Starwood Real Estate Income Trust 10-K 17 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 10, 2023
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Registrant Name	Starwood Real Estate Income Trust, Inc.
Entity Central Index Key	0001711929
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float	$ 0
Entity File Number	000-56046
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	82-2023409
Entity Address, Address Line One	2340 Collins Avenue
Entity Address, City or Town	Miami Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33139
City Area Code	305
Local Phone Number	695-5500
Document Annual Report	true
Document Transition Report	false
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	New York, New York
Common Stock Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,714,907
Title of 12(g) Security	Class T Common Stock, $0.01 par value per share
No Trading Symbol Flag	true
Common Stock Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		220,694,433
Title of 12(g) Security	Class S Common Stock, $0.01 par value per share
No Trading Symbol Flag	true
Common Stock Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		29,963,506
Title of 12(g) Security	Class D Common Stock, $0.01 par value per share
No Trading Symbol Flag	true
Common Stock Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		232,379,686
Title of 12(g) Security	Class I Common Stock, $0.01 par value per share
No Trading Symbol Flag	true

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Assets
Investments in real estate, net		$ 22,247,401	$ 17,185,079
Investments in real estate debt		1,657,663	954,077
Investments in unconsolidated real estate ventures		481,632	10,422
Cash and cash equivalents		643,516	274,756
Restricted cash		313,093	665,799
Other assets		1,421,548	881,298
Total assets		26,764,853	19,971,431
Liabilities and Equity
Mortgage notes and revolving credit facility, net	[1]	14,355,458	11,274,411
Secured financings on investments in real estate debt		751,771	268,181
Unsecured line of credit			375,000
Other liabilities		507,399	339,506
Subscriptions received in advance		40,221	496,845
Due to affiliates		537,114	513,268
Total liabilities		16,191,963	13,267,211
Commitments and contingencies
Redeemable non-controlling interest		427,099	30,502
Equity
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding as of December 31, 2022 and 2021
Additional paid-in capital		11,466,270	7,388,885
Accumulated other comprehensive loss		(24,307)	(530)
Accumulated deficit and cumulative distributions		(1,355,256)	(757,575)
Total stockholder’s equity		10,091,765	6,634,227
Non-controlling interests in consolidated joint ventures		54,026	39,491
Total equity		10,145,791	6,673,718
Total liabilities and equity		26,764,853	19,971,431
Common Stock Class T
Equity
Common stock value		57	46
Common Stock Class S
Equity
Common stock value		2,246	1,544
Common Stock Class D
Equity
Common stock value		310	221
Common Stock Class I
Equity
Common stock value		$ 2,445	$ 1,636
[1] The majority of the Company’s mortgages contain prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, authorized shares	100,000,000	100,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, shares outstanding	505,707,592	344,796,271
Common Stock Class T
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	5,721,496	4,648,436
Common stock, shares outstanding	5,721,496	4,648,436
Common Stock Class S
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	224,556,910	154,381,036
Common stock, shares outstanding	224,556,910	154,381,036
Common Stock Class D
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	30,974,173	22,142,299
Common stock, shares outstanding	30,974,173	22,142,299
Common Stock Class I
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	244,455,013	163,624,500
Common stock, shares outstanding	244,455,013	163,624,500

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Total revenues	$ 1,579,348	$ 642,905	$ 298,423
Expenses
Operating expenses	650,594	248,651	113,184
General and administrative	44,708	25,404	8,624
Management fees	167,100	62,237	19,423
Performance participation allocation	102,348	204,225	15,061
Depreciation and amortization	848,943	330,455	155,864
Total expenses	1,813,693	870,972	312,156
Other income (expense)
Income (loss) from unconsolidated real estate ventures	12,189	(615)	(1,462)
Income from investments in real estate debt	99,787	45,156	7,206
Interest expense	(428,853)	(134,127)	(80,808)
Loss on extinguishment of debt	(313)
Other income (expense), net	485,608	13,210	(9,403)
Total other income (expense)	168,418	(76,376)	(84,467)
Net income (loss)	(65,927)	(304,443)	(98,200)
Net (income) loss attributable to non-controlling interests in consolidated joint ventures	(1,927)	434	1,300
Net loss attributable to non-controlling interests in Operating Partnership	2,146	1,758	642
Net (income) loss attributable to stockholders	$ (65,708)	$ (302,251)	$ (96,258)
Net loss per share of common stock, basic	$ (0.14)	$ (1.49)	$ (1.35)
Net loss per share of common stock, diluted	$ (0.14)	$ (1.49)	$ (1.35)
Weighted-average shares of common stock outstanding, basic	469,864,983	203,300,648	71,502,374
Weighted-average shares of common stock outstanding, diluted	469,864,983	203,300,648	71,502,374
Comprehensive loss:
Net loss	$ (65,927)	$ (304,443)	$ (98,200)
Other comprehensive loss item:
Foreign currency translation adjustments	(23,777)	(530)
Other comprehensive loss	(23,777)	(530)
Comprehensive loss	(89,704)	(304,973)	(98,200)
Rental revenue
Revenues
Total revenues	1,520,655	604,574	273,847
Other revenue
Revenues
Total revenues	$ 58,693	$ 38,331	$ 24,576

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock Common Stock Class T	Common Stock Common Stock Class S	Common Stock Common Stock Class D	Common Stock Common Stock Class I	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit and Cumulative Distributions	Total Stockholders' Equity	Non-Controlling Interests
Balance at Dec. 31, 2019	$ 849,247	$ 14	$ 262	$ 17	$ 161	$ 883,506		$ (46,697)	$ 837,263	$ 11,984
Common stock issued	982,179	12	201	11	233	981,722			982,179
Offering costs	(42,390)					(42,390)			(42,390)
Distribution reinvestments	41,551		11		6	41,534			41,551
Amortization of restricted stock grants	128					128			128
Common stock repurchased	(43,711)	(1)	(10)		(8)	(43,692)			(43,711)
Net income (loss) (allocated to redeemable non-controlling interests)	(97,558)							(96,258)	(96,258)	(1,300)
Contributions from non-controlling interests	60,192									60,192
Distributions to non-controlling interests	(1,860)									(1,860)
Repurchase of non-controlling interests	(58,837)									(58,837)
Distributions declared on common stock (see Note 11)	(81,243)							(81,243)	(81,243)
Allocation to redeemable non-controllinginterest	(1,282)					(1,282)			(1,282)
Balance at Dec. 31, 2020	1,606,416	25	464	28	392	1,819,526		(224,198)	1,596,237	10,179
Common stock issued	5,811,737	21	1,072	192	1,243	5,809,209			5,811,737
Offering costs	(258,769)					(258,769)			(258,769)
Distribution reinvestments	91,192		21	1	15	91,155			91,192
Amortization of restricted stock grants	537					537			537
Common stock repurchased	(64,550)		(13)		(14)	(64,523)			(64,550)
Net income (loss) (allocated to redeemable non-controlling interests)	(302,685)							(302,251)	(302,251)	(434)
Contributions from non-controlling interests	30,879									30,879
Distributions to non-controlling interests	(1,133)									(1,133)
Distributions declared on common stock (see Note 11)	(231,126)							(231,126)	(231,126)
Other comprehensive loss, net	(530)						$ (530)		(530)
Allocation to redeemable non-controllinginterest	(8,250)					(8,250)			(8,250)
Balance at Dec. 31, 2021	6,673,718	46	1,544	221	1,636	7,388,885	(530)	(757,575)	6,634,227	39,491
Common stock issued	5,421,657	11	809	105	1,093	5,419,639			5,421,657
Offering costs	(195,642)					(195,642)			(195,642)
Distribution reinvestments	221,093	1	37	7	37	221,011			221,093
Amortization of restricted stock grants	894					894			894
Common stock repurchased	(1,347,308)	(1)	(144)	(23)	(321)	(1,346,819)			(1,347,308)
Net income (loss) (allocated to redeemable non-controlling interests)	(63,781)							(65,708)	(65,708)	1,927
Contributions from non-controlling interests	14,899									14,899
Distributions to non-controlling interests	(2,291)									(2,291)
Distributions declared on common stock (see Note 11)	(531,973)							(531,973)	(531,973)
Other comprehensive loss, net	(23,777)						(23,777)		(23,777)
Allocation to redeemable non-controllinginterest	(21,698)					(21,698)			(21,698)
Balance at Dec. 31, 2022	$ 10,145,791	$ 57	$ 2,246	$ 310	$ 2,445	$ 11,466,270	$ (24,307)	$ (1,355,256)	$ 10,091,765	$ 54,026

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Net income (loss) allocated to redeemable non controlling interests	$ (2,146)	$ (1,758)	$ (642)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net loss	$ (65,927)	$ (304,443)	$ (98,200)
Adjustments to reconcile net loss to net cash provided by operating activities
Management fees	167,100	62,237	19,423
Performance participation allocation	102,348	204,225	15,061
Depreciation and amortization	848,943	330,455	155,864
Amortization of deferred financing costs	37,573	8,547	3,183
Straight-line rent amortization	(12,098)	(12,453)	(8,668)
Deferred income amortization	(13,295)	(3,905)	(1,309)
Unrealized (gain) loss on changes in fair value of financial instruments	(505,658)	(36,009)	9,026
Foreign currency loss	49,536	11,078
Loss on extinguishment of debt	313
Amortization of restricted stock grants	894	537	128
Realized loss on sale of real estate debt	13,162		5,789
Realized loss on sale of real estate-related equity securities	22,021
(Income) loss from unconsolidated real estate ventures	(12,189)	615	1,462
Contributions to investments in unconsolidated real estate ventures			(560)
Distributions of earnings from unconsolidated real estate ventures	11,161	189	276
Other items	4,136	429	8
Change in assets and liabilities
Increase in other assets	(105,356)	(7,265)	(16,806)
Increase (decrease) in due to affiliates	715	3,291	(355)
Increase (decrease) in other liabilities	51,532	(24,401)	28,522
Net cash provided by operating activities	594,911	233,127	112,844
Cash flows from investing activities
Acquisitions of real estate	(5,126,079)	(12,936,421)	(2,977,499)
Capital improvements to real estate	(143,326)	(40,385)	(20,385)
Investment in unconsolidated real estate ventures	(470,181)	(235)
Origination and purchase of investments in real estate debt	(1,091,605)	(802,866)
Purchase of real estate-related equity securities	(85,653)	(175,000)	(73,271)
Proceeds from paydown of principal and settlement of investments in real estate debt	372,974	50,252	126,729
Proceeds from settlement of derivative contracts	57,176
Net cash used in investing activities	(6,486,694)	(13,904,655)	(2,944,426)
Cash flows from financing activities
Proceeds from issuance of common stock, net	4,762,264	5,643,318	853,205
Offering costs paid	(75,639)	(41,682)	(14,768)
Subscriptions received in advance	40,221	496,845	113,532
Repurchase of common stock	(1,347,308)	(64,550)	(43,711)
Borrowings from mortgage notes and revolving credit facility	4,017,869	8,750,402	2,053,047
Repayments of mortgage notes, revolving credit facility and unsecured line of credit	(1,638,583)	(473,025)	(2,385)
Repayments under secured financings on investments in real estate, short term net		(42,557)	(38,478)
Borrowings under secured financings on investments in real estate	644,128	274,028	115,796
Repayments under secured financings on investments in real estate	(128,380)	(65,697)	(50,099)
Payment of deferred financing costs	(64,252)	(70,776)	(13,779)
Contributions from non-controlling interests	14,899	30,879	60,192
Repurchase of non-controlling interests			(58,837)
Distributions to non-controlling interests	(2,291)	(1,133)	(1,860)
Distributions	(311,909)	(117,380)	(35,823)
Net cash provided by financing activities	5,911,019	14,318,672	2,936,032
Effect of exchange rate changes	(3,182)
Net change in cash and cash equivalents and restricted cash	16,054	647,144	104,450
Cash and cash equivalents and restricted cash, beginning of year	940,555	293,411	188,961
Cash and cash equivalents and restricted cash, end of year	956,609	940,555	293,411
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	643,516	274,756	128,650
Restricted cash	313,093	665,799	164,761
Cash and cash equivalents and restricted cash, end of year	956,609	940,555	293,411
Supplemental disclosure of cash flow information:
Cash paid for interest	442,971	122,275	68,904
Non-cash investing and financing activities:
Accrued stockholder servicing fee due to affiliate	171,464	236,971	36,260
Assumption of mortgage notes in conjunction with acquisitions of real estate	267,030	156,515
Issuance of SREIT OP units as consideration for acquisitions of real estate	190,459
Recognition of right of use asset and liability		6,146	6,408
Redeemable non-controlling interest issued as settlement for performance participation allocation	204,225	15,061	10,366
Accrued distributions	49,306	32,696	8,682
Distribution reinvestment	221,093	91,192	41,551
Allocation to redeemable non-controlling interest	$ 21,698	$ 8,250	$ 1,282

Organization and Business Purpo

Organization and Business Purpose	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Purpose	1. Organization and Business Purpose Starwood Real Estate Income Trust, Inc. (the “Company”) was formed on June 22, 2017 as a Maryland corporation and has elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company was organized to invest primarily in stabilized, income-oriented commercial real estate and debt secured by commercial real estate. The Company’s portfolio is principally comprised of properties located in the United States. The Company has diversified its portfolio on a global basis through the acquisition of properties outside of the United States, with a focus on Europe. To a lesser extent, the Company invests in debt secured by commercial real estate and real estate-related securities. The Company is the sole general partner of Starwood REIT Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). Starwood REIT Special Limited Partner, L.L.C. (the “Special Limited Partner”), a wholly owned subsidiary of Starwood Capital Group Holdings, L.P. (the “Sponsor”), owns a special limited partner interest in the Operating Partnership. Substantially all of the Company’s business is conducted through the Operating Partnership. The Company and the Operating Partnership are externally managed by Starwood REIT Advisors, L.L.C. (the “Advisor”), an affiliate of the Sponsor. As of December 31, 2022, the Company owned 518 consolidated real estate properties, 3,215 single-family rental homes, two investments in unconsolidated real estate ventures and 10 positions in real estate debt investments. The Company currently operates in seven reportable segments: Multifamily, Single-Family Rental, Industrial, Office, Self-Storage, Other and Investments in Real Estate Debt. Effective January 1, 2022, the Hospitality and Medical Office segments were combined within the Other segment and previous amounts have been recasted. Financial results by segment are reported in Note 15. On December 27, 2017, the Company commenced its initial public offering of up to $ 5.0 billion in shares of common stock. On June 2, 2021, the initial public offering terminated and the Company commenced a follow-on public offering of up to $ 10.0 billion in shares of common stock. On August 10, 2022, the Follow-on Public Offering terminated and the Company commenced its third public offering of up to $ 18.0 billion in shares of common stock, consisting of up to $ 16.0 billion in shares in its primary offering and up to $ 2.0 billion in shares pursuant to its distribution reinvestment plan. As of December 31, 2022, the Company had received aggregate net proceeds of $ 12.8 billion from the sale of shares of the Company’s common stock through the Company’s public offerings.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. The Company has chosen to reclassify unrealized gains and losses associated with the Company's interest rate swaps and interest rate caps from “Interest Expense” to “Other income (expense), net” for the years ended December 31, 2021 and 2020. The Company has chosen to classify “Hospitality revenue” within “Other revenue” and “Hospitality operating” within “Property operating” for the years ended December 31, 2021 and 2020. Such reclassification had no effect on the previously reported totals or subtotals included in the Consolidated Statements of Operations and Comprehensive Loss. The accompanying consolidated financial statements include the accounts of the Company, the Company’s subsidiaries and joint ventures in which the Company has a controlling interest. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of the joint ventures 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 return hurdles being achieved. Any profits interest due to the other partner is reported within non-controlling interests. 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. The Operating Partnership is considered to be a VIE. The Company consolidates the Operating Partnership because it has the ability to direct the most significant activities of the entity such as purchases, dispositions, financings, budgets, and overall operating plans. The Company meets the VIE disclosure exemption criteria, as the Company’s interest in the Operating Partnership is considered a majority voting interest. Where the Company does not have the power to direct the activities of the VIE that most significantly impact its economic performance, the Company’s interest for those partially owned entities are accounted for using the equity method of accounting. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates. 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 exposure. Restricted Cash Restricted cash consists of cash received for subscriptions prior to the date in which the subscriptions are effective, amounts in escrow related to real estate taxes and insurance in connection with mortgages at certain of the Company's properties, and tenant security deposits. The Company’s restricted cash pertaining to subscriptions received in advance is held primarily in a bank account controlled by the Company’s transfer agent but in the name of the Company. Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the transaction as an asset acquisition. All property acquisitions to date have been accounted for as asset acquisitions. Upon the 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 Company capitalizes acquisition-related costs associated with asset acquisitions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. 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. 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 5 - 30 years Furniture, fixtures and equipment 1 - 10 years Lease intangibles and leasehold improvements Shorter of useful life or lease term Repairs and maintenance are expensed to operations as incurred and are included in Rental property operating expenses on the Company’s Consolidated Statements of Operations and Comprehensive Loss. Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. The Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be received pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. The 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 and Comprehensive Loss. The amortization of in-place leases is recorded as an adjustment to Depreciation and amortization expense on the Company’s Consolidated Statements of Operations and Comprehensive Loss. Certain of the Company’s investments in real estate are subject to a ground lease, for which a lease liability and corresponding right-of-use (“ROU”) asset were recognized. The Company calculates the amount of the lease liability and ROU asset by taking the present value of the remaining lease payments, and adjusting the ROU asset for any existing straight-line ground rent liability and acquired ground lease intangibles. The Company’s estimated incremental borrowing rate of a loan with a similar term as the ground lease was used as the discount rate. The lease liability is included as a component of Other liabilities and the related ROU asset is recorded as a component of Investments in real estate, net on the Company’s Consolidated Balance Sheets. The Company’s management reviews its real estate properties for impairment when there is an event or change in circumstances that indicates an impaired value. 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. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value. During the periods presented, no such impairment occurred. Investments in Unconsolidated Real Estate Ventures Investments in unconsolidated joint ventures are initially recorded at cost, and subsequently adjusted for equity in earnings and cash contributions and distributions. Under the equity method of accounting, the net equity investment of the Company is reflected within the Consolidated Balance Sheets, and the Company’s share of net income or loss from the joint ventures is included within the Company’s Consolidated Statements of Operations and Comprehensive Loss. The joint venture agreements may designate different percentage allocations among investors for profits and losses; however, the Company’s recognition of joint venture income or loss generally follows the joint venture’s distribution priorities, which may change upon the achievement of certain investment return thresholds. The Company’s investments in unconsolidated joint ventures are reviewed for impairment periodically and the Company records impairment charges when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than-temporary. The ultimate realization of the investment in unconsolidated joint ventures is dependent on a number of factors, including the performance of each investment and market conditions. During the periods presented, no such impairment occurred. Investments in Real Estate Debt The Company’s investments in real estate debt consists of loans secured by real estate and real estate-related securities. The Company classifies its real estate-related securities as trading securities and record such investments at fair value. As such, the resulting unrealized gains and losses of such securities are recorded as a component of Income from investments in real estate debt on the Company’s Consolidated Statements of Operations and Comprehensive Loss. The Company elected the fair value option (“FVO”) for its loans secured by real estate. As such, the resulting unrealized gains and losses of such loans are recorded as a component of Income from investments in real estate debt on the Company’s Consolidated Statements of Operations and Comprehensive Loss. Interest income from the Company’s investments in real estate-related debt securities 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. Upfront costs and fees related to items for which the FVO is elected shall be recognized in earnings as incurred and not deferred. Such items are recorded as components of Income from investments in real estate debt on the Company’s Consolidated Statements of Operations and Comprehensive Loss. Derivative Instruments The Company uses derivative financial instruments such as interest rate caps, interest rate swaps and foreign currency swaps to manage risks from fluctuations in exchange rates and interest rates. The Company records its derivatives on its Consolidated Balance Sheets at fair value and such amounts are included as a component of Other assets or Other liabilities. Any changes in the fair value of these derivatives are recorded as components of Other income (expense), net on the Company's Consolidated Statements of Operations and Comprehensive Loss. Foreign Currency The Company’s functional currency is the U.S. dollar. Nonmonetary assets and liabilities are translated at historical rates and monetary assets and liabilities are translated at exchange rates in effect at the end of the reporting period. Income statement accounts are translated at average rates for the reporting period. Gains and losses from translation of foreign denominated transactions into U.S. dollars are included in current results of operations. Gains and losses resulting from foreign currency transactions are also included in current results of operations. The effects of translating the assets, liabilities and income of the Company’s foreign investments held by entities with functional currencies other than the U.S. dollar are included in the Company’ s Consolidated Statements of Operations and Comprehensive Loss. Aggregate foreign currency transaction losses included in operations totaled $ 49.5 million and $ 15.1 million for the years ended December 31, 2022 and 2021, respectively. There were no foreign currency transactions in 2020 . These amounts are recorded as a component of Other income (expense), net in the Company’s Consolidated Statements of Operations and Comprehensive Loss. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated assets and liabilities are recorded in Other Comprehensive Loss. 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 (e.g, the exit price). Additionally, there is a hierarchal 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 market place, including the existence and transparency of transactions between market participants. Investments with readily available active 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. The Company’s investments in real estate debt include commercial mortgage-backed securities (“CMBS”) and residential mortgage-backed securities (“RMBS”). The Company generally determines the fair value of its investments by utilizing third-party pricing service providers. In determining the value of a particular investment, the 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 real estate-related securities usually consider the attributes applicable to a particular class of security (e.g., credit rating or seniority), current market data, and estimated cash flows for each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available. Certain of the Company’s investments in real estate debt include loans secured by real estate, such as its term loans, which may not have readily available market quotations. In such cases, the Company will generally determine the initial value based on the origination amount or acquisition price of such investment if acquired by the Company or the par value of such investment if originated by the Company. Following the initial measurement, the Company will determine fair value by utilizing or reviewing certain of the following inputs (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. The Company’s investments in equity securities of public real estate-related companies are reported at fair value and were recorded as a component of Other assets on the Company’s Consolidated Balance Sheets. As such, the resulting unrealized gains and losses are recorded as a component of Other income (expense) on the Company’s Consolidated Statements of Operations and Comprehensive Loss. During the years ended December 31, 2022 and 2021, the Company recognized $ 37.0 million and $ 2.8 million of unrealized losses on its investments in equity securities, respectively. 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. The Company’s derivative financial instruments are reported at fair value. The Company’s interest rate swap agreements are valued using a discounted cash flow analysis based on the terms of the contract and the forward interest rate curve adjusted for the Company’s nonperformance risk. The Company’s interest rate cap positions are valued using models developed by the respective counterparty as well as third party pricing service providers that use as their basis readily observable market parameters (such as forward yield curves and credit default swap data). The fair values of the Company’s foreign currency forward contracts are determined by comparing the contracted forward exchange rate to the current market exchange rate. The current market exchange rates are determined by using market spot rates, forward rates and interest rate curves for the underlying instruments. The fair values of the Company’s financial instruments (other than investments in real estate debt, mortgage notes, revolving credit facility, unsecured line of credit and derivative instruments), including cash and cash equivalents, restricted cash and other financial instruments, approximate their carrying or contract value. The fair value of the term loans approximates the initial par value because the loans are pre-payable at the option of the borrower at any time. We continuously monitor and assess credit quality of individual loans including the review of delinquency and loan-to-value ratios on the term loans. Such loans have floating interest rates with market terms and there are no underlying credit quality issues as of December 31, 2022. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 290,807 $ 1,366,856 $ 1,657,663 $ — $ 466,475 $ 487,602 $ 954,077 Equity securities 84,321 — — 84,321 172,236 — — 172,236 Derivatives — 898,916 — 898,916 — 194,053 — 194,053 Total $ 84,321 $ 1,189,723 $ 1,366,856 $ 2,640,900 $ 172,236 $ 660,528 $ 487,602 $ 1,320,366 Liabilities: Derivatives $ — $ 17,860 $ — $ 17,860 $ — $ 1,398 $ — $ 1,398 Total $ — $ 17,860 $ — $ 17,860 $ — $ 1,398 $ — $ 1,398 The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Real Estate Debt Balance as of December 31, 2020 $ — Purchases 504,540 Included in net loss Foreign currency exchange ( 16,938 ) Balance as of December 31, 2021 $ 487,602 Purchases 956,877 Included in net loss Foreign currency exchange ( 77,623 ) Balance as of December 31, 2022 $ 1,366,856 The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): December 31, 2022 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in Real Estate Debt $ 1,366,856 Cost Par N/A N/A December 31, 2021 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in Real Estate Debt $ 487,602 Cost Par N/A N/A Valuation of liabilities not measured at fair 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 appropriate discount rate. Additionally, the Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company’s indebtedness are considered Level 3. As of December 31, 2022, the fair value of the Company’s mortgage notes, revolving credit facility, and secured financings on investments in real estate debt were approximately $ 293.7 million below the outstanding principal balance. Deferred Charges The Company’s deferred charges include financing and leasing costs. Deferred financing costs include legal, structuring and other loan costs incurred by the Company for its financing agreements. Deferred financing costs related to the Company’s mortgage notes are recorded as an offset to the related liability and amortized over the term of the applicable financing instruments as interest expense. Deferred financing costs related to the Company’s revolving credit facility and its unsecured Line of Credit (as defined below) are recorded as a component of Other assets on the Company’s Consolidated Balance Sheets and amortized over the term of the applicable financing agreement. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage commissions, are recorded as a component of Other assets on the Company’s Consolidated Balance Sheets and amortized over the life of the related lease. Revenue Recognition The Company commences revenue recognition on its leases based on a number of factors, including the initial determination that the contract is or contains a lease. Generally, all of the Company’s contracts are, or contain leases, and therefore revenue is recognized when the lessee takes possession of or controls the physical use of the leased assets. In most instances this occurs on the lease commencement date. At the inception or acquisition of a lease, including new leases that arise from amendments, the Company assesses the terms and conditions of the lease to determine the proper lease classification. A lease is classified as an operating lease if none of the following criteria are met: (i) ownership transfers to the lessee at the end of the lease term, (ii) the lessee has a purchase option that is reasonably expected to be exercised, (iii) the lease term is for a major part of the economic life of the leased property, (iv) the present value of the future lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the leased property, and (v) the leased property is of such a specialized nature that it is expected to have no future alternative use to the Company at the end of the lease term. If one or more of these criteria are met, the lease will generally be classified as a sales-type lease, unless the lease contains a residual value guarantee from a third party other than the lessee, in which case it would be classified as a direct financing lease under certain circumstances in accordance with ASC 842, Leases . The Company’s rental revenue primarily consists of fixed contractual base rent arising from tenant leases at the Company’s properties under operating leases. Revenue under operating leases that are deemed probable of collection, is recognized as revenue on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded in the Company’s Consolidated Balance Sheets. The Company’s Hospitality revenue consists 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. For leases that are deemed not probable of collection, revenue is recorded as the lesser of (i) the amount which would be recognized on a straight-line basis or (ii) cash that has been received from the tenant, with any tenant and deferred rent receivable balances charged as a direct write-off against rental income in the period of the change in the collectability determination. Certain of the Company’s contracts contain nonlease components (e.g., charges for management fees, common area maintenance, and reimbursement of third-party maintenance expenses) in addition to lease components (i.e., monthly rental charges). Services related to nonlease components are provided over the same period of time as, and billed in the same manner as, monthly rental charges. The Company elected to apply the practical expedient available under ASC 842, for all classes of assets, not to segregate the lease components from the nonlease components when accounting for operating leases. Since the lease component is the predominant component under each of these leases, combined revenues from both the lease and nonlease components are accounted for in accordance with ASC 842 and reported as Rental revenues in the Company’s Consolidated Statements of Operations and Comprehensive Loss. In connection with its investments, the Company has utilized loan programs designed to encourage housing development. The proceeds from these loans are governed by restrictive covenants. For certain housing development loans, so long as the Company remains in compliance with the covenants and program requirements, the loans will be forgiven in equal annual installments until the loans are discharged in full. The Company treats t hese loans as deferred income and records them as a component of Other liabilities on the Company’s Consolidated Balance Sheets. As of December 31, 2022 and 2021, deferred income related to these loans amounted to $ 4.2 million and $ 5.0 million, respectively. As the loan balances are reduced during the compliance period, the Company will record income associated with the discharge of the loans as a component of Other revenue on the Company’s Consolidated Statements of Operations and Comprehensive Loss. For each of the years ended December 31, 2022, 2021 and 2020, Other revenue related to these loans amounted to $ 0.8 million. Other revenues and interest income are recorded on an accrual basis. Organization and Offering Expenses Organization costs are expensed as incurred and recorded as a component of General and administrative expenses on the Company’s Consolidated Statements of Operations and Comprehensive Loss and offering costs are charged to equity as such amounts are incurred. The Advisor advanced $ 7.3 million of organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through December 21, 2019, the first anniversary of the date on which the proceeds from escrow were released. The Company reimburses the Advisor for all such advanced expenses ratably over a 60 month period, which commenced in January 2020. These organization and offering costs are recorded as a component of Due to affiliates on the Company’s Consolidated Balance Sheets as of December 31, 2022 and 2021. Starwood Capital, L.L.C. (the “Dealer Manager”), a registered broker-dealer affiliated with the Advisor, serves as the dealer manager for the Company’s public 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 primary offering. The Dealer Manager is also entitled to receive a stockholder servicing fee based on the aggregate net asset value (“NAV”) of the Company’s outstanding Class T shares, Class S shares and Class D shares. The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, 2022: Common Common Common Common Selling commissions and dealer manager fees 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 T shares sold in the primary offering, 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 S shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.5 % of the transaction price. For Class D shares sold in the primary offering, 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

Investments

Investments	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Investments	3. Investments Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): December 31, 2022 December 31, 2021 Building and building improvements $ 19,249,503 $ 14,450,074 Land and land improvements 3,580,603 2,733,505 Furniture, fixtures and equipment 331,586 264,557 Right of use asset - operating lease (1) 105,230 105,236 Total 23,266,922 17,553,372 Accumulated depreciation and amortization ( 1,019,521 ) ( 368,293 ) Investments in real estate, net $ 22,247,401 $ 17,185,079 (1) Refer to Note 14 for additional details on the Company’s leases. The following table provides details of the properties acquired during the year ended December 31, 2022 ($ in thousands): Segments Number of Number of Sq. Ft. Purchase Price (1) Multifamily 6 67 16,542 units $ 4,288,281 Single-Family Rental 11 N/A (2) 621 units 249,009 Industrial 6 61 7.50 sq. ft. 972,791 Office 1 1 0.34 sq. ft. 150,945 Self-Storage 1 1 0.09 sq. ft. 42,091 25 130 $ 5,703,117 (1) Purchase price is inclusive of acquisition-related costs. (2) Includes a 95% interest in 621 consolidated single-family rental homes. The following table provides details of the properties acquired during the year ended December 31, 2021 ($ in thousands): Segments Number of Number of Sq. Ft. Purchase Price (1) Multifamily 15 151 37,779 units $ 9,342,279 Single-Family Rental 2 N/A (2) 2,595 units 1,128,276 Industrial 5 60 10.38 sq. ft. 1,560,968 Office 2 5 0.70 sq. ft. 370,846 Self-Storage 1 25 1.81 sq. ft. 322,228 Other 3 3 0.75 sq. ft. 315,368 28 244 $ 13,039,965 (1) Purchase price is inclusive of acquisition-related costs. (2) Includes a 100% interest in 2,303 single-family rental homes and a 95% interest in 292 consolidated single-family rental units. The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2022 ($ in thousands): Amount Building and building improvements $ 4,697,513 Land and land improvements 825,064 Furniture, fixtures and equipment 58,493 In-place lease intangibles (1) 85,304 Above-market lease intangibles (1) 11,874 Below-market lease intangibles (1) ( 24,452 ) Other intangibles 6,723 Total purchase price (2) $ 5,660,519 Assumed mortgage notes ( 267,030 ) Non-controlling interest ( 13,834 ) Net purchase price $ 5,379,655 (1) The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles, and below-market lease intangibles for the properties acquired during the year ended December 31, 2022 were 4 years, 8 years, and 10 years, respectively . (2) Purchase price does not include acquisition-related costs of $ 42.6 million. The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2021 ($ in thousands): Amount Building and building improvements $ 10,463,106 Land and land improvements 2,039,052 Furniture, fixtures and equipment 186,882 In-place lease intangibles (1) 256,466 Above-market lease intangibles (1) 15,007 Below-market lease intangibles (1) ( 28,898 ) Above-market ground lease intangibles (1) ( 2,292 ) Other intangibles 12,376 Total purchase price (2) $ 12,941,699 Assumed mortgage notes ( 156,515 ) Non-controlling interest ( 28,158 ) Net purchase price $ 12,757,026 (1) The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles, below-market lease intangibles and above-market ground lease for the properties acquired during the year ended December 31, 2021 were 4 years, 8 years, 9 years, and 32 years, respectively. (2) Purchase price does not include acquisition related costs of $ 98.3 million. Investments in unconsolidated real estate ventures The following table details the Company ’s equity investments in unconsolidated entities ($ in thousands): December 31, Investments in Unconsolidated Real Estate Ventures Segment Date Acquired Number of Properties Ownership Interest 2022 2021 Extended Stay Portfolio Other July 2022 196 45 % $ 471,696 $ — Fort Lauderdale Hotel Other March 2019 1 43 % 9,936 10,422 Total investments in unconsolidated real estate ventures $ 481,632 $ 10,422 The following table details the Company ’s income (loss) from unconsolidated entities ($ in thousands): Year Ended December 31, Investments in Unconsolidated Real Estate Ventures Segment Date Acquired Number of Properties Ownership Interest 2022 2021 Extended Stay Portfolio Other July 2022 196 45 % $ 11,915 $ — Fort Lauderdale Hotel Other March 2019 1 43 % 274 ( 615 ) Total income (loss) from unconsolidated real estate ventures $ 12,189 $ ( 615 )

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	4. Intangibles The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): December 31, 2022 December 31, 2021 Intangible assets: (1) In-place lease intangibles $ 330,631 $ 448,447 Above-market lease intangibles 47,472 36,696 Other 43,032 43,653 Total intangible assets 421,135 528,796 Accumulated amortization: In-place lease amortization ( 113,674 ) ( 144,663 ) Above-market lease amortization ( 14,022 ) ( 7,718 ) Other ( 9,723 ) ( 7,300 ) Total accumulated amortization ( 137,419 ) ( 159,681 ) Intangible assets, net $ 283,716 $ 369,115 Intangible liabilities: (2) Below-market lease intangibles $ 89,137 $ 65,143 Total intangible liabilities 89,137 65,143 Accumulated amortization: Below-market lease amortization ( 18,770 ) ( 9,523 ) Total accumulated amortization ( 18,770 ) ( 9,523 ) Intangible liabilities, net $ 70,367 $ 55,620 __________ (1) Included in Other assets on the Company’s Consolidated Balance Sheets. (2) Included in Other liabilities on the Company’s Consolidated Balance Sheets. The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of December 31, 2022 is as follows ($ in thousands): In-place Above-market Other Below-market 2023 $ 50,832 $ 7,206 $ 3,542 $ ( 11,335 ) 2024 36,576 5,705 3,528 ( 9,642 ) 2025 28,003 4,336 3,396 ( 7,536 ) 2026 19,954 3,738 3,396 ( 6,622 ) 2027 13,878 1,639 3,396 ( 2,902 ) Thereafter 67,714 10,826 16,051 ( 32,330 ) $ 216,957 $ 33,450 $ 33,309 $ ( 70,367 )

Investments in Real Estate Debt

Investments in Real Estate Debt	12 Months Ended
	Dec. 31, 2022
Schedule of Investments [Abstract]
Investments in Real Estate Debt	5. Investments in Real Estate Debt The following tables detail the Company’s investments in real estate debt ($ in thousands): December 31, 2022 Type of Security/Loan Number of Positions Weighted (1) Weighted Average (2) Cost Basis Fair Value CMBS - floating 8 L + 4.18% May 2037 $ 306,026 $ 290,807 Total real estate debt securities 8 L + 4.18% May 2037 306,026 290,807 Term loans 2 L + 4.96% January 2027 1,461,417 1,366,856 Total investments in real estate debt 10 L + 4.82% October 2028 $ 1,767,443 $ 1,657,663 December 31, 2021 Type of Security Number of Weighted (1) Weighted Average (2) Cost Basis Fair Value RMBS 50 L + 3.07% July 2045 $ 165,600 $ 168,309 CMBS - floating 4 L + 3.46% July 2038 296,928 295,465 CMBS - fixed 1 6.26 % July 2039 2,522 2,701 Total real estate debt securities 55 L + 3.34% January 2041 465,050 466,475 Term loan 1 L + 5.35% February 2026 504,540 487,602 Total investments in real estate debt 56 L + 4.41% April 2033 $ 969,590 $ 954,077 __________ (1) The term “L” refers to the relevant benchmark rates, which includes one-month LIBOR, one-month Secured Overnight Financing Rate (“SOFR”), three-month Bank Bill Swap Bid Rate (“BBSY”) and Sterling Overnight Index Average (“SONIA”) as applicable to each security and loan. (2) Weighted average maturity date is based on the fully extended maturity date of the underlying collateral. During June 2022, the Company provided financing in the form of a term loan to an unaffiliated entity in connection with its acquisition of three Australian hospitality and leisure resorts. The loan is in the amount of AUD 1,377 million and has an initial term of five years , with a two-year extension option. The loan is pre-payable at the option of the borrower at any time. During February 2021, the Company provided financing in the form of a term loan to an unaffiliated entity in connection with its acquisition of a premier United Kingdom holiday company. The loan is in the amount of £ 360 million and has an initial term of five years , with a two-year extension option. The loan is pre-payable at the option of the borrower at any time. The Company’s investments in real estate debt include CBMS collateralized by properties owned by Starwood Capital investment vehicles. The following table details the Company’s affiliate investments in real estate debt ($ in thousands): Fair Value December 31, 2022 December 31, 2021 CMBS $ 290,807 $ 295,465 Total $ 290,807 $ 295,465 Such CMBS were purchased in fully or over-subscribed offerings. Each investment in such CMBS by the Company represented a minority participation in any individual tranche. The Company acquired its minority participation interest from third-party investment banks on market terms negotiated by the majority third-party investors. During the year ended December 31, 2022, the Company recorded net unrealized losses and realized losses on its investments in real estate debt of $ 18.3 million and $ 13.2 million, respectively. During the year ended December 31, 2021, the Company recorded net unrealized gains on its investments in real estate debt of $ 1.7 million and did not record any realized gains or losses on its investments in real estate debt. During the year ended December 31, 2020, the Company recorded net unrealized losses and realized losses on its investments in real estate debt of $ 0.2 million and $ 5.8 million, respectively. Such amounts are recorded as a component of Income from investments in real estate debt on the Company’s Consolidated Statements of Operations and Comprehensive Loss.

Mortgage Notes and Revolving Cr

Mortgage Notes and Revolving Credit Facility	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Mortgage Notes and Revolving Credit Facility	6. Mortgage Notes and Revolving Credit Facility The following table is a summary of the mortgage notes and revolving credit facility secured by the Company’s properties ($ in thousands): Principal Balance Outstanding (3) Indebtedness Weighted (1) Weighted (2) Maximum December 31, 2022 December 31, 2021 Fixed rate loans Fixed rate mortgages 3.06 % December 2030 N/A $ 3,843,346 $ 3,110,689 Total fixed rate loans 3,843,346 3,110,689 Variable rate loans Floating rate mortgages L + 1.84 % May 2027 N/A 10,445,553 7,052,819 Variable rate revolving credit facility (4) L + 1.85 % December 2025 $ 800,000 175,000 1,190,683 Total variable rate loans 10,620,553 8,243,502 Total loans secured by the Company’s 14,463,899 11,354,191 Deferred financing costs, net ( 102,064 ) ( 80,410 ) (Discount) premium on assumed debt, net ( 6,377 ) 630 Mortgage notes and revolving credit facility, net $ 14,355,458 $ 11,274,411 __________ (1) The term “L” refers to the relevant floating benchmark rates, which includes one-month LIBOR, one-month SOFR, Federal Reserve Bank of New York (“NYFED”) 30 day SOFR, three-month Euro Interbank Offered Rate (“EURIBOR”) and three-month Copenhagen Interbank Offered Rate (“CIBOR”), as applicable to each loan. (2) For loans where the Company, at its own discretion, has extension options, the maximum maturity date has been assumed. (3) The majority of the Company’s mortgages contain prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties. (4) The Company’s revolving credit facility can be drawn upon to fund the acquisition of future real estate investments. The repayment of the revolving credit facility is guaranteed by the Operating Partnership. The following table presents the future principal payments under the Company’s mortgage notes and revolving credit facility as of December 31, 2022 ($ in thousands): Year Amount 2023 $ 43,175 2024 736,436 2025 1,652,590 2026 4,825,366 2027 2,070,914 Thereafter 5,135,418 Total $ 14,463,899 Pursuant to lender agreements for certain of the Company’s mortgages, the Company has the ability to draw $ 71.8 million for leasing commissions, tenant and building improvements. The Company’s mortgage notes and revolving credit facility may contain customary events of default and covenants, including limitations on liens and indebtedness and maintenance of certain financial ratios. The Company is not aware of any instance of material noncompliance with financial covenants as of December 31, 2022.

Secured Financings On Investmen

Secured Financings On Investments In Real Estate Debt	12 Months Ended
	Dec. 31, 2022
Secured Financings On Investments In Real Estate Debt [Abstract]
Secured Financings on Investments in Real Estate Debt	7. Secured Financings on Investments in Real Estate Debt Secured financings on investments in real estate debt are treated as collateralized financing transactions and are carried at their contractual amounts, including accrued interest, as specified in the respective agreements. Although structured as a sale and repurchase obligation, a secured financing on investments in real estate debt operates as a financing under which securities are pledged as collateral to secure a short-term loan equal in value to a specified percentage of the market value of the pledged collateral. While used as collateral, the Company retains beneficial ownership of the pledged collateral, including the right to distributions. At the maturity of a secured financing on investments in real estate debt, the Company is required to repay the loan and concurrently receive the pledged collateral from the lender or, with the consent of the lender, renew such agreement at the then-prevailing financing rate. Interest rates on these borrowings are determined based on prevailing rates corresponding to the terms of the borrowings, and interest is paid at the termination of the borrowing at which time the Company may enter into a new borrowing arrangement at prevailing market rates with the same counterparty or repay that counterparty and negotiate financing with a different counterparty. The fair value of financial instruments pledged as collateral on the Company’s secured financings on investments in real estate debt disclosed in the tables below represents the Company’s fair value of such instruments, which may differ from the fair value assigned to the collateral by its counterparties. During February 2021, the Company entered into a repurchase agreement with Barclays Bank PLC in order to finance its term loan investment (the “Barclays RA”) to an unaffiliated entity in connection with its acquisition of a premier United Kingdom holiday company. Effective February 15, 2022, the reference rate for the calculation of interest transitioned from the three–month U.S. dollar-denominated LIBOR to SONIA. The Barclays RA interest rate is now equal to the SONIA daily non-cumulative EFR rate plus a spread. During June 2022, the Company entered into a repurchase agreement with Morgan Stanley Bank, N.A. (“Morgan Stanley”), Guardians of New Zealand Superannuation as manager and administrator of the New Zealand Superannuation Fund (“NZ Super”), and BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Osterreichische Postsparkasse Aktiengesellschaft (“BAWAG”) in order to finance its term loan investment (the “Syndicated RA”) to an unaffiliated entity in connection with its acquisition of three Australian hospitality and leisure resorts. For consolidated financial statement purposes, the Company does not offset its secured financings on investments in real estate debt and securities lending transactions because the conditions for netting as specified by GAAP are not met. Although not offset on the Company’s Consolidated Balance Sheets, these transactions are summarized in the following tables ($ in thousands): December 31, 2022 Indebtedness Maturity Date Coupon Collateral (1) Outstanding Barclays RA February 2026 SONIA + 2.50% $ 433,044 $ 238,174 Syndicated RA June 2027 BBSY + 2.65% 933,812 513,597 $ 1,366,856 $ 751,771 December 31, 2021 Indebtedness Maturity Date Coupon Collateral (1) Outstanding Barclays RA February 2026 L + 2.50% $ 487,602 $ 268,181 $ 487,602 $ 268,181 __________ (1) Represents the fair value of the Company’s investments in real estate-related debt securities.

Unsecured Line of Credit

Unsecured Line of Credit	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Unsecured Line of Credit	8. Unsecured Line of Credit During July 2021, the Company further increased its unsecured line of credit (the “Line of Credit”) by $ 100 million with additional banks for a total borrowing capacity of $ 450 million. During May 2022, additional banks were added under the Line of Credit, and the total borrowing capacity was increased to $ 1.6 billion. The Line of Credit expires on May 11, 2024 , at which time the Company may request additional one-year extensions thereafter. Interest under the Line of Credit is determined based on one-month U.S. dollar-denominated SOFR plus 2.5% . The repayment of the Line of Credit is guaranteed by the Company. There were no outstanding borrowings and $ 375 million outstanding on the Line of Credit as of December 31, 2022 and 2021, respectively.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	12 Months Ended
	Dec. 31, 2022
Other Assets And Other Liabilities [Abstract]
Other Assets and Other Liabilities	9. Other Assets and Other Liabilities The following table summarizes the components of Other assets ($ in thousands): December 31, 2022 December 31, 2021 Derivative instruments $ 898,916 $ 194,053 Intangible assets, net 283,716 369,115 Receivables 110,898 103,049 Equity securities 84,321 172,236 Prepaid expenses 20,985 15,871 Deferred financing costs, net 10,984 6,723 Interest receivable 6,670 5,337 Other 5,058 1,492 Acquisition deposits — 13,422 Total other assets $ 1,421,548 $ 881,298 The following table summarizes the components of Other liabilities ($ in thousands): December 31, 2022 December 31, 2021 Accounts payable and accrued expenses $ 95,467 $ 89,625 Real estate taxes payable 85,955 53,423 Intangible liabilities, net 70,367 55,620 Accrued interest expense 58,872 16,399 Tenant security deposits 50,694 36,509 Distributions payable 49,306 32,696 Deferred tax liability 42,383 8,599 Right of use liability - operating leases 12,452 12,499 Deferred income 8,837 7,467 Derivative instruments 17,860 1,398 Other 15,206 25,271 Total other liabilities $ 507,399 $ 339,506

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	10. Derivatives The Company uses derivative financial instruments to minimize the risks and/or costs associated with the Company’s investments and financing transactions. The Company has not designated any of its derivative financial instruments as hedges as defined under GAAP. 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 caps and swaps, 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 following tables detail the Company’s outstanding interest rate derivatives that were non-designated hedges of interest rate risk (notional amounts in thousands): December 31, 2022 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Strike Rate Index Weighted Average Maturity (Years) Interest Rate Caps - Property debt 67 $ 10,273,472 1.5 % LIBOR, SOFR 2.9 Interest Rate Caps - Property debt 3 € 157,296 1.2 % EURIBOR 1.7 Interest Rate Caps - Property debt 1 Dkr. 301,500 1.0 % CIBOR 3.7 Interest Rate Swaps - Property debt 2 $ 269,115 0.8 % LIBOR 2.3 Interest Rate Swaps - Property debt 3 € 213,458 1.9 % EURIBOR 4.6 Interest Rate Swaps - Property debt 1 kr 576,633 2.4 % NIBOR 5.2 December 31, 2021 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Strike Rate Index Weighted Average Maturity (Years) Interest Rate Caps - Property debt 19 $ 6,297,224 0.8 % LIBOR, SOFR 4.5 Interest Rate Caps - Property debt 2 € 88,040 1.3 % EURIBOR 2.4 Interest Rate Caps - Property debt 1 Dkr. 301,500 1.0 % CIBOR 4.7 Interest Rate Swaps - Property debt 2 $ 256,783 0.8 % LIBOR 3.6 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 amounts in thousands): December 31, 2022 December 31, 2021 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD/Sell EUR Forward 48 € 588,786 5 € 232,076 Buy USD/Sell DKK Forward 12 Dkr. 1,513,100 6 Dkr. 289,700 Buy USD/Sell AUD Forward 8 AUD 661,100 — — Buy USD/Sell NOK Forward 8 kr 859,279 — — Buy USD/Sell GBP Forward 5 £ 368,469 2 £ 165,861 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, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Interest rate derivatives $ 842,895 $ 185,738 $ — $ — Foreign currency forward contracts 56,021 8,315 17,860 1,398 Total Derivatives $ 898,916 $ 194,053 $ 17,860 $ 1,398 (1) Included in Other Assets in the Company’s Consolidated Balance Sheets. (2) Included in Other Liabilities in the Company’s Consolidated Balance Sheets. The following table details the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations and Comprehensive Loss ($ in thousands): For the Year Ended December 31, Type of Derivative Net Realized/Unrealized Gain (Loss) (1) 2022 2021 Interest Rate Caps - Property debt Unrealized gain $ 498,696 $ 5,244 Interest Rate Swaps - Property debt Unrealized gain 32,972 4,792 Foreign Currency Forward Contracts Unrealized gain 30,556 8,447 Foreign Currency Forward Contracts Realized gain 57,176 5,463 $ 619,400 $ 23,946 (1) Included in Other income (expense), net on the Company’s Consolidated Statements of Operations and Comprehensive Loss.

Equity and Redeemable Non-contr

Equity and Redeemable Non-controlling Interest	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	11. Equity and Redeemable Non-controlling Interest Authorized Capital The Company is authorized to issue preferred stock and four classes of common stock consisting of Class T shares, Class S shares, Class D shares, and Class I shares. The Company’s board of directors has the ability to establish the preferences and rights of each class or series of preferred stock, without stockholder approval, and as such, it may afford the holders of any series or class of preferred stock preferences, powers and rights senior to the rights of holders of common stock. The differences among the common share classes relate to upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. See Note 2 for a further description of such items. Other than the differences in upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees, each class of common stock is subject to the same economic and voting rights. Charter Amendment On May 10, 2021, the Company amended its charter to increase the number of shares of stock that the Company has authority to issue to 3,100,000,000 shares, consisting of 3,000,000,000 shares of common stock, $ 0.01 par value per share, 500,000,000 of which are classified as Class T common stock, 1,000,000,000 of which are classified as Class S common stock, 500,000,000 of which are classified as Class D common stock and 1,000,000,000 of which are classified as Class I common stock, and 100,000,000 shares of preferred stock, $ 0.01 par value per share. Prior to the amendment, the Company had authority to issue 1,100,000,000 shares, consisting of 1,000,000,000 shares of common stock, $ 0.01 par value per share, 250,000,000 of which were classified as Class T common stock, 250,000,000 of which were classified as Class S common stock, 250,000,000 of which were classified as Class D common stock and 250,000,000 of which were classified as Class I common stock, and 100,000,000 shares of preferred stock, $ 0.01 par value per share. As of December 31, 2022, the Company had the authority to issue 3,100,000,000 shares of capital stock, consisting of the following: Classification Number of Par Value Preferred Stock 100,000,000 $ 0.01 Class T Shares 500,000,000 $ 0.01 Class S Shares 1,000,000,000 $ 0.01 Class D Shares 500,000,000 $ 0.01 Class I Shares 1,000,000,000 $ 0.01 Total 3,100,000,000 Common Stock The following table details the movement in the Company’s outstanding shares of common stock: Class T Class S Class D Class I Total January 1, 2020 1,412,563 26,164,794 1,653,094 16,114,284 45,344,735 Common stock shares issued 1,137,269 20,138,235 1,190,809 23,197,333 45,663,646 Distribution reinvestment plan shares issued 56,484 1,188,342 87,505 611,538 1,943,869 Common stock shares repurchased ( 143,134 ) ( 1,059,710 ) ( 84,311 ) ( 774,476 ) ( 2,061,631 ) Independent directors’ restricted stock grant (1) — — — 4,234 4,234 December 31, 2020 2,463,182 46,431,661 2,847,097 39,152,913 90,894,853 Common stock shares issued 2,157,634 107,086,220 19,108,491 124,387,317 252,739,662 Distribution reinvestment plan shares issued 86,892 2,130,886 244,060 1,520,206 3,982,044 Common stock shares repurchased ( 59,272 ) ( 1,267,731 ) ( 57,349 ) ( 1,450,765 ) ( 2,835,117 ) Independent directors’ restricted stock grant (1) — — — 14,829 14,829 December 31, 2021 4,648,436 154,381,036 22,142,299 163,624,500 344,796,271 Common stock shares issued 1,112,055 80,943,605 10,500,831 109,276,249 201,832,740 Distribution reinvestment plan shares issued 125,187 3,647,656 720,473 3,664,723 8,158,039 Common stock shares repurchased ( 164,182 ) ( 14,415,387 ) ( 2,389,430 ) ( 32,146,156 ) ( 49,115,155 ) Independent directors’ restricted stock grant (1) — — — 35,697 35,697 December 31, 2022 5,721,496 224,556,910 30,974,173 244,455,013 505,707,592 __________ (1) The independent directors’ restricted stock grant represents an aggregate $ 0.8 million, $ 0.3 million and $ 0.1 million of the annual compensation paid to the independent directors for the years ended December 31, 2022, 2021 and 2020, respectively. Each grant is amortized over the one-year service period of such grant. Share Repurchases The Company has adopted a share repurchase plan whereby, subject to certain limitations, stockholders may request on a monthly basis that the Company repurchases all or any portion of their shares. Should repurchase requests, in the Company’s judgment, place an undue burden on its liquidity, adversely affect its operations or risk having an adverse impact on the Company as a whole, or should the Company otherwise determine that investing its liquid assets in real properties or other illiquid investments rather than repurchasing its shares is in the best interests of the Company as a whole, then the Company may choose to repurchase fewer shares than have been requested to be repurchased, or none at all. Further, the Company’s board of directors may modify and suspend the Company’s share repurchase plan if it deems such action to be in the Company’s best interest and the best interest of its stockholders. In addition, the total amount of shares that the Company will repurchase is limited, in any calendar month, to shares whose aggregate value (based on the repurchase price per share on the date of the repurchase) is no more than 2 % of its aggregate NAV as of the last day of the previous calendar month and, in any calendar quarter, to shares whose aggregate value is no more than 5 % of its aggregate NAV as of the last day of the previous calendar quarter. In the event that the Company determines to repurchase some but not all of the shares submitted for repurchase during any month, shares repurchased at the end of the month will be repurchased on a pro rata basis. For the years ended December 31, 2022, 2021 and 2020, the Company repurchased 49,115,155 , 2,835,117 and 2,061,631 shares of common stock representing a total of $ 1.3 billion, $ 64.6 million and $ 43.7 million, respectively. In October 2022, the Company received repurchase requests equal to 2.2 % of its aggregate monthly NAV. The Company’s board of directors, including all of its independent directors, authorized repurchases above the 2 % monthly repurchase limitation for October 2022. As such, 100 % of share repurchase requests were satisfied in October 2022. In November 2022, the Company received repurchase requests equal to 3.2 % of its aggregate monthly NAV and honored all repurchase requests for November 2022 on a pro rata basis up to the 2 % monthly limitation. As such, 63 % of each stockholder’s repurchase request was satisfied in November 2022. In December 2022, the Company received repurchase requests equal to 4.2 % of its aggregate monthly NAV and honored all repurchase requests for December 2022 on a pro rata basis up to the 5 % quarterly limitation. As such, 20 % of each stockholder’s share repurchase requests were satisfied in December 2022. 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 Code. Each class of common stock receives the same gross distribution per share. The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable distributor. The following table details the aggregate distributions declared for each applicable class of common stock: Year Ended December 31, 2022 Class T Class S Class D Class I Aggregate gross distributions declared per share of common stock $ 1.2420 $ 1.2420 $ 1.2420 $ 1.2420 Stockholder servicing fee per share of common stock ( 0.2320 ) ( 0.2318 ) ( 0.0672 ) — Net distributions declared per share of common stock $ 1.0100 $ 1.0102 $ 1.1748 $ 1.2420 Year Ended December 31, 2021 Class T Class S Class D Class I Aggregate gross distributions declared per share of common stock $ 1.2420 $ 1.2420 $ 1.2420 $ 1.2420 Stockholder servicing fee per share of common stock ( 0.1949 ) ( 0.1955 ) ( 0.0571 ) — Net distributions declared per share of common stock $ 1.0471 $ 1.0465 $ 1.1849 $ 1.2420 Year Ended December 31, 2020 Class T Class S Class D Class I Aggregate gross distributions declared per share of common stock $ 1.2420 $ 1.2420 $ 1.2420 $ 1.2420 Stockholder servicing fee per share of common stock ( 0.1808 ) ( 0.1821 ) ( 0.0533 ) — Net distributions declared per share of common stock $ 1.0612 $ 1.0599 $ 1.1887 $ 1.2420 Redeemable Non-controlling Interest In connection with its performance participation interest, the Special Limited Partner holds Class I units in the Operating Partnership. See Note 12 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 cash, at its election, the Company has classified these Class I units as Redeemable non-controlling interest in mezzanine equity on the Company’s Consolidated Balance Sheets. The Redeemable non-controlling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such units at the end of each measurement period. In addition to the Special Limited Partner’s interest noted above, certain third parties also have a redeemable non-controlling interest. The following table details the Redeemable non-controlling interests activity related to the Special Limited Partner and third-party Operating Partnership unitholders for the years ended December 31, 2022 and 2021 ($ in thousands): Special Limited Partner Third-party Operating Partnership unitholders Total Balance at December 31, 2020 $ 10,409 $ — $ 10,409 Settlement of performance participation allocation 15,061 — 15,061 GAAP income (loss) allocation ( 1,758 ) — ( 1,758 ) Distributions ( 1,460 ) — ( 1,460 ) Fair value allocation 8,250 — 8,250 Balance at December 31, 2021 $ 30,502 $ — $ 30,502 Settlement of performance participation allocation 204,225 — 204,225 Issuance of SREIT OP units as consideration for — 190,459 190,459 GAAP income (loss) allocation ( 1,050 ) ( 1,096 ) ( 2,146 ) Distributions ( 11,239 ) ( 6,400 ) ( 17,639 ) Fair value allocation 15,884 5,814 21,698 Balance at December 31, 2022 $ 238,322 $ 188,777 $ 427,099

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	12. Related Party Transactions Acquisition of Investments On March 11, 2022, the Company acquired floating rate CMBS bonds related to Starwood Capital and a third party for $ 109.2 million, secured by 111 lodging properties. Management Fee and Performance Participation Allocation The Advisor 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 Advisor’s election, in cash, shares of common stock, or Operating Partnership units. The Advisor waived its management fee through March 31, 2019. During the years ended December 31, 2022, 2021, and 2020, the Company incurred management fees of $ 167.1 million, $ 62.2 million, and $ 19.4 million, respectively. To date, the Advisor has elected to receive the management fee in shares of the Company’s common stock. The Company issued 5,598,108 and 2,232,831 unregistered Class I shares to the Advisor as payment for the 2022 and 2021 management fees, respectively, and also had a payable of $ 14.5 million and $ 9.6 million related to the management fees as of December 31, 2022 and 2021, respectively, which are included in Due to affiliates on the Company’s Consolidated Balance Sheets. During January 2023, the Advisor was issued 551,733 unregistered Class I shares as payment for the $ 14.5 million management fee accrued as of December 31, 2022. During January 2022, the Advisor was issued 371,148 unregistered Class I shares as payment for the $ 9.6 million management fee accrued as of December 31, 2021. The shares issued to the Advisor for payment of the management fee were issued at the applicable NAV per share at the end of each month for which the fee was earned. Additionally, the Special Limited Partner, an affiliate of the Advisor, holds a performance participation interest in the Operating Partnership that entitles it to receive an allocation of the Operating Partnership’s total return to its capital account. Total return is defined as distributions paid or accrued plus the change in NAV. Under the Operating Partnership’s limited partnership agreement, the annual total return will be allocated solely to the Special Limited Partner 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 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 annual distribution of the performance participation interest will be paid in cash or Class I units of the Operating Partnership, at the election of the Special Limited Partner. During the years ended December 31, 2022 and 2021, the Company recognized $ 102.3 million and $ 204.2 million, respectively, of performance participation interest in the Company’s consolidated financial statements. The performance participation interest for 2022 became payable on December 31, 2022 and, in January 2023, the Company caused the Operating Partnership to issue 3,886,034 Class I units in the Operating Partnership to the Special Limited Partner as payment for the performance participation interest for 2022. Such Class I units were issued at the NAV per unit as of December 31, 2022. The performance participation interest for 2021 became payable on December 31, 2021 and, in January 2022, the Company caused the Operating Partnership to issue 7,872,930 Class I units in the Operating Partnership to the Special Limited Partner as payment for the performance participation interest for 2021. Such Class I units were issued at the NAV per unit as of December 31, 2021. Repurchase of Advisor and Certain Director Shares During the year ended December 31, 2022, the Company repurchased outside of its share repurchase plan 2,488,926 Class I shares, held by the Advisor and certain directors for total consideration of $ 68.5 million. During the year ended December 31, 2021, the Company repurchased outside of its share repurchase plan 29,915 Class I shares, held by the Advisor and certain directors for total consideration of $ 0.6 million. Due to Affiliates The following table details the components of Due to affiliates ($ in thousands): December 31, 2022 December 31, 2021 Accrued stockholder servicing fee $ 413,004 $ 291,544 Performance participation allocation 102,348 204,225 Accrued management fee 14,531 9,628 Advanced organization and offering costs 3,017 4,373 Accrued affiliate service provider expenses 2,659 843 Advanced operating expenses 1,555 2,655 Total $ 537,114 $ 513,268 Accrued stockholder servicing fee As described in Note 2, the Company accrues the full amount of the future stockholder servicing fees payable to the Dealer Manager for Class T, Class S, and Class D shares up to the 8.75 % limit at the time such shares are sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Company’s public offerings, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fee and all or a portion of the stockholder servicing fees received by the Dealer Manager to such selected dealers. Advanced organization and offering costs The Advisor and its affiliates incurred $ 7.3 million, of organization and offering costs (excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) on behalf of the Company through December 21, 2019. Such amount is being reimbursed to the Advisor ratably over 60 months, which commenced in January 2020. Accrued affiliate service provider expenses The Company has engaged and expects to continue to engage Highmark Residential (formerly Milestone Management), a portfolio company owned by an affiliate of the Sponsor, to provide day-to-day operational and management services (including leasing, construction management, revenue management, accounting, legal and contract management, expense management, and capital expenditure projects and transaction support services) for a portion of the Company’s multifamily properties. The cost for such services is a percentage of the gross receipts and project costs, respectively, (which will be reviewed periodically and adjusted if appropriate), plus actual costs allocated for transaction support services. During the years ended December 31, 2022, 2021 and 2020, the Company has incurred approximately $ 17.3 million, $ 6.7 million and $ 2.8 million, respectively, of expenses due to Highmark Residential services in connection with its investments and such amounts are included in Property operating expenses on the Company’s Consolidated Statements of Operations and Comprehensive Loss. The Company has engaged Rinaldi, Finkelstein & Franklin L.L.C. (“RFF”), a law firm owned and controlled by Ellis F. Rinaldi, Co-General Counsel and Senior Managing Director of the Sponsor and certain of its affiliates, to provide corporate legal support services to the Company. For the years ended December 31, 2022, 2021 and 2020, the amounts incurred for services provided by RFF were $ 0.5 million, $ 0.6 million and $ 0.3 million, respectively. The Company has engaged Essex Title, LLC (“Essex”), a title agent company majority owned by Starwood Capital. Essex 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, Starwood Capital and its affiliates and third parties. Essex focuses on transactions in rate-regulated states where the cost of title insurance is non-negotiable. Essex 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. Essex earns fees, which would have otherwise been paid to third parties, by providing title agency services and facilitating placement of title insurance with underwriters. Starwood Capital receives distributions from Essex in connection with investments by the Company based on its equity interest in Essex. In each case, there will be no related offset to the Company. During the year ended December 31, 2022, the Company paid Essex $ 4.3 million, for title services related to 10 investments. During the year ended December 31, 2021, the Company paid Essex $ 1.9 million, for title services related to 11 investments. During the year ended December 31, 2020, the Company paid Essex $ 0.2 million, for title services related to two investments. These costs were capitalized to Investments in real estate, net, on the Company’s Consolidated Balance Sheets. The Company engaged Starwood Retail Partners to provide leasing and legal services for any retail properties we acquire. During the year ended December 31, 2022, the Company incurred an insignificant amount of expenses from Starwood Retail Partners. During the years ended December 31, 2021 and 2020, the Company did not incur any expenses from Starwood Retail Partners. The Company has engaged Starwood Capital’s affiliated Luxembourg office for accounting and administrative matters relating to certain European investments. During the year ended December 31, 2022, the amount incurred for services provided was $ 1.4 million. During the year ended December 31, 2021, the amount incurred for services provided was $ 0.2 million. The Company did no t engage Starwood’s affiliated Luxembourg office for accounting and administrative matters during the year ended December 31, 2020. The Company has incurred legal expenses from third party law firms whose lawyers have been seconded to affiliates of Starwood Capital for the purpose of providing legal services in Europe to investment vehicles sponsored by Starwood Capital. During the year ended December 31, 2022, the amounts incurred for services provided were $ 0.4 million. During the year ended December 31, 2021, the amounts incurred for services provided were $ 0.1 million. The Company did no t incur legal expenses from third party law firms whose lawyers have been seconded to affiliates of Starwood Capital for the purpose of providing legal services during the year ended December 31, 2020. The Company has engaged Starwood Capital Group (“SCG”) STR Management Co, LLC, an affiliate of the Advisor, to provide property management services to certain of the Company’s residential units that function as short term rental assets. The costs for such services is a percentage of gross revenue produced by the short-term rentals on a monthly basis. During the year ended December 31, 2022, the Company has incurred approximately $ 0.2 million. During the years ended December 31, 2021 and 2020, the Company did no t incur any expenses from SCG STR Management Co, LLC. The Company has engaged ST Global Services, L.L.C. (“ST”) a procurement professional. ST provides procurement and consulting services to the Company and other Starwood funds. ST currently charges us based on hours spent. ST is not technically an affiliate because it is owned by a third party, however, Starwood does have the option to purchase the business. During the years ended December 31, 2022 and 2021, the amounts incurred for these services were insignificant. During the year ended December 31, 2020, the Company did not incur any expenses from ST. The Company has entered into an agreement with an affiliate of Starwood Global Opportunity Fund XI to assist with managing the Company’s assets in Spain and Italy. The SCG Southern Europe Team charges 0.2 % of fair market value and such charge is incurred on items such as new acquisitions, dispositions, financings, and leasing. During the year ended December 31, 2022, the amounts incurred for services provided by the SCG Southern Europe Team were $ 0.3 million. During the year ended December 31, 2021, the amounts incurred for services provided by SCG Southern Europe Team were an insignificant amount. During the year ended December 31, 2020, the Company did no t incur any expenses from the SCG Southern Europe Team. Advanced operating expenses As of December 31, 2022 and 2021, the Advisor had advanced approximately $ 0.1 million and $ 0.1 million, respectively, of expenses on the Company’s behalf for general corporate expenses provided by unaffiliated third parties. Such amounts (incurred prior to 2019) are being reimbursed to the Advisor ratably over a 60 month period, which commenced in January 2020. As of December 31, 2022, 2021 and 2020, the Advisor had incurred approximately $ 15.8 million, $ 6.7 million and $ 2.7 million, respectively, of expenses on the Company’s behalf for general corporate expenses. Such amounts are being reimbursed to the Advisor one month in arrears.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies As of December 31, 2022 and 2021, the Company is not subject to any material litigation nor is the Company aware of any material litigation threatened against it.

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	14. Leases Lessee Certain of the Company’s investments in real estate are subject to a ground lease. The Company’s ground leases are classified as right of use liability – operating leases based on the characteristics of the respective lease. The 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 do not contain any additional renewal options. The following table presents the future lease payments due under the Company’s ground leases as of December 31, 2022 ($ in thousands): Year Operating 2023 $ 686 2024 686 2025 712 2026 714 2027 714 Thereafter 25,782 Total undiscounted future lease payments 29,294 Difference between undiscounted cash flows and discounted cash flows ( 16,842 ) Total lease liability $ 12,452 The Company utilized its incremental borrowing rate, which was between 4.5 % and 6 % to determine its lease liabilities. As of December 31, 2022, the weighted average remaining lease term of the Company’s operating leases was 37 years. Payments under the Company’s ground leases contain fixed payment components. The Company’s ground leases contained escalations prior to the Company’s hold period. Lessor The Company’s rental revenue primarily consists of rent earned from operating leases at the Company’s multifamily, single-family rental, industrial, office, self-storage and other properties. Leases at the Company’s industrial, office and other properties generally include a fixed base rent and certain leases also contain a variable component. The variable component of the Company’s operating leases at its industrial, office and other properties primarily consist of the reimbursement of operating expenses such as real estate taxes, insurance, and common area maintenance costs. Leases at the Company’s industrial, office and other properties are generally longer term and may contain extension and termination options at the lessee’s election. The Company’s rental revenue earned from leases at the Company’s multifamily, single-family rental and self-storage properties primarily consists 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. Leases at the Company’s multifamily, single-family rental and self-storage properties are short term in nature, generally not greater than 12 months in length. The following table summarizes the fixed and variable components of the Company’s operating leases ($ in thousands): For the Year Ended December 31, 2022 2021 2020 Fixed lease payments $ 1,376,577 $ 530,093 $ 238,897 Variable lease payments 144,078 74,481 34,950 Rental revenue $ 1,520,655 $ 604,574 $ 273,847 The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, office, and other properties as of December 31, 2022 ($ in thousands). Leases at the Company’s multifamily, single-family and self-storage properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum 2023 $ 296,046 2024 277,573 2025 247,417 2026 210,843 2027 177,277 Thereafter 541,628 Total $ 1,750,784

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment Reporting	15. Segment Reporting The Company operates in seven reportable segments: Multifamily properties, Single-family rental properties, Industrial properties, Office properties, Self-Storage properties, Investments in real estate debt and Other properties. Effective January 1, 2022, the Hospitality properties and Medical Office properties segments were combined within the Other segment and previous amounts have been recasted. 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 sets forth the total assets by segment ($ in thousands): December 31, 2022 December 31, 2021 Multifamily $ 16,663,050 $ 12,225,256 Single-family rental 1,357,576 1,150,987 Industrial 3,180,764 2,145,163 Office 1,589,368 1,599,774 Self-storage 366,299 331,024 Investments in real estate debt 1,657,663 954,077 Other properties 1,225,052 764,714 Other (Corporate) 725,081 800,436 Total assets $ 26,764,853 $ 19,971,431 The following table sets forth the financial results by segment for the year ended December 31, 2022 ($ in thousands): Multifamily Single- Industrial Office Self- Other Investments Total Revenues: Rental revenue $ 1,068,277 $ 73,558 $ 177,998 $ 136,185 $ 26,614 $ 38,023 $ — $ 1,520,655 Other revenue 11,114 — 42 416 — 47,121 — 58,693 Total revenues 1,079,391 73,558 178,040 136,601 26,614 85,144 — 1,579,348 Expenses: Property operating 467,413 36,575 44,983 52,972 9,866 38,785 — 650,594 Total segment expenses 467,413 36,575 44,983 52,972 9,866 38,785 — 650,594 Income from unconsolidated — — — — — 12,189 — 12,189 Income from investments in — — — — — — 99,787 99,787 Segment net operating income $ 611,978 $ 36,983 $ 133,057 $ 83,629 $ 16,748 $ 58,548 $ 99,787 $ 1,040,730 Depreciation and amortization $ ( 595,718 ) $ ( 46,864 ) $ ( 101,484 ) $ ( 64,869 ) $ ( 10,080 ) $ ( 29,928 ) $ — $ ( 848,943 ) General and administrative ( 44,708 ) Management fees ( 167,100 ) Performance participation allocation ( 102,348 ) Interest expense ( 428,853 ) Loss on extinguishment of debt ( 313 ) Other income, net 485,608 Net loss $ ( 65,927 ) Net income attributable to non-controlling interests in consolidated joint ventures ( 1,927 ) Net loss attributable to non-controlling interests in Operating Partnership 2,146 Net loss attributable to stockholders $ ( 65,708 ) The following table sets forth the financial results by segment for the year ended December 31, 2021 ($ in thousands): Multifamily Single- Industrial Office Self-Storage Other Investments Total Revenues: Rental revenue $ 365,052 $ 1,158 $ 96,826 $ 124,317 $ 741 $ 16,480 $ — $ 604,574 Other revenue 4,310 — — 331 — 33,690 — 38,331 Total revenues 369,362 1,158 96,826 124,648 741 50,170 — 642,905 Expenses: Property operating 151,923 274 25,258 43,741 287 27,168 — 248,651 Total segment expenses 151,923 274 25,258 43,741 287 27,168 — 248,651 Loss from unconsolidated — — — — — ( 615 ) — ( 615 ) Income from investments in real — — — — — — 45,156 45,156 Segment net operating income $ 217,439 $ 884 $ 71,568 $ 80,907 $ 454 $ 22,387 $ 45,156 $ 438,795 Depreciation and amortization $ ( 189,084 ) $ ( 2,311 ) $ ( 58,002 ) $ ( 61,953 ) $ ( 429 ) $ ( 18,676 ) $ — $ ( 330,455 ) General and administrative ( 25,404 ) Management fees ( 62,237 ) Performance participation allocation ( 204,225 ) Interest expense ( 134,127 ) Other income, net 13,210 Net loss $ ( 304,443 ) Net loss attributable to non-controlling interests in consolidated joint ventures 434 Net loss attributable to non-controlling interests in Operating Partnership 1,758 Net loss attributable to stockholders $ ( 302,251 ) The following table sets forth the financial results by segment for the year ended December 31, 2020 ($ in thousands): Multifamily Industrial Office Other Investments Total Revenues: Rental revenue $ 132,835 $ 30,203 $ 97,078 $ 13,731 $ — $ 273,847 Other revenue 2,045 — 145 22,386 — 24,576 Total revenues 134,880 30,203 97,223 36,117 — 298,423 Expenses: Property operating 51,878 7,261 32,895 21,150 — 113,184 Total segment expenses 51,878 7,261 32,895 21,150 — 113,184 Loss from unconsolidated — — — ( 1,462 ) — ( 1,462 ) Income from investments in real — — — — 7,206 7,206 Segment net operating income $ 83,002 $ 22,942 $ 64,328 $ 13,505 $ 7,206 $ 190,983 Depreciation and amortization $ ( 73,365 ) $ ( 18,323 ) $ ( 48,477 ) $ ( 15,699 ) $ — $ ( 155,864 ) General and administrative ( 8,624 ) Management fees ( 19,423 ) Performance participation allocation ( 15,061 ) Interest expense ( 80,808 ) Other expense, net ( 9,403 ) Net loss $ ( 98,200 ) Net loss attributable to non-controlling interests in consolidated joint ventures 1,300 Net loss attributable to non-controlling interests in Operating Partnership 642 Net loss attributable to stockholders $ ( 96,258 )

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events During January and February 2023, the Company raised an aggregate of $ 0.1 billion in the Company's third public offering and had $ 0.5 billion of aggregate third party investor redemptions. In March 2023, the Company received $ 180.0 million of net borrowings from drawing on its unsecured line of credit.

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III Real Estate and Accumulated Depreciation	Schedule III – Real Estate and Accumulated Depr eciation as of December 31, 2022 ($ in thousands) Initial Cost Costs Capitalized Gross Amounts at which (2) Description Location Encumbrances Land and Building and Land and Building and Land and Building and Total Accumulated (1) Year Multifamily properties: Phoenix Property Mesa, AZ $ 43,551 $ 9,472 $ 35,909 $ 225 $ 1,005 $ 9,697 $ 36,914 $ 46,611 $ ( 6,820 ) 2019 Savannah Property Savannah, GA 25,412 3,671 31,351 253 304 3,924 31,655 35,579 ( 5,113 ) 2019 Florida Multifamily Portfolio Various Properties (2) Jacksonville, FL 36,422 11,574 37,920 423 2,020 11,997 39,940 51,937 ( 7,302 ) 2019 Various Properties (2) Naples FL 36,046 14,045 37,025 282 1,504 14,327 38,529 52,856 ( 6,703 ) 2019 Concord Park Apartments Fort Meade, MD 61,810 20,082 67,141 415 1,401 20,497 68,542 89,039 ( 7,783 ) 2019 Columbus Multifamily ( 4 properties) Columbus, OH 132,009 20,695 160,599 1,279 ( 551 ) 21,974 160,048 182,022 ( 14,404 ) 2019 Cascades Apartments Charlotte, NC 72,195 12,711 92,689 340 860 13,051 93,549 106,600 ( 8,321 ) 2019 Thornton Apartments Alexandria, VA 118,151 30,472 145,504 161 300 30,633 145,804 176,437 ( 11,957 ) 2019 Exchange on Erwin Durham, NC 50,542 18,313 54,839 125 215 18,438 55,054 73,492 ( 5,552 ) 2019 The Griffin Scottsdale, AZ 64,686 17,614 74,940 158 386 17,772 75,326 93,098 ( 6,885 ) 2019 Avida Apartments Salt Lake City, UT 56,355 8,018 73,763 507 770 8,525 74,533 83,058 ( 7,062 ) 2019 Highlands Portfolio ( 3 properties) Columbus, OH 72,561 8,895 87,774 24 50 8,919 87,824 96,743 ( 5,943 ) 2020 The Baxter Decatur Atlanta, GA 53,462 8,603 69,963 169 176 8,772 70,139 78,911 ( 5,105 ) 2020 Kalina Way Salt Lake City, UT 57,928 7,101 74,739 38 142 7,139 74,881 82,020 ( 11,195 ) 2020 Acadia Apartments Ashburn, VA 134,338 18,337 168,734 594 4,010 18,931 172,744 191,675 ( 5,447 ) 2020 Southeast Affordable Housing Portfolio Riverwalk Brighton, CO 19,015 3,280 20,932 140 408 3,420 21,340 24,760 ( 2,129 ) 2020 Patriots Pointe Concord, NC 7,760 1,564 7,904 138 121 1,702 8,025 9,727 ( 935 ) 2020 Willow Ridge Greensboro, NC 5,200 2,157 4,656 34 140 2,191 4,796 6,987 ( 710 ) 2020 Creekside at Bellemeade High Point, NC 4,640 2,031 4,415 69 143 2,100 4,558 6,658 ( 888 ) 2020 Villa Biscayne Homestead, FL 20,339 4,575 23,600 71 279 4,646 23,879 28,525 ( 2,484 ) 2020 Various Properties (3) Jacksonville, FL 82,042 24,178 90,108 299 2,848 24,477 92,956 117,433 ( 9,809 ) 2020 Oak Crest Kannapolis, NC 9,373 2,137 10,411 202 410 2,339 10,821 13,160 ( 1,313 ) 2020 Stone Creek Morrisville, NC 8,364 1,844 7,492 78 396 1,922 7,888 9,810 ( 988 ) 2020 Various Properties (3) Newport News, VA 43,333 11,169 50,997 124 1,364 11,293 52,361 63,654 ( 5,181 ) 2020 Various Properties (2) Orlando, FL 72,451 19,513 75,364 369 1,189 19,882 76,553 96,435 ( 7,975 ) 2020 Overlook at Simms Creek Raleigh, NC 25,691 7,189 23,030 79 562 7,268 23,592 30,860 ( 2,858 ) 2020 Various Properties (2) Sanford, FL 65,853 14,916 75,253 259 1,050 15,175 76,303 91,478 ( 7,509 ) 2020 Ponce Harbor St. Augustine, FL 15,601 3,294 18,870 79 297 3,373 19,167 22,540 ( 1,823 ) 2020 Las Villas de Kino Tucson, AZ 26,255 9,513 24,278 204 1,368 9,717 25,646 35,363 ( 2,926 ) 2020 Lexington Club Vero Beach, FL 14,738 2,972 19,583 78 465 3,050 20,048 23,098 ( 2,193 ) 2020 Parkside Royal Poinciana West Palm Beach, FL 10,045 4,624 8,889 166 503 4,790 9,392 14,182 ( 1,273 ) 2020 Mid-Atlantic Affordable Housing Portfolio Various Properties (2) Chesapeake, VA 26,880 6,467 28,766 77 561 6,544 29,327 35,871 ( 2,318 ) 2020 Columbia Hills Columbia, TN 9,740 2,871 9,816 103 496 2,974 10,312 13,286 ( 1,005 ) 2020 Foxridge Durham, NC 10,333 2,524 10,986 70 254 2,594 11,240 13,834 ( 998 ) 2020 Crestview Fredericksburg, VA 26,720 4,358 30,470 56 338 4,414 30,808 35,222 ( 2,416 ) 2020 Bridgeport Hampton, VA 17,130 4,285 18,075 26 333 4,311 18,408 22,719 ( 1,468 ) 2020 Various Properties (2) Harrisonburg, VA 11,760 4,022 11,222 80 180 4,102 11,402 15,504 ( 1,186 ) 2020 Cascade Village Holland, MI 13,680 3,389 14,530 125 420 3,514 14,950 18,464 ( 1,312 ) 2020 Parkview Huntersville, NC 11,191 1,876 12,739 19 88 1,895 12,827 14,722 ( 1,015 ) 2020 Various Properties (4) Manassas, VA 70,695 10,637 81,855 148 586 10,785 82,441 93,226 ( 6,252 ) 2020 Autumn Ridge Memphis, TN 7,547 2,591 7,180 48 239 2,639 7,419 10,058 ( 685 ) 2020 Genito Glen Midlothian, VA 10,960 2,703 11,559 52 132 2,755 11,691 14,446 ( 1,027 ) 2020 Kings Ridge Newport News, VA 15,572 4,729 15,539 280 370 5,009 15,909 20,918 ( 1,473 ) 2020 River Birch Raleigh, NC 19,411 4,168 21,150 46 292 4,214 21,442 25,656 ( 1,635 ) 2020 Falcon Pointe Rosenberg, TX 9,440 1,876 10,461 58 232 1,934 10,693 12,627 ( 1,004 ) 2020 Sterling Crest Saginaw, MI 8,800 4,176 7,229 104 336 4,280 7,565 11,845 ( 857 ) 2020 Las Villas de Leon San Antonio, TX 7,560 2,347 7,458 133 471 2,480 7,929 10,409 ( 778 ) 2020 Stonegate Stafford, VA 28,880 3,963 33,721 59 247 4,022 33,968 37,990 ( 2,459 ) 2020 River Park Place Vero Beach, FL 8,538 2,661 8,425 59 287 2,720 8,712 11,432 ( 823 ) 2020 Ocean Gate Virginia Beach, VA 20,080 4,347 21,957 54 311 4,401 22,268 26,669 ( 1,781 ) 2020 Autumn Wind Winchester, VA 9,840 2,724 10,005 58 146 2,782 10,151 12,933 ( 1,010 ) 2020 Various Properties (3) Woodbridge, VA 55,243 8,617 63,627 133 724 8,750 64,351 73,101 ( 4,926 ) 2020 Initial Cost Costs Capitalized Gross Amounts at which (2) Description Location Encumbrances Land and Building and Land and Building and Land and Building and Total Accumulated (1) Year Florida Affordable Housing Portfolio II ( 4 properties) Jacksonville, FL $ 85,840 $ 16,599 $ 95,453 $ 251 $ 9,986 $ 16,850 $ 105,439 $ 122,289 $ ( 8,260 ) 2021 Southeast Affordable Housing Portfolio II Culpeper Commons Culpeper, VA 12,483 4,058 13,749 77 253 4,135 14,002 18,137 ( 1,184 ) 2021 Magnolia Creste Dallas, GA 16,438 2,650 21,475 51 160 2,701 21,635 24,336 ( 1,440 ) 2021 Glen Creek Elkton, MD 15,263 5,985 16,353 159 9 6,144 16,362 22,506 ( 1,483 ) 2021 England Run Fredericksburg, VA 18,812 3,857 23,614 82 267 3,939 23,881 27,820 ( 1,547 ) 2021 Rocky Creek Greenville, SC 14,395 3,030 17,079 57 228 3,087 17,307 20,394 ( 1,204 ) 2021 Grande Court Boggy Kissimmee, FL 34,904 9,361 41,265 106 278 9,467 41,543 51,010 ( 2,906 ) 2021 Magnolia Village Lawrenceville, GA 15,783 5,107 16,645 60 131 5,167 16,776 21,943 ( 1,440 ) 2021 Park Ridge Stafford, VA 20,255 3,778 25,689 92 140 3,870 25,829 29,699 ( 1,549 ) 2021 Glen Ridge Woodbridge, VA 21,667 4,159 27,218 146 261 4,305 27,479 31,784 ( 1,591 ) 2021 Azalea Multifamily Portfolio Luxe Aubrey, TX 52,290 10,084 78,835 61 250 10,145 79,085 89,230 ( 3,474 ) 2021 Travesia Austin, TX 75,460 13,787 79,703 133 262 13,920 79,965 93,885 ( 3,484 ) 2021 Afton Ridge Concord, NC 54,062 9,516 62,919 102 27 9,618 62,946 72,564 ( 2,836 ) 2021 Various Properties (2) Dallas, TX 84,140 13,031 125,670 37 33 13,068 125,703 138,771 ( 5,155 ) 2021 Clearbrook Frederick, MD 62,090 12,564 51,451 42 ( 80 ) 12,606 51,371 63,977 ( 2,245 ) 2021 Thornton Park Jacksonville, FL 66,616 9,950 91,924 201 286 10,151 92,210 102,361 ( 3,926 ) 2021 Ariva Lakeland, FL 51,899 9,846 57,063 36 200 9,882 57,263 67,145 ( 2,933 ) 2021 Gwinnett Stadium Lawrenceville, GA 41,090 5,199 48,131 48 — 5,247 48,131 53,378 ( 1,909 ) 2021 Park Place Morrisville, NC 52,920 9,295 57,281 7 147 9,302 57,428 66,730 ( 2,688 ) 2021 Autumn Wood Murfreesboro, TN 42,490 6,114 54,974 74 ( 139 ) 6,188 54,835 61,023 ( 2,546 ) 2021 Millenia Orlando, FL 36,890 6,305 47,647 42 ( 56 ) 6,347 47,591 53,938 ( 2,098 ) 2021 Various Properties (2) Pflugerville, TX 107,590 24,606 142,875 123 ( 289 ) 24,729 142,586 167,315 ( 6,222 ) 2021 Lakehouse Plant City, FL 16,940 3,334 23,339 13 ( 22 ) 3,347 23,317 26,664 ( 1,100 ) 2021 Victoria Grand Tallahassee, FL 47,390 7,002 61,768 19 196 7,021 61,964 68,985 ( 2,754 ) 2021 Crosstown Tampa, FL 58,695 8,066 65,753 10 ( 43 ) 8,076 65,710 73,786 ( 2,958 ) 2021 Keystone Castle Hills Dallas, TX 89,922 23,122 99,118 536 918 23,658 100,036 123,694 ( 6,925 ) 2021 Greater Boston Affordable Portfolio ( 5 properties) Boston, MA 143,127 60,313 176,849 395 ( 287 ) 60,708 176,562 237,270 ( 6,725 ) 2021 Columbus Preferred Portfolio 5188 Baxter Park Westerville, OH 21,700 6,795 23,058 — — 6,795 23,058 29,853 ( 898 ) 2021 1025 Luxe Avenue Columbus, OH 45,500 7,955 43,178 40 — 7,995 43,178 51,173 ( 1,507 ) 2021 The Palmer Dadeland Miami, FL 259,800 56,854 304,585 374 411 57,228 304,996 362,224 ( 11,888 ) 2021 Seven Springs Apartments Burlington, MA 117,110 27,104 164,679 30 347 27,134 165,026 192,160 ( 6,406 ) 2021 Maison’s Landing Salt Lake City, UT 102,120 14,890 152,592 81 408 14,971 153,000 167,971 ( 6,639 ) 2021 Sawyer Flats Gaithersburg, MD 144,060 32,701 168,846 857 962 33,558 169,808 203,366 ( 6,700 ) 2021 Florida Affordable Housing Portfolio III Various Properties (2) Bradenton, FL 75,290 20,960 101,049 518 505 21,478 101,554 123,032 ( 5,567 ) 2021 Enclave on Woodbridge Fernandina Beach, FL 25,690 6,407 36,228 47 316 6,454 36,544 42,998 ( 1,989 ) 2021 Charleston Place Holly Hill, FL 17,520 5,930 21,309 67 204 5,997 21,513 27,510 ( 1,285 ) 2021 Brookwood Forest Jacksonville, FL 23,560 4,250 35,025 182 282 4,432 35,307 39,739 ( 1,565 ) 2021 Various Properties (2) Lakeland, FL 37,080 7,112 57,801 437 155 7,549 57,956 65,505 ( 2,824 ) 2021 Club at Sugar Mill Port Orange, FL 14,260 4,449 15,946 69 170 4,518 16,116 20,634 ( 951 ) 2021 Nantucket Cove Springhill, FL 15,800 4,592 20,167 71 49 4,663 20,216 24,879 ( 1,243 ) 2021 Various Properties (5) Tampa, FL 73,610 26,276 96,632 370 275 26,646 96,907 123,553 ( 5,189 ) 2021 Savannah Bay Tarpon Springs, FL 12,610 5,374 9,640 114 92 5,488 9,732 15,220 ( 728 ) 2021 Nantucket Bay Temple Terrace, FL 15,150 6,364 18,782 88 41 6,452 18,823 25,275 ( 974 ) 2021 Raleigh Multifamily Portfolio 2600 Harvest Creek Place Cary, NC 60,900 16,094 77,575 ( 11 ) 490 16,083 78,065 94,148 ( 2,693 ) 2021 5140 Copper Ridge Drive Durham, NC 41,900 8,733 53,561 ( 6 ) 330 8,727 53,891 62,618 ( 1,937 ) 2021 1000 Henrico Lane Morrisville, NC 68,600 12,383 86,037 ( 9 ) 555 12,374 86,592 98,966 ( 2,930 ) 2021 Various Properties (3) Raleigh, NC 196,000 40,491 252,991 ( 27 ) 1,773 40,464 254,764 295,228 ( 7,546 ) 2021 Initial Cost Costs Capitalized Gross Amounts at which (2) Description Location Encumbrances Land and Building and Land and Building and Land and Building and Total Accumulated (1) Year South Florida Multifamily Portfolio Bella Vista Boca Raton, FL $ 95,500 $ 13,144 $ 125,094 $ 3,987 $ ( 4,530 ) $ 17,131 $ 120,564 $ 137,695 $ ( 3,961 ) 2021 Stonybrook Boynton Beach, FL 67,600 12,346 81,036 740 292 13,086 81,328 94,414 ( 2,849 ) 2021 Centro Sunforest Davie, FL 103,300 25,015 152,738 ( 3,585 ) ( 591 ) 21,430 152,147 173,577 ( 5,258 ) 2021 SEG Multifamily Portfolio Alta Mill Apartments Austell, GA 63,100 13,213 82,343 ( 1,038 ) 11,901 12,175 94,244 106,419 ( 3,102 ) 2021 Estate on Quarry Lake Apartments Austin, TX 45,500 9,565 59,725 ( 3,389 ) 12,235 6,176 71,960 78,136 ( 2,834 ) 2021 Palm Club Brunswick, GA 13,800 2,883 18,036 ( 358 ) 2,507 2,525 20,543 23,068 ( 727 ) 2021 Retreat at Grande Lake Brunswick, GA 22,100 4,646 28,975 1,051 2,787 5,697 31,762 37,459 ( 1,309 ) 2021 Lodge at Mallard Creek Charlotte, NC 35,600 7,816 48,785 ( 1,453 ) 8,202 6,363 56,987 63,350 ( 2,475 ) 2021 Brook Valley Apartments Douglasville, GA 23,000 4,837 30,158 330 3,579 5,167 33,737 38,904 ( 1,392 ) 2021 Grande Club Apartments Duluth, GA 36,200 7,884 49,229 2,977 4,838 10,861 54,067 64,928 ( 1,952 ) 2021 Various Properties (4) Everett, WA 137,700 31,576 198,984 ( 2,068 ) 26,360 29,508 225,344 254,852 ( 8,143 ) 2021 Towne Creek Gainesville, GA 15,800 3,307 20,549 1,117 1,632 4,424 22,181 26,605 ( 893 ) 2021 Icon on the Greenway Gastonia, NC 24,800 5,110 31,932 ( 1,823 ) 6,323 3,287 38,255 41,542 ( 1,765 ) 2021 Woodland Park Apartments Greensboro, NC 15,000 3,484 27,201 1,332 ( 2,922 ) 4,816 24,279 29,095 ( 1,346 ) 2021 Estates at Bellwood Apartments Greenville, SC 15,300 3,266 20,401 452 2,054 3,718 22,455 26,173 ( 873 ) 2021 Audubon Park Apartments Hanahan, SC 26,200 5,397 33,706 ( 255 ) 4,640 5,142 38,346 43,488 ( 1,316 ) 2021 Waterford Landing Apartments Hermitage, TN 25,800 5,616 64,899 ( 1,318 ) ( 23,661 ) 4,298 41,238 45,536 ( 1,320 ) 2021 Various Properties (2) High Point, NC 27,000 5,848 36,515 ( 714 ) 4,489 5,134 41,004 46,138 ( 2,127 ) 2021 Northtowne Village Apartments Hixson, TN 17,500 3,621 41,985 ( 376 ) ( 16,285 ) 3,245 25,700 28,945 ( 1,016 ) 2021 Various Properties (2) Kennesaw, GA 91,500 19,020 118,562 ( 2,915 ) 18,914 16,105 137,476 153,581 ( 4,482 ) 2021 Various Properties (2) Knoxville, TN 138,800 29,131 337,357 4,864 ( 135,864 ) 33,995 201,493 235,488 ( 9,075 ) 2021 Lee’s Crossing La Grange, GA 28,800 6,053 37,698 279 4,726 6,332 42,424 48,756 ( 1,984 ) 2021 Durant at Sugarloaf Apartments Lawrenceville, GA 40,000 8,390 52,333 4,422 2,248 12,812 54,581 67,393 ( 1,994 ) 2021 Racquet Club Lexington, KY 34,100 8,663 53,959 2,297 5,277 10,960 59,236 70,196 ( 2,197 ) 2021 Nickel Creek Lynnwood, WA 33,300 8,062 50,855 274 7,298 8,336 58,153 66,489 ( 2,108 ) 2021 Northwood Apartments Macon, GA 21,000 4,400 27,497 193 2,967 4,593 30,464 35,057 ( 1,174 ) 2021 Falls at Sope Creek Marietta, GA 60,300 12,667 78,943 ( 502 ) 11,244 12,165 90,187 102,352 ( 3,688 ) 2021 Ashmore Bridge Estates Apartments Mauldin, SC 27,400 5,548 42,280 542 ( 3,809 ) 6,090 38,471 44,561 ( 1,557 ) 2021 Waterstone at Murietta Apartments Murieta, CA 83,300 18,884 117,823 ( 827 ) 17,644 18,057 135,467 153,524 ( 5,523 ) 2021 Wyndchase Bellevue Apartments Nashville, TN 31,300 6,531 75,691 ( 2,974 ) ( 26,315 ) 3,557 49,376 52,933 ( 1,473 ) 2021 Woodland Crossing Apartments New Bern, NC 23,900 5,261 32,819 ( 2,156 ) 6,274 3,105 39,093 42,198 ( 1,841 ) 2021 Various Properties (2) Parker, CO 147,100 33,819 252,352 ( 18,300 ) 9,080 15,519 261,432 276,951 ( 10,251 ) 2021 Gio Apartments Plano, TX 86,900 22,546 140,590 ( 5,666 ) 26,028 16,880 166,618 183,498 ( 6,891 ) 2021 Grande Oaks Roswell, GA 44,600 9,373 58,394 1,232 6,955 10,605 65,349 75,954 ( 2,072 ) 2021 Brandemere Salem, NC 24,600 5,274 32,967 633 3,689 5,907 36,656 42,563 ( 2,006 ) 2021 Various Properties (2) Savannah, GA 58,000 11,943 82,787 ( 2,122 ) 2,534 9,821 85,321 95,142 ( 3,104 ) 2021 Smoky Crossing Apartments Seymour, TN 50,700 10,371 120,337 ( 816 ) ( 46,148 ) 9,555 74,189 83,744 ( 2,687 ) 2021 Grove Veridian Spartanburg, NC 12,100 2,555 15,966 257 2,290 2,812 18,256 21,068 ( 645 ) 2021 Patriot Point Spring Lake, NC 16,100 3,238 20,253 109 2,319 3,347 22,572 25,919 ( 1,225 ) 2021 Retreat at Hidden Bay St. Marys, GA 15,200 3,170 19,810 ( 363 ) 2,743 2,807 22,553 25,360 ( 903 ) 2021 Arnada Pointe Vancouver, WA 30,600 7,127 45,385 ( 1,782 ) 7,404 5,345 52,789 58,134 ( 2,153 ) 2021 Various Properties (11) Waldorf, MD 260,500 57,581 359,089 35,656 17,401 93,237 376,490 469,727 ( 15,327 ) 2021 Various Properties (2) Warner Robins, GA 39,000 8,171 51,003 2,392 3,789 10,563 54,792 65,355 ( 2,280 ) 2021 Various Properties (3) Wilmington, NC 69,500 14,485 90,475 ( 652 ) 12,255 13,833 102,730 116,563 ( 4,646 ) 2021 Initial Cost Costs Capitalized Gross Amounts at which (2) Description Location Encumbrances Land and Building and Land and Building and Land and Building and Total Accumulated (1) Year National Affordable Housing Portfolio Various Properties (3) Austin, TX $ 103,128 $ 18,627 $ 135,799 $ ( 2,688 ) $ 5,352 $ 15,939 $ 141,151 $ 157,090 $ ( 5,597 ) 2021 Centre Court Bradenton, FL 20,787 5,335 29,299 428 484 5,763 29,783 35,546 ( 1,627 ) 2021 Forest Glen Durham, NC 13,345 2,975 10,821 1,009 ( 976 ) 3,984 9,845 13,829 ( 526 ) 2021 Rose Cove SLC Farmington, UT 14,420 4,649 16,909 783 ( 510 ) 5,432 16,399 21,831 ( 684 ) 2021 Venice Cove FLL Ft Lauderdale, FL 18,934 5,878 21,379 3,087 ( 2,823 ) 8,965 18,556 27,521 ( 829 ) 2021 Chelsea Commons Greenacres, FL 30,349 12,348 44,910 ( 626 ) 1,316 11,722 46,226 57,948 ( 2,329 ) 2021 Hampton Ridge Jax Jacksonville, FL 11,104 2,476 9,005 59 1,828 2,535 10,833 13,368 ( 513 ) 2021 San Marcos Villas Lake Park, FL 50,042 18,054 65,663 ( 4,275 ) 5,158 13,779 70,821 84,600 ( 3,126 ) 2021 Mayflower Harbor Lehi, UT 30,820 9,050 32,915 ( 976 ) 1,135 8,074 34,050 42,124 ( 1,465 ) 2021 Grande Court Sarasota North Port, FL 16,087 5,010 18,221 980 ( 454 ) 5,990 17,767 23,757 ( 1,095 ) 2021 Commander Place Orlando, FL 28,586 5,713 31,374 ( 1,168 ) 1,957 4,545 33,331 37,876 ( 1,347 ) 2021 Villas Shaver Pasadena, TX 25,594 3,182 23,197 3,188 ( 3,201 ) 6,370 19,996 26,366 ( 1,209 ) 2021 Pemberly Palms Vero Beach, FL 21,563 4,645 25,507 982 ( 934 ) 5,627 24,573 30,200 ( 1,316 ) 2021 Pasco Woods Wesley Chapel, FL 21,146 4,511 24,772 ( 22 ) 155 4,489 24,927 29,416 ( 1,264 ) 2021 Colony Park West Palm Beach, FL 21,214 6,626 24,101 798 ( 397 ) 7,424 23,704 31,128 ( 1,290 ) 2021 Central Park Portfolio ( 9 properties) Denver, CO 329,898 74,722 532,982 302 2,476 75,024 535,458 610,482 ( 17,728 ) 2021 Mid-Atlantic Affordable Housing Portfolio II Lakewood Villas ATL Atlanta, GA 19,937 5,659 19,470 112 89 5,771 19,559 25,330 ( 780 ) 2022 Ivy Creek Buford Buford, GS 30,731 6,784 36,309 207 141 6,991 36,450 43,441 ( 1,113 ) 2022 Various Properties (2) Fredericksburg, VA 67,101 18,748 86,640 228 34 18,976 86,674 105,650 ( 2,335 ) 2022 Cobblestone Kennesaw Kennesaw, GA 19,311 6,818 20,700 77 73 6,895 20,773 27,668 ( 734 ) 2022 Galaxy Silver Spring Silver Springs, MD 36,418 9,832 54,956 187 ( 34 ) 10,019 54,922 64,941 ( 1,130 ) 2022 Sky Terrace Stafford, VA 37,257 7,836 52,382 178 101 8,014 52,483 60,497 ( 1,346 ) 2022 Highland Warranton Warranton, VA 18,211 6,136 17,652 190 18 6,326 17,670 23,996 ( 547 ) 2022 Texas and North Carolina Multifamily Portfolio Waterview Fort Worth, TX 69,831 12,114 81,045 45 — 12,159 81,045 93,204 ( 1,654 ) 2022 Bunker Hill Houston, TX 64,450 5,855 79,938 26 — 5,881 79,938 85,819 ( 1,431 ) 2022 Regalia Mansfield, TX 57,707 8,595 68,599 — — 8,595 68,599 77,194 ( 1,332 ) 2022 Litchford Raleigh, NC 53,535 11,588 70,431 2 23 11,590 70,454 82,044 ( 1,427 ) 2022 Whispering Creek San Antonio, TX 35,229 5,025 42,064 20 — 5,045 42,064 47,109 ( 843 ) 2022 Phoenix Affordable Housing Portfolio Desert Eagle Glendale, AZ 28,171 8,420 37,708 61 195 8,481 37,903 46,384 ( 1,056 ) 2022 Various Properties (3) Mesa, AZ 101,114 25,347 142,096 434 1,178 25,781 143,274 169,055 ( 3,831 ) 2022 Lake Pleasant Village Peoria, AZ 23,579 7,346 31,972 142 278 7,488 32,250 39,738 ( 904 ) 2022 Various Properties (2) Phoenix, AZ 59,983 13,992 73,080 286 783 14,278 73,863 88,141 ( 1,717 ) 2022 Summit Multifamily Portfolio Vintage Amelia Amelia Island, FL 39,000 8,015 57,141 6 ( 3,084 ) 8,021 54,057 62,078 ( 1,356 ) 2022 Vantage Ashland Ashland City, TN 33,279 5,712 56,903 10 138 5,722 57,041 62,763 ( 1,391 ) 2022 Ethos Austin Austin, TX 46,823 11,085 72,024 19 1,024 11,104 73,048 84,152 ( 1,617 ) 2022 Walnut Bastrop Bastrop, TX 27,479 5,643 44,116 107 135 5,750 44,251 50,001 ( 1,068 ) 2022 Various Properties (2) Burleson, TX 81,272 12,479 139,515 19 96 12,498 139,611 152,109 ( 3,069 ) 2022 Ethan Pointe Burlington, NC 38,879 5,884 61,163 16 76 5,900 61,239 67,139 ( 1,516 ) 2022 1400 Chestnut Chattanooga, TN 34,493 2,826 52,914 — 25 2,826 52,939 55,765 ( 999 ) 2022 Stonebriar Frisco Frisco, TX 63,679 8,210 107,353 159 148 8,369 107,501 115,870 ( 2,130 ) 2022 Darby Holly Springs Holly Springs, GA 50,693 11,933 82,863 31 53 11,964 82,916 94,880 ( 1,934 ) 2022 Various Properties (2) Indianapolis, IN 80,786 10,047 135,908 11 227 10,058 136,135 146,193 ( 3,042 ) 2022 Orchard Hills Jeffersonville, IN 36,393 5,720 52,149 15 282 5,735 52,431 58,166 ( 1,330 ) 2022 Various Properties (2) Knoxville, TN 89,686 8,278 145,987 7 142 8,285 146,129 154,414 ( 2,955 ) 2022 Woodland Lakes Lansing Lansing, MI 43,093 8,179 61,911 5 283 8,184 62,194 70,378 ( 1,897 ) 2022 Initial Cost Costs Capitalized Gross Amounts at which (2) Description Location Encumbrances Land and Building and Land and Building and Land and Building and Total Accumulated (1) Year Various Properties (4) Louisville, KY $ 122,554 $ 17,123 $ 178,426 $ 188 $ ( 4,126 ) $ 17,311 $ 174,300 $ 191,611 $ ( 4,006 ) 2022 Lakeside Marietta Marietta, GA 70,893 14,659 124,095 116 320 14,775 124,415 139,190 ( 2,740 ) 2022 Reserve Maryville Maryville, TN 29,093 6,455 37,771 25 250 6,480 38,021 44,501 ( 1,057 ) 2022 Vintage Juliet Mt. Juliet, TN 54,311 4,981 84,725 33 119 5,014 84,844 89,858 ( 1,486 ) 2022 Various Properties (2) Murfreesboro, TN 82,058 9,480 138,701 101 69 9,581 138,770 148,351 ( 2,894 ) 2022 Hickory Point Nashville Nashville, TN 49,479 7,534 81,694 155 198 7,689 81,892 89,581 ( 1,915 ) 2022 Emerson Pflugerville Pflugerville, TX 53,679 11,087 83,771 22 92 11,109 83,863 94,972 ( 2,045 ) 2022 Prinwood Place Portage, MI 12,993 1,672 19,257 — 65 1,672 19,322 20,994 ( 497 ) 2022 Foxwood Raleigh Raleigh, NC 94,380 20,149 142,196 27 122 20,176 142,318 162,494 ( 3,328 ) 2022 Sugar Flats SLC Salt Lake City, UT 32,148 6,265 51,531 46 47 6,311 51,578 57,889 ( 952 ) 2022 Ranch 123 Apartments Seguin, TX 20,993 4,347 43,170 28 39 4,375 43,209 47,584 ( 1,014 ) 2022 Vintage Tollgate Thompson’s Station, TN 41,879 4,392 70,715 31 45 4,423 70,760 75,183 ( 1,482 ) 2022 Reserve Tuscaloosa Tuscaloosa, AL 31,393 5,878 47,916 216 696 6,094 48,612 54,706 ( 1,142 ) 2022 Stonebrook Tyler Tyler, TX 27,393 5,048 47,359 71 89 5,119 47,448 52,567 ( 1,105 ) 2022 Blue Multifamily Portfolio Various Properties (2) Orlando, FL 98,631 14,701 169,234 28 168 14,729 169,402 184,131 ( 2,368 ) 2022 Grand Dominion San Antonio, TX 37,958 8,110 61,274 6 77 8,116 61,351 69,467 ( 934 ) 2022 Sands Clearwater Tampa, FL 40,671 8,675 57,042 10 27 8,685 57,069 65,754 ( 884 ) 2022 Florida Affordable Housing Portfolio IV Sonrise Villas Fellsmere, FL 23,301 5,733 24,605 — 41 5,733 24,646 30,379 ( 496 ) 2022 Various Properties (2) Lakeland, FL 19,778 6,864 21,559 — 27 6,864 21,586 28,450 ( 350 ) 2022 Overlook at Monroe Sanford, FL 21,146 4,502 25,665 13 50 4,515 25,715 30,230 ( 446 ) 2022 Raintree Apartments Clermont, FL 42,249 6,481 54,591 52 59 6,533 54,650 61,183 ( 888 ) 2022 Madison Cove Gainesville, FL 9,080 2,409 8,111 — 17 2,409 8,128 10,537 ( 191 ) 2022 Various Properties (2) Kissimmee, FL 92,897 16,861 110,587 — 144 16,861 110,731 127,592 ( 1,950 ) 2022 Mystic Pointe II Orlando, FL 39,717 5,221 52,249 4 33 5,225 52,282 57,507 ( 818 ) 2022 Total Multifamily Properties $ 10,127,090 $ 2,153,694 $ 13,714,566 $ 30,739 $ 68,110 $ 2,184,433 $ 13,782,676 $ 15,967,109 $ ( 616,416 ) Single-Family Rental Properties: Amherst Single Family Residential Portfolio Various $ 240,000 $ 126,917 $ 202,386 $ ( 3,997 ) $ 23,193 $ 122,920 $ 225,579 $ 348,499 $ ( 6,985 ) 2021 - 2022 Sunbelt Single-Family Rental Portfolio Various 554,029 265,138 751,169 — 6,043 265,138 757,212 1,022,350 ( 33,555 ) 2021 Total Single-Family Rental Properties $ 794,029 $ 392,055 $ 953,555 $ ( 3,997 ) $ 29,236 $ 388,058 $ 982,791 $ 1,370,849 $ ( 40,540 ) Industrial Properties: Midwest Industrial Portfolio Various Properties (2) Addison, IL (3) $ 210,027 $ 4,364 $ 13,131 $ 157 $ 1,540 $ 4,521 $ 14,671 $ 19,192 $ ( 1,585 ) 2019 13005 Hamlin Court Alsip, IL (3) — 1,813 4,623 11 ( 16 ) 1,824 4,607 6,431 ( 660 ) 2019 Various Properties (3) Butler, WI (3) — 4,723 21,113 30 545 4,753 21,658 26,411 ( 2,628 ) 2019 1695 Glen Ellyn Drive Glendale Heights, IL (3) — 2,206 4,769 14 ( 7 ) 2,220 4,762 6,982 ( 614 ) 2019 Various Properties (2) Greenwood, IN (3) — 2,582 16,553 16 29 2,598 16,582 19,180 ( 1,715 ) 2019 Various Properties (2) Grove City, OH (3) — 4,535 22,458 29 443 4,564 22,901 27,465 ( 2,973 ) 2019 Various Properties (7) Hobart, IN (3) — 11,008 40,342 184 793 11,192 41,135 52,327 ( 5,027 ) 2019 Various Properties (3) Indianapolis, IN (3) — 5,944 29,892 38 ( 37 ) 5,982 29,855 35,837 ( 3,116 ) 2019 845 Telser Road Lake Zurich, IL (3) — 1,370 2,325 8 ( 7 ) 1,378 2,318 3,696 ( 334 ) 2019 2240 Creekside Parkway Lockbourne, OH (3) — 2,300 7,010 14 ( 14 ) 2,314 6,996 9,310 ( 885 ) 2019 Various Properties (6) Munster, IN (3) — 12,372 42,469 237 875 12,609 43,344 55,953 ( 6,292 ) 2019 1245-1247 Lakeside Drive Romeoville, IL (3) — 1,461 4,059 9 ( 4 ) 1,470 4,055 5,525 ( 594 ) 2019 Various Properties (3) Whitestown, , IN (3) — 5,533 27,103 250 ( 210 ) 5,783 26,893 32,676 ( 2,940 ) 2019 Initial Cost Costs Capitalized Gross Amounts at which (2) Description Location Encumbrances Land and Building and Land and Building and Land and Building and Total Accumulated (1) Year Marshfield Industrial Portfolio ( 4 properties) Baltimore, MD $ 106,698 $ 21,720 $ 139,433 $ 188 $ 37 $ 21,908 $ 139,470 $ 161,378 $ ( 9,513 ) 2020 Airport Logistics Park ( 6 properties) Nashville, TN 35,000 7,031 53,728 — — 7,031 53,728 60,759 ( 3,961 ) 2020 Denver/Boulder Industrial Portfolio ( 16 properties) Louisville, CO 263,613 67,951 311,651 207 103 68,158 311,754 379,912 ( 16,702 ) 2021 Independence Industrial Portfolio ( 6 properties) La Porte, TX 117,000 30,666 149,317 — ( 175 ) 30,666 149,142 179,808 ( 9,146 ) 2021 Reno Logistics Portfolio ( 19 properties) Sparks, NV 266,000 60,902 323,632 175 322 61,077 323,954 385,031 ( 19,440 ) 2021 Southwest Light Industrial Portfolio Various Properties (4) Las Vegas, NV 58,142 23,537 54,203 55 ( 184 ) 23,592 54,019 77,611 ( 2,551 ) 2021 Various Properties (11) Phoenix, AZ 283,042 66,229 333,663 288 ( 648 ) 66,517 333,015 399,532 ( 14,002 ) 2021 American Industrial Center ( 25 properties) Longwood, FL 83,700 47,553 90,772 — 205 47,553 90,977 138,530 ( 2,667 ) 2022 Middlebrook Crossroads ( 18 properties) Bridgewood, NJ 66,200 49,370 62,650 686 ( 13 ) 50,056 62,637 112,693 ( 1,576 ) 2022 Northern Italy Industrial Portfolio ( 4 properties) Various Provinces, Italy 41,729 14,509 65,804 ( 253 ) ( 4,604 ) 14,256 61,200 75,456 ( 2,466 ) 2021 Norway Logistics Portfolio ( 2 properties) Oslo, Norway - 31,971 63,541 ( 1,461 ) ( 2,678 ) 30,510 60,863 91,373 ( 1,349 ) 2022 Verona Oppeano ( 5 properties) Oppeano VR, Italy 160,576 47,225 243,541 — — 47,225 243,541 290,766 ( 3,458 ) 2022 Denmark Logistics Portfolio ( 10 properties) Denmark 97,014 42,311 166,314 3,791 15,581 46,102 181,895 227,997 ( 2,897 ) 2022 Belgioioso Logistics Greater Milan, Italy 75,566 18,857 72,460 1,703 6,684 20,560 79,144 99,704 ( 1,419 ) 2022 Total Industrial Properties $ 1,864,307 $ 590,043 $ 2,366,556 $ 6,376 $ 18,560 $ 596,419 $ 2,385,116 $ 2,981,535 $ ( 120,510 ) Office Properties: Florida Office Portfolio ( 11 properties) Jacksonville, FL $ 139,173 $ 53,465 $ 153,163 $ — $ 5,038 $ 53,465 $ 158,201 $ 211,666 $ ( 23,875 ) 2019 Columbus Office Portfolio Columbus, OH 54,040 3,013 50,064 103 2,418 3,116 52,482 55,598 ( 7,354 ) 2019 60 State Street Boston, MA 409,374 - 478,150 472 19,228 472 497,378 497,850 ( 49,926 ) 2020 Nashville Office Nashville, TN 175,000 21,647 229,183 — 850 21,647 230,033 251,680 ( 19,998 ) 2020 Stonebridge ( 3 properties) Alpharetta, GA 64,500 15,205 101,624 — 2,678 15,205 104,302 119,507 ( 7,827 ) 2021 M Campus ( 2 properties) Meudon, France 140,130 40,964 184,078 ( 787 ) ( 14,360 ) 40,177 169,718 209,895 ( 4,679 ) 2021 Barcelona Mediacomplex Barcelona, Spain 67,236 29,780 120,082 106 2,542 29,886 122,624 152,510 ( 1,707 ) 2022 Total Office Properties $ 1,049,453 $ 164,074 $ 1,316,344 $ ( 106 ) $ 18,394 $ 163,968 $ 1,334,738 $ 1,498,706 $ ( 115,366 ) Self Storage Properties: Morningstar Self-Storage Joint Venture Alabaster Alabaster, AL $ 14,860 $ 2,313 $ 15,843 $ ( 1,209 ) $ 1,239 $ 1,104 $ 17,082 $ 18,186 $ ( 458 ) 2021 OKC Bethany Bethany, OK 4,160 1,688 5,486 1,826 ( 1,304 ) 3,514 4,182 7,696 ( 158 ) 2021 Mountain Brook Birmingham, AL 15,056 5,723 14,463 ( 3,262 ) 3,245 2,461 17,708 20,169 ( 498 ) 2021 Ladson Charleston, SC 7,965 2,044 7,688 ( 1,642 ) 1,662 402 9,350 9,752 ( 248 ) 2021 Various Properties (3) Charlotte, NC 30,811 9,140 40,818 ( 2,184 ) 2,436 6,956 43,254 50,210 ( 1,207 ) 2021 Bryan/College Station College Station, TX 9,921 3,036 17,786 ( 129 ) 211 2,907 17,997 20,904 ( 513 ) 2021 Cornelius Cornelius, NC 8,663 3,217 13,736 ( 308 ) 343 2,909 14,079 16,988 ( 411 ) 2021 OKC Edmond Edmond, OK 4,217 2,550 5,282 2,758 ( 1,256 ) 5,308 4,026 9,334 ( 158 ) 2021 Flagler Village Ft Lauderdale, FL - 6,979 34,644 8 41 6,987 34,685 41,672 ( 689 ) 2022 Lake Wylie Lake Wylie, SC 7,476 2,928 5,947 ( 1,066 ) 1,064 1,862 7,011 8,873 ( 198 ) 2021 OKC Midwest City Midwest City, OK 7,236 1,968 9,874 2,128 ( 2,348 ) 4,096 7,526 11,622 ( 276 ) 2021 Mooresville Mooresville, NC 7,825 2,602 13,388 ( 79 ) 114 2,523 13,502 16,025 ( 381 ) 2021 Campbell Station Nashville, TN 11,388 4,563 12,615 1,057 ( 1,058 ) 5,620 11,557 17,177 ( 361 ) 2021 OKC Norman Norman, OK 6,250 1,342 8,634 1,451 ( 2,053 ) 2,793 6,581 9,374 ( 237 ) 2021 Various Properties (5) Oklahoma City, OK 19,966 4,977 27,249 5,603 ( 6,619 ) 10,580 20,630 31,210 ( 772 ) 2021 FL Mall Orlando, FL 7,881 1,949 6,803 ( 103 ) 111 1,846 6,914 8,760 ( 196 ) 2021 Various Properties (2) San Antonio, TX 13,694 4,380 17,399 ( 1,513 ) 1,530 2,867 18,929 21,796 ( 534 ) 2021 Rea Waxhaw, NC 15,999 4,661 24,139 ( 1,888 ) 1,972 2,773 26,111 28,884 ( 703 ) 2021 Highway 78 Wylie, TX 7,392 3,098 10,714 ( 969 ) 975 2,129 11,689 13,818 ( 332 ) 2021 Total Self-Storage Properties $ 200,760 $ 69,158 $ 292,508 $ 479 $ 305 $ 69,637 $ 292,813 $ 362,450 $ ( 8,330 ) Initial Cost Costs Capitalized Gross Amounts at which (2) Description Location Encumbrances Land and Building and Land and Building and Land and Building and Total Accumulated (1) Year Other Properties: U.S. Select Service Portfolio Hyatt Place Boulder Boulder, CO $ 25,381 $ 13,890 $ 33,673 $ 7 $ 201 $ 13,897 $ 33,874 $ 47,771 $ ( 3,679 ) 2019 Residence Inn Cleveland Cleveland, OH 12,567 2,867 19,944 181 535 3,048 20,479 23,527 ( 2,223 ) 2019 Various Properties (2) Fort Meyers, FL 22,740 10,180 28,519 1,086 182 11,266 28,701 39,967 ( 3,129 ) 2019 Hampton Inn Knoxville Knoxville, TN 9,023 1,343 12,868 570 71 1,913 12,939 14,852 ( 1,429 ) 2019 Residence Inn Little Rock Little Rock, AR 13,188 2,410 16,472 185 97 2,595 16,569 19,164 ( 1,694 ) 2019 Various Properties (2) Tampa, FL 32,984 12,890 50,037 1,051 270 13,941 50,307 64,248 ( 5,283 ) 2019 Exchange on Erwin - Commercial ( 2 properties) Durham, NC 24,908 13,492 20,157 — 52 13,492 20,209 33,701 ( 2,615 ) 2019 Barlow Chevy Chase, MD 108,160 31,902 112,291 208 3,410 32,110 115,701 147,811 ( 10,473 ) 2020 Comfort Hotel Vesterbro Copenhagen, Denmark 48,078 20,335 58,315 ( 1,847 ) ( 4,672 ) 18,488 53,643 72,131 ( 1,967 ) 2021 Iberostar Las Dalias Tenerife, Spain 52,231 26,751 37,993 ( 1,255 ) ( 2,956 ) 25,496 35,037 60,533 ( 1,008 ) 2021 Marketplace at the Outlets West Palm Beach, FL 79,000 41,833 83,890 9 20 41,842 83,910 125,752 ( 4,645 ) 2021 Total Other Properties $ 428,260 $ 177,893 $ 474,159 $ 195 $ ( 2,790 ) $ 178,088 $ 471,369 $ 649,457 $ ( 38,145 ) Portfolio Total $ 14,463,899 $ 3,546,917 $ 19,117,688 $ 33,686 $ 131,815 $ 3,580,603 $ 19,249,503 $ 22,830,106 $ ( 939,307 ) (1) Refer to Note 2 to our consolidated financial statements for details of depreciable lives. (2) As of December 31, 2022, the aggregate cost basis for tax purposes was $ 23.1 billion. (3) These properties secure a $ 210.0 million mortgage note. The total included on Schedule III above does not include furniture, fixtures and equipment totaling $ 331.6 million and right of use operating lease assets of $ 105.2 million. Accumulated Depreciation does not include $ 80.2 million of accumulated depreciation related to furniture, fixtures and equipment assets. The following table summarizes activity for real estate and accumulated depreciation for the years ended December 31, 2022 and 2021 ($ in thousands): December 31, 2022 December 31, 2021 Real Estate: Balance at the beginning of year $ 17,448,136 $ 4,626,212 Net additions during the year: Building and building improvements 4,799,429 10,589,777 Land and land improvements 847,098 2,044,398 Furniture, fixtures and equipment 67,029 187,749 Balance at the end of the year $ 23,161,692 $ 17,448,136 Accumulated Depreciation: Balance at the beginning of the year $ ( 368,293 ) $ ( 130,540 ) Accumulated depreciation, net ( 651,228 ) ( 237,753 ) Balance at the end of the year $ ( 1,019,521 ) $ ( 368,293 )

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. The Company has chosen to reclassify unrealized gains and losses associated with the Company's interest rate swaps and interest rate caps from “Interest Expense” to “Other income (expense), net” for the years ended December 31, 2021 and 2020. The Company has chosen to classify “Hospitality revenue” within “Other revenue” and “Hospitality operating” within “Property operating” for the years ended December 31, 2021 and 2020. Such reclassification had no effect on the previously reported totals or subtotals included in the Consolidated Statements of Operations and Comprehensive Loss. The accompanying consolidated financial statements include the accounts of the Company, the Company’s subsidiaries and joint ventures in which the Company has a controlling interest. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of the joint ventures 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 return hurdles being achieved. Any profits interest due to the other partner is reported within non-controlling interests. 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. The Operating Partnership is considered to be a VIE. The Company consolidates the Operating Partnership because it has the ability to direct the most significant activities of the entity such as purchases, dispositions, financings, budgets, and overall operating plans. The Company meets the VIE disclosure exemption criteria, as the Company’s interest in the Operating Partnership is considered a majority voting interest. Where the Company does not have the power to direct the activities of the VIE that most significantly impact its economic performance, the Company’s interest for those partially owned entities are accounted for using the equity method of accounting. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates.
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 exposure.
Restricted Cash	Restricted Cash Restricted cash consists of cash received for subscriptions prior to the date in which the subscriptions are effective, amounts in escrow related to real estate taxes and insurance in connection with mortgages at certain of the Company's properties, and tenant security deposits. The Company’s restricted cash pertaining to subscriptions received in advance is held primarily in a bank account controlled by the Company’s transfer agent but in the name of the Company.
Investments in Real Estate	Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the transaction as an asset acquisition. All property acquisitions to date have been accounted for as asset acquisitions. Upon the 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 Company capitalizes acquisition-related costs associated with asset acquisitions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. 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. 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 5 - 30 years Furniture, fixtures and equipment 1 - 10 years Lease intangibles and leasehold improvements Shorter of useful life or lease term Repairs and maintenance are expensed to operations as incurred and are included in Rental property operating expenses on the Company’s Consolidated Statements of Operations and Comprehensive Loss. Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. The Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be received pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. The 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 and Comprehensive Loss. The amortization of in-place leases is recorded as an adjustment to Depreciation and amortization expense on the Company’s Consolidated Statements of Operations and Comprehensive Loss. Certain of the Company’s investments in real estate are subject to a ground lease, for which a lease liability and corresponding right-of-use (“ROU”) asset were recognized. The Company calculates the amount of the lease liability and ROU asset by taking the present value of the remaining lease payments, and adjusting the ROU asset for any existing straight-line ground rent liability and acquired ground lease intangibles. The Company’s estimated incremental borrowing rate of a loan with a similar term as the ground lease was used as the discount rate. The lease liability is included as a component of Other liabilities and the related ROU asset is recorded as a component of Investments in real estate, net on the Company’s Consolidated Balance Sheets. The Company’s management reviews its real estate properties for impairment when there is an event or change in circumstances that indicates an impaired value. 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. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value. During the periods presented, no such impairment occurred.
Investments in Unconsolidated Real Estate Ventures	Investments in Unconsolidated Real Estate Ventures Investments in unconsolidated joint ventures are initially recorded at cost, and subsequently adjusted for equity in earnings and cash contributions and distributions. Under the equity method of accounting, the net equity investment of the Company is reflected within the Consolidated Balance Sheets, and the Company’s share of net income or loss from the joint ventures is included within the Company’s Consolidated Statements of Operations and Comprehensive Loss. The joint venture agreements may designate different percentage allocations among investors for profits and losses; however, the Company’s recognition of joint venture income or loss generally follows the joint venture’s distribution priorities, which may change upon the achievement of certain investment return thresholds. The Company’s investments in unconsolidated joint ventures are reviewed for impairment periodically and the Company records impairment charges when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than-temporary. The ultimate realization of the investment in unconsolidated joint ventures is dependent on a number of factors, including the performance of each investment and market conditions. During the periods presented, no such impairment occurred.
Investments in Real Estate Debt	Investments in Real Estate Debt The Company’s investments in real estate debt consists of loans secured by real estate and real estate-related securities. The Company classifies its real estate-related securities as trading securities and record such investments at fair value. As such, the resulting unrealized gains and losses of such securities are recorded as a component of Income from investments in real estate debt on the Company’s Consolidated Statements of Operations and Comprehensive Loss. The Company elected the fair value option (“FVO”) for its loans secured by real estate. As such, the resulting unrealized gains and losses of such loans are recorded as a component of Income from investments in real estate debt on the Company’s Consolidated Statements of Operations and Comprehensive Loss. Interest income from the Company’s investments in real estate-related debt securities 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. Upfront costs and fees related to items for which the FVO is elected shall be recognized in earnings as incurred and not deferred. Such items are recorded as components of Income from investments in real estate debt on the Company’s Consolidated Statements of Operations and Comprehensive Loss.
Derivative Instruments	Derivative Instruments The Company uses derivative financial instruments such as interest rate caps, interest rate swaps and foreign currency swaps to manage risks from fluctuations in exchange rates and interest rates. The Company records its derivatives on its Consolidated Balance Sheets at fair value and such amounts are included as a component of Other assets or Other liabilities. Any changes in the fair value of these derivatives are recorded as components of Other income (expense), net on the Company's Consolidated Statements of Operations and Comprehensive Loss.
Foreign Currency	Foreign Currency The Company’s functional currency is the U.S. dollar. Nonmonetary assets and liabilities are translated at historical rates and monetary assets and liabilities are translated at exchange rates in effect at the end of the reporting period. Income statement accounts are translated at average rates for the reporting period. Gains and losses from translation of foreign denominated transactions into U.S. dollars are included in current results of operations. Gains and losses resulting from foreign currency transactions are also included in current results of operations. The effects of translating the assets, liabilities and income of the Company’s foreign investments held by entities with functional currencies other than the U.S. dollar are included in the Company’ s Consolidated Statements of Operations and Comprehensive Loss. Aggregate foreign currency transaction losses included in operations totaled $ 49.5 million and $ 15.1 million for the years ended December 31, 2022 and 2021, respectively. There were no foreign currency transactions in 2020 . These amounts are recorded as a component of Other income (expense), net in the Company’s Consolidated Statements of Operations and Comprehensive Loss. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated assets and liabilities are recorded in Other Comprehensive Loss.
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 (e.g, the exit price). Additionally, there is a hierarchal 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 market place, including the existence and transparency of transactions between market participants. Investments with readily available active 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. The Company’s investments in real estate debt include commercial mortgage-backed securities (“CMBS”) and residential mortgage-backed securities (“RMBS”). The Company generally determines the fair value of its investments by utilizing third-party pricing service providers. In determining the value of a particular investment, the 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 real estate-related securities usually consider the attributes applicable to a particular class of security (e.g., credit rating or seniority), current market data, and estimated cash flows for each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available. Certain of the Company’s investments in real estate debt include loans secured by real estate, such as its term loans, which may not have readily available market quotations. In such cases, the Company will generally determine the initial value based on the origination amount or acquisition price of such investment if acquired by the Company or the par value of such investment if originated by the Company. Following the initial measurement, the Company will determine fair value by utilizing or reviewing certain of the following inputs (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. The Company’s investments in equity securities of public real estate-related companies are reported at fair value and were recorded as a component of Other assets on the Company’s Consolidated Balance Sheets. As such, the resulting unrealized gains and losses are recorded as a component of Other income (expense) on the Company’s Consolidated Statements of Operations and Comprehensive Loss. During the years ended December 31, 2022 and 2021, the Company recognized $ 37.0 million and $ 2.8 million of unrealized losses on its investments in equity securities, respectively. 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. The Company’s derivative financial instruments are reported at fair value. The Company’s interest rate swap agreements are valued using a discounted cash flow analysis based on the terms of the contract and the forward interest rate curve adjusted for the Company’s nonperformance risk. The Company’s interest rate cap positions are valued using models developed by the respective counterparty as well as third party pricing service providers that use as their basis readily observable market parameters (such as forward yield curves and credit default swap data). The fair values of the Company’s foreign currency forward contracts are determined by comparing the contracted forward exchange rate to the current market exchange rate. The current market exchange rates are determined by using market spot rates, forward rates and interest rate curves for the underlying instruments. The fair values of the Company’s financial instruments (other than investments in real estate debt, mortgage notes, revolving credit facility, unsecured line of credit and derivative instruments), including cash and cash equivalents, restricted cash and other financial instruments, approximate their carrying or contract value. The fair value of the term loans approximates the initial par value because the loans are pre-payable at the option of the borrower at any time. We continuously monitor and assess credit quality of individual loans including the review of delinquency and loan-to-value ratios on the term loans. Such loans have floating interest rates with market terms and there are no underlying credit quality issues as of December 31, 2022. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 290,807 $ 1,366,856 $ 1,657,663 $ — $ 466,475 $ 487,602 $ 954,077 Equity securities 84,321 — — 84,321 172,236 — — 172,236 Derivatives — 898,916 — 898,916 — 194,053 — 194,053 Total $ 84,321 $ 1,189,723 $ 1,366,856 $ 2,640,900 $ 172,236 $ 660,528 $ 487,602 $ 1,320,366 Liabilities: Derivatives $ — $ 17,860 $ — $ 17,860 $ — $ 1,398 $ — $ 1,398 Total $ — $ 17,860 $ — $ 17,860 $ — $ 1,398 $ — $ 1,398 The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Real Estate Debt Balance as of December 31, 2020 $ — Purchases 504,540 Included in net loss Foreign currency exchange ( 16,938 ) Balance as of December 31, 2021 $ 487,602 Purchases 956,877 Included in net loss Foreign currency exchange ( 77,623 ) Balance as of December 31, 2022 $ 1,366,856 The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): December 31, 2022 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in Real Estate Debt $ 1,366,856 Cost Par N/A N/A December 31, 2021 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in Real Estate Debt $ 487,602 Cost Par N/A N/A Valuation of liabilities not measured at fair 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 appropriate discount rate. Additionally, the Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company’s indebtedness are considered Level 3. As of December 31, 2022, the fair value of the Company’s mortgage notes, revolving credit facility, and secured financings on investments in real estate debt were approximately $ 293.7 million below the outstanding principal balance.
Deferred Charges	Deferred Charges The Company’s deferred charges include financing and leasing costs. Deferred financing costs include legal, structuring and other loan costs incurred by the Company for its financing agreements. Deferred financing costs related to the Company’s mortgage notes are recorded as an offset to the related liability and amortized over the term of the applicable financing instruments as interest expense. Deferred financing costs related to the Company’s revolving credit facility and its unsecured Line of Credit (as defined below) are recorded as a component of Other assets on the Company’s Consolidated Balance Sheets and amortized over the term of the applicable financing agreement. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage commissions, are recorded as a component of Other assets on the Company’s Consolidated Balance Sheets and amortized over the life of the related lease.
Revenue Recognition	Revenue Recognition The Company commences revenue recognition on its leases based on a number of factors, including the initial determination that the contract is or contains a lease. Generally, all of the Company’s contracts are, or contain leases, and therefore revenue is recognized when the lessee takes possession of or controls the physical use of the leased assets. In most instances this occurs on the lease commencement date. At the inception or acquisition of a lease, including new leases that arise from amendments, the Company assesses the terms and conditions of the lease to determine the proper lease classification. A lease is classified as an operating lease if none of the following criteria are met: (i) ownership transfers to the lessee at the end of the lease term, (ii) the lessee has a purchase option that is reasonably expected to be exercised, (iii) the lease term is for a major part of the economic life of the leased property, (iv) the present value of the future lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the leased property, and (v) the leased property is of such a specialized nature that it is expected to have no future alternative use to the Company at the end of the lease term. If one or more of these criteria are met, the lease will generally be classified as a sales-type lease, unless the lease contains a residual value guarantee from a third party other than the lessee, in which case it would be classified as a direct financing lease under certain circumstances in accordance with ASC 842, Leases . The Company’s rental revenue primarily consists of fixed contractual base rent arising from tenant leases at the Company’s properties under operating leases. Revenue under operating leases that are deemed probable of collection, is recognized as revenue on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded in the Company’s Consolidated Balance Sheets. The Company’s Hospitality revenue consists 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. For leases that are deemed not probable of collection, revenue is recorded as the lesser of (i) the amount which would be recognized on a straight-line basis or (ii) cash that has been received from the tenant, with any tenant and deferred rent receivable balances charged as a direct write-off against rental income in the period of the change in the collectability determination. Certain of the Company’s contracts contain nonlease components (e.g., charges for management fees, common area maintenance, and reimbursement of third-party maintenance expenses) in addition to lease components (i.e., monthly rental charges). Services related to nonlease components are provided over the same period of time as, and billed in the same manner as, monthly rental charges. The Company elected to apply the practical expedient available under ASC 842, for all classes of assets, not to segregate the lease components from the nonlease components when accounting for operating leases. Since the lease component is the predominant component under each of these leases, combined revenues from both the lease and nonlease components are accounted for in accordance with ASC 842 and reported as Rental revenues in the Company’s Consolidated Statements of Operations and Comprehensive Loss. In connection with its investments, the Company has utilized loan programs designed to encourage housing development. The proceeds from these loans are governed by restrictive covenants. For certain housing development loans, so long as the Company remains in compliance with the covenants and program requirements, the loans will be forgiven in equal annual installments until the loans are discharged in full. The Company treats t hese loans as deferred income and records them as a component of Other liabilities on the Company’s Consolidated Balance Sheets. As of December 31, 2022 and 2021, deferred income related to these loans amounted to $ 4.2 million and $ 5.0 million, respectively. As the loan balances are reduced during the compliance period, the Company will record income associated with the discharge of the loans as a component of Other revenue on the Company’s Consolidated Statements of Operations and Comprehensive Loss. For each of the years ended December 31, 2022, 2021 and 2020, Other revenue related to these loans amounted to $ 0.8 million. Other revenues and interest income are recorded on an accrual basis.
Organization and Offering Expenses	Organization and Offering Expenses Organization costs are expensed as incurred and recorded as a component of General and administrative expenses on the Company’s Consolidated Statements of Operations and Comprehensive Loss and offering costs are charged to equity as such amounts are incurred. The Advisor advanced $ 7.3 million of organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through December 21, 2019, the first anniversary of the date on which the proceeds from escrow were released. The Company reimburses the Advisor for all such advanced expenses ratably over a 60 month period, which commenced in January 2020. These organization and offering costs are recorded as a component of Due to affiliates on the Company’s Consolidated Balance Sheets as of December 31, 2022 and 2021. Starwood Capital, L.L.C. (the “Dealer Manager”), a registered broker-dealer affiliated with the Advisor, serves as the dealer manager for the Company’s public 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 primary offering. The Dealer Manager is also entitled to receive a stockholder servicing fee based on the aggregate net asset value (“NAV”) of the Company’s outstanding Class T shares, Class S shares and Class D shares. The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, 2022: Common Common Common Common Selling commissions and dealer manager fees 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 T shares sold in the primary offering, 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 S shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.5 % of the transaction price. For Class D shares sold in the primary offering, 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 the Dealer Manager is entitled to a stockholder servicing fee equal to 0.25 % per annum of the aggregate NAV for the Class D shares. There is no stockholder servicing fee with respect to Class I shares. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Company’ s public offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fees received and all or a portion of the stockholder servicing fees to such selected dealers. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share sold in the primary offering 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 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 share (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 T, Class S and Class D share is sold during the primary offering. As of December 31, 2022 and 2021, the Company had accrued $ 413.0 million and $ 291.5 million, respectively, of stockholder servicing fees related to shares sold and recorded such amount as a component of Due to affiliates on the Company’s Consolidated Balance Sheets.
Income Taxes	Income Taxes The Company elected to be taxed as a REIT under the Internal Revenue Code (the “Code”), for federal income tax purposes, beginning with its taxable year ended December 31, 2019. As long as the Company qualifies for taxation as a REIT, it generally will not be subject to U.S. federal corporate income tax on its net taxable income that is currently distributed to its stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90 % of its REIT taxable income (subject to certain adjustments) to its stockholders. If the Company fails to qualify as a REIT in a taxable year, without the benefit of certain relief provisions, it will be subject to federal and state income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, it may also be subject to certain federal, state, local and foreign taxes on its income and assets, including (1) taxes on any undistributed income, (2) taxes related to its TRSs, and (3) certain state or local income taxes. The Company and the Operating Partnerships' tax returns for three years from the date filed are subject to examination. The Company has formed wholly-owned subsidiaries to function as TRSs and filed TRS elections, together with such subsidiaries, with the Internal Revenue Service. In general, a TRS may perform additional services for the Company’s tenants and generally may engage in any real estate or non-real estate-related business other than management or operation of a lodging facility or a health care facility. The TRSs are subject to taxation at the federal, state, local and foreign levels, as applicable, at the regular corporate tax rates. 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. For the years ended December 31, 2022, 2021 and 2020, the Company recognized an income tax (expense) benefit of ($ 2.1 ) million, $ 0.7 million and ($ 1.2 ) million, respectively, within Other income (expense), net on the Company’s Consolidated Statements of Operations and Comprehensive Loss. As of December 31, 2022 and 2021, the Company recorded a net deferred tax liability of $ 40.9 million and $ 8.6 million, respectively, primarily due to assumed capital gains from four European investments, within Other liabilities on the Company’s Consolidated Balance Sheets.
Net Loss per Share	Net Loss per Share Basic net loss per share is computed by dividing net loss attributable to stockholders for the period by the weighted average number of common shares outstanding during the period. All classes of common stock are allocated net loss at the same rate per share and receive the same gross distribution per share. Diluted loss per share is computed by dividing net loss attributable to stockholders for the period by the weighted average number of common shares and common share equivalents outstanding (unless their effect is antidilutive) for the period. There are no common share equivalents outstanding that would have a dilutive effect as a result of the net loss, and accordingly, the weighted average number of common shares outstanding is identical for both basic and diluted shares for the years ended December 31, 2022, 2021 and 2020. The restricted stock grants of Class I shares held by the Company’s independent directors are not considered to be participating securities because they do not contain non-forfeitable rights to distributions. As a result, there is no impact of these restricted stock grants on basic and diluted net loss per common share until the restricted stock grants have fully vested.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (the “FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848), as amended by ASU 2021-01 in January 2021 and ASU 2022-06 in December 2022, directly addressing the effects of reference rate reform on financial reporting as a result of the cessation of the publication of certain LIBOR rates beginning December 31, 2021, with complete elimination of the publication of the LIBOR rates by June 30, 2023. The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform by virtue of referencing LIBOR or another reference rate expected to be discontinued. This guidance became effective on March 12, 2020 and can be adopted no later than December 31, 2024, with early adoption permitted. The Company is currently evaluating the impact, but does not expect that the adoption of ASU 2020-04, as amended by ASU 2021-01 and ASU 2022-06, will 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, 2022
Accounting Policies [Abstract]
Summary of Estimated Useful Life of Assets	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 5 - 30 years Furniture, fixtures and equipment 1 - 10 years Lease intangibles and leasehold improvements Shorter of useful life or lease term
Summary of Assets And Liabilities Measured At Fair Value On Recurring Basis	The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 290,807 $ 1,366,856 $ 1,657,663 $ — $ 466,475 $ 487,602 $ 954,077 Equity securities 84,321 — — 84,321 172,236 — — 172,236 Derivatives — 898,916 — 898,916 — 194,053 — 194,053 Total $ 84,321 $ 1,189,723 $ 1,366,856 $ 2,640,900 $ 172,236 $ 660,528 $ 487,602 $ 1,320,366 Liabilities: Derivatives $ — $ 17,860 $ — $ 17,860 $ — $ 1,398 $ — $ 1,398 Total $ — $ 17,860 $ — $ 17,860 $ — $ 1,398 $ — $ 1,398
Summary of Assets Measured At Fair Value On Recurring Basis	The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Real Estate Debt Balance as of December 31, 2020 $ — Purchases 504,540 Included in net loss Foreign currency exchange ( 16,938 ) Balance as of December 31, 2021 $ 487,602 Purchases 956,877 Included in net loss Foreign currency exchange ( 77,623 ) Balance as of December 31, 2022 $ 1,366,856
Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value	The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): December 31, 2022 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in Real Estate Debt $ 1,366,856 Cost Par N/A N/A December 31, 2021 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in Real Estate Debt $ 487,602 Cost Par N/A N/A
Schedule of Selling Commissions, Dealer Manager Fees And Stockholder Servicing	The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, 2022: Common Common Common Common Selling commissions and dealer manager fees up to 3.5 % up to 3.5 % up to 1.5 % — Stockholder servicing fee (% of NAV) 0.85 % 0.85 % 0.25 % —

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): December 31, 2022 December 31, 2021 Building and building improvements $ 19,249,503 $ 14,450,074 Land and land improvements 3,580,603 2,733,505 Furniture, fixtures and equipment 331,586 264,557 Right of use asset - operating lease (1) 105,230 105,236 Total 23,266,922 17,553,372 Accumulated depreciation and amortization ( 1,019,521 ) ( 368,293 ) Investments in real estate, net $ 22,247,401 $ 17,185,079 (1) Refer to Note 14 for additional details on the Company’s leases.
Schedule of Details of Properties Acquired	The following table provides details of the properties acquired during the year ended December 31, 2022 ($ in thousands): Segments Number of Number of Sq. Ft. Purchase Price (1) Multifamily 6 67 16,542 units $ 4,288,281 Single-Family Rental 11 N/A (2) 621 units 249,009 Industrial 6 61 7.50 sq. ft. 972,791 Office 1 1 0.34 sq. ft. 150,945 Self-Storage 1 1 0.09 sq. ft. 42,091 25 130 $ 5,703,117 (1) Purchase price is inclusive of acquisition-related costs. (2) Includes a 95% interest in 621 consolidated single-family rental homes. The following table provides details of the properties acquired during the year ended December 31, 2021 ($ in thousands): Segments Number of Number of Sq. Ft. Purchase Price (1) Multifamily 15 151 37,779 units $ 9,342,279 Single-Family Rental 2 N/A (2) 2,595 units 1,128,276 Industrial 5 60 10.38 sq. ft. 1,560,968 Office 2 5 0.70 sq. ft. 370,846 Self-Storage 1 25 1.81 sq. ft. 322,228 Other 3 3 0.75 sq. ft. 315,368 28 244 $ 13,039,965 (1) Purchase price is inclusive of acquisition-related costs. (2) Includes a 100% interest in 2,303 single-family rental homes and a 95% interest in 292 consolidated single-family rental units.
Schedule of Purchase Price Allocation of Properties	The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2022 ($ in thousands): Amount Building and building improvements $ 4,697,513 Land and land improvements 825,064 Furniture, fixtures and equipment 58,493 In-place lease intangibles (1) 85,304 Above-market lease intangibles (1) 11,874 Below-market lease intangibles (1) ( 24,452 ) Other intangibles 6,723 Total purchase price (2) $ 5,660,519 Assumed mortgage notes ( 267,030 ) Non-controlling interest ( 13,834 ) Net purchase price $ 5,379,655 (1) The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles, and below-market lease intangibles for the properties acquired during the year ended December 31, 2022 were 4 years, 8 years, and 10 years, respectively . (2) Purchase price does not include acquisition-related costs of $ 42.6 million. The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2021 ($ in thousands): Amount Building and building improvements $ 10,463,106 Land and land improvements 2,039,052 Furniture, fixtures and equipment 186,882 In-place lease intangibles (1) 256,466 Above-market lease intangibles (1) 15,007 Below-market lease intangibles (1) ( 28,898 ) Above-market ground lease intangibles (1) ( 2,292 ) Other intangibles 12,376 Total purchase price (2) $ 12,941,699 Assumed mortgage notes ( 156,515 ) Non-controlling interest ( 28,158 ) Net purchase price $ 12,757,026 (1) The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles, below-market lease intangibles and above-market ground lease for the properties acquired during the year ended December 31, 2021 were 4 years, 8 years, 9 years, and 32 years, respectively. (2) Purchase price does not include acquisition related costs of $ 98.3 million.
Schedule of Equity Investment In Unconsolidated Entities	The following table details the Company ’s equity investments in unconsolidated entities ($ in thousands): December 31, Investments in Unconsolidated Real Estate Ventures Segment Date Acquired Number of Properties Ownership Interest 2022 2021 Extended Stay Portfolio Other July 2022 196 45 % $ 471,696 $ — Fort Lauderdale Hotel Other March 2019 1 43 % 9,936 10,422 Total investments in unconsolidated real estate ventures $ 481,632 $ 10,422
Schedule of Income (Loss) From Unconsolidated Entities	The following table details the Company ’s income (loss) from unconsolidated entities ($ in thousands): Year Ended December 31, Investments in Unconsolidated Real Estate Ventures Segment Date Acquired Number of Properties Ownership Interest 2022 2021 Extended Stay Portfolio Other July 2022 196 45 % $ 11,915 $ — Fort Lauderdale Hotel Other March 2019 1 43 % 274 ( 615 ) Total income (loss) from unconsolidated real estate ventures $ 12,189 $ ( 615 )

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of 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, 2022 December 31, 2021 Intangible assets: (1) In-place lease intangibles $ 330,631 $ 448,447 Above-market lease intangibles 47,472 36,696 Other 43,032 43,653 Total intangible assets 421,135 528,796 Accumulated amortization: In-place lease amortization ( 113,674 ) ( 144,663 ) Above-market lease amortization ( 14,022 ) ( 7,718 ) Other ( 9,723 ) ( 7,300 ) Total accumulated amortization ( 137,419 ) ( 159,681 ) Intangible assets, net $ 283,716 $ 369,115 Intangible liabilities: (2) Below-market lease intangibles $ 89,137 $ 65,143 Total intangible liabilities 89,137 65,143 Accumulated amortization: Below-market lease amortization ( 18,770 ) ( 9,523 ) Total accumulated amortization ( 18,770 ) ( 9,523 ) Intangible liabilities, net $ 70,367 $ 55,620 __________ (1) Included in Other assets on the Company’s Consolidated Balance Sheets. (2) Included in Other liabilities on the Company’s Consolidated Balance Sheets.
Summary of Estimated Future Amortization on Intangibles	The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of December 31, 2022 is as follows ($ in thousands): In-place Above-market Other Below-market 2023 $ 50,832 $ 7,206 $ 3,542 $ ( 11,335 ) 2024 36,576 5,705 3,528 ( 9,642 ) 2025 28,003 4,336 3,396 ( 7,536 ) 2026 19,954 3,738 3,396 ( 6,622 ) 2027 13,878 1,639 3,396 ( 2,902 ) Thereafter 67,714 10,826 16,051 ( 32,330 ) $ 216,957 $ 33,450 $ 33,309 $ ( 70,367 )

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Schedule of 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, 2022 Type of Security/Loan Number of Positions Weighted (1) Weighted Average (2) Cost Basis Fair Value CMBS - floating 8 L + 4.18% May 2037 $ 306,026 $ 290,807 Total real estate debt securities 8 L + 4.18% May 2037 306,026 290,807 Term loans 2 L + 4.96% January 2027 1,461,417 1,366,856 Total investments in real estate debt 10 L + 4.82% October 2028 $ 1,767,443 $ 1,657,663 December 31, 2021 Type of Security Number of Weighted (1) Weighted Average (2) Cost Basis Fair Value RMBS 50 L + 3.07% July 2045 $ 165,600 $ 168,309 CMBS - floating 4 L + 3.46% July 2038 296,928 295,465 CMBS - fixed 1 6.26 % July 2039 2,522 2,701 Total real estate debt securities 55 L + 3.34% January 2041 465,050 466,475 Term loan 1 L + 5.35% February 2026 504,540 487,602 Total investments in real estate debt 56 L + 4.41% April 2033 $ 969,590 $ 954,077 __________ (1) The term “L” refers to the relevant benchmark rates, which includes one-month LIBOR, one-month Secured Overnight Financing Rate (“SOFR”), three-month Bank Bill Swap Bid Rate (“BBSY”) and Sterling Overnight Index Average (“SONIA”) as applicable to each security and loan. (2) Weighted average maturity date is based on the fully extended maturity date of the underlying collateral. The Company’s investments in real estate debt include CBMS collateralized by properties owned by Starwood Capital investment vehicles. The following table details the Company’s affiliate investments in real estate debt ($ in thousands): Fair Value December 31, 2022 December 31, 2021 CMBS $ 290,807 $ 295,465 Total $ 290,807 $ 295,465

Mortgage Notes and Revolving _2

Mortgage Notes and Revolving Credit Facility (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Summary of Mortgage Notes and Revolving Credit Facility Secured by Company's Properties	The following table is a summary of the mortgage notes and revolving credit facility secured by the Company’s properties ($ in thousands): Principal Balance Outstanding (3) Indebtedness Weighted (1) Weighted (2) Maximum December 31, 2022 December 31, 2021 Fixed rate loans Fixed rate mortgages 3.06 % December 2030 N/A $ 3,843,346 $ 3,110,689 Total fixed rate loans 3,843,346 3,110,689 Variable rate loans Floating rate mortgages L + 1.84 % May 2027 N/A 10,445,553 7,052,819 Variable rate revolving credit facility (4) L + 1.85 % December 2025 $ 800,000 175,000 1,190,683 Total variable rate loans 10,620,553 8,243,502 Total loans secured by the Company’s 14,463,899 11,354,191 Deferred financing costs, net ( 102,064 ) ( 80,410 ) (Discount) premium on assumed debt, net ( 6,377 ) 630 Mortgage notes and revolving credit facility, net $ 14,355,458 $ 11,274,411 __________ (1) The term “L” refers to the relevant floating benchmark rates, which includes one-month LIBOR, one-month SOFR, Federal Reserve Bank of New York (“NYFED”) 30 day SOFR, three-month Euro Interbank Offered Rate (“EURIBOR”) and three-month Copenhagen Interbank Offered Rate (“CIBOR”), as applicable to each loan. (2) For loans where the Company, at its own discretion, has extension options, the maximum maturity date has been assumed. (3) The majority of the Company’s mortgages contain prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties. (4) The Company’s revolving credit facility can be drawn upon to fund the acquisition of future real estate investments. The repayment of the revolving credit facility is guaranteed by the Operating Partnership.
Summary of Future Principal Payment Under Company's Mortgage Notes and Revolving Credit Facility	The following table presents the future principal payments under the Company’s mortgage notes and revolving credit facility as of December 31, 2022 ($ in thousands): Year Amount 2023 $ 43,175 2024 736,436 2025 1,652,590 2026 4,825,366 2027 2,070,914 Thereafter 5,135,418 Total $ 14,463,899

Secured Financings On Investm_2

Secured Financings On Investments In Real Estate Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Secured Financings On Investments In Real Estate Debt [Abstract]
Schedule of Secured Financings on Investments in Real Estate Debt Transactions	For consolidated financial statement purposes, the Company does not offset its secured financings on investments in real estate debt and securities lending transactions because the conditions for netting as specified by GAAP are not met. Although not offset on the Company’s Consolidated Balance Sheets, these transactions are summarized in the following tables ($ in thousands): December 31, 2022 Indebtedness Maturity Date Coupon Collateral (1) Outstanding Barclays RA February 2026 SONIA + 2.50% $ 433,044 $ 238,174 Syndicated RA June 2027 BBSY + 2.65% 933,812 513,597 $ 1,366,856 $ 751,771 December 31, 2021 Indebtedness Maturity Date Coupon Collateral (1) Outstanding Barclays RA February 2026 L + 2.50% $ 487,602 $ 268,181 $ 487,602 $ 268,181 __________ (1) Represents the fair value of the Company’s investments in real estate-related debt securities.

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Other Assets And Other Liabilities [Abstract]
Schedule of Components of Other Assets	The following table summarizes the components of Other assets ($ in thousands): December 31, 2022 December 31, 2021 Derivative instruments $ 898,916 $ 194,053 Intangible assets, net 283,716 369,115 Receivables 110,898 103,049 Equity securities 84,321 172,236 Prepaid expenses 20,985 15,871 Deferred financing costs, net 10,984 6,723 Interest receivable 6,670 5,337 Other 5,058 1,492 Acquisition deposits — 13,422 Total other assets $ 1,421,548 $ 881,298
Schedule of Components of Other Liabilities	The following table summarizes the components of Other liabilities ($ in thousands): December 31, 2022 December 31, 2021 Accounts payable and accrued expenses $ 95,467 $ 89,625 Real estate taxes payable 85,955 53,423 Intangible liabilities, net 70,367 55,620 Accrued interest expense 58,872 16,399 Tenant security deposits 50,694 36,509 Distributions payable 49,306 32,696 Deferred tax liability 42,383 8,599 Right of use liability - operating leases 12,452 12,499 Deferred income 8,837 7,467 Derivative instruments 17,860 1,398 Other 15,206 25,271 Total other liabilities $ 507,399 $ 339,506

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Outstanding Interest Rate Derivatives Non-Designated Hedges of Interest Rate Risk	The following tables detail the Company’s outstanding interest rate derivatives that were non-designated hedges of interest rate risk (notional amounts in thousands): December 31, 2022 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Strike Rate Index Weighted Average Maturity (Years) Interest Rate Caps - Property debt 67 $ 10,273,472 1.5 % LIBOR, SOFR 2.9 Interest Rate Caps - Property debt 3 € 157,296 1.2 % EURIBOR 1.7 Interest Rate Caps - Property debt 1 Dkr. 301,500 1.0 % CIBOR 3.7 Interest Rate Swaps - Property debt 2 $ 269,115 0.8 % LIBOR 2.3 Interest Rate Swaps - Property debt 3 € 213,458 1.9 % EURIBOR 4.6 Interest Rate Swaps - Property debt 1 kr 576,633 2.4 % NIBOR 5.2 December 31, 2021 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Strike Rate Index Weighted Average Maturity (Years) Interest Rate Caps - Property debt 19 $ 6,297,224 0.8 % LIBOR, SOFR 4.5 Interest Rate Caps - Property debt 2 € 88,040 1.3 % EURIBOR 2.4 Interest Rate Caps - Property debt 1 Dkr. 301,500 1.0 % CIBOR 4.7 Interest Rate Swaps - Property debt 2 $ 256,783 0.8 % LIBOR 3.6
Summary of Outstanding Foreign Currency Forward Contracts Non-Designated Hedges of Foreign Currency Risk	The following table details the Company’s outstanding foreign currency forward contracts that were non-designated hedges of foreign currency risk (notional amounts in thousands): December 31, 2022 December 31, 2021 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD/Sell EUR Forward 48 € 588,786 5 € 232,076 Buy USD/Sell DKK Forward 12 Dkr. 1,513,100 6 Dkr. 289,700 Buy USD/Sell AUD Forward 8 AUD 661,100 — — Buy USD/Sell NOK Forward 8 kr 859,279 — — Buy USD/Sell GBP Forward 5 £ 368,469 2 £ 165,861
Summary 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, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Interest rate derivatives $ 842,895 $ 185,738 $ — $ — Foreign currency forward contracts 56,021 8,315 17,860 1,398 Total Derivatives $ 898,916 $ 194,053 $ 17,860 $ 1,398 (1) Included in Other Assets in the Company’s Consolidated Balance Sheets. (2) Included in Other Liabilities in the Company’s Consolidated Balance Sheets.
Summary of Effect of Derivate Financial Instruments on Consolidated Statements of Operations and Comprehensive Loss	The following table details the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations and Comprehensive Loss ($ in thousands): For the Year Ended December 31, Type of Derivative Net Realized/Unrealized Gain (Loss) (1) 2022 2021 Interest Rate Caps - Property debt Unrealized gain $ 498,696 $ 5,244 Interest Rate Swaps - Property debt Unrealized gain 32,972 4,792 Foreign Currency Forward Contracts Unrealized gain 30,556 8,447 Foreign Currency Forward Contracts Realized gain 57,176 5,463 $ 619,400 $ 23,946 (1) Included in Other income (expense), net on the Company’s Consolidated Statements of Operations and Comprehensive Loss.

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interest (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Schedule of Company's Authorized Capital	As of December 31, 2022, the Company had the authority to issue 3,100,000,000 shares of capital stock, consisting of the following: Classification Number of Par Value Preferred Stock 100,000,000 $ 0.01 Class T Shares 500,000,000 $ 0.01 Class S Shares 1,000,000,000 $ 0.01 Class D Shares 500,000,000 $ 0.01 Class I Shares 1,000,000,000 $ 0.01 Total 3,100,000,000
Schedule of Common Stock Outstanding shares	The following table details the movement in the Company’s outstanding shares of common stock: Class T Class S Class D Class I Total January 1, 2020 1,412,563 26,164,794 1,653,094 16,114,284 45,344,735 Common stock shares issued 1,137,269 20,138,235 1,190,809 23,197,333 45,663,646 Distribution reinvestment plan shares issued 56,484 1,188,342 87,505 611,538 1,943,869 Common stock shares repurchased ( 143,134 ) ( 1,059,710 ) ( 84,311 ) ( 774,476 ) ( 2,061,631 ) Independent directors’ restricted stock grant (1) — — — 4,234 4,234 December 31, 2020 2,463,182 46,431,661 2,847,097 39,152,913 90,894,853 Common stock shares issued 2,157,634 107,086,220 19,108,491 124,387,317 252,739,662 Distribution reinvestment plan shares issued 86,892 2,130,886 244,060 1,520,206 3,982,044 Common stock shares repurchased ( 59,272 ) ( 1,267,731 ) ( 57,349 ) ( 1,450,765 ) ( 2,835,117 ) Independent directors’ restricted stock grant (1) — — — 14,829 14,829 December 31, 2021 4,648,436 154,381,036 22,142,299 163,624,500 344,796,271 Common stock shares issued 1,112,055 80,943,605 10,500,831 109,276,249 201,832,740 Distribution reinvestment plan shares issued 125,187 3,647,656 720,473 3,664,723 8,158,039 Common stock shares repurchased ( 164,182 ) ( 14,415,387 ) ( 2,389,430 ) ( 32,146,156 ) ( 49,115,155 ) Independent directors’ restricted stock grant (1) — — — 35,697 35,697 December 31, 2022 5,721,496 224,556,910 30,974,173 244,455,013 505,707,592 __________ (1) The independent directors’ restricted stock grant represents an aggregate $ 0.8 million, $ 0.3 million and $ 0.1 million of the annual compensation paid to the independent directors for the years ended December 31, 2022, 2021 and 2020, respectively. Each grant is amortized over the one-year service period of such grant.
Schedule of Aggregate Distributions Declared for Each Class of Common Stock	The following table details the aggregate distributions declared for each applicable class of common stock: Year Ended December 31, 2022 Class T Class S Class D Class I Aggregate gross distributions declared per share of common stock $ 1.2420 $ 1.2420 $ 1.2420 $ 1.2420 Stockholder servicing fee per share of common stock ( 0.2320 ) ( 0.2318 ) ( 0.0672 ) — Net distributions declared per share of common stock $ 1.0100 $ 1.0102 $ 1.1748 $ 1.2420 Year Ended December 31, 2021 Class T Class S Class D Class I Aggregate gross distributions declared per share of common stock $ 1.2420 $ 1.2420 $ 1.2420 $ 1.2420 Stockholder servicing fee per share of common stock ( 0.1949 ) ( 0.1955 ) ( 0.0571 ) — Net distributions declared per share of common stock $ 1.0471 $ 1.0465 $ 1.1849 $ 1.2420 Year Ended December 31, 2020 Class T Class S Class D Class I Aggregate gross distributions declared per share of common stock $ 1.2420 $ 1.2420 $ 1.2420 $ 1.2420 Stockholder servicing fee per share of common stock ( 0.1808 ) ( 0.1821 ) ( 0.0533 ) — Net distributions declared per share of common stock $ 1.0612 $ 1.0599 $ 1.1887 $ 1.2420
Schedule of Redeemable Noncontrolling Interest Activity	The following table details the Redeemable non-controlling interests activity related to the Special Limited Partner and third-party Operating Partnership unitholders for the years ended December 31, 2022 and 2021 ($ in thousands): Special Limited Partner Third-party Operating Partnership unitholders Total Balance at December 31, 2020 $ 10,409 $ — $ 10,409 Settlement of performance participation allocation 15,061 — 15,061 GAAP income (loss) allocation ( 1,758 ) — ( 1,758 ) Distributions ( 1,460 ) — ( 1,460 ) Fair value allocation 8,250 — 8,250 Balance at December 31, 2021 $ 30,502 $ — $ 30,502 Settlement of performance participation allocation 204,225 — 204,225 Issuance of SREIT OP units as consideration for — 190,459 190,459 GAAP income (loss) allocation ( 1,050 ) ( 1,096 ) ( 2,146 ) Distributions ( 11,239 ) ( 6,400 ) ( 17,639 ) Fair value allocation 15,884 5,814 21,698 Balance at December 31, 2022 $ 238,322 $ 188,777 $ 427,099

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 December 31, 2021 Accrued stockholder servicing fee $ 413,004 $ 291,544 Performance participation allocation 102,348 204,225 Accrued management fee 14,531 9,628 Advanced organization and offering costs 3,017 4,373 Accrued affiliate service provider expenses 2,659 843 Advanced operating expenses 1,555 2,655 Total $ 537,114 $ 513,268

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Schedule of Future Lease Payments	The following table presents the future lease payments due under the Company’s ground leases as of December 31, 2022 ($ in thousands): Year Operating 2023 $ 686 2024 686 2025 712 2026 714 2027 714 Thereafter 25,782 Total undiscounted future lease payments 29,294 Difference between undiscounted cash flows and discounted cash flows ( 16,842 ) Total lease liability $ 12,452
Summary of Fixed and Variable Components of Operating Leases	The following table summarizes the fixed and variable components of the Company’s operating leases ($ in thousands): For the Year Ended December 31, 2022 2021 2020 Fixed lease payments $ 1,376,577 $ 530,093 $ 238,897 Variable lease payments 144,078 74,481 34,950 Rental revenue $ 1,520,655 $ 604,574 $ 273,847
Schedule of Undiscounted Future Minimum Rents Income Receivables	The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, office, and other properties as of December 31, 2022 ($ in thousands). Leases at the Company’s multifamily, single-family and self-storage properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum 2023 $ 296,046 2024 277,573 2025 247,417 2026 210,843 2027 177,277 Thereafter 541,628 Total $ 1,750,784

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Summary of Total Assets by Segment	The following table sets forth the total assets by segment ($ in thousands): December 31, 2022 December 31, 2021 Multifamily $ 16,663,050 $ 12,225,256 Single-family rental 1,357,576 1,150,987 Industrial 3,180,764 2,145,163 Office 1,589,368 1,599,774 Self-storage 366,299 331,024 Investments in real estate debt 1,657,663 954,077 Other properties 1,225,052 764,714 Other (Corporate) 725,081 800,436 Total assets $ 26,764,853 $ 19,971,431
Summary of Financial Results by Segment	The following table sets forth the financial results by segment for the year ended December 31, 2022 ($ in thousands): Multifamily Single- Industrial Office Self- Other Investments Total Revenues: Rental revenue $ 1,068,277 $ 73,558 $ 177,998 $ 136,185 $ 26,614 $ 38,023 $ — $ 1,520,655 Other revenue 11,114 — 42 416 — 47,121 — 58,693 Total revenues 1,079,391 73,558 178,040 136,601 26,614 85,144 — 1,579,348 Expenses: Property operating 467,413 36,575 44,983 52,972 9,866 38,785 — 650,594 Total segment expenses 467,413 36,575 44,983 52,972 9,866 38,785 — 650,594 Income from unconsolidated — — — — — 12,189 — 12,189 Income from investments in — — — — — — 99,787 99,787 Segment net operating income $ 611,978 $ 36,983 $ 133,057 $ 83,629 $ 16,748 $ 58,548 $ 99,787 $ 1,040,730 Depreciation and amortization $ ( 595,718 ) $ ( 46,864 ) $ ( 101,484 ) $ ( 64,869 ) $ ( 10,080 ) $ ( 29,928 ) $ — $ ( 848,943 ) General and administrative ( 44,708 ) Management fees ( 167,100 ) Performance participation allocation ( 102,348 ) Interest expense ( 428,853 ) Loss on extinguishment of debt ( 313 ) Other income, net 485,608 Net loss $ ( 65,927 ) Net income attributable to non-controlling interests in consolidated joint ventures ( 1,927 ) Net loss attributable to non-controlling interests in Operating Partnership 2,146 Net loss attributable to stockholders $ ( 65,708 ) The following table sets forth the financial results by segment for the year ended December 31, 2021 ($ in thousands): Multifamily Single- Industrial Office Self-Storage Other Investments Total Revenues: Rental revenue $ 365,052 $ 1,158 $ 96,826 $ 124,317 $ 741 $ 16,480 $ — $ 604,574 Other revenue 4,310 — — 331 — 33,690 — 38,331 Total revenues 369,362 1,158 96,826 124,648 741 50,170 — 642,905 Expenses: Property operating 151,923 274 25,258 43,741 287 27,168 — 248,651 Total segment expenses 151,923 274 25,258 43,741 287 27,168 — 248,651 Loss from unconsolidated — — — — — ( 615 ) — ( 615 ) Income from investments in real — — — — — — 45,156 45,156 Segment net operating income $ 217,439 $ 884 $ 71,568 $ 80,907 $ 454 $ 22,387 $ 45,156 $ 438,795 Depreciation and amortization $ ( 189,084 ) $ ( 2,311 ) $ ( 58,002 ) $ ( 61,953 ) $ ( 429 ) $ ( 18,676 ) $ — $ ( 330,455 ) General and administrative ( 25,404 ) Management fees ( 62,237 ) Performance participation allocation ( 204,225 ) Interest expense ( 134,127 ) Other income, net 13,210 Net loss $ ( 304,443 ) Net loss attributable to non-controlling interests in consolidated joint ventures 434 Net loss attributable to non-controlling interests in Operating Partnership 1,758 Net loss attributable to stockholders $ ( 302,251 ) The following table sets forth the financial results by segment for the year ended December 31, 2020 ($ in thousands): Multifamily Industrial Office Other Investments Total Revenues: Rental revenue $ 132,835 $ 30,203 $ 97,078 $ 13,731 $ — $ 273,847 Other revenue 2,045 — 145 22,386 — 24,576 Total revenues 134,880 30,203 97,223 36,117 — 298,423 Expenses: Property operating 51,878 7,261 32,895 21,150 — 113,184 Total segment expenses 51,878 7,261 32,895 21,150 — 113,184 Loss from unconsolidated — — — ( 1,462 ) — ( 1,462 ) Income from investments in real — — — — 7,206 7,206 Segment net operating income $ 83,002 $ 22,942 $ 64,328 $ 13,505 $ 7,206 $ 190,983 Depreciation and amortization $ ( 73,365 ) $ ( 18,323 ) $ ( 48,477 ) $ ( 15,699 ) $ — $ ( 155,864 ) General and administrative ( 8,624 ) Management fees ( 19,423 ) Performance participation allocation ( 15,061 ) Interest expense ( 80,808 ) Other expense, net ( 9,403 ) Net loss $ ( 98,200 ) Net loss attributable to non-controlling interests in consolidated joint ventures 1,300 Net loss attributable to non-controlling interests in Operating Partnership 642 Net loss attributable to stockholders $ ( 96,258 )

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Details) $ in Billions	12 Months Ended
	Dec. 31, 2022 USD ($) Property Segment Position	Aug. 10, 2022 USD ($)	Dec. 31, 2021 Position	Jun. 02, 2021 USD ($)	Dec. 27, 2017 USD ($)
Organization And Business Activities [Line Items]
Number of real estate related securities position | Position	10		56
Number of reportable segments | Segment	7
Proceeds ,issuance of shares of common stock	$ 12.8
Primary Offering
Organization And Business Activities [Line Items]
Common stock, shares registered, amount					$ 5
Second Public Offering
Organization And Business Activities [Line Items]
Common stock, shares registered, amount				$ 10
Third Public Offering
Organization And Business Activities [Line Items]
Common stock, shares registered, amount		$ 18
Common stock, shares authorized, amount		16
Distribution Reinvestment Plan
Organization And Business Activities [Line Items]
Common stock, shares authorized, amount		$ 2
Real Estate Properties
Organization And Business Activities [Line Items]
Number of properties owned | Property	518
Single Family Rental Homes
Organization And Business Activities [Line Items]
Number of properties owned | Property	3,215

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of Estimated Useful Life of Assets (Details)	12 Months Ended
	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Lease intangibles and leasehold improvements	Shorter of useful life or lease term
Building | Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	30 years
Building | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	42 years
Building and Land Improvements | Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	5 years
Building and Land Improvements | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	30 years
Furniture, Fixtures and Equipment | Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	1 year
Furniture, Fixtures and Equipment | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	10 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Significant Accounting Policies [Line Items]
Aggregate foreign currency transaction losses	$ 49,500	$ 15,100	$ 0
Secured financings on investments in real estate debt of fair value below outstanding principal balance	293,700
Deferred income	8,837	7,467
Due to affiliates	$ 537,114	513,268
Minimum REIT distribution percentage	90%
Income tax benefit (expense)	$ 2,100	(700)	1,200
Triple Net Sale and Leaseback Property
Significant Accounting Policies [Line Items]
Deferred tax liability, net	$ 40,900	8,600
Class S Shares
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.85%
Class S Shares | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions and dealer manager fee percentage	3.50%
Class T Shares
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.85%
Class T Shares | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions and dealer manager fee percentage	3.50%
Class D Shares
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.25%
Class D Shares | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions and dealer manager fee percentage	1.50%
Advanced Organization And Offering Costs
Significant Accounting Policies [Line Items]
Due to affiliates	$ 3,017	4,373
Accrued Stockholder Servicing Fee
Significant Accounting Policies [Line Items]
Due to affiliates	413,004	291,544
Accrued Stockholder Servicing Fee | Common Stock Class T, Class S and Class D
Significant Accounting Policies [Line Items]
Due to affiliates	$ 413,000	$ 291,500
Advisor
Significant Accounting Policies [Line Items]
Period to reimburse the advisor for all organization and offering expenses	60 months	60 months
Advisor | Class T Shares
Significant Accounting Policies [Line Items]
Advisor Percentage of stockholder servicing fee on NAV per annum	0.65%
Advisor | Advanced Organization And Offering Costs
Significant Accounting Policies [Line Items]
Due to affiliates				$ 7,300
Advisor | Advanced Organization And Offering Costs | Primary Offering
Significant Accounting Policies [Line Items]
Due to affiliates	$ 7,300
Dealer Manager | Class S Shares | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions percentage	3.50%
Dealer Manager | Class T Shares
Significant Accounting Policies [Line Items]
Upfront dealer manager fee percentage	0.50%
Dealer stockholder servicing fee percentage	0.20%
Annual stockholder servicing fee percentage	0.85%
Dealer Manager | Class T Shares | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions percentage	3%
Upfront selling commissions and dealer manager fee percentage	3.50%
Dealer Manager | Class D Shares
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.25%
Dealer Manager | Class D Shares | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions percentage	1.50%
Dealer Manager | Class S Share And T Shares [Member]
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.85%
Dealer Manager | Class I Shares (Member)
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0%
Dealer Manager | Common Stock Class T, Class S and Class D
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage of gross proceeds limit	8.75%
Accounts Payable, Accrued Expenses and Other Liabilities
Significant Accounting Policies [Line Items]
Deferred income	$ 4,200	$ 5,000
Other Income (Expense)
Significant Accounting Policies [Line Items]
Unrealized losses on investments	(37,000)	(2,800)
Other Revenue
Significant Accounting Policies [Line Items]
Other income	$ 800	$ 800	$ 800

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Assets And Liabilities Measured At Fair Value On Recurring Basis (Details) - Fair Value, Recurring Basis - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 2,640,900	$ 1,320,366
Liabilities	17,860	1,398
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	84,321	172,236
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	1,189,723	660,528
Liabilities	17,860	1,398
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	1,366,856	487,602
Investments in Real Estate Debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	1,657,663	954,077
Investments in Real Estate Debt | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	290,807	466,475
Investments in Real Estate Debt | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	1,366,856	487,602
Equity Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	84,321	172,236
Equity Securities | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	84,321	172,236
Derivatives
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	898,916	194,053
Liabilities	17,860	1,398
Derivatives | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	898,916	194,053
Liabilities	$ 17,860	$ 1,398

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Assets Measured At Fair Value On Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning Balance	$ 954,077
Included in net loss
Ending Balance	1,657,663	$ 954,077
Fair Value, Recurring Basis | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning Balance	487,602
Purchases	956,877	504,540
Included in net loss
Foreign currency exchange	(77,623)	(16,938)
Ending Balance	$ 1,366,856	$ 487,602

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 1,657,663	$ 954,077
Unobservable Inputs	1,767,443	969,590
Fair Value, Recurring Basis | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 1,366,856	$ 487,602

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Schedule of Selling Commissions, Dealer Manager Fees And Stockholder Servicing (Details)	Dec. 31, 2022
Class T Shares
Significant Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)	0.85%
Class T Shares | Maximum
Significant Accounting Policies [Line Items]
Selling commissions and dealer manager fees (% of transaction price)	3.50%
Class S Shares
Significant Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)	0.85%
Class S Shares | Maximum
Significant Accounting Policies [Line Items]
Selling commissions and dealer manager fees (% of transaction price)	3.50%
Class D Shares
Significant Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)	0.25%
Class D Shares | Maximum
Significant Accounting Policies [Line Items]
Selling commissions and dealer manager fees (% of transaction price)	1.50%

Investments - Schedule of Inves

Investments - Schedule of Investments in Real Estate, Net (Details) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Real Estate Investment Property, Net [Abstract]
Building and building improvements		$ 19,249,503	$ 14,450,074
Land and land improvements		3,580,603	2,733,505
Furniture, fixtures and equipment		331,586	264,557
Right of use asset - operating lease	[1]	$ 105,230	$ 105,236
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Investments in real estate, net	Investments in real estate, net
Total		$ 23,266,922	$ 17,553,372
Accumulated depreciation and amortization		(1,019,521)	(368,293)
Investments in real estate, net		$ 22,247,401	$ 17,185,079
[1] Refer to Note 14 for additional details on the Company’s leases.

Investments - Schedule of Detai

Investments - Schedule of Details of Properties Acquired (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2022 USD ($) ft² Property Transaction Unit	Dec. 31, 2021 USD ($) ft² Transaction Property Unit
Real Estate Properties [Line Items]
Number of Transactions | Transaction		25	28
Number of Properties | Property		130	244
Purchase Price | $	[1]	$ 5,703,117	$ 13,039,965
Multifamily
Real Estate Properties [Line Items]
Number of Transactions | Transaction		6	15
Number of Properties | Property		67	151
Sq. Ft. (in millions)/Units | Unit		16,542	37,779
Purchase Price | $	[1]	$ 4,288,281	$ 9,342,279
Single-Family Rental Units
Real Estate Properties [Line Items]
Number of Transactions | Transaction		11	2
Sq. Ft. (in millions)/Units | Unit		621	2,595
Purchase Price | $	[1]	$ 249,009	$ 1,128,276
Industrial Assets
Real Estate Properties [Line Items]
Number of Transactions | Transaction		6	5
Number of Properties | Property		61	60
Purchase Price | $	[1]	$ 972,791	$ 1,560,968
Sq. Ft. (in millions)/Units | ft²		7.50	10.38
Office Buildings
Real Estate Properties [Line Items]
Number of Transactions | Transaction		1	2
Number of Properties | Property		1	5
Purchase Price | $	[1]	$ 150,945	$ 370,846
Sq. Ft. (in millions)/Units | ft²		0.34	0.70
Self-Storage Properties
Real Estate Properties [Line Items]
Number of Transactions | Transaction		1	1
Number of Properties | Property		1	25
Purchase Price | $	[1]	$ 42,091	$ 322,228
Sq. Ft. (in millions)/Units | ft²		0.09	1.81
Other
Real Estate Properties [Line Items]
Number of Transactions | Transaction			3
Number of Properties | Property			3
Purchase Price | $	[1]		$ 315,368
Sq. Ft. (in millions)/Units | ft²			0.75
[1] Purchase price is inclusive of acquisition-related costs.

Investments - Schedule of Det_2

Investments - Schedule of Details of Properties Acquired (Details) (Parenthetical) - Single-Family Rental Units - Property	Dec. 31, 2022	Dec. 31, 2021
100% Interest
Real Estate Properties [Line Items]
Number of acquired real estate properties		2,303
95% Interest
Real Estate Properties [Line Items]
Number of acquired real estate properties	621	292

Investments - Schedule of Purch

Investments - Schedule of Purchase Price Allocation of Properties (Details) - USD ($) $ in Thousands		Dec. 31, 2022		Dec. 31, 2021
Real Estate Investment Property, Net [Abstract]
Building and building improvements		$ 4,697,513		$ 10,463,106
Land and land improvements		825,064		2,039,052
Furniture, fixtures and equipment		58,493		186,882
In-place lease intangibles		85,304	[1]	256,466	[2]
Above-market lease intangibles		11,874	[1]	15,007	[2]
Below-market lease intangibles		(24,452)	[1]	(28,898)	[2]
Above-market ground lease intangibles	[2]			(2,292)
Other intangibles		6,723		12,376
Total purchase price		5,660,519	[3]	12,941,699	[4]
Assumed mortgage notes		(267,030)		(156,515)
Non-controlling interest		(13,834)		(28,158)
Net purchase price		$ 5,379,655		$ 12,757,026
[1] The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles, and below-market lease intangibles for the properties acquired during the year ended December 31, 2022 were 4 years, 8 years, and 10 years, respectively The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles, below-market lease intangibles and above-market ground lease for the properties acquired during the year ended December 31, 2021 were 4 years, 8 years, 9 years, and 32 years, respectively. Purchase price does not include acquisition-related costs of $ 42.6 million. Purchase price does not include acquisition related costs of $ 98.3 million.

Investments - Schedule of Pur_2

Investments - Schedule of Purchase Price Allocation of Properties (Details) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Real Estate Properties [Line Items]
Acquisition related costs	$ 42.6	$ 98.3
In-place Lease Intangibles
Real Estate Properties [Line Items]
Weighted-average amortization period	4 years	4 years
Above Market Leases Intangibles
Real Estate Properties [Line Items]
Weighted-average amortization period	8 years	8 years
Below Market Leases Intangibles
Real Estate Properties [Line Items]
Weighted-average amortization period	10 years	9 years
Above Market Ground Lease
Real Estate Properties [Line Items]
Weighted-average amortization period		32 years

Investments - Schedule of Equit

Investments - Schedule of Equity Investment In Unconsolidated Entities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($) Property
Real Estate [Line Items]
Total investments in unconsolidated real estate ventures	$ 481,632	$ 10,422
Fort Lauderdale Hotel [Member] | Other | March 2019
Real Estate [Line Items]
Total investments in unconsolidated real estate ventures	$ 9,936	$ 10,422
Number of Properties | Property	1	1
Ownership interest	43%	43%
E S Venture [Member] | Other | July 2022
Real Estate [Line Items]
Total investments in unconsolidated real estate ventures	$ 471,696
Number of Properties | Property	196	1
Ownership interest	45%

Investments - Schedule of Incom

Investments - Schedule of Income (Loss) From Unconsolidated Entities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($) Property	Dec. 31, 2020 USD ($)
Real Estate [Line Items]
Total income (loss) from unconsolidated real estate ventures	$ 12,189	$ (615)	$ (1,462)
Fort Lauderdale Hotel | Other | March 2019
Real Estate [Line Items]
Number of Properties | Property	1	1
Ownership interest	43%	43%
Total income (loss) from unconsolidated real estate ventures	$ 274	$ (615)
E S Venture [Member] | Other | July 2022
Real Estate [Line Items]
Number of Properties | Property	196	1
Ownership interest	45%
Total income (loss) from unconsolidated real estate ventures	$ 11,915

Intangibles - Summary of Gross

Intangibles - Summary of Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Intangible assets:
Total intangible assets, gross	$ 421,135	$ 528,796
Total accumulated amortization	(137,419)	(159,681)
Intangible assets, net	283,716	369,115
Intangible liabilities:
Below-market lease intangibles	89,137	65,143
Total intangible liabilities	89,137	65,143
Below-market lease amortization	(18,770)	(9,523)
Total accumulated amortization	(18,770)	(9,523)
Intangible liabilities, net	70,367	55,620
In-place Lease Intangibles
Intangible assets:
Total intangible assets, gross	330,631	448,447
Total accumulated amortization	(113,674)	(144,663)
Intangible assets, net	216,957
Above Market Leases Intangibles
Intangible assets:
Total intangible assets, gross	47,472	36,696
Total accumulated amortization	(14,022)	(7,718)
Intangible assets, net	33,450
Other
Intangible assets:
Total intangible assets, gross	43,032	43,653
Total accumulated amortization	(9,723)	$ (7,300)
Intangible assets, net	$ 33,309

Intangibles - Summary of Estima

Intangibles - Summary of Estimated Future Amortization on Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Intangible assets, net	$ 283,716	$ 369,115
In-place Lease Intangibles
Finite Lived Intangible Assets [Line Items]
2023	50,832
2024	36,576
2025	28,003
2026	19,954
2027	13,878
Thereafter	67,714
Intangible assets, net	216,957
Above Market Leases Intangibles
Finite Lived Intangible Assets [Line Items]
2023	7,206
2024	5,705
2025	4,336
2026	3,738
2027	1,639
Thereafter	10,826
Intangible assets, net	33,450
Other
Finite Lived Intangible Assets [Line Items]
2023	3,542
2024	3,528
2025	3,396
2026	3,396
2027	3,396
Thereafter	16,051
Intangible assets, net	33,309
Below Market Leases Intangibles
Below-market Lease Intangibles
2023	(11,335)
2024	(9,642)
2025	(7,536)
2026	(6,622)
2027	(2,902)
Thereafter	(32,330)
Intangible liabilities, net	$ (70,367)

Investments in Real Estate De_3

Investments in Real Estate Debt - Summary of Investments in Real Estate Debt (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2022 USD ($) Position	Dec. 31, 2021 USD ($) Position
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		10	56
Weighted Average Coupon	[1]	L + 4.82%	L + 4.41%
Weighted Average Maturity Date	[2]	2028-10	2033-04
Cost Basis		$ 1,767,443	$ 969,590
Investments in real estate debt		$ 1,657,663	$ 954,077
RMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position			50
Weighted Average Coupon	[1]		L + 3.07%
Weighted Average Maturity Date	[2]		2045-07
Cost Basis			$ 165,600
Investments in real estate debt			$ 168,309
CMBS - floating, May 2037
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		8
Weighted Average Coupon	[1]	L + 4.18%
Weighted Average Maturity Date	[2]	2037-05
Cost Basis		$ 306,026
Investments in real estate debt		$ 290,807
CMBS - floating, July 2038
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position			4
Weighted Average Coupon	[1]		L + 3.46%
Weighted Average Maturity Date	[2]		2038-07
Cost Basis			$ 296,928
Investments in real estate debt			$ 295,465
CMBS - fixed
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position			1
Weighted Average Coupon	[1]		6.26%
Weighted Average Maturity Date	[2]		2039-07
Cost Basis			$ 2,522
Investments in real estate debt			$ 2,701
Real Estate Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		8	55
Weighted Average Coupon	[1]	L + 4.18%	L + 3.34%
Weighted Average Maturity Date	[2]	2037-05	2041-01
Cost Basis		$ 306,026	$ 465,050
Investments in real estate debt		$ 290,807	$ 466,475
Term Loan
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		2	1
Weighted Average Coupon	[1]	L + 4.96%	L + 5.35%
Weighted Average Maturity Date	[2]	2027-01	2026-02
Cost Basis		$ 1,461,417	$ 504,540
Investments in real estate debt		$ 1,366,856	$ 487,602
[1] The term “L” refers to the relevant benchmark rates, which includes one-month LIBOR, one-month Secured Overnight Financing Rate (“SOFR”), three-month Bank Bill Swap Bid Rate (“BBSY”) and Sterling Overnight Index Average (“SONIA”) as applicable to each security and loan. Weighted average maturity date is based on the fully extended maturity date of the underlying collateral.

Investments in Real Estate De_4

Investments in Real Estate Debt - Summary of Investments in Real Estate Debt (Parenthetical) (Details) $ in Thousands, £ in Millions		1 Months Ended
		Jun. 30, 2022 USD ($)	Feb. 28, 2021 GBP (£)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Mortgage notes and revolving credit facility, net	[1]			$ 14,355,458	$ 11,274,411
United Kingdom
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Mortgage notes and revolving credit facility, net | £			£ 360
Debt instrument, term			5 years
Australia
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Mortgage notes and revolving credit facility, net		$ 1,377,000
Debt instrument, term		5 years
[1] The majority of the Company’s mortgages contain prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties.

Investments in Real Estate De_5

Investments in Real Estate Debt - Summary of Affiliate Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Investments in real estate debt	$ 1,657,663	$ 954,077
Affiliated Entity
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Investments in real estate debt	290,807	295,465
Affiliated Entity | CMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Investments in real estate debt	$ 290,807	$ 295,465

Investments in Real Estate De_6

Investments in Real Estate Debt - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Investments [Abstract]
Unrealized gains on investments in real estate debt		$ 1,700,000
Unrealized losses on investments in real estate debt	$ (18,300,000)		$ (200,000)
Realized losses investments in real estate debt securities	$ (13,200,000)		$ (5,800,000)

Mortgage Notes and Revolving _3

Mortgage Notes and Revolving Credit Facility - Summary of Mortgage Notes and Revolving Credit Facility Secured by Company's Properties (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal Balance Outstanding	[1]	$ 14,463,899	$ 11,354,191
Deferred financing costs, net	[1]	(102,064)	(80,410)
(Discount) premium on assumed debt, net	[1]	(6,377)	630
Mortgage notes and revolving credit facility, net	[1]	14,355,458	11,274,411
Fixed Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	[1]	3,843,346	3,110,689
Variable Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	[1]	10,620,553	8,243,502
Variable Rate Revolving Credit Facilities | Variable Rate Loans
Debt Instrument [Line Items]
Maximum Facility Size	[2]	800,000
Principal Balance Outstanding	[1],[2]	$ 175,000	1,190,683
Variable Rate Revolving Credit Facilities | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	[2],[3]	2025-12
Variable Rate Revolving Credit Facilities | One-Month LIBOR | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Debt instrument, interest rate description	[2],[4]	L + 1.85%
Debt Instrument, Basis Spread on Variable Rate	[2],[4]	1.85%
Fixed Rate Mortgages | Fixed Rate Loans
Debt Instrument [Line Items]
Weighted Average Interest Rate	[4]	3.06%
Principal Balance Outstanding	[1]	$ 3,843,346	3,110,689
Floating Rate Mortgages | Fixed Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	[3]	2030-12
Floating Rate Mortgages | Variable Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	[1]	$ 10,445,553	$ 7,052,819
Floating Rate Mortgages | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	[3]	2027-05
Floating Rate Mortgages | One-Month LIBOR | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Debt instrument, interest rate description	[4]	L + 1.84%
Debt Instrument, Basis Spread on Variable Rate	[4]	1.84%
[1] The majority of the Company’s mortgages contain prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties. The Company’s revolving credit facility can be drawn upon to fund the acquisition of future real estate investments. The repayment of the revolving credit facility is guaranteed by the Operating Partnership. For loans where the Company, at its own discretion, has extension options, the maximum maturity date has been assumed. The term “L” refers to the relevant floating benchmark rates, which includes one-month LIBOR, one-month SOFR, Federal Reserve Bank of New York (“NYFED”) 30 day SOFR, three-month Euro Interbank Offered Rate (“EURIBOR”) and three-month Copenhagen Interbank Offered Rate (“CIBOR”), as applicable to each loan.

Mortgage Notes and Revolving _4

Mortgage Notes and Revolving Credit Facility - Summary of Future Principal Payment Under Company's Mortgage Notes and Revolving Credit Facility (Details) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2023		$ 43,175
2024		736,436
2025		1,652,590
2026		4,825,366
2027		2,070,914
Thereafter		5,135,418
Total	[1]	$ 14,463,899	$ 11,354,191
[1] The majority of the Company’s mortgages contain prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties.

Mortgage Notes and Revolving _5

Mortgage Notes and Revolving Credit Facility - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
Payment for leasing commissions, tenant and building improvements.	$ 71.8

Secured Financings on Investm_3

Secured Financings on Investments in Real Estate Debt - Schedule of Secured Financings on Investments in Real Estate Debt Transactions (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Secured Financings On Investments In Real Estate Debt [Line Items]
Outstanding Balance		$ 751,771	$ 268,181
Asset Pledged as Collateral with Right | Securities Sold under Agreements to Repurchase
Secured Financings On Investments In Real Estate Debt [Line Items]
Collateral Assets	[1]	$ 1,366,856	$ 487,602
Barclays RA
Secured Financings On Investments In Real Estate Debt [Line Items]
Maturity Date		2026-02	2026-02
Coupon		SONIA + 2.50%	L + 2.50%
Outstanding Balance		$ 238,174	$ 268,181
Barclays RA | Asset Pledged as Collateral with Right | Securities Sold under Agreements to Repurchase
Secured Financings On Investments In Real Estate Debt [Line Items]
Collateral Assets	[1]	$ 433,044	$ 487,602
Syndicated RA
Secured Financings On Investments In Real Estate Debt [Line Items]
Maturity Date		2027-06
Coupon		BBSY + 2.65%
Outstanding Balance		$ 513,597
Syndicated RA | Asset Pledged as Collateral with Right | Securities Sold under Agreements to Repurchase
Secured Financings On Investments In Real Estate Debt [Line Items]
Collateral Assets	[1]	$ 933,812
[1] Represents the fair value of the Company’s investments in real estate-related debt securities.

Unsecured Line of Credit - Addi

Unsecured Line of Credit - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	May 31, 2022	Jul. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Uncommitted line of credit		$ 100,000
Increase in borrowing capacity		$ 450,000
Line of Credit Facility, Expiration Date			May 11, 2024
Line of Credit Facility, Description			The Line of Credit expires on May 11, 2024, at which time the Company may request additional one-year extensions thereafter. Interest under the Line of Credit is determined based on one-month U.S. dollar-denominated SOFR plus 2.5%.
Line of Credit Facility, Interest Rate Description			one-month U.S. dollar-denominated SOFR plus 2.5%
Increased total borrowing capacity	$ 1,600,000
Outstanding borrowings			$ 0	$ 375,000

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Schedule of Components of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Assets [Abstract]
Derivative instruments	$ 898,916	$ 194,053
Intangible assets, net	283,716	369,115
Receivables	110,898	103,049
Equity securities	84,321	172,236
Prepaid expenses	20,985	15,871
Deferred financing costs, net	10,984	6,723
Interest receivable	6,670	5,337
Other	5,058	1,492
Acquisition deposits		13,422
Total other assets	$ 1,421,548	$ 881,298

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Schedule of Components of Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Accounts payable and accrued expenses	$ 95,467	$ 89,625
Real estate taxes payable	85,955	53,423
Intangible liabilities, net	70,367	55,620
Accrued interest expense	58,872	16,399
Tenant security deposits	50,694	36,509
Distributions payable	49,306	32,696
Deferred tax liability	42,383	8,599
Right of use liability - operating leases	$ 12,452	$ 12,499
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total revenues	Total revenues
Deferred income	$ 8,837	$ 7,467
Derivative instruments	$ 17,860	$ 1,398
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Other	$ 15,206	$ 25,271
Total other liabilities	$ 507,399	$ 339,506

Derivatives - Summary of Outsta

Derivatives - Summary of Outstanding Interest Rate Derivatives Non-Designated Hedges of Interest Rate Risk (Details) - Non-Designated Hedges [Member] € in Thousands, kr in Thousands, kr in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Instrument	Dec. 31, 2021 USD ($) Instrument	Dec. 31, 2022 EUR (€) Instrument	Dec. 31, 2022 DKK (kr) Instrument	Dec. 31, 2022 NOK (kr) Instrument	Dec. 31, 2021 EUR (€) Instrument	Dec. 31, 2021 DKK (kr) Instrument
LIBOR, SOFR
Derivative [Line Items]
Number of Instruments	67	19	67	67	67	19	19
Notional Amount | $	$ 10,273,472	$ 6,297,224
Weighted Average Strike Rate	1.50%	0.80%
Weighted Average Maturity (Years)	2 years 10 months 24 days	4 years 6 months
EURIBOR
Derivative [Line Items]
Number of Instruments	3	2	3	3	3	2	2
Notional Amount | €			€ 157,296			€ 88,040
Weighted Average Strike Rate	1.20%	1.30%
Weighted Average Maturity (Years)	1 year 8 months 12 days	2 years 4 months 24 days
EURIBOR | Interest Rate Swap
Derivative [Line Items]
Number of Instruments	3		3	3	3
Notional Amount | €			€ 213,458
Weighted Average Strike Rate	1.90%
Weighted Average Maturity (Years)	4 years 7 months 6 days
CIBOR
Derivative [Line Items]
Number of Instruments	1	1	1	1	1	1	1
Notional Amount | kr				kr 301,500			kr 301,500
Weighted Average Strike Rate	1%	1%
Weighted Average Maturity (Years)	3 years 8 months 12 days	4 years 8 months 12 days
LIBOR | Interest Rate Swap
Derivative [Line Items]
Number of Instruments	2	2	2	2	2	2	2
Notional Amount | $	$ 269,115	$ 256,783
Weighted Average Strike Rate	0.80%	0.80%
Weighted Average Maturity (Years)	2 years 3 months 18 days	3 years 7 months 6 days
NIBOR | Interest Rate Swap
Derivative [Line Items]
Number of Instruments	1		1	1	1
Notional Amount | kr					kr 576,633
Weighted Average Strike Rate	2.40%
Weighted Average Maturity (Years)	5 years 2 months 12 days

Derivatives - Summary of Outs_2

Derivatives - Summary of Outstanding Foreign Currency Forward Contracts Non-Designated Hedges of Foreign Currency Risk (Details) - Non-Designated Hedges [Member] € in Thousands, £ in Thousands, kr in Thousands, kr in Thousands, $ in Thousands	Dec. 31, 2022 EUR (€) Instrument	Dec. 31, 2022 DKK (kr) Instrument	Dec. 31, 2022 NOK (kr) Instrument	Dec. 31, 2022 AUD ($) Instrument	Dec. 31, 2022 GBP (£) Instrument	Dec. 31, 2021 EUR (€) Instrument	Dec. 31, 2021 DKK (kr) Instrument	Dec. 31, 2021 GBP (£) Instrument
Buy USD/Sell EUR Forward
Derivative [Line Items]
Number of Instruments	48	48	48	48	48	5	5	5
Notional Amount | €	€ 588,786					€ 232,076
Buy USD/Sell DKK Forward
Derivative [Line Items]
Number of Instruments	12	12	12	12	12	6	6	6
Notional Amount | kr		kr 1,513,100					kr 289,700
Buy USD/Sell AUD Forward
Derivative [Line Items]
Number of Instruments	8	8	8	8	8
Notional Amount | $				$ 661,100
Buy USD/Sell NOK Forward
Derivative [Line Items]
Number of Instruments	8	8	8	8	8
Notional Amount | kr			kr 859,279
Buy USD/Sell GBP Forward
Derivative [Line Items]
Number of Instruments	5	5	5	5	5	2	2	2
Notional Amount | £					£ 368,469			£ 165,861

Derivatives - Summary of Fair V

Derivatives - Summary of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Assets
Derivative [Line Items]
Fair Value of Derivatives in an Asset Position	$ 898,916	$ 194,053
Other Assets | Interest Rate Derivatives
Derivative [Line Items]
Fair Value of Derivatives in an Asset Position	842,895	185,738
Other Assets | Foreign Currency Forward Contracts
Derivative [Line Items]
Fair Value of Derivatives in an Asset Position	56,021	8,315
Other Liabilities
Derivative [Line Items]
Fair Value of Derivatives in a Liability Position	17,860	1,398
Other Liabilities | Foreign Currency Forward Contracts
Derivative [Line Items]
Fair Value of Derivatives in a Liability Position	$ 17,860	$ 1,398

Derivatives - Summary of Effect

Derivatives - Summary of Effect of Derivate Financial Instruments on Consolidated Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Gain Recognized in Net Income (Loss)	$ 619,400	$ 23,946
Interest Rate Cap | Interest Expense
Derivative [Line Items]
Net Unrealized Gain Recognized in Net Income (Loss)	498,696	5,244
Interest Rate Swap | Interest Expense
Derivative [Line Items]
Net Unrealized Gain Recognized in Net Income (Loss)	32,972	4,792
Foreign Currency Forward Contracts | Other Income (Expense)
Derivative [Line Items]
Net Unrealized Gain Recognized in Net Income (Loss)	30,556	8,447
Net Realized Gain Recognized in Net Income (Loss)	$ 57,176	$ 5,463

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Additional Information (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Class $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) shares	Nov. 30, 2022	Oct. 31, 2022	May 10, 2021 $ / shares shares
Class Of Stock [Line Items]
Number of classes of common stock | Class	4
Number of shares authorized						1,100,000,000
Preferred stock, authorized shares	100,000,000	100,000,000
Preferred stock, par value | $ / shares	$ 0.01	$ 0.01
Number of shares authorized	3,100,000,000
Common stock repurchase limitations of aggregate NAV per month percentage	4.20%			3.20%	2.20%
Common stock repurchase limitations of aggregate NAV per calendar quarter percentage	5%
Common stock repurchase limitations of aggregate NAV per month authorized percentage					2%
Common stock repurchase limitations on prorata basis percentage				2%
Common Stock Repurchases Of Aggregate N A V Per Calendar Quarter Percentage	5%
Repurchase share request statisfied percentage	20%			63%	100%
Repurchase of common stock	49,115,155	2,835,117	2,061,631
Payments for repurchase of common stock | $	$ 1,300,000	$ 64,600	$ 43,700
Fair value allocation | $	$ 21,698	$ 8,250	$ 1,282
Maximum
Class Of Stock [Line Items]
Common stock repurchase limitations of aggregate NAV per month percentage	2%
Charter Amendment
Class Of Stock [Line Items]
Number of shares authorized						3,100,000,000
Preferred Stock
Class Of Stock [Line Items]
Preferred stock, authorized shares						100,000,000
Preferred stock, par value | $ / shares						$ 0.01
Preferred Stock | Charter Amendment
Class Of Stock [Line Items]
Preferred stock, authorized shares						100,000,000
Preferred stock, par value | $ / shares						$ 0.01
Common Stock
Class Of Stock [Line Items]
Common stock, shares authorized						1,000,000,000
Common stock, par value | $ / shares						$ 0.01
Common Stock | Charter Amendment
Class Of Stock [Line Items]
Common stock, shares authorized						3,000,000,000
Common stock, par value | $ / shares						$ 0.01
Common Stock Class T
Class Of Stock [Line Items]
Common stock, shares authorized	500,000,000	500,000,000				250,000,000
Common stock, par value | $ / shares	$ 0.01	$ 0.01
Repurchase of common stock	164,182	59,272	143,134
Common Stock Class T | Charter Amendment
Class Of Stock [Line Items]
Common stock, shares authorized						500,000,000
Common Stock Class S
Class Of Stock [Line Items]
Common stock, shares authorized	1,000,000,000	1,000,000,000				250,000,000
Common stock, par value | $ / shares	$ 0.01	$ 0.01
Repurchase of common stock	14,415,387	1,267,731	1,059,710
Common Stock Class S | Charter Amendment
Class Of Stock [Line Items]
Common stock, shares authorized						1,000,000,000
Common Stock Class D
Class Of Stock [Line Items]
Common stock, shares authorized	500,000,000	500,000,000				250,000,000
Common stock, par value | $ / shares	$ 0.01	$ 0.01
Repurchase of common stock	2,389,430	57,349	84,311
Common Stock Class D | Charter Amendment
Class Of Stock [Line Items]
Common stock, shares authorized						500,000,000
Common Stock Class I
Class Of Stock [Line Items]
Common stock, shares authorized	1,000,000,000	1,000,000,000				250,000,000
Common stock, par value | $ / shares	$ 0.01	$ 0.01
Repurchase of common stock	32,146,156	1,450,765	774,476
Common Stock Class I | Charter Amendment
Class Of Stock [Line Items]
Common stock, shares authorized						1,000,000,000

Equity and Redeemable Non-con_4

Equity and Redeemable Non-controlling Interest - Schedule of Company's Authorized Capital (Details) - $ / shares	Dec. 31, 2022	Dec. 31, 2021	May 10, 2021
Class Of Stock [Line Items]
Preferred Stock, Number of Shares	100,000,000	100,000,000
Total Number of Shares	3,100,000,000
Preferred stock, Par value	$ 0.01	$ 0.01
Common Stock Class T
Class Of Stock [Line Items]
Number of Shares	500,000,000	500,000,000	250,000,000
Par value	$ 0.01	$ 0.01
Common Stock Class S
Class Of Stock [Line Items]
Number of Shares	1,000,000,000	1,000,000,000	250,000,000
Par value	$ 0.01	$ 0.01
Common Stock Class D
Class Of Stock [Line Items]
Number of Shares	500,000,000	500,000,000	250,000,000
Par value	$ 0.01	$ 0.01
Common Stock Class I
Class Of Stock [Line Items]
Number of Shares	1,000,000,000	1,000,000,000	250,000,000
Par value	$ 0.01	$ 0.01

Equity and Redeemable Non-con_5

Equity and Redeemable Non-controlling Interest - Schedule of Common Stock Outstanding shares (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Beginning balance	344,796,271	90,894,853	45,344,735
Common stock shares issued	201,832,740	252,739,662	45,663,646
Distribution reinvestment plan shares issued	8,158,039	3,982,044	1,943,869
Common stock shares repurchased	(49,115,155)	(2,835,117)	(2,061,631)
Independent directors' restricted stock grant	35,697	14,829	4,234
Ending balance	505,707,592	344,796,271	90,894,853
Common Stock Class T
Class Of Stock [Line Items]
Beginning balance	4,648,436	2,463,182	1,412,563
Common stock shares issued	1,112,055	2,157,634	1,137,269
Distribution reinvestment plan shares issued	125,187	86,892	56,484
Common stock shares repurchased	(164,182)	(59,272)	(143,134)
Ending balance	5,721,496	4,648,436	2,463,182
Common Stock Class S
Class Of Stock [Line Items]
Beginning balance	154,381,036	46,431,661	26,164,794
Common stock shares issued	80,943,605	107,086,220	20,138,235
Distribution reinvestment plan shares issued	3,647,656	2,130,886	1,188,342
Common stock shares repurchased	(14,415,387)	(1,267,731)	(1,059,710)
Ending balance	224,556,910	154,381,036	46,431,661
Common Stock Class D
Class Of Stock [Line Items]
Beginning balance	22,142,299	2,847,097	1,653,094
Common stock shares issued	10,500,831	19,108,491	1,190,809
Distribution reinvestment plan shares issued	720,473	244,060	87,505
Common stock shares repurchased	(2,389,430)	(57,349)	(84,311)
Ending balance	30,974,173	22,142,299	2,847,097
Common Stock Class I
Class Of Stock [Line Items]
Beginning balance	163,624,500	39,152,913	16,114,284
Common stock shares issued	109,276,249	124,387,317	23,197,333
Distribution reinvestment plan shares issued	3,664,723	1,520,206	611,538
Common stock shares repurchased	(32,146,156)	(1,450,765)	(774,476)
Independent directors' restricted stock grant	35,697	14,829	4,234
Ending balance	244,455,013	163,624,500	39,152,913

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interest - Schedule of Common Stock Outstanding shares (Details) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Annual compensation paid to the independent directors	$ 0.8	$ 0.3	$ 0.1
Grant amortized period	1 year	1 year	1 year

Equity and Redeemable Non-con_7

Equity and Redeemable Non-controlling Interest - Schedule of Aggregate Distributions Declared for Each Class of Common Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Common Stock Class T
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	$ 1.2420	$ 1.2420	$ 1.2420
Stockholder servicing fee per share of common stock	(0.2320)	(0.1949)	(0.1808)
Net distributions declared per share of common stock	1.0100	1.0471	1.0612
Common Stock Class S
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	1.2420	1.2420	1.2420
Stockholder servicing fee per share of common stock	(0.2318)	(0.1955)	(0.1821)
Net distributions declared per share of common stock	1.0102	1.0465	1.0599
Common Stock Class D
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	1.2420	1.2420	1.2420
Stockholder servicing fee per share of common stock	(0.0672)	(0.0571)	(0.0533)
Net distributions declared per share of common stock	1.1748	1.1849	1.1887
Common Stock Class I
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	1.2420	1.2420	1.2420
Net distributions declared per share of common stock	$ 1.2420	$ 1.2420	$ 1.2420

Equity and Redeemable Non-con_8

Equity and Redeemable Non-controlling Interest - Schedule of Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Balance at the beginning of the year	$ 30,502	$ 10,409
Settlement of performance participation allocation	204,225	15,061
Issuance of SREIT OP units as consideration for acquisitions of real estate	190,459
GAAP income (loss) allocation	(2,146)	(1,758)
Distributions	(17,639)	(1,460)
Fair value allocation	21,698	8,250	$ 1,282
Ending balance	427,099	30,502	10,409
Special Limited Partner
Class of Stock [Line Items]
Balance at the beginning of the year	30,502	10,409
Settlement of performance participation allocation	204,225	15,061
GAAP income (loss) allocation	(1,050)	(1,758)
Distributions	(11,239)	(1,460)
Fair value allocation	15,884	8,250
Ending balance	238,322	$ 30,502	$ 10,409
Third-party OP Unitholders
Class of Stock [Line Items]
Issuance of SREIT OP units as consideration for acquisitions of real estate	190,459
GAAP income (loss) allocation	(1,096)
Distributions	(6,400)
Fair value allocation	5,814
Ending balance	$ 188,777

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)		1 Months Ended		12 Months Ended
	Mar. 11, 2022 USD ($)	Jan. 31, 2023 shares	Jan. 31, 2022 shares	Dec. 31, 2022 USD ($) Investment shares	Dec. 31, 2021 USD ($) Investment shares	Dec. 31, 2020 USD ($) Investment shares	Dec. 31, 2019 USD ($)
Related Party Transaction [Line Items]
Performance participation allocation				$ 102,348,000	$ 204,225,000	$ 15,061,000
Repurchase of common stock | shares				49,115,155	2,835,117	2,061,631
Total consideration				$ 1,347,308,000	$ 64,550,000	$ 43,711,000
Leasing and legal service fees				$ 200,000	0	0
Assets management, fair market value percentage				0.20%
Percentage of management fee on NAV per annum				1.25%
Management fees				$ 167,100,000	62,237,000	19,423,000
Annual hurdle percentage				5%
Due to affiliates				$ 537,114,000	513,268,000
Operating expenses				650,594,000	248,651,000	113,184,000
Services fee for accounting and administrative matters				1,400,000	200,000	0
Dealer Manager
Related Party Transaction [Line Items]
Cost of legal services				400,000	100,000	0
Starwood Capital and Third Party
Related Party Transaction [Line Items]
Purchase Price	$ 109,200,000
Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates				413,004,000	291,544,000
Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates				3,017,000	4,373,000
Accrued Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Due to affiliates				2,659,000	843,000
Title service related cost				$ 4,300,000	$ 1,900,000	$ 200,000
Number of real estate investment | Investment				10	11	2
Accrued Affiliate Service Provider Expenses | Rental property operating
Related Party Transaction [Line Items]
Operating expenses				$ 17,300,000	$ 6,700,000	$ 2,800,000
Class I Unit
Related Party Transaction [Line Items]
Units issued as payment for performance participation allocation | shares				3,886,034	7,872,930
Unregistered Class I shares
Related Party Transaction [Line Items]
Stock issued as management fees, shares | shares			371,148	5,598,108	2,232,831
Management fees, accrued				$ 14,500,000	$ 9,600,000
Unregistered Class I shares | Subsequent Event
Related Party Transaction [Line Items]
Stock issued as management fees, shares | shares		551,733
Common Stock Class I
Related Party Transaction [Line Items]
Repurchase of common stock | shares				32,146,156	1,450,765	774,476
Common Stock Class T, Class S and Class D | Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates				$ 413,000,000	$ 291,500,000
Special Limited Partner
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return				12.50%
Special Limited Partner | Advanced Expenses | Unaffiliated Third Party
Related Party Transaction [Line Items]
Due to affiliates				$ 100,000	100,000
All Other Unit Holders [Member]
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return				87.50%
Dealer Manager | Common Stock Class T, Class S and Class D | Accrued Stockholder Servicing Fee | Maximum
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage				8.75%
Advisor | Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates							$ 7,300,000
Advisor | Advanced Expenses | One Month in Arrears
Related Party Transaction [Line Items]
Due to affiliates				$ 15,800,000	$ 6,700,000	$ 2,700,000
Advisor and Certain Director Shares | Common Stock Class I
Related Party Transaction [Line Items]
Repurchase of common stock | shares				2,488,926	29,915
Total consideration				$ 68,500,000	$ 600,000
Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Cost of legal services				500,000	$ 600,000	300,000
SCG Southern Europe
Related Party Transaction [Line Items]
Services fee for accounting and administrative matters				$ 300,000		$ 0

Related Party Transactions - Su

Related Party Transactions - Summary of Components of Due to Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Due to affiliates	$ 537,114	$ 513,268
Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates	413,004	291,544
Performance Participation Allocation
Related Party Transaction [Line Items]
Due to affiliates	102,348	204,225
Accrued Management Fee
Related Party Transaction [Line Items]
Due to affiliates	14,531	9,628
Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates	3,017	4,373
Accrued Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Due to affiliates	2,659	843
Advanced Operating Expenses
Related Party Transaction [Line Items]
Due to affiliates	$ 1,555	$ 2,655

Leases - Additional Information

Leases - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)
Lessee Lease Description [Line Items]
Lessee, operating lease acquisition, incremental cost	$ 0
Operating lease, weighted average remaining lease term	37 years
Maximum
Lessee Lease Description [Line Items]
Incremental borrowing rate to determine lease liabilities	6%
Minimum
Lessee Lease Description [Line Items]
Incremental borrowing rate to determine lease liabilities	4.50%

Leases - Schedule of Future Lea

Leases - Schedule of Future Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 686
2024	686
2025	712
2026	714
2027	714
Thereafter	25,782
Total undiscounted future lease payments	29,294
Difference between undiscounted cash flows and discounted cash flows	(16,842)
Total lease liability	$ 12,452	$ 12,499

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Fixed lease payments	$ 1,376,577	$ 530,093	$ 238,897
Variable lease payments	144,078	74,481	34,950
Rental revenue	$ 1,520,655	$ 604,574	$ 273,847

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Minimum Rents Income Receivables (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 296,046
2024	277,573
2025	247,417
2026	210,843
2027	177,277
Thereafter	541,628
Total	$ 1,750,784

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 Segment
Segment Reporting [Abstract]
Number of reportable segments	7

Segment Reporting - Summary of

Segment Reporting - Summary of Total Assets by Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total Assets	$ 26,764,853	$ 19,971,431
Multifamily Properties
Segment Reporting Information [Line Items]
Total Assets	16,663,050	12,225,256
Single Family Rental Homes
Segment Reporting Information [Line Items]
Total Assets	1,357,576	1,150,987
Industrial properties
Segment Reporting Information [Line Items]
Total Assets	3,180,764	2,145,163
Office properties
Segment Reporting Information [Line Items]
Total Assets	1,589,368	1,599,774
Self-Storage Properties
Segment Reporting Information [Line Items]
Total Assets	366,299	331,024
Investments in real estate debt
Segment Reporting Information [Line Items]
Total Assets	1,657,663	954,077
Other Properties
Segment Reporting Information [Line Items]
Total Assets	1,225,052	764,714
Other (Corporate)
Segment Reporting Information [Line Items]
Total Assets	$ 725,081	$ 800,436

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Total revenues	$ 1,579,348	$ 642,905	$ 298,423
Expenses
Property operating	650,594	248,651	113,184
Income (loss) from unconsolidated real estate ventures	12,189	(615)	(1,462)
Income from investments in real estate debt	99,787	45,156	7,206
Segment net operating income (loss)	1,040,730	438,795	190,983
Depreciation and amortization	(848,943)	(330,455)	(155,864)
General and administrative	(44,708)	(25,404)	(8,624)
Management fees	(167,100)	(62,237)	(19,423)
Performance participation allocation	(102,348)	(204,225)	(15,061)
Interest expense	(428,853)	(134,127)	(80,808)
Loss on extinguishment of debt	(313)
Other income (expense), net	485,608	13,210	(9,403)
Net income (loss)	(65,927)	(304,443)	(98,200)
Net (income) loss attributable to non-controlling interests in consolidated joint ventures	(1,927)	434	1,300
Net (income) loss attributable to non-controlling interests in Operating Partnership	2,146	1,758	642
Net (income) loss attributable to stockholders	(65,708)	(302,251)	(96,258)
Operating Segments | Multifamily Properties
Revenues:
Total revenues	1,079,391	369,362	134,880
Expenses
Property operating	467,413	151,923	51,878
Segment net operating income (loss)	611,978	217,439	83,002
Depreciation and amortization	(595,718)	(189,084)	(73,365)
Operating Segments | Single Family Rental Homes
Revenues:
Total revenues	73,558	1,158
Expenses
Property operating	36,575	274
Segment net operating income (loss)	36,983	884
Depreciation and amortization	(46,864)	(2,311)
Operating Segments | Industrial properties
Revenues:
Total revenues	178,040	96,826	30,203
Expenses
Property operating	44,983	25,258	7,261
Segment net operating income (loss)	133,057	71,568	22,942
Depreciation and amortization	(101,484)	(58,002)	(18,323)
Operating Segments | Office properties
Revenues:
Total revenues	136,601	124,648	97,223
Expenses
Property operating	52,972	43,741	32,895
Segment net operating income (loss)	83,629	80,907	64,328
Depreciation and amortization	(64,869)	(61,953)	(48,477)
Operating Segments | Self-Storage Properties
Revenues:
Total revenues	26,614	741
Expenses
Property operating	9,866	287
Segment net operating income (loss)	16,748	454
Depreciation and amortization	(10,080)	(429)
Operating Segments | Investments in real estate debt
Expenses
Income from investments in real estate debt	99,787	45,156	7,206
Segment net operating income (loss)	99,787	45,156	7,206
Operating Segments | Other Properties
Revenues:
Total revenues	85,144	50,170	36,117
Expenses
Property operating	38,785	27,168	21,150
Income (loss) from unconsolidated real estate ventures	12,189	(615)	(1,462)
Segment net operating income (loss)	58,548	22,387	13,505
Depreciation and amortization	(29,928)	(18,676)	(15,699)
Rental Revenue
Revenues:
Total revenues	1,520,655	604,574	273,847
Rental Revenue | Operating Segments | Multifamily Properties
Revenues:
Total revenues	1,068,277	365,052	132,835
Rental Revenue | Operating Segments | Single Family Rental Homes
Revenues:
Total revenues	73,558	1,158
Rental Revenue | Operating Segments | Industrial properties
Revenues:
Total revenues	177,998	96,826	30,203
Rental Revenue | Operating Segments | Office properties
Revenues:
Total revenues	136,185	124,317	97,078
Rental Revenue | Operating Segments | Self-Storage Properties
Revenues:
Total revenues	26,614	741
Rental Revenue | Operating Segments | Other Properties
Revenues:
Total revenues	38,023	16,480	13,731
Other revenue
Revenues:
Total revenues	58,693	38,331	24,576
Other revenue | Operating Segments | Multifamily Properties
Revenues:
Total revenues	11,114	4,310	2,045
Other revenue | Operating Segments | Industrial properties
Revenues:
Total revenues	42
Other revenue | Operating Segments | Office properties
Revenues:
Total revenues	416	331	145
Other revenue | Operating Segments | Other Properties
Revenues:
Total revenues	$ 47,121	$ 33,690	$ 22,386

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event - USD ($) $ in Millions		2 Months Ended
	Mar. 17, 2023	Feb. 28, 2023
Subsequent Event [Line Items]
Proceeds from line of credit	$ 180
Primary Offering
Subsequent Event [Line Items]
Proceeds from third public offering		$ 100
Aggregate third party investor redemptions		$ 500

Schedule III Real Estate and _2

Schedule III Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	$ 14,463,899
Initial Cost, Land and Land Improvements	3,546,917
Initial Cost, Building and Building Improvements	19,117,688
Total	23,161,692	$ 17,448,136	$ 4,626,212
Accumulated Depreciation	(1,019,521)	$ (368,293)	$ (130,540)
Total	22,830,106
Accumulated Depreciation	939,307
Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	33,686
Gross Amounts, Land and Land Improvements	3,580,603
Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	131,815
Gross Amounts, Building and Building Improvements	$ 19,249,503
Multifamily
Real Estate And Accumulated Depreciation [Line Items]
Location	Warranton, VA
Encumbrances	$ 10,127,090
Initial Cost, Land and Land Improvements	2,153,694
Initial Cost, Building and Building Improvements	13,714,566
Gross Amounts, Land and Land Improvements	2,184,433
Gross Amounts, Building and Building Improvements	13,782,676
Total	15,967,109
Accumulated Depreciation	$ (616,416)
Multifamily | Phoenix Property
Real Estate And Accumulated Depreciation [Line Items]
Location	Mesa, AZ
Encumbrances	$ 43,551
Initial Cost, Land and Land Improvements	9,472
Initial Cost, Building and Building Improvements	35,909
Gross Amounts, Land and Land Improvements	9,697
Gross Amounts, Building and Building Improvements	36,914
Total	46,611
Accumulated Depreciation	$ (6,820)
Year Acquired	Dec. 31, 2019
Multifamily | Savannah Property
Real Estate And Accumulated Depreciation [Line Items]
Location	Savannah, GA
Encumbrances	$ 25,412
Initial Cost, Land and Land Improvements	3,671
Initial Cost, Building and Building Improvements	31,351
Gross Amounts, Land and Land Improvements	3,924
Gross Amounts, Building and Building Improvements	31,655
Total	35,579
Accumulated Depreciation	$ (5,113)
Year Acquired	Dec. 31, 2019
Multifamily | Concord Park Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Fort Meade, MD
Encumbrances	$ 61,810
Initial Cost, Land and Land Improvements	20,082
Initial Cost, Building and Building Improvements	67,141
Gross Amounts, Land and Land Improvements	20,497
Gross Amounts, Building and Building Improvements	68,542
Total	89,039
Accumulated Depreciation	$ (7,783)
Year Acquired	Dec. 31, 2019
Multifamily | Cascades Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Charlotte, NC
Encumbrances	$ 72,195
Initial Cost, Land and Land Improvements	12,711
Initial Cost, Building and Building Improvements	92,689
Gross Amounts, Land and Land Improvements	13,051
Gross Amounts, Building and Building Improvements	93,549
Total	106,600
Accumulated Depreciation	$ (8,321)
Year Acquired	Dec. 31, 2019
Multifamily | Thornton Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Alexandria, VA
Encumbrances	$ 118,151
Initial Cost, Land and Land Improvements	30,472
Initial Cost, Building and Building Improvements	145,504
Gross Amounts, Land and Land Improvements	30,633
Gross Amounts, Building and Building Improvements	145,804
Total	176,437
Accumulated Depreciation	$ (11,957)
Year Acquired	Dec. 31, 2019
Multifamily | Exchange on Erwin
Real Estate And Accumulated Depreciation [Line Items]
Location	Durham, NC
Encumbrances	$ 50,542
Initial Cost, Land and Land Improvements	18,313
Initial Cost, Building and Building Improvements	54,839
Gross Amounts, Land and Land Improvements	18,438
Gross Amounts, Building and Building Improvements	55,054
Total	73,492
Accumulated Depreciation	$ (5,552)
Year Acquired	Dec. 31, 2019
Multifamily | The Griffin
Real Estate And Accumulated Depreciation [Line Items]
Location	Scottsdale, AZ
Encumbrances	$ 64,686
Initial Cost, Land and Land Improvements	17,614
Initial Cost, Building and Building Improvements	74,940
Gross Amounts, Land and Land Improvements	17,772
Gross Amounts, Building and Building Improvements	75,326
Total	93,098
Accumulated Depreciation	$ (6,885)
Year Acquired	Dec. 31, 2019
Multifamily | Avida Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Salt Lake City, UT
Encumbrances	$ 56,355
Initial Cost, Land and Land Improvements	8,018
Initial Cost, Building and Building Improvements	73,763
Gross Amounts, Land and Land Improvements	8,525
Gross Amounts, Building and Building Improvements	74,533
Total	83,058
Accumulated Depreciation	$ (7,062)
Year Acquired	Dec. 31, 2019
Multifamily | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 30,739
Multifamily | Land and Land Improvements | Phoenix Property
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	225
Multifamily | Land and Land Improvements | Savannah Property
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	253
Multifamily | Land and Land Improvements | Concord Park Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	415
Multifamily | Land and Land Improvements | Cascades Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	340
Multifamily | Land and Land Improvements | Thornton Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	161
Multifamily | Land and Land Improvements | Exchange on Erwin
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	125
Multifamily | Land and Land Improvements | The Griffin
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	158
Multifamily | Land and Land Improvements | Avida Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	507
Multifamily | Land and Land Improvements | Columbia Hills
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,279
Multifamily | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	68,110
Multifamily | Building and Building Improvements | Phoenix Property
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,005
Multifamily | Building and Building Improvements | Savannah Property
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	304
Multifamily | Building and Building Improvements | Concord Park Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,401
Multifamily | Building and Building Improvements | Cascades Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	860
Multifamily | Building and Building Improvements | Thornton Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	300
Multifamily | Building and Building Improvements | Exchange on Erwin
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	215
Multifamily | Building and Building Improvements | The Griffin
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	386
Multifamily | Building and Building Improvements | Avida Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 770
Multifamily | Florida Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 36,422
Initial Cost, Land and Land Improvements	11,574
Initial Cost, Building and Building Improvements	37,920
Gross Amounts, Land and Land Improvements	11,997
Gross Amounts, Building and Building Improvements	39,940
Total	51,937
Accumulated Depreciation	$ (7,302)
Year Acquired	Dec. 31, 2019
Multifamily | Florida Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Naples FL
Encumbrances	$ 36,046
Initial Cost, Land and Land Improvements	14,045
Initial Cost, Building and Building Improvements	37,025
Gross Amounts, Land and Land Improvements	14,327
Gross Amounts, Building and Building Improvements	38,529
Total	52,856
Accumulated Depreciation	$ (6,703)
Year Acquired	Dec. 31, 2019
Multifamily | Florida Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 423
Multifamily | Florida Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	282
Multifamily | Florida Multifamily Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	2,020
Multifamily | Florida Multifamily Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 1,504
Multifamily | Columbus Multifamily Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Columbus, OH
Encumbrances	$ 132,009
Initial Cost, Land and Land Improvements	20,695
Initial Cost, Building and Building Improvements	160,599
Gross Amounts, Land and Land Improvements	21,974
Gross Amounts, Building and Building Improvements	160,048
Total	182,022
Accumulated Depreciation	$ (14,404)
Year Acquired	Dec. 31, 2019
Number of properties | Property	4
Multifamily | Columbus Multifamily Portfolio | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (551)
Multifamily | Highlands Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Columbus, OH
Encumbrances	$ 72,561
Initial Cost, Land and Land Improvements	8,895
Initial Cost, Building and Building Improvements	87,774
Gross Amounts, Land and Land Improvements	8,919
Gross Amounts, Building and Building Improvements	87,824
Total	96,743
Accumulated Depreciation	$ (5,943)
Year Acquired	Dec. 31, 2020
Number of properties | Property	3
Multifamily | Highlands Portfolio | The Baxter Decatur
Real Estate And Accumulated Depreciation [Line Items]
Location	Atlanta, GA
Encumbrances	$ 53,462
Initial Cost, Land and Land Improvements	8,603
Initial Cost, Building and Building Improvements	69,963
Gross Amounts, Land and Land Improvements	8,772
Gross Amounts, Building and Building Improvements	70,139
Total	78,911
Accumulated Depreciation	$ (5,105)
Year Acquired	Dec. 31, 2020
Multifamily | Highlands Portfolio | Kalina Way
Real Estate And Accumulated Depreciation [Line Items]
Location	Salt Lake City, UT
Encumbrances	$ 57,928
Initial Cost, Land and Land Improvements	7,101
Initial Cost, Building and Building Improvements	74,739
Gross Amounts, Land and Land Improvements	7,139
Gross Amounts, Building and Building Improvements	74,881
Total	82,020
Accumulated Depreciation	$ (11,195)
Year Acquired	Dec. 31, 2020
Multifamily | Highlands Portfolio | Acadia Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Ashburn, VA
Encumbrances	$ 134,338
Initial Cost, Land and Land Improvements	18,337
Initial Cost, Building and Building Improvements	168,734
Gross Amounts, Land and Land Improvements	18,931
Gross Amounts, Building and Building Improvements	172,744
Total	191,675
Accumulated Depreciation	$ (5,447)
Year Acquired	Dec. 31, 2020
Multifamily | Highlands Portfolio | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 24
Multifamily | Highlands Portfolio | Land and Land Improvements | The Baxter Decatur
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	169
Multifamily | Highlands Portfolio | Land and Land Improvements | Kalina Way
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	38
Multifamily | Highlands Portfolio | Land and Land Improvements | Acadia Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	594
Multifamily | Highlands Portfolio | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	50
Multifamily | Highlands Portfolio | Building and Building Improvements | The Baxter Decatur
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	176
Multifamily | Highlands Portfolio | Building and Building Improvements | Kalina Way
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	142
Multifamily | Highlands Portfolio | Building and Building Improvements | Acadia Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 4,010
Multifamily | Southeast Affordable Housing Portfolio | Creekside at Bellemeade
Real Estate And Accumulated Depreciation [Line Items]
Location	High Point, NC
Encumbrances	$ 4,640
Initial Cost, Land and Land Improvements	2,031
Initial Cost, Building and Building Improvements	4,415
Gross Amounts, Land and Land Improvements	2,100
Gross Amounts, Building and Building Improvements	4,558
Total	6,658
Accumulated Depreciation	$ (888)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Las Villas de Kino
Real Estate And Accumulated Depreciation [Line Items]
Location	Tucson, AZ
Encumbrances	$ 26,255
Initial Cost, Land and Land Improvements	9,513
Initial Cost, Building and Building Improvements	24,278
Gross Amounts, Land and Land Improvements	9,717
Gross Amounts, Building and Building Improvements	25,646
Total	35,363
Accumulated Depreciation	$ (2,926)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Lexington Club
Real Estate And Accumulated Depreciation [Line Items]
Location	Vero Beach, FL
Encumbrances	$ 14,738
Initial Cost, Land and Land Improvements	2,972
Initial Cost, Building and Building Improvements	19,583
Gross Amounts, Land and Land Improvements	3,050
Gross Amounts, Building and Building Improvements	20,048
Total	23,098
Accumulated Depreciation	$ (2,193)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Oak Crest
Real Estate And Accumulated Depreciation [Line Items]
Location	Kannapolis, NC
Encumbrances	$ 9,373
Initial Cost, Land and Land Improvements	2,137
Initial Cost, Building and Building Improvements	10,411
Gross Amounts, Land and Land Improvements	2,339
Gross Amounts, Building and Building Improvements	10,821
Total	13,160
Accumulated Depreciation	$ (1,313)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Overlook at Simms Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	Raleigh, NC
Encumbrances	$ 25,691
Initial Cost, Land and Land Improvements	7,189
Initial Cost, Building and Building Improvements	23,030
Gross Amounts, Land and Land Improvements	7,268
Gross Amounts, Building and Building Improvements	23,592
Total	30,860
Accumulated Depreciation	$ (2,858)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Parkside Royal Poinciana
Real Estate And Accumulated Depreciation [Line Items]
Location	West Palm Beach, FL
Encumbrances	$ 10,045
Initial Cost, Land and Land Improvements	4,624
Initial Cost, Building and Building Improvements	8,889
Gross Amounts, Land and Land Improvements	4,790
Gross Amounts, Building and Building Improvements	9,392
Total	14,182
Accumulated Depreciation	$ (1,273)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Patriots Pointe
Real Estate And Accumulated Depreciation [Line Items]
Location	Concord, NC
Encumbrances	$ 7,760
Initial Cost, Land and Land Improvements	1,564
Initial Cost, Building and Building Improvements	7,904
Gross Amounts, Land and Land Improvements	1,702
Gross Amounts, Building and Building Improvements	8,025
Total	9,727
Accumulated Depreciation	$ (935)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Ponce Harbor
Real Estate And Accumulated Depreciation [Line Items]
Location	St. Augustine, FL
Encumbrances	$ 15,601
Initial Cost, Land and Land Improvements	3,294
Initial Cost, Building and Building Improvements	18,870
Gross Amounts, Land and Land Improvements	3,373
Gross Amounts, Building and Building Improvements	19,167
Total	22,540
Accumulated Depreciation	$ (1,823)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Riverwalk
Real Estate And Accumulated Depreciation [Line Items]
Location	Brighton, CO
Encumbrances	$ 19,015
Initial Cost, Land and Land Improvements	3,280
Initial Cost, Building and Building Improvements	20,932
Gross Amounts, Land and Land Improvements	3,420
Gross Amounts, Building and Building Improvements	21,340
Total	24,760
Accumulated Depreciation	$ (2,129)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Stone Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	Morrisville, NC
Encumbrances	$ 8,364
Initial Cost, Land and Land Improvements	1,844
Initial Cost, Building and Building Improvements	7,492
Gross Amounts, Land and Land Improvements	1,922
Gross Amounts, Building and Building Improvements	7,888
Total	9,810
Accumulated Depreciation	$ (988)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Villa Biscayne
Real Estate And Accumulated Depreciation [Line Items]
Location	Homestead, FL
Encumbrances	$ 20,339
Initial Cost, Land and Land Improvements	4,575
Initial Cost, Building and Building Improvements	23,600
Gross Amounts, Land and Land Improvements	4,646
Gross Amounts, Building and Building Improvements	23,879
Total	28,525
Accumulated Depreciation	$ (2,484)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Newport News, VA
Encumbrances	$ 43,333
Initial Cost, Land and Land Improvements	11,169
Initial Cost, Building and Building Improvements	50,997
Gross Amounts, Land and Land Improvements	11,293
Gross Amounts, Building and Building Improvements	52,361
Total	63,654
Accumulated Depreciation	$ (5,181)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Orlando, FL
Encumbrances	$ 72,451
Initial Cost, Land and Land Improvements	19,513
Initial Cost, Building and Building Improvements	75,364
Gross Amounts, Land and Land Improvements	19,882
Gross Amounts, Building and Building Improvements	76,553
Total	96,435
Accumulated Depreciation	$ (7,975)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Sanford, FL
Encumbrances	$ 65,853
Initial Cost, Land and Land Improvements	14,916
Initial Cost, Building and Building Improvements	75,253
Gross Amounts, Land and Land Improvements	15,175
Gross Amounts, Building and Building Improvements	76,303
Total	91,478
Accumulated Depreciation	$ (7,509)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Willow Ridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Greensboro, NC
Encumbrances	$ 5,200
Initial Cost, Land and Land Improvements	2,157
Initial Cost, Building and Building Improvements	4,656
Gross Amounts, Land and Land Improvements	2,191
Gross Amounts, Building and Building Improvements	4,796
Total	6,987
Accumulated Depreciation	$ (710)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 82,042
Initial Cost, Land and Land Improvements	24,178
Initial Cost, Building and Building Improvements	90,108
Gross Amounts, Land and Land Improvements	24,477
Gross Amounts, Building and Building Improvements	92,956
Total	117,433
Accumulated Depreciation	$ (9,809)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Creekside at Bellemeade
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 69
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Las Villas de Kino
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	204
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Lexington Club
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	78
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Oak Crest
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	202
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Overlook at Simms Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	79
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Parkside Royal Poinciana
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	166
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Patriots Pointe
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	138
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Ponce Harbor
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	79
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Riverwalk
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	140
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Stone Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	78
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Villa Biscayne
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	71
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	124
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	369
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	259
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Willow Ridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	34
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	299
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Creekside at Bellemeade
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	143
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Las Villas de Kino
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,368
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Lexington Club
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	465
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Oak Crest
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	410
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Overlook at Simms Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	562
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Parkside Royal Poinciana
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	503
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Patriots Pointe
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	121
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Ponce Harbor
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	297
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Riverwalk
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	408
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Stone Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	396
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Villa Biscayne
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	279
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,364
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,189
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,050
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Willow Ridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	140
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 2,848
Multifamily | Southeast Affordable Housing Portfolio II | Culpeper Commons
Real Estate And Accumulated Depreciation [Line Items]
Location	Culpeper, VA
Encumbrances	$ 12,483
Initial Cost, Land and Land Improvements	4,058
Initial Cost, Building and Building Improvements	13,749
Gross Amounts, Land and Land Improvements	4,135
Gross Amounts, Building and Building Improvements	14,002
Total	18,137
Accumulated Depreciation	$ (1,184)
Year Acquired	Dec. 31, 2021
Multifamily | Southeast Affordable Housing Portfolio II | England Run
Real Estate And Accumulated Depreciation [Line Items]
Location	Fredericksburg, VA
Encumbrances	$ 18,812
Initial Cost, Land and Land Improvements	3,857
Initial Cost, Building and Building Improvements	23,614
Gross Amounts, Land and Land Improvements	3,939
Gross Amounts, Building and Building Improvements	23,881
Total	27,820
Accumulated Depreciation	$ (1,547)
Year Acquired	Dec. 31, 2021
Multifamily | Southeast Affordable Housing Portfolio II | Glen Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	Elkton, MD
Encumbrances	$ 15,263
Initial Cost, Land and Land Improvements	5,985
Initial Cost, Building and Building Improvements	16,353
Gross Amounts, Land and Land Improvements	6,144
Gross Amounts, Building and Building Improvements	16,362
Total	22,506
Accumulated Depreciation	$ (1,483)
Year Acquired	Dec. 31, 2021
Multifamily | Southeast Affordable Housing Portfolio II | Park Ridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Stafford, VA
Encumbrances	$ 20,255
Initial Cost, Land and Land Improvements	3,778
Initial Cost, Building and Building Improvements	25,689
Gross Amounts, Land and Land Improvements	3,870
Gross Amounts, Building and Building Improvements	25,829
Total	29,699
Accumulated Depreciation	$ (1,549)
Year Acquired	Dec. 31, 2021
Multifamily | Southeast Affordable Housing Portfolio II | Glen Ridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Woodbridge, VA
Encumbrances	$ 21,667
Initial Cost, Land and Land Improvements	4,159
Initial Cost, Building and Building Improvements	27,218
Gross Amounts, Land and Land Improvements	4,305
Gross Amounts, Building and Building Improvements	27,479
Total	31,784
Accumulated Depreciation	$ (1,591)
Year Acquired	Dec. 31, 2021
Multifamily | Southeast Affordable Housing Portfolio II | Grande Court Boggy
Real Estate And Accumulated Depreciation [Line Items]
Location	Kissimmee, FL
Encumbrances	$ 34,904
Initial Cost, Land and Land Improvements	9,361
Initial Cost, Building and Building Improvements	41,265
Gross Amounts, Land and Land Improvements	9,467
Gross Amounts, Building and Building Improvements	41,543
Total	51,010
Accumulated Depreciation	$ (2,906)
Year Acquired	Dec. 31, 2021
Multifamily | Southeast Affordable Housing Portfolio II | Magnolia Creste
Real Estate And Accumulated Depreciation [Line Items]
Location	Dallas, GA
Encumbrances	$ 16,438
Initial Cost, Land and Land Improvements	2,650
Initial Cost, Building and Building Improvements	21,475
Gross Amounts, Land and Land Improvements	2,701
Gross Amounts, Building and Building Improvements	21,635
Total	24,336
Accumulated Depreciation	$ (1,440)
Year Acquired	Dec. 31, 2021
Multifamily | Southeast Affordable Housing Portfolio II | Magnolia Village
Real Estate And Accumulated Depreciation [Line Items]
Location	Lawrenceville, GA
Encumbrances	$ 15,783
Initial Cost, Land and Land Improvements	5,107
Initial Cost, Building and Building Improvements	16,645
Gross Amounts, Land and Land Improvements	5,167
Gross Amounts, Building and Building Improvements	16,776
Total	21,943
Accumulated Depreciation	$ (1,440)
Year Acquired	Dec. 31, 2021
Multifamily | Southeast Affordable Housing Portfolio II | Rocky Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	Greenville, SC
Encumbrances	$ 14,395
Initial Cost, Land and Land Improvements	3,030
Initial Cost, Building and Building Improvements	17,079
Gross Amounts, Land and Land Improvements	3,087
Gross Amounts, Building and Building Improvements	17,307
Total	20,394
Accumulated Depreciation	$ (1,204)
Year Acquired	Dec. 31, 2021
Multifamily | Southeast Affordable Housing Portfolio II | Land and Land Improvements | Culpeper Commons
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 77
Multifamily | Southeast Affordable Housing Portfolio II | Land and Land Improvements | England Run
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	82
Multifamily | Southeast Affordable Housing Portfolio II | Land and Land Improvements | Glen Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	159
Multifamily | Southeast Affordable Housing Portfolio II | Land and Land Improvements | Park Ridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	92
Multifamily | Southeast Affordable Housing Portfolio II | Land and Land Improvements | Glen Ridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	146
Multifamily | Southeast Affordable Housing Portfolio II | Land and Land Improvements | Grande Court Boggy
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	106
Multifamily | Southeast Affordable Housing Portfolio II | Land and Land Improvements | Magnolia Creste
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	51
Multifamily | Southeast Affordable Housing Portfolio II | Land and Land Improvements | Magnolia Village
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	60
Multifamily | Southeast Affordable Housing Portfolio II | Land and Land Improvements | Rocky Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	57
Multifamily | Southeast Affordable Housing Portfolio II | Building and Building Improvements | Culpeper Commons
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	253
Multifamily | Southeast Affordable Housing Portfolio II | Building and Building Improvements | England Run
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	267
Multifamily | Southeast Affordable Housing Portfolio II | Building and Building Improvements | Glen Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	9
Multifamily | Southeast Affordable Housing Portfolio II | Building and Building Improvements | Park Ridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	140
Multifamily | Southeast Affordable Housing Portfolio II | Building and Building Improvements | Glen Ridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	261
Multifamily | Southeast Affordable Housing Portfolio II | Building and Building Improvements | Grande Court Boggy
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	278
Multifamily | Southeast Affordable Housing Portfolio II | Building and Building Improvements | Magnolia Creste
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	160
Multifamily | Southeast Affordable Housing Portfolio II | Building and Building Improvements | Magnolia Village
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	131
Multifamily | Southeast Affordable Housing Portfolio II | Building and Building Improvements | Rocky Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 228
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Autumn Ridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Memphis, TN
Encumbrances	$ 7,547
Initial Cost, Land and Land Improvements	2,591
Initial Cost, Building and Building Improvements	7,180
Gross Amounts, Land and Land Improvements	2,639
Gross Amounts, Building and Building Improvements	7,419
Total	10,058
Accumulated Depreciation	$ (685)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Autumn Wind
Real Estate And Accumulated Depreciation [Line Items]
Location	Winchester, VA
Encumbrances	$ 9,840
Initial Cost, Land and Land Improvements	2,724
Initial Cost, Building and Building Improvements	10,005
Gross Amounts, Land and Land Improvements	2,782
Gross Amounts, Building and Building Improvements	10,151
Total	12,933
Accumulated Depreciation	$ (1,010)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Bridgeport
Real Estate And Accumulated Depreciation [Line Items]
Location	Hampton, VA
Encumbrances	$ 17,130
Initial Cost, Land and Land Improvements	4,285
Initial Cost, Building and Building Improvements	18,075
Gross Amounts, Land and Land Improvements	4,311
Gross Amounts, Building and Building Improvements	18,408
Total	22,719
Accumulated Depreciation	$ (1,468)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Cascade Village
Real Estate And Accumulated Depreciation [Line Items]
Location	Holland, MI
Encumbrances	$ 13,680
Initial Cost, Land and Land Improvements	3,389
Initial Cost, Building and Building Improvements	14,530
Gross Amounts, Land and Land Improvements	3,514
Gross Amounts, Building and Building Improvements	14,950
Total	18,464
Accumulated Depreciation	$ (1,312)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Columbia Hills
Real Estate And Accumulated Depreciation [Line Items]
Location	Columbia, TN
Encumbrances	$ 9,740
Initial Cost, Land and Land Improvements	2,871
Initial Cost, Building and Building Improvements	9,816
Gross Amounts, Land and Land Improvements	2,974
Gross Amounts, Building and Building Improvements	10,312
Total	13,286
Accumulated Depreciation	$ (1,005)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Crestview
Real Estate And Accumulated Depreciation [Line Items]
Location	Fredericksburg, VA
Encumbrances	$ 26,720
Initial Cost, Land and Land Improvements	4,358
Initial Cost, Building and Building Improvements	30,470
Gross Amounts, Land and Land Improvements	4,414
Gross Amounts, Building and Building Improvements	30,808
Total	35,222
Accumulated Depreciation	$ (2,416)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Falcon Pointe
Real Estate And Accumulated Depreciation [Line Items]
Location	Rosenberg, TX
Encumbrances	$ 9,440
Initial Cost, Land and Land Improvements	1,876
Initial Cost, Building and Building Improvements	10,461
Gross Amounts, Land and Land Improvements	1,934
Gross Amounts, Building and Building Improvements	10,693
Total	12,627
Accumulated Depreciation	$ (1,004)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Foxridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Durham, NC
Encumbrances	$ 10,333
Initial Cost, Land and Land Improvements	2,524
Initial Cost, Building and Building Improvements	10,986
Gross Amounts, Land and Land Improvements	2,594
Gross Amounts, Building and Building Improvements	11,240
Total	13,834
Accumulated Depreciation	$ (998)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Genito Glen
Real Estate And Accumulated Depreciation [Line Items]
Location	Midlothian, VA
Encumbrances	$ 10,960
Initial Cost, Land and Land Improvements	2,703
Initial Cost, Building and Building Improvements	11,559
Gross Amounts, Land and Land Improvements	2,755
Gross Amounts, Building and Building Improvements	11,691
Total	14,446
Accumulated Depreciation	$ (1,027)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Kings Ridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Newport News, VA
Encumbrances	$ 15,572
Initial Cost, Land and Land Improvements	4,729
Initial Cost, Building and Building Improvements	15,539
Gross Amounts, Land and Land Improvements	5,009
Gross Amounts, Building and Building Improvements	15,909
Total	20,918
Accumulated Depreciation	$ (1,473)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Las Villas De Leon
Real Estate And Accumulated Depreciation [Line Items]
Location	San Antonio, TX
Encumbrances	$ 7,560
Initial Cost, Land and Land Improvements	2,347
Initial Cost, Building and Building Improvements	7,458
Gross Amounts, Land and Land Improvements	2,480
Gross Amounts, Building and Building Improvements	7,929
Total	10,409
Accumulated Depreciation	$ (778)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Ocean Gate
Real Estate And Accumulated Depreciation [Line Items]
Location	Virginia Beach, VA
Encumbrances	$ 20,080
Initial Cost, Land and Land Improvements	4,347
Initial Cost, Building and Building Improvements	21,957
Gross Amounts, Land and Land Improvements	4,401
Gross Amounts, Building and Building Improvements	22,268
Total	26,669
Accumulated Depreciation	$ (1,781)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Parkview
Real Estate And Accumulated Depreciation [Line Items]
Location	Huntersville, NC
Encumbrances	$ 11,191
Initial Cost, Land and Land Improvements	1,876
Initial Cost, Building and Building Improvements	12,739
Gross Amounts, Land and Land Improvements	1,895
Gross Amounts, Building and Building Improvements	12,827
Total	14,722
Accumulated Depreciation	$ (1,015)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | River Birch
Real Estate And Accumulated Depreciation [Line Items]
Location	Raleigh, NC
Encumbrances	$ 19,411
Initial Cost, Land and Land Improvements	4,168
Initial Cost, Building and Building Improvements	21,150
Gross Amounts, Land and Land Improvements	4,214
Gross Amounts, Building and Building Improvements	21,442
Total	25,656
Accumulated Depreciation	$ (1,635)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | River Park Place
Real Estate And Accumulated Depreciation [Line Items]
Location	Vero Beach, FL
Encumbrances	$ 8,538
Initial Cost, Land and Land Improvements	2,661
Initial Cost, Building and Building Improvements	8,425
Gross Amounts, Land and Land Improvements	2,720
Gross Amounts, Building and Building Improvements	8,712
Total	11,432
Accumulated Depreciation	$ (823)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Sterling Crest
Real Estate And Accumulated Depreciation [Line Items]
Location	Saginaw, MI
Encumbrances	$ 8,800
Initial Cost, Land and Land Improvements	4,176
Initial Cost, Building and Building Improvements	7,229
Gross Amounts, Land and Land Improvements	4,280
Gross Amounts, Building and Building Improvements	7,565
Total	11,845
Accumulated Depreciation	$ (857)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Stonegate
Real Estate And Accumulated Depreciation [Line Items]
Location	Stafford, VA
Encumbrances	$ 28,880
Initial Cost, Land and Land Improvements	3,963
Initial Cost, Building and Building Improvements	33,721
Gross Amounts, Land and Land Improvements	4,022
Gross Amounts, Building and Building Improvements	33,968
Total	37,990
Accumulated Depreciation	$ (2,459)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Sawyer Flats
Real Estate And Accumulated Depreciation [Line Items]
Location	Gaithersburg, MD
Encumbrances	$ 144,060
Initial Cost, Land and Land Improvements	32,701
Gross Amounts, Land and Land Improvements	33,558
Total	203,366
Accumulated Depreciation	$ (6,700)
Year Acquired	Dec. 31, 2021
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Chesapeake, VA
Encumbrances	$ 26,880
Initial Cost, Land and Land Improvements	6,467
Initial Cost, Building and Building Improvements	28,766
Gross Amounts, Land and Land Improvements	6,544
Gross Amounts, Building and Building Improvements	29,327
Total	35,871
Accumulated Depreciation	$ (2,318)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Harrisonburg, VA
Encumbrances	$ 11,760
Initial Cost, Land and Land Improvements	4,022
Initial Cost, Building and Building Improvements	11,222
Gross Amounts, Land and Land Improvements	4,102
Gross Amounts, Building and Building Improvements	11,402
Total	15,504
Accumulated Depreciation	$ (1,186)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Manassas, VA
Encumbrances	$ 70,695
Initial Cost, Land and Land Improvements	10,637
Initial Cost, Building and Building Improvements	81,855
Gross Amounts, Land and Land Improvements	10,785
Gross Amounts, Building and Building Improvements	82,441
Total	93,226
Accumulated Depreciation	$ (6,252)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Woodbridge, VA
Encumbrances	$ 55,243
Initial Cost, Land and Land Improvements	8,617
Initial Cost, Building and Building Improvements	63,627
Gross Amounts, Land and Land Improvements	8,750
Gross Amounts, Building and Building Improvements	64,351
Total	73,101
Accumulated Depreciation	$ (4,926)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Autumn Ridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 48
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Autumn Wind
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	58
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Bridgeport
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	26
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Cascade Village
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	125
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Columbia Hills
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	103
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Crestview
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	56
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Falcon Pointe
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	58
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Foxridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	70
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Genito Glen
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	52
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Kings Ridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	280
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Las Villas De Leon
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	133
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Ocean Gate
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	54
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Parkview
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	19
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | River Birch
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	46
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | River Park Place
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	59
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Sterling Crest
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	104
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Stonegate
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	59
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Sawyer Flats
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	857
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	77
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	80
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	148
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	133
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Autumn Ridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	239
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Autumn Wind
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	146
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Bridgeport
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	333
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Cascade Village
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	420
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Columbia Hills
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	496
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Crestview
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	338
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Falcon Pointe
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	232
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Foxridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	254
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Genito Glen
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	132
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Kings Ridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	370
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Las Villas De Leon
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	471
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Ocean Gate
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	311
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Parkview
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	88
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | River Birch
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	292
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | River Park Place
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	287
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Sterling Crest
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	336
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Stonegate
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	247
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	561
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	180
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	586
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 724
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Fredericksburg, VA
Encumbrances	$ 67,101
Initial Cost, Land and Land Improvements	18,748
Initial Cost, Building and Building Improvements	86,640
Gross Amounts, Land and Land Improvements	18,976
Gross Amounts, Building and Building Improvements	86,674
Total	105,650
Accumulated Depreciation	$ (2,335)
Year Acquired	Dec. 31, 2022
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Lakewood Villas ATL
Real Estate And Accumulated Depreciation [Line Items]
Location	Atlanta, GA
Encumbrances	$ 19,937
Initial Cost, Land and Land Improvements	5,659
Initial Cost, Building and Building Improvements	19,470
Gross Amounts, Land and Land Improvements	5,771
Gross Amounts, Building and Building Improvements	19,559
Total	25,330
Accumulated Depreciation	$ (780)
Year Acquired	Dec. 31, 2022
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Ivy Creek Buford
Real Estate And Accumulated Depreciation [Line Items]
Location	Buford, GS
Encumbrances	$ 30,731
Initial Cost, Land and Land Improvements	6,784
Initial Cost, Building and Building Improvements	36,309
Gross Amounts, Land and Land Improvements	6,991
Gross Amounts, Building and Building Improvements	36,450
Total	43,441
Accumulated Depreciation	$ (1,113)
Year Acquired	Dec. 31, 2022
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Cobblestone Kennesaw
Real Estate And Accumulated Depreciation [Line Items]
Location	Kennesaw, GA
Encumbrances	$ 19,311
Initial Cost, Land and Land Improvements	6,818
Initial Cost, Building and Building Improvements	20,700
Gross Amounts, Land and Land Improvements	6,895
Gross Amounts, Building and Building Improvements	20,773
Total	27,668
Accumulated Depreciation	$ (734)
Year Acquired	Dec. 31, 2022
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Galaxy Silver Spring
Real Estate And Accumulated Depreciation [Line Items]
Location	Silver Springs, MD
Encumbrances	$ 36,418
Initial Cost, Land and Land Improvements	9,832
Initial Cost, Building and Building Improvements	54,956
Gross Amounts, Land and Land Improvements	10,019
Gross Amounts, Building and Building Improvements	54,922
Total	64,941
Accumulated Depreciation	$ (1,130)
Year Acquired	Dec. 31, 2022
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Sky Terrace
Real Estate And Accumulated Depreciation [Line Items]
Location	Stafford, VA
Encumbrances	$ 37,257
Initial Cost, Land and Land Improvements	7,836
Initial Cost, Building and Building Improvements	52,382
Gross Amounts, Land and Land Improvements	8,014
Gross Amounts, Building and Building Improvements	52,483
Total	60,497
Accumulated Depreciation	$ (1,346)
Year Acquired	Dec. 31, 2022
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Highland Warranton
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	$ 18,211
Initial Cost, Land and Land Improvements	6,136
Initial Cost, Building and Building Improvements	17,652
Gross Amounts, Land and Land Improvements	6,326
Gross Amounts, Building and Building Improvements	17,670
Total	23,996
Accumulated Depreciation	$ (547)
Year Acquired	Dec. 31, 2022
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 228
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Land and Land Improvements | Lakewood Villas ATL
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	112
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Land and Land Improvements | Ivy Creek Buford
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	207
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Land and Land Improvements | Cobblestone Kennesaw
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	77
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Land and Land Improvements | Galaxy Silver Spring
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	187
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Land and Land Improvements | Sky Terrace
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	178
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Land and Land Improvements | Highland Warranton
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	190
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	34
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Building and Building Improvements | Lakewood Villas ATL
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	89
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Building and Building Improvements | Ivy Creek Buford
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	141
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Building and Building Improvements | Cobblestone Kennesaw
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	73
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Building and Building Improvements | Galaxy Silver Spring
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(34)
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Building and Building Improvements | Sky Terrace
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	101
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Building and Building Improvements | Highland Warranton
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 18
Multifamily | Texas and North Carolina Multifamily Portfolio | Waterview
Real Estate And Accumulated Depreciation [Line Items]
Location	Fort Worth, TX
Encumbrances	$ 69,831
Initial Cost, Land and Land Improvements	12,114
Initial Cost, Building and Building Improvements	81,045
Gross Amounts, Land and Land Improvements	12,159
Gross Amounts, Building and Building Improvements	81,045
Total	93,204
Accumulated Depreciation	$ (1,654)
Year Acquired	Dec. 31, 2022
Multifamily | Texas and North Carolina Multifamily Portfolio | Bunker HIll
Real Estate And Accumulated Depreciation [Line Items]
Location	Houston, TX
Encumbrances	$ 64,450
Initial Cost, Land and Land Improvements	5,855
Initial Cost, Building and Building Improvements	79,938
Gross Amounts, Land and Land Improvements	5,881
Gross Amounts, Building and Building Improvements	79,938
Total	85,819
Accumulated Depreciation	$ (1,431)
Year Acquired	Dec. 31, 2022
Multifamily | Texas and North Carolina Multifamily Portfolio | Regalia
Real Estate And Accumulated Depreciation [Line Items]
Location	Mansfield, TX
Encumbrances	$ 57,707
Initial Cost, Land and Land Improvements	8,595
Initial Cost, Building and Building Improvements	68,599
Gross Amounts, Land and Land Improvements	8,595
Gross Amounts, Building and Building Improvements	68,599
Total	77,194
Accumulated Depreciation	$ (1,332)
Year Acquired	Dec. 31, 2022
Multifamily | Texas and North Carolina Multifamily Portfolio | Litchford
Real Estate And Accumulated Depreciation [Line Items]
Location	Raleigh, NC
Encumbrances	$ 53,535
Initial Cost, Land and Land Improvements	11,588
Initial Cost, Building and Building Improvements	70,431
Gross Amounts, Land and Land Improvements	11,590
Gross Amounts, Building and Building Improvements	70,454
Total	82,044
Accumulated Depreciation	$ (1,427)
Year Acquired	Dec. 31, 2022
Multifamily | Texas and North Carolina Multifamily Portfolio | Whispering Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	San Antonio, TX
Encumbrances	$ 35,229
Initial Cost, Land and Land Improvements	5,025
Initial Cost, Building and Building Improvements	42,064
Gross Amounts, Land and Land Improvements	5,045
Gross Amounts, Building and Building Improvements	42,064
Total	47,109
Accumulated Depreciation	$ (843)
Year Acquired	Dec. 31, 2022
Multifamily | Texas and North Carolina Multifamily Portfolio | Land and Land Improvements | Waterview
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 45
Multifamily | Texas and North Carolina Multifamily Portfolio | Land and Land Improvements | Bunker HIll
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	26
Multifamily | Texas and North Carolina Multifamily Portfolio | Land and Land Improvements | Litchford
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	2
Multifamily | Texas and North Carolina Multifamily Portfolio | Land and Land Improvements | Whispering Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	20
Multifamily | Texas and North Carolina Multifamily Portfolio | Building and Building Improvements | Litchford
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 23
Multifamily | Phoenix Affordable Housing Portfolio | Desert Eagle
Real Estate And Accumulated Depreciation [Line Items]
Location	Glendale, AZ
Encumbrances	$ 28,171
Initial Cost, Land and Land Improvements	8,420
Initial Cost, Building and Building Improvements	37,708
Gross Amounts, Land and Land Improvements	8,481
Gross Amounts, Building and Building Improvements	37,903
Total	46,384
Accumulated Depreciation	$ (1,056)
Year Acquired	Dec. 31, 2022
Multifamily | Phoenix Affordable Housing Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Mesa, AZ
Encumbrances	$ 101,114
Initial Cost, Land and Land Improvements	25,347
Initial Cost, Building and Building Improvements	142,096
Gross Amounts, Land and Land Improvements	25,781
Gross Amounts, Building and Building Improvements	143,274
Total	169,055
Accumulated Depreciation	$ (3,831)
Year Acquired	Dec. 31, 2022
Multifamily | Phoenix Affordable Housing Portfolio | Lake Pleasant Village
Real Estate And Accumulated Depreciation [Line Items]
Location	Peoria, AZ
Encumbrances	$ 23,579
Initial Cost, Land and Land Improvements	7,346
Initial Cost, Building and Building Improvements	31,972
Gross Amounts, Land and Land Improvements	7,488
Gross Amounts, Building and Building Improvements	32,250
Total	39,738
Accumulated Depreciation	$ (904)
Year Acquired	Dec. 31, 2022
Multifamily | Phoenix Affordable Housing Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Phoenix, AZ
Encumbrances	$ 59,983
Initial Cost, Land and Land Improvements	13,992
Initial Cost, Building and Building Improvements	73,080
Gross Amounts, Land and Land Improvements	14,278
Gross Amounts, Building and Building Improvements	73,863
Total	88,141
Accumulated Depreciation	$ (1,717)
Year Acquired	Dec. 31, 2022
Multifamily | Phoenix Affordable Housing Portfolio | Land and Land Improvements | Desert Eagle
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 61
Multifamily | Phoenix Affordable Housing Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	434
Multifamily | Phoenix Affordable Housing Portfolio | Land and Land Improvements | Lake Pleasant Village
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	142
Multifamily | Phoenix Affordable Housing Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	286
Multifamily | Phoenix Affordable Housing Portfolio | Building and Building Improvements | Desert Eagle
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	195
Multifamily | Phoenix Affordable Housing Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,178
Multifamily | Phoenix Affordable Housing Portfolio | Building and Building Improvements | Lake Pleasant Village
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	278
Multifamily | Phoenix Affordable Housing Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 783
Multifamily | Summit Multifamily Portfolio | Vintage Amelia
Real Estate And Accumulated Depreciation [Line Items]
Location	Amelia Island, FL
Encumbrances	$ 39,000
Initial Cost, Land and Land Improvements	8,015
Initial Cost, Building and Building Improvements	57,141
Gross Amounts, Land and Land Improvements	8,021
Gross Amounts, Building and Building Improvements	54,057
Total	62,078
Accumulated Depreciation	$ (1,356)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Vantage Ashland
Real Estate And Accumulated Depreciation [Line Items]
Location	Ashland City, TN
Encumbrances	$ 33,279
Initial Cost, Land and Land Improvements	5,712
Initial Cost, Building and Building Improvements	56,903
Gross Amounts, Land and Land Improvements	5,722
Gross Amounts, Building and Building Improvements	57,041
Total	62,763
Accumulated Depreciation	$ (1,391)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Ethos Austin
Real Estate And Accumulated Depreciation [Line Items]
Location	Austin, TX
Encumbrances	$ 46,823
Initial Cost, Land and Land Improvements	11,085
Initial Cost, Building and Building Improvements	72,024
Gross Amounts, Land and Land Improvements	11,104
Gross Amounts, Building and Building Improvements	73,048
Total	84,152
Accumulated Depreciation	$ (1,617)
Year Acquired	Dec. 31, 2021
Multifamily | Summit Multifamily Portfolio | Walnut Bastrop
Real Estate And Accumulated Depreciation [Line Items]
Location	Bastrop, TX
Encumbrances	$ 27,479
Initial Cost, Land and Land Improvements	5,643
Initial Cost, Building and Building Improvements	44,116
Gross Amounts, Land and Land Improvements	5,750
Gross Amounts, Building and Building Improvements	44,251
Total	50,001
Accumulated Depreciation	$ (1,068)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Burleson, TX
Encumbrances	$ 81,272
Initial Cost, Land and Land Improvements	12,479
Initial Cost, Building and Building Improvements	139,515
Gross Amounts, Land and Land Improvements	12,498
Gross Amounts, Building and Building Improvements	139,611
Total	152,109
Accumulated Depreciation	$ (3,069)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Ethan Pointe
Real Estate And Accumulated Depreciation [Line Items]
Location	Burlington, NC
Encumbrances	$ 38,879
Initial Cost, Land and Land Improvements	5,884
Initial Cost, Building and Building Improvements	61,163
Gross Amounts, Land and Land Improvements	5,900
Gross Amounts, Building and Building Improvements	61,239
Total	67,139
Accumulated Depreciation	$ (1,516)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | 1400 Chestnut
Real Estate And Accumulated Depreciation [Line Items]
Location	Chattanooga, TN
Encumbrances	$ 34,493
Initial Cost, Land and Land Improvements	2,826
Initial Cost, Building and Building Improvements	52,914
Gross Amounts, Land and Land Improvements	2,826
Gross Amounts, Building and Building Improvements	52,939
Total	55,765
Accumulated Depreciation	$ (999)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Stonebriar Frisco
Real Estate And Accumulated Depreciation [Line Items]
Location	Frisco, TX
Encumbrances	$ 63,679
Initial Cost, Land and Land Improvements	8,210
Initial Cost, Building and Building Improvements	107,353
Gross Amounts, Land and Land Improvements	8,369
Gross Amounts, Building and Building Improvements	107,501
Total	115,870
Accumulated Depreciation	$ (2,130)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Darby Holly Springs
Real Estate And Accumulated Depreciation [Line Items]
Location	Holly Springs, GA
Encumbrances	$ 50,693
Initial Cost, Land and Land Improvements	11,933
Initial Cost, Building and Building Improvements	82,863
Gross Amounts, Land and Land Improvements	11,964
Gross Amounts, Building and Building Improvements	82,916
Total	94,880
Accumulated Depreciation	$ (1,934)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Indianapolis, IN
Encumbrances	$ 80,786
Initial Cost, Land and Land Improvements	10,047
Initial Cost, Building and Building Improvements	135,908
Gross Amounts, Land and Land Improvements	10,058
Gross Amounts, Building and Building Improvements	136,135
Total	146,193
Accumulated Depreciation	$ (3,042)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Orchard Hills
Real Estate And Accumulated Depreciation [Line Items]
Location	Jeffersonville, IN
Encumbrances	$ 36,393
Initial Cost, Land and Land Improvements	5,720
Initial Cost, Building and Building Improvements	52,149
Gross Amounts, Land and Land Improvements	5,735
Gross Amounts, Building and Building Improvements	52,431
Total	58,166
Accumulated Depreciation	$ (1,330)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Knoxville, TN
Encumbrances	$ 89,686
Initial Cost, Land and Land Improvements	8,278
Initial Cost, Building and Building Improvements	145,987
Gross Amounts, Land and Land Improvements	8,285
Gross Amounts, Building and Building Improvements	146,129
Total	154,414
Accumulated Depreciation	$ (2,955)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Woodland Lakes Lansing
Real Estate And Accumulated Depreciation [Line Items]
Location	Lansing, MI
Encumbrances	$ 43,093
Initial Cost, Land and Land Improvements	8,179
Initial Cost, Building and Building Improvements	61,911
Gross Amounts, Land and Land Improvements	8,184
Gross Amounts, Building and Building Improvements	62,194
Total	70,378
Accumulated Depreciation	$ (1,897)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Louisville, KY
Encumbrances	$ 122,554
Initial Cost, Land and Land Improvements	17,123
Initial Cost, Building and Building Improvements	178,426
Gross Amounts, Land and Land Improvements	17,311
Gross Amounts, Building and Building Improvements	174,300
Total	191,611
Accumulated Depreciation	$ (4,006)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Lakeside Marietta
Real Estate And Accumulated Depreciation [Line Items]
Location	Marietta, GA
Encumbrances	$ 70,893
Initial Cost, Land and Land Improvements	14,659
Initial Cost, Building and Building Improvements	124,095
Gross Amounts, Land and Land Improvements	14,775
Gross Amounts, Building and Building Improvements	124,415
Total	139,190
Accumulated Depreciation	$ (2,740)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Reserve Maryville
Real Estate And Accumulated Depreciation [Line Items]
Location	Maryville, TN
Encumbrances	$ 29,093
Initial Cost, Land and Land Improvements	6,455
Initial Cost, Building and Building Improvements	37,771
Gross Amounts, Land and Land Improvements	6,480
Gross Amounts, Building and Building Improvements	38,021
Total	44,501
Accumulated Depreciation	$ (1,057)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Vintage Juliet
Real Estate And Accumulated Depreciation [Line Items]
Location	Mt. Juliet, TN
Encumbrances	$ 54,311
Initial Cost, Land and Land Improvements	4,981
Initial Cost, Building and Building Improvements	84,725
Gross Amounts, Land and Land Improvements	5,014
Gross Amounts, Building and Building Improvements	84,844
Total	89,858
Accumulated Depreciation	$ (1,486)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Murfreesboro, TN
Encumbrances	$ 82,058
Initial Cost, Land and Land Improvements	9,480
Initial Cost, Building and Building Improvements	138,701
Gross Amounts, Land and Land Improvements	9,581
Gross Amounts, Building and Building Improvements	138,770
Total	148,351
Accumulated Depreciation	$ (2,894)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Hickory Point Nashville
Real Estate And Accumulated Depreciation [Line Items]
Location	Nashville, TN
Encumbrances	$ 49,479
Initial Cost, Land and Land Improvements	7,534
Initial Cost, Building and Building Improvements	81,694
Gross Amounts, Land and Land Improvements	7,689
Gross Amounts, Building and Building Improvements	81,892
Total	89,581
Accumulated Depreciation	$ (1,915)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Emerson Pflugerville
Real Estate And Accumulated Depreciation [Line Items]
Location	Pflugerville, TX
Encumbrances	$ 53,679
Initial Cost, Land and Land Improvements	11,087
Initial Cost, Building and Building Improvements	83,771
Gross Amounts, Land and Land Improvements	11,109
Gross Amounts, Building and Building Improvements	83,863
Total	94,972
Accumulated Depreciation	$ (2,045)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Prinwood Place
Real Estate And Accumulated Depreciation [Line Items]
Location	Portage, MI
Encumbrances	$ 12,993
Initial Cost, Land and Land Improvements	1,672
Initial Cost, Building and Building Improvements	19,257
Gross Amounts, Land and Land Improvements	1,672
Gross Amounts, Building and Building Improvements	19,322
Total	20,994
Accumulated Depreciation	$ (497)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Foxwood Raleigh
Real Estate And Accumulated Depreciation [Line Items]
Location	Raleigh, NC
Encumbrances	$ 94,380
Initial Cost, Land and Land Improvements	20,149
Initial Cost, Building and Building Improvements	142,196
Gross Amounts, Land and Land Improvements	20,176
Gross Amounts, Building and Building Improvements	142,318
Total	162,494
Accumulated Depreciation	$ (3,328)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Sugar Flats SLC
Real Estate And Accumulated Depreciation [Line Items]
Location	Salt Lake City, UT
Encumbrances	$ 32,148
Initial Cost, Land and Land Improvements	6,265
Initial Cost, Building and Building Improvements	51,531
Gross Amounts, Land and Land Improvements	6,311
Gross Amounts, Building and Building Improvements	51,578
Total	57,889
Accumulated Depreciation	$ (952)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Ranch 123 Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Seguin, TX
Encumbrances	$ 20,993
Initial Cost, Land and Land Improvements	4,347
Initial Cost, Building and Building Improvements	43,170
Gross Amounts, Land and Land Improvements	4,375
Gross Amounts, Building and Building Improvements	43,209
Total	47,584
Accumulated Depreciation	$ (1,014)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Vintage Tollgate
Real Estate And Accumulated Depreciation [Line Items]
Location	Thompson’s Station, TN
Encumbrances	$ 41,879
Initial Cost, Land and Land Improvements	4,392
Initial Cost, Building and Building Improvements	70,715
Gross Amounts, Land and Land Improvements	4,423
Gross Amounts, Building and Building Improvements	70,760
Total	75,183
Accumulated Depreciation	$ (1,482)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Reserve Tuscaloosa
Real Estate And Accumulated Depreciation [Line Items]
Location	Tuscaloosa, AL
Encumbrances	$ 31,393
Initial Cost, Land and Land Improvements	5,878
Initial Cost, Building and Building Improvements	47,916
Gross Amounts, Land and Land Improvements	6,094
Gross Amounts, Building and Building Improvements	48,612
Total	54,706
Accumulated Depreciation	$ (1,142)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Stonebrook Tyler
Real Estate And Accumulated Depreciation [Line Items]
Location	Tyler, TX
Encumbrances	$ 27,393
Initial Cost, Land and Land Improvements	5,048
Initial Cost, Building and Building Improvements	47,359
Gross Amounts, Land and Land Improvements	5,119
Gross Amounts, Building and Building Improvements	47,448
Total	52,567
Accumulated Depreciation	$ (1,105)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Vintage Amelia
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 6
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Vantage Ashland
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	10
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Ethos Austin
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	19
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Walnut Bastrop
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	107
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	19
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Ethan Pointe
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	16
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Stonebriar Frisco
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	159
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Darby Holly Springs
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	31
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	11
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Orchard Hills
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	15
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	7
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Woodland Lakes Lansing
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	5
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	188
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Lakeside Marietta
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	116
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Reserve Maryville
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	25
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Vintage Juliet
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	33
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	101
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Hickory Point Nashville
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	155
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Emerson Pflugerville
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	22
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Foxwood Raleigh
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	27
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Sugar Flats SLC
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	46
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Ranch 123 Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	28
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Vintage Tollgate
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	31
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Reserve Tuscaloosa
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	216
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Stonebrook Tyler
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	71
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Vintage Amelia
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(3,084)
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Vantage Ashland
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	138
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Ethos Austin
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,024
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Walnut Bastrop
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	135
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	96
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Ethan Pointe
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	76
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | 1400 Chestnut
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	25
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Stonebriar Frisco
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	148
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Darby Holly Springs
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	53
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	227
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Orchard Hills
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	282
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	142
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Woodland Lakes Lansing
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	283
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(4,126)
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Lakeside Marietta
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	320
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Reserve Maryville
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	250
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Vintage Juliet
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	119
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	69
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Hickory Point Nashville
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	198
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Emerson Pflugerville
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	92
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Prinwood Place
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	65
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Foxwood Raleigh
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	122
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Sugar Flats SLC
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	47
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Ranch 123 Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	39
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Vintage Tollgate
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	45
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Reserve Tuscaloosa
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	696
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Stonebrook Tyler
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 89
Multifamily | Florida Affordable Housing Portfolio II
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 85,840
Initial Cost, Land and Land Improvements	16,599
Initial Cost, Building and Building Improvements	95,453
Gross Amounts, Land and Land Improvements	16,850
Gross Amounts, Building and Building Improvements	105,439
Total	122,289
Accumulated Depreciation	$ (8,260)
Year Acquired	Dec. 31, 2021
Number of properties | Property	4
Multifamily | Florida Affordable Housing Portfolio II | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 251
Multifamily | Florida Affordable Housing Portfolio II | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 9,986
Multifamily | Azalea Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Pflugerville, TX
Encumbrances	$ 107,590
Initial Cost, Land and Land Improvements	24,606
Initial Cost, Building and Building Improvements	142,875
Gross Amounts, Land and Land Improvements	24,729
Gross Amounts, Building and Building Improvements	142,586
Total	167,315
Accumulated Depreciation	$ (6,222)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Dallas, TX
Encumbrances	$ 84,140
Initial Cost, Land and Land Improvements	13,031
Initial Cost, Building and Building Improvements	125,670
Gross Amounts, Land and Land Improvements	13,068
Gross Amounts, Building and Building Improvements	125,703
Total	138,771
Accumulated Depreciation	$ (5,155)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Luxe
Real Estate And Accumulated Depreciation [Line Items]
Location	Aubrey, TX
Encumbrances	$ 52,290
Initial Cost, Land and Land Improvements	10,084
Initial Cost, Building and Building Improvements	78,835
Gross Amounts, Land and Land Improvements	10,145
Gross Amounts, Building and Building Improvements	79,085
Total	89,230
Accumulated Depreciation	$ (3,474)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Autumn Wind
Real Estate And Accumulated Depreciation [Line Items]
Location	Murfreesboro, TN
Multifamily | Azalea Multifamily Portfolio | Afton Ridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Concord, NC
Encumbrances	$ 54,062
Initial Cost, Land and Land Improvements	9,516
Initial Cost, Building and Building Improvements	62,919
Gross Amounts, Land and Land Improvements	9,618
Gross Amounts, Building and Building Improvements	62,946
Total	72,564
Accumulated Depreciation	$ (2,836)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Ariva
Real Estate And Accumulated Depreciation [Line Items]
Location	Lakeland, FL
Encumbrances	$ 51,899
Initial Cost, Land and Land Improvements	9,846
Initial Cost, Building and Building Improvements	57,063
Gross Amounts, Land and Land Improvements	9,882
Gross Amounts, Building and Building Improvements	57,263
Total	67,145
Accumulated Depreciation	$ (2,933)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Autumn Wood
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	$ 42,490
Initial Cost, Land and Land Improvements	6,114
Initial Cost, Building and Building Improvements	54,974
Gross Amounts, Land and Land Improvements	6,188
Gross Amounts, Building and Building Improvements	54,835
Total	61,023
Accumulated Depreciation	$ (2,546)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Clearbrook
Real Estate And Accumulated Depreciation [Line Items]
Location	Frederick, MD
Encumbrances	$ 62,090
Initial Cost, Land and Land Improvements	12,564
Initial Cost, Building and Building Improvements	51,451
Gross Amounts, Land and Land Improvements	12,606
Gross Amounts, Building and Building Improvements	51,371
Total	63,977
Accumulated Depreciation	$ (2,245)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Crosstown
Real Estate And Accumulated Depreciation [Line Items]
Location	Tampa, FL
Encumbrances	$ 58,695
Initial Cost, Land and Land Improvements	8,066
Initial Cost, Building and Building Improvements	65,753
Gross Amounts, Land and Land Improvements	8,076
Gross Amounts, Building and Building Improvements	65,710
Total	73,786
Accumulated Depreciation	$ (2,958)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Gwinnett Stadium
Real Estate And Accumulated Depreciation [Line Items]
Location	Lawrenceville, GA
Encumbrances	$ 41,090
Initial Cost, Land and Land Improvements	5,199
Initial Cost, Building and Building Improvements	48,131
Gross Amounts, Land and Land Improvements	5,247
Gross Amounts, Building and Building Improvements	48,131
Total	53,378
Accumulated Depreciation	$ (1,909)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Lakehouse
Real Estate And Accumulated Depreciation [Line Items]
Location	Plant City, FL
Encumbrances	$ 16,940
Initial Cost, Land and Land Improvements	3,334
Initial Cost, Building and Building Improvements	23,339
Gross Amounts, Land and Land Improvements	3,347
Gross Amounts, Building and Building Improvements	23,317
Total	26,664
Accumulated Depreciation	$ (1,100)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Millenia
Real Estate And Accumulated Depreciation [Line Items]
Location	Orlando, FL
Encumbrances	$ 36,890
Initial Cost, Land and Land Improvements	6,305
Initial Cost, Building and Building Improvements	47,647
Gross Amounts, Land and Land Improvements	6,347
Gross Amounts, Building and Building Improvements	47,591
Total	53,938
Accumulated Depreciation	$ (2,098)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Park Place
Real Estate And Accumulated Depreciation [Line Items]
Location	Morrisville, NC
Encumbrances	$ 52,920
Initial Cost, Land and Land Improvements	9,295
Initial Cost, Building and Building Improvements	57,281
Gross Amounts, Land and Land Improvements	9,302
Gross Amounts, Building and Building Improvements	57,428
Total	66,730
Accumulated Depreciation	$ (2,688)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Thorton Park
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 66,616
Initial Cost, Land and Land Improvements	9,950
Initial Cost, Building and Building Improvements	91,924
Gross Amounts, Land and Land Improvements	10,151
Gross Amounts, Building and Building Improvements	92,210
Total	102,361
Accumulated Depreciation	$ (3,926)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Travesia
Real Estate And Accumulated Depreciation [Line Items]
Location	Austin, TX
Encumbrances	$ 75,460
Initial Cost, Land and Land Improvements	13,787
Initial Cost, Building and Building Improvements	79,703
Gross Amounts, Land and Land Improvements	13,920
Gross Amounts, Building and Building Improvements	79,965
Total	93,885
Accumulated Depreciation	$ (3,484)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Victoria Grand
Real Estate And Accumulated Depreciation [Line Items]
Location	Tallahassee, FL
Encumbrances	$ 47,390
Initial Cost, Land and Land Improvements	7,002
Initial Cost, Building and Building Improvements	61,768
Gross Amounts, Land and Land Improvements	7,021
Gross Amounts, Building and Building Improvements	61,964
Total	68,985
Accumulated Depreciation	$ (2,754)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Keystone Castle Hills
Real Estate And Accumulated Depreciation [Line Items]
Location	Dallas, TX
Encumbrances	$ 89,922
Initial Cost, Land and Land Improvements	23,122
Initial Cost, Building and Building Improvements	99,118
Gross Amounts, Land and Land Improvements	23,658
Gross Amounts, Building and Building Improvements	100,036
Total	123,694
Accumulated Depreciation	$ (6,925)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 123
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	37
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Luxe
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	61
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Afton Ridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	102
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Ariva
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	36
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Autumn Wood
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	74
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Clearbrook
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	42
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Crosstown
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	10
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Gwinnett Stadium
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	48
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Lakehouse
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	13
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Millenia
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	42
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Park Place
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	7
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Thorton Park
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	201
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Travesia
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	133
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Victoria Grand
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	19
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Keystone Castle Hills
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	536
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(289)
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	33
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Luxe
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	250
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Afton Ridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	27
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Ariva
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	200
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Autumn Wood
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(139)
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Clearbrook
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(80)
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Crosstown
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(43)
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Lakehouse
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(22)
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Millenia
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(56)
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Park Place
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	147
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Thorton Park
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	286
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Travesia
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	262
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Victoria Grand
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	196
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Keystone Castle Hills
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 918
Multifamily | Greater Boston Affordable Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Boston, MA
Encumbrances	$ 143,127
Initial Cost, Land and Land Improvements	60,313
Initial Cost, Building and Building Improvements	176,849
Gross Amounts, Land and Land Improvements	60,708
Gross Amounts, Building and Building Improvements	176,562
Total	237,270
Accumulated Depreciation	$ (6,725)
Year Acquired	Dec. 31, 2021
Number of properties | Property	5
Multifamily | Greater Boston Affordable Portfolio | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 395
Multifamily | Greater Boston Affordable Portfolio | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (287)
Multifamily | Columbus Preferred Portfolio | 5188 Baxter Park
Real Estate And Accumulated Depreciation [Line Items]
Location	Westerville, OH
Encumbrances	$ 21,700
Initial Cost, Land and Land Improvements	6,795
Initial Cost, Building and Building Improvements	23,058
Gross Amounts, Land and Land Improvements	6,795
Gross Amounts, Building and Building Improvements	23,058
Total	29,853
Accumulated Depreciation	$ (898)
Year Acquired	Dec. 31, 2021
Multifamily | Columbus Preferred Portfolio | 1025 Luxe Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Columbus, OH
Encumbrances	$ 45,500
Initial Cost, Land and Land Improvements	7,955
Initial Cost, Building and Building Improvements	43,178
Gross Amounts, Land and Land Improvements	7,995
Gross Amounts, Building and Building Improvements	43,178
Total	51,173
Accumulated Depreciation	$ (1,507)
Year Acquired	Dec. 31, 2021
Multifamily | Columbus Preferred Portfolio | The Palmer Dadeland
Real Estate And Accumulated Depreciation [Line Items]
Location	Miami, FL
Encumbrances	$ 259,800
Initial Cost, Land and Land Improvements	56,854
Initial Cost, Building and Building Improvements	304,585
Gross Amounts, Land and Land Improvements	57,228
Gross Amounts, Building and Building Improvements	304,996
Total	362,224
Accumulated Depreciation	$ (11,888)
Year Acquired	Dec. 31, 2021
Multifamily | Columbus Preferred Portfolio | Seven Springs Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Burlington, MA
Encumbrances	$ 117,110
Initial Cost, Land and Land Improvements	27,104
Initial Cost, Building and Building Improvements	164,679
Gross Amounts, Land and Land Improvements	27,134
Gross Amounts, Building and Building Improvements	165,026
Total	192,160
Accumulated Depreciation	$ (6,406)
Year Acquired	Dec. 31, 2021
Multifamily | Columbus Preferred Portfolio | Maison's Landing
Real Estate And Accumulated Depreciation [Line Items]
Location	Salt Lake City, UT
Encumbrances	$ 102,120
Initial Cost, Land and Land Improvements	14,890
Initial Cost, Building and Building Improvements	152,592
Gross Amounts, Land and Land Improvements	14,971
Gross Amounts, Building and Building Improvements	153,000
Total	167,971
Accumulated Depreciation	$ (6,639)
Year Acquired	Dec. 31, 2021
Multifamily | Columbus Preferred Portfolio | Sawyer Flats
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost, Building and Building Improvements	$ 168,846
Gross Amounts, Building and Building Improvements	169,808
Multifamily | Columbus Preferred Portfolio | Land and Land Improvements | 1025 Luxe Avenue
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	40
Multifamily | Columbus Preferred Portfolio | Land and Land Improvements | The Palmer Dadeland
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	374
Multifamily | Columbus Preferred Portfolio | Land and Land Improvements | Seven Springs Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	30
Multifamily | Columbus Preferred Portfolio | Land and Land Improvements | Maison's Landing
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	81
Multifamily | Columbus Preferred Portfolio | Building and Building Improvements | The Palmer Dadeland
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	411
Multifamily | Columbus Preferred Portfolio | Building and Building Improvements | Seven Springs Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	347
Multifamily | Columbus Preferred Portfolio | Building and Building Improvements | Maison's Landing
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	408
Multifamily | Columbus Preferred Portfolio | Building and Building Improvements | Sawyer Flats
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 962
Multifamily | Florida Affordable Housing Portfolio III | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Bradenton, FL
Encumbrances	$ 75,290
Initial Cost, Land and Land Improvements	20,960
Initial Cost, Building and Building Improvements	101,049
Gross Amounts, Land and Land Improvements	21,478
Gross Amounts, Building and Building Improvements	101,554
Total	123,032
Accumulated Depreciation	$ (5,567)
Year Acquired	Dec. 31, 2021
Multifamily | Florida Affordable Housing Portfolio III | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Lakeland, FL
Encumbrances	$ 37,080
Initial Cost, Land and Land Improvements	7,112
Initial Cost, Building and Building Improvements	57,801
Gross Amounts, Land and Land Improvements	7,549
Gross Amounts, Building and Building Improvements	57,956
Total	65,505
Accumulated Depreciation	$ (2,824)
Year Acquired	Dec. 31, 2021
Multifamily | Florida Affordable Housing Portfolio III | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Tampa, FL
Encumbrances	$ 73,610
Initial Cost, Land and Land Improvements	26,276
Initial Cost, Building and Building Improvements	96,632
Gross Amounts, Land and Land Improvements	26,646
Gross Amounts, Building and Building Improvements	96,907
Total	123,553
Accumulated Depreciation	$ (5,189)
Year Acquired	Dec. 31, 2021
Multifamily | Florida Affordable Housing Portfolio III | Charleston Place
Real Estate And Accumulated Depreciation [Line Items]
Location	Holly Hill, FL
Encumbrances	$ 17,520
Initial Cost, Land and Land Improvements	5,930
Initial Cost, Building and Building Improvements	21,309
Gross Amounts, Land and Land Improvements	5,997
Gross Amounts, Building and Building Improvements	21,513
Total	27,510
Accumulated Depreciation	$ (1,285)
Year Acquired	Dec. 31, 2021
Multifamily | Florida Affordable Housing Portfolio III | Club at Sugar Mill
Real Estate And Accumulated Depreciation [Line Items]
Location	Port Orange, FL
Encumbrances	$ 14,260
Initial Cost, Land and Land Improvements	4,449
Initial Cost, Building and Building Improvements	15,946
Gross Amounts, Land and Land Improvements	4,518
Gross Amounts, Building and Building Improvements	16,116
Total	20,634
Accumulated Depreciation	$ (951)
Year Acquired	Dec. 31, 2021
Multifamily | Florida Affordable Housing Portfolio III | Nantucket Bay
Real Estate And Accumulated Depreciation [Line Items]
Location	Temple Terrace, FL
Encumbrances	$ 15,150
Initial Cost, Land and Land Improvements	6,364
Initial Cost, Building and Building Improvements	18,782
Gross Amounts, Land and Land Improvements	6,452
Gross Amounts, Building and Building Improvements	18,823
Total	25,275
Accumulated Depreciation	$ (974)
Year Acquired	Dec. 31, 2021
Multifamily | Florida Affordable Housing Portfolio III | Savannah Bay
Real Estate And Accumulated Depreciation [Line Items]
Location	Tarpon Springs, FL
Encumbrances	$ 12,610
Initial Cost, Land and Land Improvements	5,374
Initial Cost, Building and Building Improvements	9,640
Gross Amounts, Land and Land Improvements	5,488
Gross Amounts, Building and Building Improvements	9,732
Total	15,220
Accumulated Depreciation	$ (728)
Year Acquired	Dec. 31, 2021
Multifamily | Florida Affordable Housing Portfolio III | Brookwood Forest
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 23,560
Initial Cost, Land and Land Improvements	4,250
Initial Cost, Building and Building Improvements	35,025
Gross Amounts, Land and Land Improvements	4,432
Gross Amounts, Building and Building Improvements	35,307
Total	39,739
Accumulated Depreciation	$ (1,565)
Year Acquired	Dec. 31, 2021
Multifamily | Florida Affordable Housing Portfolio III | Enclave on Woodbridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Fernandina Beach, FL
Encumbrances	$ 25,690
Initial Cost, Land and Land Improvements	6,407
Initial Cost, Building and Building Improvements	36,228
Gross Amounts, Land and Land Improvements	6,454
Gross Amounts, Building and Building Improvements	36,544
Total	42,998
Accumulated Depreciation	$ (1,989)
Year Acquired	Dec. 31, 2021
Multifamily | Florida Affordable Housing Portfolio III | Nantucket Cove
Real Estate And Accumulated Depreciation [Line Items]
Location	Springhill, FL
Encumbrances	$ 15,800
Initial Cost, Land and Land Improvements	4,592
Initial Cost, Building and Building Improvements	20,167
Gross Amounts, Land and Land Improvements	4,663
Gross Amounts, Building and Building Improvements	20,216
Total	24,879
Accumulated Depreciation	$ (1,243)
Year Acquired	Dec. 31, 2021
Multifamily | Florida Affordable Housing Portfolio III | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 518
Multifamily | Florida Affordable Housing Portfolio III | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	437
Multifamily | Florida Affordable Housing Portfolio III | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	370
Multifamily | Florida Affordable Housing Portfolio III | Land and Land Improvements | Charleston Place
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	67
Multifamily | Florida Affordable Housing Portfolio III | Land and Land Improvements | Club at Sugar Mill
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	69
Multifamily | Florida Affordable Housing Portfolio III | Land and Land Improvements | Nantucket Bay
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	88
Multifamily | Florida Affordable Housing Portfolio III | Land and Land Improvements | Savannah Bay
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	114
Multifamily | Florida Affordable Housing Portfolio III | Land and Land Improvements | Brookwood Forest
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	182
Multifamily | Florida Affordable Housing Portfolio III | Land and Land Improvements | Enclave on Woodbridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	47
Multifamily | Florida Affordable Housing Portfolio III | Land and Land Improvements | Nantucket Cove
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	71
Multifamily | Florida Affordable Housing Portfolio III | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	505
Multifamily | Florida Affordable Housing Portfolio III | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	155
Multifamily | Florida Affordable Housing Portfolio III | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	275
Multifamily | Florida Affordable Housing Portfolio III | Building and Building Improvements | Charleston Place
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	204
Multifamily | Florida Affordable Housing Portfolio III | Building and Building Improvements | Club at Sugar Mill
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	170
Multifamily | Florida Affordable Housing Portfolio III | Building and Building Improvements | Nantucket Bay
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	41
Multifamily | Florida Affordable Housing Portfolio III | Building and Building Improvements | Savannah Bay
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	92
Multifamily | Florida Affordable Housing Portfolio III | Building and Building Improvements | Brookwood Forest
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	282
Multifamily | Florida Affordable Housing Portfolio III | Building and Building Improvements | Enclave on Woodbridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	316
Multifamily | Florida Affordable Housing Portfolio III | Building and Building Improvements | Nantucket Cove
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 49
Multifamily | South Florida Multifamily Portfolio | Bella Vista
Real Estate And Accumulated Depreciation [Line Items]
Location	Boca Raton, FL
Encumbrances	$ 95,500
Initial Cost, Land and Land Improvements	13,144
Initial Cost, Building and Building Improvements	125,094
Gross Amounts, Land and Land Improvements	17,131
Gross Amounts, Building and Building Improvements	120,564
Total	137,695
Accumulated Depreciation	$ (3,961)
Year Acquired	Dec. 31, 2021
Multifamily | South Florida Multifamily Portfolio | Centro Sunforest
Real Estate And Accumulated Depreciation [Line Items]
Location	Davie, FL
Encumbrances	$ 103,300
Initial Cost, Land and Land Improvements	25,015
Initial Cost, Building and Building Improvements	152,738
Gross Amounts, Land and Land Improvements	21,430
Gross Amounts, Building and Building Improvements	152,147
Total	173,577
Accumulated Depreciation	$ (5,258)
Year Acquired	Dec. 31, 2021
Multifamily | South Florida Multifamily Portfolio | Stonybrook
Real Estate And Accumulated Depreciation [Line Items]
Location	Boynton Beach, FL
Encumbrances	$ 67,600
Initial Cost, Land and Land Improvements	12,346
Initial Cost, Building and Building Improvements	81,036
Gross Amounts, Land and Land Improvements	13,086
Gross Amounts, Building and Building Improvements	81,328
Total	94,414
Accumulated Depreciation	$ (2,849)
Year Acquired	Dec. 31, 2021
Multifamily | South Florida Multifamily Portfolio | Land and Land Improvements | Bella Vista
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 3,987
Multifamily | South Florida Multifamily Portfolio | Land and Land Improvements | Centro Sunforest
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(3,585)
Multifamily | South Florida Multifamily Portfolio | Land and Land Improvements | Stonybrook
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	740
Multifamily | South Florida Multifamily Portfolio | Building and Building Improvements | Bella Vista
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(4,530)
Multifamily | South Florida Multifamily Portfolio | Building and Building Improvements | Centro Sunforest
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(591)
Multifamily | South Florida Multifamily Portfolio | Building and Building Improvements | Stonybrook
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 292
Multifamily | SEG Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Everett, WA
Encumbrances	$ 137,700
Initial Cost, Land and Land Improvements	31,576
Initial Cost, Building and Building Improvements	198,984
Gross Amounts, Land and Land Improvements	29,508
Gross Amounts, Building and Building Improvements	225,344
Total	254,852
Accumulated Depreciation	$ (8,143)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	High Point, NC
Encumbrances	$ 27,000
Initial Cost, Land and Land Improvements	5,848
Initial Cost, Building and Building Improvements	36,515
Costs Capitalized Subsequent to Acquisition	4,489
Gross Amounts, Land and Land Improvements	5,134
Gross Amounts, Building and Building Improvements	41,004
Total	46,138
Accumulated Depreciation	$ (2,127)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Kennesaw, GA
Encumbrances	$ 91,500
Initial Cost, Land and Land Improvements	19,020
Initial Cost, Building and Building Improvements	118,562
Costs Capitalized Subsequent to Acquisition	18,914
Gross Amounts, Land and Land Improvements	16,105
Gross Amounts, Building and Building Improvements	137,476
Total	153,581
Accumulated Depreciation	$ (4,482)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Knoxville, TN
Encumbrances	$ 138,800
Initial Cost, Land and Land Improvements	29,131
Initial Cost, Building and Building Improvements	337,357
Costs Capitalized Subsequent to Acquisition	(135,864)
Gross Amounts, Land and Land Improvements	33,995
Gross Amounts, Building and Building Improvements	201,493
Total	235,488
Accumulated Depreciation	$ (9,075)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Parker, CO
Encumbrances	$ 147,100
Initial Cost, Land and Land Improvements	33,819
Initial Cost, Building and Building Improvements	252,352
Costs Capitalized Subsequent to Acquisition	9,080
Gross Amounts, Land and Land Improvements	15,519
Gross Amounts, Building and Building Improvements	261,432
Total	276,951
Accumulated Depreciation	$ (10,251)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Savannah, GA
Encumbrances	$ 58,000
Initial Cost, Land and Land Improvements	11,943
Initial Cost, Building and Building Improvements	82,787
Costs Capitalized Subsequent to Acquisition	2,534
Gross Amounts, Land and Land Improvements	9,821
Gross Amounts, Building and Building Improvements	85,321
Total	95,142
Accumulated Depreciation	$ (3,104)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Waldorf, MD
Encumbrances	$ 260,500
Initial Cost, Land and Land Improvements	57,581
Initial Cost, Building and Building Improvements	359,089
Costs Capitalized Subsequent to Acquisition	17,401
Gross Amounts, Land and Land Improvements	93,237
Gross Amounts, Building and Building Improvements	376,490
Total	469,727
Accumulated Depreciation	$ (15,327)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Warner Robins, GA
Encumbrances	$ 39,000
Initial Cost, Land and Land Improvements	8,171
Initial Cost, Building and Building Improvements	51,003
Costs Capitalized Subsequent to Acquisition	3,789
Gross Amounts, Land and Land Improvements	10,563
Gross Amounts, Building and Building Improvements	54,792
Total	65,355
Accumulated Depreciation	$ (2,280)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Wilmington, NC
Encumbrances	$ 69,500
Initial Cost, Land and Land Improvements	14,485
Initial Cost, Building and Building Improvements	90,475
Gross Amounts, Land and Land Improvements	13,833
Gross Amounts, Building and Building Improvements	102,730
Total	116,563
Accumulated Depreciation	$ (4,646)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Alta Mill Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Austell, GA
Encumbrances	$ 63,100
Initial Cost, Land and Land Improvements	13,213
Initial Cost, Building and Building Improvements	82,343
Gross Amounts, Land and Land Improvements	12,175
Gross Amounts, Building and Building Improvements	94,244
Total	106,419
Accumulated Depreciation	$ (3,102)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Arnada Pointe
Real Estate And Accumulated Depreciation [Line Items]
Location	Vancouver, WA
Encumbrances	$ 30,600
Initial Cost, Land and Land Improvements	7,127
Initial Cost, Building and Building Improvements	45,385
Costs Capitalized Subsequent to Acquisition	7,404
Gross Amounts, Land and Land Improvements	5,345
Gross Amounts, Building and Building Improvements	52,789
Total	58,134
Accumulated Depreciation	$ (2,153)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Ashmore Bridge Estates Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Mauldin, SC
Encumbrances	$ 27,400
Initial Cost, Land and Land Improvements	5,548
Initial Cost, Building and Building Improvements	42,280
Costs Capitalized Subsequent to Acquisition	(3,809)
Gross Amounts, Land and Land Improvements	6,090
Gross Amounts, Building and Building Improvements	38,471
Total	44,561
Accumulated Depreciation	$ (1,557)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Audubon Park Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Hanahan, SC
Encumbrances	$ 26,200
Initial Cost, Land and Land Improvements	5,397
Initial Cost, Building and Building Improvements	33,706
Costs Capitalized Subsequent to Acquisition	4,640
Gross Amounts, Land and Land Improvements	5,142
Gross Amounts, Building and Building Improvements	38,346
Total	43,488
Accumulated Depreciation	$ (1,316)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Brandemere
Real Estate And Accumulated Depreciation [Line Items]
Location	Salem, NC
Encumbrances	$ 24,600
Initial Cost, Land and Land Improvements	5,274
Initial Cost, Building and Building Improvements	32,967
Costs Capitalized Subsequent to Acquisition	3,689
Gross Amounts, Land and Land Improvements	5,907
Gross Amounts, Building and Building Improvements	36,656
Total	42,563
Accumulated Depreciation	$ (2,006)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Brook Valley Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Douglasville, GA
Encumbrances	$ 23,000
Initial Cost, Land and Land Improvements	4,837
Initial Cost, Building and Building Improvements	30,158
Gross Amounts, Land and Land Improvements	5,167
Gross Amounts, Building and Building Improvements	33,737
Total	38,904
Accumulated Depreciation	$ (1,392)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Durant at Sugarloaf Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Lawrenceville, GA
Encumbrances	$ 40,000
Initial Cost, Land and Land Improvements	8,390
Initial Cost, Building and Building Improvements	52,333
Costs Capitalized Subsequent to Acquisition	2,248
Gross Amounts, Land and Land Improvements	12,812
Gross Amounts, Building and Building Improvements	54,581
Total	67,393
Accumulated Depreciation	$ (1,994)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Estate on Quarry Lake Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Austin, TX
Encumbrances	$ 45,500
Initial Cost, Land and Land Improvements	9,565
Initial Cost, Building and Building Improvements	59,725
Gross Amounts, Land and Land Improvements	6,176
Gross Amounts, Building and Building Improvements	71,960
Total	78,136
Accumulated Depreciation	$ (2,834)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Estates at Bellwood Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Greenville, SC
Encumbrances	$ 15,300
Initial Cost, Land and Land Improvements	3,266
Initial Cost, Building and Building Improvements	20,401
Costs Capitalized Subsequent to Acquisition	2,054
Gross Amounts, Land and Land Improvements	3,718
Gross Amounts, Building and Building Improvements	22,455
Total	26,173
Accumulated Depreciation	$ (873)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Falls at Sope Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	Marietta, GA
Encumbrances	$ 60,300
Initial Cost, Land and Land Improvements	12,667
Initial Cost, Building and Building Improvements	78,943
Costs Capitalized Subsequent to Acquisition	11,244
Gross Amounts, Land and Land Improvements	12,165
Gross Amounts, Building and Building Improvements	90,187
Total	102,352
Accumulated Depreciation	$ (3,688)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Gio Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Plano, TX
Encumbrances	$ 86,900
Initial Cost, Land and Land Improvements	22,546
Initial Cost, Building and Building Improvements	140,590
Costs Capitalized Subsequent to Acquisition	26,028
Gross Amounts, Land and Land Improvements	16,880
Gross Amounts, Building and Building Improvements	166,618
Total	183,498
Accumulated Depreciation	$ (6,891)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Grande Club Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Duluth, GA
Encumbrances	$ 36,200
Initial Cost, Land and Land Improvements	7,884
Initial Cost, Building and Building Improvements	49,229
Gross Amounts, Land and Land Improvements	10,861
Gross Amounts, Building and Building Improvements	54,067
Total	64,928
Accumulated Depreciation	$ (1,952)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Grande Oaks
Real Estate And Accumulated Depreciation [Line Items]
Location	Roswell, GA
Encumbrances	$ 44,600
Initial Cost, Land and Land Improvements	9,373
Initial Cost, Building and Building Improvements	58,394
Costs Capitalized Subsequent to Acquisition	6,955
Gross Amounts, Land and Land Improvements	10,605
Gross Amounts, Building and Building Improvements	65,349
Total	75,954
Accumulated Depreciation	$ (2,072)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Grove Veridian
Real Estate And Accumulated Depreciation [Line Items]
Location	Spartanburg, NC
Encumbrances	$ 12,100
Initial Cost, Land and Land Improvements	2,555
Initial Cost, Building and Building Improvements	15,966
Costs Capitalized Subsequent to Acquisition	2,290
Gross Amounts, Land and Land Improvements	2,812
Gross Amounts, Building and Building Improvements	18,256
Total	21,068
Accumulated Depreciation	$ (645)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Waterford Landing Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Hermitage, TN
Encumbrances	$ 25,800
Initial Cost, Land and Land Improvements	5,616
Initial Cost, Building and Building Improvements	64,899
Costs Capitalized Subsequent to Acquisition	(23,661)
Gross Amounts, Land and Land Improvements	4,298
Gross Amounts, Building and Building Improvements	41,238
Total	45,536
Accumulated Depreciation	$ (1,320)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Waterstone at Murietta Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Murieta, CA
Encumbrances	$ 83,300
Initial Cost, Land and Land Improvements	18,884
Initial Cost, Building and Building Improvements	117,823
Costs Capitalized Subsequent to Acquisition	17,644
Gross Amounts, Land and Land Improvements	18,057
Gross Amounts, Building and Building Improvements	135,467
Total	153,524
Accumulated Depreciation	$ (5,523)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Icon on the Greenway
Real Estate And Accumulated Depreciation [Line Items]
Location	Gastonia, NC
Encumbrances	$ 24,800
Initial Cost, Land and Land Improvements	5,110
Initial Cost, Building and Building Improvements	31,932
Costs Capitalized Subsequent to Acquisition	6,323
Gross Amounts, Land and Land Improvements	3,287
Gross Amounts, Building and Building Improvements	38,255
Total	41,542
Accumulated Depreciation	$ (1,765)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Woodland Crossing Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	New Bern, NC
Encumbrances	$ 23,900
Initial Cost, Land and Land Improvements	5,261
Initial Cost, Building and Building Improvements	32,819
Costs Capitalized Subsequent to Acquisition	6,274
Gross Amounts, Land and Land Improvements	3,105
Gross Amounts, Building and Building Improvements	39,093
Total	42,198
Accumulated Depreciation	$ (1,841)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Lee's Crossing
Real Estate And Accumulated Depreciation [Line Items]
Location	La Grange, GA
Encumbrances	$ 28,800
Initial Cost, Land and Land Improvements	6,053
Initial Cost, Building and Building Improvements	37,698
Costs Capitalized Subsequent to Acquisition	4,726
Gross Amounts, Land and Land Improvements	6,332
Gross Amounts, Building and Building Improvements	42,424
Total	48,756
Accumulated Depreciation	$ (1,984)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Woodland Park Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Greensboro, NC
Encumbrances	$ 15,000
Initial Cost, Land and Land Improvements	3,484
Initial Cost, Building and Building Improvements	27,201
Costs Capitalized Subsequent to Acquisition	(2,922)
Gross Amounts, Land and Land Improvements	4,816
Gross Amounts, Building and Building Improvements	24,279
Total	29,095
Accumulated Depreciation	$ (1,346)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Northtowne Village Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Hixson, TN
Encumbrances	$ 17,500
Initial Cost, Land and Land Improvements	3,621
Initial Cost, Building and Building Improvements	41,985
Costs Capitalized Subsequent to Acquisition	(16,285)
Gross Amounts, Land and Land Improvements	3,245
Gross Amounts, Building and Building Improvements	25,700
Total	28,945
Accumulated Depreciation	$ (1,016)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Wyndchase Bellevue Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Nashville, TN
Encumbrances	$ 31,300
Initial Cost, Land and Land Improvements	6,531
Initial Cost, Building and Building Improvements	75,691
Costs Capitalized Subsequent to Acquisition	(26,315)
Gross Amounts, Land and Land Improvements	3,557
Gross Amounts, Building and Building Improvements	49,376
Total	52,933
Accumulated Depreciation	$ (1,473)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Lodge at Mallard Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	Charlotte, NC
Encumbrances	$ 35,600
Initial Cost, Land and Land Improvements	7,816
Initial Cost, Building and Building Improvements	48,785
Gross Amounts, Land and Land Improvements	6,363
Gross Amounts, Building and Building Improvements	56,987
Total	63,350
Accumulated Depreciation	$ (2,475)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Nickel Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	Lynnwood, WA
Encumbrances	$ 33,300
Initial Cost, Land and Land Improvements	8,062
Initial Cost, Building and Building Improvements	50,855
Costs Capitalized Subsequent to Acquisition	7,298
Gross Amounts, Land and Land Improvements	8,336
Gross Amounts, Building and Building Improvements	58,153
Total	66,489
Accumulated Depreciation	$ (2,108)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Northwood Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Macon, GA
Encumbrances	$ 21,000
Initial Cost, Land and Land Improvements	4,400
Initial Cost, Building and Building Improvements	27,497
Costs Capitalized Subsequent to Acquisition	2,967
Gross Amounts, Land and Land Improvements	4,593
Gross Amounts, Building and Building Improvements	30,464
Total	35,057
Accumulated Depreciation	$ (1,174)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Palm Club
Real Estate And Accumulated Depreciation [Line Items]
Location	Brunswick, GA
Encumbrances	$ 13,800
Initial Cost, Land and Land Improvements	2,883
Initial Cost, Building and Building Improvements	18,036
Gross Amounts, Land and Land Improvements	2,525
Gross Amounts, Building and Building Improvements	20,543
Total	23,068
Accumulated Depreciation	$ (727)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Patriot Point
Real Estate And Accumulated Depreciation [Line Items]
Location	Spring Lake, NC
Encumbrances	$ 16,100
Initial Cost, Land and Land Improvements	3,238
Initial Cost, Building and Building Improvements	20,253
Costs Capitalized Subsequent to Acquisition	2,319
Gross Amounts, Land and Land Improvements	3,347
Gross Amounts, Building and Building Improvements	22,572
Total	25,919
Accumulated Depreciation	$ (1,225)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Racquet Club
Real Estate And Accumulated Depreciation [Line Items]
Location	Lexington, KY
Encumbrances	$ 34,100
Initial Cost, Land and Land Improvements	8,663
Initial Cost, Building and Building Improvements	53,959
Costs Capitalized Subsequent to Acquisition	5,277
Gross Amounts, Land and Land Improvements	10,960
Gross Amounts, Building and Building Improvements	59,236
Total	70,196
Accumulated Depreciation	$ (2,197)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Retreat at Grande Lake
Real Estate And Accumulated Depreciation [Line Items]
Location	Brunswick, GA
Encumbrances	$ 22,100
Initial Cost, Land and Land Improvements	4,646
Initial Cost, Building and Building Improvements	28,975
Gross Amounts, Land and Land Improvements	5,697
Gross Amounts, Building and Building Improvements	31,762
Total	37,459
Accumulated Depreciation	$ (1,309)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Retreat at Hidden Bay
Real Estate And Accumulated Depreciation [Line Items]
Location	St. Marys, GA
Encumbrances	$ 15,200
Initial Cost, Land and Land Improvements	3,170
Initial Cost, Building and Building Improvements	19,810
Costs Capitalized Subsequent to Acquisition	2,743
Gross Amounts, Land and Land Improvements	2,807
Gross Amounts, Building and Building Improvements	22,553
Total	25,360
Accumulated Depreciation	$ (903)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Smoky Crossing Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Seymour, TN
Encumbrances	$ 50,700
Initial Cost, Land and Land Improvements	10,371
Initial Cost, Building and Building Improvements	120,337
Costs Capitalized Subsequent to Acquisition	(46,148)
Gross Amounts, Land and Land Improvements	9,555
Gross Amounts, Building and Building Improvements	74,189
Total	83,744
Accumulated Depreciation	$ (2,687)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Towne Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	Gainesville, GA
Encumbrances	$ 15,800
Initial Cost, Land and Land Improvements	3,307
Initial Cost, Building and Building Improvements	20,549
Costs Capitalized Subsequent to Acquisition	1,632
Gross Amounts, Land and Land Improvements	4,424
Gross Amounts, Building and Building Improvements	22,181
Total	26,605
Accumulated Depreciation	$ (893)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (2,068)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(714)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(2,915)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	4,864
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(18,300)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(2,122)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	35,656
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	2,392
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(652)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Alta Mill Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,038)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Arnada Pointe
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,782)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Ashmore Bridge Estates Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	542
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Audubon Park Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(255)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Brandemere
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	633
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Brook Valley Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	330
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Durant at Sugarloaf Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	4,422
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Estate on Quarry Lake Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(3,389)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Estates at Bellwood Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	452
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Falls at Sope Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(502)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Gio Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(5,666)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Grande Club Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	2,977
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Grande Oaks
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,232
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Grove Veridian
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	257
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Waterford Landing Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,318)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Waterstone at Murietta Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(827)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Icon on the Greenway
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,823)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Woodland Crossing Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(2,156)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Lee's Crossing
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	279
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Woodland Park Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,332
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Northtowne Village Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(376)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Wyndchase Bellevue Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(2,974)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Lodge at Mallard Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,453)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Nickel Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	274
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Northwood Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	193
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Palm Club
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(358)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Patriot Point
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	109
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Racquet Club
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	2,297
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Retreat at Grande Lake
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,051
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Retreat at Hidden Bay
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(363)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Smoky Crossing Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(816)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Towne Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,117
Multifamily | SEG Multifamily Portfolio | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	12,255
Multifamily | SEG Multifamily Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	26,360
Multifamily | SEG Multifamily Portfolio | Building and Building Improvements | Alta Mill Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	11,901
Multifamily | SEG Multifamily Portfolio | Building and Building Improvements | Brook Valley Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	3,579
Multifamily | SEG Multifamily Portfolio | Building and Building Improvements | Estate on Quarry Lake Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	12,235
Multifamily | SEG Multifamily Portfolio | Building and Building Improvements | Grande Club Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	4,838
Multifamily | SEG Multifamily Portfolio | Building and Building Improvements | Lodge at Mallard Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	8,202
Multifamily | SEG Multifamily Portfolio | Building and Building Improvements | Palm Club
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	2,507
Multifamily | SEG Multifamily Portfolio | Building and Building Improvements | Retreat at Grande Lake
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 2,787
Multifamily | Raleigh Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Raleigh, NC
Encumbrances	$ 196,000
Initial Cost, Land and Land Improvements	40,491
Initial Cost, Building and Building Improvements	252,991
Gross Amounts, Land and Land Improvements	40,464
Gross Amounts, Building and Building Improvements	254,764
Total	295,228
Accumulated Depreciation	$ (7,546)
Year Acquired	Dec. 31, 2021
Multifamily | Raleigh Multifamily Portfolio | 2600 Harvest Creek Place
Real Estate And Accumulated Depreciation [Line Items]
Location	Cary, NC
Encumbrances	$ 60,900
Initial Cost, Land and Land Improvements	16,094
Initial Cost, Building and Building Improvements	77,575
Gross Amounts, Land and Land Improvements	16,083
Gross Amounts, Building and Building Improvements	78,065
Total	94,148
Accumulated Depreciation	$ (2,693)
Year Acquired	Dec. 31, 2021
Multifamily | Raleigh Multifamily Portfolio | 1000 Henrico Lane
Real Estate And Accumulated Depreciation [Line Items]
Location	Morrisville, NC
Encumbrances	$ 68,600
Initial Cost, Land and Land Improvements	12,383
Initial Cost, Building and Building Improvements	86,037
Gross Amounts, Land and Land Improvements	12,374
Gross Amounts, Building and Building Improvements	86,592
Total	98,966
Accumulated Depreciation	$ (2,930)
Year Acquired	Dec. 31, 2021
Multifamily | Raleigh Multifamily Portfolio | 5140 Copper Ridge Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Durham, NC
Encumbrances	$ 41,900
Initial Cost, Land and Land Improvements	8,733
Initial Cost, Building and Building Improvements	53,561
Gross Amounts, Land and Land Improvements	8,727
Gross Amounts, Building and Building Improvements	53,891
Total	62,618
Accumulated Depreciation	$ (1,937)
Year Acquired	Dec. 31, 2021
Multifamily | Raleigh Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (27)
Multifamily | Raleigh Multifamily Portfolio | Land and Land Improvements | 2600 Harvest Creek Place
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(11)
Multifamily | Raleigh Multifamily Portfolio | Land and Land Improvements | 1000 Henrico Lane
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(9)
Multifamily | Raleigh Multifamily Portfolio | Land and Land Improvements | 5140 Copper Ridge Drive
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(6)
Multifamily | Raleigh Multifamily Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,773
Multifamily | Raleigh Multifamily Portfolio | Building and Building Improvements | 2600 Harvest Creek Place
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	490
Multifamily | Raleigh Multifamily Portfolio | Building and Building Improvements | 1000 Henrico Lane
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	555
Multifamily | Raleigh Multifamily Portfolio | Building and Building Improvements | 5140 Copper Ridge Drive
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 330
Multifamily | Blue Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Orlando, FL
Encumbrances	$ 98,631
Initial Cost, Land and Land Improvements	14,701
Initial Cost, Building and Building Improvements	169,234
Gross Amounts, Land and Land Improvements	14,729
Gross Amounts, Building and Building Improvements	169,402
Total	184,131
Accumulated Depreciation	$ (2,368)
Year Acquired	Dec. 31, 2022
Multifamily | Blue Multifamily Portfolio | Grand Dominion
Real Estate And Accumulated Depreciation [Line Items]
Location	San Antonio, TX
Encumbrances	$ 37,958
Initial Cost, Land and Land Improvements	8,110
Initial Cost, Building and Building Improvements	61,274
Gross Amounts, Land and Land Improvements	8,116
Gross Amounts, Building and Building Improvements	61,351
Total	69,467
Accumulated Depreciation	$ (934)
Year Acquired	Dec. 31, 2022
Multifamily | Blue Multifamily Portfolio | Sands Clearwater
Real Estate And Accumulated Depreciation [Line Items]
Location	Tampa, FL
Encumbrances	$ 40,671
Initial Cost, Land and Land Improvements	8,675
Initial Cost, Building and Building Improvements	57,042
Gross Amounts, Land and Land Improvements	8,685
Gross Amounts, Building and Building Improvements	57,069
Total	65,754
Accumulated Depreciation	$ (884)
Year Acquired	Dec. 31, 2022
Multifamily | Blue Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 28
Multifamily | Blue Multifamily Portfolio | Land and Land Improvements | Grand Dominion
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	6
Multifamily | Blue Multifamily Portfolio | Land and Land Improvements | Sands Clearwater
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	10
Multifamily | Blue Multifamily Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	168
Multifamily | Blue Multifamily Portfolio | Building and Building Improvements | Grand Dominion
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	77
Multifamily | Blue Multifamily Portfolio | Building and Building Improvements | Sands Clearwater
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 27
Multifamily | Florida Affordable Housing Portfolio IV | Sonrise Villas
Real Estate And Accumulated Depreciation [Line Items]
Location	Fellsmere, FL
Encumbrances	$ 23,301
Initial Cost, Land and Land Improvements	5,733
Initial Cost, Building and Building Improvements	24,605
Gross Amounts, Land and Land Improvements	5,733
Gross Amounts, Building and Building Improvements	24,646
Total	30,379
Accumulated Depreciation	$ (496)
Year Acquired	Dec. 31, 2022
Multifamily | Florida Affordable Housing Portfolio IV | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Lakeland, FL
Encumbrances	$ 19,778
Initial Cost, Land and Land Improvements	6,864
Initial Cost, Building and Building Improvements	21,559
Gross Amounts, Land and Land Improvements	6,864
Gross Amounts, Building and Building Improvements	21,586
Total	28,450
Accumulated Depreciation	$ (350)
Year Acquired	Dec. 31, 2022
Multifamily | Florida Affordable Housing Portfolio IV | Overlook at Monroe
Real Estate And Accumulated Depreciation [Line Items]
Location	Sanford, FL
Encumbrances	$ 21,146
Initial Cost, Land and Land Improvements	4,502
Initial Cost, Building and Building Improvements	25,665
Gross Amounts, Land and Land Improvements	4,515
Gross Amounts, Building and Building Improvements	25,715
Total	30,230
Accumulated Depreciation	$ (446)
Year Acquired	Dec. 31, 2022
Multifamily | Florida Affordable Housing Portfolio IV | Raintree Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Clermont, FL
Encumbrances	$ 42,249
Initial Cost, Land and Land Improvements	6,481
Initial Cost, Building and Building Improvements	54,591
Gross Amounts, Land and Land Improvements	6,533
Gross Amounts, Building and Building Improvements	54,650
Total	61,183
Accumulated Depreciation	$ (888)
Year Acquired	Dec. 31, 2022
Multifamily | Florida Affordable Housing Portfolio IV | Madison Cove
Real Estate And Accumulated Depreciation [Line Items]
Location	Gainesville, FL
Encumbrances	$ 9,080
Initial Cost, Land and Land Improvements	2,409
Initial Cost, Building and Building Improvements	8,111
Gross Amounts, Land and Land Improvements	2,409
Gross Amounts, Building and Building Improvements	8,128
Total	10,537
Accumulated Depreciation	$ (191)
Year Acquired	Dec. 31, 2022
Multifamily | Florida Affordable Housing Portfolio IV | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Kissimmee, FL
Encumbrances	$ 92,897
Initial Cost, Land and Land Improvements	16,861
Initial Cost, Building and Building Improvements	110,587
Gross Amounts, Land and Land Improvements	16,861
Gross Amounts, Building and Building Improvements	110,731
Total	127,592
Accumulated Depreciation	$ (1,950)
Year Acquired	Dec. 31, 2022
Multifamily | Florida Affordable Housing Portfolio IV | Mystic Pointe II
Real Estate And Accumulated Depreciation [Line Items]
Location	Orlando, FL
Encumbrances	$ 39,717
Initial Cost, Land and Land Improvements	5,221
Initial Cost, Building and Building Improvements	52,249
Gross Amounts, Land and Land Improvements	5,225
Gross Amounts, Building and Building Improvements	52,282
Total	57,507
Accumulated Depreciation	$ (818)
Year Acquired	Dec. 31, 2022
Multifamily | Florida Affordable Housing Portfolio IV | Land and Land Improvements | Overlook at Monroe
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 13
Multifamily | Florida Affordable Housing Portfolio IV | Land and Land Improvements | Raintree Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	52
Multifamily | Florida Affordable Housing Portfolio IV | Land and Land Improvements | Mystic Pointe II
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	4
Multifamily | Florida Affordable Housing Portfolio IV | Building and Building Improvements | Sonrise Villas
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	41
Multifamily | Florida Affordable Housing Portfolio IV | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	27
Multifamily | Florida Affordable Housing Portfolio IV | Building and Building Improvements | Overlook at Monroe
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	50
Multifamily | Florida Affordable Housing Portfolio IV | Building and Building Improvements | Raintree Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	59
Multifamily | Florida Affordable Housing Portfolio IV | Building and Building Improvements | Madison Cove
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	17
Multifamily | Florida Affordable Housing Portfolio IV | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	144
Multifamily | Florida Affordable Housing Portfolio IV | Building and Building Improvements | Mystic Pointe II
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 33
Multifamily | National Affordable Housing Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Austin, TX
Encumbrances	$ 103,128
Initial Cost, Land and Land Improvements	18,627
Initial Cost, Building and Building Improvements	135,799
Gross Amounts, Land and Land Improvements	15,939
Gross Amounts, Building and Building Improvements	141,151
Total	157,090
Accumulated Depreciation	$ (5,597)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Centre Court
Real Estate And Accumulated Depreciation [Line Items]
Location	Bradenton, FL
Encumbrances	$ 20,787
Initial Cost, Land and Land Improvements	5,335
Initial Cost, Building and Building Improvements	29,299
Gross Amounts, Land and Land Improvements	5,763
Gross Amounts, Building and Building Improvements	29,783
Total	35,546
Accumulated Depreciation	$ (1,627)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Commander Place
Real Estate And Accumulated Depreciation [Line Items]
Location	Orlando, FL
Encumbrances	$ 28,586
Initial Cost, Land and Land Improvements	5,713
Initial Cost, Building and Building Improvements	31,374
Gross Amounts, Land and Land Improvements	4,545
Gross Amounts, Building and Building Improvements	33,331
Total	37,876
Accumulated Depreciation	$ (1,347)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Pasco Woods
Real Estate And Accumulated Depreciation [Line Items]
Location	Wesley Chapel, FL
Encumbrances	$ 21,146
Initial Cost, Land and Land Improvements	4,511
Initial Cost, Building and Building Improvements	24,772
Gross Amounts, Land and Land Improvements	4,489
Gross Amounts, Building and Building Improvements	24,927
Total	29,416
Accumulated Depreciation	$ (1,264)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Pemberly Palms
Real Estate And Accumulated Depreciation [Line Items]
Location	Vero Beach, FL
Encumbrances	$ 21,563
Initial Cost, Land and Land Improvements	4,645
Initial Cost, Building and Building Improvements	25,507
Gross Amounts, Land and Land Improvements	5,627
Gross Amounts, Building and Building Improvements	24,573
Total	30,200
Accumulated Depreciation	$ (1,316)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Villas Shaver
Real Estate And Accumulated Depreciation [Line Items]
Location	Pasadena, TX
Encumbrances	$ 25,594
Initial Cost, Land and Land Improvements	3,182
Initial Cost, Building and Building Improvements	23,197
Gross Amounts, Land and Land Improvements	6,370
Gross Amounts, Building and Building Improvements	19,996
Total	26,366
Accumulated Depreciation	$ (1,209)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Chelsea Commons
Real Estate And Accumulated Depreciation [Line Items]
Location	Greenacres, FL
Encumbrances	$ 30,349
Initial Cost, Land and Land Improvements	12,348
Initial Cost, Building and Building Improvements	44,910
Gross Amounts, Land and Land Improvements	11,722
Gross Amounts, Building and Building Improvements	46,226
Total	57,948
Accumulated Depreciation	$ (2,329)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Colony Park
Real Estate And Accumulated Depreciation [Line Items]
Location	West Palm Beach, FL
Encumbrances	$ 21,214
Initial Cost, Land and Land Improvements	6,626
Initial Cost, Building and Building Improvements	24,101
Gross Amounts, Land and Land Improvements	7,424
Gross Amounts, Building and Building Improvements	23,704
Total	31,128
Accumulated Depreciation	$ (1,290)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Forest Glen
Real Estate And Accumulated Depreciation [Line Items]
Location	Durham, NC
Encumbrances	$ 13,345
Initial Cost, Land and Land Improvements	2,975
Initial Cost, Building and Building Improvements	10,821
Gross Amounts, Land and Land Improvements	3,984
Gross Amounts, Building and Building Improvements	9,845
Total	13,829
Accumulated Depreciation	$ (526)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Grande Court Sarasota
Real Estate And Accumulated Depreciation [Line Items]
Location	North Port, FL
Encumbrances	$ 16,087
Initial Cost, Land and Land Improvements	5,010
Initial Cost, Building and Building Improvements	18,221
Gross Amounts, Land and Land Improvements	5,990
Gross Amounts, Building and Building Improvements	17,767
Total	23,757
Accumulated Depreciation	$ (1,095)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Hampton Ridge Jax
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 11,104
Initial Cost, Land and Land Improvements	2,476
Initial Cost, Building and Building Improvements	9,005
Gross Amounts, Land and Land Improvements	2,535
Gross Amounts, Building and Building Improvements	10,833
Total	13,368
Accumulated Depreciation	$ (513)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Mayflower Harbor
Real Estate And Accumulated Depreciation [Line Items]
Location	Lehi, UT
Encumbrances	$ 30,820
Initial Cost, Land and Land Improvements	9,050
Initial Cost, Building and Building Improvements	32,915
Gross Amounts, Land and Land Improvements	8,074
Gross Amounts, Building and Building Improvements	34,050
Total	42,124
Accumulated Depreciation	$ (1,465)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Rose Cove SLC
Real Estate And Accumulated Depreciation [Line Items]
Location	Farmington, UT
Encumbrances	$ 14,420
Initial Cost, Land and Land Improvements	4,649
Initial Cost, Building and Building Improvements	16,909
Gross Amounts, Land and Land Improvements	5,432
Gross Amounts, Building and Building Improvements	16,399
Total	21,831
Accumulated Depreciation	$ (684)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | San Marcos Villas
Real Estate And Accumulated Depreciation [Line Items]
Location	Lake Park, FL
Encumbrances	$ 50,042
Initial Cost, Land and Land Improvements	18,054
Initial Cost, Building and Building Improvements	65,663
Gross Amounts, Land and Land Improvements	13,779
Gross Amounts, Building and Building Improvements	70,821
Total	84,600
Accumulated Depreciation	$ (3,126)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Venice Cove FLL
Real Estate And Accumulated Depreciation [Line Items]
Location	Ft Lauderdale, FL
Encumbrances	$ 18,934
Initial Cost, Land and Land Improvements	5,878
Initial Cost, Building and Building Improvements	21,379
Gross Amounts, Land and Land Improvements	8,965
Gross Amounts, Building and Building Improvements	18,556
Total	27,521
Accumulated Depreciation	$ (829)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (2,688)
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Centre Court
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	428
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Commander Place
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,168)
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Pasco Woods
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(22)
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Pemberly Palms
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	982
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Villas Shaver
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	3,188
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Chelsea Commons
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(626)
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Colony Park
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	798
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Forest Glen
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,009
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Grande Court Sarasota
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	980
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Hampton Ridge Jax
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	59
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Mayflower Harbor
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(976)
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Rose Cove SLC
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	783
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | San Marcos Villas
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(4,275)
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Venice Cove FLL
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	3,087
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	5,352
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Centre Court
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	484
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Commander Place
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,957
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Pasco Woods
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	155
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Pemberly Palms
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(934)
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Villas Shaver
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(3,201)
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Chelsea Commons
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,316
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Colony Park
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(397)
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Forest Glen
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(976)
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Grande Court Sarasota
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(454)
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Hampton Ridge Jax
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,828
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Mayflower Harbor
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,135
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Rose Cove SLC
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(510)
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | San Marcos Villas
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	5,158
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Venice Cove FLL
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (2,823)
Multifamily | Central Park Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Denver, CO
Encumbrances	$ 329,898
Initial Cost, Land and Land Improvements	74,722
Initial Cost, Building and Building Improvements	532,982
Gross Amounts, Land and Land Improvements	75,024
Gross Amounts, Building and Building Improvements	535,458
Total	610,482
Accumulated Depreciation	$ (17,728)
Year Acquired	Dec. 31, 2021
Number of properties | Property	9
Multifamily | Central Park Portfolio | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 302
Multifamily | Central Park Portfolio | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	2,476
Industrial Properties
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	1,864,307
Initial Cost, Land and Land Improvements	590,043
Initial Cost, Building and Building Improvements	2,366,556
Gross Amounts, Land and Land Improvements	596,419
Gross Amounts, Building and Building Improvements	2,385,116
Total	2,981,535
Accumulated Depreciation	$ (120,510)
Industrial Properties | Marshfield Industrial Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Baltimore, MD
Encumbrances	$ 106,698
Initial Cost, Land and Land Improvements	21,720
Initial Cost, Building and Building Improvements	139,433
Gross Amounts, Land and Land Improvements	21,908
Gross Amounts, Building and Building Improvements	139,470
Total	161,378
Accumulated Depreciation	$ (9,513)
Year Acquired	Dec. 31, 2020
Number of properties | Property	4
Industrial Properties | Airport Logistics Park
Real Estate And Accumulated Depreciation [Line Items]
Location	Nashville, TN
Encumbrances	$ 35,000
Initial Cost, Land and Land Improvements	7,031
Initial Cost, Building and Building Improvements	53,728
Gross Amounts, Land and Land Improvements	7,031
Gross Amounts, Building and Building Improvements	53,728
Total	60,759
Accumulated Depreciation	$ (3,961)
Year Acquired	Dec. 31, 2020
Number of properties | Property	6
Industrial Properties | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 6,376
Industrial Properties | Land and Land Improvements | Marshfield Industrial Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	188
Industrial Properties | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	18,560
Industrial Properties | Building and Building Improvements | Marshfield Industrial Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 37
Industrial Properties | Midwest Industrial Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Addison, IL
Encumbrances	$ 210,027
Initial Cost, Land and Land Improvements	4,364
Initial Cost, Building and Building Improvements	13,131
Gross Amounts, Land and Land Improvements	4,521
Gross Amounts, Building and Building Improvements	14,671
Total	19,192
Accumulated Depreciation	$ (1,585)
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Butler, WI
Initial Cost, Land and Land Improvements	$ 4,723
Initial Cost, Building and Building Improvements	21,113
Gross Amounts, Land and Land Improvements	4,753
Gross Amounts, Building and Building Improvements	21,658
Total	26,411
Accumulated Depreciation	$ (2,628)
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Greenwood, IN
Initial Cost, Land and Land Improvements	$ 2,582
Initial Cost, Building and Building Improvements	16,553
Gross Amounts, Land and Land Improvements	2,598
Gross Amounts, Building and Building Improvements	16,582
Total	19,180
Accumulated Depreciation	$ (1,715)
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Grove City, OH
Initial Cost, Land and Land Improvements	$ 4,535
Initial Cost, Building and Building Improvements	22,458
Gross Amounts, Land and Land Improvements	4,564
Gross Amounts, Building and Building Improvements	22,901
Total	27,465
Accumulated Depreciation	$ (2,973)
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Hobart, IN
Initial Cost, Land and Land Improvements	$ 11,008
Initial Cost, Building and Building Improvements	40,342
Gross Amounts, Land and Land Improvements	11,192
Gross Amounts, Building and Building Improvements	41,135
Total	52,327
Accumulated Depreciation	$ (5,027)
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Indianapolis, IN
Initial Cost, Land and Land Improvements	$ 5,944
Initial Cost, Building and Building Improvements	29,892
Gross Amounts, Land and Land Improvements	5,982
Gross Amounts, Building and Building Improvements	29,855
Total	35,837
Accumulated Depreciation	$ (3,116)
Industrial Properties | Midwest Industrial Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Munster, IN
Initial Cost, Land and Land Improvements	$ 12,372
Initial Cost, Building and Building Improvements	42,469
Gross Amounts, Land and Land Improvements	12,609
Gross Amounts, Building and Building Improvements	43,344
Total	55,953
Accumulated Depreciation	$ (6,292)
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Whitestown, , IN
Initial Cost, Land and Land Improvements	$ 5,533
Initial Cost, Building and Building Improvements	27,103
Gross Amounts, Land and Land Improvements	5,783
Gross Amounts, Building and Building Improvements	26,893
Total	32,676
Accumulated Depreciation	$ (2,940)
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 13005 Hamlin Court
Real Estate And Accumulated Depreciation [Line Items]
Location	Alsip, IL
Initial Cost, Land and Land Improvements	$ 1,813
Initial Cost, Building and Building Improvements	4,623
Gross Amounts, Land and Land Improvements	1,824
Gross Amounts, Building and Building Improvements	4,607
Total	6,431
Accumulated Depreciation	$ (660)
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 1695 Glen Ellyn Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Glendale Heights, IL
Initial Cost, Land and Land Improvements	$ 2,206
Initial Cost, Building and Building Improvements	4,769
Gross Amounts, Land and Land Improvements	2,220
Gross Amounts, Building and Building Improvements	4,762
Total	6,982
Accumulated Depreciation	$ (614)
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 845 Telser Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Lake Zurich, IL
Initial Cost, Land and Land Improvements	$ 1,370
Initial Cost, Building and Building Improvements	2,325
Gross Amounts, Land and Land Improvements	1,378
Gross Amounts, Building and Building Improvements	2,318
Total	3,696
Accumulated Depreciation	$ (334)
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 1245-1247 Lakeside Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Romeoville, IL
Initial Cost, Land and Land Improvements	$ 1,461
Initial Cost, Building and Building Improvements	4,059
Gross Amounts, Land and Land Improvements	1,470
Gross Amounts, Building and Building Improvements	4,055
Total	5,525
Accumulated Depreciation	$ (594)
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | 2240 Creekside Parkway
Real Estate And Accumulated Depreciation [Line Items]
Location	Lockbourne, OH
Initial Cost, Land and Land Improvements	$ 2,300
Initial Cost, Building and Building Improvements	7,010
Gross Amounts, Land and Land Improvements	2,314
Gross Amounts, Building and Building Improvements	6,996
Total	9,310
Accumulated Depreciation	$ (885)
Year Acquired	Dec. 31, 2019
Industrial Properties | Midwest Industrial Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 157
Industrial Properties | Midwest Industrial Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	30
Industrial Properties | Midwest Industrial Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	16
Industrial Properties | Midwest Industrial Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	29
Industrial Properties | Midwest Industrial Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	184
Industrial Properties | Midwest Industrial Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	38
Industrial Properties | Midwest Industrial Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	237
Industrial Properties | Midwest Industrial Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	250
Industrial Properties | Midwest Industrial Portfolio | Land and Land Improvements | 13005 Hamlin Court
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	11
Industrial Properties | Midwest Industrial Portfolio | Land and Land Improvements | 1695 Glen Ellyn Drive
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	14
Industrial Properties | Midwest Industrial Portfolio | Land and Land Improvements | 845 Telser Road
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	8
Industrial Properties | Midwest Industrial Portfolio | Land and Land Improvements | 1245-1247 Lakeside Drive
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	9
Industrial Properties | Midwest Industrial Portfolio | Land and Land Improvements | 2240 Creekside Parkway
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	14
Industrial Properties | Midwest Industrial Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,540
Industrial Properties | Midwest Industrial Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	545
Industrial Properties | Midwest Industrial Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	29
Industrial Properties | Midwest Industrial Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	443
Industrial Properties | Midwest Industrial Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	793
Industrial Properties | Midwest Industrial Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(37)
Industrial Properties | Midwest Industrial Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	875
Industrial Properties | Midwest Industrial Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(210)
Industrial Properties | Midwest Industrial Portfolio | Building and Building Improvements | 13005 Hamlin Court
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(16)
Industrial Properties | Midwest Industrial Portfolio | Building and Building Improvements | 1695 Glen Ellyn Drive
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(7)
Industrial Properties | Midwest Industrial Portfolio | Building and Building Improvements | 845 Telser Road
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(7)
Industrial Properties | Midwest Industrial Portfolio | Building and Building Improvements | 1245-1247 Lakeside Drive
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(4)
Industrial Properties | Midwest Industrial Portfolio | Building and Building Improvements | 2240 Creekside Parkway
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (14)
Industrial Properties | Denver/Boulder Industrial Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Louisville, CO
Encumbrances	$ 263,613
Initial Cost, Land and Land Improvements	67,951
Initial Cost, Building and Building Improvements	311,651
Gross Amounts, Land and Land Improvements	68,158
Gross Amounts, Building and Building Improvements	311,754
Total	379,912
Accumulated Depreciation	$ (16,702)
Year Acquired	Dec. 31, 2021
Number of properties | Property	16
Industrial Properties | Denver/Boulder Industrial Portfolio | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 207
Industrial Properties | Denver/Boulder Industrial Portfolio | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 103
Industrial Properties | Independence Industrial Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	La Porte, TX
Encumbrances	$ 117,000
Initial Cost, Land and Land Improvements	30,666
Initial Cost, Building and Building Improvements	149,317
Gross Amounts, Land and Land Improvements	30,666
Gross Amounts, Building and Building Improvements	149,142
Total	179,808
Accumulated Depreciation	$ (9,146)
Year Acquired	Dec. 31, 2021
Number of properties | Property	6
Industrial Properties | Independence Industrial Portfolio | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (175)
Industrial Properties | Reno Logistics Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Sparks, NV
Encumbrances	$ 266,000
Initial Cost, Land and Land Improvements	60,902
Initial Cost, Building and Building Improvements	323,632
Gross Amounts, Land and Land Improvements	61,077
Gross Amounts, Building and Building Improvements	323,954
Total	385,031
Accumulated Depreciation	$ (19,440)
Year Acquired	Dec. 31, 2021
Number of properties | Property	19
Industrial Properties | Reno Logistics Portfolio | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 175
Industrial Properties | Reno Logistics Portfolio | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 322
Industrial Properties | Southwest Light Industrial Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Las Vegas, NV
Encumbrances	$ 58,142
Initial Cost, Land and Land Improvements	23,537
Initial Cost, Building and Building Improvements	54,203
Gross Amounts, Land and Land Improvements	23,592
Gross Amounts, Building and Building Improvements	54,019
Total	77,611
Accumulated Depreciation	$ (2,551)
Year Acquired	Dec. 31, 2021
Industrial Properties | Southwest Light Industrial Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Phoenix, AZ
Encumbrances	$ 283,042
Initial Cost, Land and Land Improvements	66,229
Initial Cost, Building and Building Improvements	333,663
Gross Amounts, Land and Land Improvements	66,517
Gross Amounts, Building and Building Improvements	333,015
Total	399,532
Accumulated Depreciation	$ (14,002)
Year Acquired	Dec. 31, 2021
Industrial Properties | Southwest Light Industrial Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 55
Industrial Properties | Southwest Light Industrial Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	288
Industrial Properties | Southwest Light Industrial Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(184)
Industrial Properties | Southwest Light Industrial Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (648)
Industrial Properties | American Industrial Center
Real Estate And Accumulated Depreciation [Line Items]
Location	Longwood, FL
Encumbrances	$ 83,700
Initial Cost, Land and Land Improvements	47,553
Initial Cost, Building and Building Improvements	90,772
Gross Amounts, Land and Land Improvements	47,553
Gross Amounts, Building and Building Improvements	90,977
Total	138,530
Accumulated Depreciation	$ (2,667)
Year Acquired	Dec. 31, 2022
Number of properties | Property	25
Industrial Properties | American Industrial Center | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 205
Industrial Properties | Middlebrook Crossroads
Real Estate And Accumulated Depreciation [Line Items]
Location	Bridgewood, NJ
Encumbrances	$ 66,200
Initial Cost, Land and Land Improvements	49,370
Initial Cost, Building and Building Improvements	62,650
Gross Amounts, Land and Land Improvements	50,056
Gross Amounts, Building and Building Improvements	62,637
Total	112,693
Accumulated Depreciation	$ (1,576)
Year Acquired	Dec. 31, 2022
Number of properties | Property	18
Industrial Properties | Middlebrook Crossroads | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 686
Industrial Properties | Middlebrook Crossroads | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (13)
Industrial Properties | Northern Italy Industrial Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Various Provinces, Italy
Encumbrances	$ 41,729
Initial Cost, Land and Land Improvements	14,509
Initial Cost, Building and Building Improvements	65,804
Gross Amounts, Land and Land Improvements	14,256
Gross Amounts, Building and Building Improvements	61,200
Total	75,456
Accumulated Depreciation	$ (2,466)
Year Acquired	Dec. 31, 2021
Number of properties | Property	4
Industrial Properties | Northern Italy Industrial Portfolio | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (253)
Industrial Properties | Northern Italy Industrial Portfolio | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (4,604)
Industrial Properties | Norway Logistics Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Oslo, Norway
Initial Cost, Land and Land Improvements	$ 31,971
Initial Cost, Building and Building Improvements	63,541
Gross Amounts, Land and Land Improvements	30,510
Gross Amounts, Building and Building Improvements	60,863
Total	91,373
Accumulated Depreciation	$ (1,349)
Year Acquired	Dec. 31, 2022
Number of properties | Property	2
Industrial Properties | Norway Logistics Portfolio | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (1,461)
Industrial Properties | Norway Logistics Portfolio | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (2,678)
Industrial Properties | Verona Oppeano
Real Estate And Accumulated Depreciation [Line Items]
Location	Oppeano VR, Italy
Encumbrances	$ 160,576
Initial Cost, Land and Land Improvements	47,225
Initial Cost, Building and Building Improvements	243,541
Gross Amounts, Land and Land Improvements	47,225
Gross Amounts, Building and Building Improvements	243,541
Total	290,766
Accumulated Depreciation	$ (3,458)
Year Acquired	Dec. 31, 2022
Number of properties | Property	5
Industrial Properties | Denmark Logistics Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Denmark
Encumbrances	$ 97,014
Initial Cost, Land and Land Improvements	42,311
Initial Cost, Building and Building Improvements	166,314
Gross Amounts, Land and Land Improvements	46,102
Gross Amounts, Building and Building Improvements	181,895
Total	227,997
Accumulated Depreciation	$ (2,897)
Year Acquired	Dec. 31, 2022
Number of properties | Property	10
Industrial Properties | Denmark Logistics Portfolio | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 3,791
Industrial Properties | Denmark Logistics Portfolio | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 15,581
Industrial Properties | Belgioioso Logistics
Real Estate And Accumulated Depreciation [Line Items]
Location	Greater Milan, Italy
Encumbrances	$ 75,566
Initial Cost, Land and Land Improvements	18,857
Initial Cost, Building and Building Improvements	72,460
Gross Amounts, Land and Land Improvements	20,560
Gross Amounts, Building and Building Improvements	79,144
Total	99,704
Accumulated Depreciation	$ (1,419)
Year Acquired	Dec. 31, 2022
Industrial Properties | Belgioioso Logistics | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 1,703
Industrial Properties | Belgioioso Logistics | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	6,684
Single Family Rental Properties
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	794,029
Initial Cost, Land and Land Improvements	392,055
Initial Cost, Building and Building Improvements	953,555
Gross Amounts, Land and Land Improvements	388,058
Gross Amounts, Building and Building Improvements	982,791
Total	1,370,849
Accumulated Depreciation	$ (40,540)
Single Family Rental Properties | Sunbelt Single-Family Rental Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Various
Encumbrances	$ 554,029
Initial Cost, Land and Land Improvements	265,138
Initial Cost, Building and Building Improvements	751,169
Gross Amounts, Land and Land Improvements	265,138
Gross Amounts, Building and Building Improvements	757,212
Total	1,022,350
Accumulated Depreciation	$ (33,555)
Year Acquired	Dec. 31, 2021
Single Family Rental Properties | Amherst Single Family Residential Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Various
Encumbrances	$ 240,000
Initial Cost, Land and Land Improvements	126,917
Initial Cost, Building and Building Improvements	202,386
Gross Amounts, Land and Land Improvements	122,920
Gross Amounts, Building and Building Improvements	225,579
Total	348,499
Accumulated Depreciation	$ (6,985)
Single Family Rental Properties | Amherst Single Family Residential Portfolio | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Year Acquired	Dec. 31, 2021
Single Family Rental Properties | Amherst Single Family Residential Portfolio | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Year Acquired	Dec. 31, 2022
Single Family Rental Properties | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (3,997)
Single Family Rental Properties | Land and Land Improvements | Amherst Single Family Residential Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(3,997)
Single Family Rental Properties | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	29,236
Single Family Rental Properties | Building and Building Improvements | Sunbelt Single-Family Rental Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	6,043
Single Family Rental Properties | Building and Building Improvements | Amherst Single Family Residential Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	23,193
Office Properties
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	1,049,453
Initial Cost, Land and Land Improvements	164,074
Initial Cost, Building and Building Improvements	1,316,344
Gross Amounts, Land and Land Improvements	163,968
Gross Amounts, Building and Building Improvements	1,334,738
Total	1,498,706
Accumulated Depreciation	$ (115,366)
Office Properties | Sixty State Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Boston, MA
Encumbrances	$ 409,374
Initial Cost, Building and Building Improvements	478,150
Gross Amounts, Land and Land Improvements	472
Gross Amounts, Building and Building Improvements	497,378
Total	497,850
Accumulated Depreciation	$ (49,926)
Year Acquired	Dec. 31, 2020
Office Properties | Nashville Office
Real Estate And Accumulated Depreciation [Line Items]
Location	Nashville, TN
Encumbrances	$ 175,000
Initial Cost, Land and Land Improvements	21,647
Initial Cost, Building and Building Improvements	229,183
Gross Amounts, Land and Land Improvements	21,647
Gross Amounts, Building and Building Improvements	230,033
Total	251,680
Accumulated Depreciation	$ (19,998)
Year Acquired	Dec. 31, 2020
Office Properties | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (106)
Office Properties | Land and Land Improvements | Sixty State Street
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	472
Office Properties | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	18,394
Office Properties | Building and Building Improvements | Sixty State Street
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	19,228
Office Properties | Building and Building Improvements | Nashville Office
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 850
Office Properties | Columbus Office Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Columbus, OH
Encumbrances	$ 54,040
Initial Cost, Land and Land Improvements	3,013
Initial Cost, Building and Building Improvements	50,064
Gross Amounts, Land and Land Improvements	3,116
Gross Amounts, Building and Building Improvements	52,482
Total	55,598
Accumulated Depreciation	$ (7,354)
Year Acquired	Dec. 31, 2019
Office Properties | Columbus Office Portfolio | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 103
Office Properties | Columbus Office Portfolio | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 2,418
Office Properties | Stonebridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Alpharetta, GA
Encumbrances	$ 64,500
Initial Cost, Land and Land Improvements	15,205
Initial Cost, Building and Building Improvements	101,624
Gross Amounts, Land and Land Improvements	15,205
Gross Amounts, Building and Building Improvements	104,302
Total	119,507
Accumulated Depreciation	$ (7,827)
Year Acquired	Dec. 31, 2021
Number of properties | Property	3
Office Properties | Stonebridge | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 2,678
Office Properties | M Campus
Real Estate And Accumulated Depreciation [Line Items]
Location	Meudon, France
Encumbrances	$ 140,130
Initial Cost, Land and Land Improvements	40,964
Initial Cost, Building and Building Improvements	184,078
Gross Amounts, Land and Land Improvements	40,177
Gross Amounts, Building and Building Improvements	169,718
Total	209,895
Accumulated Depreciation	$ (4,679)
Year Acquired	Dec. 31, 2021
Number of properties | Property	2
Office Properties | M Campus | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (787)
Office Properties | M Campus | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (14,360)
Office Properties | Florida Office Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 139,173
Initial Cost, Land and Land Improvements	53,465
Initial Cost, Building and Building Improvements	153,163
Gross Amounts, Land and Land Improvements	53,465
Gross Amounts, Building and Building Improvements	158,201
Total	211,666
Accumulated Depreciation	$ (23,875)
Year Acquired	Dec. 31, 2019
Number of properties | Property	11
Office Properties | Florida Office Portfolio | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 5,038
Office Properties | Barcelona Mediacomplex
Real Estate And Accumulated Depreciation [Line Items]
Location	Barcelona, Spain
Encumbrances	$ 67,236
Initial Cost, Land and Land Improvements	29,780
Initial Cost, Building and Building Improvements	120,082
Gross Amounts, Land and Land Improvements	29,886
Gross Amounts, Building and Building Improvements	122,624
Total	152,510
Accumulated Depreciation	$ (1,707)
Year Acquired	Dec. 31, 2022
Office Properties | Barcelona Mediacomplex | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 106
Office Properties | Barcelona Mediacomplex | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	2,542
Self-Storage Properties
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	200,760
Initial Cost, Land and Land Improvements	69,158
Initial Cost, Building and Building Improvements	292,508
Gross Amounts, Land and Land Improvements	69,637
Gross Amounts, Building and Building Improvements	292,813
Total	362,450
Accumulated Depreciation	$ (8,330)
Self-Storage Properties | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Charlotte, NC
Encumbrances	$ 30,811
Initial Cost, Land and Land Improvements	9,140
Initial Cost, Building and Building Improvements	40,818
Gross Amounts, Land and Land Improvements	6,956
Gross Amounts, Building and Building Improvements	43,254
Total	50,210
Accumulated Depreciation	$ (1,207)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Oklahoma City, OK
Encumbrances	$ 19,966
Initial Cost, Land and Land Improvements	4,977
Initial Cost, Building and Building Improvements	27,249
Gross Amounts, Land and Land Improvements	10,580
Gross Amounts, Building and Building Improvements	20,630
Total	31,210
Accumulated Depreciation	$ (772)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	San Antonio, TX
Encumbrances	$ 13,694
Initial Cost, Land and Land Improvements	4,380
Initial Cost, Building and Building Improvements	17,399
Gross Amounts, Land and Land Improvements	2,867
Gross Amounts, Building and Building Improvements	18,929
Total	21,796
Accumulated Depreciation	$ (534)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | Alabaster
Real Estate And Accumulated Depreciation [Line Items]
Location	Alabaster, AL
Encumbrances	$ 14,860
Initial Cost, Land and Land Improvements	2,313
Initial Cost, Building and Building Improvements	15,843
Gross Amounts, Land and Land Improvements	1,104
Gross Amounts, Building and Building Improvements	17,082
Total	18,186
Accumulated Depreciation	$ (458)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | Bryan/College Station
Real Estate And Accumulated Depreciation [Line Items]
Location	College Station, TX
Encumbrances	$ 9,921
Initial Cost, Land and Land Improvements	3,036
Initial Cost, Building and Building Improvements	17,786
Gross Amounts, Land and Land Improvements	2,907
Gross Amounts, Building and Building Improvements	17,997
Total	20,904
Accumulated Depreciation	$ (513)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | Cornelius
Real Estate And Accumulated Depreciation [Line Items]
Location	Cornelius, NC
Encumbrances	$ 8,663
Initial Cost, Land and Land Improvements	3,217
Initial Cost, Building and Building Improvements	13,736
Gross Amounts, Land and Land Improvements	2,909
Gross Amounts, Building and Building Improvements	14,079
Total	16,988
Accumulated Depreciation	$ (411)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | FL Mall
Real Estate And Accumulated Depreciation [Line Items]
Location	Orlando, FL
Encumbrances	$ 7,881
Initial Cost, Land and Land Improvements	1,949
Initial Cost, Building and Building Improvements	6,803
Gross Amounts, Land and Land Improvements	1,846
Gross Amounts, Building and Building Improvements	6,914
Total	8,760
Accumulated Depreciation	$ (196)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | Highway 78
Real Estate And Accumulated Depreciation [Line Items]
Location	Wylie, TX
Encumbrances	$ 7,392
Initial Cost, Land and Land Improvements	3,098
Initial Cost, Building and Building Improvements	10,714
Gross Amounts, Land and Land Improvements	2,129
Gross Amounts, Building and Building Improvements	11,689
Total	13,818
Accumulated Depreciation	$ (332)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | Ladson
Real Estate And Accumulated Depreciation [Line Items]
Location	Charleston, SC
Encumbrances	$ 7,965
Initial Cost, Land and Land Improvements	2,044
Initial Cost, Building and Building Improvements	7,688
Gross Amounts, Land and Land Improvements	402
Gross Amounts, Building and Building Improvements	9,350
Total	9,752
Accumulated Depreciation	$ (248)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | Lake Wylie
Real Estate And Accumulated Depreciation [Line Items]
Location	Lake Wylie, SC
Encumbrances	$ 7,476
Initial Cost, Land and Land Improvements	2,928
Initial Cost, Building and Building Improvements	5,947
Gross Amounts, Land and Land Improvements	1,862
Gross Amounts, Building and Building Improvements	7,011
Total	8,873
Accumulated Depreciation	$ (198)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | Mountain Brook
Real Estate And Accumulated Depreciation [Line Items]
Location	Birmingham, AL
Encumbrances	$ 15,056
Initial Cost, Land and Land Improvements	5,723
Initial Cost, Building and Building Improvements	14,463
Gross Amounts, Land and Land Improvements	2,461
Gross Amounts, Building and Building Improvements	17,708
Total	20,169
Accumulated Depreciation	$ (498)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | OKC Bethany
Real Estate And Accumulated Depreciation [Line Items]
Location	Bethany, OK
Encumbrances	$ 4,160
Initial Cost, Land and Land Improvements	1,688
Initial Cost, Building and Building Improvements	5,486
Gross Amounts, Land and Land Improvements	3,514
Gross Amounts, Building and Building Improvements	4,182
Total	7,696
Accumulated Depreciation	$ (158)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | OKC Edmond
Real Estate And Accumulated Depreciation [Line Items]
Location	Edmond, OK
Encumbrances	$ 4,217
Initial Cost, Land and Land Improvements	2,550
Initial Cost, Building and Building Improvements	5,282
Gross Amounts, Land and Land Improvements	5,308
Gross Amounts, Building and Building Improvements	4,026
Total	9,334
Accumulated Depreciation	$ (158)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | OKC Midwest City
Real Estate And Accumulated Depreciation [Line Items]
Location	Midwest City, OK
Encumbrances	$ 7,236
Initial Cost, Land and Land Improvements	1,968
Initial Cost, Building and Building Improvements	9,874
Gross Amounts, Land and Land Improvements	4,096
Gross Amounts, Building and Building Improvements	7,526
Total	11,622
Accumulated Depreciation	$ (276)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | OKC Norman
Real Estate And Accumulated Depreciation [Line Items]
Location	Norman, OK
Encumbrances	$ 6,250
Initial Cost, Land and Land Improvements	1,342
Initial Cost, Building and Building Improvements	8,634
Gross Amounts, Land and Land Improvements	2,793
Gross Amounts, Building and Building Improvements	6,581
Total	9,374
Accumulated Depreciation	$ (237)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | Rea
Real Estate And Accumulated Depreciation [Line Items]
Location	Waxhaw, NC
Encumbrances	$ 15,999
Initial Cost, Land and Land Improvements	4,661
Initial Cost, Building and Building Improvements	24,139
Gross Amounts, Land and Land Improvements	2,773
Gross Amounts, Building and Building Improvements	26,111
Total	28,884
Accumulated Depreciation	$ (703)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | Flagler Village
Real Estate And Accumulated Depreciation [Line Items]
Location	Ft Lauderdale, FL
Initial Cost, Land and Land Improvements	$ 6,979
Initial Cost, Building and Building Improvements	34,644
Gross Amounts, Land and Land Improvements	6,987
Gross Amounts, Building and Building Improvements	34,685
Total	41,672
Accumulated Depreciation	$ (689)
Year Acquired	Dec. 31, 2022
Self-Storage Properties | Mooresville
Real Estate And Accumulated Depreciation [Line Items]
Location	Mooresville, NC
Encumbrances	$ 7,825
Initial Cost, Land and Land Improvements	2,602
Initial Cost, Building and Building Improvements	13,388
Gross Amounts, Land and Land Improvements	2,523
Gross Amounts, Building and Building Improvements	13,502
Total	16,025
Accumulated Depreciation	$ (381)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | Campbell Station
Real Estate And Accumulated Depreciation [Line Items]
Location	Nashville, TN
Encumbrances	$ 11,388
Initial Cost, Land and Land Improvements	4,563
Initial Cost, Building and Building Improvements	12,615
Gross Amounts, Land and Land Improvements	5,620
Gross Amounts, Building and Building Improvements	11,557
Total	17,177
Accumulated Depreciation	$ (361)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 479
Self-Storage Properties | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(2,184)
Self-Storage Properties | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	5,603
Self-Storage Properties | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,513)
Self-Storage Properties | Land and Land Improvements | Alabaster
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,209)
Self-Storage Properties | Land and Land Improvements | Bryan/College Station
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(129)
Self-Storage Properties | Land and Land Improvements | Cornelius
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(308)
Self-Storage Properties | Land and Land Improvements | FL Mall
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(103)
Self-Storage Properties | Land and Land Improvements | Highway 78
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(969)
Self-Storage Properties | Land and Land Improvements | Ladson
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,642)
Self-Storage Properties | Land and Land Improvements | Lake Wylie
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,066)
Self-Storage Properties | Land and Land Improvements | Mountain Brook
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(3,262)
Self-Storage Properties | Land and Land Improvements | OKC Bethany
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,826
Self-Storage Properties | Land and Land Improvements | OKC Edmond
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	2,758
Self-Storage Properties | Land and Land Improvements | OKC Midwest City
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	2,128
Self-Storage Properties | Land and Land Improvements | OKC Norman
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,451
Self-Storage Properties | Land and Land Improvements | Rea
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,888)
Self-Storage Properties | Land and Land Improvements | Flagler Village
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	8
Self-Storage Properties | Land and Land Improvements | Mooresville
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(79)
Self-Storage Properties | Land and Land Improvements | Campbell Station
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,057
Self-Storage Properties | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	305
Self-Storage Properties | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	2,436
Self-Storage Properties | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(6,619)
Self-Storage Properties | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,530
Self-Storage Properties | Building and Building Improvements | Alabaster
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,239
Self-Storage Properties | Building and Building Improvements | Bryan/College Station
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	211
Self-Storage Properties | Building and Building Improvements | Cornelius
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	343
Self-Storage Properties | Building and Building Improvements | FL Mall
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	111
Self-Storage Properties | Building and Building Improvements | Highway 78
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	975
Self-Storage Properties | Building and Building Improvements | Ladson
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,662
Self-Storage Properties | Building and Building Improvements | Lake Wylie
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,064
Self-Storage Properties | Building and Building Improvements | Mountain Brook
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	3,245
Self-Storage Properties | Building and Building Improvements | OKC Bethany
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,304)
Self-Storage Properties | Building and Building Improvements | OKC Edmond
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,256)
Self-Storage Properties | Building and Building Improvements | OKC Midwest City
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(2,348)
Self-Storage Properties | Building and Building Improvements | OKC Norman
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(2,053)
Self-Storage Properties | Building and Building Improvements | Rea
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,972
Self-Storage Properties | Building and Building Improvements | Flagler Village
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	41
Self-Storage Properties | Building and Building Improvements | Mooresville
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	114
Self-Storage Properties | Building and Building Improvements | Campbell Station
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,058)
Other Properties
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	428,260
Initial Cost, Land and Land Improvements	177,893
Initial Cost, Building and Building Improvements	474,159
Total	649,457
Accumulated Depreciation	$ (38,145)
Other Properties | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Fort Meyers, FL
Encumbrances	$ 22,740
Initial Cost, Land and Land Improvements	10,180
Initial Cost, Building and Building Improvements	28,519
Total	39,967
Accumulated Depreciation	$ (3,129)
Year Acquired	Dec. 31, 2019
Other Properties | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Tampa, FL
Encumbrances	$ 32,984
Initial Cost, Land and Land Improvements	12,890
Initial Cost, Building and Building Improvements	50,037
Total	64,248
Accumulated Depreciation	$ (5,283)
Year Acquired	Dec. 31, 2019
Other Properties | Hyatt Place Boulder
Real Estate And Accumulated Depreciation [Line Items]
Location	Boulder, CO
Encumbrances	$ 25,381
Initial Cost, Land and Land Improvements	13,890
Initial Cost, Building and Building Improvements	33,673
Total	47,771
Accumulated Depreciation	$ (3,679)
Year Acquired	Dec. 31, 2019
Other Properties | Residence Inn Cleveland
Real Estate And Accumulated Depreciation [Line Items]
Location	Cleveland, OH
Encumbrances	$ 12,567
Initial Cost, Land and Land Improvements	2,867
Initial Cost, Building and Building Improvements	19,944
Total	23,527
Accumulated Depreciation	$ (2,223)
Year Acquired	Dec. 31, 2019
Other Properties | Residence Inn Little Rock
Real Estate And Accumulated Depreciation [Line Items]
Location	Little Rock, AR
Encumbrances	$ 13,188
Initial Cost, Land and Land Improvements	2,410
Initial Cost, Building and Building Improvements	16,472
Total	19,164
Accumulated Depreciation	$ (1,694)
Year Acquired	Dec. 31, 2019
Other Properties | Hampton Inn Knoxville
Real Estate And Accumulated Depreciation [Line Items]
Location	Knoxville, TN
Encumbrances	$ 9,023
Initial Cost, Land and Land Improvements	1,343
Initial Cost, Building and Building Improvements	12,868
Total	14,852
Accumulated Depreciation	$ (1,429)
Year Acquired	Dec. 31, 2019
Other Properties | Exchange On Erwin Commercial
Real Estate And Accumulated Depreciation [Line Items]
Location	Durham, NC
Encumbrances	$ 24,908
Initial Cost, Land and Land Improvements	13,492
Initial Cost, Building and Building Improvements	20,157
Total	33,701
Accumulated Depreciation	$ (2,615)
Year Acquired	Dec. 31, 2019
Number of properties | Property	2
Other Properties | Barlow Building
Real Estate And Accumulated Depreciation [Line Items]
Location	Chevy Chase, MD
Encumbrances	$ 108,160
Initial Cost, Land and Land Improvements	31,902
Initial Cost, Building and Building Improvements	112,291
Total	147,811
Accumulated Depreciation	$ (10,473)
Year Acquired	Dec. 31, 2020
Other Properties | Comfort Hotel Vesterbro
Real Estate And Accumulated Depreciation [Line Items]
Location	Copenhagen, Denmark
Encumbrances	$ 48,078
Initial Cost, Land and Land Improvements	20,335
Initial Cost, Building and Building Improvements	58,315
Total	72,131
Accumulated Depreciation	$ (1,967)
Year Acquired	Dec. 31, 2021
Other Properties | Iberostar Las Dalias
Real Estate And Accumulated Depreciation [Line Items]
Location	Tenerife, Spain
Encumbrances	$ 52,231
Initial Cost, Land and Land Improvements	26,751
Initial Cost, Building and Building Improvements	37,993
Total	60,533
Accumulated Depreciation	$ (1,008)
Year Acquired	Dec. 31, 2021
Other Properties | Marketplace at the Outlets
Real Estate And Accumulated Depreciation [Line Items]
Location	West Palm Beach, FL
Encumbrances	$ 79,000
Initial Cost, Land and Land Improvements	41,833
Initial Cost, Building and Building Improvements	83,890
Total	125,752
Accumulated Depreciation	$ (4,645)
Year Acquired	Dec. 31, 2021
Other Properties | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 195
Gross Amounts, Land and Land Improvements	178,088
Other Properties | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,086
Gross Amounts, Land and Land Improvements	11,266
Other Properties | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,051
Gross Amounts, Land and Land Improvements	13,941
Other Properties | Land and Land Improvements | Hyatt Place Boulder
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	7
Gross Amounts, Land and Land Improvements	13,897
Other Properties | Land and Land Improvements | Residence Inn Cleveland
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	181
Gross Amounts, Land and Land Improvements	3,048
Other Properties | Land and Land Improvements | Residence Inn Little Rock
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	185
Gross Amounts, Land and Land Improvements	2,595
Other Properties | Land and Land Improvements | Hampton Inn Knoxville
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	570
Gross Amounts, Land and Land Improvements	1,913
Other Properties | Land and Land Improvements | Exchange On Erwin Commercial
Real Estate And Accumulated Depreciation [Line Items]
Gross Amounts, Land and Land Improvements	13,492
Other Properties | Land and Land Improvements | Barlow Building
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	208
Gross Amounts, Land and Land Improvements	32,110
Other Properties | Land and Land Improvements | Comfort Hotel Vesterbro
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,847)
Gross Amounts, Land and Land Improvements	18,488
Other Properties | Land and Land Improvements | Iberostar Las Dalias
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,255)
Gross Amounts, Land and Land Improvements	25,496
Other Properties | Land and Land Improvements | Marketplace at the Outlets
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	9
Gross Amounts, Land and Land Improvements	41,842
Other Properties | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(2,790)
Gross Amounts, Building and Building Improvements	471,369
Other Properties | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	182
Gross Amounts, Building and Building Improvements	28,701
Other Properties | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	270
Gross Amounts, Building and Building Improvements	50,307
Other Properties | Building and Building Improvements | Hyatt Place Boulder
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	201
Gross Amounts, Building and Building Improvements	33,874
Other Properties | Building and Building Improvements | Residence Inn Cleveland
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	535
Gross Amounts, Building and Building Improvements	20,479
Other Properties | Building and Building Improvements | Residence Inn Little Rock
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	97
Gross Amounts, Building and Building Improvements	16,569
Other Properties | Building and Building Improvements | Hampton Inn Knoxville
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	71
Gross Amounts, Building and Building Improvements	12,939
Other Properties | Building and Building Improvements | Exchange On Erwin Commercial
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	52
Gross Amounts, Building and Building Improvements	20,209
Other Properties | Building and Building Improvements | Barlow Building
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	3,410
Gross Amounts, Building and Building Improvements	115,701
Other Properties | Building and Building Improvements | Comfort Hotel Vesterbro
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(4,672)
Gross Amounts, Building and Building Improvements	53,643
Other Properties | Building and Building Improvements | Iberostar Las Dalias
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(2,956)
Gross Amounts, Building and Building Improvements	35,037
Other Properties | Building and Building Improvements | Marketplace at the Outlets
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	20
Gross Amounts, Building and Building Improvements	$ 83,910

Schedule III Real Estate and _3

Schedule III Real Estate and Accumulated Depreciation (Parenthetical) (Details) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Real Estate And Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Federal Income Tax Basis		$ 23,100
Accumulated Depreciation Furniture Fixtures And Equipment		80,200
Principal Balance Outstanding	[1]	14,463,899	$ 11,354,191
Right of use asset - operating lease	[2]	105,230	$ 105,236
Industrial Properties | Midwest Industrial Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Principal Balance Outstanding		210,000
Furniture, Fixtures and Equipment
Real Estate And Accumulated Depreciation [Line Items]
Property, Plant and Equipment, Net		$ 331,600
[1] The majority of the Company’s mortgages contain prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties. Refer to Note 14 for additional details on the Company’s leases.

Activity for real estate and ac

Activity for real estate and accumulated depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Real Estate:
Balance at the beginning of year	$ 17,448,136	$ 4,626,212
Balance at the end of the year	23,161,692	17,448,136
Accumulated Depreciation:
Balance at the beginning of the year	(368,293)	(130,540)
Accumulated depreciation, net	(651,228)	(237,753)
Balance at the end of the year	(1,019,521)	(368,293)
Land and Land Improvements
Real Estate:
Net additions during the year	847,098	2,044,398
Furniture, Fixtures and Equipment
Real Estate:
Net additions during the year	67,029	187,749
Building and Building Improvements
Real Estate:
Net additions during the year	$ 4,799,429	$ 10,589,777