Starwood Real Estate Income Trust 10-K 21 Mar 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 15, 2024
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Registrant Name	Starwood Real Estate Income Trust, Inc.
Entity Central Index Key	0001711929
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float	$ 0
Entity File Number	000-56046
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	82-2023409
Entity Address, Address Line One	2340 Collins Avenue
Entity Address, City or Town	Miami Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33139
City Area Code	305
Local Phone Number	695-5500
Document Annual Report	true
Document Transition Report	false
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	New York, New York
Common Stock Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,181,829
Title of 12(g) Security	Class T Common Stock, $0.01 par value per share
No Trading Symbol Flag	true
Common Stock Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		187,328,260
Title of 12(g) Security	Class S Common Stock, $0.01 par value per share
No Trading Symbol Flag	true
Common Stock Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		26,474,013
Title of 12(g) Security	Class D Common Stock, $0.01 par value per share
No Trading Symbol Flag	true
Common Stock Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		195,575,732
Title of 12(g) Security	Class I Common Stock, $0.01 par value per share
No Trading Symbol Flag	true

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Assets
Investments in real estate, net		$ 19,580,358	$ 22,247,401
Investments in real estate debt		1,589,350	1,657,663
Investments in unconsolidated real estate ventures		456,002	481,632
Cash and cash equivalents		294,984	643,516
Restricted cash		245,651	313,093
Other assets		947,629	1,421,548
Total assets		23,113,974	26,764,853
Liabilities and Equity
Mortgage notes and credit facility, net	[1]	13,028,910	14,355,458
Secured financings on investments in real estate debt		762,352	751,771
Unsecured line of credit		907,500
Other liabilities		484,358	507,399
Subscriptions received in advance		13,225	40,221
Total liabilities		15,517,302	16,191,963
Commitments and contingencies
Redeemable non-controlling interest		459,862	427,099
Equity
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding as of December 31, 2023 and 2022
Additional paid-in capital		9,641,219	11,466,270
Accumulated other comprehensive loss		(15,729)	(24,307)
Accumulated deficit and cumulative distributions		(2,537,302)	(1,355,256)
Total stockholder’s equity		7,092,496	10,091,765
Non-controlling interests in consolidated joint ventures		44,314	54,026
Total equity		7,136,810	10,145,791
Total liabilities and equity		23,113,974	26,764,853
Affiliated Entity
Assets
Investments in real estate debt		201,070	290,807
Liabilities and Equity
Due to affiliates		320,957	537,114
Common Stock Class T
Equity
Common stock value		53	57
Common Stock Class S
Equity
Common stock value		1,950	2,246
Common Stock Class D
Equity
Common stock value		275	310
Common Stock Class I
Equity
Common stock value		$ 2,030	$ 2,445
[1] The majority of the Company’s mortgages contain prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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	430,808,244	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	5,282,025	5,721,496
Common stock, shares outstanding	5,282,025	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	195,023,616	224,556,910
Common stock, shares outstanding	195,023,616	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	27,512,551	30,974,173
Common stock, shares outstanding	27,512,551	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	202,990,052	244,455,013
Common stock, shares outstanding	202,990,052	244,455,013

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Total revenues	$ 1,754,318	$ 1,579,348	$ 642,905
Expenses
Property operating	748,522	650,594	248,651
General and administrative	45,144	44,708	25,404
Management fees	153,411	167,100	62,237
Performance participation allocation		102,348	204,225
Impairment of investments in real estate	188,804	0	0
Depreciation and amortization	811,788	848,943	330,455
Total expenses	1,947,669	1,813,693	870,972
Other (expense) income
(Loss) income from unconsolidated real estate ventures	(11,624)	12,189	(615)
Income from investments in real estate debt	123,138	99,787	45,156
Net gain on dispositions of real estate	289,818
Interest expense	(583,476)	(428,853)	(134,127)
Loss on extinguishment of debt	(93)	(313)
Other (expense) income, net	(299,930)	485,608	13,210
Total other (expense) income	(482,167)	168,418	(76,376)
Net income (loss)	(675,518)	(65,927)	(304,443)
Net (income) loss attributable to non-controlling interests in consolidated joint ventures	(3,350)	(1,927)	434
Net loss attributable to non-controlling interests in Operating Partnership	29,165	2,146	1,758
Net income (loss) attributable to stockholders	$ (649,703)	$ (65,708)	$ (302,251)
Net loss per share of common stock, basic	$ (1.39)	$ (0.14)	$ (1.49)
Net loss per share of common stock, diluted	$ (1.39)	$ (0.14)	$ (1.49)
Weighted-average shares of common stock outstanding, basic	467,332,784	469,864,983	203,300,648
Weighted-average shares of common stock outstanding, diluted	467,332,784	469,864,983	203,300,648
Comprehensive loss:
Net loss	$ (675,518)	$ (65,927)	$ (304,443)
Other comprehensive income (loss) item:
Foreign currency translation adjustments	8,578	(23,777)	(530)
Other comprehensive income (loss)	8,578	(23,777)	(530)
Comprehensive loss	(666,940)	(89,704)	(304,973)
Rental revenue
Revenues
Total revenues	1,695,917	1,520,655	604,574
Other revenue
Revenues
Total revenues	$ 58,401	$ 58,693	$ 38,331

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock Common Stock Class T	Common Stock Common Stock Class S	Common Stock Common Stock Class D	Common Stock Common Stock Class I	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit and Cumulative Distributions	Total Stockholders' Equity	Non-Controlling Interests
Balance at Dec. 31, 2020	$ 1,606,416	$ 25	$ 464	$ 28	$ 392	$ 1,819,526		$ (224,198)	$ 1,596,237	$ 10,179
Common stock issued, net	5,811,737	21	1,072	192	1,243	5,809,209			5,811,737
Offering costs, net	(258,769)					(258,769)			(258,769)
Distribution reinvestments	91,192		21	1	15	91,155			91,192
Amortization of restricted stock grants	537					537			537
Common stock repurchased	(64,550)		(13)		(14)	(64,523)			(64,550)
Net income (loss) (allocated to redeemable non-controlling interests)	(302,685)							(302,251)	(302,251)	(434)
Contributions from non-controlling interests	30,879									30,879
Distributions to non-controlling interests	(1,133)									(1,133)
Distributions declared on common stock (see Note 11)	(231,126)							(231,126)	(231,126)
Other comprehensive income (loss)	(530)						$ (530)		(530)
Allocation to redeemable non-controllinginterest	(8,250)					(8,250)			(8,250)
Balance at Dec. 31, 2021	6,673,718	46	1,544	221	1,636	7,388,885	(530)	(757,575)	6,634,227	39,491
Common stock issued, net	5,421,657	11	809	105	1,093	5,419,639			5,421,657
Offering costs, net	(195,642)					(195,642)			(195,642)
Distribution reinvestments	221,093	1	37	7	37	221,011			221,093
Amortization of restricted stock grants	894					894			894
Common stock repurchased	(1,347,308)	(1)	(144)	(23)	(321)	(1,346,819)			(1,347,308)
Net income (loss) (allocated to redeemable non-controlling interests)	(63,781)							(65,708)	(65,708)	1,927
Contributions from non-controlling interests	14,899									14,899
Distributions to non-controlling interests	(2,291)									(2,291)
Distributions declared on common stock (see Note 11)	(531,973)							(531,973)	(531,973)
Other comprehensive income (loss)	(23,777)						(23,777)		(23,777)
Allocation to redeemable non-controllinginterest	(21,698)					(21,698)			(21,698)
Balance at Dec. 31, 2022	10,145,791	57	2,246	310	2,445	11,466,270	(24,307)	(1,355,256)	10,091,765	54,026
Common stock issued, net	502,590	(1)	49	(2)	148	502,396			502,590
Offering costs	59,039					59,039			59,039
Distribution reinvestments	207,385	1	37	3	38	207,306			207,385
Amortization of restricted stock grants	840					840			840
Common stock repurchased	(2,610,495)	(4)	(382)	(36)	(601)	(2,609,472)			(2,610,495)
Net income (loss) (allocated to redeemable non-controlling interests)	(646,353)							(649,703)	(649,703)	3,350
Contributions from non-controlling interests	510									510
Distributions to non-controlling interests	(13,572)									(13,572)
Distributions declared on common stock (see Note 11)	(532,343)							(532,343)	(532,343)
Other comprehensive income (loss)	8,578						8,578		8,578
Allocation to redeemable non-controllinginterest	14,840					14,840			14,840
Balance at Dec. 31, 2023	$ 7,136,810	$ 53	$ 1,950	$ 275	$ 2,030	$ 9,641,219	$ (15,729)	$ (2,537,302)	$ 7,092,496	$ 44,314

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Net income (loss) allocated to redeemable non controlling interests	$ 29,165	$ 2,146	$ 1,758

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (675,518)	$ (65,927)	$ (304,443)
Adjustments to reconcile net loss to net cash provided by operating activities
Management fees	153,411	167,100	62,237
Performance participation allocation		102,348	204,225
Impairment of investments in real estate	188,804	0	0
Depreciation and amortization	811,788	848,943	330,455
Amortization of deferred financing costs	35,111	37,573	8,547
Straight-line rent amortization	(13,181)	(12,098)	(12,453)
Deferred income amortization	(19,796)	(13,295)	(3,905)
Unrealized loss (gain) on changes in fair value of financial instruments	349,941	(505,658)	(36,009)
Foreign currency (gain) loss	(14,786)	49,536	11,078
Loss on extinguishment of debt	93	313
Amortization of restricted stock grants	840	894	537
Net gain on disposition of investments in real estate	(289,818)
Realized loss on sale of investments in real estate debt	4,445	13,162
Realized loss on sale of real estate-related equity securities	49,181	22,021
Loss (income) from unconsolidated real estate ventures	11,624	(12,189)	615
Distributions of earnings from unconsolidated real estate ventures	14,132	11,161	189
Other items	(71,584)	4,136	429
Change in assets and liabilities
Decrease (increase) in other assets	8,707	(105,356)	(7,265)
Increase in due to affiliates	3,340	715	3,291
Increase (decrease) in other liabilities	9,833	51,532	(24,401)
Net cash provided by operating activities	556,567	594,911	233,127
Cash flows from investing activities
Acquisitions of real estate		(5,126,079)	(12,936,421)
Proceeds from dispositions of real estate	2,179,605
Capital improvements to real estate	(180,182)	(143,326)	(40,385)
Investment in unconsolidated real estate ventures	(126)	(470,181)	(235)
Origination and purchase of investments in real estate debt		(1,091,605)	(802,866)
Purchase of real estate-related debt and equity securities		(85,653)	(175,000)
Proceeds from paydown of principal and settlement of investments in real estate debt and equity securities	180,195	372,974	50,252
Purchase of derivative instruments	(18,628)
Proceeds from derivative contracts	70,856	57,176
Net cash provided by (used in) investing activities	2,231,720	(6,486,694)	(13,904,655)
Cash flows from financing activities
Proceeds from issuance of common stock, net	305,275	4,762,264	5,643,318
Offering costs paid	(54,404)	(75,639)	(41,682)
Subscriptions received in advance	13,225	40,221	496,845
Repurchase of common stock	(2,611,115)	(1,347,308)	(64,550)
Borrowings from mortgage notes, credit facility, and unsecured line of credit	2,371,482	4,017,869	8,750,402
Repayments of mortgage notes, credit facility and unsecured line of credit	(2,841,975)	(1,638,583)	(473,025)
Repayments under secured financings on investments in real estate debt, short term net	(5,469)		(42,557)
Borrowings under secured financings on investments in real estate debt		644,128	274,028
Repayments under secured financings on investments in real estate debt		(128,380)	(65,697)
Payment of deferred financing costs	(1,688)	(64,252)	(70,776)
Contributions from non-controlling interests	510	14,899	30,879
Distributions to non-controlling interests	(13,572)	(2,291)	(1,133)
Distributions	(356,180)	(311,909)	(117,380)
Net cash (used in) provided by financing activities	(3,193,911)	5,911,019	14,318,672
Effect of exchange rate changes	(10,350)	(3,182)
Net change in cash and cash equivalents and restricted cash	(415,974)	16,054	647,144
Cash and cash equivalents and restricted cash, beginning of year	956,609	940,555	293,411
Cash and cash equivalents and restricted cash, end of year	540,635	956,609	940,555
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	294,984	643,516	274,756
Restricted cash	245,651	313,093	665,799
Total cash and cash equivalents and restricted cash	540,635	956,609	940,555
Supplemental disclosure of cash flow information:
Cash paid for interest	913,268	442,971	122,275
Non-cash investing and financing activities:
Accrued stockholder servicing fees due to affiliate	(62,323)	171,464	236,971
Assumption of mortgage notes in conjunction with acquisitions of real estate		267,030	156,515
Issuance of Operating Partnership units as consideration for acquisitions of real estate		190,459
Recognition of right of use asset and liability			6,146
Issuance of Class I shares for payment of management fee	157,094	162,190	54,672
Redeemable non-controlling interest issued as settlement for performance participation allocation	102,348	204,225	15,061
Accrued distributions	43,044	49,306	32,696
Distribution reinvestment	207,385	221,093	91,192
Allocation to redeemable non-controlling interest	14,840	21,698	8,250
Accrued capital expenditures	$ 6,045	$ 14,802	$ 7,146

Organization and Business Purpo

Organization and Business Purpose	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Purpose	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 is 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 December 31, 2023, the Company owned 471 consolidated real estate properties, 1,016 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 December 31, 2023, the Company had received aggregate net proceeds of $ 13.8 bi llion from the sale of shares of its common stock through its public offerings. In December 2023, the Company announced it would launch a program (the “DST Program”) to raise capital, through its Operating Partnership, through private placement offerings exempt from registration under the Securities Act of 1933, as amended, by selling beneficial interests in specific Delaware statutory trusts holding real properties (the “DST Properties”). As of December 31, 2023, the Company has not yet begun to raise offering proceeds through the DST Program.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying consolidated financial statements include the accounts of the Company, the Company’s subsidiaries and joint ventures in which the Company has a controlling interest. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of the joint ventures is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. Certain of the joint ventures formed by the Company provide the other partner a profits interest based on certain return hurdles being achieved. Any profits interest due to the other partner is reported within non-controlling interests. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. The Operating Partnership is considered to be a VIE. The Company consolidates the Operating Partnership because it has the ability to direct the most significant activities of the entity such as purchases, dispositions, financings, budgets, and overall operating plans. The Company meets the VIE disclosure exemption criteria, as the Company’s interest in the Operating Partnership is considered a majority voting interest. Where the Company does not have the power to direct the activities of the VIE that most significantly impact its economic performance, the Company’s interest for those partially owned entities are accounted for using the equity method of accounting. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. Restricted Cash Restricted cash consists of cash received for subscriptions prior to the date in which the subscriptions are effective, amounts in escrow related to real estate taxes and insurance in connection with mortgages at certain of the Company’s properties, and tenant security deposits. The Company’s restricted cash pertaining to subscriptions received in advance is held primarily in a bank account controlled by the Company’s transfer agent but in the name of the Company. Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the transaction as an asset acquisition. All property acquisitions to date have been accounted for as asset acquisitions. Upon the acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends and market and economic conditions. The Company capitalizes acquisition-related costs associated with asset acquisitions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has not been material. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 30 - 42 years Building and land improvements 5 - 30 years Furniture, fixtures and equipment 1 - 10 years Lease intangibles and leasehold improvements Shorter of useful life or lease term Repairs and maintenance are expensed to operations as incurred and are included in Property operating expenses on the Company’s Consolidated Statements of Operations and Comprehensive Loss. Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. The Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be received pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. The amortization of acquired above-market and below-market leases is recorded as an adjustment to Rental revenue on the Company’s Consolidated Statements of Operations and Comprehensive Loss. The amortization of in-place leases is recorded as an adjustment to Depreciation and amortization expense on the Company’s Consolidated Statements of Operations and Comprehensive Loss. Certain of the Company’s investments in real estate are subject to a ground lease, for which a lease liability and corresponding right-of-use (“ROU”) asset were recognized. The Company calculates the amount of the lease liability and ROU asset by taking the present value of the remaining lease payments, and adjusting the ROU asset for any existing straight-line ground rent liability and acquired ground lease intangibles. The Company’s estimated incremental borrowing rate of a loan with a similar term as the ground lease was used as the discount rate. The lease liability is included as a component of Other liabilities and the related ROU asset is recorded as a component of Investments in real estate, net on the Company’s Consolidated Balance Sheets. Impairment of Investments in Real Estate The Company’s management reviews its consolidated 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 consolidated 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 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 Consolidated Statements of Operations and Comprehensive Loss. During the year ended December 31, 2023, the Company recognized an aggregate of $ 188.8 million of impairment charges related predominantly to single-family rental properties and, to a lesser extent, two hospitality properties, in the Consolidated Statements of Operations and Comprehensive Loss. The estimated fair values of the impaired properties held as of December 31, 2023, were primarily based on recently completed sales transactions, letters of intent, or non-binding purchase and sales contracts. During the years ended December 31, 2022 and 2021, the Company did no t recognize any impairment charges 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 Consolidated Balance Sheets. As of December 31, 2023 and 2022, there were no real estate investments that met the criteria to be classified as held-for-sale. Investments in Unconsolidated Real Estate Ventures Investments in unconsolidated joint ventures are initially recorded at cost, and subsequently adjusted for equity in earnings and cash contributions and distributions. Under the equity method of accounting, the net equity investment of the Company is reflected within the Consolidated Balance Sheets, and the Company’s share of net income or loss from the joint ventures is included within the Company’s Consolidated Statements of Operations and Comprehensive Loss. The joint venture agreements may designate different percentage allocations among investors for profits and losses; however, the Company’s recognition of joint venture income or loss generally follows the joint venture’s distribution priorities, which may change upon the achievement of certain investment return thresholds. The Company’s investments in unconsolidated joint ventures are reviewed for impairment quarterly and the Company records impairment charges when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than-temporary. The ultimate realization of the investment in unconsolidated joint ventures is dependent on a number of factors, including the performance of each investment and market conditions. During the periods presented, no such impairment occurred. Investments in Real Estate Debt The Company’s investments in real estate debt consists of loans secured by real estate and real estate-related securities. The Company classifies its real estate-related securities as trading securities and record such investments at fair value. As such, the resulting unrealized gains and losses of such securities are recorded as a component of Income from investments in real estate debt on the Company’s Consolidated Statements of Operations and Comprehensive Loss. The Company elected the fair value option (“FVO”) for its loans secured by real estate. As such, the resulting unrealized gains and losses of such loans are recorded as a component of Income from investments in real estate debt on the Company’s Consolidated Statements of Operations and Comprehensive Loss. Interest income from the Company’s investments in real estate-related debt securities is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of premiums and discounts associated with these investments is deferred and recorded over the term of the investment as an adjustment to yield. Upfront costs and fees related to items for which the FVO is elected shall be recognized in earnings as incurred and not deferred. Such items are recorded as components of Income from investments in real estate debt on the Company’s Consolidated Statements of Operations and Comprehensive Loss. Derivative Instruments The Company uses derivative financial instruments such as interest rate caps, interest rate swaps and foreign currency swaps to manage risks from fluctuations in exchange rates and interest rates. The Company records its derivatives on its Consolidated Balance Sheets at fair value and such amounts are included as a component of Other assets or Other liabilities. Any changes in the fair value of these derivatives are recorded as components of Other (expense) income, net on the Company’s Consolidated Statements of Operations and Comprehensive Loss. Foreign Currency The Company’s functional currency is the U.S. dollar. Nonmonetary assets and liabilities are translated at historical rates and monetary assets and liabilities are translated at exchange rates in effect at the end of the reporting period. Income statement accounts are translated at average rates for the reporting period. Gains and losses from translation of foreign denominated transactions into U.S. dollars are included in current results of operations. Gains and losses resulting from foreign currency transactions are also included in current results of operations. The effects of translating the assets, liabilities and income of the Company’s foreign investments held by entities with functional currencies other than the U.S. dollar are included in the Company’ s Consolidated Statements of Operations and Comprehensive Loss. Aggregate foreign currency transaction gains (losses) included in operations totaled $ 14.8 million, ($ 49.5 ) million and ($ 15.1 ) million for the years ended December 31, 2023, 2022 and 2021, respectively. These amounts are recorded as a component of Other (expense) income, net in the Company’s Consolidated Statements of Operations and Comprehensive Loss. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated assets and liabilities are recorded in Other comprehensive income (loss). Fair Value Measurements Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (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 CMBS 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 years ended December 31, 2023 and 2022, the Company recorded net unrealized gains (losses) on its investments in real estate debt securities of $ 10.0 million and ($ 18.3 ) million, respectively. Such amounts are recorded as a component of Income from investments in real estate debt on the Company’s Consolidated Statements of Operations and Comprehensive Loss. The Company’s investments in equity securities of public real estate-related companies are reported at fair value and were recorded as a component of Other assets on the Company’s Consolidated Balance Sheets. As such, the resulting unrealized gains and losses are recorded as a component of Other (expense) income on the Company’s Consolidated Statements of Operations and Comprehensive Loss. During the year ended December 31, 2023, the Company disposed of all of its investments in equity securities. During the year ended December 31, 2022, the Company recognized $ 37.0 million of unrealized losses on its investments in equity securities. 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, 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 December 31, 2023. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 201,070 $ 1,388,280 $ 1,589,350 $ — $ 290,807 $ 1,366,856 $ 1,657,663 Equity securities — — — — 84,321 — — 84,321 Derivatives — 554,263 — 554,263 — 898,916 — 898,916 Total $ — $ 755,333 $ 1,388,280 $ 2,143,613 $ 84,321 $ 1,189,723 $ 1,366,856 $ 2,640,900 Liabilities: Derivatives $ — $ 46,178 $ — $ 46,178 $ — $ 17,860 $ — $ 17,860 Total $ — $ 46,178 $ — $ 46,178 $ — $ 17,860 $ — $ 17,860 The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Balance as of December 31, 2022 $ 1,366,856 Repayments ( 9,955 ) Included in net loss Unrealized loss ( 45 ) Foreign currency exchange 31,424 Balance as of December 31, 2023 $ 1,388,280 The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): December 31, 2023 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in real estate debt $ 1,388,280 Discounted Cash Flow Discount Rate 9.7 % 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 consolidated real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. During the year ended December 31, 2023, the Company recognized an aggregate of $ 188.8 million of impairment charges related predominantly to single-family rental properties and, to a lesser extent, two hospitality properties, in the Consolidated Statements of Operations and Comprehensive Loss. The estimated fair values of such remaining impaired assets as of December 31, 2023 was $ 53.8 million. The estimated fair values of the impaired properties held as of December 31, 2023, were primarily based on recently completed sales transactions, letters of intent, or non-binding purchase and sales contracts. These inputs are considered Level 2 inputs for purposes of the fair value hierarchy. There are inherent uncertainties in making these estimates such as current and future macroeconomic conditions. During the years ended December 31, 2022 and 2021, the Company did no t recognize any impairment charges 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 December 31, 2023, the fair value of the Company’s mortgage notes, credit facility, and secured financings on investments in real estate debt was approximately $ 390.9 million below the outstanding principal balance. Deferred Charges The Company’s deferred charges include financing and leasing costs. Deferred financing costs include legal, structuring and other loan costs incurred by the Company for its financing agreements. Deferred financing costs related to the Company’s mortgage notes are recorded as an offset to the related liability and amortized over the term of the applicable financing instruments as interest expense. Deferred financing costs related to the Company’s credit facility and its unsecured Line of Credit (as defined below) are recorded as a component of Other assets on the Company’s Consolidated Balance Sheets and amortized over the term of the applicable financing agreement. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage commissions, are recorded as a component of Other assets on the Company’s Consolidated Balance Sheets and amortized over the life of the related lease. Revenue Recognition The Company commences revenue recognition on its leases based on a number of factors, including the initial determination that the contract is or contains a lease. Generally, all of the Company’s contracts are, or contain leases, and therefore revenue is recognized when the lessee takes possession of or controls the physical use of the leased assets. In most instances this occurs on the lease commencement date. At the inception or acquisition of a lease, including new leases that arise from amendments, the Company assesses the terms and conditions of the lease to determine the proper lease classification. A lease is classified as an operating lease if none of the following criteria are met: (i) ownership transfers to the lessee at the end of the lease term, (ii) the lessee has a purchase option that is reasonably expected to be exercised, (iii) the lease term is for a major part of the economic life of the leased property, (iv) the present value of the future lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the leased property, and (v) the leased property is of such a specialized nature that it is expected to have no future alternative use to the Company at the end of the lease term. If one or more of these criteria are met, the lease will generally be classified as a sales-type lease, unless the lease contains a residual value guarantee from a third party other than the lessee, in which case it would be classified as a direct financing lease under certain circumstances in accordance with ASC 842, Leases . The Company’s rental revenue primarily consists of fixed contractual base rent arising from tenant leases at the Company’s properties under operating leases. Revenue under operating leases that are deemed probable of collection, is recognized as revenue on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded on the Company’s Consolidated Balance Sheets. The Company’s Hospitality revenue consists of room revenue and food and beverage revenue. Room revenue is recognized when the related room is occupied and other hospitality revenue is recognized when the service is rendered. For leases that are deemed not probable of collection, revenue is recorded as the lesser of (i) the amount which would be recognized on a straight-line basis or (ii) cash that has been received from the tenant, with any tenant and deferred rent receivable balances charged as a direct write-off against rental income in the period of the change in the collectability determination. Certain of the Company’s contracts contain nonlease components (e.g., charges for management fees, common area maintenance, and reimbursement of third-party maintenance expenses) in addition to lease components (i.e., monthly rental charges). Services related to nonlease components are provided over the same period of time as, and billed in the same manner as, monthly rental charges. The Company elected to apply the practical expedient available under ASC 842, for all classes of assets, not to segregate the lease components from the nonlease components when accounting for operating leases. Since the lease component is the predominant component under each of these leases, combined revenues from both the lease and nonlease components are accounted for in accordance with ASC 842 and reported as Rental revenues in the Company’s Consolidated Statements of Operations and Comprehensive Loss. In connection with its investments, the Company has utilized loan programs designed to encourage housing development. The proceeds from these loans are governed by restrictive covenants. For certain housing development loans, so long as the Company remains in compliance with the covenants and program requirements, the loans will be forgiven in equal annual installments until the loans are discharged in full. The Company treats t hese loans as deferred income and records them as a component of Other liabilities on the Company’s Consolidated Balance Sheets. As of December 31, 2023 and 2022, deferred income related to these loans amounted to $ 3.4 million and $ 4.2 million, respectively. As the loan balances are reduced during the compliance period, the Company will record income associated with the discharge of the loans as a component of Other revenue in the Company’s Consolidated Statements of Operations and Comprehensive Loss. For each of the years ended December 31, 2023, 2022 and 2021, Other revenue related to thes

Investments

Investments	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Investments	3. Investments Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): December 31, 2023 December 31, 2022 Building and building improvements $ 17,612,162 $ 19,249,503 Land and land improvements 3,144,932 3,580,603 Furniture, fixtures and equipment 304,650 331,586 Right-of-use asset - operating lease (1 ) 105,230 105,230 Total 21,166,974 23,266,922 Accumulated depreciation and amortization ( 1,586,616 ) ( 1,019,521 ) Investments in real estate, net $ 19,580,358 $ 22,247,401 (1) Refer to Note 14 for additional details on the Company’s leases. Asset Acquisitions The Company did not acquire any investments in real estate during the year ended December 31, 2023. The following table provides details of the properties acquired during the year ended December 31, 2022 ($ in thousands): Segments Number of Number of Sq. Ft. Purchase Price (1) Multifamily 6 67 16,542 units $ 4,288,281 Single-Family Rental 11 N/A (2) 621 units 249,009 Industrial 6 61 7.50 sq. ft. 972,791 Office 1 1 0.34 sq. ft. 150,945 Self-Storage 1 1 0.09 sq. ft. 42,091 25 130 $ 5,703,117 (1) Purchase price is inclusive of acquisition-related costs. (2) Includes a 95% interest in 621 consolidated single-family rental homes. The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2022 ($ in thousands): Amount Building and building improvements $ 4,697,513 Land and land improvements 825,064 Furniture, fixtures and equipment 58,493 In-place lease intangibles (1) 85,304 Above-market lease intangibles (1) 11,874 Below-market lease intangibles (1) ( 24,452 ) Other intangibles 6,723 Total purchase price (2) $ 5,660,519 Assumed mortgage notes ( 267,030 ) Non-controlling interest ( 13,834 ) Net purchase price $ 5,379,655 (1) The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles, and below-market lease intangibles for the properties acquired during the year ended December 31, 2022 were 4 years, 8 years, and 10 years, respectively . (2) Purchase price does not include acquisition-related costs of $ 42.6 million. Asset Dispositions During the year ended December 31, 2023, the Company sold an aggregate of $ 1.9 billion of investments in real estate, net, generating total net cash proceeds, net of mortgage repayments, of approximately $ 775.9 million. During the year ended December 31, 2023, the Comp any recorded $ 289.8 mill ion of net gains from the disposition of 10 multifamily properties, 33 industrial properties, three hospitality properties, 2,199 single-family rental units, and one net-lease property. During the years ended December 31, 2022 and 2021, there were no dispositions of investments in real estate. Investments in Unconsolidated Real Estate Ventures The following table details the Company ’s equity investments in unconsolidated entities ($ in thousands): December 31, Investments in Unconsolidated Real Estate Ventures Segment Date Acquired Number of Properties Ownership Interest 2023 2022 Extended Stay Portfolio Other July 2022 196 45 % $ 446,424 $ 471,696 Fort Lauderdale Hotel Other March 2019 1 43 % 9,578 9,936 Total investments in unconsolidated real estate ventures $ 456,002 $ 481,632 The following table details the Company ’s (loss) income from equity investments in unconsolidated entities ($ in thousands): Year Ended December 31, Investments in Unconsolidated Real Estate Ventures Segment 2023 2022 2021 Extended Stay Portfolio Other $ ( 11,266 ) $ 11,915 $ — Fort Lauderdale Hotel Other ( 358 ) 274 ( 615 ) Total (loss) income from unconsolidated real estate ventures $ ( 11,624 ) $ 12,189 $ ( 615 )

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 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): December 31, 2023 December 31, 2022 Intangible assets: (1) In-place lease intangibles $ 292,348 $ 330,631 Above-market lease intangibles 44,463 47,472 Other 41,823 43,032 Total intangible assets 378,634 421,135 Accumulated amortization: In-place lease amortization ( 127,185 ) ( 113,674 ) Above-market lease amortization ( 18,913 ) ( 14,022 ) Other ( 12,500 ) ( 9,723 ) Total accumulated amortization ( 158,598 ) ( 137,419 ) Intangible assets, net $ 220,036 $ 283,716 Intangible liabilities: (2) Below-market lease intangibles $ 87,173 $ 89,137 Total intangible liabilities 87,173 89,137 Accumulated amortization: Below-market lease amortization ( 27,606 ) ( 18,770 ) Total accumulated amortization ( 27,606 ) ( 18,770 ) Intangible liabilities, net $ 59,567 $ 70,367 (1) Included in Other assets on the Company’s Consolidated Balance Sheets. (2) Included in Other liabilities on the Company’s Consolidated Balance Sheets. The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of December 31, 2023 is as follows ($ in thousands): In-place Above-market Other Below-market 2024 $ 35,697 $ 5,572 $ 3,364 $ ( 8,925 ) 2025 25,680 4,172 3,364 ( 6,821 ) 2026 20,981 3,823 3,364 ( 5,786 ) 2027 17,158 3,133 3,364 ( 5,109 ) 2028 13,928 2,565 3,364 ( 4,673 ) Thereafter 51,719 6,285 12,503 ( 28,253 ) $ 165,163 $ 25,550 $ 29,323 $ ( 59,567 )

Investments in Real Estate Debt

Investments in Real Estate Debt	12 Months Ended
	Dec. 31, 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 December 31, 2023 and 2022 ($ in thousands): December 31, 2023 Type of Security/Loan Number of Positions Weighted (1) Weighted Average (3) Cost Basis Fair Value CMBS - floating 6 B + 4.69% October 2036 $ 206,252 $ 201,070 Term loans 2 B + 4.95% January 2027 1,451,462 1,388,280 Total investments in real estate debt 8 B + 4.92% March 2028 $ 1,657,714 $ 1,589,350 December 31, 2022 Type of Security/Loan Number of Weighted (2) Weighted Average (3) Cost Basis Fair Value CMBS - floating 8 B + 4.18% May 2037 $ 306,026 $ 290,807 Term loans 2 B + 4.96% January 2027 1,461,417 1,366,856 Total investments in real estate debt 10 B + 4.82% October 2028 $ 1,767,443 $ 1,657,663 __________ (1) The symbol “B” refers to the relevant benchmark rates, which includes 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) The symbol “B” refers to the relevant benchmark rates, which includes one-month LIBOR, one-month SOFR, three-month BBSY and SONIA as applicable to each security and loan. (3) 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 original loan was 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. In November 2023, the borrower partially prepaid £ 8.0 million of the original loan amount. 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 December 31, 2023 December 31, 2022 CMBS $ 201,070 $ 290,807 Total $ 201,070 $ 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 year ended December 31, 2023, the Company recorded net realized losses on its investments in real estate debt securities of $ 4.4 million. During the year ended December 31, 2022, the Company recorded net realized losses on its investments in real estate debt securities of $ 13.2 million. During the year ended December 31, 2021, the Company did not record any realized gains or losses on its investments in real estate debt securities. Such amounts are recorded as a component of Income from investments in real estate debt in the Company’s Consolidated Statements of Operations and Comprehensive Loss.

Mortgage Notes and Credit Facil

Mortgage Notes and Credit Facility	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Mortgage Notes and Credit Facility	6. Mortgage Notes and Credit Facility The following table is a summary of the mortgage notes and credit facility secured by the Company’s properties as of December 31, 2023 and 2022 ($ in thousands): Principal Balance Outstanding (3) Indebtedness Weighted (1) Weighted (2) Maximum December 31, 2023 December 31, 2022 Fixed rate loans Fixed rate mortgages 3.10 % March 2031 N/A $ 3,049,322 $ 3,843,346 Total fixed rate loans 3,049,322 3,843,346 Variable rate loans Floating rate mortgages B + 1.84 % July 2027 N/A 9,893,894 10,445,553 Variable rate credit facility (4) B + 2.25 % December 2024 $ 165,000 165,000 175,000 Total variable rate loans 10,058,894 10,620,553 Total loans secured by the Company’s 13,108,216 14,463,899 Deferred financing costs, net ( 73,066 ) ( 102,064 ) Discount on assumed debt, net ( 6,240 ) ( 6,377 ) Mortgage notes and credit facility, net $ 13,028,910 $ 14,355,458 __________ (1) The symbol “B” refers to the relevant floating benchmark rates, which includes one-month SOFR, Federal Reserve Bank of New York (“NYFED”) 30 day SOFR, three-month Euro Interbank Offered Rate (“EURIBOR”) and three-month Copenhagen Interbank Offered Rate (“CIBOR”), as applicable to each loan. (2) For loans where the Company, at its own discretion, has extension options, the maximum maturity date has been assumed. (3) The majority of the Company’s mortgages contain prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties. (4) The Company’s credit facility can be drawn upon to fund the acquisition of future real estate investments. The repayment of the credit facility is guaranteed by the Operating Partnership. The following table presents the future principal payments under the Company’s mortgage notes and credit facility as of December 31, 2023 ($ in thousands): Year Amount 2024 $ 901,408 2025 917,891 2026 4,693,742 2027 2,084,868 2028 228,847 Thereafter 4,281,460 Total $ 13,108,216 Pursuant to lender agreements for certain of the Company’s mortgages, the Company has the ability to draw $ 93.6 million for leasing commissions, and tenant and building improvements. The Company’s mortgage notes and credit facility may contain customary events of default and covenants, including limitations on liens and indebtedness and maintenance of certain financial ratios. The Company is not aware of any instance of material noncompliance with financial covenants as of December 31, 2023.

Secured Financings on Investmen

Secured Financings on Investments in Real Estate Debt	12 Months Ended
	Dec. 31, 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 Consolidated Balance Sheets, these transactions are summarized in the following tables ($ in thousands): December 31, 2023 Indebtedness Maturity Date Coupon Collateral (1) Outstanding Barclays RA February 2026 SONIA + 2.55% $ 448,729 $ 246,801 Syndicated RA (2) June 2027 BBSY + 2.82% 939,551 515,551 $ 1,388,280 $ 762,352 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. (2) Outstanding balance is reflected net of $ 1.2 million of unamortized deferred financing costs.

Unsecured Line of Credit

Unsecured Line of Credit	12 Months Ended
	Dec. 31, 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 matures on May 11, 2024 , at which time the Company may request an additional one-year extension 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 December 31, 2023, $ 907.5 million was 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	12 Months Ended
	Dec. 31, 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): December 31, 2023 December 31, 2022 Derivative instruments $ 554,263 $ 898,916 Intangible assets, net 220,036 283,716 Receivables 127,573 110,898 Prepaid expenses 24,022 20,985 Interest receivable 7,929 6,670 Deferred financing costs, net 6,006 10,984 Deferred tax asset 5,043 1,500 Other 2,757 3,558 Equity securities — 84,321 Total other assets $ 947,629 $ 1,421,548 The following table summarizes the components of Other liabilities ($ in thousands): December 31, 2023 December 31, 2022 Accounts payable and accrued expenses $ 75,809 $ 95,467 Real estate taxes payable 73,145 85,955 Accrued interest expense 69,642 58,872 Intangible liabilities, net 59,567 70,367 Derivative instruments 46,178 17,860 Tenant security deposits 44,374 50,694 Distributions payable 43,044 49,306 Deferred tax liability 35,792 42,383 Right-of-use liability - operating leases 12,402 12,452 Deferred income 11,894 8,837 Other taxes payable 5,005 6,475 Other 7,506 8,731 Total other liabilities $ 484,358 $ 507,399

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 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): December 31, 2023 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Strike Rate Index Weighted Average Maturity (Years) Interest Rate Caps - Property debt 70 $ 9,567,541 1.6 % SOFR 2.1 Interest Rate Caps - Property debt 4 € 175,468 1.1 % EURIBOR 1.0 Interest Rate Swaps - Property debt 1 $ 117,863 0.8 % SOFR 1.2 Interest Rate Swaps - Property debt 3 € 213,458 1.9 % EURIBOR 3.6 Interest Rate Swaps - Property debt 2 NOK 520,000 2.5 % NIBOR 4.1 Total interest rate derivatives 80 1.6 % 2.1 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): December 31, 2023 December 31, 2022 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD/Sell EUR Forward 60 € 577,283 48 € 588,786 Buy USD/Sell DKK Forward 12 DKK 1,301,016 12 DKK 1,513,100 Buy USD/Sell AUD Forward 5 AUD 621,759 8 AUD 661,100 Buy USD/Sell NOK Forward 9 NOK 1,160,941 8 NOK 859,279 Buy USD/Sell GBP Forward 4 £ 142,858 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 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Interest rate derivatives $ 537,390 $ 842,895 $ — $ — Foreign currency forward contracts 16,873 56,021 46,178 17,860 Total derivatives $ 554,263 $ 898,916 $ 46,178 $ 17,860 (1) Included in Other assets on the Company’s Consolidated Balance Sheets. (2) Included in Other liabilities on the Company’s Consolidated Balance Sheets. The following table det ails the effect of the Company’s derivative financial instruments in the Consolidated Statements of Operations and Comprehensive Loss ($ in thousands): For the Year Ended December 31, Type of Derivative Net Realized/Unrealized (Loss) Gain 2023 2022 2021 Interest Rate Caps - Property debt Unrealized (loss) gain (1) $ ( 305,693 ) $ 498,696 $ 5,244 Interest Rate Swaps - Property debt Unrealized (loss) gain (1) ( 26,468 ) 32,972 4,792 Foreign Currency Forward Contracts Unrealized (loss) gain (2) ( 67,466 ) 30,556 8,447 Foreign Currency Forward Contracts Realized gain (1) 26,112 57,176 5,463 Interest Rate Caps - Property debt Realized gain (1) 26,778 — — Interest Rate Swaps - Property debt Realized gain (1) 12,088 — — Total $ ( 334,649 ) $ 619,400 $ 23,946 (1) Included in Other (expense) income, net in the Company’s 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 in Other (expense) income, net in the Company’s Consolidated Statements of Operations and Comprehensive Loss.

Equity and Redeemable Non-contr

Equity and Redeemable Non-controlling Interests	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	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. See Note 2 for a further description of such items. Other than the differences in upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees, each class of common stock is subject to the same economic and voting rights. As of December 31, 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: Class T Class S Class D Class I Total January 1, 2021 2,463,182 46,431,661 2,847,097 39,152,913 90,894,853 Common stock shares issued (1) 2,157,634 107,086,220 19,108,491 124,387,317 252,739,662 Distribution reinvestment plan shares issued 86,892 2,130,886 244,060 1,520,206 3,982,044 Common stock shares repurchased ( 59,272 ) ( 1,267,731 ) ( 57,349 ) ( 1,450,765 ) ( 2,835,117 ) Independent directors’ restricted stock grant (2) — — — 14,829 14,829 December 31, 2021 4,648,436 154,381,036 22,142,299 163,624,500 344,796,271 Common stock shares issued (1) 1,112,055 80,943,605 10,500,831 109,276,249 201,832,740 Distribution reinvestment plan shares issued 125,187 3,647,656 720,473 3,664,723 8,158,039 Common stock shares repurchased ( 164,182 ) ( 14,415,387 ) ( 2,389,430 ) ( 32,146,156 ) ( 49,115,155 ) Independent directors’ restricted stock grant (2) — — — 35,697 35,697 December 31, 2022 5,721,496 224,556,910 30,974,173 244,455,013 505,707,592 Common stock shares issued (1) ( 98,898 ) 4,915,057 ( 153,390 ) 14,803,271 19,466,040 Distribution reinvestment plan shares issued 141,944 3,788,883 335,712 3,849,211 8,115,750 Common stock shares repurchased ( 482,517 ) ( 38,237,234 ) ( 3,643,944 ) ( 60,147,804 ) ( 102,511,499 ) Independent directors’ restricted stock grant (2) — — — 30,361 30,361 December 31, 2023 5,282,025 195,023,616 27,512,551 202,990,052 430,808,244 __________ (1) Includes exchanges between share classes. (2) The independent directors’ restricted stock grant represents $ 0.8 million, $ 0.8 million and $ 0.3 million of the annual compensation paid to the independent directors for the years ended December 31, 2023, 2022 and 2021, respectively. Each grant is amortized over the one-year service period of such grant. Share Repurchases The Company has adopted a share repurchase plan whereby, subject to certain limitations, stockholders may request on a monthly basis that the Company repurchases all or any portion of their shares. Should repurchase requests, in the Company’s judgment, place an undue burden on its liquidity, adversely affect its operations or risk having an adverse impact on the Company as a whole, or should the Company otherwise determine that investing its liquid assets in real properties or other illiquid investments rather than repurchasing its shares is in the best interests of the Company as a whole, then the Company may choose to repurchase fewer shares than have been requested to be repurchased, or none at all. Further, the Company’s board of directors may modify 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 NAV per month (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding month) and no more than 5 % of its aggregate NAV (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding quarter). In the event that the Company determines to repurchase some but not all of the shares submitted for repurchase during any month, shares repurchased at the end of the month will be repurchased on a pro rata basis. For the years ended December 31, 2023, 2022 and 2021, the Company repurchased 102,511,499 , 49,115,155 and 2,835,117 shares of common stock representing a total of $ 2.6 billion, $ 1.3 billion and $ 64.6 million, respectively. Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the 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: Year Ended December 31, 2023 Class T Class S Class D Class I Aggregate gross distributions declared per share of common stock $ 1.2420 $ 1.2420 $ 1.2420 $ 1.2420 Stockholder servicing fee per share of common stock ( 0.2157 ) ( 0.2158 ) ( 0.0622 ) — Net distributions declared per share of common stock $ 1.0263 $ 1.0262 $ 1.1798 $ 1.2420 Year Ended December 31, 2022 Class T Class S Class D Class I Aggregate gross distributions declared per share of common stock $ 1.2420 $ 1.2420 $ 1.2420 $ 1.2420 Stockholder servicing fee per share of common stock ( 0.2320 ) ( 0.2318 ) ( 0.0672 ) — Net distributions declared per share of common stock $ 1.0100 $ 1.0102 $ 1.1748 $ 1.2420 Year Ended December 31, 2021 Class T Class S Class D Class I Aggregate gross distributions declared per share of common stock $ 1.2420 $ 1.2420 $ 1.2420 $ 1.2420 Stockholder servicing fee per share of common stock ( 0.1949 ) ( 0.1955 ) ( 0.0571 ) — Net distributions declared per share of common stock $ 1.0471 $ 1.0465 $ 1.1849 $ 1.2420 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 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 table details the redeemable non-controlling interests activity related to the Special Limited Partner and third-party Operating Partnership unitholders for the years ended December 31, 2023 and 2022 ($ in thousands): 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 SREIT OP units as consideration for — 190,459 190,459 GAAP loss allocation ( 1,050 ) ( 1,096 ) ( 2,146 ) Distributions ( 11,239 ) ( 6,400 ) ( 17,639 ) Fair value allocation 15,884 5,814 21,698 Balance at December 31, 2022 $ 238,322 $ 188,777 $ 427,099 Settlement of performance participation allocation 102,348 — 102,348 Repurchases — ( 620 ) ( 620 ) GAAP loss allocation ( 18,753 ) ( 10,412 ) ( 29,165 ) Distributions ( 16,065 ) ( 8,895 ) ( 24,960 ) Fair value allocation ( 10,160 ) ( 4,680 ) ( 14,840 ) Balance at December 31, 2023 $ 295,692 $ 164,170 $ 459,862

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 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 (i) 1.25 % of the Company’s NAV per annum payable monthly, before giving effect to any accruals for the management fee, the stockholder servicing fee, the performance participation interest or any distributions, plus (ii) 1.25 % per annum of the aggregate DST Property consideration for all DST Properties subject to the fair market value option held by the Operating Partnership. For avoidance of doubt, the Advisor does not receive a duplicative management fee with respect to any DST property. 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 years ended December 31, 2023, 2022, and 2021, the Company incurred management fees of $ 153.4 million, $ 167.1 million, and $ 62.2 million, respectively. To date, the Advisor has elected to receive the management fee in shares of the Company’s common stock. The Company issued 5,673,483 and 5,598,108 unregistered Class I shares to the Advisor as payment for the 2023 and 2022 management fees, respectively, and also had a payable of $ 10.8 million and $ 14.5 million related to the management fees as of December 31, 2023 and 2022, respectively, which are included in Due to affiliates on the Company’s Consolidated Balance Sheets. During January 2024, the Advisor was issued 473,622 unregistered Class I shares as payment for the $ 10.8 million management fee accrued as of December 31, 2023. During January 2023, the Advisor was 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. The shares issued to the Advisor for payment of the management fee were issued at the applicable NAV per share at the end of each month for which the fee was earned. Additionally, the Special Limited Partner, an affiliate of the Advisor, holds a performance participation interest in the Operating Partnership that entitles it to receive an allocation of the Operating Partnership’s total return to its capital account. Total return is defined as distributions paid or accrued plus the change in NAV. Under the Operating Partnership’s limited partnership agreement, the annual total return will be allocated solely to the Special Limited Partner after the other unit holders have received a total return of 5 % (after recouping any loss carryforward amount) and such allocation will continue until the allocation between the Special Limited Partner and all other unit holders is equal to 12.5 % and 87.5 %, respectively. Thereafter, the Special Limited Partner will receive an allocation of 12.5% of the annual total return. The annual distribution of the performance participation interest will be paid in cash or Class I units of the Operating Partnership, at the election of the Special Limited Partner. During the year ended December 31, 2023, the Company did not recognize a performance participation allocation as certain thresholds were not achieved. During the years ended December 31, 2022 and 2021, the Company recognized $ 102.3 million and $ 204.2 million, respectively, of performance participation interest in the Company’s consolidated financial statements. The performance participation interest for 2022 became payable on December 31, 2022 and, in January 2023, the Company caused the Operating Partnership to issue 3,886,034 Class I units in the Operating Partnership to the Special Limited Partner as payment for the performance participation interest for 2022. Such Class I units were issued at the NAV per unit as of December 31, 2022. The performance participation interest for 2021 became payable on December 31, 2021 and, in January 2022, the Company caused the Operating Partnership to issue 7,872,930 Class I units in the Operating Partnership to the Special Limited Partner as payment for the performance participation interest for 2021. Such Class I units were issued at the NAV per unit as of December 31, 2021. As of December 31, 2023, the Advisor, its employees, and its affiliates, including the Company’s executive officers, hold an aggregate of $ 519.7 mil lion 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 year ended December 31, 2023, the Company repurchase d outside of its share repurchase plan 3,188,721 Class I shares, held by the Advisor and certain directors for total consideration of $ 80.6 million. During the year ended December 31, 2022, the Company repurchased outside of its share repurchase plan 2,488,926 C lass I shares, held by the Advisor and certain directors for total consideration of $ 68.5 million. Due to Affiliates The following table details the components of Due to affiliates ($ in thousands): December 31, 2023 December 31, 2022 Accrued stockholder servicing fee $ 301,017 $ 413,004 Performance participation allocation — 102,348 Accrued management fee 10,853 14,531 Advanced operating expenses 4,458 1,555 Accrued affiliate service provider expenses 3,068 2,659 Advanced organization and offering costs 1,561 3,017 Total $ 320,957 $ 537,114 Accrued stockholder servicing fee The Company accrues the full amount of the future stockholder servicing fees payable to 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 years ended December 31, 2023, 2022 and 2021, the Company incurred approximately $ 25.8 million, $ 17.3 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 Consolidated Statements of Operations and Comprehensive Loss. The Company has engaged Rinaldi, Finkelstein & Franklin L.L.C. (“RFF”), a law firm owned and controlled by Ellis F. Rinaldi, Co-General Counsel and Senior Managing Director of the Sponsor and certain of its affiliates, to provide corporate legal support services to the Company. During the years ended December 31, 2023, 2022 and 2021, the amounts incurred for services provided by RFF wer e $ 0.3 mi llion, $ 0.5 million and $ 0.6 million, respectively. The Company has engaged Essex Title, LLC (“Essex”), a title agent company majority owned by Starwood Capital. Essex acts as an agent for one or more underwriters in issuing title policies and/or providing support services in connection with investments by the Company, Starwood Capital and its affiliates and third parties. Essex focuses on transactions in rate-regulated states where the cost of title insurance is non-negotiable. Essex will not perform services in non-regulated states for the Company, unless (i) in the context of a portfolio transaction that includes properties in rate-regulated states, (ii) as part of a syndicate of title insurance companies where the rate is negotiated by other insurers or their agents, (iii) when a third party is paying all or a material portion of the premium or (iv) when providing only support services to the underwriter. Essex earns fees, which would have otherwise been paid to third parties, by providing title agency services and facilitating placement of title insurance with underwriters. Starwood Capital receives distributions from Essex in connection with investments by the Company based on its equity interest in Essex. In each case, there will be no related offset to the Company. During the years ended December 31, 2023, 2022, and 2021 the amounts incurred for services provided by Essex were $ 1.5 million, $ 4.3 million, and $ 1.9 million, respectively. The Company has engaged Starwood Retail Partners to provide leasing and legal services for any retail and certain industrial and other properties we acquire. During the year ended December 31, 2023, the Company incurred approximately $ 0.2 million of expenses from Starwood Retail Partners. During the year ended December 31, 2022, the Company incurred an insignificant amount of expenses from Starwood Retail Partners. During the year ended December 31, 2021, the Company did no t incur any expenses from Starwood Retail Partners. The Company has incurred legal expenses from third party law firms whose lawyers have been seconded to affiliates of Starwood Capital for the purpose of providing legal services in Europe to investment vehicles sponsored by Starwood Capital. During the years ended December 31, 2023, 2022 and 2021, the amounts incurred for services provided were $ 0.2 million, $ 0.4 million, and $ 0.1 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 on a monthly basis. During the years ended December 31, 2023 and 2022, the Company incurred approximately $ 0.8 million and $ 0.2 million of expenses for services provided, respectively. During the year ended December 31, 2021, 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 services. During the years ended December 31, 2023 and 2022, the amounts incurred for services provided by the SCG Southern Europe Team were $ 0.3 million, respectively. During the year ended December 31, 2021, the amounts incurred for services provided by SCG Southern Europe Team were an insignificant amount. Advanced operating expenses As of December 31, 2023 and 2022, the Advisor had advanced an insignificant amount and approximately $ 0.1 million, respectively, of expenses on the Company’s behalf for general corporate expenses provided by unaffiliated third parties. Such amounts (incurred prior to 2019) are being reimbursed to the Advisor ratably over a 60 month period, which commenced in January 2020. As of December 31, 2023, 2022 and 2021, the Advisor had incurred approximately $ 14.5 million, $ 15.8 million and $ 6.7 million, respectively, of expenses on the Company’s behalf for general corporate expenses. Such amounts are being reimbursed to the Advisor one month in arrears.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies As of December 31, 2023 and 2022, the Company is not subject to any material litigation nor is the Company aware of any material litigation threatened against it.

Leases

Leases	12 Months Ended
	Dec. 31, 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 December 31, 2023 ($ in thousands): Year Operating 2024 $ 686 2025 712 2026 714 2027 714 2028 714 Thereafter 25,068 Total undiscounted future lease payments 28,608 Difference between undiscounted cash flows and discounted cash flows ( 16,206 ) Total lease liability $ 12,402 The Company utilized its incremental borrowing rate, which was between 4.5 % and 6 %, to determine its lease liabilities. As of December 31, 2023, the weighted average remaining lease term of the Company’s operating leases was 36 years. Payments under the Company’s ground leases contain fixed payment components. The Company’s ground leases contained escalations prior to the Company’s hold period. Lessor The Company’s rental revenue primarily consists of rent earned from operating leases at the Company’s multifamily, single-family rental, industrial, office, self-storage and other properties. Leases at the Company’s industrial, office and other properties generally include a fixed base rent and certain leases also contain a variable component. The variable component of the Company’s operating leases at its industrial, office and other properties primarily consist of the reimbursement of operating expenses such as real estate taxes, insurance, and common area maintenance costs. Leases at the Company’s industrial, office and other properties are generally longer term and may contain extension and termination options at the lessee’s election. The Company’s rental revenue earned from leases at the Company’s multifamily, single-family rental and self-storage properties primarily consists of a fixed base rent and certain leases contain a variable component that allows for the pass-through of certain operating expenses such as utilities. Leases at the Company’s multifamily, single-family rental and self-storage properties are short term in nature, generally not greater than 12 months in length. The following table summarizes the fixed and variable components of the Company’s operating leases ($ in thousands): For the Year Ended December 31, 2023 2022 2021 Fixed lease payments $ 1,540,130 $ 1,376,577 $ 530,093 Variable lease payments 155,787 144,078 74,481 Rental revenue $ 1,695,917 $ 1,520,655 $ 604,574 The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, office, and other properties as of December 31, 2023 ($ in thousands). Leases at the Company’s multifamily, single-family and self-storage properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2024 $ 281,065 2025 263,246 2026 232,944 2027 202,711 2028 164,577 Thereafter 482,047 Total $ 1,626,590

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 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): December 31, 2023 December 31, 2022 Multifamily $ 15,161,836 $ 16,663,050 Single-family rental 408,097 1,357,576 Industrial 2,820,658 3,180,764 Office 1,651,347 1,589,368 Self-storage 357,724 366,299 Investments in real estate debt 1,589,350 1,657,663 Other properties (1) 1,022,284 1,225,052 Other (Corporate) 102,678 725,081 Total assets $ 23,113,974 $ 26,764,853 (1) Other properties includes hospitality, medical office and retail properties and two investments in unconsolidated real estate ventures. The following table sets forth the financial results by segment for the year ended December 31, 2023 ($ in thousands): Multifamily Single- Industrial Office Self- Other Investments Total Revenues: Rental revenue $ 1,215,981 $ 54,087 $ 203,419 $ 157,463 $ 27,694 $ 37,273 $ — $ 1,695,917 Other revenue 10,394 — 4 285 — 47,718 — 58,401 Total revenues 1,226,375 54,087 203,423 157,748 27,694 84,991 — 1,754,318 Expenses: Property operating 552,760 32,631 51,163 59,668 10,775 41,525 — 748,522 Total segment expenses 552,760 32,631 51,163 59,668 10,775 41,525 — 748,522 Loss from unconsolidated — — — — — ( 11,624 ) — ( 11,624 ) Income from investments in — — — — — — 123,138 123,138 Segment net operating income $ 673,615 $ 21,456 $ 152,260 $ 98,080 $ 16,919 $ 31,842 $ 123,138 $ 1,117,310 General and administrative ( 45,144 ) Management fees ( 153,411 ) Impairment of investments in real estate ( 188,804 ) Depreciation and amortization ( 811,788 ) Net gain on dispositions of real estate 289,818 Interest expense ( 583,476 ) Loss on extinguishment of debt ( 93 ) Other expense, net ( 299,930 ) Net loss $ ( 675,518 ) Net income attributable to non-controlling interests in consolidated joint ventures ( 3,350 ) Net loss attributable to non-controlling interests in Operating Partnership 29,165 Net loss attributable to stockholders $ ( 649,703 ) The following table sets forth the financial results by segment for the year ended December 31, 2022 ($ in thousands): Multifamily Single- Industrial Office Self-Storage Other Investments Total Revenues: Rental revenue $ 1,068,277 $ 73,558 $ 177,998 $ 136,185 $ 26,614 $ 38,023 $ — $ 1,520,655 Other revenue 11,114 — 42 416 — 47,121 — 58,693 Total revenues 1,079,391 73,558 178,040 136,601 26,614 85,144 — 1,579,348 Expenses: Property operating 467,413 36,575 44,983 52,972 9,866 38,785 — 650,594 Total segment expenses 467,413 36,575 44,983 52,972 9,866 38,785 — 650,594 Income from unconsolidated — — — — — 12,189 — 12,189 Income from investments in real — — — — — — 99,787 99,787 Segment net operating income $ 611,978 $ 36,983 $ 133,057 $ 83,629 $ 16,748 $ 58,548 $ 99,787 $ 1,040,730 General and administrative ( 44,708 ) Management fees ( 167,100 ) Performance participation allocation ( 102,348 ) Depreciation and amortization ( 848,943 ) Interest expense ( 428,853 ) Loss on extinguishment of debt ( 313 ) Other income, net 485,608 Net loss $ ( 65,927 ) Net income attributable to non-controlling interests in consolidated joint ventures ( 1,927 ) Net loss attributable to non-controlling interests in Operating Partnership 2,146 Net loss attributable to stockholders $ ( 65,708 ) The following table sets forth the financial results by segment for the year ended December 31, 2021 ($ in thousands): Multifamily Single- Industrial Office Self-Storage Other Investments Total Revenues: Rental revenue $ 365,052 $ 1,158 $ 96,826 $ 124,317 $ 741 $ 16,480 $ — $ 604,574 Other revenue 4,310 — — 331 — 33,690 — 38,331 Total revenues 369,362 1,158 96,826 124,648 741 50,170 — 642,905 Expenses: Property operating 151,923 274 25,258 43,741 287 27,168 — 248,651 Total segment expenses 151,923 274 25,258 43,741 287 27,168 — 248,651 Loss from unconsolidated — — — — — ( 615 ) — ( 615 ) Income from investments in real — — — — — — 45,156 45,156 Segment net operating income $ 217,439 $ 884 $ 71,568 $ 80,907 $ 454 $ 22,387 $ 45,156 $ 438,795 General and administrative ( 25,404 ) Management fees ( 62,237 ) Performance participation allocation ( 204,225 ) Depreciation and amortization ( 330,455 ) Interest expense ( 134,127 ) Other income, net 13,210 Net loss $ ( 304,443 ) Net loss attributable to non-controlling interests in consolidated joint ventures 434 Net loss attributable to non-controlling interests in Operating Partnership 1,758 Net loss attributable to stockholders $ ( 302,251 )

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events Financing and Capital Activity During the period from January 1, 2024 through March 21, 2024, the Company raised an aggregate of $ 0.1 billion in the Company’s third public offering and repurchased $ 0.5 billion of common stock through its share repurchase plan. During the period from January 1, 2024 through March 21, 2024, the Company received $ 0.3 billion of net borrowings from drawing on its unsecured line of credit. Asset Dispositions During the period from January 1, 2024 through March 21, 2024, the Company rec eived $ 0.1 billi on of net proceeds from sales of investments in real estate debt.

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III Real Estate and Accumulated Depreciation	Schedule III – Real Estate and Accumulated Depr eciation as of December 31, 2023 ($ in thousands) Initial Cost Costs Capitalized Gross Amounts at which (2) Description Location Encumbrances Land and Building and Land and Building and Land and Building and Total Accumulated (1) Year Multifamily properties: Phoenix Property Mesa, AZ $ 43,539 $ 9,472 $ 35,909 $ 250 $ 1,284 $ 9,722 $ 37,193 $ 46,915 $ ( 8,553 ) 2019 Florida Multifamily Portfolio Various Properties (2) Jacksonville, FL 36,466 11,574 37,920 910 2,561 12,484 40,481 52,965 ( 9,211 ) 2019 Various Properties (2) Naples FL 36,129 14,045 37,025 653 1,610 14,698 38,635 53,333 ( 8,409 ) 2019 Columbus Multifamily ( 3 properties) Columbus, OH 94,787 8,630 125,329 1,137 2,388 9,767 127,717 137,484 ( 13,501 ) 2019 Cascades Apartments Charlotte, NC 72,195 12,711 92,689 1,129 1,313 13,840 94,002 107,842 ( 14,197 ) 2019 Exchange on Erwin Durham, NC 50,542 18,313 54,839 307 207 18,620 55,046 73,666 ( 7,436 ) 2019 Avida Apartments Salt Lake City, UT 56,355 8,018 73,763 551 1,153 8,569 74,916 83,485 ( 9,455 ) 2019 Kalina Way Salt Lake City, UT 57,928 7,101 74,739 396 232 7,497 74,971 82,468 ( 8,144 ) 2020 Southeast Affordable Housing Portfolio Riverwalk Brighton, CO 19,015 3,280 20,932 197 1,031 3,477 21,963 25,440 ( 2,906 ) 2020 Patriots Pointe Concord, NC 7,760 1,564 7,904 196 284 1,760 8,188 9,948 ( 1,277 ) 2020 Willow Ridge Greensboro, NC 5,200 2,157 4,656 43 210 2,200 4,866 7,066 ( 967 ) 2020 Creekside at Bellemeade High Point, NC 4,640 2,031 4,415 83 229 2,114 4,644 6,758 ( 1,209 ) 2020 Villa Biscayne Homestead, FL 20,339 4,575 23,600 78 422 4,653 24,022 28,675 ( 3,359 ) 2020 Various Properties (3) Jacksonville, FL 82,042 24,178 90,108 496 4,761 24,674 94,869 119,543 ( 13,768 ) 2020 Oak Crest Kannapolis, NC 9,373 2,137 10,411 214 665 2,351 11,076 13,427 ( 1,792 ) 2020 Stone Creek Morrisville, NC 8,364 1,844 7,492 85 675 1,929 8,167 10,096 ( 1,347 ) 2020 Various Properties (3) Newport News, VA 43,333 11,169 50,997 353 2,647 11,522 53,644 65,166 ( 7,051 ) 2020 Various Properties (2) Orlando, FL 72,451 19,513 75,364 370 1,571 19,883 76,935 96,818 ( 10,801 ) 2020 Overlook at Simms Creek Raleigh, NC 25,691 7,189 23,030 131 776 7,320 23,806 31,126 ( 3,882 ) 2020 Various Properties (2) Sanford, FL 65,853 14,916 75,253 325 1,764 15,241 77,017 92,258 ( 10,306 ) 2020 Ponce Harbor St. Augustine, FL 15,601 3,294 18,870 108 451 3,402 19,321 22,723 ( 2,702 ) 2020 Las Villas de Kino Tucson, AZ 26,255 9,513 24,278 388 2,282 9,901 26,560 36,461 ( 4,066 ) 2020 Lexington Club Vero Beach, FL 14,738 2,972 19,583 92 755 3,064 20,338 23,402 ( 2,983 ) 2020 Parkside Royal Poinciana West Palm Beach, FL 10,045 4,624 8,889 235 949 4,859 9,838 14,697 ( 1,743 ) 2020 Mid-Atlantic Affordable Housing Portfolio Various Properties (2) Chesapeake, VA 26,880 6,467 28,766 166 827 6,633 29,593 36,226 ( 3,388 ) 2020 Columbia Hills Columbia, TN 9,740 2,871 9,816 138 689 3,009 10,505 13,514 ( 1,493 ) 2020 Foxridge Durham, NC 10,333 2,524 10,986 90 457 2,614 11,443 14,057 ( 1,468 ) 2020 Crestview Fredericksburg, VA 26,720 4,358 30,470 87 599 4,445 31,069 35,514 ( 3,527 ) 2020 Bridgeport Hampton, VA 17,130 4,285 18,075 52 473 4,337 18,548 22,885 ( 2,143 ) 2020 Various Properties (2) Harrisonburg, VA 11,760 4,022 11,222 100 387 4,122 11,609 15,731 ( 1,746 ) 2020 Cascade Village Holland, MI 13,680 3,389 14,530 281 673 3,670 15,203 18,873 ( 1,947 ) 2020 Parkview Huntersville, NC 11,191 1,876 12,739 37 140 1,913 12,879 14,792 ( 1,482 ) 2020 Various Properties (4) Manassas, VA 70,695 10,637 81,855 290 958 10,927 82,813 93,740 ( 9,126 ) 2020 Autumn Ridge Memphis, TN 7,547 2,591 7,180 73 330 2,664 7,510 10,174 ( 1,008 ) 2020 Genito Glen Midlothian, VA 10,960 2,703 11,559 84 229 2,787 11,788 14,575 ( 1,506 ) 2020 Kings Ridge Newport News, VA 15,572 4,729 15,539 332 650 5,061 16,189 21,250 ( 2,167 ) 2020 River Birch Raleigh, NC 19,411 4,168 21,150 100 551 4,268 21,701 25,969 ( 2,389 ) 2020 Falcon Pointe Rosenberg, TX 9,440 1,876 10,461 102 359 1,978 10,820 12,798 ( 1,481 ) 2020 Sterling Crest Saginaw, MI 8,800 4,176 7,229 129 493 4,305 7,722 12,027 ( 1,268 ) 2020 Las Villas de Leon San Antonio, TX 7,560 2,347 7,458 207 760 2,554 8,218 10,772 ( 1,176 ) 2020 Stonegate Stafford, VA 28,880 3,963 33,721 92 418 4,055 34,139 38,194 ( 3,586 ) 2020 River Park Place Vero Beach, FL 8,538 2,661 8,425 70 414 2,731 8,839 11,570 ( 1,211 ) 2020 Ocean Gate Virginia Beach, VA 20,080 4,347 21,957 86 445 4,433 22,402 26,835 ( 2,604 ) 2020 Autumn Wind Winchester, VA 9,840 2,724 10,005 141 245 2,865 10,250 13,115 ( 1,487 ) 2020 Various Properties (3) Woodbridge, VA 55,243 8,617 63,627 164 1,124 8,781 64,751 73,532 ( 7,202 ) 2020 Initial Cost Costs Capitalized Gross Amounts at which (2) Description Location Encumbrances Land and Building and Land and Building and Land and Building and Total Accumulated (1) Year Florida Affordable Housing Portfolio II ( 4 properties) Jacksonville, FL $ 85,840 $ 16,599 $ 95,453 $ 332 $ 11,004 $ 16,931 $ 106,457 $ 123,388 $ ( 12,107 ) 2021 Southeast Affordable Housing Portfolio II Culpeper Commons Culpeper, VA 12,483 4,058 13,749 104 517 4,162 14,266 18,428 ( 1,922 ) 2021 Magnolia Creste Dallas, GA 16,438 2,650 21,475 152 274 2,802 21,749 24,551 ( 2,338 ) 2021 Glen Creek Elkton, MD 15,263 5,985 16,353 180 804 6,165 17,157 23,322 ( 2,421 ) 2021 England Run Fredericksburg, VA 18,812 3,857 23,614 166 492 4,023 24,106 28,129 ( 2,511 ) 2021 Rocky Creek Greenville, SC 14,395 3,030 17,079 109 424 3,139 17,503 20,642 ( 1,963 ) 2021 Grande Court Boggy Kissimmee, FL 34,904 9,361 41,265 123 446 9,484 41,711 51,195 ( 4,807 ) 2021 Magnolia Village Lawrenceville, GA 15,783 5,107 16,645 117 318 5,224 16,963 22,187 ( 2,337 ) 2021 Park Ridge Stafford, VA 20,255 3,778 25,689 101 317 3,879 26,006 29,885 ( 2,511 ) 2021 Glen Ridge Woodbridge, VA 21,667 4,159 27,218 173 426 4,332 27,644 31,976 ( 2,586 ) 2021 Azalea Multifamily Portfolio Luxe Aubrey, TX 52,290 10,084 78,835 148 529 10,232 79,364 89,596 ( 5,758 ) 2021 Travesia Austin, TX 75,460 13,787 79,703 173 707 13,960 80,410 94,370 ( 5,773 ) 2021 Afton Ridge Concord, NC 54,062 9,516 62,919 102 30 9,618 62,949 72,567 ( 4,682 ) 2021 Various Properties (2) Dallas, TX 84,140 13,031 125,670 67 934 13,098 126,604 139,702 ( 8,534 ) 2021 Clearbrook Frederick, MD 62,090 12,564 51,451 32 ( 57 ) 12,596 51,394 63,990 ( 3,706 ) 2021 Thornton Park Jacksonville, FL 66,616 9,950 91,924 262 309 10,212 92,233 102,445 ( 6,488 ) 2021 Ariva Lakeland, FL 51,899 9,846 57,063 36 212 9,882 57,275 67,157 ( 4,841 ) 2021 Gwinnett Stadium Lawrenceville, GA 41,090 5,199 48,131 82 - 5,281 48,131 53,412 ( 3,221 ) 2021 Park Place Morrisville, NC 52,920 9,295 57,281 7 255 9,302 57,536 66,838 ( 4,439 ) 2021 Autumn Wood Murfreesboro, TN 42,490 6,114 54,974 96 ( 143 ) 6,210 54,831 61,041 ( 4,204 ) 2021 Millenia Orlando, FL 36,890 6,305 47,647 56 ( 50 ) 6,361 47,597 53,958 ( 3,464 ) 2021 Various Properties (2) Pflugerville, TX 107,590 24,606 142,875 346 1,943 24,952 144,818 169,770 ( 10,305 ) 2021 Lakehouse Plant City, FL 16,940 3,334 23,339 13 ( 22 ) 3,347 23,317 26,664 ( 1,827 ) 2021 Victoria Grand Tallahassee, FL 47,390 7,002 61,768 17 225 7,019 61,993 69,012 ( 4,547 ) 2021 Crosstown Tampa, FL 58,695 8,066 65,753 ( 10 ) 32 8,056 65,785 73,841 ( 4,880 ) 2021 Keystone Castle Hills Dallas, TX 89,922 23,122 99,118 756 1,441 23,878 100,559 124,437 ( 11,767 ) 2021 Greater Boston Affordable Portfolio ( 5 properties) Boston, MA 142,685 60,313 176,849 449 ( 64 ) 60,762 176,785 237,547 ( 11,820 ) 2021 Columbus Preferred Portfolio 5188 Baxter Park Westerville, OH 21,700 6,795 23,058 9 148 6,804 23,206 30,010 ( 1,594 ) 2021 1025 Luxe Avenue Columbus, OH 45,500 7,955 43,178 41 122 7,996 43,300 51,296 ( 2,675 ) 2021 The Palmer Dadeland Miami, FL 259,800 56,854 304,585 534 854 57,388 305,439 362,827 ( 21,309 ) 2021 Seven Springs Apartments Burlington, MA 117,110 27,104 164,679 30 633 27,134 165,312 192,446 ( 11,389 ) 2021 Maison’s Landing Salt Lake City, UT 102,120 14,890 152,592 201 1,243 15,091 153,835 168,926 ( 11,820 ) 2021 Sawyer Flats Gaithersburg, MD 144,060 32,701 168,846 1,186 1,966 33,887 170,812 204,699 ( 12,369 ) 2021 Florida Affordable Housing Portfolio III Various Properties (2) Bradenton, FL 75,290 20,960 101,049 576 1,515 21,536 102,564 124,100 ( 10,562 ) 2021 Enclave on Woodbridge Fernandina Beach, FL 25,690 6,407 36,228 54 540 6,461 36,768 43,229 ( 3,764 ) 2021 Charleston Place Holly Hill, FL 17,520 5,930 21,309 88 556 6,018 21,865 27,883 ( 2,446 ) 2021 Brookwood Forest Jacksonville, FL 23,560 4,250 35,025 200 663 4,450 35,688 40,138 ( 2,973 ) 2021 Various Properties (2) Lakeland, FL 37,080 7,112 57,801 475 383 7,587 58,184 65,771 ( 5,370 ) 2021 Club at Sugar Mill Port Orange, FL 14,260 4,449 15,946 88 477 4,537 16,423 20,960 ( 1,808 ) 2021 Nantucket Cove Springhill, FL 15,800 4,592 20,167 85 279 4,677 20,446 25,123 ( 2,361 ) 2021 Various Properties (5) Tampa, FL 73,610 26,276 96,632 565 690 26,841 97,322 124,163 ( 9,850 ) 2021 Savannah Bay Tarpon Springs, FL 12,610 5,374 9,640 116 239 5,490 9,879 15,369 ( 1,391 ) 2021 Nantucket Bay Temple Terrace, FL 15,150 6,364 18,782 112 148 6,476 18,930 25,406 ( 1,849 ) 2021 Raleigh Multifamily Portfolio 2600 Harvest Creek Place Cary, NC 60,900 16,094 77,575 ( 11 ) 1,179 16,083 78,754 94,837 ( 5,095 ) 2021 5140 Copper Ridge Drive Durham, NC 41,900 8,733 53,561 ( 6 ) 1,139 8,727 54,700 63,427 ( 3,663 ) 2021 1000 Henrico Lane Morrisville, NC 68,600 12,383 86,037 ( 9 ) 1,162 12,374 87,199 99,573 ( 5,545 ) 2021 Various Properties (3) Raleigh, NC 196,000 40,491 252,991 ( 28 ) 4,735 40,463 257,726 298,189 ( 14,306 ) 2021 Initial Cost Costs Capitalized Gross Amounts at which (2) Description Location Encumbrances Land and Building and Land and Building and Land and Building and Total Accumulated (1) Year South Florida Multifamily Portfolio Bella Vista Boca Raton, FL $ 95,500 $ 13,144 $ 125,094 $ 3,987 $ ( 3,601 ) $ 17,131 $ 121,493 $ 138,624 $ ( 7,489 ) 2021 Stonybrook Boynton Beach, FL 67,600 12,346 81,036 740 1,100 13,086 82,136 95,222 ( 5,394 ) 2021 Centro Sunforest Davie, FL 103,300 25,015 152,738 ( 3,584 ) 813 21,431 153,551 174,982 ( 9,936 ) 2021 SEG Multifamily Portfolio Alta Mill Apartments Austell, GA 62,965 13,213 82,343 ( 896 ) 12,619 12,317 94,962 107,279 ( 7,517 ) 2021 Estate on Quarry Lake Apartments Austin, TX 45,403 9,565 59,725 ( 2,688 ) 12,493 6,877 72,218 79,095 ( 5,439 ) 2021 Various Properties (2) Brunswick, GA 35,823 7,529 47,011 827 5,639 8,356 52,650 61,006 ( 5,490 ) 2021 Lodge at Mallard Creek Charlotte, NC 35,524 7,816 48,785 ( 1,333 ) 9,139 6,483 57,924 64,407 ( 4,728 ) 2021 Brook Valley Apartments Douglasville, GA 22,951 4,837 30,158 498 3,874 5,335 34,032 39,367 ( 3,052 ) 2021 Grande Club Apartments Duluth, GA 36,122 7,884 49,229 3,100 3,903 10,984 53,132 64,116 ( 5,126 ) 2021 Various Properties (4) Everett, WA 137,405 31,576 198,984 ( 1,251 ) 26,488 30,325 225,472 255,797 ( 15,396 ) 2021 Towne Creek Gainesville, GA 15,766 3,307 20,549 1,229 1,980 4,536 22,529 27,065 ( 2,001 ) 2021 Icon on the Greenway Gastonia, NC 24,747 5,110 31,932 ( 1,713 ) 6,640 3,397 38,572 41,969 ( 3,349 ) 2021 Woodland Park Apartments Greensboro, NC 18,173 3,484 27,201 1,442 ( 3,108 ) 4,926 24,093 29,019 ( 2,587 ) 2021 Estates at Bellwood Apartments Greenville, SC 15,267 3,266 20,401 453 2,155 3,719 22,556 26,275 ( 2,410 ) 2021 Audubon Park Apartments Hanahan, SC 26,144 5,397 33,706 ( 240 ) 5,017 5,157 38,723 43,880 ( 3,287 ) 2021 Waterford Landing Apartments Hermitage, TN 25,745 5,616 64,899 ( 1,224 ) ( 23,129 ) 4,392 41,770 46,162 ( 3,413 ) 2021 Various Properties (2) High Point, NC 33,187 5,848 36,515 ( 618 ) 5,064 5,230 41,579 46,809 ( 4,032 ) 2021 Northtowne Village Apartments Hixson, TN 17,463 3,621 41,985 ( 375 ) ( 15,969 ) 3,246 26,016 29,262 ( 2,275 ) 2021 Various Properties (2) Kennesaw, GA 91,304 19,020 118,562 ( 2,706 ) 20,211 16,314 138,773 155,087 ( 10,273 ) 2021 Various Properties (2) Knoxville, TN 138,503 29,131 337,357 5,619 ( 134,807 ) 34,750 202,550 237,300 ( 21,217 ) 2021 Lee's Crossing La Grange, GA 28,738 6,053 37,698 472 5,598 6,525 43,296 49,821 ( 4,148 ) 2021 Durant at Sugarloaf Apartments Lawrenceville, GA 39,914 8,390 52,333 4,442 2,555 12,832 54,888 67,720 ( 5,230 ) 2021 Racquet Club Lexington, KY 34,027 8,663 53,959 2,435 6,039 11,098 59,998 71,096 ( 5,390 ) 2021 Nickel Creek Lynnwood, WA 33,229 8,062 50,855 1,065 7,328 9,127 58,183 67,310 ( 4,014 ) 2021 Northwood Apartments Macon, GA 20,955 4,400 27,497 213 3,213 4,613 30,710 35,323 ( 3,103 ) 2021 Falls at Sope Creek Marietta, GA 60,171 12,667 78,943 ( 387 ) 12,078 12,280 91,021 103,301 ( 6,780 ) 2021 Ashmore Bridge Estates Apartments Mauldin, SC 27,341 5,548 42,280 629 ( 3,382 ) 6,177 38,898 45,075 ( 4,018 ) 2021 Waterstone at Murietta Apartments Murieta, CA 83,122 18,884 117,823 ( 507 ) 17,649 18,377 135,472 153,849 ( 10,443 ) 2021 Wyndchase Bellevue Apartments Nashville, TN 31,233 6,531 75,691 ( 2,961 ) ( 25,400 ) 3,570 50,291 53,861 ( 3,698 ) 2021 Woodland Crossing Apartments New Bern, NC 23,849 5,261 32,819 ( 1,964 ) 6,662 3,297 39,481 42,778 ( 3,499 ) 2021 Various Properties (2) Parker, CO 146,785 33,819 252,352 ( 17,637 ) 10,426 16,182 262,778 278,960 ( 19,482 ) 2021 Gio Apartments Plano, TX 86,714 22,546 140,590 ( 5,407 ) 27,115 17,139 167,705 184,844 ( 13,139 ) 2021 Grande Oaks Roswell, GA 44,504 9,373 58,394 1,353 7,256 10,726 65,650 76,376 ( 5,181 ) 2021 Brandemere Salem, NC 29,425 5,274 32,967 688 3,970 5,962 36,937 42,899 ( 3,815 ) 2021 Various Properties (2) Savannah, GA 57,876 11,943 82,787 ( 1,675 ) 3,354 10,268 86,141 96,409 ( 7,562 ) 2021 Smoky Crossing Apartments Seymour, TN 50,591 10,371 120,337 ( 255 ) ( 45,617 ) 10,116 74,720 84,836 ( 7,044 ) 2021 Grove Veridian Spartanburg, NC 12,074 2,555 15,966 299 1,543 2,854 17,509 20,363 ( 1,837 ) 2021 Patriot Point Spring Lake, NC 18,886 3,238 20,253 228 2,433 3,466 22,686 26,152 ( 2,326 ) 2021 Retreat at Hidden Bay St. Marys, GA 15,167 3,170 19,810 ( 323 ) 2,864 2,847 22,674 25,521 ( 2,129 ) 2021 Arnada Pointe Vancouver, WA 30,534 7,127 45,385 ( 1,650 ) 7,501 5,477 52,886 58,363 ( 4,070 ) 2021 Various Properties (11) Waldorf, MD 259,942 57,581 359,089 37,015 19,359 94,596 378,448 473,044 ( 35,488 ) 2021 Various Properties (2) Warner Robins, GA 38,916 8,171 51,003 2,461 4,400 10,632 55,403 66,035 ( 6,171 ) 2021 Various Properties (3) Wilmington, NC 69,351 14,485 90,475 ( 419 ) 12,802 14,066 103,277 117,343 ( 8,816 ) 2021 Initial Cost Costs Capitalized Gross Amounts at which (2) Description Location Encumbrances Land and Building and Land and Building and Land and Building and Total Accumulated (1) Year National Affordable Housing Portfolio Various Properties (3) Austin, TX $ 103,128 $ 18,627 $ 135,799 $ ( 2,321 ) $ 6,237 $ 16,306 $ 142,036 $ 158,342 $ ( 11,110 ) 2021 Centre Court Bradenton, FL 20,787 5,335 29,299 452 703 5,787 30,002 35,789 ( 3,261 ) 2021 Forest Glen Durham, NC 13,345 2,975 10,821 1,036 ( 789 ) 4,011 10,032 14,043 ( 1,042 ) 2021 Rose Cove SLC Farmington, UT 14,420 4,649 16,909 866 ( 240 ) 5,515 16,669 22,184 ( 1,383 ) 2021 Venice Cove FLL Ft Lauderdale, FL 18,934 5,878 21,379 3,102 ( 2,703 ) 8,980 18,676 27,656 ( 1,651 ) 2021 Chelsea Commons Greenacres, FL 30,349 12,348 44,910 ( 564 ) 1,540 11,784 46,450 58,234 ( 4,577 ) 2021 Hampton Ridge Jax Jacksonville, FL 11,104 2,476 9,005 83 2,425 2,559 11,430 13,989 ( 1,100 ) 2021 San Marcos Villas Lake Park, FL 50,042 18,054 65,663 ( 4,159 ) 5,686 13,895 71,349 85,244 ( 6,197 ) 2021 Mayflower Harbor Lehi, UT 30,820 9,050 32,915 ( 740 ) 1,378 8,310 34,293 42,603 ( 2,892 ) 2021 Grande Court Sarasota North Port, FL 16,087 5,010 18,221 981 ( 327 ) 5,991 17,894 23,885 ( 2,183 ) 2021 Commander Place Orlando, FL 28,586 5,713 31,374 ( 1,132 ) 2,231 4,581 33,605 38,186 ( 2,676 ) 2021 Villas Shaver Pasadena, TX 25,594 3,182 23,197 3,238 ( 2,951 ) 6,420 20,246 26,666 ( 2,400 ) 2021 Pemberly Palms Vero Beach, FL 21,563 4,645 25,507 1,090 ( 543 ) 5,735 24,964 30,699 ( 2,589 ) 2021 Pasco Woods Wesley Chapel, FL 21,146 4,511 24,772 40 347 4,551 25,119 29,670 ( 2,489 ) 2021 Colony Park West Palm Beach, FL 21,214 6,626 24,101 824 ( 147 ) 7,450 23,954 31,404 ( 2,541 ) 2021 Central Park Portfolio ( 9 properties) Denver, CO 329,898 74,722 532,982 783 4,768 75,505 537,750 613,255 ( 34,787 ) 2021 Mid-Atlantic Affordable Housing Portfolio II Lakewood Villas ATL Atlanta, GA 19,937 5,659 19,470 116 294 5,775 19,764 25,539 ( 1,892 ) 2022 Ivy Creek Buford Buford, GS 30,731 6,784 36,309 306 308 7,090 36,617 43,707 ( 2,704 ) 2022 Various Properties (2) Fredericksburg, VA 67,101 18,748 86,640 307 616 19,055 87,256 106,311 ( 5,645 ) 2022 Cobblestone Kennesaw Kennesaw, GA 19,311 6,818 20,700 131 174 6,949 20,874 27,823 ( 1,779 ) 2022 Galaxy Silver Spring Silver Springs, MD 36,418 9,832 54,956 300 329 10,132 55,285 65,417 ( 2,740 ) 2022 Sky Terrace Stafford, VA 37,257 7,836 52,382 210 334 8,046 52,716 60,762 ( 3,261 ) 2022 Highland Warranton Warranton, VA 18,211 6,136 17,652 207 108 6,343 17,760 24,103 ( 1,337 ) 2022 Texas and North Carolina Multifamily Portfolio Watervue Fort Worth, TX 69,831 12,114 81,045 53 48 12,167 81,093 93,260 ( 5,582 ) 2022 Bunker Hill Houston, TX 64,451 5,855 79,938 26 89 5,881 80,027 85,908 ( 4,378 ) 2022 Regalia Mansfield, TX 57,707 8,595 68,599 24 36 8,619 68,635 77,254 ( 4,391 ) 2022 Litchford Raleigh, NC 53,535 11,588 70,431 78 117 11,666 70,548 82,214 ( 4,070 ) 2022 Whispering Creek San Antonio, TX 35,229 5,025 42,064 40 45 5,065 42,109 47,174 ( 2,700 ) 2022 Phoenix Affordable Housing Portfolio Desert Eagle Glendale, AZ 28,171 8,420 37,708 123 536 8,543 38,244 46,787 ( 2,570 ) 2022 Various Properties (3) Mesa, AZ 101,114 25,347 142,096 575 2,296 25,922 144,392 170,314 ( 9,326 ) 2022 Lake Pleasant Village Peoria, AZ 23,579 7,346 31,972 207 382 7,553 32,354 39,907 ( 2,216 ) 2022 Various Properties (2) Phoenix, AZ 59,838 13,992 73,080 421 1,335 14,413 74,415 88,828 ( 4,319 ) 2022 Summit Multifamily Portfolio Vintage Amelia Amelia Island, FL 35,437 8,015 57,141 58 ( 2,970 ) 8,073 54,171 62,244 ( 3,858 ) 2022 Vantage Ashland Ashland City, TN 33,279 5,712 56,903 62 356 5,774 57,259 63,033 ( 3,627 ) 2022 Ethos Austin Austin, TX 47,780 11,085 72,024 99 1,334 11,184 73,358 84,542 ( 4,627 ) 2022 Walnut Bastrop Bastrop, TX 27,479 5,643 44,116 123 329 5,766 44,445 50,211 ( 2,791 ) 2022 Various Properties (2) Burleson, TX 81,272 12,479 139,515 101 448 12,580 139,963 152,543 ( 7,998 ) 2022 Ethan Pointe Burlington, NC 38,879 5,884 61,163 44 227 5,928 61,390 67,318 ( 3,951 ) 2022 1400 Chestnut Chattanooga, TN 34,493 2,826 52,914 20 58 2,846 52,972 55,818 ( 2,599 ) 2022 Stonebriar Frisco Frisco, TX 63,679 8,210 107,353 368 291 8,578 107,644 116,222 ( 5,574 ) 2022 Darby Holly Springs Holly Springs, GA 50,693 11,933 82,863 51 105 11,984 82,968 94,952 ( 5,036 ) 2022 Various Properties (2) Indianapolis, IN 80,786 10,047 135,908 270 1,379 10,317 137,287 147,604 ( 7,935 ) 2022 Orchard Hills Jeffersonville, IN 36,393 5,720 52,149 21 554 5,741 52,703 58,444 ( 3,479 ) 2022 Various Properties (2) Knoxville, TN 89,686 8,278 145,987 176 439 8,454 146,426 154,880 ( 7,728 ) 2022 Woodland Lakes Lansing Lansing, MI 43,093 8,179 61,911 109 927 8,288 62,838 71,126 ( 4,943 ) 2022 Initial Cost Costs Capitalized Gross Amounts at which (2) Description Location Encumbrances Land and Building and Land and Building and Land and Building and Total Accumulated (1) Year Various Properties (4) Louisville, KY $ 117,726 $ 17,123 $ 178,426 $ 454 $ ( 3,203 ) $ 17,577 $ 175,223 $ 192,800 $ ( 10,745 ) 2022 Lakeside Marietta Marietta, GA 70,893 14,659 124,095 149 688 14,808 124,783 139,591 ( 7,155 ) 2022 Reserve Maryville Maryville, TN 29,093 6,455 37,771 39 2,007 6,494 39,778 46,272 ( 2,826 ) 2022 Vintage Juliet Mt. Juliet, TN 54,411 4,981 84,725 42 180 5,023 84,905 89,928 ( 4,237 ) 2022 Various Properties (2) Murfreesboro, TN 82,058 9,480 138,701 125 500 9,605 139,201 148,806 ( 7,553 ) 2022 Hickory Point Nashville Nashville, TN 49,479 7,534 81,694 250 393 7,784 82,087 89,871 ( 5,015 ) 2022 Emerson Pflugerville Pflugerville, TX 53,679 11,087 83,771 110 248 11,197 84,019 95,216 ( 5,338 ) 2022 Prinwood Place Portage, MI 12,993 1,672 19,257 62 315 1,734 19,572 21,306 ( 1,298 ) 2022 Foxwood Raleigh Raleigh, NC 94,380 20,149 142,196 97 400 20,246 142,596 162,842 ( 8,676 ) 2022 Sugar Flats SLC Salt Lake City, UT 32,148 6,265 51,531 148 260 6,413 51,791 58,204 ( 2,505 ) 2022 Ranch 123 Apartments Seguin, TX 20,993 4,347 43,170 110 138 4,457 43,308 47,765 ( 2,648 ) 2022 Vintage Tollgate Thompson’s Station, TN 41,879 4,392 70,715 61 189 4,453 70,904 75,357 ( 3,862 ) 2022 Reserve Tuscaloosa Tuscaloosa, AL 31,393 5,878 47,916 222 1,351 6,100 49,267 55,367 ( 3,035 ) 2022 Stonebrook Tyler Tyler, TX 27,393 5,048 47,359 116 250 5,164 47,609 52,773 ( 2,893 ) 2022 Blue Multifamily Portfolio Various Properties (2) Orlando, FL 98,631 14,701 169,234 156 481 14,857 169,715 184,572 ( 8,715 ) 2022 Grand Dominion San Antonio, TX 37,958 8,110 61,274 182 250 8,292 61,524 69,816 ( 3,454 ) 2022 Sands Clearwater Tampa, FL 40,671 8,675 57,042 80 229 8,755 57,271 66,026 ( 3,253 ) 2022 Florida Affordable Housing Portfolio IV Sonrise Villas Fellsmere, FL 23,301 5,733 24,605 50 178 5,783 24,783 30,566 ( 1,823 ) 2022 Various Properties (2) Lakeland, FL 19,778 6,864 21,559 31 202 6,895 21,761 28,656 ( 1,290 ) 2022 Overlook at Monroe Sanford, FL 21,146 4,502 25,665 50 749 4,552 26,414 30,966 ( 1,664 ) 2022 Raintree Apartments Clermont, FL 42,249 6,481 54,591 57 495 6,538 55,086 61,624 ( 2,546 ) 2022 Madison Cove Gainesville, FL 9,080 2,409 8,111 - 206 2,409 8,317 10,726 ( 551 ) 2022 Various Properties (2) Kissimmee, FL 92,897 16,861 110,587 82 535 16,943 111,122 128,065 ( 5,589 ) 2022 Mystic Pointe II Orlando, FL 39,717 5,221 52,249 102 740 5,323 52,989 58,312 ( 2,396 ) 2022 Total Multifamily Properties $ 9,564,479 $ 2,033,954 $ 13,033,889 $ 50,405 $ 143,602 $ 2,084,359 $ 13,177,491 $ 15,261,850 $ ( 1,067,163 ) Single-Family Rental Properties: Amherst Single Family Residential Portfolio Various $ 239,756 $ 126,917 $ 202,386 $ 3,206 $ 17,611 $ 130,123 $ 219,997 $ 350,120 $ ( 17,092 ) 2021 - 2022 Sunbelt Single-Family Rental Portfolio Various - 10,190 29,770 - - 10,190 29,770 39,960 ( 2,708 ) 2021 Total Single-Family Rental Properties $ 239,756 $ 137,107 $ 232,156 $ 3,206 $ 17,611 $ 140,313 $ 249,767 $ 390,080 $ ( 19,800 ) Initial Cost Costs Capitalized Gross Amounts at which (2) Description Location Encumbrances Land and Building and Land and Building and Land and Building and Total Accumulated (1) Year Industrial Properties: Marshfield Industrial Portfolio ( 4 properties) Baltimore, MD $ 106,698 $ 21,720 $ 139,433 $ 188 $ 55 $ 21,908 $ 139,488 $ 161,396 $ ( 13,799 ) 2020 Airport Logistics Park ( 6 properties) Nashville, TN 35,000 7,031 53,728 - 1 7,031 53,729 60,760 ( 5,690 ) 2020 Denver/Boulder Industrial Portfolio ( 16 properties) Louisville, CO 263,613 67,951 311,651 207 128 68,158 311,779 379,937 ( 26,530 ) 2021 Independence Industrial Portfolio ( 6 properties) La Porte, TX 117,892 30,666 149,317 1 3,052 30,667 152,369 183,036 ( 14,674 ) 2021 Reno Logistics Portfolio ( 19 properties) Sparks, NV 266,000 60,902 323,632 174 2,359 61,076 325,991 387,067 ( 31,316 ) 2021 Southwest Light Industrial Portfolio Various Properties (4) Las Vegas, NV 58,142 23,537 54,203 56 45 23,593 54,248 77,841 ( 4,489 ) 2021 Various Properties (11) Phoenix, AZ 283,042 66,229 333,663 287 820 66,516 334,483 400,999 ( 24,882 ) 2021 American Industrial Center ( 25 properties) Longwood, FL 83,700 47,553 90,772 - 375 47,553 91,147 138,700 ( 6,457 ) 2022 Middlebrook Crossroads ( 18 properties) Bridgewood, NJ 66,566 49,370 62,650 686 630 50,056 63,280 113,336 ( 4,127 ) 2022 Northern Italy Industrial Portfolio ( 4 properties) Various Provinces, Italy 43,192 14,509 65,804 247 ( 2,460 ) 14,756 63,344 78,100 ( 4,414 ) 2021 Norway Logistics Portfolio ( 2 properties) Oslo, Norway 51,203 31,971 63,541 ( 2,374 ) ( 3,550 ) 29,597 59,991 89,588 ( 2,804 ) 2022 Verona Oppeano ( 5 properties) Oppeano VR, Italy 166,203 47,225 243,541 1,664 8,567 48,889 252,108 300,997 ( 10,145 ) 2022 Denmark Logistics Portfolio ( 10 properties) Denmark 100,172 42,311 166,314 5,474 21,457 47,785 187,771 235,556 ( 8,696 ) 2022 Belgioioso Logistics Greater Milan, Italy 76,588 18,857 72,460 3,098 11,996 21,955 84,456 106,411 ( 3,104 ) 2022 Total Industrial Properties $ 1,718,011 $ 529,832 $ 2,130,709 $ 9,708 $ 43,475 $ 539,540 $ 2,174,184 $ 2,713,724 $ ( 161,127 ) Office Properties: Florida Office Portfolio ( 11 properties) Jacksonville, FL $ 129,010 $ 53,465 $ 153,163 $ ( 1 ) $ 10,828 $ 53,464 $ 163,991 $ 217,455 $ ( 30,943 ) 2019 Columbus Office Portfolio Columbus, OH 53,617 3,013 50,064 102 2,672 3,115 52,736 55,851 ( 9,717 ) 2019 60 State Street Boston, MA 418,073 - 478,150 472 22,746 472 500,896 501,368 ( 68,117 ) 2020 Nashville Office Nashville, TN 165,000 21,647 229,183 - 867 21,647 230,050 251,697 ( 27,000 ) 2020 Stonebridge ( 3 properties) Alpharetta, GA 64,500 15,205 101,624 - 4,359 15,205 105,983 121,188 ( 12,559 ) 2021 M Campus ( 2 properties) Meudon, France 140,052 40,964 184,078 606 ( 8,285 ) 41,570 175,793 217,363 ( 8,849 ) 2021 Barcelona Mediacomplex Barcelona, Spain 69,593 29,780 120,082 1,285 7,808 31,065 127,890 158,955 ( 4,960 ) 2022 Total Office Properties $ 1,039,845 $ 164,074 $ 1,316,344 $ 2,464 $ 40,995 $ 166,538 $ 1,357,339 $ 1,523,877 $ ( 162,145 ) Self Storage Properties: Morningstar Self-Storage Joint Venture Alabaster Alabaster, AL $ 14,861 $ 2,313 $ 15,843 $ ( 1,209 ) $ 1,253 $ 1,104 $ 17,096 $ 18,200 $ ( 898 ) 2021 OKC Bethany Bethany, OK 4,160 1,688 5,486 1,837 ( 1,229 ) 3,525 4,257 7,782 ( 310 ) 2021 Mountain Brook Birmingham, AL 15,056 5,723 14,463 ( 3,262 ) 3,273 2,461 17,736 20,197 ( 976 ) 2021 Ladson Charleston, SC 7,965 2,044 7,688 ( 1,642 ) 1,662 402 9,350 9,752 ( 486 ) 2021 Various Properties (3) Charlotte, NC 30,811 9,140 40,818 ( 2,138 ) 5,020 7,002 45,838 52,840 ( 2,369 ) 2021 Bryan/College Station College Station, TX 9,921 3,036 17,786 ( 129 ) 270 2,907 18,056 20,963 ( 1,008 ) 2021 Cornelius Cornelius, NC 8,663 3,217 13,736 ( 308 ) 350 2,909 14,086 16,995 ( 807 ) 2021 OKC Edmond Edmond, OK 4,217 2,550 5,282 2,775 ( 1,183 ) 5,325 4,099 9,424 ( 310 ) 2021 Flagler Village Ft Lauderdale, FL - 6,979 34,644 8 59 6,987 34,703 41,690 ( 1,559 ) 2022 Lake Wylie Lake Wylie, SC 7,476 2,928 5,947 ( 1,066 ) 1,063 1,862 7,010 8,872 ( 389 ) 2021 OKC Midwest City Midwest City, OK 7,236 1,968 9,874 2,140 ( 2,211 ) 4,108 7,663 11,771 ( 542 ) 2021 Mooresville Mooresville, NC 7,825 2,602 13,388 ( 79 ) 122 2,523 13,510 16,033 ( 748 ) 2021 Campbell Station Nashville, TN 11,388 4,563 12,615 1,059 ( 1,066 ) 5,622 11,549 17,171 ( 707 ) 2021 OKC Norman Norman, OK 6,250 1,342 8,634 1,459 ( 1,934 ) 2,801 6,700 9,501 ( 465 ) 2021 Various Properties (5) Oklahoma City, OK 19,967 4,977 27,249 5,630 ( 6,263 ) 10,607 20,986 31,593 ( 1,516 ) 2021 FL Mall Orlando, FL 7,881 1,949 6,803 ( 103 ) 111 1,846 6,914 8,760 ( 385 ) 2021 Various Properties (2) San Antonio, TX 13,694 4,380 17,399 ( 1,507 ) 1,541 2,873 18,940 21,813 ( 1,047 ) 2021 Rea Waxhaw, NC 15,999 4,661 24,139 ( 1,888 ) 1,973 2,773 26,112 28,885 ( 1,378 ) 2021 Highway 78 Wylie, TX 7,392 3,098 10,714 ( 969 ) 1,018 2,129 11,732 13,861 ( 650 ) 2021 Total Self-Storage Properties $ 200,762 $ 69,158 $ 292,508 $ 608 $ 3,829 $ 69,766 $ 296,337 $ 366,103 $ ( 16,550 ) Initial Cost Costs Capitalized Gross Amounts at which (2) Description Location Encumbrances Land and Building and Land and Building and Land and Building and Total Accumulated (1) Year Other Properties: U.S. Select Service Portfolio Hyatt Place Boulder Boulder, CO $ 25,381 $ 13,890 $ 33,673 $ 6 $ 357 $ 13,896 $ 34,030 $ 47,926 $ ( 4,540 ) 2019 Residence Inn Cleveland Cleveland, OH 12,567 2,867 19,944 184 2,455 3,051 22,399 25,450 ( 2,778 ) 2019 Various Properties (2) Fort Meyers, FL 22,182 10,180 28,519 1,086 264 11,266 28,783 40,049 ( 3,920 ) 2019 Residence Inn Little Rock Little Rock, AR 12,868 2,410 16,472 ( 41 ) ( 1,195 ) 2,369 15,277 17,646 ( 2,118 ) 2019 Exchange on Erwin - Commercial ( 2 properties) Durham, NC 24,908 13,492 20,157 1 ( 28 ) 13,493 20,129 33,622 ( 3,380 ) 2019 Barlow Chevy Chase, MD 108,160 31,902 112,291 208 3,960 32,110 116,251 148,361 ( 13,594 ) 2020 Iberostar Las Dalias Tenerife, Spain 54,062 26,751 37,993 ( 361 ) ( 1,728 ) 26,390 36,265 62,655 ( 2,043 ) 2021 Marketplace at the Outlets West Palm Beach, FL 79,000 41,833 83,890 8 20 41,841 83,910 125,751 ( 9,105 ) 2021 Total Other Properties $ 339,128 $ 143,325 $ 352,939 $ 1,091 $ 4,105 $ 144,416 $ 357,044 $ 501,460 $ ( 41,478 ) Portfolio Total $ 13,101,981 $ 3,077,450 $ 17,358,545 $ 67,482 $ 253,617 $ 3,144,932 $ 17,612,162 $ 20,757,094 $ ( 1,468,263 ) __________ (1) Refer to Note 2 to our consolidated financial statements for details of depreciable lives. (2) As of December 31, 2023, the aggregate cost basis for tax purpos es was $ 20.9 bill ion. The total included on Schedule III above does not include furniture, fixtures and equipment totaling $ 304.7 million and right-of-use operating lease assets of $ 105.2 million. Accumulated Depreciation does not include $ 118.4 million of accumulated depreciation related to furniture, fixtures and equipment assets. The following table summarizes activity for real estate and accumulated depreciation for the years ended December 31, 2023 and 2022 ($ in thousands): December 31, 2023 December 31, 2022 Real Estate (1) : Balance at the beginning of year $ 23,161,692 $ 17,448,136 Additions during the year: Building and building improvements 152,709 4,799,429 Land and land improvements 29,205 847,098 Furniture, fixtures and equipment 10,579 67,029 Dispositions during the year: Building and building improvements ( 1,649,905 ) — Land and land improvements ( 416,215 ) — Furniture, fixtures and equipment ( 37,517 ) — Impairment of investments in real estate ( 188,804 ) — Balance at the end of the year $ 21,061,744 $ 23,161,692 Accumulated depreciation (2) : Balance at the beginning of the year $ ( 1,013,703 ) $ ( 364,653 ) Accumulated depreciation, net of dispositions ( 564,934 ) ( 649,050 ) Balance at the end of the year $ ( 1,578,637 ) $ ( 1,013,703 ) __________ (1) Real estate includes furniture, fixtures and equipment totaling $ 304.7 million and $ 331.6 million for the years ended December 31, 2023 and 2022, respectively. Real estate excludes right-of-use operating lease assets of $ 105.2 million for the years ended December 31, 2023 and 2022. (2) Accumulated depreciation excludes amortization on right-of-use operating lease assets of $ 8.0 million and $ 5.8 million for the years ended December 31, 2023 and 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying consolidated financial statements include the accounts of the Company, the Company’s subsidiaries and joint ventures in which the Company has a controlling interest. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of the joint ventures is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. Certain of the joint ventures formed by the Company provide the other partner a profits interest based on certain return hurdles being achieved. Any profits interest due to the other partner is reported within non-controlling interests. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. The Operating Partnership is considered to be a VIE. The Company consolidates the Operating Partnership because it has the ability to direct the most significant activities of the entity such as purchases, dispositions, financings, budgets, and overall operating plans. The Company meets the VIE disclosure exemption criteria, as the Company’s interest in the Operating Partnership is considered a majority voting interest. Where the Company does not have the power to direct the activities of the VIE that most significantly impact its economic performance, the Company’s interest for those partially owned entities are accounted for using the equity method of accounting. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure.
Restricted Cash	Restricted Cash Restricted cash consists of cash received for subscriptions prior to the date in which the subscriptions are effective, amounts in escrow related to real estate taxes and insurance in connection with mortgages at certain of the Company’s properties, and tenant security deposits. The Company’s restricted cash pertaining to subscriptions received in advance is held primarily in a bank account controlled by the Company’s transfer agent but in the name of the Company.
Investments in Real Estate	Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the transaction as an asset acquisition. All property acquisitions to date have been accounted for as asset acquisitions. Upon the acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends and market and economic conditions. The Company capitalizes acquisition-related costs associated with asset acquisitions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has not been material. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 30 - 42 years Building and land improvements 5 - 30 years Furniture, fixtures and equipment 1 - 10 years Lease intangibles and leasehold improvements Shorter of useful life or lease term Repairs and maintenance are expensed to operations as incurred and are included in Property operating expenses on the Company’s Consolidated Statements of Operations and Comprehensive Loss. Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. The Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be received pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. The amortization of acquired above-market and below-market leases is recorded as an adjustment to Rental revenue on the Company’s Consolidated Statements of Operations and Comprehensive Loss. The amortization of in-place leases is recorded as an adjustment to Depreciation and amortization expense on the Company’s Consolidated Statements of Operations and Comprehensive Loss. Certain of the Company’s investments in real estate are subject to a ground lease, for which a lease liability and corresponding right-of-use (“ROU”) asset were recognized. The Company calculates the amount of the lease liability and ROU asset by taking the present value of the remaining lease payments, and adjusting the ROU asset for any existing straight-line ground rent liability and acquired ground lease intangibles. The Company’s estimated incremental borrowing rate of a loan with a similar term as the ground lease was used as the discount rate. The lease liability is included as a component of Other liabilities and the related ROU asset is recorded as a component of Investments in real estate, net on the Company’s Consolidated Balance Sheets. Impairment of Investments in Real Estate The Company’s management reviews its consolidated 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 consolidated 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 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 Consolidated Statements of Operations and Comprehensive Loss. During the year ended December 31, 2023, the Company recognized an aggregate of $ 188.8 million of impairment charges related predominantly to single-family rental properties and, to a lesser extent, two hospitality properties, in the Consolidated Statements of Operations and Comprehensive Loss. The estimated fair values of the impaired properties held as of December 31, 2023, were primarily based on recently completed sales transactions, letters of intent, or non-binding purchase and sales contracts. During the years ended December 31, 2022 and 2021, the Company did no t recognize any impairment charges 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 Consolidated Balance Sheets. As of December 31, 2023 and 2022, there were no real estate investments that met the criteria to be classified as held-for-sale.
Investments in Unconsolidated Real Estate Ventures	Investments in Unconsolidated Real Estate Ventures Investments in unconsolidated joint ventures are initially recorded at cost, and subsequently adjusted for equity in earnings and cash contributions and distributions. Under the equity method of accounting, the net equity investment of the Company is reflected within the Consolidated Balance Sheets, and the Company’s share of net income or loss from the joint ventures is included within the Company’s Consolidated Statements of Operations and Comprehensive Loss. The joint venture agreements may designate different percentage allocations among investors for profits and losses; however, the Company’s recognition of joint venture income or loss generally follows the joint venture’s distribution priorities, which may change upon the achievement of certain investment return thresholds. The Company’s investments in unconsolidated joint ventures are reviewed for impairment quarterly and the Company records impairment charges when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than-temporary. The ultimate realization of the investment in unconsolidated joint ventures is dependent on a number of factors, including the performance of each investment and market conditions. During the periods presented, no such impairment occurred.
Investments in Real Estate Debt	Investments in Real Estate Debt The Company’s investments in real estate debt consists of loans secured by real estate and real estate-related securities. The Company classifies its real estate-related securities as trading securities and record such investments at fair value. As such, the resulting unrealized gains and losses of such securities are recorded as a component of Income from investments in real estate debt on the Company’s Consolidated Statements of Operations and Comprehensive Loss. The Company elected the fair value option (“FVO”) for its loans secured by real estate. As such, the resulting unrealized gains and losses of such loans are recorded as a component of Income from investments in real estate debt on the Company’s Consolidated Statements of Operations and Comprehensive Loss. Interest income from the Company’s investments in real estate-related debt securities is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of premiums and discounts associated with these investments is deferred and recorded over the term of the investment as an adjustment to yield. Upfront costs and fees related to items for which the FVO is elected shall be recognized in earnings as incurred and not deferred. Such items are recorded as components of Income from investments in real estate debt on the Company’s Consolidated Statements of Operations and Comprehensive Loss.
Derivative Instruments	Derivative Instruments The Company uses derivative financial instruments such as interest rate caps, interest rate swaps and foreign currency swaps to manage risks from fluctuations in exchange rates and interest rates. The Company records its derivatives on its Consolidated Balance Sheets at fair value and such amounts are included as a component of Other assets or Other liabilities. Any changes in the fair value of these derivatives are recorded as components of Other (expense) income, net on the Company’s Consolidated Statements of Operations and Comprehensive Loss.
Foreign Currency	Foreign Currency The Company’s functional currency is the U.S. dollar. Nonmonetary assets and liabilities are translated at historical rates and monetary assets and liabilities are translated at exchange rates in effect at the end of the reporting period. Income statement accounts are translated at average rates for the reporting period. Gains and losses from translation of foreign denominated transactions into U.S. dollars are included in current results of operations. Gains and losses resulting from foreign currency transactions are also included in current results of operations. The effects of translating the assets, liabilities and income of the Company’s foreign investments held by entities with functional currencies other than the U.S. dollar are included in the Company’ s Consolidated Statements of Operations and Comprehensive Loss. Aggregate foreign currency transaction gains (losses) included in operations totaled $ 14.8 million, ($ 49.5 ) million and ($ 15.1 ) million for the years ended December 31, 2023, 2022 and 2021, respectively. These amounts are recorded as a component of Other (expense) income, net in the Company’s Consolidated Statements of Operations and Comprehensive Loss. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated assets and liabilities are recorded in Other comprehensive income (loss).
Fair Value Measurements	Fair Value Measurements Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (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 CMBS 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 years ended December 31, 2023 and 2022, the Company recorded net unrealized gains (losses) on its investments in real estate debt securities of $ 10.0 million and ($ 18.3 ) million, respectively. Such amounts are recorded as a component of Income from investments in real estate debt on the Company’s Consolidated Statements of Operations and Comprehensive Loss. The Company’s investments in equity securities of public real estate-related companies are reported at fair value and were recorded as a component of Other assets on the Company’s Consolidated Balance Sheets. As such, the resulting unrealized gains and losses are recorded as a component of Other (expense) income on the Company’s Consolidated Statements of Operations and Comprehensive Loss. During the year ended December 31, 2023, the Company disposed of all of its investments in equity securities. During the year ended December 31, 2022, the Company recognized $ 37.0 million of unrealized losses on its investments in equity securities. 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, 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 December 31, 2023. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 201,070 $ 1,388,280 $ 1,589,350 $ — $ 290,807 $ 1,366,856 $ 1,657,663 Equity securities — — — — 84,321 — — 84,321 Derivatives — 554,263 — 554,263 — 898,916 — 898,916 Total $ — $ 755,333 $ 1,388,280 $ 2,143,613 $ 84,321 $ 1,189,723 $ 1,366,856 $ 2,640,900 Liabilities: Derivatives $ — $ 46,178 $ — $ 46,178 $ — $ 17,860 $ — $ 17,860 Total $ — $ 46,178 $ — $ 46,178 $ — $ 17,860 $ — $ 17,860 The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Balance as of December 31, 2022 $ 1,366,856 Repayments ( 9,955 ) Included in net loss Unrealized loss ( 45 ) Foreign currency exchange 31,424 Balance as of December 31, 2023 $ 1,388,280 The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): December 31, 2023 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in real estate debt $ 1,388,280 Discounted Cash Flow Discount Rate 9.7 % 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 consolidated real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. During the year ended December 31, 2023, the Company recognized an aggregate of $ 188.8 million of impairment charges related predominantly to single-family rental properties and, to a lesser extent, two hospitality properties, in the Consolidated Statements of Operations and Comprehensive Loss. The estimated fair values of such remaining impaired assets as of December 31, 2023 was $ 53.8 million. The estimated fair values of the impaired properties held as of December 31, 2023, were primarily based on recently completed sales transactions, letters of intent, or non-binding purchase and sales contracts. These inputs are considered Level 2 inputs for purposes of the fair value hierarchy. There are inherent uncertainties in making these estimates such as current and future macroeconomic conditions. During the years ended December 31, 2022 and 2021, the Company did no t recognize any impairment charges 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 December 31, 2023, the fair value of the Company’s mortgage notes, credit facility, and secured financings on investments in real estate debt was approximately $ 390.9 million below the outstanding principal balance.
Deferred Charges	Deferred Charges The Company’s deferred charges include financing and leasing costs. Deferred financing costs include legal, structuring and other loan costs incurred by the Company for its financing agreements. Deferred financing costs related to the Company’s mortgage notes are recorded as an offset to the related liability and amortized over the term of the applicable financing instruments as interest expense. Deferred financing costs related to the Company’s credit facility and its unsecured Line of Credit (as defined below) are recorded as a component of Other assets on the Company’s Consolidated Balance Sheets and amortized over the term of the applicable financing agreement. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage commissions, are recorded as a component of Other assets on the Company’s Consolidated Balance Sheets and amortized over the life of the related lease.
Revenue Recognition	Revenue Recognition The Company commences revenue recognition on its leases based on a number of factors, including the initial determination that the contract is or contains a lease. Generally, all of the Company’s contracts are, or contain leases, and therefore revenue is recognized when the lessee takes possession of or controls the physical use of the leased assets. In most instances this occurs on the lease commencement date. At the inception or acquisition of a lease, including new leases that arise from amendments, the Company assesses the terms and conditions of the lease to determine the proper lease classification. A lease is classified as an operating lease if none of the following criteria are met: (i) ownership transfers to the lessee at the end of the lease term, (ii) the lessee has a purchase option that is reasonably expected to be exercised, (iii) the lease term is for a major part of the economic life of the leased property, (iv) the present value of the future lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the leased property, and (v) the leased property is of such a specialized nature that it is expected to have no future alternative use to the Company at the end of the lease term. If one or more of these criteria are met, the lease will generally be classified as a sales-type lease, unless the lease contains a residual value guarantee from a third party other than the lessee, in which case it would be classified as a direct financing lease under certain circumstances in accordance with ASC 842, Leases . The Company’s rental revenue primarily consists of fixed contractual base rent arising from tenant leases at the Company’s properties under operating leases. Revenue under operating leases that are deemed probable of collection, is recognized as revenue on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded on the Company’s Consolidated Balance Sheets. The Company’s Hospitality revenue consists of room revenue and food and beverage revenue. Room revenue is recognized when the related room is occupied and other hospitality revenue is recognized when the service is rendered. For leases that are deemed not probable of collection, revenue is recorded as the lesser of (i) the amount which would be recognized on a straight-line basis or (ii) cash that has been received from the tenant, with any tenant and deferred rent receivable balances charged as a direct write-off against rental income in the period of the change in the collectability determination. Certain of the Company’s contracts contain nonlease components (e.g., charges for management fees, common area maintenance, and reimbursement of third-party maintenance expenses) in addition to lease components (i.e., monthly rental charges). Services related to nonlease components are provided over the same period of time as, and billed in the same manner as, monthly rental charges. The Company elected to apply the practical expedient available under ASC 842, for all classes of assets, not to segregate the lease components from the nonlease components when accounting for operating leases. Since the lease component is the predominant component under each of these leases, combined revenues from both the lease and nonlease components are accounted for in accordance with ASC 842 and reported as Rental revenues in the Company’s Consolidated Statements of Operations and Comprehensive Loss. In connection with its investments, the Company has utilized loan programs designed to encourage housing development. The proceeds from these loans are governed by restrictive covenants. For certain housing development loans, so long as the Company remains in compliance with the covenants and program requirements, the loans will be forgiven in equal annual installments until the loans are discharged in full. The Company treats t hese loans as deferred income and records them as a component of Other liabilities on the Company’s Consolidated Balance Sheets. As of December 31, 2023 and 2022, deferred income related to these loans amounted to $ 3.4 million and $ 4.2 million, respectively. As the loan balances are reduced during the compliance period, the Company will record income associated with the discharge of the loans as a component of Other revenue in the Company’s Consolidated Statements of Operations and Comprehensive Loss. For each of the years ended December 31, 2023, 2022 and 2021, Other revenue related to these loans amounted to $ 0.8 million. Other revenues and interest income are recorded on an accrual basis.
Organization and Offering Expenses	Organization and Offering Expenses Organization costs are expensed as incurred and recorded as a component of General and administrative expenses in the Company’s Consolidated Statements of Operations and Comprehensive Loss and offering costs are charged to equity as such amounts are incurred. The Advisor advanced $ 7.3 million of organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through December 21, 2019, the first anniversary of the date on which the proceeds from escrow were released. The Company reimburses the Advisor for all such advanced expenses ratably over a 60 month period, which commenced in January 2020. These organization and offering costs are recorded as a component of Due to affiliates on the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022. Starwood Capital, L.L.C. (the “Dealer Manager”), a registered broker-dealer affiliated with the Advisor, serves as the dealer manager for the Company’s public offering. The Dealer Manager is entitled to receive selling commissions and dealer manager fees based on the transaction price of each applicable class of shares sold in the primary offering. The Dealer Manager is also entitled to receive a stockholder servicing fee based on the aggregate net asset value (“NAV”) of the Company’s outstanding Class T shares, Class S shares and Class D shares. The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, 2023: Common Common Common Common Selling commissions and dealer manager fees up to 3.5 % up to 3.5 % up to 1.5 % — Stockholder servicing fee (% of NAV) 0.85 % 0.85 % 0.25 % — For Class T shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.0 % of the transaction price and upfront dealer manager fees of 0.5 % of the transaction price, however such amounts may vary at certain participating broker-dealers, provided that the sum will not exceed 3.5 % of the transaction price. For Class S shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.5 % of the transaction price. For Class D shares sold in the primary offering, investors will pay upfront selling commissions of up to 1.5 % of the transaction price. The Dealer Manager is entitled to receive stockholder servicing fees of 0.85 % per annum of the aggregate NAV for Class S shares and Class T shares. For Class T shares such stockholder servicing fee includes, a representative stockholder servicing fee of 0.65 % per annum, and a dealer stockholder servicing fee of 0.20 % per annum, of the aggregate NAV for the Class T shares, however, with respect to Class T shares sold through certain participating broker-dealers, the representative stockholder servicing fee and the dealer stockholder servicing fee may be other amounts, provided that the sum of such fees will always equal 0.85 % per annum of the NAV of such shares. For Class D shares the Dealer Manager is entitled to a stockholder servicing fee equal to 0.25 % per annum of the aggregate NAV for the Class D shares. There is no stockholder servicing fee with respect to Class I shares. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Company’ s public offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fees received and all or a portion of the stockholder servicing fees to such selected dealers. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share sold in the primary offering at the end of the month in which the total selling commissions, dealer manager fees and stockholder servicing fees paid with respect to the shares held by such stockholder within such account would exceed 8.75 % (or, in the case of Class T shares sold through certain participating broker-dealers, a lower limit as set forth in any applicable agreement between the Dealer Manager and a participating broker-dealer) of the gross proceeds from the sale of such share (including the gross proceeds of any shares issued under the Company’s distribution reinvestment plan with respect thereto). The Company will accrue the full cost of the stockholder servicing fee as an offering cost at the time each Class T, Class S and Class D share is sold during the offering. As of December 31, 2023 and 2022, the Company had accr ued $ 301.0 million and $ 413.0 million, respectively, of stockholder servicing fees related to shares sold and recorded such amount as a component of Due to affiliates on the Company’s Consolidated Balance Sheets.
Income Taxes	Income Taxes The Company elected to be taxed as a REIT under the Internal Revenue Code (the “Code”), for federal income tax purposes, beginning with its taxable year ended December 31, 2019. As long as the Company qualifies for taxation as a REIT, it generally will not be subject to U.S. federal corporate income tax on its net taxable income that is currently distributed to its stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90 % of its REIT taxable income (subject to certain adjustments) to its stockholders. If the Company fails to qualify as a REIT in a taxable year, without the benefit of certain relief provisions, it will be subject to federal and state income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, it may also be subject to certain federal, state, local, and foreign taxes on its income and assets, including (1) taxes on any undistributed income, (2) taxes related to its TRSs, and (3) certain state or local income taxes. The Company and the Operating Partnerships’ tax returns for three years from the date filed are subject to examination. The Company has formed wholly-owned subsidiaries to function as TRSs and filed TRS elections, together with such subsidiaries, with the Internal Revenue Service. In general, a TRS may perform additional services for the Company’s tenants and generally may engage in any real estate or non-real estate-related business other than management or operation of a lodging facility or a health care facility. The TRSs are subject to taxation at the federal, state, local, and foreign levels, as applicable, at 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. The Organization for Economic Co-operation and Development (OECD) has a framework to implement a global minimum corporate tax of 15 % for companies with global revenues and profits above certain thresholds (referred to as “Pillar 2”), with certain aspects of Pillar 2 effective January 1, 2024 and other aspects effective January 1, 2025. While it is uncertain whether the U.S. will enact legislation to adopt Pillar 2, certain foreign jurisdictions where the Company owns real estate assets has adopted legislation. The Company does not expect Pillar 2 to have a material impact on the Company’s effective tax rate or the Company’s Consolidated Statements of Operations and Comprehensive Loss. For the years ended December 31, 2023, 2022 and 2021, the Company recognized an income tax (expense) benefit of ($ 5.0 ) million, ($ 2.1 ) million and $ 0.7 million, respectively, within Other (expense) income, net in the Company’s Consolidated Statements of Operations and Comprehensive Loss. As of December 31, 2023 and 2022, the Company recorded a net deferred tax liability of $ 30.7 million and $ 40.9 million, respectively, primarily due to assumed capital gains from two European investments, within Other liabilities on the Company’s Consolidated Balance Sheets. As of December 31, 2023, net operating loss (“NOL”) carryforwards for federal and state income tax purposes totaled $ 61.9 million, and are primarily driven by dispositions of residential homes within the Company’s TRS. Although the federal net operating loss carryforwards do not expire, the Company has recorded full valuation allowances against certain deferred tax assets for which the Company believes it is more likely than not that the Company will not realize a benefit from these in future taxable years.
Net Loss per Share	Net Loss per Share Basic net loss per share is computed by dividing net loss attributable to stockholders for the period by the weighted average number of common shares outstanding during the period. All classes of common stock are allocated net loss at the same rate per share and receive the same gross distribution per share. Diluted loss per share is computed by dividing net loss attributable to stockholders for the period by the weighted average number of common shares and common share equivalents outstanding (unless their effect is antidilutive) for the period. There are no common share equivalents outstanding that would have a dilutive effect as a result of the net loss, and accordingly, the weighted average number of common shares outstanding is identical for both basic and diluted shares for the years ended December 31, 2023, 2022 and 2021. The restricted stock grants of Class I shares held by the Company’s independent directors are not considered to be participating securities because they do not contain non-forfeitable rights to distributions. As a result, there is no impact of these restricted stock grants on basic and diluted net loss per common share until the restricted stock grants have fully vested.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (the “FASB”) issued ASU 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” or ASU 2020-04. ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, derivatives, leases and other contracts, related to the market transition from London Interbank Offered Rate (“LIBOR”) rates, and certain other floating rate benchmark indices, or collectively, “IBORs,” to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. In January 2021, the FASB issued ASU 2021-01 “ Reference Rate Reform (Topic 848): Scope ,” or ASU 2021-01. ASU 2021-01 clarifies that the practical expedients in ASU 2020-04 apply to derivative instruments impacted by the changes in the interest rate used for margining, discounting, or contract price alignment. In December 2022, the FASB issued ASU 2022-06 “ Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 ,” or ASU 2022-06. ASU 2022-06 deferred the sunset date of ASU 2020-04 to December 31, 2024. The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2024, as reference rate reform activities occur. Once ASU 2020-04 is elected, the guidance must be applied prospectively for all eligible contract modifications. The Company elected to apply the temporary optional expedients and determined that the contractual modifications made in connection with this transition to its mortgage debt agreements did not require contract remeasurement at the respective modification dates. As of December 31, 2023, the Company has transitioned all of its variable-rate mortgage notes and derivative instruments from LIBOR to SOFR (“Secured Overnight Financing Rate”), an alternative rate endorsed by the Alternative Reference Rates Committee of the Federal Reserve System. For the year ended December 31, 2023, the Company recogn ized $ 8.6 millio n of income associated with payments received on derivative instruments impacted by the changes in the interest rate used for discounting or contract price alignment. These amounts are included in Other (expense) income, net in the Company’s Consolidated Statements of Operations and Comprehensive Loss. In November of 2023, the FASB issued ASU 2023-07, “ Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” . The amendments are intended to increase reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective on a retrospective basis for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of this guidance on the disclosures within its Consolidated Financial Statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Estimated Useful Life of Assets	The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 30 - 42 years Building and land improvements 5 - 30 years Furniture, fixtures and equipment 1 - 10 years Lease intangibles and leasehold improvements Shorter of useful life or lease term
Summary of Assets And Liabilities Measured At Fair Value On Recurring Basis	The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 201,070 $ 1,388,280 $ 1,589,350 $ — $ 290,807 $ 1,366,856 $ 1,657,663 Equity securities — — — — 84,321 — — 84,321 Derivatives — 554,263 — 554,263 — 898,916 — 898,916 Total $ — $ 755,333 $ 1,388,280 $ 2,143,613 $ 84,321 $ 1,189,723 $ 1,366,856 $ 2,640,900 Liabilities: Derivatives $ — $ 46,178 $ — $ 46,178 $ — $ 17,860 $ — $ 17,860 Total $ — $ 46,178 $ — $ 46,178 $ — $ 17,860 $ — $ 17,860
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 Balance as of December 31, 2022 $ 1,366,856 Repayments ( 9,955 ) Included in net loss Unrealized loss ( 45 ) Foreign currency exchange 31,424 Balance as of December 31, 2023 $ 1,388,280
Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value	The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): December 31, 2023 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in real estate debt $ 1,388,280 Discounted Cash Flow Discount Rate 9.7 % 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 consolidated real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. During the year ended December 31, 2023, the Company recognized an aggregate of $ 188.8 million of impairment charges related predominantly to single-family rental properties and, to a lesser extent, two hospitality properties, in the Consolidated Statements of Operations and Comprehensive Loss. The estimated fair values of such remaining impaired assets as of December 31, 2023 was $ 53.8 million. The estimated fair values of the impaired properties held as of December 31, 2023, were primarily based on recently completed sales transactions, letters of intent, or non-binding purchase and sales contracts. These inputs are considered Level 2 inputs for purposes of the fair value hierarchy. There are inherent uncertainties in making these estimates such as current and future macroeconomic conditions. During the years ended December 31, 2022 and 2021, the Company did no t recognize any impairment charges on investments in real estate.
Schedule of Selling Commissions, Dealer Manager Fees And Stockholder Servicing	The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, 2023: Common Common Common Common Selling commissions and dealer manager fees up to 3.5 % up to 3.5 % up to 1.5 % — Stockholder servicing fee (% of NAV) 0.85 % 0.85 % 0.25 % —

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): December 31, 2023 December 31, 2022 Building and building improvements $ 17,612,162 $ 19,249,503 Land and land improvements 3,144,932 3,580,603 Furniture, fixtures and equipment 304,650 331,586 Right-of-use asset - operating lease (1 ) 105,230 105,230 Total 21,166,974 23,266,922 Accumulated depreciation and amortization ( 1,586,616 ) ( 1,019,521 ) Investments in real estate, net $ 19,580,358 $ 22,247,401 (1) Refer to Note 14 for additional details on the Company’s leases.
Schedule of Details of Properties Acquired	The following table provides details of the properties acquired during the year ended December 31, 2022 ($ in thousands): Segments Number of Number of Sq. Ft. Purchase Price (1) Multifamily 6 67 16,542 units $ 4,288,281 Single-Family Rental 11 N/A (2) 621 units 249,009 Industrial 6 61 7.50 sq. ft. 972,791 Office 1 1 0.34 sq. ft. 150,945 Self-Storage 1 1 0.09 sq. ft. 42,091 25 130 $ 5,703,117 (1) Purchase price is inclusive of acquisition-related costs. (2) Includes a 95% interest in 621 consolidated single-family rental homes.
Schedule of Purchase Price Allocation of Properties	The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2022 ($ in thousands): Amount Building and building improvements $ 4,697,513 Land and land improvements 825,064 Furniture, fixtures and equipment 58,493 In-place lease intangibles (1) 85,304 Above-market lease intangibles (1) 11,874 Below-market lease intangibles (1) ( 24,452 ) Other intangibles 6,723 Total purchase price (2) $ 5,660,519 Assumed mortgage notes ( 267,030 ) Non-controlling interest ( 13,834 ) Net purchase price $ 5,379,655 (1) The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles, and below-market lease intangibles for the properties acquired during the year ended December 31, 2022 were 4 years, 8 years, and 10 years, respectively . (2) Purchase price does not include acquisition-related costs of $ 42.6 million.
Schedule of Equity Investment In Unconsolidated Entities	The following table details the Company ’s equity investments in unconsolidated entities ($ in thousands): December 31, Investments in Unconsolidated Real Estate Ventures Segment Date Acquired Number of Properties Ownership Interest 2023 2022 Extended Stay Portfolio Other July 2022 196 45 % $ 446,424 $ 471,696 Fort Lauderdale Hotel Other March 2019 1 43 % 9,578 9,936 Total investments in unconsolidated real estate ventures $ 456,002 $ 481,632
Schedule of Income (Loss) From Unconsolidated Entities	The following table details the Company ’s (loss) income from equity investments in unconsolidated entities ($ in thousands): Year Ended December 31, Investments in Unconsolidated Real Estate Ventures Segment 2023 2022 2021 Extended Stay Portfolio Other $ ( 11,266 ) $ 11,915 $ — Fort Lauderdale Hotel Other ( 358 ) 274 ( 615 ) Total (loss) income from unconsolidated real estate ventures $ ( 11,624 ) $ 12,189 $ ( 615 )

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2023 December 31, 2022 Intangible assets: (1) In-place lease intangibles $ 292,348 $ 330,631 Above-market lease intangibles 44,463 47,472 Other 41,823 43,032 Total intangible assets 378,634 421,135 Accumulated amortization: In-place lease amortization ( 127,185 ) ( 113,674 ) Above-market lease amortization ( 18,913 ) ( 14,022 ) Other ( 12,500 ) ( 9,723 ) Total accumulated amortization ( 158,598 ) ( 137,419 ) Intangible assets, net $ 220,036 $ 283,716 Intangible liabilities: (2) Below-market lease intangibles $ 87,173 $ 89,137 Total intangible liabilities 87,173 89,137 Accumulated amortization: Below-market lease amortization ( 27,606 ) ( 18,770 ) Total accumulated amortization ( 27,606 ) ( 18,770 ) Intangible liabilities, net $ 59,567 $ 70,367 (1) Included in Other assets on the Company’s Consolidated Balance Sheets. (2) Included in Other liabilities on the Company’s Consolidated Balance Sheets.
Summary of Estimated Future Amortization on Intangibles	The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of December 31, 2023 is as follows ($ in thousands): In-place Above-market Other Below-market 2024 $ 35,697 $ 5,572 $ 3,364 $ ( 8,925 ) 2025 25,680 4,172 3,364 ( 6,821 ) 2026 20,981 3,823 3,364 ( 5,786 ) 2027 17,158 3,133 3,364 ( 5,109 ) 2028 13,928 2,565 3,364 ( 4,673 ) Thereafter 51,719 6,285 12,503 ( 28,253 ) $ 165,163 $ 25,550 $ 29,323 $ ( 59,567 )

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 and 2022 ($ in thousands): December 31, 2023 Type of Security/Loan Number of Positions Weighted (1) Weighted Average (3) Cost Basis Fair Value CMBS - floating 6 B + 4.69% October 2036 $ 206,252 $ 201,070 Term loans 2 B + 4.95% January 2027 1,451,462 1,388,280 Total investments in real estate debt 8 B + 4.92% March 2028 $ 1,657,714 $ 1,589,350 December 31, 2022 Type of Security/Loan Number of Weighted (2) Weighted Average (3) Cost Basis Fair Value CMBS - floating 8 B + 4.18% May 2037 $ 306,026 $ 290,807 Term loans 2 B + 4.96% January 2027 1,461,417 1,366,856 Total investments in real estate debt 10 B + 4.82% October 2028 $ 1,767,443 $ 1,657,663 __________ (1) The symbol “B” refers to the relevant benchmark rates, which includes 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) The symbol “B” refers to the relevant benchmark rates, which includes one-month LIBOR, one-month SOFR, three-month BBSY and SONIA as applicable to each security and loan. (3) 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 December 31, 2023 December 31, 2022 CMBS $ 201,070 $ 290,807 Total $ 201,070 $ 290,807

Mortgage Notes and Credit Fac_2

Mortgage Notes and Credit Facility (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Summary of Mortgage Notes and Credit Facility Secured by Company's Properties	The following table is a summary of the mortgage notes and credit facility secured by the Company’s properties as of December 31, 2023 and 2022 ($ in thousands): Principal Balance Outstanding (3) Indebtedness Weighted (1) Weighted (2) Maximum December 31, 2023 December 31, 2022 Fixed rate loans Fixed rate mortgages 3.10 % March 2031 N/A $ 3,049,322 $ 3,843,346 Total fixed rate loans 3,049,322 3,843,346 Variable rate loans Floating rate mortgages B + 1.84 % July 2027 N/A 9,893,894 10,445,553 Variable rate credit facility (4) B + 2.25 % December 2024 $ 165,000 165,000 175,000 Total variable rate loans 10,058,894 10,620,553 Total loans secured by the Company’s 13,108,216 14,463,899 Deferred financing costs, net ( 73,066 ) ( 102,064 ) Discount on assumed debt, net ( 6,240 ) ( 6,377 ) Mortgage notes and credit facility, net $ 13,028,910 $ 14,355,458 __________ (1) The symbol “B” refers to the relevant floating benchmark rates, which includes one-month SOFR, Federal Reserve Bank of New York (“NYFED”) 30 day SOFR, three-month Euro Interbank Offered Rate (“EURIBOR”) and three-month Copenhagen Interbank Offered Rate (“CIBOR”), as applicable to each loan. (2) For loans where the Company, at its own discretion, has extension options, the maximum maturity date has been assumed. (3) The majority of the Company’s mortgages contain prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties. (4) The Company’s credit facility can be drawn upon to fund the acquisition of future real estate investments. The repayment of the credit facility is guaranteed by the Operating Partnership.
Summary of Future Principal Payment Under Company's Mortgage Notes and Credit Facility	The following table presents the future principal payments under the Company’s mortgage notes and credit facility as of December 31, 2023 ($ in thousands): Year Amount 2024 $ 901,408 2025 917,891 2026 4,693,742 2027 2,084,868 2028 228,847 Thereafter 4,281,460 Total $ 13,108,216

Secured Financings on Investm_2

Secured Financings on Investments in Real Estate Debt (Tables)	12 Months Ended
	Dec. 31, 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 Consolidated Balance Sheets, these transactions are summarized in the following tables ($ in thousands): December 31, 2023 Indebtedness Maturity Date Coupon Collateral (1) Outstanding Barclays RA February 2026 SONIA + 2.55% $ 448,729 $ 246,801 Syndicated RA (2) June 2027 BBSY + 2.82% 939,551 515,551 $ 1,388,280 $ 762,352 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. (2) Outstanding balance is reflected net of $ 1.2 million of unamortized deferred financing costs.

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Other Assets And Other Liabilities [Abstract]
Schedule of Components of Other Assets	The following table summarizes the components of Other assets ($ in thousands): December 31, 2023 December 31, 2022 Derivative instruments $ 554,263 $ 898,916 Intangible assets, net 220,036 283,716 Receivables 127,573 110,898 Prepaid expenses 24,022 20,985 Interest receivable 7,929 6,670 Deferred financing costs, net 6,006 10,984 Deferred tax asset 5,043 1,500 Other 2,757 3,558 Equity securities — 84,321 Total other assets $ 947,629 $ 1,421,548
Schedule of Components of Other Liabilities	The following table summarizes the components of Other liabilities ($ in thousands): December 31, 2023 December 31, 2022 Accounts payable and accrued expenses $ 75,809 $ 95,467 Real estate taxes payable 73,145 85,955 Accrued interest expense 69,642 58,872 Intangible liabilities, net 59,567 70,367 Derivative instruments 46,178 17,860 Tenant security deposits 44,374 50,694 Distributions payable 43,044 49,306 Deferred tax liability 35,792 42,383 Right-of-use liability - operating leases 12,402 12,452 Deferred income 11,894 8,837 Other taxes payable 5,005 6,475 Other 7,506 8,731 Total other liabilities $ 484,358 $ 507,399

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2023 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Strike Rate Index Weighted Average Maturity (Years) Interest Rate Caps - Property debt 70 $ 9,567,541 1.6 % SOFR 2.1 Interest Rate Caps - Property debt 4 € 175,468 1.1 % EURIBOR 1.0 Interest Rate Swaps - Property debt 1 $ 117,863 0.8 % SOFR 1.2 Interest Rate Swaps - Property debt 3 € 213,458 1.9 % EURIBOR 3.6 Interest Rate Swaps - Property debt 2 NOK 520,000 2.5 % NIBOR 4.1 Total interest rate derivatives 80 1.6 % 2.1 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): December 31, 2023 December 31, 2022 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD/Sell EUR Forward 60 € 577,283 48 € 588,786 Buy USD/Sell DKK Forward 12 DKK 1,301,016 12 DKK 1,513,100 Buy USD/Sell AUD Forward 5 AUD 621,759 8 AUD 661,100 Buy USD/Sell NOK Forward 9 NOK 1,160,941 8 NOK 859,279 Buy USD/Sell GBP Forward 4 £ 142,858 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 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Interest rate derivatives $ 537,390 $ 842,895 $ — $ — Foreign currency forward contracts 16,873 56,021 46,178 17,860 Total derivatives $ 554,263 $ 898,916 $ 46,178 $ 17,860 (1) Included in Other assets on the Company’s Consolidated Balance Sheets. (2) Included in Other liabilities on the Company’s Consolidated Balance Sheets.
Summary of Effect of Derivate Financial Instruments on Consolidated Statements of Operations and Comprehensive Loss	The following table det ails the effect of the Company’s derivative financial instruments in the Consolidated Statements of Operations and Comprehensive Loss ($ in thousands): For the Year Ended December 31, Type of Derivative Net Realized/Unrealized (Loss) Gain 2023 2022 2021 Interest Rate Caps - Property debt Unrealized (loss) gain (1) $ ( 305,693 ) $ 498,696 $ 5,244 Interest Rate Swaps - Property debt Unrealized (loss) gain (1) ( 26,468 ) 32,972 4,792 Foreign Currency Forward Contracts Unrealized (loss) gain (2) ( 67,466 ) 30,556 8,447 Foreign Currency Forward Contracts Realized gain (1) 26,112 57,176 5,463 Interest Rate Caps - Property debt Realized gain (1) 26,778 — — Interest Rate Swaps - Property debt Realized gain (1) 12,088 — — Total $ ( 334,649 ) $ 619,400 $ 23,946 (1) Included in Other (expense) income, net in the Company’s 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 in Other (expense) income, net in the Company’s Consolidated Statements of Operations and Comprehensive Loss.

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interests (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Company's Authorized Capital	As of December 31, 2023, the Company had the authority to issue 3,100,000,000 shares of capital stock, consisting of the following: Classification Number of Par Value Preferred Stock 100,000,000 $ 0.01 Class T Shares 500,000,000 $ 0.01 Class S Shares 1,000,000,000 $ 0.01 Class D Shares 500,000,000 $ 0.01 Class I Shares 1,000,000,000 $ 0.01 Total 3,100,000,000
Schedule of Common Stock Outstanding shares	The following table details the movement in the Company’s outstanding shares of common stock: Class T Class S Class D Class I Total January 1, 2021 2,463,182 46,431,661 2,847,097 39,152,913 90,894,853 Common stock shares issued (1) 2,157,634 107,086,220 19,108,491 124,387,317 252,739,662 Distribution reinvestment plan shares issued 86,892 2,130,886 244,060 1,520,206 3,982,044 Common stock shares repurchased ( 59,272 ) ( 1,267,731 ) ( 57,349 ) ( 1,450,765 ) ( 2,835,117 ) Independent directors’ restricted stock grant (2) — — — 14,829 14,829 December 31, 2021 4,648,436 154,381,036 22,142,299 163,624,500 344,796,271 Common stock shares issued (1) 1,112,055 80,943,605 10,500,831 109,276,249 201,832,740 Distribution reinvestment plan shares issued 125,187 3,647,656 720,473 3,664,723 8,158,039 Common stock shares repurchased ( 164,182 ) ( 14,415,387 ) ( 2,389,430 ) ( 32,146,156 ) ( 49,115,155 ) Independent directors’ restricted stock grant (2) — — — 35,697 35,697 December 31, 2022 5,721,496 224,556,910 30,974,173 244,455,013 505,707,592 Common stock shares issued (1) ( 98,898 ) 4,915,057 ( 153,390 ) 14,803,271 19,466,040 Distribution reinvestment plan shares issued 141,944 3,788,883 335,712 3,849,211 8,115,750 Common stock shares repurchased ( 482,517 ) ( 38,237,234 ) ( 3,643,944 ) ( 60,147,804 ) ( 102,511,499 ) Independent directors’ restricted stock grant (2) — — — 30,361 30,361 December 31, 2023 5,282,025 195,023,616 27,512,551 202,990,052 430,808,244 __________ (1) Includes exchanges between share classes. (2) The independent directors’ restricted stock grant represents $ 0.8 million, $ 0.8 million and $ 0.3 million of the annual compensation paid to the independent directors for the years ended December 31, 2023, 2022 and 2021, respectively. Each grant is amortized over the one-year service period of such grant.
Schedule of Aggregate Distributions Declared for Each Class of Common Stock	The following table details the aggregate distributions declared for each applicable class of common stock: Year Ended December 31, 2023 Class T Class S Class D Class I Aggregate gross distributions declared per share of common stock $ 1.2420 $ 1.2420 $ 1.2420 $ 1.2420 Stockholder servicing fee per share of common stock ( 0.2157 ) ( 0.2158 ) ( 0.0622 ) — Net distributions declared per share of common stock $ 1.0263 $ 1.0262 $ 1.1798 $ 1.2420 Year Ended December 31, 2022 Class T Class S Class D Class I Aggregate gross distributions declared per share of common stock $ 1.2420 $ 1.2420 $ 1.2420 $ 1.2420 Stockholder servicing fee per share of common stock ( 0.2320 ) ( 0.2318 ) ( 0.0672 ) — Net distributions declared per share of common stock $ 1.0100 $ 1.0102 $ 1.1748 $ 1.2420 Year Ended December 31, 2021 Class T Class S Class D Class I Aggregate gross distributions declared per share of common stock $ 1.2420 $ 1.2420 $ 1.2420 $ 1.2420 Stockholder servicing fee per share of common stock ( 0.1949 ) ( 0.1955 ) ( 0.0571 ) — Net distributions declared per share of common stock $ 1.0471 $ 1.0465 $ 1.1849 $ 1.2420
Schedule of Redeemable Noncontrolling Interest Activity	The following table details the redeemable non-controlling interests activity related to the Special Limited Partner and third-party Operating Partnership unitholders for the years ended December 31, 2023 and 2022 ($ in thousands): 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 SREIT OP units as consideration for — 190,459 190,459 GAAP loss allocation ( 1,050 ) ( 1,096 ) ( 2,146 ) Distributions ( 11,239 ) ( 6,400 ) ( 17,639 ) Fair value allocation 15,884 5,814 21,698 Balance at December 31, 2022 $ 238,322 $ 188,777 $ 427,099 Settlement of performance participation allocation 102,348 — 102,348 Repurchases — ( 620 ) ( 620 ) GAAP loss allocation ( 18,753 ) ( 10,412 ) ( 29,165 ) Distributions ( 16,065 ) ( 8,895 ) ( 24,960 ) Fair value allocation ( 10,160 ) ( 4,680 ) ( 14,840 ) Balance at December 31, 2023 $ 295,692 $ 164,170 $ 459,862

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Summary of Components of Due to Affiliates	The following table details the components of Due to affiliates ($ in thousands): December 31, 2023 December 31, 2022 Accrued stockholder servicing fee $ 301,017 $ 413,004 Performance participation allocation — 102,348 Accrued management fee 10,853 14,531 Advanced operating expenses 4,458 1,555 Accrued affiliate service provider expenses 3,068 2,659 Advanced organization and offering costs 1,561 3,017 Total $ 320,957 $ 537,114

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 ($ in thousands): Year Operating 2024 $ 686 2025 712 2026 714 2027 714 2028 714 Thereafter 25,068 Total undiscounted future lease payments 28,608 Difference between undiscounted cash flows and discounted cash flows ( 16,206 ) Total lease liability $ 12,402
Summary of Fixed and Variable Components of Operating Leases	The following table summarizes the fixed and variable components of the Company’s operating leases ($ in thousands): For the Year Ended December 31, 2023 2022 2021 Fixed lease payments $ 1,540,130 $ 1,376,577 $ 530,093 Variable lease payments 155,787 144,078 74,481 Rental revenue $ 1,695,917 $ 1,520,655 $ 604,574
Schedule of Undiscounted Future Minimum Rents Income Receivables	The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, office, and other properties as of December 31, 2023 ($ in thousands). Leases at the Company’s multifamily, single-family and self-storage properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2024 $ 281,065 2025 263,246 2026 232,944 2027 202,711 2028 164,577 Thereafter 482,047 Total $ 1,626,590

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Summary of Total Assets by Segment	The following table sets forth the total assets by segment ($ in thousands): December 31, 2023 December 31, 2022 Multifamily $ 15,161,836 $ 16,663,050 Single-family rental 408,097 1,357,576 Industrial 2,820,658 3,180,764 Office 1,651,347 1,589,368 Self-storage 357,724 366,299 Investments in real estate debt 1,589,350 1,657,663 Other properties (1) 1,022,284 1,225,052 Other (Corporate) 102,678 725,081 Total assets $ 23,113,974 $ 26,764,853 (1) Other properties includes hospitality, medical office and retail 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 year ended December 31, 2023 ($ in thousands): Multifamily Single- Industrial Office Self- Other Investments Total Revenues: Rental revenue $ 1,215,981 $ 54,087 $ 203,419 $ 157,463 $ 27,694 $ 37,273 $ — $ 1,695,917 Other revenue 10,394 — 4 285 — 47,718 — 58,401 Total revenues 1,226,375 54,087 203,423 157,748 27,694 84,991 — 1,754,318 Expenses: Property operating 552,760 32,631 51,163 59,668 10,775 41,525 — 748,522 Total segment expenses 552,760 32,631 51,163 59,668 10,775 41,525 — 748,522 Loss from unconsolidated — — — — — ( 11,624 ) — ( 11,624 ) Income from investments in — — — — — — 123,138 123,138 Segment net operating income $ 673,615 $ 21,456 $ 152,260 $ 98,080 $ 16,919 $ 31,842 $ 123,138 $ 1,117,310 General and administrative ( 45,144 ) Management fees ( 153,411 ) Impairment of investments in real estate ( 188,804 ) Depreciation and amortization ( 811,788 ) Net gain on dispositions of real estate 289,818 Interest expense ( 583,476 ) Loss on extinguishment of debt ( 93 ) Other expense, net ( 299,930 ) Net loss $ ( 675,518 ) Net income attributable to non-controlling interests in consolidated joint ventures ( 3,350 ) Net loss attributable to non-controlling interests in Operating Partnership 29,165 Net loss attributable to stockholders $ ( 649,703 ) The following table sets forth the financial results by segment for the year ended December 31, 2022 ($ in thousands): Multifamily Single- Industrial Office Self-Storage Other Investments Total Revenues: Rental revenue $ 1,068,277 $ 73,558 $ 177,998 $ 136,185 $ 26,614 $ 38,023 $ — $ 1,520,655 Other revenue 11,114 — 42 416 — 47,121 — 58,693 Total revenues 1,079,391 73,558 178,040 136,601 26,614 85,144 — 1,579,348 Expenses: Property operating 467,413 36,575 44,983 52,972 9,866 38,785 — 650,594 Total segment expenses 467,413 36,575 44,983 52,972 9,866 38,785 — 650,594 Income from unconsolidated — — — — — 12,189 — 12,189 Income from investments in real — — — — — — 99,787 99,787 Segment net operating income $ 611,978 $ 36,983 $ 133,057 $ 83,629 $ 16,748 $ 58,548 $ 99,787 $ 1,040,730 General and administrative ( 44,708 ) Management fees ( 167,100 ) Performance participation allocation ( 102,348 ) Depreciation and amortization ( 848,943 ) Interest expense ( 428,853 ) Loss on extinguishment of debt ( 313 ) Other income, net 485,608 Net loss $ ( 65,927 ) Net income attributable to non-controlling interests in consolidated joint ventures ( 1,927 ) Net loss attributable to non-controlling interests in Operating Partnership 2,146 Net loss attributable to stockholders $ ( 65,708 ) The following table sets forth the financial results by segment for the year ended December 31, 2021 ($ in thousands): Multifamily Single- Industrial Office Self-Storage Other Investments Total Revenues: Rental revenue $ 365,052 $ 1,158 $ 96,826 $ 124,317 $ 741 $ 16,480 $ — $ 604,574 Other revenue 4,310 — — 331 — 33,690 — 38,331 Total revenues 369,362 1,158 96,826 124,648 741 50,170 — 642,905 Expenses: Property operating 151,923 274 25,258 43,741 287 27,168 — 248,651 Total segment expenses 151,923 274 25,258 43,741 287 27,168 — 248,651 Loss from unconsolidated — — — — — ( 615 ) — ( 615 ) Income from investments in real — — — — — — 45,156 45,156 Segment net operating income $ 217,439 $ 884 $ 71,568 $ 80,907 $ 454 $ 22,387 $ 45,156 $ 438,795 General and administrative ( 25,404 ) Management fees ( 62,237 ) Performance participation allocation ( 204,225 ) Depreciation and amortization ( 330,455 ) Interest expense ( 134,127 ) Other income, net 13,210 Net loss $ ( 304,443 ) Net loss attributable to non-controlling interests in consolidated joint ventures 434 Net loss attributable to non-controlling interests in Operating Partnership 1,758 Net loss attributable to stockholders $ ( 302,251 )

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Details) $ in Billions	12 Months Ended
	Dec. 31, 2023 USD ($) Property Segment Position	Dec. 31, 2022 Position	Aug. 10, 2022 USD ($)	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	$ 13.8
Primary Offering
Organization And Business Activities [Line Items]
Common stock, shares registered, amount					$ 5
Second Public Offering
Organization And Business Activities [Line Items]
Common stock, shares registered, amount				$ 10
Third Public Offering
Organization And Business Activities [Line Items]
Common stock, shares registered, amount			$ 18
Common stock, shares authorized, amount			16
Distribution Reinvestment Plan
Organization And Business Activities [Line Items]
Common stock, shares authorized, amount			$ 2
Real Estate Properties
Organization And Business Activities [Line Items]
Number of properties owned | Property	471
Single Family Rental Homes
Organization And Business Activities [Line Items]
Number of properties owned | Property	1,016

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of Estimated Useful Life of Assets (Details)	12 Months Ended
	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Lease intangibles and leasehold improvements	Shorter of useful life or lease term
Building | Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	30 years
Building | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	42 years
Building and Land Improvements | Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	5 years
Building and Land Improvements | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	30 years
Furniture, Fixtures and Equipment | Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	1 year
Furniture, Fixtures and Equipment | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	10 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Property	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($)	Dec. 31, 2019 USD ($)
Significant Accounting Policies [Line Items]
Aggregate foreign currency transaction gains (losses)	$ 14,800	$ (49,500)	$ (15,100)
Unrealized gains (losses) on investments in real estate debt	10,000	(18,300)
Impairment of investments in real estate	188,804	0	0
Fair value of single family rental properties	$ 53,800
Number of hospitality properties | Property	2
Impairment Of Investments In Real Estate And Related Intangibles	$ 188,804	0	0
Other liabilities	484,358	507,399
Secured financings on investments in real estate debt of fair value below outstanding principal balance	390,900
Deferred income	$ 11,894	8,837
Minimum REIT distribution percentage	90%
Minimum OECD corporate tax percentage	15%
Income tax benefit (expense)	$ (5,000)	(2,100)	700
Net operating loss carryforwards	61,900
Payments received on derivative instruments	8,600
Triple Net Sale and Leaseback Property
Significant Accounting Policies [Line Items]
Deferred tax liability, net	$ 30,700	40,900
Class S Shares
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.85%
Class S Shares | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions and dealer manager fee percentage	3.50%
Class T Shares
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.85%
Class T Shares | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions and dealer manager fee percentage	3.50%
Class D Shares
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.25%
Class D Shares | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions and dealer manager fee percentage	1.50%
Accrued Stockholder Servicing Fee | Common Stock Class T, Class S and Class D
Significant Accounting Policies [Line Items]
Other liabilities	$ 301,000	$ 413,000
Advisor
Significant Accounting Policies [Line Items]
Period to reimburse the advisor for all organization and offering expenses	60 months	60 months
Advisor | Class T Shares
Significant Accounting Policies [Line Items]
Advisor Percentage of stockholder servicing fee on NAV per annum	0.65%
Advisor | Advanced Organization And Offering Costs
Significant Accounting Policies [Line Items]
Other liabilities				$ 7,300
Advisor | Advanced Organization And Offering Costs | Primary Offering
Significant Accounting Policies [Line Items]
Other liabilities	$ 7,300
Dealer Manager | Class S Shares | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions percentage	3.50%
Dealer Manager | Class T Shares
Significant Accounting Policies [Line Items]
Upfront dealer manager fee percentage	0.50%
Dealer stockholder servicing fee percentage	0.20%
Annual stockholder servicing fee percentage	0.85%
Dealer Manager | Class T Shares | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions percentage	3%
Upfront selling commissions and dealer manager fee percentage	3.50%
Dealer Manager | Class D Shares
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.25%
Dealer Manager | Class D Shares | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions percentage	1.50%
Dealer Manager | Class S Share And T Shares [Member]
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.85%
Dealer Manager | Class I Shares (Member)
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0%
Dealer Manager | Common Stock Class T, Class S and Class D
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage of gross proceeds limit	8.75%
Accounts Payable, Accrued Expenses and Other Liabilities
Significant Accounting Policies [Line Items]
Deferred income	$ 3,400	$ 4,200
Industrial Assets
Significant Accounting Policies [Line Items]
Number of real estate properties classified as held for sale | Property	0	0
Other Income (Expense)
Significant Accounting Policies [Line Items]
Unrealized losses on investments		$ (37,000)
Other Revenue
Significant Accounting Policies [Line Items]
Other income	$ 800	$ 800	$ 800

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Assets And Liabilities Measured At Fair Value On Recurring Basis (Details) - Fair Value, Recurring Basis - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 2,143,613	$ 2,640,900
Liabilities	46,178	17,860
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets		84,321
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	755,333	1,189,723
Liabilities	46,178	17,860
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	1,388,280	1,366,856
Investments in Real Estate Debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	1,589,350	1,657,663
Investments in Real Estate Debt | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	201,070	290,807
Investments in Real Estate Debt | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	1,388,280	1,366,856
Equity Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets		84,321
Equity Securities | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets		84,321
Derivatives
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	554,263	898,916
Liabilities	46,178	17,860
Derivatives | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	554,263	898,916
Liabilities	$ 46,178	$ 17,860

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Assets Measured At Fair Value On Recurring Basis (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning Balance	$ 1,657,663
Included in net loss
Ending Balance	1,589,350
Fair Value, Recurring Basis | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning Balance	1,366,856
Repayments	(9,955)
Included in net loss
Unrealized losses	(45)
Foreign currency exchange	(31,424)
Ending Balance	$ 1,388,280

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 1,589,350	$ 1,657,663
Unobservable Inputs	1,657,714	1,767,443
Fair Value, Recurring Basis | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 1,388,280	$ 1,366,856
Discounted cash flow weighted average interest rate	9.70%

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Schedule of Selling Commissions, Dealer Manager Fees And Stockholder Servicing (Details)	Dec. 31, 2023
Class T Shares
Significant Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)	0.85%
Class T Shares | Maximum
Significant Accounting Policies [Line Items]
Selling commissions and dealer manager fees (% of transaction price)	3.50%
Class S Shares
Significant Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)	0.85%
Class S Shares | Maximum
Significant Accounting Policies [Line Items]
Selling commissions and dealer manager fees (% of transaction price)	3.50%
Class D Shares
Significant Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)	0.25%
Class D Shares | Maximum
Significant Accounting Policies [Line Items]
Selling commissions and dealer manager fees (% of transaction price)	1.50%

Investments - Additional Inform

Investments - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Property	Dec. 31, 2022 USD ($) Property
Real Estate Properties [Line Items]
Net (gain) loss on disposition of investments in real estate | $	$ 289,818
Investments in real estate, sold | $	1,900,000
Proceeds from sale of real estate net of mortgage repayments | $	775,900,000
Total investments in unconsolidated real estate ventures | $	$ 456,002	$ 481,632
Multifamily
Real Estate Properties [Line Items]
Number of real estate properties dispositioned | Property	10
Industrial Assets
Real Estate Properties [Line Items]
Number of real estate properties classified as held for sale | Property	0	0
Number of real estate properties dispositioned | Property	33
Single Family Rental Homes
Real Estate Properties [Line Items]
Number of real estate properties dispositioned | Property	2,199

Investments - Schedule of Inves

Investments - Schedule of Investments in Real Estate, Net (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Real Estate Investment Property, Net [Abstract]
Building and building improvements		$ 17,612,162	$ 19,249,503
Land and land improvements		3,144,932	3,580,603
Furniture, fixtures and equipment		304,650	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		$ 21,166,974	$ 23,266,922
Accumulated depreciation and amortization		(1,586,616)	(1,019,521)
Investments in real estate, net		$ 19,580,358	$ 22,247,401
[1] Refer to Note 14 for additional details on the Company’s leases.

Investments - Schedule of Detai

Investments - Schedule of Details of Properties Acquired (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) ft² Transaction Property Unit
Real Estate Properties [Line Items]
Number of Transactions | Transaction	25
Number of Properties | Property	130
Purchase Price | $	$ 5,703,117	[1]
Multifamily
Real Estate Properties [Line Items]
Number of Transactions | Transaction	6
Number of Properties | Property	67
Sq. Ft. (in millions)/Units | Unit	16,542
Purchase Price | $	$ 4,288,281	[1]
Single-Family Rental Units
Real Estate Properties [Line Items]
Number of Transactions | Transaction	11
Sq. Ft. (in millions)/Units | Unit	621
Purchase Price | $	$ 249,009	[1]
Industrial Assets
Real Estate Properties [Line Items]
Number of Transactions | Transaction	6
Number of Properties | Property	61
Purchase Price | $	$ 972,791	[1]
Sq. Ft. (in millions)/Units | ft²	7.5
Office Buildings
Real Estate Properties [Line Items]
Number of Transactions | Transaction	1
Number of Properties | Property	1
Purchase Price | $	$ 150,945	[1]
Sq. Ft. (in millions)/Units | ft²	0.34
Self-Storage Properties
Real Estate Properties [Line Items]
Number of Transactions | Transaction	1
Number of Properties | Property	1
Purchase Price | $	$ 42,091	[1]
Sq. Ft. (in millions)/Units | ft²	0.09
[1] Purchase price is inclusive of acquisition-related costs.

Investments - Schedule of Det_2

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

Investments - Schedule of Purch

Investments - Schedule of Purchase Price Allocation of Properties (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Real Estate Investment Property, Net [Abstract]
Building and building improvements	$ 4,697,513
Land and land improvements	825,064
Furniture, fixtures and equipment	58,493
In-place lease intangibles	85,304	[1]
Above-market lease intangibles	11,874	[1]
Below-market lease intangibles	(24,452)	[1]
Other intangibles	6,723
Total purchase price	5,660,519	[2]
Assumed mortgage notes	(267,030)
Non-controlling interest	(13,834)
Net purchase price	$ 5,379,655
[1] The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles, and below-market lease intangibles for the properties acquired during the year ended December 31, 2022 were 4 years, 8 years, and 10 years, respectively Purchase price does not include acquisition-related costs of $ 42.6 million.

Investments - Schedule of Pur_2

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

Investments - Schedule of Equit

Investments - Schedule of Equity Investment In Unconsolidated Entities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Property	Dec. 31, 2022 USD ($) Property
Real Estate [Line Items]
Total investments in unconsolidated real estate ventures	$ 456,002	$ 481,632
Fort Lauderdale Hotel [Member] | Other | March 2019
Real Estate [Line Items]
Total investments in unconsolidated real estate ventures	$ 9,578	$ 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	$ 446,424	$ 471,696
Number of Properties | Property	196	196
Ownership interest	45%	45%

Investments - Schedule of Incom

Investments - Schedule of Income (Loss) From Unconsolidated Entities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Property	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($)
Real Estate [Line Items]
Total income (loss) from unconsolidated real estate ventures	$ (11,624)	$ 12,189	$ (615)
Fort Lauderdale Hotel
Real Estate [Line Items]
Total income (loss) from unconsolidated real estate ventures	$ (358)	$ 274	$ (615)
Fort Lauderdale Hotel | Other | March 2019
Real Estate [Line Items]
Number of Properties | Property	1	1
Ownership interest	43%	43%
E S Venture [Member]
Real Estate [Line Items]
Total income (loss) from unconsolidated real estate ventures	$ (11,266)	$ 11,915
E S Venture [Member] | Other | July 2022
Real Estate [Line Items]
Number of Properties | Property	196	196
Ownership interest	45%	45%

Intangibles - Summary of Gross

Intangibles - Summary of Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Intangible assets:
Total intangible assets, gross	$ 378,634	$ 421,135
Total accumulated amortization	(158,598)	(137,419)
Intangible assets, net	220,036	283,716
Intangible liabilities:
Below-market lease intangibles	87,173	89,137
Total intangible liabilities	87,173	89,137
Below-market lease amortization	(27,606)	(18,770)
Total accumulated amortization	(27,606)	(18,770)
Intangible liabilities, net	59,567	70,367
In-place Lease Intangibles
Intangible assets:
Total intangible assets, gross	292,348	330,631
Total accumulated amortization	(127,185)	(113,674)
Intangible assets, net	165,163
Above Market Leases Intangibles
Intangible assets:
Total intangible assets, gross	44,463	47,472
Total accumulated amortization	(18,913)	(14,022)
Intangible assets, net	25,550
Other
Intangible assets:
Total intangible assets, gross	41,823	43,032
Total accumulated amortization	(12,500)	$ (9,723)
Intangible assets, net	$ 29,323

Intangibles - Summary of Estima

Intangibles - Summary of Estimated Future Amortization on Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Intangible assets, net	$ 220,036	$ 283,716
In-place Lease Intangibles
Finite Lived Intangible Assets [Line Items]
2024	35,697
2025	25,680
2026	20,981
2027	17,158
2028	13,928
Thereafter	51,719
Intangible assets, net	165,163
Above Market Leases Intangibles
Finite Lived Intangible Assets [Line Items]
2024	5,572
2025	4,172
2026	3,823
2027	3,133
2028	2,565
Thereafter	6,285
Intangible assets, net	25,550
Other
Finite Lived Intangible Assets [Line Items]
2024	3,364
2025	3,364
2026	3,364
2027	3,364
2028	3,364
Thereafter	12,503
Intangible assets, net	29,323
Below Market Leases Intangibles
Below-market Lease Intangibles
2024	(8,925)
2025	(6,821)
2026	(5,786)
2027	(5,109)
2028	(4,673)
Thereafter	(28,253)
Intangible liabilities, net	$ (59,567)

Investments in Real Estate De_3

Investments in Real Estate Debt - Summary of Investments in Real Estate Debt (Details) $ in Thousands		12 Months Ended
		Dec. 31, 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		B + 4.92%	[1]	B + 4.82%	[2]
Weighted Average Maturity Date	[3]	2028-03		2028-10
Cost Basis		$ 1,657,714		$ 1,767,443
Investments in real estate debt		$ 1,589,350		$ 1,657,663
CMBS - floating
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		6		8
Weighted Average Coupon		B + 4.69%	[1]	B + 4.18%	[2]
Weighted Average Maturity Date	[3]	2036-10		2037-05
Cost Basis		$ 206,252		$ 306,026
Investments in real estate debt		$ 201,070		$ 290,807
Term Loan
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		2		2
Weighted Average Coupon		B + 4.95%	[1]	B + 4.96%	[2]
Weighted Average Maturity Date	[3]	2027-01		2027-01
Cost Basis		$ 1,451,462		$ 1,461,417
Investments in real estate debt		$ 1,388,280		$ 1,366,856
[1] The symbol “B” refers to the relevant benchmark rates, which includes 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. The symbol “B” refers to the relevant benchmark rates, which includes one-month LIBOR, one-month SOFR, three-month BBSY and 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, $ in Millions		1 Months Ended			12 Months Ended
		Nov. 30, 2023 GBP (£)	Jun. 30, 2022 AUD ($)	Feb. 28, 2021 GBP (£)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt and Equity Securities, FV-NI [Line Items]
Mortgage notes and credit facility, net	[1]				$ 13,028,910	$ 14,355,458
Realized losses investments in real estate debt securities					$ (4,400)	$ (13,200)
UNITED KINGDOM
Debt and Equity Securities, FV-NI [Line Items]
Mortgage notes and credit facility, net | £				£ 360
Debt instrument, term				5 years
Partially Prepaid Loan | £		£ 8
AUSTRALIA
Debt and Equity Securities, FV-NI [Line Items]
Mortgage notes and credit facility, net			$ 1,377
Debt instrument, term			5 years
[1] The majority of the Company’s mortgages contain prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties.

Investments in Real Estate De_5

Investments in Real Estate Debt - Summary of Affiliate Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Investments in real estate debt	$ 1,589,350	$ 1,657,663
Affiliated Entity
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Investments in real estate debt	201,070	290,807
Affiliated Entity | CMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Investments in real estate debt	$ 201,070	$ 290,807

Mortgage Notes and Credit Fac_3

Mortgage Notes and Credit Facility - Summary of Mortgage Notes and Credit Facility Secured by Company's Properties (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal Balance Outstanding	[1]	$ 13,108,216	$ 14,463,899
Deferred financing costs, net	[1]	(73,066)	(102,064)
(Discount) premium on assumed debt, net	[1]	(6,240)	(6,377)
Mortgage notes and credit facility, net	[1]	13,028,910	14,355,458
Fixed Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	[1]	3,049,322	3,843,346
Variable Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	[1]	10,058,894	10,620,553
Variable Rate Credit Facility | Variable Rate Loans
Debt Instrument [Line Items]
Maximum Facility Size	[1],[2]	165,000
Principal Balance Outstanding	[1],[2]	$ 165,000	175,000
Variable Rate Credit Facility | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	[2],[3]	2024-12
Variable Rate Credit Facility | One-Month SOFR | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Debt instrument, interest rate description	[2],[4]	B + 2.25%
Debt Instrument, Basis Spread on Variable Rate	[2],[4]	2.25%
Fixed Rate Mortgages | Fixed Rate Loans
Debt Instrument [Line Items]
Weighted Average Interest Rate	[4]	3.10%
Principal Balance Outstanding	[1]	$ 3,049,322	3,843,346
Fixed Rate Mortgages | Fixed Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	[3]	2031-03
Floating Rate Mortgages | Variable Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	[1]	$ 9,893,894	$ 10,445,553
Floating Rate Mortgages | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	[3]	2027-07
Floating Rate Mortgages | One-Month SOFR | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Debt instrument, interest rate description	[4]	B + 1.84%
Debt Instrument, Basis Spread on Variable Rate	[4]	1.84%
[1] The majority of the Company’s mortgages contain prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties. The Company’s credit facility can be drawn upon to fund the acquisition of future real estate investments. The repayment of the credit facility is guaranteed by the Operating Partnership. For loans where the Company, at its own discretion, has extension options, the maximum maturity date has been assumed. The symbol “B” refers to the relevant floating benchmark rates, which includes one-month SOFR, Federal Reserve Bank of New York (“NYFED”) 30 day SOFR, three-month Euro Interbank Offered Rate (“EURIBOR”) and three-month Copenhagen Interbank Offered Rate (“CIBOR”), as applicable to each loan.

Mortgage Notes and Credit Fac_4

Mortgage Notes and Credit Facility - Summary of Future Principal Payment Under Company's Mortgage Notes and Credit Facility (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2024		$ 901,408
2025		917,891
2026		4,693,742
2027		2,084,868
2028		228,847
Thereafter		4,281,460
Total	[1]	$ 13,108,216	$ 14,463,899
[1] The majority of the Company’s mortgages contain prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties.

Mortgage Notes and Credit Fac_5

Mortgage Notes and Credit Facility - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
Payment for leasing commissions, tenant and building improvements.	$ 93.6

Secured Financings on Investm_3

Secured Financings on Investments in Real Estate Debt - Schedule of Secured Financings on Investments in Real Estate Debt Transactions (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023		Dec. 31, 2022
Secured Financings On Investments In Real Estate Debt [Line Items]
Outstanding Balance		$ 762,352		$ 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]	$ 1,388,280		$ 1,366,856
Barclays RA
Secured Financings On Investments In Real Estate Debt [Line Items]
Maturity Date		2026-02		2026-02
Coupon		SONIA + 2.55%		SONIA + 2.50%
Outstanding Balance		$ 246,801		$ 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]	$ 448,729		$ 433,044
Syndicated RA
Secured Financings On Investments In Real Estate Debt [Line Items]
Maturity Date		2027-06	[2]	2027-06
Coupon		BBSY + 2.82%	[2]	BBSY + 2.65%
Outstanding Balance		$ 515,551	[2]	$ 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]	$ 939,551	[2]	$ 933,812
[1] Represents the fair value of the Company’s real estate-related term loan investments. Outstanding balance is reflected net of $ 1.2 million of unamortized deferred financing costs.

Secured Financings on Investm_4

Secured Financings on Investments in Real Estate Debt - Schedule of Secured Financings on Investments in Real Estate Debt Transactions (Parenthetical) (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Secured Financings On Investments In Real Estate Debt [Line Items]
Unamortized deferred financing costs	[1]	$ 73,066	$ 102,064
Syndicated RA
Secured Financings On Investments In Real Estate Debt [Line Items]
Unamortized deferred financing costs		$ 1,200
[1] The majority of the Company’s mortgages contain prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties.

Unsecured Line of Credit - Addi

Unsecured Line of Credit - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	May 31, 2022	Jul. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Uncommitted line of credit		$ 100,000
Increase in borrowing capacity		$ 450,000
Line of Credit Facility, Expiration Date			May 11, 2024
Line of Credit Facility, Description			The Line of Credit matures on May 11, 2024, at which time the Company may request an additional one-year extension thereafter. Interest under the Line of Credit is determined based on one-month U.S. dollar-denominated SOFR plus 2.5%.
Line of Credit Facility, Interest Rate Description			one-month U.S. dollar-denominated SOFR plus 2.5%
Increased total borrowing capacity	$ 1,600,000
Outstanding borrowings			$ 907,500	$ 0

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Schedule of Components of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Assets [Abstract]
Derivative instruments	$ 554,263	$ 898,916
Intangible assets, net	220,036	283,716
Receivables	127,573	110,898
Prepaid expenses	24,022	20,985
Interest receivable	7,929	6,670
Deferred financing costs, net	6,006	10,984
Deferred tax asset	5,043	1,500
Other	2,757	3,558
Equity securities		84,321
Total other assets	$ 947,629	$ 1,421,548

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Schedule of Components of Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Accounts payable and accrued expenses	$ 75,809	$ 95,467
Real estate taxes payable	73,145	85,955
Accrued interest expense	69,642	58,872
Intangible liabilities, net	59,567	70,367
Derivative instruments	$ 46,178	$ 17,860
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Tenant security deposits	$ 44,374	$ 50,694
Distributions payable	43,044	49,306
Deferred tax liability	35,792	42,383
Right of use liability - operating leases	$ 12,402	$ 12,452
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total revenues	Total revenues
Deferred income	$ 11,894	$ 8,837
Other taxes payable	5,005	6,475
Other	7,506	8,731
Total other liabilities	$ 484,358	$ 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	12 Months Ended
	Dec. 31, 2023 USD ($) Instrument	Dec. 31, 2022 USD ($) Instrument	Dec. 31, 2023 EUR (€) Instrument	Dec. 31, 2023 NOK (kr) Instrument	Dec. 31, 2022 EUR (€) Instrument	Dec. 31, 2022 NOK (kr) Instrument	Dec. 31, 2022 DKK (kr) Instrument
Derivative [Line Items]
Number of Instruments	80	77	80	80	77	77	77
Weighted Average Strike Rate	1.60%	1.50%
Weighted Average Maturity (Years)	2 years 1 month 6 days	2 years 10 months 24 days
SOFR
Derivative [Line Items]
Number of Instruments	70		70	70
Notional Amount | $	$ 9,567,541
Weighted Average Strike Rate	1.60%
Weighted Average Maturity (Years)	2 years 1 month 6 days
SOFR | Interest Rate Swap
Derivative [Line Items]
Number of Instruments	1		1	1
Notional Amount | $	$ 117,863
Weighted Average Strike Rate	0.80%
Weighted Average Maturity (Years)	1 year 2 months 12 days
LIBOR, SOFR
Derivative [Line Items]
Number of Instruments		67			67	67	67
Notional Amount | $		$ 10,273,472
Weighted Average Strike Rate		1.50%
Weighted Average Maturity (Years)		2 years 10 months 24 days
EURIBOR
Derivative [Line Items]
Number of Instruments	4	3	4	4	3	3	3
Notional Amount | €			€ 175,468		€ 157,296
Weighted Average Strike Rate	1.10%	1.20%
Weighted Average Maturity (Years)	1 year	1 year 8 months 12 days
EURIBOR | Interest Rate Swap
Derivative [Line Items]
Number of Instruments	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)	3 years 7 months 6 days	4 years 7 months 6 days
CIBOR
Derivative [Line Items]
Number of Instruments		1			1	1	1
Notional Amount | kr							kr 301,500
Weighted Average Strike Rate		1%
Weighted Average Maturity (Years)		3 years 8 months 12 days
LIBOR | Interest Rate Swap
Derivative [Line Items]
Number of Instruments		2			2	2	2
Notional Amount | $		$ 269,115
Weighted Average Strike Rate		0.80%
Weighted Average Maturity (Years)		2 years 3 months 18 days
NIBOR | Interest Rate Swap
Derivative [Line Items]
Number of Instruments	2	1	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 1 month 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	Dec. 31, 2023 EUR (€) Instrument	Dec. 31, 2023 NOK (kr) Instrument	Dec. 31, 2023 DKK (kr) Instrument	Dec. 31, 2023 AUD ($) Instrument	Dec. 31, 2023 GBP (£) Instrument	Dec. 31, 2022 EUR (€) Instrument	Dec. 31, 2022 NOK (kr) Instrument	Dec. 31, 2022 DKK (kr) Instrument	Dec. 31, 2022 AUD ($) Instrument	Dec. 31, 2022 GBP (£) Instrument
Derivative [Line Items]
Number of Instruments	80	80	80	80	80	77	77	77	77	77
Buy USD/Sell EUR Forward
Derivative [Line Items]
Number of Instruments	60	60	60	60	60	48	48	48	48	48
Notional Amount | €	€ 577,283					€ 588,786
Buy USD/Sell DKK Forward
Derivative [Line Items]
Number of Instruments	12	12	12	12	12	12	12	12	12	12
Notional Amount | kr			kr 1,301,016					kr 1,513,100
Buy USD/Sell AUD Forward
Derivative [Line Items]
Number of Instruments	5	5	5	5	5	8	8	8	8	8
Notional Amount | $				$ 621,759					$ 661,100
Buy USD/Sell NOK Forward
Derivative [Line Items]
Number of Instruments	9	9	9	9	9	8	8	8	8	8
Notional Amount | kr		kr 1,160,941					kr 859,279
Buy USD/Sell GBP Forward
Derivative [Line Items]
Number of Instruments	4	4	4	4	4	5	5	5	5	5
Notional Amount | £					£ 142,858					£ 368,469

Derivatives - Summary of Fair V

Derivatives - Summary of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Other Assets
Derivative [Line Items]
Fair Value of Derivatives in an Asset Position	[1]	$ 554,263	$ 898,916
Other Assets | Interest Rate Derivatives
Derivative [Line Items]
Fair Value of Derivatives in an Asset Position	[1]	537,390	842,895
Other Assets | Foreign Currency Forward Contracts
Derivative [Line Items]
Fair Value of Derivatives in an Asset Position	[1]	16,873	56,021
Other Liabilities
Derivative [Line Items]
Fair Value of Derivatives in a Liability Position	[2]	46,178	17,860
Other Liabilities | Foreign Currency Forward Contracts
Derivative [Line Items]
Fair Value of Derivatives in a Liability Position	[2]	$ 46,178	$ 17,860
[1] Included in Other assets on the Company’s Consolidated Balance Sheets. Included in Other liabilities on the Company’s Consolidated Balance Sheets.

Derivatives - Summary of Effect

Derivatives - Summary of Effect of Derivate Financial Instruments on Consolidated Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Gain (Loss) Recognized in Net Income (Loss)	$ (334,649)	$ 619,400	$ 23,946
Interest Rate Cap | Other (Expense) Income
Derivative [Line Items]
Net Unrealized (Loss) Gain Recognized in Net Income (Loss)	(305,693)	498,696	5,244
Net Realized Gain Recognized in Net Income (Loss)	26,778
Interest Rate Swap | Other (Expense) Income
Derivative [Line Items]
Net Unrealized (Loss) Gain Recognized in Net Income (Loss)	(26,468)	32,972	4,792
Net Realized Gain Recognized in Net Income (Loss)	12,088
Foreign Currency Forward Contracts | Other (Expense) Income
Derivative [Line Items]
Net Unrealized (Loss) Gain Recognized in Net Income (Loss)	(67,466)	30,556	8,447
Net Realized Gain Recognized in Net Income (Loss)	$ 26,112	$ 57,176	$ 5,463

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interests - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) Class shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares
Class Of Stock [Line Items]
Number of classes of common stock | Class	4
Number of shares authorized	3,100,000,000
Common stock repurchase limitations of aggregate NAV per calendar quarter percentage	5%
Repurchase of common stock	102,511,499	49,115,155	2,835,117
Payments for repurchase of common stock | $	$ 2,600	$ 1,300	$ 64.6
Maximum
Class Of Stock [Line Items]
Common stock repurchase limitations of aggregate NAV per month percentage	2%

Equity and Redeemable Non-con_4

Equity and Redeemable Non-controlling Interests - Schedule of Company's Authorized Capital (Details) - $ / shares	Dec. 31, 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		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Beginning balance		505,707,592	344,796,271	90,894,853
Common stock shares issued	[1]	19,466,040	201,832,740	252,739,662
Distribution reinvestment plan shares issued		8,115,750	8,158,039	3,982,044
Common stock shares repurchased		(102,511,499)	(49,115,155)	(2,835,117)
Independent directors' restricted stock grant	[2]	30,361	35,697	14,829
Ending balance		430,808,244	505,707,592	344,796,271
Common Stock Class T
Class Of Stock [Line Items]
Beginning balance		5,721,496	4,648,436	2,463,182
Common stock shares issued	[1]	98,898	1,112,055	2,157,634
Distribution reinvestment plan shares issued		141,944	125,187	86,892
Common stock shares repurchased		(482,517)	(164,182)	(59,272)
Ending balance		5,282,025	5,721,496	4,648,436
Common Stock Class S
Class Of Stock [Line Items]
Beginning balance		224,556,910	154,381,036	46,431,661
Common stock shares issued	[1]	4,915,057	80,943,605	107,086,220
Distribution reinvestment plan shares issued		3,788,883	3,647,656	2,130,886
Common stock shares repurchased		(38,237,234)	(14,415,387)	(1,267,731)
Ending balance		195,023,616	224,556,910	154,381,036
Common Stock Class D
Class Of Stock [Line Items]
Beginning balance		30,974,173	22,142,299	2,847,097
Common stock shares issued	[1]	153,390	10,500,831	19,108,491
Distribution reinvestment plan shares issued		335,712	720,473	244,060
Common stock shares repurchased		(3,643,944)	(2,389,430)	(57,349)
Ending balance		27,512,551	30,974,173	22,142,299
Common Stock Class I
Class Of Stock [Line Items]
Beginning balance		244,455,013	163,624,500	39,152,913
Common stock shares issued	[1]	14,803,271	109,276,249	124,387,317
Distribution reinvestment plan shares issued		3,849,211	3,664,723	1,520,206
Common stock shares repurchased		(60,147,804)	(32,146,156)	(1,450,765)
Independent directors' restricted stock grant	[2]	30,361	35,697	14,829
Ending balance		202,990,052	244,455,013	163,624,500
[1] Includes exchanges between share classes. The independent directors’ restricted stock grant represents $ 0.8 million, $ 0.8 million and $ 0.3 million of the annual compensation paid to the independent directors for the years ended December 31, 2023, 2022 and 2021, respectively. Each grant is amortized over the one-year service period of such grant.

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interests - Schedule of Common Stock Outstanding shares (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Annual compensation paid to the independent directors	$ 0.8	$ 0.8	$ 0.3
Grant amortized period	1 year	1 year	1 year

Equity and Redeemable Non-con_7

Equity and Redeemable Non-controlling Interests - Schedule of Aggregate Distributions Declared for Each Class of Common Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common Stock Class T
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	$ 1.242	$ 1.242	$ 1.242
Stockholder servicing fee per share of common stock	(0.2157)	(0.232)	(0.1949)
Net distributions declared per share of common stock	1.0263	1.01	1.0471
Common Stock Class S
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	1.242	1.242	1.242
Stockholder servicing fee per share of common stock	(0.2158)	(0.2318)	(0.1955)
Net distributions declared per share of common stock	1.0262	1.0102	1.0465
Common Stock Class D
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	1.242	1.242	1.242
Stockholder servicing fee per share of common stock	(0.0622)	(0.0672)	(0.0571)
Net distributions declared per share of common stock	1.1798	1.1748	1.1849
Common Stock Class I
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	1.242	1.242	1.242
Net distributions declared per share of common stock	$ 1.242	$ 1.242	$ 1.242

Equity and Redeemable Non-con_8

Equity and Redeemable Non-controlling Interests - Schedule of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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 SREIT OP units as consideration for acquisitions of real estate		190,459
Repurchases	(620)
GAAP income (loss) allocation	(29,165)	(2,146)
Distributions	(24,960)	(17,639)
Fair value allocation	(14,840)	21,698	$ 8,250
Ending balance	459,862	427,099	30,502
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	(18,753)	(1,050)
Distributions	(16,065)	(11,239)
Fair value allocation	(10,160)	15,884
Ending balance	295,692	238,322	$ 30,502
Third-party Operating Partnership Unitholders
Class Of Stock [Line Items]
Balance at the beginning of the year	188,777
Issuance of SREIT OP units as consideration for acquisitions of real estate		190,459
Repurchases	(620)
GAAP income (loss) allocation	(10,412)	(1,096)
Distributions	(8,895)	(6,400)
Fair value allocation	(4,680)	5,814
Ending balance	$ 164,170	$ 188,777

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)		1 Months Ended		3 Months Ended	12 Months Ended
	Mar. 11, 2022	Jan. 31, 2024	Jan. 31, 2023	Mar. 21, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019
Related Party Transaction [Line Items]
Performance participation allocation						$ 102,348,000	$ 204,225,000
Repurchase of common stock					102,511,499	49,115,155	2,835,117
Total consideration					$ 2,611,115,000	$ 1,347,308,000	$ 64,550,000
Leasing and legal service fees					800,000	200,000	0
General and Administrative Expense					$ 45,144,000	44,708,000	25,404,000
Percentage of management fee on NAV per annum					1.25%
Percentage of management fee on aggregate DST property consideration per annum					1.25%
Management fees					$ 153,411,000	167,100,000	62,237,000
Due to affiliates					$ 484,358,000	507,399,000
Annual hurdle percentage					5%
Operating expenses					$ 748,522,000	650,594,000	248,651,000
Dealer Manager
Related Party Transaction [Line Items]
Cost of legal services					200,000	400,000	100,000
Starwood Capital and Third Party
Related Party Transaction [Line Items]
Purchase Price	$ 109,200,000
Accrued Affiliate Service Provider Expenses | Rental property operating
Related Party Transaction [Line Items]
Operating expenses					25,800,000	17,300,000	6,700,000
Accrued Affiliate Service Provider Expenses | Essex Service Provider
Related Party Transaction [Line Items]
Cost of legal services					1,500,000	$ 4,300,000	$ 1,900,000
Class I Unit
Related Party Transaction [Line Items]
Units issued as payment for performance participation allocation						3,886,034	7,872,930
Class I Unit | Common Stock
Related Party Transaction [Line Items]
Employees and affiliates holdining interest					$ 519,700,000
Subsequent Event
Related Party Transaction [Line Items]
Total consideration				$ 500,000,000
Unregistered Class I shares
Related Party Transaction [Line Items]
Stock issued as management fees, shares			551,733		5,673,483	5,598,108
Management fees, accrued					$ 10,800,000	$ 14,500,000
Unregistered Class I shares | Subsequent Event
Related Party Transaction [Line Items]
Stock issued as management fees, shares		473,622
Common Stock Class I
Related Party Transaction [Line Items]
Repurchase of common stock					60,147,804	32,146,156	1,450,765
Common Stock Class T, Class S and Class D | Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates					$ 301,000,000	$ 413,000,000
Special Limited Partner
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return					12.50%
Special Limited Partner | Advanced Expenses | Unaffiliated Third Party
Related Party Transaction [Line Items]
Due to affiliates					$ 100,000	100,000
All Other Unit Holders [Member]
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return					87.50%
Dealer Manager | Common Stock Class T, Class S and Class D | Accrued Stockholder Servicing Fee | Maximum
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage					8.75%
Starwood Retail Partners
Related Party Transaction [Line Items]
Leasing and legal service fees					$ 200,000		$ 0
Advisor | Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates								$ 7,300,000
Advisor | Advanced Expenses | One Month in Arrears
Related Party Transaction [Line Items]
General and Administrative Expense					$ 14,500,000	$ 15,800,000	6,700,000
Advisor and Certain Director Shares | Common Stock Class I
Related Party Transaction [Line Items]
Repurchase of common stock					3,188,721	2,488,926
Total consideration					$ 80,600,000	$ 68,500,000
Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Cost of legal services					300,000	500,000	$ 600,000
SCG Southern Europe
Related Party Transaction [Line Items]
Services fee for accounting and administrative matters					$ 300,000	$ 300,000

Related Party Transactions - Su

Related Party Transactions - Summary of Components of Due to Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Due to affiliates	$ 484,358	$ 507,399
Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	320,957	537,114
Accrued Stockholder Servicing Fee | Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	301,017	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	10,853	14,531
Advanced Organization And Offering Costs | Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	1,561	3,017
Accrued Affiliate Service Provider Expenses | Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	3,068	2,659
Advanced Operating Expenses | Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	$ 4,458	$ 1,555

Leases - Additional Information

Leases - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)
Lessee Lease Description [Line Items]
Lessee, operating lease acquisition, incremental cost	$ 0
Operating lease, weighted average remaining lease term	36 years
Maximum
Lessee Lease Description [Line Items]
Incremental borrowing rate to determine lease liabilities	6%
Minimum
Lessee Lease Description [Line Items]
Incremental borrowing rate to determine lease liabilities	4.50%

Leases - Schedule of Future Lea

Leases - Schedule of Future Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 686
2025	712
2026	714
2027	714
2028	714
Thereafter	25,068
Total undiscounted future lease payments	28,608
Difference between undiscounted cash flows and discounted cash flows	(16,206)
Total lease liability	$ 12,402	$ 12,452

Leases - Summary of Fixed and V

Leases - Summary of Fixed and Variable Components of Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Fixed lease payments	$ 1,540,130	$ 1,376,577	$ 530,093
Variable lease payments	155,787	144,078	74,481
Rental revenue	$ 1,695,917	$ 1,520,655	$ 604,574

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Minimum Rents Income Receivables (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 281,065
2025	263,246
2026	232,944
2027	202,711
2028	164,577
Thereafter	482,047
Total	$ 1,626,590

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	12 Months Ended
	Dec. 31, 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		Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total Assets		$ 23,113,974	$ 26,764,853
Multifamily Properties
Segment Reporting Information [Line Items]
Total Assets		15,161,836	16,663,050
Single Family Rental Homes
Segment Reporting Information [Line Items]
Total Assets		408,097	1,357,576
Industrial properties
Segment Reporting Information [Line Items]
Total Assets		2,820,658	3,180,764
Office properties
Segment Reporting Information [Line Items]
Total Assets		1,651,347	1,589,368
Self-Storage Properties
Segment Reporting Information [Line Items]
Total Assets		357,724	366,299
Investments in real estate debt
Segment Reporting Information [Line Items]
Total Assets		1,589,350	1,657,663
Other Properties
Segment Reporting Information [Line Items]
Total Assets	[1]	1,022,284	1,225,052
Other (Corporate)
Segment Reporting Information [Line Items]
Total Assets		$ 102,678	$ 725,081
[1] Other properties includes hospitality, medical office and retail 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Total revenues	$ 1,754,318	$ 1,579,348	$ 642,905
Expenses
Property operating	748,522	650,594	248,651
(Loss) income from unconsolidated real estate ventures	(11,624)	12,189	(615)
Income from investments in real estate debt	123,138	99,787	45,156
Segment net operating income	1,117,310	1,040,730	438,795
General and administrative	(45,144)	(44,708)	(25,404)
Management fees	(153,411)	(167,100)	(62,237)
Impairment of investments in real estate	188,804	0	0
Performance participation allocation		(102,348)	(204,225)
Depreciation and amortization	(811,788)	(848,943)	(330,455)
Net gain on dispositions of real estate	289,818
Interest expense	(583,476)	(428,853)	(134,127)
Loss on extinguishment of debt	(93)	(313)
Other (expense) income, net	(299,930)	485,608	13,210
Net income (loss)	(675,518)	(65,927)	(304,443)
Net (income) loss attributable to non-controlling interests in consolidated joint ventures	(3,350)	(1,927)	434
Net (income) loss attributable to non-controlling interests in Operating Partnership	29,165	2,146	1,758
Net income (loss) attributable to stockholders	(649,703)	(65,708)	(302,251)
Operating Segments | Multifamily Properties
Revenues:
Total revenues	1,226,375	1,079,391	369,362
Expenses
Property operating	552,760	467,413	151,923
Segment net operating income	673,615	611,978	217,439
Operating Segments | Single Family Rental Homes
Revenues:
Total revenues	54,087	73,558	1,158
Expenses
Property operating	32,631	36,575	274
Segment net operating income	21,456	36,983	884
Operating Segments | Industrial properties
Revenues:
Total revenues	203,423	178,040	96,826
Expenses
Property operating	51,163	44,983	25,258
Segment net operating income	152,260	133,057	71,568
Operating Segments | Office properties
Revenues:
Total revenues	157,748	136,601	124,648
Expenses
Property operating	59,668	52,972	43,741
Segment net operating income	98,080	83,629	80,907
Operating Segments | Self-Storage Properties
Revenues:
Total revenues	27,694	26,614	741
Expenses
Property operating	10,775	9,866	287
Segment net operating income	16,919	16,748	454
Operating Segments | Other Properties
Revenues:
Total revenues	84,991	85,144	50,170
Expenses
Property operating	41,525	38,785	27,168
(Loss) income from unconsolidated real estate ventures	(11,624)	12,189	(615)
Segment net operating income	31,842	58,548	22,387
Operating Segments | Investments in real estate debt
Expenses
Income from investments in real estate debt	123,138	99,787	45,156
Segment net operating income	123,138	99,787	45,156
Rental Revenue
Revenues:
Total revenues	1,695,917	1,520,655	604,574
Rental Revenue | Operating Segments | Multifamily Properties
Revenues:
Total revenues	1,215,981	1,068,277	365,052
Rental Revenue | Operating Segments | Single Family Rental Homes
Revenues:
Total revenues	54,087	73,558	1,158
Rental Revenue | Operating Segments | Industrial properties
Revenues:
Total revenues	203,419	177,998	96,826
Rental Revenue | Operating Segments | Office properties
Revenues:
Total revenues	157,463	136,185	124,317
Rental Revenue | Operating Segments | Self-Storage Properties
Revenues:
Total revenues	27,694	26,614	741
Rental Revenue | Operating Segments | Other Properties
Revenues:
Total revenues	37,273	38,023	16,480
Other revenue
Revenues:
Total revenues	58,401	58,693	38,331
Other revenue | Operating Segments | Multifamily Properties
Revenues:
Total revenues	10,394	11,114	4,310
Other revenue | Operating Segments | Industrial properties
Revenues:
Total revenues	4	42
Other revenue | Operating Segments | Office properties
Revenues:
Total revenues	285	416	331
Other revenue | Operating Segments | Other Properties
Revenues:
Total revenues	$ 47,718	$ 47,121	$ 33,690

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 21, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Proceeds, issuance of shares of common stock		$ 13,800,000
Common stock repurchased value		2,611,115	$ 1,347,308	$ 64,550
Net proceeds from sales of investments in real estate debt and equity securities		$ 180,195	$ 372,974	$ 50,252
Subsequent Event
Subsequent Event [Line Items]
Common stock repurchased value	$ 500,000
Proceeds from line of credit	300,000
Net proceeds from sales of investments in real estate debt and equity securities	100,000
Subsequent Event | Third Public Offering
Subsequent Event [Line Items]
Proceeds, issuance of shares of common stock	$ 100,000

Schedule III Real Estate and _2

Schedule III Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	$ 13,101,981
Initial Cost, Land and Land Improvements	3,077,450
Initial Cost, Building and Building Improvements	17,358,545
Total	21,061,744	$ 23,161,692	$ 17,448,136
Accumulated Depreciation	(1,578,637)	$ (1,013,703)	$ (364,653)
Total	20,757,094
Accumulated Depreciation	(1,468,263)
Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	67,482
Gross Amounts, Land and Land Improvements	3,144,932
Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	253,617
Gross Amounts, Building and Building Improvements	17,612,162
Multifamily
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	9,564,479
Initial Cost, Land and Land Improvements	2,033,954
Initial Cost, Building and Building Improvements	13,033,889
Gross Amounts, Land and Land Improvements	2,084,359
Gross Amounts, Building and Building Improvements	13,177,491
Total	15,261,850
Accumulated Depreciation	$ (1,067,163)
Multifamily | Phoenix Property
Real Estate And Accumulated Depreciation [Line Items]
Location	Mesa, AZ
Encumbrances	$ 43,539
Initial Cost, Land and Land Improvements	9,472
Initial Cost, Building and Building Improvements	35,909
Gross Amounts, Land and Land Improvements	9,722
Gross Amounts, Building and Building Improvements	37,193
Total	46,915
Accumulated Depreciation	$ (8,553)
Year Acquired	Dec. 31, 2019
Multifamily | Cascades Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Charlotte, NC
Encumbrances	$ 72,195
Initial Cost, Land and Land Improvements	12,711
Initial Cost, Building and Building Improvements	92,689
Gross Amounts, Land and Land Improvements	13,840
Gross Amounts, Building and Building Improvements	94,002
Total	107,842
Accumulated Depreciation	$ (14,197)
Year Acquired	Dec. 31, 2019
Multifamily | Exchange on Erwin
Real Estate And Accumulated Depreciation [Line Items]
Location	Durham, NC
Encumbrances	$ 50,542
Initial Cost, Land and Land Improvements	18,313
Initial Cost, Building and Building Improvements	54,839
Gross Amounts, Land and Land Improvements	18,620
Gross Amounts, Building and Building Improvements	55,046
Total	73,666
Accumulated Depreciation	$ (7,436)
Year Acquired	Dec. 31, 2019
Multifamily | Avida Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Salt Lake City, UT
Encumbrances	$ 56,355
Initial Cost, Land and Land Improvements	8,018
Initial Cost, Building and Building Improvements	73,763
Gross Amounts, Land and Land Improvements	8,569
Gross Amounts, Building and Building Improvements	74,916
Total	83,485
Accumulated Depreciation	$ (9,455)
Year Acquired	Dec. 31, 2019
Multifamily | Kalina Way
Real Estate And Accumulated Depreciation [Line Items]
Location	Salt Lake City, UT
Encumbrances	$ 57,928
Initial Cost, Land and Land Improvements	7,101
Initial Cost, Building and Building Improvements	74,739
Gross Amounts, Land and Land Improvements	7,497
Gross Amounts, Building and Building Improvements	74,971
Total	82,468
Accumulated Depreciation	$ (8,144)
Year Acquired	Dec. 31, 2020
Multifamily | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 50,405
Multifamily | Land and Land Improvements | Phoenix Property
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	250
Multifamily | Land and Land Improvements | Exchange on Erwin
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	307
Multifamily | Land and Land Improvements | Avida Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	551
Multifamily | Land and Land Improvements | Kalina Way
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	396
Multifamily | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	143,602
Multifamily | Building and Building Improvements | Phoenix Property
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,284
Multifamily | Building and Building Improvements | Cascades Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,313
Multifamily | Building and Building Improvements | Exchange on Erwin
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	207
Multifamily | Building and Building Improvements | Avida Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,153
Multifamily | Building and Building Improvements | Kalina Way
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	232
Multifamily | Building and Building Improvements | Gwinnett Stadium
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 0
Multifamily | Florida Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 36,466
Initial Cost, Land and Land Improvements	11,574
Initial Cost, Building and Building Improvements	37,920
Gross Amounts, Land and Land Improvements	12,484
Gross Amounts, Building and Building Improvements	40,481
Total	52,965
Accumulated Depreciation	$ (9,211)
Year Acquired	Dec. 31, 2019
Multifamily | Florida Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Naples FL
Encumbrances	$ 36,129
Initial Cost, Land and Land Improvements	14,045
Initial Cost, Building and Building Improvements	37,025
Gross Amounts, Land and Land Improvements	14,698
Gross Amounts, Building and Building Improvements	38,635
Total	53,333
Accumulated Depreciation	$ (8,409)
Year Acquired	Dec. 31, 2019
Multifamily | Florida Multifamily Portfolio | Cascades Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 1,129
Multifamily | Florida Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	910
Multifamily | Florida Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	653
Multifamily | Florida Multifamily Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	2,561
Multifamily | Florida Multifamily Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 1,610
Multifamily | Columbus Multifamily Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Columbus, OH
Encumbrances	$ 94,787
Initial Cost, Land and Land Improvements	8,630
Initial Cost, Building and Building Improvements	125,329
Gross Amounts, Land and Land Improvements	9,767
Gross Amounts, Building and Building Improvements	127,717
Total	137,484
Accumulated Depreciation	$ (13,501)
Year Acquired	Dec. 31, 2019
Number of properties | Property	3
Multifamily | Columbus Multifamily Portfolio | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 1,137
Multifamily | Columbus Multifamily Portfolio | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 2,388
Multifamily | Southeast Affordable Housing Portfolio | Creekside at Bellemeade
Real Estate And Accumulated Depreciation [Line Items]
Location	High Point, NC
Encumbrances	$ 4,640
Initial Cost, Land and Land Improvements	2,031
Initial Cost, Building and Building Improvements	4,415
Gross Amounts, Land and Land Improvements	2,114
Gross Amounts, Building and Building Improvements	4,644
Total	6,758
Accumulated Depreciation	$ (1,209)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Las Villas de Kino
Real Estate And Accumulated Depreciation [Line Items]
Location	Tucson, AZ
Encumbrances	$ 26,255
Initial Cost, Land and Land Improvements	9,513
Initial Cost, Building and Building Improvements	24,278
Gross Amounts, Land and Land Improvements	9,901
Gross Amounts, Building and Building Improvements	26,560
Total	36,461
Accumulated Depreciation	$ (4,066)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Lexington Club
Real Estate And Accumulated Depreciation [Line Items]
Location	Vero Beach, FL
Encumbrances	$ 14,738
Initial Cost, Land and Land Improvements	2,972
Initial Cost, Building and Building Improvements	19,583
Gross Amounts, Land and Land Improvements	3,064
Gross Amounts, Building and Building Improvements	20,338
Total	23,402
Accumulated Depreciation	$ (2,983)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Oak Crest
Real Estate And Accumulated Depreciation [Line Items]
Location	Kannapolis, NC
Encumbrances	$ 9,373
Initial Cost, Land and Land Improvements	2,137
Initial Cost, Building and Building Improvements	10,411
Gross Amounts, Land and Land Improvements	2,351
Gross Amounts, Building and Building Improvements	11,076
Total	13,427
Accumulated Depreciation	$ (1,792)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Overlook at Simms Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	Raleigh, NC
Encumbrances	$ 25,691
Initial Cost, Land and Land Improvements	7,189
Initial Cost, Building and Building Improvements	23,030
Gross Amounts, Land and Land Improvements	7,320
Gross Amounts, Building and Building Improvements	23,806
Total	31,126
Accumulated Depreciation	$ (3,882)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Parkside Royal Poinciana
Real Estate And Accumulated Depreciation [Line Items]
Location	West Palm Beach, FL
Encumbrances	$ 10,045
Initial Cost, Land and Land Improvements	4,624
Initial Cost, Building and Building Improvements	8,889
Gross Amounts, Land and Land Improvements	4,859
Gross Amounts, Building and Building Improvements	9,838
Total	14,697
Accumulated Depreciation	$ (1,743)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Patriots Pointe
Real Estate And Accumulated Depreciation [Line Items]
Location	Concord, NC
Encumbrances	$ 7,760
Initial Cost, Land and Land Improvements	1,564
Initial Cost, Building and Building Improvements	7,904
Gross Amounts, Land and Land Improvements	1,760
Gross Amounts, Building and Building Improvements	8,188
Total	9,948
Accumulated Depreciation	$ (1,277)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Ponce Harbor
Real Estate And Accumulated Depreciation [Line Items]
Location	St. Augustine, FL
Encumbrances	$ 15,601
Initial Cost, Land and Land Improvements	3,294
Initial Cost, Building and Building Improvements	18,870
Gross Amounts, Land and Land Improvements	3,402
Gross Amounts, Building and Building Improvements	19,321
Total	22,723
Accumulated Depreciation	$ (2,702)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Riverwalk
Real Estate And Accumulated Depreciation [Line Items]
Location	Brighton, CO
Encumbrances	$ 19,015
Initial Cost, Land and Land Improvements	3,280
Initial Cost, Building and Building Improvements	20,932
Gross Amounts, Land and Land Improvements	3,477
Gross Amounts, Building and Building Improvements	21,963
Total	25,440
Accumulated Depreciation	$ (2,906)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Stone Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	Morrisville, NC
Encumbrances	$ 8,364
Initial Cost, Land and Land Improvements	1,844
Initial Cost, Building and Building Improvements	7,492
Gross Amounts, Land and Land Improvements	1,929
Gross Amounts, Building and Building Improvements	8,167
Total	10,096
Accumulated Depreciation	$ (1,347)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Villa Biscayne
Real Estate And Accumulated Depreciation [Line Items]
Location	Homestead, FL
Encumbrances	$ 20,339
Initial Cost, Land and Land Improvements	4,575
Initial Cost, Building and Building Improvements	23,600
Gross Amounts, Land and Land Improvements	4,653
Gross Amounts, Building and Building Improvements	24,022
Total	28,675
Accumulated Depreciation	$ (3,359)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Newport News, VA
Encumbrances	$ 43,333
Initial Cost, Land and Land Improvements	11,169
Initial Cost, Building and Building Improvements	50,997
Gross Amounts, Land and Land Improvements	11,522
Gross Amounts, Building and Building Improvements	53,644
Total	65,166
Accumulated Depreciation	$ (7,051)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Orlando, FL
Encumbrances	$ 72,451
Initial Cost, Land and Land Improvements	19,513
Initial Cost, Building and Building Improvements	75,364
Gross Amounts, Land and Land Improvements	19,883
Gross Amounts, Building and Building Improvements	76,935
Total	96,818
Accumulated Depreciation	$ (10,801)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Sanford, FL
Encumbrances	$ 65,853
Initial Cost, Land and Land Improvements	14,916
Initial Cost, Building and Building Improvements	75,253
Gross Amounts, Land and Land Improvements	15,241
Gross Amounts, Building and Building Improvements	77,017
Total	92,258
Accumulated Depreciation	$ (10,306)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Willow Ridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Greensboro, NC
Encumbrances	$ 5,200
Initial Cost, Land and Land Improvements	2,157
Initial Cost, Building and Building Improvements	4,656
Gross Amounts, Land and Land Improvements	2,200
Gross Amounts, Building and Building Improvements	4,866
Total	7,066
Accumulated Depreciation	$ (967)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 82,042
Initial Cost, Land and Land Improvements	24,178
Initial Cost, Building and Building Improvements	90,108
Gross Amounts, Land and Land Improvements	24,674
Gross Amounts, Building and Building Improvements	94,869
Total	119,543
Accumulated Depreciation	$ (13,768)
Year Acquired	Dec. 31, 2020
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Creekside at Bellemeade
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 83
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Las Villas de Kino
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	388
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Lexington Club
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	92
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Oak Crest
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	214
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Overlook at Simms Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	131
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Parkside Royal Poinciana
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	235
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Patriots Pointe
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	196
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Ponce Harbor
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	108
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Riverwalk
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	197
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Stone Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	85
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Villa Biscayne
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	78
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	353
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	370
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	325
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Willow Ridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	43
Multifamily | Southeast Affordable Housing Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	496
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Creekside at Bellemeade
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	229
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Las Villas de Kino
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	2,282
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Lexington Club
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	755
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Oak Crest
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	665
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Overlook at Simms Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	776
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Parkside Royal Poinciana
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	949
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Patriots Pointe
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	284
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Ponce Harbor
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	451
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Riverwalk
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,031
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Stone Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	675
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Villa Biscayne
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	422
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	2,647
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,571
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,764
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Willow Ridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	210
Multifamily | Southeast Affordable Housing Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 4,761
Multifamily | Southeast Affordable Housing Portfolio II | Culpeper Commons
Real Estate And Accumulated Depreciation [Line Items]
Location	Culpeper, VA
Encumbrances	$ 12,483
Initial Cost, Land and Land Improvements	4,058
Initial Cost, Building and Building Improvements	13,749
Gross Amounts, Land and Land Improvements	4,162
Gross Amounts, Building and Building Improvements	14,266
Total	18,428
Accumulated Depreciation	$ (1,922)
Year Acquired	Dec. 31, 2021
Multifamily | Southeast Affordable Housing Portfolio II | England Run
Real Estate And Accumulated Depreciation [Line Items]
Location	Fredericksburg, VA
Encumbrances	$ 18,812
Initial Cost, Land and Land Improvements	3,857
Initial Cost, Building and Building Improvements	23,614
Gross Amounts, Land and Land Improvements	4,023
Gross Amounts, Building and Building Improvements	24,106
Total	28,129
Accumulated Depreciation	$ (2,511)
Year Acquired	Dec. 31, 2021
Multifamily | Southeast Affordable Housing Portfolio II | Glen Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	Elkton, MD
Encumbrances	$ 15,263
Initial Cost, Land and Land Improvements	5,985
Initial Cost, Building and Building Improvements	16,353
Gross Amounts, Land and Land Improvements	6,165
Gross Amounts, Building and Building Improvements	17,157
Total	23,322
Accumulated Depreciation	$ (2,421)
Year Acquired	Dec. 31, 2021
Multifamily | Southeast Affordable Housing Portfolio II | Park Ridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Stafford, VA
Encumbrances	$ 20,255
Initial Cost, Land and Land Improvements	3,778
Initial Cost, Building and Building Improvements	25,689
Gross Amounts, Land and Land Improvements	3,879
Gross Amounts, Building and Building Improvements	26,006
Total	29,885
Accumulated Depreciation	$ (2,511)
Year Acquired	Dec. 31, 2021
Multifamily | Southeast Affordable Housing Portfolio II | Glen Ridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Woodbridge, VA
Encumbrances	$ 21,667
Initial Cost, Land and Land Improvements	4,159
Initial Cost, Building and Building Improvements	27,218
Gross Amounts, Land and Land Improvements	4,332
Gross Amounts, Building and Building Improvements	27,644
Total	31,976
Accumulated Depreciation	$ (2,586)
Year Acquired	Dec. 31, 2021
Multifamily | Southeast Affordable Housing Portfolio II | Grande Court Boggy
Real Estate And Accumulated Depreciation [Line Items]
Location	Kissimmee, FL
Encumbrances	$ 34,904
Initial Cost, Land and Land Improvements	9,361
Initial Cost, Building and Building Improvements	41,265
Gross Amounts, Land and Land Improvements	9,484
Gross Amounts, Building and Building Improvements	41,711
Total	51,195
Accumulated Depreciation	$ (4,807)
Year Acquired	Dec. 31, 2021
Multifamily | Southeast Affordable Housing Portfolio II | Magnolia Creste
Real Estate And Accumulated Depreciation [Line Items]
Location	Dallas, GA
Encumbrances	$ 16,438
Initial Cost, Land and Land Improvements	2,650
Initial Cost, Building and Building Improvements	21,475
Gross Amounts, Land and Land Improvements	2,802
Gross Amounts, Building and Building Improvements	21,749
Total	24,551
Accumulated Depreciation	$ (2,338)
Year Acquired	Dec. 31, 2021
Multifamily | Southeast Affordable Housing Portfolio II | Magnolia Village
Real Estate And Accumulated Depreciation [Line Items]
Location	Lawrenceville, GA
Encumbrances	$ 15,783
Initial Cost, Land and Land Improvements	5,107
Initial Cost, Building and Building Improvements	16,645
Gross Amounts, Land and Land Improvements	5,224
Gross Amounts, Building and Building Improvements	16,963
Total	22,187
Accumulated Depreciation	$ (2,337)
Year Acquired	Dec. 31, 2021
Multifamily | Southeast Affordable Housing Portfolio II | Rocky Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	Greenville, SC
Encumbrances	$ 14,395
Initial Cost, Land and Land Improvements	3,030
Initial Cost, Building and Building Improvements	17,079
Gross Amounts, Land and Land Improvements	3,139
Gross Amounts, Building and Building Improvements	17,503
Total	20,642
Accumulated Depreciation	$ (1,963)
Year Acquired	Dec. 31, 2021
Multifamily | Southeast Affordable Housing Portfolio II | Land and Land Improvements | Culpeper Commons
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 104
Multifamily | Southeast Affordable Housing Portfolio II | Land and Land Improvements | England Run
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	166
Multifamily | Southeast Affordable Housing Portfolio II | Land and Land Improvements | Glen Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	180
Multifamily | Southeast Affordable Housing Portfolio II | Land and Land Improvements | Park Ridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	101
Multifamily | Southeast Affordable Housing Portfolio II | Land and Land Improvements | Glen Ridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	173
Multifamily | Southeast Affordable Housing Portfolio II | Land and Land Improvements | Grande Court Boggy
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	123
Multifamily | Southeast Affordable Housing Portfolio II | Land and Land Improvements | Magnolia Creste
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	152
Multifamily | Southeast Affordable Housing Portfolio II | Land and Land Improvements | Magnolia Village
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	117
Multifamily | Southeast Affordable Housing Portfolio II | Land and Land Improvements | Rocky Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	109
Multifamily | Southeast Affordable Housing Portfolio II | Building and Building Improvements | Culpeper Commons
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	517
Multifamily | Southeast Affordable Housing Portfolio II | Building and Building Improvements | England Run
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	492
Multifamily | Southeast Affordable Housing Portfolio II | Building and Building Improvements | Glen Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	804
Multifamily | Southeast Affordable Housing Portfolio II | Building and Building Improvements | Park Ridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	317
Multifamily | Southeast Affordable Housing Portfolio II | Building and Building Improvements | Glen Ridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	426
Multifamily | Southeast Affordable Housing Portfolio II | Building and Building Improvements | Grande Court Boggy
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	446
Multifamily | Southeast Affordable Housing Portfolio II | Building and Building Improvements | Magnolia Creste
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	274
Multifamily | Southeast Affordable Housing Portfolio II | Building and Building Improvements | Magnolia Village
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	318
Multifamily | Southeast Affordable Housing Portfolio II | Building and Building Improvements | Rocky Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 424
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Autumn Ridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Memphis, TN
Encumbrances	$ 7,547
Initial Cost, Land and Land Improvements	2,591
Initial Cost, Building and Building Improvements	7,180
Gross Amounts, Land and Land Improvements	2,664
Gross Amounts, Building and Building Improvements	7,510
Total	10,174
Accumulated Depreciation	$ (1,008)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Autumn Wind
Real Estate And Accumulated Depreciation [Line Items]
Location	Winchester, VA
Encumbrances	$ 9,840
Initial Cost, Land and Land Improvements	2,724
Initial Cost, Building and Building Improvements	10,005
Gross Amounts, Land and Land Improvements	2,865
Gross Amounts, Building and Building Improvements	10,250
Total	13,115
Accumulated Depreciation	$ (1,487)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Bridgeport
Real Estate And Accumulated Depreciation [Line Items]
Location	Hampton, VA
Encumbrances	$ 17,130
Initial Cost, Land and Land Improvements	4,285
Initial Cost, Building and Building Improvements	18,075
Gross Amounts, Land and Land Improvements	4,337
Gross Amounts, Building and Building Improvements	18,548
Total	22,885
Accumulated Depreciation	$ (2,143)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Cascade Village
Real Estate And Accumulated Depreciation [Line Items]
Location	Holland, MI
Encumbrances	$ 13,680
Initial Cost, Land and Land Improvements	3,389
Initial Cost, Building and Building Improvements	14,530
Gross Amounts, Land and Land Improvements	3,670
Gross Amounts, Building and Building Improvements	15,203
Total	18,873
Accumulated Depreciation	$ (1,947)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Columbia Hills
Real Estate And Accumulated Depreciation [Line Items]
Location	Columbia, TN
Encumbrances	$ 9,740
Initial Cost, Land and Land Improvements	2,871
Initial Cost, Building and Building Improvements	9,816
Gross Amounts, Land and Land Improvements	3,009
Gross Amounts, Building and Building Improvements	10,505
Total	13,514
Accumulated Depreciation	$ (1,493)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Crestview
Real Estate And Accumulated Depreciation [Line Items]
Location	Fredericksburg, VA
Encumbrances	$ 26,720
Initial Cost, Land and Land Improvements	4,358
Initial Cost, Building and Building Improvements	30,470
Gross Amounts, Land and Land Improvements	4,445
Gross Amounts, Building and Building Improvements	31,069
Total	35,514
Accumulated Depreciation	$ (3,527)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Falcon Pointe
Real Estate And Accumulated Depreciation [Line Items]
Location	Rosenberg, TX
Encumbrances	$ 9,440
Initial Cost, Land and Land Improvements	1,876
Initial Cost, Building and Building Improvements	10,461
Gross Amounts, Land and Land Improvements	1,978
Gross Amounts, Building and Building Improvements	10,820
Total	12,798
Accumulated Depreciation	$ (1,481)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Foxridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Durham, NC
Encumbrances	$ 10,333
Initial Cost, Land and Land Improvements	2,524
Initial Cost, Building and Building Improvements	10,986
Gross Amounts, Land and Land Improvements	2,614
Gross Amounts, Building and Building Improvements	11,443
Total	14,057
Accumulated Depreciation	$ (1,468)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Genito Glen
Real Estate And Accumulated Depreciation [Line Items]
Location	Midlothian, VA
Encumbrances	$ 10,960
Initial Cost, Land and Land Improvements	2,703
Initial Cost, Building and Building Improvements	11,559
Gross Amounts, Land and Land Improvements	2,787
Gross Amounts, Building and Building Improvements	11,788
Total	14,575
Accumulated Depreciation	$ (1,506)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Kings Ridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Newport News, VA
Encumbrances	$ 15,572
Initial Cost, Land and Land Improvements	4,729
Initial Cost, Building and Building Improvements	15,539
Gross Amounts, Land and Land Improvements	5,061
Gross Amounts, Building and Building Improvements	16,189
Total	21,250
Accumulated Depreciation	$ (2,167)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Las Villas De Leon
Real Estate And Accumulated Depreciation [Line Items]
Location	San Antonio, TX
Encumbrances	$ 7,560
Initial Cost, Land and Land Improvements	2,347
Initial Cost, Building and Building Improvements	7,458
Gross Amounts, Land and Land Improvements	2,554
Gross Amounts, Building and Building Improvements	8,218
Total	10,772
Accumulated Depreciation	$ (1,176)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Ocean Gate
Real Estate And Accumulated Depreciation [Line Items]
Location	Virginia Beach, VA
Encumbrances	$ 20,080
Initial Cost, Land and Land Improvements	4,347
Initial Cost, Building and Building Improvements	21,957
Gross Amounts, Land and Land Improvements	4,433
Gross Amounts, Building and Building Improvements	22,402
Total	26,835
Accumulated Depreciation	$ (2,604)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Parkview
Real Estate And Accumulated Depreciation [Line Items]
Location	Huntersville, NC
Encumbrances	$ 11,191
Initial Cost, Land and Land Improvements	1,876
Initial Cost, Building and Building Improvements	12,739
Gross Amounts, Land and Land Improvements	1,913
Gross Amounts, Building and Building Improvements	12,879
Total	14,792
Accumulated Depreciation	$ (1,482)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | River Birch
Real Estate And Accumulated Depreciation [Line Items]
Location	Raleigh, NC
Encumbrances	$ 19,411
Initial Cost, Land and Land Improvements	4,168
Initial Cost, Building and Building Improvements	21,150
Gross Amounts, Land and Land Improvements	4,268
Gross Amounts, Building and Building Improvements	21,701
Total	25,969
Accumulated Depreciation	$ (2,389)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | River Park Place
Real Estate And Accumulated Depreciation [Line Items]
Location	Vero Beach, FL
Encumbrances	$ 8,538
Initial Cost, Land and Land Improvements	2,661
Initial Cost, Building and Building Improvements	8,425
Gross Amounts, Land and Land Improvements	2,731
Gross Amounts, Building and Building Improvements	8,839
Total	11,570
Accumulated Depreciation	$ (1,211)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Sterling Crest
Real Estate And Accumulated Depreciation [Line Items]
Location	Saginaw, MI
Encumbrances	$ 8,800
Initial Cost, Land and Land Improvements	4,176
Initial Cost, Building and Building Improvements	7,229
Gross Amounts, Land and Land Improvements	4,305
Gross Amounts, Building and Building Improvements	7,722
Total	12,027
Accumulated Depreciation	$ (1,268)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Stonegate
Real Estate And Accumulated Depreciation [Line Items]
Location	Stafford, VA
Encumbrances	$ 28,880
Initial Cost, Land and Land Improvements	3,963
Initial Cost, Building and Building Improvements	33,721
Gross Amounts, Land and Land Improvements	4,055
Gross Amounts, Building and Building Improvements	34,139
Total	38,194
Accumulated Depreciation	$ (3,586)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Sawyer Flats
Real Estate And Accumulated Depreciation [Line Items]
Location	Gaithersburg, MD
Encumbrances	$ 144,060
Initial Cost, Land and Land Improvements	32,701
Gross Amounts, Land and Land Improvements	33,887
Total	204,699
Accumulated Depreciation	$ (12,369)
Year Acquired	Dec. 31, 2021
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Chesapeake, VA
Encumbrances	$ 26,880
Initial Cost, Land and Land Improvements	6,467
Initial Cost, Building and Building Improvements	28,766
Gross Amounts, Land and Land Improvements	6,633
Gross Amounts, Building and Building Improvements	29,593
Total	36,226
Accumulated Depreciation	$ (3,388)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Harrisonburg, VA
Encumbrances	$ 11,760
Initial Cost, Land and Land Improvements	4,022
Initial Cost, Building and Building Improvements	11,222
Gross Amounts, Land and Land Improvements	4,122
Gross Amounts, Building and Building Improvements	11,609
Total	15,731
Accumulated Depreciation	$ (1,746)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Manassas, VA
Encumbrances	$ 70,695
Initial Cost, Land and Land Improvements	10,637
Initial Cost, Building and Building Improvements	81,855
Gross Amounts, Land and Land Improvements	10,927
Gross Amounts, Building and Building Improvements	82,813
Total	93,740
Accumulated Depreciation	$ (9,126)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Woodbridge, VA
Encumbrances	$ 55,243
Initial Cost, Land and Land Improvements	8,617
Initial Cost, Building and Building Improvements	63,627
Gross Amounts, Land and Land Improvements	8,781
Gross Amounts, Building and Building Improvements	64,751
Total	73,532
Accumulated Depreciation	$ (7,202)
Year Acquired	Dec. 31, 2020
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Autumn Ridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 73
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Autumn Wind
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	141
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Bridgeport
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	52
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Cascade Village
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	281
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Columbia Hills
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	138
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Crestview
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	87
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Falcon Pointe
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	102
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Foxridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	90
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Genito Glen
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	84
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Kings Ridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	332
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Las Villas De Leon
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	207
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Ocean Gate
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	86
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Parkview
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	37
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | River Birch
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	100
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | River Park Place
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	70
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Sterling Crest
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	129
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Stonegate
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	92
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Sawyer Flats
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,186
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	166
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	100
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	290
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	164
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Autumn Ridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	330
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Autumn Wind
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	245
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Bridgeport
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	473
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Cascade Village
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	673
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Columbia Hills
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	689
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Crestview
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	599
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Falcon Pointe
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	359
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Foxridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	457
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Genito Glen
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	229
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Kings Ridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	650
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Las Villas De Leon
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	760
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Ocean Gate
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	445
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Parkview
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	140
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | River Birch
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	551
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | River Park Place
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	414
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Sterling Crest
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	493
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Stonegate
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	418
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	827
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	387
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	958
Multifamily | Mid-Atlantic Affordable Housing Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 1,124
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Fredericksburg, VA
Encumbrances	$ 67,101
Initial Cost, Land and Land Improvements	18,748
Initial Cost, Building and Building Improvements	86,640
Gross Amounts, Land and Land Improvements	19,055
Gross Amounts, Building and Building Improvements	87,256
Total	106,311
Accumulated Depreciation	$ (5,645)
Year Acquired	Dec. 31, 2022
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Lakewood Villas ATL
Real Estate And Accumulated Depreciation [Line Items]
Location	Atlanta, GA
Encumbrances	$ 19,937
Initial Cost, Land and Land Improvements	5,659
Initial Cost, Building and Building Improvements	19,470
Gross Amounts, Land and Land Improvements	5,775
Gross Amounts, Building and Building Improvements	19,764
Total	25,539
Accumulated Depreciation	$ (1,892)
Year Acquired	Dec. 31, 2022
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Ivy Creek Buford
Real Estate And Accumulated Depreciation [Line Items]
Location	Buford, GS
Encumbrances	$ 30,731
Initial Cost, Land and Land Improvements	6,784
Initial Cost, Building and Building Improvements	36,309
Gross Amounts, Land and Land Improvements	7,090
Gross Amounts, Building and Building Improvements	36,617
Total	43,707
Accumulated Depreciation	$ (2,704)
Year Acquired	Dec. 31, 2022
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Cobblestone Kennesaw
Real Estate And Accumulated Depreciation [Line Items]
Location	Kennesaw, GA
Encumbrances	$ 19,311
Initial Cost, Land and Land Improvements	6,818
Initial Cost, Building and Building Improvements	20,700
Gross Amounts, Land and Land Improvements	6,949
Gross Amounts, Building and Building Improvements	20,874
Total	27,823
Accumulated Depreciation	$ (1,779)
Year Acquired	Dec. 31, 2022
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Galaxy Silver Spring
Real Estate And Accumulated Depreciation [Line Items]
Location	Silver Springs, MD
Encumbrances	$ 36,418
Initial Cost, Land and Land Improvements	9,832
Initial Cost, Building and Building Improvements	54,956
Gross Amounts, Land and Land Improvements	10,132
Gross Amounts, Building and Building Improvements	55,285
Total	65,417
Accumulated Depreciation	$ (2,740)
Year Acquired	Dec. 31, 2022
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Sky Terrace
Real Estate And Accumulated Depreciation [Line Items]
Location	Stafford, VA
Encumbrances	$ 37,257
Initial Cost, Land and Land Improvements	7,836
Initial Cost, Building and Building Improvements	52,382
Gross Amounts, Land and Land Improvements	8,046
Gross Amounts, Building and Building Improvements	52,716
Total	60,762
Accumulated Depreciation	$ (3,261)
Year Acquired	Dec. 31, 2022
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Highland Warranton
Real Estate And Accumulated Depreciation [Line Items]
Location	Warranton, VA
Encumbrances	$ 18,211
Initial Cost, Land and Land Improvements	6,136
Initial Cost, Building and Building Improvements	17,652
Gross Amounts, Land and Land Improvements	6,343
Gross Amounts, Building and Building Improvements	17,760
Total	24,103
Accumulated Depreciation	$ (1,337)
Year Acquired	Dec. 31, 2022
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 307
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Land and Land Improvements | Lakewood Villas ATL
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	116
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Land and Land Improvements | Ivy Creek Buford
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	306
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Land and Land Improvements | Cobblestone Kennesaw
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	131
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Land and Land Improvements | Galaxy Silver Spring
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	300
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Land and Land Improvements | Sky Terrace
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	210
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Land and Land Improvements | Highland Warranton
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	207
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	616
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Building and Building Improvements | Lakewood Villas ATL
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	294
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Building and Building Improvements | Ivy Creek Buford
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	308
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Building and Building Improvements | Cobblestone Kennesaw
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	174
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Building and Building Improvements | Galaxy Silver Spring
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	329
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Building and Building Improvements | Sky Terrace
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	334
Multifamily | Mid-Atlantic Affordable Housing Portfolio II | Building and Building Improvements | Highland Warranton
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 108
Multifamily | Texas and North Carolina Multifamily Portfolio | Waterview
Real Estate And Accumulated Depreciation [Line Items]
Location	Fort Worth, TX
Encumbrances	$ 69,831
Initial Cost, Land and Land Improvements	12,114
Initial Cost, Building and Building Improvements	81,045
Gross Amounts, Land and Land Improvements	12,167
Gross Amounts, Building and Building Improvements	81,093
Total	93,260
Accumulated Depreciation	$ (5,582)
Year Acquired	Dec. 31, 2022
Multifamily | Texas and North Carolina Multifamily Portfolio | Bunker HIll
Real Estate And Accumulated Depreciation [Line Items]
Location	Houston, TX
Encumbrances	$ 64,451
Initial Cost, Land and Land Improvements	5,855
Initial Cost, Building and Building Improvements	79,938
Gross Amounts, Land and Land Improvements	5,881
Gross Amounts, Building and Building Improvements	80,027
Total	85,908
Accumulated Depreciation	$ (4,378)
Year Acquired	Dec. 31, 2022
Multifamily | Texas and North Carolina Multifamily Portfolio | Regalia
Real Estate And Accumulated Depreciation [Line Items]
Location	Mansfield, TX
Encumbrances	$ 57,707
Initial Cost, Land and Land Improvements	8,595
Initial Cost, Building and Building Improvements	68,599
Gross Amounts, Land and Land Improvements	8,619
Gross Amounts, Building and Building Improvements	68,635
Total	77,254
Accumulated Depreciation	$ (4,391)
Year Acquired	Dec. 31, 2022
Multifamily | Texas and North Carolina Multifamily Portfolio | Litchford
Real Estate And Accumulated Depreciation [Line Items]
Location	Raleigh, NC
Encumbrances	$ 53,535
Initial Cost, Land and Land Improvements	11,588
Initial Cost, Building and Building Improvements	70,431
Gross Amounts, Land and Land Improvements	11,666
Gross Amounts, Building and Building Improvements	70,548
Total	82,214
Accumulated Depreciation	$ (4,070)
Year Acquired	Dec. 31, 2022
Multifamily | Texas and North Carolina Multifamily Portfolio | Whispering Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	San Antonio, TX
Encumbrances	$ 35,229
Initial Cost, Land and Land Improvements	5,025
Initial Cost, Building and Building Improvements	42,064
Gross Amounts, Land and Land Improvements	5,065
Gross Amounts, Building and Building Improvements	42,109
Total	47,174
Accumulated Depreciation	$ (2,700)
Year Acquired	Dec. 31, 2022
Multifamily | Texas and North Carolina Multifamily Portfolio | Land and Land Improvements | Waterview
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 53
Multifamily | Texas and North Carolina Multifamily Portfolio | Land and Land Improvements | Bunker HIll
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	26
Multifamily | Texas and North Carolina Multifamily Portfolio | Land and Land Improvements | Regalia
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost, Building and Building Improvements	24
Multifamily | Texas and North Carolina Multifamily Portfolio | Land and Land Improvements | Litchford
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	78
Multifamily | Texas and North Carolina Multifamily Portfolio | Land and Land Improvements | Whispering Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	40
Multifamily | Texas and North Carolina Multifamily Portfolio | Building and Building Improvements | Waterview
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	48
Multifamily | Texas and North Carolina Multifamily Portfolio | Building and Building Improvements | Bunker HIll
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	89
Multifamily | Texas and North Carolina Multifamily Portfolio | Building and Building Improvements | Regalia
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost, Building and Building Improvements	36
Multifamily | Texas and North Carolina Multifamily Portfolio | Building and Building Improvements | Litchford
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	117
Multifamily | Texas and North Carolina Multifamily Portfolio | Building and Building Improvements | Whispering Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 45
Multifamily | Phoenix Affordable Housing Portfolio | Desert Eagle
Real Estate And Accumulated Depreciation [Line Items]
Location	Glendale, AZ
Encumbrances	$ 28,171
Initial Cost, Land and Land Improvements	8,420
Initial Cost, Building and Building Improvements	37,708
Gross Amounts, Land and Land Improvements	8,543
Gross Amounts, Building and Building Improvements	38,244
Total	46,787
Accumulated Depreciation	$ (2,570)
Year Acquired	Dec. 31, 2022
Multifamily | Phoenix Affordable Housing Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Mesa, AZ
Encumbrances	$ 101,114
Initial Cost, Land and Land Improvements	25,347
Initial Cost, Building and Building Improvements	142,096
Gross Amounts, Land and Land Improvements	25,922
Gross Amounts, Building and Building Improvements	144,392
Total	170,314
Accumulated Depreciation	$ (9,326)
Year Acquired	Dec. 31, 2022
Multifamily | Phoenix Affordable Housing Portfolio | Lake Pleasant Village
Real Estate And Accumulated Depreciation [Line Items]
Location	Peoria, AZ
Encumbrances	$ 23,579
Initial Cost, Land and Land Improvements	7,346
Initial Cost, Building and Building Improvements	31,972
Gross Amounts, Land and Land Improvements	7,553
Gross Amounts, Building and Building Improvements	32,354
Total	39,907
Accumulated Depreciation	$ (2,216)
Year Acquired	Dec. 31, 2022
Multifamily | Phoenix Affordable Housing Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Phoenix, AZ
Encumbrances	$ 59,838
Initial Cost, Land and Land Improvements	13,992
Initial Cost, Building and Building Improvements	73,080
Gross Amounts, Land and Land Improvements	14,413
Gross Amounts, Building and Building Improvements	74,415
Total	88,828
Accumulated Depreciation	$ (4,319)
Year Acquired	Dec. 31, 2022
Multifamily | Phoenix Affordable Housing Portfolio | Land and Land Improvements | Desert Eagle
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 123
Multifamily | Phoenix Affordable Housing Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	575
Multifamily | Phoenix Affordable Housing Portfolio | Land and Land Improvements | Lake Pleasant Village
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	207
Multifamily | Phoenix Affordable Housing Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	421
Multifamily | Phoenix Affordable Housing Portfolio | Building and Building Improvements | Desert Eagle
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	536
Multifamily | Phoenix Affordable Housing Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	2,296
Multifamily | Phoenix Affordable Housing Portfolio | Building and Building Improvements | Lake Pleasant Village
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	382
Multifamily | Phoenix Affordable Housing Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 1,335
Multifamily | Summit Multifamily Portfolio | Vintage Amelia
Real Estate And Accumulated Depreciation [Line Items]
Location	Amelia Island, FL
Encumbrances	$ 35,437
Initial Cost, Land and Land Improvements	8,015
Initial Cost, Building and Building Improvements	57,141
Gross Amounts, Land and Land Improvements	8,073
Gross Amounts, Building and Building Improvements	54,171
Total	62,244
Accumulated Depreciation	$ (3,858)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Vantage Ashland
Real Estate And Accumulated Depreciation [Line Items]
Location	Ashland City, TN
Encumbrances	$ 33,279
Initial Cost, Land and Land Improvements	5,712
Initial Cost, Building and Building Improvements	56,903
Gross Amounts, Land and Land Improvements	5,774
Gross Amounts, Building and Building Improvements	57,259
Total	63,033
Accumulated Depreciation	$ (3,627)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Ethos Austin
Real Estate And Accumulated Depreciation [Line Items]
Location	Austin, TX
Encumbrances	$ 47,780
Initial Cost, Land and Land Improvements	11,085
Initial Cost, Building and Building Improvements	72,024
Gross Amounts, Land and Land Improvements	11,184
Gross Amounts, Building and Building Improvements	73,358
Total	84,542
Accumulated Depreciation	$ (4,627)
Year Acquired	Dec. 31, 2021
Multifamily | Summit Multifamily Portfolio | Walnut Bastrop
Real Estate And Accumulated Depreciation [Line Items]
Location	Bastrop, TX
Encumbrances	$ 27,479
Initial Cost, Land and Land Improvements	5,643
Initial Cost, Building and Building Improvements	44,116
Gross Amounts, Land and Land Improvements	5,766
Gross Amounts, Building and Building Improvements	44,445
Total	50,211
Accumulated Depreciation	$ (2,791)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Burleson, TX
Encumbrances	$ 81,272
Initial Cost, Land and Land Improvements	12,479
Initial Cost, Building and Building Improvements	139,515
Gross Amounts, Land and Land Improvements	12,580
Gross Amounts, Building and Building Improvements	139,963
Total	152,543
Accumulated Depreciation	$ (7,998)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Ethan Pointe
Real Estate And Accumulated Depreciation [Line Items]
Location	Burlington, NC
Encumbrances	$ 38,879
Initial Cost, Land and Land Improvements	5,884
Initial Cost, Building and Building Improvements	61,163
Gross Amounts, Land and Land Improvements	5,928
Gross Amounts, Building and Building Improvements	61,390
Total	67,318
Accumulated Depreciation	$ (3,951)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | 1400 Chestnut
Real Estate And Accumulated Depreciation [Line Items]
Location	Chattanooga, TN
Encumbrances	$ 34,493
Initial Cost, Land and Land Improvements	2,826
Initial Cost, Building and Building Improvements	52,914
Gross Amounts, Land and Land Improvements	2,846
Gross Amounts, Building and Building Improvements	52,972
Total	55,818
Accumulated Depreciation	$ (2,599)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Stonebriar Frisco
Real Estate And Accumulated Depreciation [Line Items]
Location	Frisco, TX
Encumbrances	$ 63,679
Initial Cost, Land and Land Improvements	8,210
Initial Cost, Building and Building Improvements	107,353
Gross Amounts, Land and Land Improvements	8,578
Gross Amounts, Building and Building Improvements	107,644
Total	116,222
Accumulated Depreciation	$ (5,574)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Darby Holly Springs
Real Estate And Accumulated Depreciation [Line Items]
Location	Holly Springs, GA
Encumbrances	$ 50,693
Initial Cost, Land and Land Improvements	11,933
Initial Cost, Building and Building Improvements	82,863
Gross Amounts, Land and Land Improvements	11,984
Gross Amounts, Building and Building Improvements	82,968
Total	94,952
Accumulated Depreciation	$ (5,036)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Indianapolis, IN
Encumbrances	$ 80,786
Initial Cost, Land and Land Improvements	10,047
Initial Cost, Building and Building Improvements	135,908
Gross Amounts, Land and Land Improvements	10,317
Gross Amounts, Building and Building Improvements	137,287
Total	147,604
Accumulated Depreciation	$ (7,935)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Orchard Hills
Real Estate And Accumulated Depreciation [Line Items]
Location	Jeffersonville, IN
Encumbrances	$ 36,393
Initial Cost, Land and Land Improvements	5,720
Initial Cost, Building and Building Improvements	52,149
Gross Amounts, Land and Land Improvements	5,741
Gross Amounts, Building and Building Improvements	52,703
Total	58,444
Accumulated Depreciation	$ (3,479)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Knoxville, TN
Encumbrances	$ 89,686
Initial Cost, Land and Land Improvements	8,278
Initial Cost, Building and Building Improvements	145,987
Gross Amounts, Land and Land Improvements	8,454
Gross Amounts, Building and Building Improvements	146,426
Total	154,880
Accumulated Depreciation	$ (7,728)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Woodland Lakes Lansing
Real Estate And Accumulated Depreciation [Line Items]
Location	Lansing, MI
Encumbrances	$ 43,093
Initial Cost, Land and Land Improvements	8,179
Initial Cost, Building and Building Improvements	61,911
Gross Amounts, Land and Land Improvements	8,288
Gross Amounts, Building and Building Improvements	62,838
Total	71,126
Accumulated Depreciation	$ (4,943)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Louisville, KY
Encumbrances	$ 117,726
Initial Cost, Land and Land Improvements	17,123
Initial Cost, Building and Building Improvements	178,426
Gross Amounts, Land and Land Improvements	17,577
Gross Amounts, Building and Building Improvements	175,223
Total	192,800
Accumulated Depreciation	$ (10,745)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Lakeside Marietta
Real Estate And Accumulated Depreciation [Line Items]
Location	Marietta, GA
Encumbrances	$ 70,893
Initial Cost, Land and Land Improvements	14,659
Initial Cost, Building and Building Improvements	124,095
Gross Amounts, Land and Land Improvements	14,808
Gross Amounts, Building and Building Improvements	124,783
Total	139,591
Accumulated Depreciation	$ (7,155)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Reserve Maryville
Real Estate And Accumulated Depreciation [Line Items]
Location	Maryville, TN
Encumbrances	$ 29,093
Initial Cost, Land and Land Improvements	6,455
Initial Cost, Building and Building Improvements	37,771
Gross Amounts, Land and Land Improvements	6,494
Gross Amounts, Building and Building Improvements	39,778
Total	46,272
Accumulated Depreciation	$ (2,826)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Vintage Juliet
Real Estate And Accumulated Depreciation [Line Items]
Location	Mt. Juliet, TN
Encumbrances	$ 54,411
Initial Cost, Land and Land Improvements	4,981
Initial Cost, Building and Building Improvements	84,725
Gross Amounts, Land and Land Improvements	5,023
Gross Amounts, Building and Building Improvements	84,905
Total	89,928
Accumulated Depreciation	$ (4,237)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Murfreesboro, TN
Encumbrances	$ 82,058
Initial Cost, Land and Land Improvements	9,480
Initial Cost, Building and Building Improvements	138,701
Gross Amounts, Land and Land Improvements	9,605
Gross Amounts, Building and Building Improvements	139,201
Total	148,806
Accumulated Depreciation	$ (7,553)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Hickory Point Nashville
Real Estate And Accumulated Depreciation [Line Items]
Location	Nashville, TN
Encumbrances	$ 49,479
Initial Cost, Land and Land Improvements	7,534
Initial Cost, Building and Building Improvements	81,694
Gross Amounts, Land and Land Improvements	7,784
Gross Amounts, Building and Building Improvements	82,087
Total	89,871
Accumulated Depreciation	$ (5,015)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Emerson Pflugerville
Real Estate And Accumulated Depreciation [Line Items]
Location	Pflugerville, TX
Encumbrances	$ 53,679
Initial Cost, Land and Land Improvements	11,087
Initial Cost, Building and Building Improvements	83,771
Gross Amounts, Land and Land Improvements	11,197
Gross Amounts, Building and Building Improvements	84,019
Total	95,216
Accumulated Depreciation	$ (5,338)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Prinwood Place
Real Estate And Accumulated Depreciation [Line Items]
Location	Portage, MI
Encumbrances	$ 12,993
Initial Cost, Land and Land Improvements	1,672
Initial Cost, Building and Building Improvements	19,257
Gross Amounts, Land and Land Improvements	1,734
Gross Amounts, Building and Building Improvements	19,572
Total	21,306
Accumulated Depreciation	$ (1,298)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Foxwood Raleigh
Real Estate And Accumulated Depreciation [Line Items]
Location	Raleigh, NC
Encumbrances	$ 94,380
Initial Cost, Land and Land Improvements	20,149
Initial Cost, Building and Building Improvements	142,196
Gross Amounts, Land and Land Improvements	20,246
Gross Amounts, Building and Building Improvements	142,596
Total	162,842
Accumulated Depreciation	$ (8,676)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Sugar Flats SLC
Real Estate And Accumulated Depreciation [Line Items]
Location	Salt Lake City, UT
Encumbrances	$ 32,148
Initial Cost, Land and Land Improvements	6,265
Initial Cost, Building and Building Improvements	51,531
Gross Amounts, Land and Land Improvements	6,413
Gross Amounts, Building and Building Improvements	51,791
Total	58,204
Accumulated Depreciation	$ (2,505)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Ranch 123 Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Seguin, TX
Encumbrances	$ 20,993
Initial Cost, Land and Land Improvements	4,347
Initial Cost, Building and Building Improvements	43,170
Gross Amounts, Land and Land Improvements	4,457
Gross Amounts, Building and Building Improvements	43,308
Total	47,765
Accumulated Depreciation	$ (2,648)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Vintage Tollgate
Real Estate And Accumulated Depreciation [Line Items]
Location	Thompson’s Station, TN
Encumbrances	$ 41,879
Initial Cost, Land and Land Improvements	4,392
Initial Cost, Building and Building Improvements	70,715
Gross Amounts, Land and Land Improvements	4,453
Gross Amounts, Building and Building Improvements	70,904
Total	75,357
Accumulated Depreciation	$ (3,862)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Reserve Tuscaloosa
Real Estate And Accumulated Depreciation [Line Items]
Location	Tuscaloosa, AL
Encumbrances	$ 31,393
Initial Cost, Land and Land Improvements	5,878
Initial Cost, Building and Building Improvements	47,916
Gross Amounts, Land and Land Improvements	6,100
Gross Amounts, Building and Building Improvements	49,267
Total	55,367
Accumulated Depreciation	$ (3,035)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Stonebrook Tyler
Real Estate And Accumulated Depreciation [Line Items]
Location	Tyler, TX
Encumbrances	$ 27,393
Initial Cost, Land and Land Improvements	5,048
Initial Cost, Building and Building Improvements	47,359
Gross Amounts, Land and Land Improvements	5,164
Gross Amounts, Building and Building Improvements	47,609
Total	52,773
Accumulated Depreciation	$ (2,893)
Year Acquired	Dec. 31, 2022
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Vintage Amelia
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 58
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Vantage Ashland
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	62
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Ethos Austin
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	99
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Walnut Bastrop
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	123
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	101
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Ethan Pointe
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	44
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | 1400 Chestnut
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	20
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Stonebriar Frisco
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	368
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Darby Holly Springs
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	51
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	270
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Orchard Hills
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	21
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	176
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Woodland Lakes Lansing
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	109
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	454
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Lakeside Marietta
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	149
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Reserve Maryville
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	39
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Vintage Juliet
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	42
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	125
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Hickory Point Nashville
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	250
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Emerson Pflugerville
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	110
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Prinwood Place
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	62
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Foxwood Raleigh
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	97
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Sugar Flats SLC
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	148
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Ranch 123 Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	110
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Vintage Tollgate
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	61
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Reserve Tuscaloosa
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	222
Multifamily | Summit Multifamily Portfolio | Land and Land Improvements | Stonebrook Tyler
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	116
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Vintage Amelia
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(2,970)
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Vantage Ashland
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	356
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Ethos Austin
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,334
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Walnut Bastrop
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	329
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	448
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Ethan Pointe
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	227
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | 1400 Chestnut
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	58
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Stonebriar Frisco
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	291
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Darby Holly Springs
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	105
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,379
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Orchard Hills
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	554
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	439
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Woodland Lakes Lansing
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	927
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(3,203)
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Lakeside Marietta
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	688
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Reserve Maryville
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	2,007
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Vintage Juliet
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	180
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	500
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Hickory Point Nashville
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	393
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Emerson Pflugerville
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	248
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Prinwood Place
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	315
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Foxwood Raleigh
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	400
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Sugar Flats SLC
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	260
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Ranch 123 Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	138
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Vintage Tollgate
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	189
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Reserve Tuscaloosa
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,351
Multifamily | Summit Multifamily Portfolio | Building and Building Improvements | Stonebrook Tyler
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 250
Multifamily | Florida Affordable Housing Portfolio II
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 85,840
Initial Cost, Land and Land Improvements	16,599
Initial Cost, Building and Building Improvements	95,453
Gross Amounts, Land and Land Improvements	16,931
Gross Amounts, Building and Building Improvements	106,457
Total	123,388
Accumulated Depreciation	$ (12,107)
Year Acquired	Dec. 31, 2021
Number of properties | Property	4
Multifamily | Florida Affordable Housing Portfolio II | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 332
Multifamily | Florida Affordable Housing Portfolio II | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 11,004
Multifamily | Azalea Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Pflugerville, TX
Encumbrances	$ 107,590
Initial Cost, Land and Land Improvements	24,606
Initial Cost, Building and Building Improvements	142,875
Gross Amounts, Land and Land Improvements	24,952
Gross Amounts, Building and Building Improvements	144,818
Total	169,770
Accumulated Depreciation	$ (10,305)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Dallas, TX
Encumbrances	$ 84,140
Initial Cost, Land and Land Improvements	13,031
Initial Cost, Building and Building Improvements	125,670
Gross Amounts, Land and Land Improvements	13,098
Gross Amounts, Building and Building Improvements	126,604
Total	139,702
Accumulated Depreciation	$ (8,534)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Luxe
Real Estate And Accumulated Depreciation [Line Items]
Location	Aubrey, TX
Encumbrances	$ 52,290
Initial Cost, Land and Land Improvements	10,084
Initial Cost, Building and Building Improvements	78,835
Gross Amounts, Land and Land Improvements	10,232
Gross Amounts, Building and Building Improvements	79,364
Total	89,596
Accumulated Depreciation	$ (5,758)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Afton Ridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Concord, NC
Encumbrances	$ 54,062
Initial Cost, Land and Land Improvements	9,516
Initial Cost, Building and Building Improvements	62,919
Gross Amounts, Land and Land Improvements	9,618
Gross Amounts, Building and Building Improvements	62,949
Total	72,567
Accumulated Depreciation	$ (4,682)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Ariva
Real Estate And Accumulated Depreciation [Line Items]
Location	Lakeland, FL
Encumbrances	$ 51,899
Initial Cost, Land and Land Improvements	9,846
Initial Cost, Building and Building Improvements	57,063
Gross Amounts, Land and Land Improvements	9,882
Gross Amounts, Building and Building Improvements	57,275
Total	67,157
Accumulated Depreciation	$ (4,841)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Autumn Wood
Real Estate And Accumulated Depreciation [Line Items]
Location	Murfreesboro, TN
Encumbrances	$ 42,490
Initial Cost, Land and Land Improvements	6,114
Initial Cost, Building and Building Improvements	54,974
Gross Amounts, Land and Land Improvements	6,210
Gross Amounts, Building and Building Improvements	54,831
Total	61,041
Accumulated Depreciation	$ (4,204)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Clearbrook
Real Estate And Accumulated Depreciation [Line Items]
Location	Frederick, MD
Encumbrances	$ 62,090
Initial Cost, Land and Land Improvements	12,564
Initial Cost, Building and Building Improvements	51,451
Gross Amounts, Land and Land Improvements	12,596
Gross Amounts, Building and Building Improvements	51,394
Total	63,990
Accumulated Depreciation	$ (3,706)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Crosstown
Real Estate And Accumulated Depreciation [Line Items]
Location	Tampa, FL
Encumbrances	$ 58,695
Initial Cost, Land and Land Improvements	8,066
Initial Cost, Building and Building Improvements	65,753
Gross Amounts, Land and Land Improvements	8,056
Gross Amounts, Building and Building Improvements	65,785
Total	73,841
Accumulated Depreciation	$ (4,880)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Gwinnett Stadium
Real Estate And Accumulated Depreciation [Line Items]
Location	Lawrenceville, GA
Encumbrances	$ 41,090
Initial Cost, Land and Land Improvements	5,199
Initial Cost, Building and Building Improvements	48,131
Gross Amounts, Land and Land Improvements	5,281
Gross Amounts, Building and Building Improvements	48,131
Total	53,412
Accumulated Depreciation	$ (3,221)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Lakehouse
Real Estate And Accumulated Depreciation [Line Items]
Location	Plant City, FL
Encumbrances	$ 16,940
Initial Cost, Land and Land Improvements	3,334
Initial Cost, Building and Building Improvements	23,339
Gross Amounts, Land and Land Improvements	3,347
Gross Amounts, Building and Building Improvements	23,317
Total	26,664
Accumulated Depreciation	$ (1,827)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Millenia
Real Estate And Accumulated Depreciation [Line Items]
Location	Orlando, FL
Encumbrances	$ 36,890
Initial Cost, Land and Land Improvements	6,305
Initial Cost, Building and Building Improvements	47,647
Gross Amounts, Land and Land Improvements	6,361
Gross Amounts, Building and Building Improvements	47,597
Total	53,958
Accumulated Depreciation	$ (3,464)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Park Place
Real Estate And Accumulated Depreciation [Line Items]
Location	Morrisville, NC
Encumbrances	$ 52,920
Initial Cost, Land and Land Improvements	9,295
Initial Cost, Building and Building Improvements	57,281
Gross Amounts, Land and Land Improvements	9,302
Gross Amounts, Building and Building Improvements	57,536
Total	66,838
Accumulated Depreciation	$ (4,439)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Thorton Park
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 66,616
Initial Cost, Land and Land Improvements	9,950
Initial Cost, Building and Building Improvements	91,924
Gross Amounts, Land and Land Improvements	10,212
Gross Amounts, Building and Building Improvements	92,233
Total	102,445
Accumulated Depreciation	$ (6,488)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Travesia
Real Estate And Accumulated Depreciation [Line Items]
Location	Austin, TX
Encumbrances	$ 75,460
Initial Cost, Land and Land Improvements	13,787
Initial Cost, Building and Building Improvements	79,703
Gross Amounts, Land and Land Improvements	13,960
Gross Amounts, Building and Building Improvements	80,410
Total	94,370
Accumulated Depreciation	$ (5,773)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Victoria Grand
Real Estate And Accumulated Depreciation [Line Items]
Location	Tallahassee, FL
Encumbrances	$ 47,390
Initial Cost, Land and Land Improvements	7,002
Initial Cost, Building and Building Improvements	61,768
Gross Amounts, Land and Land Improvements	7,019
Gross Amounts, Building and Building Improvements	61,993
Total	69,012
Accumulated Depreciation	$ (4,547)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Keystone Castle Hills
Real Estate And Accumulated Depreciation [Line Items]
Location	Dallas, TX
Encumbrances	$ 89,922
Initial Cost, Land and Land Improvements	23,122
Initial Cost, Building and Building Improvements	99,118
Gross Amounts, Land and Land Improvements	23,878
Gross Amounts, Building and Building Improvements	100,559
Total	124,437
Accumulated Depreciation	$ (11,767)
Year Acquired	Dec. 31, 2021
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 346
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	67
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Luxe
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	148
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Afton Ridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	102
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Ariva
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	36
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Autumn Wood
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	96
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Clearbrook
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	32
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Crosstown
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	10
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Gwinnett Stadium
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	82
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Lakehouse
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	13
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Millenia
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	56
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Park Place
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	7
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Thorton Park
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	262
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Travesia
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	173
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Victoria Grand
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	17
Multifamily | Azalea Multifamily Portfolio | Land and Land Improvements | Keystone Castle Hills
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	756
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,943)
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	934
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Luxe
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	529
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Afton Ridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	30
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Ariva
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	212
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Autumn Wood
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(143)
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Clearbrook
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(57)
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Crosstown
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(32)
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Lakehouse
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(22)
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Millenia
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(50)
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Park Place
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	255
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Thorton Park
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	309
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Travesia
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	707
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Victoria Grand
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	225
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | Keystone Castle Hills
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,441
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | 5188 Baxter Park
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	148
Multifamily | Azalea Multifamily Portfolio | Building and Building Improvements | 1025 Luxe Avenue
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 122
Multifamily | Greater Boston Affordable Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Boston, MA
Encumbrances	$ 142,685
Initial Cost, Land and Land Improvements	60,313
Initial Cost, Building and Building Improvements	176,849
Gross Amounts, Land and Land Improvements	60,762
Gross Amounts, Building and Building Improvements	176,785
Total	237,547
Accumulated Depreciation	$ (11,820)
Year Acquired	Dec. 31, 2021
Number of properties | Property	5
Multifamily | Greater Boston Affordable Portfolio | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 449
Multifamily | Greater Boston Affordable Portfolio | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (64)
Multifamily | Columbus Preferred Portfolio | 5188 Baxter Park
Real Estate And Accumulated Depreciation [Line Items]
Location	Westerville, OH
Encumbrances	$ 21,700
Initial Cost, Land and Land Improvements	6,795
Initial Cost, Building and Building Improvements	23,058
Gross Amounts, Land and Land Improvements	6,804
Gross Amounts, Building and Building Improvements	23,206
Total	30,010
Accumulated Depreciation	$ (1,594)
Year Acquired	Dec. 31, 2021
Multifamily | Columbus Preferred Portfolio | 1025 Luxe Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Columbus, OH
Encumbrances	$ 45,500
Initial Cost, Land and Land Improvements	7,955
Initial Cost, Building and Building Improvements	43,178
Gross Amounts, Land and Land Improvements	7,996
Gross Amounts, Building and Building Improvements	43,300
Total	51,296
Accumulated Depreciation	$ (2,675)
Year Acquired	Dec. 31, 2021
Multifamily | Columbus Preferred Portfolio | The Palmer Dadeland
Real Estate And Accumulated Depreciation [Line Items]
Location	Miami, FL
Encumbrances	$ 259,800
Initial Cost, Land and Land Improvements	56,854
Initial Cost, Building and Building Improvements	304,585
Gross Amounts, Land and Land Improvements	57,388
Gross Amounts, Building and Building Improvements	305,439
Total	362,827
Accumulated Depreciation	$ (21,309)
Year Acquired	Dec. 31, 2021
Multifamily | Columbus Preferred Portfolio | Seven Springs Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Burlington, MA
Encumbrances	$ 117,110
Initial Cost, Land and Land Improvements	27,104
Initial Cost, Building and Building Improvements	164,679
Gross Amounts, Land and Land Improvements	27,134
Gross Amounts, Building and Building Improvements	165,312
Total	192,446
Accumulated Depreciation	$ (11,389)
Year Acquired	Dec. 31, 2021
Multifamily | Columbus Preferred Portfolio | Maison's Landing
Real Estate And Accumulated Depreciation [Line Items]
Location	Salt Lake City, UT
Encumbrances	$ 102,120
Initial Cost, Land and Land Improvements	14,890
Initial Cost, Building and Building Improvements	152,592
Gross Amounts, Land and Land Improvements	15,091
Gross Amounts, Building and Building Improvements	153,835
Total	168,926
Accumulated Depreciation	$ (11,820)
Year Acquired	Dec. 31, 2021
Multifamily | Columbus Preferred Portfolio | Sawyer Flats
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost, Building and Building Improvements	$ 168,846
Gross Amounts, Building and Building Improvements	170,812
Multifamily | Columbus Preferred Portfolio | Land and Land Improvements | 5188 Baxter Park
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	9
Multifamily | Columbus Preferred Portfolio | Land and Land Improvements | 1025 Luxe Avenue
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	41
Multifamily | Columbus Preferred Portfolio | Land and Land Improvements | The Palmer Dadeland
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	534
Multifamily | Columbus Preferred Portfolio | Land and Land Improvements | Seven Springs Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	30
Multifamily | Columbus Preferred Portfolio | Land and Land Improvements | Maison's Landing
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	201
Multifamily | Columbus Preferred Portfolio | Building and Building Improvements | The Palmer Dadeland
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	854
Multifamily | Columbus Preferred Portfolio | Building and Building Improvements | Seven Springs Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	633
Multifamily | Columbus Preferred Portfolio | Building and Building Improvements | Maison's Landing
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,243
Multifamily | Columbus Preferred Portfolio | Building and Building Improvements | Sawyer Flats
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 1,966
Multifamily | Florida Affordable Housing Portfolio III | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Bradenton, FL
Encumbrances	$ 75,290
Initial Cost, Land and Land Improvements	20,960
Initial Cost, Building and Building Improvements	101,049
Gross Amounts, Land and Land Improvements	21,536
Gross Amounts, Building and Building Improvements	102,564
Total	124,100
Accumulated Depreciation	$ (10,562)
Year Acquired	Dec. 31, 2021
Multifamily | Florida Affordable Housing Portfolio III | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Lakeland, FL
Encumbrances	$ 37,080
Initial Cost, Land and Land Improvements	7,112
Initial Cost, Building and Building Improvements	57,801
Gross Amounts, Land and Land Improvements	7,587
Gross Amounts, Building and Building Improvements	58,184
Total	65,771
Accumulated Depreciation	$ (5,370)
Year Acquired	Dec. 31, 2021
Multifamily | Florida Affordable Housing Portfolio III | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Tampa, FL
Encumbrances	$ 73,610
Initial Cost, Land and Land Improvements	26,276
Initial Cost, Building and Building Improvements	96,632
Gross Amounts, Land and Land Improvements	26,841
Gross Amounts, Building and Building Improvements	97,322
Total	124,163
Accumulated Depreciation	$ (9,850)
Year Acquired	Dec. 31, 2021
Multifamily | Florida Affordable Housing Portfolio III | Charleston Place
Real Estate And Accumulated Depreciation [Line Items]
Location	Holly Hill, FL
Encumbrances	$ 17,520
Initial Cost, Land and Land Improvements	5,930
Initial Cost, Building and Building Improvements	21,309
Gross Amounts, Land and Land Improvements	6,018
Gross Amounts, Building and Building Improvements	21,865
Total	27,883
Accumulated Depreciation	$ (2,446)
Year Acquired	Dec. 31, 2021
Multifamily | Florida Affordable Housing Portfolio III | Club at Sugar Mill
Real Estate And Accumulated Depreciation [Line Items]
Location	Port Orange, FL
Encumbrances	$ 14,260
Initial Cost, Land and Land Improvements	4,449
Initial Cost, Building and Building Improvements	15,946
Gross Amounts, Land and Land Improvements	4,537
Gross Amounts, Building and Building Improvements	16,423
Total	20,960
Accumulated Depreciation	$ (1,808)
Year Acquired	Dec. 31, 2021
Multifamily | Florida Affordable Housing Portfolio III | Nantucket Bay
Real Estate And Accumulated Depreciation [Line Items]
Location	Temple Terrace, FL
Encumbrances	$ 15,150
Initial Cost, Land and Land Improvements	6,364
Initial Cost, Building and Building Improvements	18,782
Gross Amounts, Land and Land Improvements	6,476
Gross Amounts, Building and Building Improvements	18,930
Total	25,406
Accumulated Depreciation	$ (1,849)
Year Acquired	Dec. 31, 2021
Multifamily | Florida Affordable Housing Portfolio III | Savannah Bay
Real Estate And Accumulated Depreciation [Line Items]
Location	Tarpon Springs, FL
Encumbrances	$ 12,610
Initial Cost, Land and Land Improvements	5,374
Initial Cost, Building and Building Improvements	9,640
Gross Amounts, Land and Land Improvements	5,490
Gross Amounts, Building and Building Improvements	9,879
Total	15,369
Accumulated Depreciation	$ (1,391)
Year Acquired	Dec. 31, 2021
Multifamily | Florida Affordable Housing Portfolio III | Brookwood Forest
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 23,560
Initial Cost, Land and Land Improvements	4,250
Initial Cost, Building and Building Improvements	35,025
Gross Amounts, Land and Land Improvements	4,450
Gross Amounts, Building and Building Improvements	35,688
Total	40,138
Accumulated Depreciation	$ (2,973)
Year Acquired	Dec. 31, 2021
Multifamily | Florida Affordable Housing Portfolio III | Enclave on Woodbridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Fernandina Beach, FL
Encumbrances	$ 25,690
Initial Cost, Land and Land Improvements	6,407
Initial Cost, Building and Building Improvements	36,228
Gross Amounts, Land and Land Improvements	6,461
Gross Amounts, Building and Building Improvements	36,768
Total	43,229
Accumulated Depreciation	$ (3,764)
Year Acquired	Dec. 31, 2021
Multifamily | Florida Affordable Housing Portfolio III | Nantucket Cove
Real Estate And Accumulated Depreciation [Line Items]
Location	Springhill, FL
Encumbrances	$ 15,800
Initial Cost, Land and Land Improvements	4,592
Initial Cost, Building and Building Improvements	20,167
Gross Amounts, Land and Land Improvements	4,677
Gross Amounts, Building and Building Improvements	20,446
Total	25,123
Accumulated Depreciation	$ (2,361)
Year Acquired	Dec. 31, 2021
Multifamily | Florida Affordable Housing Portfolio III | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 576
Multifamily | Florida Affordable Housing Portfolio III | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	475
Multifamily | Florida Affordable Housing Portfolio III | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	565
Multifamily | Florida Affordable Housing Portfolio III | Land and Land Improvements | Charleston Place
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	88
Multifamily | Florida Affordable Housing Portfolio III | Land and Land Improvements | Club at Sugar Mill
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	88
Multifamily | Florida Affordable Housing Portfolio III | Land and Land Improvements | Nantucket Bay
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	112
Multifamily | Florida Affordable Housing Portfolio III | Land and Land Improvements | Savannah Bay
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	116
Multifamily | Florida Affordable Housing Portfolio III | Land and Land Improvements | Brookwood Forest
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	200
Multifamily | Florida Affordable Housing Portfolio III | Land and Land Improvements | Enclave on Woodbridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	54
Multifamily | Florida Affordable Housing Portfolio III | Land and Land Improvements | Nantucket Cove
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	85
Multifamily | Florida Affordable Housing Portfolio III | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,515
Multifamily | Florida Affordable Housing Portfolio III | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	383
Multifamily | Florida Affordable Housing Portfolio III | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	690
Multifamily | Florida Affordable Housing Portfolio III | Building and Building Improvements | Charleston Place
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	556
Multifamily | Florida Affordable Housing Portfolio III | Building and Building Improvements | Club at Sugar Mill
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	477
Multifamily | Florida Affordable Housing Portfolio III | Building and Building Improvements | Nantucket Bay
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	148
Multifamily | Florida Affordable Housing Portfolio III | Building and Building Improvements | Savannah Bay
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	239
Multifamily | Florida Affordable Housing Portfolio III | Building and Building Improvements | Brookwood Forest
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	663
Multifamily | Florida Affordable Housing Portfolio III | Building and Building Improvements | Enclave on Woodbridge
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	540
Multifamily | Florida Affordable Housing Portfolio III | Building and Building Improvements | Nantucket Cove
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 279
Multifamily | South Florida Multifamily Portfolio | Bella Vista
Real Estate And Accumulated Depreciation [Line Items]
Location	Boca Raton, FL
Encumbrances	$ 95,500
Initial Cost, Land and Land Improvements	13,144
Initial Cost, Building and Building Improvements	125,094
Gross Amounts, Land and Land Improvements	17,131
Gross Amounts, Building and Building Improvements	121,493
Total	138,624
Accumulated Depreciation	$ (7,489)
Year Acquired	Dec. 31, 2021
Multifamily | South Florida Multifamily Portfolio | Centro Sunforest
Real Estate And Accumulated Depreciation [Line Items]
Location	Davie, FL
Encumbrances	$ 103,300
Initial Cost, Land and Land Improvements	25,015
Initial Cost, Building and Building Improvements	152,738
Gross Amounts, Land and Land Improvements	21,431
Gross Amounts, Building and Building Improvements	153,551
Total	174,982
Accumulated Depreciation	$ (9,936)
Year Acquired	Dec. 31, 2021
Multifamily | South Florida Multifamily Portfolio | Stonybrook
Real Estate And Accumulated Depreciation [Line Items]
Location	Boynton Beach, FL
Encumbrances	$ 67,600
Initial Cost, Land and Land Improvements	12,346
Initial Cost, Building and Building Improvements	81,036
Gross Amounts, Land and Land Improvements	13,086
Gross Amounts, Building and Building Improvements	82,136
Total	95,222
Accumulated Depreciation	$ (5,394)
Year Acquired	Dec. 31, 2021
Multifamily | South Florida Multifamily Portfolio | Land and Land Improvements | Bella Vista
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 3,987
Multifamily | South Florida Multifamily Portfolio | Land and Land Improvements | Centro Sunforest
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(3,584)
Multifamily | South Florida Multifamily Portfolio | Land and Land Improvements | Stonybrook
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	740
Multifamily | South Florida Multifamily Portfolio | Building and Building Improvements | Bella Vista
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(3,601)
Multifamily | South Florida Multifamily Portfolio | Building and Building Improvements | Centro Sunforest
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	813
Multifamily | South Florida Multifamily Portfolio | Building and Building Improvements | Stonybrook
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 1,100
Multifamily | SEG Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Everett, WA
Encumbrances	$ 137,405
Initial Cost, Land and Land Improvements	31,576
Initial Cost, Building and Building Improvements	198,984
Gross Amounts, Land and Land Improvements	30,325
Gross Amounts, Building and Building Improvements	225,472
Total	255,797
Accumulated Depreciation	$ (15,396)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	High Point, NC
Encumbrances	$ 33,187
Initial Cost, Land and Land Improvements	5,848
Initial Cost, Building and Building Improvements	36,515
Costs Capitalized Subsequent to Acquisition	5,064
Gross Amounts, Land and Land Improvements	5,230
Gross Amounts, Building and Building Improvements	41,579
Total	46,809
Accumulated Depreciation	$ (4,032)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Kennesaw, GA
Encumbrances	$ 91,304
Initial Cost, Land and Land Improvements	19,020
Initial Cost, Building and Building Improvements	118,562
Costs Capitalized Subsequent to Acquisition	20,211
Gross Amounts, Land and Land Improvements	16,314
Gross Amounts, Building and Building Improvements	138,773
Total	155,087
Accumulated Depreciation	$ (10,273)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Knoxville, TN
Encumbrances	$ 138,503
Initial Cost, Land and Land Improvements	29,131
Initial Cost, Building and Building Improvements	337,357
Costs Capitalized Subsequent to Acquisition	(134,807)
Gross Amounts, Land and Land Improvements	34,750
Gross Amounts, Building and Building Improvements	202,550
Total	237,300
Accumulated Depreciation	$ (21,217)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Parker, CO
Encumbrances	$ 146,785
Initial Cost, Land and Land Improvements	33,819
Initial Cost, Building and Building Improvements	252,352
Costs Capitalized Subsequent to Acquisition	10,426
Gross Amounts, Land and Land Improvements	16,182
Gross Amounts, Building and Building Improvements	262,778
Total	278,960
Accumulated Depreciation	$ (19,482)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Savannah, GA
Encumbrances	$ 57,876
Initial Cost, Land and Land Improvements	11,943
Initial Cost, Building and Building Improvements	82,787
Costs Capitalized Subsequent to Acquisition	3,354
Gross Amounts, Land and Land Improvements	10,268
Gross Amounts, Building and Building Improvements	86,141
Total	96,409
Accumulated Depreciation	$ (7,562)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Waldorf, MD
Encumbrances	$ 259,942
Initial Cost, Land and Land Improvements	57,581
Initial Cost, Building and Building Improvements	359,089
Costs Capitalized Subsequent to Acquisition	19,359
Gross Amounts, Land and Land Improvements	94,596
Gross Amounts, Building and Building Improvements	378,448
Total	473,044
Accumulated Depreciation	$ (35,488)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Warner Robins, GA
Encumbrances	$ 38,916
Initial Cost, Land and Land Improvements	8,171
Initial Cost, Building and Building Improvements	51,003
Costs Capitalized Subsequent to Acquisition	4,400
Gross Amounts, Land and Land Improvements	10,632
Gross Amounts, Building and Building Improvements	55,403
Total	66,035
Accumulated Depreciation	$ (6,171)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Wilmington, NC
Encumbrances	$ 69,351
Initial Cost, Land and Land Improvements	14,485
Initial Cost, Building and Building Improvements	90,475
Gross Amounts, Land and Land Improvements	14,066
Gross Amounts, Building and Building Improvements	103,277
Total	117,343
Accumulated Depreciation	$ (8,816)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Brunswick, GA
Encumbrances	$ 35,823
Initial Cost, Land and Land Improvements	7,529
Initial Cost, Building and Building Improvements	47,011
Gross Amounts, Land and Land Improvements	8,356
Gross Amounts, Building and Building Improvements	52,650
Total	61,006
Accumulated Depreciation	$ (5,490)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Alta Mill Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Austell, GA
Encumbrances	$ 62,965
Initial Cost, Land and Land Improvements	13,213
Initial Cost, Building and Building Improvements	82,343
Gross Amounts, Land and Land Improvements	12,317
Gross Amounts, Building and Building Improvements	94,962
Total	107,279
Accumulated Depreciation	$ (7,517)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Arnada Pointe
Real Estate And Accumulated Depreciation [Line Items]
Location	Vancouver, WA
Encumbrances	$ 30,534
Initial Cost, Land and Land Improvements	7,127
Initial Cost, Building and Building Improvements	45,385
Costs Capitalized Subsequent to Acquisition	7,501
Gross Amounts, Land and Land Improvements	5,477
Gross Amounts, Building and Building Improvements	52,886
Total	58,363
Accumulated Depreciation	$ (4,070)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Ashmore Bridge Estates Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Mauldin, SC
Encumbrances	$ 27,341
Initial Cost, Land and Land Improvements	5,548
Initial Cost, Building and Building Improvements	42,280
Costs Capitalized Subsequent to Acquisition	(3,382)
Gross Amounts, Land and Land Improvements	6,177
Gross Amounts, Building and Building Improvements	38,898
Total	45,075
Accumulated Depreciation	$ (4,018)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Audubon Park Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Hanahan, SC
Encumbrances	$ 26,144
Initial Cost, Land and Land Improvements	5,397
Initial Cost, Building and Building Improvements	33,706
Costs Capitalized Subsequent to Acquisition	5,017
Gross Amounts, Land and Land Improvements	5,157
Gross Amounts, Building and Building Improvements	38,723
Total	43,880
Accumulated Depreciation	$ (3,287)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Brandemere
Real Estate And Accumulated Depreciation [Line Items]
Location	Salem, NC
Encumbrances	$ 29,425
Initial Cost, Land and Land Improvements	5,274
Initial Cost, Building and Building Improvements	32,967
Costs Capitalized Subsequent to Acquisition	3,970
Gross Amounts, Land and Land Improvements	5,962
Gross Amounts, Building and Building Improvements	36,937
Total	42,899
Accumulated Depreciation	$ (3,815)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Brook Valley Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Douglasville, GA
Encumbrances	$ 22,951
Initial Cost, Land and Land Improvements	4,837
Initial Cost, Building and Building Improvements	30,158
Gross Amounts, Land and Land Improvements	5,335
Gross Amounts, Building and Building Improvements	34,032
Total	39,367
Accumulated Depreciation	$ (3,052)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Durant at Sugarloaf Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Lawrenceville, GA
Encumbrances	$ 39,914
Initial Cost, Land and Land Improvements	8,390
Initial Cost, Building and Building Improvements	52,333
Costs Capitalized Subsequent to Acquisition	2,555
Gross Amounts, Land and Land Improvements	12,832
Gross Amounts, Building and Building Improvements	54,888
Total	67,720
Accumulated Depreciation	$ (5,230)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Estate on Quarry Lake Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Austin, TX
Encumbrances	$ 45,403
Initial Cost, Land and Land Improvements	9,565
Initial Cost, Building and Building Improvements	59,725
Gross Amounts, Land and Land Improvements	6,877
Gross Amounts, Building and Building Improvements	72,218
Total	79,095
Accumulated Depreciation	$ (5,439)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Estates at Bellwood Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Greenville, SC
Encumbrances	$ 15,267
Initial Cost, Land and Land Improvements	3,266
Initial Cost, Building and Building Improvements	20,401
Costs Capitalized Subsequent to Acquisition	2,155
Gross Amounts, Land and Land Improvements	3,719
Gross Amounts, Building and Building Improvements	22,556
Total	26,275
Accumulated Depreciation	$ (2,410)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Falls at Sope Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	Marietta, GA
Encumbrances	$ 60,171
Initial Cost, Land and Land Improvements	12,667
Initial Cost, Building and Building Improvements	78,943
Costs Capitalized Subsequent to Acquisition	12,078
Gross Amounts, Land and Land Improvements	12,280
Gross Amounts, Building and Building Improvements	91,021
Total	103,301
Accumulated Depreciation	$ (6,780)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Gio Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Plano, TX
Encumbrances	$ 86,714
Initial Cost, Land and Land Improvements	22,546
Initial Cost, Building and Building Improvements	140,590
Costs Capitalized Subsequent to Acquisition	27,115
Gross Amounts, Land and Land Improvements	17,139
Gross Amounts, Building and Building Improvements	167,705
Total	184,844
Accumulated Depreciation	$ (13,139)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Grande Club Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Duluth, GA
Encumbrances	$ 36,122
Initial Cost, Land and Land Improvements	7,884
Initial Cost, Building and Building Improvements	49,229
Gross Amounts, Land and Land Improvements	10,984
Gross Amounts, Building and Building Improvements	53,132
Total	64,116
Accumulated Depreciation	$ (5,126)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Grande Oaks
Real Estate And Accumulated Depreciation [Line Items]
Location	Roswell, GA
Encumbrances	$ 44,504
Initial Cost, Land and Land Improvements	9,373
Initial Cost, Building and Building Improvements	58,394
Costs Capitalized Subsequent to Acquisition	7,256
Gross Amounts, Land and Land Improvements	10,726
Gross Amounts, Building and Building Improvements	65,650
Total	76,376
Accumulated Depreciation	$ (5,181)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Grove Veridian
Real Estate And Accumulated Depreciation [Line Items]
Location	Spartanburg, NC
Encumbrances	$ 12,074
Initial Cost, Land and Land Improvements	2,555
Initial Cost, Building and Building Improvements	15,966
Costs Capitalized Subsequent to Acquisition	1,543
Gross Amounts, Land and Land Improvements	2,854
Gross Amounts, Building and Building Improvements	17,509
Total	20,363
Accumulated Depreciation	$ (1,837)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Waterford Landing Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Hermitage, TN
Encumbrances	$ 25,745
Initial Cost, Land and Land Improvements	5,616
Initial Cost, Building and Building Improvements	64,899
Costs Capitalized Subsequent to Acquisition	(23,129)
Gross Amounts, Land and Land Improvements	4,392
Gross Amounts, Building and Building Improvements	41,770
Total	46,162
Accumulated Depreciation	$ (3,413)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Waterstone at Murietta Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Murieta, CA
Encumbrances	$ 83,122
Initial Cost, Land and Land Improvements	18,884
Initial Cost, Building and Building Improvements	117,823
Costs Capitalized Subsequent to Acquisition	17,649
Gross Amounts, Land and Land Improvements	18,377
Gross Amounts, Building and Building Improvements	135,472
Total	153,849
Accumulated Depreciation	$ (10,443)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Icon on the Greenway
Real Estate And Accumulated Depreciation [Line Items]
Location	Gastonia, NC
Encumbrances	$ 24,747
Initial Cost, Land and Land Improvements	5,110
Initial Cost, Building and Building Improvements	31,932
Costs Capitalized Subsequent to Acquisition	6,640
Gross Amounts, Land and Land Improvements	3,397
Gross Amounts, Building and Building Improvements	38,572
Total	41,969
Accumulated Depreciation	$ (3,349)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Woodland Crossing Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	New Bern, NC
Encumbrances	$ 23,849
Initial Cost, Land and Land Improvements	5,261
Initial Cost, Building and Building Improvements	32,819
Costs Capitalized Subsequent to Acquisition	6,662
Gross Amounts, Land and Land Improvements	3,297
Gross Amounts, Building and Building Improvements	39,481
Total	42,778
Accumulated Depreciation	$ (3,499)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Lee's Crossing
Real Estate And Accumulated Depreciation [Line Items]
Location	La Grange, GA
Encumbrances	$ 28,738
Initial Cost, Land and Land Improvements	6,053
Initial Cost, Building and Building Improvements	37,698
Costs Capitalized Subsequent to Acquisition	5,598
Gross Amounts, Land and Land Improvements	6,525
Gross Amounts, Building and Building Improvements	43,296
Total	49,821
Accumulated Depreciation	$ (4,148)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Woodland Park Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Greensboro, NC
Encumbrances	$ 18,173
Initial Cost, Land and Land Improvements	3,484
Initial Cost, Building and Building Improvements	27,201
Costs Capitalized Subsequent to Acquisition	(3,108)
Gross Amounts, Land and Land Improvements	4,926
Gross Amounts, Building and Building Improvements	24,093
Total	29,019
Accumulated Depreciation	$ (2,587)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Northtowne Village Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Hixson, TN
Encumbrances	$ 17,463
Initial Cost, Land and Land Improvements	3,621
Initial Cost, Building and Building Improvements	41,985
Costs Capitalized Subsequent to Acquisition	(15,969)
Gross Amounts, Land and Land Improvements	3,246
Gross Amounts, Building and Building Improvements	26,016
Total	29,262
Accumulated Depreciation	$ (2,275)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Wyndchase Bellevue Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Nashville, TN
Encumbrances	$ 31,233
Initial Cost, Land and Land Improvements	6,531
Initial Cost, Building and Building Improvements	75,691
Costs Capitalized Subsequent to Acquisition	(25,400)
Gross Amounts, Land and Land Improvements	3,570
Gross Amounts, Building and Building Improvements	50,291
Total	53,861
Accumulated Depreciation	$ (3,698)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Lodge at Mallard Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	Charlotte, NC
Encumbrances	$ 35,524
Initial Cost, Land and Land Improvements	7,816
Initial Cost, Building and Building Improvements	48,785
Gross Amounts, Land and Land Improvements	6,483
Gross Amounts, Building and Building Improvements	57,924
Total	64,407
Accumulated Depreciation	$ (4,728)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Nickel Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	Lynnwood, WA
Encumbrances	$ 33,229
Initial Cost, Land and Land Improvements	8,062
Initial Cost, Building and Building Improvements	50,855
Costs Capitalized Subsequent to Acquisition	7,328
Gross Amounts, Land and Land Improvements	9,127
Gross Amounts, Building and Building Improvements	58,183
Total	67,310
Accumulated Depreciation	$ (4,014)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Northwood Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Macon, GA
Encumbrances	$ 20,955
Initial Cost, Land and Land Improvements	4,400
Initial Cost, Building and Building Improvements	27,497
Costs Capitalized Subsequent to Acquisition	3,213
Gross Amounts, Land and Land Improvements	4,613
Gross Amounts, Building and Building Improvements	30,710
Total	35,323
Accumulated Depreciation	$ (3,103)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Patriot Point
Real Estate And Accumulated Depreciation [Line Items]
Location	Spring Lake, NC
Encumbrances	$ 18,886
Initial Cost, Land and Land Improvements	3,238
Initial Cost, Building and Building Improvements	20,253
Costs Capitalized Subsequent to Acquisition	2,433
Gross Amounts, Land and Land Improvements	3,466
Gross Amounts, Building and Building Improvements	22,686
Total	26,152
Accumulated Depreciation	$ (2,326)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Racquet Club
Real Estate And Accumulated Depreciation [Line Items]
Location	Lexington, KY
Encumbrances	$ 34,027
Initial Cost, Land and Land Improvements	8,663
Initial Cost, Building and Building Improvements	53,959
Costs Capitalized Subsequent to Acquisition	6,039
Gross Amounts, Land and Land Improvements	11,098
Gross Amounts, Building and Building Improvements	59,998
Total	71,096
Accumulated Depreciation	$ (5,390)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Retreat at Hidden Bay
Real Estate And Accumulated Depreciation [Line Items]
Location	St. Marys, GA
Encumbrances	$ 15,167
Initial Cost, Land and Land Improvements	3,170
Initial Cost, Building and Building Improvements	19,810
Costs Capitalized Subsequent to Acquisition	2,864
Gross Amounts, Land and Land Improvements	2,847
Gross Amounts, Building and Building Improvements	22,674
Total	25,521
Accumulated Depreciation	$ (2,129)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Smoky Crossing Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Seymour, TN
Encumbrances	$ 50,591
Initial Cost, Land and Land Improvements	10,371
Initial Cost, Building and Building Improvements	120,337
Costs Capitalized Subsequent to Acquisition	(45,617)
Gross Amounts, Land and Land Improvements	10,116
Gross Amounts, Building and Building Improvements	74,720
Total	84,836
Accumulated Depreciation	$ (7,044)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Towne Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	Gainesville, GA
Encumbrances	$ 15,766
Initial Cost, Land and Land Improvements	3,307
Initial Cost, Building and Building Improvements	20,549
Costs Capitalized Subsequent to Acquisition	1,980
Gross Amounts, Land and Land Improvements	4,536
Gross Amounts, Building and Building Improvements	22,529
Total	27,065
Accumulated Depreciation	$ (2,001)
Year Acquired	Dec. 31, 2021
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (1,251)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(618)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(2,706)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	5,619
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(17,637)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,675)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	37,015
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	2,461
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(419)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	827
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Alta Mill Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(896)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Arnada Pointe
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,650)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Ashmore Bridge Estates Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	629
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Audubon Park Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(240)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Brandemere
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	688
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Brook Valley Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	498
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Durant at Sugarloaf Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	4,442
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Estate on Quarry Lake Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(2,688)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Estates at Bellwood Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	453
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Falls at Sope Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(387)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Gio Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(5,407)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Grande Club Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	3,100
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Grande Oaks
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,353
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Grove Veridian
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	299
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Waterford Landing Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,224)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Waterstone at Murietta Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(507)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Icon on the Greenway
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,713)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Woodland Crossing Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,964)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Lee's Crossing
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	472
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Woodland Park Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,442
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Northtowne Village Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(375)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Wyndchase Bellevue Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(2,961)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Lodge at Mallard Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,333)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Nickel Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,065
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Northwood Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	213
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Patriot Point
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	228
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Racquet Club
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	2,435
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Retreat at Hidden Bay
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(323)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Smoky Crossing Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(255)
Multifamily | SEG Multifamily Portfolio | Land and Land Improvements | Towne Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,229
Multifamily | SEG Multifamily Portfolio | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	12,802
Multifamily | SEG Multifamily Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	26,488
Multifamily | SEG Multifamily Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	5,639
Multifamily | SEG Multifamily Portfolio | Building and Building Improvements | Alta Mill Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	12,619
Multifamily | SEG Multifamily Portfolio | Building and Building Improvements | Brook Valley Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	3,874
Multifamily | SEG Multifamily Portfolio | Building and Building Improvements | Estate on Quarry Lake Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	12,493
Multifamily | SEG Multifamily Portfolio | Building and Building Improvements | Grande Club Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	3,903
Multifamily | SEG Multifamily Portfolio | Building and Building Improvements | Lodge at Mallard Creek
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 9,139
Multifamily | Raleigh Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Raleigh, NC
Encumbrances	$ 196,000
Initial Cost, Land and Land Improvements	40,491
Initial Cost, Building and Building Improvements	252,991
Gross Amounts, Land and Land Improvements	40,463
Gross Amounts, Building and Building Improvements	257,726
Total	298,189
Accumulated Depreciation	$ (14,306)
Year Acquired	Dec. 31, 2021
Multifamily | Raleigh Multifamily Portfolio | 2600 Harvest Creek Place
Real Estate And Accumulated Depreciation [Line Items]
Location	Cary, NC
Encumbrances	$ 60,900
Initial Cost, Land and Land Improvements	16,094
Initial Cost, Building and Building Improvements	77,575
Gross Amounts, Land and Land Improvements	16,083
Gross Amounts, Building and Building Improvements	78,754
Total	94,837
Accumulated Depreciation	$ (5,095)
Year Acquired	Dec. 31, 2021
Multifamily | Raleigh Multifamily Portfolio | 1000 Henrico Lane
Real Estate And Accumulated Depreciation [Line Items]
Location	Morrisville, NC
Encumbrances	$ 68,600
Initial Cost, Land and Land Improvements	12,383
Initial Cost, Building and Building Improvements	86,037
Gross Amounts, Land and Land Improvements	12,374
Gross Amounts, Building and Building Improvements	87,199
Total	99,573
Accumulated Depreciation	$ (5,545)
Year Acquired	Dec. 31, 2021
Multifamily | Raleigh Multifamily Portfolio | 5140 Copper Ridge Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Durham, NC
Encumbrances	$ 41,900
Initial Cost, Land and Land Improvements	8,733
Initial Cost, Building and Building Improvements	53,561
Gross Amounts, Land and Land Improvements	8,727
Gross Amounts, Building and Building Improvements	54,700
Total	63,427
Accumulated Depreciation	$ (3,663)
Year Acquired	Dec. 31, 2021
Multifamily | Raleigh Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (28)
Multifamily | Raleigh Multifamily Portfolio | Land and Land Improvements | 2600 Harvest Creek Place
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(11)
Multifamily | Raleigh Multifamily Portfolio | Land and Land Improvements | 1000 Henrico Lane
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(9)
Multifamily | Raleigh Multifamily Portfolio | Land and Land Improvements | 5140 Copper Ridge Drive
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(6)
Multifamily | Raleigh Multifamily Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	4,735
Multifamily | Raleigh Multifamily Portfolio | Building and Building Improvements | 2600 Harvest Creek Place
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,179
Multifamily | Raleigh Multifamily Portfolio | Building and Building Improvements | 1000 Henrico Lane
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,162
Multifamily | Raleigh Multifamily Portfolio | Building and Building Improvements | 5140 Copper Ridge Drive
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 1,139
Multifamily | Blue Multifamily Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Orlando, FL
Encumbrances	$ 98,631
Initial Cost, Land and Land Improvements	14,701
Initial Cost, Building and Building Improvements	169,234
Gross Amounts, Land and Land Improvements	14,857
Gross Amounts, Building and Building Improvements	169,715
Total	184,572
Accumulated Depreciation	$ (8,715)
Year Acquired	Dec. 31, 2022
Multifamily | Blue Multifamily Portfolio | Grand Dominion
Real Estate And Accumulated Depreciation [Line Items]
Location	San Antonio, TX
Encumbrances	$ 37,958
Initial Cost, Land and Land Improvements	8,110
Initial Cost, Building and Building Improvements	61,274
Gross Amounts, Land and Land Improvements	8,292
Gross Amounts, Building and Building Improvements	61,524
Total	69,816
Accumulated Depreciation	$ (3,454)
Year Acquired	Dec. 31, 2022
Multifamily | Blue Multifamily Portfolio | Sands Clearwater
Real Estate And Accumulated Depreciation [Line Items]
Location	Tampa, FL
Encumbrances	$ 40,671
Initial Cost, Land and Land Improvements	8,675
Initial Cost, Building and Building Improvements	57,042
Gross Amounts, Land and Land Improvements	8,755
Gross Amounts, Building and Building Improvements	57,271
Total	66,026
Accumulated Depreciation	$ (3,253)
Year Acquired	Dec. 31, 2022
Multifamily | Blue Multifamily Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 156
Multifamily | Blue Multifamily Portfolio | Land and Land Improvements | Grand Dominion
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	182
Multifamily | Blue Multifamily Portfolio | Land and Land Improvements | Sands Clearwater
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	80
Multifamily | Blue Multifamily Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	481
Multifamily | Blue Multifamily Portfolio | Building and Building Improvements | Grand Dominion
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	250
Multifamily | Blue Multifamily Portfolio | Building and Building Improvements | Sands Clearwater
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 229
Multifamily | Florida Affordable Housing Portfolio IV | Sonrise Villas
Real Estate And Accumulated Depreciation [Line Items]
Location	Fellsmere, FL
Encumbrances	$ 23,301
Initial Cost, Land and Land Improvements	5,733
Initial Cost, Building and Building Improvements	24,605
Gross Amounts, Land and Land Improvements	5,783
Gross Amounts, Building and Building Improvements	24,783
Total	30,566
Accumulated Depreciation	$ (1,823)
Year Acquired	Dec. 31, 2022
Multifamily | Florida Affordable Housing Portfolio IV | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Lakeland, FL
Encumbrances	$ 19,778
Initial Cost, Land and Land Improvements	6,864
Initial Cost, Building and Building Improvements	21,559
Gross Amounts, Land and Land Improvements	6,895
Gross Amounts, Building and Building Improvements	21,761
Total	28,656
Accumulated Depreciation	$ (1,290)
Year Acquired	Dec. 31, 2022
Multifamily | Florida Affordable Housing Portfolio IV | Overlook at Monroe
Real Estate And Accumulated Depreciation [Line Items]
Location	Sanford, FL
Encumbrances	$ 21,146
Initial Cost, Land and Land Improvements	4,502
Initial Cost, Building and Building Improvements	25,665
Gross Amounts, Land and Land Improvements	4,552
Gross Amounts, Building and Building Improvements	26,414
Total	30,966
Accumulated Depreciation	$ (1,664)
Year Acquired	Dec. 31, 2022
Multifamily | Florida Affordable Housing Portfolio IV | Raintree Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Clermont, FL
Encumbrances	$ 42,249
Initial Cost, Land and Land Improvements	6,481
Initial Cost, Building and Building Improvements	54,591
Gross Amounts, Land and Land Improvements	6,538
Gross Amounts, Building and Building Improvements	55,086
Total	61,624
Accumulated Depreciation	$ (2,546)
Year Acquired	Dec. 31, 2022
Multifamily | Florida Affordable Housing Portfolio IV | Madison Cove
Real Estate And Accumulated Depreciation [Line Items]
Location	Gainesville, FL
Encumbrances	$ 9,080
Initial Cost, Land and Land Improvements	2,409
Initial Cost, Building and Building Improvements	8,111
Gross Amounts, Land and Land Improvements	2,409
Gross Amounts, Building and Building Improvements	8,317
Total	10,726
Accumulated Depreciation	$ (551)
Year Acquired	Dec. 31, 2022
Multifamily | Florida Affordable Housing Portfolio IV | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Kissimmee, FL
Encumbrances	$ 92,897
Initial Cost, Land and Land Improvements	16,861
Initial Cost, Building and Building Improvements	110,587
Gross Amounts, Land and Land Improvements	16,943
Gross Amounts, Building and Building Improvements	111,122
Total	128,065
Accumulated Depreciation	$ (5,589)
Year Acquired	Dec. 31, 2022
Multifamily | Florida Affordable Housing Portfolio IV | Mystic Pointe II
Real Estate And Accumulated Depreciation [Line Items]
Location	Orlando, FL
Encumbrances	$ 39,717
Initial Cost, Land and Land Improvements	5,221
Initial Cost, Building and Building Improvements	52,249
Gross Amounts, Land and Land Improvements	5,323
Gross Amounts, Building and Building Improvements	52,989
Total	58,312
Accumulated Depreciation	$ (2,396)
Year Acquired	Dec. 31, 2022
Multifamily | Florida Affordable Housing Portfolio IV | Land and Land Improvements | Sonrise Villas
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 50
Multifamily | Florida Affordable Housing Portfolio IV | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	31
Multifamily | Florida Affordable Housing Portfolio IV | Land and Land Improvements | Overlook at Monroe
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	50
Multifamily | Florida Affordable Housing Portfolio IV | Land and Land Improvements | Raintree Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	57
Multifamily | Florida Affordable Housing Portfolio IV | Land and Land Improvements | Madison Cove
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	0
Multifamily | Florida Affordable Housing Portfolio IV | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	82
Multifamily | Florida Affordable Housing Portfolio IV | Land and Land Improvements | Mystic Pointe II
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	102
Multifamily | Florida Affordable Housing Portfolio IV | Building and Building Improvements | Sonrise Villas
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	178
Multifamily | Florida Affordable Housing Portfolio IV | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	202
Multifamily | Florida Affordable Housing Portfolio IV | Building and Building Improvements | Overlook at Monroe
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	749
Multifamily | Florida Affordable Housing Portfolio IV | Building and Building Improvements | Raintree Apartments
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	495
Multifamily | Florida Affordable Housing Portfolio IV | Building and Building Improvements | Madison Cove
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	206
Multifamily | Florida Affordable Housing Portfolio IV | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	535
Multifamily | Florida Affordable Housing Portfolio IV | Building and Building Improvements | Mystic Pointe II
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 740
Multifamily | National Affordable Housing Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Austin, TX
Encumbrances	$ 103,128
Initial Cost, Land and Land Improvements	18,627
Initial Cost, Building and Building Improvements	135,799
Gross Amounts, Land and Land Improvements	16,306
Gross Amounts, Building and Building Improvements	142,036
Total	158,342
Accumulated Depreciation	$ (11,110)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Centre Court
Real Estate And Accumulated Depreciation [Line Items]
Location	Bradenton, FL
Encumbrances	$ 20,787
Initial Cost, Land and Land Improvements	5,335
Initial Cost, Building and Building Improvements	29,299
Gross Amounts, Land and Land Improvements	5,787
Gross Amounts, Building and Building Improvements	30,002
Total	35,789
Accumulated Depreciation	$ (3,261)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Commander Place
Real Estate And Accumulated Depreciation [Line Items]
Location	Orlando, FL
Encumbrances	$ 28,586
Initial Cost, Land and Land Improvements	5,713
Initial Cost, Building and Building Improvements	31,374
Gross Amounts, Land and Land Improvements	4,581
Gross Amounts, Building and Building Improvements	33,605
Total	38,186
Accumulated Depreciation	$ (2,676)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Pasco Woods
Real Estate And Accumulated Depreciation [Line Items]
Location	Wesley Chapel, FL
Encumbrances	$ 21,146
Initial Cost, Land and Land Improvements	4,511
Initial Cost, Building and Building Improvements	24,772
Gross Amounts, Land and Land Improvements	4,551
Gross Amounts, Building and Building Improvements	25,119
Total	29,670
Accumulated Depreciation	$ (2,489)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Pemberly Palms
Real Estate And Accumulated Depreciation [Line Items]
Location	Vero Beach, FL
Encumbrances	$ 21,563
Initial Cost, Land and Land Improvements	4,645
Initial Cost, Building and Building Improvements	25,507
Gross Amounts, Land and Land Improvements	5,735
Gross Amounts, Building and Building Improvements	24,964
Total	30,699
Accumulated Depreciation	$ (2,589)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Villas Shaver
Real Estate And Accumulated Depreciation [Line Items]
Location	Pasadena, TX
Encumbrances	$ 25,594
Initial Cost, Land and Land Improvements	3,182
Initial Cost, Building and Building Improvements	23,197
Gross Amounts, Land and Land Improvements	6,420
Gross Amounts, Building and Building Improvements	20,246
Total	26,666
Accumulated Depreciation	$ (2,400)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Chelsea Commons
Real Estate And Accumulated Depreciation [Line Items]
Location	Greenacres, FL
Encumbrances	$ 30,349
Initial Cost, Land and Land Improvements	12,348
Initial Cost, Building and Building Improvements	44,910
Gross Amounts, Land and Land Improvements	11,784
Gross Amounts, Building and Building Improvements	46,450
Total	58,234
Accumulated Depreciation	$ (4,577)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Colony Park
Real Estate And Accumulated Depreciation [Line Items]
Location	West Palm Beach, FL
Encumbrances	$ 21,214
Initial Cost, Land and Land Improvements	6,626
Initial Cost, Building and Building Improvements	24,101
Gross Amounts, Land and Land Improvements	7,450
Gross Amounts, Building and Building Improvements	23,954
Total	31,404
Accumulated Depreciation	$ (2,541)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Forest Glen
Real Estate And Accumulated Depreciation [Line Items]
Location	Durham, NC
Encumbrances	$ 13,345
Initial Cost, Land and Land Improvements	2,975
Initial Cost, Building and Building Improvements	10,821
Gross Amounts, Land and Land Improvements	4,011
Gross Amounts, Building and Building Improvements	10,032
Total	14,043
Accumulated Depreciation	$ (1,042)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Grande Court Sarasota
Real Estate And Accumulated Depreciation [Line Items]
Location	North Port, FL
Encumbrances	$ 16,087
Initial Cost, Land and Land Improvements	5,010
Initial Cost, Building and Building Improvements	18,221
Gross Amounts, Land and Land Improvements	5,991
Gross Amounts, Building and Building Improvements	17,894
Total	23,885
Accumulated Depreciation	$ (2,183)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Hampton Ridge Jax
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 11,104
Initial Cost, Land and Land Improvements	2,476
Initial Cost, Building and Building Improvements	9,005
Gross Amounts, Land and Land Improvements	2,559
Gross Amounts, Building and Building Improvements	11,430
Total	13,989
Accumulated Depreciation	$ (1,100)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Mayflower Harbor
Real Estate And Accumulated Depreciation [Line Items]
Location	Lehi, UT
Encumbrances	$ 30,820
Initial Cost, Land and Land Improvements	9,050
Initial Cost, Building and Building Improvements	32,915
Gross Amounts, Land and Land Improvements	8,310
Gross Amounts, Building and Building Improvements	34,293
Total	42,603
Accumulated Depreciation	$ (2,892)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Rose Cove SLC
Real Estate And Accumulated Depreciation [Line Items]
Location	Farmington, UT
Encumbrances	$ 14,420
Initial Cost, Land and Land Improvements	4,649
Initial Cost, Building and Building Improvements	16,909
Gross Amounts, Land and Land Improvements	5,515
Gross Amounts, Building and Building Improvements	16,669
Total	22,184
Accumulated Depreciation	$ (1,383)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | San Marcos Villas
Real Estate And Accumulated Depreciation [Line Items]
Location	Lake Park, FL
Encumbrances	$ 50,042
Initial Cost, Land and Land Improvements	18,054
Initial Cost, Building and Building Improvements	65,663
Gross Amounts, Land and Land Improvements	13,895
Gross Amounts, Building and Building Improvements	71,349
Total	85,244
Accumulated Depreciation	$ (6,197)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Venice Cove FLL
Real Estate And Accumulated Depreciation [Line Items]
Location	Ft Lauderdale, FL
Encumbrances	$ 18,934
Initial Cost, Land and Land Improvements	5,878
Initial Cost, Building and Building Improvements	21,379
Gross Amounts, Land and Land Improvements	8,980
Gross Amounts, Building and Building Improvements	18,676
Total	27,656
Accumulated Depreciation	$ (1,651)
Year Acquired	Dec. 31, 2021
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (2,321)
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Centre Court
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	452
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Commander Place
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,132)
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Pasco Woods
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	40
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Pemberly Palms
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,090
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Villas Shaver
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	3,238
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Chelsea Commons
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(564)
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Colony Park
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	824
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Forest Glen
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,036
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Grande Court Sarasota
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	981
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Hampton Ridge Jax
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	83
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Mayflower Harbor
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(740)
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Rose Cove SLC
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	866
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | San Marcos Villas
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(4,159)
Multifamily | National Affordable Housing Portfolio | Land and Land Improvements | Venice Cove FLL
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	3,102
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	6,237
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Centre Court
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	703
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Commander Place
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	2,231
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Pasco Woods
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	347
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Pemberly Palms
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(543)
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Villas Shaver
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(2,951)
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Chelsea Commons
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,540
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Colony Park
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(147)
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Forest Glen
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(789)
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Grande Court Sarasota
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(327)
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Hampton Ridge Jax
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	2,425
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Mayflower Harbor
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,378
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Rose Cove SLC
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(240)
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | San Marcos Villas
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	5,686
Multifamily | National Affordable Housing Portfolio | Building and Building Improvements | Venice Cove FLL
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (2,703)
Multifamily | Central Park Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Denver, CO
Encumbrances	$ 329,898
Initial Cost, Land and Land Improvements	74,722
Initial Cost, Building and Building Improvements	532,982
Gross Amounts, Land and Land Improvements	75,505
Gross Amounts, Building and Building Improvements	537,750
Total	613,255
Accumulated Depreciation	$ (34,787)
Year Acquired	Dec. 31, 2021
Number of properties | Property	9
Multifamily | Central Park Portfolio | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 783
Multifamily | Central Park Portfolio | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	4,768
Industrial Properties
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	1,718,011
Initial Cost, Land and Land Improvements	529,832
Initial Cost, Building and Building Improvements	2,130,709
Gross Amounts, Land and Land Improvements	539,540
Gross Amounts, Building and Building Improvements	2,174,184
Total	2,713,724
Accumulated Depreciation	$ (161,127)
Industrial Properties | Marshfield Industrial Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Baltimore, MD
Encumbrances	$ 106,698
Initial Cost, Land and Land Improvements	21,720
Initial Cost, Building and Building Improvements	139,433
Gross Amounts, Land and Land Improvements	21,908
Gross Amounts, Building and Building Improvements	139,488
Total	161,396
Accumulated Depreciation	$ (13,799)
Year Acquired	Dec. 31, 2020
Number of properties | Property	4
Industrial Properties | Airport Logistics Park
Real Estate And Accumulated Depreciation [Line Items]
Location	Nashville, TN
Encumbrances	$ 35,000
Initial Cost, Land and Land Improvements	7,031
Initial Cost, Building and Building Improvements	53,728
Gross Amounts, Land and Land Improvements	7,031
Gross Amounts, Building and Building Improvements	53,729
Total	60,760
Accumulated Depreciation	$ (5,690)
Year Acquired	Dec. 31, 2020
Number of properties | Property	6
Industrial Properties | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 9,708
Industrial Properties | Land and Land Improvements | Marshfield Industrial Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	188
Industrial Properties | Land and Land Improvements | Airport Logistics Park
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	0
Industrial Properties | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	43,475
Industrial Properties | Building and Building Improvements | Marshfield Industrial Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	55
Industrial Properties | Building and Building Improvements | Airport Logistics Park
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 1
Industrial Properties | Denver/Boulder Industrial Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Louisville, CO
Encumbrances	$ 263,613
Initial Cost, Land and Land Improvements	67,951
Initial Cost, Building and Building Improvements	311,651
Gross Amounts, Land and Land Improvements	68,158
Gross Amounts, Building and Building Improvements	311,779
Total	379,937
Accumulated Depreciation	$ (26,530)
Year Acquired	Dec. 31, 2021
Number of properties | Property	16
Industrial Properties | Denver/Boulder Industrial Portfolio | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 207
Industrial Properties | Denver/Boulder Industrial Portfolio | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 128
Industrial Properties | Independence Industrial Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	La Porte, TX
Encumbrances	$ 117,892
Initial Cost, Land and Land Improvements	30,666
Initial Cost, Building and Building Improvements	149,317
Gross Amounts, Land and Land Improvements	30,667
Gross Amounts, Building and Building Improvements	152,369
Total	183,036
Accumulated Depreciation	$ (14,674)
Year Acquired	Dec. 31, 2021
Number of properties | Property	6
Industrial Properties | Independence Industrial Portfolio | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 1
Industrial Properties | Independence Industrial Portfolio | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 3,052
Industrial Properties | Reno Logistics Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Sparks, NV
Encumbrances	$ 266,000
Initial Cost, Land and Land Improvements	60,902
Initial Cost, Building and Building Improvements	323,632
Gross Amounts, Land and Land Improvements	61,076
Gross Amounts, Building and Building Improvements	325,991
Total	387,067
Accumulated Depreciation	$ (31,316)
Year Acquired	Dec. 31, 2021
Number of properties | Property	19
Industrial Properties | Reno Logistics Portfolio | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 174
Industrial Properties | Reno Logistics Portfolio | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 2,359
Industrial Properties | Southwest Light Industrial Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Las Vegas, NV
Encumbrances	$ 58,142
Initial Cost, Land and Land Improvements	23,537
Initial Cost, Building and Building Improvements	54,203
Gross Amounts, Land and Land Improvements	23,593
Gross Amounts, Building and Building Improvements	54,248
Total	77,841
Accumulated Depreciation	$ (4,489)
Year Acquired	Dec. 31, 2021
Industrial Properties | Southwest Light Industrial Portfolio | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Phoenix, AZ
Encumbrances	$ 283,042
Initial Cost, Land and Land Improvements	66,229
Initial Cost, Building and Building Improvements	333,663
Gross Amounts, Land and Land Improvements	66,516
Gross Amounts, Building and Building Improvements	334,483
Total	400,999
Accumulated Depreciation	$ (24,882)
Year Acquired	Dec. 31, 2021
Industrial Properties | Southwest Light Industrial Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 56
Industrial Properties | Southwest Light Industrial Portfolio | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	287
Industrial Properties | Southwest Light Industrial Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	45
Industrial Properties | Southwest Light Industrial Portfolio | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 820
Industrial Properties | American Industrial Center
Real Estate And Accumulated Depreciation [Line Items]
Location	Longwood, FL
Encumbrances	$ 83,700
Initial Cost, Land and Land Improvements	47,553
Initial Cost, Building and Building Improvements	90,772
Gross Amounts, Land and Land Improvements	47,553
Gross Amounts, Building and Building Improvements	91,147
Total	138,700
Accumulated Depreciation	$ (6,457)
Year Acquired	Dec. 31, 2022
Number of properties | Property	25
Industrial Properties | American Industrial Center | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 0
Industrial Properties | American Industrial Center | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 375
Industrial Properties | Middlebrook Crossroads
Real Estate And Accumulated Depreciation [Line Items]
Location	Bridgewood, NJ
Encumbrances	$ 66,566
Initial Cost, Land and Land Improvements	49,370
Initial Cost, Building and Building Improvements	62,650
Gross Amounts, Land and Land Improvements	50,056
Gross Amounts, Building and Building Improvements	63,280
Total	113,336
Accumulated Depreciation	$ (4,127)
Year Acquired	Dec. 31, 2022
Number of properties | Property	18
Industrial Properties | Middlebrook Crossroads | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 686
Industrial Properties | Middlebrook Crossroads | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 630
Industrial Properties | Northern Italy Industrial Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Various Provinces, Italy
Encumbrances	$ 43,192
Initial Cost, Land and Land Improvements	14,509
Initial Cost, Building and Building Improvements	65,804
Gross Amounts, Land and Land Improvements	14,756
Gross Amounts, Building and Building Improvements	63,344
Total	78,100
Accumulated Depreciation	$ (4,414)
Year Acquired	Dec. 31, 2021
Number of properties | Property	4
Industrial Properties | Northern Italy Industrial Portfolio | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 247
Industrial Properties | Northern Italy Industrial Portfolio | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (2,460)
Industrial Properties | Norway Logistics Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Oslo, Norway
Encumbrances	$ 51,203
Initial Cost, Land and Land Improvements	31,971
Initial Cost, Building and Building Improvements	63,541
Gross Amounts, Land and Land Improvements	29,597
Gross Amounts, Building and Building Improvements	59,991
Total	89,588
Accumulated Depreciation	$ (2,804)
Year Acquired	Dec. 31, 2022
Number of properties | Property	2
Industrial Properties | Norway Logistics Portfolio | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (2,374)
Industrial Properties | Norway Logistics Portfolio | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (3,550)
Industrial Properties | Verona Oppeano
Real Estate And Accumulated Depreciation [Line Items]
Location	Oppeano VR, Italy
Encumbrances	$ 166,203
Initial Cost, Land and Land Improvements	47,225
Initial Cost, Building and Building Improvements	243,541
Gross Amounts, Land and Land Improvements	48,889
Gross Amounts, Building and Building Improvements	252,108
Total	300,997
Accumulated Depreciation	$ (10,145)
Year Acquired	Dec. 31, 2022
Number of properties | Property	5
Industrial Properties | Verona Oppeano | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 1,664
Industrial Properties | Verona Oppeano | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 8,567
Industrial Properties | Denmark Logistics Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Denmark
Encumbrances	$ 100,172
Initial Cost, Land and Land Improvements	42,311
Initial Cost, Building and Building Improvements	166,314
Gross Amounts, Land and Land Improvements	47,785
Gross Amounts, Building and Building Improvements	187,771
Total	235,556
Accumulated Depreciation	$ (8,696)
Year Acquired	Dec. 31, 2022
Number of properties | Property	10
Industrial Properties | Denmark Logistics Portfolio | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 5,474
Industrial Properties | Denmark Logistics Portfolio | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 21,457
Industrial Properties | Belgioioso Logistics
Real Estate And Accumulated Depreciation [Line Items]
Location	Greater Milan, Italy
Encumbrances	$ 76,588
Initial Cost, Land and Land Improvements	18,857
Initial Cost, Building and Building Improvements	72,460
Gross Amounts, Land and Land Improvements	21,955
Gross Amounts, Building and Building Improvements	84,456
Total	106,411
Accumulated Depreciation	$ (3,104)
Year Acquired	Dec. 31, 2022
Industrial Properties | Belgioioso Logistics | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 3,098
Industrial Properties | Belgioioso Logistics | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	11,996
Single Family Rental Properties
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	239,756
Initial Cost, Land and Land Improvements	137,107
Initial Cost, Building and Building Improvements	232,156
Gross Amounts, Land and Land Improvements	140,313
Gross Amounts, Building and Building Improvements	249,767
Total	390,080
Accumulated Depreciation	$ (19,800)
Single Family Rental Properties | Amherst Single Family Residential Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Various
Encumbrances	$ 239,756
Initial Cost, Land and Land Improvements	126,917
Initial Cost, Building and Building Improvements	202,386
Gross Amounts, Land and Land Improvements	130,123
Gross Amounts, Building and Building Improvements	219,997
Total	350,120
Accumulated Depreciation	$ (17,092)
Single Family Rental Properties | Amherst Single Family Residential Portfolio | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Year Acquired	Dec. 31, 2021
Single Family Rental Properties | Amherst Single Family Residential Portfolio | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Year Acquired	Dec. 31, 2022
Single Family Rental Properties | Sunbelt Single-Family Rental Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Various
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	10,190
Initial Cost, Building and Building Improvements	29,770
Gross Amounts, Land and Land Improvements	10,190
Gross Amounts, Building and Building Improvements	29,770
Total	39,960
Accumulated Depreciation	$ (2,708)
Year Acquired	Dec. 31, 2021
Single Family Rental Properties | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 3,206
Single Family Rental Properties | Land and Land Improvements | Amherst Single Family Residential Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	3,206
Single Family Rental Properties | Land and Land Improvements | Sunbelt Single-Family Rental Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	0
Single Family Rental Properties | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	17,611
Single Family Rental Properties | Building and Building Improvements | Amherst Single Family Residential Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	17,611
Single Family Rental Properties | Building and Building Improvements | Sunbelt Single-Family Rental Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	0
Office Properties
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	1,039,845
Initial Cost, Land and Land Improvements	164,074
Initial Cost, Building and Building Improvements	1,316,344
Gross Amounts, Land and Land Improvements	166,538
Gross Amounts, Building and Building Improvements	1,357,339
Total	1,523,877
Accumulated Depreciation	$ (162,145)
Office Properties | Sixty State Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Boston, MA
Encumbrances	$ 418,073
Initial Cost, Building and Building Improvements	478,150
Gross Amounts, Land and Land Improvements	472
Gross Amounts, Building and Building Improvements	500,896
Total	501,368
Accumulated Depreciation	$ (68,117)
Year Acquired	Dec. 31, 2020
Office Properties | Nashville Office
Real Estate And Accumulated Depreciation [Line Items]
Location	Nashville, TN
Encumbrances	$ 165,000
Initial Cost, Land and Land Improvements	21,647
Initial Cost, Building and Building Improvements	229,183
Gross Amounts, Land and Land Improvements	21,647
Gross Amounts, Building and Building Improvements	230,050
Total	251,697
Accumulated Depreciation	$ (27,000)
Year Acquired	Dec. 31, 2020
Office Properties | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 2,464
Office Properties | Land and Land Improvements | Sixty State Street
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	472
Office Properties | Land and Land Improvements | Nashville Office
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	0
Office Properties | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	40,995
Office Properties | Building and Building Improvements | Sixty State Street
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	22,746
Office Properties | Building and Building Improvements | Nashville Office
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 867
Office Properties | Columbus Office Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Columbus, OH
Encumbrances	$ 53,617
Initial Cost, Land and Land Improvements	3,013
Initial Cost, Building and Building Improvements	50,064
Gross Amounts, Land and Land Improvements	3,115
Gross Amounts, Building and Building Improvements	52,736
Total	55,851
Accumulated Depreciation	$ (9,717)
Year Acquired	Dec. 31, 2019
Office Properties | Columbus Office Portfolio | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 102
Office Properties | Columbus Office Portfolio | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 2,672
Office Properties | Stonebridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Alpharetta, GA
Encumbrances	$ 64,500
Initial Cost, Land and Land Improvements	15,205
Initial Cost, Building and Building Improvements	101,624
Gross Amounts, Land and Land Improvements	15,205
Gross Amounts, Building and Building Improvements	105,983
Total	121,188
Accumulated Depreciation	$ (12,559)
Year Acquired	Dec. 31, 2021
Number of properties | Property	3
Office Properties | Stonebridge | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 0
Office Properties | Stonebridge | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 4,359
Office Properties | M Campus
Real Estate And Accumulated Depreciation [Line Items]
Location	Meudon, France
Encumbrances	$ 140,052
Initial Cost, Land and Land Improvements	40,964
Initial Cost, Building and Building Improvements	184,078
Gross Amounts, Land and Land Improvements	41,570
Gross Amounts, Building and Building Improvements	175,793
Total	217,363
Accumulated Depreciation	$ (8,849)
Year Acquired	Dec. 31, 2021
Number of properties | Property	2
Office Properties | M Campus | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 606
Office Properties | M Campus | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (8,285)
Office Properties | Florida Office Portfolio
Real Estate And Accumulated Depreciation [Line Items]
Location	Jacksonville, FL
Encumbrances	$ 129,010
Initial Cost, Land and Land Improvements	53,465
Initial Cost, Building and Building Improvements	153,163
Gross Amounts, Land and Land Improvements	53,464
Gross Amounts, Building and Building Improvements	163,991
Total	217,455
Accumulated Depreciation	$ (30,943)
Year Acquired	Dec. 31, 2019
Number of properties | Property	11
Office Properties | Florida Office Portfolio | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ (1)
Office Properties | Florida Office Portfolio | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 10,828
Office Properties | Barcelona Mediacomplex
Real Estate And Accumulated Depreciation [Line Items]
Location	Barcelona, Spain
Encumbrances	$ 69,593
Initial Cost, Land and Land Improvements	29,780
Initial Cost, Building and Building Improvements	120,082
Gross Amounts, Land and Land Improvements	31,065
Gross Amounts, Building and Building Improvements	127,890
Total	158,955
Accumulated Depreciation	$ (4,960)
Year Acquired	Dec. 31, 2022
Office Properties | Barcelona Mediacomplex | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 1,285
Office Properties | Barcelona Mediacomplex | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	7,808
Self-Storage Properties
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	200,762
Initial Cost, Land and Land Improvements	69,158
Initial Cost, Building and Building Improvements	292,508
Gross Amounts, Land and Land Improvements	69,766
Gross Amounts, Building and Building Improvements	296,337
Total	366,103
Accumulated Depreciation	$ (16,550)
Self-Storage Properties | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Charlotte, NC
Encumbrances	$ 30,811
Initial Cost, Land and Land Improvements	9,140
Initial Cost, Building and Building Improvements	40,818
Gross Amounts, Land and Land Improvements	7,002
Gross Amounts, Building and Building Improvements	45,838
Total	52,840
Accumulated Depreciation	$ (2,369)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Oklahoma City, OK
Encumbrances	$ 19,967
Initial Cost, Land and Land Improvements	4,977
Initial Cost, Building and Building Improvements	27,249
Gross Amounts, Land and Land Improvements	10,607
Gross Amounts, Building and Building Improvements	20,986
Total	31,593
Accumulated Depreciation	$ (1,516)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	San Antonio, TX
Encumbrances	$ 13,694
Initial Cost, Land and Land Improvements	4,380
Initial Cost, Building and Building Improvements	17,399
Gross Amounts, Land and Land Improvements	2,873
Gross Amounts, Building and Building Improvements	18,940
Total	21,813
Accumulated Depreciation	$ (1,047)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | Alabaster
Real Estate And Accumulated Depreciation [Line Items]
Location	Alabaster, AL
Encumbrances	$ 14,861
Initial Cost, Land and Land Improvements	2,313
Initial Cost, Building and Building Improvements	15,843
Gross Amounts, Land and Land Improvements	1,104
Gross Amounts, Building and Building Improvements	17,096
Total	18,200
Accumulated Depreciation	$ (898)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | Bryan/College Station
Real Estate And Accumulated Depreciation [Line Items]
Location	College Station, TX
Encumbrances	$ 9,921
Initial Cost, Land and Land Improvements	3,036
Initial Cost, Building and Building Improvements	17,786
Gross Amounts, Land and Land Improvements	2,907
Gross Amounts, Building and Building Improvements	18,056
Total	20,963
Accumulated Depreciation	$ (1,008)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | Cornelius
Real Estate And Accumulated Depreciation [Line Items]
Location	Cornelius, NC
Encumbrances	$ 8,663
Initial Cost, Land and Land Improvements	3,217
Initial Cost, Building and Building Improvements	13,736
Gross Amounts, Land and Land Improvements	2,909
Gross Amounts, Building and Building Improvements	14,086
Total	16,995
Accumulated Depreciation	$ (807)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | FL Mall
Real Estate And Accumulated Depreciation [Line Items]
Location	Orlando, FL
Encumbrances	$ 7,881
Initial Cost, Land and Land Improvements	1,949
Initial Cost, Building and Building Improvements	6,803
Gross Amounts, Land and Land Improvements	1,846
Gross Amounts, Building and Building Improvements	6,914
Total	8,760
Accumulated Depreciation	$ (385)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | Highway 78
Real Estate And Accumulated Depreciation [Line Items]
Location	Wylie, TX
Encumbrances	$ 7,392
Initial Cost, Land and Land Improvements	3,098
Initial Cost, Building and Building Improvements	10,714
Gross Amounts, Land and Land Improvements	2,129
Gross Amounts, Building and Building Improvements	11,732
Total	13,861
Accumulated Depreciation	$ (650)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | Ladson
Real Estate And Accumulated Depreciation [Line Items]
Location	Charleston, SC
Encumbrances	$ 7,965
Initial Cost, Land and Land Improvements	2,044
Initial Cost, Building and Building Improvements	7,688
Gross Amounts, Land and Land Improvements	402
Gross Amounts, Building and Building Improvements	9,350
Total	9,752
Accumulated Depreciation	$ (486)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | Lake Wylie
Real Estate And Accumulated Depreciation [Line Items]
Location	Lake Wylie, SC
Encumbrances	$ 7,476
Initial Cost, Land and Land Improvements	2,928
Initial Cost, Building and Building Improvements	5,947
Gross Amounts, Land and Land Improvements	1,862
Gross Amounts, Building and Building Improvements	7,010
Total	8,872
Accumulated Depreciation	$ (389)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | Mountain Brook
Real Estate And Accumulated Depreciation [Line Items]
Location	Birmingham, AL
Encumbrances	$ 15,056
Initial Cost, Land and Land Improvements	5,723
Initial Cost, Building and Building Improvements	14,463
Gross Amounts, Land and Land Improvements	2,461
Gross Amounts, Building and Building Improvements	17,736
Total	20,197
Accumulated Depreciation	$ (976)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | OKC Bethany
Real Estate And Accumulated Depreciation [Line Items]
Location	Bethany, OK
Encumbrances	$ 4,160
Initial Cost, Land and Land Improvements	1,688
Initial Cost, Building and Building Improvements	5,486
Gross Amounts, Land and Land Improvements	3,525
Gross Amounts, Building and Building Improvements	4,257
Total	7,782
Accumulated Depreciation	$ (310)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | OKC Edmond
Real Estate And Accumulated Depreciation [Line Items]
Location	Edmond, OK
Encumbrances	$ 4,217
Initial Cost, Land and Land Improvements	2,550
Initial Cost, Building and Building Improvements	5,282
Gross Amounts, Land and Land Improvements	5,325
Gross Amounts, Building and Building Improvements	4,099
Total	9,424
Accumulated Depreciation	$ (310)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | OKC Midwest City
Real Estate And Accumulated Depreciation [Line Items]
Location	Midwest City, OK
Encumbrances	$ 7,236
Initial Cost, Land and Land Improvements	1,968
Initial Cost, Building and Building Improvements	9,874
Gross Amounts, Land and Land Improvements	4,108
Gross Amounts, Building and Building Improvements	7,663
Total	11,771
Accumulated Depreciation	$ (542)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | OKC Norman
Real Estate And Accumulated Depreciation [Line Items]
Location	Norman, OK
Encumbrances	$ 6,250
Initial Cost, Land and Land Improvements	1,342
Initial Cost, Building and Building Improvements	8,634
Gross Amounts, Land and Land Improvements	2,801
Gross Amounts, Building and Building Improvements	6,700
Total	9,501
Accumulated Depreciation	$ (465)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | Rea
Real Estate And Accumulated Depreciation [Line Items]
Location	Waxhaw, NC
Encumbrances	$ 15,999
Initial Cost, Land and Land Improvements	4,661
Initial Cost, Building and Building Improvements	24,139
Gross Amounts, Land and Land Improvements	2,773
Gross Amounts, Building and Building Improvements	26,112
Total	28,885
Accumulated Depreciation	$ (1,378)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | Flagler Village
Real Estate And Accumulated Depreciation [Line Items]
Location	Ft Lauderdale, FL
Encumbrances	$ 0
Initial Cost, Land and Land Improvements	6,979
Initial Cost, Building and Building Improvements	34,644
Gross Amounts, Land and Land Improvements	6,987
Gross Amounts, Building and Building Improvements	34,703
Total	41,690
Accumulated Depreciation	$ (1,559)
Year Acquired	Dec. 31, 2022
Self-Storage Properties | Mooresville
Real Estate And Accumulated Depreciation [Line Items]
Location	Mooresville, NC
Encumbrances	$ 7,825
Initial Cost, Land and Land Improvements	2,602
Initial Cost, Building and Building Improvements	13,388
Gross Amounts, Land and Land Improvements	2,523
Gross Amounts, Building and Building Improvements	13,510
Total	16,033
Accumulated Depreciation	$ (748)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | Campbell Station
Real Estate And Accumulated Depreciation [Line Items]
Location	Nashville, TN
Encumbrances	$ 11,388
Initial Cost, Land and Land Improvements	4,563
Initial Cost, Building and Building Improvements	12,615
Gross Amounts, Land and Land Improvements	5,622
Gross Amounts, Building and Building Improvements	11,549
Total	17,171
Accumulated Depreciation	$ (707)
Year Acquired	Dec. 31, 2021
Self-Storage Properties | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 608
Self-Storage Properties | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(2,138)
Self-Storage Properties | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	5,630
Self-Storage Properties | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,507)
Self-Storage Properties | Land and Land Improvements | Alabaster
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,209)
Self-Storage Properties | Land and Land Improvements | Bryan/College Station
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(129)
Self-Storage Properties | Land and Land Improvements | Cornelius
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(308)
Self-Storage Properties | Land and Land Improvements | FL Mall
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(103)
Self-Storage Properties | Land and Land Improvements | Highway 78
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(969)
Self-Storage Properties | Land and Land Improvements | Ladson
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,642)
Self-Storage Properties | Land and Land Improvements | Lake Wylie
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,066)
Self-Storage Properties | Land and Land Improvements | Mountain Brook
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(3,262)
Self-Storage Properties | Land and Land Improvements | OKC Bethany
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,837
Self-Storage Properties | Land and Land Improvements | OKC Edmond
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	2,775
Self-Storage Properties | Land and Land Improvements | OKC Midwest City
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	2,140
Self-Storage Properties | Land and Land Improvements | OKC Norman
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,459
Self-Storage Properties | Land and Land Improvements | Rea
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,888)
Self-Storage Properties | Land and Land Improvements | Flagler Village
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	8
Self-Storage Properties | Land and Land Improvements | Mooresville
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(79)
Self-Storage Properties | Land and Land Improvements | Campbell Station
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,059
Self-Storage Properties | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	3,829
Self-Storage Properties | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	5,020
Self-Storage Properties | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(6,263)
Self-Storage Properties | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,541
Self-Storage Properties | Building and Building Improvements | Alabaster
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,253
Self-Storage Properties | Building and Building Improvements | Bryan/College Station
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	270
Self-Storage Properties | Building and Building Improvements | Cornelius
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	350
Self-Storage Properties | Building and Building Improvements | FL Mall
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	111
Self-Storage Properties | Building and Building Improvements | Highway 78
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,018
Self-Storage Properties | Building and Building Improvements | Ladson
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,662
Self-Storage Properties | Building and Building Improvements | Lake Wylie
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,063
Self-Storage Properties | Building and Building Improvements | Mountain Brook
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	3,273
Self-Storage Properties | Building and Building Improvements | OKC Bethany
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,229)
Self-Storage Properties | Building and Building Improvements | OKC Edmond
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,183)
Self-Storage Properties | Building and Building Improvements | OKC Midwest City
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(2,211)
Self-Storage Properties | Building and Building Improvements | OKC Norman
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,934)
Self-Storage Properties | Building and Building Improvements | Rea
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,973
Self-Storage Properties | Building and Building Improvements | Flagler Village
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	59
Self-Storage Properties | Building and Building Improvements | Mooresville
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	122
Self-Storage Properties | Building and Building Improvements | Campbell Station
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,066)
Other Properties
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	339,128
Initial Cost, Land and Land Improvements	143,325
Initial Cost, Building and Building Improvements	352,939
Total	501,460
Accumulated Depreciation	$ (41,478)
Other Properties | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Location	Fort Meyers, FL
Encumbrances	$ 22,182
Initial Cost, Land and Land Improvements	10,180
Initial Cost, Building and Building Improvements	28,519
Total	40,049
Accumulated Depreciation	$ (3,920)
Year Acquired	Dec. 31, 2019
Other Properties | Hyatt Place Boulder
Real Estate And Accumulated Depreciation [Line Items]
Location	Boulder, CO
Encumbrances	$ 25,381
Initial Cost, Land and Land Improvements	13,890
Initial Cost, Building and Building Improvements	33,673
Total	47,926
Accumulated Depreciation	$ (4,540)
Year Acquired	Dec. 31, 2019
Other Properties | Residence Inn Cleveland
Real Estate And Accumulated Depreciation [Line Items]
Location	Cleveland, OH
Encumbrances	$ 12,567
Initial Cost, Land and Land Improvements	2,867
Initial Cost, Building and Building Improvements	19,944
Total	25,450
Accumulated Depreciation	$ (2,778)
Year Acquired	Dec. 31, 2019
Other Properties | Residence Inn Little Rock
Real Estate And Accumulated Depreciation [Line Items]
Location	Little Rock, AR
Encumbrances	$ 12,868
Initial Cost, Land and Land Improvements	2,410
Initial Cost, Building and Building Improvements	16,472
Total	17,646
Accumulated Depreciation	$ (2,118)
Year Acquired	Dec. 31, 2019
Other Properties | Exchange On Erwin Commercial
Real Estate And Accumulated Depreciation [Line Items]
Location	Durham, NC
Encumbrances	$ 24,908
Initial Cost, Land and Land Improvements	13,492
Initial Cost, Building and Building Improvements	20,157
Total	33,622
Accumulated Depreciation	$ (3,380)
Year Acquired	Dec. 31, 2019
Number of properties | Property	2
Other Properties | Barlow Building
Real Estate And Accumulated Depreciation [Line Items]
Location	Chevy Chase, MD
Encumbrances	$ 108,160
Initial Cost, Land and Land Improvements	31,902
Initial Cost, Building and Building Improvements	112,291
Total	148,361
Accumulated Depreciation	$ (13,594)
Year Acquired	Dec. 31, 2020
Other Properties | Iberostar Las Dalias
Real Estate And Accumulated Depreciation [Line Items]
Location	Tenerife, Spain
Encumbrances	$ 54,062
Initial Cost, Land and Land Improvements	26,751
Initial Cost, Building and Building Improvements	37,993
Total	62,655
Accumulated Depreciation	$ (2,043)
Year Acquired	Dec. 31, 2021
Other Properties | Marketplace at the Outlets
Real Estate And Accumulated Depreciation [Line Items]
Location	West Palm Beach, FL
Encumbrances	$ 79,000
Initial Cost, Land and Land Improvements	41,833
Initial Cost, Building and Building Improvements	83,890
Total	125,751
Accumulated Depreciation	$ (9,105)
Year Acquired	Dec. 31, 2021
Other Properties | Land and Land Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	$ 1,091
Gross Amounts, Land and Land Improvements	144,416
Other Properties | Land and Land Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1,086
Gross Amounts, Land and Land Improvements	11,266
Other Properties | Land and Land Improvements | Hyatt Place Boulder
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	6
Gross Amounts, Land and Land Improvements	13,896
Other Properties | Land and Land Improvements | Residence Inn Cleveland
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	184
Gross Amounts, Land and Land Improvements	3,051
Other Properties | Land and Land Improvements | Residence Inn Little Rock
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(41)
Gross Amounts, Land and Land Improvements	2,369
Other Properties | Land and Land Improvements | Exchange On Erwin Commercial
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	1
Gross Amounts, Land and Land Improvements	13,493
Other Properties | Land and Land Improvements | Barlow Building
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	208
Gross Amounts, Land and Land Improvements	32,110
Other Properties | Land and Land Improvements | Iberostar Las Dalias
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(361)
Gross Amounts, Land and Land Improvements	26,390
Other Properties | Land and Land Improvements | Marketplace at the Outlets
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	8
Gross Amounts, Land and Land Improvements	41,841
Other Properties | Building and Building Improvements
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	4,105
Gross Amounts, Building and Building Improvements	357,044
Other Properties | Building and Building Improvements | Various Properties
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	264
Gross Amounts, Building and Building Improvements	28,783
Other Properties | Building and Building Improvements | Hyatt Place Boulder
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	357
Gross Amounts, Building and Building Improvements	34,030
Other Properties | Building and Building Improvements | Residence Inn Cleveland
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	2,455
Gross Amounts, Building and Building Improvements	22,399
Other Properties | Building and Building Improvements | Residence Inn Little Rock
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,195)
Gross Amounts, Building and Building Improvements	15,277
Other Properties | Building and Building Improvements | Exchange On Erwin Commercial
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(28)
Gross Amounts, Building and Building Improvements	20,129
Other Properties | Building and Building Improvements | Barlow Building
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	3,960
Gross Amounts, Building and Building Improvements	116,251
Other Properties | Building and Building Improvements | Iberostar Las Dalias
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	(1,728)
Gross Amounts, Building and Building Improvements	36,265
Other Properties | Building and Building Improvements | Marketplace at the Outlets
Real Estate And Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition	20
Gross Amounts, Building and Building Improvements	$ 83,910

Schedule III Real Estate and _3

Schedule III Real Estate and Accumulated Depreciation (Parenthetical) (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Real Estate And Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Federal Income Tax Basis		$ 20,900,000
Accumulated Depreciation Furniture Fixtures And Equipment		118,400
Right of use asset - operating lease	[1]	105,230	$ 105,230
Furniture, Fixtures and Equipment
Real Estate And Accumulated Depreciation [Line Items]
Property, Plant and Equipment, Net		$ 304,700	$ 331,600
[1] Refer to Note 14 for additional details on the Company’s leases.

Activity for real estate and ac

Activity for real estate and accumulated depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate:
Balance at the beginning of year	$ 23,161,692	$ 17,448,136
Impairment of investments in real estate	(188,804)	0	$ 0
Balance at the end of the year	21,061,744	23,161,692	17,448,136
Accumulated Depreciation:
Balance at the beginning of the year	(1,013,703)	(364,653)
Accumulated depreciation, net of dispositions	(564,934)	(649,050)
Balance at the end of the year	(1,578,637)	(1,013,703)	$ (364,653)
Building and Building Improvements
Real Estate:
Additions during the year	152,709	4,799,429
Dispositions during the year	(1,649,905)	0
Land and Land Improvements
Real Estate:
Additions during the year	29,205	847,098
Dispositions during the year	(416,215)	0
Furniture, Fixtures and Equipment
Real Estate:
Additions during the year	10,579	67,029
Dispositions during the year	$ (37,517)	$ 0

Activity for real estate and _2

Activity for real estate and accumulated depreciation (Parenthetical) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Right of use asset - operating lease	[1]	$ 105,230	$ 105,230
Amortization on right-of-use operating lease assets		8,000	5,800
Furniture, Fixtures and Equipment
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Property, Plant and Equipment, Net		$ 304,700	$ 331,600
[1] Refer to Note 14 for additional details on the Company’s leases.