Blackstone Real Estate Income Trust (BSTT) 10-K 28 Mar 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Mar. 28, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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
Document Financial Statement Error Correction	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 2023 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	2023
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		1,453,326,000
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		2,351,344,000
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		55,531,000
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		152,815,000
Class C
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,246,000
Class F
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
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, 2023	Dec. 31, 2022
Assets
Investments in real estate, net	$ 91,079,010	$ 98,149,492
Investments in unconsolidated entities (includes $4,221,593 and $4,947,251 at fair value as of December 31, 2023 and December 31, 2022, respectively)	7,338,329	9,369,402
Investments in real estate debt	6,790,632	8,001,703
Real estate loans held by consolidated securitization vehicles, at fair value	16,331,578	17,030,387
Cash and cash equivalents	1,945,260	1,281,292
Restricted cash	749,760	973,200
Other assets	6,563,226	7,881,948
Total assets	130,797,795	142,687,424
Liabilities and Equity
Mortgage loans, secured term loans, and secured revolving credit facilities, net	61,693,678	64,962,703
Secured financings of investments in real estate debt	4,368,269	4,966,685
Senior obligations of consolidated securitization vehicles, at fair value	14,777,146	15,288,598
Unsecured revolving credit facilities and term loans	1,126,923	1,126,923
Total liabilities	86,977,764	91,933,250
Commitments and contingencies	0	0
Redeemable non-controlling interests	197,537	553,423
Equity
Additional paid-in capital	48,576,100	53,212,494
Accumulated other comprehensive income	345,975	393,928
Accumulated deficit and cumulative distributions	(12,612,581)	(9,196,019)
Total stockholders’ equity	36,350,567	44,455,264
Non-controlling interests attributable to third party joint ventures	4,709,621	4,278,895
Non-controlling interests attributable to BREIT OP unitholders	2,562,306	1,466,592
Total equity	43,622,494	50,200,751
Total liabilities and equity	130,797,795	142,687,424
Related Party
Liabilities and Equity
Other liabilities	1,033,083	1,676,308
Nonrelated Party
Liabilities and Equity
Other liabilities	3,978,665	3,912,033
Class S
Equity
Common stock value	14,882	15,974
Class I
Equity
Common stock value	24,030	23,947
Class T
Equity
Common stock value	592	726
Class D
Equity
Common stock value	1,548	4,214
Class C
Equity
Common stock value	$ 21	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments in unconsolidated entities	$ 4,221,593	$ 4,947,251
Common stock, shares outstanding (in shares)	4,107,332	4,486,178
Class S
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	3,000,000	3,000,000
Common stock, shares issued (in shares)	1,488,197	1,597,414
Common stock, shares outstanding (in shares)	1,488,197	1,597,414
Class I
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	6,000,000	6,000,000
Common stock, shares issued (in shares)	2,402,959	2,394,737
Common stock, shares outstanding (in shares)	2,402,959	2,394,737
Class T
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000	500,000
Common stock, shares issued (in shares)	59,246	72,599
Common stock, shares outstanding (in shares)	59,246	72,599
Class D
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,500,000	1,500,000
Common stock, shares issued (in shares)	154,794	421,428
Common stock, shares outstanding (in shares)	154,794	421,428
Class C
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000
Common stock, shares issued (in shares)	2,136	0
Common stock, shares outstanding (in shares)	2,136	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Total revenues	$ 8,934,405	$ 7,646,378	$ 3,696,671
Expenses
Operating expenses	4,131,614	3,425,804	1,508,715
General and administrative	69,176	52,652	32,046
Management fee	839,237	837,687	445,291
Performance participation allocation	0	742,670	1,378,959
Impairment of investments in real estate	236,071	33,554	0
Depreciation and amortization	3,811,218	4,098,366	1,919,932
Total expenses	9,087,316	9,190,733	5,284,943
Other income (expense)
Income from unconsolidated entities	119,941	182,249	205,980
Loss From Investment In Real Estate Debt	798,164	(167,083)	346,984
Change in net assets of consolidated securitization vehicles	191,703	(42,119)	106,240
(Loss) income from interest rate derivatives	(755,519)	2,566,720	49,329
Net gain on dispositions of real estate	1,935,021	808,846	7,881
Interest expense, net	(3,072,741)	(2,307,515)	(847,440)
Loss on extinguishment of debt	(40,300)	(11,476)	(16,331)
Other (expense) income	(3,319)	(565,575)	899,465
Total other income (expense)	(827,050)	464,047	752,108
Net loss	(979,961)	(1,080,308)	(836,164)
Net loss attributable to non-controlling interests in third party joint ventures	247,989	173,109	22,090
Net loss attributable to non-controlling interests in BREIT OP unit holders	40,150	23,680	9,291
Net loss attributable to BREIT stockholders	$ (691,822)	$ (883,519)	$ (804,783)
Net income (loss) per share of common stock — basic (in dollars per share)	$ (0.16)	$ (0.20)	$ (0.30)
Net income (loss) per share of common stock — diluted (in dollars per share)	$ (0.16)	$ (0.20)	$ (0.30)
Weighted-average shares of common stock outstanding, basic (in shares)	4,409,879	4,334,100	2,645,228
Weighted-average shares of common stock outstanding, diluted (in shares)	4,409,879	4,334,100	2,645,228
Rental revenue
Revenues
Total revenues	$ 7,816,240	$ 6,564,119	$ 3,140,528
Expenses
Operating expenses	3,652,121	2,916,936	1,192,571
Hospitality
Revenues
Total revenues	694,491	721,654	412,338
Expenses
Operating expenses	479,493	508,868	316,144
Other revenue
Revenues
Total revenues	$ 423,674	$ 360,605	$ 143,805

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Other Comprehensive Income [Abstract]
Net loss	$ (979,961)	$ (1,080,308)	$ (836,164)
Other comprehensive income (loss):
Foreign currency translation gain (loss), net	29,338	(50,303)	(9,569)
Unrealized (loss) gain on derivatives	(75,707)	408,069	0
Unrealized (loss) gain on derivatives from unconsolidated entities	(27,426)	149,286	0
Other comprehensive (loss) income	(73,795)	507,052	(9,569)
Comprehensive loss	(1,053,756)	(573,256)	(845,733)
Comprehensive loss attributable to non-controlling interests in third party joint ventures	270,269	80,139	22,090
Comprehensive loss attributable to non-controlling interests in BREIT OP unit holders	43,712	13,095	9,291
Comprehensive loss attributable to BREIT stockholders	$ (739,775)	$ (480,022)	$ (814,352)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock Class S	Common Stock Class I	Common Stock Class T	Common Stock Class D	Common Stock Class C	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Accumulated Deficit and Cumulative Distributions	Non-controlling Interests	Non-controlling Interests Non- controlling Interests Attributable to BREIT OP Unitholders	Non-controlling Interests Non- controlling Interests Attributable to Third Party Joint Ventures
Beginning Balance at Dec. 31, 2020	$ 16,183,951	$ 15,852,726	$ 7,029	$ 9,270	$ 459	$ 1,241	$ 0	$ 19,059,045	$ 0	$ (3,224,318)		$ 187,972	$ 143,253
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued (transferred)	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 income (loss)	(834,370)	(804,783)								(804,783)		(9,285)	(20,302)
Other comprehensive income (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	0	42,249,094	(9,569)	(5,631,014)		640,267	1,744,256
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued (transferred)	20,650,326	20,650,326	3,894	8,301	169	1,456		20,636,506
Offering costs	(621,874)	(621,874)						(621,874)
Distribution reinvestment	1,386,808	1,386,808	320	511	16	87		1,385,874
Common stock/units repurchased	(10,531,952)	(10,479,420)	(783)	(5,971)	(32)	(240)		(10,472,394)				(52,532)
Amortization of compensation awards	36,200	24,088		241				23,847				12,112
Net income (loss)	(1,073,706)	(883,519)								(883,519)		(19,170)	(171,017)
Other comprehensive loss	507,930
Other comprehensive income (loss)	507,052	403,497							403,497			11,099	93,334
Distributions declared on common stock	(2,681,486)	(2,681,486)								(2,681,486)
Contributions from non-controlling interests	3,871,903											949,722	2,922,181
Distributions to and redemptions of non-controlling interests	(334,042)	50,723						50,723				(74,906)	(309,859)
Allocation to redeemable non-controlling interests	(39,282)	(39,282)						(39,282)
Ending Balance at Dec. 31, 2022	50,200,751	44,455,264	15,974	23,947	726	4,214	0	53,212,494	393,928	(9,196,019)		1,466,592	4,278,895
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued (transferred)	6,911,785	6,911,785	314	6,215	(71)	(2,415)	21	6,907,721
Reduction in accrual for offering costs, net	383,958	383,958						383,958
Distribution reinvestment	1,340,727	1,283,028	305	509	16	46		1,282,152			$ 57,699
Common stock/units repurchased	(14,103,502)	(13,673,030)	(1,711)	(7,229)	(79)	(297)		(13,663,714)				(430,472)
Amortization of compensation awards	68,160	58,817		588				58,229				9,343
Net income (loss)	(976,435)	(691,822)								(691,822)		(34,519)	(250,094)
Other comprehensive income (loss)	(73,795)
Other comprehensive loss	(74,097)	(47,953)							(47,953)			(3,787)	(22,357)
Distributions declared on common stock	(2,835,890)	(2,724,740)								(2,724,740)	(111,150)
Contributions from non-controlling interests	2,987,049	396,297						396,297				1,608,600	982,152
Operating distributions to non-controlling interests	(70,616)										(70,616)
Capital distributions to non-controlling interests	(213,575)	(5,216)						(5,216)			$ (208,359)
Allocation to redeemable non-controlling interests	4,179	4,179						4,179
Ending Balance at Dec. 31, 2023	$ 43,622,494	$ 36,350,567	$ 14,882	$ 24,030	$ 592	$ 1,548	$ 21	$ 48,576,100	$ 345,975	$ (12,612,581)		$ 2,562,306	$ 4,709,621

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares
Statement of Stockholders' Equity [Abstract]
Net income (loss) allocated to redeemable non-controlling interest	$ (3,526)
Other comprehensive loss allocated to redeemable non-controlling interests	$ 302
Distributions declared on common stock (in dollars per share) | $ / shares	$ 0.666

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (979,961)	$ (1,080,308)	$ (836,164)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee	839,237	837,687	445,291
Performance participation allocation	0	742,670	1,378,959
Impairment of investments in real estate	236,071	33,554	0
Depreciation and amortization	3,811,218	4,098,366	1,919,932
Net gain on dispositions of real estate	(1,935,021)	(808,846)	(7,881)
Loss on extinguishment of debt	40,300	11,476	16,331
Unrealized loss (gain) on fair value of financial instruments	770,669	(923,641)	(1,035,763)
Realized gain on sale of real estate-related equity securities	(26,124)	(350,003)	(16,271)
Income from unconsolidated entities	(119,941)	(182,249)	(205,980)
Distributions of earnings from unconsolidated entities	322,502	249,902	112,517
Other items	6,999	55,291	(72,111)
Change in assets and liabilities:
Increase in other assets	(222,502)	(431,250)	(347,998)
Increase (decrease) in due to affiliates	(8,562)	1,273	2,799
(Decrease) increase in other liabilities	(28,396)	474,755	429,424
Net cash provided by operating activities	2,706,489	2,728,677	1,783,085
Cash flows from investing activities:
Acquisitions of real estate	(41,405)	(30,896,249)	(28,886,135)
Capital improvements to real estate	(1,493,414)	(1,310,687)	(576,304)
Proceeds from disposition of real estate	7,396,083	2,918,715	267,045
Refunds of pre-acquisition costs/deposits	22,869	100,163	(152,220)
Investment in unconsolidated entities	(408,537)	(3,848,722)	(5,236,968)
Dispositions of and return of capital from unconsolidated entities	1,996,760	24,103	45,761
Proceeds from consolidation of previously unconsolidated entities	32,961	0	0
Purchase of investments in real estate debt	(368,001)	(4,488,157)	(5,824,137)
Proceeds from sale/repayment of investments in real estate debt	1,745,422	2,487,955	1,509,472
Purchase of real estate-related equity securities	(376)	(1,045,329)	(1,795,353)
Proceeds from sale of real estate-related equity securities	232,104	3,269,889	0
Proceeds from repayments of real estate loans held by consolidated securitization vehicles	655,927	1,870,183	9,681
Proceeds from settlement of derivative contracts	3,624	110,532	0
Collateral released (posted) under derivative contracts	12,555	(42,462)	0
Other investing activities	66,010	0	0
Net cash provided by (used in) investing activities	9,852,582	(30,850,066)	(40,639,158)
Cash flows from financing activities:
Borrowings under mortgage loans, secured term loans, and secured revolving credit facilities	9,184,950	33,632,896	24,656,316
Repayments of mortgage loans, secured term loans, and secured revolving credit facilities	(12,827,714)	(14,136,372)	(8,676,134)
Borrowings under secured financings of investments in real estate debt	432,564	2,039,047	12,887,626
Repayments of secured financings of investments in real estate debt	(1,040,889)	(1,742,354)	(10,296,189)
Borrowings under unsecured revolving credit facilities and term loans	0	1,742,308	1,200,000
Repayments of unsecured revolving credit facilities and term loans	0	(615,385)	(1,200,000)
Payment of deferred financing costs	(67,469)	(447,461)	(257,998)
Sales of senior obligations of consolidated securitization vehicles	148,679	101,954	132,916
Repayments of senior obligations of consolidated securitization vehicles	(588,142)	(1,653,304)	(65,852)
Proceeds from issuance of common stock	6,206,288	17,466,749	23,024,165
Subscriptions received in advance	113,763	208,632	1,746,910
Offering costs paid	(237,573)	(274,079)	(180,186)
Distributions	(1,457,410)	(1,249,255)	(711,639)
Repurchase of common stock	(12,419,310)	(10,429,274)	(1,082,105)
Repurchase of management fee shares	(833,127)	0	(372,230)
Contributions of proceeds from repurchase of management fee shares to non-controlling interests in BREIT OP	833,127	0	0
Contributions from redeemable non-controlling interest	495	40,977	32,894
Distributions to and redemption of redeemable non-controlling interest	(4,310)	(51,263)	(115,438)
Redemption of affiliate service provider incentive compensation awards	(1,974)	(143)	(1,157)
Contributions from non-controlling interests	1,198,649	2,660,481	638,708
Distributions to and redemptions of non-controlling interests	(755,089)	(320,975)	(131,621)
Net cash (used in) provided by financing activities	(12,114,492)	26,973,179	41,228,986
Net change in cash and cash equivalents and restricted cash	444,579	(1,148,210)	2,372,913
Cash, cash equivalents and restricted cash, beginning of year	2,254,492	3,418,581	1,044,523
Effects of foreign currency translation on cash, cash equivalents and restricted cash	(4,051)	(15,879)	1,145
Cash, cash equivalents and restricted cash, end of year	2,695,020	2,254,492	3,418,581
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	1,945,260	1,281,292	989,674
Restricted cash	749,760	973,200	2,428,907
Total cash, cash equivalents and restricted cash	2,695,020	2,254,492	3,418,581
Supplemental disclosures:
Interest paid	2,848,740	2,049,664	726,714
Non-cash investing and financing activities:
Assumption of mortgage loans in conjunction with acquisitions of real estate	0	4,150,467	5,494,319
Assumption of other assets and liabilities in conjunction with acquisitions of real estate	0	200,760	575,405
Issuance of BREIT OP units as consideration for acquisitions of real estate and purchases of non-controlling interests	0	229,313	395,752
Issuance of BREIT OP units for settlement of joint venture promote liability	84,638	0	0
Assumption of other liabilities in conjunction with acquisitions of investments in unconsolidated entities	0	0	9,435
Recognition of financing lease liability	0	0	16,855
Accrued pre-acquisition costs	0	0	1,199
Accrued capital expenditures and acquisition related costs	0	74,848	23,139
Acquired non-controlling interests	0	521,868	1,660,443
Accrued distributions	0	48,154	99,251
Change in accrued stockholder servicing fee due to affiliate	(626,524)	352,586	630,181
Redeemable non-controlling interest issued as settlement of performance participation allocation	0	817,527	1,571,607
Issuance of non-controlling interests for payment of management fees	412,071	0	0
Issuance of Class I shares for payment of management fees	435,305	0	0
Promote receivable for redeemable non-controlling interest issued in excess of performance participation allocation	0	74,857	0
Allocation to redeemable non-controlling interest	4,179	39,282	103,442
Distribution reinvestment	1,340,727	1,386,808	792,953
Accrued repurchases	574,958	151,959	100,802
Mortgage payable proceeds in escrow	0	108,940	0
Investment in single family rental homes risk retention securities	0	117,073	0
Receivable for proceeds from disposition of real estate	2,522	0	0
Payable for unsettled investments in real estate debt	0	0	21,426
Receivable for unsettled investments in real estate debt	0	49,061	75
Net increase in additional paid-in capital resulting from purchases of non-controlling interest	0	50,723	0
Interest rate contract receivables resulting from terminated interest rate derivative assets	321,771	0	0
Receipt of interest rate derivative assets in exchange for interest rate contract receivables	276,767	0	0
Insurance receivable for involuntary conversion	20,058	0	0
Consolidation of securitization vehicles	0	2,348,079	10,744,399
Deconsolidation of securitization vehicles	302,128	0	758,500
Increases (Decreases) in assets and liabilities resulting from consolidation of previously unconsolidated entities:
Investments in real estate, net	668,682	17,543	0
Other assets	3,912	38	0
Mortgage loans, net	(265,106)	9,129	0
Other liabilities	(27,213)	263	0
Non-controlling interests attributable to third party joint ventures	(191,742)	92	0
Class C
Non-cash investing and financing activities:
Exchange of redeemable non-controlling interest	65,304	0	0
Class B Units
Non-cash investing and financing activities:
Exchange of redeemable non-controlling interest	278,990	435,238	68,453
Class I Shares
Non-cash investing and financing activities:
Exchange of non-controlling interest for Class I shares	$ 0	$ 604,617	$ 801,645

Organization and Business Purpo

Organization and Business Purpose	12 Months Ended
	Dec. 31, 2023
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 and, to a lesser extent, outside the United States. The Company to a lesser extent invests in real estate debt investments. 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 registered an offering with the Securities and Exchange Commission (the “SEC”) of up to $60.0 billion in shares of common stock, consisting of up to $48.0 billion in shares in its primary offering and up to $12.0 billion in shares pursuant to its distribution reinvestment plan, which the Company began using to offer shares of its common stock in March 2022 (the “Current Offering”). The Company intends to sell any combination of its Class S, I, T and D 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. In addition to the Current Offering, the Company is conducting private offerings of Class I and Class C shares to feeder vehicles that offer interests in such vehicles to non-U.S. persons. Each of these transactions is exempt from the registration provisions of the Securities Act of 1933, as amended (the "Securities Act") by virtue of Section 4(a)(2) and/or Regulation D or Regulation S promulgated thereunder. The Company intends to continue selling shares on a monthly basis. As of December 31, 2023, the Company had received aggregate net proceeds of $74.2 billion from selling shares of the Company’s common stock through the Current Offering, prior offerings registered with the SEC, and in unregistered private offerings. As of December 31, 2023, the Company owned 4,834 properties and 28,324 single family rental homes. The Company currently operates in nine reportable segments: Rental Housing, Industrial, Net Lease, Data Centers, Hospitality, Self Storage, Retail, and Office properties, and Investments in Real Estate Debt. Rental Housing 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 Cosmopolitan of Las Vegas (the “Cosmopolitan”). Financial results by segment are reported in Note 16 — Segment Reporting.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
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. Certain amounts in the Company’s prior period Consolidated Statements of Operations included in income from equity securities and interest rate derivatives of ($476.9 million) and $902.7 million for the years ended December 31, 2022 and December 31, 2021, respectively, have been reclassified to other (expense) income to conform to the current period presentation. Additionally, certain amounts in the Company’s prior period Consolidated Statements of Operations included in (loss) income from investments in real estate debt of $140.0 million for the year ended December 31, 2022 have been reclassified to (loss) income from interest rate derivatives and interest expense, net in the amounts of $122.3 million and $17.7 million, respectively, to conform to the current period presentation. For the year ended December 31, 2021, certain amounts included in income (loss) from investments in real estate debt of $44.9 million have been reclassified to (loss) income from interest rate derivatives and interest expense, net in the amounts of $57.5 million and ($12.6 million), respectively, to conform to the current period presentation. 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. 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 also reported within non-controlling interests. 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. Investments in unconsolidated entities 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. The Company owns certain subordinate securities in CMBS securitizations that give the Company certain rights with respect to the underlying loans that serve as collateral for the CMBS securitization. In particular, these subordinate securities typically give the holder the right to direct certain activities of the securitization on behalf of all securityholders, which could impact the securitization's overall economic performance. Such rights, along with the obligation to absorb losses and receive benefits from the ownership of the subordinate securities, require consolidation of these securitizations, which are considered VIEs under GAAP. As of December 31, 2023, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $50.3 billion and $37.4 billion, respectively, compared to $52.1 billion and $37.8 billion, respectively, as of December 31, 2022. Such amounts are included on the Company’s Consolidated Balance Sheets. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. 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 constitutes 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 that 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) the Company’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 its 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 Company’s Consolidated Balance Sheets with the resulting gains or losses reflected in net income or loss for the period. Repairs and maintenance are expensed as incurred and are included in Rental Property Operating and Hospitality Operating Expenses on the Company’s Consolidated Statements of Operations. The Company reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates the carrying amount of the real estate may not be recoverable. 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, capital requirements and anticipated holding periods 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 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. During the year ended December 31, 2023, the Company recognized $204.8 million of impairment charges related to held and used real estate investments. No impairments occurred during the years ended December 31, 2022, and 2021 on held for use real estate investments. Refer to Note 3 for additional details of the impairments. Properties 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. Generally, 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 considers a sale for single family rental homes to be probable upon the listing of the property. The Company records held-for-sale real estate investments at the lower of depreciated cost or fair value, less estimated closing costs. During the years ended December 31, 2023 and 2022 the Company recognized $31.3 million and $33.6 million, respectively, of impairment charges related to held-for-sale real estate investments. No impairments related to held-for-sale real estate investments occurred during the year ended December 31, 2021. 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 11 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 certain of its investments in unconsolidated entities 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. Consolidated Securitization Vehicles The Company consolidates certain CMBS securitizations within its financial statements. The consolidation of these securitizations results in a gross presentation of the underlying collateral loans as discrete assets, as well as inclusion of the senior CMBS positions owned by third-parties, which are presented as liabilities on the Company’s Consolidated Balance Sheets. Additionally, the changes in fair value of these positions include the interest income and interest expense associated with such CMBS VIEs. The Company does not consider the separate presentation of the components of fair value changes to be relevant, and has elected to present these items in the aggregate as “Change in net assets of consolidated securitization vehicles” on the Company’s Consolidated Statements of Operations. The residual difference between the fair value of the consolidated securitization’s assets and liabilities represents the Company’s beneficial interest in such vehicles. The Company’s Consolidated Statements of Cash Flows includes (i) the consolidation and deconsolidation the securitization vehicles as a non-cash item, (ii) the subsequent repayments of consolidated loans and related CMBS positions presented on a gross basis, and (iii) the Company's purchases and sales of non-controlling securities in consolidated securitization vehicles classified as financing activities. There is no impact from consolidation on the Company’s total equity, net income, cash flows from operating activities, or net cash flows. 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, 2023 and 2022, restricted cash primarily consists of $636.0 million and $764.6 million, respectively, of amounts in escrow related to real estate taxes and insurance in connection with mortgages at certain of the Company’s properties and security deposits. Other restricted cash primarily consists 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 in the name of the Company. Foreign Currency In the normal course of business, the Company makes investments in real estate and real estate debt 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). Derivative Financial Instruments The Company reports its derivative financial instruments as a component of other assets or other liabilities on its Consolidated Balance Sheets at fair value. On the date the Company enters into a derivative contract, the Company designates each contract as (i) a hedge of a net investment in a foreign operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all derivatives other than those designated as non-designated hedges, the Company formally documents its hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and its evaluation of the effectiveness of its hedged transaction. On a quarterly basis, the Company also formally assesses whether the derivative designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in net income prospectively. All changes in the fair value of derivative instruments that qualify as hedges are reported as a component of accumulated other comprehensive income (loss) on our consolidated financial statements. Deferred gains and losses are reclassified out of accumulated other comprehensive income (loss) and into net income in the same period or periods during which the hedged transaction affects earnings, and are presented in the same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap settlements are made. To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated hedge, the changes in its fair value are included in net income concurrently. Proceeds or payments from premiums and periodic settlements of derivative instruments are classified in the same section of the Company's Consolidated Statements of Cash Flows as the underlying hedged item. 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 loans 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 (Expense) Income 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 date, 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 (Expense) Income 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 rental housing, industrial, net lease, data center, 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 and exercises judgment in assessing collectability considering 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 both of the years ended December 31, 2022 and 2021, the Company reimbursed $2.0 million to the Adviser for such costs. There were no new organization costs incurred in 2023. Blackstone Securities 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, Class C and Class F shares. Offering costs are charged to equity as such amounts are incurred. The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, 2023: Class S Class I Class T Class D Class C Class F Shares 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, 2023, 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, 2023 and 2022, the Company had accrued $1.0 billion and $1.6 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 with any 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, 2023, the Company recorded a net tax benefit of $5.7 million. During the years ended December 31, 2022 and 2021, the Company recorded a net tax expense of $13.1 million and $0.3 million, respectively. The deferred benefit for the years ended December 31, 2023, 2022, and 2021 is $3.5 million, $6.0 million and $1.8 million, respectively. The current expense for the years ended December 31, 2023, 2022, and 2021 is $7.8 million, $19.1 million, and $2.1 million, respectively. As of December 31, 2023 and 2022, the Company recorded a deferred tax asset of $28.3 million and $17.6 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

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Investments in Real Estate	Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): December 31, 2023 December 31, 2022 Building and building improvements $ 78,214,115 $ 81,914,789 Land and land improvements 17,835,688 18,635,672 Furniture, fixtures and equipment 2,389,383 2,301,683 Right of use asset - operating leases (1) 1,093,479 1,090,782 Right of use asset - financing leases (1) 72,862 72,872 Total 99,605,527 104,015,798 Accumulated depreciation and amortization (8,526,517) (5,866,306) Investments in real estate, net $ 91,079,010 $ 98,149,492 (1) Refer to Note 15 for additional details on the Company’s leases. Acquisitions During the year ended December 31, 2023, the Company acquired 110 wholly-owned single family rental homes as well as one rental housing land parcel for a total purchase price of $41.4 million. The Company allocated $30.1 million to building and building improvements and $11.3 million to land and land improvements. During the year ended December 31, 2023, there were no acquired intangibles. During the year ended December 31, 2022, the Company acquired 270 rental housing properties, 51 retail properties, 34 self storage properties, 13 industrial properties, eight office properties, seven hospitality properties, three data center properties, one net lease and various wholly-owned single family rental homes for a total purchase price of $35.9 billion. The company allocated $29.3 billion to building and building improvements, $4.4 billion to land and land improvements and $2.2 billion to other components of the purchase price. Dispositions The following table details the dispositions during the years set forth below ($ in thousands): Year Ended Year Ended Year Ended Segments Number of Properties Net Proceeds Net Gain (Loss) (1) Number of Properties Net Proceeds Net Gain (1) Number of Properties Net Proceeds Net Gain (1) Rental Housing properties (2) 139 $ 3,260,033 $ 762,086 55 $ 1,885,001 $ 468,259 11 $ 267,045 $ 7,881 Self Storage properties (3) 128 2,144,784 695,170 7 121,009 45,501 — — — Hospitality properties 19 1,205,616 370,112 2 25,347 8,791 — — — Industrial properties 14 473,522 97,572 64 887,358 286,295 — — — Retail properties 5 142,146 10,937 — — — — — — Office properties 1 172,504 (856) — — — — — — Total 306 $ 7,398,605 $ 1,935,021 128 $ 2,918,715 $ 808,846 11 $ 267,045 $ 7,881 (1) For the year ended December 31, 2023, net gain (loss) includes gains of $2.0 billion and losses of $67.1 million. For the year ended December 31, 2022, net gain includes gains of $898.2 million and losses of $89.4 million. For the year ended December 31, 2021, net gain includes gains of $32.4 million and losses of $24.5 million. (2) The number of properties excludes single family rental homes sold. (3) During the year ended December 31, 2023, the Simply Storage wholly owned subsidiary was disposed. Properties Held-for-Sale As of December 31, 2023, 21 properties in the Rental Housing segment, one property in the Industrial segment, one property in the Retail segment, and various single family rental homes were classified as held-for-sale. As of December 31, 2022, 23 properties in the Rental Housing segment were classified as held-for-sale. The held-for-sale assets and related liabilities are included as components of Other Assets and Other Liabilities, respectively, on the Company’s Consolidated Balance Sheets. The following table details the assets and liabilities of the Company’s properties classified as held-for-sale ($ in thousands): Assets: December 31, 2023 December 31, 2022 Investments in real estate, net $ 445,938 $ 378,183 Other assets 7,885 2,084 Total assets $ 453,823 $ 380,267 Liabilities: Mortgage loans, net $ 270,548 $ 198,036 Other liabilities 11,802 77,016 Total liabilities $ 282,350 $ 275,052 Impairment During the year ended December 31, 2023, the Company recognized an aggregate $236.1 million of impairment charges including (i) $204.8 million related to one office property, two student housing properties, 25 affordable housing properties, and various single family rental homes as a result of updates to the undiscounted cash flow assumptions to account for a shorter hold period, and (ii) $31.3 million related to certain held-for-sale real estate investments where their carrying amount exceeded their fair value, less estimated closing costs. During the year ended December 31, 2022, the Company recognized an aggregate of $33.6 million of impairment charges related to certain held-for-sale real estate investments where their carrying amount exceeded their fair value, less estimated closing costs. The Company did not recognize any impairment charges during the year ended December 31, 2021.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	12 Months Ended
	Dec. 31, 2023
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 or the fair value option, as the Company’s ownership interest in each joint venture does not meet the requirements for consolidation. Refer to Note 2 for additional details. The following tables detail the Company’s investments in unconsolidated entities ($ in thousands): December 31, 2023 Investment in Joint Venture Segment Number of Joint Ventures Number of Properties Ownership Book Value Unconsolidated entities carried at historical cost: QTS Data Centers (1) Data Centers 1 89 35.7% $ 1,530,875 Rental Housing investments (2) Rental Housing 37 31 12.2% - 58.2% 948,768 Hospitality investment Hospitality 1 196 30.0% 297,990 Industrial investments (3) Industrial 3 56 10.1% - 22.4% 244,226 Retail investments Retail 2 7 50.0% 94,877 Total unconsolidated entities carried at historical cost 44 379 3,116,736 Unconsolidated entities carried at fair value: Industrial investments (4) Industrial 11 2,086 12.4% - 85.0% 3,184,829 Data Center investments (5) Data Centers 1 N/A 8.8% 549,138 Office investments Office 1 1 49.0% 487,626 Total unconsolidated entities carried at fair value 13 2,087 4,221,593 Total 57 2,466 $ 7,338,329 (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”). (2) Includes 10,658 single family rental homes, that are not included in the number of properties. (3) Includes $244.2 million from investments in three joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (4) Includes $2.3 billion from investments in three joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (5) Includes $549.1 million from investments in a digital towers joint venture formed by the Company and certain Blackstone-managed investment vehicles. December 31, 2022 Investment in Joint Venture Segment Number of Joint Ventures Number of Properties Ownership Book Value Unconsolidated entities carried at historical cost: QTS Data Centers (1) Data Centers 1 62 35.7% $ 1,657,778 Rental Housing investments (2) Rental Housing 92 87 12.2% - 52.0% 1,275,365 MGM Grand & Mandalay Bay Net Lease 1 2 49.9% 834,148 Hospitality investment Hospitality 1 196 30.0% 314,006 Industrial investments (3) Industrial 3 56 10.0% - 55.0% 242,883 Retail investments Retail 2 7 50.0% 97,971 Total unconsolidated entities carried at historical cost 100 410 4,422,151 Unconsolidated entities at carried at fair value: Industrial investments (4) Industrial 12 2,135 7.9% - 85.0% 3,751,864 Data Center investments (5) Data Centers 1 N/A 12.4% 674,411 Office investments Office 1 1 49.0% 520,976 Total unconsolidated entities carried at fair value 14 2,136 4,947,251 Total 114 2,546 $ 9,369,402 (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”). (2) Includes 10,767 wholly-owned single family rental homes, that are not included in the number of properties. (3) Includes $242.9 million from investments in three joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (4) Includes $2.8 billion from investments in four joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (5) Includes $674.4 million from investments in a digital towers joint venture formed by the Company and certain Blackstone-managed investment vehicles. The following table details the Company’s income from unconsolidated entities ($ in thousands): For the Year Ended December 31, BREIT Income (Loss) from Unconsolidated Entities Segment 2023 2022 2021 Unconsolidated entities carried at historical cost: QTS Data Centers Data Centers $ (244,692) $ (167,805) $ (71,745) Rental Housing investments Rental Housing (58,324) (79,148) (17,461) MGM Grand & Mandalay Bay (1) Net Lease 432,528 99,878 100,276 Hospitality investment Hospitality (6,566) 6,303 — Industrial investments Industrial (15,927) (310) 1,185 Retail investments Retail (1,188) (1,007) 167 Total unconsolidated entities carried at historical cost 105,831 (142,089) 12,422 Unconsolidated entities carried at fair value: Industrial investments (2) Industrial 18,334 320,118 193,558 Data Center investments Data Centers (2,133) (273) — Office investments Office (2,091) 4,493 — Total unconsolidated entities carried at fair value 14,110 324,338 193,558 Total $ 119,941 $ 182,249 $ 205,980 (1) On January 9, 2023, the Company sold its 49.9% interest in MGM Grand Las Vegas and Mandalay Bay Resort for cash consideration of $1.3 billion, resulting in a gain on sale of $430.4 million. (2) On May 25, 2023, the Company sold its 7.9% interest in a logistics business to an affiliate of Blackstone for cash consideration of $547.0 million, resulting in a realized gain of $37.1 million. The following tables provide the combined summarized financial information of our unconsolidated joint ventures as of the dates and for the periods set forth below ($ in thousands): Balance Sheets: December 31, 2023 December 31, 2022 Total assets $ 73,553,288 $ 74,497,816 Total liabilities $ 46,994,741 $ 45,934,895 BREIT’s share of net equity $ 6,319,739 $ 7,253,656 BREIT fair value adjustment 376,514 1,169,369 BREIT outside basis 642,076 946,377 BREIT investments in unconsolidated entities $ 7,338,329 $ 9,369,402 For the Year Ended December 31, Income Statements: 2023 2022 2021 Total revenues $ 6,053,755 $ 6,869,106 $ 1,397,424 Net income $ 518,704 $ 208,880 $ 136,869 BREIT’s share of net income $ 251,512 $ 143,941 $ 56,246 BREIT fair value adjustment (109,499) 86,106 166,067 Amortization of outside basis (22,072) (47,798) (16,333) BREIT income from unconsolidated entities $ 119,941 $ 182,249 $ 205,980

Investments in Real Estate Debt

Investments in Real Estate Debt	12 Months Ended
	Dec. 31, 2023
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, 2023 Type of Security/Loan (1) Weighted Average Coupon (2) Weighted Average Maturity Date (3) Face Cost Fair CMBS (4) +4.0% 7/16/2032 $ 5,342,253 $ 5,316,300 $ 4,933,372 RMBS 4.2% 3/11/2060 294,493 285,059 214,124 Corporate bonds 5.0% 7/9/2031 92,312 94,068 84,744 Total real estate securities 8.8% 8/28/2033 5,729,058 5,695,427 5,232,240 Commercial real estate loans +5.9% 10/12/2026 1,208,030 1,200,548 1,196,640 Other investments (5)(6) 5.7% 9/21/2029 392,226 367,730 361,752 Total investments in real estate debt 8.8% 3/26/2032 $ 7,329,314 $ 7,263,705 $ 6,790,632 December 31, 2022 Type of Security/Loan (1) Weighted Average Coupon (2) Weighted Average Maturity Date (3) Face Cost Fair CMBS (4) +3.9% 12/10/2032 $ 6,474,823 $ 6,473,296 $ 5,943,403 RMBS +4.4% 1/21/2053 404,953 393,511 292,516 Corporate bonds 4.9% 3/17/2031 115,980 126,052 105,558 Total real estate securities 7.0% 11/4/2033 6,995,756 6,992,859 6,341,477 Commercial real estate loans +5.5% 7/17/2026 1,489,296 1,499,691 1,483,358 Other investments (5) 5.7% 9/21/2029 209,746 183,017 176,868 Total investments in real estate debt 7.4% 5/25/2032 $ 8,694,798 $ 8,675,567 $ 8,001,703 (1) This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s financial statements. The underlying collateral loans and the senior CMBS positions owned by third-parties of such securitizations are presented separately on the Company’s Consolidated Balance Sheets. See Note 6 to the consolidated financial statements. (2) The symbol “+” refers to the relevant floating benchmark rates, which include SOFR, SONIA, and EURIBOR, 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 for purposes of the weighted-averages. Weighted Average Coupon for CMBS does not include zero-coupon securities. (3) Weighted average maturity date is based on the fully extended maturity date of the instrument. (4) Face amount excludes interest-only securities with a notional amount of $0.6 billion and $1.1 billion as of December 31, 2023 and December 31, 2022, respectively. (5) Includes interests in unconsolidated joint ventures that hold investments in real estate debt. (6) Weighted average coupon rate and weighted average maturity date exclude our investment in a joint venture with the Federal Deposit Insurance Corporation (“FDIC”). The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands): December 31, 2023 December 31, 2022 Collateral (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value Industrial $ 2,556,000 $ 2,429,510 36% $ 2,681,299 $ 2,483,592 32% Rental Housing (2) 2,081,681 1,954,601 29% 2,119,282 1,940,795 24% Net Lease 950,174 941,125 14% 983,374 947,368 12% Hospitality 899,669 869,858 13% 1,884,353 1,768,090 22% Other 297,394 288,748 4% 360,903 339,609 4% Office 417,846 252,754 4% 552,016 439,938 5% Diversified 60,941 54,036 —% 94,340 82,311 1% Total $ 7,263,705 $ 6,790,632 100% $ 8,675,567 $ 8,001,703 100% (1) This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s financial statements. The underlying collateral loans and the senior CMBS positions owned by third-parties of such securitizations are presented separately on the Company’s Consolidated Balance Sheets. See Note 6 to the consolidated financial statements. (2) Rental Housing investments in real estate debt are collateralized by various forms of rental housing including apartments and single family rental homes. The following table details the credit rating of the Company’s investments in real estate debt ($ in thousands): December 31, 2023 December 31, 2022 Credit Rating (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value AA $ 77,200 $ 76,019 1% $ — $ — —% A 84,021 81,783 1% 91,809 86,055 1% BBB 868,440 850,277 13% 1,077,419 1,024,908 13% BB 1,356,535 1,229,290 18% 1,858,101 1,659,281 21% B 1,045,548 931,583 14% 1,609,017 1,424,940 18% CCC 84,561 41,555 1% 40,486 33,225 —% D 5,210 477 —% — — —% Private commercial real estate loans 1,200,548 1,196,640 18% 1,499,691 1,483,358 18% Not rated (2) 2,541,642 2,383,008 34% 2,499,044 2,289,936 29% Total $ 7,263,705 $ 6,790,632 100% $ 8,675,567 $ 8,001,703 100% (1) This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s financial statements. The underlying collateral loans and the senior CMBS positions owned by third-parties of such securitizations are presented separately on the Company’s Consolidated Balance Sheets. See Note 6 to the consolidated financial statements. (2) As of December 31, 2023, not rated positions have a weighted-average LTV at origination of 64%, are primarily composed of 55% industrial and 39% rental housing assets, and include interest-only securities with a fair value of $9.0 million. The following table details the Company’s income (loss) from investments in real estate debt ($ in thousands): Year Ended December 31, 2023 2022 2021 Interest income $ 702,543 $ 472,855 $ 181,332 Unrealized gain (loss) 205,828 (629,079) 56,148 Realized (loss) gain (87,318) (116,262) 47,963 Total 821,053 (272,486) 285,443 Net realized and unrealized (loss) gain on derivatives (7,844) 79,024 35,751 Net realized and unrealized (loss) gain on secured financings of investments in real estate debt (9,909) 36,644 25,798 Other expense (5,136) (10,265) (8) Total income (loss) from investments in real estate debt $ 798,164 $ (167,083) $ 346,984 The Company’s investments in real estate debt included certain CMBS and loans collateralized by properties owned by other 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, 2023 December 31, 2022 2023 2022 2021 CMBS $ 1,525,134 $ 1,683,765 $ 167,853 $ (107,702) $ 105,421 Commercial real estate loans 557,549 835,846 96,731 41,012 (11,611) Total $ 2,082,683 $ 2,519,611 $ 264,584 $ (66,690) $ 93,810 The Company acquired such affiliated CMBS from third-parties on market terms negotiated by the majority third-party investors. The Company has forgone all non-economic rights under these CMBS, including voting rights, so long as the Blackstone-advised investment vehicles either own the properties collateralizing the underlying loans, or have an interest in a different part of the capital structure of such CMBS. The Company acquired commercial real estate loans to borrowers that are owned by Blackstone-advised investment vehicles. The Company has forgone all non-economic rights under these loans, including voting rights, so long as the Blackstone-advised investment vehicle controls the borrowers. These loans were negotiated by third parties without the Company’s involvement. As of both December 31, 2023 and December 31, 2022, the Company’s investments in real estate debt also included $1.9 billion of CMBS collateralized, in part, by certain of the Company’s mortgage loans. The Company recognized $250.5 million, $62.1 million and $47.6 million of income related to such CMBS during the years ended December 31, 2023, 2022, and 2021, respectively.

Consolidated Securitization Veh

Consolidated Securitization Vehicles	12 Months Ended
	Dec. 31, 2023
Transfers and Servicing [Abstract]
Consolidated Securitization Vehicles	Consolidated Securitization Vehicles The Company has acquired the controlling class securities of certain CMBS securitizations resulting in the consolidation of such securitizations on its Consolidated Balance Sheets. The consolidation of these securitizations results in a gross presentation of the underlying collateral loans as discrete assets, as well as inclusion of the senior CMBS positions owned by third-parties, which are presented as liabilities on the Company’s Consolidated Balance Sheets. The assets of any particular consolidated securitization can only be used to satisfy the liabilities of that securitization and such assets are not available to the Company for any other purpose. Similarly, the senior CMBS obligations of these securitizations can only be satisfied through repayment of the underlying collateral loans, as they do not have any recourse to the Company or its assets, nor has the Company provided any guarantees with respect to the performance or repayment of the senior CMBS obligations. The following tables detail the real estate loans held by the consolidated securitization vehicles and the related senior obligations of consolidated securitization vehicles ($ in thousands): December 31, 2023 Count Principal Fair Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Real estate loans held by consolidated securitization vehicles 291 $ 16,551,341 $ 16,331,578 6.3 % 11/21/2025 Senior obligations of consolidated securitization vehicles 21 14,835,899 14,777,146 6.1 % 12/9/2025 Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles 21 $ 1,715,442 $ 1,554,432 7.8 % 6/22/2025 December 31, 2022 Count Principal Fair Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Real estate loans held by consolidated securitization vehicles 292 $ 17,527,441 $ 17,030,387 5.1 % 3/24/2025 Senior obligations of consolidated securitization vehicles 22 15,565,671 15,288,598 4.9 % 10/18/2025 Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles 22 $ 1,961,770 $ 1,741,789 6.6 % 5/6/2025 (1) The weighted-average yield and cost represent the all-in rate, which includes both fixed and floating rates, as applicable to each securitization vehicle. (2) Loan term represents weighted-average final maturity, assuming all extension options are exercised by the borrower. Repayments of senior obligations of consolidated securitization vehicles are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

Mortgage Loans, Secured Term Lo

Mortgage Loans, Secured Term Loans, and Secured Revolving Credit Facilities	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Mortgage Loans, Secured Term Loans, and Secured Revolving Credit Facilities	Mortgage Loans, Secured Term Loans, and Secured Revolving Credit Facilities The following table details the mortgage loans, secured term loans, and secured revolving credit facilities secured by the Company’s real estate ($ in thousands): December 31, 2023 Principal Balance Outstanding Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2)(3) Maximum December 31, 2023 December 31, 2022 Fixed rate loans: Fixed rate mortgages (4) 3.7% 7/13/2029 N/A $ 23,872,148 $ 25,152,361 Variable rate loans: Variable rate mortgages and secured term loans +2.5% 3/29/2027 N/A 32,316,849 34,141,570 Variable rate warehouse facilities (5) +2.0% 10/4/2025 $ 4,388,249 3,541,543 3,728,340 Variable rate secured revolving credit facilities (6) +1.7% 5/22/2026 $ 3,797,702 2,489,784 2,608,778 Total variable rate loans +2.4% 1/18/2027 38,348,176 40,478,688 Total loans secured by real estate 6.2% 1/1/2028 62,220,324 65,631,049 (Discount) premium on assumed debt, net (103,828) (121,435) Deferred financing costs, net (422,818) (546,911) Mortgage loans, secured term loans, and secured revolving credit facilities, net $ 61,693,678 $ 64,962,703 (1) “+” refers to the relevant floating benchmark rates, which include SOFR, CDOR, and EURIBOR as applicable to each loan. As of December 31, 2023, the Company had outstanding interest rate swaps with an aggregate notional balance of $32.4 billion and interest rate caps with an aggregate notional balance of $9.6 billion that mitigate its exposure to potential future interest rate increases under its floating-rate debt. Total weighted average interest rate does not include the impact of derivatives. (2) Weighted average maturity assumes maximum maturity date, including any extensions, where the Company, at its sole discretion, has one or more extension options. (3) The majority of the Company’s mortgages contain yield or spread maintenance provisions. (4) Includes $293.3 million and $364.5 million of loans related to investments in affordable housing properties as of December 31, 2023 and December 31, 2022, respectively. Such loans are generally from municipalities, housing authorities, and other third parties administered through government sponsored affordable housing programs. Certain of these loans may be forgiven if specific affordable housing conditions are maintained. (5) Additional borrowings under the Company’s variable rate warehouse facilities require additional collateral, which are subject to lender approval. (6) Additional borrowings under the Company’s variable rate secured revolving credit facilities are immediately available. The following table details the future principal payments due under the Company’s mortgage loans, secured term loans, and secured revolving credit facilities as of December 31, 2023 ($ in thousands): Year Amount 2024 $ 4,128,273 2025 8,247,353 2026 15,871,845 2027 18,852,769 2028 3,620,246 Thereafter 11,499,838 Total $ 62,220,324 The Company repaid certain of its loans in conjunction with the sale or refinancing of the underlying properties and incurred an aggregate realized net loss on extinguishment of debt of $40.3 million, $11.5 million and $16.3 million for the years ended December 31, 2023, 2022, and 2021, respectively. Such losses primarily resulted from the acceleration of related deferred financing costs, prepayment penalties, and transaction costs. The Company is subject to various financial and operational covenants under certain of its mortgage loans, secured term loans, and secured revolving credit facility agreements. These covenants require the Company to maintain certain financial ratios, which include leverage, debt yield, and debt service coverage, among others. As of December 31, 2023, the Company was in compliance with all of its loan covenants.

Secured Financings of Investmen

Secured Financings of Investments in Real Estate Debt	12 Months Ended
	Dec. 31, 2023
Disclosure of Repurchase Agreements [Abstract]
Secured Financings of Investments in Real Estate Debt	Secured Financings of Investments in Real Estate Debt The Company has entered into master repurchase agreements and other financing agreements 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 collateral in the form of cash, securities, or other assets if the market value of such financed investments decline. The following tables detail the Company’s secured financings of investments in real estate debt ($ in thousands): December 31, 2023 Collateral Type Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 4,018,216 $ 6,385,599 +1.4% 1/17/2025 Commercial real estate loans 146,172 226,672 +1.8% 4/21/2024 RMBS 140,061 214,124 +1.3% 10/29/2024 Corporate bonds 63,820 84,744 +1.1% 11/6/2024 $ 4,368,269 $ 6,911,139 +1.4% December 31, 2022 Collateral Type Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 4,482,728 $ 7,447,672 +1.3% 12/27/2023 Commercial real estate loans 220,694 294,337 +1.1% 11/18/2023 Corporate bonds 163,547 259,224 +1.9% 3/23/2024 RMBS 99,716 137,084 +1.1% 10/5/2023 $ 4,966,685 $ 8,138,317 +1.3% (1) Represents the fair value of the Company’s investments in real estate debt that serve as collateral. (2) “+” refers to the relevant floating benchmark rates, which include SOFR, EURIBOR, and SONIA, as applicable to each secured financing. As of December 31, 2023 and December 31, 2022, the Company had interest rate swaps outstanding with a notional value of $0.6 billion and $1.4 billion, respectively, that effectively converts a portion of its fixed rate investments in real estate debt to floating rates to mitigate its exposure to potential future interest rate increases under its floating-rate debt. Total weighted average interest rate does not include the impact of such interest rate swaps or other derivatives.

Unsecured Revolving Credit Faci

Unsecured Revolving Credit Facilities and Term Loans	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Unsecured Revolving Credit Facilities and Term Loans	Unsecured Revolving Credit Facilities and Term Loans The Company is party to unsecured credit facilities with multiple banks. The credit facilities have a weighted average maturity date of November 29, 2024, which may be extended for one year, and an interest rate of SOFR +2.5%. As of both December 31, 2023 and December 31, 2022, the maximum capacity of the credit facilities was $5.6 billion. There were no outstanding borrowings under these unsecured credit facilities as of December 31, 2023 and December 31, 2022. 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 (the “Lender”). The Line of Credit expires on January 24, 2025, and may be extended for up to 12 months, subject to Lender approval. The interest rate is equivalent to the then-current rate offered to the Company by a third-party lender, or, if no such rate is available, SOFR +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 external manager, 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, 2023 and December 31, 2022, the Company had no outstanding borrowings under the Line of Credit. The Company is party to unsecured term loans with multiple banks. The term loans have a weighted average maturity date of January 30, 2026 and an interest rate of SOFR +2.5%. As of both December 31, 2023 and December 31, 2022, the aggregate outstanding balance of the unsecured term loans was $1.1 billion.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
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, 2023 December 31, 2022 Accrued stockholder servicing fee $ 961,654 $ 1,588,178 Performance participation allocation — — Accrued management fee 63,505 71,644 Accrued affiliate service provider expenses 5,283 14,975 Other 2,641 1,511 Total $ 1,033,083 $ 1,676,308 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 as part of its continuous public offering, that 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. 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 measured on a calendar year basis and will be paid quarterly in Class I or Class B units of BREIT OP or cash, at the election of the Special Limited Partner. To date, the Special Limited Partner has always elected to be paid in a combination of Class I and Class B units, resulting in a non-cash expense. Effective March 4, 2022, following the end of each calendar quarter that is not also the end of a calendar year, the Special Limited Partner has been entitled to a performance participation allocation as described above calculated in respect of the portion of the year to date, less any performance participation allocation received with respect to prior quarters in that year (the “Quarterly Allocation”). The performance participation allocation that the Special Limited Partner is entitled to receive at the end of each calendar year will be reduced by the cumulative amount of Quarterly Allocations that year. If a Quarterly Allocation is made and at the end of a subsequent calendar quarter in the same calendar year the Special Limited Partner is entitled to less than the previously received Quarterly Allocation(s) (a “Quarterly Shortfall”), then subsequent distributions of any Quarterly Allocations or year-end performance allocations in that calendar year will be reduced by an amount equal to such Quarterly Shortfall, until such time as no Quarterly Shortfall remains. If all or any portion of a Quarterly Shortfall remains at the end of a calendar year following the application described in the previous sentence, distributions of any Quarterly Allocations and year-end performance allocations in the subsequent four calendar years will be reduced by (i) the remaining Quarterly Shortfall plus (ii) an annual rate of 5% on the remaining Quarterly Shortfall measured from the first day of the calendar year following the year in which the Quarterly Shortfall arose and compounded quarterly (collectively, the “Quarterly Shortfall Obligation”) until such time as no Quarterly Shortfall Obligation remains; provided, that the Special Limited Partner (or its affiliate) may make a full or partial cash payment to reduce the Quarterly Shortfall Obligation at any time; provided, further, that if any Quarterly Shortfall Obligation remains following such subsequent four calendar years, then the Special Limited Partner (or its affiliate) will promptly pay BREIT OP the remaining Quarterly Shortfall Obligation in cash. During the year ended December 31, 2023, the Company did not recognize any performance participation allocation expense in the Company’s Consolidated Statements of Operations due to a negative total return of $355.7 million, which will be treated as a loss carry forward until such amount is recouped. During the years ended December 31, 2022, and 2021 the Company recognized $742.7 million and $1.4 billion, respectively, of performance participation allocation expense in the Company’s Consolidated Statements of Operations. For the year ended December 31, 2022, the full year performance participation allocation was less than the previously distributed Quarterly Allocations resulting in a Quarterly Shortfall amount of $74.9 million. Such Quarterly Shortfall amount is recorded as a receivable from the Special Limited Partner and included as a component of Other Assets on the Company’s Consolidated Balance Sheets. Beginning January 1, 2023, interest on the Quarterly Shortfall began accruing at a 5% annual rate, compounded quarterly. During the year ended December 31, 2023, the Company accrued interest income of $3.8 million related to such Quarterly Shortfall amount. As of March 28, 2024, Blackstone owned an aggregate $2.6 billion of shares of the Company and units of BREIT OP. In addition, Blackstone employees, including the Company’s executive officers, owned an aggregate $1.4 billion of shares of the Company and units of BREIT OP. 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, certain classes of shares of the Company’s common stock, or certain classes of BREIT OP units. As of December 31, 2023, the Adviser has elected to receive the management fee in shares of the Company’s common stock and units of BREIT OP, resulting in a non-cash expense. During the years ended December 31, 2023, 2022 and 2021, the Company incurred management fees of $839.2 million, $837.7 million, and $445.3 million, respectively. During the year ended December 31, 2023, the Company issued 24.8 million unregistered Class I shares and 28.0 million units of BREIT OP to the Adviser as payment for management fees. During the years ended December 31, 2022 and 2021, the Company issued 51.3 million and 30.1 million unregistered Class I shares, respectively, to the Adviser as payment for management fees. On July 31, 2023, 56.7 million Class I shares previously issued for the management fee were exchanged for 56.7 million Class B units of BREIT OP. The Company also had a payable of $63.5 million and $71.6 million related to the management fees as of December 31, 2023 and December 31, 2022, respectively. During January 2024, the Adviser was issued 4.5 million units of BREIT OP as payment for the management fees accrued as of December 31, 2023. The shares and units issued to the Adviser for payment of the management fee were issued at the applicable NAV per share/unit at the end of each month for which the fee was earned. The Adviser did not submit any repurchase requests for shares previously issued as payment for management fees during the years ended December 31, 2023 and 2022. Accrued affiliate service provider expenses and incentive compensation awards The Company has engaged Link Logistics Real Estate LLC (“Link”), a portfolio company owned by Blackstone-advised investment vehicles, to provide, as applicable, operational services, management services, loan management services, corporate support services and transaction support services for the Company’s logistics properties. The Company has engaged LivCor, LLC (“LivCor”), a portfolio company owned by Blackstone-advised investment vehicles, to provide, as applicable, operational services, management services, loan management services, corporate support services and transaction support services for the Company’s multifamily 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, management services, loan management services, corporate support services and transaction support services for the Company’s retail properties. The Company has engaged Revantage Corporate Services, LLC and Revantage Global Services Europe S.à r.l. (collectively “Revantage”), portfolio companies owned by Blackstone-advised investment vehicles, to provide, as applicable, corporate support services and transaction support services to certain of our investments directly. The Company has engaged BRE Hotels & Resorts LLC (“BRE Hotels & Resorts”), a portfolio company owned by Blackstone-advised investment vehicles, to provide, as applicable, operational services, management services, loan management services, corporate support services and transaction support services for the Company’s hospitality properties. The Company has engaged EQ Management, LLC (“EQ”), a portfolio company owned by Blackstone-advised investment vehicles, to provide, as applicable, operational services, management services, loan management services, corporate support services and transaction support services for the Company’s office properties. The Company has engaged BPP MFNY Employer LLC (“Beam Living”), a portfolio company owned by Blackstone-advised investment vehicles, to provide, as applicable, operational services, management services, loan management services and corporate support services for certain of the Company’s multifamily properties in New York City. The Company has engaged Longview Senior Housing, LLC (“Longview Senior Housing”), a portfolio company owned by Blackstone-advised investment vehicles, to provide, as applicable, operational services, management services, corporate support services and transaction support services for the Company’s senior housing properties. 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 these arrangements. The following table details the amounts incurred for affiliate service providers ($ in thousands): Affiliate Service Amortization of Capitalized Transaction Year Ended December 31, Year Ended December 31, Year Ended December 31, 2023 2022 2021 2023 2022 2021 2023 2022 2021 Link $ 112,963 $ 99,798 $ 68,277 $ 18,033 $ 8,929 $ 6,174 $ 1,124 $ 5,541 $ 3,696 LivCor 103,104 78,490 39,481 15,949 9,073 6,235 9,532 10,762 6,529 ShopCore 32,966 15,269 6,427 958 631 271 1,283 1,213 292 Revantage 30,880 28,984 3,029 9,103 1,668 — — — 8,696 BRE Hotels & Resorts 15,178 17,374 11,565 1,375 1,183 728 — 261 127 EQ 5,081 2,339 1,912 205 237 160 711 230 — Beam Living 2,931 2,572 — 1,114 607 — — 59 — Longview Senior Housing 1,777 1,745 557 — — — — — — $ 304,880 $ 246,571 $ 131,248 $ 46,737 $ 22,328 $ 13,568 $ 12,650 $ 18,066 $ 19,340 The Company issues incentive compensation awards to certain employees of portfolio company service providers. Such awards vest over the life of the awards and stock-based compensation expense is recognized for these awards on a graded vesting attribution method over the applicable vesting period of each award, based on the value of the awards on their grant date, as adjusted for forfeitures. The awards are subject to service periods ranging from three The following table details the incentive compensation awards ($ in thousands): December 31, 2022 For the Year Ended December 31, 2023 December 31, 2023 Plan Year Unrecognized Compensation Cost Forfeiture of unvested awards Value of Awards Issued Amortization of Compensation Cost Unrecognized Compensation Cost Remaining Amortization Period 2021 $ 23,161 $ (2,946) $ — $ (9,343) $ 10,872 1.0 year 2022 24,889 (1,115) 14,127 (19,076) 18,825 1.9 years 2023 — — 54,955 (18,318) 36,637 2.4 years $ 48,050 $ (4,061) $ 69,082 $ (46,737) $ 66,334 Other As of December 31, 2023 and December 31, 2022, the Adviser had paid $2.6 million and $1.5 million of expenses on the Company’s behalf for general corporate expenses provided by unaffiliated third parties. Such expenses are reimbursed by the Company to the Advisor in the ordinary course. Additionally, as of December 31, 2023, the Company had a receivable of $4.2 million from certain portfolio companies owned by Blackstone-advised investment vehicles related to incentive compensation awards. As of December 31, 2022, there was no such receivable. 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 expense offset to the Company. During the years ended December 31, 2023 and December 31, 2022, the Company paid LNLS $7.7 million and $27.8 million, respectively, for title services related to, in each case, 53 investments and such costs were either (i) capitalized to Investments in Real Estate, (ii) included in calculating net gain on dispositions of real estate on the Consolidated Statements of Operations or (iii) recorded as deferred financing costs, which is a reduction to Mortgage Loans, Secured Term Loans, and Secured Revolving Credit Facilities on the Consolidated Balance Sheets. Captive Insurance Company On July 28, 2020, the Company became a member of a captive insurance company (the “Captive”) 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 insurance premiums paid for each party’s respective properties. During the years ended December 31, 2023 and December 31, 2022, the Company contributed $166.2 million and $91.9 million, respectively, of capital to the Captive for insurance premiums and its pro rata share of other expenses. Of these amounts $3.2 million and $1.8 million, respectively, was attributable to the fee paid to a Blackstone affiliate to provide oversight and management services of the Captive. 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 December 31, 2022, the Company had a receivable of $6.0 million from LivCor and such amount is included in Other Assets on the Company’s Consolidated Balance Sheets. As of December 31, 2023, there was no such receivable. As of December 31, 2023, the Company had a receivable of $42.3 million from Link related to the prepayment of certain corporate service fees and such amount is included in Other Assets on the Company’s Consolidated Balance Sheets. As of December 31, 2022, there was no such receivable.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	12 Months Ended
	Dec. 31, 2023
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, 2023 December 31, 2022 Interest rate and foreign currency hedging derivatives $ 2,160,266 $ 3,033,595 Real estate intangibles, net 1,146,840 1,624,212 Receivables, net 793,651 821,309 Straight-line rent receivable 665,747 454,989 Held-for-sale assets 453,823 380,267 Equity securities 335,933 530,119 Single family rental homes risk retention securities 300,718 300,718 Prepaid expenses 178,140 146,568 Deferred leasing costs, net 141,526 121,230 Due from affiliate (1) 78,671 74,857 Deferred financing costs, net 62,651 103,049 Other 245,260 291,035 Total $ 6,563,226 $ 7,881,948 (1) Refer to the Performance Participation Allocation section of Note 10 for additional information. The following table details the components of other liabilities ($ in thousands): December 31, 2023 December 31, 2022 Right of use lease liability - operating leases $ 643,803 $ 638,830 Stock repurchases payable 574,958 151,959 Accounts payable and accrued expenses 427,744 470,335 Accrued interest expense 395,814 395,459 Real estate taxes payable 327,947 350,757 Liabilities related to held-for-sale assets 282,350 275,052 Intangible liabilities, net 244,596 330,432 Prepaid rental income 232,447 188,450 Tenant security deposits 228,994 237,891 Distribution payable 222,174 238,297 Right of use lease liability - financing leases 78,257 77,008 Subscriptions received in advance 113,764 208,632 Securitized debt obligations, net 47,172 123,628 Interest rate and foreign currency hedging derivatives 34,236 50,557 Other 124,409 174,746 Total $ 3,978,665 $ 3,912,033

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2023
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, 2023 December 31, 2022 Intangible assets In-place lease intangibles $ 1,641,489 $ 2,022,087 Indefinite life intangibles 184,082 193,182 Above-market lease intangibles 61,888 71,952 Other intangibles 377,319 371,631 Total intangible assets 2,264,778 2,658,852 Accumulated amortization In-place lease amortization (1,007,698) (971,988) Above-market lease amortization (32,800) (31,419) Other intangibles amortization (77,440) (31,233) Total accumulated amortization (1,117,938) (1,034,640) Intangible assets, net $ 1,146,840 $ 1,624,212 Intangible liabilities Below-market lease intangibles $ 441,391 $ 476,186 Total intangible liabilities 441,391 476,186 Accumulated amortization Below-market lease amortization (196,795) (145,754) Total accumulated amortization (196,795) (145,754) Intangible liabilities, net $ 244,596 $ 330,432 The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of December 31, 2023 is as follows ($ in thousands): In-place Lease Above-market Other Intangibles Below-market 2024 $ 172,848 $ 7,352 $ 36,552 $ (56,110) 2025 124,181 6,139 33,896 (46,825) 2026 94,617 4,685 32,733 (36,948) 2027 68,150 3,320 30,665 (25,781) 2028 51,851 2,440 28,851 (19,712) Thereafter 122,144 5,152 137,182 (59,220) Total $ 633,791 $ 29,088 $ 299,879 $ (244,596)

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2023
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. These derivatives may or may not qualify as net investment, cash flow, or fair value hedges under the hedge accounting requirements of 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 certain loans secured by the Company’s real estate in addition to its secured financings of investments in real estate debt. The Company uses derivative financial instruments, which includes interest rate swaps and caps, and may also include options, floors, and other interest rate derivative contracts, to limit the Company’s exposure to the future variability of interest rates. The Company has the right of offset for certain derivatives, and presents them net on its consolidated financial statements. The following tables detail the Company’s outstanding interest rate derivatives (notional amount in thousands): December 31, 2023 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Strike Index Weighted Average Maturity (Years) Derivatives designated as hedging instruments Interest rate swaps - property debt 21 $ 6,386,770 2.6% SOFR 4.6 Derivatives not designated as hedging instruments Interest rate caps - property debt 153 9,580,354 5.8% SOFR 0.5 Interest rate swaps - property debt 51 26,015,600 1.6% SOFR, EURIBOR 4.5 Interest rate swaps - secured financings of investments in real estate debt 17 581,915 3.4% SOFR 6.6 Total $ 36,177,869 December 31, 2022 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Strike Index Weighted Average Maturity (Years) Derivatives designated as hedging instruments Interest rate swaps - property debt 20 $ 7,417,852 2.6% LIBOR, SOFR 6.1 Derivatives not designated as hedging instruments Interest rate caps - property debt 135 14,147,947 4.1% LIBOR, SOFR 0.8 Interest rate swaps - property debt 50 25,015,600 2.0% LIBOR, SOFR, EURIBOR 7.3 Interest rate swaps - secured financings of investments in real estate debt 61 1,392,960 1.4% LIBOR, SOFR 4.1 Total $ 40,556,507 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, 2023 December 31, 2022 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD / Sell EUR Forward 9 € 139,913 14 € 160,206 Buy USD / Sell GBP Forward 9 £ 57,377 12 £ 132,563 Buy EUR / Sell USD Forward 2 € 10,421 — € — 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, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Derivatives designated as hedging instruments Interest rate swaps - property debt $ 246,350 $ 409,260 $ 1,320 $ — Total derivatives designated as hedging instruments 246,350 409,260 1,320 — Derivatives not designated as hedging instruments Interest rate caps - property debt (3) 31,134 183,392 17,020 36,173 Interest rate swaps - property debt 1,874,065 2,310,511 — — Interest rate swaps - secured financings of investments in real estate debt 8,643 130,181 12,210 — Foreign currency forward contracts 74 251 3,686 14,384 Total derivatives not designated as hedging instruments 1,913,916 2,624,335 32,916 50,557 Total interest rate and foreign currency hedging derivatives $ 2,160,266 $ 3,033,595 $ 34,236 $ 50,557 (1) Included in Other Assets in the Company’s Consolidated Balance Sheets. (2) Included in Other Liabilities in the Company’s Consolidated Balance Sheets. (3) Includes interest rate caps presented on a net basis with an aggregate fair value of $189.7 million and $237.7 million as of December 31, 2023 and December 31, 2022, respectively. The following table details the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Loss) ($ in thousands): Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized Year Ended December 31, 2023 2022 2021 Included in Net Loss Interest rate swap – property debt Unrealized (loss) gain (1) $ (772,224) $ 2,262,337 $ (7,711) Interest rate swaps – property debt Realized gain (1) 297,606 — — Interest rate caps – property debt Unrealized (loss) gain (1) (146,621) 180,988 — Interest rate swaps – secured financings of investments in real estate debt Unrealized (loss) gain (1) (134,280) 119,407 57,470 Foreign currency forward contract Realized (loss) gain (2) (18,291) 85,889 27,606 Foreign currency forward contract Unrealized gain (loss) (2) 10,447 (6,865) 8,145 Total $ (763,363) $ 2,641,756 85,510 Included in Other Comprehensive Income Interest rate swap – property debt (3) Unrealized gain (75,707) 408,069 — Total $ (839,070) $ 3,049,825 $ 85,510 (1) Included in (loss) income from interest rate derivatives in the Company’s Consolidated Statements of Operations. (2) Included in income (loss) from investments in real estate debt in the Company’s Consolidated Statements of Operations. (3) During the years ended December 31, 2023 and December 31, 2022, net gain of $171.4 million and $79.4 million, respectively, was reclassified from accumulated other comprehensive income into net income. 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, 2023, the Company was in a net liability position and posted collateral of $23.4 million with three of its counterparties as required under the derivative contracts. As of December 31, 2022, the Company was in a net liability position and posted collateral of $47.6 million with two of its counterparties as required under the derivatives contracts.

Equity and Redeemable Non-contr

Equity and Redeemable Non-controlling Interest	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	Equity and Redeemable Non-controlling Interest Authorized Capital As of December 31, 2023, the Company had the authority to issue 12,100,000,000 shares, consisting of the following: Number of Shares Par Value Per Share 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 1,500,000 $ 0.01 Class C Shares 500,000 $ 0.01 Class F Shares 500,000 $ 0.01 Total 12,100,000 Common Stock The following table details the movement in the Company’s outstanding shares of common stock (1) (in thousands): Class S Class I Class T Class D Class C Total January 1, 2021 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 (2) — 61 — — — 61 December 31, 2021 1,254,348 2,086,631 57,287 291,087 — 3,689,353 Common stock issued 389,405 854,023 16,849 145,677 — 1,405,954 Distribution reinvestment 31,957 51,138 1,646 8,656 — 93,397 Common stock repurchased (78,296) (597,103) (3,183) (23,992) — (702,574) Independent directors’ restricted stock grant (2) — 48 — — — 48 December 31, 2022 1,597,414 2,394,737 72,599 421,428 — 4,486,178 Common stock issued (3) 31,384 680,173 (7,005) (241,511) 2,136 465,177 Distribution reinvestment 30,493 50,878 1,575 4,556 — 87,502 Common stock repurchased (4) (171,094) (722,878) (7,923) (29,679) — (931,574) Independent directors’ restricted stock grant (2) — 49 — — — 49 December 31, 2023 1,488,197 2,402,959 59,246 154,794 2,136 4,107,332 (1) As of December 31, 2023, no Class F shares were issued and outstanding. (2) The independent directors’ restricted stock represents $0.1 million of the annual compensation paid to each of the independent directors for the years ended December 31, 2023, 2022 and 2021. The cost of each grant is amortized over the one-year service period for each grant. (3) Includes conversion of shares from Class T and Class D to Class I during the year ended December 31, 2023. (4) Includes 56.7 million Class I shares previously issued for the management fee that were exchanged for an equivalent amount of Class B units of BREIT OP during the year ended December 31, 2023. As of January 1, 2023, the Regents of the University of California (“UC Investments”), subscribed for an aggregate 268.9 million Class I shares for a total purchase price of $4.0 billion. The investment was made at the Company’s January 1, 2023 public offering price with fees and terms consistent with existing stockholders. In connection with this investment, a subsidiary of Blackstone entered into a long-term strategic venture with UC Investments. Blackstone contributed $1.0 billion of its current holdings in the Company as part of the strategic venture, which provides a waterfall structure with UC Investments receiving a 11.25% minimum annualized net return on its investment in the Company (supported by a pledge of Blackstone’s contribution) and upside from its investment. In exchange, Blackstone will be entitled to receive an incremental 5% cash promote payment from UC Investments on any returns received in excess of the specified minimum, in addition to the existing management and incentive fees borne by all holders of Class I shares of the Company. The pledge will also extend to any appreciation and dividends received by Blackstone in respect of the contributed $1.0 billion. After January 2028, the parties have the option to request repurchase of their investments ratably over two years (a minimum average 6-year hold) and any such request will be subject to the terms of our share repurchase plan, as defined below, or policy with Respect to Repurchase of Adviser Class I Shares, dated as of March 10, 2021, as applicable. On March 1, 2023, UC Investments subscribed for an additional 33.9 million Class I shares for a total purchase price of $500.0 million. This investment was made at the Company’s March 1, 2023 public offering price with fees and terms consistent with existing stockholders. Blackstone contributed an incremental $125.0 million of its current holdings in the Company on the same terms described above. The Company sold a 23% common equity interest in a joint venture that owns a 95% interest in the Bellagio for $300.0 million. The Company also sold a preferred equity interest in the joint venture for $650.0 million. The Company controls the joint venture and will therefore continue to consolidate its investment in the Bellagio. The transaction resulted in a $425.0 million premium over the Company’s carrying value. The aggregate $950.0 million common and preferred equity interest will be included in the Company’s total equity as non-controlling interests. Share and Unit Repurchases The Company has adopted a Share Repurchase Plan (the “Repurchase Plan”), which is approved and administered by the Company’s board of directors, whereby, subject to certain limitations, stockholders may request on a monthly basis that the Company repurchases all or any portion of their shares. The Repurchase Plan will be limited to no more than 2% of the Company’s aggregate NAV per month (measured using the aggregate NAV as of the end of the immediately preceding month) and no more than 5% of the Company’s aggregate NAV per calendar quarter (measured using the average aggregate NAV as of the end of the immediately preceding three months). For the avoidance of doubt, both of these limits are assessed during each month in a calendar quarter. The Company has in the past received, and may in the future receive, repurchase requests that exceed the limits under the Repurchase Plan, and the Company has in the past repurchased less than the full amount of shares requested, resulting in the repurchase of shares on a pro rata basis. Should repurchase requests, in the board of directors’ 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 board of directors otherwise determine that investing its liquid assets in real properties or other investments rather than repurchasing its shares is in the best interests of the Company as a whole, the Company’s board of directors may determine to repurchase fewer shares than have been requested to be repurchased (including relative to the 2% monthly limit and 5% quarterly limit under the Repurchase Plan), or none at all. Further, the Company’s board of directors has in the past made exceptions to the limitations in the Repurchase Plan and may in the future, in certain circumstances, make exceptions to such repurchase limitations (or repurchase fewer shares than such repurchase limitations), or modify or suspend the Repurchase Plan if, in its reasonable judgement, 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 receives repurchase requests in excess of the 2% or 5% limits, then repurchase requests will be satisfied on a pro rata basis after the Company has repurchased all shares for which repurchase has been requested due to death, disability or divorce and other limited exceptions. All unsatisfied repurchase requests must be resubmitted after the start of the next month or quarter, or upon the recommencement of the Repurchase Plan, as applicable. For the year ended December 31, 2023, the Company repurchased 874.8 million shares of common stock and 29.3 million units of BREIT OP for a total of $13.3 billion. During the months ended October 31, 2023, November 30, 2023, and December 31, 2023, the Company received repurchase requests that exceeded the applicable repurchase limits under the Company’s Repurchase Plan. For the months ended October 31, 2023, November 30, 2023, and December 31, 2023, in accordance with the Repurchase Plan, the Company fulfilled repurchases equal to 2.0%, 2.0% and 1.0% of NAV, or 56%, 67% and 53% of repurchase requests, respectively. 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. Class C shares currently have no distribution amount presented as the class is generally an accumulating share class whereby its share of income will accrete into its NAV. The following table details the aggregate distributions declared for each applicable class of common stock: Year Ended December 31, 2023 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.6660 $ 0.6660 $ 0.6660 $ 0.6660 Stockholder servicing fee per share of common stock (0.1248) — (0.1228) (0.0359) Net distributions declared per share of common stock $ 0.5412 $ 0.6660 $ 0.5432 $ 0.6301 Year Ended December 31, 2022 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.6685 $ 0.6685 $ 0.6685 $ 0.6685 Stockholder servicing fee per share of common stock (0.1273) — (0.1254) (0.0366) Net distributions declared per share of common stock $ 0.5412 $ 0.6685 $ 0.5431 $ 0.6319 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 Distributions for the year ended December 31, 2023 were characterized, for federal income tax purposes, as 14.99% capital gains and 85.01% return of capital. Distributions for the year ended December 31, 2022 were characterized, for federal income tax purposes, as 5.65% capital gains and 94.35% return of capital. 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. Redeemable Non-controlling Interest In connection with its performance participation interest, the Special Limited Partner holds Class I units in BREIT OP. See Note 10 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, 2023 and 2022 ($ in thousands): Year Ended December 31, 2023 2022 Balance at the beginning of the year $ 344,145 $ 589,900 Settlement of current year performance participation allocation — 817,527 Repurchases — (26,639) Conversion to Class I and Class B units (278,990) (435,238) Conversion to Class I and Class C shares (65,304) (599,219) GAAP income allocation 1,914 (5,024) Distributions (1,308) (10,256) Fair value allocation (106) 13,094 Ending balance $ 351 $ 344,145 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, 2023 and December 31, 2022, $197.2 million and $209.3 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 (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 between Additional Paid-in Capital and Redeemable Non-controlling Interest of $4.2 million, $39.3 million, and $103.4 million, during the years ended December 31, 2023, 2022, and 2021, respectively, to reflect their redemption value. Non-controlling Interests - BREIT OP unitholders Class B Units in BREIT OP are available to certain suitable investors in private placements. 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. 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, 2023, BREIT OP did not receive Class B Unit subscriptions from affiliates of the Company. During the year ended December 31, 2022, BREIT OP received $110.0 million of such Class B Unit subscriptions. As of December 31, 2023 and 2022, there were 119.2 million and 21.7 million Class B Units outstanding, respectively. Class B Units are recorded as a component of Non-controlling Interests on the Company’s Consolidated Balance Sheets. The Company did not issue any Class I Units as consideration for acquisitions of real estate during the year ended December 31, 2023. During the year ended December 31, 2022, the Company issued $229.3 million of Class I Units as consideration for acquisitions of real estate.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	Leases Lessor The Company’s rental revenue primarily consists of rent earned from operating leases at the Company’s rental housing, 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 rental housing 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 leases at the Company’s net lease properties consists of a fixed annual rent that escalates annually throughout the term of the applicable leases, and the tenant is generally responsible for all property-related expenses, including taxes, insurance, and maintenance. The Company’s net lease properties are leased to a single tenant. The Company assessed the lease classification of the net lease properties and determined the leases were each operating leases. The Company’s assessment included the consideration of the present value of the applicable lease payments over the lease terms 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 (greater than 12 months in length), and may contain extension and termination options at the lessee’s election. Often, these leases have annual escalations that are tied to the CPI index. Leases at the Company’s rental housing 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, 2023 2022 2021 Fixed lease payments $ 7,307,874 $ 6,152,782 $ 2,860,344 Variable lease payments 508,366 411,337 280,184 Rental revenue $ 7,816,240 $ 6,564,119 $ 3,140,528 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, 2023 ($ in thousands). Leases at the Company’s rental housing and self storage properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2024 $ 1,826,714 2025 1,718,795 2026 1,570,722 2027 1,357,373 2028 1,138,278 Thereafter 15,777,327 Total $ 23,389,209 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, 2023, the Company had 93 ground leases classified as operating and three ground leases classified as financing. 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 certain operating leases contain renewal options. The following table details the future lease payments due under the Company’s ground leases as of December 31, 2023 ($ in thousands): Operating Financing 2024 $ 37,201 $ 4,266 2025 37,755 4,385 2026 37,922 4,507 2027 38,322 4,633 2028 38,676 4,763 Thereafter 2,590,567 559,374 Total undiscounted future lease payments 2,780,443 581,928 Difference between undiscounted cash flows and discounted cash flows (2,136,640) (503,671) Total lease liability $ 643,803 $ 78,257 The Company utilized its incremental borrowing rate at the time of entering such leases, which was between 5% and 7%, to determine its lease liabilities. As of December 31, 2023, the weighted average remaining lease term of the Company’s operating leases and financing leases was 60 years and 77 years, respectively. Payments under the Company’s ground leases primarily contain fixed payment components that may include periodic increases based on an index or periodic fixed percentage escalations. Three 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, 2023 2022 2021 Fixed ground rent expense $ 19,021 $ 22,789 $ 4,904 Variable ground rent expense 23,056 1,042 36 Total cash portion of ground rent expense 42,077 23,831 4,940 Straight-line ground rent expense 17,903 13,552 7,488 Total operating lease costs $ 59,980 $ 37,383 $ 12,428 The following table details the fixed and variable components of the Company’s financing leases ($ in thousands): Year Ended December 31, 2023 2022 2021 Interest on lease liabilities $ 4,150 $ 4,038 $ 3,403 Amortization of right-of-use assets 1,249 1,278 1,139 Total financing lease costs $ 5,399 $ 5,316 $ 4,542

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company operates in nine reportable segments: Rental Housing, Industrial, Net Lease, Data Centers, Hospitality, Self Storage, Retail, 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, 2023 December 31, 2022 Rental Housing $ 64,665,680 $ 68,464,413 Industrial 20,050,095 21,624,736 Net Lease 8,117,528 9,011,326 Office 2,945,455 3,293,163 Data Centers 2,927,807 3,203,585 Hospitality 2,867,166 3,768,473 Retail 2,505,146 2,722,839 Self Storage 739,743 2,247,351 Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value 23,264,164 25,363,546 Other (Corporate) 2,715,011 2,987,992 Total assets $ 130,797,795 $ 142,687,424 The following table details the financial results by segment for the year ended December 31, 2023 ($ in thousands): Rental Housing Industrial Net Office Data Centers Hospitality Retail Self Investments in Total Revenues: Rental revenue $ 5,158,551 $ 1,406,881 $ 601,538 $ 186,758 $ 51,372 $ — $ 233,595 $ 177,545 $ — $ 7,816,240 Hospitality revenue — — — — — 694,491 — — — 694,491 Other revenue 364,575 26,596 — 8,186 — 7,686 4,678 11,953 — 423,674 Total revenues 5,523,126 1,433,477 601,538 194,944 51,372 702,177 238,273 189,498 — 8,934,405 Expenses: Rental property operating 2,949,041 447,604 2,536 55,045 8,948 — 99,035 89,833 79 3,652,121 Hospitality operating — — — — — 479,493 — — — 479,493 Total expenses 2,949,041 447,604 2,536 55,045 8,948 479,493 99,035 89,833 79 4,131,614 (Loss) income from unconsolidated entities (58,325) 2,407 432,528 (2,091) (246,824) (6,566) (1,188) — — 119,941 Income from investments in real estate debt — — — — — — — — 798,164 798,164 Changes in net assets of consolidated securitization vehicles — — — — — — — — 191,703 191,703 Income from investments in equity securities (1) 45,206 7,696 — — — — — — — 52,902 Segment net operating income (loss) $ 2,560,966 $ 995,976 $ 1,031,530 $ 137,808 $ (204,400) $ 216,118 $ 138,050 $ 99,665 $ 989,788 $ 5,965,501 Depreciation and amortization $ (2,417,457) $ (765,296) $ (207,513) $ (95,278) $ (22,094) $ (110,516) $ (136,338) $ (56,726) $ — $ (3,811,218) General and administrative (69,176) Management fee (839,237) Impairment of investments in real estate (236,071) Loss from interest rate derivatives (755,519) Net gain on dispositions of real estate 1,935,021 Interest expense, net (3,072,741) Loss on extinguishment of debt (40,300) Other expense (1) (56,221) Net loss $ (979,961) Net loss attributable to non-controlling interests in third party joint ventures $ 247,989 Net loss attributable to non-controlling interests in BREIT OP 40,150 Net loss attributable to BREIT stockholders $ (691,822) (1) Included within Other (expense) income on the Consolidated Statements of Operations is $37.9 million of net unrealized/realized gain related to equity securities. The following table details the financial results by segment for the year ended December 31, 2022 ($ in thousands): Rental Housing Industrial Net Office Data Centers Hospitality Retail Self Investments in Total Revenues: Rental revenue $ 4,116,088 $ 1,364,640 $ 499,789 $ 138,241 $ 44,673 $ — $ 187,055 $ 213,633 $ — $ 6,564,119 Hospitality revenue — — — — — 721,654 — — — 721,654 Other revenue 286,819 34,985 — 8,112 — 12,930 3,272 14,487 — 360,605 Total revenues 4,402,907 1,399,625 499,789 146,353 44,673 734,584 190,327 228,120 — 7,646,378 Expenses: Rental property operating 2,253,142 438,479 1,883 40,234 6,943 — 69,614 106,641 — 2,916,936 Hospitality operating — — — — — 508,868 — — — 508,868 Total expenses 2,253,142 438,479 1,883 40,234 6,943 508,868 69,614 106,641 — 3,425,804 (Loss) Income from unconsolidated entities (79,148) 319,807 99,879 4,493 (168,078) 6,303 (1,007) — — 182,249 Loss from investments in real estate debt — — — — — — — — (167,083) (167,083) Changes in net assets of consolidated securitization vehicles — — — — — — — — (42,119) (42,119) (Loss) income from investments in equity securities (1) (346,773) (47,969) 27,334 (109,129) — — — — — (476,537) Segment net operating income (loss) $ 1,723,844 $ 1,232,984 $ 625,119 $ 1,483 $ (130,348) $ 232,019 $ 119,706 $ 121,479 $ (209,202) $ 3,717,084 Depreciation and amortization $ (2,617,389) $ (804,108) $ (172,647) $ (70,721) $ (19,639) $ (120,531) $ (168,024) $ (125,307) $ — $ (4,098,366) General and administrative (52,652) Management fee (837,687) Performance participation allocation (742,670) Income from interest rate derivatives 2,566,720 Impairment of investments in real estate (33,554) Net gain on dispositions of real estate 808,846 Interest expense, net (2,307,515) Loss on extinguishment of debt (11,476) Other expense (1) (89,038) Net loss $ (1,080,308) Net loss attributable to non-controlling interests in third party joint ventures $ 173,109 Net loss attributable to non-controlling interests in BREIT OP 23,680 Net loss attributable to BREIT stockholders $ (883,519) (1) Included within Other (expense) income on the Consolidated Statements of Operations is $520.8 million of net unrealized/realized loss related to equity securities. The following table details the financial results by segment for the year ended December 31, 2021 ($ in thousands): Rental Housing Industrial Net Hospitality Office Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 1,544,909 $ 982,137 $ 331,178 $ — $ 46,570 $ 28,586 $ 64,079 $ 143,069 $ — $ 3,140,528 Hospitality revenue — — — 412,338 — — — — — 412,338 Other revenue 109,211 12,413 — 10,287 344 — 2,157 9,393 — 143,805 Total revenues 1,654,120 994,550 331,178 422,625 46,914 28,586 66,236 152,462 — 3,696,671 Expenses: Rental property operating 780,321 306,016 1,331 — 12,557 4,080 20,712 67,554 — 1,192,571 Hospitality operating — — — 316,144 — — — — — 316,144 Total expenses 780,321 306,016 1,331 316,144 12,557 4,080 20,712 67,554 — 1,508,715 (Loss) income from unconsolidated entities (17,461) 194,743 100,276 — — (71,745) 167 — — 205,980 Income from investments in real estate debt — — — — — — — — 346,984 346,984 Change in net assets of consolidated securitization vehicles — — — — — — — — 106,240 106,240 Income from investments in equity securities (1) 640,731 174,866 56,765 — 11,897 — — — — 884,259 Segment net operating income $ 1,497,069 $ 1,058,143 $ 486,888 $ 106,481 $ 46,254 $ (47,239) $ 45,691 $ 84,908 $ 453,224 $ 3,731,419 Depreciation and amortization $ (933,418) $ (576,793) $ (114,409) $ (93,911) $ (22,127) $ (12,485) $ (28,917) $ (137,872) $ — $ (1,919,932) General and administrative (32,046) Management fee (445,291) Performance participation allocation (1,378,959) Income from interest rate derivatives 49,329 Net gain on dispositions of real estate 7,881 Interest expense, net (847,440) Loss on extinguishment of debt (16,331) Other income (1) 15,206 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) Included within Other (expense) income on the Consolidated Statements of Operations is $848.2 million net unrealized gain related to such equity securities.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
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, 2023 and December 31, 2022, 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, 2023
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, 2023 ($ in thousands) Initial Cost Costs Capitalized Gross Amounts at which Carried at the Close of Period (1) Description Location Number of Properties Encumbrances (2) Land and Land Building and Building Improvements Land and Land Building and Building Improvements Land and Land Building and Building Improvements Total Accumulated Depreciation (3) Year Acquired Rental Housing Properties: Multifamily Properties Atlanta, GA 36 $ 1,976,192 $ 456,648 $ 2,697,628 $ 6,281 $ 47,760 $ 462,929 $ 2,745,388 $ 3,208,317 $ (289,055) 2017-2022 Austin, TX 9 380,457 84,006 586,437 1,320 4,634 85,326 591,071 676,397 (49,914) 2019-2022 Beaumont, TX 1 18,332 4,476 42,124 24 200 4,500 42,324 46,824 (2,222) 2022 Birmingham, AL 2 72,866 13,959 162,889 235 345 14,194 163,234 177,428 (8,854) 2022 Boston, MA 3 304,437 114,155 484,944 141 2,341 114,296 487,285 601,581 (30,438) 2021-2022 Boulder, CO 1 48,980 11,045 98,486 236 897 11,281 99,383 110,664 (5,972) 2022 Charleston, SC 1 22,324 6,349 47,763 286 220 6,635 47,983 54,618 (2,993) 2022 Charlotte, NC 18 738,043 166,182 1,053,522 4,303 16,977 170,485 1,070,499 1,240,984 (112,937) 2019-2022 Chicago, IL 2 65,052 18,924 100,248 818 3,356 19,742 103,604 123,346 (14,882) 2017-2022 Columbus, OH 3 148,588 29,512 138,091 396 3,594 29,908 141,685 171,593 (21,052) 2020-2021 Dallas, TX 22 1,261,848 288,298 1,698,648 7,465 26,242 295,763 1,724,890 2,020,653 (153,301) 2019-2022 Denver, CO 13 730,221 152,059 1,103,668 5,292 25,483 157,351 1,129,151 1,286,502 (124,993) 2017-2022 Durham, NC 3 109,545 33,708 171,592 656 1,714 34,364 173,306 207,670 (19,247) 2020-2022 Greenville, SC 2 62,599 13,203 67,595 321 1,218 13,524 68,813 82,337 (6,038) 2021 Houston, TX 5 151,877 46,044 255,055 774 2,780 46,818 257,835 304,653 (16,740) 2021-2022 Jacksonville, FL 14 530,517 132,402 931,805 2,905 14,955 135,307 946,760 1,082,067 (96,825) 2017-2022 Kansas City, MO 3 113,655 20,906 155,724 312 739 21,218 156,463 177,681 (16,080) 2020-2022 Lakeland, FL 2 113,289 19,475 123,546 405 2,566 19,880 126,112 145,992 (13,529) 2019-2022 Las Vegas, NV 25 1,441,271 322,064 1,605,185 6,787 21,501 328,851 1,626,686 1,955,537 (264,305) 2017-2022 Los Angeles, CA 1 51,115 10,795 44,758 127 262 10,922 45,020 55,942 (7,764) 2019 Louisville, KY 6 78,334 12,381 106,952 1,253 2,457 13,634 109,409 123,043 (15,343) 2017-2022 Miami, FL 8 715,079 167,319 728,244 3,063 14,769 170,382 743,013 913,395 (105,100) 2017-2021 Minneapolis, MN 3 96,455 28,928 161,038 228 1,504 29,156 162,542 191,698 (10,268) 2021-2022 Modesto, CA 2 63,053 5,006 68,782 590 2,075 5,596 70,857 76,453 (15,254) 2017-2018 Naples, FL 1 66,110 14,247 106,199 127 678 14,374 106,877 121,251 (5,661) 2022 Nashville, TN 5 180,697 33,445 314,588 294 1,602 33,739 316,190 349,929 (19,491) 2021-2022 New York, NY 1 568,309 203,518 609,621 — 6,603 203,518 616,224 819,742 (31,493) 2022 North Port, FL 3 130,517 28,937 280,072 149 886 29,086 280,958 310,044 (17,477) 2021-2022 Olympia, WA 2 89,241 20,455 84,588 1,229 5,905 21,684 90,493 112,177 (22,688) 2017-2018 Orlando, FL 17 952,905 207,299 1,373,334 10,931 13,419 218,230 1,386,753 1,604,983 (148,495) 2019-2022 Palm Bay, FL 1 41,647 9,819 78,104 15 272 9,834 78,376 88,210 (4,134) 2022 Panama City, FL 1 55,722 8,090 78,225 214 190 8,304 78,415 86,719 (4,325) 2022 Philadelphia, PA 1 10,203 4,685 22,635 8 1,191 4,693 23,826 28,519 (1,434) 2022 Phoenix, AZ 23 1,324,463 327,650 1,596,002 5,678 29,750 333,328 1,625,752 1,959,080 (227,515) 2017-2022 Pittsburgh, PA 1 30,546 6,655 58,177 48 492 6,703 58,669 65,372 (3,213) 2022 Portland, OR 7 295,318 83,713 383,331 904 7,349 84,617 390,680 475,297 (55,430) 2017-2022 Raleigh, NC 9 411,955 74,447 587,437 1,348 6,781 75,795 594,218 670,013 (66,677) 2019-2022 Richmond, VA 1 29,264 9,632 66,104 59 55 9,691 66,159 75,850 (3,608) 2022 Riverside, CA 5 298,672 52,051 396,110 1,424 11,202 53,475 407,312 460,787 (64,122) 2019-2021 Sacramento, CA 2 122,899 22,383 153,733 931 5,595 23,314 159,328 182,642 (34,304) 2018-2019 Initial Cost Costs Capitalized Gross Amounts at which Carried at the Close of Period (1) Description Location Number of Properties Encumbrances (2) Land and Land Building and Building Improvements Land and Land Building and Building Improvements Land and Land Building and Building Improvements Total Accumulated Depreciation (3) Year Acquired San Antonio, TX 3 $ 84,867 $ 16,551 $ 120,217 $ 571 $ 1,248 $ 17,122 $ 121,465 $ 138,587 $ (17,037) 2017-2021 San Diego, CA 1 35,904 33,055 71,972 202 800 33,257 72,772 106,029 (4,539) 2022 Savannah, GA 1 30,256 5,613 35,434 192 353 5,805 35,787 41,592 (6,965) 2019 Seattle, WA 4 217,283 49,100 271,348 1,259 5,740 50,359 277,088 327,447 (34,740) 2018-2021 Stockton, CA 2 79,001 22,811 116,339 81 53 22,892 116,392 139,284 (6,518) 2022 Tampa, FL 17 754,434 169,210 1,209,256 2,705 8,856 171,915 1,218,112 1,390,027 (103,761) 2019-2022 Urban Honolulu, HI 1 14,955 95,193 550,923 2,689 12,727 97,882 563,650 661,532 (57,214) 2021 Virginia Beach, VA 1 40,532 10,115 64,932 64 179 10,179 65,111 75,290 (3,652) 2022 Washington, DC 1 27,764 10,841 37,123 74 840 10,915 37,963 48,878 (2,105) 2022 Wilmington, NC 1 36,698 1,717 8,239 — 50,848 1,717 59,087 60,804 — 2022 Manufactured Housing Arcadia, FL 1 25,791 29,428 8,264 695 2,641 30,123 10,905 41,028 (3,532) 2020 Atlanta, GA 2 19,975 35,491 1,760 437 1,387 35,928 3,147 39,075 (5,193) 2020 Cape Coral, FL 1 — 9,036 1,044 133 2,971 9,169 4,015 13,184 (941) 2020 Cincinnati, OH 1 17,846 33,479 2,999 226 48 33,705 3,047 36,752 (5,791) 2020 Clewiston, FL 2 24,994 38,593 1,693 237 1,262 38,830 2,955 41,785 (3,827) 2020 Lakeland, FL 2 15,147 30,698 754 535 1,454 31,233 2,208 33,441 (3,218) 2019-2020 Los Angeles, CA 1 6,758 14,621 767 33 545 14,654 1,312 15,966 (1,142) 2021 Miami, FL 3 81,786 132,039 2,032 435 3,789 132,474 5,821 138,295 (7,475) 2020-2021 Naples, FL 1 — 3,664 383 68 2,389 3,732 2,772 6,504 (598) 2019 Orlando, FL 8 61,138 176,168 8,198 2,289 10,599 178,457 18,797 197,254 (13,698) 2018-2020 Palm Bay, FL 2 19,663 32,460 1,216 79 221 32,539 1,437 33,976 (2,385) 2020 Phoenix, AZ 24 213,690 277,119 11,874 4,649 8,341 281,768 20,215 301,983 (42,988) 2018-2020 Prescott Valley, AZ 2 11,139 10,329 785 409 142 10,738 927 11,665 (2,221) 2018-2020 Riverside, CA 2 8,707 22,443 900 1,017 680 23,460 1,580 25,040 (4,674) 2018 San Diego, CA 1 — 6,236 309 233 319 6,469 628 7,097 (1,145) 2018 Santa Rosa, CA 2 13,268 21,030 2,244 26 515 21,056 2,759 23,815 (2,525) 2020-2021 Seattle, WA 1 11,988 23,000 907 283 63 23,283 970 24,253 (1,740) 2020 Sebastian, FL 1 11,915 19,117 983 388 967 19,505 1,950 21,455 (2,047) 2020 Tampa, FL 6 43,234 84,650 4,077 627 1,408 85,277 5,485 90,762 (7,720) 2019-2020 The Villages, FL 1 4,004 3,780 4,427 53 1,436 3,833 5,863 9,696 (1,719) 2020 Tucson, AZ 1 6,946 12,620 1,838 37 1,436 12,657 3,274 15,931 (1,207) 2020 Student Housing Akron, OH 2 68,212 9,089 83,173 57 1,311 9,146 84,484 93,630 (9,426) 2018-2022 Albuquerque, NM 2 72,477 3,982 104,201 — 1,632 3,982 105,833 109,815 (5,443) 2022 Ames, IA 1 48,352 7,612 69,576 — 525 7,612 70,101 77,713 (2,632) 2022 Ann Arbor, MI 4 141,014 25,061 184,859 — 2,644 25,061 187,503 212,564 (8,374) 2022 Athens, GA 4 123,477 21,117 162,627 46 2,306 21,163 164,933 186,096 (19,448) 2018-2022 Atlanta, GA 4 316,801 42,495 397,121 132 5,174 42,627 402,295 444,922 (24,140) 2021-2022 Auburn, AL 4 180,248 26,966 245,737 217 2,392 27,183 248,129 275,312 (17,325) 2018-2022 Austin, TX 11 432,019 186,238 826,577 — 15,443 186,238 842,020 1,028,258 (32,632) 2022 Baton Rouge, LA 1 53,250 10,134 60,790 111 355 10,245 61,145 71,390 (4,047) 2022 Binghamton, NY 1 116,657 23,571 145,350 — 1,430 23,571 146,780 170,351 (5,773) 2022 Blacksburg, CA 1 — 1,700 — — — 1,700 — 1,700 — 2022 Initial Cost Costs Capitalized Gross Amounts at which Carried at the Close of Period (1) Description Location Number of Properties Encumbrances (2) Land and Land Building and Building Improvements Land and Land Building and Building Improvements Land and Land Building and Building Improvements Total Accumulated Depreciation (3) Year Acquired Blacksburg, VA 1 $ 64,532 $ 12,698 $ 71,693 $ 359 $ 1,194 $ 13,057 $ 72,887 $ 85,944 $ (13,743) 2018 Boone, NC 1 49,900 4,599 73,835 56 208 4,655 74,043 78,698 (6,014) 2021 Boston, MA 3 135,460 14,260 259,361 — 1,720 14,260 261,081 275,341 (10,067) 2022 Boulder, CO 6 201,254 56,901 282,542 106 6,143 57,007 288,685 345,692 (22,270) 2018-2022 Buffalo, NY 5 164,635 69,810 225,689 56 1,238 69,866 226,927 296,793 (13,836) 2021-2022 Carbondale, IL 1 — 3,100 — — — 3,100 — 3,100 — 2022 Champaign, IL 4 70,832 5,559 104,391 — 7,141 5,559 111,532 117,091 (4,323) 2022 Charlotte, NC 3 103,042 21,058 121,217 — 3,859 21,058 125,076 146,134 (5,028) 2022 Charlottesville, VA 3 68,438 5,118 94,048 798 5,762 5,916 99,810 105,726 (17,936) 2018 College Station, TX 5 225,675 76,636 277,661 — 4,310 76,636 281,971 358,607 (10,697) 2022 Columbia, MO 1 52,430 5,341 99,287 — 6,531 5,341 105,818 111,159 (3,669) 2022 Columbia, SC 1 35,540 11,100 68,885 47 305 11,147 69,190 80,337 (4,527) 2022 Columbus, OH 1 — — 244 — — — 244 244 — 2022 Corvallis, OR 2 39,473 10,155 45,229 40 488 10,195 45,717 55,912 (2,282) 2022 Dallas, TX 5 115,577 47,050 157,942 — 2,054 47,050 159,996 207,046 (6,347) 2022 Eugene, OR 5 217,699 22,111 293,082 9 1,249 22,120 294,331 316,451 (11,654) 2022 Fayetteville, AR 1 35,519 11,153 36,193 112 1,328 11,265 37,521 48,786 (2,465) 2022 Flagstaff, AZ 5 302,988 8,781 416,087 — 4,442 8,781 420,529 429,310 (17,693) 2022 Fort Collins, CO 3 137,356 11,297 181,443 116 816 11,413 182,259 193,672 (10,378) 2021-2022 Fresno, CA 1 17,963 4,757 20,238 — 745 4,757 20,983 25,740 (1,025) 2022 Gainesville, FL 3 102,956 21,090 145,160 — 2,522 21,090 147,682 168,772 (5,555) 2022 Greensboro, NC 1 35,700 8,291 39,275 — 292 8,291 39,567 47,858 (2,351) 2022 Greenville, NC 1 45,961 8,458 45,948 84 3,469 8,542 49,417 57,959 (8,796) 2018 Greenville, SC 2 35,756 855 62,239 — 194 855 62,433 63,288 (2,300) 2022 Houston, TX 4 57,692 1,824 52,696 — 3,474 1,824 56,170 57,994 (6,728) 2022 Huntington, WV 1 12,445 2,206 14,172 — 1,360 2,206 15,532 17,738 (766) 2022 Huntsville, TX 1 24,831 6,831 30,115 — 1,903 6,831 32,018 38,849 (1,539) 2022 Indianapolis, IN 2 110,803 577 150,355 — 825 577 151,180 151,757 (5,548) 2022 Knoxville, TN 3 158,364 28,669 194,922 61 3,883 28,730 198,805 227,535 (13,533) 2021-2022 Lafayette, IN 2 93,324 10,056 141,258 — 9,795 10,056 151,053 161,109 (5,087) 2022 Lansing, MI 1 65,196 12,317 79,443 — 848 12,317 80,291 92,608 (3,248) 2022 Lexington, KY 4 161,430 47,160 184,088 — 2,066 47,160 186,154 233,314 (7,555) 2022 Los Angeles, CA 1 58,341 783 118,187 — 249 783 118,436 119,219 (4,385) 2022 Louisville, KY 5 145,486 36,787 178,524 265 4,035 37,052 182,559 219,611 (11,957) 2018-2022 Lubbock, TX 7 271,426 57,660 337,160 — 2,046 57,660 339,206 396,866 (13,766) 2022 Madison, WI 1 98,619 7,410 163,875 — 335 7,410 164,210 171,620 (5,863) 2022 Mankato, MN 1 38,146 7,286 52,185 — 254 7,286 52,439 59,725 (2,127) 2022 Minneapolis, MN 2 51,676 14,972 74,676 — 2,193 14,972 76,869 91,841 (3,131) 2022 Morgantown, WV 2 73,185 10,414 73,088 — 752 10,414 73,840 84,254 (3,112) 2022 Nashville, TN 1 — 11,700 614 — — 11,700 614 12,314 — 2022 New York, NY 1 43,809 203 53,571 — 358 203 53,929 54,132 (1,948) 2022 Oklahoma City, OK 1 66,629 11,400 93,765 — 283 11,400 94,048 105,448 (3,418) 2022 Orlando, FL 7 770,140 112,999 1,205,032 162 45,576 113,161 1,250,608 1,363,769 (59,427) 2018-2022 Oxford, MS 1 15,964 6,779 16,658 — 167 6,779 16,825 23,604 (968) 2022 Initial Cost Costs Capitalized Gross Amounts at which Carried at the Close of Period (1) Description Location Number of Properties Encumbrances (2) Land and Land Building and Building Improvements Land and Land Building and Building Improvements Land and Land Building and Building Improvements Total Accumulated Depreciation (3) Year Acquired Philadelphia, PA 4 $ 518,723 $ 620 $ 755,870 $ — $ 4,631 $ 620 $ 760,501 $ 761,121 $ (31,332) 2022 Phoenix, AZ 12 782,683 48,104 1,120,963 219 50,400 48,323 1,171,363 1,219,686 (58,143) 2018-2022 Portland, OR 2 67,544 1,493 94,652 — 779 1,493 95,431 96,924 (3,409) 2022 Pullman, WA 1 51,400 20,172 55,481 716 152 20,888 55,633 76,521 (7,060) 2021 Raleigh, NC 1 36,750 11,338 46,044 — 938 11,338 46,982 58,320 (3,391) 2022 Reno, NV 1 58,000 6,265 75,388 19 308 6,284 75,696 81,980 (5,732) 2021 Richmond, VA 5 189,420 12,831 242,058 — 2,481 12,831 244,539 257,370 (8,798) 2022 Riverside, CA 1 29,818 3,966 40,159 42 2,351 4,008 42,510 46,518 (7,595) 2018 Rochester, NY 2 119,518 43,585 162,946 — 1,104 43,585 164,050 207,635 (7,790) 2022 San Antonio, TX 2 74,582 21,357 82,319 — 596 21,357 82,915 104,272 (3,497) 2022 San Diego, CA 2 104,099 39,861 131,211 107 3,066 39,968 134,277 174,245 (6,458) 2022 San Francisco, CA 4 234,867 4,671 337,670 52 125,949 4,723 463,619 468,342 (14,495) 2018-2022 Seattle, WA 4 153,801 22,192 239,140 — 1,008 22,192 240,148 262,340 (8,344) 2022 Starkville, MS 1 7,070 2,678 6,050 — 277 2,678 6,327 9,005 (374) 2022 State College, PA 3 165,312 22,755 201,931 422 8,092 23,177 210,023 233,200 (31,785) 2018-2021 Syracuse, NY 2 32,724 1,693 59,712 — 573 1,693 60,285 61,978 (2,380) 2022 Tallahassee, FL 6 377,940 74,759 506,945 15 3,556 74,774 510,501 585,275 (25,322) 2021-2022 Tampa, FL 2 90,372 11,646 149,608 — 2,379 11,646 151,987 163,633 (6,259) 2022 Toledo, OH 1 22,657 4,045 25,847 — 457 4,045 26,304 30,349 (1,030) 2022 Trenton, NJ 1 39,893 3,712 74,929 — 138 3,712 75,067 78,779 (3,683) 2022 Tucson, AZ 5 264,282 21,691 435,395 208 3,193 21,899 438,588 460,487 (38,233) 2018-2022 Tuscaloosa, AL 2 141,931 38,573 151,583 74 8,389 38,647 159,972 198,619 (20,033) 2018-2022 Waco, TX 2 30,335 6,387 73,632 — 3,919 6,387 77,551 83,938 (2,851) 2022 Single Family Rental Albuquerque, NM 11 2,473 777 2,761 5 56 782 2,817 3,599 (112) 2022 Athens, GA 9 2,014 527 2,368 3 89 530 2,457 2,987 (137) 2021-2022 Atlanta, GA 2,868 792,107 223,995 982,911 4,114 30,648 228,109 1,013,559 1,241,668 (75,721) 2014-2023 Augusta, GA 6 758 281 1,301 5 96 286 1,397 1,683 (65) 2021-2022 Austin, TX 113 29,423 9,180 39,666 222 414 9,402 40,080 49,482 (3,382) 2015-2022 Baltimore, MD 240 59,822 26,302 58,205 113 2,812 26,415 61,017 87,432 (4,775) 2015-2022 Bellingham, WA 1 223 109 228 — 3 109 231 340 (22) 2015 Boulder, CO 10 5,251 1,662 6,152 — — 1,662 6,152 7,814 (525) 2015-2020 Bremerton, WA 136 48,399 21,629 49,669 139 1,211 21,768 50,880 72,648 (3,480) 2018-2022 Cape Coral, FL 121 29,717 8,247 30,475 560 1,942 8,807 32,417 41,224 (2,809) 2014-2023 Charleston, SC 1 203 50 242 — 5 50 247 297 (9) 2022 Charlotte, NC 503 148,152 46,796 183,630 404 3,722 47,200 187,352 234,552 (13,736) 2015-2023 Chicago, IL 776 201,377 62,251 211,858 1,072 5,799 63,323 217,657 280,980 (18,701) 2012-2023 Colorado Springs, CO 1,003 326,948 96,658 377,816 839 7,836 97,497 385,652 483,149 (27,396) 2014-2023 Columbia, SC 193 36,216 8,928 43,395 144 2,405 9,072 45,800 54,872 (3,191) 2017-2023 Dallas, TX 1,663 461,080 146,800 558,402 4,292 11,818 151,092 570,220 721,312 (46,110) 2013-2023 Deltona, FL 1 258 93 302 3 16 96 318 414 (13) 2022 Denver, CO 915 386,839 130,935 438,468 578 4,430 131,513 442,898 574,411 (32,643) 2013-2023 Durham, NC 12 3,298 1,002 4,133 5 64 1,007 4,197 5,204 (270) 2016-2022 Fort Collins, CO 109 44,555 10,480 49,788 89 664 10,569 50,452 61,021 (3,884) 2013-2022 Initial Cost Costs Capitalized Gross Amounts at which Carried at the Close of Period (1) Description Location Number of Properties Encumbrances (2) Land and Land Building and Building Improvements Land and Land Building and Building Improvements Land and Land Building and Building Improvements Total Accumulated Depreciation (3) Year Acquired Gainesville, GA 2 $ 877 $ 192 $ 981 $ — $ 32 $ 192 $ 1,013 $ 1,205 $ (87) 2015-2018 Greeley, CO 150 55,151 15,534 62,811 25 734 15,559 63,545 79,104 (4,576) 2013-2023 Greensboro, NC 51 15,743 4,537 19,834 16 304 4,553 20,138 24,691 (1,778) 2015-2022 Greenville, SC 16 3,451 842 4,038 28 198 870 4,236 5,106 (269) 2021-2022 Houston, TX 293 65,951 16,090 73,854 943 2,432 17,033 76,286 93,319 (6,599) 2013-2023 Indianapolis, IN 111 29,100 8,022 32,742 93 1,070 8,115 33,812 41,927 (3,011) 2015-2022 Jacksonville, FL 191 58,777 18,231 64,658 260 1,362 18,491 66,020 84,511 (5,583) 2014-2022 Kansas City, MO 306 88,139 25,283 107,047 200 2,936 25,483 109,983 135,466 (9,318) 2015-2022 Lakeland, FL 1 107 45 176 — 3 45 179 224 (16) 2021 Las Vegas, NV 267 77,879 33,622 86,039 286 1,008 33,908 87,047 120,955 (4,613) 2021-2023 Los Angeles, CA 78 33,829 13,488 37,331 106 730 13,594 38,061 51,655 (2,894) 2015-2022 Louisville, KY 1 — 73 161 6 19 79 180 259 (6) 2022 Miami, FL 110 39,010 12,083 39,416 405 1,539 12,488 40,955 53,443 (3,655) 2014-2023 Minneapolis, MN 1,069 317,240 113,854 341,658 824 11,114 114,678 352,772 467,450 (26,994) 2015-2022 Modesto, CA 6 2,406 1,000 2,435 18 — 1,018 2,435 3,453 (229) 2015-2019 Mount Vernon, WA 4 1,657 806 1,235 1 7 807 1,242 2,049 (112) 2015-2016 Myrtle Beach, SC 2 384 94 455 1 7 95 462 557 (18) 2022 Naples, FL 11 4,208 1,424 4,336 97 21 1,521 4,357 5,878 (423) 2014-2017 Nashville, TN 161 48,589 14,626 53,642 110 845 14,736 54,487 69,223 (3,866) 2017-2023 North Port, FL 230 71,506 20,485 74,345 808 2,760 21,293 77,105 98,398 (6,666) 2014-2022 Ogden, UT 73 22,316 8,811 26,602 28 445 8,839 27,047 35,886 (1,668) 2017-2023 Oklahoma City, OK 35 7,610 1,801 9,101 52 190 1,853 9,291 11,144 (701) 2014-2022 Olympia, WA 98 36,425 15,315 38,532 35 641 15,350 39,173 54,523 (2,960) 2015-2022 Orlando, FL 655 195,509 60,313 217,126 1,852 8,552 62,165 225,678 287,843 (18,276) 2014-2023 Oxnard, CA 1 420 221 667 2 — 223 667 890 (57) 2015 Palm Bay, FL 33 7,200 2,507 8,551 62 349 2,569 8,900 11,469 (559) 2016-2022 Philadelphia, PA 178 46,168 19,006 53,821 156 2,491 19,162 56,312 75,474 (4,976) 2016-2022 Phoenix, AZ 684 185,867 90,851 186,717 967 4,231 91,818 190,948 282,766 (11,996) 2020-2023 Pittsburgh, PA 87 23,821 7,800 30,719 3 681 7,803 31,400 39,203 (2,821) 2016-2022 Port St. Lucie, FL 3 916 503 817 14 28 517 845 1,362 (75) 2015-2022 Portland, OR 322 135,674 66,384 127,066 23 1,490 66,407 128,556 194,963 (10,780) 2015-2023 Provo, UT 12 4,426 1,676 4,425 29 130 1,705 4,555 6,260 (285) 2018-2023 Punta Gorda, FL 7 1,818 596 1,893 44 146 640 2,039 2,679 (206) 2015-2018 Raleigh, NC 106 30,112 8,455 34,007 37 537 8,492 34,544 43,036 (2,532) 2015-2023 Richmond, VA 136 31,256 9,791 34,855 74 1,343 9,865 36,198 46,063 (2,517) 2015-2022 Riverside, CA 284 114,589 43,402 134,293 368 2,150 43,770 136,443 180,213 (11,289) 2014-2023 Sacramento, CA 91 45,227 16,264 47,304 128 — 16,392 47,304 63,696 (4,162) 2015-2022 Salt Lake City, UT 69 23,460 9,304 26,471 56 389 9,360 26,860 36,220 (1,684) 2016-2023 San Antonio, TX 202 46,557 12,332 56,211 347 1,206 12,679 57,417 70,096 (4,798) 2014-2023 San Diego, CA 13 7,163 4,376 9,663 — — 4,376 9,663 14,039 (842) 2015-2018 Sanford, NC 3 251 170 696 2 9 172 705 877 (40) 2021-2022 Seattle, WA 844 344,684 166,187 330,572 738 5,628 166,925 336,200 503,125 (24,894) 2014-2023 St. Louis, MO 167 40,526 10,949 45,317 144 1,772 11,093 47,089 58,182 (3,637) 2016-2023 Stockton, CA 14 5,968 2,978 6,176 21 — 2,999 6,176 9,175 (553) 2015-2021 Initial Cost Costs Capitalized Gross Amounts at which Carried at the Close of Period (1) Description Location Number of Properties Encumbrances (2) Land and Land Building and Building Improvements Land and Land Building and Building Improvements Land and Land Building and Building Improvements Total Accumulated Depreciation (3) Year Acquired Tampa, FL 952 $ 280,757 $ 97,848 $ 302,378 $ 2,668 $ 12,421 $ 100,516 $ 314,799 $ 415,315 $ (24,848) 2014-2023 Tulsa, OK 82 17,582 3,862 20,848 162 746 4,024 21,594 25,618 (1,804) 2014-2022 Washington, DC 279 83,263 35,674 83,383 116 3,059 35,790 86,442 122,232 (6,931) 2015-2023 Winston, NC 28 6,706 1,809 8,032 11 246 1,820 8,278 10,098 (618) 2015-2022 Senior Housing Quebec, Canada 11 313,792 30,338 466,723 — 11,755 30,338 478,478 508,816 (20,728) 2021-2022 Affordable Housing (4) Adrian, MI 1 2,645 740 2,720 6 55 746 2,775 3,521 (216) 2021 Albuquerque, NM 8 92,899 69,810 82,209 498 6,658 70,308 88,867 159,175 (7,071) 2021 Ann Arbor, MI 2 — 4,150 22,100 83 320 4,233 22,420 26,653 (1,837) 2021 Atlanta, GA 10 93,445 42,631 118,288 379 1,958 43,010 120,246 163,256 (8,893) 2021 Austin, TX 8 51,531 34,790 156,099 381 1,592 35,171 157,691 192,862 (12,225) 2021 Bakersfield, CA 2 4,685 6,460 4,260 — 119 6,460 4,379 10,839 (379) 2021 Baltimore, MD 5 24,442 40,030 45,040 53 444 40,083 45,484 85,567 (3,756) 2021 Battle Creek, MI 1 — 1,240 4,940 1 57 1,241 4,997 6,238 (387) 2021 Beaumont, TX 3 4,735 4,065 20,169 66 254 4,131 20,423 24,554 (1,490) 2021 Birmingham, AL 1 4,606 5,370 2,950 56 — 5,426 2,950 8,376 (718) 2021 Bloomington, IN 1 5,842 2,140 14,060 4 96 2,144 14,156 16,300 (1,091) 2021 Boston, MA 2 9,374 8,610 12,202 4 — 8,614 12,202 20,816 (3,064) 2021 Boulder, CO 3 41,000 16,410 80,829 365 648 16,775 81,477 98,252 (6,309) 2021 Brownsville, TN 2 1,181 3,780 680 — 29 3,780 709 4,489 (61) 2021 Brownsville, TX 2 8,654 4,696 12,700 109 8 4,805 12,708 17,513 — 2021 Canton, OH 2 1,304 1,940 13,260 — 186 1,940 13,446 15,386 (1,028) 2021 Cape Coral, FL 2 61,425 14,232 96,599 17 2,630 14,249 99,229 113,478 (7,439) 2021 Charlotte, NC 5 37,155 23,730 36,200 241 1,057 23,971 37,257 61,228 (3,029) 2021 Charlottesville, VA 1 695 5,940 21,640 — 632 5,940 22,272 28,212 (1,714) 2021 Cheyenne, WY 1 — 3,770 12,290 23 183 3,793 12,473 16,266 (974) 2021 Chicago, IL 5 12,274 6,340 25,450 159 782 6,499 26,232 32,731 (2,026) 2021 Cincinnati, OH 7 68,122 17,960 107,339 336 1,842 18,296 109,181 127,477 (8,390) 2021 Clearlake, CA 2 2,100 2,340 1,580 — 32 2,340 1,612 3,952 (141) 2021 Cleveland, MS 1 — 930 140 1 68 931 208 1,139 (23) 2021 Cleveland, OH 1 13,650 3,460 20,280 8 254 3,468 20,534 24,002 (1,581) 2021 College Station, TX 1 6,430 3,160 12,540 49 151 3,209 12,691 15,900 (984) 2021 Columbus, OH 2 26,013 6,440 40,980 57 688 6,497 41,668 48,165 (3,193) 2021 Crestview, FL 1 10,677 3,740 9,750 — 546 3,740 10,296 14,036 (796) 2021 Dallas, TX 31 180,870 140,524 449,303 1,876 10,118 142,400 459,421 601,821 (34,173) 2021 Decatur, IL 1 432 980 3,580 — 42 980 3,622 4,602 (282) 2021 Deltona, FL 2 43,845 13,392 60,244 61 507 13,453 60,751 74,204 (4,541) 2021 Denver, CO 9 196,014 62,220 355,408 1,072 4,498 63,292 359,906 423,198 (27,708) 2021 Detroit, MI 5 27,894 4,316 41,449 55 557 4,371 42,006 46,377 (3,236) 2021 Douglas, GA 1 — 810 1,290 — 5 810 1,295 2,105 (106) 2021 Duluth, MN 2 5,231 500 11,820 — 14 500 11,834 12,334 (907) 2021 Initial Cost Costs Capitalized Gross Amounts at which Carried at the Close of Period (1) Description Location Number of Properties Encumbrances (2) Land and Land Building and Building Improvements Land and Land Building and Building Improvements Land and Land Building and Building Improvements Total Accumulated Depreciation (3) Year Acquired Durant, OK 1 $ 1,050 $ 1,260 $ 130 $ 21 $ 11 $ 1,281 $ 141 $ 1,422 $ (23) 2021 Durham, NC 1 4,241 2,320 9,380 — 184 2,320 9,564 11,884 (738) 2021 El Centro, CA 2 7,185 6,260 4,200 — 185 6,260 4,385 10,645 (378) 2021 El Paso, TX 2 — 5,980 11,960 16 1 5,996 11,961 17,957 (959) 2021 Enterprise, AL 1 980 2,520 4,456 12 — 2,532 4,456 6,988 (349) 2021 Evansville, IN 1 2,693 1,280 2,310 16 67 1,296 2,377 3,673 (192) 2021 Fort Collins, CO 5 81,784 27,370 124,669 619 1,587 27,989 126,256 154,245 (9,790) 2021 Fresno, CA 6 23,152 20,320 17,800 57 395 20,377 18,195 38,572 (1,538) 2021 Gillette, WY 1 — 1,520 — — — 1,520 — 1,520 — 2021 Grand Rapids, MI 1 — 1,250 2,220 — 157 1,250 2,377 3,627 (188) 2021 Greeley, CO 1 6,846 7,560 39,664 — — 7,560 39,664 47,224 (3,061) 2021 Greenville, MS 1 — 2,260 1,314 28 — 2,288 1,314 3,602 (201) 2021 Greenville, SC 6 34,755 11,690 48,890 147 581 11,837 49,471 61,308 (3,935) 2021 Gulfport, MS 1 — 3,591 9,634 6 — 3,597 9,634 13,231 (355) 2021 Hammond, LA 2 445 1,260 3,230 4 132 1,264 3,362 4,626 (261) 2021 Hanford, CA 2 3,307 5,780 1,820 106 120 5,886 1,940 7,826 (203) 2021 Harrisburg, PA 2 18,651 9,690 19,080 64 431 9,754 19,511 29,265 (1,545) 2021 Hartford, CT 1 3,373 3,200 3,350 — 7 3,200 3,357 6,557 (281) 2021 Heber, UT 1 16,975 8,450 19,660 43 358 8,493 20,018 28,511 (1,573) 2021 Houston, TX 21 211,400 106,821 328,668 682 2,475 107,503 331,143 438,646 (24,456) 2021 Indianapolis, IN 3 18,177 6,970 25,330 73 262 7,043 25,592 32,635 (1,996) 2021 Jackson, MS 3 342 4,350 4,135 19 124 4,369 4,259 8,628 (405) 2021 Jacksonville, FL 4 118,274 29,558 173,773 98 976 29,656 174,749 204,405 (13,252) 2021 Kahului, HI 1 — — 27 — 56 — 83 83 — 2021 Kansas City, MO 6 68,156 13,780 108,288 74 3,077 13,854 111,365 125,219 (8,688) 2021 Killeen, TX 3 6,294 6,016 8,770 72 893 6,088 9,663 15,751 (626) 2021 La Crosse, WI 1 363 290 866 — — 290 866 1,156 (69) 2021 Lake Havasu City, AZ 2 2,424 4,180 4,360 8 18 4,188 4,378 8,566 (367) 2021 Lakeland, FL 1 715 2,470 5,570 — 81 2,470 5,651 8,121 (444) 2021 Lancaster, PA 1 11,066 7,910 15,330 32 633 7,942 15,963 23,905 (1,252) 2021 Las Cruces, NM 1 1,467 3,350 310 — 35 3,350 345 3,695 (52) 2021 Las Vegas, NV 6 66,830 37,689 148,711 185 532 37,874 149,243 187,117 (9,364) 2021 Lincoln, IL 1 1,155 340 1,080 45 112 385 1,192 1,577 (93) 2021 Lincoln, NE 2 16,776 5,830 33,790 139 3,902 5,969 37,692 43,661 (2,740) 2021 Longview, TX 1 5,252 3,410 1,760 20 206 3,430 1,966 5,396 (171) 2021 Los Angeles, CA 33 269,050 199,290 553,659 314 5,173 199,604 558,832 758,436 (31,487) 2021 Lynchburg, VA 1 2,332 2,045 5,633 12 135 2,057 5,768 7,825 (212) 2021 Macomb, IL 1 198 695 1,931 — 41 695 1,972 2,667 (73) 2021 Madera, CA 1 3,850 1,750 1,530 — 83 1,750 1,613 3,363 (133) 2021 McAllen, TX 1 1,622 — 127 14 — 14 127 141 (194) 2021 Memphis, TN 5 3,645 2,600 7,650 21 715 2,621 8,365 10,986 (592) 2021 Miami, FL 32 1,167,377 372,153 1,662,211 162 9,200 372,315 1,671,411 2,043,726 (124,446) 2021-2022 Midland, TX 1 — 3,610 6,940 4 82 3,614 7,022 10,636 (559) 2021 Milwaukee, WI 1 4,055 1,130 7,290 — 9 1,130 7,299 8,429 (564) 2021 Initial Cost Costs Capitalized Gross Amounts at which Carried at the Close of Period (1) Description Location Number of Properties Encumbrances (2) Land and Land Building and Building Improvements Land and Land Building and Building Improvements Land and Land Building and Building Improvements Total Accumulated Depreciation (3) Year Acquired Modesto, CA 2 $ 5,260 $ 7,400 $ 18,610 $ 5 $ 88 $ 7,405 $ 18,698 $ 26,103 $ (1,474) 2021 Morristown, TN 1 — 290 — — — 290 — 290 — 2021 Muskegon, MI 1 6,168 1,960 9,920 37 31 1,997 9,951 11,948 (774) 2021 Muskogee, OK 1 314 190 17 — — 190 17 207 (3) 2021 Nashville, TN 2 14,671 8,390 18,410 8 862 8,398 19,272 27,670 (1,497) 2021 New Orleans, LA 4 30,065 8,900 38,103 3 186 8,903 38,289 47,192 (3,128) 2021 New York, NY 2 8,581 3,898 7,392 31 313 3,929 7,705 11,634 (537) 2021 Ogden, UT 2 14,289 8,930 14,240 76 158 9,006 14,398 23,404 (1,152) 2021 Oklahoma City, OK 8 10,809 15,980 13,003 18 81 15,998 13,084 29,082 (2,580) 2021 Omaha, NE 1 — 3,970 21,410 24 467 3,994 21,877 25,871 (1,844) 2021 Orlando, FL 1 9,998 5,970 30,250 2 160 5,972 30,410 36,382 (2,344) 2021 Other U.S. 1 588 800 2,206 12 — 812 2,206 3,018 (82) 2021 Oxnard, CA 3 56,317 30,810 29,299 16 80 30,826 29,379 60,205 (2,533) 2021 Palm Bay, FL 3 67,145 20,385 79,869 15 1,003 20,400 80,872 101,272 (6,166) 2021 Pensacola, FL 1 6,000 3,330 6,590 1 241 3,331 6,831 10,162 (533) 2021 Phoenix, AZ 8 86,071 27,180 121,519 469 4,859 27,649 126,378 154,027 (9,507) 2021 Plymouth, IN 1 3,277 1,030 4,850 — 64 1,030 4,914 5,944 (379) 2021 Raleigh, NC 1 9,721 2,330 10,850 1 296 2,331 11,146 13,477 (857) 2021 Rapid City, SD 1 3,080 1,320 3,095 — — 1,320 3,095 4,415 (614) 2021 Red Bluff, CA 1 1,362 2,610 1,620 — 57 2,610 1,677 4,287 (147) 2021 Reno, NV 1 6,645 8,950 15,340 61 56 9,011 15,396 24,407 (1,244) 2021 Richmond, VA 4 12,511 6,300 32,520 4 237 6,304 32,757 39,061 (2,529) 2021 Riverside, CA 9 58,223 71,198 68,430 304 1,594 71,502 70,024 141,526 (4,773) 2021 Sacramento, CA 17 135,200 48,624 321,369 783 2,764 49,407 324,133 373,540 (24,300) 2021 Salinas, CA 4 37,164 22,830 93,729 20 586 22,850 94,315 117,165 (7,311) 2021 Salisbury, MD 1 2,840 4,240 3,860 13 57 4,253 3,917 8,170 (334) 2021 Salt Lake City, UT 3 69,270 25,727 121,438 66 1,515 25,793 122,953 148,746 (7,980) 2021-2022 San Antonio, TX 4 23,698 12,430 44,380 95 442 12,525 44,822 57,347 (3,499) 2021 San Diego, CA 6 95,574 36,550 109,655 130 1,211 36,680 110,866 147,546 (7,924) 2021-2022 San Francisco, CA 4 67,824 22,795 86,548 153 245 22,948 86,793 109,741 (4,993) 2021 San Jose, CA 8 71,301 30,051 183,890 140 1,576 30,191 185,466 215,657 (11,038) 2021 San Luis Obispo, CA 4 19,441 11,650 25,910 6 467 11,656 26,377 38,033 (2,077) 2021 Santa Fe, NM 1 8,424 4,800 9,480 21 120 4,821 9,600 14,421 (770) 2021 Santa Maria, CA 1 6,910 10,460 49,460 — 1,542 10,460 51,002 61,462 (3,893) 2021 Santa Rosa, CA 1 27,500 12,190 55,290 314 864 12,504 56,154 68,658 (4,352) 2021 Seattle, WA 4 95,842 26,130 237,786 168 8,437 26,298 246,223 272,521 (17,762) 2021 Sebastian, FL 1 14,850 9,680 39,390 — 747 9,680 40,137 49,817 (3,106) 2021 Shawnee, OK 1 658 550 460 1 64 551 524 1,075 (44) 2021 Sheridan, WY 1 1,113 1,310 1,407 — — 1,310 1,407 2,717 (121) 2021 Sherman, TX 1 4,221 2,660 1,570 21 652 2,681 2,222 4,903 (156) 2021 Show Low, AZ 1 1,804 1,360 660 36 28 1,396 688 2,084 (67) 2021 Sierra Vista, AZ 1 924 840 180 — 13 840 193 1,033 (21) 2021 Spartanburg, SC 1 8,375 4,700 8,200 88 217 4,788 8,417 13,205 (676) 2021 Initial Cost Costs Capitalized Gross Amounts at which Carried at the Close of Period (1) Description Location Number of Properties Encumbrances (2) Land and Land Building and Building Improvements Land and Land Building and Building Improvements Land and Land Building and Building Improvements Total Accumulated Depreciation (3) Year Acquired St. Louis, MO 3 $ 29,525 $ 10,060 $ 61,860 $ 117 $ 190 $ 10,177 $ 62,050 $ 72,227 $ (4,793) 2021 Sterling, CO 1 3,431 1,940 1,620 — 296 1,940 1,916 3,856 (149) 2021 Stockton, CA 1 24,276 10,740 44,000 2 809 10,742 44,809 55,551 (3,458) 2021 Tampa, FL 6 161,501 55,733 210,078 53 1,243 55,786 211,321 267,107 (15,985) 2021-2022 Trenton, NJ 1 6,127 4,670 10,000 — 35 4,670 10,035 14,705 (798) 2021 Tyler, TX 2 4,753 6,310 18,010 105 456 6,415 18,466 24,881 (1,438) 2021 Vidalia, GA 1 219 1,270 2,390 10 51 1,280 2,441 3,721 (195) 2021 Vineland, NJ 3 13,268 8,679 8,206 — 45 8,679 8,251 16,930 (509) 2021 Virginia Beach, VA 3 19,079 20,370 56,310 46 1,041 20,416 57,351 77,767 (4,486) 2021 Visalia, CA 2 2,061 4,190 2,340 — 68 4,190 2,408 6,598 (216) 2021 Waco, TX 1 6,383 3,520 13,140 63 162 3,583 13,302 16,885 (1,032) 2021 Washington, DC 31 544,817 390,711 743,281 921 15,476 391,632 758,757 1,150,389 (58,652) 2021 Wilson, NC 1 2,068 1,130 1,000 — 63 1,130 1,063 2,193 (89) 2021 Worcester, MA 1 — 3,350 4,970 — 266 3,350 5,236 8,586 (417) 2021 Yuba City, CA 2 3,812 5,660 1,800 — 335 5,660 2,135 7,795 (190) 2021 Total Rental Housing Properties: 18,282 36,248,655 10,693,678 49,866,872 131,496 1,093,944 10,825,174 50,960,816 61,785,990 (4,349,818) Industrial Properties: Cold Storage Warehouse Atlanta, GA 1 24,021 3,134 30,130 — 2,140 3,134 32,270 35,404 (6,652) 2018 Austin, TX 1 16,014 3,132 19,010 — 3,242 3,132 22,252 25,384 (4,514) 2018 Baltimore, MD 1 35,733 5,789 38,820 — — 5,789 38,820 44,609 (6,540) 2018 San Francisco, CA 1 39,318 6,785 46,830 — 1,333 6,785 48,163 54,948 (7,541) 2018 Stockton, CA 2 74,932 16,775 64,187 — 173 16,775 64,360 81,135 (10,762) 2018 Industrial Allentown, PA 6 44,340 7,304 56,511 — 1,194 7,304 57,705 65,009 (5,125) 2020-2021 Atlanta, GA 129 894,313 250,889 1,085,101 111 65,158 251,000 1,150,259 1,401,259 (150,614) 2017-2022 Austin, TX 2 29,390 15,803 23,630 — 6,673 15,803 30,303 46,106 (2,397) 2019-2021 Baltimore, MD 10 158,080 40,371 178,317 — 9,551 40,371 187,868 228,239 (19,422) 2018-2021 Baton Rouge, LA 1 19,190 5,893 15,035 — 11 5,893 15,046 20,939 (1,139) 2021 Boston, MA 1 48,400 — — — — — — — — 2021 Charlotte, NC 11 73,755 28,715 88,551 4,810 3,389 33,525 91,940 125,465 (9,564) 2018-2021 Chicago, IL 122 1,388,807 418,379 1,499,452 — 69,032 418,379 1,568,484 1,986,863 (247,418) 2017-2022 Cincinnati, OH 40 362,150 65,847 462,787 — 25,066 65,847 487,853 553,700 (83,643) 2018-2021 Columbus, OH 24 443,742 59,375 501,964 — 24,538 59,375 526,502 585,877 (64,976) 2018-2021 Dallas, TX 67 919,074 173,111 1,102,053 22,972 112,492 196,083 1,214,545 1,410,628 (158,380) 2017-2021 Davenport, IA 1 13,560 1,507 10,471 — 2 1,507 10,473 11,980 (831) 2021 Deltona, FL 1 8,250 1,384 8,312 — 21 1,3

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
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. 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 also reported within non-controlling interests. 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. Investments in unconsolidated entities 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. The Company owns certain subordinate securities in CMBS securitizations that give the Company certain rights with respect to the underlying loans that serve as collateral for the CMBS securitization. In particular, these subordinate securities typically give the holder the right to direct certain activities of the securitization on behalf of all securityholders, which could impact the securitization's overall economic performance. Such rights, along with the obligation to absorb losses and receive benefits from the ownership of the subordinate securities, require consolidation of these securitizations, which are considered VIEs under GAAP.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. 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 constitutes 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 that 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) the Company’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 its 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 Company’s Consolidated Balance Sheets with the resulting gains or losses reflected in net income or loss for the period. Repairs and maintenance are expensed as incurred and are included in Rental Property Operating and Hospitality Operating Expenses on the Company’s Consolidated Statements of Operations.
Properties Held for Sale	Properties Held-for-Sale
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 certain of its investments in unconsolidated entities 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.
Consolidated Securitization Vehicles	Consolidated Securitization Vehicles The Company consolidates certain CMBS securitizations within its financial statements. The consolidation of these securitizations results in a gross presentation of the underlying collateral loans as discrete assets, as well as inclusion of the senior CMBS positions owned by third-parties, which are presented as liabilities on the Company’s Consolidated Balance Sheets. Additionally, the changes in fair value of these positions include the interest income and interest expense associated with such CMBS VIEs. The Company does not consider the separate presentation of the components of fair value changes to be relevant, and has elected to present these items in the aggregate as “Change in net assets of consolidated securitization vehicles” on the Company’s Consolidated Statements of Operations. The residual difference between the fair value of the consolidated securitization’s assets and liabilities represents the Company’s beneficial interest in such vehicles. The Company’s Consolidated Statements of Cash Flows includes (i) the consolidation and deconsolidation the securitization vehicles as a non-cash item, (ii) the subsequent repayments of consolidated loans and related CMBS positions presented on a gross basis, and (iii) the Company's purchases and sales of non-controlling securities in consolidated securitization vehicles classified as financing activities. There is no impact from consolidation on the Company’s total equity, net income, cash flows from operating activities, or net cash flows.
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, 2023 and 2022, restricted cash primarily consists of $636.0 million and $764.6 million, respectively, of amounts in escrow related to real estate taxes and insurance in connection with mortgages at certain of the Company’s properties and security deposits. Other restricted cash primarily consists 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 in the name of the Company.
Foreign Currency	Foreign Currency In the normal course of business, the Company makes investments in real estate and real estate debt 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).
Derivative Financial Instruments	Derivative Financial Instruments The Company reports its derivative financial instruments as a component of other assets or other liabilities on its Consolidated Balance Sheets at fair value. On the date the Company enters into a derivative contract, the Company designates each contract as (i) a hedge of a net investment in a foreign operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all derivatives other than those designated as non-designated hedges, the Company formally documents its hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and its evaluation of the effectiveness of its hedged transaction. On a quarterly basis, the Company also formally assesses whether the derivative designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in net income prospectively. All changes in the fair value of derivative instruments that qualify as hedges are reported as a component of accumulated other comprehensive income (loss) on our consolidated financial statements. Deferred gains and losses are reclassified out of accumulated other comprehensive income (loss) and into net income in the same period or periods during which the hedged transaction affects earnings, and are presented in the same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap settlements are made. To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated hedge, the changes in its fair value are included in net income concurrently. Proceeds or payments from premiums and periodic settlements of derivative instruments are classified in the same section of the Company's Consolidated Statements of Cash Flows as the underlying hedged item.
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 loans 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	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 (Expense) Income 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 date, 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 (Expense) Income 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 rental housing, industrial, net lease, data center, 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 and exercises judgment in assessing collectability considering 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 both of the years ended December 31, 2022 and 2021, the Company reimbursed $2.0 million to the Adviser for such costs. There were no new organization costs incurred in 2023. Blackstone Securities 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, Class C and Class F shares. Offering costs are charged to equity as such amounts are incurred. The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, 2023: Class S Class I Class T Class D Class C Class F Shares 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, 2023 and December 31, 2022, 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 generally engages third party service providers to perform valuations for such investments. The service provider 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 has elected to apply the measurement alternative under GAAP and measures both the financial assets and financial liabilities of the CMBS securitizations it consolidates using the fair value of the financial liabilities, which it considers more observable than the fair value of the financial assets. 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). In determining the fair value of its preferred equity security, the Company utilizes inputs such as stock volatility, discount rate, and risk-free interest rate (Level 2 inputs). To determine the fair value of an investment in a private real estate company, the Company utilizes inputs such as the multiples of comparable companies and select financial statement metrics (Level 3 inputs). As of both December 31, 2023 and December 31, 2022, the Company’s equity securities were recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets. The resulting unrealized and realized gains and losses from investments in equity securities of 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, 2023, 2022 and 2021, the Company recognized $37.9 million of net unrealized/realized gain, $520.8 million of net unrealized/realized loss, and $848.2 million of net unrealized gain, respectively, on its investments in equity securities. The Company has elected the FVO for certain of its investments in unconsolidated entities and therefore, reports these investments at fair value. The Company separately values the assets and liabilities of the investments in unconsolidated entities. To determine the fair value of the real estate assets of the investments in unconsolidated entities, the Company utilizes a discounted cash flow methodology or market comparable methodology, taking into consideration various factors including discount rate, exit capitalization rate and multiples of comparable companies. The Company utilizes third party service providers to perform valuations of the indebtedness of the investments in unconsolidated entities. The fair value of the indebtedness of the investments in unconsolidated entities is determined by modeling the cash flows and discounting them back to the present value using weighted average cost of debt. Additionally, current market rates and conditions are considered 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 investments in unconsolidated entities at fair value. The inputs used in determining the Company’s investments in unconsolidated entities carried at fair value are considered Level 3. The Company discloses the weighted average cost of capital, which combines the discount rate on the fair value of real estate and the weighted average cost of debt on the fair value of the indebtedness, and exit capitalization rate as key Level 3 inputs. The Company’s derivative financial instruments are reported at fair value and consist 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 and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 5,548,920 $ 1,241,712 $ 6,790,632 $ — $ 6,460,520 $ 1,541,183 $ 8,001,703 Real estate loans held by consolidated securitization vehicles, at fair value — 16,331,578 — 16,331,578 — 17,030,387 — 17,030,387 Equity securities (1) 62,333 273,600 — 335,933 52,512 253,199 224,408 530,119 Investments in unconsolidated entities — 549,138 3,672,455 4,221,593 — — 4,947,251 4,947,251 Interest rate and foreign currency hedging derivatives (1) — 2,160,266 — 2,160,266 — 3,033,595 — 3,033,595 Total $ 62,333 $ 24,863,502 $ 4,914,167 $ 29,840,002 $ 52,512 $ 26,777,701 $ 6,712,842 $ 33,543,055 Liabilities: Senior obligations of consolidated securitization vehicles, at fair value $ — $ 14,777,146 $ — $ 14,777,146 $ — $ 15,288,598 $ — $ 15,288,598 Interest rate and foreign currency hedging derivatives (2) — 34,236 — 34,236 — 50,557 — 50,557 Total $ — $ 14,811,382 $ — $ 14,811,382 $ — $ 15,339,155 $ — $ 15,339,155 (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 Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Equity Securities Investments in Real estate loans held by consolidated securitization vehicles, at fair value Total Assets Senior obligation of consolidated securitization vehicles, at fair value Balance as of December 31, 2021 $ 1,240,337 $ 224,408 $ 1,613,646 $ 465,936 $ 3,544,327 $ 484,661 Purchases and contributions 1,238,006 — 3,070,151 — 4,308,157 — Sales and repayments (914,138) — — — (914,138) — Distributions received — — (60,978) — (60,978) — Included in net income Income from unconsolidated entities measured at fair value — — 324,432 — 324,432 — Realized gain (64,526) — — — (64,526) — Unrealized gain 41,504 — — — 41,504 — Transfer out of Level 3 — — — (465,936) (465,936) (484,661) Balance as of December 31, 2022 $ 1,541,183 $ 224,408 $ 4,947,251 $ — $ 6,712,842 $ — Purchases and contributions 99,379 — 58,231 — 157,610 — Sales and repayments (407,032) (232,104) (687,601) — (1,326,737) — Distributions received — — (107,100) — (107,100) — Included in net income Income from unconsolidated entities measured at fair value — — 10,812 — 10,812 — Realized loss (1,588) 7,696 — — 6,108 — Unrealized gain 9,770 — — — 9,770 — Transfer out of Level 3 (1) — — (549,138) — (549,138) — Balance as of December 31, 2023 $ 1,241,712 $ — $ 3,672,455 $ — $ 4,914,167 $ — (1) Transferred from Level 3 to Level 2 as this investment is under contract for sale as of December 31, 2023. 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, 2023 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate loans $ 1,241,712 Yield method Market yield 10.1% Decrease Investments in unconsolidated entities $ 3,672,455 Discounted cash flow Weighted average cost of capital 7.7% Decrease Exit capitalization rate 5.2% Decrease December 31, 2022 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate loans $ 1,541,183 Yield method Market yield 9.6% Decrease Equity securities $ 224,408 Market comparable Enterprise value/ stabilized EBITDA 18.5x Increase Investments in unconsolidated entities $ 4,399,935 Discounted cash flow Weighted average cost of capital 6.7% Decrease Exit capitalization rate 4.9% Decrease $ 547,316 Market comparable LTM EBITDA multiple 10.8x Increase 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 or change in circumstances that could indicate the carrying amount of the real estate value may not be recoverable. During the year ended December 31, 2023, the Company recognized an aggregate $204.8 million of impairment charges related to one office property, two student housing properties, 25 affordable housing properties, and various single family rental homes. The impairments were the result of updates to the undiscounted cash flow assumptions to account for a shorter hold period, as the Company is considering a potential disposition of these investments. The cumulative fair value of such real estate investments at the time of impairment was $585.7 million, and was estimated utilizing a discounted cash flow method. The significant unobservable inputs utilized in the analysis were the discount rate (Level 3), which ranged from 6.3% to 9.4%, and the exit capitalization rate (Level 3), which ranged from 4.3% to 12.6%. During the year ended December 31, 2022, there was no such impairment charge. During the years ended December 31, 2023 and 2022, the Company recognized an aggregate of $31.3 million and $33.6 million, respectively, of impairment charges related to certain held-for-sale real estate investments where their carrying amount exceeded their fair value, less estimated closing costs. The significant unobservable input utilized in the analysis was the purchase price, which is considered a Level 2 input. Refer to Note 3 for additional details of the impairments. Valuation of liabilities not measured at fair value As of December 31, 2023 and December 31, 2022, the fair value of the Company’s mortgage loans, secured term loans, secured revolving credit facilities, secured financings on investments in real estate debt, and unsecured revolving credit facilities was $1.3 billion and $1.4 billion, respectively, below 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, current market rates and conditions are considered by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The Company utilizes third party service providers to perform these valuations. 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.
Stock-Based Compensation	Stock-Based Compensation three
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” or ASU 2023-09. ASU 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” or ASU 2023-07. ASU 2023-07 enhances the disclosures required for reportable segments on an annual and interim basis. ASU 2023-07 is effective on a retrospective basis for annual periods beginning after December 15, 2023, for interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The Company does not expect the adoption of ASU 2023-07 to have a material impact on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” or ASU 2020-04. ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, leases, derivatives, and other contracts, related to the market transition from LIBOR, and certain other floating rate benchmark indices, or 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. In December 2022, the FASB issued ASU 2022-06 “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848,” or ASU 2022-06. ASU 2022-06 deferred the sunset date of ASU 2020-04 to December 31, 2024. The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2024, as reference rate reform activities occur. Once ASU 2020-04 is elected, the guidance must be applied prospectively for all eligible contract modifications. During the year ended December 31, 2023, the Company adopted ASU 2020-04. The adoption of ASU 2020-04 did not have a material impact on the Company’s consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023: Class S Class I Class T Class D Class C Class F Shares 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% — —
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 5,548,920 $ 1,241,712 $ 6,790,632 $ — $ 6,460,520 $ 1,541,183 $ 8,001,703 Real estate loans held by consolidated securitization vehicles, at fair value — 16,331,578 — 16,331,578 — 17,030,387 — 17,030,387 Equity securities (1) 62,333 273,600 — 335,933 52,512 253,199 224,408 530,119 Investments in unconsolidated entities — 549,138 3,672,455 4,221,593 — — 4,947,251 4,947,251 Interest rate and foreign currency hedging derivatives (1) — 2,160,266 — 2,160,266 — 3,033,595 — 3,033,595 Total $ 62,333 $ 24,863,502 $ 4,914,167 $ 29,840,002 $ 52,512 $ 26,777,701 $ 6,712,842 $ 33,543,055 Liabilities: Senior obligations of consolidated securitization vehicles, at fair value $ — $ 14,777,146 $ — $ 14,777,146 $ — $ 15,288,598 $ — $ 15,288,598 Interest rate and foreign currency hedging derivatives (2) — 34,236 — 34,236 — 50,557 — 50,557 Total $ — $ 14,811,382 $ — $ 14,811,382 $ — $ 15,339,155 $ — $ 15,339,155 (1) Included in Other Assets in the Company’s Consolidated Balance Sheets. (2) Included in Other Liabilities in the Company’s Consolidated Balance Sheets.
Assets Measured at Fair Value on a Recurring Basis	The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Equity Securities Investments in Real estate loans held by consolidated securitization vehicles, at fair value Total Assets Senior obligation of consolidated securitization vehicles, at fair value Balance as of December 31, 2021 $ 1,240,337 $ 224,408 $ 1,613,646 $ 465,936 $ 3,544,327 $ 484,661 Purchases and contributions 1,238,006 — 3,070,151 — 4,308,157 — Sales and repayments (914,138) — — — (914,138) — Distributions received — — (60,978) — (60,978) — Included in net income Income from unconsolidated entities measured at fair value — — 324,432 — 324,432 — Realized gain (64,526) — — — (64,526) — Unrealized gain 41,504 — — — 41,504 — Transfer out of Level 3 — — — (465,936) (465,936) (484,661) Balance as of December 31, 2022 $ 1,541,183 $ 224,408 $ 4,947,251 $ — $ 6,712,842 $ — Purchases and contributions 99,379 — 58,231 — 157,610 — Sales and repayments (407,032) (232,104) (687,601) — (1,326,737) — Distributions received — — (107,100) — (107,100) — Included in net income Income from unconsolidated entities measured at fair value — — 10,812 — 10,812 — Realized loss (1,588) 7,696 — — 6,108 — Unrealized gain 9,770 — — — 9,770 — Transfer out of Level 3 (1) — — (549,138) — (549,138) — Balance as of December 31, 2023 $ 1,241,712 $ — $ 3,672,455 $ — $ 4,914,167 $ — (1) Transferred from Level 3 to Level 2 as this investment is under contract for sale as of December 31, 2023.
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, 2023 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate loans $ 1,241,712 Yield method Market yield 10.1% Decrease Investments in unconsolidated entities $ 3,672,455 Discounted cash flow Weighted average cost of capital 7.7% Decrease Exit capitalization rate 5.2% Decrease December 31, 2022 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate loans $ 1,541,183 Yield method Market yield 9.6% Decrease Equity securities $ 224,408 Market comparable Enterprise value/ stabilized EBITDA 18.5x Increase Investments in unconsolidated entities $ 4,399,935 Discounted cash flow Weighted average cost of capital 6.7% Decrease Exit capitalization rate 4.9% Decrease $ 547,316 Market comparable LTM EBITDA multiple 10.8x Increase
Summary of Incentive Compensation Awards	The following table details the incentive compensation awards issued to certain employees of Simply Self Storage, HPA, April Housing and ACC ($ in thousands): December 31, 2022 For the Year Ended December 31, 2023 December 31, 2023 Plan Year Unrecognized Compensation Cost Forfeiture of unvested awards Value of Awards Issued Amortization of Compensation Cost Unrecognized Compensation Cost Remaining Amortization Period 2021 $ 2,042 $ — $ — $ (2,042) $ — 0.0 years 2022 20,811 (1,490) — (11,037) 8,284 2.2 years 2023 — — 23,261 (7,848) 15,413 2.4 years Total $ 22,853 $ (1,490) $ 23,261 $ (20,927) $ 23,697 The following table details the incentive compensation awards ($ in thousands): December 31, 2022 For the Year Ended December 31, 2023 December 31, 2023 Plan Year Unrecognized Compensation Cost Forfeiture of unvested awards Value of Awards Issued Amortization of Compensation Cost Unrecognized Compensation Cost Remaining Amortization Period 2021 $ 23,161 $ (2,946) $ — $ (9,343) $ 10,872 1.0 year 2022 24,889 (1,115) 14,127 (19,076) 18,825 1.9 years 2023 — — 54,955 (18,318) 36,637 2.4 years $ 48,050 $ (4,061) $ 69,082 $ (46,737) $ 66,334

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): December 31, 2023 December 31, 2022 Building and building improvements $ 78,214,115 $ 81,914,789 Land and land improvements 17,835,688 18,635,672 Furniture, fixtures and equipment 2,389,383 2,301,683 Right of use asset - operating leases (1) 1,093,479 1,090,782 Right of use asset - financing leases (1) 72,862 72,872 Total 99,605,527 104,015,798 Accumulated depreciation and amortization (8,526,517) (5,866,306) Investments in real estate, net $ 91,079,010 $ 98,149,492 (1) Refer to Note 15 for additional details on the Company’s leases.
Schedule of Details of Dispositions	The following table details the dispositions during the years set forth below ($ in thousands): Year Ended Year Ended Year Ended Segments Number of Properties Net Proceeds Net Gain (Loss) (1) Number of Properties Net Proceeds Net Gain (1) Number of Properties Net Proceeds Net Gain (1) Rental Housing properties (2) 139 $ 3,260,033 $ 762,086 55 $ 1,885,001 $ 468,259 11 $ 267,045 $ 7,881 Self Storage properties (3) 128 2,144,784 695,170 7 121,009 45,501 — — — Hospitality properties 19 1,205,616 370,112 2 25,347 8,791 — — — Industrial properties 14 473,522 97,572 64 887,358 286,295 — — — Retail properties 5 142,146 10,937 — — — — — — Office properties 1 172,504 (856) — — — — — — Total 306 $ 7,398,605 $ 1,935,021 128 $ 2,918,715 $ 808,846 11 $ 267,045 $ 7,881 (1) For the year ended December 31, 2023, net gain (loss) includes gains of $2.0 billion and losses of $67.1 million. For the year ended December 31, 2022, net gain includes gains of $898.2 million and losses of $89.4 million. For the year ended December 31, 2021, net gain includes gains of $32.4 million and losses of $24.5 million. (2) The number of properties excludes single family rental homes sold. (3)
Summary of Assets and Liabilities of Properties Classified as Held for Sale	The following table details the assets and liabilities of the Company’s properties classified as held-for-sale ($ in thousands): Assets: December 31, 2023 December 31, 2022 Investments in real estate, net $ 445,938 $ 378,183 Other assets 7,885 2,084 Total assets $ 453,823 $ 380,267 Liabilities: Mortgage loans, net $ 270,548 $ 198,036 Other liabilities 11,802 77,016 Total liabilities $ 282,350 $ 275,052

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Summary of Equity Method Investment and Income in Unconsolidated Entities	The following tables detail the Company’s investments in unconsolidated entities ($ in thousands): December 31, 2023 Investment in Joint Venture Segment Number of Joint Ventures Number of Properties Ownership Book Value Unconsolidated entities carried at historical cost: QTS Data Centers (1) Data Centers 1 89 35.7% $ 1,530,875 Rental Housing investments (2) Rental Housing 37 31 12.2% - 58.2% 948,768 Hospitality investment Hospitality 1 196 30.0% 297,990 Industrial investments (3) Industrial 3 56 10.1% - 22.4% 244,226 Retail investments Retail 2 7 50.0% 94,877 Total unconsolidated entities carried at historical cost 44 379 3,116,736 Unconsolidated entities carried at fair value: Industrial investments (4) Industrial 11 2,086 12.4% - 85.0% 3,184,829 Data Center investments (5) Data Centers 1 N/A 8.8% 549,138 Office investments Office 1 1 49.0% 487,626 Total unconsolidated entities carried at fair value 13 2,087 4,221,593 Total 57 2,466 $ 7,338,329 (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”). (2) Includes 10,658 single family rental homes, that are not included in the number of properties. (3) Includes $244.2 million from investments in three joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (4) Includes $2.3 billion from investments in three joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (5) Includes $549.1 million from investments in a digital towers joint venture formed by the Company and certain Blackstone-managed investment vehicles. December 31, 2022 Investment in Joint Venture Segment Number of Joint Ventures Number of Properties Ownership Book Value Unconsolidated entities carried at historical cost: QTS Data Centers (1) Data Centers 1 62 35.7% $ 1,657,778 Rental Housing investments (2) Rental Housing 92 87 12.2% - 52.0% 1,275,365 MGM Grand & Mandalay Bay Net Lease 1 2 49.9% 834,148 Hospitality investment Hospitality 1 196 30.0% 314,006 Industrial investments (3) Industrial 3 56 10.0% - 55.0% 242,883 Retail investments Retail 2 7 50.0% 97,971 Total unconsolidated entities carried at historical cost 100 410 4,422,151 Unconsolidated entities at carried at fair value: Industrial investments (4) Industrial 12 2,135 7.9% - 85.0% 3,751,864 Data Center investments (5) Data Centers 1 N/A 12.4% 674,411 Office investments Office 1 1 49.0% 520,976 Total unconsolidated entities carried at fair value 14 2,136 4,947,251 Total 114 2,546 $ 9,369,402 (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”). (2) Includes 10,767 wholly-owned single family rental homes, that are not included in the number of properties. (3) Includes $242.9 million from investments in three joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (4) Includes $2.8 billion from investments in four joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (5) Includes $674.4 million from investments in a digital towers joint venture formed by the Company and certain Blackstone-managed investment vehicles. The following table details the Company’s income from unconsolidated entities ($ in thousands): For the Year Ended December 31, BREIT Income (Loss) from Unconsolidated Entities Segment 2023 2022 2021 Unconsolidated entities carried at historical cost: QTS Data Centers Data Centers $ (244,692) $ (167,805) $ (71,745) Rental Housing investments Rental Housing (58,324) (79,148) (17,461) MGM Grand & Mandalay Bay (1) Net Lease 432,528 99,878 100,276 Hospitality investment Hospitality (6,566) 6,303 — Industrial investments Industrial (15,927) (310) 1,185 Retail investments Retail (1,188) (1,007) 167 Total unconsolidated entities carried at historical cost 105,831 (142,089) 12,422 Unconsolidated entities carried at fair value: Industrial investments (2) Industrial 18,334 320,118 193,558 Data Center investments Data Centers (2,133) (273) — Office investments Office (2,091) 4,493 — Total unconsolidated entities carried at fair value 14,110 324,338 193,558 Total $ 119,941 $ 182,249 $ 205,980 (1) On January 9, 2023, the Company sold its 49.9% interest in MGM Grand Las Vegas and Mandalay Bay Resort for cash consideration of $1.3 billion, resulting in a gain on sale of $430.4 million. (2) On May 25, 2023, the Company sold its 7.9% interest in a logistics business to an affiliate of Blackstone for cash consideration of $547.0 million, resulting in a realized gain of $37.1 million. The following tables provide the combined summarized financial information of our unconsolidated joint ventures as of the dates and for the periods set forth below ($ in thousands): Balance Sheets: December 31, 2023 December 31, 2022 Total assets $ 73,553,288 $ 74,497,816 Total liabilities $ 46,994,741 $ 45,934,895 BREIT’s share of net equity $ 6,319,739 $ 7,253,656 BREIT fair value adjustment 376,514 1,169,369 BREIT outside basis 642,076 946,377 BREIT investments in unconsolidated entities $ 7,338,329 $ 9,369,402 For the Year Ended December 31, Income Statements: 2023 2022 2021 Total revenues $ 6,053,755 $ 6,869,106 $ 1,397,424 Net income $ 518,704 $ 208,880 $ 136,869 BREIT’s share of net income $ 251,512 $ 143,941 $ 56,246 BREIT fair value adjustment (109,499) 86,106 166,067 Amortization of outside basis (22,072) (47,798) (16,333) BREIT income from unconsolidated entities $ 119,941 $ 182,249 $ 205,980

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 Type of Security/Loan (1) Weighted Average Coupon (2) Weighted Average Maturity Date (3) Face Cost Fair CMBS (4) +4.0% 7/16/2032 $ 5,342,253 $ 5,316,300 $ 4,933,372 RMBS 4.2% 3/11/2060 294,493 285,059 214,124 Corporate bonds 5.0% 7/9/2031 92,312 94,068 84,744 Total real estate securities 8.8% 8/28/2033 5,729,058 5,695,427 5,232,240 Commercial real estate loans +5.9% 10/12/2026 1,208,030 1,200,548 1,196,640 Other investments (5)(6) 5.7% 9/21/2029 392,226 367,730 361,752 Total investments in real estate debt 8.8% 3/26/2032 $ 7,329,314 $ 7,263,705 $ 6,790,632 December 31, 2022 Type of Security/Loan (1) Weighted Average Coupon (2) Weighted Average Maturity Date (3) Face Cost Fair CMBS (4) +3.9% 12/10/2032 $ 6,474,823 $ 6,473,296 $ 5,943,403 RMBS +4.4% 1/21/2053 404,953 393,511 292,516 Corporate bonds 4.9% 3/17/2031 115,980 126,052 105,558 Total real estate securities 7.0% 11/4/2033 6,995,756 6,992,859 6,341,477 Commercial real estate loans +5.5% 7/17/2026 1,489,296 1,499,691 1,483,358 Other investments (5) 5.7% 9/21/2029 209,746 183,017 176,868 Total investments in real estate debt 7.4% 5/25/2032 $ 8,694,798 $ 8,675,567 $ 8,001,703 (1) This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s financial statements. The underlying collateral loans and the senior CMBS positions owned by third-parties of such securitizations are presented separately on the Company’s Consolidated Balance Sheets. See Note 6 to the consolidated financial statements. (2) The symbol “+” refers to the relevant floating benchmark rates, which include SOFR, SONIA, and EURIBOR, 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 for purposes of the weighted-averages. Weighted Average Coupon for CMBS does not include zero-coupon securities. (3) Weighted average maturity date is based on the fully extended maturity date of the instrument. (4) Face amount excludes interest-only securities with a notional amount of $0.6 billion and $1.1 billion as of December 31, 2023 and December 31, 2022, respectively. (5) Includes interests in unconsolidated joint ventures that hold investments in real estate debt. (6) Weighted average coupon rate and weighted average maturity date exclude our investment in a joint venture with the Federal Deposit Insurance Corporation (“FDIC”).
Summary of Collateral Type of Properties Securing Investments in Real Estate Debt	The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands): December 31, 2023 December 31, 2022 Collateral (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value Industrial $ 2,556,000 $ 2,429,510 36% $ 2,681,299 $ 2,483,592 32% Rental Housing (2) 2,081,681 1,954,601 29% 2,119,282 1,940,795 24% Net Lease 950,174 941,125 14% 983,374 947,368 12% Hospitality 899,669 869,858 13% 1,884,353 1,768,090 22% Other 297,394 288,748 4% 360,903 339,609 4% Office 417,846 252,754 4% 552,016 439,938 5% Diversified 60,941 54,036 —% 94,340 82,311 1% Total $ 7,263,705 $ 6,790,632 100% $ 8,675,567 $ 8,001,703 100% (1) This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s financial statements. The underlying collateral loans and the senior CMBS positions owned by third-parties of such securitizations are presented separately on the Company’s Consolidated Balance Sheets. See Note 6 to the consolidated financial statements. (2) Rental Housing investments in real estate debt are collateralized by various forms of rental housing including apartments and single family rental 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, 2023 December 31, 2022 Credit Rating (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value AA $ 77,200 $ 76,019 1% $ — $ — —% A 84,021 81,783 1% 91,809 86,055 1% BBB 868,440 850,277 13% 1,077,419 1,024,908 13% BB 1,356,535 1,229,290 18% 1,858,101 1,659,281 21% B 1,045,548 931,583 14% 1,609,017 1,424,940 18% CCC 84,561 41,555 1% 40,486 33,225 —% D 5,210 477 —% — — —% Private commercial real estate loans 1,200,548 1,196,640 18% 1,499,691 1,483,358 18% Not rated (2) 2,541,642 2,383,008 34% 2,499,044 2,289,936 29% Total $ 7,263,705 $ 6,790,632 100% $ 8,675,567 $ 8,001,703 100% (1) This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s financial statements. The underlying collateral loans and the senior CMBS positions owned by third-parties of such securitizations are presented separately on the Company’s Consolidated Balance Sheets. See Note 6 to the consolidated financial statements. (2) As of December 31, 2023, not rated positions have a weighted-average LTV at origination of 64%, are primarily composed of 55% industrial and 39% rental housing assets, and include interest-only securities with a fair value of $9.0 million.
Schedule of Real Estate Investment	The following table details the Company’s income (loss) from investments in real estate debt ($ in thousands): Year Ended December 31, 2023 2022 2021 Interest income $ 702,543 $ 472,855 $ 181,332 Unrealized gain (loss) 205,828 (629,079) 56,148 Realized (loss) gain (87,318) (116,262) 47,963 Total 821,053 (272,486) 285,443 Net realized and unrealized (loss) gain on derivatives (7,844) 79,024 35,751 Net realized and unrealized (loss) gain on secured financings of investments in real estate debt (9,909) 36,644 25,798 Other expense (5,136) (10,265) (8) Total income (loss) from investments in real estate debt $ 798,164 $ (167,083) $ 346,984
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, 2023 December 31, 2022 2023 2022 2021 CMBS $ 1,525,134 $ 1,683,765 $ 167,853 $ (107,702) $ 105,421 Commercial real estate loans 557,549 835,846 96,731 41,012 (11,611) Total $ 2,082,683 $ 2,519,611 $ 264,584 $ (66,690) $ 93,810

Consolidated Securitization V_2

Consolidated Securitization Vehicles (Tables)	12 Months Ended
	Dec. 31, 2023
Transfers and Servicing [Abstract]
Schedule of Loans Held by the Consolidated Securitization Vehicles and the Related Senior Obligations of Consolidated Securitization Vehicles	The following tables detail the real estate loans held by the consolidated securitization vehicles and the related senior obligations of consolidated securitization vehicles ($ in thousands): December 31, 2023 Count Principal Fair Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Real estate loans held by consolidated securitization vehicles 291 $ 16,551,341 $ 16,331,578 6.3 % 11/21/2025 Senior obligations of consolidated securitization vehicles 21 14,835,899 14,777,146 6.1 % 12/9/2025 Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles 21 $ 1,715,442 $ 1,554,432 7.8 % 6/22/2025 December 31, 2022 Count Principal Fair Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Real estate loans held by consolidated securitization vehicles 292 $ 17,527,441 $ 17,030,387 5.1 % 3/24/2025 Senior obligations of consolidated securitization vehicles 22 15,565,671 15,288,598 4.9 % 10/18/2025 Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles 22 $ 1,961,770 $ 1,741,789 6.6 % 5/6/2025 (1) The weighted-average yield and cost represent the all-in rate, which includes both fixed and floating rates, as applicable to each securitization vehicle. (2) Loan term represents weighted-average final maturity, assuming all extension options are exercised by the borrower. Repayments of senior obligations of consolidated securitization vehicles are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

Mortgage Loans, Secured Term _2

Mortgage Loans, Secured Term Loans, and Secured Revolving Credit Facilities (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Summary of Company's Mortgage Notes, Term Loans and Secured Revolving Credit Facilities	The following table details the mortgage loans, secured term loans, and secured revolving credit facilities secured by the Company’s real estate ($ in thousands): December 31, 2023 Principal Balance Outstanding Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2)(3) Maximum December 31, 2023 December 31, 2022 Fixed rate loans: Fixed rate mortgages (4) 3.7% 7/13/2029 N/A $ 23,872,148 $ 25,152,361 Variable rate loans: Variable rate mortgages and secured term loans +2.5% 3/29/2027 N/A 32,316,849 34,141,570 Variable rate warehouse facilities (5) +2.0% 10/4/2025 $ 4,388,249 3,541,543 3,728,340 Variable rate secured revolving credit facilities (6) +1.7% 5/22/2026 $ 3,797,702 2,489,784 2,608,778 Total variable rate loans +2.4% 1/18/2027 38,348,176 40,478,688 Total loans secured by real estate 6.2% 1/1/2028 62,220,324 65,631,049 (Discount) premium on assumed debt, net (103,828) (121,435) Deferred financing costs, net (422,818) (546,911) Mortgage loans, secured term loans, and secured revolving credit facilities, net $ 61,693,678 $ 64,962,703 (1) “+” refers to the relevant floating benchmark rates, which include SOFR, CDOR, and EURIBOR as applicable to each loan. As of December 31, 2023, the Company had outstanding interest rate swaps with an aggregate notional balance of $32.4 billion and interest rate caps with an aggregate notional balance of $9.6 billion that mitigate its exposure to potential future interest rate increases under its floating-rate debt. Total weighted average interest rate does not include the impact of derivatives. (2) Weighted average maturity assumes maximum maturity date, including any extensions, where the Company, at its sole discretion, has one or more extension options. (3) The majority of the Company’s mortgages contain yield or spread maintenance provisions. (4) Includes $293.3 million and $364.5 million of loans related to investments in affordable housing properties as of December 31, 2023 and December 31, 2022, respectively. Such loans are generally from municipalities, housing authorities, and other third parties administered through government sponsored affordable housing programs. Certain of these loans may be forgiven if specific affordable housing conditions are maintained. (5) Additional borrowings under the Company’s variable rate warehouse facilities require additional collateral, which are subject to lender approval. (6)
Summary of Future Principal Payment Due Under Company's Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities	The following table details the future principal payments due under the Company’s mortgage loans, secured term loans, and secured revolving credit facilities as of December 31, 2023 ($ in thousands): Year Amount 2024 $ 4,128,273 2025 8,247,353 2026 15,871,845 2027 18,852,769 2028 3,620,246 Thereafter 11,499,838 Total $ 62,220,324

Secured Financings of Investm_2

Secured Financings of Investments in Real Estate Debt (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 Collateral Type Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 4,018,216 $ 6,385,599 +1.4% 1/17/2025 Commercial real estate loans 146,172 226,672 +1.8% 4/21/2024 RMBS 140,061 214,124 +1.3% 10/29/2024 Corporate bonds 63,820 84,744 +1.1% 11/6/2024 $ 4,368,269 $ 6,911,139 +1.4% December 31, 2022 Collateral Type Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 4,482,728 $ 7,447,672 +1.3% 12/27/2023 Commercial real estate loans 220,694 294,337 +1.1% 11/18/2023 Corporate bonds 163,547 259,224 +1.9% 3/23/2024 RMBS 99,716 137,084 +1.1% 10/5/2023 $ 4,966,685 $ 8,138,317 +1.3% (1) Represents the fair value of the Company’s investments in real estate debt that serve as collateral. (2) “+” refers to the relevant floating benchmark rates, which include SOFR, EURIBOR, and SONIA, as applicable to each secured financing. As of December 31, 2023 and December 31, 2022, the Company had interest rate swaps outstanding with a notional value of $0.6 billion and $1.4 billion, respectively, that effectively converts a portion of its fixed rate investments in real estate debt to floating rates to mitigate its exposure to potential future interest rate increases under its floating-rate debt. Total weighted average interest rate does not include the impact of such interest rate swaps or other derivatives.

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 December 31, 2022 Accrued stockholder servicing fee $ 961,654 $ 1,588,178 Performance participation allocation — — Accrued management fee 63,505 71,644 Accrued affiliate service provider expenses 5,283 14,975 Other 2,641 1,511 Total $ 1,033,083 $ 1,676,308
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 Amortization of Capitalized Transaction Year Ended December 31, Year Ended December 31, Year Ended December 31, 2023 2022 2021 2023 2022 2021 2023 2022 2021 Link $ 112,963 $ 99,798 $ 68,277 $ 18,033 $ 8,929 $ 6,174 $ 1,124 $ 5,541 $ 3,696 LivCor 103,104 78,490 39,481 15,949 9,073 6,235 9,532 10,762 6,529 ShopCore 32,966 15,269 6,427 958 631 271 1,283 1,213 292 Revantage 30,880 28,984 3,029 9,103 1,668 — — — 8,696 BRE Hotels & Resorts 15,178 17,374 11,565 1,375 1,183 728 — 261 127 EQ 5,081 2,339 1,912 205 237 160 711 230 — Beam Living 2,931 2,572 — 1,114 607 — — 59 — Longview Senior Housing 1,777 1,745 557 — — — — — — $ 304,880 $ 246,571 $ 131,248 $ 46,737 $ 22,328 $ 13,568 $ 12,650 $ 18,066 $ 19,340
Summary of Incentive Compensation Awards	The following table details the incentive compensation awards issued to certain employees of Simply Self Storage, HPA, April Housing and ACC ($ in thousands): December 31, 2022 For the Year Ended December 31, 2023 December 31, 2023 Plan Year Unrecognized Compensation Cost Forfeiture of unvested awards Value of Awards Issued Amortization of Compensation Cost Unrecognized Compensation Cost Remaining Amortization Period 2021 $ 2,042 $ — $ — $ (2,042) $ — 0.0 years 2022 20,811 (1,490) — (11,037) 8,284 2.2 years 2023 — — 23,261 (7,848) 15,413 2.4 years Total $ 22,853 $ (1,490) $ 23,261 $ (20,927) $ 23,697 The following table details the incentive compensation awards ($ in thousands): December 31, 2022 For the Year Ended December 31, 2023 December 31, 2023 Plan Year Unrecognized Compensation Cost Forfeiture of unvested awards Value of Awards Issued Amortization of Compensation Cost Unrecognized Compensation Cost Remaining Amortization Period 2021 $ 23,161 $ (2,946) $ — $ (9,343) $ 10,872 1.0 year 2022 24,889 (1,115) 14,127 (19,076) 18,825 1.9 years 2023 — — 54,955 (18,318) 36,637 2.4 years $ 48,050 $ (4,061) $ 69,082 $ (46,737) $ 66,334

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 December 31, 2022 Interest rate and foreign currency hedging derivatives $ 2,160,266 $ 3,033,595 Real estate intangibles, net 1,146,840 1,624,212 Receivables, net 793,651 821,309 Straight-line rent receivable 665,747 454,989 Held-for-sale assets 453,823 380,267 Equity securities 335,933 530,119 Single family rental homes risk retention securities 300,718 300,718 Prepaid expenses 178,140 146,568 Deferred leasing costs, net 141,526 121,230 Due from affiliate (1) 78,671 74,857 Deferred financing costs, net 62,651 103,049 Other 245,260 291,035 Total $ 6,563,226 $ 7,881,948 (1) Refer to the Performance Participation Allocation section of Note 10 for additional information.
Summary of Components of Other Liabilities	The following table details the components of other liabilities ($ in thousands): December 31, 2023 December 31, 2022 Right of use lease liability - operating leases $ 643,803 $ 638,830 Stock repurchases payable 574,958 151,959 Accounts payable and accrued expenses 427,744 470,335 Accrued interest expense 395,814 395,459 Real estate taxes payable 327,947 350,757 Liabilities related to held-for-sale assets 282,350 275,052 Intangible liabilities, net 244,596 330,432 Prepaid rental income 232,447 188,450 Tenant security deposits 228,994 237,891 Distribution payable 222,174 238,297 Right of use lease liability - financing leases 78,257 77,008 Subscriptions received in advance 113,764 208,632 Securitized debt obligations, net 47,172 123,628 Interest rate and foreign currency hedging derivatives 34,236 50,557 Other 124,409 174,746 Total $ 3,978,665 $ 3,912,033

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 December 31, 2022 Intangible assets In-place lease intangibles $ 1,641,489 $ 2,022,087 Indefinite life intangibles 184,082 193,182 Above-market lease intangibles 61,888 71,952 Other intangibles 377,319 371,631 Total intangible assets 2,264,778 2,658,852 Accumulated amortization In-place lease amortization (1,007,698) (971,988) Above-market lease amortization (32,800) (31,419) Other intangibles amortization (77,440) (31,233) Total accumulated amortization (1,117,938) (1,034,640) Intangible assets, net $ 1,146,840 $ 1,624,212 Intangible liabilities Below-market lease intangibles $ 441,391 $ 476,186 Total intangible liabilities 441,391 476,186 Accumulated amortization Below-market lease amortization (196,795) (145,754) Total accumulated amortization (196,795) (145,754) Intangible liabilities, net $ 244,596 $ 330,432
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, 2023 is as follows ($ in thousands): In-place Lease Above-market Other Intangibles Below-market 2024 $ 172,848 $ 7,352 $ 36,552 $ (56,110) 2025 124,181 6,139 33,896 (46,825) 2026 94,617 4,685 32,733 (36,948) 2027 68,150 3,320 30,665 (25,781) 2028 51,851 2,440 28,851 (19,712) Thereafter 122,144 5,152 137,182 (59,220) Total $ 633,791 $ 29,088 $ 299,879 $ (244,596)

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Derivatives	The following tables detail the Company’s outstanding interest rate derivatives (notional amount in thousands): December 31, 2023 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Strike Index Weighted Average Maturity (Years) Derivatives designated as hedging instruments Interest rate swaps - property debt 21 $ 6,386,770 2.6% SOFR 4.6 Derivatives not designated as hedging instruments Interest rate caps - property debt 153 9,580,354 5.8% SOFR 0.5 Interest rate swaps - property debt 51 26,015,600 1.6% SOFR, EURIBOR 4.5 Interest rate swaps - secured financings of investments in real estate debt 17 581,915 3.4% SOFR 6.6 Total $ 36,177,869 December 31, 2022 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Strike Index Weighted Average Maturity (Years) Derivatives designated as hedging instruments Interest rate swaps - property debt 20 $ 7,417,852 2.6% LIBOR, SOFR 6.1 Derivatives not designated as hedging instruments Interest rate caps - property debt 135 14,147,947 4.1% LIBOR, SOFR 0.8 Interest rate swaps - property debt 50 25,015,600 2.0% LIBOR, SOFR, EURIBOR 7.3 Interest rate swaps - secured financings of investments in real estate debt 61 1,392,960 1.4% LIBOR, SOFR 4.1 Total $ 40,556,507 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, 2023 December 31, 2022 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD / Sell EUR Forward 9 € 139,913 14 € 160,206 Buy USD / Sell GBP Forward 9 £ 57,377 12 £ 132,563 Buy EUR / Sell USD Forward 2 € 10,421 — € —
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, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Derivatives designated as hedging instruments Interest rate swaps - property debt $ 246,350 $ 409,260 $ 1,320 $ — Total derivatives designated as hedging instruments 246,350 409,260 1,320 — Derivatives not designated as hedging instruments Interest rate caps - property debt (3) 31,134 183,392 17,020 36,173 Interest rate swaps - property debt 1,874,065 2,310,511 — — Interest rate swaps - secured financings of investments in real estate debt 8,643 130,181 12,210 — Foreign currency forward contracts 74 251 3,686 14,384 Total derivatives not designated as hedging instruments 1,913,916 2,624,335 32,916 50,557 Total interest rate and foreign currency hedging derivatives $ 2,160,266 $ 3,033,595 $ 34,236 $ 50,557 (1) Included in Other Assets in the Company’s Consolidated Balance Sheets. (2) Included in Other Liabilities in the Company’s Consolidated Balance Sheets. (3) Includes interest rate caps presented on a net basis with an aggregate fair value of $189.7 million and $237.7 million as of December 31, 2023 and December 31, 2022, respectively.
Schedule of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations	The following table details the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Loss) ($ in thousands): Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized Year Ended December 31, 2023 2022 2021 Included in Net Loss Interest rate swap – property debt Unrealized (loss) gain (1) $ (772,224) $ 2,262,337 $ (7,711) Interest rate swaps – property debt Realized gain (1) 297,606 — — Interest rate caps – property debt Unrealized (loss) gain (1) (146,621) 180,988 — Interest rate swaps – secured financings of investments in real estate debt Unrealized (loss) gain (1) (134,280) 119,407 57,470 Foreign currency forward contract Realized (loss) gain (2) (18,291) 85,889 27,606 Foreign currency forward contract Unrealized gain (loss) (2) 10,447 (6,865) 8,145 Total $ (763,363) $ 2,641,756 85,510 Included in Other Comprehensive Income Interest rate swap – property debt (3) Unrealized gain (75,707) 408,069 — Total $ (839,070) $ 3,049,825 $ 85,510 (1) Included in (loss) income from interest rate derivatives in the Company’s Consolidated Statements of Operations. (2) Included in income (loss) from investments in real estate debt in the Company’s Consolidated Statements of Operations. (3) During the years ended December 31, 2023 and December 31, 2022, net gain of $171.4 million and $79.4 million, respectively, was reclassified from accumulated other comprehensive income into net income.

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interest (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Company's Authorized Capital	As of December 31, 2023, the Company had the authority to issue 12,100,000,000 shares, consisting of the following: Number of Shares Par Value Per Share 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 1,500,000 $ 0.01 Class C Shares 500,000 $ 0.01 Class F Shares 500,000 $ 0.01 Total 12,100,000
Schedule of Company's Outstanding Shares of Common Stock	The following table details the movement in the Company’s outstanding shares of common stock (1) (in thousands): Class S Class I Class T Class D Class C Total January 1, 2021 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 (2) — 61 — — — 61 December 31, 2021 1,254,348 2,086,631 57,287 291,087 — 3,689,353 Common stock issued 389,405 854,023 16,849 145,677 — 1,405,954 Distribution reinvestment 31,957 51,138 1,646 8,656 — 93,397 Common stock repurchased (78,296) (597,103) (3,183) (23,992) — (702,574) Independent directors’ restricted stock grant (2) — 48 — — — 48 December 31, 2022 1,597,414 2,394,737 72,599 421,428 — 4,486,178 Common stock issued (3) 31,384 680,173 (7,005) (241,511) 2,136 465,177 Distribution reinvestment 30,493 50,878 1,575 4,556 — 87,502 Common stock repurchased (4) (171,094) (722,878) (7,923) (29,679) — (931,574) Independent directors’ restricted stock grant (2) — 49 — — — 49 December 31, 2023 1,488,197 2,402,959 59,246 154,794 2,136 4,107,332 (1) As of December 31, 2023, no Class F shares were issued and outstanding. (2) The independent directors’ restricted stock represents $0.1 million of the annual compensation paid to each of the independent directors for the years ended December 31, 2023, 2022 and 2021. The cost of each grant is amortized over the one-year service period for each grant. (3) Includes conversion of shares from Class T and Class D to Class I during the year ended December 31, 2023. (4) Includes 56.7 million Class I shares previously issued for the management fee that were exchanged for an equivalent amount of Class B units of BREIT OP during the year ended December 31, 2023.
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, 2023 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.6660 $ 0.6660 $ 0.6660 $ 0.6660 Stockholder servicing fee per share of common stock (0.1248) — (0.1228) (0.0359) Net distributions declared per share of common stock $ 0.5412 $ 0.6660 $ 0.5432 $ 0.6301 Year Ended December 31, 2022 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.6685 $ 0.6685 $ 0.6685 $ 0.6685 Stockholder servicing fee per share of common stock (0.1273) — (0.1254) (0.0366) Net distributions declared per share of common stock $ 0.5412 $ 0.6685 $ 0.5431 $ 0.6319 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
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, 2023 and 2022 ($ in thousands): Year Ended December 31, 2023 2022 Balance at the beginning of the year $ 344,145 $ 589,900 Settlement of current year performance participation allocation — 817,527 Repurchases — (26,639) Conversion to Class I and Class B units (278,990) (435,238) Conversion to Class I and Class C shares (65,304) (599,219) GAAP income allocation 1,914 (5,024) Distributions (1,308) (10,256) Fair value allocation (106) 13,094 Ending balance $ 351 $ 344,145

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 2021 Fixed lease payments $ 7,307,874 $ 6,152,782 $ 2,860,344 Variable lease payments 508,366 411,337 280,184 Rental revenue $ 7,816,240 $ 6,564,119 $ 3,140,528 The following table details the fixed and variable components of the Company’s financing leases ($ in thousands): Year Ended December 31, 2023 2022 2021 Interest on lease liabilities $ 4,150 $ 4,038 $ 3,403 Amortization of right-of-use assets 1,249 1,278 1,139 Total financing lease costs $ 5,399 $ 5,316 $ 4,542
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, 2023 ($ in thousands). Leases at the Company’s rental housing and self storage properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2024 $ 1,826,714 2025 1,718,795 2026 1,570,722 2027 1,357,373 2028 1,138,278 Thereafter 15,777,327 Total $ 23,389,209
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, 2023 ($ in thousands): Operating Financing 2024 $ 37,201 $ 4,266 2025 37,755 4,385 2026 37,922 4,507 2027 38,322 4,633 2028 38,676 4,763 Thereafter 2,590,567 559,374 Total undiscounted future lease payments 2,780,443 581,928 Difference between undiscounted cash flows and discounted cash flows (2,136,640) (503,671) Total lease liability $ 643,803 $ 78,257
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, 2023 2022 2021 Fixed ground rent expense $ 19,021 $ 22,789 $ 4,904 Variable ground rent expense 23,056 1,042 36 Total cash portion of ground rent expense 42,077 23,831 4,940 Straight-line ground rent expense 17,903 13,552 7,488 Total operating lease costs $ 59,980 $ 37,383 $ 12,428

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 December 31, 2022 Rental Housing $ 64,665,680 $ 68,464,413 Industrial 20,050,095 21,624,736 Net Lease 8,117,528 9,011,326 Office 2,945,455 3,293,163 Data Centers 2,927,807 3,203,585 Hospitality 2,867,166 3,768,473 Retail 2,505,146 2,722,839 Self Storage 739,743 2,247,351 Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value 23,264,164 25,363,546 Other (Corporate) 2,715,011 2,987,992 Total assets $ 130,797,795 $ 142,687,424 The following table details the financial results by segment for the year ended December 31, 2023 ($ in thousands): Rental Housing Industrial Net Office Data Centers Hospitality Retail Self Investments in Total Revenues: Rental revenue $ 5,158,551 $ 1,406,881 $ 601,538 $ 186,758 $ 51,372 $ — $ 233,595 $ 177,545 $ — $ 7,816,240 Hospitality revenue — — — — — 694,491 — — — 694,491 Other revenue 364,575 26,596 — 8,186 — 7,686 4,678 11,953 — 423,674 Total revenues 5,523,126 1,433,477 601,538 194,944 51,372 702,177 238,273 189,498 — 8,934,405 Expenses: Rental property operating 2,949,041 447,604 2,536 55,045 8,948 — 99,035 89,833 79 3,652,121 Hospitality operating — — — — — 479,493 — — — 479,493 Total expenses 2,949,041 447,604 2,536 55,045 8,948 479,493 99,035 89,833 79 4,131,614 (Loss) income from unconsolidated entities (58,325) 2,407 432,528 (2,091) (246,824) (6,566) (1,188) — — 119,941 Income from investments in real estate debt — — — — — — — — 798,164 798,164 Changes in net assets of consolidated securitization vehicles — — — — — — — — 191,703 191,703 Income from investments in equity securities (1) 45,206 7,696 — — — — — — — 52,902 Segment net operating income (loss) $ 2,560,966 $ 995,976 $ 1,031,530 $ 137,808 $ (204,400) $ 216,118 $ 138,050 $ 99,665 $ 989,788 $ 5,965,501 Depreciation and amortization $ (2,417,457) $ (765,296) $ (207,513) $ (95,278) $ (22,094) $ (110,516) $ (136,338) $ (56,726) $ — $ (3,811,218) General and administrative (69,176) Management fee (839,237) Impairment of investments in real estate (236,071) Loss from interest rate derivatives (755,519) Net gain on dispositions of real estate 1,935,021 Interest expense, net (3,072,741) Loss on extinguishment of debt (40,300) Other expense (1) (56,221) Net loss $ (979,961) Net loss attributable to non-controlling interests in third party joint ventures $ 247,989 Net loss attributable to non-controlling interests in BREIT OP 40,150 Net loss attributable to BREIT stockholders $ (691,822) (1) Included within Other (expense) income on the Consolidated Statements of Operations is $37.9 million of net unrealized/realized gain related to equity securities. The following table details the financial results by segment for the year ended December 31, 2022 ($ in thousands): Rental Housing Industrial Net Office Data Centers Hospitality Retail Self Investments in Total Revenues: Rental revenue $ 4,116,088 $ 1,364,640 $ 499,789 $ 138,241 $ 44,673 $ — $ 187,055 $ 213,633 $ — $ 6,564,119 Hospitality revenue — — — — — 721,654 — — — 721,654 Other revenue 286,819 34,985 — 8,112 — 12,930 3,272 14,487 — 360,605 Total revenues 4,402,907 1,399,625 499,789 146,353 44,673 734,584 190,327 228,120 — 7,646,378 Expenses: Rental property operating 2,253,142 438,479 1,883 40,234 6,943 — 69,614 106,641 — 2,916,936 Hospitality operating — — — — — 508,868 — — — 508,868 Total expenses 2,253,142 438,479 1,883 40,234 6,943 508,868 69,614 106,641 — 3,425,804 (Loss) Income from unconsolidated entities (79,148) 319,807 99,879 4,493 (168,078) 6,303 (1,007) — — 182,249 Loss from investments in real estate debt — — — — — — — — (167,083) (167,083) Changes in net assets of consolidated securitization vehicles — — — — — — — — (42,119) (42,119) (Loss) income from investments in equity securities (1) (346,773) (47,969) 27,334 (109,129) — — — — — (476,537) Segment net operating income (loss) $ 1,723,844 $ 1,232,984 $ 625,119 $ 1,483 $ (130,348) $ 232,019 $ 119,706 $ 121,479 $ (209,202) $ 3,717,084 Depreciation and amortization $ (2,617,389) $ (804,108) $ (172,647) $ (70,721) $ (19,639) $ (120,531) $ (168,024) $ (125,307) $ — $ (4,098,366) General and administrative (52,652) Management fee (837,687) Performance participation allocation (742,670) Income from interest rate derivatives 2,566,720 Impairment of investments in real estate (33,554) Net gain on dispositions of real estate 808,846 Interest expense, net (2,307,515) Loss on extinguishment of debt (11,476) Other expense (1) (89,038) Net loss $ (1,080,308) Net loss attributable to non-controlling interests in third party joint ventures $ 173,109 Net loss attributable to non-controlling interests in BREIT OP 23,680 Net loss attributable to BREIT stockholders $ (883,519) (1) Included within Other (expense) income on the Consolidated Statements of Operations is $520.8 million of net unrealized/realized loss related to equity securities. The following table details the financial results by segment for the year ended December 31, 2021 ($ in thousands): Rental Housing Industrial Net Hospitality Office Data Centers Retail Self Investments in Total Revenues: Rental revenue $ 1,544,909 $ 982,137 $ 331,178 $ — $ 46,570 $ 28,586 $ 64,079 $ 143,069 $ — $ 3,140,528 Hospitality revenue — — — 412,338 — — — — — 412,338 Other revenue 109,211 12,413 — 10,287 344 — 2,157 9,393 — 143,805 Total revenues 1,654,120 994,550 331,178 422,625 46,914 28,586 66,236 152,462 — 3,696,671 Expenses: Rental property operating 780,321 306,016 1,331 — 12,557 4,080 20,712 67,554 — 1,192,571 Hospitality operating — — — 316,144 — — — — — 316,144 Total expenses 780,321 306,016 1,331 316,144 12,557 4,080 20,712 67,554 — 1,508,715 (Loss) income from unconsolidated entities (17,461) 194,743 100,276 — — (71,745) 167 — — 205,980 Income from investments in real estate debt — — — — — — — — 346,984 346,984 Change in net assets of consolidated securitization vehicles — — — — — — — — 106,240 106,240 Income from investments in equity securities (1) 640,731 174,866 56,765 — 11,897 — — — — 884,259 Segment net operating income $ 1,497,069 $ 1,058,143 $ 486,888 $ 106,481 $ 46,254 $ (47,239) $ 45,691 $ 84,908 $ 453,224 $ 3,731,419 Depreciation and amortization $ (933,418) $ (576,793) $ (114,409) $ (93,911) $ (22,127) $ (12,485) $ (28,917) $ (137,872) $ — $ (1,919,932) General and administrative (32,046) Management fee (445,291) Performance participation allocation (1,378,959) Income from interest rate derivatives 49,329 Net gain on dispositions of real estate 7,881 Interest expense, net (847,440) Loss on extinguishment of debt (16,331) Other income (1) 15,206 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) Included within Other (expense) income on the Consolidated Statements of Operations is $848.2 million net unrealized gain related to such equity securities.

Organization and Business Pur_2

Organization and Business Purpose (Details) $ in Billions	12 Months Ended
	Dec. 31, 2023 USD ($) segment property rentalHome
Organization and business activities.
Aggregate net proceeds from issuance of common stock	$ 74.2
Number of owned properties | property	4,834
Number of reportable segments | segment	9
Single Family
Organization and business activities.
Number of rentable homes owned | rentalHome	28,324
Follow On Offering | Maximum
Organization and business activities.
Common stock, shares authorized, amount	$ 60
IPO | Maximum
Organization and business activities.
Common stock, shares authorized, amount	48
Distribution Reinvestment Plan | Maximum
Organization and business activities.
Common stock, shares authorized, amount	$ 12

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2017 USD ($)
Significant Of Accounting Policies [Line Items]
Other (expense) income	$ 3,319	$ 565,575	$ (899,465)
(Loss) income from interest rate derivatives	(755,519)	2,566,720	49,329
Loss from investment in real estate debt	(798,164)	167,083	(346,984)
Interest expense	3,072,741	2,307,515	847,440
Total assets	130,797,795	142,687,424
Total liabilities	86,977,764	91,933,250
Impairment of investments in real estate	204,800	0	0
Impairment of properties held for sale	31,300	33,600	0
Restricted cash	636,000	764,600
Income tax expense (benefit)	(5,700)	13,100	300
Deferred tax benefit	3,500	6,000	1,800
Current income tax expense	7,800	19,100	2,100
Deferred tax assets	28,300	17,600
Net realized and unrealized gain (loss) on equity securities	37,900	(520,800)	848,200
Real estate, held-for-sale	$ 585,700
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%
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	$ 0	2,000	2,000
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 S | Blackstone Advisory Partners L.P.
Significant Of Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)	0.85%
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%
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 T | Blackstone Advisory Partners L.P.
Significant Of Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)	0.85%
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%
Class D | Blackstone Advisory Partners L.P.
Significant Of Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)	0.25%
Common Class S, Common Class D, And Common Class T
Significant Of Accounting Policies [Line Items]
Accrued stockholder servicing fee	$ 1,000,000	1,600,000
Affordable Housing Properties
Significant Of Accounting Policies [Line Items]
Number of real estate properties related to impairment | property	25
Office Properties:
Significant Of Accounting Policies [Line Items]
Number of real estate properties related to impairment | property	1
Student Housing Properties
Significant Of Accounting Policies [Line Items]
Number of real estate properties related to impairment | property	2
Revision of Prior Period, Reclassification, Adjustment | Reclassification from Other Income (Expense)
Significant Of Accounting Policies [Line Items]
Other (expense) income		476,900	902,700
(Loss) income from interest rate derivatives		476,900	902,700
Revision of Prior Period, Reclassification, Adjustment | Reclassification From Income From Investments In Real Estate
Significant Of Accounting Policies [Line Items]
(Loss) income from interest rate derivatives		122,300	57,500
Loss from investment in real estate debt		140,000	44,900
Interest expense		17,700	$ 12,600
Minimum
Significant Of Accounting Policies [Line Items]
Award requisite service period (in years)	3 years
Maximum
Significant Of Accounting Policies [Line Items]
Award requisite service period (in years)	4 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	$ 1,300,000	1,400,000
Level 3 | Minimum | Discounted cash flow | Discounted Cash Flow
Significant Of Accounting Policies [Line Items]
Other real estate owned, measurement input	0.063
Level 3 | Minimum | Exit capitalization rate | Discounted Cash Flow
Significant Of Accounting Policies [Line Items]
Other real estate owned, measurement input	0.043
Level 3 | Maximum | Discounted cash flow | Discounted Cash Flow
Significant Of Accounting Policies [Line Items]
Other real estate owned, measurement input	0.094
Level 3 | Maximum | Exit capitalization rate | Discounted Cash Flow
Significant Of Accounting Policies [Line Items]
Other real estate owned, measurement input	0.126
VIEs
Significant Of Accounting Policies [Line Items]
Total assets	$ 50,300,000	52,100,000
Total liabilities	$ 37,400,000	$ 37,800,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Investment in Real Estate (Details)	Dec. 31, 2023
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, 2023
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 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, 2023	Dec. 31, 2022
Assets:
Investments in real estate debt	$ 6,790,632	$ 8,001,703
Real estate loans held by consolidated securitization vehicles, at fair value	16,331,578	17,030,387
Equity securities	335,933	530,119
Investments in unconsolidated entities	4,221,593	4,947,251
Interest rate and foreign currency hedging derivatives	2,160,266	3,033,595
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	14,777,146	15,288,598
Interest rate and foreign currency hedging derivatives	34,236	50,557
Recurring
Assets:
Investments in real estate debt	6,790,632	8,001,703
Real estate loans held by consolidated securitization vehicles, at fair value	16,331,578	17,030,387
Equity securities	335,933	530,119
Investments in unconsolidated entities	4,221,593	4,947,251
Interest rate and foreign currency hedging derivatives	2,160,266	3,033,595
Total	29,840,002	33,543,055
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	14,777,146	15,288,598
Interest rate and foreign currency hedging derivatives	34,236	50,557
Total	14,811,382	15,339,155
Recurring | Level 1
Assets:
Investments in real estate debt	0	0
Real estate loans held by consolidated securitization vehicles, at fair value	0	0
Equity securities	62,333	52,512
Investments in unconsolidated entities	0	0
Interest rate and foreign currency hedging derivatives	0	0
Total	62,333	52,512
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	0	0
Interest rate and foreign currency hedging derivatives	0	0
Total	0	0
Recurring | Level 2
Assets:
Investments in real estate debt	5,548,920	6,460,520
Real estate loans held by consolidated securitization vehicles, at fair value	16,331,578	17,030,387
Equity securities	273,600	253,199
Investments in unconsolidated entities	549,138	0
Interest rate and foreign currency hedging derivatives	2,160,266	3,033,595
Total	24,863,502	26,777,701
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	14,777,146	15,288,598
Interest rate and foreign currency hedging derivatives	34,236	50,557
Total	14,811,382	15,339,155
Recurring | Level 3
Assets:
Investments in real estate debt	1,241,712	1,541,183
Real estate loans held by consolidated securitization vehicles, at fair value	0	0
Equity securities	0	224,408
Investments in unconsolidated entities	3,672,455	4,947,251
Interest rate and foreign currency hedging derivatives	0	0
Total	4,914,167	6,712,842
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	0	0
Interest rate and foreign currency hedging 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 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Alternate Investment [Roll Forward]
Beginning balance	$ 6,712,842	$ 3,544,327
Purchases and contributions	157,610	4,308,157
Sales and repayments	(1,326,737)	(914,138)
Distributions received	(107,100)	(60,978)
Income from unconsolidated entities measured at fair value	10,812	324,432
Realized loss	6,108	(64,526)
Unrealized gain	9,770	41,504
Transfer out of Level 3	(549,138)	(465,936)
Ending balance	4,914,167	6,712,842
Investments in Real Estate Debt
Alternate Investment [Roll Forward]
Beginning balance	1,541,183	1,240,337
Purchases and contributions	99,379	1,238,006
Sales and repayments	(407,032)	(914,138)
Distributions received	0	0
Income from unconsolidated entities measured at fair value	0	0
Realized loss	(1,588)	(64,526)
Unrealized gain	9,770	41,504
Transfer out of Level 3	0	0
Ending balance	1,241,712	1,541,183
Equity Securities
Alternate Investment [Roll Forward]
Beginning balance	224,408	224,408
Purchases and contributions	0	0
Sales and repayments	(232,104)	0
Distributions received	0	0
Income from unconsolidated entities measured at fair value	0	0
Realized loss	7,696	0
Unrealized gain	0	0
Transfer out of Level 3	0	0
Ending balance	0	224,408
Investments in Unconsolidated Entities
Alternate Investment [Roll Forward]
Beginning balance	4,947,251	1,613,646
Purchases and contributions	58,231	3,070,151
Sales and repayments	(687,601)	0
Distributions received	(107,100)	(60,978)
Income from unconsolidated entities measured at fair value	10,812	324,432
Realized loss	0	0
Unrealized gain	0	0
Transfer out of Level 3	(549,138)	0
Ending balance	3,672,455	4,947,251
Real estate loans held by consolidated securitization vehicles, at fair value
Alternate Investment [Roll Forward]
Beginning balance	0	465,936
Purchases and contributions	0	0
Sales and repayments	0	0
Distributions received	0	0
Income from unconsolidated entities measured at fair value	0	0
Realized loss	0	0
Unrealized gain	0	0
Transfer out of Level 3	0	(465,936)
Ending balance	0	0
Senior obligation of consolidated securitization vehicles, at fair value
Alternate Investment [Roll Forward]
Beginning balance	0	484,661
Purchases and contributions	0	0
Sales and repayments	0	0
Distributions received	0	0
Income from unconsolidated entities measured at fair value	0	0
Realized loss	0	0
Unrealized gain	0	0
Transfer out of Level 3	0	(484,661)
Ending balance	$ 0	$ 0

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) - Level 3 $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 4,914,167	$ 6,712,842	$ 3,544,327
Investments in Real Estate Debt | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,241,712	$ 1,541,183	1,240,337
Investments in Real Estate Debt | Yield method | Market yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate	0.101	0.096
Investments in Real Estate Debt | Yield method | Market yield | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,241,712	$ 1,541,183
Equity Securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	$ 224,408	224,408
Equity Securities | Market comparable | Market comparable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate		18.5
Equity Securities | Market comparable | Market comparable | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		$ 224,408
Investments in Unconsolidated Entities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	3,672,455	$ 4,947,251	$ 1,613,646
Investments in Unconsolidated Entities | Market comparable | LTM EBITDA multiple
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate		10.8
Investments in Unconsolidated Entities | Market comparable | LTM EBITDA multiple | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		$ 547,316
Investments in Unconsolidated Entities | Discounted Cash Flow | Discounted cash flow | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 3,672,455	$ 4,399,935
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 Rate	0.077	0.067
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 Rate	0.052	0.049

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Summary of Incentive Compensation Awards Issued to Simply Self Storage and HPA Employees (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 48,050
Forfeiture of unvested awards	(4,061)
Value of Awards Issued	69,082
Amortization of Compensation Cost	(46,737)
Unrecognized Compensation Cost, ending balance	66,334
Simply Self Storage And Home Partners Of America
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	22,853
Forfeiture of unvested awards	(1,490)
Value of Awards Issued	23,261
Amortization of Compensation Cost	(20,927)
Unrecognized Compensation Cost, ending balance	23,697
2021
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	23,161
Forfeiture of unvested awards	(2,946)
Value of Awards Issued	0
Amortization of Compensation Cost	(9,343)
Unrecognized Compensation Cost, ending balance	$ 10,872
Remaining Amortization Period	1 year
2021 | Simply Self Storage And Home Partners Of America
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 2,042
Forfeiture of unvested awards	0
Value of Awards Issued	0
Amortization of Compensation Cost	(2,042)
Unrecognized Compensation Cost, ending balance	$ 0
Remaining Amortization Period	0 years
2022
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 24,889
Forfeiture of unvested awards	(1,115)
Value of Awards Issued	14,127
Amortization of Compensation Cost	(19,076)
Unrecognized Compensation Cost, ending balance	$ 18,825
Remaining Amortization Period	1 year 10 months 24 days
2022 | Simply Self Storage And Home Partners Of America
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 20,811
Forfeiture of unvested awards	(1,490)
Value of Awards Issued	0
Amortization of Compensation Cost	(11,037)
Unrecognized Compensation Cost, ending balance	$ 8,284
Remaining Amortization Period	2 years 2 months 12 days
2023
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 0
Forfeiture of unvested awards	0
Value of Awards Issued	54,955
Amortization of Compensation Cost	(18,318)
Unrecognized Compensation Cost, ending balance	$ 36,637
Remaining Amortization Period	2 years 4 months 24 days
2023 | Simply Self Storage And Home Partners Of America
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 0
Forfeiture of unvested awards	0
Value of Awards Issued	23,261
Amortization of Compensation Cost	(7,848)
Unrecognized Compensation Cost, ending balance	$ 15,413
Remaining Amortization Period	2 years 4 months 24 days

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
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	$ 78,214,115	$ 81,914,789
Land and land improvements	17,835,688	18,635,672
Furniture, fixtures and equipment	2,389,383	2,301,683
Right of use asset - operating leases	1,093,479	1,090,782
Right of use asset - financing leases	72,862	72,872
Total	99,605,527	104,015,798
Accumulated depreciation and amortization	(8,526,517)	(5,866,306)
Investments in real estate, net	$ 91,079,010	$ 98,149,492

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property segment	Dec. 31, 2022 USD ($) segment property	Dec. 31, 2021 USD ($)
Real Estate Properties [Line Items]
Number of Properties	2,466	2,546
Building and building improvements | $	$ 30,100	$ 29,300,000
Land and land improvements | $	11,300	4,400,000
Payments to acquire intangible assets | $	0
Impairment of investments in real estate | $	236,071	33,554	$ 0
Impairment of properties held for sale | $	$ 31,300	33,600	$ 0
Other Components Purchase Price Allocation | $		$ 2,200,000
Acquired Properties
Real Estate Properties [Line Items]
Number of Properties	110
Rental Housing Properties:
Real Estate Properties [Line Items]
Number of Properties	1	270
Purchase price | $	$ 41,400	$ 35,900,000
Number of real estate properties classified as held for sale | property	21	23
Retail
Real Estate Properties [Line Items]
Number of Properties		51
Number of real estate properties classified as held for sale | property	1
Self storage properties
Real Estate Properties [Line Items]
Number of Properties		34
Industrial
Real Estate Properties [Line Items]
Number of Properties		13
Office Properties:
Real Estate Properties [Line Items]
Number of Properties		8
Number of real estate properties related to impairment | property	1
Hospitality
Real Estate Properties [Line Items]
Number of Properties		7
Number of real estate properties classified as held for sale | property	1
Data Center Properties:
Real Estate Properties [Line Items]
Number of Properties		3
Net Lease Properties:
Real Estate Properties [Line Items]
Number of Properties		1
Rental Housing and Affordable Housing Properties
Real Estate Properties [Line Items]
Impairment of investments in real estate | $	$ 204,800	$ 0
Affordable Housing Properties
Real Estate Properties [Line Items]
Number of real estate properties related to impairment | property	25
Held-For-Sale Real Estate Investments
Real Estate Properties [Line Items]
Impairment of investments in real estate | $	$ 31,300	$ 33,600
Student Housing Properties
Real Estate Properties [Line Items]
Number of real estate properties related to impairment | property	2

Investments in Real Estate - _2

Investments in Real Estate - Schedule of Details of Dispositions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property
Real Estate Properties [Line Items]
Number of Properties | property	306	128	11
Net Proceeds	$ 7,398,605	$ 2,918,715	$ 267,045
Net Gain	1,935,021	808,846	7,881
Gains included in net gain on disposition of assets	2,000,000	898,200	32,400
Losses included in net gain on disposition of assets	$ (67,100)	$ (89,400)	$ (24,500)
Rental Housing Properties:
Real Estate Properties [Line Items]
Number of Properties | property	139	55	11
Net Proceeds	$ 3,260,033	$ 1,885,001	$ 267,045
Net Gain	$ 762,086	$ 468,259	$ 7,881
Self storage properties
Real Estate Properties [Line Items]
Number of Properties | property	128	7	0
Net Proceeds	$ 2,144,784	$ 121,009	$ 0
Net Gain	$ 695,170	$ 45,501	$ 0
Hospitality
Real Estate Properties [Line Items]
Number of Properties | property	19	2	0
Net Proceeds	$ 1,205,616	$ 25,347	$ 0
Net Gain	$ 370,112	$ 8,791	$ 0
Industrial properties
Real Estate Properties [Line Items]
Number of Properties | property	14	64	0
Net Proceeds	$ 473,522	$ 887,358	$ 0
Net Gain	$ 97,572	$ 286,295	$ 0
Retail Properties:
Real Estate Properties [Line Items]
Number of Properties | property	5	0	0
Net Proceeds	$ 142,146	$ 0	$ 0
Net Gain	$ 10,937	$ 0	$ 0
Office Properties:
Real Estate Properties [Line Items]
Number of Properties | property	1	0	0
Net Proceeds	$ 172,504	$ 0	$ 0
Net Gain	$ (856)	$ 0	$ 0

Investments in Real Estate - Su

Investments in Real Estate - Summary of Assets and Liabilities of Properties Classified as Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Investments in real estate, net	$ 445,938	$ 378,183
Other assets	7,885	2,084
Total assets	453,823	380,267
Liabilities:
Mortgage loans, net	270,548	198,036
Other liabilities	11,802	77,016
Total liabilities	$ 282,350	$ 275,052

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Summary of Equity Investment In Unconsolidated Entities (Details) $ in Thousands	Dec. 31, 2023 USD ($) segment jointVenture property	May 25, 2023	Jan. 09, 2023	Dec. 31, 2022 USD ($) property jointVenture segment
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	57			114
Number of Properties	2,466			2,546
Book Value | $	$ 7,338,329			$ 9,369,402
Unconsolidated entities carried at historical cost:
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	44			100
Number of Properties	379			410
Book Value | $	$ 3,116,736			$ 4,422,151
QTS Data Centers
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	1			1
Number of Properties	89			62
Ownership Interest	35.70%			35.70%
Book Value | $	$ 1,530,875			$ 1,657,778
Rental Housing Investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	37			92
Number of Properties	31			87
Book Value | $	$ 948,768			$ 1,275,365
Rental Housing Investments | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	12.20%			12.20%
Rental Housing Investments | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	58.20%			52%
Single Family Rental Home
Schedule of Equity Method Investments [Line Items]
Number of Properties | property	10,658			10,767
MGM Grand & Mandalay Bay
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures				1
Number of Properties				2
Ownership Interest		7.90%	49.90%	49.90%
Book Value | $				$ 834,148
Hospitality investment
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	1			1
Number of Properties	196			196
Ownership Interest	30%			30%
Book Value | $	$ 297,990			$ 314,006
Industrial investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	3			3
Number of Properties	56			56
Book Value | $	$ 244,226			$ 242,883
Industrial investments | Investment Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | jointVenture	3			3
Book Value | $	$ 244,200			$ 242,900
Industrial investments | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	10.10%			10%
Industrial investments | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	22.40%			55%
Retail investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	2			2
Number of Properties	7			7
Ownership Interest	50%			50%
Book Value | $	$ 94,877			$ 97,971
Unconsolidated entities carried at fair value:
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	13			14
Number of Properties	2,087			2,136
Book Value | $	$ 4,221,593			$ 4,947,251
Industrial investments at fair value
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	11			12
Number of Properties	2,086			2,135
Book Value | $	$ 3,184,829			$ 3,751,864
Industrial investments at fair value | Investment Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | jointVenture	3			4
Book Value | $	$ 2,300,000			$ 2,800,000
Industrial investments at fair value | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	12.40%			7.90%
Industrial investments at fair value | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	85%			85%
Data Center investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	1			1
Ownership Interest	8.80%			12.40%
Book Value | $	$ 549,138			$ 674,411
Data Center investments | Investment Joint Venture
Schedule of Equity Method Investments [Line Items]
Book Value | $	$ 549,100			$ 674,400
Office investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures	1			1
Number of Properties	1			1
Ownership Interest	49%			49%
Book Value | $	$ 487,626			$ 520,976

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Summary of Income From Unconsolidated Entities (Details) - USD ($) $ in Thousands			12 Months Ended
	May 25, 2023	Jan. 09, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			$ 119,941	$ 182,249	$ 205,980
Unconsolidated entities carried at historical cost:
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			105,831	(142,089)	12,422
QTS Data Centers
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			$ (244,692)	$ (167,805)	(71,745)
Ownership Interest			35.70%	35.70%
Rental Housing Investments
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			$ (58,324)	$ (79,148)	(17,461)
MGM Grand & Mandalay Bay
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			432,528	$ 99,878	100,276
Ownership Interest	7.90%	49.90%		49.90%
Proceeds from sale of investment		$ 1,300,000
Gain on sale		$ 430,400
Hospitality investment
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			$ (6,566)	$ 6,303	0
Ownership Interest			30%	30%
Industrial investments
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			$ (15,927)	$ (310)	1,185
Industrial investments at fair value
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			18,334	320,118	193,558
Proceeds from sale of investment	$ 547,000
Gain on sale	$ 37,100
Retail investments
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			$ (1,188)	$ (1,007)	167
Ownership Interest			50%	50%
Unconsolidated entities carried at fair value:
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			$ 14,110	$ 324,338	193,558
Data Center investments
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			$ (2,133)	$ (273)	0
Ownership Interest			8.80%	12.40%
Office investments
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			$ (2,091)	$ 4,493	$ 0
Ownership Interest			49%	49%

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Balance Sheet Information of Unconsolidated Joint Venture (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total assets	$ 130,797,795	$ 142,687,424
Total liabilities	86,977,764	91,933,250
Book Value	7,338,329	9,369,402
Unconsolidated entities carried at fair value:
Schedule of Equity Method Investments [Line Items]
BREIT’s share of net equity	6,319,739	7,253,656
BREIT fair value adjustment	376,514	1,169,369
BREIT outside basis	642,076	946,377
Book Value	4,221,593	4,947,251
Unconsolidated entities carried at fair value:
Schedule of Equity Method Investments [Line Items]
Total assets	73,553,288	74,497,816
Total liabilities	$ 46,994,741	$ 45,934,895

Investments in Unconsolidated_6

Investments in Unconsolidated Entities - Statement of Operations Information of Unconsolidated Join Venture (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Total revenues	$ 8,934,405	$ 7,646,378	$ 3,696,671
Net income	(979,961)	(1,080,308)	(836,164)
BREIT’s share of net income	(40,150)	(23,680)	(9,291)
Amortization of outside basis	(247,989)	(173,109)	(22,090)
Income (loss) from equity method investments	119,941	182,249	205,980
Unconsolidated entities carried at fair value:
Revenues
BREIT’s share of net income	251,512	143,941	56,246
BREIT fair value adjustment	(109,499)	86,106	166,067
Amortization of outside basis	(22,072)	(47,798)	(16,333)
Income (loss) from equity method investments	14,110	324,338	193,558
Unconsolidated entities carried at fair value:
Revenues
Total revenues	6,053,755	6,869,106	1,397,424
Net income	$ 518,704	$ 208,880	$ 136,869

Investments in Real Estate De_3

Investments in Real Estate Debt - Summary of Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	8.80%	7.40%
Face Amount	$ 7,329,314	$ 8,694,798
Cost Basis	7,263,705	8,675,567
Fair Value	$ 6,790,632	$ 8,001,703
Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	8.80%	7%
Face Amount	$ 5,729,058	$ 6,995,756
Cost Basis	5,695,427	6,992,859
Fair Value	$ 5,232,240	$ 6,341,477
CMBS | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	4%	3.90%
Face Amount	$ 5,342,253	$ 6,474,823
Cost Basis	5,316,300	6,473,296
Fair Value	$ 4,933,372	$ 5,943,403
RMBS | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	4.20%	4.40%
Face Amount	$ 294,493	$ 404,953
Cost Basis	285,059	393,511
Fair Value	$ 214,124	$ 292,516
Corporate bonds | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	5%	4.90%
Face Amount	$ 92,312	$ 115,980
Cost Basis	94,068	126,052
Fair Value	$ 84,744	$ 105,558
Private commercial real estate loans | Commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	5.90%	5.50%
Face Amount	$ 1,208,030	$ 1,489,296
Cost Basis	1,200,548	1,499,691
Fair Value	$ 1,196,640	$ 1,483,358
Other Investments
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	5.70%	5.70%
Face Amount	$ 392,226	$ 209,746
Cost Basis	367,730	183,017
Fair Value	361,752	176,868
CMBS, interest only securities | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Face Amount	$ 600,000	$ 1,100,000

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, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 7,263,705	$ 8,675,567
Fair Value	$ 6,790,632	$ 8,001,703
Percentage Based on Fair Value	100%	100%
Industrial
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 2,556,000	$ 2,681,299
Fair Value	$ 2,429,510	$ 2,483,592
Percentage Based on Fair Value	36%	32%
Rental Housing
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 2,081,681	$ 2,119,282
Fair Value	$ 1,954,601	$ 1,940,795
Percentage Based on Fair Value	29%	24%
Net Lease
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 950,174	$ 983,374
Fair Value	$ 941,125	$ 947,368
Percentage Based on Fair Value	14%	12%
Hospitality
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 899,669	$ 1,884,353
Fair Value	$ 869,858	$ 1,768,090
Percentage Based on Fair Value	13%	22%
Other
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 297,394	$ 360,903
Fair Value	$ 288,748	$ 339,609
Percentage Based on Fair Value	4%	4%
Office
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 417,846	$ 552,016
Fair Value	$ 252,754	$ 439,938
Percentage Based on Fair Value	4%	5%
Diversified
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 60,941	$ 94,340
Fair Value	$ 54,036	$ 82,311
Percentage Based on Fair Value	0%	1%

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, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 7,263,705	$ 8,675,567
Fair Value	$ 6,790,632	$ 8,001,703
Percentage Based on Fair Value	100%	100%
Interest-Only-Strip
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	$ 9,000
AA
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	77,200	$ 0
Fair Value	$ 76,019	$ 0
Percentage Based on Fair Value	1%	0%
A
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 84,021	$ 91,809
Fair Value	$ 81,783	$ 86,055
Percentage Based on Fair Value	1%	1%
BBB
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 868,440	$ 1,077,419
Fair Value	$ 850,277	$ 1,024,908
Percentage Based on Fair Value	13%	13%
BB
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,356,535	$ 1,858,101
Fair Value	$ 1,229,290	$ 1,659,281
Percentage Based on Fair Value	18%	21%
B
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,045,548	$ 1,609,017
Fair Value	$ 931,583	$ 1,424,940
Percentage Based on Fair Value	14%	18%
CCC
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 84,561	$ 40,486
Fair Value	$ 41,555	$ 33,225
Percentage Based on Fair Value	1%	0%
D
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 5,210	$ 0
Fair Value	$ 477	$ 0
Percentage Based on Fair Value	0%	0%
Private commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,200,548	$ 1,499,691
Fair Value	$ 1,196,640	$ 1,483,358
Percentage Based on Fair Value	18%	18%
Not Rated
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 2,541,642	$ 2,499,044
Fair Value	$ 2,383,008	$ 2,289,936
Percentage Based on Fair Value	34%	29%
Weighted average LTV at origination	64%
Not Rated | Industrial properties
Debt and Equity Securities, FV-NI [Line Items]
Weighted average LTV at origination	55%
Not Rated | Rental Housing Properties:
Debt and Equity Securities, FV-NI [Line Items]
Weighted average LTV at origination	39%

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments [Abstract]
Interest income	$ 702,543	$ 472,855	$ 181,332
Unrealized gain (loss)	205,828	(629,079)	56,148
Realized (loss) gain	(87,318)	(116,262)	47,963
Total	821,053	(272,486)	285,443
Net realized and unrealized loss on equity securities	(7,844)	79,024	35,751
Net realized and unrealized (loss) gain on secured financings of investments in real estate debt	(9,909)	36,644	25,798
Other expense	(5,136)	(10,265)	(8)
Total income (loss) from investments in real estate debt	$ 798,164	$ (167,083)	$ 346,984

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	$ 6,790,632	$ 8,001,703
CMBS
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	1,525,134	1,683,765
Income (Loss)	167,853	(107,702)	$ 105,421
Commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	557,549	835,846
Income (Loss)	96,731	41,012	(11,611)
Total
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	2,082,683	2,519,611
Income (Loss)	$ 264,584	$ (66,690)	$ 93,810

Investments in Real Estate De_8

Investments in Real Estate Debt - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Investments in real estate debt	$ 7,263,705	$ 8,675,567
Commercial Mortgage Backed Securities Collateralized by Pools of Commercial Real Estate Debt
Marketable Securities [Line Items]
Investments in real estate debt	1,900,000	1,900,000
Investments, income (loss)	$ 250,500	$ 62,100	$ 47,600

Consolidated Securitization V_3

Consolidated Securitization Vehicles - Real Estate Loans and Related Senior Obligations of Consolidated Securitization Vehicles (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
Transfers and Servicing [Abstract]
Real estate loans held by consolidated securitization vehicles, count | loan	291	292
Senior obligations of consolidated securitization vehicles, count | loan	21	22
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, count | loan	21	22
Real estate loans held by consolidated securitization vehicles, at principal value	$ 16,551,341	$ 17,527,441
Senior obligations of consolidated securitization vehicles, at principal value	14,835,899	15,565,671
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, at principal value	1,715,442	1,961,770
Real estate loans held by consolidated securitization vehicles, at fair value	16,331,578	17,030,387
Senior obligations of consolidated securitization vehicles, at fair value	14,777,146	15,288,598
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, at fair value	$ 1,554,432	$ 1,741,789
Real estate loans held by consolidated securitization vehicles, weighted average yield	6.30%	5.10%
Senior obligations of consolidated securitization vehicles, weighted average cost	6.10%	4.90%
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, weighted average yield and cost	7.80%	6.60%

Mortgage Loans, Secured Term _3

Mortgage Loans, Secured 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, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total loans secured by real estate	$ 62,220,324,000	$ 65,631,049,000
(Discount) premium on assumed debt, net	(103,828,000)	(121,435,000)
Deferred financing costs, net	(422,818,000)	(546,911,000)
Mortgage loans, secured term loans, and secured revolving credit facilities, net	61,693,678,000	64,962,703,000
Outstanding interest rate swaps	$ 36,177,869,000	40,556,507,000
Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, fixed	6.20%
Interest Rate Swap
Debt Instrument [Line Items]
Outstanding interest rate swaps	$ 32,400,000,000
Interest rate caps – property debt
Debt Instrument [Line Items]
Outstanding interest rate swaps	9,600,000,000
Total variable rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 38,348,176,000	40,478,688,000
Total variable rate loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, variable	2.40%
Affordable Housing Properties Loan
Debt Instrument [Line Items]
Total loans secured by real estate	$ 293,300,000	364,500,000
Mortgage and Term Loans | Total variable rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 32,316,849,000	34,141,570,000
Mortgage and Term Loans | Total variable rate loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, variable	2.50%
Mortgage loans | Total fixed rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 23,872,148,000	25,152,361,000
Mortgage loans | Total fixed rate loans | Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, fixed	3.70%
Warehouse facilities | Total variable rate loans
Debt Instrument [Line Items]
Maximum Facility Size	$ 4,388,249,000
Total loans secured by real estate	$ 3,541,543,000	3,728,340,000
Warehouse facilities | Total variable rate loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, variable	2%
Secured Revolving Credit Facility | Total variable rate loans
Debt Instrument [Line Items]
Maximum Facility Size	$ 3,797,702,000
Total loans secured by real estate	$ 2,489,784,000	$ 2,608,778,000
Secured Revolving Credit Facility | Total variable rate loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, variable	1.70%

Mortgage Loans, Secured Term _4

Mortgage Loans, Secured 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, 2023	Dec. 31, 2022
Long-term Debt, Fiscal Year Maturity [Abstract]
2024	$ 4,128,273
2025	8,247,353
2026	15,871,845
2027	18,852,769
2028	3,620,246
Thereafter	11,499,838
Total	$ 62,220,324	$ 65,631,049

Mortgage Loans, Secured Term _5

Mortgage Loans, Secured Term Loans, and Secured Revolving Credit Facilities - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Loss on extinguishment of debt	$ (40,300)	$ (11,476)	$ (16,331)

Secured Financings of Investm_3

Secured Financings of Investments in Real Estate Debt - Secured Financings on Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Borrowings Outstanding	$ 4,368,269	$ 4,966,685
Total assets	130,797,795	142,687,424
Notional Amount	36,177,869	40,556,507
Interest rate swaps - secured financings of investments in real estate debt | Non-designated Hedges
Debt Instrument [Line Items]
Notional Amount	581,915	1,392,960
Asset Pledged as Collateral
Debt Instrument [Line Items]
Total assets	$ 6,911,139	$ 8,138,317
LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.40%	1.30%
CMBS
Debt Instrument [Line Items]
Borrowings Outstanding	$ 4,018,216	$ 4,482,728
CMBS | Asset Pledged as Collateral
Debt Instrument [Line Items]
Total assets	$ 6,385,599	$ 7,447,672
CMBS | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.40%	1.30%
Commercial real estate loans
Debt Instrument [Line Items]
Borrowings Outstanding	$ 146,172	$ 220,694
Commercial real estate loans | Asset Pledged as Collateral
Debt Instrument [Line Items]
Total assets	$ 226,672	$ 294,337
Commercial real estate loans | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.80%	1.10%
RMBS
Debt Instrument [Line Items]
Borrowings Outstanding	$ 140,061	$ 99,716
RMBS | Asset Pledged as Collateral
Debt Instrument [Line Items]
Total assets	$ 214,124	$ 137,084
RMBS | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.30%	1.10%
Corporate bonds
Debt Instrument [Line Items]
Borrowings Outstanding	$ 63,820	$ 163,547
Corporate bonds | Asset Pledged as Collateral
Debt Instrument [Line Items]
Total assets	$ 84,744	$ 259,224
Corporate bonds | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.10%	1.90%

Unsecured Revolving Credit Fa_2

Unsecured Revolving Credit Facilities and Term Loans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SOFR
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	$ 5,600	$ 5,600
Line of credit amount outstanding	0	0
Unsecured Revolving Credit Facility | Unsercured Term Loan
Debt Instrument [Line Items]
Unsecured term loan	$ 1,100	1,100
Unsecured Revolving Credit Facility | Affiliated
Debt Instrument [Line Items]
Extension period (in years)	12 months
Line of credit, capacity	$ 75
Line of credit amount outstanding	$ 0	$ 0
Unsecured Revolving Credit Facility | SOFR
Debt Instrument [Line Items]
Interest rate	2.50%
Unsecured Revolving Credit Facility | SOFR | Unsercured Term Loan
Debt Instrument [Line Items]
Interest rate	2.50%

Related Party Transactions - Su

Related Party Transactions - Summary of Components of Due to Affiliates (Details) - Related Party - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Other liabilities	$ 1,033,083	$ 1,676,308
Accrued stockholder servicing fee
Related Party Transaction [Line Items]
Other liabilities	961,654	1,588,178
Performance participation allocation
Related Party Transaction [Line Items]
Other liabilities	0	0
Accrued management fee
Related Party Transaction [Line Items]
Other liabilities	63,505	71,644
Accrued affiliate service provider expenses
Related Party Transaction [Line Items]
Other liabilities	5,283	14,975
Other
Related Party Transaction [Line Items]
Other liabilities	$ 2,641	$ 1,511

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ in Thousands, shares in Millions		1 Months Ended	12 Months Ended
	Jul. 31, 2023 shares	Jan. 31, 2024 shares	Dec. 31, 2023 USD ($) investment shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Mar. 28, 2024 USD ($)	Jan. 01, 2023
Related Party Transaction [Line Items]
Performance participation allocation shortfall			$ 0	$ 74,900
Negative total return			355,700
Performance participation allocation			0	742,670	$ 1,378,959
Management fee			839,237	837,687	$ 445,291
Amount contributed to captive towards insurance premium			166,200	91,900
Payment for management fee			3,200	1,800
Other assets			$ 6,563,226	$ 7,881,948
Subsequent Event
Related Party Transaction [Line Items]
Common stock held in parent						$ 2,600,000
Subsequent Event | Employees
Related Party Transaction [Line Items]
Common stock held in parent						$ 1,400,000
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 annual hurdle amount			5%
Related party allocation percentage of annual total return			12.50%
Percentage of management fee on NAV per annum			12.50%
Interest accrued on quarterly shortfall							5%
Accrued interest related to Quarterly Shortfall			$ 3,800
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%
Adviser | Management Fee
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares) | shares			28
Adviser | Accrued Management Fee | Subsequent Event
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares) | shares		4.5
Adviser | Class I | Management Fee
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares) | shares			24.8	51.3	30.1
Adviser | Class I | Accrued Management Fee
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares) | shares	56.7
Adviser | Class B Shares | Accrued Management Fee
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares) | shares	56.7
Related Party
Related Party Transaction [Line Items]
Other liabilities			$ 1,033,083	$ 1,676,308
Related Party | LivCor, LLC
Related Party Transaction [Line Items]
Other assets				6,000
Related Party | Link Industrial Properties LLC
Related Party Transaction [Line Items]
Other assets			42,300	0
Related Party | Accrued Management Fee
Related Party Transaction [Line Items]
Other liabilities			63,505	71,644
Related Party | Other
Related Party Transaction [Line Items]
Other assets			4,200	0
Other liabilities			2,641	1,511
Related Party | LivCor, LLC
Related Party Transaction [Line Items]
Other assets			0
LNLS
Related Party Transaction [Line Items]
Costs paid to LNLS for title services related to investments			$ 7,700	$ 27,800
Number of investments with capitalized costs | investment			53

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	$ 304,880	$ 246,571	$ 131,248
Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	46,737	22,328	13,568
Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	12,650	18,066	19,340
Link Industrial Properties LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	112,963	99,798	68,277
Link Industrial Properties LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	18,033	8,929	6,174
Link Industrial Properties LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	1,124	5,541	3,696
LivCor, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	103,104	78,490	39,481
LivCor, LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	15,949	9,073	6,235
LivCor, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	9,532	10,762	6,529
ShopCore Properties TRS Management LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	32,966	15,269	6,427
ShopCore Properties TRS Management LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	958	631	271
ShopCore Properties TRS Management LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	1,283	1,213	292
Revantage Corporate Services, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	30,880	28,984	3,029
Revantage Corporate Services, LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	9,103	1,668	0
Revantage Corporate Services, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	0	0	8,696
BRE Hotels and Resorts LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	15,178	17,374	11,565
BRE Hotels and Resorts LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	1,375	1,183	728
BRE Hotels and Resorts LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	0	261	127
Equity Office Management, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	5,081	2,339	1,912
Equity Office Management, LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	205	237	160
Equity Office Management, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	711	230	0
Beam Living | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	2,931	2,572	0
Beam Living | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	1,114	607	0
Beam Living | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	0	59	0
Longview Senior Housing Advisors, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	1,777	1,745	557
Longview Senior Housing Advisors, LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	0	0	0
Longview Senior Housing Advisors, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	$ 0	$ 0	$ 0

Related Party Transactions - _2

Related Party Transactions - Summary of Incentive Compensation Awards (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 48,050
Forfeiture of unvested awards	(4,061)
Value of Awards Issued	69,082
Amortization of Compensation Cost	(46,737)
Unrecognized Compensation Cost, ending balance	66,334
2021
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	23,161
Forfeiture of unvested awards	(2,946)
Value of Awards Issued	0
Amortization of Compensation Cost	(9,343)
Unrecognized Compensation Cost, ending balance	$ 10,872
Remaining Amortization Period	1 year
2022
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 24,889
Forfeiture of unvested awards	(1,115)
Value of Awards Issued	14,127
Amortization of Compensation Cost	(19,076)
Unrecognized Compensation Cost, ending balance	$ 18,825
Remaining Amortization Period	1 year 10 months 24 days
2023
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 0
Forfeiture of unvested awards	0
Value of Awards Issued	54,955
Amortization of Compensation Cost	(18,318)
Unrecognized Compensation Cost, ending balance	$ 36,637
Remaining Amortization Period	2 years 4 months 24 days

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Summary of Components of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Assets [Line Items]
Interest rate and foreign currency hedging derivatives	$ 2,160,266	$ 3,033,595
Real estate intangibles, net	1,146,840	1,624,212
Receivables, net	793,651	821,309
Straight-line rent receivable	665,747	454,989
Held-for-sale assets	453,823	380,267
Equity securities	335,933	530,119
Single family rental homes risk retention securities	300,718	300,718
Prepaid expenses	178,140	146,568
Deferred leasing costs, net	141,526	121,230
Deferred financing costs, net	62,651	103,049
Total	$ 6,563,226	$ 7,881,948
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Total	Total
Related Party
Other Assets [Line Items]
Other	$ 78,671	$ 74,857
Nonrelated Party
Other Assets [Line Items]
Other	$ 245,260	$ 291,035

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Summary of Components of Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Assets [Line Items]
Right of use lease liability - operating leases	$ 643,803	$ 638,830
Stock repurchases payable	574,958	151,959
Accounts payable and accrued expenses	427,744	470,335
Accrued interest expense	395,814	395,459
Real estate taxes payable	327,947	350,757
Liabilities related to held-for-sale assets	282,350	275,052
Intangible liabilities, net	244,596	330,432
Prepaid rental income	232,447	188,450
Tenant security deposits	228,994	237,891
Distribution payable	222,174	238,297
Right of use lease liability - financing leases	78,257	77,008
Subscriptions received in advance	113,764	208,632
Securitized debt obligations, net	47,172	123,628
Interest rate and foreign currency hedging derivatives	34,236	50,557
Other	$ 124,409	$ 174,746
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
Nonrelated Party
Other Assets [Line Items]
Other liabilities	$ 3,978,665	$ 3,912,033

Intangibles - Gross Carrying Am

Intangibles - Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Intangible assets
Indefinite life intangibles	$ 184,082	$ 193,182
Total intangible assets	2,264,778	2,658,852
Accumulated amortization
Total accumulated amortization	(1,117,938)	(1,034,640)
Intangible assets, net	1,146,840	1,624,212
Intangible liabilities
Below-market lease intangibles	441,391	476,186
Total intangible liabilities	441,391	476,186
Accumulated amortization
Below-market lease amortization	(196,795)	(145,754)
Total accumulated amortization	(196,795)	(145,754)
Intangible liabilities, net	244,596	330,432
In-place lease intangibles
Intangible assets
Finite-lived intangible assets	1,641,489	2,022,087
Accumulated amortization
Total accumulated amortization	(1,007,698)	(971,988)
Intangible assets, net	633,791
Above-market lease intangibles
Intangible assets
Finite-lived intangible assets	61,888	71,952
Accumulated amortization
Total accumulated amortization	(32,800)	(31,419)
Intangible assets, net	29,088
Other intangibles
Intangible assets
Finite-lived intangible assets	377,319	371,631
Accumulated amortization
Total accumulated amortization	(77,440)	$ (31,233)
Intangible assets, net	$ 299,879

Intangibles - Estimated Future

Intangibles - Estimated Future Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lease Intangibles
Intangible assets, net	$ 1,146,840	$ 1,624,212
Below-market Lease Intangibles
2024	(56,110)
2025	(46,825)
2026	(36,948)
2027	(25,781)
2028	(19,712)
Thereafter	(59,220)
Total	(244,596)
In-place Lease Intangibles
Lease Intangibles
2024	172,848
2025	124,181
2026	94,617
2027	68,150
2028	51,851
Thereafter	122,144
Intangible assets, net	633,791
Above-market Lease Intangibles
Lease Intangibles
2024	7,352
2025	6,139
2026	4,685
2027	3,320
2028	2,440
Thereafter	5,152
Intangible assets, net	29,088
Other intangibles
Lease Intangibles
2024	36,552
2025	33,896
2026	32,733
2027	30,665
2028	28,851
Thereafter	137,182
Intangible assets, net	$ 299,879

Derivatives - Schedule of Outst

Derivatives - Schedule of Outstanding Derivatives (Details) € in Thousands, £ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) derivative	Dec. 31, 2022 USD ($) derivative	Dec. 31, 2023 EUR (€) derivative	Dec. 31, 2023 GBP (£) derivative	Dec. 31, 2022 EUR (€) derivative	Dec. 31, 2022 GBP (£) derivative
Derivatives, Fair Value [Line Items]
Notional Amount | $	$ 36,177,869	$ 40,556,507
Interest rate caps – property debt
Derivatives, Fair Value [Line Items]
Notional Amount | $	$ 9,600,000
Designated as Hedging Instrument | Interest rate swaps - property debt
Derivatives, Fair Value [Line Items]
Number of Instruments	21	20	21	21	20	20
Notional Amount | $	$ 6,386,770	$ 7,417,852
Weighted Average Strike	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%
Weighted Average Maturity (Years)	4 years 7 months 6 days	6 years 1 month 6 days
Non-designated Hedges | Interest rate swaps - property debt
Derivatives, Fair Value [Line Items]
Number of Instruments	51	50	51	51	50	50
Notional Amount | $	$ 26,015,600	$ 25,015,600
Weighted Average Strike	1.60%	2%	1.60%	1.60%	2%	2%
Weighted Average Maturity (Years)	4 years 6 months	7 years 3 months 18 days
Non-designated Hedges | Interest rate caps – property debt
Derivatives, Fair Value [Line Items]
Number of Instruments	153	135	153	153	135	135
Notional Amount | $	$ 9,580,354	$ 14,147,947
Weighted Average Strike	5.80%	4.10%	5.80%	5.80%	4.10%	4.10%
Weighted Average Maturity (Years)	6 months	9 months 18 days
Non-designated Hedges | Interest rate swaps - secured financings of investments in real estate debt
Derivatives, Fair Value [Line Items]
Number of Instruments	17	61	17	17	61	61
Notional Amount | $	$ 581,915	$ 1,392,960
Weighted Average Strike	3.40%	1.40%	3.40%	3.40%	1.40%	1.40%
Weighted Average Maturity (Years)	6 years 7 months 6 days	4 years 1 month 6 days
Non-designated Hedges | Buy USD / Sell EUR Forward
Derivatives, Fair Value [Line Items]
Notional Amount | €			€ 139,913		€ 160,206
Number of Instruments	9	14	9	9	14	14
Non-designated Hedges | Buy USD / Sell GBP Forward
Derivatives, Fair Value [Line Items]
Notional Amount | £				£ 57,377		£ 132,563
Number of Instruments	9	12	9	9	12	12
Non-designated Hedges | Buy EUR / Sell USD Forward
Derivatives, Fair Value [Line Items]
Notional Amount | €			€ 10,421		€ 0
Number of Instruments	2	0	2	2	0	0

Derivatives - Schedule of Fair

Derivatives - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	$ 2,160,266	$ 3,033,595
Fair Value of Derivatives in a Liability Position	34,236	50,557
Interest rate cap	189,700	237,700
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	246,350	409,260
Fair Value of Derivatives in a Liability Position	1,320	0
Non-designated Hedges
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	1,913,916	2,624,335
Fair Value of Derivatives in a Liability Position	32,916	50,557
Interest rate swaps - property debt | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	246,350	409,260
Fair Value of Derivatives in a Liability Position	1,320	0
Interest rate swaps - property debt | Non-designated Hedges
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	1,874,065	2,310,511
Fair Value of Derivatives in a Liability Position	0	0
Interest rate caps – property debt | Non-designated Hedges
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	31,134	183,392
Fair Value of Derivatives in a Liability Position	17,020	36,173
Interest rate swaps - secured financings of investments in real estate debt | Non-designated Hedges
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	8,643	130,181
Fair Value of Derivatives in a Liability Position	12,210	0
Foreign currency forward contracts | Non-designated Hedges
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	74	251
Fair Value of Derivatives in a Liability Position	$ 3,686	$ 14,384

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss)	$ (763,363)	$ 2,641,756	$ 85,510
Unrealized (loss) gain on derivatives	(75,707)	408,069	0
Total	(839,070)	3,049,825	85,510
Gain reclassified to earnings	171,400	79,400
Interest rate swaps - property debt
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss)	(772,224)	2,262,337	(7,711)
Unrealized (loss) gain on derivatives	(75,707)	408,069	0
Interest rate caps – property debt
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss)	(146,621)	180,988	0
Realized gain (loss)	297,606	0	0
Interest rate swaps - secured financings of investments in real estate debt
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)	(134,280)	119,407	57,470
Foreign Currency Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss)	10,447	(6,865)	8,145
Realized gain (loss)	$ (18,291)	$ 85,889	$ 27,606

Derivatives - Additional Inform

Derivatives - Additional Information (Details) $ in Millions	Dec. 31, 2023 USD ($) counterparty	Dec. 31, 2022 USD ($) counterparty
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of assets that posted collateral | $	$ 23.4	$ 47.6
Number of derivative counterparties | counterparty	3	2

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Schedule of Company's Authorized Capital (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock, authorized shares (in shares)	100,000,000
Total, shares authorized (in shares)	12,100,000,000
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)	1,500,000,000	1,500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class C
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class F
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	500,000,000
Common stock, par value (in dollars per share)	$ 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	4,486,178	3,689,353	1,800,017
Common stock issued (in shares)		1,405,954	1,940,740
Common stock issued (transferred)	465,177
Distribution reinvestment (in shares)	87,502	93,397	62,229
Common stock repurchased (in shares)	(931,574)	(702,574)	(113,694)
Independent directors' restricted stock grant (in shares)	49	48	61
Ending balance (in shares)	4,107,332	4,486,178	3,689,353
Restricted Stock
Common Stock, Shares Outstanding [Roll Forward]
Award requisite service period (in years)	1 year
Restricted Stock | Independent Director
Common Stock, Shares Outstanding [Roll Forward]
Independent directors' restricted stock grant, value	$ 0.1	$ 0.1	$ 0.1
Class S
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	1,597,414	1,254,348	702,853
Common stock issued (in shares)		389,405	543,534
Common stock issued (transferred)	31,384
Distribution reinvestment (in shares)	30,493	31,957	25,157
Common stock repurchased (in shares)	(171,094)	(78,296)	(17,196)
Independent directors' restricted stock grant (in shares)	0	0	0
Ending balance (in shares)	1,488,197	1,597,414	1,254,348
Class I
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	2,394,737	2,086,631	927,080
Common stock issued (in shares)		854,023	1,221,551
Common stock issued (transferred)	680,173
Distribution reinvestment (in shares)	50,878	51,138	30,601
Common stock repurchased (in shares)	(722,878)	(597,103)	(92,662)
Independent directors' restricted stock grant (in shares)	49	48	61
Ending balance (in shares)	2,402,959	2,394,737	2,086,631
Stock exchanged (in shares)	56,700
Class T
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	72,599	57,287	45,943
Common stock issued (in shares)		16,849	11,392
Common stock issued (transferred)	(7,005)
Distribution reinvestment (in shares)	1,575	1,646	1,360
Common stock repurchased (in shares)	(7,923)	(3,183)	(1,408)
Independent directors' restricted stock grant (in shares)	0	0	0
Ending balance (in shares)	59,246	72,599	57,287
Class D
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	421,428	291,087	124,141
Common stock issued (in shares)		145,677	164,263
Common stock issued (transferred)	(241,511)
Distribution reinvestment (in shares)	4,556	8,656	5,111
Common stock repurchased (in shares)	(29,679)	(23,992)	(2,428)
Independent directors' restricted stock grant (in shares)	0	0	0
Ending balance (in shares)	154,794	421,428	291,087
Class C
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	0	0	0
Common stock issued (in shares)		0	0
Common stock issued (transferred)	2,136
Distribution reinvestment (in shares)	0	0	0
Common stock repurchased (in shares)	0	0	0
Independent directors' restricted stock grant (in shares)	0	0	0
Ending balance (in shares)	2,136	0	0

Equity and Redeemable Non-con_5

Equity and Redeemable Non-controlling Interest - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands			1 Months Ended			12 Months Ended
	Mar. 01, 2023	Jan. 01, 2023	Dec. 31, 2023	Nov. 30, 2023	Oct. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 31, 2028	Dec. 31, 2020
Equity [Line Items]
Equity ownership, percentage			23%			23%
Proceeds from sale of equity interest						$ 950,000
Common stock repurchased, value						$ 14,103,502	$ 10,531,952	$ 1,424,641
Capital gains						14.99%	5.65%	3.36%
Return of capital						85.01%	94.35%	91.91%
Ordinary income								4.73%
Non-controlling interests attributable to third party joint ventures			$ 4,709,621			$ 4,709,621	$ 4,278,895
Allocation adjustment amount between additional paid-in capital and redeemable non controlling interest						$ 4,179	$ (39,282)	$ (103,442)
Common stock, shares outstanding (in shares)			4,107,332			4,107,332	4,486,178	3,689,353		1,800,017
Issuance of BREIT OP units as consideration for acquisitions of real estate and purchases of non-controlling interests						$ 0	$ 229,313	$ 395,752
BREIT Operating Partnership
Equity [Line Items]
Strategic venture, shares purchased, value							$ 110,000
Bellagio
Equity [Line Items]
Joint venture, ownership percentage			95%			95%
UC Investments
Equity [Line Items]
Payments to acquire strategic venture	$ 125,000	$ 1,000,000
Total annualized return		11.25%
Cash payment received on investment returns		5%
UC Investments | Forecast
Equity [Line Items]
Option to repurchase, period									2 years
Minimum average hold									6 years
Investment Joint Venture
Equity [Line Items]
Proceeds from sale of common equity interest						$ 300,000
Proceeds from sale of noncontrolling interests						650,000
Fair value allocation						$ 425,000
Class I
Equity [Line Items]
Net distributions declared per share of common stock (in dollars per share)						$ 0.6660	$ 0.6685	$ 0.6508
Common stock, shares outstanding (in shares)			2,402,959			2,402,959	2,394,737	2,086,631		927,080
Class I | UC Investments | Private Placement
Equity [Line Items]
Strategic venture, shares purchased (in shares)	33,900	268,900
Strategic venture, shares purchased, value	$ 500,000	$ 4,000,000
Class C
Equity [Line Items]
Net distributions declared per share of common stock (in dollars per share)						$ 0
Common stock, shares outstanding (in shares)			2,136			2,136	0	0		0
Class B Units | BREIT Operating Partnership
Equity [Line Items]
Common stock, shares outstanding (in shares)			119,200			119,200	21,700
Third Party Joint Ventures
Equity [Line Items]
Non-controlling interests attributable to third party joint ventures			$ 197,200			$ 197,200	$ 209,300
Share Repurchase Plan
Equity [Line Items]
Monthly maximum percent						2%
Quarterly maximum percent						5%
Common stock repurchased during period (in shares)						874,800
BREIT OP units repurchased (in units)						29,300
Common stock repurchased, value						$ 13,300,000
Requests fulfilled, percent of NAV			1%	2%	2%
Requests fulfilled percent			53%	67%	56%

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	$ 0.666	$ 0.6685	$ 0.6508
Class S
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.6660	0.6685	0.6508
Stockholder servicing fee per share of common stock (in dollars per share)	(0.1248)	(0.1273)	(0.1096)
Net distributions declared per share of common stock (in dollars per share)	0.5412	0.5412	0.5412
Class I
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.6660	0.6685	0.6508
Stockholder servicing fee per share of common stock (in dollars per share)	0	0	0
Net distributions declared per share of common stock (in dollars per share)	0.6660	0.6685	0.6508
Class T
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.6660	0.6685	0.6508
Stockholder servicing fee per share of common stock (in dollars per share)	(0.1228)	(0.1254)	(0.1081)
Net distributions declared per share of common stock (in dollars per share)	0.5432	0.5431	0.5427
Class D
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.6660	0.6685	0.6508
Stockholder servicing fee per share of common stock (in dollars per share)	(0.0359)	(0.0366)	(0.0317)
Net distributions declared per share of common stock (in dollars per share)	$ 0.6301	$ 0.6319	$ 0.6191

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Redeemable Non-controlling Interest [Roll Forward]
Balance at the beginning of the year	$ 553,423
Redeemable non-controlling interest issued as settlement of performance participation allocation	0	$ 817,527	$ 1,571,607
GAAP income allocation	3,526	6,602	1,794
Ending balance	197,537	553,423
Class C
Redeemable Non-controlling Interest [Roll Forward]
Conversion to shares and units	(65,304)	0	0
Special Limited Partner
Redeemable Non-controlling Interest [Roll Forward]
Balance at the beginning of the year	344,145	589,900
Redeemable non-controlling interest issued as settlement of performance participation allocation	0	817,527
Repurchases	0	(26,639)
GAAP income allocation	1,914	(5,024)
Distributions	(1,308)	(10,256)
Fair value allocation	(106)	13,094
Ending balance	351	344,145	$ 589,900
Special Limited Partner | Common Class B
Redeemable Non-controlling Interest [Roll Forward]
Conversion to shares and units	(278,990)	(435,238)
Special Limited Partner | Class C
Redeemable Non-controlling Interest [Roll Forward]
Conversion to shares and units	$ (65,304)	$ (599,219)

Leases - Schedule of Components

Leases - Schedule of Components of Operating Lease Income from Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Fixed lease payments	$ 7,307,874	$ 6,152,782	$ 2,860,344
Variable lease payments	508,366	411,337	280,184
Rental revenue	$ 7,816,240	$ 6,564,119	$ 3,140,528
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total revenues	Total revenues	Total revenues

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Minimum Rental Income (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Lessor, Operating Lease, Payments to be Received
2024	$ 1,826,714
2025	1,718,795
2026	1,570,722
2027	1,357,373
2028	1,138,278
Thereafter	15,777,327
Total	$ 23,389,209

Leases - Additional Information

Leases - Additional Information (Details)	Dec. 31, 2023 lease
Lessee, Lease, Description [Line Items]
Number of ground leases under operating lease	93
Number of ground leases under finance lease	3
Operating lease, weighted average remaining lease term (in years)	60 years
Finance lease, weighted average remaining lease term (in years)	77 years
Operating ground lease containing variable components	3
Minimum
Lessee, Lease, Description [Line Items]
Incremental borrowing rate used to determine lease liabilities	5%
Maximum
Lessee, Lease, Description [Line Items]
Incremental borrowing rate used to determine lease liabilities	7%

Leases - Schedule of Future Lea

Leases - Schedule of Future Lease Payments Due Under Ground Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
2024	$ 37,201
2025	37,755
2026	37,922
2027	38,322
2028	38,676
Thereafter	2,590,567
Total undiscounted future lease payments	2,780,443
Difference between undiscounted cash flows and discounted cash flows	(2,136,640)
Total lease liability	643,803	$ 638,830
Financing Leases
2024	4,266
2025	4,385
2026	4,507
2027	4,633
2028	4,763
Thereafter	559,374
Total undiscounted future lease payments	581,928
Difference between undiscounted cash flows and discounted cash flows	(503,671)
Total lease liability	$ 78,257	$ 77,008

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Fixed ground rent expense	$ 19,021	$ 22,789	$ 4,904
Variable ground rent expense	23,056	1,042	36
Total cash portion of ground rent expense	42,077	23,831	4,940
Straight-line ground rent expense	17,903	13,552	7,488
Total operating lease costs	$ 59,980	$ 37,383	$ 12,428

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Interest on lease liabilities	$ 4,150	$ 4,038	$ 3,403
Amortization of right-of-use assets	1,249	1,278	1,139
Total financing lease costs	$ 5,399	$ 5,316	$ 4,542

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 segment
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, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total assets	$ 130,797,795	$ 142,687,424
Rental Housing
Segment Reporting Information [Line Items]
Total assets	64,665,680	68,464,413
Industrial
Segment Reporting Information [Line Items]
Total assets	20,050,095	21,624,736
Net Lease
Segment Reporting Information [Line Items]
Total assets	8,117,528	9,011,326
Office
Segment Reporting Information [Line Items]
Total assets	2,945,455	3,293,163
Data Centers
Segment Reporting Information [Line Items]
Total assets	2,927,807	3,203,585
Hospitality
Segment Reporting Information [Line Items]
Total assets	2,867,166	3,768,473
Retail
Segment Reporting Information [Line Items]
Total assets	2,505,146	2,722,839
Self Storage
Segment Reporting Information [Line Items]
Total assets	739,743	2,247,351
Investments in Real Estate Debt
Segment Reporting Information [Line Items]
Total assets	23,264,164	25,363,546
Other (Corporate)
Segment Reporting Information [Line Items]
Total assets	$ 2,715,011	$ 2,987,992

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Total revenues	$ 8,934,405	$ 7,646,378	$ 3,696,671
Expenses:
Total expenses	4,131,614	3,425,804	1,508,715
Income from unconsolidated entities	119,941	182,249	205,980
Loss From Investment In Real Estate Debt	798,164	(167,083)	346,984
Change in net assets of consolidated securitization vehicles	191,703	(42,119)	106,240
Loss from investments in equity securities	52,902	(476,537)	884,259
Segment net operating income (loss)	5,965,501	3,717,084	3,731,419
Depreciation and amortization	(3,811,218)	(4,098,366)	(1,919,932)
General and administrative	(69,176)	(52,652)	(32,046)
Management fee	(839,237)	(837,687)	(445,291)
Impairment of investments in real estate	(236,071)	(33,554)	0
Performance participation allocation	0	(742,670)	(1,378,959)
(Loss) income from interest rate derivatives	(755,519)	2,566,720	49,329
Impairment of investments in real estate	204,800	0	0
Net gain on dispositions of real estate	1,935,021	808,846	7,881
Interest expense	(3,072,741)	(2,307,515)	(847,440)
Loss on extinguishment of debt	(40,300)	(11,476)	(16,331)
Other expense	(56,221)	(89,038)	15,206
Net loss	(979,961)	(1,080,308)	(836,164)
Net loss attributable to non-controlling interests in third party joint ventures	247,989	173,109	22,090
Net loss attributable to non-controlling interests in BREIT OP unit holders	40,150	23,680	9,291
Net loss attributable to BREIT stockholders	(691,822)	(883,519)	(804,783)
Net realized and unrealized gain (loss) on equity securities	37,900	(520,800)	848,200
Rental Housing
Revenues:
Total revenues	5,523,126	4,402,907	1,654,120
Expenses:
Total expenses	2,949,041	2,253,142	780,321
Income from unconsolidated entities	(58,325)	(79,148)	(17,461)
Loss From Investment In Real Estate Debt	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0
Loss from investments in equity securities	45,206	(346,773)	640,731
Segment net operating income (loss)	2,560,966	1,723,844	1,497,069
Depreciation and amortization	(2,417,457)	(2,617,389)	(933,418)
Industrial
Revenues:
Total revenues	1,433,477	1,399,625	994,550
Expenses:
Total expenses	447,604	438,479	306,016
Income from unconsolidated entities	2,407	319,807	194,743
Loss From Investment In Real Estate Debt	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0
Loss from investments in equity securities	7,696	(47,969)	174,866
Segment net operating income (loss)	995,976	1,232,984	1,058,143
Depreciation and amortization	(765,296)	(804,108)	(576,793)
Net Lease
Revenues:
Total revenues	601,538	499,789	331,178
Expenses:
Total expenses	2,536	1,883	1,331
Income from unconsolidated entities	432,528	99,879	100,276
Loss From Investment In Real Estate Debt	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0
Loss from investments in equity securities	0	27,334	56,765
Segment net operating income (loss)	1,031,530	625,119	486,888
Depreciation and amortization	(207,513)	(172,647)	(114,409)
Office
Revenues:
Total revenues	194,944	146,353	46,914
Expenses:
Total expenses	55,045	40,234	12,557
Income from unconsolidated entities	(2,091)	4,493	0
Loss From Investment In Real Estate Debt	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0
Loss from investments in equity securities	0	(109,129)	11,897
Segment net operating income (loss)	137,808	1,483	46,254
Depreciation and amortization	(95,278)	(70,721)	(22,127)
Data Centers
Revenues:
Total revenues	51,372	44,673	28,586
Expenses:
Total expenses	8,948	6,943	4,080
Income from unconsolidated entities	(246,824)	(168,078)	(71,745)
Loss From Investment In Real Estate Debt	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0
Loss from investments in equity securities	0	0	0
Segment net operating income (loss)	(204,400)	(130,348)	(47,239)
Depreciation and amortization	(22,094)	(19,639)	(12,485)
Hospitality
Revenues:
Total revenues	702,177	734,584	422,625
Expenses:
Total expenses	479,493	508,868	316,144
Income from unconsolidated entities	(6,566)	6,303	0
Loss From Investment In Real Estate Debt	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0
Loss from investments in equity securities	0	0	0
Segment net operating income (loss)	216,118	232,019	106,481
Depreciation and amortization	(110,516)	(120,531)	(93,911)
Retail
Revenues:
Total revenues	238,273	190,327	66,236
Expenses:
Total expenses	99,035	69,614	20,712
Income from unconsolidated entities	(1,188)	(1,007)	167
Loss From Investment In Real Estate Debt	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0
Loss from investments in equity securities	0	0	0
Segment net operating income (loss)	138,050	119,706	45,691
Depreciation and amortization	(136,338)	(168,024)	(28,917)
Self Storage
Revenues:
Total revenues	189,498	228,120	152,462
Expenses:
Total expenses	89,833	106,641	67,554
Income from unconsolidated entities	0	0	0
Loss From Investment In Real Estate Debt	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0
Loss from investments in equity securities	0	0	0
Segment net operating income (loss)	99,665	121,479	84,908
Depreciation and amortization	(56,726)	(125,307)	(137,872)
Investments in Real Estate Debt
Revenues:
Total revenues	0	0	0
Expenses:
Total expenses	79	0	0
Income from unconsolidated entities	0	0	0
Loss From Investment In Real Estate Debt	798,164	(167,083)	346,984
Change in net assets of consolidated securitization vehicles	191,703	(42,119)	106,240
Loss from investments in equity securities	0	0	0
Segment net operating income (loss)	989,788	(209,202)	453,224
Depreciation and amortization	0	0	0
Rental revenue
Revenues:
Total revenues	7,816,240	6,564,119	3,140,528
Expenses:
Total expenses	3,652,121	2,916,936	1,192,571
Rental revenue | Rental Housing
Revenues:
Total revenues	5,158,551	4,116,088	1,544,909
Expenses:
Total expenses	2,949,041	2,253,142	780,321
Rental revenue | Industrial
Revenues:
Total revenues	1,406,881	1,364,640	982,137
Expenses:
Total expenses	447,604	438,479	306,016
Rental revenue | Net Lease
Revenues:
Total revenues	601,538	499,789	331,178
Expenses:
Total expenses	2,536	1,883	1,331
Rental revenue | Office
Revenues:
Total revenues	186,758	138,241	46,570
Expenses:
Total expenses	55,045	40,234	12,557
Rental revenue | Data Centers
Revenues:
Total revenues	51,372	44,673	28,586
Expenses:
Total expenses	8,948	6,943	4,080
Rental revenue | Hospitality
Revenues:
Total revenues	0	0	0
Expenses:
Total expenses	0	0	0
Rental revenue | Retail
Revenues:
Total revenues	233,595	187,055	64,079
Expenses:
Total expenses	99,035	69,614	20,712
Rental revenue | Self Storage
Revenues:
Total revenues	177,545	213,633	143,069
Expenses:
Total expenses	89,833	106,641	67,554
Rental revenue | Investments in Real Estate Debt
Revenues:
Total revenues	0	0	0
Expenses:
Total expenses	79	0	0
Hospitality
Revenues:
Total revenues	694,491	721,654	412,338
Expenses:
Total expenses	479,493	508,868	316,144
Hospitality | Rental Housing
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 | Office
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	694,491	721,654	412,338
Expenses:
Total expenses	479,493	508,868	316,144
Hospitality | Retail
Revenues:
Total revenues	0	0	0
Expenses:
Total expenses	0	0	0
Hospitality | Self Storage
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	423,674	360,605	143,805
Other revenue | Rental Housing
Revenues:
Total revenues	364,575	286,819	109,211
Other revenue | Industrial
Revenues:
Total revenues	26,596	34,985	12,413
Other revenue | Net Lease
Revenues:
Total revenues	0	0	0
Other revenue | Office
Revenues:
Total revenues	8,186	8,112	344
Other revenue | Data Centers
Revenues:
Total revenues	0	0	0
Other revenue | Hospitality
Revenues:
Total revenues	7,686	12,930	10,287
Other revenue | Retail
Revenues:
Total revenues	4,678	3,272	2,157
Other revenue | Self Storage
Revenues:
Total revenues	11,953	14,487	9,393
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, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	19,563
Encumbrances	$ 58,561,246
Initial Cost, Land and Land Improvements	17,604,370
Initial Cost, Building and Building Improvements	76,186,113
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	231,318
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,028,002
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	17,835,688
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	78,214,115
Total	96,049,803
Accumulated Depreciation	$ (7,721,349)	$ (5,365,285)	$ (2,916,615)
Rental Housing Properties:
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	18,282
Encumbrances	$ 36,248,655
Initial Cost, Land and Land Improvements	10,693,678
Initial Cost, Building and Building Improvements	49,866,872
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	131,496
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,093,944
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	10,825,174
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	50,960,816
Total	61,785,990
Accumulated Depreciation	$ (4,349,818)
Rental Housing Properties: | Multifamily Properties | Atlanta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	36
Encumbrances	$ 1,976,192
Initial Cost, Land and Land Improvements	456,648
Initial Cost, Building and Building Improvements	2,697,628
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	6,281
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	47,760
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	462,929
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,745,388
Total	3,208,317
Accumulated Depreciation	$ (289,055)
Rental Housing Properties: | Multifamily Properties | Austin, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	9
Encumbrances	$ 380,457
Initial Cost, Land and Land Improvements	84,006
Initial Cost, Building and Building Improvements	586,437
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1,320
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	4,634
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	85,326
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	591,071
Total	676,397
Accumulated Depreciation	$ (49,914)
Rental Housing Properties: | Multifamily Properties | Beaumont, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 18,332
Initial Cost, Land and Land Improvements	4,476
Initial Cost, Building and Building Improvements	42,124
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	24
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	200
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,500
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	42,324
Total	46,824
Accumulated Depreciation	$ (2,222)
Rental Housing Properties: | Multifamily Properties | Birmingham AL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 72,866
Initial Cost, Land and Land Improvements	13,959
Initial Cost, Building and Building Improvements	162,889
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	235
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	345
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	14,194
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	163,234
Total	177,428
Accumulated Depreciation	$ (8,854)
Rental Housing Properties: | Multifamily Properties | Boston, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 304,437
Initial Cost, Land and Land Improvements	114,155
Initial Cost, Building and Building Improvements	484,944
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	141
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,341
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	114,296
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	487,285
Total	601,581
Accumulated Depreciation	$ (30,438)
Rental Housing Properties: | Multifamily Properties | Boulder, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 48,980
Initial Cost, Land and Land Improvements	11,045
Initial Cost, Building and Building Improvements	98,486
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	236
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	897
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	11,281
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	99,383
Total	110,664
Accumulated Depreciation	$ (5,972)
Rental Housing Properties: | Multifamily Properties | Charleston, SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 22,324
Initial Cost, Land and Land Improvements	6,349
Initial Cost, Building and Building Improvements	47,763
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	286
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	220
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,635
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	47,983
Total	54,618
Accumulated Depreciation	$ (2,993)
Rental Housing Properties: | Multifamily Properties | Charlotte, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	18
Encumbrances	$ 738,043
Initial Cost, Land and Land Improvements	166,182
Initial Cost, Building and Building Improvements	1,053,522
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	4,303
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	16,977
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	170,485
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,070,499
Total	1,240,984
Accumulated Depreciation	$ (112,937)
Rental Housing Properties: | Multifamily Properties | Chicago, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 65,052
Initial Cost, Land and Land Improvements	18,924
Initial Cost, Building and Building Improvements	100,248
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	818
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,356
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	19,742
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	103,604
Total	123,346
Accumulated Depreciation	$ (14,882)
Rental Housing Properties: | Multifamily Properties | Columbus, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 148,588
Initial Cost, Land and Land Improvements	29,512
Initial Cost, Building and Building Improvements	138,091
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	396
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,594
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	29,908
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	141,685
Total	171,593
Accumulated Depreciation	$ (21,052)
Rental Housing Properties: | Multifamily Properties | Dallas, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	22
Encumbrances	$ 1,261,848
Initial Cost, Land and Land Improvements	288,298
Initial Cost, Building and Building Improvements	1,698,648
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	7,465
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	26,242
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	295,763
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,724,890
Total	2,020,653
Accumulated Depreciation	$ (153,301)
Rental Housing Properties: | Multifamily Properties | Denver, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	13
Encumbrances	$ 730,221
Initial Cost, Land and Land Improvements	152,059
Initial Cost, Building and Building Improvements	1,103,668
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	5,292
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	25,483
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	157,351
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,129,151
Total	1,286,502
Accumulated Depreciation	$ (124,993)
Rental Housing Properties: | Multifamily Properties | Durham, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 109,545
Initial Cost, Land and Land Improvements	33,708
Initial Cost, Building and Building Improvements	171,592
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	656
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,714
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	34,364
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	173,306
Total	207,670
Accumulated Depreciation	$ (19,247)
Rental Housing Properties: | Multifamily Properties | Greenville, SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 62,599
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	321
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,218
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	13,524
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	68,813
Total	82,337
Accumulated Depreciation	$ (6,038)
Rental Housing Properties: | Multifamily Properties | Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 151,877
Initial Cost, Land and Land Improvements	46,044
Initial Cost, Building and Building Improvements	255,055
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	774
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,780
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	46,818
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	257,835
Total	304,653
Accumulated Depreciation	$ (16,740)
Rental Housing Properties: | Multifamily Properties | Jacksonville, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	14
Encumbrances	$ 530,517
Initial Cost, Land and Land Improvements	132,402
Initial Cost, Building and Building Improvements	931,805
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	2,905
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	14,955
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	135,307
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	946,760
Total	1,082,067
Accumulated Depreciation	$ (96,825)
Rental Housing Properties: | Multifamily Properties | Kansas City, MO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 113,655
Initial Cost, Land and Land Improvements	20,906
Initial Cost, Building and Building Improvements	155,724
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	312
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	739
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	21,218
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	156,463
Total	177,681
Accumulated Depreciation	$ (16,080)
Rental Housing Properties: | Multifamily Properties | Lakeland, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 113,289
Initial Cost, Land and Land Improvements	19,475
Initial Cost, Building and Building Improvements	123,546
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	405
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,566
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	19,880
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	126,112
Total	145,992
Accumulated Depreciation	$ (13,529)
Rental Housing Properties: | Multifamily Properties | Las Vegas, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	25
Encumbrances	$ 1,441,271
Initial Cost, Land and Land Improvements	322,064
Initial Cost, Building and Building Improvements	1,605,185
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	6,787
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	21,501
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	328,851
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,626,686
Total	1,955,537
Accumulated Depreciation	$ (264,305)
Rental Housing Properties: | Multifamily Properties | Los Angeles, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 51,115
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	127
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	262
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	10,922
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	45,020
Total	55,942
Accumulated Depreciation	$ (7,764)
Rental Housing Properties: | Multifamily Properties | Louisville, KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 78,334
Initial Cost, Land and Land Improvements	12,381
Initial Cost, Building and Building Improvements	106,952
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1,253
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	13,634
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	109,409
Total	123,043
Accumulated Depreciation	$ (15,343)
Rental Housing Properties: | Multifamily Properties | Miami, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	8
Encumbrances	$ 715,079
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	3,063
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	14,769
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	170,382
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	743,013
Total	913,395
Accumulated Depreciation	$ (105,100)
Rental Housing Properties: | Multifamily Properties | Minneapolis, MN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 96,455
Initial Cost, Land and Land Improvements	28,928
Initial Cost, Building and Building Improvements	161,038
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	228
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,504
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	29,156
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	162,542
Total	191,698
Accumulated Depreciation	$ (10,268)
Rental Housing Properties: | Multifamily Properties | Modesto, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 63,053
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	590
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,075
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,596
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	70,857
Total	76,453
Accumulated Depreciation	$ (15,254)
Rental Housing Properties: | Multifamily Properties | Naples, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 66,110
Initial Cost, Land and Land Improvements	14,247
Initial Cost, Building and Building Improvements	106,199
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	127
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	678
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	14,374
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	106,877
Total	121,251
Accumulated Depreciation	$ (5,661)
Rental Housing Properties: | Multifamily Properties | Nashville, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 180,697
Initial Cost, Land and Land Improvements	33,445
Initial Cost, Building and Building Improvements	314,588
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	294
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,602
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	33,739
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	316,190
Total	349,929
Accumulated Depreciation	$ (19,491)
Rental Housing Properties: | Multifamily Properties | New York, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 568,309
Initial Cost, Land and Land Improvements	203,518
Initial Cost, Building and Building Improvements	609,621
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	6,603
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	203,518
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	616,224
Total	819,742
Accumulated Depreciation	$ (31,493)
Rental Housing Properties: | Multifamily Properties | North Port, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 130,517
Initial Cost, Land and Land Improvements	28,937
Initial Cost, Building and Building Improvements	280,072
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	149
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	886
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	29,086
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	280,958
Total	310,044
Accumulated Depreciation	$ (17,477)
Rental Housing Properties: | Multifamily Properties | Olympia, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 89,241
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	1,229
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	5,905
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	21,684
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	90,493
Total	112,177
Accumulated Depreciation	$ (22,688)
Rental Housing Properties: | Multifamily Properties | Orlando, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	17
Encumbrances	$ 952,905
Initial Cost, Land and Land Improvements	207,299
Initial Cost, Building and Building Improvements	1,373,334
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	10,931
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	13,419
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	218,230
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,386,753
Total	1,604,983
Accumulated Depreciation	$ (148,495)
Rental Housing Properties: | Multifamily Properties | Palm Bay, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 41,647
Initial Cost, Land and Land Improvements	9,819
Initial Cost, Building and Building Improvements	78,104
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	15
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	272
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	9,834
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	78,376
Total	88,210
Accumulated Depreciation	$ (4,134)
Rental Housing Properties: | Multifamily Properties | Panama City, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 55,722
Initial Cost, Land and Land Improvements	8,090
Initial Cost, Building and Building Improvements	78,225
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	214
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	190
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,304
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	78,415
Total	86,719
Accumulated Depreciation	$ (4,325)
Rental Housing Properties: | Multifamily Properties | Philadelphia, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 10,203
Initial Cost, Land and Land Improvements	4,685
Initial Cost, Building and Building Improvements	22,635
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	8
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,191
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,693
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	23,826
Total	28,519
Accumulated Depreciation	$ (1,434)
Rental Housing Properties: | Multifamily Properties | Phoenix, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	23
Encumbrances	$ 1,324,463
Initial Cost, Land and Land Improvements	327,650
Initial Cost, Building and Building Improvements	1,596,002
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	5,678
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	29,750
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	333,328
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,625,752
Total	1,959,080
Accumulated Depreciation	$ (227,515)
Rental Housing Properties: | Multifamily Properties | Pittsburgh, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 30,546
Initial Cost, Land and Land Improvements	6,655
Initial Cost, Building and Building Improvements	58,177
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	48
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	492
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,703
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	58,669
Total	65,372
Accumulated Depreciation	$ (3,213)
Rental Housing Properties: | Multifamily Properties | Portland, OR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	7
Encumbrances	$ 295,318
Initial Cost, Land and Land Improvements	83,713
Initial Cost, Building and Building Improvements	383,331
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	904
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	7,349
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	84,617
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	390,680
Total	475,297
Accumulated Depreciation	$ (55,430)
Rental Housing Properties: | Multifamily Properties | Raleigh, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	9
Encumbrances	$ 411,955
Initial Cost, Land and Land Improvements	74,447
Initial Cost, Building and Building Improvements	587,437
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1,348
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	6,781
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	75,795
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	594,218
Total	670,013
Accumulated Depreciation	$ (66,677)
Rental Housing Properties: | Multifamily Properties | Richmond, VA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 29,264
Initial Cost, Land and Land Improvements	9,632
Initial Cost, Building and Building Improvements	66,104
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	59
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	55
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	9,691
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	66,159
Total	75,850
Accumulated Depreciation	$ (3,608)
Rental Housing Properties: | Multifamily Properties | Riverside, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 298,672
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	1,424
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	11,202
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	53,475
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	407,312
Total	460,787
Accumulated Depreciation	$ (64,122)
Rental Housing Properties: | Multifamily Properties | Sacramento, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 122,899
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	931
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	5,595
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	23,314
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	159,328
Total	182,642
Accumulated Depreciation	$ (34,304)
Rental Housing Properties: | Multifamily Properties | San Antonio, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 84,867
Initial Cost, Land and Land Improvements	16,551
Initial Cost, Building and Building Improvements	120,217
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	571
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,248
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	17,122
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	121,465
Total	138,587
Accumulated Depreciation	$ (17,037)
Rental Housing Properties: | Multifamily Properties | San Diego, CA 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 35,904
Initial Cost, Land and Land Improvements	33,055
Initial Cost, Building and Building Improvements	71,972
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	202
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	800
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	33,257
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	72,772
Total	106,029
Accumulated Depreciation	$ (4,539)
Rental Housing Properties: | Multifamily Properties | Savannah, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 30,256
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	192
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	353
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,805
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	35,787
Total	41,592
Accumulated Depreciation	$ (6,965)
Rental Housing Properties: | Multifamily Properties | Seattle, WA 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 217,283
Initial Cost, Land and Land Improvements	49,100
Initial Cost, Building and Building Improvements	271,348
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1,259
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	5,740
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	50,359
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	277,088
Total	327,447
Accumulated Depreciation	$ (34,740)
Rental Housing Properties: | Multifamily Properties | Stockton, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 79,001
Initial Cost, Land and Land Improvements	22,811
Initial Cost, Building and Building Improvements	116,339
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	81
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	53
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	22,892
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	116,392
Total	139,284
Accumulated Depreciation	$ (6,518)
Rental Housing Properties: | Multifamily Properties | Tampa, FL 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	17
Encumbrances	$ 754,434
Initial Cost, Land and Land Improvements	169,210
Initial Cost, Building and Building Improvements	1,209,256
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	2,705
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	8,856
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	171,915
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,218,112
Total	1,390,027
Accumulated Depreciation	$ (103,761)
Rental Housing Properties: | Multifamily Properties | 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	$ 14,955
Initial Cost, Land and Land Improvements	95,193
Initial Cost, Building and Building Improvements	550,923
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	2,689
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	12,727
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	97,882
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	563,650
Total	661,532
Accumulated Depreciation	$ (57,214)
Rental Housing Properties: | Multifamily Properties | Virginia Beach, VA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 40,532
Initial Cost, Land and Land Improvements	10,115
Initial Cost, Building and Building Improvements	64,932
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	64
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	179
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	10,179
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	65,111
Total	75,290
Accumulated Depreciation	$ (3,652)
Rental Housing Properties: | Multifamily Properties | Wilmington, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 36,698
Initial Cost, Land and Land Improvements	1,717
Initial Cost, Building and Building Improvements	8,239
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	50,848
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,717
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	59,087
Total	60,804
Accumulated Depreciation	$ 0
Rental Housing Properties: | Multifamily Properties | Washington DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 27,764
Initial Cost, Land and Land Improvements	10,841
Initial Cost, Building and Building Improvements	37,123
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	74
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	840
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	10,915
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	37,963
Total	48,878
Accumulated Depreciation	$ (2,105)
Rental Housing Properties: | Manufactured Housing | Lakeland, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 15,147
Initial Cost, Land and Land Improvements	30,698
Initial Cost, Building and Building Improvements	754
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	535
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,454
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	31,233
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,208
Total	33,441
Accumulated Depreciation	$ (3,218)
Rental Housing Properties: | Manufactured Housing | Los Angeles, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 6,758
Initial Cost, Land and Land Improvements	14,621
Initial Cost, Building and Building Improvements	767
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	33
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	545
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	14,654
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,312
Total	15,966
Accumulated Depreciation	$ (1,142)
Rental Housing Properties: | Manufactured Housing | Miami, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 81,786
Initial Cost, Land and Land Improvements	132,039
Initial Cost, Building and Building Improvements	2,032
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	435
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,789
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	132,474
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	5,821
Total	138,295
Accumulated Depreciation	$ (7,475)
Rental Housing Properties: | Manufactured Housing | Naples, 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	3,664
Initial Cost, Building and Building Improvements	383
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	68
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,389
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,732
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,772
Total	6,504
Accumulated Depreciation	$ (598)
Rental Housing Properties: | Manufactured Housing | Orlando, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	8
Encumbrances	$ 61,138
Initial Cost, Land and Land Improvements	176,168
Initial Cost, Building and Building Improvements	8,198
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	2,289
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	10,599
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	178,457
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	18,797
Total	197,254
Accumulated Depreciation	$ (13,698)
Rental Housing Properties: | Manufactured Housing | Palm Bay, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 19,663
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	79
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	221
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	32,539
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,437
Total	33,976
Accumulated Depreciation	$ (2,385)
Rental Housing Properties: | Manufactured Housing | Phoenix, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	24
Encumbrances	$ 213,690
Initial Cost, Land and Land Improvements	277,119
Initial Cost, Building and Building Improvements	11,874
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	4,649
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	8,341
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	281,768
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	20,215
Total	301,983
Accumulated Depreciation	$ (42,988)
Rental Housing Properties: | Manufactured Housing | Riverside, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 8,707
Initial Cost, Land and Land Improvements	22,443
Initial Cost, Building and Building Improvements	900
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1,017
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	680
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	23,460
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,580
Total	25,040
Accumulated Depreciation	$ (4,674)
Rental Housing Properties: | Manufactured Housing | Arcadia, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 25,791
Initial Cost, Land and Land Improvements	29,428
Initial Cost, Building and Building Improvements	8,264
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	695
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,641
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	30,123
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	10,905
Total	41,028
Accumulated Depreciation	$ (3,532)
Rental Housing Properties: | Manufactured Housing | Atlanta, GA 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 19,975
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	437
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,387
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	35,928
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	3,147
Total	39,075
Accumulated Depreciation	$ (5,193)
Rental Housing Properties: | Manufactured Housing | Cape Coral, 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	9,036
Initial Cost, Building and Building Improvements	1,044
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	133
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,971
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	9,169
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,015
Total	13,184
Accumulated Depreciation	$ (941)
Rental Housing Properties: | Manufactured Housing | Cincinnati, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 17,846
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	226
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	48
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	33,705
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	3,047
Total	36,752
Accumulated Depreciation	$ (5,791)
Rental Housing Properties: | Manufactured Housing | Clewiston, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 24,994
Initial Cost, Land and Land Improvements	38,593
Initial Cost, Building and Building Improvements	1,693
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	237
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,262
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	38,830
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,955
Total	41,785
Accumulated Depreciation	$ (3,827)
Rental Housing Properties: | Manufactured Housing | Prescott Valley, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 11,139
Initial Cost, Land and Land Improvements	10,329
Initial Cost, Building and Building Improvements	785
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	409
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	142
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	10,738
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	927
Total	11,665
Accumulated Depreciation	$ (2,221)
Rental Housing Properties: | Manufactured Housing | San Diego, CA 2
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	6,236
Initial Cost, Building and Building Improvements	309
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	233
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	319
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,469
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	628
Total	7,097
Accumulated Depreciation	$ (1,145)
Rental Housing Properties: | Manufactured Housing | Santa Rosa, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 13,268
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	26
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	515
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	21,056
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,759
Total	23,815
Accumulated Depreciation	$ (2,525)
Rental Housing Properties: | Manufactured Housing | Seattle, WA 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 11,988
Initial Cost, Land and Land Improvements	23,000
Initial Cost, Building and Building Improvements	907
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	283
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	63
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	23,283
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	970
Total	24,253
Accumulated Depreciation	$ (1,740)
Rental Housing Properties: | Manufactured Housing | Sebastian, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 11,915
Initial Cost, Land and Land Improvements	19,117
Initial Cost, Building and Building Improvements	983
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	388
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	967
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	19,505
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,950
Total	21,455
Accumulated Depreciation	$ (2,047)
Rental Housing Properties: | Manufactured Housing | Tampa, FL 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 43,234
Initial Cost, Land and Land Improvements	84,650
Initial Cost, Building and Building Improvements	4,077
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	627
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,408
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	85,277
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	5,485
Total	90,762
Accumulated Depreciation	$ (7,720)
Rental Housing 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	1
Encumbrances	$ 4,004
Initial Cost, Land and Land Improvements	3,780
Initial Cost, Building and Building Improvements	4,427
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	53
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,436
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,833
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	5,863
Total	9,696
Accumulated Depreciation	$ (1,719)
Rental Housing 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	$ 6,946
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	37
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,436
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	12,657
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	3,274
Total	15,931
Accumulated Depreciation	$ (1,207)
Rental Housing Properties: | Student Housing | Austin, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	11
Encumbrances	$ 432,019
Initial Cost, Land and Land Improvements	186,238
Initial Cost, Building and Building Improvements	826,577
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	15,443
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	186,238
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	842,020
Total	1,028,258
Accumulated Depreciation	$ (32,632)
Rental Housing Properties: | Student Housing | San Diego, CA 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 104,099
Initial Cost, Land and Land Improvements	39,861
Initial Cost, Building and Building Improvements	131,211
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	107
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,066
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	39,968
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	134,277
Total	174,245
Accumulated Depreciation	$ (6,458)
Rental Housing Properties: | Student Housing | Seattle, WA 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 153,801
Initial Cost, Land and Land Improvements	22,192
Initial Cost, Building and Building Improvements	239,140
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,008
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	22,192
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	240,148
Total	262,340
Accumulated Depreciation	$ (8,344)
Rental Housing Properties: | Student Housing | Tampa, FL 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 90,372
Initial Cost, Land and Land Improvements	11,646
Initial Cost, Building and Building Improvements	149,608
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,379
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	11,646
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	151,987
Total	163,633
Accumulated Depreciation	$ (6,259)
Rental Housing 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	5
Encumbrances	$ 264,282
Initial Cost, Land and Land Improvements	21,691
Initial Cost, Building and Building Improvements	435,395
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	208
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,193
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	21,899
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	438,588
Total	460,487
Accumulated Depreciation	$ (38,233)
Rental Housing 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	2
Encumbrances	$ 68,212
Initial Cost, Land and Land Improvements	9,089
Initial Cost, Building and Building Improvements	83,173
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	57
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,311
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	9,146
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	84,484
Total	93,630
Accumulated Depreciation	$ (9,426)
Rental Housing Properties: | Student Housing | Albuquerque, NM
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 72,477
Initial Cost, Land and Land Improvements	3,982
Initial Cost, Building and Building Improvements	104,201
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,632
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,982
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	105,833
Total	109,815
Accumulated Depreciation	$ (5,443)
Rental Housing Properties: | Student Housing | Ames, IA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 48,352
Initial Cost, Land and Land Improvements	7,612
Initial Cost, Building and Building Improvements	69,576
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	525
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	7,612
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	70,101
Total	77,713
Accumulated Depreciation	$ (2,632)
Rental Housing Properties: | Student Housing | Ann Arbor, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 141,014
Initial Cost, Land and Land Improvements	25,061
Initial Cost, Building and Building Improvements	184,859
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,644
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	25,061
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	187,503
Total	212,564
Accumulated Depreciation	$ (8,374)
Rental Housing Properties: | Student Housing | Athens, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 123,477
Initial Cost, Land and Land Improvements	21,117
Initial Cost, Building and Building Improvements	162,627
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	46
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,306
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	21,163
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	164,933
Total	186,096
Accumulated Depreciation	$ (19,448)
Rental Housing Properties: | Student Housing | Atlanta, GA 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 316,801
Initial Cost, Land and Land Improvements	42,495
Initial Cost, Building and Building Improvements	397,121
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	132
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	5,174
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	42,627
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	402,295
Total	444,922
Accumulated Depreciation	$ (24,140)
Rental Housing Properties: | Student Housing | Auburn, AL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 180,248
Initial Cost, Land and Land Improvements	26,966
Initial Cost, Building and Building Improvements	245,737
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	217
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,392
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	27,183
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	248,129
Total	275,312
Accumulated Depreciation	$ (17,325)
Rental Housing Properties: | Student Housing | 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	$ 53,250
Initial Cost, Land and Land Improvements	10,134
Initial Cost, Building and Building Improvements	60,790
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	111
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	355
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	10,245
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	61,145
Total	71,390
Accumulated Depreciation	$ (4,047)
Rental Housing Properties: | Student Housing | Binghamton, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 116,657
Initial Cost, Land and Land Improvements	23,571
Initial Cost, Building and Building Improvements	145,350
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,430
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	23,571
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	146,780
Total	170,351
Accumulated Depreciation	$ (5,773)
Rental Housing Properties: | Student Housing | Blacksburg, 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	1,700
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	1,700
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	0
Total	1,700
Accumulated Depreciation	$ 0
Rental Housing Properties: | Student Housing | Blacksburg, 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	359
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,194
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	13,057
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	72,887
Total	85,944
Accumulated Depreciation	$ (13,743)
Rental Housing 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	56
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	208
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,655
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	74,043
Total	78,698
Accumulated Depreciation	$ (6,014)
Rental Housing Properties: | Student Housing | Boston, MA 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 135,460
Initial Cost, Land and Land Improvements	14,260
Initial Cost, Building and Building Improvements	259,361
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,720
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	14,260
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	261,081
Total	275,341
Accumulated Depreciation	$ (10,067)
Rental Housing Properties: | Student Housing | Boulder, CO 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 201,254
Initial Cost, Land and Land Improvements	56,901
Initial Cost, Building and Building Improvements	282,542
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	106
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	6,143
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	57,007
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	288,685
Total	345,692
Accumulated Depreciation	$ (22,270)
Rental Housing Properties: | Student Housing | Buffalo, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 164,635
Initial Cost, Land and Land Improvements	69,810
Initial Cost, Building and Building Improvements	225,689
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	56
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,238
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	69,866
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	226,927
Total	296,793
Accumulated Depreciation	$ (13,836)
Rental Housing Properties: | Student Housing | Carbondale, 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	3,100
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	3,100
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	0
Total	3,100
Accumulated Depreciation	$ 0
Rental Housing Properties: | Student Housing | Champaign, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 70,832
Initial Cost, Land and Land Improvements	5,559
Initial Cost, Building and Building Improvements	104,391
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	7,141
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,559
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	111,532
Total	117,091
Accumulated Depreciation	$ (4,323)
Rental Housing Properties: | Student Housing | Charlotte, NC 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 103,042
Initial Cost, Land and Land Improvements	21,058
Initial Cost, Building and Building Improvements	121,217
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,859
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	21,058
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	125,076
Total	146,134
Accumulated Depreciation	$ (5,028)
Rental Housing Properties: | Student Housing | Charlottesville, VA 1
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	798
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	5,762
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,916
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	99,810
Total	105,726
Accumulated Depreciation	$ (17,936)
Rental Housing Properties: | Student Housing | College Station, TX 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 225,675
Initial Cost, Land and Land Improvements	76,636
Initial Cost, Building and Building Improvements	277,661
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	4,310
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	76,636
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	281,971
Total	358,607
Accumulated Depreciation	$ (10,697)
Rental Housing Properties: | Student Housing | Columbia, MO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 52,430
Initial Cost, Land and Land Improvements	5,341
Initial Cost, Building and Building Improvements	99,287
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	6,531
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,341
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	105,818
Total	111,159
Accumulated Depreciation	$ (3,669)
Rental Housing Properties: | Student Housing | Columbia, SC 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 35,540
Initial Cost, Land and Land Improvements	11,100
Initial Cost, Building and Building Improvements	68,885
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	47
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	305
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	11,147
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	69,190
Total	80,337
Accumulated Depreciation	$ (4,527)
Rental Housing Properties: | Student Housing | Columbus, OH 1
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	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	0
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	244
Total	244
Accumulated Depreciation	$ 0
Rental Housing Properties: | Student Housing | Corvallis, OR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 39,473
Initial Cost, Land and Land Improvements	10,155
Initial Cost, Building and Building Improvements	45,229
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	40
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	488
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	10,195
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	45,717
Total	55,912
Accumulated Depreciation	$ (2,282)
Rental Housing Properties: | Student Housing | Dallas, TX 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 115,577
Initial Cost, Land and Land Improvements	47,050
Initial Cost, Building and Building Improvements	157,942
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,054
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	47,050
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	159,996
Total	207,046
Accumulated Depreciation	$ (6,347)
Rental Housing Properties: | Student Housing | Eugene, OR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 217,699
Initial Cost, Land and Land Improvements	22,111
Initial Cost, Building and Building Improvements	293,082
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	9
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,249
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	22,120
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	294,331
Total	316,451
Accumulated Depreciation	$ (11,654)
Rental Housing Properties: | Student Housing | Fayetteville, AR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 35,519
Initial Cost, Land and Land Improvements	11,153
Initial Cost, Building and Building Improvements	36,193
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	112
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,328
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	11,265
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	37,521
Total	48,786
Accumulated Depreciation	$ (2,465)
Rental Housing Properties: | Student Housing | Flagstaff, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 302,988
Initial Cost, Land and Land Improvements	8,781
Initial Cost, Building and Building Improvements	416,087
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	4,442
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,781
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	420,529
Total	429,310
Accumulated Depreciation	$ (17,693)
Rental Housing Properties: | Student Housing | Fort Collins, CO 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 137,356
Initial Cost, Land and Land Improvements	11,297
Initial Cost, Building and Building Improvements	181,443
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	116
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	816
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	11,413
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	182,259
Total	193,672
Accumulated Depreciation	$ (10,378)
Rental Housing Properties: | Student Housing | Fresno, CA 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 17,963
Initial Cost, Land and Land Improvements	4,757
Initial Cost, Building and Building Improvements	20,238
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	745
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,757
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	20,983
Total	25,740
Accumulated Depreciation	$ (1,025)
Rental Housing Properties: | Student 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	$ 102,956
Initial Cost, Land and Land Improvements	21,090
Initial Cost, Building and Building Improvements	145,160
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,522
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	21,090
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	147,682
Total	168,772
Accumulated Depreciation	$ (5,555)
Rental Housing Properties: | Student Housing | Greensboro, NC 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 35,700
Initial Cost, Land and Land Improvements	8,291
Initial Cost, Building and Building Improvements	39,275
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	292
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,291
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	39,567
Total	47,858
Accumulated Depreciation	$ (2,351)
Rental Housing 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	84
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,469
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,542
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	49,417
Total	57,959
Accumulated Depreciation	$ (8,796)
Rental Housing Properties: | Student Housing | Greenville, SC 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 35,756
Initial Cost, Land and Land Improvements	855
Initial Cost, Building and Building Improvements	62,239
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	194
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	855
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	62,433
Total	63,288
Accumulated Depreciation	$ (2,300)
Rental Housing Properties: | Student Housing | Houston, TX 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 57,692
Initial Cost, Land and Land Improvements	1,824
Initial Cost, Building and Building Improvements	52,696
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,474
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,824
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	56,170
Total	57,994
Accumulated Depreciation	$ (6,728)
Rental Housing Properties: | Student Housing | Huntington, WV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 12,445
Initial Cost, Land and Land Improvements	2,206
Initial Cost, Building and Building Improvements	14,172
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,360
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,206
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	15,532
Total	17,738
Accumulated Depreciation	$ (766)
Rental Housing Properties: | Student Housing | Huntsville, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 24,831
Initial Cost, Land and Land Improvements	6,831
Initial Cost, Building and Building Improvements	30,115
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,903
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,831
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	32,018
Total	38,849
Accumulated Depreciation	$ (1,539)
Rental Housing Properties: | Student Housing | Indianapolis, IN 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 110,803
Initial Cost, Land and Land Improvements	577
Initial Cost, Building and Building Improvements	150,355
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	825
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	577
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	151,180
Total	151,757
Accumulated Depreciation	$ (5,548)
Rental Housing 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	3
Encumbrances	$ 158,364
Initial Cost, Land and Land Improvements	28,669
Initial Cost, Building and Building Improvements	194,922
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	61
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,883
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	28,730
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	198,805
Total	227,535
Accumulated Depreciation	$ (13,533)
Rental Housing Properties: | Student Housing | Lafayette, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 93,324
Initial Cost, Land and Land Improvements	10,056
Initial Cost, Building and Building Improvements	141,258
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	9,795
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	10,056
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	151,053
Total	161,109
Accumulated Depreciation	$ (5,087)
Rental Housing Properties: | Student Housing | Lansing, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 65,196
Initial Cost, Land and Land Improvements	12,317
Initial Cost, Building and Building Improvements	79,443
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	848
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	12,317
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	80,291
Total	92,608
Accumulated Depreciation	$ (3,248)
Rental Housing Properties: | Student Housing | Lexington, KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 161,430
Initial Cost, Land and Land Improvements	47,160
Initial Cost, Building and Building Improvements	184,088
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,066
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	47,160
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	186,154
Total	233,314
Accumulated Depreciation	$ (7,555)
Rental Housing Properties: | Student Housing | Los Angeles, CA 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 58,341
Initial Cost, Land and Land Improvements	783
Initial Cost, Building and Building Improvements	118,187
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	249
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	783
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	118,436
Total	119,219
Accumulated Depreciation	$ (4,385)
Rental Housing Properties: | Student Housing | Louisville, KY 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 145,486
Initial Cost, Land and Land Improvements	36,787
Initial Cost, Building and Building Improvements	178,524
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	265
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	4,035
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	37,052
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	182,559
Total	219,611
Accumulated Depreciation	$ (11,957)
Rental Housing Properties: | Student Housing | Lubbock, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	7
Encumbrances	$ 271,426
Initial Cost, Land and Land Improvements	57,660
Initial Cost, Building and Building Improvements	337,160
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,046
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	57,660
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	339,206
Total	396,866
Accumulated Depreciation	$ (13,766)
Rental Housing Properties: | Student Housing | Madison, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 98,619
Initial Cost, Land and Land Improvements	7,410
Initial Cost, Building and Building Improvements	163,875
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	335
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	7,410
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	164,210
Total	171,620
Accumulated Depreciation	$ (5,863)
Rental Housing Properties: | Student Housing | Mankato, MN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 38,146
Initial Cost, Land and Land Improvements	7,286
Initial Cost, Building and Building Improvements	52,185
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	254
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	7,286
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	52,439
Total	59,725
Accumulated Depreciation	$ (2,127)
Rental Housing Properties: | Student Housing | Minneapolis, MN 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 51,676
Initial Cost, Land and Land Improvements	14,972
Initial Cost, Building and Building Improvements	74,676
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,193
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	14,972
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	76,869
Total	91,841
Accumulated Depreciation	$ (3,131)
Rental Housing Properties: | Student Housing | Morgantown, WV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 73,185
Initial Cost, Land and Land Improvements	10,414
Initial Cost, Building and Building Improvements	73,088
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	752
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	10,414
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	73,840
Total	84,254
Accumulated Depreciation	$ (3,112)
Rental Housing Properties: | Student Housing | Nashville, TN 1
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	11,700
Initial Cost, Building and Building Improvements	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	11,700
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	614
Total	12,314
Accumulated Depreciation	$ 0
Rental Housing Properties: | Student Housing | New York, NY 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 43,809
Initial Cost, Land and Land Improvements	203
Initial Cost, Building and Building Improvements	53,571
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	358
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	203
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	53,929
Total	54,132
Accumulated Depreciation	$ (1,948)
Rental Housing Properties: | Student Housing | Oklahoma City, OK 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 66,629
Initial Cost, Land and Land Improvements	11,400
Initial Cost, Building and Building Improvements	93,765
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	283
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	11,400
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	94,048
Total	105,448
Accumulated Depreciation	$ (3,418)
Rental Housing Properties: | Student Housing | Orlando, FL 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	7
Encumbrances	$ 770,140
Initial Cost, Land and Land Improvements	112,999
Initial Cost, Building and Building Improvements	1,205,032
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	162
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	45,576
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	113,161
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,250,608
Total	1,363,769
Accumulated Depreciation	$ (59,427)
Rental Housing Properties: | Student Housing | Oxford, MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 15,964
Initial Cost, Land and Land Improvements	6,779
Initial Cost, Building and Building Improvements	16,658
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	167
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,779
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	16,825
Total	23,604
Accumulated Depreciation	$ (968)
Rental Housing Properties: | Student Housing | Philadelphia, PA 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 518,723
Initial Cost, Land and Land Improvements	620
Initial Cost, Building and Building Improvements	755,870
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	4,631
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	620
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	760,501
Total	761,121
Accumulated Depreciation	$ (31,332)
Rental Housing Properties: | Student Housing | Phoenix, AZ 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	12
Encumbrances	$ 782,683
Initial Cost, Land and Land Improvements	48,104
Initial Cost, Building and Building Improvements	1,120,963
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	219
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	50,400
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	48,323
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,171,363
Total	1,219,686
Accumulated Depreciation	$ (58,143)
Rental Housing Properties: | Student Housing | Portland, OR 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 67,544
Initial Cost, Land and Land Improvements	1,493
Initial Cost, Building and Building Improvements	94,652
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	779
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,493
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	95,431
Total	96,924
Accumulated Depreciation	$ (3,409)
Rental Housing 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	716
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	152
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	20,888
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	55,633
Total	76,521
Accumulated Depreciation	$ (7,060)
Rental Housing Properties: | Student Housing | Raleigh, NC 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 36,750
Initial Cost, Land and Land Improvements	11,338
Initial Cost, Building and Building Improvements	46,044
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	938
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	11,338
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	46,982
Total	58,320
Accumulated Depreciation	$ (3,391)
Rental Housing Properties: | Student Housing | Reno, NV 1
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	19
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	308
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,284
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	75,696
Total	81,980
Accumulated Depreciation	$ (5,732)
Rental Housing Properties: | Student Housing | Richmond, VA 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 189,420
Initial Cost, Land and Land Improvements	12,831
Initial Cost, Building and Building Improvements	242,058
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,481
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	12,831
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	244,539
Total	257,370
Accumulated Depreciation	$ (8,798)
Rental Housing Properties: | Student Housing | Riverside, CA 1
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	42
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,351
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,008
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	42,510
Total	46,518
Accumulated Depreciation	$ (7,595)
Rental Housing Properties: | Student Housing | Rochester, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 119,518
Initial Cost, Land and Land Improvements	43,585
Initial Cost, Building and Building Improvements	162,946
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,104
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	43,585
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	164,050
Total	207,635
Accumulated Depreciation	$ (7,790)
Rental Housing Properties: | Student Housing | San Antonio, TX 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 74,582
Initial Cost, Land and Land Improvements	21,357
Initial Cost, Building and Building Improvements	82,319
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	596
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	21,357
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	82,915
Total	104,272
Accumulated Depreciation	$ (3,497)
Rental Housing Properties: | Student Housing | San Francisco, CA 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 234,867
Initial Cost, Land and Land Improvements	4,671
Initial Cost, Building and Building Improvements	337,670
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	52
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	125,949
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,723
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	463,619
Total	468,342
Accumulated Depreciation	$ (14,495)
Rental Housing Properties: | Student Housing | Starkville, MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 7,070
Initial Cost, Land and Land Improvements	2,678
Initial Cost, Building and Building Improvements	6,050
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	277
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,678
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	6,327
Total	9,005
Accumulated Depreciation	$ (374)
Rental Housing 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	422
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	8,092
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	23,177
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	210,023
Total	233,200
Accumulated Depreciation	$ (31,785)
Rental Housing Properties: | Student Housing | Syracuse, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 32,724
Initial Cost, Land and Land Improvements	1,693
Initial Cost, Building and Building Improvements	59,712
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	573
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,693
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	60,285
Total	61,978
Accumulated Depreciation	$ (2,380)
Rental Housing 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	6
Encumbrances	$ 377,940
Initial Cost, Land and Land Improvements	74,759
Initial Cost, Building and Building Improvements	506,945
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	15
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,556
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	74,774
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	510,501
Total	585,275
Accumulated Depreciation	$ (25,322)
Rental Housing Properties: | Student Housing | Toledo, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 22,657
Initial Cost, Land and Land Improvements	4,045
Initial Cost, Building and Building Improvements	25,847
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	457
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,045
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	26,304
Total	30,349
Accumulated Depreciation	$ (1,030)
Rental Housing Properties: | Student Housing | Trenton, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 39,893
Initial Cost, Land and Land Improvements	3,712
Initial Cost, Building and Building Improvements	74,929
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	138
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,712
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	75,067
Total	78,779
Accumulated Depreciation	$ (3,683)
Rental Housing 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	2
Encumbrances	$ 141,931
Initial Cost, Land and Land Improvements	38,573
Initial Cost, Building and Building Improvements	151,583
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	74
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	8,389
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	38,647
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	159,972
Total	198,619
Accumulated Depreciation	$ (20,033)
Rental Housing Properties: | Student Housing | Waco, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 30,335
Initial Cost, Land and Land Improvements	6,387
Initial Cost, Building and Building Improvements	73,632
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,919
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,387
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	77,551
Total	83,938
Accumulated Depreciation	$ (2,851)
Rental Housing Properties: | Single Family Rental | Charleston, SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 203
Initial Cost, Land and Land Improvements	50
Initial Cost, Building and Building Improvements	242
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	50
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	247
Total	297
Accumulated Depreciation	$ (9)
Rental Housing Properties: | Single Family Rental | Naples, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	11
Encumbrances	$ 4,208
Initial Cost, Land and Land Improvements	1,424
Initial Cost, Building and Building Improvements	4,336
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	97
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	21
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,521
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,357
Total	5,878
Accumulated Depreciation	$ (423)
Rental Housing Properties: | Single Family Rental | North Port, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	230
Encumbrances	$ 71,506
Initial Cost, Land and Land Improvements	20,485
Initial Cost, Building and Building Improvements	74,345
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	808
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,760
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	21,293
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	77,105
Total	98,398
Accumulated Depreciation	$ (6,666)
Rental Housing Properties: | Single Family Rental | Olympia, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	98
Encumbrances	$ 36,425
Initial Cost, Land and Land Improvements	15,315
Initial Cost, Building and Building Improvements	38,532
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	35
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	641
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	15,350
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	39,173
Total	54,523
Accumulated Depreciation	$ (2,960)
Rental Housing Properties: | Single Family Rental | Pittsburgh, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	87
Encumbrances	$ 23,821
Initial Cost, Land and Land Improvements	7,800
Initial Cost, Building and Building Improvements	30,719
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	3
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	681
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	7,803
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	31,400
Total	39,203
Accumulated Depreciation	$ (2,821)
Rental Housing Properties: | Single Family Rental | Stockton, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	14
Encumbrances	$ 5,968
Initial Cost, Land and Land Improvements	2,978
Initial Cost, Building and Building Improvements	6,176
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	21
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,999
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	6,176
Total	9,175
Accumulated Depreciation	$ (553)
Rental Housing Properties: | Single Family Rental | Atlanta, GA 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2,868
Encumbrances	$ 792,107
Initial Cost, Land and Land Improvements	223,995
Initial Cost, Building and Building Improvements	982,911
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	4,114
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	30,648
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	228,109
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,013,559
Total	1,241,668
Accumulated Depreciation	$ (75,721)
Rental Housing Properties: | Single Family Rental | San Diego, CA 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	13
Encumbrances	$ 7,163
Initial Cost, Land and Land Improvements	4,376
Initial Cost, Building and Building Improvements	9,663
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	4,376
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	9,663
Total	14,039
Accumulated Depreciation	$ (842)
Rental Housing Properties: | Single Family Rental | Seattle, WA 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	844
Encumbrances	$ 344,684
Initial Cost, Land and Land Improvements	166,187
Initial Cost, Building and Building Improvements	330,572
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	738
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	5,628
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	166,925
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	336,200
Total	503,125
Accumulated Depreciation	$ (24,894)
Rental Housing Properties: | Single Family Rental | Tampa, FL 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	952
Encumbrances	$ 280,757
Initial Cost, Land and Land Improvements	97,848
Initial Cost, Building and Building Improvements	302,378
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	2,668
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	12,421
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	100,516
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	314,799
Total	415,315
Accumulated Depreciation	$ (24,848)
Rental Housing Properties: | Single Family Rental | Athens, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	9
Encumbrances	$ 2,014
Initial Cost, Land and Land Improvements	527
Initial Cost, Building and Building Improvements	2,368
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	3
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	89
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	2,457
Total	2,987
Accumulated Depreciation	$ (137)
Rental Housing Properties: | Single Family Rental | Albuquerque, NM 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	11
Encumbrances	$ 2,473
Initial Cost, Land and Land Improvements	777
Initial Cost, Building and Building Improvements	2,761
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	5
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	56
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	782
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,817
Total	3,599
Accumulated Depreciation	$ (112)
Rental Housing Properties: | Single Family Rental | Augusta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 758
Initial Cost, Land and Land Improvements	281
Initial Cost, Building and Building Improvements	1,301
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	5
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	96
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	286
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,397
Total	1,683
Accumulated Depreciation	$ (65)
Rental Housing Properties: | Single Family Rental | Austin, TX 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	113
Encumbrances	$ 29,423
Initial Cost, Land and Land Improvements	9,180
Initial Cost, Building and Building Improvements	39,666
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	222
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	414
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	9,402
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	40,080
Total	49,482
Accumulated Depreciation	$ (3,382)
Rental Housing Properties: | Single Family Rental | Baltimore, MD 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	240
Encumbrances	$ 59,822
Initial Cost, Land and Land Improvements	26,302
Initial Cost, Building and Building Improvements	58,205
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	113
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,812
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	26,415
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	61,017
Total	87,432
Accumulated Depreciation	$ (4,775)
Rental Housing Properties: | Single Family Rental | Bellingham, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 223
Initial Cost, Land and Land Improvements	109
Initial Cost, Building and Building Improvements	228
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	109
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	231
Total	340
Accumulated Depreciation	$ (22)
Rental Housing Properties: | Single Family Rental | Boulder, CO 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	10
Encumbrances	$ 5,251
Initial Cost, Land and Land Improvements	1,662
Initial Cost, Building and Building Improvements	6,152
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	1,662
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	6,152
Total	7,814
Accumulated Depreciation	$ (525)
Rental Housing Properties: | Single Family Rental | Bremerton, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	136
Encumbrances	$ 48,399
Initial Cost, Land and Land Improvements	21,629
Initial Cost, Building and Building Improvements	49,669
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	139
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,211
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	21,768
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	50,880
Total	72,648
Accumulated Depreciation	$ (3,480)
Rental Housing Properties: | Single Family Rental | Cape Coral, FL 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	121
Encumbrances	$ 29,717
Initial Cost, Land and Land Improvements	8,247
Initial Cost, Building and Building Improvements	30,475
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	560
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,942
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,807
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	32,417
Total	41,224
Accumulated Depreciation	$ (2,809)
Rental Housing Properties: | Single Family Rental | Charlotte, NC 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	503
Encumbrances	$ 148,152
Initial Cost, Land and Land Improvements	46,796
Initial Cost, Building and Building Improvements	183,630
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	404
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,722
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	47,200
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	187,352
Total	234,552
Accumulated Depreciation	$ (13,736)
Rental Housing Properties: | Single Family Rental | Chicago, IL 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	776
Encumbrances	$ 201,377
Initial Cost, Land and Land Improvements	62,251
Initial Cost, Building and Building Improvements	211,858
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1,072
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	5,799
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	63,323
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	217,657
Total	280,980
Accumulated Depreciation	$ (18,701)
Rental Housing Properties: | Single Family Rental | Colorado Springs, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1,003
Encumbrances	$ 326,948
Initial Cost, Land and Land Improvements	96,658
Initial Cost, Building and Building Improvements	377,816
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	839
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	7,836
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	97,497
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	385,652
Total	483,149
Accumulated Depreciation	$ (27,396)
Rental Housing Properties: | Single Family Rental | Columbia, SC 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	193
Encumbrances	$ 36,216
Initial Cost, Land and Land Improvements	8,928
Initial Cost, Building and Building Improvements	43,395
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	144
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,405
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	9,072
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	45,800
Total	54,872
Accumulated Depreciation	$ (3,191)
Rental Housing Properties: | Single Family Rental | Dallas, TX 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1,663
Encumbrances	$ 461,080
Initial Cost, Land and Land Improvements	146,800
Initial Cost, Building and Building Improvements	558,402
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	4,292
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	11,818
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	151,092
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	570,220
Total	721,312
Accumulated Depreciation	$ (46,110)
Rental Housing Properties: | Single Family Rental | Deltona, FL 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 258
Initial Cost, Land and Land Improvements	93
Initial Cost, Building and Building Improvements	302
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	3
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	16
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	96
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	318
Total	414
Accumulated Depreciation	$ (13)
Rental Housing Properties: | Single Family Rental | Denver, CO 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	915
Encumbrances	$ 386,839
Initial Cost, Land and Land Improvements	130,935
Initial Cost, Building and Building Improvements	438,468
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	578
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	4,430
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	131,513
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	442,898
Total	574,411
Accumulated Depreciation	$ (32,643)
Rental Housing Properties: | Single Family Rental | Durham, NC 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	12
Encumbrances	$ 3,298
Initial Cost, Land and Land Improvements	1,002
Initial Cost, Building and Building Improvements	4,133
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	5
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	64
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,007
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,197
Total	5,204
Accumulated Depreciation	$ (270)
Rental Housing Properties: | Single Family Rental | Fort Collins, CO 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	109
Encumbrances	$ 44,555
Initial Cost, Land and Land Improvements	10,480
Initial Cost, Building and Building Improvements	49,788
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	89
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	664
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	10,569
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	50,452
Total	61,021
Accumulated Depreciation	$ (3,884)
Rental Housing Properties: | Single Family Rental | Gainesville, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 877
Initial Cost, Land and Land Improvements	192
Initial Cost, Building and Building Improvements	981
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	32
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	192
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,013
Total	1,205
Accumulated Depreciation	$ (87)
Rental Housing Properties: | Single Family Rental | Greeley, CO 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	150
Encumbrances	$ 55,151
Initial Cost, Land and Land Improvements	15,534
Initial Cost, Building and Building Improvements	62,811
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	25
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	734
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	15,559
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	63,545
Total	79,104
Accumulated Depreciation	$ (4,576)
Rental Housing Properties: | Single Family Rental | Greensboro, NC 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	51
Encumbrances	$ 15,743
Initial Cost, Land and Land Improvements	4,537
Initial Cost, Building and Building Improvements	19,834
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	16
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	304
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,553
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	20,138
Total	24,691
Accumulated Depreciation	$ (1,778)
Rental Housing Properties: | Single Family Rental | Greenville, SC 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	16
Encumbrances	$ 3,451
Initial Cost, Land and Land Improvements	842
Initial Cost, Building and Building Improvements	4,038
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	28
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	198
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	870
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,236
Total	5,106
Accumulated Depreciation	$ (269)
Rental Housing Properties: | Single Family Rental | Houston, TX 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	293
Encumbrances	$ 65,951
Initial Cost, Land and Land Improvements	16,090
Initial Cost, Building and Building Improvements	73,854
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	943
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,432
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	17,033
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	76,286
Total	93,319
Accumulated Depreciation	$ (6,599)
Rental Housing Properties: | Single Family Rental | Indianapolis, IN 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	111
Encumbrances	$ 29,100
Initial Cost, Land and Land Improvements	8,022
Initial Cost, Building and Building Improvements	32,742
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	93
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,070
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,115
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	33,812
Total	41,927
Accumulated Depreciation	$ (3,011)
Rental Housing Properties: | Single Family Rental | Jacksonville, FL 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	191
Encumbrances	$ 58,777
Initial Cost, Land and Land Improvements	18,231
Initial Cost, Building and Building Improvements	64,658
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	260
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,362
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	18,491
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	66,020
Total	84,511
Accumulated Depreciation	$ (5,583)
Rental Housing Properties: | Single Family Rental | Kansas City, MO 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	306
Encumbrances	$ 88,139
Initial Cost, Land and Land Improvements	25,283
Initial Cost, Building and Building Improvements	107,047
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	200
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,936
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	25,483
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	109,983
Total	135,466
Accumulated Depreciation	$ (9,318)
Rental Housing Properties: | Single Family Rental | Lakeland, FL 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 107
Initial Cost, Land and Land Improvements	45
Initial Cost, Building and Building Improvements	176
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	45
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	179
Total	224
Accumulated Depreciation	$ (16)
Rental Housing Properties: | Single Family Rental | Las Vegas, NV 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	267
Encumbrances	$ 77,879
Initial Cost, Land and Land Improvements	33,622
Initial Cost, Building and Building Improvements	86,039
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	286
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,008
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	33,908
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	87,047
Total	120,955
Accumulated Depreciation	$ (4,613)
Rental Housing Properties: | Single Family Rental | Los Angeles, CA 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	78
Encumbrances	$ 33,829
Initial Cost, Land and Land Improvements	13,488
Initial Cost, Building and Building Improvements	37,331
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	106
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	730
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	13,594
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	38,061
Total	51,655
Accumulated Depreciation	$ (2,894)
Rental Housing Properties: | Single Family Rental | Louisville, KY 2
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	73
Initial Cost, Building and Building Improvements	161
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	6
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	19
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	79
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	180
Total	259
Accumulated Depreciation	$ (6)
Rental Housing Properties: | Single Family Rental | Miami, FL 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	110
Encumbrances	$ 39,010
Initial Cost, Land and Land Improvements	12,083
Initial Cost, Building and Building Improvements	39,416
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	405
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,539
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	12,488
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	40,955
Total	53,443
Accumulated Depreciation	$ (3,655)
Rental Housing Properties: | Single Family Rental | Minneapolis, MN 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1,069
Encumbrances	$ 317,240
Initial Cost, Land and Land Improvements	113,854
Initial Cost, Building and Building Improvements	341,658
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	824
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	11,114
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	114,678
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	352,772
Total	467,450
Accumulated Depreciation	$ (26,994)
Rental Housing Properties: | Single Family Rental | Modesto, CA 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 2,406
Initial Cost, Land and Land Improvements	1,000
Initial Cost, Building and Building Improvements	2,435
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	18
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,018
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,435
Total	3,453
Accumulated Depreciation	$ (229)
Rental Housing Properties: | Single Family Rental | Mount Vernon, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 1,657
Initial Cost, Land and Land Improvements	806
Initial Cost, Building and Building Improvements	1,235
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	7
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	807
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,242
Total	2,049
Accumulated Depreciation	$ (112)
Rental Housing Properties: | Single Family Rental | Myrtle Beach, SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 384
Initial Cost, Land and Land Improvements	94
Initial Cost, Building and Building Improvements	455
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	7
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	95
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	462
Total	557
Accumulated Depreciation	$ (18)
Rental Housing Properties: | Single Family Rental | Nashville, TN 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	161
Encumbrances	$ 48,589
Initial Cost, Land and Land Improvements	14,626
Initial Cost, Building and Building Improvements	53,642
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	110
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	845
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	14,736
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	54,487
Total	69,223
Accumulated Depreciation	$ (3,866)
Rental Housing Properties: | Single Family Rental | Ogden, UT 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	73
Encumbrances	$ 22,316
Initial Cost, Land and Land Improvements	8,811
Initial Cost, Building and Building Improvements	26,602
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	28
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	445
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,839
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	27,047
Total	35,886
Accumulated Depreciation	$ (1,668)
Rental Housing Properties: | Single Family Rental | Oklahoma City, OK 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	35
Encumbrances	$ 7,610
Initial Cost, Land and Land Improvements	1,801
Initial Cost, Building and Building Improvements	9,101
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	52
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	190
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,853
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	9,291
Total	11,144
Accumulated Depreciation	$ (701)
Rental Housing Properties: | Single Family Rental | Orlando, FL 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	655
Encumbrances	$ 195,509
Initial Cost, Land and Land Improvements	60,313
Initial Cost, Building and Building Improvements	217,126
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1,852
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	8,552
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	62,165
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	225,678
Total	287,843
Accumulated Depreciation	$ (18,276)
Rental Housing Properties: | Single Family Rental | Oxnard, CA 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 420
Initial Cost, Land and Land Improvements	221
Initial Cost, Building and Building Improvements	667
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	2
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	223
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	667
Total	890
Accumulated Depreciation	$ (57)
Rental Housing Properties: | Single Family Rental | Palm Bay, FL 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	33
Encumbrances	$ 7,200
Initial Cost, Land and Land Improvements	2,507
Initial Cost, Building and Building Improvements	8,551
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	62
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	349
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,569
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	8,900
Total	11,469
Accumulated Depreciation	$ (559)
Rental Housing Properties: | Single Family Rental | Philadelphia, PA 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	178
Encumbrances	$ 46,168
Initial Cost, Land and Land Improvements	19,006
Initial Cost, Building and Building Improvements	53,821
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	156
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,491
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	19,162
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	56,312
Total	75,474
Accumulated Depreciation	$ (4,976)
Rental Housing Properties: | Single Family Rental | Phoenix, AZ 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	684
Encumbrances	$ 185,867
Initial Cost, Land and Land Improvements	90,851
Initial Cost, Building and Building Improvements	186,717
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	967
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	4,231
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	91,818
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	190,948
Total	282,766
Accumulated Depreciation	$ (11,996)
Rental Housing Properties: | Single Family Rental | Port St. Lucie, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 916
Initial Cost, Land and Land Improvements	503
Initial Cost, Building and Building Improvements	817
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	14
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	28
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	517
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	845
Total	1,362
Accumulated Depreciation	$ (75)
Rental Housing Properties: | Single Family Rental | Portland, OR 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	322
Encumbrances	$ 135,674
Initial Cost, Land and Land Improvements	66,384
Initial Cost, Building and Building Improvements	127,066
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	23
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,490
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	66,407
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	128,556
Total	194,963
Accumulated Depreciation	$ (10,780)
Rental Housing Properties: | Single Family Rental | Provo, UT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	12
Encumbrances	$ 4,426
Initial Cost, Land and Land Improvements	1,676
Initial Cost, Building and Building Improvements	4,425
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	29
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	130
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,705
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,555
Total	6,260
Accumulated Depreciation	$ (285)
Rental Housing Properties: | Single Family Rental | Punta Gorda, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	7
Encumbrances	$ 1,818
Initial Cost, Land and Land Improvements	596
Initial Cost, Building and Building Improvements	1,893
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	44
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	146
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	640
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,039
Total	2,679
Accumulated Depreciation	$ (206)
Rental Housing Properties: | Single Family Rental | Raleigh, NC 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	106
Encumbrances	$ 30,112
Initial Cost, Land and Land Improvements	8,455
Initial Cost, Building and Building Improvements	34,007
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	37
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	537
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,492
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	34,544
Total	43,036
Accumulated Depreciation	$ (2,532)
Rental Housing Properties: | Single Family Rental | Richmond, VA 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	136
Encumbrances	$ 31,256
Initial Cost, Land and Land Improvements	9,791
Initial Cost, Building and Building Improvements	34,855
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	74
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,343
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	9,865
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	36,198
Total	46,063
Accumulated Depreciation	$ (2,517)
Rental Housing Properties: | Single Family Rental | Riverside, CA 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	284
Encumbrances	$ 114,589
Initial Cost, Land and Land Improvements	43,402
Initial Cost, Building and Building Improvements	134,293
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	368
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,150
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	43,770
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	136,443
Total	180,213
Accumulated Depreciation	$ (11,289)
Rental Housing Properties: | Single Family Rental | Sacramento, CA 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	91
Encumbrances	$ 45,227
Initial Cost, Land and Land Improvements	16,264
Initial Cost, Building and Building Improvements	47,304
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	128
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	16,392
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	47,304
Total	63,696
Accumulated Depreciation	$ (4,162)
Rental Housing Properties: | Single Family Rental | Salt Lake City, UT 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	69
Encumbrances	$ 23,460
Initial Cost, Land and Land Improvements	9,304
Initial Cost, Building and Building Improvements	26,471
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	56
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	389
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	9,360
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	26,860
Total	36,220
Accumulated Depreciation	$ (1,684)
Rental Housing Properties: | Single Family Rental | San Antonio, TX 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	202
Encumbrances	$ 46,557
Initial Cost, Land and Land Improvements	12,332
Initial Cost, Building and Building Improvements	56,211
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	347
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,206
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	12,679
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	57,417
Total	70,096
Accumulated Depreciation	$ (4,798)
Rental Housing Properties: | Single Family Rental | Sanford, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 251
Initial Cost, Land and Land Improvements	170
Initial Cost, Building and Building Improvements	696
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	2
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	9
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	172
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	705
Total	877
Accumulated Depreciation	$ (40)
Rental Housing Properties: | Single Family Rental | St. Louis, MO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	167
Encumbrances	$ 40,526
Initial Cost, Land and Land Improvements	10,949
Initial Cost, Building and Building Improvements	45,317
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	144
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,772
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	11,093
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	47,089
Total	58,182
Accumulated Depreciation	$ (3,637)
Rental Housing Properties: | Single Family Rental | Tulsa, OK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	82
Encumbrances	$ 17,582
Initial Cost, Land and Land Improvements	3,862
Initial Cost, Building and Building Improvements	20,848
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	162
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	746
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,024
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	21,594
Total	25,618
Accumulated Depreciation	$ (1,804)
Rental Housing 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	279
Encumbrances	$ 83,263
Initial Cost, Land and Land Improvements	35,674
Initial Cost, Building and Building Improvements	83,383
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	116
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,059
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	35,790
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	86,442
Total	122,232
Accumulated Depreciation	$ (6,931)
Rental Housing Properties: | Single Family Rental | Winston, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	28
Encumbrances	$ 6,706
Initial Cost, Land and Land Improvements	1,809
Initial Cost, Building and Building Improvements	8,032
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	11
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	246
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	8,278
Total	10,098
Accumulated Depreciation	$ (618)
Rental Housing 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	11
Encumbrances	$ 313,792
Initial Cost, Land and Land Improvements	30,338
Initial Cost, Building and Building Improvements	466,723
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	11,755
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	30,338
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	478,478
Total	508,816
Accumulated Depreciation	$ (20,728)
Rental Housing Properties: | Affordable Housing | Beaumont, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 4,735
Initial Cost, Land and Land Improvements	4,065
Initial Cost, Building and Building Improvements	20,169
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	66
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	254
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,131
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	20,423
Total	24,554
Accumulated Depreciation	$ (1,490)
Rental Housing Properties: | Affordable Housing | Birmingham AL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 4,606
Initial Cost, Land and Land Improvements	5,370
Initial Cost, Building and Building Improvements	2,950
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	56
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,426
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,950
Total	8,376
Accumulated Depreciation	$ (718)
Rental Housing 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	$ 24,276
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	2
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	809
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	10,742
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	44,809
Total	55,551
Accumulated Depreciation	$ (3,458)
Rental Housing Properties: | Affordable Housing | Virginia Beach, VA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 19,079
Initial Cost, Land and Land Improvements	20,370
Initial Cost, Building and Building Improvements	56,310
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	46
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,041
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	20,416
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	57,351
Total	77,767
Accumulated Depreciation	$ (4,486)
Rental Housing Properties: | Affordable Housing | Cincinnati, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	7
Encumbrances	$ 68,122
Initial Cost, Land and Land Improvements	17,960
Initial Cost, Building and Building Improvements	107,339
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	336
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,842
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	18,296
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	109,181
Total	127,477
Accumulated Depreciation	$ (8,390)
Rental Housing Properties: | Affordable Housing | Santa Rosa, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 27,500
Initial Cost, Land and Land Improvements	12,190
Initial Cost, Building and Building Improvements	55,290
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	314
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	864
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	12,504
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	56,154
Total	68,658
Accumulated Depreciation	$ (4,352)
Rental Housing Properties: | Affordable Housing | Sebastian, 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	747
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	40,137
Total	49,817
Accumulated Depreciation	$ (3,106)
Rental Housing 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	22,100
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	83
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	320
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,233
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	22,420
Total	26,653
Accumulated Depreciation	$ (1,837)
Rental Housing Properties: | Affordable Housing | Atlanta, GA 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	10
Encumbrances	$ 93,445
Initial Cost, Land and Land Improvements	42,631
Initial Cost, Building and Building Improvements	118,288
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	379
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,958
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	43,010
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	120,246
Total	163,256
Accumulated Depreciation	$ (8,893)
Rental Housing Properties: | Affordable Housing | Trenton, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 6,127
Initial Cost, Land and Land Improvements	4,670
Initial Cost, Building and Building Improvements	10,000
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	35
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	10,035
Total	14,705
Accumulated Depreciation	$ (798)
Rental Housing 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	$ 6,383
Initial Cost, Land and Land Improvements	3,520
Initial Cost, Building and Building Improvements	13,140
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	63
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	162
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,583
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	13,302
Total	16,885
Accumulated Depreciation	$ (1,032)
Rental Housing Properties: | Affordable Housing | St. Louis, MO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 29,525
Initial Cost, Land and Land Improvements	10,060
Initial Cost, Building and Building Improvements	61,860
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	117
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	190
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	10,177
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	62,050
Total	72,227
Accumulated Depreciation	$ (4,793)
Rental Housing Properties: | Affordable Housing | Washington DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	31
Encumbrances	$ 544,817
Initial Cost, Land and Land Improvements	390,711
Initial Cost, Building and Building Improvements	743,281
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	921
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	15,476
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	391,632
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	758,757
Total	1,150,389
Accumulated Depreciation	$ (58,652)
Rental Housing 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	$ 2,645
Initial Cost, Land and Land Improvements	740
Initial Cost, Building and Building Improvements	2,720
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	6
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	55
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	746
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,775
Total	3,521
Accumulated Depreciation	$ (216)
Rental Housing Properties: | Affordable Housing | Albuquerque, NM 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	8
Encumbrances	$ 92,899
Initial Cost, Land and Land Improvements	69,810
Initial Cost, Building and Building Improvements	82,209
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	498
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	6,658
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	70,308
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	88,867
Total	159,175
Accumulated Depreciation	$ (7,071)
Rental Housing Properties: | Affordable Housing | Austin, TX 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	8
Encumbrances	$ 51,531
Initial Cost, Land and Land Improvements	34,790
Initial Cost, Building and Building Improvements	156,099
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	381
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,592
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	35,171
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	157,691
Total	192,862
Accumulated Depreciation	$ (12,225)
Rental Housing 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	$ 4,685
Initial Cost, Land and Land Improvements	6,460
Initial Cost, Building and Building Improvements	4,260
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	119
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,460
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,379
Total	10,839
Accumulated Depreciation	$ (379)
Rental Housing Properties: | Affordable Housing | Baltimore, MD 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 24,442
Initial Cost, Land and Land Improvements	40,030
Initial Cost, Building and Building Improvements	45,040
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	53
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	444
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	40,083
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	45,484
Total	85,567
Accumulated Depreciation	$ (3,756)
Rental Housing 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	1
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	57
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,241
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,997
Total	6,238
Accumulated Depreciation	$ (387)
Rental Housing 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	$ 5,842
Initial Cost, Land and Land Improvements	2,140
Initial Cost, Building and Building Improvements	14,060
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	4
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	96
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,144
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	14,156
Total	16,300
Accumulated Depreciation	$ (1,091)
Rental Housing Properties: | Affordable Housing | Boston, MA 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 9,374
Initial Cost, Land and Land Improvements	8,610
Initial Cost, Building and Building Improvements	12,202
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	4
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,614
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	12,202
Total	20,816
Accumulated Depreciation	$ (3,064)
Rental Housing Properties: | Affordable Housing | Boulder, CO 3
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	16,410
Initial Cost, Building and Building Improvements	80,829
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	365
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	648
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	81,477
Total	98,252
Accumulated Depreciation	$ (6,309)
Rental Housing 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	$ 1,181
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	29
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	709
Total	4,489
Accumulated Depreciation	$ (61)
Rental Housing Properties: | Affordable Housing | Brownsville, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 8,654
Initial Cost, Land and Land Improvements	4,696
Initial Cost, Building and Building Improvements	12,700
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	109
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	8
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,805
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	12,708
Total	17,513
Accumulated Depreciation	$ 0
Rental Housing Properties: | Affordable Housing | Canton, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 1,304
Initial Cost, Land and Land Improvements	1,940
Initial Cost, Building and Building Improvements	13,260
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	186
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	13,446
Total	15,386
Accumulated Depreciation	$ (1,028)
Rental Housing Properties: | Affordable Housing | Cape Coral, FL 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 61,425
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	17
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,630
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	14,249
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	99,229
Total	113,478
Accumulated Depreciation	$ (7,439)
Rental Housing Properties: | Affordable Housing | Charlotte, NC 3
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 37,155
Initial Cost, Land and Land Improvements	23,730
Initial Cost, Building and Building Improvements	36,200
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	241
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,057
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	23,971
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	37,257
Total	61,228
Accumulated Depreciation	$ (3,029)
Rental Housing Properties: | Affordable Housing | Charlottesville, VA 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 695
Initial Cost, Land and Land Improvements	5,940
Initial Cost, Building and Building Improvements	21,640
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	632
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	22,272
Total	28,212
Accumulated Depreciation	$ (1,714)
Rental Housing 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	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	3,770
Initial Cost, Building and Building Improvements	12,290
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	23
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	183
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,793
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	12,473
Total	16,266
Accumulated Depreciation	$ (974)
Rental Housing Properties: | Affordable Housing | Chicago, IL 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 12,274
Initial Cost, Land and Land Improvements	6,340
Initial Cost, Building and Building Improvements	25,450
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	159
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	782
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,499
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	26,232
Total	32,731
Accumulated Depreciation	$ (2,026)
Rental Housing 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	2
Encumbrances	$ 2,100
Initial Cost, Land and Land Improvements	2,340
Initial Cost, Building and Building Improvements	1,580
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	32
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,340
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,612
Total	3,952
Accumulated Depreciation	$ (141)
Rental Housing 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	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	930
Initial Cost, Building and Building Improvements	140
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	68
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	931
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	208
Total	1,139
Accumulated Depreciation	$ (23)
Rental Housing Properties: | Affordable Housing | Cleveland, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 13,650
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	8
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	254
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,468
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	20,534
Total	24,002
Accumulated Depreciation	$ (1,581)
Rental Housing Properties: | Affordable Housing | College Station, TX 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 6,430
Initial Cost, Land and Land Improvements	3,160
Initial Cost, Building and Building Improvements	12,540
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	49
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	151
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,209
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	12,691
Total	15,900
Accumulated Depreciation	$ (984)
Rental Housing Properties: | Affordable Housing | Columbus, OH 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 26,013
Initial Cost, Land and Land Improvements	6,440
Initial Cost, Building and Building Improvements	40,980
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	57
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	688
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,497
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	41,668
Total	48,165
Accumulated Depreciation	$ (3,193)
Rental Housing Properties: | Affordable Housing | Crestview, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 10,677
Initial Cost, Land and Land Improvements	3,740
Initial Cost, Building and Building Improvements	9,750
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	546
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	10,296
Total	14,036
Accumulated Depreciation	$ (796)
Rental Housing Properties: | Affordable Housing | Dallas, TX 3
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	31
Encumbrances	$ 180,870
Initial Cost, Land and Land Improvements	140,524
Initial Cost, Building and Building Improvements	449,303
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1,876
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	10,118
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	142,400
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	459,421
Total	601,821
Accumulated Depreciation	$ (34,173)
Rental Housing 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	42
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	3,622
Total	4,602
Accumulated Depreciation	$ (282)
Rental Housing Properties: | Affordable Housing | Deltona, FL 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 43,845
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	61
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	507
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	13,453
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	60,751
Total	74,204
Accumulated Depreciation	$ (4,541)
Rental Housing Properties: | Affordable Housing | Denver, CO 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	9
Encumbrances	$ 196,014
Initial Cost, Land and Land Improvements	62,220
Initial Cost, Building and Building Improvements	355,408
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1,072
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	4,498
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	63,292
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	359,906
Total	423,198
Accumulated Depreciation	$ (27,708)
Rental Housing Properties: | Affordable Housing | Detroit, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 27,894
Initial Cost, Land and Land Improvements	4,316
Initial Cost, Building and Building Improvements	41,449
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	55
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	557
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,371
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	42,006
Total	46,377
Accumulated Depreciation	$ (3,236)
Rental Housing 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	5
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	1,295
Total	2,105
Accumulated Depreciation	$ (106)
Rental Housing Properties: | Affordable Housing | Duluth, MN
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	11,820
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	500
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	11,834
Total	12,334
Accumulated Depreciation	$ (907)
Rental Housing 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	1,260
Initial Cost, Building and Building Improvements	130
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	21
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	11
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,281
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	141
Total	1,422
Accumulated Depreciation	$ (23)
Rental Housing Properties: | Affordable Housing | Durham, NC 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 4,241
Initial Cost, Land and Land Improvements	2,320
Initial Cost, Building and Building Improvements	9,380
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	184
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	9,564
Total	11,884
Accumulated Depreciation	$ (738)
Rental Housing 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	$ 7,185
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	185
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	4,385
Total	10,645
Accumulated Depreciation	$ (378)
Rental Housing 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	11,960
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	16
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,996
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	11,961
Total	17,957
Accumulated Depreciation	$ (959)
Rental Housing 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	$ 980
Initial Cost, Land and Land Improvements	2,520
Initial Cost, Building and Building Improvements	4,456
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	12
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,532
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,456
Total	6,988
Accumulated Depreciation	$ (349)
Rental Housing Properties: | Affordable Housing | Evansville, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 2,693
Initial Cost, Land and Land Improvements	1,280
Initial Cost, Building and Building Improvements	2,310
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	16
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	67
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,296
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,377
Total	3,673
Accumulated Depreciation	$ (192)
Rental Housing Properties: | Affordable Housing | Fort Collins, CO 3
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 81,784
Initial Cost, Land and Land Improvements	27,370
Initial Cost, Building and Building Improvements	124,669
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	619
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,587
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	27,989
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	126,256
Total	154,245
Accumulated Depreciation	$ (9,790)
Rental Housing Properties: | Affordable Housing | Fresno, CA 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 23,152
Initial Cost, Land and Land Improvements	20,320
Initial Cost, Building and Building Improvements	17,800
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	57
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	395
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	20,377
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	18,195
Total	38,572
Accumulated Depreciation	$ (1,538)
Rental Housing 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	1
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	1,520
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	1,520
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	0
Total	1,520
Accumulated Depreciation	$ 0
Rental Housing Properties: | Affordable Housing | Grand Rapids, 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	157
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	2,377
Total	3,627
Accumulated Depreciation	$ (188)
Rental Housing Properties: | Affordable Housing | Greeley, CO 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 6,846
Initial Cost, Land and Land Improvements	7,560
Initial Cost, Building and Building Improvements	39,664
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	7,560
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	39,664
Total	47,224
Accumulated Depreciation	$ (3,061)
Rental Housing 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	1,314
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	2,288
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,314
Total	3,602
Accumulated Depreciation	$ (201)
Rental Housing Properties: | Affordable Housing | Greenville, SC 3
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 34,755
Initial Cost, Land and Land Improvements	11,690
Initial Cost, Building and Building Improvements	48,890
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	147
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	581
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	11,837
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	49,471
Total	61,308
Accumulated Depreciation	$ (3,935)
Rental Housing Properties: | Affordable Housing | Gulfport, 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	3,591
Initial Cost, Building and Building Improvements	9,634
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	6
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,597
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	9,634
Total	13,231
Accumulated Depreciation	$ (355)
Rental Housing 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	2
Encumbrances	$ 445
Initial Cost, Land and Land Improvements	1,260
Initial Cost, Building and Building Improvements	3,230
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	4
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	132
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,264
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	3,362
Total	4,626
Accumulated Depreciation	$ (261)
Rental Housing Properties: | Affordable Housing | Hanford, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 3,307
Initial Cost, Land and Land Improvements	5,780
Initial Cost, Building and Building Improvements	1,820
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	106
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	120
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,886
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,940
Total	7,826
Accumulated Depreciation	$ (203)
Rental Housing Properties: | Affordable Housing | Harrisburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 18,651
Initial Cost, Land and Land Improvements	9,690
Initial Cost, Building and Building Improvements	19,080
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	64
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	431
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	9,754
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	19,511
Total	29,265
Accumulated Depreciation	$ (1,545)
Rental Housing Properties: | Affordable Housing | Hartford, CT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 3,373
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	7
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	3,357
Total	6,557
Accumulated Depreciation	$ (281)
Rental Housing 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	$ 16,975
Initial Cost, Land and Land Improvements	8,450
Initial Cost, Building and Building Improvements	19,660
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	43
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	358
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,493
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	20,018
Total	28,511
Accumulated Depreciation	$ (1,573)
Rental Housing Properties: | Affordable Housing | Houston, TX 3
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	21
Encumbrances	$ 211,400
Initial Cost, Land and Land Improvements	106,821
Initial Cost, Building and Building Improvements	328,668
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	682
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,475
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	107,503
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	331,143
Total	438,646
Accumulated Depreciation	$ (24,456)
Rental Housing Properties: | Affordable Housing | Indianapolis, IN 3
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 18,177
Initial Cost, Land and Land Improvements	6,970
Initial Cost, Building and Building Improvements	25,330
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	73
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	262
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	7,043
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	25,592
Total	32,635
Accumulated Depreciation	$ (1,996)
Rental Housing 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	$ 342
Initial Cost, Land and Land Improvements	4,350
Initial Cost, Building and Building Improvements	4,135
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	19
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	124
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,369
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,259
Total	8,628
Accumulated Depreciation	$ (405)
Rental Housing Properties: | Affordable Housing | Jacksonville, FL 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 118,274
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	98
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	976
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	29,656
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	174,749
Total	204,405
Accumulated Depreciation	$ (13,252)
Rental Housing Properties: | Affordable Housing | Kahului, 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	0
Initial Cost, Building and Building Improvements	27
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	56
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	83
Total	83
Accumulated Depreciation	$ 0
Rental Housing Properties: | Affordable Housing | Kansas City, MO 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 68,156
Initial Cost, Land and Land Improvements	13,780
Initial Cost, Building and Building Improvements	108,288
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	74
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,077
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	13,854
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	111,365
Total	125,219
Accumulated Depreciation	$ (8,688)
Rental Housing Properties: | Affordable Housing | Killeen, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 6,294
Initial Cost, Land and Land Improvements	6,016
Initial Cost, Building and Building Improvements	8,770
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	72
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	893
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,088
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	9,663
Total	15,751
Accumulated Depreciation	$ (626)
Rental Housing Properties: | Affordable Housing | La Crosse, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 363
Initial Cost, Land and Land Improvements	290
Initial Cost, Building and Building Improvements	866
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	866
Total	1,156
Accumulated Depreciation	$ (69)
Rental Housing Properties: | Affordable Housing | Lake Havasu City, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 2,424
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	8
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	18
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,188
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,378
Total	8,566
Accumulated Depreciation	$ (367)
Rental Housing Properties: | Affordable Housing | Lakeland, FL 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 715
Initial Cost, Land and Land Improvements	2,470
Initial Cost, Building and Building Improvements	5,570
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	81
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,470
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	5,651
Total	8,121
Accumulated Depreciation	$ (444)
Rental Housing 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	$ 11,066
Initial Cost, Land and Land Improvements	7,910
Initial Cost, Building and Building Improvements	15,330
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	32
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	633
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	7,942
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	15,963
Total	23,905
Accumulated Depreciation	$ (1,252)
Rental Housing 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	$ 1,467
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	35
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	345
Total	3,695
Accumulated Depreciation	$ (52)
Rental Housing Properties: | Affordable Housing | Las Vegas, NV 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 66,830
Initial Cost, Land and Land Improvements	37,689
Initial Cost, Building and Building Improvements	148,711
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	185
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	532
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	37,874
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	149,243
Total	187,117
Accumulated Depreciation	$ (9,364)
Rental Housing 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	$ 1,155
Initial Cost, Land and Land Improvements	340
Initial Cost, Building and Building Improvements	1,080
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	45
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	112
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	385
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,192
Total	1,577
Accumulated Depreciation	$ (93)
Rental Housing 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	$ 16,776
Initial Cost, Land and Land Improvements	5,830
Initial Cost, Building and Building Improvements	33,790
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	139
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,902
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,969
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	37,692
Total	43,661
Accumulated Depreciation	$ (2,740)
Rental Housing 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	1
Encumbrances	$ 5,252
Initial Cost, Land and Land Improvements	3,410
Initial Cost, Building and Building Improvements	1,760
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	20
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	206
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,430
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,966
Total	5,396
Accumulated Depreciation	$ (171)
Rental Housing Properties: | Affordable Housing | Los Angeles, CA 3
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	33
Encumbrances	$ 269,050
Initial Cost, Land and Land Improvements	199,290
Initial Cost, Building and Building Improvements	553,659
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	314
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	5,173
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	199,604
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	558,832
Total	758,436
Accumulated Depreciation	$ (31,487)
Rental Housing Properties: | Affordable Housing | Lynchburg, VA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 2,332
Initial Cost, Land and Land Improvements	2,045
Initial Cost, Building and Building Improvements	5,633
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	12
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	135
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,057
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	5,768
Total	7,825
Accumulated Depreciation	$ (212)
Rental Housing Properties: | Affordable Housing | Macomb, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 198
Initial Cost, Land and Land Improvements	695
Initial Cost, Building and Building Improvements	1,931
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	695
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,972
Total	2,667
Accumulated Depreciation	$ (73)
Rental Housing 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	$ 3,850
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	83
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	1,613
Total	3,363
Accumulated Depreciation	$ (133)
Rental Housing Properties: | Affordable Housing | McAllen, TX
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	127
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	14
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
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	127
Total	141
Accumulated Depreciation	$ (194)
Rental Housing Properties: | Affordable Housing | Memphis, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 3,645
Initial Cost, Land and Land Improvements	2,600
Initial Cost, Building and Building Improvements	7,650
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	21
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	715
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,621
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	8,365
Total	10,986
Accumulated Depreciation	$ (592)
Rental Housing Properties: | Affordable Housing | Miami, FL 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	32
Encumbrances	$ 1,167,377
Initial Cost, Land and Land Improvements	372,153
Initial Cost, Building and Building Improvements	1,662,211
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	162
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	9,200
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	372,315
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,671,411
Total	2,043,726
Accumulated Depreciation	$ (124,446)
Rental Housing 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	4
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	82
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,614
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	7,022
Total	10,636
Accumulated Depreciation	$ (559)
Rental Housing Properties: | Affordable Housing | Milwaukee, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 4,055
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	9
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	7,299
Total	8,429
Accumulated Depreciation	$ (564)
Rental Housing Properties: | Affordable Housing | Modesto, CA 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 5,260
Initial Cost, Land and Land Improvements	7,400
Initial Cost, Building and Building Improvements	18,610
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	5
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	88
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	7,405
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	18,698
Total	26,103
Accumulated Depreciation	$ (1,474)
Rental Housing 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
Rental Housing 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	$ 6,168
Initial Cost, Land and Land Improvements	1,960
Initial Cost, Building and Building Improvements	9,920
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	37
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	31
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,997
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	9,951
Total	11,948
Accumulated Depreciation	$ (774)
Rental Housing 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	$ 314
Initial Cost, Land and Land Improvements	190
Initial Cost, Building and Building Improvements	17
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	17
Total	207
Accumulated Depreciation	$ (3)
Rental Housing Properties: | Affordable Housing | Nashville, TN 3
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 14,671
Initial Cost, Land and Land Improvements	8,390
Initial Cost, Building and Building Improvements	18,410
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	8
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	862
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,398
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	19,272
Total	27,670
Accumulated Depreciation	$ (1,497)
Rental Housing Properties: | Affordable Housing | New Orleans, LA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 30,065
Initial Cost, Land and Land Improvements	8,900
Initial Cost, Building and Building Improvements	38,103
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	3
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	186
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,903
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	38,289
Total	47,192
Accumulated Depreciation	$ (3,128)
Rental Housing Properties: | Affordable Housing | New York, NY 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 8,581
Initial Cost, Land and Land Improvements	3,898
Initial Cost, Building and Building Improvements	7,392
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	31
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	313
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,929
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	7,705
Total	11,634
Accumulated Depreciation	$ (537)
Rental Housing Properties: | Affordable Housing | Ogden, UT 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 14,289
Initial Cost, Land and Land Improvements	8,930
Initial Cost, Building and Building Improvements	14,240
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	76
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	158
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	9,006
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	14,398
Total	23,404
Accumulated Depreciation	$ (1,152)
Rental Housing Properties: | Affordable Housing | Oklahoma City, OK 3
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	8
Encumbrances	$ 10,809
Initial Cost, Land and Land Improvements	15,980
Initial Cost, Building and Building Improvements	13,003
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	18
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	81
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	15,998
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	13,084
Total	29,082
Accumulated Depreciation	$ (2,580)
Rental Housing Properties: | Affordable Housing | Omaha, NE
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	21,410
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	24
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	467
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,994
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	21,877
Total	25,871
Accumulated Depreciation	$ (1,844)
Rental Housing Properties: | Affordable Housing | Orlando, FL 3
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 9,998
Initial Cost, Land and Land Improvements	5,970
Initial Cost, Building and Building Improvements	30,250
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	2
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	160
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,972
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	30,410
Total	36,382
Accumulated Depreciation	$ (2,344)
Rental Housing 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	1
Encumbrances	$ 588
Initial Cost, Land and Land Improvements	800
Initial Cost, Building and Building Improvements	2,206
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	12
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	812
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,206
Total	3,018
Accumulated Depreciation	$ (82)
Rental Housing Properties: | Affordable Housing | Oxnard, CA 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 56,317
Initial Cost, Land and Land Improvements	30,810
Initial Cost, Building and Building Improvements	29,299
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	16
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	80
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	30,826
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	29,379
Total	60,205
Accumulated Depreciation	$ (2,533)
Rental Housing Properties: | Affordable Housing | Palm Bay, FL 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 67,145
Initial Cost, Land and Land Improvements	20,385
Initial Cost, Building and Building Improvements	79,869
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	15
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,003
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	20,400
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	80,872
Total	101,272
Accumulated Depreciation	$ (6,166)
Rental Housing Properties: | Affordable Housing | Pensacola, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 6,000
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	1
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	241
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,331
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	6,831
Total	10,162
Accumulated Depreciation	$ (533)
Rental Housing Properties: | Affordable Housing | Phoenix, AZ 3
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	8
Encumbrances	$ 86,071
Initial Cost, Land and Land Improvements	27,180
Initial Cost, Building and Building Improvements	121,519
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	469
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	4,859
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	27,649
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	126,378
Total	154,027
Accumulated Depreciation	$ (9,507)
Rental Housing 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	$ 3,277
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	64
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	4,914
Total	5,944
Accumulated Depreciation	$ (379)
Rental Housing Properties: | Affordable Housing | Raleigh, NC 3
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 9,721
Initial Cost, Land and Land Improvements	2,330
Initial Cost, Building and Building Improvements	10,850
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	296
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,331
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	11,146
Total	13,477
Accumulated Depreciation	$ (857)
Rental Housing 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	1
Encumbrances	$ 3,080
Initial Cost, Land and Land Improvements	1,320
Initial Cost, Building and Building Improvements	3,095
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	3,095
Total	4,415
Accumulated Depreciation	$ (614)
Rental Housing 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	1
Encumbrances	$ 1,362
Initial Cost, Land and Land Improvements	2,610
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	57
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,610
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,677
Total	4,287
Accumulated Depreciation	$ (147)
Rental Housing Properties: | Affordable Housing | Reno, NV 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 6,645
Initial Cost, Land and Land Improvements	8,950
Initial Cost, Building and Building Improvements	15,340
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	61
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	56
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	9,011
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	15,396
Total	24,407
Accumulated Depreciation	$ (1,244)
Rental Housing Properties: | Affordable Housing | Richmond, VA 3
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 12,511
Initial Cost, Land and Land Improvements	6,300
Initial Cost, Building and Building Improvements	32,520
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	4
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	237
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,304
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	32,757
Total	39,061
Accumulated Depreciation	$ (2,529)
Rental Housing Properties: | Affordable Housing | Riverside, CA 3
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	9
Encumbrances	$ 58,223
Initial Cost, Land and Land Improvements	71,198
Initial Cost, Building and Building Improvements	68,430
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	304
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,594
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	71,502
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	70,024
Total	141,526
Accumulated Depreciation	$ (4,773)
Rental Housing Properties: | Affordable Housing | Sacramento, CA 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	17
Encumbrances	$ 135,200
Initial Cost, Land and Land Improvements	48,624
Initial Cost, Building and Building Improvements	321,369
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	783
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,764
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	49,407
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	324,133
Total	373,540
Accumulated Depreciation	$ (24,300)
Rental Housing 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	$ 37,164
Initial Cost, Land and Land Improvements	22,830
Initial Cost, Building and Building Improvements	93,729
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	20
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	586
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	22,850
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	94,315
Total	117,165
Accumulated Depreciation	$ (7,311)
Rental Housing Properties: | Affordable Housing | Salisbury, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 2,840
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	13
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	57
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,253
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	3,917
Total	8,170
Accumulated Depreciation	$ (334)
Rental Housing Properties: | Affordable Housing | Salt Lake City, UT 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 69,270
Initial Cost, Land and Land Improvements	25,727
Initial Cost, Building and Building Improvements	121,438
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	66
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,515
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	25,793
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	122,953
Total	148,746
Accumulated Depreciation	$ (7,980)
Rental Housing Properties: | Affordable Housing | San Antonio, TX 3
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 23,698
Initial Cost, Land and Land Improvements	12,430
Initial Cost, Building and Building Improvements	44,380
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	95
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	442
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	12,525
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	44,822
Total	57,347
Accumulated Depreciation	$ (3,499)
Rental Housing Properties: | Affordable Housing | San Diego, CA 3
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 95,574
Initial Cost, Land and Land Improvements	36,550
Initial Cost, Building and Building Improvements	109,655
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	130
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,211
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	36,680
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	110,866
Total	147,546
Accumulated Depreciation	$ (7,924)
Rental Housing Properties: | Affordable Housing | San Francisco, CA 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 67,824
Initial Cost, Land and Land Improvements	22,795
Initial Cost, Building and Building Improvements	86,548
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	153
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	245
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	22,948
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	86,793
Total	109,741
Accumulated Depreciation	$ (4,993)
Rental Housing Properties: | Affordable Housing | San Jose, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	8
Encumbrances	$ 71,301
Initial Cost, Land and Land Improvements	30,051
Initial Cost, Building and Building Improvements	183,890
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	140
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,576
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	30,191
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	185,466
Total	215,657
Accumulated Depreciation	$ (11,038)
Rental Housing Properties: | Affordable Housing | San Luis Obispo, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 19,441
Initial Cost, Land and Land Improvements	11,650
Initial Cost, Building and Building Improvements	25,910
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	6
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	467
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	11,656
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	26,377
Total	38,033
Accumulated Depreciation	$ (2,077)
Rental Housing 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	$ 8,424
Initial Cost, Land and Land Improvements	4,800
Initial Cost, Building and Building Improvements	9,480
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	21
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	120
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,821
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	9,600
Total	14,421
Accumulated Depreciation	$ (770)
Rental Housing Properties: | Affordable Housing | Santa Maria, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 6,910
Initial Cost, Land and Land Improvements	10,460
Initial Cost, Building and Building Improvements	49,460
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,542
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	10,460
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	51,002
Total	61,462
Accumulated Depreciation	$ (3,893)
Rental Housing Properties: | Affordable Housing | Seattle, WA 3
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 95,842
Initial Cost, Land and Land Improvements	26,130
Initial Cost, Building and Building Improvements	237,786
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	168
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	8,437
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	26,298
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	246,223
Total	272,521
Accumulated Depreciation	$ (17,762)
Rental Housing 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	$ 658
Initial Cost, Land and Land Improvements	550
Initial Cost, Building and Building Improvements	460
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	64
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	551
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	524
Total	1,075
Accumulated Depreciation	$ (44)
Rental Housing 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	1
Encumbrances	$ 1,113
Initial Cost, Land and Land Improvements	1,310
Initial Cost, Building and Building Improvements	1,407
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	1,407
Total	2,717
Accumulated Depreciation	$ (121)
Rental Housing Properties: | Affordable Housing | Sherman, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 4,221
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	21
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	652
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,681
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,222
Total	4,903
Accumulated Depreciation	$ (156)
Rental Housing 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	$ 1,804
Initial Cost, Land and Land Improvements	1,360
Initial Cost, Building and Building Improvements	660
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	36
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	28
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,396
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	688
Total	2,084
Accumulated Depreciation	$ (67)
Rental Housing Properties: | Affordable Housing | Sierra Vista, AZ
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	840
Initial Cost, Building and Building Improvements	180
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	13
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	840
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	193
Total	1,033
Accumulated Depreciation	$ (21)
Rental Housing 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	$ 8,375
Initial Cost, Land and Land Improvements	4,700
Initial Cost, Building and Building Improvements	8,200
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	88
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	217
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,788
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	8,417
Total	13,205
Accumulated Depreciation	$ (676)
Rental Housing 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	$ 3,431
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	296
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	1,916
Total	3,856
Accumulated Depreciation	$ (149)
Rental Housing Properties: | Affordable Housing | Tampa, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 161,501
Initial Cost, Land and Land Improvements	55,733
Initial Cost, Building and Building Improvements	210,078
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	53
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,243
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	55,786
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	211,321
Total	267,107
Accumulated Depreciation	$ (15,985)
Rental Housing 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	$ 4,753
Initial Cost, Land and Land Improvements	6,310
Initial Cost, Building and Building Improvements	18,010
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	105
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	456
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,415
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	18,466
Total	24,881
Accumulated Depreciation	$ (1,438)
Rental Housing 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	$ 219
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	10
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	51
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,280
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	2,441
Total	3,721
Accumulated Depreciation	$ (195)
Rental Housing Properties: | Affordable Housing | Vineland, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 13,268
Initial Cost, Land and Land Improvements	8,679
Initial Cost, Building and Building Improvements	8,206
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	45
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,679
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	8,251
Total	16,930
Accumulated Depreciation	$ (509)
Rental Housing 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	2
Encumbrances	$ 2,061
Initial Cost, Land and Land Improvements	4,190
Initial Cost, Building and Building Improvements	2,340
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	68
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	2,408
Total	6,598
Accumulated Depreciation	$ (216)
Rental Housing 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	$ 2,068
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	63
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	1,063
Total	2,193
Accumulated Depreciation	$ (89)
Rental Housing Properties: | Affordable Housing | Worcester, MA
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	266
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	5,236
Total	8,586
Accumulated Depreciation	$ (417)
Rental Housing 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	$ 3,812
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	335
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	2,135
Total	7,795
Accumulated Depreciation	$ (190)
Industrial Properties:
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1,047
Encumbrances	$ 12,221,227
Initial Cost, Land and Land Improvements	3,175,382
Initial Cost, Building and Building Improvements	13,552,876
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	67,721
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	700,447
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,243,103
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	14,253,323
Total	17,496,426
Accumulated Depreciation	$ (2,018,438)
Industrial Properties: | Atlanta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	129
Encumbrances	$ 894,313
Initial Cost, Land and Land Improvements	250,889
Initial Cost, Building and Building Improvements	1,085,101
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	111
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	65,158
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	251,000
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,150,259
Total	1,401,259
Accumulated Depreciation	$ (150,614)
Industrial Properties: | Austin, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
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	6,673
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	30,303
Total	46,106
Accumulated Depreciation	$ (2,397)
Industrial Properties: | Boston, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 48,400
Initial Cost, Land and Land Improvements	0
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	0
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	0
Total	0
Accumulated Depreciation	$ 0
Industrial Properties: | Charlotte, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	11
Encumbrances	$ 73,755
Initial Cost, Land and Land Improvements	28,715
Initial Cost, Building and Building Improvements	88,551
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	4,810
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,389
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	33,525
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	91,940
Total	125,465
Accumulated Depreciation	$ (9,564)
Industrial Properties: | Chicago, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	122
Encumbrances	$ 1,388,807
Initial Cost, Land and Land Improvements	418,379
Initial Cost, Building and Building Improvements	1,499,452
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	69,032
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	418,379
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,568,484
Total	1,986,863
Accumulated Depreciation	$ (247,418)
Industrial Properties: | Columbus, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	24
Encumbrances	$ 443,742
Initial Cost, Land and Land Improvements	59,375
Initial Cost, Building and Building Improvements	501,964
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	24,538
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	59,375
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	526,502
Total	585,877
Accumulated Depreciation	$ (64,976)
Industrial Properties: | Dallas, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	67
Encumbrances	$ 919,074
Initial Cost, Land and Land Improvements	173,111
Initial Cost, Building and Building Improvements	1,102,053
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	22,972
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	112,492
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	196,083
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,214,545
Total	1,410,628
Accumulated Depreciation	$ (158,380)
Industrial Properties: | Denver, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	19
Encumbrances	$ 244,067
Initial Cost, Land and Land Improvements	58,711
Initial Cost, Building and Building Improvements	280,450
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	10,820
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	291,270
Total	349,981
Accumulated Depreciation	$ (49,910)
Industrial Properties: | Durham, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 91,943
Initial Cost, Land and Land Improvements	14,083
Initial Cost, Building and Building Improvements	82,094
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,292
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	14,083
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	85,386
Total	99,469
Accumulated Depreciation	$ (8,628)
Industrial Properties: | Greenville, SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 3,365
Initial Cost, Land and Land Improvements	1,165
Initial Cost, Building and Building Improvements	4,679
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	807
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	5,486
Total	6,651
Accumulated Depreciation	$ (1,149)
Industrial Properties: | Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	26
Encumbrances	$ 273,592
Initial Cost, Land and Land Improvements	57,402
Initial Cost, Building and Building Improvements	314,720
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	15,559
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	57,402
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	330,279
Total	387,681
Accumulated Depreciation	$ (47,198)
Industrial Properties: | Jacksonville, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	13
Encumbrances	$ 116,350
Initial Cost, Land and Land Improvements	27,249
Initial Cost, Building and Building Improvements	151,134
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	11,471
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	27,249
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	162,605
Total	189,854
Accumulated Depreciation	$ (25,865)
Industrial Properties: | Kansas City, MO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 19,938
Initial Cost, Land and Land Improvements	3,954
Initial Cost, Building and Building Improvements	25,047
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,729
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	26,776
Total	30,730
Accumulated Depreciation	$ (5,790)
Industrial Properties: | Lakeland, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	9
Encumbrances	$ 159,235
Initial Cost, Land and Land Improvements	27,509
Initial Cost, Building and Building Improvements	158,383
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	7,989
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	166,372
Total	193,881
Accumulated Depreciation	$ (30,875)
Industrial Properties: | Las Vegas, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	13
Encumbrances	$ 343,838
Initial Cost, Land and Land Improvements	101,595
Initial Cost, Building and Building Improvements	486,514
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,978
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	101,595
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	489,492
Total	591,087
Accumulated Depreciation	$ (46,125)
Industrial Properties: | Los Angeles, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	8
Encumbrances	$ 195,512
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	3,125
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	168,587
Total	289,487
Accumulated Depreciation	$ (27,109)
Industrial Properties: | Louisville, KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	10
Encumbrances	$ 177,205
Initial Cost, Land and Land Improvements	37,105
Initial Cost, Building and Building Improvements	209,845
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	7,433
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	217,278
Total	254,383
Accumulated Depreciation	$ (31,218)
Industrial Properties: | Miami, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	22
Encumbrances	$ 200,870
Initial Cost, Land and Land Improvements	84,049
Initial Cost, Building and Building Improvements	215,480
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	14,872
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	230,352
Total	314,401
Accumulated Depreciation	$ (23,523)
Industrial Properties: | Minneapolis, MN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	56
Encumbrances	$ 532,529
Initial Cost, Land and Land Improvements	125,049
Initial Cost, Building and Building Improvements	466,957
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	21,530
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	125,049
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	488,487
Total	613,536
Accumulated Depreciation	$ (74,570)
Industrial Properties: | Nashville, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 80,828
Initial Cost, Land and Land Improvements	53,789
Initial Cost, Building and Building Improvements	81,806
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	697
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	8,959
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	54,486
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	90,765
Total	145,251
Accumulated Depreciation	$ (14,422)
Industrial Properties: | New York, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	34
Encumbrances	$ 391,770
Initial Cost, Land and Land Improvements	129,064
Initial Cost, Building and Building Improvements	390,183
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	7,538
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	32,686
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	136,602
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	422,869
Total	559,471
Accumulated Depreciation	$ (45,752)
Industrial Properties: | Orlando, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	32
Encumbrances	$ 337,829
Initial Cost, Land and Land Improvements	75,803
Initial Cost, Building and Building Improvements	365,119
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	17,575
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	75,803
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	382,694
Total	458,497
Accumulated Depreciation	$ (63,831)
Industrial Properties: | Philadelphia, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	17
Encumbrances	$ 311,781
Initial Cost, Land and Land Improvements	82,881
Initial Cost, Building and Building Improvements	283,852
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
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	82,881
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	286,896
Total	369,777
Accumulated Depreciation	$ (26,907)
Industrial Properties: | Phoenix, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 24,869
Initial Cost, Land and Land Improvements	6,364
Initial Cost, Building and Building Improvements	38,660
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,081
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	39,741
Total	46,105
Accumulated Depreciation	$ (3,853)
Industrial Properties: | Portland, OR
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	174
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	73,030
Total	93,165
Accumulated Depreciation	$ (6,161)
Industrial Properties: | Raleigh, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 9,458
Initial Cost, Land and Land Improvements	1,664
Initial Cost, Building and Building Improvements	12,051
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	881
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	12,932
Total	14,596
Accumulated Depreciation	$ (2,109)
Industrial Properties: | Richmond, VA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	15
Encumbrances	$ 117,174
Initial Cost, Land and Land Improvements	24,869
Initial Cost, Building and Building Improvements	136,047
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	8,256
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	24,869
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	144,303
Total	169,172
Accumulated Depreciation	$ (30,976)
Industrial Properties: | Riverside, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	28
Encumbrances	$ 480,558
Initial Cost, Land and Land Improvements	198,415
Initial Cost, Building and Building Improvements	487,482
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	17,310
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	38,227
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	215,725
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	525,709
Total	741,434
Accumulated Depreciation	$ (51,162)
Industrial Properties: | Sacramento, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 17,520
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	66
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	24,010
Total	27,635
Accumulated Depreciation	$ (2,993)
Industrial Properties: | San Antonio, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	17
Encumbrances	$ 93,057
Initial Cost, Land and Land Improvements	14,425
Initial Cost, Building and Building Improvements	98,129
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,137
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	14,425
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	101,266
Total	115,691
Accumulated Depreciation	$ (13,868)
Industrial Properties: | Savannah, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 36,734
Initial Cost, Land and Land Improvements	7,119
Initial Cost, Building and Building Improvements	40,344
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	9,817
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	7,119
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	50,161
Total	57,280
Accumulated Depreciation	$ (10,553)
Industrial Properties: | Stockton, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 49,920
Initial Cost, Land and Land Improvements	11,131
Initial Cost, Building and Building Improvements	70,902
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	104
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	11,131
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	71,006
Total	82,137
Accumulated Depreciation	$ (8,659)
Industrial Properties: | Virginia Beach, VA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	10
Encumbrances	$ 96,000
Initial Cost, Land and Land Improvements	19,180
Initial Cost, Building and Building Improvements	107,137
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	5,562
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	112,699
Total	131,879
Accumulated Depreciation	$ (21,500)
Industrial Properties: | Cincinnati, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	40
Encumbrances	$ 362,150
Initial Cost, Land and Land Improvements	65,847
Initial Cost, Building and Building Improvements	462,787
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	25,066
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	65,847
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	487,853
Total	553,700
Accumulated Depreciation	$ (83,643)
Industrial Properties: | 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	11
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	15,046
Total	20,939
Accumulated Depreciation	$ (1,139)
Industrial Properties: | Washington DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	17
Encumbrances	$ 166,564
Initial Cost, Land and Land Improvements	61,777
Initial Cost, Building and Building Improvements	155,509
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	15,542
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	171,051
Total	232,828
Accumulated Depreciation	$ (34,717)
Industrial Properties: | 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	$ 175,877
Initial Cost, Land and Land Improvements	25,134
Initial Cost, Building and Building Improvements	172,755
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	7,493
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	25,134
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	180,248
Total	205,382
Accumulated Depreciation	$ (41,699)
Industrial Properties: | Harrisburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	14
Encumbrances	$ 319,883
Initial Cost, Land and Land Improvements	48,185
Initial Cost, Building and Building Improvements	375,061
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	13,069
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	48,185
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	388,130
Total	436,315
Accumulated Depreciation	$ (91,732)
Industrial Properties: | 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	435
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	22,742
Total	26,621
Accumulated Depreciation	$ (1,751)
Industrial Properties: | Memphis, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	16
Encumbrances	$ 211,394
Initial Cost, Land and Land Improvements	38,683
Initial Cost, Building and Building Improvements	210,652
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	10,778
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	38,683
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	221,430
Total	260,113
Accumulated Depreciation	$ (27,026)
Industrial Properties: | Milwaukee, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	13
Encumbrances	$ 138,442
Initial Cost, Land and Land Improvements	21,136
Initial Cost, Building and Building Improvements	136,025
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	6,004
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	142,029
Total	163,165
Accumulated Depreciation	$ (17,771)
Industrial Properties: | Tampa, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	36
Encumbrances	$ 262,966
Initial Cost, Land and Land Improvements	55,513
Initial Cost, Building and Building Improvements	291,359
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	11,301
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	302,660
Total	358,173
Accumulated Depreciation	$ (41,193)
Industrial Properties: | Worcester, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 56,989
Initial Cost, Land and Land Improvements	26,894
Initial Cost, Building and Building Improvements	125,022
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	6,679
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	26,894
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	131,701
Total	158,595
Accumulated Depreciation	$ (10,744)
Industrial Properties: | Baltimore, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	10
Encumbrances	$ 158,080
Initial Cost, Land and Land Improvements	40,371
Initial Cost, Building and Building Improvements	178,317
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	9,551
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	40,371
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	187,868
Total	228,239
Accumulated Depreciation	$ (19,422)
Industrial Properties: | San Francisco, CA
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	29,316
Initial Cost, Building and Building Improvements	59,530
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	596
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	29,316
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	60,126
Total	89,442
Accumulated Depreciation	$ (5,449)
Industrial Properties: | Allentown, PA
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	7,304
Initial Cost, Building and Building Improvements	56,511
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,194
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	7,304
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	57,705
Total	65,009
Accumulated Depreciation	$ (5,125)
Industrial Properties: | Davenport, IA
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	2
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	10,473
Total	11,980
Accumulated Depreciation	$ (831)
Industrial Properties: | Deltona, 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	21
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	8,333
Total	9,717
Accumulated Depreciation	$ (603)
Industrial Properties: | 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	$ (1,113)
Industrial Properties: | Greensboro, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	46
Encumbrances	$ 358,163
Initial Cost, Land and Land Improvements	72,487
Initial Cost, Building and Building Improvements	408,573
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	8,942
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	26,062
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	81,429
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	434,635
Total	516,064
Accumulated Depreciation	$ (58,753)
Industrial Properties: | Hickory, 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	57
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	36,520
Total	39,420
Accumulated Depreciation	$ (2,776)
Industrial Properties: | Indianapolis, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	33
Encumbrances	$ 496,717
Initial Cost, Land and Land Improvements	94,511
Initial Cost, Building and Building Improvements	569,297
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	13,414
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	94,511
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	582,711
Total	677,222
Accumulated Depreciation	$ (86,231)
Industrial Properties: | Jefferson, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 77,600
Initial Cost, Land and Land Improvements	11,595
Initial Cost, Building and Building Improvements	114,479
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	11,595
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	114,508
Total	126,103
Accumulated Depreciation	$ (12,612)
Industrial Properties: | Oxnard, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 32,289
Initial Cost, Land and Land Improvements	12,991
Initial Cost, Building and Building Improvements	28,135
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	960
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	29,095
Total	42,086
Accumulated Depreciation	$ (3,877)
Industrial Properties: | Racine, WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 91,712
Initial Cost, Land and Land Improvements	14,284
Initial Cost, Building and Building Improvements	92,420
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	4,515
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	96,935
Total	111,219
Accumulated Depreciation	$ (14,541)
Industrial Properties: | Reading, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 43,753
Initial Cost, Land and Land Improvements	10,787
Initial Cost, Building and Building Improvements	66,653
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,143
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	69,796
Total	80,583
Accumulated Depreciation	$ (12,730)
Industrial Properties: | Reno, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	24
Encumbrances	$ 186,864
Initial Cost, Land and Land Improvements	53,655
Initial Cost, Building and Building Improvements	132,685
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	5,853
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	138,538
Total	192,193
Accumulated Depreciation	$ (32,918)
Industrial Properties: | 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	49,000
Initial Cost, Building and Building Improvements	161,353
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	5,341
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	9,025
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	54,341
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	170,378
Total	224,719
Accumulated Depreciation	$ (10,519)
Industrial Properties: | San Diego, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 73,188
Initial Cost, Land and Land Improvements	62,814
Initial Cost, Building and Building Improvements	91,305
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,848
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	62,814
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	93,153
Total	155,967
Accumulated Depreciation	$ (8,183)
Industrial Properties: | Scranton, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 62,755
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	729
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	75,647
Total	87,050
Accumulated Depreciation	$ (10,405)
Industrial Properties: | Seattle, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 49,498
Initial Cost, Land and Land Improvements	16,739
Initial Cost, Building and Building Improvements	59,426
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	982
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	60,408
Total	77,147
Accumulated Depreciation	$ (9,701)
Industrial Properties: | Vallejo, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 27,268
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	218
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	35,266
Total	49,710
Accumulated Depreciation	$ (4,604)
Industrial Properties: | Wausau, 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	$ (413)
Industrial Properties: | Winchester, VA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 23,655
Initial Cost, Land and Land Improvements	5,176
Initial Cost, Building and Building Improvements	32,748
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,462
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	34,210
Total	39,386
Accumulated Depreciation	$ (6,118)
Industrial Properties: | 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	$ 49,758
Initial Cost, Land and Land Improvements	10,530
Initial Cost, Building and Building Improvements	59,597
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	4,593
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	64,190
Total	74,720
Accumulated Depreciation	$ (11,179)
Industrial Properties: | York, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 24,352
Initial Cost, Land and Land Improvements	6,792
Initial Cost, Building and Building Improvements	26,969
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	471
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,792
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	27,440
Total	34,232
Accumulated Depreciation	$ (4,856)
Industrial Properties: | Cold Storage Warehouse | Atlanta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 24,021
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	2,140
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	32,270
Total	35,404
Accumulated Depreciation	$ (6,652)
Industrial Properties: | Cold Storage Warehouse | Austin, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 16,014
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	3,242
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	22,252
Total	25,384
Accumulated Depreciation	$ (4,514)
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	$ 74,932
Initial Cost, Land and Land Improvements	16,775
Initial Cost, Building and Building Improvements	64,187
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	173
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	64,360
Total	81,135
Accumulated Depreciation	$ (10,762)
Industrial Properties: | Cold Storage Warehouse | Baltimore, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 35,733
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	$ (6,540)
Industrial Properties: | Cold Storage Warehouse | San Francisco, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 39,318
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	1,333
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	48,163
Total	54,948
Accumulated Depreciation	$ (7,541)
Net Lease Properties:
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 6,035,000
Initial Cost, Land and Land Improvements	1,789,158
Initial Cost, Building and Building Improvements	6,446,966
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	1,789,158
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	6,446,978
Total	8,236,136
Accumulated Depreciation	$ (623,956)
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	2
Encumbrances	$ 6,035,000
Initial Cost, Land and Land Improvements	1,789,158
Initial Cost, Building and Building Improvements	6,446,966
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	1,789,158
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	6,446,978
Total	8,236,136
Accumulated Depreciation	$ (623,956)
Data Center Properties:
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	14
Encumbrances	$ 319,900
Initial Cost, Land and Land Improvements	165,362
Initial Cost, Building and Building Improvements	679,616
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	59
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	165,362
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	679,675
Total	845,037
Accumulated Depreciation	$ (49,751)
Data Center Properties: | Washington DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	14
Encumbrances	$ 319,900
Initial Cost, Land and Land Improvements	165,362
Initial Cost, Building and Building Improvements	679,616
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	59
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	165,362
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	679,675
Total	845,037
Accumulated Depreciation	$ (49,751)
Hospitality Properties:
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	54
Encumbrances	$ 657,483
Initial Cost, Land and Land Improvements	413,637
Initial Cost, Building and Building Improvements	1,729,388
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	2,846
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	128,977
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	416,483
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,858,365
Total	2,274,848
Accumulated Depreciation	$ (296,517)
Hospitality Properties: | Full Service Hotels | Atlanta, 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	18,895
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	308,248
Total	338,730
Accumulated Depreciation	$ (53,257)
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	$ 15,973
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	34
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	6,063
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	19,859
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	74,938
Total	94,797
Accumulated Depreciation	$ (12,811)
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	$ 9,689
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	102
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,852
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	60,052
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	158,067
Total	218,119
Accumulated Depreciation	$ (13,205)
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	2
Encumbrances	$ 18,610
Initial Cost, Land and Land Improvements	1,945
Initial Cost, Building and Building Improvements	87,882
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	9
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,730
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,954
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	89,612
Total	91,566
Accumulated Depreciation	$ (13,245)
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	$ 11,643
Initial Cost, Land and Land Improvements	5,178
Initial Cost, Building and Building Improvements	23,535
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	59
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,680
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,237
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	25,215
Total	30,452
Accumulated Depreciation	$ (4,619)
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	$ 34,089
Initial Cost, Land and Land Improvements	14,792
Initial Cost, Building and Building Improvements	48,244
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	74
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	13,875
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	14,866
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	62,119
Total	76,985
Accumulated Depreciation	$ (10,368)
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	$ 8,298
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	91
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,372
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,041
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	12,847
Total	16,888
Accumulated Depreciation	$ (2,335)
Hospitality Properties: | Select Service Hotels | Las Vegas, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 16,124
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	38
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	406
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,379
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	30,378
Total	33,757
Accumulated Depreciation	$ (10,238)
Hospitality Properties: | Select Service Hotels | Los Angeles, 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	26,240
Initial Cost, Building and Building Improvements	53,682
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	25
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	6,804
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	26,265
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	60,486
Total	86,751
Accumulated Depreciation	$ (3,767)
Hospitality Properties: | Select Service Hotels | Miami, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 18,227
Initial Cost, Land and Land Improvements	2,655
Initial Cost, Building and Building Improvements	17,711
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	9
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,707
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,664
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	21,418
Total	24,082
Accumulated Depreciation	$ (3,475)
Hospitality Properties: | Select Service Hotels | Nashville, 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	2,514
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	79,716
Total	104,860
Accumulated Depreciation	$ (4,867)
Hospitality Properties: | Select Service Hotels | Orlando, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 28,376
Initial Cost, Land and Land Improvements	5,623
Initial Cost, Building and Building Improvements	37,803
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	63
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,680
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,686
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	39,483
Total	45,169
Accumulated Depreciation	$ (13,852)
Hospitality Properties: | Select Service Hotels | Philadelphia, PA
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	6,007
Initial Cost, Building and Building Improvements	43,219
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	375
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,007
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	43,594
Total	49,601
Accumulated Depreciation	$ (3,153)
Hospitality Properties: | Select Service Hotels | Sacramento, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 15,446
Initial Cost, Land and Land Improvements	0
Initial Cost, Building and Building Improvements	24,778
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	552
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	813
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	552
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	25,591
Total	26,143
Accumulated Depreciation	$ (10,669)
Hospitality Properties: | Select Service Hotels | Santa Rosa, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 12,281
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	2,119
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	28,425
Total	30,963
Accumulated Depreciation	$ (8,002)
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	220
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	10,135
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	26,467
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	68,780
Total	95,247
Accumulated Depreciation	$ (11,848)
Hospitality Properties: | Select Service Hotels | Washington DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 10,793
Initial Cost, Land and Land Improvements	58,282
Initial Cost, Building and Building Improvements	116,383
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	11
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	5,555
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	58,293
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	121,938
Total	180,231
Accumulated Depreciation	$ (9,093)
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	$ 10,601
Initial Cost, Land and Land Improvements	0
Initial Cost, Building and Building Improvements	24,783
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	7
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,761
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	7
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	27,544
Total	27,551
Accumulated Depreciation	$ (4,456)
Hospitality Properties: | Select Service Hotels | Crestview, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 8,682
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	2,437
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	10,651
Total	12,631
Accumulated Depreciation	$ (1,773)
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	$ 7,723
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	45
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,638
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	16,823
Total	19,882
Accumulated Depreciation	$ (3,010)
Hospitality Properties: | Select Service Hotels | San Jose, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 58,613
Initial Cost, Land and Land Improvements	33,812
Initial Cost, Building and Building Improvements	93,092
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	170
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	6,384
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	33,982
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	99,476
Total	133,458
Accumulated Depreciation	$ (17,516)
Hospitality Properties: | Select Service Hotels | Tampa, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 7,761
Initial Cost, Land and Land Improvements	2,088
Initial Cost, Building and Building Improvements	13,234
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	17
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	965
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,105
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	14,199
Total	16,304
Accumulated Depreciation	$ (4,606)
Hospitality Properties: | Select Service Hotels | Worcester, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 18,912
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	53
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	5,410
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,437
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	40,221
Total	42,658
Accumulated Depreciation	$ (11,450)
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	3
Encumbrances	$ 22,201
Initial Cost, Land and Land Improvements	3,137
Initial Cost, Building and Building Improvements	46,893
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	100
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	8,489
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,237
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	55,382
Total	58,619
Accumulated Depreciation	$ (11,664)
Hospitality Properties: | Select Service Hotels | Seattle, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 15,291
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	1,345
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	31,740
Total	34,634
Accumulated Depreciation	$ (6,569)
Hospitality Properties: | Select Service Hotels | Hilo, HI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 49,450
Initial Cost, Land and Land Improvements	4,715
Initial Cost, Building and Building Improvements	94,476
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1,111
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	13,274
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,826
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	107,750
Total	113,576
Accumulated Depreciation	$ (31,502)
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	42
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	4,699
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	67,470
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	203,724
Total	271,194
Accumulated Depreciation	$ (15,167)
Self storage properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	80
Encumbrances	$ 515,790
Initial Cost, Land and Land Improvements	133,751
Initial Cost, Building and Building Improvements	638,644
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	95
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	14,954
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	133,846
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	653,598
Total	787,444
Accumulated Depreciation	$ (63,609)
Self storage properties | Austin, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 20,000
Initial Cost, Land and Land Improvements	3,678
Initial Cost, Building and Building Improvements	27,393
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	3,678
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	27,491
Total	31,169
Accumulated Depreciation	$ (1,751)
Self storage properties | 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	104
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	3,828
Total	7,988
Accumulated Depreciation	$ (640)
Self storage properties | Dallas, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 13,400
Initial Cost, Land and Land Improvements	5,082
Initial Cost, Building and Building Improvements	14,381
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	5,082
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	14,422
Total	19,504
Accumulated Depreciation	$ (1,680)
Self storage properties | Denver, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 12,500
Initial Cost, Land and Land Improvements	2,338
Initial Cost, Building and Building Improvements	17,349
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	2,338
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	17,365
Total	19,703
Accumulated Depreciation	$ (1,035)
Self storage properties | Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	7
Encumbrances	$ 33,467
Initial Cost, Land and Land Improvements	10,572
Initial Cost, Building and Building Improvements	36,574
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	8
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,412
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	10,580
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	37,986
Total	48,566
Accumulated Depreciation	$ (3,595)
Self storage properties | Lakeland, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 39,803
Initial Cost, Land and Land Improvements	9,666
Initial Cost, Building and Building Improvements	52,771
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	4,038
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	9,666
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	56,809
Total	66,475
Accumulated Depreciation	$ (5,589)
Self storage properties | Los Angeles, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 25,000
Initial Cost, Land and Land Improvements	5,157
Initial Cost, Building and Building Improvements	33,118
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	33
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,157
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	33,151
Total	38,308
Accumulated Depreciation	$ (1,931)
Self storage properties | Miami, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 32,643
Initial Cost, Land and Land Improvements	7,380
Initial Cost, Building and Building Improvements	42,026
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,447
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	7,380
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	43,473
Total	50,853
Accumulated Depreciation	$ (3,456)
Self storage properties | Nashville, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 12,500
Initial Cost, Land and Land Improvements	1,701
Initial Cost, Building and Building Improvements	16,602
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	1,701
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	16,666
Total	18,367
Accumulated Depreciation	$ (990)
Self storage properties | New York, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 11,843
Initial Cost, Land and Land Improvements	6,228
Initial Cost, Building and Building Improvements	11,287
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	538
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,228
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	11,825
Total	18,053
Accumulated Depreciation	$ (1,884)
Self storage properties | North Port, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 3,100
Initial Cost, Land and Land Improvements	691
Initial Cost, Building and Building Improvements	3,101
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	86
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	691
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	3,187
Total	3,878
Accumulated Depreciation	$ (380)
Self storage properties | Orlando, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 12,171
Initial Cost, Land and Land Improvements	2,357
Initial Cost, Building and Building Improvements	13,900
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	2,357
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	13,926
Total	16,283
Accumulated Depreciation	$ (1,263)
Self storage properties | Palm Bay, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 18,160
Initial Cost, Land and Land Improvements	4,163
Initial Cost, Building and Building Improvements	26,170
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	103
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,163
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	26,273
Total	30,436
Accumulated Depreciation	$ (2,570)
Self storage properties | Phoenix, 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	51
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	10,135
Total	12,735
Accumulated Depreciation	$ (1,439)
Self storage properties | Raleigh, 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	151
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	9,654
Total	12,826
Accumulated Depreciation	$ (1,597)
Self storage properties | San Antonio, 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	$ (644)
Self storage properties | Savannah, GA
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	1,190
Initial Cost, Building and Building Improvements	9,929
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	8
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,190
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	9,937
Total	11,127
Accumulated Depreciation	$ (616)
Self storage properties | 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	328
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	9,741
Total	11,524
Accumulated Depreciation	$ (1,181)
Self storage properties | Cape Coral, 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	13
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	108
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,469
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	4,322
Total	5,791
Accumulated Depreciation	$ (749)
Self storage properties | 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	628
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	15,968
Total	18,009
Accumulated Depreciation	$ (1,862)
Self storage properties | Akron, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 15,000
Initial Cost, Land and Land Improvements	2,929
Initial Cost, Building and Building Improvements	19,068
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	111
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,929
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	19,179
Total	22,108
Accumulated Depreciation	$ (1,930)
Self storage properties | 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	11
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	44
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,761
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	3,748
Total	5,509
Accumulated Depreciation	$ (463)
Self storage properties | 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	152
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	11,061
Total	14,858
Accumulated Depreciation	$ (1,941)
Self storage properties | Colorado Springs, CO
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	1,675
Initial Cost, Building and Building Improvements	10,451
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	80
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	1,675
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	10,531
Total	12,206
Accumulated Depreciation	$ (641)
Self storage properties | 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	7,108
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	405
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	7,513
Total	9,132
Accumulated Depreciation	$ (1,209)
Self storage properties | Cleveland, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 16,100
Initial Cost, Land and Land Improvements	4,209
Initial Cost, Building and Building Improvements	23,492
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,228
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,209
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	25,720
Total	29,929
Accumulated Depreciation	$ (2,689)
Self storage properties | Detroit, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 12,990
Initial Cost, Land and Land Improvements	4,248
Initial Cost, Building and Building Improvements	15,575
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	55
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	556
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,303
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	16,131
Total	20,434
Accumulated Depreciation	$ (1,645)
Self storage properties | Gulfport, MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 17,500
Initial Cost, Land and Land Improvements	3,097
Initial Cost, Building and Building Improvements	23,810
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	8
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	4
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,105
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	23,814
Total	26,919
Accumulated Depreciation	$ (1,484)
Self storage properties | Pensacola, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	6
Encumbrances	$ 31,259
Initial Cost, Land and Land Improvements	7,354
Initial Cost, Building and Building Improvements	37,670
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,284
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	7,354
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	38,954
Total	46,308
Accumulated Depreciation	$ (3,585)
Self storage properties | Tampa, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 15,000
Initial Cost, Land and Land Improvements	3,724
Initial Cost, Building and Building Improvements	20,138
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	3,724
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	20,226
Total	23,950
Accumulated Depreciation	$ (1,342)
Self storage properties | Baltimore, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 5,001
Initial Cost, Land and Land Improvements	791
Initial Cost, Building and Building Improvements	6,503
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	38
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	791
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	6,541
Total	7,332
Accumulated Depreciation	$ (1,012)
Self storage properties | San Diego, 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	90
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	6,005
Total	9,508
Accumulated Depreciation	$ (719)
Self storage properties | Chattanooga, TN
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	$ (1,086)
Self storage properties | College Station, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 8,140
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	$ (791)
Self storage properties | 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	66
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	16,194
Total	20,238
Accumulated Depreciation	$ (1,763)
Self storage properties | Fayetteville, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 25,476
Initial Cost, Land and Land Improvements	5,891
Initial Cost, Building and Building Improvements	35,439
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	5,891
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	35,454
Total	41,345
Accumulated Depreciation	$ (3,959)
Self storage properties | 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	58
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	5,328
Total	6,411
Accumulated Depreciation	$ (636)
Self storage properties | Kingsville, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 5,000
Initial Cost, Land and Land Improvements	1,010
Initial Cost, Building and Building Improvements	8,479
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	1,010
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	8,479
Total	9,489
Accumulated Depreciation	$ (559)
Self storage properties | Roanoke, VA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 9,291
Initial Cost, Land and Land Improvements	2,541
Initial Cost, Building and Building Improvements	11,463
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	187
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,541
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	11,650
Total	14,191
Accumulated Depreciation	$ (1,303)
Retail Properties:
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	71
Encumbrances	$ 1,403,260
Initial Cost, Land and Land Improvements	895,443
Initial Cost, Building and Building Improvements	1,387,136
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	29,160
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	45,929
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	924,603
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,433,065
Total	2,357,668
Accumulated Depreciation	$ (194,591)
Retail Properties: | Atlanta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	12
Encumbrances	$ 149,006
Initial Cost, Land and Land Improvements	81,469
Initial Cost, Building and Building Improvements	191,743
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1,945
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,838
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	83,414
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	193,581
Total	276,995
Accumulated Depreciation	$ (28,386)
Retail Properties: | Austin, 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	1,103
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	288
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	14,947
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	23,477
Total	38,424
Accumulated Depreciation	$ (3,358)
Retail Properties: | Birmingham AL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 6,344
Initial Cost, Land and Land Improvements	2,348
Initial Cost, Building and Building Improvements	9,474
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	358
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,706
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	9,477
Total	12,183
Accumulated Depreciation	$ (886)
Retail Properties: | Charlotte, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 45,641
Initial Cost, Land and Land Improvements	24,094
Initial Cost, Building and Building Improvements	57,772
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1,228
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	615
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	25,322
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	58,387
Total	83,709
Accumulated Depreciation	$ (6,281)
Retail Properties: | Chicago, IL
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	19
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	107
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	36,667
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	101,400
Total	138,067
Accumulated Depreciation	$ (17,707)
Retail Properties: | Dallas, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 9,423
Initial Cost, Land and Land Improvements	4,278
Initial Cost, Building and Building Improvements	17,114
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	11
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,278
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	17,125
Total	21,403
Accumulated Depreciation	$ (1,130)
Retail Properties: | Greenville, SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 17,191
Initial Cost, Land and Land Improvements	7,987
Initial Cost, Building and Building Improvements	24,509
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	265
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	338
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,252
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	24,847
Total	33,099
Accumulated Depreciation	$ (3,057)
Retail Properties: | Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 22,950
Initial Cost, Land and Land Improvements	17,587
Initial Cost, Building and Building Improvements	45,062
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1,968
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	317
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	19,555
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	45,379
Total	64,934
Accumulated Depreciation	$ (5,232)
Retail Properties: | Lakeland, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 11,050
Initial Cost, Land and Land Improvements	4,051
Initial Cost, Building and Building Improvements	16,379
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	472
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	168
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,523
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	16,547
Total	21,070
Accumulated Depreciation	$ (1,375)
Retail Properties: | Los Angeles, 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	293,327
Initial Cost, Building and Building Improvements	222,130
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	7,534
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	16,083
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	300,861
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	238,213
Total	539,074
Accumulated Depreciation	$ (36,049)
Retail Properties: | Miami, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	4
Encumbrances	$ 51,252
Initial Cost, Land and Land Improvements	47,797
Initial Cost, Building and Building Improvements	72,147
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	735
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,501
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	48,532
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	73,648
Total	122,180
Accumulated Depreciation	$ (9,625)
Retail Properties: | Naples, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 16,028
Initial Cost, Land and Land Improvements	10,369
Initial Cost, Building and Building Improvements	15,610
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	7
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	10,369
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	15,617
Total	25,986
Accumulated Depreciation	$ (1,508)
Retail Properties: | Nashville, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	5
Encumbrances	$ 38,375
Initial Cost, Land and Land Improvements	15,591
Initial Cost, Building and Building Improvements	45,962
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	575
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	250
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	16,166
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	46,212
Total	62,378
Accumulated Depreciation	$ (4,604)
Retail Properties: | New York, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 114,650
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	1,387
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	679
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	93,865
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	68,447
Total	162,312
Accumulated Depreciation	$ (13,491)
Retail Properties: | Orlando, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 19,581
Initial Cost, Land and Land Improvements	9,104
Initial Cost, Building and Building Improvements	37,090
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	210
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	811
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	9,314
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	37,901
Total	47,215
Accumulated Depreciation	$ (3,343)
Retail Properties: | Philadelphia, PA
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	72,218
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	3,176
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	4,452
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	59,328
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	76,670
Total	135,998
Accumulated Depreciation	$ (15,885)
Retail Properties: | Raleigh, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 7,448
Initial Cost, Land and Land Improvements	2,469
Initial Cost, Building and Building Improvements	13,187
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	180
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	7
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,649
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	13,194
Total	15,843
Accumulated Depreciation	$ (1,119)
Retail Properties: | Richmond, VA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 9,704
Initial Cost, Land and Land Improvements	5,907
Initial Cost, Building and Building Improvements	19,881
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	781
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	391
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,688
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	20,272
Total	26,960
Accumulated Depreciation	$ (1,884)
Retail Properties: | Riverside, 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	23,541
Initial Cost, Building and Building Improvements	17,953
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	2,362
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,544
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	25,903
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	20,497
Total	46,400
Accumulated Depreciation	$ (5,917)
Retail Properties: | San Antonio, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 7,685
Initial Cost, Land and Land Improvements	3,138
Initial Cost, Building and Building Improvements	14,496
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	379
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	9
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	3,517
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	14,505
Total	18,022
Accumulated Depreciation	$ (1,136)
Retail Properties: | Virginia Beach, VA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 21,435
Initial Cost, Land and Land Improvements	6,592
Initial Cost, Building and Building Improvements	21,168
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	463
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	2,755
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	7,055
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	23,923
Total	30,978
Accumulated Depreciation	$ (2,310)
Retail Properties: | Wilmington, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 28,680
Initial Cost, Land and Land Improvements	14,686
Initial Cost, Building and Building Improvements	25,701
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	1,457
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	5,814
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	16,143
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	31,515
Total	47,658
Accumulated Depreciation	$ (2,999)
Retail Properties: | Augusta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 9,912
Initial Cost, Land and Land Improvements	4,601
Initial Cost, Building and Building Improvements	19,432
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	154
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	109
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	4,755
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	19,541
Total	24,296
Accumulated Depreciation	$ (1,879)
Retail Properties: | Gainesville, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 18,665
Initial Cost, Land and Land Improvements	7,247
Initial Cost, Building and Building Improvements	29,639
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	612
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	55
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	7,859
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	29,694
Total	37,553
Accumulated Depreciation	$ (2,872)
Retail Properties: | Washington DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 42,812
Initial Cost, Land and Land Improvements	17,960
Initial Cost, Building and Building Improvements	33,644
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	251
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,091
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	18,211
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	34,735
Total	52,946
Accumulated Depreciation	$ (3,006)
Retail Properties: | Tampa, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 22,124
Initial Cost, Land and Land Improvements	9,682
Initial Cost, Building and Building Improvements	29,555
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	137
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	101
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	9,819
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	29,656
Total	39,475
Accumulated Depreciation	$ (2,482)
Retail Properties: | Deltona, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 5,657
Initial Cost, Land and Land Improvements	2,208
Initial Cost, Building and Building Improvements	8,197
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	40
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	12
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,248
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	8,209
Total	10,457
Accumulated Depreciation	$ (784)
Retail Properties: | Oxnard, 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	13,246
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	596
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,052
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	22,878
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	14,298
Total	37,176
Accumulated Depreciation	$ (3,037)
Retail Properties: | Seattle, 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	49,135
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	40
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	3,297
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	37,603
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	52,432
Total	90,035
Accumulated Depreciation	$ (6,220)
Retail Properties: | Chattanooga, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 17,712
Initial Cost, Land and Land Improvements	4,757
Initial Cost, Building and Building Improvements	15,438
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	333
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	117
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	5,090
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	15,555
Total	20,645
Accumulated Depreciation	$ (2,051)
Retail Properties: | Charlottesville, VA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 24,102
Initial Cost, Land and Land Improvements	7,898
Initial Cost, Building and Building Improvements	29,957
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	143
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	1,081
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	8,041
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	31,038
Total	39,079
Accumulated Depreciation	$ (2,441)
Retail Properties: | Columbia, SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	2
Encumbrances	$ 12,418
Initial Cost, Land and Land Improvements	5,957
Initial Cost, Building and Building Improvements	18,902
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	86
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	26
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	6,043
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	18,928
Total	24,971
Accumulated Depreciation	$ (1,747)
Retail Properties: | Columbus, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 4,075
Initial Cost, Land and Land Improvements	1,831
Initial Cost, Building and Building Improvements	8,145
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	171
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	2,002
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	8,145
Total	10,147
Accumulated Depreciation	$ (790)
Office Properties:
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	13
Encumbrances	$ 1,159,931
Initial Cost, Land and Land Improvements	337,959
Initial Cost, Building and Building Improvements	1,884,615
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	43,680
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	337,959
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	1,928,295
Total	2,266,254
Accumulated Depreciation	$ (124,669)
Office Properties: | Atlanta, GA
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	26,746
Initial Cost, Building and Building Improvements	417,322
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	15,448
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	26,746
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	432,770
Total	459,516
Accumulated Depreciation	$ (28,444)
Office Properties: | Charlotte, 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	16,347
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	16,347
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	0
Total	16,347
Accumulated Depreciation	$ 0
Office Properties: | Los Angeles, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 310,000
Initial Cost, Land and Land Improvements	123,253
Initial Cost, Building and Building Improvements	351,121
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	9,095
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	123,253
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	360,216
Total	483,469
Accumulated Depreciation	$ (19,114)
Office Properties: | San Antonio, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 40,328
Initial Cost, Land and Land Improvements	15,120
Initial Cost, Building and Building Improvements	46,901
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	15,120
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	46,901
Total	62,021
Accumulated Depreciation	$ (3,695)
Office Properties: | Quebec, Canada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 67,319
Initial Cost, Land and Land Improvements	18,529
Initial Cost, Building and Building Improvements	85,398
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	91
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	18,529
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	85,489
Total	104,018
Accumulated Depreciation	$ (4,837)
Office Properties: | San Jose, 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	184,849
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	15,407
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	200,256
Total	250,713
Accumulated Depreciation	$ (23,029)
Office Properties: | San Francisco, 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	$ (13,326)
Office Properties: | Ontario, Canada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	3
Encumbrances	$ 105,716
Initial Cost, Land and Land Improvements	44,002
Initial Cost, Building and Building Improvements	138,655
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	224
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	44,002
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	138,879
Total	182,881
Accumulated Depreciation	$ (8,453)
Office Properties: | Westmont, Canada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 30,182
Initial Cost, Land and Land Improvements	13,618
Initial Cost, Building and Building Improvements	47,709
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements	0
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements	46
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements	13,618
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	47,755
Total	61,373
Accumulated Depreciation	$ (2,701)
Office Properties: | Dublin, Ireland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | segment	1
Encumbrances	$ 362,786
Initial Cost, Land and Land Improvements	168
Initial Cost, Building and Building Improvements	526,264
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	168
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements	526,264
Total	526,432
Accumulated Depreciation	$ (21,070)

Real Estate and Accumulated D_3

Real Estate and Accumulated Depreciation Schedule III - Additional Information (Details) $ in Thousands	Dec. 31, 2023 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Aggregate cost basis for tax purposes	$ 85,100,000
Encumbrances	58,561,246
Amount of property excluded from real estate investments	2,400,000
Amount of accumulated deprecation excluded from real estate accumulated depreciation	757,500
Total variable rate loans | Warehouse facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,500,000
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]
Outstanding balance	1,300,000
Collateral amount	$ 1,300,000

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, 2023	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Real estate beginning balance	$ 100,550,461	$ 68,607,833
Additions during the year:
Land and land improvements	338,340	4,472,952
Building and building improvements	1,735,933	30,086,281
Dispositions during the year:
Land and land improvements	(1,013,600)	(411,404)
Building and building improvements	(4,837,297)	(1,814,819)
Impairment of investments in real estate	(236,071)	33,554
Assets held-for-sale	(487,963)	(423,936)
Real estate ending balance	96,049,803	100,550,461
Accumulated Depreciation:
Balance at the beginning of year	(5,365,285)	(2,916,615)
Accumulated depreciation	(2,987,473)	(2,733,499)
Dispositions	597,676	254,703
Assets held-for-sale	33,733	30,126
Balance at the end of the year	$ (7,721,349)	$ (5,365,285)