Starwood Real Estate Income Trust 10-Q 14 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 11, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	Starwood Real Estate Income Trust, Inc.
Entity Central Index Key	0001711929
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Tax Identification Number	82-2023409
Entity Incorporation, State or Country Code	MD
Entity File Number	000-56046
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   Securities registered pursuant to Section 12(b) of the Act: None    Title of each class TradingSymbol(s)  Name of each exchange on which registered
Document Quarterly Report	true
Document Transition Report	false
Common Stock Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,610,889
Common Stock Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		206,358,348
Common Stock Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		29,122,312
Common Stock Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		216,665,239

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Assets
Investments in real estate, net		$ 20,162,414	$ 22,247,401
Investments in real estate debt		1,621,438	1,657,663
Investments in unconsolidated real estate ventures		480,240	481,632
Cash and cash equivalents		336,776	643,516
Restricted cash		298,186	313,093
Other assets		2,478,077	1,421,548
Total assets		25,377,131	26,764,853
Liabilities and Equity
Mortgage notes and revolving credit facility, net	[1],[2]	13,253,317	14,355,458
Secured financings on investments in real estate debt		755,857	751,771
Unsecured line of credit		492,000
Other liabilities		1,368,592	507,399
Subscriptions received in advance		16,338	40,221
Total liabilities		16,266,724	16,191,963
Commitments and contingencies
Redeemable non-controlling interests		499,977	427,099
Equity
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding as of June 30, 2023 and December 31, 2022
Additional paid-in capital		10,547,347	11,466,270
Accumulated other comprehensive loss		(17,358)	(24,307)
Accumulated deficit and cumulative distributions		(1,974,908)	(1,355,256)
Total stockholders’ equity		8,559,772	10,091,765
Non-controlling interests in consolidated joint ventures		50,658	54,026
Total equity		8,610,430	10,145,791
Total liabilities and equity		25,377,131	26,764,853
Common Stock Class T
Equity
Common stock value		56	57
Common Stock Class S
Equity
Common stock value		2,122	2,246
Common Stock Class D
Equity
Common stock value		293	310
Common Stock Class I
Equity
Common stock value		2,220	2,445
Affiliated Entity
Assets
Investments in real estate debt		247,428	290,807
Liabilities and Equity
Other liabilities		$ 380,620	$ 537,114
[1] Excludes a total of $ 812.8 million of mortgage loans on properties classified as held-for-sale as of June 30, 2023. As of December 31, 2022, there were no properties, and their related mortgage loans, that met the criteria to be classified as held-for-sale. 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.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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	469,187,912	505,707,592
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	5,640,007	5,721,496
Common stock, shares outstanding	5,640,007	5,721,496
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	212,244,742	224,556,910
Common stock, shares outstanding	212,244,742	224,556,910
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	29,291,354	30,974,173
Common stock, shares outstanding	29,291,354	30,974,173
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	222,011,809	244,455,013
Common stock, shares outstanding	222,011,809	244,455,013

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Total revenues	$ 451,644	$ 379,208	$ 898,088	$ 709,853
Expenses
Property operating	192,621	152,420	382,272	285,418
General and administrative	11,867	13,008	22,436	21,425
Management fees	39,442	42,229	81,623	76,384
Performance participation allocation	0	52,344	0	139,470
Impairment of investments in real estate	105,291	0	185,137	0
Depreciation and amortization	208,929	205,583	409,363	430,342
Total expenses	558,150	465,584	1,080,831	953,039
Other income (expense)
Income (loss) from unconsolidated real estate ventures	2,544	(209)	(545)	720
Income from investments in real estate debt	41,682	33,523	73,523	36,344
Net gain on dispositions of real estate	121,681		121,258
Interest expense	(155,335)	(108,253)	(292,625)	(186,122)
Other income (expense), net	63,683	56,956	(76,351)	314,250
Total other income (expense)	74,255	(17,983)	(174,740)	165,192
Net loss	(32,251)	(104,359)	(357,483)	(77,994)
Net income attributable to non-controlling interests in consolidated joint ventures	(1,572)	(432)	(80)	(1,355)
Net loss attributable to non-controlling interests in Operating Partnership	1,664	3,428	14,767	2,846
Net loss attributable to stockholders	$ (32,159)	$ (101,363)	$ (342,796)	$ (76,503)
Net loss per share of common stock, basic	$ (0.07)	$ (0.22)	$ (0.7)	$ (0.18)
Net loss per share of common stock, diluted	$ (0.07)	$ (0.22)	$ (0.7)	$ (0.18)
Weighted-average shares of common stock outstanding, basic	476,977,640	468,799,045	486,771,340	432,743,282
Weighted-average shares of common stock outstanding, diluted	476,977,640	468,799,045	486,771,340	432,743,282
Comprehensive loss:
Net loss	$ (32,251)	$ (104,359)	$ (357,483)	$ (77,994)
Other comprehensive income (loss) item:
Foreign currency translation adjustments	348	(28,850)	6,949	(33,238)
Other comprehensive income (loss)	348	(28,850)	6,949	(33,238)
Comprehensive loss	(31,903)	(133,209)	(350,534)	(111,232)
Rental revenue
Revenues
Total revenues	436,272	362,735	867,272	680,105
Other revenue
Revenues
Total revenues	$ 15,372	$ 16,473	$ 30,816	$ 29,748

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity (Unaudited) - 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, 2021	$ 6,673,718	$ 46	$ 1,544	$ 221	$ 1,636	$ 7,388,885	$ (530)	$ (757,575)	$ 6,634,227	$ 39,491
Common stock issued	3,842,610	9	617	78	744	3,841,162			3,842,610
Offering costs, net	(164,884)					(164,884)			(164,884)
Distribution reinvestments	99,769	1	17	3	16	99,732			99,769
Amortization of restricted stock grants	413					413			413
Common stock repurchased	(165,281)		(20)	(1)	(40)	(165,220)			(165,281)
Net income (loss) (allocated to redeemable non-controlling interest)	(75,148)							(76,503)	(76,503)	1,355
Contributions from non-controlling interests	13,514									13,514
Distributions to non-controlling interests	(1,307)									(1,307)
Distributions declared on common stock (see Note 11)	(245,369)							(245,369)	(245,369)
Other comprehensive income (loss), net	(33,238)						(33,238)		(33,238)
Allocation to redeemable non-controlling interests	(30,500)					(30,500)			(30,500)
Balance at Jun. 30, 2022	9,914,297	56	2,158	301	2,356	10,969,588	(33,768)	(1,079,447)	9,861,244	53,053
Balance at Mar. 31, 2022	8,543,106	54	1,887	275	2,024	9,347,732	(4,918)	(845,384)	8,501,670	41,436
Common stock issued	1,774,789	1	271	24	356	1,774,137			1,774,789
Offering costs, net	(71,148)					(71,148)			(71,148)
Distribution reinvestments	55,029	1	9	2	9	55,008			55,029
Amortization of restricted stock grants	207					207			207
Common stock repurchased	(118,271)		(9)		(33)	(118,229)			(118,271)
Net income (loss) (allocated to redeemable non-controlling interest)	(100,931)							(101,363)	(101,363)	432
Contributions from non-controlling interests	11,828									11,828
Distributions to non-controlling interests	(643)									(643)
Distributions declared on common stock (see Note 11)	(132,700)							(132,700)	(132,700)
Other comprehensive income (loss), net	(28,850)						(28,850)		(28,850)
Allocation to redeemable non-controlling interests	(18,119)					(18,119)			(18,119)
Balance at Jun. 30, 2022	9,914,297	56	2,158	301	2,356	10,969,588	(33,768)	(1,079,447)	9,861,244	53,053
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
Common stock issued	312,743	1	36	(2)	84	312,624			312,743
Offering costs, net	22,808					22,808			22,808
Distribution reinvestments	107,957		18	2	19	107,918			107,957
Amortization of restricted stock grants	420					420			420
Common stock repurchased	(1,365,437)	(2)	(178)	(17)	(328)	(1,364,912)			(1,365,437)
Net income (loss) (allocated to redeemable non-controlling interest)	(342,716)							(342,796)	(342,796)	80
Distributions to non-controlling interests	(3,448)									(3,448)
Distributions declared on common stock (see Note 11)	(276,856)							(276,856)	(276,856)
Other comprehensive income (loss), net	6,949						6,949		6,949
Allocation to redeemable non-controlling interests	2,219					2,219			2,219
Balance at Jun. 30, 2023	8,610,430	56	2,122	293	2,220	10,547,347	(17,358)	(1,974,908)	8,559,772	50,658
Balance at Mar. 31, 2023	9,273,028	57	2,206	300	2,330	11,041,125	(17,706)	(1,807,020)	9,221,292	51,736
Common stock issued	127,695		13	(1)	38	127,645			127,695
Offering costs, net	14,888					14,888			14,888
Distribution reinvestments	52,017		9	1	10	51,997			52,017
Amortization of restricted stock grants	210					210			210
Common stock repurchased	(694,341)	(1)	(106)	(7)	(158)	(694,069)			(694,341)
Net income (loss) (allocated to redeemable non-controlling interest)	(30,587)							(32,159)	(32,159)	1,572
Distributions to non-controlling interests	(2,650)									(2,650)
Distributions declared on common stock (see Note 11)	(135,729)							(135,729)	(135,729)
Other comprehensive income (loss), net	348						348		348
Allocation to redeemable non-controlling interests	5,551					5,551			5,551
Balance at Jun. 30, 2023	$ 8,610,430	$ 56	$ 2,122	$ 293	$ 2,220	$ 10,547,347	$ (17,358)	$ (1,974,908)	$ 8,559,772	$ 50,658

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Net income (loss) allocated to redeemable non controlling interest	$ (1,664)	$ (3,428)	$ (14,767)	$ (2,846)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Cash flows from operating activities
Net loss	$ (32,251)	$ (104,359)	$ (357,483)	$ (77,994)
Adjustments to reconcile net loss to net cash provided by operating activities
Management fees	39,442	42,229	81,623	76,384
Performance participation allocation	0	52,344	0	139,470	$ 102,300
Impairment of investments in real estate	105,291	0	185,137	0
Depreciation and amortization	208,929	205,583	409,363	430,342
Amortization of deferred financing costs			15,307	17,354
Straight-line rent amortization			(7,134)	(6,621)
Deferred income amortization			(8,578)	(6,038)
Unrealized loss (gain) on changes in fair value of financial instruments			77,272	(343,136)
Foreign currency (gain) loss			(6,923)	38,925
Amortization of restricted stock grants			420	413
Net gain on disposition of investments in real estate	(121,681)		(121,258)
Realized loss on sale of investments in real estate debt			2,491
Loss (income) from unconsolidated real estate ventures	(2,544)	209	545	(720)
Distributions of earnings from unconsolidated real estate ventures			847
Other items			(13,027)	217
Change in assets and liabilities
(Increase) decrease in other assets			(10,610)	1,468
Decrease in due to affiliates			(840)	(1,567)
Increase (decrease) in other liabilities			13,806	(4,316)
Net cash provided by operating activities			260,958	264,181
Cash flows from investing activities
Acquisitions of real estate				(4,514,989)
Proceeds from dispositions of real estate			661,539
Capital improvements to real estate			(80,574)	(48,937)
Distributions from unconsolidated real estate ventures				309
Origination and purchase of investments in real estate debt				(1,066,238)
Purchase of real estate-related debt and equity securities				(85,653)
Proceeds from paydown of principal and settlement of investments in real estate debt			46,095	72,103
Purchase of derivative instruments			(14,994)
Proceeds from settlement of derivative contracts			10,761
Net cash provided by (used in) investing activities			622,827	(5,643,405)
Cash flows from financing activities
Proceeds from issuance of common stock, net			189,497	3,274,354
Offering costs paid			(28,740)	(40,060)
Subscriptions received in advance			16,338	292,327
Repurchase of common stock			(1,365,929)	(165,281)
Borrowings from mortgage notes, revolving credit facility, and unsecured line of credit			1,024,314	2,539,010
Repayments of mortgage notes, revolving credit facility and unsecured line of credit			(846,781)	(627,086)
Borrowings under secured financings on investments in real estate				526,283
Repayments under secured financings on investments in real estate debt				(128,380)
Payment of deferred financing costs			(253)	(36,605)
Contributions from non-controlling interests				13,514
Distributions to non-controlling interests			(3,448)	(1,307)
Distributions			(184,078)	(138,214)
Net cash (used in) provided by financing activities			(1,199,080)	5,508,555
Effect of exchange rate changes			(6,352)	(7,296)
Net change in cash and cash equivalents and restricted cash			(321,647)	122,035
Cash and cash equivalents and restricted cash, beginning of year			956,609	940,555	940,555
Cash and cash equivalents and restricted cash, end of year	634,962	1,062,590	634,962	1,062,590	956,609
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	336,776	545,931	336,776	545,931	643,516
Restricted cash	298,186	516,659	298,186	516,659	313,093
Total cash and cash equivalents and restricted cash	$ 634,962	$ 1,062,590	634,962	1,062,590	$ 956,609
Supplemental disclosure of cash flow information:
Cash paid for interest			438,294	154,600
Non-cash investing and financing activities:
Accrued stockholder servicing fee due to affiliate			24,584	148,340
Assumption of mortgage notes in conjunction with acquisitions of real estate				267,030
Issuance of Operating Partnership units as consideration for acquisitions of real estate				190,459
Issuance of Class I shares for payment of management fee			83,377	71,369
Redeemable non-controlling interest issued as settlement for performance participation allocation			102,348	204,225
Accrued distributions			46,580	47,652
Distribution reinvestment			107,957	99,769
Allocation to redeemable non-controlling interests			(2,219)	30,500
Accrued capital expenditures			$ 7,235	$ 7,494

Organization and Business Purpo

Organization and Business Purpose	6 Months Ended
	Jun. 30, 2023
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” and together with any entity that is controlled by, controls or is under common control with the Sponsor, and any of their respective predecessor entities, “Starwood Capital”), 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 June 30, 2023, the Company owned 511 consolidated real estate properties, 2,942 single-family rental homes, two investments in unconsolidated real estate ventures and eight positions in real estate debt investments. The Company currently operates in seven reportable segments: Multifamily, Single-Family Rental, Industrial, Office, Self-Storage, Investments in Real Estate Debt and Other. 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 June 30, 2023, the Company had received aggregate net proceeds o f $ 13.6 billion from the sale of shares of its common stock through its public offerings.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. All significant intercompany balances and transactions have been eliminated in consolidation. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission (the “SEC”). The accompanying unaudited condensed 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. 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 Company meets the VIE disclosure exemption criteria, as the Company’s interest in the Operating Partnership is considered a majority voting interest. 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. Investments in Real Estate Refer to Note 2 — “Summary of Significant Accounting Policies” to the Company’s consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, for further details of the GAAP treatment regarding the Company’s investments in real estate. Impairment of Investments in Real Estate The Company’s management reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value of such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The evaluation of anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Since cash flows on real estate properties considered to be “long-lived assets to be held and used” are considered on an undiscounted basis to determine whether an asset has been impaired, the Company’s strategy of holding properties over the long term decreases the likelihood of recording an impairment loss. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an additional 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. Impairment charges are recorded in the Condensed Consolidated Statements of Operations and Comprehensive Loss. During the three and six months ended June 30, 2023, the Company recognized an aggregate of $ 105.3 million and $ 185.1 million of impairment charges, respectively, on single-family rental properties in the Condensed Consolidated Statements of Operations and Comprehensive Loss. The estimated fair values of the impaired properties were primarily based on binding, executed sales contracts. During the three and six months ended June 30, 2022, the Company did no t recognize any impairments on investments in real estate. Properties Held-for-Sale The Company classifies the assets and liabilities related to its investments in real estate as held-for-sale when a sale is probable to occur within one year. The Company considers a sale to be probable when a binding contract has been executed, the buyer has posted a non-refundable deposit, and there are limited contingencies to closing. The Company records held-for-sale investments in real estate at the lower of depreciated cost or fair value, less estimated closing costs. Held-for-sale assets and liabilities are presented within Other assets and Other liabilities on the Company’s Condensed Consolidated Balance Sheets. Fair Value Measurements Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). 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”). 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. During the three months ended June 30, 2023 and 2022, the Company recorded net unrealized gains (losses) on its investments in real estate debt securities of $ 4.6 million and ($ 14.9 ) million, respectively. During the six months ended June 30, 2023 and 2022, the Company recorded net unrealized gains (losses) on its investments in real estate debt securities of $ 5.2 million and ($ 25.4 ) million, respectively. Such amounts are recorded as a component of Income from investments in real estate debt on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. 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 Condensed Consolidated Balance Sheets. As such, the resulting unrealized gains and losses are recorded as a component of Other income (expense), net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. During the three months ended June 30, 2023 and 2022, the Company recognized $ 4.0 million of unrealized gains and $ 29.6 million of unrealized losses on its investments in equity securities, respectively. During the six months ended June 30, 2023 and 2022, the Company recognized $ 3.1 million of unrealized gains and $ 42.3 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 non-performance 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 Company utilizes a discounted cash flow model to value its loans secured by real estate (considering loan features, credit quality of the loans and includes a review of market yield data, collateral asset performance, local and macro real estate performance, capital market conditions, debt yield, loan-to-value ratios, borrower financial condition and performance, among other factors). The Company continuously monitors and assesses the credit quality of individual loans including the review of delinquency and loan-to-value ratios on our loans secured by real estate. Such loans have floating interest rates with market terms and there are no underlying credit quality issues as of June 30, 2023. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): June 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 247,428 $ 1,374,010 $ 1,621,438 $ — $ 290,807 $ 1,366,856 $ 1,657,663 Equity securities 87,463 — — 87,463 84,321 — — 84,321 Derivatives (1) — 842,169 — 842,169 — 898,916 — 898,916 Total $ 87,463 $ 1,089,597 $ 1,374,010 $ 2,551,070 $ 84,321 $ 1,189,723 $ 1,366,856 $ 2,640,900 Liabilities: Derivatives $ — $ 28,768 $ — $ 28,768 $ — $ 17,860 $ — $ 17,860 Total $ — $ 28,768 $ — $ 28,768 $ — $ 17,860 $ — $ 17,860 __________ (1) Includes a total of $ 8.4 million of derivative assets used to hedge mortgage loans on properties classified as held-for-sale as of June 30, 2023. As of December 31, 2022, there were no properties, related mortgage loans or related hedging derivatives, that met the criteria to be classified as held-for-sale. 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, 2022 $ 1,366,856 Purchases — Included in net loss Unrealized loss ( 276 ) Foreign currency exchange 7,430 Balance as of June 30, 2023 $ 1,374,010 The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): June 30, 2023 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in real estate debt $ 1,374,010 Discounted Cash Flow Discount Rate 9.6 % Decrease 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 Valuation of assets measured at fair value on a nonrecurring basis Certain of the Company’s assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments, such as when there is evidence of impairment, and therefore measured at fair value on a nonrecurring basis. The Company reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. During the three and six months ended June 30, 2023, the Company recognized an aggregate $ 105.3 million and $ 185.1 million of impairment charges on single-family rental properties. The estimated fair value of such assets as of June 30, 2023 was $ 694.3 million. The estimated fair values of the impaired properties were primarily based on binding, executed sales contracts, which are considered a Level 2 input. There are inherent uncertainties in making these estimates such as current and future macroeconomic conditions. During the three and six months ended June 30, 2022, the Company did no t recognize any impairments on investments in real estate. 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 June 30, 2023, the fair value of the Company’s mortgage notes, revolving credit facility and secured financings on investments in real estate debt was approximately $ 297.8 million below the outstanding principal balance. 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, and local taxes on its income and assets, including (1) taxes on any undistributed income, (2) taxes related to its taxable REIT subsidiaries (“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 and local 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 three and six months ended June 30, 2023, the Company recognized an income tax expense of $ 2.1 million and $ 1.8 million, respectively, within Other income (expense), net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. For the three and six months ended June 30, 2022, the Company recognized an income tax benefit of $ 0.1 million and $ 0.0 million, respectively, within Other income (expense), net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. As of June 30, 2023 and December 31, 2022, the Company recorded a net deferred tax liability of $ 42.7 million and $ 40.9 million, respectively, primarily due to assumed capital gains from four European investments, primarily within Other liabilities on the Company’s Condensed Consolidated Balance Sheets. 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 London Interbank Offered Rate (“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 condensed consolidated financial statements.

Investments

Investments	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Investments	3. Investments Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): June 30, 2023 December 31, 2022 Building and building improvements $ 17,797,700 $ 19,249,503 Land and land improvements 3,194,943 3,580,603 Furniture, fixtures and equipment 316,163 331,586 Right-of-use asset - operating lease (1 ) 105,230 105,230 Total 21,414,036 23,266,922 Accumulated depreciation and amortization ( 1,251,622 ) ( 1,019,521 ) Investments in real estate, net $ 20,162,414 $ 22,247,401 (1) Refer to Note 14 for additional details on the Company’s leases. Asset Dispositions During the three months ended June 30, 2023, the Company recorded $ 121.7 million of net gains from the disposition of six multifamily properties, one industrial property, and 268 single-family rental units. During the six months ended June 30, 2023, the Company recorded $ 121.3 million of net gains from the disposition of six multifamily properties, one industrial property, and 273 single-family rental units. During the three months ended June 30, 2023, the Company sold an aggregate of $ 494.6 million of investments in real estate, generating total net cash proceeds, net of mortgage repayments, of approximately $ 246.1 million. During the six months ended June 30, 2023, the Company sold an aggregate of $ 496.7 million of investments in real estate, generating total net cash proceeds, net of mortgage repayments, of approximately $ 246.6 million. For the three and six months ended June 30, 2022, there were no dispositions of investments in real estate. Investments in Real Estate - Held-for-Sale As of June 30, 2023, three multifamily properties, 32 industrial properties, and 1,912 single-family rental properties met the criteria to be classified as held-for-sale. As of December 31, 2022, there were no real estate investments that met the criteria to be classified as held-for-sale. The held-for-sale assets and liabilities associated with assets held-for-sale are included as components of Other assets and Other liabilities, respectively, on the Company’s Condensed Consolidated Balance Sheets. The following table details the assets and liabilities of the Company’s investments in real estate classified as held-for-sale ($ in thousands): June 30, 2023 December 31, 2022 Assets: Investments in real estate, net $ 1,111,355 $ — Other assets 33,850 — Total assets $ 1,145,205 $ — Liabilities: Mortgage notes, net $ 812,753 $ — Other liabilities 24,028 — Total liabilities $ 836,781 $ — Investments in Unconsolidated Real Estate Ventures The following table details the Company’s equity investments in unconsolidated entities ($ in thousands): Investments in Unconsolidated Real Estate Ventures (Segment) Date Acquired Number of Properties Ownership Interest June 30, 2023 December 31, 2022 Extended Stay Portfolio (Other properties) July 2022 196 45 % $ 469,712 $ 471,696 Fort Lauderdale Hotel (Other properties) March 2019 1 43 % 10,528 9,936 Total investments in unconsolidated real estate ventures $ 480,240 $ 481,632 The following table details the Company’s income (loss) from equity investments in unconsolidated entities ($ in thousands): Three Months Ended Six Months Ended Investments in Unconsolidated Real Estate Ventures (Segment) 2023 2022 2023 2022 Extended Stay Portfolio (Other properties) $ 2,331 $ — $ ( 1,137 ) $ — Fort Lauderdale Hotel (Other properties) 213 ( 209 ) 592 720 Total income (loss) from unconsolidated real estate ventures $ 2,544 $ ( 209 ) $ ( 545 ) $ 720

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 2023
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): June 30, 2023 December 31, 2022 Intangible assets: (1) In-place lease intangibles $ 299,928 $ 330,631 Above-market lease intangibles 44,943 47,472 Other 42,296 43,032 Total intangible assets 387,167 421,135 Accumulated amortization: In-place lease amortization ( 112,783 ) ( 113,674 ) Above-market lease amortization ( 16,193 ) ( 14,022 ) Other ( 10,941 ) ( 9,723 ) Total accumulated amortization ( 139,917 ) ( 137,419 ) Intangible assets, net $ 247,250 $ 283,716 Intangible liabilities: (2) Below-market lease intangibles $ 87,502 $ 89,137 Total intangible liabilities 87,502 89,137 Accumulated amortization: Below-market lease amortization ( 22,866 ) ( 18,770 ) Total accumulated amortization ( 22,866 ) ( 18,770 ) Intangible liabilities, net $ 64,636 $ 70,367 (1) Included in Other assets on the Company’s Condensed Consolidated Balance Sheets. (2) Included in Other liabilities on the Company’s Condensed Consolidated Balance Sheets. The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of June 30, 2023 is as follows ($ in thousands): In-place Above-market Other Below-market 2023 (remaining) $ 24,316 $ 3,389 $ 1,704 $ ( 5,319 ) 2024 35,322 5,429 3,409 ( 8,818 ) 2025 26,951 4,145 3,401 ( 6,964 ) 2026 23,090 3,931 3,401 ( 6,802 ) 2027 18,654 3,145 3,401 ( 5,023 ) Thereafter 58,812 8,711 16,039 ( 31,710 ) $ 187,145 $ 28,750 $ 31,355 $ ( 64,636 )

Investments in Real Estate Debt

Investments in Real Estate Debt	6 Months Ended
	Jun. 30, 2023
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 as of June 30, 2023 and December 31, 2022 ($ in thousands): June 30, 2023 Type of Security/Loan Number of Positions Weighted (1) Weighted Average (2) Cost Basis Fair Value CMBS - floating 6 L + 4.50% February 2037 $ 257,441 $ 247,428 Term loans 2 L + 4.96% January 2027 1,461,417 1,374,010 Total investments in real estate debt 8 L + 4.89% July 2028 $ 1,718,858 $ 1,621,438 December 31, 2022 Type of Security/Loan Number of Weighted (1) Weighted Average (2) Cost Basis Fair Value CMBS - floating 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 (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 Australia’s largest hotel and casino company. 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 CMBS 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 June 30, 2023 December 31, 2022 CMBS $ 247,428 $ 290,807 Total $ 247,428 $ 290,807 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 three and six months ended June 30, 2023, the Company recorded net realized losses on sales of its investments in real estate debt securities of $ 2.5 million. During the three and six months ended June 30, 2022, the Company did not dispose of any investments in real estate debt securities.

Mortgage Notes and Revolving Cr

Mortgage Notes and Revolving Credit Facility	6 Months Ended
	Jun. 30, 2023
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 as of June 30, 2023 and December 31, 2022 ($ in thousands): Principal Balance Outstanding (3)(4) Indebtedness Weighted (1) Weighted (2) Maximum June 30, 2023 December 31, 2022 Fixed rate loans Fixed rate mortgages 3.13 % January 2031 N/A $ 3,210,624 $ 3,843,346 Total fixed rate loans 3,210,624 3,843,346 Variable rate loans Floating rate mortgages L + 1.81 % June 2027 N/A 9,957,925 10,445,553 Variable rate revolving credit facility (5) L + 1.85 % December 2023 $ 800,000 175,000 175,000 Total variable rate loans 10,132,925 10,620,553 Total loans secured by the Company’s 13,343,549 14,463,899 Deferred financing costs, net ( 83,865 ) ( 102,064 ) Discount on assumed debt, net ( 6,367 ) ( 6,377 ) Mortgage notes and revolving credit facility, net $ 13,253,317 $ 14,355,458 (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) Excludes a total of $ 812.8 million of mortgage loans on properties classified as held-for-sale as of June 30, 2023. As of December 31, 2022, there were no properties, and their related mortgage loans, that met the criteria to be classified as held-for-sale. (5) 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 June 30, 2023 ($ in thousands): Year Amount 2023 (remaining) $ 177,961 2024 774,418 2025 955,982 2026 4,828,217 2027 2,081,088 Thereafter 4,525,883 Total $ 13,343,549 Pursuant to lender agreements for certain of the Company’s mortgages, the Company has the ability to draw $ 87.9 million for leasing commissions and 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 June 30, 2023.

Secured Financings On Investmen

Secured Financings On Investments In Real Estate Debt	6 Months Ended
	Jun. 30, 2023
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 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. 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. For 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 Condensed Consolidated Balance Sheets, these transactions are summarized in the following tables ($ in thousands): June 30, 2023 Indebtedness Maturity Date Coupon Collateral (1) Outstanding Barclays RA February 2026 SONIA + 2.50% $ 457,686 $ 251,727 Syndicated RA June 2027 BBSY + 2.82% 916,324 504,130 $ 1,374,010 $ 755,857 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 (1) Represents the fair value of the Company’s real estate-related term loan investments.

Unsecured Line of Credit

Unsecured Line of Credit	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Unsecured Line Of Credit	8. Unsecured Line of Credit During July 2021, the Company 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 approximately $ 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. As of June 30, 2023, there were $ 492.0 mil lion of borrowings outstanding on the Line of Credit. As of December 31, 2022, there were no outstanding borrowings on the Line of Credit.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	6 Months Ended
	Jun. 30, 2023
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): June 30, 2023 December 31, 2022 Held-for-sale assets $ 1,145,205 $ — Derivative instruments 833,765 898,916 Intangible assets, net 247,250 283,716 Receivables 106,684 110,898 Equity securities 87,463 84,321 Prepaid expenses 36,615 20,985 Deferred financing costs, net 8,155 10,984 Interest receivable 7,695 6,670 Other 5,245 5,058 Total other assets $ 2,478,077 $ 1,421,548 The following table summarizes the components of Other liabilities ($ in thousands): June 30, 2023 December 31, 2022 Held-for-sale liabilities $ 836,781 $ — Accounts payable and accrued expenses 84,513 95,467 Real estate taxes payable 77,347 85,955 Intangible liabilities, net 64,636 70,367 Accrued interest expense 63,596 58,872 Distributions payable 46,580 49,306 Tenant security deposits 44,674 50,694 Deferred tax liability 43,533 42,383 Deposits received on pending sales 45,137 — Derivative instruments 28,768 17,860 Right-of-use liability - operating leases 12,424 12,452 Deferred income 10,842 8,837 Other taxes payable 3,366 6,475 Other 6,395 8,731 Total other liabilities $ 1,368,592 $ 507,399

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2023
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. Although not designated as hedging instruments under GAAP, the Company’s derivatives 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): June 30, 2023 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Strike Rate Index Weighted Average Maturity (Years) Interest Rate Caps - Property debt 66 $ 10,178,249 1.6 % LIBOR, SOFR 2.5 Interest Rate Caps - Property debt 4 € 158,845 1.1 % EURIBOR 1.2 Interest Rate Caps - Property debt 1 DKK 301,500 1.0 % CIBOR 3.2 Interest Rate Swaps - Property debt 2 $ 276,750 0.8 % LIBOR 1.8 Interest Rate Swaps - Property debt 3 € 213,458 1.9 % EURIBOR 4.1 Interest Rate Swaps - Property debt 2 NOK 520,000 2.5 % NIBOR 4.6 Total interest rate derivatives 78 1.6 % 2.5 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 DKK 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 NOK 576,633 2.4 % NIBOR 5.2 Total interest rate derivatives 77 1.5 % 2.9 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): June 30, 2023 December 31, 2022 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD/Sell EUR Forward 49 € 566,188 48 € 588,786 Buy USD/Sell DKK Forward 11 DKK 1,493,600 12 DKK 1,513,100 Buy USD/Sell AUD Forward 12 AUD 679,667 8 AUD 661,100 Buy USD/Sell NOK Forward 7 NOK 1,148,441 8 NOK 859,279 Buy USD/Sell GBP Forward 7 £ 378,936 5 £ 368,469 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 June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Interest rate derivatives (3) $ 788,085 $ 842,895 $ — $ — Foreign currency forward contracts 54,084 56,021 28,768 17,860 Total Derivatives $ 842,169 $ 898,916 $ 28,768 $ 17,860 (1) Included in Other assets in the Company’s Condensed Consolidated Balance Sheets. (2) Included in Other liabilities in the Company’s Condensed Consolidated Balance Sheets. (3) Includes a total of $ 8.4 million of derivative assets used to hedge mortgage loans on properties classified as held-for-sale as of June 30, 2023. As of December 31, 2022, there were no properties, related mortgage loans or related hedging derivatives, that met the criteria to be classified as held-for-sale . The following table details the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations and Comprehensive Loss ($ in thousands): For the Three Months Ended June 30, Type of Derivative Net Realized/Unrealized Gain (Loss) 2023 2022 Interest Rate Caps - Property debt Unrealized gain (1) $ 64,904 $ 75,670 Interest Rate Swaps - Property debt Unrealized gain (1) 5,309 2,098 Foreign Currency Forward Contracts Unrealized (loss) gain (2) ( 6,935 ) 60,359 Foreign Currency Forward Contracts Realized gain (1) 1,648 4,951 Interest Rate Caps - Property debt Realized gain (1) 1,047 — Interest Rate Swaps - Property debt Realized gain (1) — — Total $ 65,973 $ 143,078 For the Six Months Ended June 30, Type of Derivative Net Realized/Unrealized Gain (Loss) 2023 2022 Interest Rate Caps - Property debt Unrealized (loss) gain (1) $ ( 74,732 ) $ 333,628 Interest Rate Swaps - Property debt Unrealized (loss) gain (1) ( 1,060 ) 14,544 Foreign Currency Forward Contracts Unrealized (loss) gain (2) ( 11,248 ) 62,643 Foreign Currency Forward Contracts Realized gain (1) 3,037 9,317 Interest Rate Caps - Property debt Realized gain (1) 1,780 — Interest Rate Swaps - Property debt Realized gain (1) 1,925 — Total $ ( 80,298 ) $ 420,132 (1) Included in Other income (expense), net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. (2) A portion of this amount is included in Income from investments in real estate debt and the remaining amount is included Other income (expense), net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss.

Equity and Redeemable Non-contr

Equity and Redeemable Non-controlling Interests	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Equity and Redeemable Non-controlling Interests	11. Equity and Redeemable Non-controlling Interests 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. Refer to Note 2 — “Summary of Significant Accounting Policies” to the Company’s consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, 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. As of June 30, 2023, 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: Three Months Ended June 30, 2023 Class T Class S Class D Class I Total March 31, 2023 5,714,907 220,612,011 29,960,792 233,004,427 489,292,137 Common stock shares issued (1) 6,411 1,294,985 ( 97,589 ) 3,779,738 4,983,545 Distribution reinvestment plan shares issued 35,510 939,025 83,194 964,799 2,022,528 Common stock shares repurchased ( 116,821 ) ( 10,601,279 ) ( 655,043 ) ( 15,737,155 ) ( 27,110,298 ) June 30, 2023 5,640,007 212,244,742 29,291,354 222,011,809 469,187,912 Six Months Ended June 30, 2023 Class T Class S Class D Class I Total December 31, 2022 5,721,496 224,556,910 30,974,173 244,455,013 505,707,592 Common stock shares issued (1) 83,111 3,558,791 ( 137,286 ) 8,428,076 11,932,692 Distribution reinvestment plan shares issued 70,101 1,920,363 179,537 1,959,739 4,129,740 Common stock shares repurchased ( 234,701 ) ( 17,791,322 ) ( 1,725,070 ) ( 32,831,019 ) ( 52,582,112 ) June 30, 2023 5,640,007 212,244,742 29,291,354 222,011,809 469,187,912 __________ (1) Includes exchanges between share classes. 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 or suspend the Company’s share repurchase plan if it deems such action to be in the Company’s best interest and in 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 Net Asset Value (“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 three months ended June 30, 2023, the Company repurchased 27,110,298 shares of common stock representing, a total of $ 694.3 million. For the three months ended June 30, 2022, the Company repurchased 4,356,951 shares of common stock representing, a total of $ 118.3 million. For the six months ended June 30, 2023, the Company repurchased 52,582,112 shares of common stock representing, a total of $ 1.4 billion. For the six months ended June 30, 2022, the Company repurchased 6,175,916 shares of common stock representing a total of $ 165.3 million. 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 is paid directly to the applicable distributor. The following table details the aggregate distributions declared for each applicable class of common stock: Three Months Ended June 30, 2023 Class T Class S Class D Class I Aggregate gross distributions declared per share of common stock $ 0.3105 $ 0.3105 $ 0.3105 $ 0.3105 Stockholder servicing fee per share of common stock ( 0.0542 ) ( 0.0542 ) ( 0.0157 ) — Net distributions declared per share of common stock $ 0.2563 $ 0.2563 $ 0.2948 $ 0.3105 Six Months Ended June 30, 2023 Class T Class S Class D Class I Aggregate gross distributions declared per share of common stock $ 0.6210 $ 0.6210 $ 0.6210 $ 0.6210 Stockholder servicing fee per share of common stock ( 0.1094 ) ( 0.1094 ) ( 0.0316 ) — Net distributions declared per share of common stock $ 0.5116 $ 0.5116 $ 0.5894 $ 0.6210 Redeemable Non-controlling Interests 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 Condensed 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 distributions, 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 tables detail the redeemable non-controlling interests activity related to the Special Limited Partner and third-party Operating Partnership unitholders for the six months ended June 30, 2023 and 2022 ($ in thousands): Special Limited Partner Third-party Operating Partnership unitholders Total Balance at December 31, 2022 $ 238,322 $ 188,777 $ 427,099 Settlement of performance participation allocation 102,348 — 102,348 GAAP loss allocation ( 9,502 ) ( 5,265 ) ( 14,767 ) Distributions ( 8,032 ) ( 4,452 ) ( 12,484 ) Fair value allocation ( 1,428 ) ( 791 ) ( 2,219 ) Balance at June 30, 2023 $ 321,708 $ 178,269 $ 499,977 Special Limited Partner Third-party Operating Partnership unitholders Total Balance at December 31, 2021 $ 30,502 $ — $ 30,502 Settlement of performance participation allocation 204,225 — 204,225 Issuance of Operating Partnership units as consideration for — 190,459 190,459 GAAP loss allocation ( 1,441 ) ( 1,405 ) ( 2,846 ) Distributions ( 5,620 ) ( 1,949 ) ( 7,569 ) Fair value allocation 20,796 9,704 30,500 Balance at June 30, 2022 $ 248,462 $ 196,809 $ 445,271

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
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. Such CMBS were purchased in fully or over-subscribed offerings. Each investment in such CMBS by the Company represents 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. 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. Additionally, to the extent the Operating Partnership issues Operating Partnership units to parties other than the Company, the Operating Partnership will pay the Advisor an annual management fee equal to 1.25 % of the Operating Partnership’s NAV attributable to such Operating Partnership units not held by the Company, payable monthly. The management fee can be paid, at the Advisor’s election, in cash, shares of common stock, or Operating Partnership units. During the three months ended June 30, 2023 and 2022, the Company incurred management fees of $ 39.4 million and $ 42.2 million, respectively. During the six months ended June 30, 2023 and 2022, the Company incurred management fees of $ 81.6 million and $ 76.4 million, respectively. To date, the Advisor has elected to receive the management fee in shares of the Company’s common stock. During January 2023, the Company issued 551,733 unregistered Class I shares to the Advisor as payment for the $ 14.5 million management fee accrued as of December 31, 2022. For the six months ended June 30, 2023, the Company issued 2,681,244 unregistered Class I shares to the Advisor as payment for the management fee incurred through May 2023 and also had a payable of $ 12.8 million related to the management fee as of June 30, 2023, which is included in Due to affiliates on the Company’s Condensed Consolidated Balance Sheets. In July 2023, the Company issued 513,733 unregistered Class I shares to the Advisor as payment for the $ 12.8 million management fee accrued as of June 30, 2023. 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 Lim ited Partner. During the year ended December 31, 2022, the Special Limited Partner earned a performance participation interest of $ 102.3 million, which was paid to the Special Limited Partner in the form of approximately 3.9 million Class I units of the Operating Partnership, effective January 1, 2023. During the three and six months ended June 30, 2023, the Company did no t recognize a performance participation allocation as certain thresholds were not achieved. During the three and six months ended June 30, 2022, the Company recognized $ 52.3 million and $ 139.5 million, respectively, of performance participation allocation in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. As of June 30, 2023, the Advisor, its employees, and its affiliates, including the Company’s executive officers, hold an aggregate of $ 544.0 million in the Company, across shares of common stock of the Company and Class I units in the Operating Partnership. Repurchase of Advisor and Certain Director Shares During the three and six months ended June 30, 2023, the Company repurchased 1,591,870 and 1,602,960 Class I shares held by the Advisor and certain directors for total consideration of $ 41.1 million and $ 41.4 million, respectively. During the three and six months ended June 30, 2022, we repurchased outside of our share repurchase plan 66,792 Class I shares held by the Advisor for total consideration of $ 1.8 million. Due to Affiliates The following table details the components of Due to affiliates ($ in thousands): June 30, 2023 December 31, 2022 Accrued stockholder servicing fee $ 362,170 $ 413,004 Performance participation allocation — 102,348 Accrued management fee 12,787 14,531 Advanced organization and offering costs 2,289 3,017 Accrued affiliate service provider expenses 2,448 2,659 Advanced operating expenses 926 1,555 Total $ 380,620 $ 537,114 Accrued stockholder servicing fee The Company accrues the full amount of the future stockholder servicing fees payable to Starwood Capital, L.L.C. (the “Dealer Manager”) for Class T shares, Class S shares, 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 participating broker dealers distributing the Company’s shares in the public offerings, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fees and all or a portion of the stockholder servicing fees received by the Dealer Manager to such participating broker 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 three months ended June 30, 2023 and 2022, the Company has incurred approximately $ 6.2 million and $ 3.9 million, respectively, of expenses due to Highmark Residential in connection with its investments. During the six months ended June 30, 2023 and 2022, the Company has incurred approximately $ 11.8 million and $ 6.7 million, respectively, of expenses due to Highmark Residential in connection with its investments. These amounts are included in Property operating expenses on the Company’s Condensed 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-G eneral Counsel and Senior Managing Director of the Sponsor and certain of its affiliates, to provide corporate legal support services to the Company. During the three months ended June 30, 2023 and 2022, the amounts incurred for services provided by RFF were $ 0.1 million and $ 0.2 million, respectively. During the six months ended June 30, 2023 and 2022, the amounts incurred for services provided by RFF were $ 0.2 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 conn ection 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 three and six months ended June 30, 2023, the Company incurred $ 0.2 million of expenses for services provided by Essex. During the three and six months ended June 30, 2022, the amounts incurred for services provided by Essex were $ 2.2 million and $ 3.3 million, respectively. The Company has engaged Starwood Retail Partners to provide leasing and legal services for any retail properties the Company acquires. During the three and six months ended June 30, 2023 and 2022, the Company incurred an insignificant amount, respectively. The Company has engaged Starwood Capital’s affiliated Luxembourg office for accounting and administrative matters relating to certain European invest ments. During the three and six months ended June 30, 2023, the amounts incurred for services provided were $ 0.6 million and $ 1.2 million, respectively. During the three and six months ended June 30, 2022, the amounts incurred for services provided were $ 0.4 million and $ 0.7 million, respectively. 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 Capita l. During the three and six months ended June 30, 2023, the amounts incurred for services provided were an insignificant amount. During the three and six months ended June 30, 2022, the amounts incurred for services provided were $ 0.2 million and $ 0.3 million, respectively. The Company has engaged 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 o n a monthly basis. During the three and six months ended June 30, 2023, the Company has incurred approximately $ 0.1 million and $ 0.3 million of expenses for services provided, respectively. During the three and six months ended June 30, 2022, the Company did no t incur any expenses from SCG STR Management Co, LLC. The Company has entered into an agreement with an affiliate of Starwood Global Opportunity Fund XI to assist with property management of the Company’s assets in Spain and Italy. The Starwood Capital Group (“SCG”) Southern Europe Team charges market fees for such property management service s. During the three and six months ended June 30, 2023, the amount incurred for services provided by the SCG Southern Europe Team was $ 0.1 million and $ 0.2 million, respectively. During the three and six months ended June 30, 2022, the amounts incurred for services provided by SCG Southern Europe Team were an insignificant amount. Advanced operating expenses As of June 30, 2023 and 2022, the Advisor had advanced approximately $ 0.0 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. For the three months ended June 30, 2023 and 2022, the Advisor had incurred approximately $ 3.2 million and $ 1.8 million, respectively, of expenses on the Company’s behalf for general corporate expenses. For the six months ended June 30, 2023 and 2022, the Advisor had incurred approximately $ 7.5 million and $ 6.6 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	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies As of June 30, 2023 and December 31, 2022, the Company is not subject to any material litigation nor is the Company aware of any material litigation threatened against it.

Leases

Leases	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 ($ in thousands): Year Operating 2023 (remaining) $ 342 2024 686 2025 712 2026 714 2027 714 Thereafter 25,782 Total undiscounted future lease payments 28,950 Difference between undiscounted cash flows and discounted cash flows ( 16,526 ) Total lease liability $ 12,424 The Company utilized its incremental borrowing rate, which was between 4.5 % and 6 %, to determine its lease liabilities. As of June 30, 2023, the weighted average remaining lease term of the Company’s operating l eases 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 Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Fixed lease payments $ 393,511 $ 328,575 $ 784,006 $ 613,841 Variable lease payments 42,761 34,160 83,266 66,264 Rental revenue $ 436,272 $ 362,735 $ 867,272 $ 680,105 The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, office and other properties ($ in thousands) as of June 30, 2023. Leases at the Company’s multifamily, single-family rental and self-storage properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2023 (remaining) $ 152,490 2024 289,375 2025 262,738 2026 227,925 2027 196,754 Thereafter 551,472 Total $ 1,680,754

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2023
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. 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): June 30, 2023 December 31, 2022 Multifamily $ 15,980,441 $ 16,663,050 Single-family rental 1,189,315 1,357,576 Industrial 3,153,309 3,180,764 Office 1,690,687 1,589,368 Self-storage 361,815 366,299 Investments in real estate debt 1,621,438 1,657,663 Other properties (1) 1,221,766 1,225,052 Other (Corporate) 158,360 725,081 Total assets $ 25,377,131 $ 26,764,853 (1) Other properties include hospitality, medical office, retail and net-lease properties and two investments in unconsolidated real estate ventures. The following table sets forth the financial results by segment for the three months ended June 30, 2023 ($ in thousands): Multifamily Single- Industrial Office Self- Other Investments Total Revenues: Rental revenue $ 310,393 $ 20,463 $ 51,775 $ 37,517 $ 6,793 $ 9,331 $ — $ 436,272 Other revenue 2,442 — — 52 69 12,809 — 15,372 Total revenues 312,835 20,463 51,775 37,569 6,862 22,140 — 451,644 Expenses: Property operating 139,713 12,151 13,015 14,547 2,620 10,575 — 192,621 Total segment expenses 139,713 12,151 13,015 14,547 2,620 10,575 — 192,621 Income from unconsolidated — — — — — 2,544 — 2,544 Income from investments in — — — — — — 41,682 41,682 Segment net operating income $ 173,122 $ 8,312 $ 38,760 $ 23,022 $ 4,242 $ 14,109 $ 41,682 $ 303,249 General and administrative ( 11,867 ) Management fees ( 39,442 ) Impairment of investments in real estate ( 105,291 ) Depreciation and amortization ( 208,929 ) Net gain on dispositions of real estate 121,681 Interest expense ( 155,335 ) Other income, net 63,683 Net loss $ ( 32,251 ) Net income attributable to non-controlling interests in consolidated joint ventures ( 1,572 ) Net loss attributable to non-controlling interests in Operating Partnership 1,664 Net loss attributable to stockholders $ ( 32,159 ) The following table sets forth the financial results by segment for the three months ended June 30, 2022 ($ in thousands): Multifamily Single- Industrial Office Self-Storage Other Investments Total Revenues: Rental revenue $ 256,141 $ 17,695 $ 41,544 $ 31,211 $ 6,703 $ 9,441 $ — $ 362,735 Other revenue 4,717 — — 96 — 11,660 — 16,473 Total revenues 260,858 17,695 41,544 31,307 6,703 21,101 — 379,208 Expenses: Property operating 109,691 8,607 10,263 12,169 2,617 9,073 — 152,420 Total segment expenses 109,691 8,607 10,263 12,169 2,617 9,073 — 152,420 Loss from unconsolidated — — — — — ( 209 ) — ( 209 ) Income from investments in real — — — — — — 33,523 33,523 Segment net operating income $ 151,167 $ 9,088 $ 31,281 $ 19,138 $ 4,086 $ 11,819 $ 33,523 $ 260,102 General and administrative ( 13,008 ) Management fees ( 42,229 ) Performance participation allocation ( 52,344 ) Depreciation and amortization ( 205,583 ) Interest expense ( 108,253 ) Other income, net 56,956 Net loss $ ( 104,359 ) Net income attributable to non-controlling interests in consolidated joint ventures ( 432 ) Net loss attributable to non-controlling interests in Operating Partnership 3,428 Net loss attributable to stockholders $ ( 101,363 ) The following table sets forth the financial results by segment for the six months ended June 30, 2023 ($ in thousands): Multifamily Single- Industrial Office Self- Other Investments Total Revenues: Rental revenue $ 617,458 $ 40,951 $ 102,017 $ 74,962 $ 13,583 $ 18,301 $ — $ 867,272 Other revenue 4,723 — — 187 69 25,837 — 30,816 Total revenues 622,181 40,951 102,017 75,149 13,652 44,138 — 898,088 Expenses: Property operating 277,111 24,226 25,789 29,184 5,287 20,675 — 382,272 Total segment expenses 277,111 24,226 25,789 29,184 5,287 20,675 — 382,272 Loss from unconsolidated — — — — — ( 545 ) — ( 545 ) Income from investments in — — — — — — 73,523 73,523 Segment net operating income $ 345,070 $ 16,725 $ 76,228 $ 45,965 $ 8,365 $ 22,918 $ 73,523 $ 588,794 General and administrative ( 22,436 ) Management fees ( 81,623 ) Impairment of investments in real estate ( 185,137 ) Depreciation and amortization ( 409,363 ) Net gain on dispositions of real estate 121,258 Interest expense ( 292,625 ) Other expense, net ( 76,351 ) Net loss $ ( 357,483 ) Net income attributable to non-controlling interests in consolidated joint ventures ( 80 ) Net loss attributable to non-controlling interests in Operating Partnership 14,767 Net loss attributable to stockholders $ ( 342,796 ) The following table sets forth the financial results by segment for the six months ended June 30, 2022 ($ in thousands): Multifamily Single- Industrial Office Self-Storage Other Investments Total Revenues: Rental revenue $ 471,824 $ 34,160 $ 77,978 $ 64,535 $ 12,710 $ 18,898 $ — $ 680,105 Other revenue 5,877 — — 201 — 23,670 — 29,748 Total revenues 477,701 34,160 77,978 64,736 12,710 42,568 — 709,853 Expenses: Property operating 200,627 14,621 20,948 25,085 4,633 19,504 — 285,418 Total segment expenses 200,627 14,621 20,948 25,085 4,633 19,504 — 285,418 Income from unconsolidated — — — — — 720 — 720 Income from investments in real — — — — — — 36,344 36,344 Segment net operating income $ 277,074 $ 19,539 $ 57,030 $ 39,651 $ 8,077 $ 23,784 $ 36,344 $ 461,499 General and administrative ( 21,425 ) Management fees ( 76,384 ) Performance participation allocation ( 139,470 ) Depreciation and amortization ( 430,342 ) Interest expense ( 186,122 ) Other income, net 314,250 Net loss $ ( 77,994 ) Net income attributable to non-controlling interests in consolidated joint ventures ( 1,355 ) Net loss attributable to non-controlling interests in Operating Partnership 2,846 Net loss attributable to stockholders $ ( 76,503 )

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events Financing and Capital Activity During the period from July 1, 2023 through August 14, 2023, the Company raised an aggregate of $ 0.1 billion in the Company’s third public offering and repurchased $ 0.4 billion of common stock through its share repurchase plan. During the period from July 1, 2023 through August 14, 2023, the Company received $ 123.0 million of net borrowings on its line of credit. Asset Dispositions During the period from July 1, 2023 through August 14, 2023, the Company sold an aggrega te of approximately $ 721.6 m illion of investments in real estate, generating total net cash proceeds, net of mortgage repayments, of approximately $ 164.7 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. All significant intercompany balances and transactions have been eliminated in consolidation. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission (the “SEC”). The accompanying unaudited condensed 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. 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 Company meets the VIE disclosure exemption criteria, as the Company’s interest in the Operating Partnership is considered a majority voting interest. 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.
Investments in Real Estate	Investments in Real Estate Refer to Note 2 — “Summary of Significant Accounting Policies” to the Company’s consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, for further details of the GAAP treatment regarding the Company’s investments in real estate. Impairment of Investments in Real Estate The Company’s management reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value of such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The evaluation of anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Since cash flows on real estate properties considered to be “long-lived assets to be held and used” are considered on an undiscounted basis to determine whether an asset has been impaired, the Company’s strategy of holding properties over the long term decreases the likelihood of recording an impairment loss. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an additional 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. Impairment charges are recorded in the Condensed Consolidated Statements of Operations and Comprehensive Loss. During the three and six months ended June 30, 2023, the Company recognized an aggregate of $ 105.3 million and $ 185.1 million of impairment charges, respectively, on single-family rental properties in the Condensed Consolidated Statements of Operations and Comprehensive Loss. The estimated fair values of the impaired properties were primarily based on binding, executed sales contracts. During the three and six months ended June 30, 2022, the Company did no t recognize any impairments on investments in real estate.
Properties Held-for-Sale	Properties Held-for-Sale The Company classifies the assets and liabilities related to its investments in real estate as held-for-sale when a sale is probable to occur within one year. The Company considers a sale to be probable when a binding contract has been executed, the buyer has posted a non-refundable deposit, and there are limited contingencies to closing. The Company records held-for-sale investments in real estate at the lower of depreciated cost or fair value, less estimated closing costs. Held-for-sale assets and liabilities are presented within Other assets and Other liabilities on the Company’s Condensed Consolidated Balance Sheets.
Fair Value Measurements	Fair Value Measurements Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). 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”). 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. During the three months ended June 30, 2023 and 2022, the Company recorded net unrealized gains (losses) on its investments in real estate debt securities of $ 4.6 million and ($ 14.9 ) million, respectively. During the six months ended June 30, 2023 and 2022, the Company recorded net unrealized gains (losses) on its investments in real estate debt securities of $ 5.2 million and ($ 25.4 ) million, respectively. Such amounts are recorded as a component of Income from investments in real estate debt on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. 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 Condensed Consolidated Balance Sheets. As such, the resulting unrealized gains and losses are recorded as a component of Other income (expense), net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. During the three months ended June 30, 2023 and 2022, the Company recognized $ 4.0 million of unrealized gains and $ 29.6 million of unrealized losses on its investments in equity securities, respectively. During the six months ended June 30, 2023 and 2022, the Company recognized $ 3.1 million of unrealized gains and $ 42.3 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 non-performance 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 Company utilizes a discounted cash flow model to value its loans secured by real estate (considering loan features, credit quality of the loans and includes a review of market yield data, collateral asset performance, local and macro real estate performance, capital market conditions, debt yield, loan-to-value ratios, borrower financial condition and performance, among other factors). The Company continuously monitors and assesses the credit quality of individual loans including the review of delinquency and loan-to-value ratios on our loans secured by real estate. Such loans have floating interest rates with market terms and there are no underlying credit quality issues as of June 30, 2023. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): June 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 247,428 $ 1,374,010 $ 1,621,438 $ — $ 290,807 $ 1,366,856 $ 1,657,663 Equity securities 87,463 — — 87,463 84,321 — — 84,321 Derivatives (1) — 842,169 — 842,169 — 898,916 — 898,916 Total $ 87,463 $ 1,089,597 $ 1,374,010 $ 2,551,070 $ 84,321 $ 1,189,723 $ 1,366,856 $ 2,640,900 Liabilities: Derivatives $ — $ 28,768 $ — $ 28,768 $ — $ 17,860 $ — $ 17,860 Total $ — $ 28,768 $ — $ 28,768 $ — $ 17,860 $ — $ 17,860 __________ (1) Includes a total of $ 8.4 million of derivative assets used to hedge mortgage loans on properties classified as held-for-sale as of June 30, 2023. As of December 31, 2022, there were no properties, related mortgage loans or related hedging derivatives, that met the criteria to be classified as held-for-sale. 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, 2022 $ 1,366,856 Purchases — Included in net loss Unrealized loss ( 276 ) Foreign currency exchange 7,430 Balance as of June 30, 2023 $ 1,374,010 The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): June 30, 2023 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in real estate debt $ 1,374,010 Discounted Cash Flow Discount Rate 9.6 % Decrease 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 Valuation of assets measured at fair value on a nonrecurring basis Certain of the Company’s assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments, such as when there is evidence of impairment, and therefore measured at fair value on a nonrecurring basis. The Company reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. During the three and six months ended June 30, 2023, the Company recognized an aggregate $ 105.3 million and $ 185.1 million of impairment charges on single-family rental properties. The estimated fair value of such assets as of June 30, 2023 was $ 694.3 million. The estimated fair values of the impaired properties were primarily based on binding, executed sales contracts, which are considered a Level 2 input. There are inherent uncertainties in making these estimates such as current and future macroeconomic conditions. During the three and six months ended June 30, 2022, the Company did no t recognize any impairments on investments in real estate. 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 June 30, 2023, the fair value of the Company’s mortgage notes, revolving credit facility and secured financings on investments in real estate debt was approximately $ 297.8 million below the outstanding principal balance.
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, and local taxes on its income and assets, including (1) taxes on any undistributed income, (2) taxes related to its taxable REIT subsidiaries (“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 and local 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 three and six months ended June 30, 2023, the Company recognized an income tax expense of $ 2.1 million and $ 1.8 million, respectively, within Other income (expense), net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. For the three and six months ended June 30, 2022, the Company recognized an income tax benefit of $ 0.1 million and $ 0.0 million, respectively, within Other income (expense), net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. As of June 30, 2023 and December 31, 2022, the Company recorded a net deferred tax liability of $ 42.7 million and $ 40.9 million, respectively, primarily due to assumed capital gains from four European investments, primarily within Other liabilities on the Company’s Condensed Consolidated Balance Sheets.
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 London Interbank Offered Rate (“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 condensed consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
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): June 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 247,428 $ 1,374,010 $ 1,621,438 $ — $ 290,807 $ 1,366,856 $ 1,657,663 Equity securities 87,463 — — 87,463 84,321 — — 84,321 Derivatives (1) — 842,169 — 842,169 — 898,916 — 898,916 Total $ 87,463 $ 1,089,597 $ 1,374,010 $ 2,551,070 $ 84,321 $ 1,189,723 $ 1,366,856 $ 2,640,900 Liabilities: Derivatives $ — $ 28,768 $ — $ 28,768 $ — $ 17,860 $ — $ 17,860 Total $ — $ 28,768 $ — $ 28,768 $ — $ 17,860 $ — $ 17,860 __________ (1) Includes a total of $ 8.4 million of derivative assets used to hedge mortgage loans on properties classified as held-for-sale as of June 30, 2023. As of December 31, 2022, there were no properties, related mortgage loans or related hedging derivatives, that met the criteria to be classified as held-for-sale.
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, 2022 $ 1,366,856 Purchases — Included in net loss Unrealized loss ( 276 ) Foreign currency exchange 7,430 Balance as of June 30, 2023 $ 1,374,010
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): June 30, 2023 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in real estate debt $ 1,374,010 Discounted Cash Flow Discount Rate 9.6 % Decrease 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

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): June 30, 2023 December 31, 2022 Building and building improvements $ 17,797,700 $ 19,249,503 Land and land improvements 3,194,943 3,580,603 Furniture, fixtures and equipment 316,163 331,586 Right-of-use asset - operating lease (1 ) 105,230 105,230 Total 21,414,036 23,266,922 Accumulated depreciation and amortization ( 1,251,622 ) ( 1,019,521 ) Investments in real estate, net $ 20,162,414 $ 22,247,401 Refer to Note 14 for additional details on the Company’s leases.
Schedule of Investments in real estate assets and liabilities held-for-sale	The following table details the assets and liabilities of the Company’s investments in real estate classified as held-for-sale ($ in thousands): June 30, 2023 December 31, 2022 Assets: Investments in real estate, net $ 1,111,355 $ — Other assets 33,850 — Total assets $ 1,145,205 $ — Liabilities: Mortgage notes, net $ 812,753 $ — Other liabilities 24,028 — Total liabilities $ 836,781 $ —
Schedule of Equity Investment In Unconsolidated Entities	The following table details the Company’s equity investments in unconsolidated entities ($ in thousands): Investments in Unconsolidated Real Estate Ventures (Segment) Date Acquired Number of Properties Ownership Interest June 30, 2023 December 31, 2022 Extended Stay Portfolio (Other properties) July 2022 196 45 % $ 469,712 $ 471,696 Fort Lauderdale Hotel (Other properties) March 2019 1 43 % 10,528 9,936 Total investments in unconsolidated real estate ventures $ 480,240 $ 481,632
Schedule of Income (Loss) From Unconsolidated Entities	The following table details the Company’s income (loss) from equity investments in unconsolidated entities ($ in thousands): Three Months Ended Six Months Ended Investments in Unconsolidated Real Estate Ventures (Segment) 2023 2022 2023 2022 Extended Stay Portfolio (Other properties) $ 2,331 $ — $ ( 1,137 ) $ — Fort Lauderdale Hotel (Other properties) 213 ( 209 ) 592 720 Total income (loss) from unconsolidated real estate ventures $ 2,544 $ ( 209 ) $ ( 545 ) $ 720

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Jun. 30, 2023
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): June 30, 2023 December 31, 2022 Intangible assets: (1) In-place lease intangibles $ 299,928 $ 330,631 Above-market lease intangibles 44,943 47,472 Other 42,296 43,032 Total intangible assets 387,167 421,135 Accumulated amortization: In-place lease amortization ( 112,783 ) ( 113,674 ) Above-market lease amortization ( 16,193 ) ( 14,022 ) Other ( 10,941 ) ( 9,723 ) Total accumulated amortization ( 139,917 ) ( 137,419 ) Intangible assets, net $ 247,250 $ 283,716 Intangible liabilities: (2) Below-market lease intangibles $ 87,502 $ 89,137 Total intangible liabilities 87,502 89,137 Accumulated amortization: Below-market lease amortization ( 22,866 ) ( 18,770 ) Total accumulated amortization ( 22,866 ) ( 18,770 ) Intangible liabilities, net $ 64,636 $ 70,367 (1) Included in Other assets on the Company’s Condensed Consolidated Balance Sheets. (2) Included in Other liabilities on the Company’s Condensed 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 June 30, 2023 is as follows ($ in thousands): In-place Above-market Other Below-market 2023 (remaining) $ 24,316 $ 3,389 $ 1,704 $ ( 5,319 ) 2024 35,322 5,429 3,409 ( 8,818 ) 2025 26,951 4,145 3,401 ( 6,964 ) 2026 23,090 3,931 3,401 ( 6,802 ) 2027 18,654 3,145 3,401 ( 5,023 ) Thereafter 58,812 8,711 16,039 ( 31,710 ) $ 187,145 $ 28,750 $ 31,355 $ ( 64,636 )

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Schedule of Investments [Abstract]
Summary of Investments in Real Estate Debt	The following tables detail the Company’s investments in real estate debt as of June 30, 2023 and December 31, 2022 ($ in thousands): June 30, 2023 Type of Security/Loan Number of Positions Weighted (1) Weighted Average (2) Cost Basis Fair Value CMBS - floating 6 L + 4.50% February 2037 $ 257,441 $ 247,428 Term loans 2 L + 4.96% January 2027 1,461,417 1,374,010 Total investments in real estate debt 8 L + 4.89% July 2028 $ 1,718,858 $ 1,621,438 December 31, 2022 Type of Security/Loan Number of Weighted (1) Weighted Average (2) Cost Basis Fair Value CMBS - floating 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 (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 CMBS 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 June 30, 2023 December 31, 2022 CMBS $ 247,428 $ 290,807 Total $ 247,428 $ 290,807

Mortgage Notes and Revolving _2

Mortgage Notes and Revolving Credit Facility (Tables)	6 Months Ended
	Jun. 30, 2023
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 as of June 30, 2023 and December 31, 2022 ($ in thousands): Principal Balance Outstanding (3)(4) Indebtedness Weighted (1) Weighted (2) Maximum June 30, 2023 December 31, 2022 Fixed rate loans Fixed rate mortgages 3.13 % January 2031 N/A $ 3,210,624 $ 3,843,346 Total fixed rate loans 3,210,624 3,843,346 Variable rate loans Floating rate mortgages L + 1.81 % June 2027 N/A 9,957,925 10,445,553 Variable rate revolving credit facility (5) L + 1.85 % December 2023 $ 800,000 175,000 175,000 Total variable rate loans 10,132,925 10,620,553 Total loans secured by the Company’s 13,343,549 14,463,899 Deferred financing costs, net ( 83,865 ) ( 102,064 ) Discount on assumed debt, net ( 6,367 ) ( 6,377 ) Mortgage notes and revolving credit facility, net $ 13,253,317 $ 14,355,458 (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) Excludes a total of $ 812.8 million of mortgage loans on properties classified as held-for-sale as of June 30, 2023. As of December 31, 2022, there were no properties, and their related mortgage loans, that met the criteria to be classified as held-for-sale. (5) 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 June 30, 2023 ($ in thousands): Year Amount 2023 (remaining) $ 177,961 2024 774,418 2025 955,982 2026 4,828,217 2027 2,081,088 Thereafter 4,525,883 Total $ 13,343,549

Secured Financings On Investm_2

Secured Financings On Investments In Real Estate Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Secured Financings On Investments In Real Estate Debt [Abstract]
Schedule of Secured Financings on Investments in Real Estate Debt Transactions	For 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 Condensed Consolidated Balance Sheets, these transactions are summarized in the following tables ($ in thousands): June 30, 2023 Indebtedness Maturity Date Coupon Collateral (1) Outstanding Barclays RA February 2026 SONIA + 2.50% $ 457,686 $ 251,727 Syndicated RA June 2027 BBSY + 2.82% 916,324 504,130 $ 1,374,010 $ 755,857 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 (1) Represents the fair value of the Company’s real estate-related term loan investments.

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Other Assets And Other Liabilities [Abstract]
Schedule of Components of Other Assets	The following table summarizes the components of Other assets ($ in thousands): June 30, 2023 December 31, 2022 Held-for-sale assets $ 1,145,205 $ — Derivative instruments 833,765 898,916 Intangible assets, net 247,250 283,716 Receivables 106,684 110,898 Equity securities 87,463 84,321 Prepaid expenses 36,615 20,985 Deferred financing costs, net 8,155 10,984 Interest receivable 7,695 6,670 Other 5,245 5,058 Total other assets $ 2,478,077 $ 1,421,548
Schedule of Components of Other Liabilities	The following table summarizes the components of Other liabilities ($ in thousands): June 30, 2023 December 31, 2022 Held-for-sale liabilities $ 836,781 $ — Accounts payable and accrued expenses 84,513 95,467 Real estate taxes payable 77,347 85,955 Intangible liabilities, net 64,636 70,367 Accrued interest expense 63,596 58,872 Distributions payable 46,580 49,306 Tenant security deposits 44,674 50,694 Deferred tax liability 43,533 42,383 Deposits received on pending sales 45,137 — Derivative instruments 28,768 17,860 Right-of-use liability - operating leases 12,424 12,452 Deferred income 10,842 8,837 Other taxes payable 3,366 6,475 Other 6,395 8,731 Total other liabilities $ 1,368,592 $ 507,399

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2023
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): June 30, 2023 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Strike Rate Index Weighted Average Maturity (Years) Interest Rate Caps - Property debt 66 $ 10,178,249 1.6 % LIBOR, SOFR 2.5 Interest Rate Caps - Property debt 4 € 158,845 1.1 % EURIBOR 1.2 Interest Rate Caps - Property debt 1 DKK 301,500 1.0 % CIBOR 3.2 Interest Rate Swaps - Property debt 2 $ 276,750 0.8 % LIBOR 1.8 Interest Rate Swaps - Property debt 3 € 213,458 1.9 % EURIBOR 4.1 Interest Rate Swaps - Property debt 2 NOK 520,000 2.5 % NIBOR 4.6 Total interest rate derivatives 78 1.6 % 2.5 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 DKK 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 NOK 576,633 2.4 % NIBOR 5.2 Total interest rate derivatives 77 1.5 % 2.9
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): June 30, 2023 December 31, 2022 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD/Sell EUR Forward 49 € 566,188 48 € 588,786 Buy USD/Sell DKK Forward 11 DKK 1,493,600 12 DKK 1,513,100 Buy USD/Sell AUD Forward 12 AUD 679,667 8 AUD 661,100 Buy USD/Sell NOK Forward 7 NOK 1,148,441 8 NOK 859,279 Buy USD/Sell GBP Forward 7 £ 378,936 5 £ 368,469
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 June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Interest rate derivatives (3) $ 788,085 $ 842,895 $ — $ — Foreign currency forward contracts 54,084 56,021 28,768 17,860 Total Derivatives $ 842,169 $ 898,916 $ 28,768 $ 17,860 (1) Included in Other assets in the Company’s Condensed Consolidated Balance Sheets. (2) Included in Other liabilities in the Company’s Condensed Consolidated Balance Sheets. (3) Includes a total of $ 8.4 million of derivative assets used to hedge mortgage loans on properties classified as held-for-sale as of June 30, 2023. As of December 31, 2022, there were no properties, related mortgage loans or related hedging derivatives, that met the criteria to be classified as held-for-sale .
Summary of Effect of Derivate Financial Instruments On Condensed Consolidated Statements of Operations and Comprehensive Loss	The following table details the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations and Comprehensive Loss ($ in thousands): For the Three Months Ended June 30, Type of Derivative Net Realized/Unrealized Gain (Loss) 2023 2022 Interest Rate Caps - Property debt Unrealized gain (1) $ 64,904 $ 75,670 Interest Rate Swaps - Property debt Unrealized gain (1) 5,309 2,098 Foreign Currency Forward Contracts Unrealized (loss) gain (2) ( 6,935 ) 60,359 Foreign Currency Forward Contracts Realized gain (1) 1,648 4,951 Interest Rate Caps - Property debt Realized gain (1) 1,047 — Interest Rate Swaps - Property debt Realized gain (1) — — Total $ 65,973 $ 143,078 For the Six Months Ended June 30, Type of Derivative Net Realized/Unrealized Gain (Loss) 2023 2022 Interest Rate Caps - Property debt Unrealized (loss) gain (1) $ ( 74,732 ) $ 333,628 Interest Rate Swaps - Property debt Unrealized (loss) gain (1) ( 1,060 ) 14,544 Foreign Currency Forward Contracts Unrealized (loss) gain (2) ( 11,248 ) 62,643 Foreign Currency Forward Contracts Realized gain (1) 3,037 9,317 Interest Rate Caps - Property debt Realized gain (1) 1,780 — Interest Rate Swaps - Property debt Realized gain (1) 1,925 — Total $ ( 80,298 ) $ 420,132 (1) Included in Other income (expense), net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. (2) A portion of this amount is included in Income from investments in real estate debt and the remaining amount is included Other income (expense), net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss.

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interests (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Company's Authorized Capital	As of June 30, 2023, 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: Three Months Ended June 30, 2023 Class T Class S Class D Class I Total March 31, 2023 5,714,907 220,612,011 29,960,792 233,004,427 489,292,137 Common stock shares issued (1) 6,411 1,294,985 ( 97,589 ) 3,779,738 4,983,545 Distribution reinvestment plan shares issued 35,510 939,025 83,194 964,799 2,022,528 Common stock shares repurchased ( 116,821 ) ( 10,601,279 ) ( 655,043 ) ( 15,737,155 ) ( 27,110,298 ) June 30, 2023 5,640,007 212,244,742 29,291,354 222,011,809 469,187,912 Six Months Ended June 30, 2023 Class T Class S Class D Class I Total December 31, 2022 5,721,496 224,556,910 30,974,173 244,455,013 505,707,592 Common stock shares issued (1) 83,111 3,558,791 ( 137,286 ) 8,428,076 11,932,692 Distribution reinvestment plan shares issued 70,101 1,920,363 179,537 1,959,739 4,129,740 Common stock shares repurchased ( 234,701 ) ( 17,791,322 ) ( 1,725,070 ) ( 32,831,019 ) ( 52,582,112 ) June 30, 2023 5,640,007 212,244,742 29,291,354 222,011,809 469,187,912 __________ (1) Includes exchanges between share classes.
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: Three Months Ended June 30, 2023 Class T Class S Class D Class I Aggregate gross distributions declared per share of common stock $ 0.3105 $ 0.3105 $ 0.3105 $ 0.3105 Stockholder servicing fee per share of common stock ( 0.0542 ) ( 0.0542 ) ( 0.0157 ) — Net distributions declared per share of common stock $ 0.2563 $ 0.2563 $ 0.2948 $ 0.3105 Six Months Ended June 30, 2023 Class T Class S Class D Class I Aggregate gross distributions declared per share of common stock $ 0.6210 $ 0.6210 $ 0.6210 $ 0.6210 Stockholder servicing fee per share of common stock ( 0.1094 ) ( 0.1094 ) ( 0.0316 ) — Net distributions declared per share of common stock $ 0.5116 $ 0.5116 $ 0.5894 $ 0.6210
Schedule of Redeemable Noncontrolling Interest Activity	The following tables detail the redeemable non-controlling interests activity related to the Special Limited Partner and third-party Operating Partnership unitholders for the six months ended June 30, 2023 and 2022 ($ in thousands): Special Limited Partner Third-party Operating Partnership unitholders Total Balance at December 31, 2022 $ 238,322 $ 188,777 $ 427,099 Settlement of performance participation allocation 102,348 — 102,348 GAAP loss allocation ( 9,502 ) ( 5,265 ) ( 14,767 ) Distributions ( 8,032 ) ( 4,452 ) ( 12,484 ) Fair value allocation ( 1,428 ) ( 791 ) ( 2,219 ) Balance at June 30, 2023 $ 321,708 $ 178,269 $ 499,977 Special Limited Partner Third-party Operating Partnership unitholders Total Balance at December 31, 2021 $ 30,502 $ — $ 30,502 Settlement of performance participation allocation 204,225 — 204,225 Issuance of Operating Partnership units as consideration for — 190,459 190,459 GAAP loss allocation ( 1,441 ) ( 1,405 ) ( 2,846 ) Distributions ( 5,620 ) ( 1,949 ) ( 7,569 ) Fair value allocation 20,796 9,704 30,500 Balance at June 30, 2022 $ 248,462 $ 196,809 $ 445,271

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Summary of Components of Due to Affiliates	The following table details the components of Due to affiliates ($ in thousands): June 30, 2023 December 31, 2022 Accrued stockholder servicing fee $ 362,170 $ 413,004 Performance participation allocation — 102,348 Accrued management fee 12,787 14,531 Advanced organization and offering costs 2,289 3,017 Accrued affiliate service provider expenses 2,448 2,659 Advanced operating expenses 926 1,555 Total $ 380,620 $ 537,114

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Future Lease Payments	The following table presents the future lease payments due under the Company’s ground leases as of June 30, 2023 ($ in thousands): Year Operating 2023 (remaining) $ 342 2024 686 2025 712 2026 714 2027 714 Thereafter 25,782 Total undiscounted future lease payments 28,950 Difference between undiscounted cash flows and discounted cash flows ( 16,526 ) Total lease liability $ 12,424
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 Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Fixed lease payments $ 393,511 $ 328,575 $ 784,006 $ 613,841 Variable lease payments 42,761 34,160 83,266 66,264 Rental revenue $ 436,272 $ 362,735 $ 867,272 $ 680,105
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 ($ in thousands) as of June 30, 2023. Leases at the Company’s multifamily, single-family rental and self-storage properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2023 (remaining) $ 152,490 2024 289,375 2025 262,738 2026 227,925 2027 196,754 Thereafter 551,472 Total $ 1,680,754

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Summary of Total Assets by Segment	The following table sets forth the total assets by segment ($ in thousands): June 30, 2023 December 31, 2022 Multifamily $ 15,980,441 $ 16,663,050 Single-family rental 1,189,315 1,357,576 Industrial 3,153,309 3,180,764 Office 1,690,687 1,589,368 Self-storage 361,815 366,299 Investments in real estate debt 1,621,438 1,657,663 Other properties (1) 1,221,766 1,225,052 Other (Corporate) 158,360 725,081 Total assets $ 25,377,131 $ 26,764,853 (1) Other properties include hospitality, medical office, retail and net-lease properties and two investments in unconsolidated real estate ventures.
Summary of Financial Results by Segment	The following table sets forth the financial results by segment for the three months ended June 30, 2023 ($ in thousands): Multifamily Single- Industrial Office Self- Other Investments Total Revenues: Rental revenue $ 310,393 $ 20,463 $ 51,775 $ 37,517 $ 6,793 $ 9,331 $ — $ 436,272 Other revenue 2,442 — — 52 69 12,809 — 15,372 Total revenues 312,835 20,463 51,775 37,569 6,862 22,140 — 451,644 Expenses: Property operating 139,713 12,151 13,015 14,547 2,620 10,575 — 192,621 Total segment expenses 139,713 12,151 13,015 14,547 2,620 10,575 — 192,621 Income from unconsolidated — — — — — 2,544 — 2,544 Income from investments in — — — — — — 41,682 41,682 Segment net operating income $ 173,122 $ 8,312 $ 38,760 $ 23,022 $ 4,242 $ 14,109 $ 41,682 $ 303,249 General and administrative ( 11,867 ) Management fees ( 39,442 ) Impairment of investments in real estate ( 105,291 ) Depreciation and amortization ( 208,929 ) Net gain on dispositions of real estate 121,681 Interest expense ( 155,335 ) Other income, net 63,683 Net loss $ ( 32,251 ) Net income attributable to non-controlling interests in consolidated joint ventures ( 1,572 ) Net loss attributable to non-controlling interests in Operating Partnership 1,664 Net loss attributable to stockholders $ ( 32,159 ) The following table sets forth the financial results by segment for the three months ended June 30, 2022 ($ in thousands): Multifamily Single- Industrial Office Self-Storage Other Investments Total Revenues: Rental revenue $ 256,141 $ 17,695 $ 41,544 $ 31,211 $ 6,703 $ 9,441 $ — $ 362,735 Other revenue 4,717 — — 96 — 11,660 — 16,473 Total revenues 260,858 17,695 41,544 31,307 6,703 21,101 — 379,208 Expenses: Property operating 109,691 8,607 10,263 12,169 2,617 9,073 — 152,420 Total segment expenses 109,691 8,607 10,263 12,169 2,617 9,073 — 152,420 Loss from unconsolidated — — — — — ( 209 ) — ( 209 ) Income from investments in real — — — — — — 33,523 33,523 Segment net operating income $ 151,167 $ 9,088 $ 31,281 $ 19,138 $ 4,086 $ 11,819 $ 33,523 $ 260,102 General and administrative ( 13,008 ) Management fees ( 42,229 ) Performance participation allocation ( 52,344 ) Depreciation and amortization ( 205,583 ) Interest expense ( 108,253 ) Other income, net 56,956 Net loss $ ( 104,359 ) Net income attributable to non-controlling interests in consolidated joint ventures ( 432 ) Net loss attributable to non-controlling interests in Operating Partnership 3,428 Net loss attributable to stockholders $ ( 101,363 ) The following table sets forth the financial results by segment for the six months ended June 30, 2023 ($ in thousands): Multifamily Single- Industrial Office Self- Other Investments Total Revenues: Rental revenue $ 617,458 $ 40,951 $ 102,017 $ 74,962 $ 13,583 $ 18,301 $ — $ 867,272 Other revenue 4,723 — — 187 69 25,837 — 30,816 Total revenues 622,181 40,951 102,017 75,149 13,652 44,138 — 898,088 Expenses: Property operating 277,111 24,226 25,789 29,184 5,287 20,675 — 382,272 Total segment expenses 277,111 24,226 25,789 29,184 5,287 20,675 — 382,272 Loss from unconsolidated — — — — — ( 545 ) — ( 545 ) Income from investments in — — — — — — 73,523 73,523 Segment net operating income $ 345,070 $ 16,725 $ 76,228 $ 45,965 $ 8,365 $ 22,918 $ 73,523 $ 588,794 General and administrative ( 22,436 ) Management fees ( 81,623 ) Impairment of investments in real estate ( 185,137 ) Depreciation and amortization ( 409,363 ) Net gain on dispositions of real estate 121,258 Interest expense ( 292,625 ) Other expense, net ( 76,351 ) Net loss $ ( 357,483 ) Net income attributable to non-controlling interests in consolidated joint ventures ( 80 ) Net loss attributable to non-controlling interests in Operating Partnership 14,767 Net loss attributable to stockholders $ ( 342,796 ) The following table sets forth the financial results by segment for the six months ended June 30, 2022 ($ in thousands): Multifamily Single- Industrial Office Self-Storage Other Investments Total Revenues: Rental revenue $ 471,824 $ 34,160 $ 77,978 $ 64,535 $ 12,710 $ 18,898 $ — $ 680,105 Other revenue 5,877 — — 201 — 23,670 — 29,748 Total revenues 477,701 34,160 77,978 64,736 12,710 42,568 — 709,853 Expenses: Property operating 200,627 14,621 20,948 25,085 4,633 19,504 — 285,418 Total segment expenses 200,627 14,621 20,948 25,085 4,633 19,504 — 285,418 Income from unconsolidated — — — — — 720 — 720 Income from investments in real — — — — — — 36,344 36,344 Segment net operating income $ 277,074 $ 19,539 $ 57,030 $ 39,651 $ 8,077 $ 23,784 $ 36,344 $ 461,499 General and administrative ( 21,425 ) Management fees ( 76,384 ) Performance participation allocation ( 139,470 ) Depreciation and amortization ( 430,342 ) Interest expense ( 186,122 ) Other income, net 314,250 Net loss $ ( 77,994 ) Net income attributable to non-controlling interests in consolidated joint ventures ( 1,355 ) Net loss attributable to non-controlling interests in Operating Partnership 2,846 Net loss attributable to stockholders $ ( 76,503 )

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Details) $ in Billions	6 Months Ended
	Jun. 30, 2023 USD ($) Segment Position Property	Dec. 31, 2022 Position	Aug. 10, 2022 USD ($)	Jun. 02, 2021 USD ($)	Dec. 27, 2017 USD ($)
Organization And Business Activities [Line Items]
Number of real estate related securities position | Position	8	10
Number of reportable segments | Segment	7
Proceeds ,issuance of shares of common stock	$ 13.6
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
Primary Offering
Organization And Business Activities [Line Items]
Common stock, shares registered, amount					$ 5
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	511
Single Family Rental Homes
Organization And Business Activities [Line Items]
Number of properties owned | Property	2,942

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Significant Accounting Policies [Line Items]
Impairments of investments in real estate	$ 105,291		$ 0	$ 185,137	$ 0
Fair value of single family rental properties	694,300			694,300
Unrealized gains (losses) on investments in real estate debt, net	4,600		(14,900)	5,200	(25,400)
Secured financings on investments in real estate debt of fair value below outstanding principal balance	$ 297,800			$ 297,800
Minimum REIT distribution percentage	90%			90%
Income tax (benefit) expense	$ 2,100		(100)	$ 1,800	0
European Investments
Significant Accounting Policies [Line Items]
Deferred tax liability	$ 42,700			42,700		$ 40,900
Other (Expense) Income
Significant Accounting Policies [Line Items]
Unrealized gains (losses) on investments		$ 4,000	$ (29,600)	$ 3,100	$ (42,300)

Summary of Significant Accoun_5

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	Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 2,551,070	$ 2,640,900
Liabilities	28,768	17,860
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	87,463	84,321
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	1,089,597	1,189,723
Liabilities	28,768	17,860
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	1,374,010	1,366,856
Investments in Real Estate Debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	1,621,438	1,657,663
Investments in Real Estate Debt | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	247,428	290,807
Investments in Real Estate Debt | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	1,374,010	1,366,856
Equity Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	87,463	84,321
Equity Securities | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	87,463	84,321
Derivatives
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	842,169	898,916
Liabilities	28,768	17,860
Derivatives | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	842,169	898,916
Liabilities	$ 28,768	$ 17,860

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Assets Measured At Fair Value On Recurring Basis (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Balance as of December 31, 2022	$ 1,657,663
Included in net loss
Balance as of June 30, 2023	1,621,438
Fair Value, Recurring Basis | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Balance as of December 31, 2022	1,366,856
Included in net loss
Foreign currency exchange	7,430
Unrealized loss	(276)
Balance as of June 30, 2023	$ 1,374,010

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Assets And Liabilities Measured At Fair Value On Recurring Basis (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Mortgage loans related to properties
Derivative [Line Items]
Derivative assets used to hedge mortgage loans	$ 8.4	$ 0

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	Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 1,621,438	$ 1,657,663
Unobservable Inputs	1,718,858	1,767,443
Fair Value, Recurring Basis | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 1,374,010	$ 1,366,856
Discounted cash flow weighted average interest rate	9.60%

Investments - Schedule of Inves

Investments - Schedule of Investments in Real Estate, Net (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Real Estate Investment Property, Net [Abstract]
Building and building improvements		$ 17,797,700	$ 19,249,503
Land and land improvements		3,194,943	3,580,603
Furniture, fixtures and equipment		316,163	331,586
Right-of-use asset - operating lease	[1]	$ 105,230	$ 105,230
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Investments in real estate, net	Investments in real estate, net
Total		$ 21,414,036	$ 23,266,922
Accumulated depreciation and amortization		(1,251,622)	(1,019,521)
Investments in real estate, net		$ 20,162,414	$ 22,247,401
[1] Refer to Note 14 for additional details on the Company’s leases.

Investments - Additional Inform

Investments - Additional Information (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($) Property	Jun. 30, 2023 USD ($) Property	Dec. 31, 2022 USD ($) Property
Real Estate Properties [Line Items]
Net (gain) loss on disposition of investments in real estate | $	$ 121,681,000	$ 121,258,000
Investments in real estate, sold | $	494,600,000	496,700,000
Proceeds from sale of real estate net of mortgage repayments | $	246,100,000	246,600,000
Gain loss on disposition of investments in real estate | $	0	0
Number of real estate properties classified as held for sale			0
Total investments in unconsolidated real estate ventures | $	$ 480,240,000	$ 480,240,000	$ 481,632,000
Multifamily
Real Estate Properties [Line Items]
Number of real estate properties dispositioned	6	6
Number of real estate properties classified as held for sale	3	3
Industrial Assets
Real Estate Properties [Line Items]
Number of real estate properties dispositioned	1	1
Number of real estate properties classified as held for sale	32	32
Single Family Rental Homes
Real Estate Properties [Line Items]
Number of real estate properties dispositioned	268	273
Number of real estate properties classified as held for sale	1,912	1,912

Investments - Schedule of Inv_2

Investments - Schedule of Investments in real estate assets and liabilities held-for-sale (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Assets [Abstract]
Investments in real estate, net	$ 1,111,355
Other assets	33,850
Total assets	1,145,205
Liabilities [Abstract]
Mortgage Notes, Net	812,753
Other liabilities	24,028
Total liabilities	$ 836,781

Investments - Schedule of Equit

Investments - Schedule of Equity Investment In Unconsolidated Entities (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) Property	Dec. 31, 2022 USD ($) Property
Real Estate [Line Items]
Total investments in unconsolidated real estate ventures	$ 480,240	$ 481,632
Fort Lauderdale Hotel [Member] | Other | March 2019
Real Estate [Line Items]
Total investments in unconsolidated real estate ventures	$ 10,528	$ 9,936
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	$ 469,712	$ 471,696
Number of Properties | Property	196
Ownership interest	45%

Investments - Schedule of Incom

Investments - Schedule of Income (Loss) From Unconsolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Real Estate [Line Items]
Total income (loss) from unconsolidated real estate ventures	$ 2,544	$ (209)	$ (545)	$ 720
Fort Lauderdale Hotel | Other Properties
Real Estate [Line Items]
Total income (loss) from unconsolidated real estate ventures	213	$ (209)	592	$ 720
E S Venture [Member] | Other Properties
Real Estate [Line Items]
Total income (loss) from unconsolidated real estate ventures	$ 2,331		$ (1,137)

Intangibles - Summary of Gross

Intangibles - Summary of Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Intangible assets:
Total intangible assets, gross	$ 387,167	$ 421,135
Total accumulated amortization	(139,917)	(137,419)
Intangible assets, net	247,250	283,716
Intangible liabilities:
Below-market lease intangibles	87,502	89,137
Total intangible liabilities	87,502	89,137
Below-market lease amortization	(22,866)	(18,770)
Total accumulated amortization	(22,866)	(18,770)
Intangible liabilities, net	64,636	70,367
In-place Lease Intangibles
Intangible assets:
Total intangible assets, gross	299,928	330,631
Total accumulated amortization	(112,783)	(113,674)
Intangible assets, net	187,145
Above Market Leases Intangibles
Intangible assets:
Total intangible assets, gross	44,943	47,472
Total accumulated amortization	(16,193)	(14,022)
Intangible assets, net	28,750
Other
Intangible assets:
Total intangible assets, gross	42,296	43,032
Total accumulated amortization	(10,941)	$ (9,723)
Intangible assets, net	$ 31,355

Intangibles - Summary of Estima

Intangibles - Summary of Estimated Future Amortization on Intangibles (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Intangible assets, net	$ 247,250	$ 283,716
In-place Lease Intangibles
Finite Lived Intangible Assets [Line Items]
2023 (remaining)	24,316
2024	35,322
2025	26,951
2026	23,090
2027	18,654
Thereafter	58,812
Intangible assets, net	187,145
Above Market Leases Intangibles
Finite Lived Intangible Assets [Line Items]
2023 (remaining)	3,389
2024	5,429
2025	4,145
2026	3,931
2027	3,145
Thereafter	8,711
Intangible assets, net	28,750
Other
Finite Lived Intangible Assets [Line Items]
2023 (remaining)	1,704
2024	3,409
2025	3,401
2026	3,401
2027	3,401
Thereafter	16,039
Intangible assets, net	31,355
Below Market Leases Intangibles
Below-market Lease Intangibles
2023 (remaining)	(5,319)
2024	(8,818)
2025	(6,964)
2026	(6,802)
2027	(5,023)
Thereafter	(31,710)
Intangible liabilities, net	$ (64,636)

Investments in Real Estate De_3

Investments in Real Estate Debt - Summary of Investments in Real Estate Debt (Details) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2023 USD ($) Position	Dec. 31, 2022 USD ($) Position
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		8	10
Weighted Average Coupon	[1]	L + 4.89%	L + 4.82%
Weighted Average Maturity Date	[2]	2028-07	2028-10
Cost Basis		$ 1,718,858	$ 1,767,443
Fair Value		$ 1,621,438	$ 1,657,663
CMBS - Floating
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		6	8
Weighted Average Coupon	[1]	L + 4.50%	L + 4.18%
Weighted Average Maturity Date	[2]	2037-02	2037-05
Cost Basis		$ 257,441	$ 306,026
Fair Value		$ 247,428	$ 290,807
Term Loan
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		2	2
Weighted Average Coupon	[1]	L + 4.96%	L + 4.96%
Weighted Average Maturity Date	[2]	2027-01	2027-01
Cost Basis		$ 1,461,417	$ 1,461,417
Fair Value		$ 1,374,010	$ 1,366,856
[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 - Additional Information (Details) $ in Thousands, £ in Millions		1 Months Ended		3 Months Ended	6 Months Ended
		Jun. 30, 2022 USD ($)	Feb. 28, 2021 GBP (£)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Mortgage notes and revolving credit facility, net	[1],[2]			$ 13,253,317	$ 13,253,317	$ 14,355,458
Realized losses on sale of investment in real estate				$ 2,500	$ 2,500
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] Excludes a total of $ 812.8 million of mortgage loans on properties classified as held-for-sale as of June 30, 2023. As of December 31, 2022, there were no properties, and their related mortgage loans, that met the criteria to be classified as held-for-sale. 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	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Investments in real estate debt	$ 1,621,438	$ 1,657,663
Affiliated Entity
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Investments in real estate debt	247,428	290,807
Affiliated Entity | CMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Investments in real estate debt	$ 247,428	$ 290,807

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		6 Months Ended
		Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal Balance Outstanding	[1],[2]	$ 13,343,549	$ 14,463,899
Deferred financing costs, net	[1],[2]	(83,865)	(102,064)
Discount on assumed debt, net	[1],[2]	(6,367)	(6,377)
Mortgage notes and revolving credit facility, net	[1],[2]	13,253,317	14,355,458
Fixed Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	[1],[2]	3,210,624	3,843,346
Variable Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	[1],[2]	$ 10,132,925	10,620,553
Fixed Rate Mortgages | Fixed Rate Loans
Debt Instrument [Line Items]
Weighted Average Interest Rate	[3]	3.13%
Principal Balance Outstanding	[1],[2]	$ 3,210,624	3,843,346
Floating Rate Mortgages | Variable Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	[1],[2]	9,957,925	10,445,553
Variable Rate Revolving Credit Facilities | Variable Rate Loans
Debt Instrument [Line Items]
Maximum Facility Size	[4]	800,000
Principal Balance Outstanding	[1],[2],[4]	$ 175,000	$ 175,000
Weighted Average | Fixed Rate Mortgages | Fixed Rate Loans
Debt Instrument [Line Items]
Weighted Average Maturity Date	[5]	2031-01
Weighted Average | Floating Rate Mortgages | Variable Rate Loans
Debt Instrument [Line Items]
Weighted Average Maturity Date	[5]	2027-06
Weighted Average | Variable Rate Revolving Credit Facilities | Variable Rate Loans
Debt Instrument [Line Items]
Weighted Average Maturity Date	[4],[5]	2023-12
Weighted Average | One-Month LIBOR | Floating Rate Mortgages | Variable Rate Loans
Debt Instrument [Line Items]
Debt instrument, interest rate description	[3]	L + 1.81%
Debt Instrument, Basis Spread on Variable Rate	[3]	1.81%
Weighted Average | One-Month LIBOR | Variable Rate Revolving Credit Facilities | Variable Rate Loans
Debt Instrument [Line Items]
Debt instrument, interest rate description	[3],[4]	L + 1.85%
Debt Instrument, Basis Spread on Variable Rate	[3],[4]	1.85%
[1] Excludes a total of $ 812.8 million of mortgage loans on properties classified as held-for-sale as of June 30, 2023. As of December 31, 2022, there were no properties, and their related mortgage loans, that met the criteria to be classified as held-for-sale. 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 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. 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.

Mortgage Notes and Revolving _4

Mortgage Notes and Revolving Credit Facility - Summary of Mortgage Notes and Revolving Credit Facility Secured by Company's Properties (Parenthetical) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Mortgage loan on a property classified as held-for-sale	$ 812,800,000	$ 0

Mortgage Notes and Revolving _5

Mortgage Notes and Revolving Credit Facility - Summary of Future Principal Payment Under Company's Mortgage Notes and Revolving Credit Facility (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2023 (remaining)		$ 177,961
2024		774,418
2025		955,982
2026		4,828,217
2027		2,081,088
Thereafter		4,525,883
Total	[1],[2]	$ 13,343,549	$ 14,463,899
[1] Excludes a total of $ 812.8 million of mortgage loans on properties classified as held-for-sale as of June 30, 2023. As of December 31, 2022, there were no properties, and their related mortgage loans, that met the criteria to be classified as held-for-sale. 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 _6

Mortgage Notes and Revolving Credit Facility - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Debt Disclosure [Abstract]
Payment for leasing commissions, tenant and building improvements.	$ 87.9

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		6 Months Ended	12 Months Ended
		Jun. 30, 2023	Dec. 31, 2022
Secured Financings On Investments In Real Estate Debt [Line Items]
Outstanding Balance		$ 755,857	$ 751,771
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]	$ 1,374,010	$ 1,366,856
Barclays RA
Secured Financings On Investments In Real Estate Debt [Line Items]
Maturity Date		2026-02	2026-02
Coupon		SONIA + 2.50%	SONIA + 2.50%
Outstanding Balance		$ 251,727	$ 238,174
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]	$ 457,686	$ 433,044
Syndicated RA
Secured Financings On Investments In Real Estate Debt [Line Items]
Maturity Date		2027-06	2027-06
Coupon		BBSY + 2.82%	BBSY + 2.65%
Outstanding Balance		$ 504,130	$ 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]	$ 916,324	$ 933,812
[1] Represents the fair value of the Company’s real estate-related term loan investments.

Unsecured Line of Credit - Addi

Unsecured Line of Credit - Additional Information (Details) - USD ($)	1 Months Ended		6 Months Ended
	May 31, 2022	Jul. 31, 2021	Jun. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Uncommitted line of credit		$ 100,000,000
Increase in borrowing capacity		$ 450,000,000
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	$ 1,600,000,000
Outstanding borrowings			$ 492,000,000	$ 0

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Schedule of Components of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Assets [Abstract]
Held-for-sale assets	$ 1,145,205
Derivative instruments	833,765	$ 898,916
Intangible assets, net	247,250	283,716
Receivables	106,684	110,898
Equity securities	87,463	84,321
Prepaid expenses	36,615	20,985
Deferred financing costs, net	8,155	10,984
Interest receivable	7,695	6,670
Other	5,245	5,058
Total	$ 2,478,077	$ 1,421,548

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Schedule of Components of Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Held-for-sale liabilities	$ 836,781
Accounts payable and accrued expenses	84,513	$ 95,467
Real estate taxes payable	77,347	85,955
Intangible liabilities, net	64,636	70,367
Accrued interest expense	63,596	58,872
Distributions payable	46,580	49,306
Tenant security deposits	44,674	50,694
Deferred tax liability	43,533	42,383
Deposits received on pending sales	45,137
Derivative instruments	28,768	17,860
Right-of-use liability - operating leases	$ 12,424	$ 12,452
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total revenues	Total revenues
Deferred income	$ 10,842	$ 8,837
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Other taxes payable	$ 3,366	$ 6,475
Other	6,395	8,731
Total	$ 1,368,592	$ 507,399

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	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) Instrument	Dec. 31, 2022 USD ($) Instrument	Jun. 30, 2023 EUR (€) Instrument	Jun. 30, 2023 DKK (kr) Instrument	Jun. 30, 2023 NOK (kr) Instrument	Dec. 31, 2022 EUR (€) Instrument	Dec. 31, 2022 DKK (kr) Instrument	Dec. 31, 2022 NOK (kr) Instrument
Derivative [Line Items]
Number of Instruments	78	77	78	78	78	77	77	77
Weighted Average Strike Rate	1.60%	1.50%
Weighted Average Maturity (Years)	2 years 6 months	2 years 10 months 24 days
LIBOR, SOFR
Derivative [Line Items]
Number of Instruments	66	67	66	66	66	67	67	67
Notional Amount | $	$ 10,178,249	$ 10,273,472
Weighted Average Strike Rate	1.60%	1.50%
Weighted Average Maturity (Years)	2 years 6 months	2 years 10 months 24 days
EURIBOR
Derivative [Line Items]
Number of Instruments	4	3	4	4	4	3	3	3
Notional Amount | €			€ 158,845			€ 157,296
Weighted Average Strike Rate	1.10%	1.20%
Weighted Average Maturity (Years)	1 year 2 months 12 days	1 year 8 months 12 days
EURIBOR | Interest Rate Swap
Derivative [Line Items]
Number of Instruments	3	3	3	3	3	3	3	3
Notional Amount | €			€ 213,458			€ 213,458
Weighted Average Strike Rate	1.90%	1.90%
Weighted Average Maturity (Years)	4 years 1 month 6 days	4 years 7 months 6 days
CIBOR
Derivative [Line Items]
Number of Instruments	1	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 2 months 12 days	3 years 8 months 12 days
LIBOR | Interest Rate Swap
Derivative [Line Items]
Number of Instruments	2	2	2	2	2	2	2	2
Notional Amount | $	$ 276,750	$ 269,115
Weighted Average Strike Rate	0.80%	0.80%
Weighted Average Maturity (Years)	1 year 9 months 18 days	2 years 3 months 18 days
NIBOR | Interest Rate Swap
Derivative [Line Items]
Number of Instruments	2	1	2	2	2	1	1	1
Notional Amount | kr					kr 520,000			kr 576,633
Weighted Average Strike Rate	2.50%	2.40%
Weighted Average Maturity (Years)	4 years 7 months 6 days	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	Jun. 30, 2023 EUR (€) Instrument	Jun. 30, 2023 DKK (kr) Instrument	Jun. 30, 2023 NOK (kr) Instrument	Jun. 30, 2023 AUD ($) Instrument	Jun. 30, 2023 GBP (£) Instrument	Dec. 31, 2022 EUR (€) Instrument	Dec. 31, 2022 DKK (kr) Instrument	Dec. 31, 2022 NOK (kr) Instrument	Dec. 31, 2022 AUD ($) Instrument	Dec. 31, 2022 GBP (£) Instrument
Derivative [Line Items]
Number of Instruments	78	78	78	78	78	77	77	77	77	77
Buy USD/Sell EUR Forward
Derivative [Line Items]
Number of Instruments	49	49	49	49	49	48	48	48	48	48
Notional Amount | €	€ 566,188					€ 588,786
Buy USD/Sell DKK Forward
Derivative [Line Items]
Number of Instruments	11	11	11	11	11	12	12	12	12	12
Notional Amount | kr		kr 1,493,600					kr 1,513,100
Buy USD/Sell AUD Forward
Derivative [Line Items]
Number of Instruments	12	12	12	12	12	8	8	8	8	8
Notional Amount | $				$ 679,667					$ 661,100
Buy USD/Sell NOK Forward
Derivative [Line Items]
Number of Instruments	7	7	7	7	7	8	8	8	8	8
Notional Amount | kr			kr 1,148,441					kr 859,279
Buy USD/Sell GBP Forward
Derivative [Line Items]
Number of Instruments	7	7	7	7	7	5	5	5	5	5
Notional Amount | £					£ 378,936					£ 368,469

Derivatives - Summary of Fair V

Derivatives - Summary of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Other Assets
Derivative [Line Items]
Fair Value of Derivatives in an Asset Position		$ 842,169	$ 898,916
Other Liabilities
Derivative [Line Items]
Fair Value of Derivatives in a Liability Position		28,768	17,860
Interest Rate Derivatives | Other Assets
Derivative [Line Items]
Fair Value of Derivatives in an Asset Position	[1]	788,085	842,895
Foreign Currency Forward Contracts | Other Assets
Derivative [Line Items]
Fair Value of Derivatives in an Asset Position		54,084	56,021
Foreign Currency Forward Contracts | Other Liabilities
Derivative [Line Items]
Fair Value of Derivatives in a Liability Position		$ 28,768	$ 17,860
[1] Includes a total of $ 8.4 million of derivative assets used to hedge mortgage loans on properties classified as held-for-sale as of June 30, 2023. As of December 31, 2022, there were no properties, related mortgage loans or related hedging derivatives, that met the criteria to be classified as held-for-sale

Derivatives - Summary of Fair_2

Derivatives - Summary of Fair Value of Derivative Financial Instruments (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Mortgage loans related to properties
Derivative [Line Items]
Derivative assets used to hedge mortgage loans	$ 8.4	$ 0

Derivatives - Summary of Effect

Derivatives - Summary of Effect of Derivate Financial Instruments On Condensed Consolidated Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative [Line Items]
Gain Recognized in Net Income (Loss)	$ 65,973	$ 143,078	$ (80,298)	$ 420,132
Interest Rate Cap | Other (Expense) Income
Derivative [Line Items]
Net Unrealized Gain (Loss) Recognized in Net Income (Loss)	64,904	75,670	(74,732)	333,628
Net Realized Gain Recognized in Net Income (Loss)	1,047		1,780
Interest Rate Swap | Other (Expense) Income
Derivative [Line Items]
Net Unrealized Gain (Loss) Recognized in Net Income (Loss)	5,309	2,098	(1,060)	14,544
Net Realized Gain Recognized in Net Income (Loss)			1,925
Foreign Currency Forward Contracts | Other (Expense) Income
Derivative [Line Items]
Net Unrealized Gain (Loss) Recognized in Net Income (Loss)	(6,935)	60,359	(11,248)	62,643
Net Realized Gain Recognized in Net Income (Loss)	$ 1,648	$ 4,951	$ 3,037	$ 9,317

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interests - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) Class shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2023 USD ($) Class shares	Jun. 30, 2022 USD ($) shares
Class Of Stock [Line Items]
Number of classes of common stock | Class	4		4
Number of shares authorized	3,100,000,000		3,100,000,000
Repurchase of common stock	27,110,298	4,356,951	52,582,112	6,175,916
Payments for repurchase of common stock | $	$ 694.3	$ 118.3	$ 1,400	$ 165.3
Common stock repurchase limitations of aggregate NAV per calendar quarter percentage	5%		5%
Maximum
Class Of Stock [Line Items]
Common stock repurchase limitations of aggregate NAV per month percentage	2%		2%

Equity and Redeemable Non-con_4

Equity and Redeemable Non-controlling Interests - Schedule of Company's Authorized Capital (Details) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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
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
Par value	$ 0.01	$ 0.01
Common Stock Class D
Class Of Stock [Line Items]
Number of Shares	500,000,000	500,000,000
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
Par value	$ 0.01	$ 0.01

Equity and Redeemable Non-con_5

Equity and Redeemable Non-controlling Interests - Schedule of Common Stock Outstanding shares (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Class Of Stock [Line Items]
Beginning balance	489,292,137		505,707,592
Common stock shares issued	4,983,545		11,932,692
Distribution reinvestment plan shares issued	2,022,528		4,129,740
Common stock shares repurchased	(27,110,298)	(4,356,951)	(52,582,112)	(6,175,916)
Ending balance	469,187,912		469,187,912
Common Stock Class T
Class Of Stock [Line Items]
Beginning balance	5,714,907		5,721,496
Common stock shares issued	6,411		83,111
Distribution reinvestment plan shares issued	35,510		70,101
Common stock shares repurchased	(116,821)		(234,701)
Ending balance	5,640,007		5,640,007
Common Stock Class S
Class Of Stock [Line Items]
Beginning balance	220,612,011		224,556,910
Common stock shares issued	1,294,985		3,558,791
Distribution reinvestment plan shares issued	939,025		1,920,363
Common stock shares repurchased	(10,601,279)		(17,791,322)
Ending balance	212,244,742		212,244,742
Common Stock Class D
Class Of Stock [Line Items]
Beginning balance	29,960,792		30,974,173
Common stock shares issued	97,589		137,286
Distribution reinvestment plan shares issued	83,194		179,537
Common stock shares repurchased	(655,043)		(1,725,070)
Ending balance	29,291,354		29,291,354
Common Stock Class I
Class Of Stock [Line Items]
Beginning balance	233,004,427		244,455,013
Common stock shares issued	3,779,738		8,428,076
Distribution reinvestment plan shares issued	964,799		1,959,739
Common stock shares repurchased	(15,737,155)		(32,831,019)
Ending balance	222,011,809		222,011,809

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interests - Schedule of Aggregate Distributions Declared for Each Class of Common Stock (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Common Stock Class T
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	$ 0.3105	$ 0.621
Stockholder servicing fee per share of common stock	(0.0542)	(0.1094)
Net distributions declared per share of common stock	0.2563	0.5116
Common Stock Class S
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	0.3105	0.621
Stockholder servicing fee per share of common stock	(0.0542)	(0.1094)
Net distributions declared per share of common stock	0.2563	0.5116
Common Stock Class D
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	0.3105	0.621
Stockholder servicing fee per share of common stock	(0.0157)	(0.0316)
Net distributions declared per share of common stock	0.2948	0.5894
Common Stock Class I
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	0.3105	0.621
Net distributions declared per share of common stock	$ 0.3105	$ 0.621

Equity and Redeemable Non-con_7

Equity and Redeemable Non-controlling Interests - Schedule of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Class Of Stock [Line Items]
Balance at the beginning of the year			$ 427,099	$ 30,502
Settlement of performance participation allocation			102,348	204,225
Issuance of Operating Partnership units as consideration for acquisitions of real estate				190,459
GAAP income (loss) allocation			(14,767)	(2,846)
Distributions			(12,484)	(7,569)
Fair value allocation	$ (5,551)	$ 18,119	(2,219)	30,500
Ending balance	499,977	445,271	499,977	445,271
Special Limited Partner
Class Of Stock [Line Items]
Balance at the beginning of the year			238,322	30,502
Settlement of performance participation allocation			102,348	204,225
GAAP income (loss) allocation			(9,502)	(1,441)
Distributions			(8,032)	(5,620)
Fair value allocation			(1,428)	20,796
Ending balance	321,708	248,462	321,708	248,462
Third-party Operating Partnership Unitholders
Class Of Stock [Line Items]
Balance at the beginning of the year			188,777
Issuance of Operating Partnership units as consideration for acquisitions of real estate				190,459
GAAP income (loss) allocation			(5,265)	(1,405)
Distributions			(4,452)	(1,949)
Fair value allocation			(791)	9,704
Ending balance	$ 178,269	$ 196,809	$ 178,269	$ 196,809

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended			3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 11, 2022	Aug. 14, 2023	Jul. 31, 2023	Jan. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2019
Related Party Transaction [Line Items]
Percentage of management fee on NAV per annum							1.25%
Percentage of management fee on operating partnership NAV per annum							1.25%
Management fees					$ 39,442	$ 42,229	$ 81,623	$ 76,384
Annual hurdle percentage							5%
Performance participation allocation					$ 0	$ 52,344	$ 0	$ 139,470	$ 102,300
Repurchase of common stock					27,110,298	4,356,951	52,582,112	6,175,916
Total consideration							$ 1,365,929	$ 165,281
Due to affiliates					$ 1,368,592		1,368,592		$ 507,399
General corporate expenses					11,867	$ 13,008	22,436	21,425
Operating expenses					192,621	152,420	382,272	285,418
Services fee for accounting and administrative matters					600	400	1,200	700
Leasing and legal service fees					100	0	$ 300	0
Starwood Capital and Third Party
Related Party Transaction [Line Items]
Purchase Price	$ 109,200
Special Limited Partner
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return							12.50%
All Other Unit Holders
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return							87.50%
SCG Southern Europe
Related Party Transaction [Line Items]
Services fee for accounting and administrative matters					100		$ 200
Dealer Manager
Related Party Transaction [Line Items]
Cost of legal services						200		300
Advanced Organization And Offering Costs | Advisor
Related Party Transaction [Line Items]
Due to affiliates										$ 7,300
Accrued Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Cost of legal services					100	200	200	300
Accrued Affiliate Service Provider Expenses | Essex Service Provider
Related Party Transaction [Line Items]
Cost of legal services					200	2,200	200	3,300
Accrued Affiliate Service Provider Expenses | Rental property operating
Related Party Transaction [Line Items]
Operating expenses					6,200	3,900	11,800	6,700
Advanced Expenses | One Month in Arrears | Advisor
Related Party Transaction [Line Items]
General corporate expenses					3,200	1,800	7,500	6,600
Advanced Expenses | Unaffiliated Third Party | Special Limited Partner
Related Party Transaction [Line Items]
Due to affiliates					0	$ 100	0	$ 100
Class I Unit
Related Party Transaction [Line Items]
Units issued as payment for performance participation allocation									3,900,000
Class I Unit | Common Stock
Related Party Transaction [Line Items]
Employees and affiliates holdining interest					544,000		$ 544,000
Subsequent Event
Related Party Transaction [Line Items]
Total consideration		$ 400,000
Unregistered Class I shares
Related Party Transaction [Line Items]
Stock issued as management fees, shares				551,733			2,681,244
Management fees					$ 12,800		$ 12,800		$ 14,500
Unregistered Class I shares | Subsequent Event
Related Party Transaction [Line Items]
Stock issued as management fees, shares			513,733
Common Stock Class I
Related Party Transaction [Line Items]
Repurchase of common stock					15,737,155		32,831,019
Common Stock Class I | Advisor and Certain Director Shares
Related Party Transaction [Line Items]
Repurchase of common stock					1,591,870	66,792	1,602,960	66,792
Total consideration					$ 41,100	$ 1,800	$ 41,400	$ 1,800
Common Stock Class T, Class S and Class D | Accrued Stockholder Servicing Fee | Maximum | Dealer Manager
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage					8.75%		8.75%

Related Party Transactions - Su

Related Party Transactions - Summary of Components of Due to Affiliates (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Due to affiliates	$ 1,368,592	$ 507,399
Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	380,620	537,114
Accrued Stockholder Servicing Fee | Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	362,170	413,004
Performance Participation Allocation | Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates		102,348
Accrued Management Fee | Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	12,787	14,531
Advanced Organization And Offering Costs | Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	2,289	3,017
Accrued Affiliate Service Provider Expenses | Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	2,448	2,659
Advanced Operating Expenses | Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	$ 926	$ 1,555

Leases - Additional Information

Leases - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023 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	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (remaining)	$ 342
2024	686
2025	712
2026	714
2027	714
Thereafter	25,782
Total undiscounted future lease payments	28,950
Difference between undiscounted cash flows and discounted cash flows	(16,526)
Total lease liability	$ 12,424	$ 12,452

Leases - Summary of Fixed and V

Leases - Summary of Fixed and Variable Components of Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Fixed lease payments	$ 393,511	$ 328,575	$ 784,006	$ 613,841
Variable lease payments	42,761	34,160	83,266	66,264
Rental revenue	$ 436,272	$ 362,735	$ 867,272	$ 680,105

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Minimum Rents Income Receivables (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
2023 (remaining)	$ 152,490
2024	289,375
2025	262,738
2026	227,925
2027	196,754
Thereafter	551,472
Total	$ 1,680,754

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023 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		Jun. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total Assets		$ 25,377,131	$ 26,764,853
Multifamily Properties
Segment Reporting Information [Line Items]
Total Assets		15,980,441	16,663,050
Single Family Rental Homes
Segment Reporting Information [Line Items]
Total Assets		1,189,315	1,357,576
Industrial properties
Segment Reporting Information [Line Items]
Total Assets		3,153,309	3,180,764
Office properties
Segment Reporting Information [Line Items]
Total Assets		1,690,687	1,589,368
Self-Storage Properties
Segment Reporting Information [Line Items]
Total Assets		361,815	366,299
Investments in real estate debt
Segment Reporting Information [Line Items]
Total Assets		1,621,438	1,657,663
Other Properties
Segment Reporting Information [Line Items]
Total Assets	[1]	1,221,766	1,225,052
Other (Corporate)
Segment Reporting Information [Line Items]
Total Assets		$ 158,360	$ 725,081
[1] Other properties include hospitality, medical office, retail and net-lease properties and two investments in unconsolidated real estate ventures.

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenues:
Total revenues	$ 451,644	$ 379,208	$ 898,088	$ 709,853
Expenses
Property operating	192,621	152,420	382,272	285,418
Income (loss) from unconsolidated real estate ventures	2,544	(209)	(545)	720
Income from investments in real estate debt	41,682	33,523	73,523	36,344
Segment net operating income	303,249	260,102	588,794	461,499
General and administrative	(11,867)	(13,008)	(22,436)	(21,425)
Management fees	(39,442)	(42,229)	(81,623)	(76,384)
Impairment of investments in real estate	(105,291)	0	(185,137)	0
Depreciation and amortization	(208,929)	(205,583)	(409,363)	(430,342)
Net gain on dispositions of real estate	121,681		121,258
Performance participation allocation	0	(52,344)	0	(139,470)	$ (102,300)
Interest expense	(155,335)	(108,253)	(292,625)	(186,122)
Other income (expense), net	63,683	56,956	(76,351)	314,250
Net loss	(32,251)	(104,359)	(357,483)	(77,994)
Net income attributable to non-controlling interests in consolidated joint ventures	(1,572)	(432)	(80)	(1,355)
Net loss attributable to non-controlling interests in Operating Partnership	1,664	3,428	14,767	2,846
Net loss attributable to stockholders	(32,159)	(101,363)	(342,796)	(76,503)
Rental Revenue
Revenues:
Total revenues	436,272	362,735	867,272	680,105
Other revenue
Revenues:
Total revenues	15,372	16,473	30,816	29,748
Operating Segments | Multifamily Properties
Revenues:
Total revenues	312,835	260,858	622,181	477,701
Expenses
Property operating	139,713	109,691	277,111	200,627
Segment net operating income	173,122	151,167	345,070	277,074
Operating Segments | Single Family Rental Homes
Revenues:
Total revenues	20,463	17,695	40,951	34,160
Expenses
Property operating	12,151	8,607	24,226	14,621
Segment net operating income	8,312	9,088	16,725	19,539
Operating Segments | Industrial properties
Revenues:
Total revenues	51,775	41,544	102,017	77,978
Expenses
Property operating	13,015	10,263	25,789	20,948
Segment net operating income	38,760	31,281	76,228	57,030
Operating Segments | Office properties
Revenues:
Total revenues	37,569	31,307	75,149	64,736
Expenses
Property operating	14,547	12,169	29,184	25,085
Segment net operating income	23,022	19,138	45,965	39,651
Operating Segments | Self-Storage Properties
Revenues:
Total revenues	6,862	6,703	13,652	12,710
Expenses
Property operating	2,620	2,617	5,287	4,633
Segment net operating income	4,242	4,086	8,365	8,077
Operating Segments | Other Properties
Revenues:
Total revenues	22,140	21,101	44,138	42,568
Expenses
Property operating	10,575	9,073	20,675	19,504
Income (loss) from unconsolidated real estate ventures	2,544	(209)	(545)	720
Segment net operating income	14,109	11,819	22,918	23,784
Operating Segments | Investments in real estate debt
Expenses
Income from investments in real estate debt	41,682	33,523	73,523	36,344
Segment net operating income	41,682	33,523	73,523	36,344
Operating Segments | Rental Revenue | Multifamily Properties
Revenues:
Total revenues	310,393	256,141	617,458	471,824
Operating Segments | Rental Revenue | Single Family Rental Homes
Revenues:
Total revenues	20,463	17,695	40,951	34,160
Operating Segments | Rental Revenue | Industrial properties
Revenues:
Total revenues	51,775	41,544	102,017	77,978
Operating Segments | Rental Revenue | Office properties
Revenues:
Total revenues	37,517	31,211	74,962	64,535
Operating Segments | Rental Revenue | Self-Storage Properties
Revenues:
Total revenues	6,793	6,703	13,583	12,710
Operating Segments | Rental Revenue | Other Properties
Revenues:
Total revenues	9,331	9,441	18,301	18,898
Operating Segments | Other revenue | Multifamily Properties
Revenues:
Total revenues	2,442	4,717	4,723	5,877
Operating Segments | Other revenue | Office properties
Revenues:
Total revenues	52	96	187	201
Operating Segments | Other revenue | Self-Storage Properties
Revenues:
Total revenues	69		69
Operating Segments | Other revenue | Other Properties
Revenues:
Total revenues	$ 12,809	$ 11,660	$ 25,837	$ 23,670

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Aug. 14, 2023	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022
Subsequent Event [Line Items]
Common stock repurchased value			$ 1,365,929	$ 165,281
Investments in real estate, sold		$ 494,600	496,700
Proceeds from sale of real estate net of mortgage repayments		$ 246,100	$ 246,600
Subsequent Event
Subsequent Event [Line Items]
Common stock repurchased value	$ 400,000
Proceeds from line of credit	123,000
Investments in real estate, sold	721,600
Proceeds from sale of real estate net of mortgage repayments	164,700
Primary Offering | Subsequent Event
Subsequent Event [Line Items]
Proceeds from third public offering	$ 100,000