Blackstone Real Estate Income Trust (BSTT) 10-K 11 Mar 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Mar. 11, 2022	Jun. 30, 2021
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-55931
Entity Registrant Name	Blackstone Real Estate Income Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	81-0696966
Entity Address, Address Line One	345 Park Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10154
City Area Code	212
Local Phone Number	583-5000
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 0
Documents Incorporated by Reference	Part III of this annual report on Form 10-K incorporates information by reference from the registrant’s definitive proxy statement with respect to its 2021 annual meeting of stockholders to be filed with the Securities and Exchange Commission within 120 days after the close of the registrant’s fiscal year.
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0001662972
Class S
Document Information [Line Items]
Title of 12(g) Security	Class S Common Stock, $0.01 par value per share
Entity Common Stock, Shares Outstanding		1,426,164,653
Class I
Document Information [Line Items]
Title of 12(g) Security	Class I Common Stock, $0.01 par value per share
Entity Common Stock, Shares Outstanding		2,364,310,357
Class T
Document Information [Line Items]
Title of 12(g) Security	Class T Common Stock, $0.01 par value per share
Entity Common Stock, Shares Outstanding		65,132,749
Class D
Document Information [Line Items]
Title of 12(g) Security	Class D Common Stock, $0.01 par value per share
Entity Common Stock, Shares Outstanding		339,922,263

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Auditor Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	New York, New York

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Investments in real estate, net	$ 66,941,653	$ 32,457,713
Investments in unconsolidated entities (includes $1,613,646 and $0 at fair value    as of December 31, 2021 and December 31, 2020, respectively)	5,501,305	816,220
Investments in real estate debt	8,995,939	4,566,306
Cash and cash equivalents	989,674	333,388
Restricted cash	2,428,907	711,135
Other assets	6,450,733	1,799,253
Total assets	91,308,211	40,684,015
Liabilities and Equity
Mortgage notes, term loans, and secured revolving credit facilities, net	41,327,388	19,976,161
Secured financings of investments in real estate debt	4,706,632	2,140,993
Unsecured revolving credit facilities	0	0
Due to affiliates	1,309,447	887,660
Other liabilities	4,184,148	1,465,194
Total liabilities	51,527,615	24,470,008
Commitments and contingencies	0	0
Redeemable non-controlling interests	750,670	30,056
Equity
Additional paid-in capital	42,249,094	19,059,045
Accumulated other comprehensive loss	(9,569)	0
Accumulated deficit and cumulative distributions	(5,631,014)	(3,224,318)
Total stockholders' equity	36,645,403	15,852,726
Non-controlling interests attributable to third party joint ventures	1,744,256	143,253
Non-controlling interests attributable to BREIT OP unitholders	640,267	187,972
Total equity	39,029,926	16,183,951
Total liabilities and equity	91,308,211	40,684,015
Class S
Equity
Common stock value	12,543	7,029
Class I
Equity
Common stock value	20,865	9,270
Class T
Equity
Common stock value	573	459
Class D
Equity
Common stock value	$ 2,911	$ 1,241

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investments in unconsolidated entities	$ 1,613,646	$ 0
Common stock, shares outstanding (in shares)	3,689,353,000	1,800,017,000
Class S
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	3,000,000,000	3,000,000,000
Common stock, shares issued (in shares)	1,254,348,000	702,853,000
Common stock, shares outstanding (in shares)	1,254,348,000	702,853,000
Class I
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	6,000,000,000	6,000,000,000
Common stock, shares issued (in shares)	2,086,631,000	927,080,000
Common stock, shares outstanding (in shares)	2,086,631,000	927,080,000
Class T
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	57,287,000	45,943,000
Common stock, shares outstanding (in shares)	57,287,000	45,943,000
Class D
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	291,087,000	124,141,000
Common stock, shares outstanding (in shares)	291,087,000	124,141,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Total revenues	$ 3,696,671	$ 2,551,648	$ 1,686,272
Expenses
Operating expenses	1,508,715	1,013,251	774,676
General and administrative	32,046	25,653	18,170
Management fee	445,291	224,776	108,115
Performance participation allocation	1,378,959	192,648	141,396
Impairment of investments in real estate	0	12,343	0
Depreciation and amortization	1,919,932	1,362,151	824,039
Total expenses	5,284,943	2,830,822	1,866,396
Other income (expense)
Income from unconsolidated entities	205,980	88,571	0
Income (loss) from investments in real estate debt	498,107	(120,917)	213,062
Net gain on dispositions of real estate	7,881	113,173	35,035
Interest expense	(835,283)	(712,931)	(484,476)
Loss on extinguishment of debt	(16,331)	(10,356)	0
Other income (expense)	891,754	54,232	2,260
Total other income (expense)	752,108	(588,228)	(234,119)
Net loss	(836,164)	(867,402)	(414,243)
Net loss attributable to non-controlling interests in third party joint ventures	22,090	2,417	5,671
Net loss attributable to non-controlling interests in BREIT OP	9,291	11,586	6,801
Net loss attributable to BREIT stockholders	$ (804,783)	$ (853,399)	$ (401,771)
Net (loss) income per share of common stock — basic (in dollars per share)	$ (0.30)	$ (0.53)	$ (0.54)
Net (loss) income per share of common stock — diluted (in dollars per share)	$ (0.30)	$ (0.53)	$ (0.54)
Weighted-average shares of common stock outstanding, basic (in shares)	2,645,228	1,598,175	748,841
Weighted-average shares of common stock outstanding, diluted (in shares)	2,645,228	1,598,175	748,841
Rental revenue
Revenues
Total revenues	$ 3,140,528	$ 2,235,872	$ 1,201,613
Expenses
Operating expenses	1,192,571	751,779	469,966
Hospitality
Revenues
Total revenues	412,338	248,909	432,892
Expenses
Operating expenses	316,144	261,472	304,710
Other revenue
Revenues
Total revenues	$ 143,805	$ 66,867	$ 51,767

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Other Comprehensive Income [Abstract]
Net loss	$ (836,164)	$ (867,402)	$ (414,243)
Other comprehensive income (loss):
Foreign currency translation losses, net	(9,569)	0	0
Comprehensive loss	(845,733)	(867,402)	(414,243)
Comprehensive loss attributable to non-controlling interests in third party joint ventures	22,090	2,417	5,671
Comprehensive loss attributable to non-controlling interests in BREIT OP	9,291	11,586	6,801
Comprehensive loss attributable to BREIT stockholders	$ (814,352)	$ (853,399)	$ (401,771)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common StockClass S	Common StockClass I	Common StockClass T	Common StockClass D	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit and Cumulative Distributions	Non-controlling InterestsNon- controlling Interests Attributable to BREIT OP Unitholders	Non-controlling InterestsNon- controlling Interests Attributable to Third Party Joint Ventures
Beginning Balance at Dec. 31, 2018	$ 3,914,954	$ 3,744,286	$ 2,770	$ 1,083	$ 233	$ 304	$ 4,327,444	$ 0	$ (587,548)	$ 95,076	$ 75,592
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued	7,709,170	7,709,170	2,485	3,712	167	531	7,702,275
Offering costs	(315,523)	(315,523)					(315,523)
Distribution reinvestment	245,335	245,335	121	74	9	16	245,115
Common stock/units repurchased	(237,087)	(236,369)	(68)	(130)	(11)	(4)	(236,156)			(718)
Amortization of compensation awards	2,400	400		4			396			2,000
Net loss allocated to redeemable non-controlling interest	1,663
Net income (loss)	(412,580)	(401,771)							(401,771)	(6,393)	(4,416)
Distributions declared on common stock	(433,566)	(433,566)							(433,566)
Contributions from non-controlling interests	178,957									69,761	109,196
Distributions to and redemptions of non-controlling interests	(30,582)									(8,005)	(22,577)
Allocation to redeemable non-controlling interests	(6,830)	(6,830)					(6,830)
Ending Balance at Dec. 31, 2019	10,614,648	10,305,132	5,308	4,743	398	847	11,716,721	0	(1,422,885)	151,721	157,795
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued	8,536,246	8,536,246	1,963	5,096	85	433	8,528,669
Offering costs	(217,398)	(217,398)					(217,398)
Distribution reinvestment	492,664	492,664	209	194	13	32	492,216
Common stock/units repurchased	(1,455,096)	(1,452,169)	(451)	(767)	(37)	(71)	(1,450,843)			(2,927)
Amortization of compensation awards	1,794	400		4			396			1,394
Net loss allocated to redeemable non-controlling interest	1,606
Net income (loss)	(865,796)	(853,399)							(853,399)	(11,572)	(825)
Distributions declared on common stock	(948,034)	(948,034)							(948,034)
Contributions from non-controlling interests	78,345									63,226	15,119
Distributions to and redemptions of non-controlling interests	(44,652)	(1,946)					(1,946)			(13,870)	(28,836)
Allocation to redeemable non-controlling interests	(8,770)	(8,770)					(8,770)
Ending Balance at Dec. 31, 2020	16,183,951	15,852,726	7,029	9,270	459	1,241	19,059,045	0	(3,224,318)	187,972	143,253
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued	24,745,564	24,745,564	5,434	12,210	114	1,643	24,726,163
Offering costs	(805,116)	(805,116)					(805,116)
Distribution reinvestment	792,953	792,953	252	306	14	51	792,330
Common stock/units repurchased	(1,424,641)	(1,421,597)	(172)	(927)	(14)	(24)	(1,420,460)			(2,915)	(129)
Amortization of compensation awards	14,948	580		6			574			14,368
Net loss allocated to redeemable non-controlling interest	1,794
Net income (loss)	(834,370)	(804,783)							(804,783)	(9,285)	(20,302)
Other comprehensive loss	(9,569)	(9,569)						(9,569)
Distributions declared on common stock	(1,601,913)	(1,601,913)							(1,601,913)
Contributions from non-controlling interests	2,773,150									473,017	2,300,133
Distributions to and redemptions of non-controlling interests	(701,589)									(22,890)	(678,699)
Allocation to redeemable non-controlling interests	(103,442)	(103,442)					(103,442)
Ending Balance at Dec. 31, 2021	$ 39,029,926	$ 36,645,403	$ 12,543	$ 20,865	$ 573	$ 2,911	$ 42,249,094	$ (9,569)	$ (5,631,014)	$ 640,267	$ 1,744,256

Condensed Consolidated Statemen

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Net loss allocated to redeemable non-controlling interest	$ (1,794)	$ (1,606)	$ (1,663)
Distributions declared on common stock (in dollars per share)	$ 0.6508	$ 0.6354	$ 0.6363

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (836,164)	$ (867,402)	$ (414,243)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee	445,291	224,776	108,115
Performance participation allocation	1,378,959	192,648	141,396
Impairment of investments in real estate	0	12,343	0
Depreciation and amortization	1,919,932	1,362,151	824,039
Net gain on dispositions of real estate	(7,881)	(113,173)	(35,035)
Loss on extinguishment of debt	16,331	10,356	0
Unrealized (gain) loss on changes in fair value of financial instruments	(1,035,763)	241,554	(47,651)
Income from unconsolidated entities	(205,980)	(88,571)	0
Distributions of earnings from unconsolidated entities	112,517	80,663	0
Other items	(88,382)	(28,888)	(8,812)
Change in assets and liabilities:
(Increase) / decrease in other assets	(347,998)	(72,005)	(117,527)
Increase / (decrease) in due to affiliates	2,799	4,347	3,893
Increase / (decrease) in other liabilities	429,424	13,105	146,752
Net cash provided by operating activities	1,783,085	971,904	600,927
Cash flows from investing activities:
Acquisitions of real estate	(28,886,135)	(6,547,909)	(15,669,598)
Capital improvements to real estate	(576,304)	(327,205)	(199,768)
Proceeds from disposition of real estate	267,045	434,880	79,118
Pre-acquisition costs and deposits	(152,220)	(11,692)	0
Investment in unconsolidated entities	(5,236,968)	(808,312)	0
Return of capital from unconsolidated entities	45,761	0	0
Purchase of investments in real estate debt	(5,880,308)	(1,232,955)	(2,944,340)
Proceeds from sale/repayment of investments in real estate debt	1,642,388	993,229	739,591
Purchase of real estate-related equity securities	(1,795,353)	(718,771)	0
Proceeds from sale of real estate-related equity securities	0	179,904	0
Net cash used in investing activities	(40,572,094)	(8,038,831)	(17,994,997)
Cash flows from financing activities:
Proceeds from issuance of common stock	23,024,165	7,513,895	7,431,641
Offering costs paid	(180,186)	(95,069)	(77,156)
Subscriptions received in advance	1,746,910	508,817	796,729
Repurchase of common stock	(1,082,105)	(1,200,517)	(75,279)
Repurchase of management fee shares	(372,230)	(171,300)	(114,843)
Borrowings under mortgage notes, term loans, and secured revolving credit facilities	24,656,316	8,860,936	17,399,268
Repayments of mortgage notes, term loans, and secured revolving credit facilities	(8,676,134)	(6,834,346)	(8,328,912)
Borrowings under secured financings of investments in real estate debt	12,887,626	2,228,336	1,831,464
Repayments of secured financings of investments in real estate debt	(10,296,189)	(3,209,683)	(453,050)
Borrowings under affiliate unsecured revolving credit facility	160,000	175,000	2,105,500
Repayments of affiliate unsecured revolving credit facility	(160,000)	(175,000)	(2,105,500)
Borrowings under unsecured revolving credit facilities	1,200,000	130,000	240,000
Repayments of unsecured revolving credit facilities	(1,200,000)	(130,000)	(240,000)
Payment of deferred financing costs	(257,998)	(72,881)	(116,126)
Redemption of redeemable non-controlling interest	(111,949)	(83,625)	(35,435)
Redemption of affiliate service provider incentive compensation awards	(1,157)	(2,239)	(718)
Contributions from non-controlling interests	671,602	27,124	132,852
Distributions to and redemptions of non-controlling interests	(135,110)	(46,755)	(39,607)
Distributions	(711,639)	(420,945)	(153,669)
Net cash provided by financing activities	41,161,922	7,001,748	18,197,159
Net change in cash and cash equivalents and restricted cash	2,372,913	(65,179)	803,089
Cash and cash equivalents and restricted cash, beginning of year	1,044,523	1,109,702	0
Effects of currency translation on cash, cash equivalents and restricted cash	1,145	0	306,613
Cash and cash equivalents and restricted cash, end of year	3,418,581	1,044,523	1,109,702
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets
Cash and cash equivalents	989,674	333,388	204,269
Restricted cash	2,428,907	711,135	905,433
Total cash and cash equivalents and restricted cash	3,418,581	1,044,523	1,109,702
Supplemental disclosures:
Interest paid	726,714	674,594	461,354
Non-cash investing and financing activities:
Assumption of mortgage notes in conjunction with acquisitions of real estate	5,494,319	944,112	1,202,713
Acquisition of other assets in conjunction with acquisitions of real estate	47,740	0	0
Issuance of BREIT OP units as consideration for acquisitions of real estate	395,752	770	64,698
Recognition of financing lease liability	16,855	0	56,008
Assumed operating ground lease liabilities	0	0	50,612
Accrued pre-acquisition costs	1,199	0	0
Accrued capital expenditures and acquisition related costs	23,139	13,402	17,589
Contributions from non-controlling interests	0	0	2,520
Contribution from non-controlling interests for acquisitions of real estate	1,660,443	0	0
Distribution to non-controlling interest from deconsolidation	561,798	0	0
Distribution from investment in unconsolidated entities resulting from consolidation	38,294	0	0
Accrued distributions	99,251	34,682	34,849
Accrued stockholder servicing fee due to affiliate	630,181	126,872	240,043
Redeemable non-controlling interest issued as settlement of performance participation allocation	1,571,607	141,396	37,484
Allocation to redeemable non-controlling interest	103,442	8,770	6,830
Distribution reinvestment	792,953	492,664	245,335
Accrued common stock repurchases	100,802	83,350	46,247
Accrued common stock repurchases due to affiliate	0	50,844	0
Payable for unsettled investments in real estate debt	21,426	0	362
Receivable for unsettled investments in real estate debt	75	16,691	0
Issuance of BREIT OP units as settlement of affiliate incentive compensation awards	0	0	4,714
Class I Shares
Non-cash investing and financing activities:
Exchange of redeemable non-controlling interest	801,645	9,228	11,620
Class B Units
Non-cash investing and financing activities:
Exchange of redeemable non-controlling interest	68,453	48,543	0
Real Estate
Non-cash investing and financing activities:
Assumption of other liabilities in conjunction with acquisitions	527,665	5,688	71,784
Investments in Unconsolidated Entities
Non-cash investing and financing activities:
Assumption of other liabilities in conjunction with acquisitions	$ 9,435	$ 0	$ 0

Organization and Business Purpo

Organization and Business Purpose	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Purpose	Organization and Business Purpose Blackstone Real Estate Income Trust, Inc. (“BREIT” or the “Company”) invests primarily in stabilized income-generating commercial real estate in the United States. To a lesser extent, the Company may invest outside the U.S. and in real estate debt. The Company is the sole general partner and majority limited partner of BREIT Operating Partnership, L.P., a Delaware limited partnership (“BREIT OP”). BREIT Special Limited Partner L.P. (the “Special Limited Partner”), a wholly-owned subsidiary of Blackstone Inc. (together with its affiliates, “Blackstone”), owns a special limited partner interest in BREIT OP. Substantially all of the Company’s business is conducted through BREIT OP. The Company and BREIT OP are externally managed by BX REIT Advisors L.L.C. (the “Adviser”). The Adviser is part of the real estate group of Blackstone, a leading global investment manager. The Company was formed on November 16, 2015 as a Maryland corporation and qualifies as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company had previously registered with the Securities and Exchange Commission (the “SEC”) two offerings for up to an aggregate of $17.0 billion in shares of common stock (the “Previous Offerings”), and accepted gross offering proceeds of $16.3 billion during the period from January 1, 2017 to February 1, 2021. The Company subsequently registered a follow-on offering with the SEC of up to $24.0 billion in shares of common stock, consisting of up to $20.0 billion in shares in its primary offering and up to $4.0 billion in shares pursuant to its distribution reinvestment plan, which the Company began using to offer shares of its common stock in February 2021 (the “Current Offering” and with the Previous Offerings, the “Offering”). As of December 31, 2021, the Company had received aggregate net proceeds of $45.5 billion from selling shares of the Company’s common stock through both the Offering and in unregistered sales. The Company intends to sell any combination of four classes of shares of its common stock, with a dollar value up to the maximum aggregate amount of the Current Offering. The share classes have different upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. The Company intends to continue selling shares on a monthly basis. As of December 31, 2021, the Company owned 3,077 properties and 22,575 single family rental homes. The Company currently operates in nine reportable segments: Residential, Industrial, Net Lease, Data Centers, Hospitality, Self Storage, Retail, and Office properties, and Investments in Real Estate Debt. Residential includes multifamily and other types of rental housing such as manufactured, student, affordable and single family rental housing, as well as senior living. Net Lease includes the real estate assets of The Bellagio Las Vegas (the “Bellagio”) and the unconsolidated interest in the MGM Grand and Mandalay Bay joint venture. Any additional unconsolidated interests are included in the respective property segment as further described in Note 4 – Investments in Unconsolidated Entities. Financial results by segment are reported in Note 15 — Segment Reporting.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company, the Company’s subsidiaries and joint ventures in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. Principles of Consolidation The Company consolidates all entities in which it has a controlling financial interest through majority ownership or voting rights and variable interest entities whereby the Company is the primary beneficiary. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when the Company controls the entity through a majority voting interest or other means. When the requirements for consolidation are not met and the Company has significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments for which the Company has not elected a fair value option are initially recorded at cost and subsequently adjusted for the Company’s pro-rata share of net income, contributions and distributions. When the Company elects the fair value option (“FVO”), the Company records its share of net asset value of the entity and any related unrealized gains and losses. BREIT OP and each of the Company’s joint ventures are considered to be a VIE. The Company consolidates these entities, excluding its equity method investment, because it has the ability to direct the most significant activities of the entities such as purchases, dispositions, financings, budgets, and overall operating plans. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities, and operations of each joint venture is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. Certain of the joint ventures formed by the Company provide the other partner a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the other partner is reported within non-controlling interests. As of December 31, 2021, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $28.7 billion and $17.6 billion, respectively, compared to $11.5 billion and $8.0 billion as of December 31, 2020. Such amounts are included on the Company’s Consolidated Balance Sheets. Certain of the Company’s joint ventures are accounted for under the equity method of accounting as the requirements for consolidation are not met. As of December 31, 2021, the Company did not consolidate certain of its investments in joint ventures and accounted for these under the equity method of accounting. The Company has elected the FVO for certain of its equity method investments while the remaining investments are presented at historical cost. Refer to Note 4 for additional details on the Company’s investments in unconsolidated entities. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. As the novel coronavirus (“COVID-19”) pandemic has evolved from its emergence in early 2020, so has its global impact. During the year ended December 31, 2021, many countries have re-instituted, or strongly encouraged, varying levels of quarantines and restrictions on travel and in some cases have at times limited operations of certain businesses and taken other restrictive measures designed to help slow the spread of COVID-19 and its variants. Governments and businesses have also instituted vaccine mandates and testing requirements for employees. While vaccine availability and uptake has increased, the longer-term macro-economic effects on global supply chains, inflation, labor shortages and wage increases continue to impact many industries. Moreover, with the potential for new strains of COVID-19 to emerge, governments and businesses may re-impose aggressive measures to help slow its spread in the future. For this reason, among others, as the COVID-19 pandemic continues, the potential global impacts are uncertain and difficult to assess. The Company believes the estimates and assumptions underlying these consolidated financial statements are reasonable and supportable based on the information available as of December 31, 2021, however uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company's business in particular, makes any estimates and assumptions as of December 31, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results may ultimately differ materially from those estimates. Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired does not constitute a business, the Company accounts for the transaction as an asset acquisition. The guidance for business combinations states that when substantially all of the fair value of the gross assets to be acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the asset or set of assets is not a business. All property acquisitions to date have been accounted for as asset acquisitions. Whether the acquisition of a property acquired is considered a business combination or asset acquisition, the Company recognizes the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquired entity. In addition, for transactions that are business combinations, the Company evaluates the existence of goodwill or a gain from a bargain purchase. The Company expenses acquisition-related costs associated with business combinations as they are incurred. The Company capitalizes acquisition-related costs associated with asset acquisitions. Upon acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. The Company records acquired in-place lease values based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has not been material. Intangible assets and intangible liabilities are recorded as a component of Other Assets and Other Liabilities, respectively, on the Company’s Consolidated Balance Sheets. The amortization of acquired above-market and below-market leases is recorded as an adjustment to Rental Revenue on the Company’s Consolidated Statements of Operations. The amortization of below-market and pre-paid ground leases are recorded as an adjustment to Rental Property Operating or Hospitality Operating Expenses, as applicable, on the Company’s Consolidated Statements of Operations. The amortization of in-place leases is recorded as an adjustment to Depreciation and Amortization Expense on the Company’s Consolidated Statements of Operations. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 30 - 42 years Building- and land improvements 10 years Furniture, fixtures and equipment 1 - 10 years Lease intangibles Over lease term Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. Repairs and maintenance are expensed to operations as incurred and are included in Rental Property Operating and Hospitality Operating Expenses on the Company’s Consolidated Statements of Operations. The Company’s management reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the GAAP depreciated cost basis of a real estate investment exceeds the undiscounted cash flows of such real estate investment, the investment is considered impaired and the GAAP depreciated cost basis is reduced to the fair value of the investment. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The evaluation of anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Since cash flows on real estate properties considered to be “long-lived assets to be held and used” are considered on an undiscounted basis to determine whether an asset has been impaired, the Company’s strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value. No impairments occurred during the years ended December 31, 2021 and 2019. During the year ended December 31, 2020, two of the Company’s hospitality assets were deemed to be impaired resulting in $12.3 million of impairment charges. Refer to Note 3 for additional details of the impairments. Assets Held for Sale The Company classifies the assets and liabilities related to its real estate investments as held for sale when a sale is probable to occur within one year. The Company considers a sale to be probable when a binding contract has been executed, the buyer has posted a non-refundable deposit, and there are limited contingencies to closing. The Company classifies held for sale assets and liabilities at the lower of depreciated cost or fair value less closing costs. Held for sale assets and liabilities are presented within Other Assets and Other Liabilities on the Company’s Consolidated Balance Sheets. Refer to Notes 3 and 10 for additional details. Investments in Unconsolidated Entities Investments in unconsolidated entities are initially recorded at cost and subsequently adjusted for the Company’s pro-rata share of net income (loss), contributions, and distributions. The Company’s investments in unconsolidated entities are periodically assessed for impairment and an impairment loss is recorded when the fair value of the investment falls below the carrying value and such decline is determined to be other-than-temporary. The Company has elected the fair value option ("FVO") for seven of its equity method investments and therefore reports these investments at fair value. As such, the resulting unrealized gains and losses are recorded as a component of Income From Unconsolidated Entities on the Company’s Consolidated Statements of Operations. Investments in Real Estate Debt The Company’s investments in real estate debt consists of securities and loans. The Company has elected to classify its real estate debt securities as trading securities and carry such investments at fair value. As such, the resulting unrealized gains and losses of such securities are recorded as a component of Income/(Loss) from Investments in Real Estate Debt on the Company’s Consolidated Statements of Operations. The Company elected the FVO for its investments in loans. As such, the resulting unrealized gains and losses of such loans are recorded as a component of Income/(Loss) from Investments in Real Estate Debt on the Company’s Consolidated Statements of Operations. Interest income from the Company’s investments in real estate debt is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of premiums and discounts associated with these investments is deferred and recorded over the term of the investment as an adjustment to yield. Interest income is recorded as a component of Income/(Loss) from Investments in Real Estate Debt on the Company’s Consolidated Statements of Operations. Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk. Restricted Cash As of December 31, 2021 and December 31, 2020, restricted cash primarily consists of $1.7 billion and $0.5 billion, respectively, of cash received for subscriptions prior to the date in which the subscriptions are effective, which is held in a bank account controlled by the Company’s transfer agent but in the name of the Company. Other restricted cash primarily consists of amounts in escrow related to real estate taxes, insurance in connection with mortgages at certain of our properties and security deposits. Foreign Currency In the normal course of business, the Company makes investments in real estate outside the United States ("U.S.") through subsidiaries that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities of these foreign subsidiaries are translated to U.S. dollars at the prevailing exchange rate at the reporting date and income, expenses, gains, and losses are translated at the average exchange rate over the applicable period. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated assets and liabilities are recorded in Other Comprehensive Income (Loss). Deferred Charges The Company’s deferred charges include financing and leasing costs. Deferred financing costs include legal, structuring, and other loan costs incurred by the Company for its financing agreements. Deferred financing costs related to the Company’s mortgage notes and term loans are recorded as an offset to the related liability and amortized over the term of the applicable financing instruments. Deferred financing costs related to the Company’s unsecured revolving credit facilities are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets and amortized over the term of the applicable financing agreements. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage and legal fees, are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets and amortized over the life of the related lease. Equity Securities The Company’s investments in equity securities of public and private real estate-related companies and its investments in a preferred equity security are reported at fair value. As such, the resulting unrealized gains and losses are recorded as a component of Other Income (Expense) on the Company’s Consolidated Statements of Operations. Dividend income from the Company’s equity securities of public real estate-related companies is recognized on the ex-dividend, while dividend income on its investment in a preferred equity security accrues daily based on the stated terms of the agreement and is payable quarterly in cash. Dividend income is recorded as a component of Other Income (Expense) on the Company’s Consolidated Statements of Operations. Equity securities are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets. Revenue Recognition The Company’s sources of revenue and the related revenue recognition policies are as follows: Rental revenue — primarily consists of base rent and tenant reimbursement income arising from tenant leases at the Company’s residential, industrial, net lease, data centers, self storage, retail and office properties. Base rent is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. The Company begins to recognize revenue upon the acquisition of the related property or when a tenant takes possession of the leased space. Tenant reimbursement income primarily consists of amounts due from tenants for costs related to common area maintenance, real estate taxes, and other recoverable costs included in lease agreements. Hospitality revenue — consists of income from the Company’s hospitality properties. Hospitality revenue consists primarily of room revenue and food and beverage revenue. Room revenue is recognized when the related room is occupied and other hospitality revenue is recognized when the service is rendered. The Company evaluates the collectability of receivables related to rental revenue on an individual lease basis. Management exercises judgment in assessing collectability and considers the length of time a receivable has been outstanding, tenant credit-worthiness, payment history, available information about the financial condition of the tenant, and current economic trends, among other factors. Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue. Organization and Offering Costs Organization costs are expensed as incurred and recorded as a component of General and Administrative Expense on the Company’s Consolidated Statements of Operations and offering costs are charged to equity as such amounts are incurred. The Adviser agreed to advance $10.2 million of certain organization and offering costs on behalf of the Company (including legal, marketing and fulfillment, regulatory, due diligence, administrative, accounting, tax, transfer agent and other expenses attributable to the Company’s organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through December 31, 2017. Such costs are recorded as a component of Due to Affiliates on the Company’s Consolidated Balance Sheets and are being reimbursed to the Adviser pro rata over 60 months beginning January 1, 2018. For the years ended December 31, 2021 and 2020, the Company reimbursed $2.0 million and $2.0 million, respectively, to the Adviser for such costs. Blackstone Advisory Partners L.P. (the “Dealer Manager”), a registered broker-dealer affiliated with the Adviser, serves as the dealer manager for the Offering. The Dealer Manager is entitled to receive selling commissions and dealer manager fees based on the transaction price of each applicable class of shares sold in the Offering. The Dealer Manager is also entitled to receive a stockholder servicing fee of 0.85%, 0.85% and 0.25% per annum of the aggregate net asset value (“NAV”) of the Company’s outstanding Class S shares, Class T shares, and Class D shares, respectively. There is no stockholder servicing fee with respect to Class I shares. The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, 2021: Class S Class I Class T Class D Selling commissions and dealer manager fees (% of transaction price) up to 3.5% — up to 3.5% up to 1.5% Stockholder servicing fee (% of NAV) 0.85% — 0.85% 0.25% For Class S shares sold in the Offering (other than as part of the Company’s distribution reinvestment plan), investors will pay upfront selling commissions of up to 3.5% of the transaction price. For Class T shares sold in the Offering (other than as part of the Company’s distribution reinvestment plan), investors will pay upfront selling commissions of up to 3.0% of the transaction price and upfront dealer manager fees of 0.5% of the transaction price, however such amounts may vary at certain participating broker-dealers, provided that the sum will not exceed 3.5% of the transaction price. For Class D shares sold in the Offering (other than as part of the Company’s distribution reinvestment plan), investors will pay upfront selling commissions of up to 1.5% of the transaction price. The Dealer Manager is entitled to receive stockholder servicing fees of 0.85% per annum of the aggregate NAV for Class S shares and Class T shares. For Class T shares such stockholder servicing fee includes, an advisor stockholder servicing fee of 0.65% per annum, and a dealer stockholder servicing fee of 0.20% per annum, of the aggregate NAV for the Class T shares, however, with respect to Class T shares sold through certain participating broker-dealers, the advisor stockholder servicing fee and the dealer stockholder servicing fee may be other amounts, provided that the sum of such fees will always equal 0.85% per annum of the NAV of such shares. For Class D shares, a stockholder servicing fee equal to 0.25% per annum of the aggregate NAV for the Class D shares. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fees and all of the stockholder servicing fees received by the Dealer Manager to such selected dealers. Through December 31, 2021, the Dealer Manager had not retained any upfront selling commissions, dealer manager, or stockholder servicing fees. The Company will cease paying the stockholder servicing fee with respect to any Class S share, Class T share or Class D share held in a stockholder’s account at the end of the month in which the total selling commissions, dealer manager fees and stockholder servicing fees paid with respect to the shares held by such stockholder within such account would exceed, in the aggregate, 8.75% (or, in the case of Class T shares sold through certain participating broker-dealers, a lower limit as set forth in any applicable agreement between the Dealer Manager and a participating broker-dealer) of the gross proceeds from the sale of such shares (including the gross proceeds of any shares issued under the Company’s distribution reinvestment plan with respect thereto). The Company will accrue the full cost of the stockholder servicing fee as an offering cost at the time each Class S, Class T, and Class D share is sold during the Offering. As of December 31, 2021 and 2020, the Company had accrued $1.2 billion and $0.6 billion, respectively, of stockholder servicing fees related to Class S shares, Class D shares and Class T shares sold and recorded such amount as a component of Due to Affiliates on the Company’s Consolidated Balance Sheets. Income Taxes The Company qualifies to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), for U.S. federal income tax purposes. The Company generally will not be subject to federal corporate income tax to the extent it distributes 100% of its taxable income to its stockholders. REITs are subject to a number of other organization and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. The Company leases its hospitality investments to wholly-owned taxable REIT subsidiaries (“TRSs”). The TRSs are subject to taxation at the federal, state and local levels, as applicable. Revenues related to the hospitality properties operations such as room revenue, food and beverage revenue and other revenue are recorded in the TRS along any with corresponding expenses. The Company accounts for applicable income taxes by utilizing the asset and liability method. As such, the Company records deferred tax assets and liabilities for the future tax consequences resulting from the difference between the carrying value of existing assets and liabilities and their respective tax basis. A valuation allowance for deferred tax assets is provided if the Company believes all or some portion of the deferred tax asset may not be realized. During the year ended December 31, 2021, the Company recorded a net tax expense of $0.3 million. During the years ended December 31, 2020, and 2019 the Company recorded a net tax benefit of $2.5 million and $0.9 million, respectively, within Other Income on the Company’s Consolidated Statements of Operations. The deferred benefit for the years ended December 31, 2021, 2020, and 2019 is $1.8 million, $5.8 million and $3.1 million, respectively. The current expense for the years ended December 31, 2021, 2020, and 2019 is $2.1 million, $3.3 million, and $2.2 million, respectively. As of December 31, 2021 and 2020, the Company recorded a deferred tax asset of $12.3 million and $10.7 million, respectively, due to its hospitality investments within Other Assets on the Company’s Consolidated Balance Sheets. Fair Value Measurements Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). The Company uses a hierarchical framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment, and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. Valuation of assets and liabilities measured at fair value The Company’s investments in real estate debt are reported at fair value. As of December 31, 2021 and December 31, 2020, the Company’s investments in real estate debt, directly or indirectly, consisted of commercial mortgage-backed securities (“CMBS”) and residential mortgage-backed securities (“RMBS”), which are securities backed by one or more mortgage loans secured by real estate assets, as well as corporate bonds, term loans, mezzanine loans, and other investments in debt issued by real estate-related companies or secured by real estate assets. The Company generally determines the fair value of its investments in real estate debt by utilizing third-party pricing service providers whenever available. In determining the fair value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported price. The pricing service providers’ internal models for securities such as real estate debt generally consider the attributes applicable to a particular class of the security (e.g., credit rating, seniority), current market data, and estimated cash flows for each security, and incorporate specific collateral performance, as applicable. Certain of the Company’s investments in real estate debt, such as mezzanine loans and other investments, are unlikely to have readily available market quotations. In such cases, the Company will generally determine the initial value based on the acquisition price of such investment if acquired by the Company or the par value of such investment if originated by the Company. Following the initial measurement, the Company will determine fair value by utilizing or reviewing certain of the following (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value ratios, and (vii) borrower financial condition and performance. Refer to Note 5 for additional details on the Company’s investments in real estate debt. The Company’s investments in equity securities of public and private real estate-related companies are reported at fair value. In determining the fair value of public equity securities, the Company utilizes the closing price of such securities in the principal market in which the security trades (Level 1 inputs). The Company’s investment in a preferred equity

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Investments in Real Estate	Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): December 31, 2021 December 31, 2020 Building and building improvements $ 53,954,920 $ 25,991,610 Land and land improvements 14,652,913 7,626,381 Furniture, fixtures and equipment 963,686 495,395 Right of use asset - operating leases (1) 461,186 114,535 Right of use asset - financing leases (1) 72,862 56,008 Total 70,105,567 34,283,929 Accumulated depreciation and amortization (3,163,914) (1,826,216) Investments in real estate, net $ 66,941,653 $ 32,457,713 (1) Refer to Note 14 for additional details on the Company’s leases. Acquisitions During the year ended December 31, 2021, the Company acquired interests in 65 real estate investments for $36.9 billion, which comprised 672 residential properties, 272 industrial properties, 13 retail properties, eight hospitality properties, four office properties, 31 self storage properties, and two data center properties. The following table details the properties acquired during the year ended December 31, 2021 ($ in thousands): Segments Purchase Price (1) Number of Transactions Number of Properties Sq. Ft. (in thousands)/Units/Keys Residential properties (2) $ 27,439,966 34 672 114,014 units Industrial properties 6,942,733 17 272 54,326 sq. ft. Retail properties 868,867 2 13 2,454 sq. ft. Hospitality 642,994 3 8 1,475 keys Office properties 450,093 2 4 727 sq. ft. Self storage properties 410,299 6 31 2,273 sq. ft. Data center properties 180,057 1 2 430 sq. ft. $ 36,935,009 65 1,002 (1) Purchase price is inclusive of acquisition-related costs. (2) Purchase price includes the 13,030 wholly-owned single family homes related to the acquisition of Home Partners of America ("HPA"), which are not included in the number of properties. Refer to Note 4 for details on the unconsolidated homes acquired in the HPA transaction. During the year ended December 31, 2020, the Company acquired interests in 31 real estate investments for $7.5 billion, which comprised 94 residential, 129 self storage, 94 industrial, six retail, and one office property. The following table details the properties acquired during the year ended December 31, 2020 ($ in thousands): Segments Purchase Price (1) Number of Transactions Number of Properties Sq. Ft. (in thousands)/Units Residential properties $ 4,150,838 15 94 27,488 units Self storage properties 1,444,074 6 129 10,454 sq. ft. Industrial properties 1,358,578 8 94 14,280 sq. ft. Retail properties 287,392 1 6 689 sq. ft. Office properties 263,649 1 1 357 sq. ft. $ 7,504,531 31 324 (1) Purchase price is inclusive of acquisition-related costs. The following table details the purchase price allocation for the properties acquired during the years ended December 31, 2021 and 2020 ($ in thousands): For the Year Ended For the Year Ended Building and building improvements $ 27,826,619 $ 4,977,086 Land and land improvements 7,162,583 2,053,340 Furniture, fixtures and equipment 437,801 77,737 In-place lease intangibles 1,104,530 390,209 Above-market lease intangibles 17,820 6,915 Below-market lease intangibles (197,404) (27,699) Prepaid ground lease rent 174,584 — Brokerage firm relationship intangibles 50,000 — Trade name intangibles 40,000 — Management contract intangibles 39,000 — Other 279,476 26,943 Total purchase price 36,935,009 7,504,531 Assumed debt (1) 5,494,319 944,112 Net purchase price $ 31,440,690 $ 6,560,419 (1) Refer to Note 6 for additional details on the Company’s debt, which includes mortgage notes, term loans, and secured revolving credit facilities. The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles, below-market lease intangibles, and management contract intangibles of the properties acquired during the year ended December 31, 2021 were three seven seven three seven Dispositions The following table details the dispositions during the years ended December 31, 2021, 2020, and 2019 ($ in thousands): For the Year Ended For the Year Ended For the Year Ended Segments Number of Properties Net Proceeds Net Gain Number of Properties Net Proceeds Net Gain Number of Properties Net Proceeds Net Gain Residential properties (1) 11 $ 267,045 $ 7,881 7 $ 295,855 $ 77,617 — $ — $ — Hospitality properties (2) — — — 1 134,537 35,185 — 44,292 29,686 Industrial properties — — — 1 4,488 371 2 34,826 5,349 11 $ 267,045 $ 7,881 9 $ 434,880 $ 113,173 2 $ 79,118 $ 35,035 (1) Net proceeds and net gain include 229 single family rental homes sold during the year ended December 31, 2021. (2) During the year ended December 31, 2019, the Company sold the parking garage attached to the Hyatt Place San Jose property. The sale did not include the Hyatt Place San Jose hotel or the land parcels under the hotel. Properties Held for Sale As of December 31, 2021, four residential properties and one industrial property were classified as held for sale. There were no properties classified as held for sale as of December 31, 2020. The held for sale assets and liabilities are components of Other Assets and Other Liabilities, respectively, on the Company's Consolidated Balance Sheets. The following table details the assets and liabilities of the Company’s properties classified as held for sale ($ in thousands): Assets: December 31, 2021 Investments in real estate, net $ 193,653 Other assets 2,591 Total assets $ 196,244 Liabilities: Mortgage notes, net $ 109,655 Other liabilities 4,722 Total liabilities $ 114,377 Impairment

Investments in Unconsolidated E

Investments in Unconsolidated Entities	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities The Company holds investments in joint ventures that it accounts for under the equity method of accounting, as the Company’s ownership interest in each joint venture does not meet the requirements for consolidation. The joint ventures include 9,774 single family rental properties, 125 affordable housing rental properties, 536 industrial properties, 48 data center properties, six retail properties, and two net lease properties. Refer to Note 2 for additional details. The following table details the Company’s equity investments in unconsolidated entities ($ in thousands): Investment in Joint Venture Segment Number of Joint Ventures Ownership December 31, 2021 December 31, 2020 QTS Data Centers (1) Data Centers 1 35.7% $ 1,394,359 $ — MGM Grand & Mandalay Bay Net Lease 1 49.9% 822,736 816,220 Residential investments Residential 130 12.2% - 52.0% 1,074,832 — Industrial investments (2) Industrial 7 10.0% - 55.0% 497,491 — Retail investments Retail 1 50.0% 98,241 — Total unconsolidated entities at historical cost 140 3,887,659 816,220 Industrial investments (3)(4)(5) Industrial 7 7.9% - 85.0% 1,613,646 — Total unconsolidated entities at fair value 7 1,613,646 — Total 147 $ 5,501,305 $ 816,220 (1) The Company along with certain Blackstone-managed investment vehicles formed a joint venture ("QTS Data Centers") and acquired all outstanding shares of common stock of QTS Realty Trust ("QTS"). As of September 30, 2021, the Company's interest in QTS Data Centers was through a consolidated joint venture, whereby the non-controlling interest was a Blackstone-managed investment vehicle. During the fourth quarter of 2021, the joint venture agreement was modified. Based on the modification, the Company determined it does not have a controlling financial interest and deconsolidated the non-controlling interest held by the Blackstone-managed investment vehicle. (2) Includes a $255.7 million investment in a joint venture ("Alaska Logistics Portfolio") formed by the Company and certain Blackstone-managed investment vehicles. The Company has a 26.7% interest in the joint venture. (3) Includes a $180.8 million investment in a joint venture ("Bluefin Industrial Portfolio") formed by the Company and certain Blackstone-managed investment vehicles. The Company has a 22.5% interest in the joint venture. (4) Includes a $320.3 million investment in a joint venture ("Explorer Industrial Portfolio") formed by the Company and certain Blackstone-managed investment vehicles. The Company has a 12.4% interest in the joint venture. (5) Includes a $503.4 million investment in a joint venture ("Carrix Ports Portfolio") formed by the Company and certain Blackstone-managed investment vehicles. The Company has a 7.9% interest in the joint venture. The following table details the Company’s income from unconsolidated entities ($ in thousands): For the Year Ended December 31, BREIT Income (Loss) from Unconsolidated Entities Segment Ownership Interest 2021 2020 QTS Data Centers (1) Data Centers 35.7% $ (71,745) $ — MGM Grand & Mandalay Bay Net Lease 49.9% 100,276 88,571 Residential investments Residential 12.2% - 52.0% (17,461) — Retail investments Retail 50.0% 167 — Industrial investments at historical cost Industrial 10.0% - 55.0% 1,185 — Industrial investments at fair value (2) Industrial 7.9% - 85.0% 193,558 — Total $ 205,980 $ 88,571 (1) BREIT Income (Loss) from Unconsolidated Entities includes $20.6 million of loss attributable to a Blackstone-managed investment vehicle for the year ended December 31, 2021. The Company reflects this amount within net loss attributable to non-controlling interests. (2) The Company elected the fair value option for these investments. Therefore, the income from unconsolidated entities represents the change in estimated fair value of the Company’s investment in such entities. The following tables provide the combined summarized financial information of our unconsolidated joint ventures as of the dates and for the periods set forth below ($ in thousands): Balance Sheets: December 31, 2021 December 31, 2020 Investments in real estate, net $ 34,007,841 $ 4,523,638 Cash and cash equivalents and restricted cash 1,057,051 16 Other assets 3,373,430 95,325 Total assets $ 38,438,322 $ 4,618,979 Mortgage notes 22,215,118 2,994,269 Due to affiliates 52,328 — Other liabilities 3,135,456 7,811 Total liabilities $ 25,402,902 $ 3,002,080 Equity 13,035,420 1,616,899 Total liabilities and equity $ 38,438,322 $ 4,618,979 BREIT's share $ 3,898,861 $ 806,833 BREIT outside basis 1,436,377 9,387 BREIT fair value adjustment 166,067 — Investments in unconsolidated entities $ 5,501,305 5501305000 $ 816,220 For the Year Ended December 31, Income Statements: 2021 2020 Revenues: Rental revenue $ 861,337 $ 346,482 Other revenue 536,087 — Total revenues $ 1,397,424 $ 346,482 Expenses: Rental property operating $ 200,513 $ 589 Depreciation and amortization 400,034 73,518 Total expenses $ 600,547 $ 74,107 Other income (expense) Interest expense (233,350) (94,618) Net gain on dispositions of real estate 11,103 — Other income (expense) (437,761) — Total other income (expense) $ (660,008) $ (94,618) Net income $ 136,869 $ 177,757 BREIT's share of net income $ 56,246 $ 88,701 BREIT fair value adjustment 166,067 — Amortization of outside basis (16,333) (130) BREIT Income from Unconsolidated Entities $ 205,980 $ 88,571

Investments in Real Estate Debt

Investments in Real Estate Debt	12 Months Ended
	Dec. 31, 2021
Investments [Abstract]
Investments in Real Estate Debt	Investments in Real Estate Debt The following tables detail the Company’s investments in real estate debt ($ in thousands): December 31, 2021 Type of Security/Loan Weighted Average Coupon (1) Weighted Average Maturity Date (2) Face Cost Fair CMBS (3) L+3.6% 11/13/2033 $ 7,176,097 $ 7,090,490 $ 7,055,276 Corporate bonds 4.8% 12/10/2028 135,950 135,952 136,469 RMBS 3.9% 5/24/2061 147,170 146,023 144,691 Total real estate securities 3.7% 4/27/2034 7,459,217 7,372,465 7,336,436 Commercial real estate loans L+4.4% 1/19/2025 1,474,617 1,473,807 1,460,716 Other investments (4) 3.7% 7/25/2029 227,958 198,909 198,787 Total investments in real estate debt 3.8% 9/16/2032 $ 9,161,792 $ 9,045,181 $ 8,995,939 December 31, 2020 Type of Security/Loan Weighted Average Coupon (1) Weighted Average Maturity Date (2) Face Cost Fair CMBS (3) L+2.0% 1/17/2026 $ 4,093,201 $ 3,949,824 $ 3,753,428 Corporate bonds 5.0% 5/3/2027 179,398 178,219 183,203 RMBS 4.5% 10/24/2049 22,429 22,602 22,510 Total real estate securities 3.2% 3/29/2026 4,295,028 4,150,645 3,959,141 Commercial real estate loans L+3.8% 8/8/2022 623,574 572,869 607,165 Total investments in real estate debt 3.5% 10/3/2025 $ 4,918,602 $ 4,723,514 $ 4,566,306 (1) The term “L” refers to the relevant floating benchmark rates, which include USD LIBOR, GBP LIBOR, EURIBOR, SOFR and SONIA, as applicable to each security and loan. Fixed rate CMBS and Commercial Real Estate Loans are reflected as a spread over the relevant floating benchmark rates, as of December 31, 2021 and 2020, respectively, for purposes of the weighted-averages. Weighted Average Coupon for CMBS does not include zero-coupon securities. As of December 31, 2021 and 2020, we have interest rate swaps outstanding with a notional value of $1.1 billion and $0.9 billion, respectively, that effectively converts a portion of our fixed rate investments in real estate debt to floating rates. (2) Weighted average maturity date is based on the fully extended maturity date of the instrument. (3) Face amount excludes interest-only securities with a notional amount of $3.4 billion and $2.3 billion as of December 31, 2021 and 2020, respectively. In addition, CMBS includes zero-coupon securities of $208.8 million and $236.1 million as of December 31, 2021 and 2020, respectively. (4) Includes an interest in an unconsolidated joint venture that holds investments in real estate debt. The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands): December 31, 2021 December 31, 2020 Collateral (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value Industrial $ 3,058,410 $ 3,032,995 34% $ 612,884 $ 610,504 13% Residential 2,328,762 2,358,734 26% 748,086 797,840 17% Hospitality 2,233,289 2,200,285 24% 2,046,529 1,904,256 42% Office 640,145 620,512 7% 720,665 681,596 15% Diversified 403,737 405,569 5% 234,527 225,077 5% Other 354,579 352,105 4% 238,202 213,654 5% Net Lease 8,885 8,779 —% 105,246 117,219 3% Retail 17,374 16,960 –% 17,375 16,160 —% Total $ 9,045,181 $ 8,995,939 100% $ 4,723,514 $ 4,566,306 100% (1) Residential investments in real estate debt are collateralized by various forms of rental housing including apartments and single-family homes. The following table details the credit rating of the Company’s investments in real estate debt ($ in thousands): December 31, 2021 December 31, 2020 Credit Rating Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value AAA $ 26,192 $ 24,274 —% $ 10,044 $ 10,047 —% AA 710 1,749 —% 776 779 —% A 127,118 125,420 1% 262,097 267,023 6% BBB 373,061 369,111 4% 797,918 753,393 17% BB 1,678,565 1,670,560 19% 1,435,891 1,381,221 30% B 1,971,282 1,940,328 22% 1,186,975 1,114,977 24% CCC 24,338 24,242 —% 32,402 34,839 1% Private Commercial Real Estate Loans 1,598,701 1,585,738 18% 522,306 555,291 12% Not Rated 3,245,214 3,254,517 36% 475,105 448,736 10% Total $ 9,045,181 $ 8,995,939 100% $ 4,723,514 $ 4,566,306 100% The following table details the amounts recognized for the Company's investments in real estate debt ($ in thousands): Year Ended December 31, 2021 2020 2019 Interest Income $ 233,591 $ 195,134 $ 160,353 Unrealized gain (loss) 108,810 (187,222) 51,479 Realized gain (loss) 49,282 (20,117) 7,334 Total $ 391,683 $ (12,205) $ 219,166 Income (loss) from derivatives 81,886 (73,593) (3,028) Income (loss) from secured financings of investments in real estate debt (1) 25,798 (33,540) (1,941) Other loss (1,260) (1,579) (1,135) Total income (loss) from investments in real estate debt $ 498,107 $ (120,917) $ 213,062 (1) Represents unrealized and realized gains (losses). The Company’s investments in real estate debt included certain CMBS and loans collateralized by properties owned by Blackstone-advised investment vehicles. The following table details the Company’s investments in affiliated real estate debt ($ in thousands): Fair Value Income (Loss) Year Ended December 31, December 31, 2021 December 31, 2020 2021 2020 2019 CMBS $ 3,099,694 $ 1,749,877 $ 105,421 $ (14,950) $ 77,117 Commercial real estate loans 556,571 545,539 (11,611) 79,689 — Total $ 3,656,265 $ 2,295,416 $ 93,810 $ 64,739 $ 77,117 Each investment in such CMBS by Blackstone and its affiliates (including the Company) represented a minority participation in any individual tranche. The Company acquired its minority participation interests from third-party investment banks on market terms negotiated by the majority third-party investors. Blackstone and its affiliates (including the Company) will forgo all non-economic rights (including voting rights) in such CMBS as long as the Blackstone-advised investment vehicles either own the properties collateralizing, loans underlying, or have an interest in a different part of the capital structure related to such CMBS. As of December 31, 2021 and 2020, the Company’s investments in real estate debt also included $1.4 billion and $0.2 billion, respectively, of CMBS collateralized, in part, by certain of the Company’s mortgage notes. During the years ended December 31, 2021, 2020, and 2019, the Company recognized $33.0 million, $47.6 million, and $11.7 million of income, respectively, related to such CMBS.

Mortgage Notes, Term Loans, and

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities	Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities The following table details the mortgage notes, term loans, and secured revolving credit facilities secured by the Company’s real estate ($ in thousands): December 31, 2021 Principal Balance Outstanding Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2)(3) Maximum December 31, 2021 December 31, 2020 Fixed rate loans: Fixed rate mortgages (4) 3.9% 9/29/2028 N/A $ 19,086,525 $ 13,124,595 Variable rate loans: Variable rate mortgages and term loans L+2.0% 6/30/2026 N/A 20,004,365 6,305,964 Variable rate secured revolving credit facilities L+1.5% 1/26/2026 $ 2,603,290 1,614,550 481,725 Variable rate warehouse facilities L+1.6% 8/10/2027 $ 1,537,500 794,141 — Variable rate mezzanine loans L+3.5% 3/9/2025 N/A 71,100 202,200 Total variable rate loans L+1.9% 7/2/2026 22,484,156 6,989,889 Total loans secured by real estate 2.9% 7/13/2027 41,570,681 20,114,484 Premium on assumed debt, net 68,706 15,191 Deferred financing costs, net (311,999) (153,514) Mortgage notes, term loans, and secured revolving credit facilities, net $ 41,327,388 $ 19,976,161 (1) The term “L” refers to the relevant floating benchmark rates, which include one-month LIBOR, three-month LIBOR, 30-day SOFR, and one-month CDOR, as applicable to each loan. (2) For loans where the Company, at its sole discretion, has extension options, the maximum maturity date has been assumed. (3) The majority of the Company’s mortgages contain yield or spread maintenance provisions. (4) Includes $396.3 million of loans related to our investment in affordable housing properties. Such loans are generally with municipalities, housing authorities, and other third parties administered through government sponsored affordable housing programs. Certain of these loans may be forgiven should specific affordable housing conditions be maintained. The following table details the future principal payments due under the Company’s mortgage notes, term loans, and secured revolving credit facilities as of December 31, 2021 ($ in thousands): Year Amount 2022 $ 523,021 2023 579,711 2024 3,580,808 2025 6,439,982 2026 15,587,196 Thereafter 14,859,963 Total $ 41,570,681 The Company repaid certain of its loans at amounts in excess of their carrying value in conjunction with the sale of the underlying property or a refinancing. As such, the Company incurred a realized loss on extinguishment of debt of $16.3 million and $10.4 million for the years ended December 31, 2021 and 2020, respectively. Such losses result from the acceleration of related deferred financing costs, prepayment penalties, and transaction costs and are recorded on the Company’s Consolidated Statements of Operations. No such losses were recognized during the year ended December 31, 2019.

Secured Financings on Investmen

Secured Financings on Investments in Real Estate Debt	12 Months Ended
	Dec. 31, 2021
Disclosure of Repurchase Agreements [Abstract]
Secured Financings on Investments in Real Estate Debt	Secured Financings of Investments in Real Estate Debt T he Company has entered into master repurchase agreements and other financing agreements with lenders to provide additional financing capacity secured by certain of its investments in real estate debt. The terms of the master repurchase agreements and other financing agreements provide the lenders the ability to determine the size and terms of the financing provided based upon the particular collateral pledged by the Company from time-to-time, and may require the Company to provide additional margin in the form of cash, securities, or other forms of collateral should the market value of the pledged investments decline. The following tables detail the Company’s secured financings of investments in real estate debt ($ in thousands): December 31, 2021 Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 4,308,015 $ 6,604,524 L+0.9% 1/20/2023 Commercial real estate loans 224,510 345,400 L+1.8% 4/2/2022 Corporate bonds 90,578 135,355 L+0.8% 11/17/2022 RMBS 83,529 125,967 L+0.9% 12/31/2022 $ 4,706,632 $ 7,211,246 L+1.0% December 31, 2020 Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 1,733,623 $ 2,697,714 L+1.6% 6/21/2021 Commercial real estate loans 292,406 452,578 L+1.8% 3/17/2022 Corporate bonds 111,540 138,215 L+0.8% 3/6/2021 RMBS 3,424 4,646 L+1.5% 3/30/2021 $ 2,140,993 $ 3,293,153 L+1.6% (1) Represents the fair value of the Company’s investments in real estate debt that serve as collateral.

Unsecured Revolving Credit Faci

Unsecured Revolving Credit Facilities	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Unsecured Revolving Credit Facilities	Unsecured Revolving Credit Facilities The Company is party to an unsecured line of credit with multiple banks. The credit facility expires on February 22, 2024 and may be extended for one year. Interest under the credit facility is determined based on LIBOR plus 2.5%. As of December 31, 2021 and 2020, the capacity of the unsecured line of credit was $2.0 billion and $1.5 billion, respectively. As of December 31, 2020, the Company had a $24.8 million letter of credit outstanding, which reduced the available capacity of the unsecured line of credit. No such letter was outstanding as of December 31, 2021. There were no outstanding borrowings on the line of credit as of December 31, 2021 and 2020. The Company is party to an unsecured, uncommitted line of credit (the “Line of Credit”) up to a maximum amount of $75.0 million with an affiliate of Blackstone (“Lender”). The Line of Credit expires on January 22, 2023, and may be extended for up to 12 months, subject to Lender approval. The interest rate is equivalent to the then-current rate offered by a third-party lender, or, if no such rate is available, LIBOR plus 2.5%. Each advance under the Line of Credit is repayable on the earliest of (i) the expiration of the Line of Credit, (ii) Lender’s demand and (iii) the date on which the Adviser no longer acts as the Company’s investment adviser, provided that the Company will have 180 days to make such repayment in the cases of clauses (i) and (ii) and 45 days to make such repayment in the case of clause (iii). As of December 31, 2021 and 2020, the Company had no outstanding balance under the Line of Credit.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Due to Affiliates The following table details the components of due to affiliates ($ in thousands): December 31, 2021 December 31, 2020 Accrued stockholder servicing fee $ 1,235,592 $ 605,411 Accrued management fee 56,607 22,253 Accrued affiliate service provider expenses 12,880 10,151 Advanced organization and offering costs 2,045 4,090 Performance participation allocation — 192,648 Other 2,323 53,107 Total $ 1,309,447 $ 887,660 Accrued Stockholder Servicing Fee The Company accrues the full amount of the future stockholder servicing fees payable to Blackstone Securities Partners L.P. (the “Dealer Manager”), a registered broker dealer affiliated with the Adviser, for Class S, Class T, and Class D shares up to the 8.75% of gross proceeds limit at the time such shares are sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fee and all or a portion of the stockholder servicing fees received by the Dealer Manager to such selected dealers. Accrued Management Fee The Adviser is entitled to an annual management fee equal to 1.25% of the Company’s NAV, payable monthly, as compensation for the services it provides to the Company. The management fee can be paid, at the Adviser’s election, in cash, shares of the Company's common stock, or BREIT OP units. To date, the Adviser has elected to receive the management fee in shares of the Company’s common stock. During the years ended December 31, 2021, 2020, and 2019, the Company incurred management fees of $0.4 billion, $0.2 billion and $0.1 billion, respectively. The Company issued 30.1 million, 18.5 million, and 8.4 million unregistered Class I shares to the Adviser as payment for the 2021, 2020, and 2019 management fees, respectively. The Company also had a payable of $56.6 million and $22.3 million related to the management fees as of December 31, 2021 and 2020, respectively. During January 2022 and 2021, the Adviser was issued 4.0 million and 1.9 million unregistered Class I shares as payment for the management fees accrued as of December 31, 2021 and 2020. The shares issued to the Adviser for payment of the management fee were issued at the applicable NAV per share at the end of each month for which the fee was earned. During 2021, the Adviser submitted 25.2 million Class I shares for repurchase, for a total repurchase amount of $321.4 million. During 2020, the Adviser submitted 16.4 million Class I shares for repurchase, for a total repurchase amount of $180.0 million. Accrued affiliate service provider expenses and incentive compensation awards Beginning March 2019, the Company engaged Link Industrial Properties LLC (“Link”), a portfolio company owned by Blackstone-advised investment vehicles, to provide the services that Gateway had previously provided to the Company’s industrial properties. The Company previously engaged Gateway Industrial Properties L.L.C. (“Gateway”), a portfolio company owned by Blackstone-advised investment vehicles, to provide, as applicable, operational services (including, without limitation, property management, leasing, and construction and project management), management services, loan management services, corporate support services (including, without limitation, accounting, information technology, legal, tax and human resources) and transaction support services for the Company’s industrial properties. The Company has engaged LivCor, LLC (“LivCor”), a portfolio company owned by Blackstone-advised investment vehicles, to provide, as applicable, operational services (including, without limitation, construction and project management), management services, loan management services, corporate support services (including, without limitation, accounting, information technology, legal, tax and human resources) and transaction support services for the Company’s multifamily properties. The Company has engaged BRE Hotels and Resorts (“BRE”), a portfolio company controlled (but not owned) by Blackstone-advised investment vehicles, to provide, as applicable, operational services (including, without limitation, construction and project management), management services, loan management services, corporate support services (including, without limitation, accounting, legal and tax) and transaction support services for the Company’s hospitality properties. The Company has engaged ShopCore Properties TRS Management LLC (“ShopCore”), a portfolio company owned by Blackstone-advised investment vehicles, to provide, as applicable, operational services (including, without limitation, property management, construction and project management and leasing), management services, loan management services, corporate support services (including, without limitation, accounting, information technology, legal, tax and human resources) and transaction support services for the Company’s retail properties. The Company has engaged Equity Office Management, L.L.C. (“EOM”), a portfolio company owned by Blackstone-advised investment vehicles, to provide, as applicable, operational services (including, without limitation, property management, leasing, and construction and project management), management services, loan management services, corporate support services (including, without limitation, accounting, information technology, legal, tax and human resources) and transaction support services for the Company’s office properties. The Company has engaged Longview Senior Housing Advisors, LLC (“Longview”), a portfolio company owned by Blackstone-advised investment vehicles, to provide, as applicable, operational services (including, without limitation, property management and construction and project management), corporate support services (including, without limitation, accounting, information technology, legal, tax and human resources) and transaction support services for the Company’s senior living residential properties. The Company has engaged Revantage Corporate Services, LLC (“Revantage”), a portfolio company owned by Blackstone-advised investment vehicles, to provide, as applicable, corporate support services (including, without limitation, accounting, legal, tax, treasury, valuation services, information technology and data management). The Company has engaged BPP MFNY Employer LLC d/b/a Beam Living, a portfolio company owned by a Blackstone-advised investment vehicle, to provide, as applicable, operational services (including, without limitation, property management) for certain of the Company's residential properties. The Company issues incentive compensation awards to certain employees of portfolio company service providers that entitles them to receive an allocation of the Company’s total return over a certain hurdle amount, as determined by the Company. The vesting condition that is based on the achievement of the Company's total return over the hurdle amount is considered a market condition. Any excess of the Company's total return over the hurdle amount, which affects the quantity of awards that vest, is considered a performance condition. If it is considered probable that the performance condition will be met, these awards are amortized over the four-year service period, as adjusted for forfeitures. As of December 31, 2021, the Company has determined it is probable that the performance condition will be met and has amortized the value of such awards over the applicable service period. None of Blackstone, the Adviser, or the affiliate portfolio company service providers receive any incentive compensation from the aforementioned arrangements. The following table details the incentive compensation awards ($ in thousands): December 31, 2021 Plan Year Unrecognized Compensation Cost as of December 31, 2020 Value of Awards Issued Amortization of Compensation Cost for the Year Ended December 31, 2021 Unrecognized Compensation Cost Remaining Amortization Period 2019 (1) $ 3,363 $ — $ (1,167) $ 1,520 1.0 year 2020 — — — — — 2021 — 49,602 (12,401) 37,201 3.0 years $ 3,363 $ 49,602 $ (13,568) $ 38,721 (1) During the year ended December 31, 2021 $0.5 million of the un-vested portion of the award was forfeited. The following table details the amounts incurred for affiliate service providers ($ in thousands): Affiliate Service Provider Expenses Year Ended December 31, Amortization of Affiliate Service Provider Incentive Compensation Awards Year Ended December 31, Capitalized Transaction Support Services Year Ended December 31, 2021 2020 2019 2021 2020 2019 2021 2020 Link $ 68,277 $ 53,836 $ 19,332 $ 6,174 $ 727 $ 1,042 $ 3,696 $ 3,366 LivCor 39,481 27,144 18,464 6,235 214 308 6,529 3,924 BRE 11,565 15,109 7,250 728 435 624 127 — ShopCore 6,427 5,248 1,715 271 18 26 292 479 Revantage 3,029 1,951 1,295 — — — 8,696 — EOM 1,912 838 104 160 — — — — Longview 557 — — — — — — — Gateway — — 2,524 — — — — — $ 131,248 $ 104,126 $ 50,684 $ 13,568 $ 1,394 $ 2,000 $ 19,340 $ 7,769 Affiliate service provider expenses and incentive compensation awards are included as a component of Rental Property Operating and Hospitality Operating expense, as applicable, in the Company’s Consolidated Statements of Operations. Transaction support service fees were capitalized to Investments in Real Estate on the Company’s Consolidated Balance Sheets. Neither Blackstone nor the Adviser receives any fees from the aforementioned arrangements. Performance Participation Allocation The Special Limited Partner holds a performance participation interest in BREIT OP that entitles it to receive an allocation of BREIT OP’s total return. Total return is defined as distributions paid or accrued plus the change in the Company’s Net Asset Value ("NAV"), adjusted for subscriptions and repurchases. Under the BREIT OP agreement, the annual total return will be allocated solely to the Special Limited Partner only after the other unit holders have received a total return of 5% (after recouping any loss carryforward amount) and such allocation will continue until the allocation between the Special Limited Partner and all other BREIT OP unit holders is equal to 12.5% and 87.5%, respectively. Thereafter, the Special Limited Partner will receive an allocation of 12.5% of the annual total return. The allocation of the performance participation interest is ultimately determined at the end of each calendar year and will be paid in Class I or Class B units of BREIT OP or cash, at the election of the Special Limited Partner. On March 4, 2022, the Company amended the performance participation interest to update certain payment timing mechanics, including quarterly payments of the interest beginning in the quarter ending March 31, 2022 . During the years ended December 31, 2021, 2020, and 2019, the Company recognized $1.4 billion, $0.2 billion, and $0.1 billion, respectively, of Performance Participation Allocation expense in the Company’s Consolidated Statements of Operations. On December 31, 2021, the Company issued 96.4 million Class I units in BREIT OP to the Special Limited Partner as payment of the 2021 performance participation allocation. Such units were issued at the NAV per unit as of December 31, 2021. Also on December 31, 2021, and immediately following (i) the issuance of the Class I units and (ii) the record time for the December distributions on the Company’s Class I shares, 55.2 million Class I units in BREIT OP were exchanged for 55.2 million unregistered Class I shares in the Company. In January 2022, subsequent to the issuance of the Class I shares and Class I units, 4.7 million of such Class I units were exchanged for 4.7 million Class B units, 37.8 million of such Class I shares and 1.9 million of such Class I units were redeemed for $566.6 million, and 9.0 million of such units were redeemed for 9.0 million unregistered Class I shares in the Company. In January 2021 , the Company issued 15.5 million Class I units and 1.1 million Class B units in BREIT OP to the Special Limited Partner as payment of the 2020 performance participation allocation. Such units were issued at the NAV per unit as of December 31, 2020. Subsequent to the issuance of the Class I units and Class B units, 9.7 million of such units were redeemed for $111.9 million, and 1.1 million of such units were exchanged for unregistered Class I shares in the Company. In January 2020, the Company issued approximately 11.7 million Class I units and 0.7 million Class B units in BREIT OP to the Special Limited Partner as payment for the 2019 performance participation allocation. Such Class I units were issued at the NAV per unit as of December 31, 2019. Subsequent to the Class I units and Class B units being issued, 7.3 million of such units were redeemed for $83.6 million and 0.8 million of such units were exchanged for unregistered Class I shares in the Company. As of March 11, 2022, Blackstone and its employees, including the Company’s executive officers, own shares of the Company and Class I and Class B units of BREIT OP worth an aggregate $1.4 billion. Other As of December 31, 2020, the Company had $50.8 million of accrued repurchases of Class I shares due to the Adviser. Additionally, as of both December 31, 2021 and 2020, the Adviser had advanced $2.3 million of expenses on the Company’s behalf for general corporate expenses provided by unaffiliated third parties. During the years ended December 31, 2021, 2020, and 2019, the Company engaged an affiliate of the Adviser to perform certain internal audit and compliance functions. For each of the years ended December 31, 2021, 2020, and 2019, the Company incurred $40,000 of fees for such services. Affiliate Title Service Provider Blackstone owns Lexington National Land Services (“LNLS”), a title agent company. LNLS acts as an agent for one or more underwriters in issuing title policies and/or providing support services in connection with investments by the Company, Blackstone and their affiliates and related parties and third parties. LNLS focuses on transactions in rate-regulated states where the cost of title insurance is non-negotiable. LNLS will not perform services in non-regulated states for the Company, unless (i) in the context of a portfolio transaction that includes properties in rate-regulated states, (ii) as part of a syndicate of title insurance companies where the rate is negotiated by other insurers or their agents, (iii) when a third party is paying all or a material portion of the premium or (iv) when providing only support services to the underwriter. LNLS earns fees, which would have otherwise been paid to third parties, by providing title agency services and facilitating placement of title insurance with underwriters. Blackstone receives distributions from LNLS in connection with investments by the Company based on its equity interest in LNLS. In each case, there will be no related offset to the Company. During the years ended December 31, 2021 and 2020, the Company paid Lexington National Land Services $25.7 million and $6.1 million, respectively, for title services related to 54 and 39 investments, respectively, and such costs were either (i) capitalized to Investments in Real Estate or (ii) recorded as deferred financing costs, which is a reduction to Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities on the Company’s Consolidated Balance Sheets. Captive Insurance Company On July 28, 2020, the Company became a member of a captive insurance company owned by the Company and other investment vehicles managed by Blackstone. A Blackstone affiliate provides oversight and management services to the captive and receives fees based on a percentage of premiums paid for such policies. The fees and expenses of the captive, including insurance premiums and fees paid to the Blackstone affiliate to manage it, are borne by the Company and the other Blackstone-managed investment vehicles pro rata based on estimates of insurance premiums that would have been payable for each party’s respective properties, as benchmarked by third parties. During the years ended December 31, 2021 and 2020, the Company contributed $57.1 million and $29.1 million, respectively, of capital to the captive insurance company for insurance premiums and its pro rata share of other expenses. Of these amounts, $1.0 million and $0.5 million, respectively, was attributable to the fee paid to a Blackstone affiliate to provide oversight and management services of the captive insurance company. The capital contributed and fees paid are in place of insurance premiums and fees that would otherwise be paid to third party insurance companies. Other As of both December 31, 2021 and 2020, the Company had a receivable of $3.9 million from LivCor, L.L.C. and such amounts are included in Other Assets on the Company’s Consolidated Balance Sheets.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	12 Months Ended
	Dec. 31, 2021
Other Assets and Other Liabilities [Abstract]
Other Assets and Other Liabilities	Other Assets and Other Liabilities The following table details the components of other assets ($ in thousands): December 31, 2021 December 31, 2020 Equity securities $ 3,225,660 $ 599,185 Real estate intangibles, net 1,487,436 738,259 Receivables, net 381,201 109,159 Straight-line rent receivable 275,200 155,108 Single family rental homes risk retention securities 233,525 — Held for sale assets 196,244 — Pre-acquisition costs 153,659 241 Prepaid expenses 151,188 50,092 Deferred leasing costs, net 84,990 49,533 Deferred financing costs, net 51,535 22,740 Derivatives 41,453 — Other 168,642 74,936 Total $ 6,450,733 $ 1,799,253 The following table details the components of other liabilities ($ in thousands): December 31, 2021 December 31, 2020 Subscriptions received in advance $ 1,746,910 $ 508,817 Intangible liabilities, net 288,643 128,639 Accounts payable and accrued expenses 265,754 104,866 Accrued interest expense 215,757 50,065 Real estate taxes payable 211,063 117,362 Securitized debt obligations, net 200,953 — Distribution payable 190,143 90,892 Right of use lease liability - operating leases 180,453 85,065 Tenant security deposits 172,308 57,489 Prepaid rental income 125,250 95,165 Held for sale liabilities 114,377 — Stock repurchases payable 100,540 83,350 Right of use lease liability - financing leases 75,730 57,727 Derivatives 45,597 55,536 Payable for unsettled investments in real estate debt 21,426 — Other 229,244 30,221 Total $ 4,184,148 $ 1,465,194

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Intangibles The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): December 31, 2021 December 31, 2020 Intangible assets In-place lease intangibles $ 1,920,331 $ 1,094,561 Indefinite life intangibles 104,182 10,082 Above-market lease intangibles 60,383 49,261 Other intangibles 69,634 22,467 Total intangible assets 2,154,530 1,176,371 Accumulated amortization In-place lease amortization (628,163) (407,256) Above-market lease amortization (22,993) (20,291) Other intangibles amortization (15,938) (10,565) Total accumulated amortization (667,094) (438,112) Intangible assets, net $ 1,487,436 $ 738,259 Intangible liabilities Below-market lease intangibles $ 377,132 $ 194,158 Total intangible liabilities 377,132 194,158 Accumulated amortization Below-market lease amortization (88,489) (65,519) Total accumulated amortization (88,489) (65,519) Intangible liabilities, net $ 288,643 $ 128,639 The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of December 31, 2021 is as follows ($ in thousands): In-place Lease Above-market Other Intangibles Below-market 2022 $ 665,457 $ 11,343 $ 8,238 $ (65,194) 2023 190,822 6,900 7,495 (56,317) 2024 129,057 4,879 7,203 (46,840) 2025 94,403 3,780 7,194 (38,718) 2026 69,979 3,037 6,880 (29,481) Thereafter 142,450 7,451 16,686 (52,093) $ 1,292,168 $ 37,390 $ 53,696 $ (288,643)

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives The Company uses derivative financial instruments to minimize the risks and/or costs associated with the Company’s investments and financing transactions. The Company has not designated any of its derivative financial instruments as hedges as defined within ASC 815 – “Derivatives and Hedging”. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements, fluctuations in foreign exchange rates, and other identified risks. The use of derivative financial instruments involves certain risks, including the risk that the counterparties to these contractual arrangements do not perform as agreed. To mitigate this risk, the Company enters into derivative financial instruments with counterparties it believes to have appropriate credit ratings and that are major financial institutions with which the Company and its affiliates may also have other financial relationships. Interest Rate Contracts Certain of the Company’s transactions expose the Company to interest rate risks, which include exposure to variable interest rates on its secured financings of investments in real estate debt in addition to certain loans secured by the Company’s real estate. The Company uses derivative financial instruments, which includes interest rate swaps, and may also include interest rate caps, options, floors, and other interest rate derivative contracts, to limit the Company’s exposure to the future variability of interest rates. The following tables detail the Company’s outstanding interest rate derivatives that were non-designated hedges of interest rate risk (notional amount in thousands): December 31, 2021 Interest Rate Derivatives Number of Instruments Notional Amount Strike Index Weighted Average Maturity (Years) Interest Rate Swaps - Investments in real estate debt 54 $ 1,076,210 1.0% LIBOR 4.8 Interest Rate Swaps - Property debt 22 $ 9,500,000 1.3% LIBOR 7.0 December 31, 2020 Interest Rate Derivatives Number of Instruments Notional Amount Strike Index Weighted Average Maturity (Years) Interest Rate Swaps - Investments in real estate debt 53 $ 929,560 1.3% LIBOR 6.3 Foreign Currency Forward Contracts Certain of the Company’s international investments expose it to fluctuations in foreign currency exchange rates and interest rates. These fluctuations may impact the value of the Company’s cash receipts and payments in terms of its functional currency, the U.S. dollar. The Company uses foreign currency forward contracts to protect the value or fix the amount of certain investments or cash flows in terms of the U.S. dollar. The following table details the Company’s outstanding foreign currency forward contracts that were non-designated hedges of foreign currency risk (notional amount in thousands): December 31, 2021 December 31, 2020 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD / Sell EUR Forward 10 € 552,513 7 € 219,430 Buy USD / Sell GBP Forward 7 £ 267,368 2 £ 25,093 Buy EUR / Sell USD Forward 1 € 5,978 — € — Buy GBP / Sell USD Forward 3 £ 15,396 — £ — Valuation and Financial Statement Impact The following table details the fair value of the Company’s derivative financial instruments ($ in thousands): Fair Value of Derivatives in an Asset (1) Position Fair Value of Derivatives in a Liability (2) Position December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Interest rate derivatives $ 41,123 $ — $ 38,062 $ 46,144 Foreign currency forward contracts 330 — 7,535 9,392 Total Derivatives $ 41,453 $ — $ 45,597 $ 55,536 (1) Included in Other Assets in the Company’s Consolidated Balance Sheets. (2) Included in Other Liabilities in the Company’s Consolidated Balance Sheets. The following table details the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations ($ in thousands): Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized in Net Income Year Ended December 31, 2021 2020 2019 Foreign Currency Forward Contract Realized gain (loss) (1) $ 27,606 $ (14,703) $ — Interest Rate Swap - Investments in real estate debt Realized loss (1) (11,335) (6,722) (533) Foreign Currency Forward Contract Unrealized gain (loss) (1) 8,145 (9,139) (253) Interest Rate Swap – Investments in real estate debt Unrealized gain (loss) (1) 57,470 (43,029) (2,242) Interest Rate Swap – Property debt Unrealized loss (2) (7,711) — — $ 74,175 $ (73,593) $ (3,028) (1) Included in Income from investments in real estate debt in the Company’s Consolidated Statements of Operations. (2) Included in Other income (expense) in the Company's Consolidated Statements of Operations. Credit-Risk Related Contingent Features The Company has entered into agreements with certain of its derivative counterparties that contain provisions whereby if the Company were to default on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, the Company may also be declared in default under its derivative obligations. In addition, certain of the Company’s agreements with its derivative counterparties require the Company to post collateral based on a percentage of derivative notional amounts and/or to secure net liability positions. As of December 31, 2021, the Company was in a net liability position with one of its derivative counterparties and posted collateral of $5.1 million under these derivative contracts. As of December 31, 2020, the Company was in a net liability position with two of its derivative counterparties and posted collateral of $55.9 million under these derivative contracts.

Equity and Redeemable Non-contr

Equity and Redeemable Non-controlling Interest	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	Equity and Redeemable Non-controlling Interest Authorized Capital The Company is authorized to issue preferred stock and four classes of common stock consisting of Class S shares, Class I shares, Class T shares, and Class D shares. The Company’s board of directors has the ability to establish the preferences and rights of each class or series of preferred stock, without stockholder approval, and as such, it may afford the holders of any series or class of preferred stock preferences, powers and rights senior to the rights of holders of common stock. The differences among the common share classes relate to upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. See Note 2 for a further description of such items. Other than the differences in upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees, each class of common stock has the same economic and voting rights. As of December 31, 2021, the Company had the authority to issue 10,100,000,000 shares, consisting of the following: Classification Number of Shares Par Value Preferred Stock 100,000 $ 0.01 Class S Shares 3,000,000 $ 0.01 Class I Shares 6,000,000 $ 0.01 Class T Shares 500,000 $ 0.01 Class D Shares 500,000 $ 0.01 Total 10,100,000 Common Stock The following table details the movement in the Company’s outstanding shares of common stock (in thousands): Class S Class I Class T Class D Total January 1, 2019 276,989 108,261 23,313 30,375 438,938 Common stock issued 248,497 371,562 16,650 53,107 689,816 Distribution reinvestment 12,156 7,356 899 1,590 22,001 Common stock repurchased (6,829) (12,936) (1,095) (415) (21,275) Independent directors' restricted stock grant (1) — 36 — — 36 December 31, 2019 530,813 474,279 39,767 84,657 1,129,516 Common stock issued 196,343 510,136 8,497 43,325 758,301 Distribution reinvestment 20,860 19,363 1,330 3,299 44,852 Common stock repurchased (45,163) (76,735) (3,651) (7,140) (132,689) Independent directors' restricted stock grant (1) — 37 — — 37 December 31, 2020 702,853 927,080 45,943 124,141 1,800,017 Common stock issued 543,534 1,221,551 11,392 164,263 1,940,740 Distribution reinvestment 25,157 30,601 1,360 5,111 62,229 Common stock repurchased (17,196) (92,662) (1,408) (2,428) (113,694) Independent directors' restricted stock grant (1) — 61 — — 61 December 31, 2021 1,254,348 2,086,631 57,287 291,087 3,689,353 (1) The independent directors’ restricted stock grants represented an aggregate $0.7 million, $0.4 million and $0.4 million of the annual compensation paid to the independent directors for the years ended December 31, 2021, 2020 and 2019, respectively. Each grant is amortized over the one year service period of such grant. Share and Unit Repurchases The Company has adopted a share repurchase plan whereby, subject to certain limitations, stockholders may request on a monthly basis that the Company repurchases all or any portion of their shares. Should repurchase requests, in the Company’s judgment, place an undue burden on its liquidity, adversely affect its operations or risk having an adverse impact on the Company as a whole, or should the Company otherwise determine that investing its liquid assets in real properties or other illiquid investments rather than repurchasing its shares is in the best interests of the Company as a whole, then the Company may choose to repurchase fewer shares than have been requested to be repurchased, or none at all. Further, the Company’s board of directors may modify and suspend the Company’s share repurchase plan if it deems such action to be in the Company’s best interest and the best interest of its stockholders. In the event that the Company determines to repurchase some but not all of the shares submitted for repurchase during any month, shares repurchased at the end of the month will be repurchased on a pro rata basis. For the years ended December 31, 2021, 2020, and 2019, the Company repurchased shares and OP units for a total of $1.4 billion, $1.5 billion and $0.2 billion, respectively. The Company had no unfulfilled repurchase requests during the years ended December 31, 2021, 2020 and 2019. Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Internal Revenue Code. Each class of common stock receives the same gross distribution per share. The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable distributor. The following table details the aggregate distributions declared for each applicable class of common stock: Year Ended December 31, 2021 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.6508 $ 0.6508 $ 0.6508 $ 0.6508 Stockholder servicing fee per share of common stock (0.1096) — (0.1081) (0.0317) Net distributions declared per share of common stock $ 0.5412 $ 0.6508 $ 0.5427 $ 0.6191 Year Ended December 31, 2020 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.6354 $ 0.6354 $ 0.6354 $ 0.6354 Stockholder servicing fee per share of common stock (0.0942) — (0.0929) (0.0274) Net distributions declared per share of common stock $ 0.5412 $ 0.6354 $ 0.5425 $ 0.6080 Year Ended December 31, 2019 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.6363 $ 0.6363 $ 0.6363 $ 0.6363 Stockholder servicing fee per share of common stock (0.0951) — (0.0935) (0.0276) Net distributions declared per share of common stock $ 0.5412 $ 0.6363 $ 0.5428 $ 0.6087 Distributions for the year ended December 31, 2021 were characterized, for federal income tax purposes, as 4.73% ordinary income, 3.36% capital gains and 91.91% return of capital. Of the 4.73% characterized as ordinary income, all 4.73% were non-qualified. Distributions for the year ended December 31, 2020 were characterized, for federal income tax purposes, as 100.00% return of capital. Distributions for the year ended December 31, 2019 were characterized, for federal income tax purposes, as 8.75% ordinary income, 1.17% capital gains and 90.08% return of capital. Of the 8.75% characterized as ordinary income, 8.60% and 0.15% were non-qualified and qualified, respectively. Redeemable Non-controlling Interest In connection with its performance participation interest, the Special Limited Partner holds Class I units in BREIT OP. See Note 9 for further details of the Special Limited Partner’s performance participation interest. Because the Special Limited Partner has the ability to redeem its Class I units for Class I shares in the Company or cash, at the election of the Special Limited Partner, the Company has classified these Class I units as Redeemable Non-controlling Interest in mezzanine equity on the Company’s Consolidated Balance Sheets. The following table details the redeemable non-controlling interest activity related to the Special Limited Partner for the years ended December 31, 2021 and 2020 ($ in thousands): December 31, 2021 December 31, 2020 Balance at the beginning of the year $ 274 $ 272 Settlement of current year performance participation allocation 1,378,959 — Settlement of prior year performance participation allocation 192,648 141,396 Repurchases (111,949) (83,625) Conversion to Class I and Class B units (68,453) (48,543) Conversion to Class I shares (801,645) (9,228) GAAP income allocation (6) (14) Distributions (15) (14) Fair value allocation 87 30 Ending balance $ 589,900 $ 274 During the years ended December 31, 2021, and 2020, the Company issued Class I and Class B Units in BREIT OP to the Special Limited Partner as payment of the 2021, 2020, and 2019 performance participation allocation. The units issued as payment of the 2020 and 2019 performance participation allocation were subsequently redeemed for cash and exchanged for Class I shares in the Company during the periods in which the units were issued. In addition to the Special Limited Partner’s interest noted above, certain of the Company’s third party joint ventures also have a redeemable non-controlling interest in such joint ventures. As of December 31, 2021 and December 31, 2020, $160.8 million and $29.8 million, respectively, related to such third party joint ventures was included in Redeemable Non-controlling Interests on the Company’s Consolidated Balance Sheets. The Redeemable Non-controlling Interests are recorded at the greater of (i) their carrying amount, adjusted for their share of the allocation of GAAP net income or loss and distributions, or (ii) their redemption value, which is equivalent to the fair value of such interests at the end of each measurement period. Accordingly, the Company recorded an allocation adjustment of $103.4 million, $8.8 million, and $6.8 million during the years ended December 31, 2021, 2020, and 2019, respectively, between Additional Paid-in Capital and Redeemable Non-controlling Interest. Non-controlling Interests - BREIT OP unitholders Class B Units in BREIT OP are available to certain suitable investors in private placements generally utilizing a “draw-down” structure. Class B Units are sold at their NAV per unit, which will equal the NAV per Class I unit of BREIT OP and will generally correspond to the NAV per share of the Company’s Class I shares. Class B Units are subject to the same fees and expenses of Class I Units and do not have any preferential rights relative to the Company’s interest in BREIT OP, nor are they exchangeable for any shares of the Company’s common stock. Holders of the Class B Units have a right to redeem their units for cash in a manner similar to the ability of the Company’s stockholders to have their shares repurchased under the Company’s share repurchase plan. Class B Unit redemptions are subject to similar limitations as share repurchases under the Company’s share repurchase plan, namely the early repurchase deduction and caps on monthly and quarterly repurchases (calculated on an aggregate basis with shares of the Company’s common stock submitted for repurchase for the applicable period). The redemption rights of the Class B unitholders do not affect the terms of the Company’s share repurchase plan. Class B Units have the same limited voting rights as the other BREIT OP units and such rights do not affect the Company’s exclusive power, as general partner of BREIT OP, to manage and conduct the business of BREIT OP. During the year ended December 31, 2020, BREIT OP received $9.0 million in Class B Unit subscriptions from an entity advised by Blackstone Insurance Solutions. No such subscriptions were received during the year ended December 31, 2021. As of December 31, 2021 and 2020, there were 10,055,358 Class B Units outstanding. Class B Units are recorded as a component of Non-controlling Interests on the Company’s Consolidated Balance Sheets.

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases	Leases Lessor The Company’s rental revenue primarily consists of rent earned from operating leases at the Company’s residential, industrial, net lease, data centers, self storage, retail, and office properties. Leases at the Company’s industrial, data centers, retail, and office properties generally include a fixed base rent, and certain leases also contain a variable rent component. The variable component of the Company’s operating leases at its industrial, data centers, retail, and office properties primarily consist of the reimbursement of operating expenses such as real estate taxes, insurance, and common area maintenance costs. Rental revenue earned from leases at the Company’s residential properties primarily consist of a fixed base rent, and certain leases contain a variable component that allows for the pass-through of certain operating expenses such as utilities. Rental revenue earned from leases at the Company’s self storage properties primarily consist of a fixed base rent only. Rental revenue from the Company’s lease at the Bellagio consists of a fixed annual rent that escalates annually throughout the term of the lease, and the tenant is generally responsible for all property-related expenses, including taxes, insurance, and maintenance. The Company assessed the classification of the Bellagio lease and determined the lease was an operating lease. The Company’s assessment included the consideration of the present value of the lease payments over the lease term and the residual value of the leased assets. Leases at the Company’s industrial, net lease, data centers, retail, and office properties are generally longer term and may contain extension and termination options at the lessee’s election. Leases at the Company’s residential and self storage properties are short term in nature, generally not greater than 12 months in length. The following table details the components of operating lease income from leases in which the Company is the lessor ($ in thousands): Year Ended December 31, 2021 2020 2019 Fixed lease payments $ 2,860,344 $ 2,031,411 $ 1,073,562 Variable lease payments 280,184 204,461 128,051 Rental revenue $ 3,140,528 $ 2,235,872 $ 1,201,613 The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, net lease, data centers, retail, and office properties as of December 31, 2021 ($ in thousands). Leases at the Company’s residential and self storage properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2022 $ 1,324,432 2023 1,220,847 2024 1,074,261 2025 945,512 2026 828,147 Thereafter 9,467,686 Total $ 14,860,885 Lessee Certain of the Company’s investments in real estate are subject to ground leases. The Company’s ground leases are classified as either operating leases or financing leases based on the characteristics of each lease. As of December 31, 2021, the Company had 57 ground leases classified as operating and three ground leases classified as financing. One of the operating ground leases is related to one of the residential properties that is held for sale as of December 31, 2021. Each of the Company’s ground leases were acquired as part of the acquisition of real estate, and no incremental costs were incurred for such ground leases. The Company’s ground leases are non-cancelable, and two of the Company’s operating leases contain renewal options, one for an additional 99 year term and the other for an additional 10 year term. The following table details the future lease payments due under the Company’s ground leases as of December 31, 2021 ($ in thousands): Operating Financing 2022 $ 8,784 $ 4,038 2023 8,977 4,150 2024 9,081 4,266 2025 9,328 4,385 2026 9,442 4,507 Thereafter 914,168 568,774 Total undiscounted future lease payments 959,780 590,120 Difference between undiscounted cash flows and discounted cash flows (779,327) (514,390) Total lease liability $ 180,453 $ 75,730 The Company utilized its incremental borrowing rate, which was between 5% and 7%, to determine its lease liabilities. As of December 31, 2021, the weighted average remaining lease term of the Company’s operating leases and financing leases was 67 and 80 years, respectively. Payments under the Company’s ground leases primarily contain fixed payment components that may include periodic increases fixed to an index or periodic fixed percentage escalations. One of the Company’s ground leases contains a variable component based on a percentage of revenue. The following table details the fixed and variable components of the Company’s operating leases ($ in thousands): Year Ended December 31, 2021 2020 2019 Fixed ground rent expense $ 4,904 $ 4,038 $ 2,042 Variable ground rent expense 36 18 81 Total cash portion of ground rent expense 4,940 4,056 2,123 Straight-line ground rent expense 7,488 6,737 4,892 Total operating lease costs $ 12,428 $ 10,793 $ 7,015 The following table details the fixed and variable components of the Company’s financing leases ($ in thousands): Year Ended December 31, 2021 2020 2019 Interest on lease liabilities $ 3,403 $ 2,991 $ 2,228 Amortization of right-of-use assets 1,139 991 748 Total financing lease costs $ 4,542 $ 3,982 $ 2,976

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company operates in nine reportable segments: Residential, Industrial, Net Lease, Data Centers, Hospitality, Self Storage, Retail, and Office properties, and Investments in Real Estate Debt. The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that Segment Net Operating Income is the key performance metric that captures the unique operating characteristics of each segment. The following table details the total assets by segment ($ in thousands): December 31, 2021 December 31, 2020 Residential $ 44,167,486 $ 13,701,615 Industrial 20,898,801 11,157,856 Net Lease 5,219,519 5,199,651 Hospitality 3,084,271 2,196,429 Data Centers (1) 1,905,660 341,056 Self Storage 1,886,376 1,593,430 Retail 1,689,575 700,045 Office 1,232,392 447,630 Investments in Real Estate Debt 9,190,352 4,763,309 Other (Corporate) 2,033,779 582,994 Total assets $ 91,308,211 $ 40,684,015 (1) Previously included within the Industrial segment. The following table details the financial results by segment for the year ended December 31, 2021 ($ in thousands): Residential Industrial Net Data Centers (1) Hospitality Self Retail Office Investments in Total Revenues: Rental revenue $ 1,544,909 $ 982,137 $ 331,178 $ 28,586 $ — $ 143,069 $ 64,079 $ 46,570 $ — $ 3,140,528 Hospitality revenue — — — — 412,338 — — — — 412,338 Other revenue 109,211 12,413 — — 10,287 9,393 2,157 344 — 143,805 Total revenues 1,654,120 994,550 331,178 28,586 422,625 152,462 66,236 46,914 — 3,696,671 Expenses: Rental property operating 780,321 306,016 1,331 4,080 — 67,554 20,712 12,557 — 1,192,571 Hospitality operating — — — — 316,144 — — — — 316,144 Total expenses 780,321 306,016 1,331 4,080 316,144 67,554 20,712 12,557 — 1,508,715 Income (loss) from unconsolidated entities (17,461) 194,743 100,276 (71,745) — — 167 — — 205,980 Income from investments in real estate debt — — — — — — — — 498,107 498,107 Income from investments in equity securities 640,731 174,866 56,765 — — — — 11,897 — 884,259 Segment net operating income (loss) $ 1,497,069 $ 1,058,143 $ 486,888 $ (47,239) $ 106,481 $ 84,908 $ 45,691 $ 46,254 $ 498,107 $ 3,776,302 Depreciation and amortization $ (933,418) $ (576,793) $ (114,409) $ (12,485) $ (93,911) $ (137,872) $ (28,917) $ (22,127) $ — $ (1,919,932) General and administrative $ (32,046) Management fee (445,291) Performance participation allocation (1,378,959) Net gain on dispositions of real estate 7,881 Interest expense (835,283) Loss on extinguishment of debt (16,331) Other income (expense) 7,495 Net loss $ (836,164) Net loss attributable to non-controlling interests in third party joint ventures $ 22,090 Net loss attributable to non-controlling interests in BREIT OP 9,291 Net loss attributable to BREIT stockholders $ (804,783) (1) Previously included within the Industrial segment. The following table details the financial results by segment for the year ended December 31, 2020 ($ in thousands): Residential Industrial Net Data Centers (1) Hospitality Self Retail Office Investments in Total Revenues: Rental revenue $ 976,873 $ 811,490 $ 331,178 $ 23,042 $ — $ 22,874 $ 54,047 $ 16,368 $ — $ 2,235,872 Hospitality revenue — — — — 248,909 — — — — 248,909 Other revenue 50,256 5,438 — — 6,397 3,076 1,198 502 — 66,867 Total revenues 1,027,129 816,928 331,178 23,042 255,306 25,950 55,245 16,870 — 2,551,648 Expenses: Rental property operating 471,413 240,792 701 3,039 — 12,753 17,541 5,540 — 751,779 Hospitality operating — — — — 261,472 — — — — 261,472 Total expenses 471,413 240,792 701 3,039 261,472 12,753 17,541 5,540 — 1,013,251 Income from unconsolidated entities — — 88,571 — — — — — — 88,571 Loss from investments in real estate debt — — — — — — — — (120,917) (120,917) Income from investments in equity securities 37,679 14,005 12,578 — — — — 2,194 — 66,456 Segment net operating income $ 593,395 $ 590,141 $ 431,626 $ 20,003 $ (6,166) $ 13,197 $ 37,704 $ 13,524 $ (120,917) $ 1,572,507 Depreciation and amortization $ (544,927) $ (540,023) $ (114,530) $ (10,098) $ (90,820) $ (19,484) $ (32,528) $ (9,741) $ — $ (1,362,151) General and administrative (25,653) Management fee (224,776) Performance participation allocation (192,648) Impairment of investments in real estate (12,343) Net gain on dispositions of real estate 113,173 Interest expense (712,931) Loss on extinguishment of debt (10,356) Other income (expense) (12,224) Net loss $ (867,402) Net loss attributable to non-controlling interests in third party joint ventures $ 2,417 Net loss attributable to non-controlling interests in BREIT OP 11,586 Net loss attributable to BREIT stockholders $ (853,399) (1) Previously included within the Industrial segment. The following table details the financial results by segment for the year ended December 31, 2019 ($ in thousands): Residential Industrial Net Data Centers (1) Hospitality Self Retail Office Investments in Total Revenues: Rental revenue $ 673,173 $ 452,402 $ 42,317 $ 9,537 $ — $ 6,191 $ 15,869 $ 2,124 $ — $ 1,201,613 Hospitality revenue — — — — 432,892 — — — — 432,892 Other revenue 39,340 2,312 — — 8,858 778 398 81 — 51,767 Total revenues 712,513 454,714 42,317 9,537 441,750 6,969 16,267 2,205 — 1,686,272 Expenses: Rental property operating 322,773 136,365 — 1,036 — 3,454 5,539 799 — 469,966 Hospitality operating — — — — 304,710 — — — — 304,710 Total expenses 322,773 136,365 — 1,036 304,710 3,454 5,539 799 — 774,676 Income from investments in real estate debt — — — — — — — — 213,062 213,062 Segment net operating income $ 389,740 $ 318,349 $ 42,317 $ 8,501 $ 137,040 $ 3,515 $ 10,728 $ 1,406 $ 213,062 $ 1,124,658 Depreciation and amortization $ (427,209) $ (287,537) $ (14,858) $ (4,403) $ (72,765) $ (7,374) $ (8,640) $ (1,253) $ — $ (824,039) General and administrative (18,170) Management fee (108,115) Performance participation allocation (141,396) Impairment of investments in real estate — Net gain on dispositions of real estate 35,035 Interest expense (484,476) Loss on extinguishment of debt — Other income (expense) 2,260 Net loss $ (414,243) Net loss attributable to non-controlling interests in third party joint ventures $ 5,671 Net loss attributable to non-controlling interests in BREIT OP 6,801 Net loss attributable to BREIT stockholders $ (401,771) (1) Previously included within the Industrial segment.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of December 31, 2021, 2020, and 2019, the Company was not involved in any material legal proceedings.

Real Estate and Accumulated Dep

Real Estate and Accumulated Depreciation Schedule III	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real Estate and Accumulated Depreciation Schedule III	Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2021 ($ in thousands) Initial Cost Costs Capitalized Gross Amounts at which Description Location Number of Properties Encumbrances Land and Land Building and Building Improvements Land and Land Building and Building Improvements Land and Land Building and Building Improvements Total Accumulated Depreciation (1) Year Acquired Residential Properties: Mid Rise Apartments Atlanta, GA 1 130,000 — 171,709 273 7,529 273 179,238 179,511 (30,326) 2017 Garden Style Apartments Atlanta, GA 22 1,257,898 316,035 1,622,543 1,324 16,629 317,359 1,639,172 1,956,531 (66,609) 2019-2021 Austin, TX 12 426,583 74,147 616,353 1,874 10,936 76,021 627,289 703,310 (28,518) 2017-2021 Boston, MA 3 184,356 38,650 216,209 273 5,930 38,923 222,139 261,062 (20,591) 2018-2021 Charleston, SC 1 30,738 6,512 35,603 75 1,679 6,587 37,282 43,869 (4,261) 2019 Charlotte, NC 17 523,486 162,230 930,153 2,199 15,178 164,429 945,331 1,109,760 (43,203) 2019-2021 Chicago, IL 1 41,340 10,899 42,850 563 7,225 11,462 50,075 61,537 (7,747) 2017 Columbus, OH 6 285,102 52,102 293,233 273 5,161 52,375 298,394 350,769 (16,964) 2020-2021 Dallas, TX 19 1,012,245 236,375 1,200,485 2,621 20,343 238,996 1,220,828 1,459,824 (68,852) 2017-2021 Denver, CO 11 636,250 119,394 889,041 1,906 20,870 121,300 909,911 1,031,211 (56,128) 2017-2021 Durham, NC 2 74,528 20,813 92,463 20 356 20,833 92,819 113,652 (6,654) 2020 Flagstaff, AZ 1 17,852 3,344 30,331 82 1,322 3,426 31,653 35,079 (4,716) 2017 Fort Collins, CO 1 36,127 5,020 42,672 57 1,220 5,077 43,892 48,969 (4,096) 2019 Greenville, SC 2 60,800 13,203 67,595 2 29 13,205 67,624 80,829 (730) 2021 Houston, TX 4 161,778 52,475 207,269 66 386 52,541 207,655 260,196 (5,171) 2020-2021 Jacksonville, FL 8 311,168 61,637 397,816 1,289 15,655 62,926 413,471 476,397 (33,078) 2017-2021 Kansas City, MO 3 20,767 18,708 127,056 280 2,733 18,988 129,789 148,777 (9,298) 2017-2020 Kennewick, WA 2 43,385 5,480 51,487 399 5,052 5,879 56,539 62,418 (6,073) 2019 Lakeland, FL 1 41,800 8,788 49,613 139 5,528 8,927 55,141 64,068 (5,306) 2019 Las Vegas, NV 22 1,040,287 255,961 1,174,386 3,292 44,109 259,253 1,218,495 1,477,748 (140,938) 2017-2021 Los Angeles, CA 1 50,000 10,795 44,758 39 505 10,834 45,263 56,097 (4,540) 2019 Louisville, KY 5 37,991 7,582 52,798 607 5,372 8,189 58,170 66,359 (7,993) 2017 Miami, FL 8 567,887 167,319 728,244 1,306 11,976 168,625 740,220 908,845 (49,016) 2017-2021 Minneapolis, MN 1 35,970 6,016 47,722 — — 6,016 47,722 53,738 (99) 2021 Modesto, CA 2 47,081 5,006 68,782 332 5,828 5,338 74,610 79,948 (9,985) 2017-2018 Nashville, TN 7 143,477 45,873 311,837 1,175 7,408 47,048 319,245 366,293 (18,790) 2017-2021 North Port, FL 1 46,000 11,789 88,117 — — 11,789 88,117 99,906 (214) 2021 Olympia, WA 2 75,562 20,455 84,588 378 9,211 20,833 93,799 114,632 (14,391) 2017-2018 Orlando, FL 17 862,966 186,230 1,065,413 8,385 40,344 194,615 1,105,757 1,300,372 (75,525) 2017-2021 Phoenix, AZ 22 1,110,944 288,270 1,368,765 2,628 51,180 290,898 1,419,945 1,710,843 (104,828) 2017-2021 Portland, OR 6 218,223 68,172 261,360 463 6,045 68,635 267,405 336,040 (33,323) 2017-2019 Raleigh, NC 8 405,677 64,151 519,126 448 3,387 64,599 522,513 587,112 (20,684) 2019-2021 Ontario, Canada 5 272,244 52,051 396,110 385 12,065 52,436 408,175 460,611 (32,035) 2017-2021 Sacramento, CA 2 118,492 22,383 153,733 525 8,551 22,908 162,284 185,192 (21,223) 2018-2019 San Antonio, TX 4 116,824 18,648 132,551 297 3,345 18,945 135,896 154,841 (9,652) 2017-2021 Savannah, GA 1 28,925 5,613 35,434 124 75 5,737 35,509 41,246 (3,920) 2019 Initial Cost Costs Capitalized Gross Amounts at which Description Location Number of Properties Encumbrances Land and Land Building and Building Improvements Land and Land Building and Building Improvements Land and Land Building and Building Improvements Total Accumulated Depreciation (1) Year Acquired Seattle, WA 5 140,982 68,204 317,900 755 12,584 68,959 330,484 399,443 (21,418) 2017-2021 Spokane, WA 1 29,904 5,501 31,785 226 6,252 5,727 38,037 43,764 (5,361) 2018 Tampa, FL 10 423,117 112,749 665,651 969 18,264 113,718 683,915 797,633 (28,358) 2019-2021 Honolulu, HI 1 — 95,193 548,419 — — 95,193 548,419 643,612 (224) 2021 Manufactured Housing Atlanta, GA 2 9,000 35,491 1,760 715 — 36,206 1,760 37,966 (1,747) 2020 Fort Myers, FL 2 — 11,960 1,798 933 89 12,893 1,887 14,780 (355) 2020 Cincinnati, OH 1 23,381 33,479 2,999 28 — 33,507 2,999 36,506 (2,625) 2020 Deltona, FL 1 3,638 6,558 513 14 23 6,572 536 7,108 (202) 2020 Gainesville, FL 3 — 8,755 1,524 15 2 8,770 1,526 10,296 (212) 2020 Lakeland, FL 2 20,662 30,698 754 421 288 31,119 1,042 32,161 (1,449) 2019-2020 Los Angeles, CA 1 — 14,621 767 — — 14,621 767 15,388 (89) 2021 Miami, FL 4 84,851 136,753 2,032 215 227 136,968 2,259 139,227 (1,063) 2020-2021 Naples, FL 3 24,315 42,257 2,076 429 121 42,686 2,197 44,883 (1,992) 2019-2020 North Port, FL 1 23,217 30,093 6,947 412 1,179 30,505 8,126 38,631 (1,169) 2020 Ocala, FL 1 1,853 3,722 284 165 83 3,887 367 4,254 (280) 2020 Orlando, FL 8 77,004 179,993 10,320 2,438 1,620 182,431 11,940 194,371 (5,672) 2018-2020 Palm Bay, FL 2 19,289 32,460 1,216 65 60 32,525 1,276 33,801 (825) 2020 Phoenix, AZ 27 191,548 287,904 12,313 4,507 1,059 292,411 13,372 305,783 (25,594) 2018-2020 Port St. Lucie, FL 1 — 7,150 419 — — 7,150 419 7,569 (217) 2020 Prescott Valley, AZ 3 11,045 13,641 866 176 43 13,817 909 14,726 (1,524) 2018-2020 Riverside, CA 2 19,112 22,443 900 757 80 23,200 980 24,180 (2,906) 2018 San Diego, CA 1 5,301 6,236 309 164 20 6,400 329 6,729 (716) 2018 Santa Rosa, CA 2 — 21,030 2,244 145 — 21,175 2,244 23,419 (722) 2020-2021 Seattle, WA 1 14,593 23,000 907 64 — 23,064 907 23,971 (777) 2020 Sebastian, FL 1 11,756 19,117 983 69 165 19,186 1,148 20,334 (696) 2020 Tampa, FL 7 41,351 85,950 4,720 352 604 86,302 5,324 91,626 (3,245) 2019-2020 The Villages, FL 3 13,511 13,974 5,211 690 136 14,664 5,347 20,011 (937) 2020 Tucson, AZ 1 9,820 12,620 1,838 44 793 12,664 2,631 15,295 (420) 2020 Washington DC 1 4,754 5,741 656 288 80 6,029 736 6,765 (678) 2019 Student Housing Akron, OH 1 36,477 3,052 41,735 20 433 3,072 42,168 45,240 (4,797) 2018 Athens, GA 2 96,000 14,895 126,936 4 375 14,899 127,311 142,210 (8,081) 2018-2021 Atlanta, GA 1 116,600 801 156,796 — 16 801 156,812 157,613 (1,997) 2021 Auburn, AL 2 87,824 18,796 117,582 — 135 18,796 117,717 136,513 (4,362) 2018-2021 Blacksburg, VA 1 64,532 12,698 71,693 270 310 12,968 72,003 84,971 (8,484) 2018 Boone, NC 1 49,900 4,599 73,835 — 212 4,599 74,047 78,646 (948) 2021 Boulder, CO 2 68,963 17,630 73,958 59 2,050 17,689 76,008 93,697 (8,657) 2018 Buffalo, NY 1 67,400 11,283 81,015 — — 11,283 81,015 92,298 (246) 2021 Charlottesville, VA 3 68,438 5,118 94,048 302 2,865 5,420 96,913 102,333 (10,745) 2018 Fort Collins, CO 1 83,400 712 102,973 — — 712 102,973 103,685 (409) 2021 Greenville, NC 1 45,961 8,458 45,948 69 386 8,527 46,334 54,861 (5,260) 2018 Initial Cost Costs Capitalized Gross Amounts at which Description Location Number of Properties Encumbrances Land and Land Building and Building Improvements Land and Land Building and Building Improvements Land and Land Building and Building Improvements Total Accumulated Depreciation (1) Year Acquired Knoxville, TN 2 113,900 21,639 134,787 — — 21,639 134,787 156,426 (1,778) 2021 Louisville, KY 1 34,266 10,401 31,231 123 280 10,524 31,511 42,035 (3,653) 2018 Orlando, FL 2 106,066 16,035 114,618 150 2,311 16,185 116,929 133,114 (8,908) 2018-2021 Phoenix, AZ 1 97,149 14,180 111,719 2 998 14,182 112,717 126,899 (12,365) 2018 Pullman, WA 1 51,400 20,172 55,481 — — 20,172 55,481 75,653 (1,106) 2021 Reno, NV 1 58,000 6,265 75,388 — — 6,265 75,388 81,653 (135) 2021 Riverside, CA 1 29,818 3,966 40,159 35 1,395 4,001 41,554 45,555 (4,595) 2018 San Francisco, CA 1 12,552 4,584 16,540 43 531 4,627 17,071 21,698 (1,937) 2018 State College, PA 3 165,312 22,755 201,931 388 2,659 23,143 204,590 227,733 (16,846) 2018-2021 Tallahassee, FL 1 72,300 7,770 97,619 4 40 7,774 97,659 105,433 (1,279) 2021 Tucson, AZ 2 106,560 11,085 140,543 78 703 11,163 141,246 152,409 (15,523) 2018 Tuscaloosa, AL 1 65,931 16,579 74,404 — 1,244 16,579 75,648 92,227 (8,532) 2018 Single Family Rental Atlanta, GA 1979 429,277 155,291 698,982 2,068 6,830 157,359 705,812 863,171 (9,987) 2014-2021 Charlotte, NC 382 111,243 37,891 149,981 316 1,553 38,207 151,534 189,741 (2,347) 2015-2021 Chicago, IL 824 185,141 65,006 226,436 877 3,033 65,883 229,469 295,352 (3,580) 2012-2021 Dallas, TX 1317 327,403 119,678 454,366 1,971 7,561 121,649 461,927 583,576 (7,076) 2013-2021 Denver, CO 1414 457,886 172,652 636,298 1,328 4,371 173,980 640,669 814,649 (8,961) 2013-2021 Houston, TX 276 49,577 15,058 71,601 427 1,299 15,485 72,900 88,385 (1,108) 2013-2021 Kansas City, MO 276 74,775 23,571 100,079 219 1,263 23,790 101,342 125,132 (1,615) 2015-2021 Minneapolis, MN 788 192,897 82,654 268,484 483 2,457 83,137 270,941 354,078 (3,740) 2015-2021 Orlando, FL 519 137,424 47,173 178,756 910 4,827 48,083 183,583 231,666 (2,870) 2014-2021 Other 2075 382,710 218,932 649,220 5,035 10,228 223,967 659,448 883,415 (7,384) 2014-2021 Philadelphia, PA 186 36,340 19,542 57,932 138 896 19,680 58,828 78,508 (890) 2016-2021 Portland, OR 289 114,878 62,010 117,311 205 1,189 62,215 118,500 180,715 (1,862) 2015-2021 Seattle, WA 735 223,993 139,612 296,770 563 2,052 140,175 298,822 438,997 (4,034) 2014-2021 South Florida, FL 442 115,074 39,319 142,884 977 3,727 40,296 146,611 186,907 (2,277) 2014-2021 Southern California, CA 324 123,505 54,582 166,949 456 2,299 55,038 169,248 224,286 (2,533) 2014-2021 Tampa, FL 764 150,690 74,482 242,284 1,093 5,675 75,575 247,959 323,534 (3,402) 2014-2021 Washington DC 211 45,051 27,072 66,359 153 692 27,225 67,051 94,276 (875) 2015-2021 Senior Housing Quebec, Canada 13 297,287 30,238 436,931 — 719 30,238 437,650 467,888 (3,242) 2021 Affordable Housing Ann Arbor, MI 2 — 4,150 22,099 — — 4,150 22,099 26,249 (37) 2021 Atlanta, GA 11 64,600 46,377 111,724 — — 46,377 111,724 158,101 (177) 2021 Austin, TX 8 41,821 34,788 156,092 — — 34,788 156,092 190,880 (243) 2021 Baltimore, MD 6 30,312 55,506 74,855 — — 55,506 74,855 130,361 (119) 2021 Barnstable Town, MA 1 1,950 170 1,640 — — 170 1,640 1,810 (3) 2021 Bloomington, IN 1 6,027 2,140 14,059 — — 2,140 14,059 16,199 (22) 2021 Boston, MA 1 7,864 8,439 37,687 — — 8,439 37,687 46,126 (60) 2021 Boulder, CO 3 41,000 16,409 80,827 — — 16,409 80,827 97,236 (119) 2021 Bridgeport, CT 1 390 600 310 — — 600 310 910 (1) 2021 Initial Cost Costs Capitalized Gross Amounts at which Description Location Number of Properties Encumbrances Land and Land Building and Building Improvements Land and Land Building and Building Improvements Land and Land Building and Building Improvements Total Accumulated Depreciation (1) Year Acquired Cape Coral, FL 2 62,073 14,232 96,599 — — 14,232 96,599 110,831 (210) 2021 Charlotte, NC 5 12,533 23,728 36,198 — — 23,728 36,198 59,926 (58) 2021 Charlottesville, VA 1 1,259 5,940 21,639 — — 5,940 21,639 27,579 (35) 2021 Chicago, IL 9 46,969 10,559 67,455 — — 10,559 67,455 78,014 (107) 2021 Cincinnati, OH 7 2,026 17,959 107,333 — — 17,959 107,333 125,292 (169) 2021 Cleveland, OH 1 — 3,460 20,280 — — 3,460 20,280 23,740 (29) 2021 Columbus, OH 2 — 6,440 40,977 — — 6,440 40,977 47,417 (65) 2021 Crestview, FL 1 5,747 3,740 9,749 — — 3,740 9,749 13,489 (16) 2021 Dallas, TX 29 119,733 134,611 420,952 — — 134,611 420,952 555,563 (678) 2021 Deltona, FL 2 44,454 13,392 60,244 — — 13,392 60,244 73,636 (127) 2021 Denver, CO 10 94,361 62,218 355,398 — — 62,218 355,398 417,616 (523) 2021 Detroit, MI 7 36,462 8,050 63,388 — — 8,050 63,388 71,438 (99) 2021 Durham, NC 1 4,399 2,320 9,379 — — 2,320 9,379 11,699 (15) 2021 El Paso, TX 2 — 5,980 11,959 — — 5,980 11,959 17,939 (20) 2021 Fort Collins, CO 5 56,013 27,369 124,664 — — 27,369 124,664 152,033 (193) 2021 Fresno, CA 6 17,453 20,319 17,799 — — 20,319 17,799 38,118 (31) 2021 Gainesville, FL 1 1,221 1,620 2,880 — — 1,620 2,880 4,500 (5) 2021 Grand Rapids, MI 1 — 1,250 2,220 — — 1,250 2,220 3,470 (4) 2021 Greenville, SC 6 17,214 11,689 48,887 — — 11,689 48,887 60,576 (80) 2021 Harrisburg, PA 2 3,558 9,689 19,079 — — 9,689 19,079 28,768 (31) 2021 Houston, TX 19 145,067 101,473 307,639 — — 101,473 307,639 409,112 (494) 2021 Indianapolis, IN 7 16,895 13,599 57,496 — — 13,599 57,496 71,095 (95) 2021 Jacksonville, FL 4 118,642 29,558 173,773 — — 29,558 173,773 203,331 (380) 2021 Kahului, HI 1 3,500 1,050 26,070 — — 1,050 26,070 27,120 (35) 2021 Kansas City, MO 9 43,251 17,139 137,284 — — 17,139 137,284 154,423 (222) 2021 Lakeland, FL 2 3,961 5,250 12,499 — — 5,250 12,499 17,749 (20) 2021 Lancaster, PA 1 6,386 7,909 15,329 — — 7,909 15,329 23,238 (25) 2021 Las Vegas, NV 6 41,581 17,709 93,944 — — 17,709 93,944 111,653 (150) 2021 Los Angeles, CA 31 165,366 156,410 396,364 — — 156,410 396,364 552,774 (640) 2021 Louisville, KY 1 — 730 910 — — 730 910 1,640 (2) 2021 Memphis, TN 5 7,305 4,588 7,650 — — 4,588 7,650 12,238 (7) 2021 Miami, FL 31 1,133,936 363,840 1,629,704 — — 363,840 1,629,704 1,993,544 (3,663) 2021 Milwaukee, WI 1 4,255 1,130 7,290 — — 1,130 7,290 8,420 (11) 2021 Modesto, CA 2 5,984 7,400 18,609 — — 7,400 18,609 26,009 (30) 2021 Nashville, TN 2 4,493 8,389 18,409 — — 8,389 18,409 26,798 (30) 2021 New York, NY 3 5,419 5,200 2,060 — — 5,200 2,060 7,260 (4) 2021 Oklahoma City, OK 8 12,164 15,979 31,378 — — 15,979 31,378 47,357 (52) 2021 Orlando, FL 1 10,436 5,970 30,248 — — 5,970 30,248 36,218 (48) 2021 Oxnard, CA 3 44,028 30,808 29,868 — — 30,808 29,868 60,676 (52) 2021 Palm Bay, FL 3 64,903 20,385 79,867 — — 20,385 79,867 100,252 (160) 2021 Pensacola, FL 1 8,894 3,330 6,590 — — 3,330 6,590 9,920 (11) 2021 Phoenix, AZ 8 29,794 27,178 121,512 — — 27,178 121,512 148,690 (189) 2021 Initial Cost Costs Capitalized Gross Amounts at which Description Location Number of Properties Encumbrances Land and Land Building and Building Improvements Land and Land Building and Building Improvements Land and Land Building and Building Improvements Total Accumulated Depreciation (1) Year Acquired Raleigh, NC 1 — 2,330 10,849 — — 2,330 10,849 13,179 (17) 2021 Reno, NV 1 7,022 8,949 15,339 — — 8,949 15,339 24,288 (25) 2021 Richmond, VA 5 11,230 6,810 33,858 — — 6,810 33,858 40,668 (54) 2021 Ontario, Canada 9 38,970 68,335 68,845 — — 68,335 68,845 137,180 (119) 2021 Sacramento, CA 16 98,969 45,897 312,309 — — 45,897 312,309 358,206 (492) 2021 Salt Lake City, UT 2 35,239 19,759 74,885 — — 19,759 74,885 94,644 (118) 2021 San Antonio, TX 4 15,131 12,429 44,378 — — 12,429 44,378 56,807 (70) 2021 San Diego, CA 5 38,093 26,978 87,774 — — 26,978 87,774 114,752 (140) 2021 San Francisco, CA 4 30,961 20,799 80,547 — — 20,799 80,547 101,346 (127) 2021 San Jose, CA 4 36,350 9,129 125,082 — — 9,129 125,082 134,211 (197) 2021 Santa Rosa, CA 1 15,500 12,189 55,286 — — 12,189 55,286 67,475 (88) 2021 Savannah, GA 1 53 1,560 810 — — 1,560 810 2,370 (2) 2021 Seattle, WA 4 96,073 26,268 237,614 — — 26,268 237,614 263,882 (355) 2021 Sebastian, FL 1 14,850 9,680 39,390 — — 9,680 39,390 49,070 (60) 2021 Spartanburg, SC 1 — 4,700 8,199 — — 4,700 8,199 12,899 (13) 2021 Stockton, CA 1 — 10,740 44,000 — — 10,740 44,000 54,740 (63) 2021 Tampa, FL 5 153,854 50,524 202,309 — — 50,524 202,309 252,833 (449) 2021 Trenton, NJ 1 6,564 4,670 9,999 — — 4,670 9,999 14,669 (16) 2021 Tulsa, OK 5 8,958 9,019 10,559 — — 9,019 10,559 19,578 (18) 2021 Virginia Beach, VA 3 19,996 20,369 56,306 — — 20,369 56,306 76,675 (91) 2021 Washington DC 32 370,532 386,605 716,735 — — 386,605 716,735 1,103,340 (1,138) 2021 Worcester, MA 1 — 3,350 4,970 — — 3,350 4,970 8,320 (8) 2021 College Station, TX 1 4,489 3,160 12,539 — — 3,160 12,539 15,699 (20) 2021 Mount Vernon, IL 1 — 1,750 4,350 — — 1,750 4,350 6,100 (7) 2021 Albuquerque, NM 8 57,788 69,805 82,205 — — 69,805 82,205 152,010 (139) 2021 Waco, TX 1 4,976 3,520 13,139 — — 3,520 13,139 16,659 (21) 2021 Beaumont, TX 2 5,504 4,190 10,679 — — 4,190 10,679 14,869 (17) 2021 Lawrence, KS 1 4,187 1,780 11,039 — — 1,780 11,039 12,819 (17) 2021 Salinas, CA 4 15,846 22,828 93,724 — — 22,828 93,724 116,552 (149) 2021 Tyler, TX 2 4,972 6,310 18,009 — — 6,310 18,009 24,319 (29) 2021 Lincoln, NE 2 8,533 5,830 33,788 — — 5,830 33,788 39,618 (53) 2021 Cheyenne, WY 3 4,772 8,219 25,458 — — 8,219 25,458 33,677 (41) 2021 Omaha, NE 1 — 3,970 21,409 — — 3,970 21,409 25,379 (37) 2021 Little Rock, AR 1 — 5,110 13,689 — — 5,110 13,689 18,799 (22) 2021 Sherman, TX 1 4,427 2,660 1,570 — — 2,660 1,570 4,230 (3) 2021 Killeen, TX 2 5,021 5,060 6,140 — — 5,060 6,140 11,200 (10) 2021 St. Louis, MO 4 31,704 11,009 63,126 — — 11,009 63,126 74,135 (100) 2021 Midland, TX 1 — 3,610 6,940 — — 3,610 6,940 10,550 (11) 2021 Sterling, CO 1 3,523 1,940 1,620 — — 1,940 1,620 3,560 (3) 2021 San Luis Obispo, CA 4 17,813 11,649 25,908 — — 11,649 25,908 37,557 (42) 2021 Initial Cost Costs Capitalized Gross Amounts at which Description Location Number of Properties Encumbrances Land and Land Building and Building Improvements Land and Land Building and Building Improvements Land and Land Building and Building Improvements Total Accumulated Depreciation (1) Year Acquired Heber, UT 1 — 8,449 19,659 — — 8,449 19,659 28,108 (32) 2021 Ogden, UT 2 — 8,929 14,239 — — 8,929 14,239 23,168 (23) 2021 Canton, OH 2 3,668 1,940 13,259 — — 1,940 13,259 15,199 (21) 2021 Lansing, MI 1 — 2,070 14,139 — — 2,070 14,139 16,209 (22) 2021 Adrian, MI 1 — 740 2,720 — — 740 2,720 3,460 (4) 2021 Monroe, MI 1 — 2,160 14,750 — — 2,160 14,750 16,910 (26) 2021 Santa Maria, CA 1 7,745 10,459 49,457 — — 10,459 49,457 59,916 (78) 2021 Plymouth, IN 1 1,078 1,030 4,850 — — 1,030 4,850 5,880 (8) 2021 Hanford, CA 3 3,379 7,559 2,630 — — 7,559 2,630 10,189 (5) 2021 Des Moines, IA 2 11,005 3,790 20,549 — — 3,790 20,549 24,339 (33) 2021 Other U.S. 13 8,704 24,568 13,749 — — 24,568 13,749 38,317 (25) 2021 Battle Creek, MI 1 — 1,240 4,940 — — 1,240 4,940 6,180 (8) 2021 Sheridan, WY 2 2,752 3,440 4,640 — — 3,440 4,640 8,080 (8) 2021 Jackson, MI 2 2,296 2,280 4,200 — — 2,280 4,200 6,480 (7) 2021 Warsaw, IN 2 3,274 2,030 12,109 — — 2,030 12,109 14,139 (19) 2021 Ottawa, IL 5 8,927 3,330 12,749 — — 3,330 12,749 16,079 (20) 2021 South Bend, IN 4 9,209 4,840 23,598 — — 4,840 23,598 28,438 (37) 2021 Marion, IN 2 — 1,820 5,690 — — 1,820 5,690 7,510 (9) 2021 Hilo, HI 1 1,879 70 1,690 — — 70 1,690 1,760 (3) 2021 Lincoln, IL 1 1,203 340 1,080 — — 340 1,080 1,420 (2) 2021 Greeley, CO 1 7,206 7,559 39,757 — — 7,559 39,757 47,316 (63) 2021 Salisbury, MD 1 3,096 4,240 3,860 — — 4,240 3,860 8,100 (7) 2021 Macon, GA 2 5,362 210 2,070 — — 210 2,070 2,280 (4) 2021 Boise City, ID 1 1,503 1,320 4,710 — — 1,320 4,710 6,030 (8) 2021 Birmingham, AL 2 7,499 6,960 11,029 — — 6,960 11,029 17,989 (18) 2021 Las Cruces, NM 1 1,517 3,350 310 — — 3,350 310 3,660 (1) 2021 Longview, TX 2 5,467 3,690 1,780 — — 3,690 1,780 5,470 (3) 2021 Clearlake, CA 3 4,123 3,650 3,030 — — 3,650 3,030 6,680 (5) 2021 Johnson City, TN 1 1,282 1,450 2,890 — — 1,450 2,890 4,340 (5) 2021 Vidalia, GA 1 251 1,270 2,390 — — 1,270 2,390 3,660 (4) 2021 Douglas, GA 1 — 810 1,290 — — 810 1,290 2,100 (2) 2021 Muskegon, MI 1 — 1,960 9,919 — — 1,960 9,919 11,879 (16) 2021 Lawton, OK 2 1,492 3,270 2,370 — — 3,270 2,370 5,640 (4) 2021 Missoula, MT 2 1,666 1,410 2,360 — — 1,410 2,360 3,770 (4) 2021 La Crosse, WI 1 395 290 870 — — 290 870 1,160 (1) 2021 New Castle, IN 1 181 580 880 — — 580 880 1,460 (1) 2021 Show Low, AZ 1 1,830 1,360 660 — — 1,360 660 2,020 (1) 2021 Evansville, IN 3 4,571 2,780 4,980 — — 2,780 4,980 7,760 (8) 2021 Moultrie, GA 1 1,269 1,700 680 — — 1,700 680 2,380 (1) 2021 Sierra Vista, AZ 2 934 2,190 410 — — 2,190 410 2,600 (1) 2021 Dickinson, ND 1 928 660 3,830 — — 660 3,830 4,490 (6) 2021 Initial Cost Costs Capitalized Gross Amounts at which Description Location Number of Properties Encumbrances Land and Land Building and Building Improvements Land and Land Building and Building Improvements Land and Land Building and Building Improvements Total Accumulated Depreciation (1) Year Acquired Hartford, CT 1 3,608 3,200 3,350 — — 3,200 3,350 6,550 (6) 2021 Wilson, NC 1 2,127 1,130 1,000 — — 1,130 1,000 2,130 (2) 2021 Gillette, WY 4 1,788 5,830 3,430 — — 5,830 3,430 9,260 (6) 2021 Muskogee, OK 1 332 190 20 — — 190 20 210 — 2021 Hattiesburg, MS 2 — 1,310 1,460 — — 1,310 1,460 2,770 (2) 2021 Enterprise, AL 1 924 2,520 4,490 — — 2,520 4,490 7,010 (7) 2021 Jackson, MS 3 340 4,350 4,690 — — 4,350 4,690 9,040 (8) 2021 Vineland, NJ 2 7,950 7,080 3,800 — — 7,080 3,800 10,880 (7) 2021 Rapid City, SD 3 2,750 2,590 14,549 — — 2,590 14,549 17,139 (23) 2021 Bakersfield, CA 2 3,388 4,260 2,180 — — 4,260 2,180 6,440 (4) 2021 Madera, CA 1 2,065 1,750 1,530 — — 1,750 1,530 3,280 (3) 2021 Durant, OK 1 1,050 3,460 2,210 — — 3,460 2,210 5,670 (4) 2021 Truckee, CA 1 11,711 4,310 12,149 — — 4,310 12,149 16,459 (19) 2021 Santa Fe, NM 1 4,831 4,800 9,479 — — 4,800 9,479 14,279 (15) 2021 Gulfport, MS 3 — 2,930 2,410 — — 2,930 2,410 5,340 (4) 2021 Red Bluff, CA 2 1,494 4,990 2,770 — — 4,990 2,770 7,760 (5) 2021 Visalia, CA 3 3,098 6,950 4,650 — — 6,950 4,650 11,600 (8) 2021 Redding, CA 1 2,004 3,460 3,240 — — 3,460 3,240 6,700 (6) 2021 Clarksdale, MS 1 393 710 1,120 — — 710 1,120 1,830 (2) 2021 Fort Smith, AR 1 — 350 380 — — 350 380 730 (1) 2021 Fort Wayne, IN 1 — 530 40 — — 530 40 570 — 2021 Decatur, IL 1 432 980 3,580 — — 980 3,580 4,560 (6) 2021 Cleveland, MS 2 — 2,450 4,340 — — 2,450 4,340 6,790 (7) 2021 Indianola, MS 1 — 1,510 4,010 — — 1,510 4,010 5,520 (6) 2021 Greenville, MS 1 — 2,260 2,320 — — 2,260 2,320 4,580 (4) 2021 Hammond, LA 5 2,206 3,600 7,270 — — 3,600 7,270 10,870 (12) 2021 Chico, CA 1 9,644 3,590 10,889 — — 3,590 10,889 14,479 (17) 2021 Shawnee, OK 1 659 550 460 — — 550 460 1,010 (1) 2021 Yuba City, CA 2 — 5,660 1,800 — — 5,660 1,800 7,460 (4) 2021 Duluth, WI 2 5,231 500 11,819 — — 500 11,819 12,319 (18) 2021 Lake Havasu City, AZ 2 2,474 4,180 4,360 — — 4,180 4,360 8,540 (7) 2021 Greenwood, MS 1 — 1,480 2,990 — — 1,480 2,990 4,470 (5) 2021 New Orleans, LA 4 39,140 8,899 40,037 — — 8,899 40,037 48,936 (64) 2021 Evanston, WY 1 — 2,070 1,790 — — 2,070 1,790 3,860 (3) 2021 El Centro, CA 2 5,518 6,260 4,200 — — 6,260 4,200 10,460 (8) 2021 Brownsville, TN 2 1,227 3,780 680 — — 3,780 680 4,460 (1) 2021 Morristown, TN 1 — 290 — — — 290 — 290 — 2021 Roanoke, VA 1 — 320 — — — 320 — 320 — 2021 Bronx, NY 1 1,622 — 6,812 — — — 6,812 6,812 — 2021 Weslaco, TX 1 — — 2,798 — — — 2,798 2,798 — 2021 Port Author, TX 1 2,745 — 8,230 — — — 8,230 8,230 — 2021 Total Residential Properties: 13,754 20,836,698 8,036,184 30,753,222 67,921 474,548 8,104,105 31,227,770 39,331,875 (1,290,201) Initial Cost Costs Capitalized Gross Amounts at which Description Location Number of Properties Encumbrances Land and Land Building and Building Improvements Land and Land Building and Building Improvements Land and Land Building and Building Improvements Total Accumulated Depreciation (1) Year Acquired Industrial Properties Cold Storage Warehouse Atlanta, GA 1 10,408 3,134 30,130 — 1,614 3,134 31,744 34,878 (4,219) 2018 Austin, TX 1 7,838 3,132 19,010 — 3,226 3,132 22,236 25,368 (2,666) 2018 Baltimore, MD 1 14,855 5,789 38,820 — — 5,789 38,820 44,609 (4,394) 2018 San Francisco, CA 1 18,671 6,785 46,830 — 668 6,785 47,498 54,283 (4,800) 2018 Stockton, CA 2 29,720 16,775 66,079 — — 16,775 66,079 82,854 (8,254) 2018 Allentown, PA 6 44,340 7,307 56,545 — — 7,307 56,545 63,852 (925) 2020-2021 Atlanta, GA 136 1,021,838 268,514 1,355,886 — 14,993 268,514 1,370,879 1,639,393 (85,852) 2017-2021 Austin, TX 5 29,390 15,803 23,630 — 2,290 15,803 25,920 41,723 (158) 2019-2021 Baltimore, MD 16 176,326 47,275 210,698 — 6,582 47,275 217,280 264,555 (11,384) 2018-2021 Baton Rouge, LA 1 19,190 5,893 15,035 — — 5,893 15,035 20,928 (102) 2021 Boston, MA 2 96,800 24,374 116,419 — — 24,374 116,419 140,793 (692) 2021 Charlotte, NC 12 104,811 34,152 123,097 — 1,281 34,152 124,378 158,530 (3,427) 2018-2021 Chicago, IL 120 1,203,255 404,574 1,441,267 — 31,103 404,574 1,472,370 1,876,944 (123,834) 2017-2021 Cincinnati, OH 41 320,192 68,839 474,839 — 10,598 68,839 485,437 554,276 (38,215) 2018-2021 Columbus, OH 25 411,115 60,621 495,395 — 5,156 60,621 500,551 561,172 (26,148) 2018-2021 Dallas, TX 71 849,272 184,107 1,176,281 — 37,772 184,107 1,214,053 1,398,160 (87,937) 2017-2021 Davenport, IA 1 13,560 1,507 10,471 — — 1,507 10,471 11,978 (74) 2021 Deltona, FL 1 8,250 1,384 8,312 — — 1,384 8,312 9,696 (33) 2018-2021 Denver, CO 19 220,567 58,711 281,902 — 3,798 58,711 285,700 344,411 (27,457) 2019-2021 Durham, NC 4 58,093 9,078 63,480 — 1,031 9,078 64,511 73,589 (3,117) 2019-2021 El Paso, TX 16 156,162 25,142 173,122 — 2,744 25,142 175,866 201,008 (20,794) 2019-2021 Fond du Lac, WI 1 9,430 954 9,494 — — 954 9,494 10,448 (114) 2021 Greensboro, NC 59 296,677 81,572 420,773 — 9,890 81,572 430,663 512,235 (22,193) 2020-2021 Greenville, SC 1 3,389 1,165 4,802 — 690 1,165 5,492 6,657 (659) 2018 Harrisburg, PA 14 274,698 45,788 378,137 — 5,910 45,788 384,047 429,835 (48,728) 2017-2019 Hickory, NC 1 12,570 2,900 36,463 — — 2,900 36,463 39,363 (247) 2021 Houston, TX 27 257,690 56,211 325,251 — 8,166 56,211 333,417 389,628 (25,147) 2017-2021 Indianapolis, IN 34 484,918 97,188 567,441 — 4,285 97,188 571,726 668,914 (36,314) 2018-2021 Jacksonville, FL 14 113,065 29,512 168,826 — 4,528 29,512 173,354 202,866 (15,682) 2017-2021 Kansas City, MO 2 17,484 3,954 25,368 — 1,495 3,954 26,863 30,817 (3,208) 2019 Lakeland, FL 9 152,537 27,509 158,671 — 5,441 27,509 164,112 191,621 (15,237) 2018-2021 Lancaster, PA 2 21,110 3,879 22,307 — — 3,879 22,307 26,186 (87) 2021 Las Vegas, NV 13 184,985 101,598 486,688 — 183 101,598 486,871 588,469 (16,125) 2019-2021 Los Angeles, CA 8 192,629 120,900 165,462 — 233 120,900 165,695 286,595 (4,650) 2018-2021 Louisville, KY 10 167,429 37,105 210,695 — 2,646 37,105 213,341 250,446 (13,829) 2018-2021 Memphis, TN 29 245,214 55,548 263,302 — 4,907 55,548 268,209 323,757 (14,424) 2018-2021 Miami, FL 22 199,174 84,049 215,986 — 9,655 84,049 225,641 309,690 (8,130) 2018-2021 Milwaukee, WI 13 114,699 21,136 136,133 — 1,283 21,136 137,416 158,552 (5,966) 2019-2021 Minneapolis, MN 56 453,586 123,751 469,835 — 6,820 123,751 476,655 600,406 (29,110) 2019-2021 Nashville, TN 5 74,043 53,529 82,788 — 2,413 53,529 85,201 138,730 (6,178) 2019-2021 New York, NY 35 332,421 133,353 401,866 — 7,507 133,353 409,373 542,726 (19,918) 2019-2021 Initial Cost Costs Capitalized Gross Amounts at which Description Location Number of Properties Encumbrances Land and Land Building and Building Improvements Land and Land Building and Building Improvements Land and Land Building and Building Improvements Total Accumulated Depreciation (1) Year Acquired Orlando, FL 37 354,766 86,027 426,669 — 10,647 86,027 437,316 523,343 (39,799) 2019-2021 Oxnard, CA 4 29,700 12,991 28,297 — 815 12,991 29,112 42,103 (2,056) 2018-2021 Philadelphia, PA 18 319,063 85,314 300,589 — 659 85,314 301,248 386,562 (8,168) 2018-2021 Phoenix, AZ 2 23,496 6,364 38,704 — 178 6,364 38,882 45,246 (1,371) 2018-2021 Portland, OR 2 71,540 20,135 72,856 — — 20,135 72,856 92,991 (568) 2021 Racine, WI 5 66,696 14,284 92,588 — 943 14,284 93,531 107,815 (7,018) 2020 Raleigh-Cary, NC 2 9,527 1,664 12,062 — 432 1,664 12,494 14,158 (1,238) 2018 Reading, PA 3 41,242 10,787 66,858 — 182 10,787 67,040 77,827 (6,772) 2019 Reno, NV 24 161,855 53,655 133,177 — 1,798 53,655 134,975 188,630 (16,717) 2019-2021 Richmond, VA 15 92,917 26,117 137,354 — 1,927 26,117 139,281 165,398 (17,076) 2018-2019 Ontario, CA 28 318,298 237,390 449,783 — 1,937 237,390 451,720 689,110 (22,270) 2018-2021 Rockford, IL 1 23,157 3,648 28,007 — 163 3,648 28,170 31,818 (2,744) 2019 Sacramento, CA 1 8,760 3,625 23,944 — 28 3,625 23,972 27,597 (1,375) 2020 Salt Lake City, UT 6 127,449 120,808 90,028 — 588 120,808 90,616 211,424 (461) 2021 San Antonio, TX 21 91,918 16,182 104,932 — 949 16,182 105,881 122,063 (6,818) 2019-2021 San Diego, CA 6 63,255 62,817 91,358 — 591 62,817 91,949 154,766 (2,354) 2018-2021 San Francisco, CA 2 44,890 29,317 59,628 — — 29,317 59,628 88,945 (1,624) 2020-2021 Savannah, GA 3 46,250 11,029 60,627 — 9,719 11,029 70,346 81,375 (7,084) 2018-2019 Scranton, PA 2 60,309 11,403 74,918 — 200 11,403 75,118 86,521 (4,069) 2019-2021 Seattle, WA 6 44,207 16,739 59,512 — 494 16,739 60,006 76,745 (5,941) 2018-2021 Stockton, CA 5 94,191 32,234 165,467 — 436 32,234 165,903 198,137 (15,831) 2017-2020 Tampa, FL 36 230,878 55,513 292,215 — 2,777 55,513 294,992 350,505 (20,554) 2018-2021 Toledo, OH 4 10,643 1,458 16,084 — 41 1,458 16,125 17,583 (2,198) 2019 Vallejo, CA 2 14,563 14,444 35,048 — 185 14,444 35,233 49,677 (2,193) 2019-2020 Virginia Beach, VA 10 86,715 19,180 107,731 — 744 19,180 108,475 127,655 (11,329) 2018-2019 Washington DC 17 148,543 61,777 156,871 — 7,307 61,777 164,178 225,955 (18,059) 2018-2021 Wausau, WI 1 5,540 2,375 4,655 — — 2,375 4,655 7,030 (37) 2021 Winchester, VA 2 21,061 5,176 33,059 — 726 5,176 33,785 38,961 (3,809) 2018 Winston-Salem, NC 9 42,300 10,530 59,645 — 1,712 10,530 61,357 71,887 (5,134) 2018-2021 Worcester, MA 1 7,483 2,520 8,604 — 272 2,520 8,876 11,396 (1,282) 2018 York, PA 2 95,428 21,122 133,296 — 21,122 133,296 154,418 (11,553) 2018-2019 Total Industrial Properties: 1,114 11,179,041 3,391,122 14,142,102 — 245,358 3,391,122 14,387,460 17,778,582 (987,930) Net lease Properties Las Vegas, NV 1 3,010,000 1,451,755 2,757,601 — 12 1,451,755 2,757,613 4,209,368 (243,797) 2019 Total Net Lease Properties: 1 3,010,000 1,451,755 2,757,601 — 12 1,451,755 2,757,613 4,209,368 (243,797) Data Center Properties: Powered Shell Washington DC 11 319,900 115,642 376,360 — — 115,642 376,360 492,002 (17,167) 2019-2020 Total Data Center Properties: 11 319,900 115,642 376,360 — — 115,642 376,360 492,002 (17,167) Initial Cost Costs Capitalized Gross Amounts at which Description Location Number of Properties Encumbrances Land and Land Building and Building Improvements Land and Land Building and Building Improvements Land and Land Building and Building Improvements Total Accumulated Depreciation (1) Year Acquired Hospitality Properties: Full service Hotel Atlanta, GA 1 243,700 30,482 289,353 — 18,263 30,482 307,616 338,098 (24,459) 2019 San Antonio, TX 1 202,500 84,218 474,529 350 14,093 84,568 488,622 573,190 (94,257) 2018 Select Service Hotels Atlanta, GA 2 21,200 19,825 68,875 17 294 19,842 69,169 89,011 (6,923) 2019 Austin, TX 3 11,163 59,950 156,215 40 1,182 59,990 157,397 217,387 (1,624) 2018 Bloomington, IN 1 12,213 — 24,783 — 2,378 — 27,161 27,161 (1,788) 2017-2021 Boston, MA 1 24,700 1,825 37,505 1 70 1,826 37,575 39,401 (7,194) 2017 Boulder, CO 3 13,414 4,046 25,871 — 4,046 25,871 29,917 (1,541) 2019 Chicago, IL 2 39,273 14,792 48,680 69 12,321 14,861 61,001 75,862 (4,186) 2019 Colorado Springs, CO 6 15,000 26,247 58,645 15 4,787 26,262 63,432 89,694 (5,083) 2019 Crestview, FL 1 10,002 1,966 8,214 14 1,855 1,980 10,069 12,049 (693) 2019 Denver, CO 1 9,560 3,950 10,475 12 487 3,962 10,962 14,924 (1,130) 2019 Detroit, MI 1 8,897 3,014 14,185 33 1,357 3,047 15,542 18,589 (1,201) 2019 Durham, NC 1 12,047 2,809 12,407 22 1,573 2,831 13,980 16,811 (1,396) 2019 Kahului, HI 1 51,355 4,804 94,476 280 8,404 5,084 102,880 107,964 (18,848) 2019 Key West, FL 6 — 67,428 199,025 10 19 67,438 199,044 266,482 (1,442) 2021 Las Vegas, NV 2 21,400 3,341 29,972 29 319 3,370 30,291 33,661 (6,610) 2018 Miami, FL 5 57,140 9,333 54,528 45 2,333 9,378 56,861 66,239 (4,930) 2019 Nashville, TN 1 — 25,144 77,202 — — 25,144 77,202 102,346 (104) 2021 Orlando, FL 3 42,691 7,564 48,782 66 1,422 7,630 50,204 57,834 (12,730) 2017-2018 Phoenix, AZ 4 29,247 17,099 49,155 44 389 17,143 49,544 66,687 (7,316) 2018-2019 Reno, NV 2 25,755 4,167 45,881 75 3,367 4,242 49,248 53,490 (9,479) 2018 Sacramento, CA 1 20,500 526 24,778 14 767 540 25,545 26,085 (8,114) 2017 Salt Lake City, UT 6 26,910 19,676 127,690 131 6,627 19,807 134,317 154,124 (20,116) 2018-2019 San Antonio, TX 2 8,762 3,635 12,033 — 3,635 12,033 15,668 (1,140) 2019 San Jose, CA 1 26,654 10,746 36,138 60 1,728 10,806 37,866 48,672 (10,451) 2017 Santa Rosa, CA 1 8,300 2,538 26,306 — 1,946 2,538 28,252 30,790 (4,877) 2018 Seattle, WA 1 17,616 2,894 30,395 — 88 2,894 30,483 33,377 (4,043) 2018 Tampa, FL 5 119,283 10,256 54,291 107 6,706 10,363 60,997 71,360 (14,774) 2017-2019 Washington DC 1 12,434 3,310 11,947 9 3,329 3,319 15,276 18,595 (935) 2019 Worcester, MA 2 25,100 2,384 34,811 41 3,319 2,425 38,130 40,555 (7,972) 2017 Total Hospitality: 68 1,116,816 447,969 2,187,147 1,484 99,423 449,453 2,286,570 2,736,023 (285,356) Self Storage Properties: Self Storage Akron, OH 1 7,500 1,835 9,226 — — 1,835 9,226 11,061 (528) 2020 Allentown, PA 1 7,550 2,781 1

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company, the Company’s subsidiaries and joint ventures in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation.
Principles of Consolidation	Principles of Consolidation The Company consolidates all entities in which it has a controlling financial interest through majority ownership or voting rights and variable interest entities whereby the Company is the primary beneficiary. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when the Company controls the entity through a majority voting interest or other means. When the requirements for consolidation are not met and the Company has significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments for which the Company has not elected a fair value option are initially recorded at cost and subsequently adjusted for the Company’s pro-rata share of net income, contributions and distributions. When the Company elects the fair value option (“FVO”), the Company records its share of net asset value of the entity and any related unrealized gains and losses. BREIT OP and each of the Company’s joint ventures are considered to be a VIE. The Company consolidates these entities, excluding its equity method investment, because it has the ability to direct the most significant activities of the entities such as purchases, dispositions, financings, budgets, and overall operating plans. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities, and operations of each joint venture is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. Certain of the joint ventures formed by the Company provide the other partner a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the other partner is reported within non-controlling interests.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. As the novel coronavirus (“COVID-19”) pandemic has evolved from its emergence in early 2020, so has its global impact. During the year ended December 31, 2021, many countries have re-instituted, or strongly encouraged, varying levels of quarantines and restrictions on travel and in some cases have at times limited operations of certain businesses and taken other restrictive measures designed to help slow the spread of COVID-19 and its variants. Governments and businesses have also instituted vaccine mandates and testing requirements for employees. While vaccine availability and uptake has increased, the longer-term macro-economic effects on global supply chains, inflation, labor shortages and wage increases continue to impact many industries. Moreover, with the potential for new strains of COVID-19 to emerge, governments and businesses may re-impose aggressive measures to help slow its spread in the future. For this reason, among others, as the COVID-19 pandemic continues, the potential global impacts are uncertain and difficult to assess. The Company believes the estimates and assumptions underlying these consolidated financial statements are reasonable and supportable based on the information available as of December 31, 2021, however uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company's business in particular, makes any estimates and assumptions as of December 31, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results may ultimately differ materially from those estimates.
Investments in Real Estate	Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired does not constitute a business, the Company accounts for the transaction as an asset acquisition. The guidance for business combinations states that when substantially all of the fair value of the gross assets to be acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the asset or set of assets is not a business. All property acquisitions to date have been accounted for as asset acquisitions. Whether the acquisition of a property acquired is considered a business combination or asset acquisition, the Company recognizes the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquired entity. In addition, for transactions that are business combinations, the Company evaluates the existence of goodwill or a gain from a bargain purchase. The Company expenses acquisition-related costs associated with business combinations as they are incurred. The Company capitalizes acquisition-related costs associated with asset acquisitions. Upon acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. The Company records acquired in-place lease values based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has not been material. Intangible assets and intangible liabilities are recorded as a component of Other Assets and Other Liabilities, respectively, on the Company’s Consolidated Balance Sheets. The amortization of acquired above-market and below-market leases is recorded as an adjustment to Rental Revenue on the Company’s Consolidated Statements of Operations. The amortization of below-market and pre-paid ground leases are recorded as an adjustment to Rental Property Operating or Hospitality Operating Expenses, as applicable, on the Company’s Consolidated Statements of Operations. The amortization of in-place leases is recorded as an adjustment to Depreciation and Amortization Expense on the Company’s Consolidated Statements of Operations. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 30 - 42 years Building- and land improvements 10 years Furniture, fixtures and equipment 1 - 10 years Lease intangibles Over lease term Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. Repairs and maintenance are expensed to operations as incurred and are included in Rental Property Operating and Hospitality Operating Expenses on the Company’s Consolidated Statements of Operations.
Assets Held for Sale	Assets Held for SaleThe Company classifies the assets and liabilities related to its real estate investments as held for sale when a sale is probable to occur within one year. The Company considers a sale to be probable when a binding contract has been executed, the buyer has posted a non-refundable deposit, and there are limited contingencies to closing. The Company classifies held for sale assets and liabilities at the lower of depreciated cost or fair value less closing costs. Held for sale assets and liabilities are presented within Other Assets and Other Liabilities on the Company’s Consolidated Balance Sheets.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities Investments in unconsolidated entities are initially recorded at cost and subsequently adjusted for the Company’s pro-rata share of net income (loss), contributions, and distributions. The Company’s investments in unconsolidated entities are periodically assessed for impairment and an impairment loss is recorded when the fair value of the investment falls below the carrying value and such decline is determined to be other-than-temporary. The Company has elected the fair value option ("FVO") for seven of its equity method investments and therefore reports these investments at fair value. As such, the resulting unrealized gains and losses are recorded as a component of Income From Unconsolidated Entities on the Company’s Consolidated Statements of Operations.
Investments in Real Estate Debt	Investments in Real Estate Debt The Company’s investments in real estate debt consists of securities and loans. The Company has elected to classify its real estate debt securities as trading securities and carry such investments at fair value. As such, the resulting unrealized gains and losses of such securities are recorded as a component of Income/(Loss) from Investments in Real Estate Debt on the Company’s Consolidated Statements of Operations. The Company elected the FVO for its investments in loans. As such, the resulting unrealized gains and losses of such loans are recorded as a component of Income/(Loss) from Investments in Real Estate Debt on the Company’s Consolidated Statements of Operations. Interest income from the Company’s investments in real estate debt is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of premiums and discounts associated with these investments is deferred and recorded over the term of the investment as an adjustment to yield. Interest income is recorded as a component of Income/(Loss) from Investments in Real Estate Debt on the Company’s Consolidated Statements of Operations.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk.
Restricted Cash	Restricted Cash As of December 31, 2021 and December 31, 2020, restricted cash primarily consists of $1.7 billion and $0.5 billion, respectively, of cash received for subscriptions prior to the date in which the subscriptions are effective, which is held in a bank account controlled by the Company’s transfer agent but in the name of the Company. Other restricted cash primarily consists of amounts in escrow related to real estate taxes, insurance in connection with mortgages at certain of our properties and security deposits.
Foreign Currency	Foreign Currency In the normal course of business, the Company makes investments in real estate outside the United States ("U.S.") through subsidiaries that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities of these foreign subsidiaries are translated to U.S. dollars at the prevailing exchange rate at the reporting date and income, expenses, gains, and losses are translated at the average exchange rate over the applicable period. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated assets and liabilities are recorded in Other Comprehensive Income (Loss).
Deferred Charges	Deferred Charges The Company’s deferred charges include financing and leasing costs. Deferred financing costs include legal, structuring, and other loan costs incurred by the Company for its financing agreements. Deferred financing costs related to the Company’s mortgage notes
Equity Securities	Equity Securities The Company’s investments in equity securities of public and private real estate-related companies and its investments in a preferred equity security are reported at fair value. As such, the resulting unrealized gains and losses are recorded as a component of Other Income (Expense) on the Company’s Consolidated Statements of Operations. Dividend income from the Company’s equity securities of public real estate-related companies is recognized on the ex-dividend, while dividend income on its investment in a preferred equity security accrues daily based on the stated terms of the agreement and is payable quarterly in cash. Dividend income is recorded as a component of Other Income (Expense) on the Company’s Consolidated Statements of Operations. Equity securities are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets.
Revenue Recognition	Revenue Recognition The Company’s sources of revenue and the related revenue recognition policies are as follows: Rental revenue — primarily consists of base rent and tenant reimbursement income arising from tenant leases at the Company’s residential, industrial, net lease, data centers, self storage, retail and office properties. Base rent is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. The Company begins to recognize revenue upon the acquisition of the related property or when a tenant takes possession of the leased space. Tenant reimbursement income primarily consists of amounts due from tenants for costs related to common area maintenance, real estate taxes, and other recoverable costs included in lease agreements. Hospitality revenue — consists of income from the Company’s hospitality properties. Hospitality revenue consists primarily of room revenue and food and beverage revenue. Room revenue is recognized when the related room is occupied and other hospitality revenue is recognized when the service is rendered. The Company evaluates the collectability of receivables related to rental revenue on an individual lease basis. Management exercises judgment in assessing collectability and considers the length of time a receivable has been outstanding, tenant credit-worthiness, payment history, available information about the financial condition of the tenant, and current economic trends, among other factors. Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue.
Organization And Offering Costs	Organization and Offering Costs Organization costs are expensed as incurred and recorded as a component of General and Administrative Expense on the Company’s Consolidated Statements of Operations and offering costs are charged to equity as such amounts are incurred. The Adviser agreed to advance $10.2 million of certain organization and offering costs on behalf of the Company (including legal, marketing and fulfillment, regulatory, due diligence, administrative, accounting, tax, transfer agent and other expenses attributable to the Company’s organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through December 31, 2017. Such costs are recorded as a component of Due to Affiliates on the Company’s Consolidated Balance Sheets and are being reimbursed to the Adviser pro rata over 60 months beginning January 1, 2018. For the years ended December 31, 2021 and 2020, the Company reimbursed $2.0 million and $2.0 million, respectively, to the Adviser for such costs. Blackstone Advisory Partners L.P. (the “Dealer Manager”), a registered broker-dealer affiliated with the Adviser, serves as the dealer manager for the Offering. The Dealer Manager is entitled to receive selling commissions and dealer manager fees based on the transaction price of each applicable class of shares sold in the Offering. The Dealer Manager is also entitled to receive a stockholder servicing fee of 0.85%, 0.85% and 0.25% per annum of the aggregate net asset value (“NAV”) of the Company’s outstanding Class S shares, Class T shares, and Class D shares, respectively. There is no stockholder servicing fee with respect to Class I shares. The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, 2021: Class S Class I Class T Class D Selling commissions and dealer manager fees (% of transaction price) up to 3.5% — up to 3.5% up to 1.5% Stockholder servicing fee (% of NAV) 0.85% — 0.85% 0.25% For Class S shares sold in the Offering (other than as part of the Company’s distribution reinvestment plan), investors will pay upfront selling commissions of up to 3.5% of the transaction price. For Class T shares sold in the Offering (other than as part of the Company’s distribution reinvestment plan), investors will pay upfront selling commissions of up to 3.0% of the transaction price and upfront dealer manager fees of 0.5% of the transaction price, however such amounts may vary at certain participating broker-dealers, provided that the sum will not exceed 3.5% of the transaction price. For Class D shares sold in the Offering (other than as part of the Company’s distribution reinvestment plan), investors will pay upfront selling commissions of up to 1.5% of the transaction price. The Dealer Manager is entitled to receive stockholder servicing fees of 0.85% per annum of the aggregate NAV for Class S shares and Class T shares. For Class T shares such stockholder servicing fee includes, an advisor stockholder servicing fee of 0.65% per annum, and a dealer stockholder servicing fee of 0.20% per annum, of the aggregate NAV for the Class T shares, however, with respect to Class T shares sold through certain participating broker-dealers, the advisor stockholder servicing fee and the dealer stockholder servicing fee may be other amounts, provided that the sum of such fees will always equal 0.85% per annum of the NAV of such shares. For Class D shares, a stockholder servicing fee equal to 0.25% per annum of the aggregate NAV for the Class D shares.
Income Taxes	Income Taxes The Company qualifies to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), for U.S. federal income tax purposes. The Company generally will not be subject to federal corporate income tax to the extent it distributes 100% of its taxable income to its stockholders. REITs are subject to a number of other organization and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.
Fair Value Measurements	Fair Value Measurements Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). The Company uses a hierarchical framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment, and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. Valuation of assets and liabilities measured at fair value The Company’s investments in real estate debt are reported at fair value. As of December 31, 2021 and December 31, 2020, the Company’s investments in real estate debt, directly or indirectly, consisted of commercial mortgage-backed securities (“CMBS”) and residential mortgage-backed securities (“RMBS”), which are securities backed by one or more mortgage loans secured by real estate assets, as well as corporate bonds, term loans, mezzanine loans, and other investments in debt issued by real estate-related companies or secured by real estate assets. The Company generally determines the fair value of its investments in real estate debt by utilizing third-party pricing service providers whenever available. In determining the fair value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported price. The pricing service providers’ internal models for securities such as real estate debt generally consider the attributes applicable to a particular class of the security (e.g., credit rating, seniority), current market data, and estimated cash flows for each security, and incorporate specific collateral performance, as applicable. Certain of the Company’s investments in real estate debt, such as mezzanine loans and other investments, are unlikely to have readily available market quotations. In such cases, the Company will generally determine the initial value based on the acquisition price of such investment if acquired by the Company or the par value of such investment if originated by the Company. Following the initial measurement, the Company will determine fair value by utilizing or reviewing certain of the following (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value ratios, and (vii) borrower financial condition and performance. Refer to Note 5 for additional details on the Company’s investments in real estate debt. The Company’s investments in equity securities of public and private real estate-related companies are reported at fair value. In determining the fair value of public equity securities, the Company utilizes the closing price of such securities in the principal market in which the security trades (Level 1 inputs). The Company’s investment in a preferred equity security is reflected at its fair value as of December 31, 2021 (Level 2 inputs). In determining the fair value, the Company utilizes inputs such as stock volatility, discount rate, and risk-free interest rate. The Company's investment in a private real estate company is reflected at its fair value as of December 31, 2021 (Level 3 inputs). To determine the fair value, the Company utilizes inputs such as the multiples of comparable companies and select financial statement metrics. As of December 31, 2021 and December 31, 2020, the Company’s $3.2 billion and $0.6 billion of equity securities, respectively, were recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets. The resulting unrealized gains and losses from public and private real estate-related companies are recorded as a component of Other Income (Expense) on the Company’s Consolidated Statements of Operations. During the years ended December 31, 2021 and 2020, the Company recognized $848.2 million and $28.6 million of unrealized gains, respectively, on its investments in equity securities. The Company did not own any investments in equity securities during the year ended December 31, 2019. The Company has elected the FVO for seven of its equity method investments and therefore, reports these investments at fair value. The Company separately values the assets and liabilities of the equity method investments. To determine the fair value of the real estate assets of the equity method investments, the Company utilizes a discounted cash flow methodology, taking into consideration various factors including discount rate and exit capitalization rate. The Company determines the fair value of the indebtedness of the equity method investment by modeling the cash flows required by the debt agreements and discounting them back to the present value using an estimated market yield. Additionally, the Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. After the fair value of the assets and liabilities are determined, the Company applies its ownership interest to the net asset value and reflects this amount as its equity method investment at fair value. The inputs used in determining the Company’s equity method investments carried at fair value are considered Level 3. The Company’s derivative financial instruments are reported at fair value. As of December 31, 2021 and December 31, 2020, the Company’s derivative financial instruments consisted of foreign currency and interest rate contracts. The fair values of the Company’s foreign currency and interest rate contracts were estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads (Level 2 inputs). The following table details the Company's assets measured at fair value on a recurring basis ($ in thousands): December 31, 2021 December 31, 2020 Level I Level 2 Level 3 Total Level I Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 7,755,602 $ 1,240,337 $ 8,995,939 $ — $ 4,445,414 $ 120,892 $ 4,566,306 Investments in unconsolidated entities — — 1,613,646 1,613,646 — — — — Equity securities 2,558,952 442,300 224,408 3,225,660 327,935 271,250 — 599,185 Derivatives — 41,453 — 41,453 — — — — Total $ 2,558,952 $ 8,239,355 $ 3,078,391 $ 13,876,698 $ 327,935 $ 4,716,664 $ 120,892 $ 5,165,491 Liabilities: Derivatives $ — $ 45,597 $ — $ 45,597 $ — $ 55,536 $ — $ 55,536 Total $ — $ 45,597 $ — $ 45,597 $ — $ 55,536 $ — $ 55,536 The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Investments in Equity Securities Total Balance as of December 31, 2020 $ 120,892 $ — $ — $ 120,892 Purchases 1,136,120 1,437,695 205,980 2,779,795 Sales and repayments (7,998) — — (7,998) Distributions received — (17,607) — (17,607) Included in net income Income from unconsolidated entities measured at fair value — 193,558 — 193,558 Discount accretion included in income (loss) from investments in real estate debt 2,722 — — 2,722 Realized gain included in income (loss) from investments in real estate debt 1,019 — — 1,019 Unrealized loss included in income (loss) from investments in real estate debt (12,418) — — (12,418) Unrealized gain included in other income (expense) — — 18,428 18,428 Balance as of December 31, 2021 $ 1,240,337 $ 1,613,646 $ 224,408 $ 3,078,391 The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): December 31, 2021 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in real estate debt $ 1,240,337 Discounted cash flow Market Yield 5.2% Decrease Investments in unconsolidated entities $ 1,613,646 Discounted cash flow Discount Rate 5.9% Decrease Exit Capitalization Rate 4.6% Decrease Weighted Average Cost of Capital 9.1% Decrease Equity securities $ 224,408 Market comparable Enterprise Value/ 21.1x Increase December 31, 2020 Fair Value Valuation Technique Unobservable Input Rate Impact to Valuation from an Increase in Input Investments in real estate debt $ 120,892 Discounted cash flow Market Yield 10.3% Decrease Valuation of assets measured at fair value on a nonrecurring basis Certain of the Company’s assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments, such as when there is evidence of impairment, and therefore measured at fair value on a nonrecurring basis. The Company reviews its real estate properties for impairment each quarter or when there is an event of change in circumstances that could indicate the carrying amount of the real estate value may not be recoverable. As part of the Company’s quarterly impairment review procedures, two of the Company’s hospitality assets were deemed to be impaired during the year ended December 31, 2020 resulting in a $12.3 million impairment charge. Refer to Note 3 for additional details of the impairments. The Company estimated the fair value of the impaired properties using a discounted cash flow analysis that utilized Level 3 inputs. The key assumptions utilized during the year ended December 31, 2020 were the discount rate (weighted average of 8.7%) and the exit capitalization rate (weighted average of 7.8%). There are inherent uncertainties in making these estimates such as macroeconomic conditions. Valuation of liabilities not measured at fair value As of December 31, 2021, the fair value of the Company’s mortgage notes, term loans, and secured revolving credit facilities, secured financings on investments in real estate debt, and unsecured revolving credit facilities was $108.6 million above carrying value. As of December 31, 2020, the fair value of the Company’s mortgage notes, term loans, and secured revolving credit facilities, secured financings on investments in real estate debt, and unsecured revolving credit facilities was $48.6 million above carrying value. Fair value of the Company’s indebtedness is estimated by modeling the cash flows required by the Company’s debt agreements and discounting them back to the present value using an estimated market yield. Additionally, the Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company’s indebtedness are considered Level 3.
Earnings Per Share	Earnings Per Share Basic net loss per share of common stock is determined by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. All classes of common stock are allocated net income/(loss) at the same rate per share and receive the same gross distribution per share.
Derivative Financial Instruments	Derivative Financial Instruments As of December 31, 2021 and December 31, 2020, all of the Company’s derivative instruments were non-designated hedges. The Company presents changes in the fair value of its non-designated hedges as a component of Income (loss) from Investments in Real Estate Debt or Other Income (Expense) on the Company’s Consolidated Statements of Operations depending on the nature of the derivative instrument. The Company has elected to not offset derivative assets and liabilities or financial assets in its Consolidated Balance Sheets, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provide the Company, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Derivative financial instruments are recorded as a component of either Other Assets or Other Liabilities on the Company’s Consolidated Balance Sheets at fair value.
Stock-Based Compensation	Stock-Based Compensation The Company’s stock-based compensation consists of incentive compensation awards issued to certain employees of affiliate portfolio company service providers. Such awards vest over the life of the awards and stock-based compensation expense is recognized for these awards in net income on a straight-line basis over the applicable vesting period of the award, based on the value of the awards as of the grant date, as adjusted for forfeitures. Refer to Note 9 for additional information.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In April 2020, the Financial Accounting Standards Board (“FASB”) staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. In accordance with the Lease Modification Q&A, the Company has made a policy election to not account for concessions as a lease modification if the total cash flows after the lease concessions are substantially the same, or less than, the cash flows in the original lease. However, if in the future, a concession is granted that modifies the terms and significantly alters the cash flows of the original lease, the Company will account for the changes as a lease modification. The Company has granted concessions as a result of the COVID-19 pandemic to certain tenants to defer rental payments until a later date. The Company continued to recognize rental revenue for such tenants during the year ended December 31, 2021, while also considering any necessary bad debt reserves. In March 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, leases, derivatives, and other contracts, related to the expected market transition from LIBOR, and certain other floating rate benchmark indices (collectively, “IBORs”) to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848): Scope,” or ASU 2021-01. ASU 2021-01 clarifies that the practical expedients in ASU 2020-04 apply to derivatives impacted by changes in the interest rate used for margining, discounting, or contract price alignment. The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. Once ASU 2020-04 is elected, the guidance must be applied prospectively for all eligible contract modifications. The Company has not adopted any of the optional expedients or exceptions as of December 31, 2021, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Property, Plant and Equipment	The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 30 - 42 years Building- and land improvements 10 years Furniture, fixtures and equipment 1 - 10 years Lease intangibles Over lease term
Summary of Selling Commissions Dealer Manager Fees and Stockholder Servicing Fees	The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, 2021: Class S Class I Class T Class D Selling commissions and dealer manager fees (% of transaction price) up to 3.5% — up to 3.5% up to 1.5% Stockholder servicing fee (% of NAV) 0.85% — 0.85% 0.25%
Assets Measured at Fair Value on a Recurring Basis	The following table details the Company's assets measured at fair value on a recurring basis ($ in thousands): December 31, 2021 December 31, 2020 Level I Level 2 Level 3 Total Level I Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 7,755,602 $ 1,240,337 $ 8,995,939 $ — $ 4,445,414 $ 120,892 $ 4,566,306 Investments in unconsolidated entities — — 1,613,646 1,613,646 — — — — Equity securities 2,558,952 442,300 224,408 3,225,660 327,935 271,250 — 599,185 Derivatives — 41,453 — 41,453 — — — — Total $ 2,558,952 $ 8,239,355 $ 3,078,391 $ 13,876,698 $ 327,935 $ 4,716,664 $ 120,892 $ 5,165,491 Liabilities: Derivatives $ — $ 45,597 $ — $ 45,597 $ — $ 55,536 $ — $ 55,536 Total $ — $ 45,597 $ — $ 45,597 $ — $ 55,536 $ — $ 55,536
Assets Measured on Recurring Basis	The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Investments in Equity Securities Total Balance as of December 31, 2020 $ 120,892 $ — $ — $ 120,892 Purchases 1,136,120 1,437,695 205,980 2,779,795 Sales and repayments (7,998) — — (7,998) Distributions received — (17,607) — (17,607) Included in net income Income from unconsolidated entities measured at fair value — 193,558 — 193,558 Discount accretion included in income (loss) from investments in real estate debt 2,722 — — 2,722 Realized gain included in income (loss) from investments in real estate debt 1,019 — — 1,019 Unrealized loss included in income (loss) from investments in real estate debt (12,418) — — (12,418) Unrealized gain included in other income (expense) — — 18,428 18,428 Balance as of December 31, 2021 $ 1,240,337 $ 1,613,646 $ 224,408 $ 3,078,391
Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value Hierarchy	The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): December 31, 2021 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in real estate debt $ 1,240,337 Discounted cash flow Market Yield 5.2% Decrease Investments in unconsolidated entities $ 1,613,646 Discounted cash flow Discount Rate 5.9% Decrease Exit Capitalization Rate 4.6% Decrease Weighted Average Cost of Capital 9.1% Decrease Equity securities $ 224,408 Market comparable Enterprise Value/ 21.1x Increase December 31, 2020 Fair Value Valuation Technique Unobservable Input Rate Impact to Valuation from an Increase in Input Investments in real estate debt $ 120,892 Discounted cash flow Market Yield 10.3% Decrease

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): December 31, 2021 December 31, 2020 Building and building improvements $ 53,954,920 $ 25,991,610 Land and land improvements 14,652,913 7,626,381 Furniture, fixtures and equipment 963,686 495,395 Right of use asset - operating leases (1) 461,186 114,535 Right of use asset - financing leases (1) 72,862 56,008 Total 70,105,567 34,283,929 Accumulated depreciation and amortization (3,163,914) (1,826,216) Investments in real estate, net $ 66,941,653 $ 32,457,713 (1) Refer to Note 14 for additional details on the Company’s leases.
Schedule of Details of Properties Acquired	The following table details the properties acquired during the year ended December 31, 2021 ($ in thousands): Segments Purchase Price (1) Number of Transactions Number of Properties Sq. Ft. (in thousands)/Units/Keys Residential properties (2) $ 27,439,966 34 672 114,014 units Industrial properties 6,942,733 17 272 54,326 sq. ft. Retail properties 868,867 2 13 2,454 sq. ft. Hospitality 642,994 3 8 1,475 keys Office properties 450,093 2 4 727 sq. ft. Self storage properties 410,299 6 31 2,273 sq. ft. Data center properties 180,057 1 2 430 sq. ft. $ 36,935,009 65 1,002 (1) Purchase price is inclusive of acquisition-related costs. (2) Purchase price includes the 13,030 wholly-owned single family homes related to the acquisition of Home Partners of America ("HPA"), which are not included in the number of properties. Refer to Note 4 for details on the unconsolidated homes acquired in the HPA transaction. The following table details the properties acquired during the year ended December 31, 2020 ($ in thousands): Segments Purchase Price (1) Number of Transactions Number of Properties Sq. Ft. (in thousands)/Units Residential properties $ 4,150,838 15 94 27,488 units Self storage properties 1,444,074 6 129 10,454 sq. ft. Industrial properties 1,358,578 8 94 14,280 sq. ft. Retail properties 287,392 1 6 689 sq. ft. Office properties 263,649 1 1 357 sq. ft. $ 7,504,531 31 324 (1) Purchase price is inclusive of acquisition-related costs.
Schedule of Purchase Price Allocation of Properties	The following table details the purchase price allocation for the properties acquired during the years ended December 31, 2021 and 2020 ($ in thousands): For the Year Ended For the Year Ended Building and building improvements $ 27,826,619 $ 4,977,086 Land and land improvements 7,162,583 2,053,340 Furniture, fixtures and equipment 437,801 77,737 In-place lease intangibles 1,104,530 390,209 Above-market lease intangibles 17,820 6,915 Below-market lease intangibles (197,404) (27,699) Prepaid ground lease rent 174,584 — Brokerage firm relationship intangibles 50,000 — Trade name intangibles 40,000 — Management contract intangibles 39,000 — Other 279,476 26,943 Total purchase price 36,935,009 7,504,531 Assumed debt (1) 5,494,319 944,112 Net purchase price $ 31,440,690 $ 6,560,419 (1) Refer to Note 6 for additional details on the Company’s debt, which includes mortgage notes, term loans, and secured revolving credit facilities.
Schedule of Details of Dispositions	The following table details the dispositions during the years ended December 31, 2021, 2020, and 2019 ($ in thousands): For the Year Ended For the Year Ended For the Year Ended Segments Number of Properties Net Proceeds Net Gain Number of Properties Net Proceeds Net Gain Number of Properties Net Proceeds Net Gain Residential properties (1) 11 $ 267,045 $ 7,881 7 $ 295,855 $ 77,617 — $ — $ — Hospitality properties (2) — — — 1 134,537 35,185 — 44,292 29,686 Industrial properties — — — 1 4,488 371 2 34,826 5,349 11 $ 267,045 $ 7,881 9 $ 434,880 $ 113,173 2 $ 79,118 $ 35,035 (1) Net proceeds and net gain include 229 single family rental homes sold during the year ended December 31, 2021. (2) During the year ended December 31, 2019, the Company sold the parking garage attached to the Hyatt Place San Jose property. The sale did not include the Hyatt Place San Jose hotel or the land parcels under the hotel.
Summary of Assets and Liabilities of Properties Classified as Held for Sale	The following table details the assets and liabilities of the Company’s properties classified as held for sale ($ in thousands): Assets: December 31, 2021 Investments in real estate, net $ 193,653 Other assets 2,591 Total assets $ 196,244 Liabilities: Mortgage notes, net $ 109,655 Other liabilities 4,722 Total liabilities $ 114,377

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Summary of Equity Method Investment and Income in Unconsolidated Entities	The following table details the Company’s equity investments in unconsolidated entities ($ in thousands): Investment in Joint Venture Segment Number of Joint Ventures Ownership December 31, 2021 December 31, 2020 QTS Data Centers (1) Data Centers 1 35.7% $ 1,394,359 $ — MGM Grand & Mandalay Bay Net Lease 1 49.9% 822,736 816,220 Residential investments Residential 130 12.2% - 52.0% 1,074,832 — Industrial investments (2) Industrial 7 10.0% - 55.0% 497,491 — Retail investments Retail 1 50.0% 98,241 — Total unconsolidated entities at historical cost 140 3,887,659 816,220 Industrial investments (3)(4)(5) Industrial 7 7.9% - 85.0% 1,613,646 — Total unconsolidated entities at fair value 7 1,613,646 — Total 147 $ 5,501,305 $ 816,220 (1) The Company along with certain Blackstone-managed investment vehicles formed a joint venture ("QTS Data Centers") and acquired all outstanding shares of common stock of QTS Realty Trust ("QTS"). As of September 30, 2021, the Company's interest in QTS Data Centers was through a consolidated joint venture, whereby the non-controlling interest was a Blackstone-managed investment vehicle. During the fourth quarter of 2021, the joint venture agreement was modified. Based on the modification, the Company determined it does not have a controlling financial interest and deconsolidated the non-controlling interest held by the Blackstone-managed investment vehicle. (2) Includes a $255.7 million investment in a joint venture ("Alaska Logistics Portfolio") formed by the Company and certain Blackstone-managed investment vehicles. The Company has a 26.7% interest in the joint venture. (3) Includes a $180.8 million investment in a joint venture ("Bluefin Industrial Portfolio") formed by the Company and certain Blackstone-managed investment vehicles. The Company has a 22.5% interest in the joint venture. (4) Includes a $320.3 million investment in a joint venture ("Explorer Industrial Portfolio") formed by the Company and certain Blackstone-managed investment vehicles. The Company has a 12.4% interest in the joint venture. (5) Includes a $503.4 million investment in a joint venture ("Carrix Ports Portfolio") formed by the Company and certain Blackstone-managed investment vehicles. The Company has a 7.9% interest in the joint venture. The following table details the Company’s income from unconsolidated entities ($ in thousands): For the Year Ended December 31, BREIT Income (Loss) from Unconsolidated Entities Segment Ownership Interest 2021 2020 QTS Data Centers (1) Data Centers 35.7% $ (71,745) $ — MGM Grand & Mandalay Bay Net Lease 49.9% 100,276 88,571 Residential investments Residential 12.2% - 52.0% (17,461) — Retail investments Retail 50.0% 167 — Industrial investments at historical cost Industrial 10.0% - 55.0% 1,185 — Industrial investments at fair value (2) Industrial 7.9% - 85.0% 193,558 — Total $ 205,980 $ 88,571 (1) BREIT Income (Loss) from Unconsolidated Entities includes $20.6 million of loss attributable to a Blackstone-managed investment vehicle for the year ended December 31, 2021. The Company reflects this amount within net loss attributable to non-controlling interests. (2) The Company elected the fair value option for these investments. Therefore, the income from unconsolidated entities represents the change in estimated fair value of the Company’s investment in such entities. The following tables provide the combined summarized financial information of our unconsolidated joint ventures as of the dates and for the periods set forth below ($ in thousands): Balance Sheets: December 31, 2021 December 31, 2020 Investments in real estate, net $ 34,007,841 $ 4,523,638 Cash and cash equivalents and restricted cash 1,057,051 16 Other assets 3,373,430 95,325 Total assets $ 38,438,322 $ 4,618,979 Mortgage notes 22,215,118 2,994,269 Due to affiliates 52,328 — Other liabilities 3,135,456 7,811 Total liabilities $ 25,402,902 $ 3,002,080 Equity 13,035,420 1,616,899 Total liabilities and equity $ 38,438,322 $ 4,618,979 BREIT's share $ 3,898,861 $ 806,833 BREIT outside basis 1,436,377 9,387 BREIT fair value adjustment 166,067 — Investments in unconsolidated entities $ 5,501,305 5501305000 $ 816,220 For the Year Ended December 31, Income Statements: 2021 2020 Revenues: Rental revenue $ 861,337 $ 346,482 Other revenue 536,087 — Total revenues $ 1,397,424 $ 346,482 Expenses: Rental property operating $ 200,513 $ 589 Depreciation and amortization 400,034 73,518 Total expenses $ 600,547 $ 74,107 Other income (expense) Interest expense (233,350) (94,618) Net gain on dispositions of real estate 11,103 — Other income (expense) (437,761) — Total other income (expense) $ (660,008) $ (94,618) Net income $ 136,869 $ 177,757 BREIT's share of net income $ 56,246 $ 88,701 BREIT fair value adjustment 166,067 — Amortization of outside basis (16,333) (130) BREIT Income from Unconsolidated Entities $ 205,980 $ 88,571

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Investments [Abstract]
Summary of Investments in Real Estate Debt	The following tables detail the Company’s investments in real estate debt ($ in thousands): December 31, 2021 Type of Security/Loan Weighted Average Coupon (1) Weighted Average Maturity Date (2) Face Cost Fair CMBS (3) L+3.6% 11/13/2033 $ 7,176,097 $ 7,090,490 $ 7,055,276 Corporate bonds 4.8% 12/10/2028 135,950 135,952 136,469 RMBS 3.9% 5/24/2061 147,170 146,023 144,691 Total real estate securities 3.7% 4/27/2034 7,459,217 7,372,465 7,336,436 Commercial real estate loans L+4.4% 1/19/2025 1,474,617 1,473,807 1,460,716 Other investments (4) 3.7% 7/25/2029 227,958 198,909 198,787 Total investments in real estate debt 3.8% 9/16/2032 $ 9,161,792 $ 9,045,181 $ 8,995,939 December 31, 2020 Type of Security/Loan Weighted Average Coupon (1) Weighted Average Maturity Date (2) Face Cost Fair CMBS (3) L+2.0% 1/17/2026 $ 4,093,201 $ 3,949,824 $ 3,753,428 Corporate bonds 5.0% 5/3/2027 179,398 178,219 183,203 RMBS 4.5% 10/24/2049 22,429 22,602 22,510 Total real estate securities 3.2% 3/29/2026 4,295,028 4,150,645 3,959,141 Commercial real estate loans L+3.8% 8/8/2022 623,574 572,869 607,165 Total investments in real estate debt 3.5% 10/3/2025 $ 4,918,602 $ 4,723,514 $ 4,566,306 (1) The term “L” refers to the relevant floating benchmark rates, which include USD LIBOR, GBP LIBOR, EURIBOR, SOFR and SONIA, as applicable to each security and loan. Fixed rate CMBS and Commercial Real Estate Loans are reflected as a spread over the relevant floating benchmark rates, as of December 31, 2021 and 2020, respectively, for purposes of the weighted-averages. Weighted Average Coupon for CMBS does not include zero-coupon securities. As of December 31, 2021 and 2020, we have interest rate swaps outstanding with a notional value of $1.1 billion and $0.9 billion, respectively, that effectively converts a portion of our fixed rate investments in real estate debt to floating rates. (2) Weighted average maturity date is based on the fully extended maturity date of the instrument. (3) Face amount excludes interest-only securities with a notional amount of $3.4 billion and $2.3 billion as of December 31, 2021 and 2020, respectively. In addition, CMBS includes zero-coupon securities of $208.8 million and $236.1 million as of December 31, 2021 and 2020, respectively. (4) Includes an interest in an unconsolidated joint venture that holds investments in real estate debt.
Summary of Collateral Type of Properties Securing Investments in Real Estate Debt	The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands): December 31, 2021 December 31, 2020 Collateral (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value Industrial $ 3,058,410 $ 3,032,995 34% $ 612,884 $ 610,504 13% Residential 2,328,762 2,358,734 26% 748,086 797,840 17% Hospitality 2,233,289 2,200,285 24% 2,046,529 1,904,256 42% Office 640,145 620,512 7% 720,665 681,596 15% Diversified 403,737 405,569 5% 234,527 225,077 5% Other 354,579 352,105 4% 238,202 213,654 5% Net Lease 8,885 8,779 —% 105,246 117,219 3% Retail 17,374 16,960 –% 17,375 16,160 —% Total $ 9,045,181 $ 8,995,939 100% $ 4,723,514 $ 4,566,306 100% (1) Residential investments in real estate debt are collateralized by various forms of rental housing including apartments and single-family homes.
Summary of Credit Rating of Investments in Real Estate Debt	The following table details the credit rating of the Company’s investments in real estate debt ($ in thousands): December 31, 2021 December 31, 2020 Credit Rating Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value AAA $ 26,192 $ 24,274 —% $ 10,044 $ 10,047 —% AA 710 1,749 —% 776 779 —% A 127,118 125,420 1% 262,097 267,023 6% BBB 373,061 369,111 4% 797,918 753,393 17% BB 1,678,565 1,670,560 19% 1,435,891 1,381,221 30% B 1,971,282 1,940,328 22% 1,186,975 1,114,977 24% CCC 24,338 24,242 —% 32,402 34,839 1% Private Commercial Real Estate Loans 1,598,701 1,585,738 18% 522,306 555,291 12% Not Rated 3,245,214 3,254,517 36% 475,105 448,736 10% Total $ 9,045,181 $ 8,995,939 100% $ 4,723,514 $ 4,566,306 100%
Schedule of Real Estate Investment	The following table details the amounts recognized for the Company's investments in real estate debt ($ in thousands): Year Ended December 31, 2021 2020 2019 Interest Income $ 233,591 $ 195,134 $ 160,353 Unrealized gain (loss) 108,810 (187,222) 51,479 Realized gain (loss) 49,282 (20,117) 7,334 Total $ 391,683 $ (12,205) $ 219,166 Income (loss) from derivatives 81,886 (73,593) (3,028) Income (loss) from secured financings of investments in real estate debt (1) 25,798 (33,540) (1,941) Other loss (1,260) (1,579) (1,135) Total income (loss) from investments in real estate debt $ 498,107 $ (120,917) $ 213,062 (1) Represents unrealized and realized gains (losses).
Schedule of Company's Affiliate Investments In Real Estate Debt	The following table details the Company’s investments in affiliated real estate debt ($ in thousands): Fair Value Income (Loss) Year Ended December 31, December 31, 2021 December 31, 2020 2021 2020 2019 CMBS $ 3,099,694 $ 1,749,877 $ 105,421 $ (14,950) $ 77,117 Commercial real estate loans 556,571 545,539 (11,611) 79,689 — Total $ 3,656,265 $ 2,295,416 $ 93,810 $ 64,739 $ 77,117

Mortgage Notes, Term Loans, a_2

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Summary of Company's Mortgage Notes, Term Loans and Secured Revolving Credit Facilities	The following table details the mortgage notes, term loans, and secured revolving credit facilities secured by the Company’s real estate ($ in thousands): December 31, 2021 Principal Balance Outstanding Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2)(3) Maximum December 31, 2021 December 31, 2020 Fixed rate loans: Fixed rate mortgages (4) 3.9% 9/29/2028 N/A $ 19,086,525 $ 13,124,595 Variable rate loans: Variable rate mortgages and term loans L+2.0% 6/30/2026 N/A 20,004,365 6,305,964 Variable rate secured revolving credit facilities L+1.5% 1/26/2026 $ 2,603,290 1,614,550 481,725 Variable rate warehouse facilities L+1.6% 8/10/2027 $ 1,537,500 794,141 — Variable rate mezzanine loans L+3.5% 3/9/2025 N/A 71,100 202,200 Total variable rate loans L+1.9% 7/2/2026 22,484,156 6,989,889 Total loans secured by real estate 2.9% 7/13/2027 41,570,681 20,114,484 Premium on assumed debt, net 68,706 15,191 Deferred financing costs, net (311,999) (153,514) Mortgage notes, term loans, and secured revolving credit facilities, net $ 41,327,388 $ 19,976,161 (1) The term “L” refers to the relevant floating benchmark rates, which include one-month LIBOR, three-month LIBOR, 30-day SOFR, and one-month CDOR, as applicable to each loan. (2) For loans where the Company, at its sole discretion, has extension options, the maximum maturity date has been assumed. (3) The majority of the Company’s mortgages contain yield or spread maintenance provisions.
Summary of Future Principal Payment Due Under Company's Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities	The following table details the future principal payments due under the Company’s mortgage notes, term loans, and secured revolving credit facilities as of December 31, 2021 ($ in thousands): Year Amount 2022 $ 523,021 2023 579,711 2024 3,580,808 2025 6,439,982 2026 15,587,196 Thereafter 14,859,963 Total $ 41,570,681

Secured Financings on Investm_2

Secured Financings on Investments in Real Estate Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of Repurchase Agreements [Abstract]
Summary of Secured Financings on Investments in Real Estate Debt	The following tables detail the Company’s secured financings of investments in real estate debt ($ in thousands): December 31, 2021 Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 4,308,015 $ 6,604,524 L+0.9% 1/20/2023 Commercial real estate loans 224,510 345,400 L+1.8% 4/2/2022 Corporate bonds 90,578 135,355 L+0.8% 11/17/2022 RMBS 83,529 125,967 L+0.9% 12/31/2022 $ 4,706,632 $ 7,211,246 L+1.0% December 31, 2020 Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 1,733,623 $ 2,697,714 L+1.6% 6/21/2021 Commercial real estate loans 292,406 452,578 L+1.8% 3/17/2022 Corporate bonds 111,540 138,215 L+0.8% 3/6/2021 RMBS 3,424 4,646 L+1.5% 3/30/2021 $ 2,140,993 $ 3,293,153 L+1.6% (1) Represents the fair value of the Company’s investments in real estate debt that serve as collateral.

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Summary of Components of Due to Affiliates	The following table details the components of due to affiliates ($ in thousands): December 31, 2021 December 31, 2020 Accrued stockholder servicing fee $ 1,235,592 $ 605,411 Accrued management fee 56,607 22,253 Accrued affiliate service provider expenses 12,880 10,151 Advanced organization and offering costs 2,045 4,090 Performance participation allocation — 192,648 Other 2,323 53,107 Total $ 1,309,447 $ 887,660
Summary of Incentive Compensation Awards	The following table details the incentive compensation awards ($ in thousands): December 31, 2021 Plan Year Unrecognized Compensation Cost as of December 31, 2020 Value of Awards Issued Amortization of Compensation Cost for the Year Ended December 31, 2021 Unrecognized Compensation Cost Remaining Amortization Period 2019 (1) $ 3,363 $ — $ (1,167) $ 1,520 1.0 year 2020 — — — — — 2021 — 49,602 (12,401) 37,201 3.0 years $ 3,363 $ 49,602 $ (13,568) $ 38,721 (1) During the year ended December 31, 2021 $0.5 million of the un-vested portion of the award was forfeited.
Schedule of Related Party Expenses Incurred and Amortization of Incentive Compensation Awards Capitalized Support Services	The following table details the amounts incurred for affiliate service providers ($ in thousands): Affiliate Service Provider Expenses Year Ended December 31, Amortization of Affiliate Service Provider Incentive Compensation Awards Year Ended December 31, Capitalized Transaction Support Services Year Ended December 31, 2021 2020 2019 2021 2020 2019 2021 2020 Link $ 68,277 $ 53,836 $ 19,332 $ 6,174 $ 727 $ 1,042 $ 3,696 $ 3,366 LivCor 39,481 27,144 18,464 6,235 214 308 6,529 3,924 BRE 11,565 15,109 7,250 728 435 624 127 — ShopCore 6,427 5,248 1,715 271 18 26 292 479 Revantage 3,029 1,951 1,295 — — — 8,696 — EOM 1,912 838 104 160 — — — — Longview 557 — — — — — — — Gateway — — 2,524 — — — — — $ 131,248 $ 104,126 $ 50,684 $ 13,568 $ 1,394 $ 2,000 $ 19,340 $ 7,769

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Other Assets and Other Liabilities [Abstract]
Summary of Components of Other Assets	The following table details the components of other assets ($ in thousands): December 31, 2021 December 31, 2020 Equity securities $ 3,225,660 $ 599,185 Real estate intangibles, net 1,487,436 738,259 Receivables, net 381,201 109,159 Straight-line rent receivable 275,200 155,108 Single family rental homes risk retention securities 233,525 — Held for sale assets 196,244 — Pre-acquisition costs 153,659 241 Prepaid expenses 151,188 50,092 Deferred leasing costs, net 84,990 49,533 Deferred financing costs, net 51,535 22,740 Derivatives 41,453 — Other 168,642 74,936 Total $ 6,450,733 $ 1,799,253
Summary of Components of Other Liabilities	The following table details the components of other liabilities ($ in thousands): December 31, 2021 December 31, 2020 Subscriptions received in advance $ 1,746,910 $ 508,817 Intangible liabilities, net 288,643 128,639 Accounts payable and accrued expenses 265,754 104,866 Accrued interest expense 215,757 50,065 Real estate taxes payable 211,063 117,362 Securitized debt obligations, net 200,953 — Distribution payable 190,143 90,892 Right of use lease liability - operating leases 180,453 85,065 Tenant security deposits 172,308 57,489 Prepaid rental income 125,250 95,165 Held for sale liabilities 114,377 — Stock repurchases payable 100,540 83,350 Right of use lease liability - financing leases 75,730 57,727 Derivatives 45,597 55,536 Payable for unsettled investments in real estate debt 21,426 — Other 229,244 30,221 Total $ 4,184,148 $ 1,465,194

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities	The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): December 31, 2021 December 31, 2020 Intangible assets In-place lease intangibles $ 1,920,331 $ 1,094,561 Indefinite life intangibles 104,182 10,082 Above-market lease intangibles 60,383 49,261 Other intangibles 69,634 22,467 Total intangible assets 2,154,530 1,176,371 Accumulated amortization In-place lease amortization (628,163) (407,256) Above-market lease amortization (22,993) (20,291) Other intangibles amortization (15,938) (10,565) Total accumulated amortization (667,094) (438,112) Intangible assets, net $ 1,487,436 $ 738,259 Intangible liabilities Below-market lease intangibles $ 377,132 $ 194,158 Total intangible liabilities 377,132 194,158 Accumulated amortization Below-market lease amortization (88,489) (65,519) Total accumulated amortization (88,489) (65,519) Intangible liabilities, net $ 288,643 $ 128,639
Estimated Future Amortization	The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of December 31, 2021 is as follows ($ in thousands): In-place Lease Above-market Other Intangibles Below-market 2022 $ 665,457 $ 11,343 $ 8,238 $ (65,194) 2023 190,822 6,900 7,495 (56,317) 2024 129,057 4,879 7,203 (46,840) 2025 94,403 3,780 7,194 (38,718) 2026 69,979 3,037 6,880 (29,481) Thereafter 142,450 7,451 16,686 (52,093) $ 1,292,168 $ 37,390 $ 53,696 $ (288,643)

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Derivatives	The following tables detail the Company’s outstanding interest rate derivatives that were non-designated hedges of interest rate risk (notional amount in thousands): December 31, 2021 Interest Rate Derivatives Number of Instruments Notional Amount Strike Index Weighted Average Maturity (Years) Interest Rate Swaps - Investments in real estate debt 54 $ 1,076,210 1.0% LIBOR 4.8 Interest Rate Swaps - Property debt 22 $ 9,500,000 1.3% LIBOR 7.0 December 31, 2020 Interest Rate Derivatives Number of Instruments Notional Amount Strike Index Weighted Average Maturity (Years) Interest Rate Swaps - Investments in real estate debt 53 $ 929,560 1.3% LIBOR 6.3 The following table details the Company’s outstanding foreign currency forward contracts that were non-designated hedges of foreign currency risk (notional amount in thousands): December 31, 2021 December 31, 2020 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD / Sell EUR Forward 10 € 552,513 7 € 219,430 Buy USD / Sell GBP Forward 7 £ 267,368 2 £ 25,093 Buy EUR / Sell USD Forward 1 € 5,978 — € — Buy GBP / Sell USD Forward 3 £ 15,396 — £ —
Schedule of Fair Value of Derivative Financial Instruments	The following table details the fair value of the Company’s derivative financial instruments ($ in thousands): Fair Value of Derivatives in an Asset (1) Position Fair Value of Derivatives in a Liability (2) Position December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Interest rate derivatives $ 41,123 $ — $ 38,062 $ 46,144 Foreign currency forward contracts 330 — 7,535 9,392 Total Derivatives $ 41,453 $ — $ 45,597 $ 55,536 (1) Included in Other Assets in the Company’s Consolidated Balance Sheets. (2) Included in Other Liabilities in the Company’s Consolidated Balance Sheets.
Schedule of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations	The following table details the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations ($ in thousands): Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized in Net Income Year Ended December 31, 2021 2020 2019 Foreign Currency Forward Contract Realized gain (loss) (1) $ 27,606 $ (14,703) $ — Interest Rate Swap - Investments in real estate debt Realized loss (1) (11,335) (6,722) (533) Foreign Currency Forward Contract Unrealized gain (loss) (1) 8,145 (9,139) (253) Interest Rate Swap – Investments in real estate debt Unrealized gain (loss) (1) 57,470 (43,029) (2,242) Interest Rate Swap – Property debt Unrealized loss (2) (7,711) — — $ 74,175 $ (73,593) $ (3,028) (1) Included in Income from investments in real estate debt in the Company’s Consolidated Statements of Operations. (2) Included in Other income (expense) in the Company's Consolidated Statements of Operations.

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interest (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of Company's Authorized Capital	As of December 31, 2021, the Company had the authority to issue 10,100,000,000 shares, consisting of the following: Classification Number of Shares Par Value Preferred Stock 100,000 $ 0.01 Class S Shares 3,000,000 $ 0.01 Class I Shares 6,000,000 $ 0.01 Class T Shares 500,000 $ 0.01 Class D Shares 500,000 $ 0.01 Total 10,100,000
Schedule of Company's Outstanding Shares of Common Stock	The following table details the movement in the Company’s outstanding shares of common stock (in thousands): Class S Class I Class T Class D Total January 1, 2019 276,989 108,261 23,313 30,375 438,938 Common stock issued 248,497 371,562 16,650 53,107 689,816 Distribution reinvestment 12,156 7,356 899 1,590 22,001 Common stock repurchased (6,829) (12,936) (1,095) (415) (21,275) Independent directors' restricted stock grant (1) — 36 — — 36 December 31, 2019 530,813 474,279 39,767 84,657 1,129,516 Common stock issued 196,343 510,136 8,497 43,325 758,301 Distribution reinvestment 20,860 19,363 1,330 3,299 44,852 Common stock repurchased (45,163) (76,735) (3,651) (7,140) (132,689) Independent directors' restricted stock grant (1) — 37 — — 37 December 31, 2020 702,853 927,080 45,943 124,141 1,800,017 Common stock issued 543,534 1,221,551 11,392 164,263 1,940,740 Distribution reinvestment 25,157 30,601 1,360 5,111 62,229 Common stock repurchased (17,196) (92,662) (1,408) (2,428) (113,694) Independent directors' restricted stock grant (1) — 61 — — 61 December 31, 2021 1,254,348 2,086,631 57,287 291,087 3,689,353
Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock	The following table details the aggregate distributions declared for each applicable class of common stock: Year Ended December 31, 2021 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.6508 $ 0.6508 $ 0.6508 $ 0.6508 Stockholder servicing fee per share of common stock (0.1096) — (0.1081) (0.0317) Net distributions declared per share of common stock $ 0.5412 $ 0.6508 $ 0.5427 $ 0.6191 Year Ended December 31, 2020 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.6354 $ 0.6354 $ 0.6354 $ 0.6354 Stockholder servicing fee per share of common stock (0.0942) — (0.0929) (0.0274) Net distributions declared per share of common stock $ 0.5412 $ 0.6354 $ 0.5425 $ 0.6080 Year Ended December 31, 2019 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.6363 $ 0.6363 $ 0.6363 $ 0.6363 Stockholder servicing fee per share of common stock (0.0951) — (0.0935) (0.0276) Net distributions declared per share of common stock $ 0.5412 $ 0.6363 $ 0.5428 $ 0.6087
Summary of Redeemable Non-controlling Interest Activity Related to Special Limited Partner	The following table details the redeemable non-controlling interest activity related to the Special Limited Partner for the years ended December 31, 2021 and 2020 ($ in thousands): December 31, 2021 December 31, 2020 Balance at the beginning of the year $ 274 $ 272 Settlement of current year performance participation allocation 1,378,959 — Settlement of prior year performance participation allocation 192,648 141,396 Repurchases (111,949) (83,625) Conversion to Class I and Class B units (68,453) (48,543) Conversion to Class I shares (801,645) (9,228) GAAP income allocation (6) (14) Distributions (15) (14) Fair value allocation 87 30 Ending balance $ 589,900 $ 274

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Schedule of Components of Operating Lease Income from Leases	The following table details the components of operating lease income from leases in which the Company is the lessor ($ in thousands): Year Ended December 31, 2021 2020 2019 Fixed lease payments $ 2,860,344 $ 2,031,411 $ 1,073,562 Variable lease payments 280,184 204,461 128,051 Rental revenue $ 3,140,528 $ 2,235,872 $ 1,201,613 Year Ended December 31, 2021 2020 2019 Interest on lease liabilities $ 3,403 $ 2,991 $ 2,228 Amortization of right-of-use assets 1,139 991 748 Total financing lease costs $ 4,542 $ 3,982 $ 2,976
Schedule of Undiscounted Future Minimum Rental Income	The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, net lease, data centers, retail, and office properties as of December 31, 2021 ($ in thousands). Leases at the Company’s residential and self storage properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2022 $ 1,324,432 2023 1,220,847 2024 1,074,261 2025 945,512 2026 828,147 Thereafter 9,467,686 Total $ 14,860,885
Schedule of Future Lease Payments Due Under Ground Leases	The following table details the future lease payments due under the Company’s ground leases as of December 31, 2021 ($ in thousands): Operating Financing 2022 $ 8,784 $ 4,038 2023 8,977 4,150 2024 9,081 4,266 2025 9,328 4,385 2026 9,442 4,507 Thereafter 914,168 568,774 Total undiscounted future lease payments 959,780 590,120 Difference between undiscounted cash flows and discounted cash flows (779,327) (514,390) Total lease liability $ 180,453 $ 75,730
Summary of Fixed and Variable Components of Operating and Financing Leases	The following table details the fixed and variable components of the Company’s operating leases ($ in thousands): Year Ended December 31, 2021 2020 2019 Fixed ground rent expense $ 4,904 $ 4,038 $ 2,042 Variable ground rent expense 36 18 81 Total cash portion of ground rent expense 4,940 4,056 2,123 Straight-line ground rent expense 7,488 6,737 4,892 Total operating lease costs $ 12,428 $ 10,793 $ 7,015

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Summary of Total Assets and Financial Results by Segment	The following table details the total assets by segment ($ in thousands): December 31, 2021 December 31, 2020 Residential $ 44,167,486 $ 13,701,615 Industrial 20,898,801 11,157,856 Net Lease 5,219,519 5,199,651 Hospitality 3,084,271 2,196,429 Data Centers (1) 1,905,660 341,056 Self Storage 1,886,376 1,593,430 Retail 1,689,575 700,045 Office 1,232,392 447,630 Investments in Real Estate Debt 9,190,352 4,763,309 Other (Corporate) 2,033,779 582,994 Total assets $ 91,308,211 $ 40,684,015 (1) Previously included within the Industrial segment. The following table details the financial results by segment for the year ended December 31, 2021 ($ in thousands): Residential Industrial Net Data Centers (1) Hospitality Self Retail Office Investments in Total Revenues: Rental revenue $ 1,544,909 $ 982,137 $ 331,178 $ 28,586 $ — $ 143,069 $ 64,079 $ 46,570 $ — $ 3,140,528 Hospitality revenue — — — — 412,338 — — — — 412,338 Other revenue 109,211 12,413 — — 10,287 9,393 2,157 344 — 143,805 Total revenues 1,654,120 994,550 331,178 28,586 422,625 152,462 66,236 46,914 — 3,696,671 Expenses: Rental property operating 780,321 306,016 1,331 4,080 — 67,554 20,712 12,557 — 1,192,571 Hospitality operating — — — — 316,144 — — — — 316,144 Total expenses 780,321 306,016 1,331 4,080 316,144 67,554 20,712 12,557 — 1,508,715 Income (loss) from unconsolidated entities (17,461) 194,743 100,276 (71,745) — — 167 — — 205,980 Income from investments in real estate debt — — — — — — — — 498,107 498,107 Income from investments in equity securities 640,731 174,866 56,765 — — — — 11,897 — 884,259 Segment net operating income (loss) $ 1,497,069 $ 1,058,143 $ 486,888 $ (47,239) $ 106,481 $ 84,908 $ 45,691 $ 46,254 $ 498,107 $ 3,776,302 Depreciation and amortization $ (933,418) $ (576,793) $ (114,409) $ (12,485) $ (93,911) $ (137,872) $ (28,917) $ (22,127) $ — $ (1,919,932) General and administrative $ (32,046) Management fee (445,291) Performance participation allocation (1,378,959) Net gain on dispositions of real estate 7,881 Interest expense (835,283) Loss on extinguishment of debt (16,331) Other income (expense) 7,495 Net loss $ (836,164) Net loss attributable to non-controlling interests in third party joint ventures $ 22,090 Net loss attributable to non-controlling interests in BREIT OP 9,291 Net loss attributable to BREIT stockholders $ (804,783) (1) Previously included within the Industrial segment. The following table details the financial results by segment for the year ended December 31, 2020 ($ in thousands): Residential Industrial Net Data Centers (1) Hospitality Self Retail Office Investments in Total Revenues: Rental revenue $ 976,873 $ 811,490 $ 331,178 $ 23,042 $ — $ 22,874 $ 54,047 $ 16,368 $ — $ 2,235,872 Hospitality revenue — — — — 248,909 — — — — 248,909 Other revenue 50,256 5,438 — — 6,397 3,076 1,198 502 — 66,867 Total revenues 1,027,129 816,928 331,178 23,042 255,306 25,950 55,245 16,870 — 2,551,648 Expenses: Rental property operating 471,413 240,792 701 3,039 — 12,753 17,541 5,540 — 751,779 Hospitality operating — — — — 261,472 — — — — 261,472 Total expenses 471,413 240,792 701 3,039 261,472 12,753 17,541 5,540 — 1,013,251 Income from unconsolidated entities — — 88,571 — — — — — — 88,571 Loss from investments in real estate debt — — — — — — — — (120,917) (120,917) Income from investments in equity securities 37,679 14,005 12,578 — — — — 2,194 — 66,456 Segment net operating income $ 593,395 $ 590,141 $ 431,626 $ 20,003 $ (6,166) $ 13,197 $ 37,704 $ 13,524 $ (120,917) $ 1,572,507 Depreciation and amortization $ (544,927) $ (540,023) $ (114,530) $ (10,098) $ (90,820) $ (19,484) $ (32,528) $ (9,741) $ — $ (1,362,151) General and administrative (25,653) Management fee (224,776) Performance participation allocation (192,648) Impairment of investments in real estate (12,343) Net gain on dispositions of real estate 113,173 Interest expense (712,931) Loss on extinguishment of debt (10,356) Other income (expense) (12,224) Net loss $ (867,402) Net loss attributable to non-controlling interests in third party joint ventures $ 2,417 Net loss attributable to non-controlling interests in BREIT OP 11,586 Net loss attributable to BREIT stockholders $ (853,399) (1) Previously included within the Industrial segment. The following table details the financial results by segment for the year ended December 31, 2019 ($ in thousands): Residential Industrial Net Data Centers (1) Hospitality Self Retail Office Investments in Total Revenues: Rental revenue $ 673,173 $ 452,402 $ 42,317 $ 9,537 $ — $ 6,191 $ 15,869 $ 2,124 $ — $ 1,201,613 Hospitality revenue — — — — 432,892 — — — — 432,892 Other revenue 39,340 2,312 — — 8,858 778 398 81 — 51,767 Total revenues 712,513 454,714 42,317 9,537 441,750 6,969 16,267 2,205 — 1,686,272 Expenses: Rental property operating 322,773 136,365 — 1,036 — 3,454 5,539 799 — 469,966 Hospitality operating — — — — 304,710 — — — — 304,710 Total expenses 322,773 136,365 — 1,036 304,710 3,454 5,539 799 — 774,676 Income from investments in real estate debt — — — — — — — — 213,062 213,062 Segment net operating income $ 389,740 $ 318,349 $ 42,317 $ 8,501 $ 137,040 $ 3,515 $ 10,728 $ 1,406 $ 213,062 $ 1,124,658 Depreciation and amortization $ (427,209) $ (287,537) $ (14,858) $ (4,403) $ (72,765) $ (7,374) $ (8,640) $ (1,253) $ — $ (824,039) General and administrative (18,170) Management fee (108,115) Performance participation allocation (141,396) Impairment of investments in real estate — Net gain on dispositions of real estate 35,035 Interest expense (484,476) Loss on extinguishment of debt — Other income (expense) 2,260 Net loss $ (414,243) Net loss attributable to non-controlling interests in third party joint ventures $ 5,671 Net loss attributable to non-controlling interests in BREIT OP 6,801 Net loss attributable to BREIT stockholders $ (401,771) (1) Previously included within the Industrial segment.

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Details) $ in Billions	12 Months Ended	49 Months Ended
	Dec. 31, 2021USD ($)classpropertysegmentoffering	Jan. 31, 2021USD ($)
Organization and business activities.
Number of stock offerings | offering	2
Common stock, shares authorized, amount	$ 17
Gross proceeds from offering		$ 16.3
Aggregate net proceeds from issuance of common stock	$ 45.5
Number of classes of shares | class	4
Number of owned properties | property	3,077
Number of rentable homes owned | segment	22,575
Number of reportable segments | segment	9
Follow On Offering | Maximum
Organization and business activities.
Common stock, shares authorized, amount	$ 24
IPO | Maximum
Organization and business activities.
Common stock, shares authorized, amount	20
Distribution Reinvestment Plan | Maximum
Organization and business activities.
Common stock, shares authorized, amount	$ 4

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	Jan. 01, 2021USD ($)	Dec. 31, 2021USD ($)investment	Dec. 31, 2021USD ($)investment	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)	Dec. 31, 2017USD ($)
Significant Of Accounting Policies [Line Items]
Assets excluding BREIT OP		$ 91,308,211	$ 91,308,211	$ 40,684,015
Liabilities excluding BREIT OP		51,527,615	51,527,615	24,470,008
Impairment of investments in real estate		$ 0	$ 0	12,343	$ 0
Number of equity method investments measured at fair value | investment		7	7
Restricted cash		$ 1,700,000	$ 1,700,000	500,000
Income tax expense (benefit)			300	(2,500)	(900)
Deferred tax benefit			1,800	5,800	3,100
Current income tax expense			2,100	3,300	$ 2,200
Deferred tax assets		12,300	12,300	10,700
Equity securities		3,225,660	3,225,660	599,185
Unrealized loss on investments in equity securities			848,200	28,600
Unrecognized compensation cost		38,721	$ 38,721	$ 3,363
Unrecognized compensation cost, period of recognition			4 years
Discount Rate | Investments in Unconsolidated Entities
Significant Of Accounting Policies [Line Items]
Weighted Average				0.087
Exit Capitalization Rate | Investments in Unconsolidated Entities
Significant Of Accounting Policies [Line Items]
Weighted Average				0.078
Hospitality properties
Significant Of Accounting Policies [Line Items]
Number of impaired properties | property				2
Common Class S, Common Class D, And Common Class T
Significant Of Accounting Policies [Line Items]
Accrued stockholder servicing fees		1,200,000	$ 1,200,000	$ 600,000
Class S
Significant Of Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)			0.85%
Selling commissions and dealer manager fees (% of transaction price)			3.50%
Class T
Significant Of Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)			0.85%
Selling commissions and dealer manager fees (% of transaction price)			3.50%
Upfront selling commissions and dealer manager fees on transaction price			3.00%
Selling commissions and upfront dealer manager fees on transaction price			0.50%
Percentage of advisor stockholder servicing fee on NAV per annum			0.65%
Percentage of dealer stockholder servicing fee on NAV per annum			0.20%
Class D
Significant Of Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)			0.25%
Selling commissions and dealer manager fees (% of transaction price)			1.50%
Adviser
Significant Of Accounting Policies [Line Items]
Organization and offering costs incurred						$ 10,200
Period for reimbursement of advance expenses			60 months
Reimbursement of organization and offering costs			$ 2,000	2,000
Blackstone Advisory Partners L.P.
Significant Of Accounting Policies [Line Items]
Commission and fees, threshold percentage on gross proceeds from sale of share			8.75%
Blackstone Advisory Partners L.P. | Class S
Significant Of Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)			0.85%
Blackstone Advisory Partners L.P. | Class T
Significant Of Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)			0.85%
Blackstone Advisory Partners L.P. | Class D
Significant Of Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)			0.25%
Two Hotel Properties
Significant Of Accounting Policies [Line Items]
Impairment of investments in real estate			$ 0	12,300
Simply Self Storage Awards
Significant Of Accounting Policies [Line Items]
Grant date fair value	$ 4,200
Award requisite service period (in years)	4 years
Compensation expense			800
Unrecognized compensation cost		3,400	$ 3,400
Unrecognized compensation cost, period of recognition			3 years
Level 3
Significant Of Accounting Policies [Line Items]
Mortgage notes, term loans, and secured revolving credit facilities, secured financings on investments in real estate debt, and unsecured revolving credit facilities		108,600	$ 108,600	48,600
VIEs
Significant Of Accounting Policies [Line Items]
Assets excluding BREIT OP		28,700,000	28,700,000	11,500,000
Liabilities excluding BREIT OP		$ 17,600,000	$ 17,600,000	$ 8,000,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Investment in Real Estate (Details)	12 Months Ended
	Dec. 31, 2021
Building | Minimum
Property, Plant and Equipment [Line Items]
Useful life	30 years
Building | Maximum
Property, Plant and Equipment [Line Items]
Useful life	42 years
Building- and land improvements
Property, Plant and Equipment [Line Items]
Useful life	10 years
Furniture, fixtures and equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life	1 year
Furniture, fixtures and equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Selling Commissions, Dealer Manager Fees, and Stockholder Servicing Fees (Details)	12 Months Ended
	Dec. 31, 2021
Class S
Related Party Transaction [Line Items]
Selling commissions and dealer manager fees (% of transaction price)	3.50%
Stockholder servicing fee (% of NAV)	0.85%
Class I
Related Party Transaction [Line Items]
Selling commissions and dealer manager fees (% of transaction price)	0.00%
Stockholder servicing fee (% of NAV)	0.00%
Class T
Related Party Transaction [Line Items]
Selling commissions and dealer manager fees (% of transaction price)	3.50%
Stockholder servicing fee (% of NAV)	0.85%
Class D
Related Party Transaction [Line Items]
Selling commissions and dealer manager fees (% of transaction price)	1.50%
Stockholder servicing fee (% of NAV)	0.25%

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Investments in unconsolidated entities	$ 1,613,646	$ 0
Equity securities	3,225,660	599,185
Derivatives	41,453	0
Liabilities:
Derivatives	45,597	55,536
Recurring
Assets:
Investments in real estate debt	8,995,939	4,566,306
Investments in unconsolidated entities	1,613,646	0
Equity securities	3,225,660	599,185
Derivatives	41,453	0
Total	13,876,698	5,165,491
Liabilities:
Derivatives	45,597	55,536
Total	45,597	55,536
Recurring | Level I
Assets:
Investments in real estate debt	0	0
Investments in unconsolidated entities	0	0
Equity securities	2,558,952	327,935
Derivatives	0	0
Total	2,558,952	327,935
Liabilities:
Derivatives	0	0
Total	0	0
Recurring | Level 2
Assets:
Investments in real estate debt	7,755,602	4,445,414
Investments in unconsolidated entities	0	0
Equity securities	442,300	271,250
Derivatives	41,453	0
Total	8,239,355	4,716,664
Liabilities:
Derivatives	45,597	55,536
Total	45,597	55,536
Recurring | Level 3
Assets:
Investments in real estate debt	1,240,337	120,892
Investments in unconsolidated entities	1,613,646	0
Equity securities	224,408	0
Derivatives	0	0
Total	3,078,391	120,892
Liabilities:
Derivatives	0	0
Total	$ 0	$ 0

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary of Assets Measured at Fair Value on Recurring Basis Using Level 3 (Details) - Recurring - Level 3 $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Alternate Investment [Roll Forward]
Beginning balance	$ 120,892
Purchases	2,779,795
Sales and repayments	(7,998)
Distributions received	(17,607)
Income from unconsolidated entities measured at fair value	193,558
Discount accretion included in income (loss) from investments in real estate debt	2,722
Realized gain included in income (loss) from investments in real estate debt	1,019
Unrealized loss included in income (loss) from investments in real estate debt	(12,418)
Unrealized gain included in other income (expense)	18,428
Ending balance	3,078,391
Investments in Real Estate Debt
Alternate Investment [Roll Forward]
Beginning balance	120,892
Purchases	1,136,120
Sales and repayments	(7,998)
Distributions received	0
Income from unconsolidated entities measured at fair value	0
Discount accretion included in income (loss) from investments in real estate debt	2,722
Realized gain included in income (loss) from investments in real estate debt	1,019
Unrealized loss included in income (loss) from investments in real estate debt	(12,418)
Unrealized gain included in other income (expense)	0
Ending balance	1,240,337
Investments in Unconsolidated Entities
Alternate Investment [Roll Forward]
Beginning balance	0
Purchases	1,437,695
Sales and repayments	0
Distributions received	(17,607)
Income from unconsolidated entities measured at fair value	193,558
Discount accretion included in income (loss) from investments in real estate debt	0
Realized gain included in income (loss) from investments in real estate debt	0
Unrealized loss included in income (loss) from investments in real estate debt	0
Unrealized gain included in other income (expense)	0
Ending balance	1,613,646
Equity Securities
Alternate Investment [Roll Forward]
Beginning balance	0
Purchases	205,980
Sales and repayments	0
Distributions received	0
Income from unconsolidated entities measured at fair value	0
Discount accretion included in income (loss) from investments in real estate debt	0
Realized gain included in income (loss) from investments in real estate debt	0
Unrealized loss included in income (loss) from investments in real estate debt	0
Unrealized gain included in other income (expense)	18,428
Ending balance	$ 224,408

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value Hierarchy (Details) $ in Thousands	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Investments in Unconsolidated Entities | Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average		0.087
Investments in Unconsolidated Entities | Exit Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average		0.078
Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 3,078,391	$ 120,892
Level 3 | Investments in Real Estate Debt | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,240,337	120,892
Level 3 | Investments in Real Estate Debt | Discounted cash flow | Market Yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,240,337	$ 120,892
Weighted Average	0.052	0.103
Level 3 | Investments in Unconsolidated Entities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,613,646	$ 0
Level 3 | Investments in Unconsolidated Entities | Discounted cash flow | Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,613,646
Weighted Average	0.059
Level 3 | Investments in Unconsolidated Entities | Discounted cash flow | Exit Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average	0.046
Level 3 | Investments in Unconsolidated Entities | Discounted cash flow | Weighted Average Cost of Capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average	0.091
Level 3 | Equity Securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 224,408	$ 0
Level 3 | Equity Securities | Valuation, Market Approach | Enterprise Value/ Forward EBITDA Multiple
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average	21.1

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real Estate [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Investments in real estate, net	Investments in real estate, net
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Investments in real estate, net	Investments in real estate, net
Building and building improvements	$ 53,954,920	$ 25,991,610
Land and land improvements	14,652,913	7,626,381
Furniture, fixtures and equipment	963,686	495,395
Right of use asset - operating leases	461,186	114,535
Right of use asset - financing leases	72,862	56,008
Total	70,105,567	34,283,929
Accumulated depreciation and amortization	(3,163,914)	(1,826,216)
Investments in real estate, net	$ 66,941,653	$ 32,457,713

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021USD ($)property	Dec. 31, 2021USD ($)propertyinvestment	Dec. 31, 2020USD ($)propertyinvestment	Dec. 31, 2019USD ($)
Real Estate Properties [Line Items]
Number of real estate investments acquired | investment		65	31
Payments to acquire real estate | $		$ 36,900,000	$ 7,500,000
Number of properties acquired	1,002	1,002	324
Number of real estate properties classified as held for sale			0
Impairment of investments in real estate | $	$ 0	$ 0	$ 12,343	$ 0
In-place lease intangibles
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles		3 years	3 years
Above market leases
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles		7 years	7 years
Below market leases
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles		7 years	5 years
Management Contract Intangibles
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles		8 years
Residential properties
Real Estate Properties [Line Items]
Number of properties acquired	672	672	94
Number of real estate properties classified as held for sale	4	4
Industrial properties
Real Estate Properties [Line Items]
Number of properties acquired	272	272	94
Number of real estate properties classified as held for sale	1	1
Retail properties
Real Estate Properties [Line Items]
Number of properties acquired	13	13	6
Hospitality
Real Estate Properties [Line Items]
Number of properties acquired	8	8
Office properties
Real Estate Properties [Line Items]
Number of properties acquired	4	4	1
Self Storage
Real Estate Properties [Line Items]
Number of properties acquired	31	31	129
Data center properties
Real Estate Properties [Line Items]
Number of properties acquired	2	2
Hospitality properties
Real Estate Properties [Line Items]
Number of impaired properties			2

Investments in Real Estate - _2

Investments in Real Estate - Schedule of Details of Properties Acquired (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)ft²hometransactionpropertyunit	Dec. 31, 2020USD ($)ft²transactionpropertyunit
Real Estate Properties [Line Items]
Purchase Price | $	$ 36,935,009	$ 7,504,531
Number of Transactions | transaction	65	31
Number of Properties | property	1,002	324
Residential properties
Real Estate Properties [Line Items]
Purchase Price | $	$ 27,439,966	$ 4,150,838
Number of Transactions | transaction	34	15
Number of Properties | property	672	94
Number of units | unit	114,014	27,488
Industrial properties
Real Estate Properties [Line Items]
Purchase Price | $	$ 6,942,733	$ 1,358,578
Number of Transactions | transaction	17	8
Number of Properties | property	272	94
Sq. Feet | ft²	54,326,000	14,280,000
Retail properties
Real Estate Properties [Line Items]
Purchase Price | $	$ 868,867	$ 287,392
Number of Transactions | transaction	2	1
Number of Properties | property	13	6
Sq. Feet | ft²	2,454,000	689,000
Hospitality
Real Estate Properties [Line Items]
Purchase Price | $	$ 642,994
Number of Transactions | transaction	3
Number of Properties | property	8
Sq. Feet | ft²	1,475,000
Office properties
Real Estate Properties [Line Items]
Purchase Price | $	$ 450,093	$ 263,649
Number of Transactions | transaction	2	1
Number of Properties | property	4	1
Sq. Feet | ft²	727,000	357,000
Self Storage
Real Estate Properties [Line Items]
Purchase Price | $	$ 410,299	$ 1,444,074
Number of Transactions | transaction	6	6
Number of Properties | property	31	129
Sq. Feet | ft²	2,273,000	10,454,000
Data center properties
Real Estate Properties [Line Items]
Purchase Price | $	$ 180,057
Number of Transactions | transaction	1
Number of Properties | property	2
Sq. Feet | ft²	430,000
Single Family | Home Partners of America JVs
Real Estate Properties [Line Items]
Number of Properties | home	13,030

Investments in Real Estate - _3

Investments in Real Estate - Schedule of Purchase Price Allocation of Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
Building and building improvements	$ 27,826,619	$ 4,977,086
Land and land improvements	7,162,583	2,053,340
Furniture, fixtures and equipment	437,801	77,737
In-place lease intangibles	1,104,530	390,209
Above-market lease intangibles	17,820	6,915
Below-market lease intangibles	(197,404)	(27,699)
Prepaid ground lease rent	174,584	0
Other	279,476	26,943
Total purchase price	36,935,009	7,504,531
Assumed debt	5,494,319	944,112
Net purchase price	31,440,690	6,560,419
Brokerage firm relationship intangibles
Real Estate Properties [Line Items]
Indefinite-lived intangible assets	50,000	0
Trade name intangibles
Real Estate Properties [Line Items]
Indefinite-lived intangible assets	40,000	0
Management contract intangibles
Real Estate Properties [Line Items]
Indefinite-lived intangible assets	$ 39,000	$ 0

Investments in Real Estate - _4

Investments in Real Estate - Schedule of Details of Dispositions (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021home	Dec. 31, 2021USD ($)homeproperty	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property
Real Estate Properties [Line Items]
Number of Properties | property		11	9	2
Net Proceeds		$ 267,045	$ 434,880	$ 79,118
Net gain (loss) on dispositions of real estate		$ 7,881	$ 113,173	$ 35,035
Residential properties
Real Estate Properties [Line Items]
Number of Properties | property		11	7	0
Net Proceeds		$ 267,045	$ 295,855	$ 0
Net gain (loss) on dispositions of real estate		$ 7,881	$ 77,617	$ 0
Hospitality
Real Estate Properties [Line Items]
Number of Properties | property		0	1	0
Net Proceeds		$ 0	$ 134,537	$ 44,292
Net gain (loss) on dispositions of real estate		$ 0	$ 35,185	$ 29,686
Industrial properties
Real Estate Properties [Line Items]
Number of Properties | property		0	1	2
Net Proceeds		$ 0	$ 4,488	$ 34,826
Net gain (loss) on dispositions of real estate		$ 0	$ 371	$ 5,349
Single Family
Real Estate Properties [Line Items]
Number of Properties | home	229	229

Investments in Real Estate - Su

Investments in Real Estate - Summary of Assets and Liabilities of Properties Classified as Held for Sale (Details) $ in Thousands	Dec. 31, 2021USD ($)
Assets:
Investments in real estate, net	$ 193,653
Other assets	2,591
Total assets	196,244
Liabilities:
Mortgage notes, net	109,655
Other liabilities	4,722
Total liabilities	$ 114,377

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Additional Information (Details) $ in Thousands	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property
Schedule of Equity Method Investments [Line Items]
Number of properties	1,002	324
Investments in unconsolidated entities | $	$ 5,501,305	$ 816,220
Single Family Rental | Equity Method Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties	9,774
Affordable Housing | Equity Method Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties	125
Industrial | Equity Method Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties	536
Data Centers | Equity Method Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties	48
Retail | Equity Method Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties	6
Net Lease | Equity Method Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties	2

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Summary of Equity Investment In Unconsolidated Entities (Details) $ in Thousands	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Number Of Joint Ventures | segment	147
Investments in unconsolidated entities	$ 5,501,305	$ 816,220
Investments in real estate, net	$ 66,941,653	32,457,713
Unconsolidated Joint Ventures, At Historical Cost
Schedule of Equity Method Investments [Line Items]
Number Of Joint Ventures | segment	140
Investments in unconsolidated entities	$ 3,887,659	816,220
QTS Data Centers
Schedule of Equity Method Investments [Line Items]
Number Of Joint Ventures | segment	1
Ownership Interest	35.70%
Investments in unconsolidated entities	$ 1,394,359	0
MGM Grand & Mandalay Bay
Schedule of Equity Method Investments [Line Items]
Number Of Joint Ventures | segment	1
Ownership Interest	49.90%
Investments in unconsolidated entities	$ 822,736	816,220
Residential investments
Schedule of Equity Method Investments [Line Items]
Number Of Joint Ventures | segment	130
Investments in unconsolidated entities	$ 1,074,832	0
Residential investments | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	12.20%
Residential investments | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	52.00%
Industrial investments | Alaska Logistics Portfolio
Schedule of Equity Method Investments [Line Items]
Ownership Interest	26.70%
Investments in unconsolidated entities	$ 255,700
Industrial investments | Bluefin Industrial Portfolio
Schedule of Equity Method Investments [Line Items]
Ownership Interest	22.50%
Investments in unconsolidated entities	$ 180,800
Industrial investments | Explorer Industrial Portfolio
Schedule of Equity Method Investments [Line Items]
Ownership Interest	12.40%
Investments in unconsolidated entities	$ 320,300
Industrial investments | Carrix Industrial Portfolio
Schedule of Equity Method Investments [Line Items]
Ownership Interest	7.90%
Investments in unconsolidated entities	$ 503,400
Retail Investments
Schedule of Equity Method Investments [Line Items]
Number Of Joint Ventures | segment	1
Ownership Interest	50.00%
Investments in unconsolidated entities	$ 98,241	0
Industrial investments at historical cost
Schedule of Equity Method Investments [Line Items]
Number Of Joint Ventures | segment	7
Investments in unconsolidated entities	$ 497,491	0
Industrial investments at historical cost | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	10.00%
Industrial investments at historical cost | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	55.00%
Industrial investments at fair value
Schedule of Equity Method Investments [Line Items]
Number Of Joint Ventures | segment	7
Investments in unconsolidated entities	$ 1,613,646	0
Industrial investments at fair value | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	7.90%
Industrial investments at fair value | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	85.00%
Unconsolidated Joint Ventures, At Fair Value
Schedule of Equity Method Investments [Line Items]
Number Of Joint Ventures | segment	7
Investments in unconsolidated entities	$ 1,613,646	0
Investments in real estate, net	$ 34,007,841	$ 4,523,638

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Summary of Income From Unconsolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures		$ 205,980	$ 88,571	$ 0
QTS Data Centers
Schedule of Equity Method Investments [Line Items]
Ownership Interest	35.70%	35.70%
Net Income (Loss) of Unconsolidated Joint Ventures		$ (71,745)	0
QTS Data Centers, Noncontrolling Interest Ownership
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	$ (20,600)	$ (20,600)
MGM Grand & Mandalay Bay
Schedule of Equity Method Investments [Line Items]
Ownership Interest	49.90%	49.90%
Net Income (Loss) of Unconsolidated Joint Ventures		$ 100,276	88,571
Residential investments
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures		$ (17,461)	0
Retail Investments
Schedule of Equity Method Investments [Line Items]
Ownership Interest	50.00%	50.00%
Net Income (Loss) of Unconsolidated Joint Ventures		$ 167	0
Industrial investments at historical cost
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures		1,185	0
Industrial investments at fair value
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures		$ 193,558	$ 0

Investments in Unconsolidated_6

Investments in Unconsolidated Entities - Balance Sheet Information of Unconsolidated Joint Venture (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	$ 66,941,653	$ 32,457,713
Cash and cash equivalents and restricted cash	3,418,581	1,044,523	$ 1,109,702	$ 0
Other assets	6,450,733	1,799,253
Total assets	91,308,211	40,684,015
Mortgage notes	41,327,388	19,976,161
Due to affiliates	1,309,447	887,660
Other liabilities	4,184,148	1,465,194
Total liabilities	51,527,615	24,470,008
Equity	36,645,403	15,852,726
Total liabilities and equity	91,308,211	40,684,015
Investments in unconsolidated entities	5,501,305	816,220
Unconsolidated Joint Ventures, At Fair Value
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	34,007,841	4,523,638
Cash and cash equivalents and restricted cash	1,057,051	16
Other assets	3,373,430	95,325
Total assets	38,438,322	4,618,979
Mortgage notes	22,215,118	2,994,269
Due to affiliates	52,328	0
Other liabilities	3,135,456	7,811
Total liabilities	25,402,902	3,002,080
Equity	13,035,420	1,616,899
Total liabilities and equity	38,438,322	4,618,979
BREIT's share	3,898,861	806,833
BREIT outside basis	1,436,377	9,387
BREIT fair value adjustment	166,067	0
Investments in unconsolidated entities	$ 1,613,646	$ 0

Investments in Unconsolidated_7

Investments in Unconsolidated Entities - Statement of Operations Information of Unconsolidated Join Venture (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Total revenues	$ 3,696,671	$ 2,551,648	$ 1,686,272
Expenses
Operating expenses	1,508,715	1,013,251	774,676
Depreciation and amortization	1,919,932	1,362,151	824,039
Total expenses	5,284,943	2,830,822	1,866,396
Other income (expense)
Interest expense	835,283	712,931	484,476
Net gain on dispositions of real estate	7,881	113,173	35,035
Other income (expense)	891,754	54,232	2,260
Total other income (expense)	752,108	(588,228)	(234,119)
Net income	(836,164)	(867,402)	(414,243)
BREIT's share of net income	(9,291)	(11,586)	(6,801)
Amortization of outside basis	(22,090)	(2,417)	(5,671)
BREIT Income (Loss) from Unconsolidated Entities	(804,783)	(853,399)	(401,771)
Rental revenue
Revenues
Total revenues	3,140,528	2,235,872	1,201,613
Expenses
Operating expenses	1,192,571	751,779	469,966
Other revenue
Revenues
Total revenues	143,805	66,867	$ 51,767
Unconsolidated Joint Ventures, At Fair Value
Revenues
Total revenues	1,397,424	346,482
Expenses
Depreciation and amortization	400,034	73,518
Total expenses	600,547	74,107
Other income (expense)
Interest expense	(233,350)	(94,618)
Net gain on dispositions of real estate	11,103	0
Other income (expense)	(437,761)	0
Total other income (expense)	(660,008)	(94,618)
Net income	136,869	177,757
BREIT's share of net income	56,246	88,701
BREIT fair value adjustment	166,067	0
Amortization of outside basis	(16,333)	(130)
BREIT Income (Loss) from Unconsolidated Entities	205,980	88,571
Unconsolidated Joint Ventures, At Fair Value | Rental revenue
Revenues
Total revenues	861,337	346,482
Expenses
Operating expenses	200,513	589
Unconsolidated Joint Ventures, At Fair Value | Other revenue
Revenues
Total revenues	$ 536,087	$ 0

Investments in Real Estate De_3

Investments in Real Estate Debt - Summary of Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	3.80%	3.50%
Face Amount	$ 9,161,792	$ 4,918,602
Cost Basis	9,045,181	4,723,514
Fair Value	8,995,939	4,566,306
Interest Rate Swaps - Investments in real estate debt | Non-designated Hedges
Debt and Equity Securities, FV-NI [Line Items]
Notional Amount	$ 1,076,210	$ 929,560
Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	3.70%	3.20%
Face Amount	$ 7,459,217	$ 4,295,028
Cost Basis	7,372,465	4,150,645
Fair Value	$ 7,336,436	$ 3,959,141
CMBS | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	3.60%	2.00%
Face Amount	$ 7,176,097	$ 4,093,201
Cost Basis	7,090,490	3,949,824
Fair Value	$ 7,055,276	$ 3,753,428
Corporate bonds | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	4.80%	5.00%
Face Amount	$ 135,950	$ 179,398
Cost Basis	135,952	178,219
Fair Value	$ 136,469	$ 183,203
RMBS | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	3.90%	4.50%
Face Amount	$ 147,170	$ 22,429
Cost Basis	146,023	22,602
Fair Value	$ 144,691	$ 22,510
Private Commercial Real Estate Loans | Commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	4.40%	3.80%
Face Amount	$ 1,474,617	$ 623,574
Cost Basis	1,473,807	572,869
Fair Value	$ 1,460,716	607,165
Other Investments
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	3.70%
Face Amount	$ 227,958
Cost Basis	198,909
Fair Value	198,787
CMBS, interest only securities | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Face Amount	3,400,000	2,300,000
CMBS, zero coupon securities | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Face Amount	$ 208,800	$ 236,100

Investments in Real Estate De_4

Investments in Real Estate Debt - Summary of Collateral Type of Properties Securing Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 9,045,181	$ 4,723,514
Fair Value	$ 8,995,939	$ 4,566,306
Percentage Based on Fair Value	100.00%	100.00%
Industrial
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 3,058,410	$ 612,884
Fair Value	$ 3,032,995	$ 610,504
Percentage Based on Fair Value	34.00%	13.00%
Residential
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 2,328,762	$ 748,086
Fair Value	$ 2,358,734	$ 797,840
Percentage Based on Fair Value	26.00%	17.00%
Hospitality
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 2,233,289	$ 2,046,529
Fair Value	$ 2,200,285	$ 1,904,256
Percentage Based on Fair Value	24.00%	42.00%
Office
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 640,145	$ 720,665
Fair Value	$ 620,512	$ 681,596
Percentage Based on Fair Value	7.00%	15.00%
Diversified
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 403,737	$ 234,527
Fair Value	$ 405,569	$ 225,077
Percentage Based on Fair Value	5.00%	5.00%
Other
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 354,579	$ 238,202
Fair Value	$ 352,105	$ 213,654
Percentage Based on Fair Value	4.00%	5.00%
Net Lease
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 8,885	$ 105,246
Fair Value	$ 8,779	$ 117,219
Percentage Based on Fair Value	0.00%	3.00%
Retail Properties
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 17,374	$ 17,375
Fair Value	$ 16,960	$ 16,160
Percentage Based on Fair Value	0.00%	0.00%

Investments in Real Estate De_5

Investments in Real Estate Debt - Summary of Credit Rating of Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 9,045,181	$ 4,723,514
Fair Value	$ 8,995,939	$ 4,566,306
Percentage Based on Fair Value	100.00%	100.00%
AAA
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 26,192	$ 10,044
Fair Value	$ 24,274	$ 10,047
Percentage Based on Fair Value	0.00%	0.00%
AA
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 710	$ 776
Fair Value	$ 1,749	$ 779
Percentage Based on Fair Value	0.00%	0.00%
A
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 127,118	$ 262,097
Fair Value	$ 125,420	$ 267,023
Percentage Based on Fair Value	1.00%	6.00%
BBB
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 373,061	$ 797,918
Fair Value	$ 369,111	$ 753,393
Percentage Based on Fair Value	4.00%	17.00%
BB
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,678,565	$ 1,435,891
Fair Value	$ 1,670,560	$ 1,381,221
Percentage Based on Fair Value	19.00%	30.00%
B
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,971,282	$ 1,186,975
Fair Value	$ 1,940,328	$ 1,114,977
Percentage Based on Fair Value	22.00%	24.00%
CCC
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 24,338	$ 32,402
Fair Value	$ 24,242	$ 34,839
Percentage Based on Fair Value	0.00%	1.00%
Private Commercial Real Estate Loans
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,598,701	$ 522,306
Fair Value	$ 1,585,738	$ 555,291
Percentage Based on Fair Value	18.00%	12.00%
Not Rated
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 3,245,214	$ 475,105
Fair Value	$ 3,254,517	$ 448,736
Percentage Based on Fair Value	36.00%	10.00%

Investments in Real Estate De_6

Investments in Real Estate Debt - Schedule of Real Estate Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments [Abstract]
Interest Income	$ 233,591	$ 195,134	$ 160,353
Unrealized gain (loss)	108,810	(187,222)	51,479
Realized gain (loss)	49,282	(20,117)	7,334
Total	391,683	(12,205)	219,166
Income (loss) from derivatives	81,886	(73,593)	(3,028)
Income (loss) from secured financings of investments in real estate debt	25,798	(33,540)	(1,941)
Other loss	(1,260)	(1,579)	(1,135)
Total income (loss) from investments in real estate debt	$ 498,107	$ (120,917)	$ 213,062

Investments in Real Estate De_7

Investments in Real Estate Debt - Schedule of Company's Affiliate Investments In Real Estate Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	$ 8,995,939	$ 4,566,306
CMBS
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	3,099,694	1,749,877
Income (Loss)	105,421	(14,950)	$ 77,117
Commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	556,571	545,539
Income (Loss)	(11,611)	79,689	0
Total
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	3,656,265	2,295,416
Income (Loss)	$ 93,810	$ 64,739	$ 77,117

Investments in Real Estate De_8

Investments in Real Estate Debt - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Marketable Securities [Line Items]
Investments in real estate debt	$ 9,045,181	$ 4,723,514
Commercial Mortgage Backed Securities Collateralized by Pools of Commercial Real Estate Debt
Marketable Securities [Line Items]
Investments in real estate debt	1,400,000	200,000
Investments, income (loss)	$ 33,000	$ 47,600	$ 11,700

Mortgage Notes, Term Loans, a_3

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities - Summary of Company's Mortgage Notes, Term Loans and Secured Revolving Credit Facilities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total loans secured by real estate	$ 41,570,681,000	$ 20,114,484,000
Premium on assumed debt, net	68,706,000	15,191,000
Deferred financing costs, net	(311,999,000)	(153,514,000)
Mortgage notes, term loans, and secured revolving credit facilities, net	$ 41,327,388,000	19,976,161,000
Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate	2.90%
Total variable rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 22,484,156,000	6,989,889,000
Total variable rate loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.90%
Affordable Housing Properties Loan
Debt Instrument [Line Items]
Total loans secured by real estate	$ 396,300,000
Mortgage and Term Loans | Total variable rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 20,004,365,000	6,305,964,000
Mortgage and Term Loans | Total variable rate loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.00%
Mortgage loans | Total fixed rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 19,086,525,000	13,124,595,000
Mortgage loans | Total fixed rate loans | Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate	3.90%
Mezzanine loans | Total variable rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 71,100,000	202,200,000
Mezzanine loans | Total variable rate loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.50%
Variable rate secured revolving credit facilities | Total variable rate loans
Debt Instrument [Line Items]
Maximum Facility Size	$ 2,603,290,000
Total loans secured by real estate	$ 1,614,550,000	481,725,000
Variable rate secured revolving credit facilities | Total variable rate loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.50%
Warehouse facilities | Total variable rate loans
Debt Instrument [Line Items]
Maximum Facility Size	$ 1,537,500,000
Total loans secured by real estate	$ 794,141,000	$ 0
Warehouse facilities | Total variable rate loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.60%

Mortgage Notes, Term Loans, a_4

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities - Summary of Future Principal Payment Due Under Company's Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Long-term Debt, Fiscal Year Maturity [Abstract]
2022	$ 523,021
2023	579,711
2024	3,580,808
2025	6,439,982
2026	15,587,196
Thereafter	14,859,963
Long-term debt	$ 41,570,681	$ 20,114,484

Mortgage Notes, Term Loans, a_5

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Loss on extinguishment of debt	$ (16,331)	$ (10,356)	$ 0

Secured Financings on Investm_3

Secured Financings on Investments in Real Estate Debt - Secured Financings on Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Borrowings Outstanding	$ 4,706,632	$ 2,140,993
Collateral Assets	$ 7,211,246	$ 3,293,153
LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.00%	1.60%
CMBS
Debt Instrument [Line Items]
Borrowings Outstanding	$ 4,308,015	$ 1,733,623
Collateral Assets	$ 6,604,524	$ 2,697,714
CMBS | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	0.90%	1.60%
Commercial real estate loans
Debt Instrument [Line Items]
Borrowings Outstanding	$ 224,510	$ 292,406
Collateral Assets	$ 345,400	$ 452,578
Commercial real estate loans | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.80%	1.80%
Corporate bonds
Debt Instrument [Line Items]
Borrowings Outstanding	$ 90,578	$ 111,540
Collateral Assets	$ 135,355	$ 138,215
Corporate bonds | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	0.80%	0.80%
RMBS
Debt Instrument [Line Items]
Borrowings Outstanding	$ 83,529	$ 3,424
Collateral Assets	$ 125,967	$ 4,646
RMBS | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	0.90%	1.50%

Unsecured Revolving Credit Fa_2

Unsecured Revolving Credit Facilities - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Other outstanding borrowings on line of credit	$ 0	$ 0
LIBOR
Debt Instrument [Line Items]
Interest rate	2.50%
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Extension period (in years)	1 year
Line of credit, capacity	$ 2,000	1,500
Line of credit amount outstanding	0	24.8
Unsecured Revolving Credit Facility | Affiliated
Debt Instrument [Line Items]
Line of credit, capacity	75
Line of credit amount outstanding	$ 0	$ 0
Unsecured Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Interest rate	2.50%

Related Party Transactions - Su

Related Party Transactions - Summary of Components of Due to Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Total components due to affiliates	$ 1,309,447	$ 887,660
Accrued stockholder servicing fee
Related Party Transaction [Line Items]
Total components due to affiliates	1,235,592	605,411
Accrued management fee
Related Party Transaction [Line Items]
Total components due to affiliates	56,607	22,253
Accrued affiliate service provider expenses
Related Party Transaction [Line Items]
Total components due to affiliates	12,880	10,151
Advanced organization and offering costs
Related Party Transaction [Line Items]
Total components due to affiliates	2,045	4,090
Performance participation allocation
Related Party Transaction [Line Items]
Total components due to affiliates	0	192,648
Other
Related Party Transaction [Line Items]
Total components due to affiliates	$ 2,323	$ 53,107

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) shares in Thousands, $ in Thousands	Dec. 31, 2021USD ($)shares	Jan. 31, 2022USD ($)shares	Jan. 31, 2021USD ($)shares	Jan. 31, 2020USD ($)shares	Dec. 31, 2021USD ($)investmentshares	Dec. 31, 2020USD ($)investmentshares	Dec. 31, 2019USD ($)shares
Related Party Transaction [Line Items]
Management fee | $					$ 445,291	$ 224,776	$ 108,115
Total components due to affiliates | $	$ 1,309,447				$ 1,309,447	$ 887,660
Stock repurchased (in shares)					113,694	132,689	21,275
Stock repurchased, value | $					$ 1,424,641	$ 1,455,096	$ 237,087
Unrecognized compensation cost, period of recognition					4 years
Performance participation allocation | $					$ 1,378,959	192,648	$ 141,396
Aggregate redeemable non- controlling interest shares and Class I units continue to own | $	1,400,000				1,400,000
Amount contributed to captive towards insurance premium | $					57,100	29,100
Payment for management fee | $					1,000	500
Accrued Management Fee
Related Party Transaction [Line Items]
Total components due to affiliates | $	56,607				56,607	22,253
Advanced Expenses
Related Party Transaction [Line Items]
Total components due to affiliates | $	$ 2,300				$ 2,300	$ 2,300
Subsequent Event
Related Party Transaction [Line Items]
Stock redeemed, value | $		$ 566,600
Class I
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares)	55,200
Stock repurchased (in shares)					92,662	76,735	12,936
Class I | Subsequent Event
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares)		4,700
Stock exchanged (in shares)		9,000
Stock redeemed (in shares)		1,900
Class B Shares
Related Party Transaction [Line Items]
Stock exchanged (in shares)	55,200
Class B Shares | Subsequent Event
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares)		4,700
Common Class I Shares | Subsequent Event
Related Party Transaction [Line Items]
Stock redeemed (in shares)		37,800
Class I Units | Subsequent Event
Related Party Transaction [Line Items]
Stock redeemed (in shares)		9,000
Blackstone Advisory Partners L.P.
Related Party Transaction [Line Items]
Commission and fees, threshold percentage on gross proceeds from sale of share					8.75%
Special Limited Partner
Related Party Transaction [Line Items]
Percentage of management fee on NAV per annum					12.50%
Stock issued as payment for services (in shares)			1,100
Percentage of annual hurdle amount					5.00%
Related party allocation percentage of annual total return					12.50%
Stock redeemed (in shares)			9,700
Stock redeemed, value | $			$ 111,900
Special Limited Partner | Class I
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares)	96,400		15,500	11,700
Stock exchanged (in shares)				800
Stock redeemed (in shares)				7,300
Stock redeemed, value | $				$ 83,600
Special Limited Partner | Class B Shares
Related Party Transaction [Line Items]
Stock exchanged (in shares)			1,100	700
All Other Unit Holders
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return					87.50%
Adviser
Related Party Transaction [Line Items]
Percentage of management fee on NAV per annum					1.25%
Management fee | $					$ 400,000	$ 200,000	$ 100,000
Adviser | Accrued Management Fee
Related Party Transaction [Line Items]
Total components due to affiliates | $	$ 56,600				$ 56,600	$ 22,300
Adviser | Class I | Management Fee
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares)					30,100	18,500	8,400
Stock repurchased (in shares)					25,200	16,400
Stock repurchased, value | $					$ 321,400	$ 180,000
Adviser | Class I | Accrued Management Fee
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares)			1,900
Adviser | Class I | Accrued Repurchases
Related Party Transaction [Line Items]
Total components due to affiliates | $						50,800
Adviser | Class I | Subsequent Event | Accrued Management Fee
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares)		4,000
LNLS
Related Party Transaction [Line Items]
Costs paid to LNLS for title services related to investments | $					$ 25,700	$ 6,100
Number of investments with capitalized costs | investment					54	39
LivCor, L.L.C.
Related Party Transaction [Line Items]
Receivable from affiliates | $	$ 3,900				$ 3,900	$ 3,900
Affiliate Of Adviser
Related Party Transaction [Line Items]
Professional Fees | $					$ 40	$ 40	$ 40

Related Party Transactions - _2

Related Party Transactions - Summary of Incentive Compensation Awards (Details) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2021USD ($)shares
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 3,363
Value of Awards Issued	49,602
Amortization of Compensation Cost	(13,568)
Unrecognized Compensation Cost, ending balance	$ 38,721
Remaining Amortization Period	4 years
2019
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 3,363
Value of Awards Issued	0
Amortization of Compensation Cost	(1,167)
Unrecognized Compensation Cost, ending balance	$ 1,520
Remaining Amortization Period	1 year
Unvested portion of awards forfeited | shares	0.5
2020
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 0
Value of Awards Issued	0
Amortization of Compensation Cost	0
Unrecognized Compensation Cost, ending balance	0
2021
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	0
Value of Awards Issued	49,602
Amortization of Compensation Cost	(12,401)
Unrecognized Compensation Cost, ending balance	$ 37,201
Remaining Amortization Period	3 years

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Expenses Incurred and Amortization of Incentive Compensation Awards Capitalized Support Services (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	$ 131,248	$ 104,126	$ 50,684
Amortization of Affiliate Service Provider Incentive Compensation	13,568	1,394	2,000
Capitalized Transaction Support Services	19,340	7,769
Link Industrial Properties L.L.C.
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	68,277	53,836	19,332
Amortization of Affiliate Service Provider Incentive Compensation	6,174	727	1,042
Capitalized Transaction Support Services	3,696	3,366
LivCor, L.L.C.
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	39,481	27,144	18,464
Amortization of Affiliate Service Provider Incentive Compensation	6,235	214	308
Capitalized Transaction Support Services	6,529	3,924
BRE Hotels and Resorts LLC
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	11,565	15,109	7,250
Amortization of Affiliate Service Provider Incentive Compensation	728	435	624
Capitalized Transaction Support Services	127	0
ShopCore Properties TRS Management LLC
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	6,427	5,248	1,715
Amortization of Affiliate Service Provider Incentive Compensation	271	18	26
Capitalized Transaction Support Services	292	479
Revantage Corporate Services, L.L.C.
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	3,029	1,951	1,295
Amortization of Affiliate Service Provider Incentive Compensation	0	0	0
Capitalized Transaction Support Services	8,696	0
Equity Office Management, L.L.C.
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	1,912	838	104
Amortization of Affiliate Service Provider Incentive Compensation	160	0	0
Capitalized Transaction Support Services	0	0
Longview
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	557	0	0
Amortization of Affiliate Service Provider Incentive Compensation	0	0	0
Capitalized Transaction Support Services	0	0
Gateway Industrial Properties L.L.C.
Related Party Transaction [Line Items]
Affiliate Service Provider Expenses	0	0	2,524
Amortization of Affiliate Service Provider Incentive Compensation	0	0	$ 0
Capitalized Transaction Support Services	$ 0	$ 0

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Summary of Components of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Assets [Abstract]
Equity securities	$ 3,225,660	$ 599,185
Real estate intangibles, net	1,487,436	738,259
Receivables, net	381,201	109,159
Straight-line rent receivable	275,200	155,108
Single family rental homes risk retention securities	233,525	0
Held for sale assets	196,244	0
Pre-acquisition costs	153,659	241
Prepaid expenses	151,188	50,092
Deferred leasing costs, net	84,990	49,533
Deferred financing costs, net	51,535	22,740
Derivatives	41,453	0
Other	168,642	74,936
Total	$ 6,450,733	$ 1,799,253

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Summary of Components of Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Liabilities [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Subscriptions received in advance	$ 1,746,910	$ 508,817
Intangible liabilities, net	288,643	128,639
Accounts payable and accrued expenses	265,754	104,866
Accrued interest expense	215,757	50,065
Real estate taxes payable	211,063	117,362
Securitized debt obligations, net	200,953	0
Distribution payable	190,143	90,892
Right of use lease liability - operating leases	180,453	85,065
Tenant security deposits	172,308	57,489
Prepaid rental income	125,250	95,165
Held for sale liabilities	114,377	0
Stock repurchases payable	100,540	83,350
Right of use lease liability - financing leases	75,730	57,727
Derivatives	45,597	55,536
Payable for unsettled investments in real estate debt	21,426	0
Other	229,244	30,221
Other liabilities	$ 4,184,148	$ 1,465,194

Intangibles - Gross Carrying Am

Intangibles - Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Intangible assets
Indefinite life intangibles	$ 104,182	$ 10,082
Total intangible assets	2,154,530	1,176,371
Accumulated amortization
Total accumulated amortization	(667,094)	(438,112)
Intangible assets, net	1,487,436	738,259
Intangible liabilities
Below-market lease intangibles	377,132	194,158
Total intangible liabilities	377,132	194,158
Accumulated amortization
Below-market lease amortization	(88,489)	(65,519)
Total accumulated amortization	(88,489)	(65,519)
Intangible liabilities, net	288,643	128,639
In-place lease intangibles
Intangible assets
Finite-lived intangible assets	1,920,331	1,094,561
Accumulated amortization
Total accumulated amortization	(628,163)	(407,256)
Intangible assets, net	1,292,168
Above-market lease intangibles
Intangible assets
Finite-lived intangible assets	60,383	49,261
Accumulated amortization
Total accumulated amortization	(22,993)	(20,291)
Intangible assets, net	37,390
Other intangibles
Intangible assets
Finite-lived intangible assets	69,634	22,467
Accumulated amortization
Total accumulated amortization	(15,938)	$ (10,565)
Intangible assets, net	$ 53,696

Intangibles - Estimated Future

Intangibles - Estimated Future Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Lease Intangibles
Intangible assets, net	$ 1,487,436	$ 738,259
Below-market Lease Intangibles
2022	(65,194)
2023	(56,317)
2024	(46,840)
2025	(38,718)
2026	(29,481)
Thereafter	(52,093)
Total	(288,643)
In-place Lease Intangibles
Lease Intangibles
2022	665,457
2023	190,822
2024	129,057
2025	94,403
2026	69,979
Thereafter	142,450
Intangible assets, net	1,292,168
Above-market Lease Intangibles
Lease Intangibles
2022	11,343
2023	6,900
2024	4,879
2025	3,780
2026	3,037
Thereafter	7,451
Intangible assets, net	37,390
Other intangibles
Lease Intangibles
2022	8,238
2023	7,495
2024	7,203
2025	7,194
2026	6,880
Thereafter	16,686
Intangible assets, net	$ 53,696

Derivatives - Schedule of Outst

Derivatives - Schedule of Outstanding Derivatives (Details) - Non-designated Hedges € in Thousands, £ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)derivative	Dec. 31, 2020USD ($)derivative	Dec. 31, 2021EUR (€)derivative	Dec. 31, 2021GBP (£)derivative	Dec. 31, 2020EUR (€)derivative	Dec. 31, 2020GBP (£)derivative
Interest Rate Swaps - Investments in real estate debt
Derivatives, Fair Value [Line Items]
Number of Instruments	54	53	54	54	53	53
Notional Amount | $	$ 1,076,210	$ 929,560
Strike	1.00%	1.30%	1.00%	1.00%	1.30%	1.30%
Weighted Average Maturity (Years)	4 years 9 months 18 days	6 years 3 months 18 days
Interest Rate Swaps - Property debt
Derivatives, Fair Value [Line Items]
Number of Instruments	22		22	22
Notional Amount | $	$ 9,500,000
Strike	1.30%		1.30%	1.30%
Weighted Average Maturity (Years)	7 years
Buy USD / Sell EUR Forward
Derivatives, Fair Value [Line Items]
Notional Amount | €			€ 552,513		€ 219,430
Number of Instruments	10	7	10	10	7	7
Buy USD / Sell GBP Forward
Derivatives, Fair Value [Line Items]
Notional Amount | £				£ 267,368		£ 25,093
Number of Instruments	7	2	7	7	2	2
Buy EUR / Sell USD Forward
Derivatives, Fair Value [Line Items]
Notional Amount | €			€ 5,978		€ 0
Number of Instruments	1	0	1	1	0	0
Buy GBP / Sell USD Forward
Derivatives, Fair Value [Line Items]
Notional Amount | £				£ 15,396		£ 0
Number of Instruments	3	0	3	3	0	0

Derivatives - Schedule of Fair

Derivatives - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	$ 41,453	$ 0
Fair Value of Derivatives in a Liability Position	45,597	55,536
Interest rate derivatives
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	41,123	0
Fair Value of Derivatives in a Liability Position	38,062	46,144
Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	330	0
Fair Value of Derivatives in a Liability Position	$ 7,535	$ 9,392

Derivatives - Schedule of Effec

Derivatives - Schedule of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Realized/unrealized gain (loss)	$ 74,175	$ (73,593)	$ (3,028)
Income From Investments In Real Estate Debt
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency forward contract, realized gain (loss)	27,606	(14,703)	0
Interest rate swap - investments in real estate debt, realized loss	(11,335)	(6,722)	(533)
Foreign currency forward contract, unrealized gain (loss)	8,145	(9,139)	(253)
Interest rate swap - investments in real estate debt, unrealized gain (loss)	57,470	(43,029)	(2,242)
Other Income Expense
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate swap - investments in real estate debt, unrealized gain (loss)	$ (7,711)	$ 0	$ 0

Derivatives - Additional Inform

Derivatives - Additional Information (Details) $ in Millions	Dec. 31, 2021USD ($)counterparty	Dec. 31, 2020USD ($)counterparty
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of derivative counterparties | counterparty	1	2
Fair value of assets that posted collateral | $	$ 5.1	$ 55.9

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Schedule of Company's Authorized Capital (Details) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Preferred stock, authorized shares (in shares)	100,000,000
Total, shares authorized (in shares)	10,100,000,000
Preferred stock par value (in dollars per share)	$ 0.01
Class S
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	3,000,000,000	3,000,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class I
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	6,000,000,000	6,000,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class T
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class D
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01

Equity and Redeemable Non-con_4

Equity and Redeemable Non-controlling Interest - Schedule of Company's Outstanding Shares of Common Stock (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	1,800,017	1,129,516	438,938
Common stock issued (in shares)	1,940,740	758,301	689,816
Distribution reinvestment (in shares)	62,229	44,852	22,001
Common stock repurchased (in shares)	(113,694)	(132,689)	(21,275)
Independent directors' restricted stock grant (in shares)	61	37	36
Ending balance (in shares)	3,689,353	1,800,017	1,129,516
Restricted Stock | Independent Director
Common Stock, Shares Outstanding [Roll Forward]
Independent directors' restricted stock grant, value	$ 0.7	$ 0.4	$ 0.4
Award requisite service period (in years)		1 year	1 year
Class S
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	702,853	530,813	276,989
Common stock issued (in shares)	543,534	196,343	248,497
Distribution reinvestment (in shares)	25,157	20,860	12,156
Common stock repurchased (in shares)	(17,196)	(45,163)	(6,829)
Independent directors' restricted stock grant (in shares)	0	0	0
Ending balance (in shares)	1,254,348	702,853	530,813
Class I
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	927,080	474,279	108,261
Common stock issued (in shares)	1,221,551	510,136	371,562
Distribution reinvestment (in shares)	30,601	19,363	7,356
Common stock repurchased (in shares)	(92,662)	(76,735)	(12,936)
Independent directors' restricted stock grant (in shares)	61	37	36
Ending balance (in shares)	2,086,631	927,080	474,279
Class T
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	45,943	39,767	23,313
Common stock issued (in shares)	11,392	8,497	16,650
Distribution reinvestment (in shares)	1,360	1,330	899
Common stock repurchased (in shares)	(1,408)	(3,651)	(1,095)
Independent directors' restricted stock grant (in shares)	0	0	0
Ending balance (in shares)	57,287	45,943	39,767
Class D
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	124,141	84,657	30,375
Common stock issued (in shares)	164,263	43,325	53,107
Distribution reinvestment (in shares)	5,111	3,299	1,590
Common stock repurchased (in shares)	(2,428)	(7,140)	(415)
Independent directors' restricted stock grant (in shares)	0	0	0
Ending balance (in shares)	291,087	124,141	84,657

Equity and Redeemable Non-con_5

Equity and Redeemable Non-controlling Interest - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)repurchaseRequestshares	Dec. 31, 2020USD ($)repurchaseRequestshares	Dec. 31, 2019USD ($)repurchaseRequest
Equity [Line Items]
Number of shares authorized (in shares) | shares	10,100,000,000
Common stock repurchased, value	$ 1,424,641	$ 1,455,096	$ 237,087
Unfulfilled repurchase requests | repurchaseRequest	0	0	0
Ordinary income	4.73%		8.75%
Capital gains	3.36%		1.17%
Return of capital	91.91%	100.00%	90.08%
Non-qualified for distribution payment	4.73%		8.60%
Qualified for distribution payment			0.15%
Non-controlling interests attributable to third party joint ventures	$ 1,744,256	$ 143,253
Allocation adjustment amount between additional paid-in capital and redeemable non controlling interest	(103,442)	(8,770)	$ (6,830)
Contributions from non-controlling interests	671,602	27,124	132,852
Issuance of BREIT OP units as consideration for acquisitions of real estate	395,752	770	64,698
Class I
Equity [Line Items]
Issuance of BREIT OP units as consideration for acquisitions of real estate	395,800	800
Third Party Joint Ventures
Equity [Line Items]
Non-controlling interests attributable to third party joint ventures	160,800	29,800
Blackstone Advised Entity | Class B Units
Equity [Line Items]
Contributions from non-controlling interests	$ 0	$ 9,000
Partnership units outstanding (in shares) | shares	10,055,358	10,055,358
Share Repurchase Plan
Equity [Line Items]
Common stock repurchased, value	$ 1,400,000	$ 1,500,000	$ 200,000

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interest - Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	$ 0.6508	$ 0.6354	$ 0.6363
Class S
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.6508	0.6354	0.6363
Stockholder servicing fee per share of common stock	(0.1096)	(0.0942)	(0.0951)
Net distributions declared per share of common stock	0.5412	0.5412	0.5412
Class I
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.6508	0.6354	0.6363
Stockholder servicing fee per share of common stock	0	0	0
Net distributions declared per share of common stock	0.6508	0.6354	0.6363
Class T
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.6508	0.6354	0.6363
Stockholder servicing fee per share of common stock	(0.1081)	(0.0929)	(0.0935)
Net distributions declared per share of common stock	0.5427	0.5425	0.5428
Class D
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.6508	0.6354	0.6363
Stockholder servicing fee per share of common stock	(0.0317)	(0.0274)	(0.0276)
Net distributions declared per share of common stock	$ 0.6191	$ 0.6080	$ 0.6087

Equity and Redeemable Non-con_7

Equity and Redeemable Non-controlling Interest - Summary of Non-controlling Interest Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Redeemable Non-controlling Interest [Roll Forward]
Balance at the beginning of the year	$ 30,056
Settlement of prior year performance participation allocation	1,571,607	$ 141,396	$ 37,484
GAAP income allocation	1,794	1,606	1,663
Ending balance	750,670	30,056
Special Limited Partner
Redeemable Non-controlling Interest [Roll Forward]
Balance at the beginning of the year	274	272
Settlement of current year performance participation allocation	1,378,959	0
Settlement of prior year performance participation allocation	192,648	141,396
Repurchases	(111,949)	(83,625)
Conversion to shares and units	(801,645)	(9,228)
GAAP income allocation	(6)	(14)
Distributions	(15)	(14)
Fair value allocation	87	30
Ending balance	589,900	274	$ 272
Special Limited Partner | Common Class B
Redeemable Non-controlling Interest [Roll Forward]
Conversion to shares and units	$ (68,453)	$ (48,543)

Leases - Schedule of Components

Leases - Schedule of Components of Operating Lease Income from Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Fixed lease payments	$ 2,860,344	$ 2,031,411	$ 1,073,562
Variable lease payments	280,184	204,461	128,051
Rental revenue	$ 3,140,528	$ 2,235,872	$ 1,201,613

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Minimum Rental Income (Details) $ in Thousands	Dec. 31, 2021USD ($)
Lessor, Operating Lease, Payments to be Received
2022	$ 1,324,432
2023	1,220,847
2024	1,074,261
2025	945,512
2026	828,147
Thereafter	9,467,686
Total	$ 14,860,885

Leases - Additional Information

Leases - Additional Information (Details)	Dec. 31, 2021lease
Lessee, Lease, Description [Line Items]
Number of ground leases under operating lease	57
Number of ground leases under finance lease	3
Operating ground lease, held for sale	1
Operating ground lease, containing renewal options	2
Operating lease, weighted average remaining lease term (in years)	67 years
Finance lease, weighted average remaining lease term (in years)	80 years
Operating ground lease containing variable components	1
Minimum
Lessee, Lease, Description [Line Items]
Incremental borrowing rate used to determine lease liabilities	5.00%
Maximum
Lessee, Lease, Description [Line Items]
Incremental borrowing rate used to determine lease liabilities	7.00%
Ground Lease One Under Operating Lease
Lessee, Lease, Description [Line Items]
Lease renewal term (in years)	99 years
Ground Lease Two Under Operating Lease
Lessee, Lease, Description [Line Items]
Lease renewal term (in years)	10 years

Leases - Schedule of Future Lea

Leases - Schedule of Future Lease Payments Due Under Ground Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating Leases
2022	$ 8,784
2023	8,977
2024	9,081
2025	9,328
2026	9,442
Thereafter	914,168
Total undiscounted future lease payments	959,780
Difference between undiscounted cash flows and discounted cash flows	(779,327)
Total lease liability	180,453	$ 85,065
Financing Leases
2022	4,038
2023	4,150
2024	4,266
2025	4,385
2026	4,507
Thereafter	568,774
Total undiscounted future lease payments	590,120
Difference between undiscounted cash flows and discounted cash flows	(514,390)
Total lease liability	$ 75,730	$ 57,727

Leases - Summary of Fixed and V

Leases - Summary of Fixed and Variable Components of Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Fixed ground rent expense	$ 4,904	$ 4,038	$ 2,042
Variable ground rent expense	36	18	81
Total cash portion of ground rent expense	4,940	4,056	2,123
Straight-line ground rent expense	7,488	6,737	4,892
Total operating lease costs	$ 12,428	$ 10,793	$ 7,015

Leases - Summary of Fixed and_2

Leases - Summary of Fixed and Variable Components of Financing Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Interest on lease liabilities	$ 3,403	$ 2,991	$ 2,228
Amortization of right-of-use assets	1,139	991	748
Total financing lease costs	$ 4,542	$ 3,982	$ 2,976

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021segment
Segment Reporting [Abstract]
Number of reportable segments	9

Segment Reporting - Summary of

Segment Reporting - Summary of Total Assets by Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total assets	$ 91,308,211	$ 40,684,015
Residential
Segment Reporting Information [Line Items]
Total assets	44,167,486	13,701,615
Industrial
Segment Reporting Information [Line Items]
Total assets	20,898,801	11,157,856
Net Lease
Segment Reporting Information [Line Items]
Total assets	5,219,519	5,199,651
Hospitality
Segment Reporting Information [Line Items]
Total assets	3,084,271	2,196,429
Data Centers
Segment Reporting Information [Line Items]
Total assets	1,905,660	341,056
Self Storage
Segment Reporting Information [Line Items]
Total assets	1,886,376	1,593,430
Retail
Segment Reporting Information [Line Items]
Total assets	1,689,575	700,045
Office
Segment Reporting Information [Line Items]
Total assets	1,232,392	447,630
Investments in Real Estate Debt
Segment Reporting Information [Line Items]
Total assets	9,190,352	4,763,309
Other (Corporate)
Segment Reporting Information [Line Items]
Total assets	$ 2,033,779	$ 582,994

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Total revenues		$ 3,696,671	$ 2,551,648	$ 1,686,272
Expenses:
Total expenses		1,508,715	1,013,251	774,676
Income (loss) from unconsolidated entities		205,980	88,571	0
Income (loss) from investments in real estate debt		498,107	(120,917)	213,062
Income from investments in equity securities		884,259	66,456
Segment net operating income (loss)		3,776,302	1,572,507	1,124,658
Depreciation and amortization		(1,919,932)	(1,362,151)	(824,039)
General and administrative		(32,046)	(25,653)	(18,170)
Management fee		(445,291)	(224,776)	(108,115)
Performance participation allocation		(1,378,959)	(192,648)	(141,396)
Impairment of investments in real estate	$ 0	0	(12,343)	0
Net gain on dispositions of real estate		7,881	113,173	35,035
Interest expense		(835,283)	(712,931)	(484,476)
Loss on extinguishment of debt		(16,331)	(10,356)	0
Other income (expense)		7,495	(12,224)	2,260
Net loss		(836,164)	(867,402)	(414,243)
Net loss attributable to non-controlling interests in third party joint ventures		22,090	2,417	5,671
Net loss attributable to non-controlling interests in BREIT OP		9,291	11,586	6,801
Net loss attributable to BREIT stockholders		(804,783)	(853,399)	(401,771)
Residential
Revenues:
Total revenues		1,654,120	1,027,129	712,513
Expenses:
Total expenses		780,321	471,413	322,773
Income (loss) from unconsolidated entities		(17,461)	0
Income (loss) from investments in real estate debt		0	0	0
Income from investments in equity securities		640,731	37,679
Segment net operating income (loss)		1,497,069	593,395	389,740
Depreciation and amortization		(933,418)	(544,927)	(427,209)
Industrial
Revenues:
Total revenues		994,550	816,928	454,714
Expenses:
Total expenses		306,016	240,792	136,365
Income (loss) from unconsolidated entities		194,743	0
Income (loss) from investments in real estate debt		0	0	0
Income from investments in equity securities		174,866	14,005
Segment net operating income (loss)		1,058,143	590,141	318,349
Depreciation and amortization		(576,793)	(540,023)	(287,537)
Net Lease
Revenues:
Total revenues		331,178	331,178	42,317
Expenses:
Total expenses		1,331	701	0
Income (loss) from unconsolidated entities		100,276	88,571
Income (loss) from investments in real estate debt		0	0	0
Income from investments in equity securities		56,765	12,578
Segment net operating income (loss)		486,888	431,626	42,317
Depreciation and amortization		(114,409)	(114,530)	(14,858)
Data Centers
Revenues:
Total revenues		28,586	23,042	9,537
Expenses:
Total expenses		4,080	3,039	1,036
Income (loss) from unconsolidated entities		(71,745)	0
Income (loss) from investments in real estate debt		0	0	0
Income from investments in equity securities		0	0
Segment net operating income (loss)		(47,239)	20,003	8,501
Depreciation and amortization		(12,485)	(10,098)	(4,403)
Hospitality
Revenues:
Total revenues		422,625	255,306	441,750
Expenses:
Total expenses		316,144	261,472	304,710
Income (loss) from unconsolidated entities		0	0
Income (loss) from investments in real estate debt		0	0	0
Income from investments in equity securities		0	0
Segment net operating income (loss)		106,481	(6,166)	137,040
Depreciation and amortization		(93,911)	(90,820)	(72,765)
Self Storage
Revenues:
Total revenues		152,462	25,950	6,969
Expenses:
Total expenses		67,554	12,753	3,454
Income (loss) from unconsolidated entities		0	0
Income (loss) from investments in real estate debt		0	0	0
Income from investments in equity securities		0	0
Segment net operating income (loss)		84,908	13,197	3,515
Depreciation and amortization		(137,872)	(19,484)	(7,374)
Retail
Revenues:
Total revenues		66,236	55,245	16,267
Expenses:
Total expenses		20,712	17,541	5,539
Income (loss) from unconsolidated entities		167	0
Income (loss) from investments in real estate debt		0	0	0
Income from investments in equity securities		0	0
Segment net operating income (loss)		45,691	37,704	10,728
Depreciation and amortization		(28,917)	(32,528)	(8,640)
Office
Revenues:
Total revenues		46,914	16,870	2,205
Expenses:
Total expenses		12,557	5,540	799
Income (loss) from unconsolidated entities		0	0
Income (loss) from investments in real estate debt		0	0	0
Income from investments in equity securities		11,897	2,194
Segment net operating income (loss)		46,254	13,524	1,406
Depreciation and amortization		(22,127)	(9,741)	(1,253)
Investments in Real Estate Debt
Revenues:
Total revenues		0	0	0
Expenses:
Total expenses		0	0	0
Income (loss) from unconsolidated entities		0	0
Income (loss) from investments in real estate debt		498,107	(120,917)	213,062
Income from investments in equity securities		0	0
Segment net operating income (loss)		498,107	(120,917)	213,062
Depreciation and amortization		0	0	0
Rental revenue
Revenues:
Total revenues		3,140,528	2,235,872	1,201,613
Expenses:
Total expenses		1,192,571	751,779	469,966
Rental revenue | Residential
Revenues:
Total revenues		1,544,909	976,873	673,173
Expenses:
Total expenses		780,321	471,413	322,773
Rental revenue | Industrial
Revenues:
Total revenues		982,137	811,490	452,402
Expenses:
Total expenses		306,016	240,792	136,365
Rental revenue | Net Lease
Revenues:
Total revenues		331,178	331,178	42,317
Expenses:
Total expenses		1,331	701	0
Rental revenue | Data Centers
Revenues:
Total revenues		28,586	23,042	9,537
Expenses:
Total expenses		4,080	3,039	1,036
Rental revenue | Hospitality
Revenues:
Total revenues		0	0	0
Expenses:
Total expenses		0	0	0
Rental revenue | Self Storage
Revenues:
Total revenues		143,069	22,874	6,191
Expenses:
Total expenses		67,554	12,753	3,454
Rental revenue | Retail
Revenues:
Total revenues		64,079	54,047	15,869
Expenses:
Total expenses		20,712	17,541	5,539
Rental revenue | Office
Revenues:
Total revenues		46,570	16,368	2,124
Expenses:
Total expenses		12,557	5,540	799
Rental revenue | Investments in Real Estate Debt
Revenues:
Total revenues		0	0	0
Expenses:
Total expenses		0	0	0
Hospitality
Revenues:
Total revenues		412,338	248,909	432,892
Expenses:
Total expenses		316,144	261,472	304,710
Hospitality | Residential
Revenues:
Total revenues		0	0	0
Expenses:
Total expenses		0	0	0
Hospitality | Industrial
Revenues:
Total revenues		0	0	0
Expenses:
Total expenses		0	0	0
Hospitality | Net Lease
Revenues:
Total revenues		0	0	0
Expenses:
Total expenses		0	0	0
Hospitality | Data Centers
Revenues:
Total revenues		0	0	0
Expenses:
Total expenses		0	0	0
Hospitality | Hospitality
Revenues:
Total revenues		412,338	248,909	432,892
Expenses:
Total expenses		316,144	261,472	304,710
Hospitality | Self Storage
Revenues:
Total revenues		0	0	0
Expenses:
Total expenses		0	0	0
Hospitality | Retail
Revenues:
Total revenues		0	0	0
Expenses:
Total expenses		0	0	0
Hospitality | Office
Revenues:
Total revenues		0	0	0
Expenses:
Total expenses		0	0	0
Hospitality | Investments in Real Estate Debt
Revenues:
Total revenues		0	0	0
Expenses:
Total expenses		0	0	0
Other revenue
Revenues:
Total revenues		143,805	66,867	51,767
Other revenue | Residential
Revenues:
Total revenues		109,211	50,256	39,340
Other revenue | Industrial
Revenues:
Total revenues		12,413	5,438	2,312
Other revenue | Net Lease
Revenues:
Total revenues		0	0	0
Other revenue | Data Centers
Revenues:
Total revenues		0	0	0
Other revenue | Hospitality
Revenues:
Total revenues		10,287	6,397	8,858
Other revenue | Self Storage
Revenues:
Total revenues		9,393	3,076	778
Other revenue | Retail
Revenues:
Total revenues		2,157	1,198	398
Other revenue | Office
Revenues:
Total revenues		344	502	81
Other revenue | Investments in Real Estate Debt
Revenues:
Total revenues		$ 0	$ 0	$ 0

Real Estate and Accumulated D_2

Real Estate and Accumulated Depreciation Schedule III - Schedule of Real Estate and Accumulated Depreciation (Details) $ in Thousands	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	15,161
Encumbrances	$ 38,772,133
Initial Cost, Land and Land Improvements	14,580,832
Initial Cost, Building and Building Improvements	53,102,628
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	72,081
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	852,292
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	14,652,913
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	53,954,920
Total	68,607,833
Accumulated Depreciation	$ (2,916,615)	$ (1,693,196)	$ (752,354)
Residential Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	13,754
Encumbrances	$ 20,836,698
Initial Cost, Land and Land Improvements	8,036,184
Initial Cost, Building and Building Improvements	30,753,222
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	67,921
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	474,548
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,104,105
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	31,227,770
Total	39,331,875
Accumulated Depreciation	$ (1,290,201)
Residential Properties | Mid Rise Apartments | Atlanta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 130,000
Initial Cost, Land and Land Improvements	0
Initial Cost, Building and Building Improvements	171,709
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	273
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	7,529
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	273
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	179,238
Total	179,511
Accumulated Depreciation	$ (30,326)
Residential Properties | Garden Style Apartments | Atlanta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	22
Encumbrances	$ 1,257,898
Initial Cost, Land and Land Improvements	316,035
Initial Cost, Building and Building Improvements	1,622,543
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1,324
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	16,629
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	317,359
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,639,172
Total	1,956,531
Accumulated Depreciation	$ (66,609)
Residential Properties | Garden Style Apartments | Austin-Round Rock-Georgetown, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	12
Encumbrances	$ 426,583
Initial Cost, Land and Land Improvements	74,147
Initial Cost, Building and Building Improvements	616,353
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1,874
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	10,936
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	76,021
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	627,289
Total	703,310
Accumulated Depreciation	$ (28,518)
Residential Properties | Garden Style Apartments | Boston-Cambridge-Newton, MA-NH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 184,356
Initial Cost, Land and Land Improvements	38,650
Initial Cost, Building and Building Improvements	216,209
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	273
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	5,930
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	38,923
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	222,139
Total	261,062
Accumulated Depreciation	$ (20,591)
Residential Properties | Garden Style Apartments | Charleston-North Charleston, SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 30,738
Initial Cost, Land and Land Improvements	6,512
Initial Cost, Building and Building Improvements	35,603
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	75
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,679
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,587
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	37,282
Total	43,869
Accumulated Depreciation	$ (4,261)
Residential Properties | Garden Style Apartments | Charlotte-Concord-Gastonia, NC-SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	17
Encumbrances	$ 523,486
Initial Cost, Land and Land Improvements	162,230
Initial Cost, Building and Building Improvements	930,153
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	2,199
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	15,178
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	164,429
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	945,331
Total	1,109,760
Accumulated Depreciation	$ (43,203)
Residential Properties | Garden Style Apartments | Chicago-Naperville-Elgin, IL-IN-WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 41,340
Initial Cost, Land and Land Improvements	10,899
Initial Cost, Building and Building Improvements	42,850
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	563
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	7,225
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	11,462
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	50,075
Total	61,537
Accumulated Depreciation	$ (7,747)
Residential Properties | Garden Style Apartments | Columbus, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 285,102
Initial Cost, Land and Land Improvements	52,102
Initial Cost, Building and Building Improvements	293,233
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	273
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	5,161
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	52,375
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	298,394
Total	350,769
Accumulated Depreciation	$ (16,964)
Residential Properties | Garden Style Apartments | Dallas-Fort Worth-Arlington, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	19
Encumbrances	$ 1,012,245
Initial Cost, Land and Land Improvements	236,375
Initial Cost, Building and Building Improvements	1,200,485
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	2,621
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	20,343
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	238,996
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,220,828
Total	1,459,824
Accumulated Depreciation	$ (68,852)
Residential Properties | Garden Style Apartments | Denver-Aurora-Lakewood, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	11
Encumbrances	$ 636,250
Initial Cost, Land and Land Improvements	119,394
Initial Cost, Building and Building Improvements	889,041
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1,906
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	20,870
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	121,300
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	909,911
Total	1,031,211
Accumulated Depreciation	$ (56,128)
Residential Properties | Garden Style Apartments | Durham-Chapel Hill, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 74,528
Initial Cost, Land and Land Improvements	20,813
Initial Cost, Building and Building Improvements	92,463
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	20
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	356
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	20,833
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	92,819
Total	113,652
Accumulated Depreciation	$ (6,654)
Residential Properties | Garden Style Apartments | Flagstaff, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 17,852
Initial Cost, Land and Land Improvements	3,344
Initial Cost, Building and Building Improvements	30,331
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	82
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,322
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,426
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	31,653
Total	35,079
Accumulated Depreciation	$ (4,716)
Residential Properties | Garden Style Apartments | Fort Collins, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 36,127
Initial Cost, Land and Land Improvements	5,020
Initial Cost, Building and Building Improvements	42,672
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	57
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,220
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,077
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	43,892
Total	48,969
Accumulated Depreciation	$ (4,096)
Residential Properties | Garden Style Apartments | Greenville-Anderson, SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 60,800
Initial Cost, Land and Land Improvements	13,203
Initial Cost, Building and Building Improvements	67,595
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	2
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	29
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	13,205
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	67,624
Total	80,829
Accumulated Depreciation	$ (730)
Residential Properties | Garden Style Apartments | Houston-The Woodlands-Sugar Land, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 161,778
Initial Cost, Land and Land Improvements	52,475
Initial Cost, Building and Building Improvements	207,269
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	66
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	386
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	52,541
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	207,655
Total	260,196
Accumulated Depreciation	$ (5,171)
Residential Properties | Garden Style Apartments | Jacksonville, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	8
Encumbrances	$ 311,168
Initial Cost, Land and Land Improvements	61,637
Initial Cost, Building and Building Improvements	397,816
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1,289
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	15,655
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	62,926
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	413,471
Total	476,397
Accumulated Depreciation	$ (33,078)
Residential Properties | Garden Style Apartments | Kansas City, MO-KS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 20,767
Initial Cost, Land and Land Improvements	18,708
Initial Cost, Building and Building Improvements	127,056
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	280
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,733
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	18,988
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	129,789
Total	148,777
Accumulated Depreciation	$ (9,298)
Residential Properties | Garden Style Apartments | Kennewick-Richland, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 43,385
Initial Cost, Land and Land Improvements	5,480
Initial Cost, Building and Building Improvements	51,487
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	399
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	5,052
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,879
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	56,539
Total	62,418
Accumulated Depreciation	$ (6,073)
Residential Properties | Garden Style Apartments | Lakeland-Winter Haven, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 41,800
Initial Cost, Land and Land Improvements	8,788
Initial Cost, Building and Building Improvements	49,613
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	139
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	5,528
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,927
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	55,141
Total	64,068
Accumulated Depreciation	$ (5,306)
Residential Properties | Garden Style Apartments | Las Vegas-Henderson-Paradise, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	22
Encumbrances	$ 1,040,287
Initial Cost, Land and Land Improvements	255,961
Initial Cost, Building and Building Improvements	1,174,386
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	3,292
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	44,109
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	259,253
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,218,495
Total	1,477,748
Accumulated Depreciation	$ (140,938)
Residential Properties | Garden Style Apartments | Los Angeles-Long Beach-Anaheim, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 50,000
Initial Cost, Land and Land Improvements	10,795
Initial Cost, Building and Building Improvements	44,758
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	39
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	505
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	10,834
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	45,263
Total	56,097
Accumulated Depreciation	$ (4,540)
Residential Properties | Garden Style Apartments | Louisville/Jefferson County, KY-IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 37,991
Initial Cost, Land and Land Improvements	7,582
Initial Cost, Building and Building Improvements	52,798
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	607
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	5,372
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,189
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	58,170
Total	66,359
Accumulated Depreciation	$ (7,993)
Residential Properties | Garden Style Apartments | Miami-Fort Lauderdale-Pompano Beach, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	8
Encumbrances	$ 567,887
Initial Cost, Land and Land Improvements	167,319
Initial Cost, Building and Building Improvements	728,244
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1,306
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	11,976
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	168,625
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	740,220
Total	908,845
Accumulated Depreciation	$ (49,016)
Residential Properties | Garden Style Apartments | Minneapolis-St. Paul-Bloomington, MN-WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 35,970
Initial Cost, Land and Land Improvements	6,016
Initial Cost, Building and Building Improvements	47,722
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,016
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	47,722
Total	53,738
Accumulated Depreciation	$ (99)
Residential Properties | Garden Style Apartments | Modesto, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 47,081
Initial Cost, Land and Land Improvements	5,006
Initial Cost, Building and Building Improvements	68,782
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	332
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	5,828
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,338
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	74,610
Total	79,948
Accumulated Depreciation	$ (9,985)
Residential Properties | Garden Style Apartments | Nashville-Davidson--Murfreesboro--Franklin, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	7
Encumbrances	$ 143,477
Initial Cost, Land and Land Improvements	45,873
Initial Cost, Building and Building Improvements	311,837
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1,175
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	7,408
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	47,048
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	319,245
Total	366,293
Accumulated Depreciation	$ (18,790)
Residential Properties | Garden Style Apartments | North Port-Sarasota-Bradenton, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 46,000
Initial Cost, Land and Land Improvements	11,789
Initial Cost, Building and Building Improvements	88,117
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	11,789
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	88,117
Total	99,906
Accumulated Depreciation	$ (214)
Residential Properties | Garden Style Apartments | Olympia-Lacey-Tumwater, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 75,562
Initial Cost, Land and Land Improvements	20,455
Initial Cost, Building and Building Improvements	84,588
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	378
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	9,211
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	20,833
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	93,799
Total	114,632
Accumulated Depreciation	$ (14,391)
Residential Properties | Garden Style Apartments | Orlando-Kissimmee-Sanford, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	17
Encumbrances	$ 862,966
Initial Cost, Land and Land Improvements	186,230
Initial Cost, Building and Building Improvements	1,065,413
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	8,385
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	40,344
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	194,615
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,105,757
Total	1,300,372
Accumulated Depreciation	$ (75,525)
Residential Properties | Garden Style Apartments | Phoenix-Mesa-Chandler, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	22
Encumbrances	$ 1,110,944
Initial Cost, Land and Land Improvements	288,270
Initial Cost, Building and Building Improvements	1,368,765
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	2,628
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	51,180
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	290,898
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,419,945
Total	1,710,843
Accumulated Depreciation	$ (104,828)
Residential Properties | Garden Style Apartments | Portland-Vancouver-Hillsboro, OR-WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 218,223
Initial Cost, Land and Land Improvements	68,172
Initial Cost, Building and Building Improvements	261,360
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	463
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	6,045
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	68,635
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	267,405
Total	336,040
Accumulated Depreciation	$ (33,323)
Residential Properties | Garden Style Apartments | Raleigh-Cary, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	8
Encumbrances	$ 405,677
Initial Cost, Land and Land Improvements	64,151
Initial Cost, Building and Building Improvements	519,126
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	448
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,387
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	64,599
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	522,513
Total	587,112
Accumulated Depreciation	$ (20,684)
Residential Properties | Garden Style Apartments | Riverside-San Bernardino-Ontario, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 272,244
Initial Cost, Land and Land Improvements	52,051
Initial Cost, Building and Building Improvements	396,110
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	385
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	12,065
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	52,436
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	408,175
Total	460,611
Accumulated Depreciation	$ (32,035)
Residential Properties | Garden Style Apartments | Sacramento-Roseville-Folsom, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 118,492
Initial Cost, Land and Land Improvements	22,383
Initial Cost, Building and Building Improvements	153,733
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	525
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	8,551
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	22,908
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	162,284
Total	185,192
Accumulated Depreciation	$ (21,223)
Residential Properties | Garden Style Apartments | San Antonio-New Braunfels, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 116,824
Initial Cost, Land and Land Improvements	18,648
Initial Cost, Building and Building Improvements	132,551
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	297
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,345
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	18,945
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	135,896
Total	154,841
Accumulated Depreciation	$ (9,652)
Residential Properties | Garden Style Apartments | Savannah, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 28,925
Initial Cost, Land and Land Improvements	5,613
Initial Cost, Building and Building Improvements	35,434
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	124
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	75
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,737
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	35,509
Total	41,246
Accumulated Depreciation	$ (3,920)
Residential Properties | Garden Style Apartments | Seattle-Tacoma-Bellevue, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 140,982
Initial Cost, Land and Land Improvements	68,204
Initial Cost, Building and Building Improvements	317,900
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	755
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	12,584
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	68,959
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	330,484
Total	399,443
Accumulated Depreciation	$ (21,418)
Residential Properties | Garden Style Apartments | Spokane-Spokane Valley, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 29,904
Initial Cost, Land and Land Improvements	5,501
Initial Cost, Building and Building Improvements	31,785
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	226
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	6,252
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,727
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	38,037
Total	43,764
Accumulated Depreciation	$ (5,361)
Residential Properties | Garden Style Apartments | Tampa-St. Petersburg-Clearwater, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	10
Encumbrances	$ 423,117
Initial Cost, Land and Land Improvements	112,749
Initial Cost, Building and Building Improvements	665,651
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	969
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	18,264
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	113,718
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	683,915
Total	797,633
Accumulated Depreciation	$ (28,358)
Residential Properties | Garden Style Apartments | Urban Honolulu, HI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	95,193
Initial Cost, Building and Building Improvements	548,419
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	95,193
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	548,419
Total	643,612
Accumulated Depreciation	$ (224)
Residential Properties | Manufactured Housing | Atlanta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 9,000
Initial Cost, Land and Land Improvements	35,491
Initial Cost, Building and Building Improvements	1,760
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	715
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	36,206
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,760
Total	37,966
Accumulated Depreciation	$ (1,747)
Residential Properties | Manufactured Housing | Lakeland-Winter Haven, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 20,662
Initial Cost, Land and Land Improvements	30,698
Initial Cost, Building and Building Improvements	754
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	421
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	288
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	31,119
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,042
Total	32,161
Accumulated Depreciation	$ (1,449)
Residential Properties | Manufactured Housing | Los Angeles-Long Beach-Anaheim, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	14,621
Initial Cost, Building and Building Improvements	767
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	14,621
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	767
Total	15,388
Accumulated Depreciation	$ (89)
Residential Properties | Manufactured Housing | Miami-Fort Lauderdale-Pompano Beach, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 84,851
Initial Cost, Land and Land Improvements	136,753
Initial Cost, Building and Building Improvements	2,032
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	215
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	227
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	136,968
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,259
Total	139,227
Accumulated Depreciation	$ (1,063)
Residential Properties | Manufactured Housing | North Port-Sarasota-Bradenton, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 23,217
Initial Cost, Land and Land Improvements	30,093
Initial Cost, Building and Building Improvements	6,947
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	412
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,179
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	30,505
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	8,126
Total	38,631
Accumulated Depreciation	$ (1,169)
Residential Properties | Manufactured Housing | Orlando-Kissimmee-Sanford, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	8
Encumbrances	$ 77,004
Initial Cost, Land and Land Improvements	179,993
Initial Cost, Building and Building Improvements	10,320
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	2,438
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,620
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	182,431
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	11,940
Total	194,371
Accumulated Depreciation	$ (5,672)
Residential Properties | Manufactured Housing | Phoenix-Mesa-Chandler, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	27
Encumbrances	$ 191,548
Initial Cost, Land and Land Improvements	287,904
Initial Cost, Building and Building Improvements	12,313
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	4,507
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,059
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	292,411
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	13,372
Total	305,783
Accumulated Depreciation	$ (25,594)
Residential Properties | Manufactured Housing | Riverside-San Bernardino-Ontario, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 19,112
Initial Cost, Land and Land Improvements	22,443
Initial Cost, Building and Building Improvements	900
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	757
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	80
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	23,200
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	980
Total	24,180
Accumulated Depreciation	$ (2,906)
Residential Properties | Manufactured Housing | Seattle-Tacoma-Bellevue, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 14,593
Initial Cost, Land and Land Improvements	23,000
Initial Cost, Building and Building Improvements	907
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	64
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	23,064
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	907
Total	23,971
Accumulated Depreciation	$ (777)
Residential Properties | Manufactured Housing | Tampa-St. Petersburg-Clearwater, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	7
Encumbrances	$ 41,351
Initial Cost, Land and Land Improvements	85,950
Initial Cost, Building and Building Improvements	4,720
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	352
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	604
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	86,302
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	5,324
Total	91,626
Accumulated Depreciation	$ (3,245)
Residential Properties | Manufactured Housing | Cape Coral-Fort Myers, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	11,960
Initial Cost, Building and Building Improvements	1,798
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	933
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	89
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	12,893
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,887
Total	14,780
Accumulated Depreciation	$ (355)
Residential Properties | Manufactured Housing | Cincinnati, OH-KY-IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 23,381
Initial Cost, Land and Land Improvements	33,479
Initial Cost, Building and Building Improvements	2,999
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	28
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	33,507
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,999
Total	36,506
Accumulated Depreciation	$ (2,625)
Residential Properties | Manufactured Housing | Deltona-Daytona Beach-Ormond Beach, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 3,638
Initial Cost, Land and Land Improvements	6,558
Initial Cost, Building and Building Improvements	513
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	14
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	23
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,572
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	536
Total	7,108
Accumulated Depreciation	$ (202)
Residential Properties | Manufactured Housing | Gainesville, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	8,755
Initial Cost, Building and Building Improvements	1,524
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	15
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,770
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,526
Total	10,296
Accumulated Depreciation	$ (212)
Residential Properties | Manufactured Housing | Naples-Marco Island, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 24,315
Initial Cost, Land and Land Improvements	42,257
Initial Cost, Building and Building Improvements	2,076
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	429
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	121
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	42,686
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,197
Total	44,883
Accumulated Depreciation	$ (1,992)
Residential Properties | Manufactured Housing | Ocala, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 1,853
Initial Cost, Land and Land Improvements	3,722
Initial Cost, Building and Building Improvements	284
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	165
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	83
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,887
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	367
Total	4,254
Accumulated Depreciation	$ (280)
Residential Properties | Manufactured Housing | Palm Bay-Melbourne-Titusville, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 19,289
Initial Cost, Land and Land Improvements	32,460
Initial Cost, Building and Building Improvements	1,216
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	65
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	60
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	32,525
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,276
Total	33,801
Accumulated Depreciation	$ (825)
Residential Properties | Manufactured Housing | Port St. Lucie, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	7,150
Initial Cost, Building and Building Improvements	419
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	7,150
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	419
Total	7,569
Accumulated Depreciation	$ (217)
Residential Properties | Manufactured Housing | Prescott Valley-Prescott, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 11,045
Initial Cost, Land and Land Improvements	13,641
Initial Cost, Building and Building Improvements	866
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	176
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	43
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	13,817
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	909
Total	14,726
Accumulated Depreciation	$ (1,524)
Residential Properties | Manufactured Housing | San Diego-Chula Vista-Carlsbad, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 5,301
Initial Cost, Land and Land Improvements	6,236
Initial Cost, Building and Building Improvements	309
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	164
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	20
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,400
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	329
Total	6,729
Accumulated Depreciation	$ (716)
Residential Properties | Manufactured Housing | Santa Rosa-Petaluma, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	21,030
Initial Cost, Building and Building Improvements	2,244
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	145
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	21,175
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,244
Total	23,419
Accumulated Depreciation	$ (722)
Residential Properties | Manufactured Housing | Sebastian-Vero Beach, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 11,756
Initial Cost, Land and Land Improvements	19,117
Initial Cost, Building and Building Improvements	983
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	69
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	165
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	19,186
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,148
Total	20,334
Accumulated Depreciation	$ (696)
Residential Properties | Manufactured Housing | The Villages, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 13,511
Initial Cost, Land and Land Improvements	13,974
Initial Cost, Building and Building Improvements	5,211
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	690
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	136
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	14,664
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	5,347
Total	20,011
Accumulated Depreciation	$ (937)
Residential Properties | Manufactured Housing | Tucson, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 9,820
Initial Cost, Land and Land Improvements	12,620
Initial Cost, Building and Building Improvements	1,838
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	44
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	793
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	12,664
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,631
Total	15,295
Accumulated Depreciation	$ (420)
Residential Properties | Manufactured Housing | Washington-Arlington-Alexandria, DC-VA-MD-WV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 4,754
Initial Cost, Land and Land Improvements	5,741
Initial Cost, Building and Building Improvements	656
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	288
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	80
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,029
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	736
Total	6,765
Accumulated Depreciation	$ (678)
Residential Properties | Student Housing | Fort Collins, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 83,400
Initial Cost, Land and Land Improvements	712
Initial Cost, Building and Building Improvements	102,973
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	712
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	102,973
Total	103,685
Accumulated Depreciation	$ (409)
Residential Properties | Student Housing | Louisville/Jefferson County, KY-IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 34,266
Initial Cost, Land and Land Improvements	10,401
Initial Cost, Building and Building Improvements	31,231
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	123
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	280
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	10,524
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	31,511
Total	42,035
Accumulated Depreciation	$ (3,653)
Residential Properties | Student Housing | Orlando-Kissimmee-Sanford, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 106,066
Initial Cost, Land and Land Improvements	16,035
Initial Cost, Building and Building Improvements	114,618
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	150
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,311
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	16,185
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	116,929
Total	133,114
Accumulated Depreciation	$ (8,908)
Residential Properties | Student Housing | Phoenix-Mesa-Chandler, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 97,149
Initial Cost, Land and Land Improvements	14,180
Initial Cost, Building and Building Improvements	111,719
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	2
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	998
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	14,182
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	112,717
Total	126,899
Accumulated Depreciation	$ (12,365)
Residential Properties | Student Housing | Riverside-San Bernardino-Ontario, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 29,818
Initial Cost, Land and Land Improvements	3,966
Initial Cost, Building and Building Improvements	40,159
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	35
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,395
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,001
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	41,554
Total	45,555
Accumulated Depreciation	$ (4,595)
Residential Properties | Student Housing | Tucson, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 106,560
Initial Cost, Land and Land Improvements	11,085
Initial Cost, Building and Building Improvements	140,543
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	78
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	703
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	11,163
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	141,246
Total	152,409
Accumulated Depreciation	$ (15,523)
Residential Properties | Student Housing | Akron, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 36,477
Initial Cost, Land and Land Improvements	3,052
Initial Cost, Building and Building Improvements	41,735
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	20
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	433
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,072
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	42,168
Total	45,240
Accumulated Depreciation	$ (4,797)
Residential Properties | Student Housing | Athens-Clarke County, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 96,000
Initial Cost, Land and Land Improvements	14,895
Initial Cost, Building and Building Improvements	126,936
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	4
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	375
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	14,899
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	127,311
Total	142,210
Accumulated Depreciation	$ (8,081)
Residential Properties | Student Housing | Atlanta-Sandy Springs-Alpharetta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 116,600
Initial Cost, Land and Land Improvements	801
Initial Cost, Building and Building Improvements	156,796
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	16
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	801
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	156,812
Total	157,613
Accumulated Depreciation	$ (1,997)
Residential Properties | Student Housing | Auburn-Opelika, AL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 87,824
Initial Cost, Land and Land Improvements	18,796
Initial Cost, Building and Building Improvements	117,582
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	135
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	18,796
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	117,717
Total	136,513
Accumulated Depreciation	$ (4,362)
Residential Properties | Student Housing | Blacksburg-Christiansburg, VA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 64,532
Initial Cost, Land and Land Improvements	12,698
Initial Cost, Building and Building Improvements	71,693
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	270
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	310
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	12,968
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	72,003
Total	84,971
Accumulated Depreciation	$ (8,484)
Residential Properties | Student Housing | Boone, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 49,900
Initial Cost, Land and Land Improvements	4,599
Initial Cost, Building and Building Improvements	73,835
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	212
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,599
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	74,047
Total	78,646
Accumulated Depreciation	$ (948)
Residential Properties | Student Housing | Boulder, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 68,963
Initial Cost, Land and Land Improvements	17,630
Initial Cost, Building and Building Improvements	73,958
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	59
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,050
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	17,689
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	76,008
Total	93,697
Accumulated Depreciation	$ (8,657)
Residential Properties | Student Housing | Buffalo-Cheektowaga, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 67,400
Initial Cost, Land and Land Improvements	11,283
Initial Cost, Building and Building Improvements	81,015
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	11,283
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	81,015
Total	92,298
Accumulated Depreciation	$ (246)
Residential Properties | Student Housing | Charlottesville, VA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 68,438
Initial Cost, Land and Land Improvements	5,118
Initial Cost, Building and Building Improvements	94,048
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	302
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,865
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,420
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	96,913
Total	102,333
Accumulated Depreciation	$ (10,745)
Residential Properties | Student Housing | Greenville, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 45,961
Initial Cost, Land and Land Improvements	8,458
Initial Cost, Building and Building Improvements	45,948
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	69
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	386
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,527
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	46,334
Total	54,861
Accumulated Depreciation	$ (5,260)
Residential Properties | Student Housing | Knoxville, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 113,900
Initial Cost, Land and Land Improvements	21,639
Initial Cost, Building and Building Improvements	134,787
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	21,639
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	134,787
Total	156,426
Accumulated Depreciation	$ (1,778)
Residential Properties | Student Housing | Pullman, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 51,400
Initial Cost, Land and Land Improvements	20,172
Initial Cost, Building and Building Improvements	55,481
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	20,172
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	55,481
Total	75,653
Accumulated Depreciation	$ (1,106)
Residential Properties | Student Housing | Reno, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 58,000
Initial Cost, Land and Land Improvements	6,265
Initial Cost, Building and Building Improvements	75,388
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,265
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	75,388
Total	81,653
Accumulated Depreciation	$ (135)
Residential Properties | Student Housing | San Francisco-Oakland-Berkeley, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 12,552
Initial Cost, Land and Land Improvements	4,584
Initial Cost, Building and Building Improvements	16,540
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	43
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	531
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,627
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	17,071
Total	21,698
Accumulated Depreciation	$ (1,937)
Residential Properties | Student Housing | State College, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 165,312
Initial Cost, Land and Land Improvements	22,755
Initial Cost, Building and Building Improvements	201,931
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	388
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,659
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	23,143
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	204,590
Total	227,733
Accumulated Depreciation	$ (16,846)
Residential Properties | Student Housing | Tallahassee, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 72,300
Initial Cost, Land and Land Improvements	7,770
Initial Cost, Building and Building Improvements	97,619
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	4
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	40
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	7,774
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	97,659
Total	105,433
Accumulated Depreciation	$ (1,279)
Residential Properties | Student Housing | Tuscaloosa, AL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 65,931
Initial Cost, Land and Land Improvements	16,579
Initial Cost, Building and Building Improvements	74,404
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,244
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	16,579
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	75,648
Total	92,227
Accumulated Depreciation	$ (8,532)
Residential Properties | Single Family Rental | Atlanta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1,979
Encumbrances	$ 429,277
Initial Cost, Land and Land Improvements	155,291
Initial Cost, Building and Building Improvements	698,982
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	2,068
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	6,830
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	157,359
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	705,812
Total	863,171
Accumulated Depreciation	$ (9,987)
Residential Properties | Single Family Rental | Kansas City, MO-KS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	276
Encumbrances	$ 74,775
Initial Cost, Land and Land Improvements	23,571
Initial Cost, Building and Building Improvements	100,079
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	219
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,263
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	23,790
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	101,342
Total	125,132
Accumulated Depreciation	$ (1,615)
Residential Properties | Single Family Rental | Charlotte, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	382
Encumbrances	$ 111,243
Initial Cost, Land and Land Improvements	37,891
Initial Cost, Building and Building Improvements	149,981
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	316
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,553
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	38,207
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	151,534
Total	189,741
Accumulated Depreciation	$ (2,347)
Residential Properties | Single Family Rental | Dallas, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1,317
Encumbrances	$ 327,403
Initial Cost, Land and Land Improvements	119,678
Initial Cost, Building and Building Improvements	454,366
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1,971
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	7,561
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	121,649
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	461,927
Total	583,576
Accumulated Depreciation	$ (7,076)
Residential Properties | Single Family Rental | Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	276
Encumbrances	$ 49,577
Initial Cost, Land and Land Improvements	15,058
Initial Cost, Building and Building Improvements	71,601
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	427
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,299
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	15,485
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	72,900
Total	88,385
Accumulated Depreciation	$ (1,108)
Residential Properties | Single Family Rental | Minneapolis, MN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	788
Encumbrances	$ 192,897
Initial Cost, Land and Land Improvements	82,654
Initial Cost, Building and Building Improvements	268,484
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	483
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,457
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	83,137
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	270,941
Total	354,078
Accumulated Depreciation	$ (3,740)
Residential Properties | Single Family Rental | Orlando, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	519
Encumbrances	$ 137,424
Initial Cost, Land and Land Improvements	47,173
Initial Cost, Building and Building Improvements	178,756
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	910
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	4,827
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	48,083
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	183,583
Total	231,666
Accumulated Depreciation	$ (2,870)
Residential Properties | Single Family Rental | Other Geographical
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2,075
Encumbrances	$ 382,710
Initial Cost, Land and Land Improvements	218,932
Initial Cost, Building and Building Improvements	649,220
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	5,035
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	10,228
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	223,967
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	659,448
Total	883,415
Accumulated Depreciation	$ (7,384)
Residential Properties | Single Family Rental | Philadelphia, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	186
Encumbrances	$ 36,340
Initial Cost, Land and Land Improvements	19,542
Initial Cost, Building and Building Improvements	57,932
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	138
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	896
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	19,680
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	58,828
Total	78,508
Accumulated Depreciation	$ (890)
Residential Properties | Single Family Rental | Portland, OR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	289
Encumbrances	$ 114,878
Initial Cost, Land and Land Improvements	62,010
Initial Cost, Building and Building Improvements	117,311
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	205
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,189
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	62,215
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	118,500
Total	180,715
Accumulated Depreciation	$ (1,862)
Residential Properties | Single Family Rental | Seattle, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	735
Encumbrances	$ 223,993
Initial Cost, Land and Land Improvements	139,612
Initial Cost, Building and Building Improvements	296,770
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	563
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,052
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	140,175
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	298,822
Total	438,997
Accumulated Depreciation	$ (4,034)
Residential Properties | Single Family Rental | South Florida, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	442
Encumbrances	$ 115,074
Initial Cost, Land and Land Improvements	39,319
Initial Cost, Building and Building Improvements	142,884
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	977
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,727
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	40,296
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	146,611
Total	186,907
Accumulated Depreciation	$ (2,277)
Residential Properties | Single Family Rental | Southern California, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	324
Encumbrances	$ 123,505
Initial Cost, Land and Land Improvements	54,582
Initial Cost, Building and Building Improvements	166,949
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	456
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,299
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	55,038
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	169,248
Total	224,286
Accumulated Depreciation	$ (2,533)
Residential Properties | Single Family Rental | Tampa, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	764
Encumbrances	$ 150,690
Initial Cost, Land and Land Improvements	74,482
Initial Cost, Building and Building Improvements	242,284
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1,093
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	5,675
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	75,575
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	247,959
Total	323,534
Accumulated Depreciation	$ (3,402)
Residential Properties | Single Family Rental | Washington DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	211
Encumbrances	$ 45,051
Initial Cost, Land and Land Improvements	27,072
Initial Cost, Building and Building Improvements	66,359
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	153
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	692
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	27,225
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	67,051
Total	94,276
Accumulated Depreciation	$ (875)
Residential Properties | Single Family Rental | Chicago, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	824
Encumbrances	$ 185,141
Initial Cost, Land and Land Improvements	65,006
Initial Cost, Building and Building Improvements	226,436
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	877
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,033
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	65,883
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	229,469
Total	295,352
Accumulated Depreciation	$ (3,580)
Residential Properties | Single Family Rental | Denver, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1,414
Encumbrances	$ 457,886
Initial Cost, Land and Land Improvements	172,652
Initial Cost, Building and Building Improvements	636,298
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1,328
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	4,371
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	173,980
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	640,669
Total	814,649
Accumulated Depreciation	$ (8,961)
Residential Properties | Senior Housing | Quebec, Canada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	13
Encumbrances	$ 297,287
Initial Cost, Land and Land Improvements	30,238
Initial Cost, Building and Building Improvements	436,931
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	719
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	30,238
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	437,650
Total	467,888
Accumulated Depreciation	$ (3,242)
Residential Properties | Affordable Housing | Austin-Round Rock-Georgetown, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	8
Encumbrances	$ 41,821
Initial Cost, Land and Land Improvements	34,788
Initial Cost, Building and Building Improvements	156,092
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	34,788
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	156,092
Total	190,880
Accumulated Depreciation	$ (243)
Residential Properties | Affordable Housing | Boston-Cambridge-Newton, MA-NH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 7,864
Initial Cost, Land and Land Improvements	8,439
Initial Cost, Building and Building Improvements	37,687
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,439
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	37,687
Total	46,126
Accumulated Depreciation	$ (60)
Residential Properties | Affordable Housing | Charlotte-Concord-Gastonia, NC-SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 12,533
Initial Cost, Land and Land Improvements	23,728
Initial Cost, Building and Building Improvements	36,198
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	23,728
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	36,198
Total	59,926
Accumulated Depreciation	$ (58)
Residential Properties | Affordable Housing | Chicago-Naperville-Elgin, IL-IN-WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	9
Encumbrances	$ 46,969
Initial Cost, Land and Land Improvements	10,559
Initial Cost, Building and Building Improvements	67,455
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	10,559
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	67,455
Total	78,014
Accumulated Depreciation	$ (107)
Residential Properties | Affordable Housing | Columbus, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	6,440
Initial Cost, Building and Building Improvements	40,977
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,440
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	40,977
Total	47,417
Accumulated Depreciation	$ (65)
Residential Properties | Affordable Housing | Dallas-Fort Worth-Arlington, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	29
Encumbrances	$ 119,733
Initial Cost, Land and Land Improvements	134,611
Initial Cost, Building and Building Improvements	420,952
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	134,611
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	420,952
Total	555,563
Accumulated Depreciation	$ (678)
Residential Properties | Affordable Housing | Denver-Aurora-Lakewood, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	10
Encumbrances	$ 94,361
Initial Cost, Land and Land Improvements	62,218
Initial Cost, Building and Building Improvements	355,398
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	62,218
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	355,398
Total	417,616
Accumulated Depreciation	$ (523)
Residential Properties | Affordable Housing | Durham-Chapel Hill, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 4,399
Initial Cost, Land and Land Improvements	2,320
Initial Cost, Building and Building Improvements	9,379
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,320
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	9,379
Total	11,699
Accumulated Depreciation	$ (15)
Residential Properties | Affordable Housing | Fort Collins, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 56,013
Initial Cost, Land and Land Improvements	27,369
Initial Cost, Building and Building Improvements	124,664
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	27,369
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	124,664
Total	152,033
Accumulated Depreciation	$ (193)
Residential Properties | Affordable Housing | Greenville-Anderson, SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 17,214
Initial Cost, Land and Land Improvements	11,689
Initial Cost, Building and Building Improvements	48,887
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	11,689
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	48,887
Total	60,576
Accumulated Depreciation	$ (80)
Residential Properties | Affordable Housing | Houston-The Woodlands-Sugar Land, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	19
Encumbrances	$ 145,067
Initial Cost, Land and Land Improvements	101,473
Initial Cost, Building and Building Improvements	307,639
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	101,473
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	307,639
Total	409,112
Accumulated Depreciation	$ (494)
Residential Properties | Affordable Housing | Jacksonville, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 118,642
Initial Cost, Land and Land Improvements	29,558
Initial Cost, Building and Building Improvements	173,773
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	29,558
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	173,773
Total	203,331
Accumulated Depreciation	$ (380)
Residential Properties | Affordable Housing | Kansas City, MO-KS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	9
Encumbrances	$ 43,251
Initial Cost, Land and Land Improvements	17,139
Initial Cost, Building and Building Improvements	137,284
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	17,139
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	137,284
Total	154,423
Accumulated Depreciation	$ (222)
Residential Properties | Affordable Housing | Lakeland-Winter Haven, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 3,961
Initial Cost, Land and Land Improvements	5,250
Initial Cost, Building and Building Improvements	12,499
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,250
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	12,499
Total	17,749
Accumulated Depreciation	$ (20)
Residential Properties | Affordable Housing | Las Vegas-Henderson-Paradise, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 41,581
Initial Cost, Land and Land Improvements	17,709
Initial Cost, Building and Building Improvements	93,944
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	17,709
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	93,944
Total	111,653
Accumulated Depreciation	$ (150)
Residential Properties | Affordable Housing | Los Angeles-Long Beach-Anaheim, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	31
Encumbrances	$ 165,366
Initial Cost, Land and Land Improvements	156,410
Initial Cost, Building and Building Improvements	396,364
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	156,410
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	396,364
Total	552,774
Accumulated Depreciation	$ (640)
Residential Properties | Affordable Housing | Louisville/Jefferson County, KY-IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	730
Initial Cost, Building and Building Improvements	910
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	730
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	910
Total	1,640
Accumulated Depreciation	$ (2)
Residential Properties | Affordable Housing | Miami-Fort Lauderdale-Pompano Beach, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	31
Encumbrances	$ 1,133,936
Initial Cost, Land and Land Improvements	363,840
Initial Cost, Building and Building Improvements	1,629,704
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	363,840
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,629,704
Total	1,993,544
Accumulated Depreciation	$ (3,663)
Residential Properties | Affordable Housing | Modesto, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 5,984
Initial Cost, Land and Land Improvements	7,400
Initial Cost, Building and Building Improvements	18,609
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	7,400
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	18,609
Total	26,009
Accumulated Depreciation	$ (30)
Residential Properties | Affordable Housing | Nashville-Davidson--Murfreesboro--Franklin, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 4,493
Initial Cost, Land and Land Improvements	8,389
Initial Cost, Building and Building Improvements	18,409
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,389
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	18,409
Total	26,798
Accumulated Depreciation	$ (30)
Residential Properties | Affordable Housing | Orlando-Kissimmee-Sanford, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 10,436
Initial Cost, Land and Land Improvements	5,970
Initial Cost, Building and Building Improvements	30,248
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,970
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	30,248
Total	36,218
Accumulated Depreciation	$ (48)
Residential Properties | Affordable Housing | Phoenix-Mesa-Chandler, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	8
Encumbrances	$ 29,794
Initial Cost, Land and Land Improvements	27,178
Initial Cost, Building and Building Improvements	121,512
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	27,178
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	121,512
Total	148,690
Accumulated Depreciation	$ (189)
Residential Properties | Affordable Housing | Raleigh-Cary, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	2,330
Initial Cost, Building and Building Improvements	10,849
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,330
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	10,849
Total	13,179
Accumulated Depreciation	$ (17)
Residential Properties | Affordable Housing | Riverside-San Bernardino-Ontario, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	9
Encumbrances	$ 38,970
Initial Cost, Land and Land Improvements	68,335
Initial Cost, Building and Building Improvements	68,845
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	68,335
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	68,845
Total	137,180
Accumulated Depreciation	$ (119)
Residential Properties | Affordable Housing | Sacramento-Roseville-Folsom, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	16
Encumbrances	$ 98,969
Initial Cost, Land and Land Improvements	45,897
Initial Cost, Building and Building Improvements	312,309
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	45,897
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	312,309
Total	358,206
Accumulated Depreciation	$ (492)
Residential Properties | Affordable Housing | San Antonio-New Braunfels, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 15,131
Initial Cost, Land and Land Improvements	12,429
Initial Cost, Building and Building Improvements	44,378
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	12,429
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	44,378
Total	56,807
Accumulated Depreciation	$ (70)
Residential Properties | Affordable Housing | Savannah, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 53
Initial Cost, Land and Land Improvements	1,560
Initial Cost, Building and Building Improvements	810
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,560
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	810
Total	2,370
Accumulated Depreciation	$ (2)
Residential Properties | Affordable Housing | Seattle-Tacoma-Bellevue, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 96,073
Initial Cost, Land and Land Improvements	26,268
Initial Cost, Building and Building Improvements	237,614
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	26,268
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	237,614
Total	263,882
Accumulated Depreciation	$ (355)
Residential Properties | Affordable Housing | Tampa-St. Petersburg-Clearwater, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 153,854
Initial Cost, Land and Land Improvements	50,524
Initial Cost, Building and Building Improvements	202,309
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	50,524
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	202,309
Total	252,833
Accumulated Depreciation	$ (449)
Residential Properties | Affordable Housing | Cape Coral-Fort Myers, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 62,073
Initial Cost, Land and Land Improvements	14,232
Initial Cost, Building and Building Improvements	96,599
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	14,232
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	96,599
Total	110,831
Accumulated Depreciation	$ (210)
Residential Properties | Affordable Housing | Cincinnati, OH-KY-IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	7
Encumbrances	$ 2,026
Initial Cost, Land and Land Improvements	17,959
Initial Cost, Building and Building Improvements	107,333
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	17,959
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	107,333
Total	125,292
Accumulated Depreciation	$ (169)
Residential Properties | Affordable Housing | Deltona-Daytona Beach-Ormond Beach, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 44,454
Initial Cost, Land and Land Improvements	13,392
Initial Cost, Building and Building Improvements	60,244
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	13,392
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	60,244
Total	73,636
Accumulated Depreciation	$ (127)
Residential Properties | Affordable Housing | Gainesville, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 1,221
Initial Cost, Land and Land Improvements	1,620
Initial Cost, Building and Building Improvements	2,880
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,620
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,880
Total	4,500
Accumulated Depreciation	$ (5)
Residential Properties | Affordable Housing | Palm Bay-Melbourne-Titusville, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 64,903
Initial Cost, Land and Land Improvements	20,385
Initial Cost, Building and Building Improvements	79,867
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	20,385
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	79,867
Total	100,252
Accumulated Depreciation	$ (160)
Residential Properties | Affordable Housing | San Diego-Chula Vista-Carlsbad, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 38,093
Initial Cost, Land and Land Improvements	26,978
Initial Cost, Building and Building Improvements	87,774
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	26,978
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	87,774
Total	114,752
Accumulated Depreciation	$ (140)
Residential Properties | Affordable Housing | Santa Rosa-Petaluma, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 15,500
Initial Cost, Land and Land Improvements	12,189
Initial Cost, Building and Building Improvements	55,286
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	12,189
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	55,286
Total	67,475
Accumulated Depreciation	$ (88)
Residential Properties | Affordable Housing | Sebastian-Vero Beach, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 14,850
Initial Cost, Land and Land Improvements	9,680
Initial Cost, Building and Building Improvements	39,390
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	9,680
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	39,390
Total	49,070
Accumulated Depreciation	$ (60)
Residential Properties | Affordable Housing | Washington-Arlington-Alexandria, DC-VA-MD-WV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	32
Encumbrances	$ 370,532
Initial Cost, Land and Land Improvements	386,605
Initial Cost, Building and Building Improvements	716,735
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	386,605
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	716,735
Total	1,103,340
Accumulated Depreciation	$ (1,138)
Residential Properties | Affordable Housing | Atlanta-Sandy Springs-Alpharetta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	11
Encumbrances	$ 64,600
Initial Cost, Land and Land Improvements	46,377
Initial Cost, Building and Building Improvements	111,724
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	46,377
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	111,724
Total	158,101
Accumulated Depreciation	$ (177)
Residential Properties | Affordable Housing | Boulder, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 41,000
Initial Cost, Land and Land Improvements	16,409
Initial Cost, Building and Building Improvements	80,827
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	16,409
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	80,827
Total	97,236
Accumulated Depreciation	$ (119)
Residential Properties | Affordable Housing | Charlottesville, VA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 1,259
Initial Cost, Land and Land Improvements	5,940
Initial Cost, Building and Building Improvements	21,639
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,940
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	21,639
Total	27,579
Accumulated Depreciation	$ (35)
Residential Properties | Affordable Housing | Reno, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 7,022
Initial Cost, Land and Land Improvements	8,949
Initial Cost, Building and Building Improvements	15,339
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,949
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	15,339
Total	24,288
Accumulated Depreciation	$ (25)
Residential Properties | Affordable Housing | San Francisco-Oakland-Berkeley, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 30,961
Initial Cost, Land and Land Improvements	20,799
Initial Cost, Building and Building Improvements	80,547
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	20,799
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	80,547
Total	101,346
Accumulated Depreciation	$ (127)
Residential Properties | Affordable Housing | Ann Arbor, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	4,150
Initial Cost, Building and Building Improvements	22,099
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,150
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	22,099
Total	26,249
Accumulated Depreciation	$ (37)
Residential Properties | Affordable Housing | Baltimore-Columbia-Towson, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 30,312
Initial Cost, Land and Land Improvements	55,506
Initial Cost, Building and Building Improvements	74,855
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	55,506
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	74,855
Total	130,361
Accumulated Depreciation	$ (119)
Residential Properties | Affordable Housing | Barnstable Town, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 1,950
Initial Cost, Land and Land Improvements	170
Initial Cost, Building and Building Improvements	1,640
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	170
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,640
Total	1,810
Accumulated Depreciation	$ (3)
Residential Properties | Affordable Housing | Bloomington, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 6,027
Initial Cost, Land and Land Improvements	2,140
Initial Cost, Building and Building Improvements	14,059
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,140
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	14,059
Total	16,199
Accumulated Depreciation	$ (22)
Residential Properties | Affordable Housing | Bridgeport-Stamford-Norwalk, CT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 390
Initial Cost, Land and Land Improvements	600
Initial Cost, Building and Building Improvements	310
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	600
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	310
Total	910
Accumulated Depreciation	$ (1)
Residential Properties | Affordable Housing | Cleveland-Elyria, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	3,460
Initial Cost, Building and Building Improvements	20,280
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,460
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	20,280
Total	23,740
Accumulated Depreciation	$ (29)
Residential Properties | Affordable Housing | Crestview-Fort Walton Beach-Destin, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 5,747
Initial Cost, Land and Land Improvements	3,740
Initial Cost, Building and Building Improvements	9,749
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,740
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	9,749
Total	13,489
Accumulated Depreciation	$ (16)
Residential Properties | Affordable Housing | Detroit-Warren-Dearborn, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	7
Encumbrances	$ 36,462
Initial Cost, Land and Land Improvements	8,050
Initial Cost, Building and Building Improvements	63,388
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,050
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	63,388
Total	71,438
Accumulated Depreciation	$ (99)
Residential Properties | Affordable Housing | El Paso, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	5,980
Initial Cost, Building and Building Improvements	11,959
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,980
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	11,959
Total	17,939
Accumulated Depreciation	$ (20)
Residential Properties | Affordable Housing | Fresno, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 17,453
Initial Cost, Land and Land Improvements	20,319
Initial Cost, Building and Building Improvements	17,799
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	20,319
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	17,799
Total	38,118
Accumulated Depreciation	$ (31)
Residential Properties | Affordable Housing | Grand Rapids-Kentwood, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	1,250
Initial Cost, Building and Building Improvements	2,220
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,250
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,220
Total	3,470
Accumulated Depreciation	$ (4)
Residential Properties | Affordable Housing | Harrisburg-Carlisle, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 3,558
Initial Cost, Land and Land Improvements	9,689
Initial Cost, Building and Building Improvements	19,079
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	9,689
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	19,079
Total	28,768
Accumulated Depreciation	$ (31)
Residential Properties | Affordable Housing | Indianapolis-Carmel-Anderson, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	7
Encumbrances	$ 16,895
Initial Cost, Land and Land Improvements	13,599
Initial Cost, Building and Building Improvements	57,496
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	13,599
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	57,496
Total	71,095
Accumulated Depreciation	$ (95)
Residential Properties | Affordable Housing | Kahului-Wailuku-Lahaina, HI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 3,500
Initial Cost, Land and Land Improvements	1,050
Initial Cost, Building and Building Improvements	26,070
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,050
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	26,070
Total	27,120
Accumulated Depreciation	$ (35)
Residential Properties | Affordable Housing | Lancaster, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 6,386
Initial Cost, Land and Land Improvements	7,909
Initial Cost, Building and Building Improvements	15,329
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	7,909
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	15,329
Total	23,238
Accumulated Depreciation	$ (25)
Residential Properties | Affordable Housing | Memphis, TN-MS-AR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 7,305
Initial Cost, Land and Land Improvements	4,588
Initial Cost, Building and Building Improvements	7,650
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,588
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	7,650
Total	12,238
Accumulated Depreciation	$ (7)
Residential Properties | Affordable Housing | Milwaukee-Waukesha, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 4,255
Initial Cost, Land and Land Improvements	1,130
Initial Cost, Building and Building Improvements	7,290
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,130
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	7,290
Total	8,420
Accumulated Depreciation	$ (11)
Residential Properties | Affordable Housing | New York-Newark-Jersey City, NY-NJ-PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 5,419
Initial Cost, Land and Land Improvements	5,200
Initial Cost, Building and Building Improvements	2,060
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,200
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,060
Total	7,260
Accumulated Depreciation	$ (4)
Residential Properties | Affordable Housing | Oklahoma City, OK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	8
Encumbrances	$ 12,164
Initial Cost, Land and Land Improvements	15,979
Initial Cost, Building and Building Improvements	31,378
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	15,979
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	31,378
Total	47,357
Accumulated Depreciation	$ (52)
Residential Properties | Affordable Housing | Oxnard-Thousand Oaks-Ventura, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 44,028
Initial Cost, Land and Land Improvements	30,808
Initial Cost, Building and Building Improvements	29,868
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	30,808
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	29,868
Total	60,676
Accumulated Depreciation	$ (52)
Residential Properties | Affordable Housing | Pensacola-Ferry Pass-Brent, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 8,894
Initial Cost, Land and Land Improvements	3,330
Initial Cost, Building and Building Improvements	6,590
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,330
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	6,590
Total	9,920
Accumulated Depreciation	$ (11)
Residential Properties | Affordable Housing | Richmond, VA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 11,230
Initial Cost, Land and Land Improvements	6,810
Initial Cost, Building and Building Improvements	33,858
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,810
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	33,858
Total	40,668
Accumulated Depreciation	$ (54)
Residential Properties | Affordable Housing | Salt Lake City, UT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 35,239
Initial Cost, Land and Land Improvements	19,759
Initial Cost, Building and Building Improvements	74,885
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	19,759
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	74,885
Total	94,644
Accumulated Depreciation	$ (118)
Residential Properties | Affordable Housing | San Jose-Sunnyvale-Santa Clara, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 36,350
Initial Cost, Land and Land Improvements	9,129
Initial Cost, Building and Building Improvements	125,082
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	9,129
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	125,082
Total	134,211
Accumulated Depreciation	$ (197)
Residential Properties | Affordable Housing | Spartanburg, SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	4,700
Initial Cost, Building and Building Improvements	8,199
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,700
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	8,199
Total	12,899
Accumulated Depreciation	$ (13)
Residential Properties | Affordable Housing | Stockton, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	10,740
Initial Cost, Building and Building Improvements	44,000
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	10,740
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	44,000
Total	54,740
Accumulated Depreciation	$ (63)
Residential Properties | Affordable Housing | Trenton-Princeton, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 6,564
Initial Cost, Land and Land Improvements	4,670
Initial Cost, Building and Building Improvements	9,999
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,670
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	9,999
Total	14,669
Accumulated Depreciation	$ (16)
Residential Properties | Affordable Housing | Tulsa, OK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 8,958
Initial Cost, Land and Land Improvements	9,019
Initial Cost, Building and Building Improvements	10,559
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	9,019
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	10,559
Total	19,578
Accumulated Depreciation	$ (18)
Residential Properties | Affordable Housing | Virginia Beach-Norfolk-Newport News, VA-NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 19,996
Initial Cost, Land and Land Improvements	20,369
Initial Cost, Building and Building Improvements	56,306
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	20,369
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	56,306
Total	76,675
Accumulated Depreciation	$ (91)
Residential Properties | Affordable Housing | Worcester, MA-CT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	3,350
Initial Cost, Building and Building Improvements	4,970
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,350
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,970
Total	8,320
Accumulated Depreciation	$ (8)
Residential Properties | Affordable Housing | College Station-Bryan, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 4,489
Initial Cost, Land and Land Improvements	3,160
Initial Cost, Building and Building Improvements	12,539
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,160
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	12,539
Total	15,699
Accumulated Depreciation	$ (20)
Residential Properties | Affordable Housing | Mount Vernon, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	1,750
Initial Cost, Building and Building Improvements	4,350
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,750
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,350
Total	6,100
Accumulated Depreciation	$ (7)
Residential Properties | Affordable Housing | Albuquerque, NM
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	8
Encumbrances	$ 57,788
Initial Cost, Land and Land Improvements	69,805
Initial Cost, Building and Building Improvements	82,205
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	69,805
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	82,205
Total	152,010
Accumulated Depreciation	$ (139)
Residential Properties | Affordable Housing | Waco, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 4,976
Initial Cost, Land and Land Improvements	3,520
Initial Cost, Building and Building Improvements	13,139
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,520
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	13,139
Total	16,659
Accumulated Depreciation	$ (21)
Residential Properties | Affordable Housing | Beaumont-Port Arthur, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 5,504
Initial Cost, Land and Land Improvements	4,190
Initial Cost, Building and Building Improvements	10,679
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,190
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	10,679
Total	14,869
Accumulated Depreciation	$ (17)
Residential Properties | Affordable Housing | Lawrence, KS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 4,187
Initial Cost, Land and Land Improvements	1,780
Initial Cost, Building and Building Improvements	11,039
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,780
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	11,039
Total	12,819
Accumulated Depreciation	$ (17)
Residential Properties | Affordable Housing | Salinas, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 15,846
Initial Cost, Land and Land Improvements	22,828
Initial Cost, Building and Building Improvements	93,724
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	22,828
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	93,724
Total	116,552
Accumulated Depreciation	$ (149)
Residential Properties | Affordable Housing | Tyler, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 4,972
Initial Cost, Land and Land Improvements	6,310
Initial Cost, Building and Building Improvements	18,009
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,310
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	18,009
Total	24,319
Accumulated Depreciation	$ (29)
Residential Properties | Affordable Housing | Lincoln, NE
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 8,533
Initial Cost, Land and Land Improvements	5,830
Initial Cost, Building and Building Improvements	33,788
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,830
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	33,788
Total	39,618
Accumulated Depreciation	$ (53)
Residential Properties | Affordable Housing | Cheyenne, WY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 4,772
Initial Cost, Land and Land Improvements	8,219
Initial Cost, Building and Building Improvements	25,458
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,219
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	25,458
Total	33,677
Accumulated Depreciation	$ (41)
Residential Properties | Affordable Housing | Omaha-Council Bluffs, NE-IA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	3,970
Initial Cost, Building and Building Improvements	21,409
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,970
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	21,409
Total	25,379
Accumulated Depreciation	$ (37)
Residential Properties | Affordable Housing | Little Rock-North Little Rock-Conway, AR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	5,110
Initial Cost, Building and Building Improvements	13,689
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,110
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	13,689
Total	18,799
Accumulated Depreciation	$ (22)
Residential Properties | Affordable Housing | Sherman-Denison, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 4,427
Initial Cost, Land and Land Improvements	2,660
Initial Cost, Building and Building Improvements	1,570
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,660
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,570
Total	4,230
Accumulated Depreciation	$ (3)
Residential Properties | Affordable Housing | Killeen-Temple, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 5,021
Initial Cost, Land and Land Improvements	5,060
Initial Cost, Building and Building Improvements	6,140
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,060
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	6,140
Total	11,200
Accumulated Depreciation	$ (10)
Residential Properties | Affordable Housing | St. Louis, MO-IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 31,704
Initial Cost, Land and Land Improvements	11,009
Initial Cost, Building and Building Improvements	63,126
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	11,009
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	63,126
Total	74,135
Accumulated Depreciation	$ (100)
Residential Properties | Affordable Housing | Midland, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	3,610
Initial Cost, Building and Building Improvements	6,940
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,610
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	6,940
Total	10,550
Accumulated Depreciation	$ (11)
Residential Properties | Affordable Housing | Sterling, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 3,523
Initial Cost, Land and Land Improvements	1,940
Initial Cost, Building and Building Improvements	1,620
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,940
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,620
Total	3,560
Accumulated Depreciation	$ (3)
Residential Properties | Affordable Housing | San Luis Obispo-Paso Robles, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 17,813
Initial Cost, Land and Land Improvements	11,649
Initial Cost, Building and Building Improvements	25,908
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	11,649
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	25,908
Total	37,557
Accumulated Depreciation	$ (42)
Residential Properties | Affordable Housing | Heber, UT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	8,449
Initial Cost, Building and Building Improvements	19,659
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,449
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	19,659
Total	28,108
Accumulated Depreciation	$ (32)
Residential Properties | Affordable Housing | Ogden-Clearfield, UT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	8,929
Initial Cost, Building and Building Improvements	14,239
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,929
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	14,239
Total	23,168
Accumulated Depreciation	$ (23)
Residential Properties | Affordable Housing | Canton-Massillon, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 3,668
Initial Cost, Land and Land Improvements	1,940
Initial Cost, Building and Building Improvements	13,259
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,940
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	13,259
Total	15,199
Accumulated Depreciation	$ (21)
Residential Properties | Affordable Housing | Lansing-East Lansing, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	2,070
Initial Cost, Building and Building Improvements	14,139
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,070
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	14,139
Total	16,209
Accumulated Depreciation	$ (22)
Residential Properties | Affordable Housing | Adrian, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	740
Initial Cost, Building and Building Improvements	2,720
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	740
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,720
Total	3,460
Accumulated Depreciation	$ (4)
Residential Properties | Affordable Housing | Monroe, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	2,160
Initial Cost, Building and Building Improvements	14,750
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,160
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	14,750
Total	16,910
Accumulated Depreciation	$ (26)
Residential Properties | Affordable Housing | Santa Maria-Santa Barbara, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 7,745
Initial Cost, Land and Land Improvements	10,459
Initial Cost, Building and Building Improvements	49,457
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	10,459
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	49,457
Total	59,916
Accumulated Depreciation	$ (78)
Residential Properties | Affordable Housing | Plymouth, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 1,078
Initial Cost, Land and Land Improvements	1,030
Initial Cost, Building and Building Improvements	4,850
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,030
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,850
Total	5,880
Accumulated Depreciation	$ (8)
Residential Properties | Affordable Housing | Hanford-Corcoran, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 3,379
Initial Cost, Land and Land Improvements	7,559
Initial Cost, Building and Building Improvements	2,630
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	7,559
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,630
Total	10,189
Accumulated Depreciation	$ (5)
Residential Properties | Affordable Housing | Des Moines-West Des Moines, IA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 11,005
Initial Cost, Land and Land Improvements	3,790
Initial Cost, Building and Building Improvements	20,549
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,790
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	20,549
Total	24,339
Accumulated Depreciation	$ (33)
Residential Properties | Affordable Housing | Other U.S.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	13
Encumbrances	$ 8,704
Initial Cost, Land and Land Improvements	24,568
Initial Cost, Building and Building Improvements	13,749
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	24,568
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	13,749
Total	38,317
Accumulated Depreciation	$ (25)
Residential Properties | Affordable Housing | Battle Creek, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	1,240
Initial Cost, Building and Building Improvements	4,940
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,240
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,940
Total	6,180
Accumulated Depreciation	$ (8)
Residential Properties | Affordable Housing | Sheridan, WY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 2,752
Initial Cost, Land and Land Improvements	3,440
Initial Cost, Building and Building Improvements	4,640
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,440
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,640
Total	8,080
Accumulated Depreciation	$ (8)
Residential Properties | Affordable Housing | Jackson, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 2,296
Initial Cost, Land and Land Improvements	2,280
Initial Cost, Building and Building Improvements	4,200
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,280
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,200
Total	6,480
Accumulated Depreciation	$ (7)
Residential Properties | Affordable Housing | Warsaw, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 3,274
Initial Cost, Land and Land Improvements	2,030
Initial Cost, Building and Building Improvements	12,109
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,030
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	12,109
Total	14,139
Accumulated Depreciation	$ (19)
Residential Properties | Affordable Housing | Ottawa, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 8,927
Initial Cost, Land and Land Improvements	3,330
Initial Cost, Building and Building Improvements	12,749
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,330
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	12,749
Total	16,079
Accumulated Depreciation	$ (20)
Residential Properties | Affordable Housing | South Bend-Mishawaka, IN-MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 9,209
Initial Cost, Land and Land Improvements	4,840
Initial Cost, Building and Building Improvements	23,598
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,840
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	23,598
Total	28,438
Accumulated Depreciation	$ (37)
Residential Properties | Affordable Housing | Marion, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	1,820
Initial Cost, Building and Building Improvements	5,690
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,820
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	5,690
Total	7,510
Accumulated Depreciation	$ (9)
Residential Properties | Affordable Housing | Hilo, HI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 1,879
Initial Cost, Land and Land Improvements	70
Initial Cost, Building and Building Improvements	1,690
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	70
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,690
Total	1,760
Accumulated Depreciation	$ (3)
Residential Properties | Affordable Housing | Lincoln, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 1,203
Initial Cost, Land and Land Improvements	340
Initial Cost, Building and Building Improvements	1,080
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	340
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,080
Total	1,420
Accumulated Depreciation	$ (2)
Residential Properties | Affordable Housing | Greeley, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 7,206
Initial Cost, Land and Land Improvements	7,559
Initial Cost, Building and Building Improvements	39,757
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	7,559
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	39,757
Total	47,316
Accumulated Depreciation	$ (63)
Residential Properties | Affordable Housing | Salisbury, MD-DE
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 3,096
Initial Cost, Land and Land Improvements	4,240
Initial Cost, Building and Building Improvements	3,860
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,240
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	3,860
Total	8,100
Accumulated Depreciation	$ (7)
Residential Properties | Affordable Housing | Macon-Bibb County, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 5,362
Initial Cost, Land and Land Improvements	210
Initial Cost, Building and Building Improvements	2,070
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	210
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,070
Total	2,280
Accumulated Depreciation	$ (4)
Residential Properties | Affordable Housing | Boise City, ID
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 1,503
Initial Cost, Land and Land Improvements	1,320
Initial Cost, Building and Building Improvements	4,710
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,320
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,710
Total	6,030
Accumulated Depreciation	$ (8)
Residential Properties | Affordable Housing | Birmingham-Hoover, AL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 7,499
Initial Cost, Land and Land Improvements	6,960
Initial Cost, Building and Building Improvements	11,029
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,960
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	11,029
Total	17,989
Accumulated Depreciation	$ (18)
Residential Properties | Affordable Housing | Las Cruces, NM
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 1,517
Initial Cost, Land and Land Improvements	3,350
Initial Cost, Building and Building Improvements	310
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,350
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	310
Total	3,660
Accumulated Depreciation	$ (1)
Residential Properties | Affordable Housing | Longview, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 5,467
Initial Cost, Land and Land Improvements	3,690
Initial Cost, Building and Building Improvements	1,780
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,690
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,780
Total	5,470
Accumulated Depreciation	$ (3)
Residential Properties | Affordable Housing | Clearlake, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 4,123
Initial Cost, Land and Land Improvements	3,650
Initial Cost, Building and Building Improvements	3,030
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,650
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	3,030
Total	6,680
Accumulated Depreciation	$ (5)
Residential Properties | Affordable Housing | Johnson City, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 1,282
Initial Cost, Land and Land Improvements	1,450
Initial Cost, Building and Building Improvements	2,890
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,450
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,890
Total	4,340
Accumulated Depreciation	$ (5)
Residential Properties | Affordable Housing | Vidalia, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 251
Initial Cost, Land and Land Improvements	1,270
Initial Cost, Building and Building Improvements	2,390
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,270
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,390
Total	3,660
Accumulated Depreciation	$ (4)
Residential Properties | Affordable Housing | Douglas, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	810
Initial Cost, Building and Building Improvements	1,290
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	810
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,290
Total	2,100
Accumulated Depreciation	$ (2)
Residential Properties | Affordable Housing | Muskegon, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	1,960
Initial Cost, Building and Building Improvements	9,919
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,960
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	9,919
Total	11,879
Accumulated Depreciation	$ (16)
Residential Properties | Affordable Housing | Lawton, OK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 1,492
Initial Cost, Land and Land Improvements	3,270
Initial Cost, Building and Building Improvements	2,370
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,270
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,370
Total	5,640
Accumulated Depreciation	$ (4)
Residential Properties | Affordable Housing | Missoula, MT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 1,666
Initial Cost, Land and Land Improvements	1,410
Initial Cost, Building and Building Improvements	2,360
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,410
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,360
Total	3,770
Accumulated Depreciation	$ (4)
Residential Properties | Affordable Housing | La Crosse-Onalaska, WI-MN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 395
Initial Cost, Land and Land Improvements	290
Initial Cost, Building and Building Improvements	870
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	290
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	870
Total	1,160
Accumulated Depreciation	$ (1)
Residential Properties | Affordable Housing | New Castle, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 181
Initial Cost, Land and Land Improvements	580
Initial Cost, Building and Building Improvements	880
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	580
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	880
Total	1,460
Accumulated Depreciation	$ (1)
Residential Properties | Affordable Housing | Show Low, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 1,830
Initial Cost, Land and Land Improvements	1,360
Initial Cost, Building and Building Improvements	660
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,360
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	660
Total	2,020
Accumulated Depreciation	$ (1)
Residential Properties | Affordable Housing | Evansville, IN-KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 4,571
Initial Cost, Land and Land Improvements	2,780
Initial Cost, Building and Building Improvements	4,980
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,780
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,980
Total	7,760
Accumulated Depreciation	$ (8)
Residential Properties | Affordable Housing | Moultrie, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 1,269
Initial Cost, Land and Land Improvements	1,700
Initial Cost, Building and Building Improvements	680
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,700
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	680
Total	2,380
Accumulated Depreciation	$ (1)
Residential Properties | Affordable Housing | Sierra Vista-Douglas, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 934
Initial Cost, Land and Land Improvements	2,190
Initial Cost, Building and Building Improvements	410
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,190
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	410
Total	2,600
Accumulated Depreciation	$ (1)
Residential Properties | Affordable Housing | Dickinson, ND
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 928
Initial Cost, Land and Land Improvements	660
Initial Cost, Building and Building Improvements	3,830
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	660
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	3,830
Total	4,490
Accumulated Depreciation	$ (6)
Residential Properties | Affordable Housing | Hartford-East Hartford-Middletown, CT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 3,608
Initial Cost, Land and Land Improvements	3,200
Initial Cost, Building and Building Improvements	3,350
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,200
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	3,350
Total	6,550
Accumulated Depreciation	$ (6)
Residential Properties | Affordable Housing | Wilson, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 2,127
Initial Cost, Land and Land Improvements	1,130
Initial Cost, Building and Building Improvements	1,000
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,130
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,000
Total	2,130
Accumulated Depreciation	$ (2)
Residential Properties | Affordable Housing | Gillette, WY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 1,788
Initial Cost, Land and Land Improvements	5,830
Initial Cost, Building and Building Improvements	3,430
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,830
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	3,430
Total	9,260
Accumulated Depreciation	$ (6)
Residential Properties | Affordable Housing | Muskogee, OK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 332
Initial Cost, Land and Land Improvements	190
Initial Cost, Building and Building Improvements	20
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	190
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	20
Total	210
Accumulated Depreciation	$ 0
Residential Properties | Affordable Housing | Hattiesburg, MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	1,310
Initial Cost, Building and Building Improvements	1,460
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,310
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,460
Total	2,770
Accumulated Depreciation	$ (2)
Residential Properties | Affordable Housing | Enterprise, AL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 924
Initial Cost, Land and Land Improvements	2,520
Initial Cost, Building and Building Improvements	4,490
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,520
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,490
Total	7,010
Accumulated Depreciation	$ (7)
Residential Properties | Affordable Housing | Jackson, MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 340
Initial Cost, Land and Land Improvements	4,350
Initial Cost, Building and Building Improvements	4,690
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,350
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,690
Total	9,040
Accumulated Depreciation	$ (8)
Residential Properties | Affordable Housing | Vineland-Bridgeton, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 7,950
Initial Cost, Land and Land Improvements	7,080
Initial Cost, Building and Building Improvements	3,800
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	7,080
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	3,800
Total	10,880
Accumulated Depreciation	$ (7)
Residential Properties | Affordable Housing | Rapid City, SD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 2,750
Initial Cost, Land and Land Improvements	2,590
Initial Cost, Building and Building Improvements	14,549
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,590
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	14,549
Total	17,139
Accumulated Depreciation	$ (23)
Residential Properties | Affordable Housing | Bakersfield, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 3,388
Initial Cost, Land and Land Improvements	4,260
Initial Cost, Building and Building Improvements	2,180
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,260
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,180
Total	6,440
Accumulated Depreciation	$ (4)
Residential Properties | Affordable Housing | Madera, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 2,065
Initial Cost, Land and Land Improvements	1,750
Initial Cost, Building and Building Improvements	1,530
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,750
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,530
Total	3,280
Accumulated Depreciation	$ (3)
Residential Properties | Affordable Housing | Durant, OK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 1,050
Initial Cost, Land and Land Improvements	3,460
Initial Cost, Building and Building Improvements	2,210
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,460
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,210
Total	5,670
Accumulated Depreciation	$ (4)
Residential Properties | Affordable Housing | Truckee-Grass Valley, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 11,711
Initial Cost, Land and Land Improvements	4,310
Initial Cost, Building and Building Improvements	12,149
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,310
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	12,149
Total	16,459
Accumulated Depreciation	$ (19)
Residential Properties | Affordable Housing | Santa Fe, NM
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 4,831
Initial Cost, Land and Land Improvements	4,800
Initial Cost, Building and Building Improvements	9,479
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,800
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	9,479
Total	14,279
Accumulated Depreciation	$ (15)
Residential Properties | Affordable Housing | Gulfport-Biloxi, MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	2,930
Initial Cost, Building and Building Improvements	2,410
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,930
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,410
Total	5,340
Accumulated Depreciation	$ (4)
Residential Properties | Affordable Housing | Red Bluff, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 1,494
Initial Cost, Land and Land Improvements	4,990
Initial Cost, Building and Building Improvements	2,770
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,990
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,770
Total	7,760
Accumulated Depreciation	$ (5)
Residential Properties | Affordable Housing | Visalia, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 3,098
Initial Cost, Land and Land Improvements	6,950
Initial Cost, Building and Building Improvements	4,650
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,950
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,650
Total	11,600
Accumulated Depreciation	$ (8)
Residential Properties | Affordable Housing | Redding, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 2,004
Initial Cost, Land and Land Improvements	3,460
Initial Cost, Building and Building Improvements	3,240
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,460
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	3,240
Total	6,700
Accumulated Depreciation	$ (6)
Residential Properties | Affordable Housing | Clarksdale, MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 393
Initial Cost, Land and Land Improvements	710
Initial Cost, Building and Building Improvements	1,120
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	710
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,120
Total	1,830
Accumulated Depreciation	$ (2)
Residential Properties | Affordable Housing | Fort Smith, AR-OK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	350
Initial Cost, Building and Building Improvements	380
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	350
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	380
Total	730
Accumulated Depreciation	$ (1)
Residential Properties | Affordable Housing | Fort Wayne, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	530
Initial Cost, Building and Building Improvements	40
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	530
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	40
Total	570
Accumulated Depreciation	$ 0
Residential Properties | Affordable Housing | Decatur, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 432
Initial Cost, Land and Land Improvements	980
Initial Cost, Building and Building Improvements	3,580
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	980
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	3,580
Total	4,560
Accumulated Depreciation	$ (6)
Residential Properties | Affordable Housing | Cleveland, MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	2,450
Initial Cost, Building and Building Improvements	4,340
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,450
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,340
Total	6,790
Accumulated Depreciation	$ (7)
Residential Properties | Affordable Housing | Indianola, MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	1,510
Initial Cost, Building and Building Improvements	4,010
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,510
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,010
Total	5,520
Accumulated Depreciation	$ (6)
Residential Properties | Affordable Housing | Greenville, MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	2,260
Initial Cost, Building and Building Improvements	2,320
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,260
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,320
Total	4,580
Accumulated Depreciation	$ (4)
Residential Properties | Affordable Housing | Hammond, LA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 2,206
Initial Cost, Land and Land Improvements	3,600
Initial Cost, Building and Building Improvements	7,270
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,600
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	7,270
Total	10,870
Accumulated Depreciation	$ (12)
Residential Properties | Affordable Housing | Chico, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 9,644
Initial Cost, Land and Land Improvements	3,590
Initial Cost, Building and Building Improvements	10,889
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,590
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	10,889
Total	14,479
Accumulated Depreciation	$ (17)
Residential Properties | Affordable Housing | Shawnee, OK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 659
Initial Cost, Land and Land Improvements	550
Initial Cost, Building and Building Improvements	460
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	550
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	460
Total	1,010
Accumulated Depreciation	$ (1)
Residential Properties | Affordable Housing | Yuba City, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	5,660
Initial Cost, Building and Building Improvements	1,800
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,660
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,800
Total	7,460
Accumulated Depreciation	$ (4)
Residential Properties | Affordable Housing | Duluth, MN-WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 5,231
Initial Cost, Land and Land Improvements	500
Initial Cost, Building and Building Improvements	11,819
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	500
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	11,819
Total	12,319
Accumulated Depreciation	$ (18)
Residential Properties | Affordable Housing | Lake Havasu City-Kingman, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 2,474
Initial Cost, Land and Land Improvements	4,180
Initial Cost, Building and Building Improvements	4,360
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,180
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,360
Total	8,540
Accumulated Depreciation	$ (7)
Residential Properties | Affordable Housing | Greenwood, MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	1,480
Initial Cost, Building and Building Improvements	2,990
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,480
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,990
Total	4,470
Accumulated Depreciation	$ (5)
Residential Properties | Affordable Housing | New Orleans-Metairie, LA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 39,140
Initial Cost, Land and Land Improvements	8,899
Initial Cost, Building and Building Improvements	40,037
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,899
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	40,037
Total	48,936
Accumulated Depreciation	$ (64)
Residential Properties | Affordable Housing | Evanston, WY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	2,070
Initial Cost, Building and Building Improvements	1,790
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,070
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,790
Total	3,860
Accumulated Depreciation	$ (3)
Residential Properties | Affordable Housing | El Centro, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 5,518
Initial Cost, Land and Land Improvements	6,260
Initial Cost, Building and Building Improvements	4,200
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,260
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,200
Total	10,460
Accumulated Depreciation	$ (8)
Residential Properties | Affordable Housing | Brownsville, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 1,227
Initial Cost, Land and Land Improvements	3,780
Initial Cost, Building and Building Improvements	680
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,780
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	680
Total	4,460
Accumulated Depreciation	$ (1)
Residential Properties | Affordable Housing | Morristown, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	290
Initial Cost, Building and Building Improvements	0
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	290
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	0
Total	290
Accumulated Depreciation	$ 0
Residential Properties | Affordable Housing | Roanoke, VA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	320
Initial Cost, Building and Building Improvements	0
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	320
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	0
Total	320
Accumulated Depreciation	$ 0
Residential Properties | Affordable Housing | Bronx, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 1,622
Initial Cost, Land and Land Improvements	0
Initial Cost, Building and Building Improvements	6,812
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	0
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	6,812
Total	6,812
Accumulated Depreciation	$ 0
Residential Properties | Affordable Housing | Weslaco, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	0
Initial Cost, Building and Building Improvements	2,798
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	0
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,798
Total	2,798
Accumulated Depreciation	$ 0
Residential Properties | Affordable Housing | Port Author, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 2,745
Initial Cost, Land and Land Improvements	0
Initial Cost, Building and Building Improvements	8,230
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	0
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	8,230
Total	8,230
Accumulated Depreciation	$ 0
Industrial Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1,114
Encumbrances	$ 11,179,041
Initial Cost, Land and Land Improvements	3,391,122
Initial Cost, Building and Building Improvements	14,142,102
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	245,358
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,391,122
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	14,387,460
Total	17,778,582
Accumulated Depreciation	$ (987,930)
Industrial Properties | Cold Storage Warehouse | Austin-Round Rock-Georgetown, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 7,838
Initial Cost, Land and Land Improvements	3,132
Initial Cost, Building and Building Improvements	19,010
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,226
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,132
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	22,236
Total	25,368
Accumulated Depreciation	$ (2,666)
Industrial Properties | Cold Storage Warehouse | Boston-Cambridge-Newton, MA-NH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 96,800
Initial Cost, Land and Land Improvements	24,374
Initial Cost, Building and Building Improvements	116,419
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	24,374
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	116,419
Total	140,793
Accumulated Depreciation	$ (692)
Industrial Properties | Cold Storage Warehouse | Charlotte-Concord-Gastonia, NC-SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	12
Encumbrances	$ 104,811
Initial Cost, Land and Land Improvements	34,152
Initial Cost, Building and Building Improvements	123,097
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,281
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	34,152
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	124,378
Total	158,530
Accumulated Depreciation	$ (3,427)
Industrial Properties | Cold Storage Warehouse | Chicago-Naperville-Elgin, IL-IN-WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	120
Encumbrances	$ 1,203,255
Initial Cost, Land and Land Improvements	404,574
Initial Cost, Building and Building Improvements	1,441,267
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	31,103
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	404,574
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,472,370
Total	1,876,944
Accumulated Depreciation	$ (123,834)
Industrial Properties | Cold Storage Warehouse | Columbus, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	25
Encumbrances	$ 411,115
Initial Cost, Land and Land Improvements	60,621
Initial Cost, Building and Building Improvements	495,395
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	5,156
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	60,621
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	500,551
Total	561,172
Accumulated Depreciation	$ (26,148)
Industrial Properties | Cold Storage Warehouse | Dallas-Fort Worth-Arlington, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	71
Encumbrances	$ 849,272
Initial Cost, Land and Land Improvements	184,107
Initial Cost, Building and Building Improvements	1,176,281
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	37,772
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	184,107
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,214,053
Total	1,398,160
Accumulated Depreciation	$ (87,937)
Industrial Properties | Cold Storage Warehouse | Denver-Aurora-Lakewood, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	19
Encumbrances	$ 220,567
Initial Cost, Land and Land Improvements	58,711
Initial Cost, Building and Building Improvements	281,902
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,798
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	58,711
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	285,700
Total	344,411
Accumulated Depreciation	$ (27,457)
Industrial Properties | Cold Storage Warehouse | Durham-Chapel Hill, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 58,093
Initial Cost, Land and Land Improvements	9,078
Initial Cost, Building and Building Improvements	63,480
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,031
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	9,078
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	64,511
Total	73,589
Accumulated Depreciation	$ (3,117)
Industrial Properties | Cold Storage Warehouse | Greenville-Anderson, SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 3,389
Initial Cost, Land and Land Improvements	1,165
Initial Cost, Building and Building Improvements	4,802
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	690
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,165
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	5,492
Total	6,657
Accumulated Depreciation	$ (659)
Industrial Properties | Cold Storage Warehouse | Houston-The Woodlands-Sugar Land, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	27
Encumbrances	$ 257,690
Initial Cost, Land and Land Improvements	56,211
Initial Cost, Building and Building Improvements	325,251
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	8,166
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	56,211
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	333,417
Total	389,628
Accumulated Depreciation	$ (25,147)
Industrial Properties | Cold Storage Warehouse | Jacksonville, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	14
Encumbrances	$ 113,065
Initial Cost, Land and Land Improvements	29,512
Initial Cost, Building and Building Improvements	168,826
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	4,528
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	29,512
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	173,354
Total	202,866
Accumulated Depreciation	$ (15,682)
Industrial Properties | Cold Storage Warehouse | Kansas City, MO-KS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 17,484
Initial Cost, Land and Land Improvements	3,954
Initial Cost, Building and Building Improvements	25,368
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,495
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,954
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	26,863
Total	30,817
Accumulated Depreciation	$ (3,208)
Industrial Properties | Cold Storage Warehouse | Lakeland-Winter Haven, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	9
Encumbrances	$ 152,537
Initial Cost, Land and Land Improvements	27,509
Initial Cost, Building and Building Improvements	158,671
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	5,441
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	27,509
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	164,112
Total	191,621
Accumulated Depreciation	$ (15,237)
Industrial Properties | Cold Storage Warehouse | Las Vegas-Henderson-Paradise, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	13
Encumbrances	$ 184,985
Initial Cost, Land and Land Improvements	101,598
Initial Cost, Building and Building Improvements	486,688
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	183
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	101,598
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	486,871
Total	588,469
Accumulated Depreciation	$ (16,125)
Industrial Properties | Cold Storage Warehouse | Los Angeles-Long Beach-Anaheim, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	8
Encumbrances	$ 192,629
Initial Cost, Land and Land Improvements	120,900
Initial Cost, Building and Building Improvements	165,462
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	233
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	120,900
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	165,695
Total	286,595
Accumulated Depreciation	$ (4,650)
Industrial Properties | Cold Storage Warehouse | Louisville/Jefferson County, KY-IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	10
Encumbrances	$ 167,429
Initial Cost, Land and Land Improvements	37,105
Initial Cost, Building and Building Improvements	210,695
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,646
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	37,105
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	213,341
Total	250,446
Accumulated Depreciation	$ (13,829)
Industrial Properties | Cold Storage Warehouse | Miami-Fort Lauderdale-Pompano Beach, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	22
Encumbrances	$ 199,174
Initial Cost, Land and Land Improvements	84,049
Initial Cost, Building and Building Improvements	215,986
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	9,655
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	84,049
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	225,641
Total	309,690
Accumulated Depreciation	$ (8,130)
Industrial Properties | Cold Storage Warehouse | Minneapolis-St. Paul-Bloomington, MN-WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	56
Encumbrances	$ 453,586
Initial Cost, Land and Land Improvements	123,751
Initial Cost, Building and Building Improvements	469,835
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	6,820
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	123,751
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	476,655
Total	600,406
Accumulated Depreciation	$ (29,110)
Industrial Properties | Cold Storage Warehouse | Nashville-Davidson--Murfreesboro--Franklin, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 74,043
Initial Cost, Land and Land Improvements	53,529
Initial Cost, Building and Building Improvements	82,788
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,413
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	53,529
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	85,201
Total	138,730
Accumulated Depreciation	$ (6,178)
Industrial Properties | Cold Storage Warehouse | Orlando-Kissimmee-Sanford, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	37
Encumbrances	$ 354,766
Initial Cost, Land and Land Improvements	86,027
Initial Cost, Building and Building Improvements	426,669
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	10,647
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	86,027
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	437,316
Total	523,343
Accumulated Depreciation	$ (39,799)
Industrial Properties | Cold Storage Warehouse | Phoenix-Mesa-Chandler, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 23,496
Initial Cost, Land and Land Improvements	6,364
Initial Cost, Building and Building Improvements	38,704
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	178
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,364
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	38,882
Total	45,246
Accumulated Depreciation	$ (1,371)
Industrial Properties | Cold Storage Warehouse | Portland-Vancouver-Hillsboro, OR-WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 71,540
Initial Cost, Land and Land Improvements	20,135
Initial Cost, Building and Building Improvements	72,856
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	20,135
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	72,856
Total	92,991
Accumulated Depreciation	$ (568)
Industrial Properties | Cold Storage Warehouse | Raleigh-Cary, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 9,527
Initial Cost, Land and Land Improvements	1,664
Initial Cost, Building and Building Improvements	12,062
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	432
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,664
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	12,494
Total	14,158
Accumulated Depreciation	$ (1,238)
Industrial Properties | Cold Storage Warehouse | Riverside-San Bernardino-Ontario, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	28
Encumbrances	$ 318,298
Initial Cost, Land and Land Improvements	237,390
Initial Cost, Building and Building Improvements	449,783
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,937
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	237,390
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	451,720
Total	689,110
Accumulated Depreciation	$ (22,270)
Industrial Properties | Cold Storage Warehouse | Sacramento-Roseville-Folsom, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 8,760
Initial Cost, Land and Land Improvements	3,625
Initial Cost, Building and Building Improvements	23,944
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	28
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,625
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	23,972
Total	27,597
Accumulated Depreciation	$ (1,375)
Industrial Properties | Cold Storage Warehouse | San Antonio-New Braunfels, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	21
Encumbrances	$ 91,918
Initial Cost, Land and Land Improvements	16,182
Initial Cost, Building and Building Improvements	104,932
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	949
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	16,182
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	105,881
Total	122,063
Accumulated Depreciation	$ (6,818)
Industrial Properties | Cold Storage Warehouse | Savannah, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 46,250
Initial Cost, Land and Land Improvements	11,029
Initial Cost, Building and Building Improvements	60,627
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	9,719
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	11,029
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	70,346
Total	81,375
Accumulated Depreciation	$ (7,084)
Industrial Properties | Cold Storage Warehouse | Seattle-Tacoma-Bellevue, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 44,207
Initial Cost, Land and Land Improvements	16,739
Initial Cost, Building and Building Improvements	59,512
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	494
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	16,739
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	60,006
Total	76,745
Accumulated Depreciation	$ (5,941)
Industrial Properties | Cold Storage Warehouse | Tampa-St. Petersburg-Clearwater, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	36
Encumbrances	$ 230,878
Initial Cost, Land and Land Improvements	55,513
Initial Cost, Building and Building Improvements	292,215
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,777
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	55,513
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	294,992
Total	350,505
Accumulated Depreciation	$ (20,554)
Industrial Properties | Cold Storage Warehouse | Cincinnati, OH-KY-IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	41
Encumbrances	$ 320,192
Initial Cost, Land and Land Improvements	68,839
Initial Cost, Building and Building Improvements	474,839
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	10,598
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	68,839
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	485,437
Total	554,276
Accumulated Depreciation	$ (38,215)
Industrial Properties | Cold Storage Warehouse | Deltona-Daytona Beach-Ormond Beach, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 8,250
Initial Cost, Land and Land Improvements	1,384
Initial Cost, Building and Building Improvements	8,312
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,384
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	8,312
Total	9,696
Accumulated Depreciation	$ (33)
Industrial Properties | Cold Storage Warehouse | San Diego-Chula Vista-Carlsbad, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 63,255
Initial Cost, Land and Land Improvements	62,817
Initial Cost, Building and Building Improvements	91,358
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	591
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	62,817
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	91,949
Total	154,766
Accumulated Depreciation	$ (2,354)
Industrial Properties | Cold Storage Warehouse | Washington-Arlington-Alexandria, DC-VA-MD-WV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	17
Encumbrances	$ 148,543
Initial Cost, Land and Land Improvements	61,777
Initial Cost, Building and Building Improvements	156,871
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	7,307
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	61,777
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	164,178
Total	225,955
Accumulated Depreciation	$ (18,059)
Industrial Properties | Cold Storage Warehouse | Atlanta-Sandy Springs-Alpharetta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 10,408
Initial Cost, Land and Land Improvements	3,134
Initial Cost, Building and Building Improvements	30,130
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,614
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,134
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	31,744
Total	34,878
Accumulated Depreciation	$ (4,219)
Industrial Properties | Cold Storage Warehouse | Reno, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	24
Encumbrances	$ 161,855
Initial Cost, Land and Land Improvements	53,655
Initial Cost, Building and Building Improvements	133,177
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,798
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	53,655
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	134,975
Total	188,630
Accumulated Depreciation	$ (16,717)
Industrial Properties | Cold Storage Warehouse | San Francisco-Oakland-Berkeley, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 18,671
Initial Cost, Land and Land Improvements	6,785
Initial Cost, Building and Building Improvements	46,830
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	668
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,785
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	47,498
Total	54,283
Accumulated Depreciation	$ (4,800)
Industrial Properties | Cold Storage Warehouse | Baltimore-Columbia-Towson, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 14,855
Initial Cost, Land and Land Improvements	5,789
Initial Cost, Building and Building Improvements	38,820
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,789
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	38,820
Total	44,609
Accumulated Depreciation	$ (4,394)
Industrial Properties | Cold Storage Warehouse | El Paso, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	16
Encumbrances	$ 156,162
Initial Cost, Land and Land Improvements	25,142
Initial Cost, Building and Building Improvements	173,122
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,744
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	25,142
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	175,866
Total	201,008
Accumulated Depreciation	$ (20,794)
Industrial Properties | Cold Storage Warehouse | Harrisburg-Carlisle, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	14
Encumbrances	$ 274,698
Initial Cost, Land and Land Improvements	45,788
Initial Cost, Building and Building Improvements	378,137
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	5,910
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	45,788
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	384,047
Total	429,835
Accumulated Depreciation	$ (48,728)
Industrial Properties | Cold Storage Warehouse | Indianapolis-Carmel-Anderson, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	34
Encumbrances	$ 484,918
Initial Cost, Land and Land Improvements	97,188
Initial Cost, Building and Building Improvements	567,441
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	4,285
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	97,188
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	571,726
Total	668,914
Accumulated Depreciation	$ (36,314)
Industrial Properties | Cold Storage Warehouse | Lancaster, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 21,110
Initial Cost, Land and Land Improvements	3,879
Initial Cost, Building and Building Improvements	22,307
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,879
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	22,307
Total	26,186
Accumulated Depreciation	$ (87)
Industrial Properties | Cold Storage Warehouse | Memphis, TN-MS-AR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	29
Encumbrances	$ 245,214
Initial Cost, Land and Land Improvements	55,548
Initial Cost, Building and Building Improvements	263,302
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	4,907
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	55,548
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	268,209
Total	323,757
Accumulated Depreciation	$ (14,424)
Industrial Properties | Cold Storage Warehouse | Milwaukee-Waukesha, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	13
Encumbrances	$ 114,699
Initial Cost, Land and Land Improvements	21,136
Initial Cost, Building and Building Improvements	136,133
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,283
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	21,136
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	137,416
Total	158,552
Accumulated Depreciation	$ (5,966)
Industrial Properties | Cold Storage Warehouse | New York-Newark-Jersey City, NY-NJ-PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	35
Encumbrances	$ 332,421
Initial Cost, Land and Land Improvements	133,353
Initial Cost, Building and Building Improvements	401,866
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	7,507
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	133,353
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	409,373
Total	542,726
Accumulated Depreciation	$ (19,918)
Industrial Properties | Cold Storage Warehouse | Oxnard-Thousand Oaks-Ventura, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 29,700
Initial Cost, Land and Land Improvements	12,991
Initial Cost, Building and Building Improvements	28,297
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	815
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	12,991
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	29,112
Total	42,103
Accumulated Depreciation	$ (2,056)
Industrial Properties | Cold Storage Warehouse | Richmond, VA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	15
Encumbrances	$ 92,917
Initial Cost, Land and Land Improvements	26,117
Initial Cost, Building and Building Improvements	137,354
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,927
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	26,117
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	139,281
Total	165,398
Accumulated Depreciation	$ (17,076)
Industrial Properties | Cold Storage Warehouse | Salt Lake City, UT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 127,449
Initial Cost, Land and Land Improvements	120,808
Initial Cost, Building and Building Improvements	90,028
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	588
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	120,808
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	90,616
Total	211,424
Accumulated Depreciation	$ (461)
Industrial Properties | Cold Storage Warehouse | Stockton, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 29,720
Initial Cost, Land and Land Improvements	16,775
Initial Cost, Building and Building Improvements	66,079
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	16,775
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	66,079
Total	82,854
Accumulated Depreciation	$ (8,254)
Industrial Properties | Cold Storage Warehouse | Virginia Beach-Norfolk-Newport News, VA-NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	10
Encumbrances	$ 86,715
Initial Cost, Land and Land Improvements	19,180
Initial Cost, Building and Building Improvements	107,731
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	744
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	19,180
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	108,475
Total	127,655
Accumulated Depreciation	$ (11,329)
Industrial Properties | Cold Storage Warehouse | Worcester, MA-CT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 7,483
Initial Cost, Land and Land Improvements	2,520
Initial Cost, Building and Building Improvements	8,604
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	272
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,520
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	8,876
Total	11,396
Accumulated Depreciation	$ (1,282)
Industrial Properties | Cold Storage Warehouse | Allentown-Bethlehem-Easton, PA-NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 44,340
Initial Cost, Land and Land Improvements	7,307
Initial Cost, Building and Building Improvements	56,545
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	7,307
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	56,545
Total	63,852
Accumulated Depreciation	$ (925)
Industrial Properties | Cold Storage Warehouse | Baton Rouge, LA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 19,190
Initial Cost, Land and Land Improvements	5,893
Initial Cost, Building and Building Improvements	15,035
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,893
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	15,035
Total	20,928
Accumulated Depreciation	$ (102)
Industrial Properties | Cold Storage Warehouse | Davenport-Moline-Rock Island, IA-IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 13,560
Initial Cost, Land and Land Improvements	1,507
Initial Cost, Building and Building Improvements	10,471
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,507
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	10,471
Total	11,978
Accumulated Depreciation	$ (74)
Industrial Properties | Cold Storage Warehouse | Fond du Lac, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 9,430
Initial Cost, Land and Land Improvements	954
Initial Cost, Building and Building Improvements	9,494
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	954
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	9,494
Total	10,448
Accumulated Depreciation	$ (114)
Industrial Properties | Cold Storage Warehouse | Greensboro-High Point, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	59
Encumbrances	$ 296,677
Initial Cost, Land and Land Improvements	81,572
Initial Cost, Building and Building Improvements	420,773
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	9,890
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	81,572
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	430,663
Total	512,235
Accumulated Depreciation	$ (22,193)
Industrial Properties | Cold Storage Warehouse | Hickory-Lenoir-Morganton, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 12,570
Initial Cost, Land and Land Improvements	2,900
Initial Cost, Building and Building Improvements	36,463
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,900
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	36,463
Total	39,363
Accumulated Depreciation	$ (247)
Industrial Properties | Cold Storage Warehouse | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	18
Encumbrances	$ 319,063
Initial Cost, Land and Land Improvements	85,314
Initial Cost, Building and Building Improvements	300,589
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	659
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	85,314
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	301,248
Total	386,562
Accumulated Depreciation	$ (8,168)
Industrial Properties | Cold Storage Warehouse | Racine, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 66,696
Initial Cost, Land and Land Improvements	14,284
Initial Cost, Building and Building Improvements	92,588
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	943
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	14,284
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	93,531
Total	107,815
Accumulated Depreciation	$ (7,018)
Industrial Properties | Cold Storage Warehouse | Reading, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 41,242
Initial Cost, Land and Land Improvements	10,787
Initial Cost, Building and Building Improvements	66,858
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	182
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	10,787
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	67,040
Total	77,827
Accumulated Depreciation	$ (6,772)
Industrial Properties | Cold Storage Warehouse | Rockford, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 23,157
Initial Cost, Land and Land Improvements	3,648
Initial Cost, Building and Building Improvements	28,007
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	163
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,648
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	28,170
Total	31,818
Accumulated Depreciation	$ (2,744)
Industrial Properties | Cold Storage Warehouse | Scranton--Wilkes-Barre, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 60,309
Initial Cost, Land and Land Improvements	11,403
Initial Cost, Building and Building Improvements	74,918
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	200
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	11,403
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	75,118
Total	86,521
Accumulated Depreciation	$ (4,069)
Industrial Properties | Cold Storage Warehouse | Toledo, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 10,643
Initial Cost, Land and Land Improvements	1,458
Initial Cost, Building and Building Improvements	16,084
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	41
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,458
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	16,125
Total	17,583
Accumulated Depreciation	$ (2,198)
Industrial Properties | Cold Storage Warehouse | Vallejo, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 14,563
Initial Cost, Land and Land Improvements	14,444
Initial Cost, Building and Building Improvements	35,048
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	185
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	14,444
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	35,233
Total	49,677
Accumulated Depreciation	$ (2,193)
Industrial Properties | Cold Storage Warehouse | Wausau-Weston, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 5,540
Initial Cost, Land and Land Improvements	2,375
Initial Cost, Building and Building Improvements	4,655
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,375
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,655
Total	7,030
Accumulated Depreciation	$ (37)
Industrial Properties | Cold Storage Warehouse | Winchester, VA-WV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 21,061
Initial Cost, Land and Land Improvements	5,176
Initial Cost, Building and Building Improvements	33,059
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	726
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,176
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	33,785
Total	38,961
Accumulated Depreciation	$ (3,809)
Industrial Properties | Cold Storage Warehouse | Winston-Salem, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	9
Encumbrances	$ 42,300
Initial Cost, Land and Land Improvements	10,530
Initial Cost, Building and Building Improvements	59,645
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,712
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	10,530
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	61,357
Total	71,887
Accumulated Depreciation	$ (5,134)
Industrial Properties | Cold Storage Warehouse | York-Hanover, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 95,428
Initial Cost, Land and Land Improvements	21,122
Initial Cost, Building and Building Improvements	133,296
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	21,122
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	133,296
Total	154,418
Accumulated Depreciation	$ (11,553)
Industrial Properties | Cold Storage Warehouse | Stockton, CA 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 94,191
Initial Cost, Land and Land Improvements	32,234
Initial Cost, Building and Building Improvements	165,467
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	436
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	32,234
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	165,903
Total	198,137
Accumulated Depreciation	$ (15,831)
Industrial Properties | Cold Storage Warehouse | Austin-Round Rock-Georgetown, TX 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 29,390
Initial Cost, Land and Land Improvements	15,803
Initial Cost, Building and Building Improvements	23,630
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,290
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	15,803
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	25,920
Total	41,723
Accumulated Depreciation	$ (158)
Industrial Properties | Cold Storage Warehouse | Baltimore-Columbia-Towson, MD 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	16
Encumbrances	$ 176,326
Initial Cost, Land and Land Improvements	47,275
Initial Cost, Building and Building Improvements	210,698
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	6,582
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	47,275
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	217,280
Total	264,555
Accumulated Depreciation	$ (11,384)
Industrial Properties | Cold Storage Warehouse | Atlanta-Sandy Springs-Alpharetta, GA 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	136
Encumbrances	$ 1,021,838
Initial Cost, Land and Land Improvements	268,514
Initial Cost, Building and Building Improvements	1,355,886
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	14,993
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	268,514
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,370,879
Total	1,639,393
Accumulated Depreciation	$ (85,852)
Industrial Properties | Cold Storage Warehouse | San Francisco-Oakland-Berkeley, CA 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 44,890
Initial Cost, Land and Land Improvements	29,317
Initial Cost, Building and Building Improvements	59,628
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	29,317
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	59,628
Total	88,945
Accumulated Depreciation	$ (1,624)
Net lease Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 3,010,000
Initial Cost, Land and Land Improvements	1,451,755
Initial Cost, Building and Building Improvements	2,757,601
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	12
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,451,755
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,757,613
Total	4,209,368
Accumulated Depreciation	$ (243,797)
Net lease Properties | Las Vegas, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 3,010,000
Initial Cost, Land and Land Improvements	1,451,755
Initial Cost, Building and Building Improvements	2,757,601
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	12
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,451,755
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,757,613
Total	4,209,368
Accumulated Depreciation	$ (243,797)
Data Center Properties: | Powered Shell
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	11
Encumbrances	$ 319,900
Initial Cost, Land and Land Improvements	115,642
Initial Cost, Building and Building Improvements	376,360
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	115,642
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	376,360
Total	492,002
Accumulated Depreciation	$ (17,167)
Data Center Properties: | Powered Shell | Washington DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	11
Encumbrances	$ 319,900
Initial Cost, Land and Land Improvements	115,642
Initial Cost, Building and Building Improvements	376,360
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	115,642
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	376,360
Total	492,002
Accumulated Depreciation	$ (17,167)
Hospitality Properties:
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	68
Encumbrances	$ 1,116,816
Initial Cost, Land and Land Improvements	447,969
Initial Cost, Building and Building Improvements	2,187,147
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1,484
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	99,423
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	449,453
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,286,570
Total	2,736,023
Accumulated Depreciation	$ (285,356)
Hospitality Properties: | Full service Hotel | San Antonio-New Braunfels, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 202,500
Initial Cost, Land and Land Improvements	84,218
Initial Cost, Building and Building Improvements	474,529
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	350
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	14,093
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	84,568
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	488,622
Total	573,190
Accumulated Depreciation	$ (94,257)
Hospitality Properties: | Full service Hotel | Atlanta-Sandy Springs-Alpharetta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 243,700
Initial Cost, Land and Land Improvements	30,482
Initial Cost, Building and Building Improvements	289,353
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	18,263
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	30,482
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	307,616
Total	338,098
Accumulated Depreciation	$ (24,459)
Hospitality Properties: | Select Service Hotels | Atlanta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 21,200
Initial Cost, Land and Land Improvements	19,825
Initial Cost, Building and Building Improvements	68,875
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	17
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	294
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	19,842
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	69,169
Total	89,011
Accumulated Depreciation	$ (6,923)
Hospitality Properties: | Select Service Hotels | Durham-Chapel Hill, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 12,047
Initial Cost, Land and Land Improvements	2,809
Initial Cost, Building and Building Improvements	12,407
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	22
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,573
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,831
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	13,980
Total	16,811
Accumulated Depreciation	$ (1,396)
Hospitality Properties: | Select Service Hotels | Las Vegas-Henderson-Paradise, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 21,400
Initial Cost, Land and Land Improvements	3,341
Initial Cost, Building and Building Improvements	29,972
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	29
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	319
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,370
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	30,291
Total	33,661
Accumulated Depreciation	$ (6,610)
Hospitality Properties: | Select Service Hotels | Miami-Fort Lauderdale-Pompano Beach, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 57,140
Initial Cost, Land and Land Improvements	9,333
Initial Cost, Building and Building Improvements	54,528
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	45
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,333
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	9,378
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	56,861
Total	66,239
Accumulated Depreciation	$ (4,930)
Hospitality Properties: | Select Service Hotels | Nashville-Davidson--Murfreesboro--Franklin, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	25,144
Initial Cost, Building and Building Improvements	77,202
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	25,144
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	77,202
Total	102,346
Accumulated Depreciation	$ (104)
Hospitality Properties: | Select Service Hotels | Orlando-Kissimmee-Sanford, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 42,691
Initial Cost, Land and Land Improvements	7,564
Initial Cost, Building and Building Improvements	48,782
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	66
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,422
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	7,630
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	50,204
Total	57,834
Accumulated Depreciation	$ (12,730)
Hospitality Properties: | Select Service Hotels | Phoenix-Mesa-Chandler, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 29,247
Initial Cost, Land and Land Improvements	17,099
Initial Cost, Building and Building Improvements	49,155
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	44
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	389
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	17,143
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	49,544
Total	66,687
Accumulated Depreciation	$ (7,316)
Hospitality Properties: | Select Service Hotels | Sacramento-Roseville-Folsom, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 20,500
Initial Cost, Land and Land Improvements	526
Initial Cost, Building and Building Improvements	24,778
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	14
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	767
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	540
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	25,545
Total	26,085
Accumulated Depreciation	$ (8,114)
Hospitality Properties: | Select Service Hotels | San Antonio-New Braunfels, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 8,762
Initial Cost, Land and Land Improvements	3,635
Initial Cost, Building and Building Improvements	12,033
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,635
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	12,033
Total	15,668
Accumulated Depreciation	$ (1,140)
Hospitality Properties: | Select Service Hotels | Seattle-Tacoma-Bellevue, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 17,616
Initial Cost, Land and Land Improvements	2,894
Initial Cost, Building and Building Improvements	30,395
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	88
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,894
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	30,483
Total	33,377
Accumulated Depreciation	$ (4,043)
Hospitality Properties: | Select Service Hotels | Tampa-St. Petersburg-Clearwater, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 119,283
Initial Cost, Land and Land Improvements	10,256
Initial Cost, Building and Building Improvements	54,291
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	107
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	6,706
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	10,363
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	60,997
Total	71,360
Accumulated Depreciation	$ (14,774)
Hospitality Properties: | Select Service Hotels | Santa Rosa-Petaluma, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 8,300
Initial Cost, Land and Land Improvements	2,538
Initial Cost, Building and Building Improvements	26,306
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,946
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,538
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	28,252
Total	30,790
Accumulated Depreciation	$ (4,877)
Hospitality Properties: | Select Service Hotels | Washington-Arlington-Alexandria, DC-VA-MD-WV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 12,434
Initial Cost, Land and Land Improvements	3,310
Initial Cost, Building and Building Improvements	11,947
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	9
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,329
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,319
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	15,276
Total	18,595
Accumulated Depreciation	$ (935)
Hospitality Properties: | Select Service Hotels | Boulder, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 13,414
Initial Cost, Land and Land Improvements	4,046
Initial Cost, Building and Building Improvements	25,871
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,046
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	25,871
Total	29,917
Accumulated Depreciation	$ (1,541)
Hospitality Properties: | Select Service Hotels | Reno, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 25,755
Initial Cost, Land and Land Improvements	4,167
Initial Cost, Building and Building Improvements	45,881
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	75
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,367
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,242
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	49,248
Total	53,490
Accumulated Depreciation	$ (9,479)
Hospitality Properties: | Select Service Hotels | Bloomington, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 12,213
Initial Cost, Land and Land Improvements	0
Initial Cost, Building and Building Improvements	24,783
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,378
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	0
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	27,161
Total	27,161
Accumulated Depreciation	$ (1,788)
Hospitality Properties: | Select Service Hotels | Crestview-Fort Walton Beach-Destin, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 10,002
Initial Cost, Land and Land Improvements	1,966
Initial Cost, Building and Building Improvements	8,214
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	14
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,855
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,980
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	10,069
Total	12,049
Accumulated Depreciation	$ (693)
Hospitality Properties: | Select Service Hotels | Kahului-Wailuku-Lahaina, HI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 51,355
Initial Cost, Land and Land Improvements	4,804
Initial Cost, Building and Building Improvements	94,476
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	280
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	8,404
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,084
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	102,880
Total	107,964
Accumulated Depreciation	$ (18,848)
Hospitality Properties: | Select Service Hotels | Salt Lake City, UT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 26,910
Initial Cost, Land and Land Improvements	19,676
Initial Cost, Building and Building Improvements	127,690
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	131
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	6,627
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	19,807
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	134,317
Total	154,124
Accumulated Depreciation	$ (20,116)
Hospitality Properties: | Select Service Hotels | San Jose-Sunnyvale-Santa Clara, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 26,654
Initial Cost, Land and Land Improvements	10,746
Initial Cost, Building and Building Improvements	36,138
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	60
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,728
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	10,806
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	37,866
Total	48,672
Accumulated Depreciation	$ (10,451)
Hospitality Properties: | Select Service Hotels | Worcester, MA-CT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 25,100
Initial Cost, Land and Land Improvements	2,384
Initial Cost, Building and Building Improvements	34,811
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	41
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,319
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,425
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	38,130
Total	40,555
Accumulated Depreciation	$ (7,972)
Hospitality Properties: | Select Service Hotels | Austin, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 11,163
Initial Cost, Land and Land Improvements	59,950
Initial Cost, Building and Building Improvements	156,215
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	40
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,182
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	59,990
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	157,397
Total	217,387
Accumulated Depreciation	$ (1,624)
Hospitality Properties: | Select Service Hotels | Boston, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 24,700
Initial Cost, Land and Land Improvements	1,825
Initial Cost, Building and Building Improvements	37,505
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	70
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,826
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	37,575
Total	39,401
Accumulated Depreciation	$ (7,194)
Hospitality Properties: | Select Service Hotels | Chicago, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 39,273
Initial Cost, Land and Land Improvements	14,792
Initial Cost, Building and Building Improvements	48,680
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	69
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	12,321
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	14,861
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	61,001
Total	75,862
Accumulated Depreciation	$ (4,186)
Hospitality Properties: | Select Service Hotels | Colorado Springs, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 15,000
Initial Cost, Land and Land Improvements	26,247
Initial Cost, Building and Building Improvements	58,645
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	15
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	4,787
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	26,262
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	63,432
Total	89,694
Accumulated Depreciation	$ (5,083)
Hospitality Properties: | Select Service Hotels | Denver, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 9,560
Initial Cost, Land and Land Improvements	3,950
Initial Cost, Building and Building Improvements	10,475
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	12
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	487
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,962
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	10,962
Total	14,924
Accumulated Depreciation	$ (1,130)
Hospitality Properties: | Select Service Hotels | Detroit, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 8,897
Initial Cost, Land and Land Improvements	3,014
Initial Cost, Building and Building Improvements	14,185
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	33
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,357
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,047
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	15,542
Total	18,589
Accumulated Depreciation	$ (1,201)
Hospitality Properties: | Select Service Hotels | Key West, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	67,428
Initial Cost, Building and Building Improvements	199,025
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	10
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	19
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	67,438
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	199,044
Total	266,482
Accumulated Depreciation	$ (1,442)
Self Storage Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	181
Encumbrances	$ 1,118,888
Initial Cost, Land and Land Improvements	326,131
Initial Cost, Building and Building Improvements	1,506,976
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1,260
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	7,220
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	327,391
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,514,196
Total	1,841,587
Accumulated Depreciation	$ (46,104)
Self Storage Properties | Self Storage | Charleston-North Charleston, SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 6,235
Initial Cost, Land and Land Improvements	4,160
Initial Cost, Building and Building Improvements	3,724
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	72
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,160
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	3,796
Total	7,956
Accumulated Depreciation	$ (345)
Self Storage Properties | Self Storage | Chicago-Naperville-Elgin, IL-IN-WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 31,940
Initial Cost, Land and Land Improvements	9,640
Initial Cost, Building and Building Improvements	45,628
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	77
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	243
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	9,717
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	45,871
Total	55,588
Accumulated Depreciation	$ (1,344)
Self Storage Properties | Self Storage | Columbus, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 3,540
Initial Cost, Land and Land Improvements	911
Initial Cost, Building and Building Improvements	5,825
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	17
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	911
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	5,842
Total	6,753
Accumulated Depreciation	$ (171)
Self Storage Properties | Self Storage | Dallas-Fort Worth-Arlington, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	16
Encumbrances	$ 116,498
Initial Cost, Land and Land Improvements	25,516
Initial Cost, Building and Building Improvements	159,307
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	35
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	218
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	25,551
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	159,525
Total	185,076
Accumulated Depreciation	$ (1,936)
Self Storage Properties | Self Storage | Houston-The Woodlands-Sugar Land, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	22
Encumbrances	$ 160,650
Initial Cost, Land and Land Improvements	31,868
Initial Cost, Building and Building Improvements	203,923
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	182
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	309
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	32,050
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	204,232
Total	236,282
Accumulated Depreciation	$ (2,157)
Self Storage Properties | Self Storage | Lakeland-Winter Haven, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 14,803
Initial Cost, Land and Land Improvements	4,437
Initial Cost, Building and Building Improvements	17,343
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,403
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,437
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	19,746
Total	24,183
Accumulated Depreciation	$ (1,276)
Self Storage Properties | Self Storage | Los Angeles-Long Beach-Anaheim, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 46,336
Initial Cost, Land and Land Improvements	20,405
Initial Cost, Building and Building Improvements	35,500
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	9
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	20,406
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	35,509
Total	55,915
Accumulated Depreciation	$ (1,085)
Self Storage Properties | Self Storage | Miami-Fort Lauderdale-Pompano Beach, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 10,143
Initial Cost, Land and Land Improvements	2,955
Initial Cost, Building and Building Improvements	10,622
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	76
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,955
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	10,698
Total	13,653
Accumulated Depreciation	$ (879)
Self Storage Properties | Self Storage | Minneapolis-St. Paul-Bloomington, MN-WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 19,823
Initial Cost, Land and Land Improvements	6,529
Initial Cost, Building and Building Improvements	20,216
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	39
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	119
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,568
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	20,335
Total	26,903
Accumulated Depreciation	$ (628)
Self Storage Properties | Self Storage | Nashville-Davidson--Murfreesboro--Franklin, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 14,676
Initial Cost, Land and Land Improvements	3,643
Initial Cost, Building and Building Improvements	18,863
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	4
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,643
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	18,867
Total	22,510
Accumulated Depreciation	$ (558)
Self Storage Properties | Self Storage | North Port-Sarasota-Bradenton, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 21,614
Initial Cost, Land and Land Improvements	6,329
Initial Cost, Building and Building Improvements	37,459
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	5
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	292
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,334
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	37,751
Total	44,085
Accumulated Depreciation	$ (1,160)
Self Storage Properties | Self Storage | Orlando-Kissimmee-Sanford, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	7
Encumbrances	$ 51,241
Initial Cost, Land and Land Improvements	12,879
Initial Cost, Building and Building Improvements	76,292
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	50
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	61
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	12,929
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	76,353
Total	89,282
Accumulated Depreciation	$ (2,004)
Self Storage Properties | Self Storage | Phoenix-Mesa-Chandler, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 8,797
Initial Cost, Land and Land Improvements	2,600
Initial Cost, Building and Building Improvements	10,084
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	29
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,600
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	10,113
Total	12,713
Accumulated Depreciation	$ (672)
Self Storage Properties | Self Storage | Raleigh-Cary, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 9,945
Initial Cost, Land and Land Improvements	3,172
Initial Cost, Building and Building Improvements	9,503
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	116
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,172
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	9,619
Total	12,791
Accumulated Depreciation	$ (863)
Self Storage Properties | Self Storage | San Antonio-New Braunfels, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 4,600
Initial Cost, Land and Land Improvements	956
Initial Cost, Building and Building Improvements	5,609
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	956
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	5,609
Total	6,565
Accumulated Depreciation	$ (229)
Self Storage Properties | Self Storage | Seattle-Tacoma-Bellevue, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 42,348
Initial Cost, Land and Land Improvements	21,899
Initial Cost, Building and Building Improvements	37,647
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	18
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	44
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	21,917
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	37,691
Total	59,608
Accumulated Depreciation	$ (1,081)
Self Storage Properties | Self Storage | Tampa-St. Petersburg-Clearwater, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 33,730
Initial Cost, Land and Land Improvements	9,394
Initial Cost, Building and Building Improvements	45,001
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	4
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	129
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	9,398
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	45,130
Total	54,528
Accumulated Depreciation	$ (1,335)
Self Storage Properties | Self Storage | Cape Coral-Fort Myers, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 3,914
Initial Cost, Land and Land Improvements	1,456
Initial Cost, Building and Building Improvements	4,214
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	84
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,456
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,298
Total	5,754
Accumulated Depreciation	$ (402)
Self Storage Properties | Self Storage | Deltona-Daytona Beach-Ormond Beach, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 6,170
Initial Cost, Land and Land Improvements	2,605
Initial Cost, Building and Building Improvements	11,617
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	11
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	37
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,616
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	11,654
Total	14,270
Accumulated Depreciation	$ (345)
Self Storage Properties | Self Storage | Naples-Marco Island, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 8,530
Initial Cost, Land and Land Improvements	1,368
Initial Cost, Building and Building Improvements	10,754
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	48
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,368
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	10,802
Total	12,170
Accumulated Depreciation	$ (315)
Self Storage Properties | Self Storage | Palm Bay-Melbourne-Titusville, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 31,350
Initial Cost, Land and Land Improvements	8,664
Initial Cost, Building and Building Improvements	48,394
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	82
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	196
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,746
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	48,590
Total	57,336
Accumulated Depreciation	$ (1,591)
Self Storage Properties | Self Storage | Port St. Lucie, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 5,903
Initial Cost, Land and Land Improvements	1,619
Initial Cost, Building and Building Improvements	7,147
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	265
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,619
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	7,412
Total	9,031
Accumulated Depreciation	$ (657)
Self Storage Properties | Self Storage | San Diego-Chula Vista-Carlsbad, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 7,400
Initial Cost, Land and Land Improvements	3,503
Initial Cost, Building and Building Improvements	5,915
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	15
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,503
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	5,930
Total	9,433
Accumulated Depreciation	$ (270)
Self Storage Properties | Self Storage | Tucson, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 12,800
Initial Cost, Land and Land Improvements	2,041
Initial Cost, Building and Building Improvements	15,340
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	37
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,041
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	15,377
Total	17,418
Accumulated Depreciation	$ (720)
Self Storage Properties | Self Storage | Akron, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 7,500
Initial Cost, Land and Land Improvements	1,835
Initial Cost, Building and Building Improvements	9,226
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,835
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	9,226
Total	11,061
Accumulated Depreciation	$ (528)
Self Storage Properties | Self Storage | Atlanta-Sandy Springs-Alpharetta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 11,420
Initial Cost, Land and Land Improvements	3,761
Initial Cost, Building and Building Improvements	15,545
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	63
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	103
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,824
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	15,648
Total	19,472
Accumulated Depreciation	$ (461)
Self Storage Properties | Self Storage | Knoxville, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 3,350
Initial Cost, Land and Land Improvements	1,750
Initial Cost, Building and Building Improvements	3,704
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	37
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,750
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	3,741
Total	5,491
Accumulated Depreciation	$ (176)
Self Storage Properties | Self Storage | Tallahassee, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 9,657
Initial Cost, Land and Land Improvements	3,797
Initial Cost, Building and Building Improvements	10,909
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	110
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,797
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	11,019
Total	14,816
Accumulated Depreciation	$ (1,054)
Self Storage Properties | Self Storage | Ann Arbor, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 7,340
Initial Cost, Land and Land Improvements	3,059
Initial Cost, Building and Building Improvements	9,673
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	26
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,059
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	9,699
Total	12,758
Accumulated Depreciation	$ (293)
Self Storage Properties | Self Storage | Baltimore-Columbia-Towson, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 13,215
Initial Cost, Land and Land Improvements	2,504
Initial Cost, Building and Building Improvements	17,777
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	120
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,504
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	17,897
Total	20,401
Accumulated Depreciation	$ (883)
Self Storage Properties | Self Storage | Barnstable Town, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 11,120
Initial Cost, Land and Land Improvements	3,544
Initial Cost, Building and Building Improvements	20,064
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	20
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,544
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	20,084
Total	23,628
Accumulated Depreciation	$ (591)
Self Storage Properties | Self Storage | Cleveland-Elyria, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 13,600
Initial Cost, Land and Land Improvements	3,639
Initial Cost, Building and Building Improvements	18,392
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	98
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,639
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	18,490
Total	22,129
Accumulated Depreciation	$ (905)
Self Storage Properties | Self Storage | Detroit-Warren-Dearborn, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 33,870
Initial Cost, Land and Land Improvements	8,571
Initial Cost, Building and Building Improvements	47,185
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	15
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	93
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,586
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	47,278
Total	55,864
Accumulated Depreciation	$ (1,277)
Self Storage Properties | Self Storage | Fresno, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 4,750
Initial Cost, Land and Land Improvements	1,083
Initial Cost, Building and Building Improvements	5,270
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	49
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,083
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	5,319
Total	6,402
Accumulated Depreciation	$ (232)
Self Storage Properties | Self Storage | Grand Rapids-Kentwood, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 11,530
Initial Cost, Land and Land Improvements	2,803
Initial Cost, Building and Building Improvements	17,409
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	48
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,803
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	17,457
Total	20,260
Accumulated Depreciation	$ (513)
Self Storage Properties | Self Storage | Indianapolis-Carmel-Anderson, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 1,530
Initial Cost, Land and Land Improvements	677
Initial Cost, Building and Building Improvements	2,203
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	9
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	9
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	686
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,212
Total	2,898
Accumulated Depreciation	$ (67)
Self Storage Properties | Self Storage | Memphis, TN-MS-AR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	11
Encumbrances	$ 45,300
Initial Cost, Land and Land Improvements	17,170
Initial Cost, Building and Building Improvements	84,341
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	205
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	120
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	17,375
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	84,461
Total	101,836
Accumulated Depreciation	$ (2,435)
Self Storage Properties | Self Storage | New York-Newark-Jersey City, NY-NJ-PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	9
Encumbrances	$ 73,784
Initial Cost, Land and Land Improvements	22,362
Initial Cost, Building and Building Improvements	95,514
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	9
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	333
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	22,371
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	95,847
Total	118,218
Accumulated Depreciation	$ (3,464)
Self Storage Properties | Self Storage | Oklahoma City, OK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	14
Encumbrances	$ 38,774
Initial Cost, Land and Land Improvements	14,498
Initial Cost, Building and Building Improvements	61,632
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	179
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	213
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	14,677
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	61,845
Total	76,522
Accumulated Depreciation	$ (1,865)
Self Storage Properties | Self Storage | Pensacola-Ferry Pass-Brent, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 24,309
Initial Cost, Land and Land Improvements	6,208
Initial Cost, Building and Building Improvements	48,626
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	9
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	366
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,217
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	48,992
Total	55,209
Accumulated Depreciation	$ (1,862)
Self Storage Properties | Self Storage | Stockton, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 8,800
Initial Cost, Land and Land Improvements	1,783
Initial Cost, Building and Building Improvements	9,413
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,783
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	9,413
Total	11,196
Accumulated Depreciation	$ (449)
Self Storage Properties | Self Storage | Trenton-Princeton, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 8,030
Initial Cost, Land and Land Improvements	1,853
Initial Cost, Building and Building Improvements	12,736
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	6
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	39
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,859
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	12,775
Total	14,634
Accumulated Depreciation	$ (375)
Self Storage Properties | Self Storage | Tulsa, OK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 6,230
Initial Cost, Land and Land Improvements	1,822
Initial Cost, Building and Building Improvements	7,052
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	10
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,822
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	7,062
Total	8,884
Accumulated Depreciation	$ (210)
Self Storage Properties | Self Storage | College Station-Bryan, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	2,738
Initial Cost, Building and Building Improvements	8,790
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,738
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	8,790
Total	11,528
Accumulated Depreciation	$ (4)
Self Storage Properties | Self Storage | Roanoke, VA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 4,291
Initial Cost, Land and Land Improvements	1,177
Initial Cost, Building and Building Improvements	5,228
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	5
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,177
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	5,233
Total	6,410
Accumulated Depreciation	$ (469)
Self Storage Properties | Self Storage | Allentown-Bethlehem-Easton, PA-NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 7,550
Initial Cost, Land and Land Improvements	2,781
Initial Cost, Building and Building Improvements	12,114
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	50
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	70
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,831
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	12,184
Total	15,015
Accumulated Depreciation	$ (363)
Self Storage Properties | Self Storage | Baton Rouge, LA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 4,891
Initial Cost, Land and Land Improvements	1,885
Initial Cost, Building and Building Improvements	10,898
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	2
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	19
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,887
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	10,917
Total	12,804
Accumulated Depreciation	$ (322)
Self Storage Properties | Self Storage | Augusta-Richmond County, GA-SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 5,170
Initial Cost, Land and Land Improvements	771
Initial Cost, Building and Building Improvements	5,737
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	14
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	785
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	5,739
Total	6,524
Accumulated Depreciation	$ (169)
Self Storage Properties | Self Storage | Chattanooga, TN-GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 5,225
Initial Cost, Land and Land Improvements	1,377
Initial Cost, Building and Building Improvements	6,244
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	268
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,377
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	6,512
Total	7,889
Accumulated Depreciation	$ (576)
Self Storage Properties | Self Storage | Corpus Christi, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 14,070
Initial Cost, Land and Land Improvements	4,044
Initial Cost, Building and Building Improvements	16,128
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,044
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	16,128
Total	20,172
Accumulated Depreciation	$ (495)
Self Storage Properties | Self Storage | Fayetteville, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 12,976
Initial Cost, Land and Land Improvements	4,297
Initial Cost, Building and Building Improvements	16,749
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	14
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,297
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	16,763
Total	21,060
Accumulated Depreciation	$ (1,551)
Self Storage Properties | Self Storage | Flint, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 8,970
Initial Cost, Land and Land Improvements	2,706
Initial Cost, Building and Building Improvements	14,669
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	36
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	12
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,742
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	14,681
Total	17,423
Accumulated Depreciation	$ (472)
Self Storage Properties | Self Storage | Gainesville, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 6,620
Initial Cost, Land and Land Improvements	1,027
Initial Cost, Building and Building Improvements	8,304
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	9
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	11
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,036
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	8,315
Total	9,351
Accumulated Depreciation	$ (243)
Self Storage Properties | Self Storage | Lafayette-West Lafayette, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 23,730
Initial Cost, Land and Land Improvements	5,836
Initial Cost, Building and Building Improvements	30,781
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	90
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	83
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,926
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	30,864
Total	36,790
Accumulated Depreciation	$ (902)
Self Storage Properties | Self Storage | Ocean City, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 5,300
Initial Cost, Land and Land Improvements	2,381
Initial Cost, Building and Building Improvements	11,891
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	64
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,381
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	11,955
Total	14,336
Accumulated Depreciation	$ (355)
Self Storage Properties | Self Storage | Providence-Warwick, RI-MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 13,000
Initial Cost, Land and Land Improvements	3,843
Initial Cost, Building and Building Improvements	16,845
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	60
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	55
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,903
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	16,900
Total	20,803
Accumulated Depreciation	$ (520)
Retail Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	26
Encumbrances	$ 947,190
Initial Cost, Land and Land Improvements	670,971
Initial Cost, Building and Building Improvements	750,389
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1,416
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	7,772
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	672,387
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	758,161
Total	1,430,548
Accumulated Depreciation	$ (27,146)
Retail Properties | Shopping Centers | Austin-Round Rock-Georgetown, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 20,600
Initial Cost, Land and Land Improvements	13,844
Initial Cost, Building and Building Improvements	23,189
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	13,844
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	23,189
Total	37,033
Accumulated Depreciation	$ 0
Retail Properties | Shopping Centers | Charlotte-Concord-Gastonia, NC-SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 22,100
Initial Cost, Land and Land Improvements	12,743
Initial Cost, Building and Building Improvements	29,163
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	12,743
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	29,163
Total	41,906
Accumulated Depreciation	$ 0
Retail Properties | Shopping Centers | Chicago-Naperville-Elgin, IL-IN-WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 103,300
Initial Cost, Land and Land Improvements	36,648
Initial Cost, Building and Building Improvements	101,293
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	36,648
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	101,293
Total	137,941
Accumulated Depreciation	$ 0
Retail Properties | Shopping Centers | Houston-The Woodlands-Sugar Land, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 22,950
Initial Cost, Land and Land Improvements	13,853
Initial Cost, Building and Building Improvements	30,437
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	13,853
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	30,437
Total	44,290
Accumulated Depreciation	$ 0
Retail Properties | Shopping Centers | Los Angeles-Long Beach-Anaheim, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	9
Encumbrances	$ 343,550
Initial Cost, Land and Land Improvements	293,936
Initial Cost, Building and Building Improvements	222,130
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	219
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,044
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	294,155
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	225,174
Total	519,329
Accumulated Depreciation	$ (8,693)
Retail Properties | Shopping Centers | Miami-Fort Lauderdale-Pompano Beach, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 39,050
Initial Cost, Land and Land Improvements	31,130
Initial Cost, Building and Building Improvements	28,911
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	444
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	31,574
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	28,911
Total	60,485
Accumulated Depreciation	$ (2,369)
Retail Properties | Shopping Centers | Riverside-San Bernardino-Ontario, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 27,390
Initial Cost, Land and Land Improvements	24,100
Initial Cost, Building and Building Improvements	18,317
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	357
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	898
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	24,457
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	19,215
Total	43,672
Accumulated Depreciation	$ (4,517)
Retail Properties | Shopping Centers | Seattle-Tacoma-Bellevue, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 67,900
Initial Cost, Land and Land Improvements	37,563
Initial Cost, Building and Building Improvements	49,855
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	37,563
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	49,855
Total	87,418
Accumulated Depreciation	$ 0
Retail Properties | Shopping Centers | Atlanta-Sandy Springs-Alpharetta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 82,700
Initial Cost, Land and Land Improvements	36,242
Initial Cost, Building and Building Improvements	93,639
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	36,242
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	93,639
Total	129,881
Accumulated Depreciation	$ 0
Retail Properties | Shopping Centers | Oxnard-Thousand Oaks-Ventura, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 23,600
Initial Cost, Land and Land Improvements	22,282
Initial Cost, Building and Building Improvements	13,321
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	18
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	22,300
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	13,321
Total	35,621
Accumulated Depreciation	$ (1,779)
Retail Properties | Shopping Centers | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 83,000
Initial Cost, Land and Land Improvements	56,152
Initial Cost, Building and Building Improvements	72,366
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,522
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	56,152
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	75,888
Total	132,040
Accumulated Depreciation	$ (7,593)
Retail Properties | Shopping Centers | New Jersey/New York City
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 111,050
Initial Cost, Land and Land Improvements	92,478
Initial Cost, Building and Building Improvements	67,768
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	378
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	308
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	92,856
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	68,076
Total	160,932
Accumulated Depreciation	$ (2,195)
Office Properties:
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 243,600
Initial Cost, Land and Land Improvements	141,058
Initial Cost, Building and Building Improvements	628,831
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	17,959
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	141,058
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	646,790
Total	787,848
Accumulated Depreciation	$ (18,914)
Office Properties: | Office | Atlanta-Sandy Springs-Alpharetta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	14,770
Initial Cost, Building and Building Improvements	212,057
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	14,770
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	212,057
Total	226,827
Accumulated Depreciation	$ (4,279)
Office Properties: | Office | San Francisco-Oakland-Berkeley, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 75,900
Initial Cost, Land and Land Improvements	29,719
Initial Cost, Building and Building Improvements	86,396
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,369
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	29,719
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	89,765
Total	119,484
Accumulated Depreciation	$ (6,881)
Office Properties: | Office | San Jose-Sunnyvale-Santa Clara, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 167,700
Initial Cost, Land and Land Improvements	50,457
Initial Cost, Building and Building Improvements	185,074
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	14,590
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	50,457
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	199,664
Total	250,121
Accumulated Depreciation	$ (7,239)
Office Properties: | Office | Toronto, Canada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	46,112
Initial Cost, Building and Building Improvements	145,304
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	46,112
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	145,304
Total	191,416
Accumulated Depreciation	$ (515)

Real Estate and Accumulated D_3

Real Estate and Accumulated Depreciation Schedule III - Additional Information (Details) $ in Thousands	Dec. 31, 2021USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Aggregate cost basis for tax purposes	$ 69,600,000
Encumbrances	38,772,133
Amount of property excluded from real estate investments	963,700
Amount of accumulated deprecation excluded from real estate accumulated depreciation	230,800
Total variable rate loans | Warehouse facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	800,000
Residential Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,836,698
Residential Properties | Term Loan And Secured Note | Affordable Housing
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Collateral amount	2,000,000
Outstanding balance	$ 2,000,000

Real Estate and Accumulated D_4

Real Estate and Accumulated Depreciation Schedule III - Summary of Activity for Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Real estate beginning balance	$ 33,617,991	$ 26,589,825
Additions during the year:
Land and land improvements	7,203,559	2,089,896
Building and building improvements	28,258,673	5,269,981
Dispositions during the year:
Land and land improvements	(146,603)	(103,193)
Building and building improvements	(101,697)	(228,518)
Assets held for sale	(224,090)	0
Real estate ending balance	68,607,833	33,617,991
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Accumulated depreciation beginning balance	1,693,196	752,354
Accumulated depreciation	(1,261,608)	(964,304)
Dispositions	8,411	23,462
Assets held for sale	29,778	0
Accumulated depreciation ending balance	$ 2,916,615	$ 1,693,196