In consideration of our operating partnership exercising its option on all three initial DST programs through March 31, 2023, and the outlook for exercising additional purchase options, we determined that all DST Properties were probable for exercising the fair market value purchase option and recorded additional non-cash interest expense of $25,679 and non-cash interest income of $9,081 during the three months ended March 31, 2023. We will remeasure the financial obligation related to the DST Properties at each balance sheet date and adjust the non-cash interest expense or interest income recognized over the expected period until exercising of the fair market value purchase option. 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.

On March 16, 2023, our operating partnership exercised its fair market value purchase option to acquire Summit at San Marcos, Mason Mill Distribution Center, and San Juan Medical Center and issued 7,817,665 OP Units for approximately $108,682 to DST investors. On July 8, 2022, our operating partnership exercised its fair market value purchase option to acquire The Reserve at Johns Creek and issued 2,575,832 OP Units for approximately $38,200 to DST investors. As of March 31, 2023, we have sold $890,902 in interests related to the DST Program. As of March 31, 2023, the following properties are included in our DST Program:

The Penfield	The Rockwell	Sugar Land Medical Plaza
Milford Crossing	9101 Stony Point Drive	Suwanee Distribution Center
Villas at Legacy	Reserve at Venice	West Phoenix Distribution Center
Montecito Marketplace	Friendship Distribution Center	6300 Dumbarton Circle
Whitestown Distribution Center	Duke Medical Center	6500 Kaiser Drive
Louisville Airport Distribution Center	Silverstone Marketplace
The Preserve at the Meadows	South Reno Medical Center

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Related Party Transactions

3 Months Ended

Mar. 31, 2023

Related Party Transactions (Textual) [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 9—RELATED PARTY TRANSACTIONS

Pursuant to our 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 or OP Unit 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, 2023, subject to an unlimited number of successive one year renewals.

Fixed advisory fees for the three months ended March 31, 2023 was $11,069. The fixed advisory fees for the three months ended March 31, 2022 was $9,374. There were no performance fees for the three months ended March 31, 2023. Performance fees for the three months ended March 31, 2022 were $8,484. Included in Advisor fees payable at March 31, 2023 was $3,706 of fixed advisory fee expense. Included in Advisor fees payable for the year ended December 31, 2022 was $3,851 of fixed advisory fee expense and $6,969 of performance fee expenses.

We pay Jones Lang LaSalle Americas, Inc. (“JLL Americas”), an affiliate of our Advisor, for property management, construction management, leasing, mortgage brokerage and sales brokerage services performed at various properties we own. For the three months ended March 31, 2023, we paid JLL Americas $374 for property management and leasing services. For the three months ended March 31, 2022, we paid JLL Americas $419 for property management and leasing services. During the three months ended March 31, 2023, there were no mortgage brokerage fees paid to JLL Americas. During the three months ended March 31, 2022, there were no mortgage brokerage fees paid to JLL Americas.

We pay the Dealer Manager selling commissions and dealer manager fees in connection with our offerings. For the three months ended March 31, 2023, we paid the Dealer Manager selling commissions and dealer manager fees totaling $3,610. For the three months ended March 31, 2022, we paid Dealer Manager selling commissions and dealer manager fees totaling $3,762. A majority of the selling commissions and dealer manager fees are reallowed to participating broker-dealers. Included in accrued offering costs, at March 31, 2023 and December 31, 2022, were $186,292 and $185,557 of future dealer manager fees payable, respectively.

As of March 31, 2023 and December 31, 2022, we owed $2,425 and $2,185, respectively, for organization and offering costs paid by LaSalle (see Note 6-Common Stock and OP Units). 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 three months ended March 31, 2023, the taxable REIT subsidiary paid $2,203 to the Dealer Manager. For the three months ended March 31, 2022, the taxable REIT subsidiary paid $125 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 total equity 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 or 0.30% of the NAV of each outstanding Class A-I OP Unit for such day issued in connection with our operating partnership's fair market value purchase 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 or 0.30% of the NAV of each outstanding Class A-I share for such day issued in connection with the investors' 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 three months ended March 31, 2023, the DSTs paid $508 in investor servicing fees to the Dealer Manager in connection with the DST Program. For the three months ended March 31, 2022, the DSTs paid $287 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 pays the manager a management fee equal to a to-be-agreed upon percentage of the total equity of such DST. For the three months ended March 31, 2023, the DSTs paid $317 in management fees to our Advisor in connection with the DST Program. For the three months ended March 31, 2022, the DSTs paid $184 in management fees to our Advisor in connection with the DST Program.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

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 Consumer Price Index ("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 Grand Lakes Marketplace allows the unrelated third party joint venture partner, owning a 10% interest, to put its interest to us at a market determined value.

The operating agreement for 237 Via Vera Cruz, 13500 Danielson Street, 4211 Starboard, 2840 Loaker 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.

The operating agreement for our investment in Single-Family Rental Portfolio II allows the unrelated third party joint venture partner, owning a 5% interest, to put its interest to us at a market determined value starting November 9, 2030.

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Rentals Under Operating Leases

3 Months Ended

Mar. 31, 2023

Rentals Under Operating Leases [Abstract]

Lessor, Operating Leases

We receive rental income from operating leases. The minimum future rentals from consolidated properties based on operating leases in place at March 31, 2023 are as follows:

Year	Amount
2023	$	209,983
2024	192,551
2025	161,967
2026	141,444
2027	114,587
Thereafter	462,003
Total	$	1,282,535

 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 three months ended March 31, 2023, no tenants accounted for greater than 10% of minimum base rents.

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Segment Reporting

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE 11—SEGMENT REPORTING

We have five reportable operating segments: industrial, office, residential, retail and other properties. Consistent with how our chief operating decision makers evaluate performance and manage our properties, the financial information summarized below is presented by operating segment and reconciled to net income for the three months ended March 31, 2023 and 2022.

	Industrial		Office		Residential		Retail		Other		Total
Assets as of March 31, 2023	$	1,572,963	$	635,252	$	1,615,238	$	602,679	$	20,339	$	4,446,471
Assets as of December 31, 2022	1,586,416		640,066		1,623,069		612,640		20,543		4,482,734
Three Months Ended March 31, 2023
Capital expenditures by segment	$	981	$	695	$	2,151	$	1,288	$	—	$	5,115
Revenues:
Rental revenue	$	29,741	$	15,813	$	33,688	$	13,287	$	73	$	92,602
Other revenue	37		332		1,127		127		555		2,178
Total revenues	$	29,778	$	16,145	$	34,815	$	13,414	$	628	$	94,780
Operating expenses:
Real estate taxes	$	5,567	$	1,562	$	4,703	$	1,676	$	79	$	13,587
Property operating expenses	2,168		3,430		9,186		2,219		210		17,213
Total segment operating expenses	$	7,735	$	4,992	$	13,889	$	3,895	$	289	$	30,800
Reconciliation to net income
Property general and administrative											964
Advisor fees											11,069
Company level expenses											1,918
Depreciation and amortization											36,898
Total operating expenses											$	81,649
Other income and (expenses):
Interest expense											$	(84,980)
Loss from unconsolidated real estate affiliates and fund investments											(14,674)
Investment income from marketable securities											523
Net realized loss upon sale of marketable securities											(332)
Net unrealized change in fair value of investment in marketable securities											1,224
Total other income and (expenses)											$	(98,239)
Net loss											$	(85,108)
Reconciliation to total consolidated assets as of March 31, 2023
Assets per reportable segments											$	4,446,471
Investment in unconsolidated real estate affiliates, real estate fund investments and corporate level assets											657,229
Total consolidated assets											$	5,103,700
Reconciliation to total consolidated assets as of December 31, 2022
Assets per reportable segments											$	4,482,734
Investment in unconsolidated real estate affiliates, real estate fund investments and corporate level assets											671,484
Total consolidated assets											$	5,154,218

	Industrial		Office		Residential		Retail		Other		Total
Three Months Ended March 31, 2022
Capital expenditures by segment	$	1,005	$	1,121	$	—	$	316	$	—	$	2,442
Revenues:
Rental revenue	$	24,886	$	11,332	$	25,061	$	13,615	$	61	$	74,955
Other revenue	35		286		1,222		72		601		2,216
Total revenues	$	24,921	$	11,618	$	26,283	$	13,687	$	662	$	77,171
Operating expenses:
Real estate taxes	$	4,107	$	1,164	$	4,256	$	1,671	$	113	$	11,311
Property operating expenses	2,284		2,173		7,212		2,124		208		14,001
Total segment operating expenses	$	6,391	$	3,337	$	11,468	$	3,795	$	321	$	25,312
Reconciliation to net income
Property general and administrative											697
Advisor fees											17,858
Company level expenses											1,074
Depreciation and amortization											32,974
Total operating expenses											$	77,915
Other income and (expenses):
Interest expense											$	(17,852)
Income from unconsolidated real estate affiliates and fund investment											29,025
Investment income from marketable securities											304
Net realized gain upon sale of marketable securities											79
Net unrealized change in fair value of investment in marketable securities											(2,984)
Gain from disposition of property and extinguishment of debt, net											31,492
Total other income and (expenses)											$	40,064
Net income											$	39,320

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Investments, Debt and Equity Securities

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [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 March 31, 2023 and December 31, 2022, which consisted entirely of stock of publicly traded REITs.

	March 31, 2023		December 31, 2022
Investment in marketable securities - cost	$	50,948	$	50,815
Unrealized gains	1,230		716
Unrealized losses	(6,639)		(7,349)
Net unrealized loss	(5,409)		(6,633)
Investment in marketable securities - fair value	$	45,539	$	44,182

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 three months ended March 31, 2023, marketable securities sold generated proceeds of $4,665, resulting in realized gains of $163, and realized losses of $495. During the three months ended March 31, 2022, marketable securities sold generated proceeds of $4,348, resulting in realized gains of $157, and realized losses of $78.

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Subsequent Events

3 Months Ended

Mar. 31, 2023

Subsequent Events [Abstract]

Subsequent Events [Text Block]

SUBSEQUENT EVENTS

On April 20, 2023, we acquired Louisville Logistics Center, a 1,043,000 square foot industrial property located in Shepherdsville, Kentucky for approximately $81,500. The acquisition was funded with cash on hand and a draw on our Credit Facility.

On May 9, 2023, our board of directors approved a gross dividend for the first quarter of 2023 of $0.145 per share and OP unit to stockholders and OP Unit holders of record as of June 23, 2023. The dividend will be paid on or around June 28, 2023. Class A, Class M, Class A-I, Class M-I and Class D stockholders and OP Unit holders will receive $0.145 per share, less applicable class-specific fees, if any.

On May 9, 2023, we renewed our Advisory Agreement for a one-year term expiring on June 5, 2024, without any other changes.

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

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”), the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and include the accounts of our wholly owned subsidiaries, consolidated variable interest entities ("VIE") and the unconsolidated investment in real estate affiliates accounted for under the equity method of accounting. 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 March 31, 2023, our VIEs included The District at Howell Mill, Grand Lakes Marketplace, 237 Via Vera Cruz, 4211 Starboard Drive, 13500 Danielson Drive, 2840 Loker Ave, 15890 Bernardo Center Drive and Single-Family Rental Portfolio II 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 equity in our VIEs and our operating partnership. 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 March 31, 2023, noncontrolling interests represented the minority members’ proportionate share of the equity of The District at Howell Mill and our operating partnership.

Redeemable noncontrolling interests represent noncontrolling interests that are redeemable at the option of the holder or in circumstances out of our control and therefore are accounted for as temporary equity. The carrying amount of the redeemable noncontrolling interests is adjusted over time on an accretive basis to reflect the fair value at the time the noncontrolling interest becomes redeemable by the holder. Changes in the redemption value of redeemable noncontrolling interest are recorded as an allocation of retained earnings or additional paid in capital on our Consolidated Statements of Equity. During the three months ended March 31, 2022, we recorded an allocation from noncontrolling interests to redeemable noncontrolling interests in the amount of $3,922. We have redeemable noncontrolling interest that related to Grand Lakes Marketplace, 237 Via Vera Cruz, 4211 Starboard Drive, 13500 Danielson Drive, 2840 Loker Ave, 15890 Bernardo Center Drive and Single-Family Rental II as of March 31, 2023. As of March 31, 2023, $13,512 related to these third party joint ventures was included in Redeemable noncontrolling interests on our Consolidated Balance Sheet of which $2,880 is immediately puttable by the holder of the noncontrolling interest.

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 joint venture partners.

The carrying amount of our noncontrolling interests reflected in equity are as follows:

	March 31, 2023		December 31, 2022
Interests in the partnership equity of the operating partnership	$	143,641	$	82,635
Noncontrolling interest in consolidated joint ventures	3,757		4,028
Total noncontrolling interests reflected in equity	$	147,398	$	86,663

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the accounting policies described in the consolidated financial statements and related notes included in our Annual Report on Form 10-K filed with the SEC on March 27, 2023 (our “2022 Form 10-K”) and should be read in conjunction with such consolidated financial statements and related notes. The following notes to these interim consolidated financial statements highlight changes

to the notes included in the December 31, 2022 audited consolidated financial statements included in our 2022 Form 10-K and present interim disclosures as required by the SEC.The interim financial data as of March 31, 2023 and for the three months ended March 31, 2023 and 2022 is unaudited. In our opinion, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the interim periods.

Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]

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 March 31, 2023, our restricted cash balance on our Consolidated Balance Sheets was primarily related to common stock subscriptions received in advance of the issuance of the common stock and loan escrow amounts.

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 March 31, 2023 and December 31, 2022 was $10,703 and $10,113, respectively.

Acquisitions

Acquisitions

We have allocated a portion of the purchase price of our acquisitions 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 $135,277 and $123,725 at March 31, 2023 and December 31, 2022, 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 $16,700 and $15,566 at March 31, 2023 and December 31, 2022, respectively, on the accompanying Consolidated Balance Sheets.

Fair Value Disclosure

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 fall within Level 3 of the hierarchy. 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 three months ending March 31, 2023, we recorded a net decrease in fair value classified within the Level 3 category of $5,965 and during the three months ended March 31, 2022 we recorded a net increase in fair value classified within the Level 3 category of $23,908, which related to our investments in the NYC Retail Portfolio (as defined below) and the Single-Family Rental Portfolio I (as defined below) (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 on our 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 using Level 2 inputs was $112,912 and $139,690 lower than the aggregate carrying amounts at March 31, 2023 and December 31, 2022, respectively. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition of our mortgage notes payable.

Derivatives, Reporting of Derivative Activity [Policy Text Block]

Derivative Financial Instruments

We record all derivatives on our 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 as a component of interest expense on our Consolidated Statements of Operations 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 swaps.

As of March 31, 2023, 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	4	200,000

The fair value of our interest rate swaps represent assets of $2,815 and $5,106 at March 31, 2023 and December 31, 2022, respectively.

Lessee, Operating Leases

Ground Lease

As of March 31, 2023, we have a single ground lease arrangement for which we are the lessee and recorded a right-of-use asset within prepaid expenses and other assets on our Consolidated Balance Sheets in the amount of $2,054 and a lease liability within accounts payable and other liabilities on our Consolidated Balance Sheets in the amount of $2,243.

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 [Policy Text Block]

Recently Issued Accounting Pronouncements

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"), 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 are evaluating the impact of this guidance. The FASB extended the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848.

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, Leases

Rental Revenue RecognitionWe 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, 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 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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Summary of Significant Accounting Policies Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Schedule of Derivative Instruments [Table Text Block]

As of March 31, 2023, 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	4	200,000

Schedule of Error Corrections and Prior Period Adjustments

	As of March 31, 2022
	Previously Reported	Adjustment	Corrected
Noncontrolling interests	93,166	(23,603)	69,563
Additional paid in capital	2,448,952	23,603	2,472,555

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Property Purchase Price Allocation of Acquisitions (Tables)

3 Months Ended

Mar. 31, 2023

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

We allocated the purchase price for our 2023 acquisitions in accordance with authoritative guidance as follows:

	2023 Acquisitions
Land	$	2,465
Building and equipment	9,753
In-place lease intangible (acquired intangible assets)	56
	$	12,274
Amortization period for intangible assets and liabilities	0 - 12 months

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Unconsolidated Real Estate Affiliates Equity Method Investments (Tables)

3 Months Ended

Mar. 31, 2023

Equity Method Investments [Abstract]

Equity Method Investments [Table Text Block]

Unconsolidated Real Estate Affiliates

The following represent our unconsolidated real estate affiliates as of March 31, 2023 and December 31, 2022.

				Carrying Amount of Investment
Property	Property Type	Location	Acquisition Date	March 31, 2023		December 31, 2022
Chicago Parking Garage	Other	Chicago, IL	December 23, 2014	$	13,485	$	13,449
Pioneer Tower	Office	Portland, OR	June 28, 2016	75,300		88,000
The Tremont	Residential	Burlington, MA	July 19, 2018	21,217		21,211
The Huntington	Residential	Burlington, MA	July 19, 2018	9,847		10,019
Siena Suwanee Town Center	Residential	Suwanee, GA	December 15, 2020	30,741		30,449
Kingston at McLean Crossing	Residential	McLean, VA	December 3, 2021	38,336		39,075
Total				$	188,926	$	202,203

Summarized Combined Balance Sheets—Unconsolidated Real Estate Affiliates—Equity Method Investments

	March 31, 2023		December 31, 2022
Net investments in real estate	$	396,491	$	399,107
Acquired intangible assets, net	8,287		8,334
Other assets	15,070		14,661
Total assets	$	419,848	$	422,102
Mortgage notes and other debt payable	$	179,756	$	180,278
Acquired intangible liabilities, net	1,626		1,733
Other liabilities	3,996		3,518
Total liabilities	185,378		185,529
Members’ equity	234,470		236,573
Total liabilities and members' equity	$	419,848	$	422,102

Summarized Combined Statements of Operations—Unconsolidated Real Estate Affiliates—Equity Method Investments

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Total revenues	$	9,334	$	7,697
Total operating expenses	6,209		6,352
Operating income	$	3,125	$	1,345
Total other expenses (income)	2,271		(1,417)
Net income	$	854	$	2,762

Company Equity in Income of Unconsolidated Real Estate Affiliates - Equity Method Investments

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Net income of unconsolidated real estate affiliates	$	854	$	2,762
Other members’ share of net income	(108)		(1)
Impairment of investments in unconsolidated real estate affiliates	(11,414)		—
Company equity in (loss) income of unconsolidated real estate affiliates	$	(10,668)	$	2,761

Fair Value Option, Disclosures [Table Text Block]

Summarized Combined Balance Sheets—NYC Retail Portfolio Investment and Single-Family Rental Portfolio I—Fair Value Option Investment

	March 31, 2023		December 31, 2022
Investment in real estate	$	1,625,598	$	1,646,374
Cash	20,671		21,703
Other assets	54,424		52,190
Total assets	$	1,700,693	$	1,720,267
Total liabilities	834,548		834,237
Partners' capital	866,145		886,030
Total liabilities and partners' capital	$	1,700,693	$	1,720,267

Summarized Statement of Operations—NYC Retail Portfolio Investment and Single-Family Rental Portfolio I—Fair Value Option Investment

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Total revenue	$	22,667	$	19,795
Net investment income	9,440		7,684
Net change in unrealized (loss) gain on investment in real estate venture	(25,074)		66,844
Net (loss) income	$	(15,634)	$	74,528

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Mortgage Notes and Other Debt Payable Table 1 - Schedule of Mortgages and Other Notes Payable (Tables)

3 Months Ended

Mar. 31, 2023

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 2042 and consist of the following:

Mortgage notes and other debt payable	Maturity Date	Interest Rate	Amount payable as of
			March 31, 2023		December 31, 2022
Mortgage notes payable	June 1, 2023 - August 1, 2042	1.76% - 6.62%	$	1,316,357	$	1,318,614
Credit facility
Revolving line of credit	April 28, 2025	6.08%	150,000		225,000
Term loans	April 28, 2027	3.40% - 6.03%	400,000		400,000
TOTAL			$	1,866,357	$	1,943,614
Net debt discount on assumed debt and debt issuance costs			(18,360)		(19,087)
Mortgage notes and other debt payable, net			$	1,847,997	$	1,924,527

Aggregate principal payments of mortgage notes payable

Aggregate future principal payments of mortgage notes and other debt payable as of March 31, 2023 are as follows: 

Year	Amount
2023	$	88,504
2024	17,653
2025	343,473
2026	309,240
2027	447,860
Thereafter	659,627
Total	$	1,866,357

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Common Stock Common Stock (Tables)

3 Months Ended

Mar. 31, 2023

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.

Stock Transactions [Table Text Block]

Stock Transactions

The stock transactions for each of our classes of common stock for the three months ended March 31, 2023 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	Total
Balance, December 31, 2022	113,645,166	26,170,260	4,950,208	95,803,409	3,023,025	243,592,068
Issuance of common stock	2,314,382	668,688	33,866	3,477,393	—	6,494,329
Repurchase of common stock	(2,514,135)	(242,535)	(59,207)	(3,171,478)	—	(5,987,355)
Share conversions	(62,618)	(14,391)	30	76,859	—	(120)
Balance, March 31, 2023	113,382,795	26,582,022	4,924,897	96,186,183	3,023,025	244,098,922

Class of Stock [Line Items]

Schedule of Stock by Class [Table Text Block]

Stock Issuances

The stock issuances for our classes of common stock, including those issued through our distribution reinvestment plan, for the three months ended March 31, 2023 were as follows:

	Three Months Ended March 31, 2023
	# of shares	Amount
Class A Shares	2,314,382	$	32,967
Class M Shares	668,688	9,441
Class A-I Shares	33,866	473
Class M-I Shares	3,477,393	49,174
Total		$	92,055

Schedule of Earnings Per Share [Table Text Block]

	Three Months Ended March 31, 2023
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net income per share:
Allocation of net loss per share before performance fee	$	(37,785)	$	(8,777)	$	(1,637)	$	(31,810)	$	(1,008)
Allocation of performance fee	—		—		—		—		—
Total	$	(37,785)	$	(8,777)	$	(1,637)	$	(31,810)	$	(1,008)
Weighted average number of common shares outstanding	113,264,683		26,311,066		4,907,983		95,357,767		3,023,025
Basic and diluted net loss per share:	$	(0.33)	$	(0.33)	$	(0.33)	$	(0.33)	$	(0.33)
	Three Months Ended March 31, 2022
	Class A		Class M		Class A-I		Class M-I		Class D
Basic and diluted net loss per share:
Allocation of net loss per share before performance fee	$	22,431	$	8,042	$	2,044	$	12,498	$	1,405
Allocation of performance fee	3,793		1,463		353		2,370		236
Total	$	18,638	$	6,579	$	1,691	$	10,128	$	1,169
Weighted average number of common shares outstanding	102,496,685		36,744,790		9,338,376		57,107,329		6,417,704
Basic and diluted net gain per share:	$	0.18	$	0.18	$	0.18	$	0.18	$	0.18

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Rentals Under Operating Leases Rentals Under Operating Leases (Tables)

3 Months Ended

Mar. 31, 2023

Operating Leased Assets [Line Items]

Schedule of Property Subject to or Available for Operating Lease [Table Text Block]

We receive rental income from operating leases. The minimum future rentals from consolidated properties based on operating leases in place at March 31, 2023 are as follows:

Year	Amount
2023	$	209,983
2024	192,551
2025	161,967
2026	141,444
2027	114,587
Thereafter	462,003
Total	$	1,282,535

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Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Industrial		Office		Residential		Retail		Other		Total
Assets as of March 31, 2023	$	1,572,963	$	635,252	$	1,615,238	$	602,679	$	20,339	$	4,446,471
Assets as of December 31, 2022	1,586,416		640,066		1,623,069		612,640		20,543		4,482,734
Three Months Ended March 31, 2023
Capital expenditures by segment	$	981	$	695	$	2,151	$	1,288	$	—	$	5,115
Revenues:
Rental revenue	$	29,741	$	15,813	$	33,688	$	13,287	$	73	$	92,602
Other revenue	37		332		1,127		127		555		2,178
Total revenues	$	29,778	$	16,145	$	34,815	$	13,414	$	628	$	94,780
Operating expenses:
Real estate taxes	$	5,567	$	1,562	$	4,703	$	1,676	$	79	$	13,587
Property operating expenses	2,168		3,430		9,186		2,219		210		17,213
Total segment operating expenses	$	7,735	$	4,992	$	13,889	$	3,895	$	289	$	30,800
Reconciliation to net income
Property general and administrative											964
Advisor fees											11,069
Company level expenses											1,918
Depreciation and amortization											36,898
Total operating expenses											$	81,649
Other income and (expenses):
Interest expense											$	(84,980)
Loss from unconsolidated real estate affiliates and fund investments											(14,674)
Investment income from marketable securities											523
Net realized loss upon sale of marketable securities											(332)
Net unrealized change in fair value of investment in marketable securities											1,224
Total other income and (expenses)											$	(98,239)
Net loss											$	(85,108)
Reconciliation to total consolidated assets as of March 31, 2023
Assets per reportable segments											$	4,446,471
Investment in unconsolidated real estate affiliates, real estate fund investments and corporate level assets											657,229
Total consolidated assets											$	5,103,700
Reconciliation to total consolidated assets as of December 31, 2022
Assets per reportable segments											$	4,482,734
Investment in unconsolidated real estate affiliates, real estate fund investments and corporate level assets											671,484
Total consolidated assets											$	5,154,218

	Industrial		Office		Residential		Retail		Other		Total
Three Months Ended March 31, 2022
Capital expenditures by segment	$	1,005	$	1,121	$	—	$	316	$	—	$	2,442
Revenues:
Rental revenue	$	24,886	$	11,332	$	25,061	$	13,615	$	61	$	74,955
Other revenue	35		286		1,222		72		601		2,216
Total revenues	$	24,921	$	11,618	$	26,283	$	13,687	$	662	$	77,171
Operating expenses:
Real estate taxes	$	4,107	$	1,164	$	4,256	$	1,671	$	113	$	11,311
Property operating expenses	2,284		2,173		7,212		2,124		208		14,001
Total segment operating expenses	$	6,391	$	3,337	$	11,468	$	3,795	$	321	$	25,312
Reconciliation to net income
Property general and administrative											697
Advisor fees											17,858
Company level expenses											1,074
Depreciation and amortization											32,974
Total operating expenses											$	77,915
Other income and (expenses):
Interest expense											$	(17,852)
Income from unconsolidated real estate affiliates and fund investment											29,025
Investment income from marketable securities											304
Net realized gain upon sale of marketable securities											79
Net unrealized change in fair value of investment in marketable securities											(2,984)
Gain from disposition of property and extinguishment of debt, net											31,492
Total other income and (expenses)											$	40,064
Net income											$	39,320

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Investments, Debt and Equity Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The following is a summary of our investment in marketable securities held as of March 31, 2023 and December 31, 2022, which consisted entirely of stock of publicly traded REITs.

	March 31, 2023		December 31, 2022
Investment in marketable securities - cost	$	50,948	$	50,815
Unrealized gains	1,230		716
Unrealized losses	(6,639)		(7,349)
Net unrealized loss	(5,409)		(6,633)
Investment in marketable securities - fair value	$	45,539	$	44,182

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Organization (Details) $ in Thousands			3 Months Ended	15 Months Ended
	Nov. 08, 2022 USD ($)	Mar. 03, 2015 USD ($)	Mar. 31, 2023 USD ($) Rate shares	Mar. 31, 2023 USD ($) shares	Dec. 31, 2022 shares
Organization (Textual) [Abstract]
Incorporation date			May 28, 2004
common stock, authorized in offering of new shares				$ 3,000,000
Common Stock, Shares, Outstanding | shares			244,098,922	244,098,922	243,592,068
Number Of Stockholders			24,731	24,731
Investment Owned, Balance, Shares | shares			2,521,801	2,521,801
Investment Owned, at Fair Value			$ 34,750	$ 34,750
Proceeds from Issuance or Sale of Equity			$ 237,156
Sale of Stock, Percentage of Ownership after Transaction | Rate			93.20%
DST Program [Member]
Organization (Textual) [Abstract]
common stock, value authorized during DST offering	$ 2,000,000
Other Ownership Interest
Organization (Textual) [Abstract]
Sale of Stock, Percentage of Ownership after Transaction | Rate			6.80%
Consolidated properties [Member]
Organization (Textual) [Abstract]
Number of properties owned			136	136
Number of states			27	27
Number of Single Family Rental Homes			4,400	4,400
Class A Shares [Member]
Organization (Textual) [Abstract]
Common Stock, Shares, Outstanding | shares			113,382,795	113,382,795	113,645,166
Class M Shares [Member]
Organization (Textual) [Abstract]
Common Stock, Shares, Outstanding | shares			26,582,022	26,582,022	26,170,260
Class A-I Shares [Member]
Organization (Textual) [Abstract]
Common Stock, Shares, Outstanding | shares			4,924,897	4,924,897	4,950,208
Class M-I Shares [Member]
Organization (Textual) [Abstract]
Common Stock, Shares, Outstanding | shares			96,186,183	96,186,183	95,803,409
Class D Shares [Member]
Organization (Textual) [Abstract]
common stock, value authorized during private offering		$ 350,000
Common Stock, Shares, Outstanding | shares			3,023,025	3,023,025	3,023,025
FOO [Member]
Organization (Textual) [Abstract]
Common Stock, Value, Outstanding			$ 916,893	$ 916,893
Private Placement [Member]
Organization (Textual) [Abstract]
Common Stock, Value, Outstanding			98,188	98,188
DST Program [Member]
Organization (Textual) [Abstract]
Common Stock, Value, Outstanding			890,902	890,902
Public and private offerings
Organization (Textual) [Abstract]
Common Stock, Value, Outstanding			$ 5,435,280	$ 5,435,280

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Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) Rate	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Summary of Significant Accounting Policies [Line Items]
Other Revenue	$ 2,178	$ 2,216
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
Accumulated amortization of Deferred expenses	10,703		$ 10,113
Finite-Lived Intangible Assets, Accumulated Amortization	135,277		123,725
Finite-Lived intangible liability, Accumulated Amortization	16,700		(15,566)
Unrealized Gain (Loss) on Investments	(5,965)	23,908
Derivative Asset	2,815		5,106
Net Cash Provided by (Used in) Investing Activities	(19,485)	(84,689)
Redeemable Noncontrolling Interest, Equity, Carrying Amount	13,512		12,387
Redeemable Noncontrolling Interest, Equity, Other, Carrying Amount	2,880
Increase in Carrying Amount of Redeemable Preferred Stock	(560)	(6,970)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	2,171,218	2,012,286	2,182,760	$ 1,844,116
Noncontrolling interests	147,398		86,663
Noncontrolling Interest [Member]
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
Increase in Carrying Amount of Redeemable Preferred Stock	0	(3,922)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	147,398	69,563	86,663	67,805
Noncontrolling Interest [Member] | Reclassification, Other
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest		93,166
Noncontrolling Interest [Member] | Revision of Prior Period, Adjustment
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest		(23,603)
OP Units
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	143,641		82,635
REIT
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	3,757		4,028
Additional Paid-in Capital [Member]
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
Increase in Carrying Amount of Redeemable Preferred Stock	(560)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	2,840,260	2,472,555	2,799,539	$ 2,313,815
Additional Paid-in Capital [Member] | Reclassification, Other
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest		2,448,952
Additional Paid-in Capital [Member] | Revision of Prior Period, Adjustment
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest		23,603
NYC Retail Portfolio [Member]
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
Unrealized Gain (Loss) on Investments	35	$ (1,447)
Level two [Member]
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
Mortgage notes payable, fair value	$ 112,912		$ 139,690
Interest Rate Swap [Member]
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
Derivative, Number of Instruments Held	4
Derivative, Notional Amount	$ 200,000
us-gaap_NewAccountingPronouncementMember [Domain]
Summary of Significant Accounting Policies [Line Items]
Operating Lease, Right-of-Use Asset	2,054
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
SBG Ground Lease	$ 2,243
JLLIPT [Member]
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
Consolidation of variable interest entities, ownership percentage | Rate	100.00%

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Property Table 1 - Property listing (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jan. 10, 2023
Business Acquisition [Line Items]
Depreciation, Depletion and Amortization, Nonproduction	$ 36,898	$ 32,974
US SFR II | Single Family
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs			$ 12,270

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Property Table 2 Schedule of Purchase Price Allocations (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Land	$ 728,263	$ 725,078
Buildings and equipment	$ 3,743,421	$ 3,728,507
Minimum [Member]
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Assets, Remaining Amortization Period	0 months
Maximum [Member]
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Assets, Remaining Amortization Period	12 months
Property, Plant and Equipment, Other Types [Member]
Property, Plant and Equipment [Line Items]
Land	$ 2,465
Buildings and equipment	9,753
Finite-Lived Intangible Asset, Acquired-in-Place Leases	56
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	$ 12,274

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Unconsolidated Real Estate Affiliates (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) ft²	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Aug. 05, 2021 USD ($) Rate	Dec. 08, 2015 USD ($)
Real Estate Properties [Line Items]
Equity Method Investments	$ 188,926		$ 202,203
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	340,206		346,171
Unrealized Gain (Loss) on Investments	(5,965)	$ 23,908
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES
Total revenues	94,780	77,171
Interest Expense	(84,980)	(17,852)
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss)	81,017	(37,935)
Proceeds from Equity Method Investment, Distribution	4,569	5,097
Payments to Acquire Interest in Subsidiaries and Affiliates	0	7
Mortgage notes and other debt payable, net	1,847,997		1,924,527
Equity Method Investments	4,643,502		4,666,743
Acquired intangible liabilities, net	41,931		43,407
Liabilities	2,918,970		2,959,071
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	2,171,218	2,012,286	2,182,760	$ 1,844,116
Liabilities and Equity	5,103,700		5,154,218
Acquired intangible assets, net	243,813		256,515
Assets	5,103,700		5,154,218
Net income	85,108	(39,320)
Chicago Parking Garage [Member]
Real Estate Properties [Line Items]
Equity Method Investments	13,485		13,449
Pioneer Tower [Member]
Real Estate Properties [Line Items]
Equity Method Investments	75,300		88,000
The Tremont [Member]
Real Estate Properties [Line Items]
Equity Method Investments	21,217		21,211
The Huntington [Member]
Real Estate Properties [Line Items]
Equity Method Investments	9,847		10,019
Unconsolidated Real Estate Affiliates [Member]
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES
Total revenues	9,334	7,697
Operating Expenses	6,209	6,352
Operating income	3,125	1,345
Interest Expense	2,271	(1,417)
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss)	(10,668)	2,761
Equity Method Investments	396,491		399,107
Secured Debt	179,756		180,278
Acquired intangible liabilities, net	1,626		1,733
Other Liabilities	3,996		3,518
Liabilities	185,378		185,529
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	234,470		236,573
Liabilities and Equity	419,848		422,102
Acquired intangible assets, net	8,287		8,334
Other Assets	15,070		14,661
Assets	419,848		422,102
Impairment of Real Estate	(11,414)	0
Net income	854	2,762
Noncontrolling Interest in Net Income (Loss) Other Noncontrolling Interests, Nonredeemable	$ 108	1
NYC Retail Portfolio [Member]
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²	1,940,000
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	$ 75,452		75,417			$ 85,600
Real Estate Property Ownership Percentage						14.00%
Unrealized Gain (Loss) on Investments	35	(1,447)
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES
Liabilities	834,548		834,237
Liabilities and Equity	1,700,693		1,720,267
Other Assets	54,424		52,190
Assets	1,700,693		1,720,267
Madison NYC Core Retail Partners, L.P. [Member]
Real Estate Properties [Line Items]
Unrealized Gain (Loss) on Investments	(25,074)	66,844
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES
Total revenues	22,667	19,795
Net income	(15,634)	$ 74,528
Siena Suwanee Town Center
Real Estate Properties [Line Items]
Equity Method Investments	30,741		30,449
SFR Portfolio [Member]
Real Estate Properties [Line Items]
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	264,754		270,754		$ 205,000
Unrealized Gain (Loss) on Investments	(6,000)
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES
Proceeds from Equity Method Investment, Distribution	1,959
Mortgage notes and other debt payable, net					$ 760,000
Debt, Weighted Average Interest Rate | Rate					2.10%
Kingston at McLean
Real Estate Properties [Line Items]
Equity Method Investments	$ 38,336		$ 39,075
NYC Retail Portfolio [Member]
Real Estate Properties [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners						49.00%
Madison NYC Core Retail Partners, L.P. [Member]
Real Estate Properties [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners						28.00%
GVI RH JV Investor LLC
Real Estate Properties [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					47.00%

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Unconsolidated Real Estate Affiliates Fair Value Option Investment Table (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]
Revenues	$ 94,780	$ 77,171
Unrealized Gain (Loss) on Investments	5,965	(23,908)
Net (loss) income	85,108	(39,320)
Payments to Acquire Interest in Subsidiaries and Affiliates	0	7
Cash and Cash Equivalents	60,217	124,415	$ 70,940
Assets	5,103,700		5,154,218
Liabilities	2,918,970		2,959,071
Liabilities and Equity	5,103,700		5,154,218
Madison NYC Core Retail Partners, L.P. [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Revenues	22,667	19,795
Net Investment Income	9,440	7,684
Unrealized Gain (Loss) on Investments	25,074	(66,844)
Net (loss) income	(15,634)	74,528
NYC Retail Portfolio [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Unrealized Gain (Loss) on Investments	(35)	$ 1,447
Investments, Fair Value Disclosure	1,625,598		1,646,374
Cash and Cash Equivalents	20,671		21,703
Other Assets	54,424		52,190
Assets	1,700,693		1,720,267
Liabilities	834,548		834,237
Partners' Capital	866,145		886,030
Liabilities and Equity	$ 1,700,693		$ 1,720,267

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Table 1 - Mortgage Notes and Other Debt Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Summary of mortgage notes payable
Notes Payable	$ 1,866,357	$ 1,943,614
Debt Issuance Costs, Net	(18,360)	(19,087)
Mortgage notes and other debt payable, net	1,847,997	1,924,527
Revolving Credit Facility [Member]
Summary of mortgage notes payable
Revolving Line of Credit	$ 150,000	225,000
Debt Instrument, Interest Rate, Stated Percentage	6.08%
Term Loan [Member]
Summary of mortgage notes payable
Revolving Line of Credit	$ 400,000
Long-term Line of Credit	$ 400,000	400,000
Derivative, Fixed Interest Rate	1.40%
Notes Payable to Banks [Member]
Summary of mortgage notes payable
Notes Payable	$ 1,316,357	$ 1,318,614
Minimum [Member]
Summary of mortgage notes payable
Debt Instrument, Interest Rate, Stated Percentage	1.76%
Minimum [Member] | Term Loan [Member]
Summary of mortgage notes payable
Debt Instrument, Interest Rate, Stated Percentage	6.03%
Maximum [Member]
Summary of mortgage notes payable
Debt Instrument, Interest Rate, Stated Percentage	6.62%
Maximum [Member] | Term Loan [Member]
Summary of mortgage notes payable
Debt Instrument, Interest Rate, Stated Percentage	3.40%

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Table 2 - Summary of Aggregate Principle (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Long-Term Debt, Fiscal Year Maturity [Abstract]
Thereafter	$ 659,627
Total	1,866,357	$ 1,943,614
Long-Term Debt, Maturity, Year One	88,504
Long-Term Debt, Maturity, Year Two	17,653
Long-Term Debt, Maturity, Year Three	343,473
Long-Term Debt, Maturity, Year Four	309,240
Long-Term Debt, Maturity, Year Five	$ 447,860

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Mortgage Notes and Other Debt Payable Text Detail (Details Textual) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	May 24, 2021
Debt Instrument [Line Items]
Notes Payable	$ 1,866,357	$ 1,943,614
Line of Credit Facility, Maximum Borrowing Capacity			$ 1,000,000
Revolving Line of Credit, Maximum Borrowing Capacity			600,000
Term Loan, Maximum Borrowing Capacity			$ 400,000
Amortization of Debt Issuance Costs	11,911	11,032
Mortgage notes and other debt payable, net	$ 1,847,997	1,924,527
Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.30%
Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.00%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.08%
Revolving Line of Credit	$ 150,000	225,000
Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate	1.25%
Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)	4.28%
Derivative, Fixed Interest Rate	1.95%
Revolving Credit Facility [Member] | IPT Long-Term Line of Credit [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date Range, End	Apr. 28, 2025
Term Loan [Member]
Debt Instrument [Line Items]
Revolving Line of Credit	$ 400,000
Long-term Line of Credit	$ 400,000	$ 400,000
Derivative, Fixed Interest Rate	1.40%
Swap [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.88%

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Common Stock Common Stock (Details Text) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022	Dec. 31, 2022
Equity, Class of Treasury Stock [Line Items]
Common Stock, Shares, Outstanding	244,098,922			243,592,068
Stock Issued During Period, Shares, New Issues	6,494,329
Stock Repurchased During Period, Shares	(5,987,355)	(3,012,118)
Conversion of Stock, Shares Issued	(120)
Sale of Stock, Consideration Received on Transaction	$ 92,055
stockrepurchaselimit	5.00%
Repurchase of shares	$ (84,968)	$ (41,266)
Common Stock (Textual) [Abstract]
Stock Issued During Period, Shares, Dividend Reinvestment Plan	1,466,805	1,217,520
Stock Issued During Period, Value, Dividend Reinvestment Plan	$ 20,433	$ 17,666
Organization And Offering Expenses Reimbursement period	36 months
Calculation Of Reimbursed Offering Expenses As Specified Percentage Of Gross Proceeds	15.00%
Reimbursement of Organization and Offering Expenses	$ 2,425		$ 2,185
Proceeds from Issuance of Common Stock	172,431	217,977
Non cash interest expense related to DST Program	62,564	$ 6,497
Diversified I
Common Stock (Textual) [Abstract]
Stock Issued During Period, Value, Conversion of Units	$ 108,682
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units	7,817,665
Non cash interest expense related to DST Program	$ 36,432
The Reserve at Johns Creek Walk
Common Stock (Textual) [Abstract]
Stock Issued During Period, Value, Conversion of Units				$ 38,200
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units				2,575,832
Class A Shares [Member]
Equity, Class of Treasury Stock [Line Items]
Common Stock, Shares, Outstanding	113,382,795			113,645,166
Stock Issued During Period, Shares, New Issues	2,314,382
Stock Repurchased During Period, Shares	(2,514,135)
Conversion of Stock, Shares Issued	62,618
Common Stock (Textual) [Abstract]
Proceeds from Issuance of Common Stock	$ 32,967
Class M Shares [Member]
Equity, Class of Treasury Stock [Line Items]
Common Stock, Shares, Outstanding	26,582,022			26,170,260
Stock Issued During Period, Shares, New Issues	668,688
Stock Repurchased During Period, Shares	(242,535)
Conversion of Stock, Shares Issued	14,391
Common Stock (Textual) [Abstract]
Proceeds from Issuance of Common Stock	$ 9,441
Class A-I Shares [Member]
Equity, Class of Treasury Stock [Line Items]
Common Stock, Shares, Outstanding	4,924,897			4,950,208
Stock Issued During Period, Shares, New Issues	33,866
Stock Repurchased During Period, Shares	(59,207)
Conversion of Stock, Shares Issued	(30)
Common Stock (Textual) [Abstract]
Proceeds from Issuance of Common Stock	$ 473
Class M-I Shares [Member]
Equity, Class of Treasury Stock [Line Items]
Common Stock, Shares, Outstanding	96,186,183			95,803,409
Stock Issued During Period, Shares, New Issues	3,477,393
Stock Repurchased During Period, Shares	(3,171,478)
Conversion of Stock, Shares Issued	(76,859)
Common Stock (Textual) [Abstract]
Proceeds from Issuance of Common Stock	$ 49,174
Class D Shares [Member]
Equity, Class of Treasury Stock [Line Items]
Common Stock, Shares, Outstanding	3,023,025			3,023,025
Stock Issued During Period, Shares, New Issues	0
Stock Repurchased During Period, Shares	0
Conversion of Stock, Shares Issued	0

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Common Stock Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted Average Number of Shares Outstanding, Basic	242,864,524	212,104,884
Class A Shares [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income, before performance fee	$ (37,785)	$ 22,431
Noninterest Expense Related to Performance Fees	0	3,793
Net Income (Loss) Available to Common Stockholders, Basic	$ (37,785)	$ 18,638
Earnings Per Share, Basic	$ (0.33)	$ 0.18
Weighted Average Number of Shares Outstanding, Basic	113,264,683	102,496,685
Class M Shares [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income, before performance fee	$ (8,777)	$ 8,042
Noninterest Expense Related to Performance Fees	0	1,463
Net Income (Loss) Available to Common Stockholders, Basic	$ (8,777)	$ 6,579
Earnings Per Share, Basic	$ (0.33)	$ 0.18
Weighted Average Number of Shares Outstanding, Basic	26,311,066	36,744,790
Class A-I Shares [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income, before performance fee	$ (1,637)	$ 2,044
Noninterest Expense Related to Performance Fees	0	353
Net Income (Loss) Available to Common Stockholders, Basic	$ (1,637)	$ 1,691
Earnings Per Share, Basic	$ (0.33)	$ 0.18
Weighted Average Number of Shares Outstanding, Basic	4,907,983	9,338,376
Class M-I Shares [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income, before performance fee	$ (31,810)	$ 12,498
Noninterest Expense Related to Performance Fees	0	2,370
Net Income (Loss) Available to Common Stockholders, Basic	$ (31,810)	$ 10,128
Earnings Per Share, Basic	$ (0.33)	$ 0.18
Weighted Average Number of Shares Outstanding, Basic	95,357,767	57,107,329
Class D Shares [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income, before performance fee	$ (1,008)	$ 1,405
Noninterest Expense Related to Performance Fees	0	236
Net Income (Loss) Available to Common Stockholders, Basic	$ (1,008)	$ 1,169
Earnings Per Share, Basic	$ (0.33)	$ 0.18
Weighted Average Number of Shares Outstanding, Basic	3,023,025	6,417,704

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DST Program (Details) - USD ($) $ in Thousands		3 Months Ended
	Nov. 08, 2022	Mar. 31, 2023	Mar. 31, 2022
Variable Interest Entity [Line Items]
Proceeds from Sale and Maturity of Marketable Securities		$ 4,665	$ 4,348
Diversified I
Variable Interest Entity [Line Items]
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units		7,817,665
DST Program [Member]
Variable Interest Entity [Line Items]
common stock, value authorized during DST offering	$ 2,000,000
DST Program [Member] | Master Lease
Variable Interest Entity [Line Items]
Interest Expense, Other		$ 9,535	$ 3,824
Repurchase Agreements, Interest Expense Amount		25,679
Non-cash interest income		9,081
DST Program [Member]
Variable Interest Entity [Line Items]
Common Stock, Value, Outstanding		890,902
DST Program [Member]
Variable Interest Entity [Line Items]
Deferred Costs		$ 586

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Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022	Dec. 31, 2022
Management and Advisory Fee [Line Items]
Reimbursement of Organization and Offering Expenses	$ 2,425		$ 2,185
Manager and advisory fees payable				$ 6,969
Related Party Property Management Services Expense Paid	374	$ 419
Payments for Brokerage Fees	0
Payments of Stock Issuance Costs	5,999	2,273
Accrued Offering Costs	188,717			187,742
Selling commission, Dealer Manager Fee, Distribution Fee [Member]
Management and Advisory Fee [Line Items]
Payments of Stock Issuance Costs	3,610	3,762
Accrued Offering Costs	$ 186,292			185,557
Common Stock [Member]
Management and Advisory Fee [Line Items]
DST Program Selling Commissions	5.00%
DST Program Dealer Manager Fee	1.00%
DST Program Placement Fees	1.00%
DST Program [Member]
Management and Advisory Fee [Line Items]
DST Advisor Fees	$ 317	184
Payments of Stock Issuance Costs	2,203	125
DST Investor Servicing Fees	$ 508	287
Fixed fee [Member]
Management and Advisory Fee [Line Items]
Management and Advisory Fee Percentage on Net Asset Value	1.25%
Fixed portions of management and advisory fees	$ 11,069	9,374
Manager and advisory fees payable	$ 3,706			$ 3,851
Hurdle Rate [Member]
Management and Advisory Fee [Line Items]
Management and Advisory Fee Percentage on Net Asset Value	7.00%
performance fee [Member]
Management and Advisory Fee [Line Items]
Management and Advisory Fee Percentage on Net Asset Value	10.00%
Fixed portions of management and advisory fees	$ 0
Manager and advisory fees payable		$ 8,484

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Commitments and Contingencies (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
South Beach Parking Garage [Member]
Other Commitments [Line Items]
Payments for Rent	$ 112

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Rentals Under Operating Leases Rentals Under Operating Leases (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Property Subject to or Available for Operating Lease [Line Items]
Operating Leases, Future Minimum Payments Receivable, Current	$ 209,983
Operating Leases, Future Minimum Payments Receivable, in Two Years	192,551
Operating Leases, Future Minimum Payments Receivable, in Three Years	161,967
Operating Leases, Future Minimum Payments Receivable, in Four Years	141,444
Operating Leases, Future Minimum Payments Receivable, in Five Years	114,587
Lessee, Operating Lease, Liability, to be Paid, after Year Five	462,003
Operating Leases, Future Minimum Payments Receivable	$ 1,282,535

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Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Assets	$ 5,103,700		$ 5,154,218
Payments for Capital Improvements	6,492	$ 3,740
Operating Lease, Lease Income	92,602	74,955
Other Revenue	2,178	2,216
Total revenues	94,780	77,171
Real estate taxes	13,587	11,311
Property operating	17,213	14,001
Total operating expenses	81,649	77,915
Property general and administrative	964	697
Advisory Fees	11,069	17,858
Company Level Expenses	1,918	1,074
Depreciation, Depletion and Amortization, Nonproduction	36,898	32,974
Interest Expense	(84,980)	(17,852)
(Loss) income from unconsolidated real estate affiliates and fund investments	(14,674)	29,025
Gain (Loss) on Extinguishment of Debt	0	31,492
Other Nonoperating Income (Expense)	(98,239)	40,064
Income (loss) from continuing operations	(85,108)	39,320
Investment Income, Dividend	523	304
Apartments Segment [Member]
Segment Reporting Information [Line Items]
Assets	1,615,238		1,623,069
Payments for Capital Improvements	2,151	0
Operating Lease, Lease Income	33,688	25,061
Other Revenue	1,127	1,222
Total revenues	34,815	26,283
Real estate taxes	4,703	4,256
Property operating	9,186	7,212
Total operating expenses	13,889	11,468
Industrial Segment [Member]
Segment Reporting Information [Line Items]
Assets	1,572,963		1,586,416
Payments for Capital Improvements	981	1,005
Operating Lease, Lease Income	29,741	24,886
Other Revenue	37	35
Total revenues	29,778	24,921
Real estate taxes	5,567	4,107
Property operating	2,168	2,284
Total operating expenses	7,735	6,391
Office Segment [Member]
Segment Reporting Information [Line Items]
Assets	635,252		640,066
Payments for Capital Improvements	695	1,121
Operating Lease, Lease Income	15,813	11,332
Other Revenue	332	286
Total revenues	16,145	11,618
Real estate taxes	1,562	1,164
Property operating	3,430	2,173
Total operating expenses	4,992	3,337
Retail Segment [Member]
Segment Reporting Information [Line Items]
Assets	602,679		612,640
Payments for Capital Improvements	1,288	316
Operating Lease, Lease Income	13,287	13,615
Other Revenue	127	72
Total revenues	13,414	13,687
Real estate taxes	1,676	1,671
Property operating	2,219	2,124
Total operating expenses	3,895	3,795
Other Segments [Member]
Segment Reporting Information [Line Items]
Assets	20,339		20,543
Payments for Capital Improvements	0	0
Operating Lease, Lease Income	73	61
Other Revenue	555	601
Total revenues	628	662
Real estate taxes	79	113
Property operating	210	208
Total operating expenses	289	321
Corporate [Member]
Segment Reporting Information [Line Items]
Assets	657,229		671,484
Corporate and Other
Segment Reporting Information [Line Items]
Assets	4,446,471	4,482,734	$ 4,482,734
Payments for Capital Improvements	5,115	2,442
Operating Lease, Lease Income	92,602	74,955
Other Revenue	2,178	2,216
Total revenues	94,780
Real estate taxes	13,587	11,311
Property operating	17,213	14,001
Total operating expenses	$ 30,800	25,312
Other Nonoperating Income (Expense)		$ 40,064

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Investments, Debt and Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Equity Securities, FV-NI	$ 50,948		$ 50,815
Equity Securities, FV-NI, Accumulated Unrealized Gain	1,230		716
Equity Securities, FV-NI, Accumulated Unrealized Loss	(6,639)		(7,349)
Equity Securities, FV-NI, Accumulated Net Unrealized Gain (Loss)	(5,409)		(6,633)
Equity Securities, FV-NI, Current	45,539		$ 44,182
Marketable Securities [Line Items]
Proceeds from Sale and Maturity of Marketable Securities	4,665	$ 4,348
Equity Securities, FV-NI, Realized Gain	163	157
Equity Securities, FV-NI, Realized Loss	$ (495)	$ (78)

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Subsequent Events (Details Textual) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2023 $ / shares	Mar. 31, 2023 USD ($) $ / shares	Mar. 31, 2022 USD ($) $ / shares	Apr. 20, 2023 USD ($) ft²	Jan. 10, 2023 USD ($)	May 24, 2021 USD ($)
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared | $ / shares		$ 0.145	$ 0.140
Line of Credit Facility, Maximum Borrowing Capacity						$ 1,000,000
Revolving Line of Credit, Maximum Borrowing Capacity						600,000
Term Loan, Maximum Borrowing Capacity						$ 400,000
Payments of Stock Issuance Costs		$ 5,999	$ 2,273
DST Program [Member]
Subsequent Event [Line Items]
Payments of Stock Issuance Costs		$ 2,203	$ 125
Term Loan [Member]
Subsequent Event [Line Items]
Derivative, Fixed Interest Rate		1.40%
Revolving Credit Facility [Member] | IPT Long-Term Line of Credit [Member]
Subsequent Event [Line Items]
Debt Instrument, Maturity Date Range, End		Apr. 28, 2025
Maximum [Member]
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.00%
Maximum [Member] | Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Derivative, Fixed Interest Rate		1.95%
Minimum [Member]
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.30%
Minimum [Member] | Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Derivative, Fixed Interest Rate		1.25%
US SFR II | Single Family
Subsequent Event [Line Items]
Business Acquisition, Transaction Costs					$ 12,270
Subsequent Event [Member]
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared | $ / shares	$ 0.145
Subsequent Event [Member] | Louisville Logistics Center | Industrial Segment [Member]
Subsequent Event [Line Items]
Area of Real Estate Property | ft²				1,043,000
Business Acquisition, Transaction Costs				$ 81,500

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Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 103,568,000
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 121,482,000