Starwood Real Estate Income Trust 10-Q 13 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 06, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Registrant Name	Starwood Real Estate Income Trust, Inc.
Entity Central Index Key	0001711929
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Tax Identification Number	82-2023409
Entity Incorporation, State or Country Code	MD
Entity File Number	000-56046
Entity Address, Address Line One	2340 Collins Avenue
Entity Address, City or Town	Miami Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33139
City Area Code	305
Local Phone Number	695-5500
Document Quarterly Report	true
Document Transition Report	false
Common Stock Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,135,722
Common Stock Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		183,308,868
Common Stock Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		26,138,604
Common Stock Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		189,671,582

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Assets
Investments in real estate, net		$ 19,351,915	$ 19,580,358
Investments in real estate debt		1,388,138	1,589,350
Investments in unconsolidated real estate ventures		451,645	456,002
Cash and cash equivalents		316,144	294,984
Restricted cash		231,721	245,651
Other assets		951,262	947,629
Total assets		22,690,825	23,113,974
Liabilities and Equity
Mortgage notes and credit facility, net	[1]	12,975,325	13,028,910
Secured financings on investments in real estate debt		737,451	762,352
Unsecured line of credit		1,225,000	907,500
Other liabilities		437,726	484,358
Subscriptions received in advance		11,569	13,225
Total liabilities		15,676,412	15,517,302
Commitments and contingencies
Redeemable non-controlling interest		462,285	459,862
Equity
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding as of March 31, 2024 and December 31, 2023
Additional paid-in capital		9,269,243	9,641,219
Accumulated other comprehensive loss		(25,342)	(15,729)
Accumulated deficit and cumulative distributions		(2,739,431)	(2,537,302)
Total stockholders’ equity		6,508,616	7,092,496
Non-controlling interests in consolidated joint ventures		43,512	44,314
Total equity		6,552,128	7,136,810
Total liabilities and equity		22,690,825	23,113,974
Common Stock Class T
Equity
Common stock value		52	53
Common Stock Class S
Equity
Common stock value		1,873	1,950
Common Stock Class D
Equity
Common stock value		265	275
Common Stock Class I
Equity
Common stock value		1,956	2,030
Affiliated Entity
Assets
Investments in real estate debt		45,164	201,070
Liabilities and Equity
Due to affiliates		$ 289,341	$ 320,957
[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.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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	414,567,032	430,808,244
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	5,181,829	5,282,025
Common stock, shares outstanding	5,181,829	5,282,025
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	187,328,914	195,023,616
Common stock, shares outstanding	187,328,914	195,023,616
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	26,474,013	27,512,551
Common stock, shares outstanding	26,474,013	27,512,551
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	195,582,276	202,990,052
Common stock, shares outstanding	195,582,276	202,990,052

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Total revenues	$ 424,050	$ 446,444
Expenses
Property operating	179,657	189,651
General and administrative	12,492	10,569
Management fees	31,996	42,181
Impairment of investments in real estate	0	79,846
Depreciation and amortization	186,398	200,434
Total expenses	410,543	522,681
Other expense
Loss from unconsolidated real estate ventures	(3,968)	(3,089)
Income from investments in real estate debt	40,497	31,841
Net gain (loss) on dispositions of real estate	2,083	(423)
Interest expense	(154,033)	(137,290)
Other income (expense), net	15,628	(140,034)
Total other expense	(99,793)	(248,995)
Net loss	(86,286)	(325,232)
Net loss attributable to non-controlling interests in consolidated joint ventures	187	1,492
Net loss attributable to non-controlling interests in Operating Partnership	4,753	13,103
Net loss attributable to stockholders	$ (81,346)	$ (310,637)
Net loss per share of common stock, basic	$ (0.19)	$ (0.63)
Net loss per share of common stock, diluted	$ (0.19)	$ (0.63)
Weighted-average shares of common stock outstanding, basic	420,777,452	496,673,860
Weighted-average shares of common stock outstanding, diluted	420,777,452	496,673,860
Comprehensive loss:
Net loss	$ (86,286)	$ (325,232)
Other comprehensive (loss) income item:
Foreign currency translation adjustments	(9,613)	6,601
Other comprehensive (loss) income	(9,613)	6,601
Comprehensive loss	(95,899)	(318,631)
Rental revenue
Revenues
Total revenues	413,083	431,000
Other revenue
Revenues
Total revenues	$ 10,967	$ 15,444

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock Common Stock Class T	Common Stock Common Stock Class S	Common Stock Common Stock Class D	Common Stock Common Stock Class I	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit and Cumulative Distributions	Total Stockholders' Equity	Non-Controlling Interests
Balance at Dec. 31, 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	185,048	1	23		47	184,977			185,048
Offering costs, net	7,920					7,920			7,920
Distribution reinvestments	55,940		9	1	9	55,921			55,940
Amortization of restricted stock grants	210					210			210
Common stock repurchased	(671,096)	(1)	(72)	(11)	(171)	(670,841)			(671,096)
Net loss (allocated to redeemable non-controlling interest)	(312,129)							(310,637)	(310,637)	(1,492)
Distributions to non-controlling interests	(798)									(798)
Distributions declared on common stock (see Note 11)	(141,127)							(141,127)	(141,127)
Other comprehensive income (loss)	6,601						6,601		6,601
Allocation to redeemable non-controlling interests	(3,332)					(3,332)			(3,332)
Balance at Mar. 31, 2023	9,273,028	57	2,206	300	2,330	11,041,125	(17,706)	(1,807,020)	9,221,292	51,736
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
Common stock issued, net	89,712	(1)	3	2	34	89,674			89,712
Offering costs, net	17,393					17,393			17,393
Distribution reinvestments	48,693		10	2	9	48,672			48,693
Amortization of restricted stock grants	210					210			210
Common stock repurchased	(514,516)		(90)	(14)	(117)	(514,295)			(514,516)
Net loss (allocated to redeemable non-controlling interest)	(81,533)							(81,346)	(81,346)	(187)
Distributions to non-controlling interests	(615)									(615)
Distributions declared on common stock (see Note 11)	(120,783)							(120,783)	(120,783)
Other comprehensive income (loss)	(9,613)						(9,613)		(9,613)
Allocation to redeemable non-controlling interests	(13,630)					(13,630)			(13,630)
Balance at Mar. 31, 2024	$ 6,552,128	$ 52	$ 1,873	$ 265	$ 1,956	$ 9,269,243	$ (25,342)	$ (2,739,431)	$ 6,508,616	$ 43,512

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Net income (loss) allocated to redeemable non controlling interests	$ 4,753	$ 13,103

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net loss	$ (86,286)	$ (325,232)
Adjustments to reconcile net loss to net cash provided by operating activities
Management fees	31,996	42,181
Impairment of investments in real estate	0	79,846
Depreciation and amortization	186,398	200,434
Amortization of deferred financing costs	6,392	7,123
Straight-line rent amortization	(3,403)	(3,612)
Deferred income amortization	(6,253)	(3,931)
Unrealized (gain) loss on changes in fair value of financial instruments	(35,179)	150,420
Foreign currency loss	20,295	306
Amortization of restricted stock grants	210	210
Net (gain) loss on disposition of investments in real estate	(2,083)	423
Realized loss on sale of investments in real estate debt	1,468
Loss from unconsolidated real estate ventures	3,968	3,089
Distributions of earnings from unconsolidated real estate ventures	389
Other items	(2,172)	(1,859)
Change in assets and liabilities
Decrease (increase) in other assets	16,585	(827)
Decrease in due to affiliates	(2,836)	(1,000)
(Decrease) increase in other liabilities	(11,243)	577
Net cash provided by operating activities	118,246	148,148
Cash flows from investing activities
Acquisitions of real estate		(134)
Proceeds from dispositions of real estate	77,450	2,051
Capital improvements to real estate	(32,887)	(35,624)
Proceeds from paydown of principal and settlement of investments in real estate debt and equity securities	110,602
Purchase of derivative instruments	(15)	(14,994)
Proceeds from derivative contracts	6,140	5,864
Net cash provided by (used in) investing activities	161,290	(42,837)
Cash flows from financing activities
Proceeds from issuance of common stock, net	44,157	101,649
Offering costs paid	(11,058)	(14,558)
Subscriptions received in advance	11,569	20,728
Repurchase of common stock	(514,516)	(671,096)
Borrowings from mortgage notes, credit facility, and unsecured line of credit	588,500	236,314
Repayments of mortgage notes, credit facility, and unsecured line of credit	(314,604)	(2,263)
Payment of deferred financing costs	(89)	(253)
Distributions to non-controlling interests	(615)	(798)
Distributions	(79,963)	(92,478)
Net cash used in financing activities	(276,619)	(422,755)
Effect of exchange rate changes	4,313	303
Net change in cash and cash equivalents and restricted cash	7,230	(317,141)
Cash and cash equivalents and restricted cash, beginning of the year	540,635	956,609
Cash and cash equivalents and restricted cash, end of the period	547,865	639,468
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	316,144	360,098
Restricted cash	231,721	279,370
Total cash and cash equivalents and restricted cash	547,865	639,468
Supplemental disclosure of cash flow information:
Cash paid for interest	241,384	205,203
Non-cash investing and financing activities:
Accrued stockholder servicing fees due to affiliate	(17,858)	(8,773)
Issuance of Class I shares for payment of management fee	32,331	43,055
Redeemable non-controlling interest issued as settlement for performance participation allocation		102,348
Accrued distributions	41,625	48,226
Distribution reinvestment	48,693	55,940
Allocation to redeemable non-controlling interest	13,630	3,332
Accrued capital expenditures	$ 4,308	$ 12,346

Organization and Business Purpo

Organization and Business Purpose	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, the Company owned 469 consolidated real estate properties, 989 single-family rental units, two investments in unconsolidated real estate ventures and four positions in real estate debt investments. The Company currently operates in seven reportable segments: Multifamily, Single-Family Rental, Industrial, Office, Self-Storage, Other, and Investments in Real Estate Debt. 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 March 31, 2024, the Company had received aggregate net proce eds of $ 13.9 billion 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 March 31, 2024, the Company has not yet begun to raise offering proceeds through the DST Program.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. All significant intercompany balances and transactions have been eliminated in consolidation. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission (the “SEC”). Certain amounts in the Company’s prior period unaudited condensed consolidated financial statements have been reclassified to conform to the current period presentation. The Company has chosen to reflect net losses on dispositions of real estate from “Other income (expense), net” to “Net gain (loss) on dispositions of real estate” for the three months ended March 31, 2023 on the Condensed Consolidated Statements of Operations and Comprehensive Loss. Such reclassification had no effect on the previously reported totals included in the Condensed Consolidated Statements of Operations and Comprehensive Loss. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, the Company’s subsidiaries and joint ventures in which the Company has a controlling interest. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of the joint ventures is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. Certain of the joint ventures formed by the Company provide the other partner a profits interest based on certain return hurdles being achieved. Any profits interest due to the other partner is reported within non-controlling interests. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. The Operating Partnership is considered to be a VIE. The Company consolidates the Operating Partnership because it has the ability to direct the most significant activities of the entity such as purchases, dispositions, financings, budgets, and overall operating plans. 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. Investments in Real Estate Refer to Note 2 — “Summary of Significant Accounting Policies” to the Company’s consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, for further details of the GAAP treatment regarding the Company’s investments in real estate. Impairment of Investments in Real Estate The Company’s management reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value of such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The evaluation of anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Since cash flows on real estate properties considered to be “long-lived assets to be held and used” are considered on an undiscounted basis to determine whether an asset has been impaired, the Company’s strategy of holding properties over the long term decreases the likelihood of recording an impairment loss. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value. Impairment charges are recorded in the Condensed Consolidated Statements of Operations and Comprehensive Loss. During the three months ended March 31, 2024, the Company did no t recognize any impairment on its investments in real estate. During the three months ended March 31, 2023, the Company recognized an aggregate $ 79.8 million impairment charge on various single-family rental properties in the Condensed Consolidated Statements of Operations and Comprehensive Loss. Properties Held-for-Sale The Company classifies the assets and liabilities related to its investments in real estate as held-for-sale when a sale is probable to occur within one year. The Company considers a sale to be probable when a binding contract has been executed, the buyer has posted a non-refundable deposit, and there are limited contingencies to closing. The Company records held-for-sale investments in real estate at the lower of depreciated cost or fair value, less estimated closing costs. Held-for-sale assets and liabilities are presented within Other assets and Other liabilities on the Company’s Condensed Consolidated Balance Sheets. As of March 31, 2024 and December 31, 2023, there were no real estate investments that met the criteria to be classified as held-for-sale. 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 three months ended March 31, 2024 and 2023, the Company recorded net unrealized gains on its investments in real estate debt securities of $ 5.1 million and $ 0.6 million, respectively. Such amounts are recorded as a component of Income from investments in real estate debt on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. The Company’s 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 March 31, 2024. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 45,164 $ 1,342,974 $ 1,388,138 $ — $ 201,070 $ 1,388,280 $ 1,589,350 Derivatives — 570,582 — 570,582 — 554,263 — 554,263 Total $ — $ 615,746 $ 1,342,974 $ 1,958,720 $ — $ 755,333 $ 1,388,280 $ 2,143,613 Liabilities: Derivatives $ — $ 30,663 $ — $ 30,663 $ — $ 46,178 $ — $ 46,178 Total $ — $ 30,663 $ — $ 30,663 $ — $ 46,178 $ — $ 46,178 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, 2023 $ 1,388,280 Included in net loss Foreign currency exchange ( 45,306 ) Balance as of March 31, 2024 $ 1,342,974 The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): March 31, 2024 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in real estate debt $ 1,342,974 Discounted Cash Flow Discount Rate 9.7 % Decrease 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 Valuation of assets measured at fair value on a nonrecurring basis Certain of the Company’s assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments, such as when there is evidence of impairment, and therefore measured at fair value on a nonrecurring basis. The Company reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. During the three months ended March 31, 2024, the Company did not recognize any impairment on its investments in real estate. During the three months ended March 31, 2023, the Company recognized an aggregate $ 79.8 million impairment charge on various single-family rental properties. As of March 31, 2024 and December 31, 2023, the estimated fair value of the Company’s remaining impaired assets was $ 43.9 million and $ 53.8 million, respectively. The estimated fair values of the impaired properties held as of March 31, 2024, 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. 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 March 31, 2024, the fair value of the Company’s mortgage notes, credit facility and secured financings on investments in real estate debt was approximately $ 457.3 million below the outstanding principal balance. Income Taxes The Company elected to be taxed as a REIT under the Internal Revenue Code (the “Code”), for federal income tax purposes, beginning with its taxable year ended December 31, 2019. As long as the Company qualifies for taxation as a REIT, it generally will not be subject to U.S. federal corporate income tax on its net taxable income that is currently distributed to its stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90 % of its REIT taxable income (subject to certain adjustments) to its stockholders. If the Company fails to qualify as a REIT in a taxable year, without the benefit of certain relief provisions, it will be subject to federal and state income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, it may also be subject to certain federal, state, local, and foreign taxes on its income and assets, including (i) taxes on any undistributed income, (ii) taxes related to its taxable REIT subsidiaries (“TRSs”) and (iii) 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 Condensed Consolidated Statements of Operations and Comprehensive Loss. For the three months ended March 31, 2024, the Company recognized an income tax benefit of $ 4.4 million, within Other income (expense), net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. For the three months ended March 31, 2023, the Company recognized an income tax benefit of $ 0.3 million, within Other income (expense), net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. As of March 31, 2024 and December 31, 2023, the Company recorded a net deferred tax liability of $ 26.5 million and $ 30.7 million, respectively, primarily due to assumed capital gains from two European investments, within Other liabilities on the Company’s Condensed Consolidated Balance Sheets. As of December 31, 2023, net operating loss (“NOL”) carryforwards for federal and state income tax purposes tot aled $ 61.9 mill ion, and are primarily driven by dispositions of residential rental units within one of the Company’s TRSs. Although the federal NOL 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. Recent Accounting Pronouncements In November of 2023, the Financial Accounting Standards Board issued Accounting Standards Update 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.

Investments

Investments	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Investments	3. Investments Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): March 31, 2024 December 31, 2023 Building and building improvements $ 17,571,430 $ 17,612,162 Land and land improvements 3,116,386 3,144,932 Furniture, fixtures and equipment 298,638 304,650 Right-of-use asset - operating lease (1 ) 105,230 105,230 Total 21,091,684 21,166,974 Accumulated depreciation and amortization ( 1,739,769 ) ( 1,586,616 ) Investments in real estate, net $ 19,351,915 $ 19,580,358 (1) Refer to Note 14 for additional details on the Company’s leases. Asset Dispositions During the three months ended March 31, 2024, the Company sold an aggregate of $ 48.5 million of investments in real estate, net, generating total cash proceeds, net of mortgage repayments, of approximately $ 33.1 million. During the three months ended March 31, 2024, the Company recorded $ 2.1 million of net gains from the disposition of two hospitality properties and 27 single-family rental units. For the three months ended March 31, 2023, the Company sold five single-family rental units for net proceeds of approximately $ 1.8 million, resulting in total losses of $ 0.4 million. Investments in Unconsolidated Real Estate Ventures The following table details the Company’s equity investments in unconsolidated entities ($ in thousands): Investments in Unconsolidated Segment Date Number of Properties Ownership Interest March 31, 2024 December 31, 2023 Extended Stay Portfolio Other July 2022 196 45 % $ 441,368 $ 446,424 Fort Lauderdale Hotel Other March 2019 1 43 % 10,277 9,578 Total investments in unconsolidated real estate ventures $ 451,645 $ 456,002 The following table details the Company’s (loss) income from equity investments in unconsolidated entities ($ in thousands): Three Months Ended March 31, Investments in Unconsolidated Real Estate Ventures Segment 2024 2023 Extended Stay Portfolio Other $ ( 5,056 ) $ ( 3,468 ) Fort Lauderdale Hotel Other 1,088 379 Total loss from unconsolidated real estate ventures $ ( 3,968 ) $ ( 3,089 )

Intangibles

Intangibles	3 Months Ended
	Mar. 31, 2024
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): March 31, 2024 December 31, 2023 Intangible assets: (1) In-place lease intangibles $ 291,626 $ 292,348 Above-market lease intangibles 38,359 44,463 Other 41,992 41,823 Total intangible assets 371,977 378,634 Accumulated amortization: In-place lease amortization ( 135,316 ) ( 127,185 ) Above-market lease amortization ( 19,956 ) ( 18,913 ) Other ( 13,231 ) ( 12,500 ) Total accumulated amortization ( 168,503 ) ( 158,598 ) Intangible assets, net $ 203,474 $ 220,036 Intangible liabilities: (2) Below-market lease intangibles $ 81,176 $ 87,173 Total intangible liabilities 81,176 87,173 Accumulated amortization: Below-market lease amortization ( 29,491 ) ( 27,606 ) Total accumulated amortization ( 29,491 ) ( 27,606 ) Intangible liabilities, net $ 51,685 $ 59,567 (1) Included in Other assets on the Company’s Condensed Consolidated Balance Sheets. (2) Included in Other liabilities on the Company’s Condensed Consolidated Balance Sheets. The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of March 31, 2024 is as follows ($ in thousands): In-place Above-market Other Below-market 2024 (remaining) $ 25,590 $ 3,417 $ 2,559 $ ( 6,200 ) 2025 26,031 3,302 3,412 ( 5,989 ) 2026 21,334 3,015 3,412 ( 4,926 ) 2027 17,436 2,318 3,412 ( 4,174 ) 2028 14,144 1,773 3,412 ( 4,364 ) Thereafter 51,775 4,578 12,554 ( 26,032 ) $ 156,310 $ 18,403 $ 28,761 $ ( 51,685 )

Investments in Real Estate Debt

Investments in Real Estate Debt	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 ($ in thousands): March 31, 2024 Type of Security/Loan Number of Positions Weighted (1) Weighted Average (2) Cost Basis Fair Value CMBS - floating 2 B + 6.19% August 2035 $ 45,304 $ 45,164 Term loans 2 B + 4.95% January 2027 1,451,462 1,342,974 Total investments in real estate debt 4 B + 4.99% April 2027 $ 1,496,766 $ 1,388,138 December 31, 2023 Type of Security/Loan Number of Weighted (1) Weighted Average (2) 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 (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) 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 March 31, 2024 December 31, 2023 CMBS $ 45,164 $ 201,070 Total $ 45,164 $ 201,070 Such CMBS were purchased in fully or over-subscribed offerings. Each investment in such CMBS by the Company represented a minority participation in any individual tranche. The Company acquired its minority participation interest from third-party investment banks on market terms negotiated by the majority third-party investors. During the three months ended March 31, 2024, the Company recorded net realized losses resulting from sales on a portion of its investments in real estate debt securities of $ 1.5 million. During the three months ended March 31, 2023, the Company did no t dispose of any of its investments in real estate debt securities. Such amounts are recorded as a component of Income from investments in real estate debt on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss.

Mortgage Notes and Credit Facil

Mortgage Notes and Credit Facility	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 ($ in thousands): Principal Balance Outstanding (3) Indebtedness Weighted (1) Weighted (2) Maximum March 31, 2024 December 31, 2023 Fixed rate loans Fixed rate mortgages 3.09 % March 2031 N/A $ 3,018,053 $ 3,049,322 Total fixed rate loans 3,018,053 3,049,322 Variable rate loans Floating rate mortgages B + 1.83 % July 2027 N/A 9,863,917 9,893,894 Variable rate credit facility (4) B + 2.25 % December 2024 $ 165,000 165,000 165,000 Total variable rate loans 10,028,917 10,058,894 Total loans secured by the Company’s 13,046,970 13,108,216 Deferred financing costs, net ( 65,453 ) ( 73,066 ) Discount on assumed debt, net ( 6,192 ) ( 6,240 ) Mortgage notes and credit facility, net $ 12,975,325 $ 13,028,910 (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 SOF R, 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 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 March 31, 2024 ($ in thousands): Year Amount 2024 (remaining) $ 826,120 2025 951,721 2026 4,692,839 2027 2,074,921 2028 225,665 Thereafter 4,275,704 Total $ 13,046,970 Pursuant to lender agreements for certain of the Company’s mortgages, the Company has the ability to d raw $ 90.5 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 March 31, 2024.

Secured Financings On Investmen

Secured Financings On Investments In Real Estate Debt	3 Months Ended
	Mar. 31, 2024
Secured Financings On Investments In Real Estate Debt [Abstract]
Secured Financings on Investments in Real Estate Debt	7. Secured Financings on Investments in Real Estate Debt Secured financings on investments in real estate debt are treated as collateralized financing transactions and are carried at their contractual amounts, including accrued interest, as specified in the respective agreements. Although structured as a sale and repurchase obligation, a secured financing on investments in real estate debt operates as a financing under which securities are pledged as collateral to secure a short-term loan equal in value to a specified percentage of the market value of the pledged collateral. While used as collateral, the Company retains beneficial ownership of the pledged collateral, including the right to distributions. At the maturity of a secured financing on investments in real estate debt, the Company is required to repay the loan and concurrently receive the pledged collateral from the lender or, with the consent of the lender, renew such agreement at the then-prevailing financing rate. Interest rates on these borrowings are determined based on prevailing rates corresponding to the terms of the borrowings, and interest is paid at the termination of the borrowing at which time the Company may enter into a new borrowing arrangement at prevailing market rates with the same counterparty or repay that counterparty and negotiate financing with a different counterparty. The fair value of financial instruments pledged as collateral on the Company’s secured financings on investments in real estate debt disclosed in the tables below represents the Company’s fair value of such instruments, which may differ from the fair value assigned to the collateral by its counterparties. During June 2022, the Company entered into a repurchase agreement with Morgan Stanley Bank, N.A. (“Morgan Stanley”), Guardians of New Zealand Superannuation as manager and administrator of the New Zealand Superannuation Fund (“NZ Super”), and BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Osterreichische Postsparkasse Aktiengesellschaft (“BAWAG”) in order to finance its term loan investment (the “Syndicated RA”) to an unaffiliated entity in connection with its acquisition of three Australian hospitality and leisure resorts. During February 2021, the Company entered into a repurchase agreement with Barclays Bank PLC in order to finance its term loan investment (the “Barclays RA”) to an unaffiliated entity in connection with its acquisition of a premier United Kingdom holiday company. Effective February 15, 2022, the reference rate for the calculation of interest transitioned from the three-month U.S. dollar-denominated LIBOR to SONIA. The Barclays RA interest rate is now equal to the SONIA daily non-cumulative EFR rate plus a spread. For financial statement purposes, the Company does not offset its secured financings on investments in real estate debt and securities lending transactions because the conditions for netting as specified by GAAP are not met. Although not offset on the Company’s Condensed Consolidated Balance Sheets, these transactions are summarized in the following tables ($ in thousands): March 31, 2024 Indebtedness Maturity Date Coupon Collateral (1) Outstanding Barclays RA February 2026 SONIA + 2.55% $ 444,664 $ 244,565 Syndicated RA (2) June 2027 BBSY + 2.82% 898,310 492,886 $ 1,342,974 $ 737,451 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 (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 as of March 31, 2024 and December 31, 2023, respectively.

Unsecured Line of Credit

Unsecured Line of Credit	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Unsecured Line Of Credit	8. Unsecured Line of Credit During May 2022, the Company increased its unsecured line of credit (the “Line of Credit”) by $ 1.1 billion with additional banks for a total borrowing capacity of 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. Interest under the Line of Credit is determined based on one-month U.S. doll ar-denominated SOFR plus 2.5% . The repayment of the Line of Credit is guaranteed by the Company. As of March 31, 2024 and December 31, 2023, there were $ 1.2 billion and $ 0.9 billion of b orrowings outstanding on the Line of Credit, respectively.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	3 Months Ended
	Mar. 31, 2024
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): March 31, 2024 December 31, 2023 Derivative instruments $ 570,582 $ 554,263 Intangible assets, net 203,474 220,036 Receivables 144,511 127,573 Prepaid expenses 10,954 24,022 Interest receivable 7,159 7,929 Deferred financing costs, net 4,822 6,006 Deferred tax asset 6,093 5,043 Other 3,667 2,757 Total other assets $ 951,262 $ 947,629 The following table summarizes the components of Other liabilities ($ in thousands): March 31, 2024 December 31, 2023 Accounts payable and accrued expenses $ 66,634 $ 75,809 Real estate taxes payable 59,162 73,145 Accrued interest expense 69,698 69,642 Intangible liabilities, net 51,685 59,567 Derivative instruments 30,663 46,178 Tenant security deposits 45,864 44,374 Distributions payable 41,625 43,044 Deferred tax liability 32,599 35,792 Right-of-use liability - operating leases 12,387 12,402 Deferred income 12,080 11,894 Other taxes payable 5,858 5,005 Other 9,471 7,506 Total other liabilities $ 437,726 $ 484,358

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2024
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): March 31, 2024 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Strike Rate Index Weighted Average Maturity (Years) Interest Rate Caps - Property debt 70 $ 9,561,925 1.6 % SOFR 1.9 Interest Rate Caps - Property debt 4 € 171,552 1.1 % EURIBOR 0.8 Interest Rate Swaps - Property debt 1 $ 119,211 0.8 % SOFR 0.9 Interest Rate Swaps - Property debt 3 € 213,458 1.9 % EURIBOR 3.3 Interest Rate Swaps - Property debt 2 NOK 520,000 2.5 % NIBOR 3.9 Total interest rate derivatives 80 1.6 % 1.9 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 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): March 31, 2024 December 31, 2023 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD/Sell EUR Forward 39 € 552,358 60 € 577,283 Buy USD/Sell DKK Forward 10 DKK 1,260,016 12 DKK 1,301,016 Buy USD/Sell AUD Forward 5 AUD 621,759 5 AUD 621,759 Buy USD/Sell NOK Forward 7 NOK 397,700 9 NOK 1,160,941 Buy USD/Sell GBP Forward 7 £ 158,400 4 £ 142,858 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 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Interest rate derivatives $ 550,436 $ 537,390 $ — $ — Foreign currency forward contracts 20,146 16,873 30,663 46,178 Total derivatives $ 570,582 $ 554,263 $ 30,663 $ 46,178 (1) Included in Other assets on the Company’s Condensed Consolidated Balance Sheets. (2) Included in Other liabilities on the Company’s Condensed Consolidated Balance Sheets. The following table details the effect of the Company’s derivative financial instruments in the Condensed Consolidated Statements of Operations and Comprehensive Loss ($ in thousands): For the Three Months Ended March 31, Type of Derivative Net Realized/Unrealized Gain (Loss) 2024 2023 Interest Rate Caps - Property debt Unrealized gain (loss) (1) $ 11,329 $ ( 139,636 ) Interest Rate Swaps - Property debt Unrealized loss (1) ( 49 ) ( 6,369 ) Foreign Currency Forward Contracts Unrealized gain (loss) (2) 18,789 ( 4,313 ) Foreign Currency Forward Contracts Realized gain (1) 2,215 1,389 Interest Rate Caps - Property debt Realized gain (1) — 733 Interest Rate Swaps - Property debt Realized gain (1) — 1,925 Total $ 32,284 $ ( 146,271 ) (1) Included in Other income (expense), net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. (2) A portion of this amount is included in Income from investments in real estate debt and the remaining amount is included in Other income (expense), net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss.

Equity and Redeemable Non-contr

Equity and Redeemable Non-controlling Interests	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Equity and Redeemable Non-controlling Interests	11. Equity and Redeemable Non-controlling Interests Authorized Capital The Company is authorized to issue preferred stock and four classes of common stock consisting of Class T shares, Class S shares, Class D shares, and Class I shares. The Company’s board of directors has the ability to establish the preferences and rights of each class or series of preferred stock, without stockholder approval, and as such, it may afford the holders of any series or class of preferred stock preferences, powers and rights senior to the rights of holders of common stock. The differences among the common share classes relate to upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. Refer to Note 2 — “Summary of Significant Accounting Policies” to the Company’s consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, 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 March 31, 2024, the Company had the authority to issue 3,100,000,000 shares of capital stock, consisting of the following: Classification Number of Par Value Preferred Stock 100,000,000 $ 0.01 Class T Shares 500,000,000 $ 0.01 Class S Shares 1,000,000,000 $ 0.01 Class D Shares 500,000,000 $ 0.01 Class I Shares 1,000,000,000 $ 0.01 Total 3,100,000,000 Common Stock The following table details the movement in the Company’s outstanding shares of common stock: Three Months Ended March 31, 2024 Class T Class S Class D Class I Total December 31, 2023 5,282,025 195,023,616 27,512,551 202,990,052 430,808,244 Common stock shares issued (1) ( 78,520 ) 346,224 223,950 3,346,837 3,838,491 Distribution reinvestment plan shares issued 37,181 981,482 169,241 900,756 2,088,660 Common stock shares repurchased ( 58,857 ) ( 9,022,408 ) ( 1,431,729 ) ( 11,655,369 ) ( 22,168,363 ) March 31, 2024 5,181,829 187,328,914 26,474,013 195,582,276 414,567,032 Three Months Ended March 31, 2023 Class T Class S Class D Class I Total December 31, 2022 5,721,496 224,556,910 30,974,173 244,455,013 505,707,592 Common stock shares issued (1) 76,701 2,263,805 ( 39,697 ) 4,648,338 6,949,147 Distribution reinvestment plan shares issued 34,590 981,339 96,343 994,940 2,107,212 Common stock shares repurchased ( 117,880 ) ( 7,190,043 ) ( 1,070,027 ) ( 17,093,864 ) ( 25,471,814 ) March 31, 2023 5,714,907 220,612,011 29,960,792 233,004,427 489,292,137 __________ (1) Includes exchanges between share classes Share Repurchases The Company has adopted a share repurchase plan whereby, subject to certain limitations, stockholders may request on a monthly basis that the Company repurchases all or any portion of their shares. Should repurchase requests, in the Company’s judgment, place an undue burden on its liquidity, adversely affect its operations or risk having an adverse impact on the Company as a whole, or should the Company otherwise determine that investing its liquid assets in real properties or other illiquid investments rather than repurchasing its shares is in the best interests of the Company as a whole, then the Company may choose to repurchase fewer shares than have been requested to be repurchased, or none at all. Further, the Company’s board of directors may modify or suspend the Company’s share repurchase plan if it deems such action to be in the Company’s best interest and in the best interest of its stockholders. In addition, the total amount of shares that the Company may repurchase is limited, in any calendar month, to shares whose aggregate value (based on the repurchase price per share on the date of the repurchase) is no more than 2 % of its aggregate net asset value (“NAV”) 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 per calendar quarter (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 three months ended March 31, 2024, the Company repurchased 22,168,363 shares of common stock representing, a total of $ 514.5 million. For the three months ended March 31, 2023, the Company repurchased 25,471,814 shares of common stock representing a total of $ 671.1 million. Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Code. Each class of common stock receives the same gross distribution per share. The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and is paid directly to the applicable distributor. The following table details the aggregate distributions declared for each applicable class of common stock: Three Months Ended March 31, 2024 Class T Class S Class D Class I Aggregate gross distributions declared per share of common stock $ 0.3105 $ 0.3105 $ 0.3105 $ 0.3105 Stockholder servicing fee per share of common stock ( 0.0488 ) ( 0.0490 ) ( 0.0141 ) — Net distributions declared per share of common stock $ 0.2617 $ 0.2615 $ 0.2964 $ 0.3105 Redeemable Non-controlling Interests In connection with its performance participation interest, the Special Limited Partner holds Class I units in the Operating Partnership. See Note 12 for further details of the Special Limited Partner’s performance participation interest. Because the Special Limited Partner has the ability to redeem its Class I units for cash, at its election, the Company has classified these Class I units as Redeemable non-controlling interest in mezzanine equity on the Company’s Condensed Consolidated Balance Sheets. The redeemable non-controlling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and distributions, or the redemption value, which is equivalent to fair value, of such units at the end of each measurement period. In addition to the Special Limited Partner’s interest noted above, certain third parties also have a redeemable non-controlling interest. The following tables detail the redeemable non-controlling interests activity related to the Special Limited Partner and third-party Operating Partnership unitholders for the three months ended March 31, 2024 and 2023 ($ in thousands): Special Limited Partner (1) Third-party Operating Partnership unitholders Total Balance at December 31, 2023 $ 295,692 $ 164,170 $ 459,862 Settlement of performance participation allocation — — — GAAP loss allocation ( 3,062 ) ( 1,691 ) ( 4,753 ) Distributions ( 4,236 ) ( 2,218 ) ( 6,454 ) Fair value allocation 9,431 4,199 13,630 Balance at March 31, 2024 $ 297,825 $ 164,460 $ 462,285 __________ (1) Includes units transferred to Barry S. Sternlicht, which are deemed to be beneficially owned by Mr. Sternlicht. Special Limited Partner Third-party Operating Partnership unitholders Total Balance at December 31, 2022 $ 238,322 $ 188,777 $ 427,099 Settlement of performance participation allocation 102,348 — 102,348 GAAP loss allocation ( 8,431 ) ( 4,672 ) ( 13,103 ) Distributions ( 4,016 ) ( 2,226 ) ( 6,242 ) Fair value allocation 2,144 1,188 3,332 Balance at March 31, 2023 $ 330,367 $ 183,067 $ 513,434

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	12. Related Party Transactions 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 three months ended March 31, 2024 and 2023, the Company incurred management fees of $ 32.0 million and $ 42.2 million, respectively. To date, the Advisor has elected to receive the management fee in shares of the Company’s common stock. During January 2024, the Company issued 473,622 unregistered Class I shares to the Advisor as payment for the $ 10.9 million management fee accrued as of December 31, 2023. For the three months ended March 31, 2024, the Company issued 933,093 unregistered Class I shares to the Advisor as payment for the management fee incurred through February 2024 and also had a payable of $ 10.5 million related to the management fee as of March 31, 2024, which is included in Due to affiliates on the Company’s Condensed Consolidated Balance Sheets. In April 2024, the Company issued 456,577 unregistered Class I shares to the Advisor as payment for the $ 10.5 million management fee accrued as of March 31, 2024. 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 performa nce 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 three months ended March 31, 2024 and 2023, the Company did no t recognize a performance participation allocation as certain thresholds were not achieved. As of March 31, 2024, the Advisor, its employees, and its affiliates, including the Company’s executive officers, hold an aggregate of $ 545.0 million in the Company, across shares of common stock of the Company and Class I units in the Operating Partnership. Repurchase of Advisor and Certain Director Shares During the three months ended March 31, 2024, the Company did no t repurchase any shares outside of its share repurchase plan. During the three months ended March 31, 2023, the Company repurchased outside of its share repurchase plan 11,090 Class I shares held by certain directors for total consideration of $ 0.3 million. Due to Affiliates The following table details the components of Due to affiliates ($ in thousands): March 31, 2024 December 31, 2023 Accrued stockholder servicing fee $ 272,943 $ 301,017 Performance participation allocation — — Accrued management fee 10,513 10,853 Advanced operating expenses 1,733 4,458 Accrued affiliate service provider expenses 3,079 3,068 Advanced organization and offering costs 1,073 1,561 Total $ 289,341 $ 320,957 Accrued stockholder servicing fee The Company accrues the full amount of the future stockholder servicing fees payable to Starwood Capital, L.L.C. (the “Dealer Manager”) for Class T shares, Class S shares, and Class D shares up to the 8.75 % limit at the time such shares are sold. The Dealer Manager has entered into agreements with the participating broker dealers distributing the Company’s shares in the public offerings, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fees and all or a portion of the stockholder servicing fees received by the Dealer Manager to such participating broker dealers. Advanced organization and offering costs The Advisor and its affiliates incurred $ 7.3 million of organization and offering costs (excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) on behalf of the Company through December 21, 2019. Such amount is being reimbursed to the Advisor ratably over 60 months, which commenced in January 2020. Accrued affiliate service provider expenses The Company has engaged and expects to continue to engage Highmark Residential (formerly Milestone Management), a portfolio company owned by an affiliate of the Sponsor, to provide day-to-day operational and management services (including leasing, construction management, revenue management, accounting, legal and contract management, expense management, and capital expenditure projects and transaction support services) for a portion of the Company’s multifamily properties. The cost for such services is a percentage of the gross receipts and project costs respectively (which will be reviewed periodically and adjusted if appropriate), plus actual costs allocated for transaction support services. During the three months ended March 31, 2024 and 2023, the Company incurred approximately $ 7.2 million and $ 5.6 million of expenses due to Highmark Residential in connection with its investments, respectively. These amounts are included in Property operating expenses on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. The Company has engaged Rinaldi, Finkelstein & Franklin L.L.C. (“RFF”), a law firm owned and controlled by Ellis F. Rinaldi, Co-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 three months ended March 31, 2024 and 2023, the amounts incurred for services provided by RFF were $ 0.1 million and $ 0.1 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 three months ended March 31, 2024, the amounts incurred for services provided by Essex were an insignificant amount. During the three months ended March 31, 2023, the Company did no t incur any expenses for services provided by Essex. The Company has engaged Starwood Retail Partners to provide leasing and legal services for any retail and certain industrial and other properties the Company acquires. During the three months ended March 31, 2024, the Company incurred approximately $ 0.1 million of expenses from Starwood Retail Partners. During the three months ended March 31, 2023, the Company incurred an insignificant amount of 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 three months ended March 31, 2024 and 2023, the amounts incurred for services provided were an insignificant amount, 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 three months ended March 31, 2024 and 2023, the Company incurred approximately $ 0.6 million and $ 0.1 million of expenses for services provided from SCG STR Management Co, LLC, respectively. 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 three months ended March 31, 2024 and 2023, the amounts incurred for services provided by the SCG Southern Europe Team was $ 0.1 million and $ 0.1 million, respectively. Advanced operating expenses As of March 31, 2024 and 2023, 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. For the three months ended March 31, 2024 and 2023, the Advisor had incurred approximately $ 4.5 million and $ 4.3 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. DST Program expenses During the three months ended March 31, 2024, the Company did not incur or pay any fees to the Advisor or its affiliates in connection with the DST Program.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies As of March 31, 2024 and December 31, 2023, the Company is not subject to any material litigation nor is the Company aware of any material litigation threatened against it.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 ($ in thousands): Year Operating 2024 (remaining) $ 514 2025 714 2026 714 2027 714 2028 714 Thereafter 25,067 Total undiscounted future lease payments 28,437 Difference between undiscounted cash flows and discounted cash flows ( 16,050 ) Total lease liability $ 12,387 The Company utilized its incremental borrowing rate, which was betwe en 4.5 % and 6 %, to determine its lease liabilities. As of March 31, 2024, 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 Three Months Ended March 31, 2024 2023 Fixed lease payments $ 372,094 $ 390,495 Variable lease payments 40,989 40,505 Rental revenue $ 413,083 $ 431,000 The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, office and other properties as of March 31, 2024. Leases at the Company’s multifamily, single-family rental and self-storage properties are short term, generally 12 months or less, and are therefore not included. ($ in thousands) Year Future Minimum Rents 2024 (remaining) $ 227,017 2025 269,052 2026 237,373 2027 206,513 2028 166,219 Thereafter 493,495 Total $ 1,599,669

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2024
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): March 31, 2024 December 31, 2023 Multifamily $ 15,043,500 $ 15,161,836 Single-family rental 373,204 408,097 Industrial 2,762,668 2,820,658 Office 1,624,813 1,651,347 Self-storage 354,722 357,724 Investments in real estate debt 1,388,138 1,589,350 Other properties (1) 969,686 1,022,284 Other (Corporate) 174,094 102,678 Total assets $ 22,690,825 $ 23,113,974 (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 three months ended March 31, 2024 ($ in thousands): Multifamily Single- Industrial Office Self- Other Investments Total Revenues: Rental revenue $ 302,569 $ 5,491 $ 47,938 $ 42,527 $ 6,882 $ 7,676 $ — $ 413,083 Other revenue 2,872 — 28 43 — 8,024 — 10,967 Total revenues 305,441 5,491 47,966 42,570 6,882 15,700 — 424,050 Expenses: Property operating 138,326 2,549 11,953 15,028 2,696 9,105 — 179,657 Total segment expenses 138,326 2,549 11,953 15,028 2,696 9,105 — 179,657 Loss from unconsolidated — — — — — ( 3,968 ) — ( 3,968 ) Income from investments in — — — — — — 40,497 40,497 Segment net operating income $ 167,115 $ 2,942 $ 36,013 $ 27,542 $ 4,186 $ 2,627 $ 40,497 $ 280,922 General and administrative ( 12,492 ) Management fees ( 31,996 ) Depreciation and amortization ( 186,398 ) Net gain (loss) on dispositions of real estate 2,083 Interest expense ( 154,033 ) Other income (expense), net 15,628 Net loss $ ( 86,286 ) Net loss attributable to non-controlling interests in consolidated joint ventures 187 Net loss attributable to non-controlling interests in Operating Partnership 4,753 Net loss attributable to stockholders $ ( 81,346 ) The following table sets forth the financial results by segment for the three months ended March 31, 2023 ($ in thousands): Multifamily Single- Industrial Office Self-Storage Other Investments Total Revenues: Rental revenue $ 307,065 $ 20,488 $ 50,242 $ 37,446 $ 6,790 $ 8,969 $ — $ 431,000 Other revenue 2,281 — — 135 — 13,028 — 15,444 Total revenues 309,346 20,488 50,242 37,581 6,790 21,997 — 446,444 Expenses: Property operating 137,399 12,075 12,773 14,637 2,667 10,100 — 189,651 Total segment expenses 137,399 12,075 12,773 14,637 2,667 10,100 — 189,651 Loss from unconsolidated — — — — — ( 3,089 ) — ( 3,089 ) Income from investments in real — — — — — — 31,841 31,841 Segment net operating income $ 171,947 $ 8,413 $ 37,469 $ 22,944 $ 4,123 $ 8,808 $ 31,841 $ 285,545 General and administrative ( 10,569 ) Management fees ( 42,181 ) Impairment of investments in real estate ( 79,846 ) Depreciation and amortization ( 200,434 ) Net gain (loss) on dispositions of real estate ( 423 ) Interest expense ( 137,290 ) Other income (expense), net ( 140,034 ) Net loss $ ( 325,232 ) Net loss attributable to non-controlling interests in consolidated joint ventures 1,492 Net loss attributable to non-controlling interests in Operating Partnership 13,103 Net loss attributable to stockholders $ ( 310,637 )

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events Financing and Capital Activity During the period from April 1, 202 4 through May 13, 2024, the Company raised an aggregate of $ 34.5 million in the Company’s third public offering and repurchased $ 312.5 million of common stock through its share repurchase plan. During the period from April 1, 2024 through May 13, 2024, the Company repurchased outside of its share repurchase plan 973,000 Class I shares, held by certain officers and directors for total consideration of $ 22.5 million. As of April 2024, the Company has commenced operations in its DST Program. During the period from April 1, 2024 through May 13, 2024, the Company received $ 101.0 million of net borrowings from its unsecured line of credit. In May 2024, the Company entered into an agreement to extend its Line of Credit for two years, 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% . Asset Dispositions During the period from April 1, 2024 through May 13, 2024, the Company rece ived $ 0.2 billion of net proceeds from sales of investments in real estate debt.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. All significant intercompany balances and transactions have been eliminated in consolidation. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission (the “SEC”). Certain amounts in the Company’s prior period unaudited condensed consolidated financial statements have been reclassified to conform to the current period presentation. The Company has chosen to reflect net losses on dispositions of real estate from “Other income (expense), net” to “Net gain (loss) on dispositions of real estate” for the three months ended March 31, 2023 on the Condensed Consolidated Statements of Operations and Comprehensive Loss. Such reclassification had no effect on the previously reported totals included in the Condensed Consolidated Statements of Operations and Comprehensive Loss. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, the Company’s subsidiaries and joint ventures in which the Company has a controlling interest. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of the joint ventures is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. Certain of the joint ventures formed by the Company provide the other partner a profits interest based on certain return hurdles being achieved. Any profits interest due to the other partner is reported within non-controlling interests. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. The Operating Partnership is considered to be a VIE. The Company consolidates the Operating Partnership because it has the ability to direct the most significant activities of the entity such as purchases, dispositions, financings, budgets, and overall operating plans. 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.
Investments in Real Estate	Investments in Real Estate Refer to Note 2 — “Summary of Significant Accounting Policies” to the Company’s consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, for further details of the GAAP treatment regarding the Company’s investments in real estate. Impairment of Investments in Real Estate The Company’s management reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value of such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The evaluation of anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Since cash flows on real estate properties considered to be “long-lived assets to be held and used” are considered on an undiscounted basis to determine whether an asset has been impaired, the Company’s strategy of holding properties over the long term decreases the likelihood of recording an impairment loss. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value. Impairment charges are recorded in the Condensed Consolidated Statements of Operations and Comprehensive Loss. During the three months ended March 31, 2024, the Company did no t recognize any impairment on its investments in real estate. During the three months ended March 31, 2023, the Company recognized an aggregate $ 79.8 million impairment charge on various single-family rental properties in the Condensed Consolidated Statements of Operations and Comprehensive Loss.
Properties Held-for-Sale	Properties Held-for-Sale The Company classifies the assets and liabilities related to its investments in real estate as held-for-sale when a sale is probable to occur within one year. The Company considers a sale to be probable when a binding contract has been executed, the buyer has posted a non-refundable deposit, and there are limited contingencies to closing. The Company records held-for-sale investments in real estate at the lower of depreciated cost or fair value, less estimated closing costs. Held-for-sale assets and liabilities are presented within Other assets and Other liabilities on the Company’s Condensed Consolidated Balance Sheets. As of March 31, 2024 and December 31, 2023, there were no real estate investments that met the criteria to be classified as held-for-sale.
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 three months ended March 31, 2024 and 2023, the Company recorded net unrealized gains on its investments in real estate debt securities of $ 5.1 million and $ 0.6 million, respectively. Such amounts are recorded as a component of Income from investments in real estate debt on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. The Company’s 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 March 31, 2024. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 45,164 $ 1,342,974 $ 1,388,138 $ — $ 201,070 $ 1,388,280 $ 1,589,350 Derivatives — 570,582 — 570,582 — 554,263 — 554,263 Total $ — $ 615,746 $ 1,342,974 $ 1,958,720 $ — $ 755,333 $ 1,388,280 $ 2,143,613 Liabilities: Derivatives $ — $ 30,663 $ — $ 30,663 $ — $ 46,178 $ — $ 46,178 Total $ — $ 30,663 $ — $ 30,663 $ — $ 46,178 $ — $ 46,178 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, 2023 $ 1,388,280 Included in net loss Foreign currency exchange ( 45,306 ) Balance as of March 31, 2024 $ 1,342,974 The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): March 31, 2024 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in real estate debt $ 1,342,974 Discounted Cash Flow Discount Rate 9.7 % Decrease 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 Valuation of assets measured at fair value on a nonrecurring basis Certain of the Company’s assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments, such as when there is evidence of impairment, and therefore measured at fair value on a nonrecurring basis. The Company reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. During the three months ended March 31, 2024, the Company did not recognize any impairment on its investments in real estate. During the three months ended March 31, 2023, the Company recognized an aggregate $ 79.8 million impairment charge on various single-family rental properties. As of March 31, 2024 and December 31, 2023, the estimated fair value of the Company’s remaining impaired assets was $ 43.9 million and $ 53.8 million, respectively. The estimated fair values of the impaired properties held as of March 31, 2024, 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. 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 March 31, 2024, the fair value of the Company’s mortgage notes, credit facility and secured financings on investments in real estate debt was approximately $ 457.3 million below the outstanding principal balance.
Income Taxes	Income Taxes The Company elected to be taxed as a REIT under the Internal Revenue Code (the “Code”), for federal income tax purposes, beginning with its taxable year ended December 31, 2019. As long as the Company qualifies for taxation as a REIT, it generally will not be subject to U.S. federal corporate income tax on its net taxable income that is currently distributed to its stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90 % of its REIT taxable income (subject to certain adjustments) to its stockholders. If the Company fails to qualify as a REIT in a taxable year, without the benefit of certain relief provisions, it will be subject to federal and state income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, it may also be subject to certain federal, state, local, and foreign taxes on its income and assets, including (i) taxes on any undistributed income, (ii) taxes related to its taxable REIT subsidiaries (“TRSs”) and (iii) 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 Condensed Consolidated Statements of Operations and Comprehensive Loss. For the three months ended March 31, 2024, the Company recognized an income tax benefit of $ 4.4 million, within Other income (expense), net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. For the three months ended March 31, 2023, the Company recognized an income tax benefit of $ 0.3 million, within Other income (expense), net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. As of March 31, 2024 and December 31, 2023, the Company recorded a net deferred tax liability of $ 26.5 million and $ 30.7 million, respectively, primarily due to assumed capital gains from two European investments, within Other liabilities on the Company’s Condensed Consolidated Balance Sheets. As of December 31, 2023, net operating loss (“NOL”) carryforwards for federal and state income tax purposes tot aled $ 61.9 mill ion, and are primarily driven by dispositions of residential rental units within one of the Company’s TRSs. Although the federal NOL 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November of 2023, the Financial Accounting Standards Board issued Accounting Standards Update 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)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Assets And Liabilities Measured At Fair Value On Recurring Basis	The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 45,164 $ 1,342,974 $ 1,388,138 $ — $ 201,070 $ 1,388,280 $ 1,589,350 Derivatives — 570,582 — 570,582 — 554,263 — 554,263 Total $ — $ 615,746 $ 1,342,974 $ 1,958,720 $ — $ 755,333 $ 1,388,280 $ 2,143,613 Liabilities: Derivatives $ — $ 30,663 $ — $ 30,663 $ — $ 46,178 $ — $ 46,178 Total $ — $ 30,663 $ — $ 30,663 $ — $ 46,178 $ — $ 46,178
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, 2023 $ 1,388,280 Included in net loss Foreign currency exchange ( 45,306 ) Balance as of March 31, 2024 $ 1,342,974
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): March 31, 2024 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in real estate debt $ 1,342,974 Discounted Cash Flow Discount Rate 9.7 % Decrease 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

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): March 31, 2024 December 31, 2023 Building and building improvements $ 17,571,430 $ 17,612,162 Land and land improvements 3,116,386 3,144,932 Furniture, fixtures and equipment 298,638 304,650 Right-of-use asset - operating lease (1 ) 105,230 105,230 Total 21,091,684 21,166,974 Accumulated depreciation and amortization ( 1,739,769 ) ( 1,586,616 ) Investments in real estate, net $ 19,351,915 $ 19,580,358 Refer to Note 14 for additional details on the Company’s leases.
Schedule of Equity Investment In Unconsolidated Entities	The following table details the Company’s equity investments in unconsolidated entities ($ in thousands): Investments in Unconsolidated Segment Date Number of Properties Ownership Interest March 31, 2024 December 31, 2023 Extended Stay Portfolio Other July 2022 196 45 % $ 441,368 $ 446,424 Fort Lauderdale Hotel Other March 2019 1 43 % 10,277 9,578 Total investments in unconsolidated real estate ventures $ 451,645 $ 456,002
Schedule of Income (Loss) From Unconsolidated Entities	The following table details the Company’s (loss) income from equity investments in unconsolidated entities ($ in thousands): Three Months Ended March 31, Investments in Unconsolidated Real Estate Ventures Segment 2024 2023 Extended Stay Portfolio Other $ ( 5,056 ) $ ( 3,468 ) Fort Lauderdale Hotel Other 1,088 379 Total loss from unconsolidated real estate ventures $ ( 3,968 ) $ ( 3,089 )

Intangibles (Tables)

Intangibles (Tables)	3 Months Ended
	Mar. 31, 2024
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): March 31, 2024 December 31, 2023 Intangible assets: (1) In-place lease intangibles $ 291,626 $ 292,348 Above-market lease intangibles 38,359 44,463 Other 41,992 41,823 Total intangible assets 371,977 378,634 Accumulated amortization: In-place lease amortization ( 135,316 ) ( 127,185 ) Above-market lease amortization ( 19,956 ) ( 18,913 ) Other ( 13,231 ) ( 12,500 ) Total accumulated amortization ( 168,503 ) ( 158,598 ) Intangible assets, net $ 203,474 $ 220,036 Intangible liabilities: (2) Below-market lease intangibles $ 81,176 $ 87,173 Total intangible liabilities 81,176 87,173 Accumulated amortization: Below-market lease amortization ( 29,491 ) ( 27,606 ) Total accumulated amortization ( 29,491 ) ( 27,606 ) Intangible liabilities, net $ 51,685 $ 59,567 (1) Included in Other assets on the Company’s Condensed Consolidated Balance Sheets. (2) Included in Other liabilities on the Company’s Condensed Consolidated Balance Sheets.
Summary of Estimated Future Amortization on Intangibles	The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of March 31, 2024 is as follows ($ in thousands): In-place Above-market Other Below-market 2024 (remaining) $ 25,590 $ 3,417 $ 2,559 $ ( 6,200 ) 2025 26,031 3,302 3,412 ( 5,989 ) 2026 21,334 3,015 3,412 ( 4,926 ) 2027 17,436 2,318 3,412 ( 4,174 ) 2028 14,144 1,773 3,412 ( 4,364 ) Thereafter 51,775 4,578 12,554 ( 26,032 ) $ 156,310 $ 18,403 $ 28,761 $ ( 51,685 )

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 ($ in thousands): March 31, 2024 Type of Security/Loan Number of Positions Weighted (1) Weighted Average (2) Cost Basis Fair Value CMBS - floating 2 B + 6.19% August 2035 $ 45,304 $ 45,164 Term loans 2 B + 4.95% January 2027 1,451,462 1,342,974 Total investments in real estate debt 4 B + 4.99% April 2027 $ 1,496,766 $ 1,388,138 December 31, 2023 Type of Security/Loan Number of Weighted (1) Weighted Average (2) 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 (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) 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 March 31, 2024 December 31, 2023 CMBS $ 45,164 $ 201,070 Total $ 45,164 $ 201,070

Mortgage Notes and Credit Fac_2

Mortgage Notes and Credit Facility (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 ($ in thousands): Principal Balance Outstanding (3) Indebtedness Weighted (1) Weighted (2) Maximum March 31, 2024 December 31, 2023 Fixed rate loans Fixed rate mortgages 3.09 % March 2031 N/A $ 3,018,053 $ 3,049,322 Total fixed rate loans 3,018,053 3,049,322 Variable rate loans Floating rate mortgages B + 1.83 % July 2027 N/A 9,863,917 9,893,894 Variable rate credit facility (4) B + 2.25 % December 2024 $ 165,000 165,000 165,000 Total variable rate loans 10,028,917 10,058,894 Total loans secured by the Company’s 13,046,970 13,108,216 Deferred financing costs, net ( 65,453 ) ( 73,066 ) Discount on assumed debt, net ( 6,192 ) ( 6,240 ) Mortgage notes and credit facility, net $ 12,975,325 $ 13,028,910 (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 SOF R, 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 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 March 31, 2024 ($ in thousands): Year Amount 2024 (remaining) $ 826,120 2025 951,721 2026 4,692,839 2027 2,074,921 2028 225,665 Thereafter 4,275,704 Total $ 13,046,970

Secured Financings On Investm_2

Secured Financings On Investments In Real Estate Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Secured Financings On Investments In Real Estate Debt [Abstract]
Schedule of Secured Financings on Investments in Real Estate Debt Transactions	For financial statement purposes, the Company does not offset its secured financings on investments in real estate debt and securities lending transactions because the conditions for netting as specified by GAAP are not met. Although not offset on the Company’s Condensed Consolidated Balance Sheets, these transactions are summarized in the following tables ($ in thousands): March 31, 2024 Indebtedness Maturity Date Coupon Collateral (1) Outstanding Barclays RA February 2026 SONIA + 2.55% $ 444,664 $ 244,565 Syndicated RA (2) June 2027 BBSY + 2.82% 898,310 492,886 $ 1,342,974 $ 737,451 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 (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 as of March 31, 2024 and December 31, 2023, respectively.

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Other Assets And Other Liabilities [Abstract]
Schedule of Components of Other Assets	The following table summarizes the components of Other assets ($ in thousands): March 31, 2024 December 31, 2023 Derivative instruments $ 570,582 $ 554,263 Intangible assets, net 203,474 220,036 Receivables 144,511 127,573 Prepaid expenses 10,954 24,022 Interest receivable 7,159 7,929 Deferred financing costs, net 4,822 6,006 Deferred tax asset 6,093 5,043 Other 3,667 2,757 Total other assets $ 951,262 $ 947,629
Schedule of Components of Other Liabilities	The following table summarizes the components of Other liabilities ($ in thousands): March 31, 2024 December 31, 2023 Accounts payable and accrued expenses $ 66,634 $ 75,809 Real estate taxes payable 59,162 73,145 Accrued interest expense 69,698 69,642 Intangible liabilities, net 51,685 59,567 Derivative instruments 30,663 46,178 Tenant security deposits 45,864 44,374 Distributions payable 41,625 43,044 Deferred tax liability 32,599 35,792 Right-of-use liability - operating leases 12,387 12,402 Deferred income 12,080 11,894 Other taxes payable 5,858 5,005 Other 9,471 7,506 Total other liabilities $ 437,726 $ 484,358

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2024
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): March 31, 2024 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Strike Rate Index Weighted Average Maturity (Years) Interest Rate Caps - Property debt 70 $ 9,561,925 1.6 % SOFR 1.9 Interest Rate Caps - Property debt 4 € 171,552 1.1 % EURIBOR 0.8 Interest Rate Swaps - Property debt 1 $ 119,211 0.8 % SOFR 0.9 Interest Rate Swaps - Property debt 3 € 213,458 1.9 % EURIBOR 3.3 Interest Rate Swaps - Property debt 2 NOK 520,000 2.5 % NIBOR 3.9 Total interest rate derivatives 80 1.6 % 1.9 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
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): March 31, 2024 December 31, 2023 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD/Sell EUR Forward 39 € 552,358 60 € 577,283 Buy USD/Sell DKK Forward 10 DKK 1,260,016 12 DKK 1,301,016 Buy USD/Sell AUD Forward 5 AUD 621,759 5 AUD 621,759 Buy USD/Sell NOK Forward 7 NOK 397,700 9 NOK 1,160,941 Buy USD/Sell GBP Forward 7 £ 158,400 4 £ 142,858
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 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Interest rate derivatives $ 550,436 $ 537,390 $ — $ — Foreign currency forward contracts 20,146 16,873 30,663 46,178 Total derivatives $ 570,582 $ 554,263 $ 30,663 $ 46,178 (1) Included in Other assets on the Company’s Condensed Consolidated Balance Sheets. (2) Included in Other liabilities on the Company’s Condensed Consolidated Balance Sheets.
Summary of Effect of Derivate Financial Instruments on Condensed Consolidated Statements of Operations and Comprehensive Loss	The following table details the effect of the Company’s derivative financial instruments in the Condensed Consolidated Statements of Operations and Comprehensive Loss ($ in thousands): For the Three Months Ended March 31, Type of Derivative Net Realized/Unrealized Gain (Loss) 2024 2023 Interest Rate Caps - Property debt Unrealized gain (loss) (1) $ 11,329 $ ( 139,636 ) Interest Rate Swaps - Property debt Unrealized loss (1) ( 49 ) ( 6,369 ) Foreign Currency Forward Contracts Unrealized gain (loss) (2) 18,789 ( 4,313 ) Foreign Currency Forward Contracts Realized gain (1) 2,215 1,389 Interest Rate Caps - Property debt Realized gain (1) — 733 Interest Rate Swaps - Property debt Realized gain (1) — 1,925 Total $ 32,284 $ ( 146,271 ) (1) Included in Other income (expense), net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. (2) A portion of this amount is included in Income from investments in real estate debt and the remaining amount is included in Other income (expense), net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss.

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interests (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Company's Authorized Capital	As of March 31, 2024, the Company had the authority to issue 3,100,000,000 shares of capital stock, consisting of the following: Classification Number of Par Value Preferred Stock 100,000,000 $ 0.01 Class T Shares 500,000,000 $ 0.01 Class S Shares 1,000,000,000 $ 0.01 Class D Shares 500,000,000 $ 0.01 Class I Shares 1,000,000,000 $ 0.01 Total 3,100,000,000
Schedule of Common Stock Outstanding shares	The following table details the movement in the Company’s outstanding shares of common stock: Three Months Ended March 31, 2024 Class T Class S Class D Class I Total December 31, 2023 5,282,025 195,023,616 27,512,551 202,990,052 430,808,244 Common stock shares issued (1) ( 78,520 ) 346,224 223,950 3,346,837 3,838,491 Distribution reinvestment plan shares issued 37,181 981,482 169,241 900,756 2,088,660 Common stock shares repurchased ( 58,857 ) ( 9,022,408 ) ( 1,431,729 ) ( 11,655,369 ) ( 22,168,363 ) March 31, 2024 5,181,829 187,328,914 26,474,013 195,582,276 414,567,032 Three Months Ended March 31, 2023 Class T Class S Class D Class I Total December 31, 2022 5,721,496 224,556,910 30,974,173 244,455,013 505,707,592 Common stock shares issued (1) 76,701 2,263,805 ( 39,697 ) 4,648,338 6,949,147 Distribution reinvestment plan shares issued 34,590 981,339 96,343 994,940 2,107,212 Common stock shares repurchased ( 117,880 ) ( 7,190,043 ) ( 1,070,027 ) ( 17,093,864 ) ( 25,471,814 ) March 31, 2023 5,714,907 220,612,011 29,960,792 233,004,427 489,292,137 __________ (1) Includes exchanges between share classes
Schedule of Aggregate Distributions Declared for Each Class of Common Stock	The following table details the aggregate distributions declared for each applicable class of common stock: Three Months Ended March 31, 2024 Class T Class S Class D Class I Aggregate gross distributions declared per share of common stock $ 0.3105 $ 0.3105 $ 0.3105 $ 0.3105 Stockholder servicing fee per share of common stock ( 0.0488 ) ( 0.0490 ) ( 0.0141 ) — Net distributions declared per share of common stock $ 0.2617 $ 0.2615 $ 0.2964 $ 0.3105
Schedule of Redeemable Noncontrolling Interest Activity	The following tables detail the redeemable non-controlling interests activity related to the Special Limited Partner and third-party Operating Partnership unitholders for the three months ended March 31, 2024 and 2023 ($ in thousands): Special Limited Partner (1) Third-party Operating Partnership unitholders Total Balance at December 31, 2023 $ 295,692 $ 164,170 $ 459,862 Settlement of performance participation allocation — — — GAAP loss allocation ( 3,062 ) ( 1,691 ) ( 4,753 ) Distributions ( 4,236 ) ( 2,218 ) ( 6,454 ) Fair value allocation 9,431 4,199 13,630 Balance at March 31, 2024 $ 297,825 $ 164,460 $ 462,285 __________ (1) Includes units transferred to Barry S. Sternlicht, which are deemed to be beneficially owned by Mr. Sternlicht. Special Limited Partner Third-party Operating Partnership unitholders Total Balance at December 31, 2022 $ 238,322 $ 188,777 $ 427,099 Settlement of performance participation allocation 102,348 — 102,348 GAAP loss allocation ( 8,431 ) ( 4,672 ) ( 13,103 ) Distributions ( 4,016 ) ( 2,226 ) ( 6,242 ) Fair value allocation 2,144 1,188 3,332 Balance at March 31, 2023 $ 330,367 $ 183,067 $ 513,434

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Summary of Components of Due to Affiliates	The following table details the components of Due to affiliates ($ in thousands): March 31, 2024 December 31, 2023 Accrued stockholder servicing fee $ 272,943 $ 301,017 Performance participation allocation — — Accrued management fee 10,513 10,853 Advanced operating expenses 1,733 4,458 Accrued affiliate service provider expenses 3,079 3,068 Advanced organization and offering costs 1,073 1,561 Total $ 289,341 $ 320,957

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Future Lease Payments	The following table presents the future lease payments due under the Company’s ground leases as of March 31, 2024 ($ in thousands): Year Operating 2024 (remaining) $ 514 2025 714 2026 714 2027 714 2028 714 Thereafter 25,067 Total undiscounted future lease payments 28,437 Difference between undiscounted cash flows and discounted cash flows ( 16,050 ) Total lease liability $ 12,387
Summary of Fixed and Variable Components of Operating Leases	The following table summarizes the fixed and variable components of the Company’s operating leases ($ in thousands): For the Three Months Ended March 31, 2024 2023 Fixed lease payments $ 372,094 $ 390,495 Variable lease payments 40,989 40,505 Rental revenue $ 413,083 $ 431,000
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 March 31, 2024. Leases at the Company’s multifamily, single-family rental and self-storage properties are short term, generally 12 months or less, and are therefore not included. ($ in thousands) Year Future Minimum Rents 2024 (remaining) $ 227,017 2025 269,052 2026 237,373 2027 206,513 2028 166,219 Thereafter 493,495 Total $ 1,599,669

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Summary of Total Assets by Segment	The following table sets forth the total assets by segment ($ in thousands): March 31, 2024 December 31, 2023 Multifamily $ 15,043,500 $ 15,161,836 Single-family rental 373,204 408,097 Industrial 2,762,668 2,820,658 Office 1,624,813 1,651,347 Self-storage 354,722 357,724 Investments in real estate debt 1,388,138 1,589,350 Other properties (1) 969,686 1,022,284 Other (Corporate) 174,094 102,678 Total assets $ 22,690,825 $ 23,113,974 (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 three months ended March 31, 2024 ($ in thousands): Multifamily Single- Industrial Office Self- Other Investments Total Revenues: Rental revenue $ 302,569 $ 5,491 $ 47,938 $ 42,527 $ 6,882 $ 7,676 $ — $ 413,083 Other revenue 2,872 — 28 43 — 8,024 — 10,967 Total revenues 305,441 5,491 47,966 42,570 6,882 15,700 — 424,050 Expenses: Property operating 138,326 2,549 11,953 15,028 2,696 9,105 — 179,657 Total segment expenses 138,326 2,549 11,953 15,028 2,696 9,105 — 179,657 Loss from unconsolidated — — — — — ( 3,968 ) — ( 3,968 ) Income from investments in — — — — — — 40,497 40,497 Segment net operating income $ 167,115 $ 2,942 $ 36,013 $ 27,542 $ 4,186 $ 2,627 $ 40,497 $ 280,922 General and administrative ( 12,492 ) Management fees ( 31,996 ) Depreciation and amortization ( 186,398 ) Net gain (loss) on dispositions of real estate 2,083 Interest expense ( 154,033 ) Other income (expense), net 15,628 Net loss $ ( 86,286 ) Net loss attributable to non-controlling interests in consolidated joint ventures 187 Net loss attributable to non-controlling interests in Operating Partnership 4,753 Net loss attributable to stockholders $ ( 81,346 ) The following table sets forth the financial results by segment for the three months ended March 31, 2023 ($ in thousands): Multifamily Single- Industrial Office Self-Storage Other Investments Total Revenues: Rental revenue $ 307,065 $ 20,488 $ 50,242 $ 37,446 $ 6,790 $ 8,969 $ — $ 431,000 Other revenue 2,281 — — 135 — 13,028 — 15,444 Total revenues 309,346 20,488 50,242 37,581 6,790 21,997 — 446,444 Expenses: Property operating 137,399 12,075 12,773 14,637 2,667 10,100 — 189,651 Total segment expenses 137,399 12,075 12,773 14,637 2,667 10,100 — 189,651 Loss from unconsolidated — — — — — ( 3,089 ) — ( 3,089 ) Income from investments in real — — — — — — 31,841 31,841 Segment net operating income $ 171,947 $ 8,413 $ 37,469 $ 22,944 $ 4,123 $ 8,808 $ 31,841 $ 285,545 General and administrative ( 10,569 ) Management fees ( 42,181 ) Impairment of investments in real estate ( 79,846 ) Depreciation and amortization ( 200,434 ) Net gain (loss) on dispositions of real estate ( 423 ) Interest expense ( 137,290 ) Other income (expense), net ( 140,034 ) Net loss $ ( 325,232 ) Net loss attributable to non-controlling interests in consolidated joint ventures 1,492 Net loss attributable to non-controlling interests in Operating Partnership 13,103 Net loss attributable to stockholders $ ( 310,637 )

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Details) $ in Billions	3 Months Ended
	Mar. 31, 2024 USD ($) Segment Position Property	Dec. 31, 2023 Position	Aug. 10, 2022 USD ($)	Jun. 02, 2021 USD ($)	Dec. 27, 2017 USD ($)
Organization And Business Activities [Line Items]
Number of real estate related securities position | Position	4	8
Number of reportable segments | Segment	7
Proceeds, issuance of shares of common stock	$ 13.9
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	469
Single Family Rental Homes
Organization And Business Activities [Line Items]
Number of properties owned | Property	989

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) Property	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) Property
Significant Accounting Policies [Line Items]
Impairments of investments in real estate	$ 0	$ 79,846
Fair value of single family rental properties	43,900		$ 53,800
Unrealized gains (losses) on investments in real estate debt	5,100	600
Secured financings on investments in real estate debt of fair value below outstanding principal balance	$ 457,300
Minimum REIT distribution percentage	90%
Minimum OECD corporate tax percentage	15%
Income tax benefit	$ 4,400	$ 300
Net operating loss carryforwards			$ 61,900
Industrial Assets
Significant Accounting Policies [Line Items]
Number of real estate properties classified as held for sale | Property	0		0
Triple Net Sale and Leaseback Property
Significant Accounting Policies [Line Items]
Deferred tax liability, net	$ 26,500		$ 30,700

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Assets And Liabilities Measured At Fair Value On Recurring Basis (Details) - Fair Value, Recurring Basis - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 1,958,720	$ 2,143,613
Liabilities	30,663	46,178
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	615,746	755,333
Liabilities	30,663	46,178
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	1,342,974	1,388,280
Investments in Real Estate Debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	1,388,138	1,589,350
Investments in Real Estate Debt | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	45,164	201,070
Investments in Real Estate Debt | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	1,342,974	1,388,280
Derivatives
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	570,582	554,263
Liabilities	30,663	46,178
Derivatives | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	570,582	554,263
Liabilities	$ 30,663	$ 46,178

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Assets Measured At Fair Value On Recurring Basis (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning Balance	$ 1,589,350
Included in net loss
Ending Balance	1,388,138
Fair Value, Recurring Basis | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning Balance	1,388,280
Included in net loss
Foreign currency exchange	(45,306)
Ending Balance	$ 1,342,974

Summary of Significant Accoun_7

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	Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 1,388,138	$ 1,589,350
Unobservable Inputs	1,496,766	1,657,714
Fair Value, Recurring Basis | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 1,342,974	$ 1,388,280
Discounted cash flow weighted average interest rate	9.70%	9.70%

Investments - Schedule of Inves

Investments - Schedule of Investments in Real Estate, Net (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Real Estate Investment Property, Net [Abstract]
Building and building improvements		$ 17,571,430	$ 17,612,162
Land and land improvements		3,116,386	3,144,932
Furniture, fixtures and equipment		298,638	304,650
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		$ 21,091,684	$ 21,166,974
Accumulated depreciation and amortization		(1,739,769)	(1,586,616)
Investments in real estate, net		$ 19,351,915	$ 19,580,358
[1] Refer to Note 14 for additional details on the Company’s leases.

Investments - Additional Inform

Investments - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) Property	Mar. 31, 2023 USD ($) Property	Dec. 31, 2023 USD ($) Property
Real Estate Properties [Line Items]
Net (gain) loss on disposition of investments in real estate	$ 2,083	$ (423)
Investments in real estate, sold	48,500
Proceeds from sale of real estate net of mortgage repayments	33,100
Total investments in unconsolidated real estate ventures	$ 451,645		$ 456,002
Hospitality Properties
Real Estate Properties [Line Items]
Number of real estate properties dispositioned | Property	2
Industrial Assets
Real Estate Properties [Line Items]
Number of real estate properties classified as held for sale | Property	0		0
Single Family Rental Homes
Real Estate Properties [Line Items]
Net (gain) loss on disposition of investments in real estate		$ 400
Number of real estate properties dispositioned | Property	27	5
Net proceeds from sale of real estate		$ 1,800

Investments - Schedule of Equit

Investments - Schedule of Equity Investment In Unconsolidated Entities (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) Property	Dec. 31, 2023 USD ($) Property
Real Estate [Line Items]
Total investments in unconsolidated real estate ventures	$ 451,645	$ 456,002
E S Venture [Member] | Other | July 2022
Real Estate [Line Items]
Total investments in unconsolidated real estate ventures	$ 441,368	$ 446,424
Number of Properties | Property	196	196
Ownership interest	45%	45%
Fort Lauderdale Hotel [Member] | Other | March 2019
Real Estate [Line Items]
Total investments in unconsolidated real estate ventures	$ 10,277	$ 9,578
Number of Properties | Property	1	1
Ownership interest	43%	43%

Investments - Schedule of (Loss

Investments - Schedule of (Loss) Income From Unconsolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Real Estate [Line Items]
Total (loss) income from unconsolidated real estate ventures	$ (3,968)	$ (3,089)
Fort Lauderdale Hotel
Real Estate [Line Items]
Total (loss) income from unconsolidated real estate ventures	1,088	379
E S Venture [Member]
Real Estate [Line Items]
Total (loss) income from unconsolidated real estate ventures	$ (5,056)	$ (3,468)

Intangibles - Summary of Gross

Intangibles - Summary of Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Intangible assets:
Total intangible assets, gross	$ 371,977	$ 378,634
Total accumulated amortization	(168,503)	(158,598)
Intangible assets, net	203,474	220,036
Intangible liabilities:
Below-market lease intangibles	81,176	87,173
Total intangible liabilities	81,176	87,173
Below-market lease amortization	(29,491)	(27,606)
Total accumulated amortization	(29,491)	(27,606)
Intangible liabilities, net	51,685	59,567
In-place Lease Intangibles
Intangible assets:
Total intangible assets, gross	291,626	292,348
Total accumulated amortization	(135,316)	(127,185)
Intangible assets, net	156,310
Above Market Leases Intangibles
Intangible assets:
Total intangible assets, gross	38,359	44,463
Total accumulated amortization	(19,956)	(18,913)
Intangible assets, net	18,403
Other
Intangible assets:
Total intangible assets, gross	41,992	41,823
Total accumulated amortization	(13,231)	$ (12,500)
Intangible assets, net	$ 28,761

Intangibles - Summary of Estima

Intangibles - Summary of Estimated Future Amortization on Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Intangible assets, net	$ 203,474	$ 220,036
In-place Lease Intangibles
Finite Lived Intangible Assets [Line Items]
2024 (remaining)	25,590
2025	26,031
2026	21,334
2027	17,436
2028	14,144
Thereafter	51,775
Intangible assets, net	156,310
Above Market Leases Intangibles
Finite Lived Intangible Assets [Line Items]
2024 (remaining)	3,417
2025	3,302
2026	3,015
2027	2,318
2028	1,773
Thereafter	4,578
Intangible assets, net	18,403
Other
Finite Lived Intangible Assets [Line Items]
2024 (remaining)	2,559
2025	3,412
2026	3,412
2027	3,412
2028	3,412
Thereafter	12,554
Intangible assets, net	28,761
Below Market Leases Intangibles
Below-market Lease Intangibles
2024 (remaining)	(6,200)
2025	(5,989)
2026	(4,926)
2027	(4,174)
2028	(4,364)
Thereafter	(26,032)
Intangible liabilities, net	$ (51,685)

Investments in Real Estate De_3

Investments in Real Estate Debt - Summary of Investments in Real Estate Debt (Details) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2024 USD ($) Position	Dec. 31, 2023 USD ($) Position
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		4	8
Weighted Average Coupon	[1]	B + 4.99%	B + 4.92%
Weighted Average Maturity Date	[2]	2027-04	2028-03
Cost Basis		$ 1,496,766	$ 1,657,714
Investments in real estate debt		$ 1,388,138	$ 1,589,350
CMBS - Floating
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		2	6
Weighted Average Coupon	[1]	B + 6.19%	B + 4.69%
Weighted Average Maturity Date	[2]	2035-08	2036-10
Cost Basis		$ 45,304	$ 206,252
Investments in real estate debt		$ 45,164	$ 201,070
Term Loan
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		2	2
Weighted Average Coupon	[1]	B + 4.95%	B + 4.95%
Weighted Average Maturity Date	[2]	2027-01	2027-01
Cost Basis		$ 1,451,462	$ 1,451,462
Investments in real estate debt		$ 1,342,974	$ 1,388,280
[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. 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 Millions		1 Months Ended			3 Months Ended
		Nov. 30, 2023 GBP (£)	Jun. 30, 2022 USD ($)	Feb. 28, 2021 GBP (£)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt and Equity Securities, FV-NI [Line Items]
Mortgage notes and credit facility, net	[1]				$ 12,975,325,000		$ 13,028,910,000
Realized losses investments in real estate debt securities					$ 1,500,000	$ 0
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			$ 1,377,000,000
Debt instrument, term			5 years
[1] The majority of the Company’s mortgages contain prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties.

Investments in Real Estate De_5

Investments in Real Estate Debt - Summary of Affiliate Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Investments in real estate debt	$ 1,388,138	$ 1,589,350
Affiliated Entity
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Investments in real estate debt	45,164	201,070
Affiliated Entity | CMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Investments in real estate debt	$ 45,164	$ 201,070

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		3 Months Ended
		Mar. 31, 2024	Dec. 31, 2023	May 31, 2022
Debt Instrument [Line Items]
Maximum Facility Size				$ 1,600,000
Principal Balance Outstanding	[1]	$ 13,046,970	$ 13,108,216
Deferred financing costs, net	[1]	(65,453)	(73,066)
Discount on assumed debt, net	[1]	(6,192)	(6,240)
Mortgage notes and credit facility, net	[1]	12,975,325	13,028,910
Fixed Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	[1]	3,018,053	3,049,322
Variable Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	[1]	$ 10,028,917	10,058,894
Fixed Rate Mortgages | Fixed Rate Loans
Debt Instrument [Line Items]
Weighted Average Interest Rate	[2]	3.09%
Principal Balance Outstanding	[1]	$ 3,018,053	3,049,322
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]	$ 9,863,917	9,893,894
Floating Rate Mortgages | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	[3]	2027-07
One-Month SOFR | Floating Rate Mortgages | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Debt instrument, interest rate description	[2]	B + 1.83%
Debt Instrument, Basis Spread on Variable Rate	[2]	1.83%
Variable Rate Credit Facility | Variable Rate Loans
Debt Instrument [Line Items]
Maximum Facility Size	[4]	$ 165,000
Principal Balance Outstanding	[1],[4]	$ 165,000	$ 165,000
Variable Rate Credit Facility | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	[3],[4]	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%
[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 symbol “B” refers to the relevant floating benchmark rates, which includes one-month SOFR, Federal Reserve Bank of New York (“NYFED”) 30-day SOF R, three-month Euro Interbank Offered Rate (“EURIBOR”) and three-month Copenhagen Interbank Offered Rate (“CIBOR”), as applicable to each loan. For loans where the Company, at its own discretion, has extension options, the maximum maturity date has been assumed. The repayment of the credit facility is guaranteed by the Operating Partnership.

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		Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024 (remaining)		$ 826,120
2025		951,721
2026		4,692,839
2027		2,074,921
2028		225,665
Thereafter		4,275,704
Total	[1]	$ 13,046,970	$ 13,108,216
[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	3 Months Ended
	Mar. 31, 2024 USD ($)
Debt Disclosure [Abstract]
Payment for leasing commissions, tenant and building improvements.	$ 90.5

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		3 Months Ended		12 Months Ended
		Mar. 31, 2024		Dec. 31, 2023
Secured Financings On Investments In Real Estate Debt [Line Items]
Outstanding Balance		$ 737,451		$ 762,352
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]	$ 1,342,974		$ 1,388,280
Barclays RA
Secured Financings On Investments In Real Estate Debt [Line Items]
Maturity Date		2026-02		2026-02
Coupon		SONIA + 2.55%		SONIA + 2.55%
Outstanding Balance		$ 244,565		$ 246,801
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]	$ 444,664		$ 448,729
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 + 2.82%
Outstanding Balance		$ 492,886	[2]	$ 515,551
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]	$ 898,310	[2]	$ 939,551
[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 as of March 31, 2024 and December 31, 2023, respectively.

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		Mar. 31, 2024	Dec. 31, 2023
Secured Financings On Investments In Real Estate Debt [Line Items]
Unamortized deferred financing costs	[1]	$ 65,453	$ 73,066
Syndicated RA
Secured Financings On Investments In Real Estate Debt [Line Items]
Unamortized deferred financing costs		$ 1,200	$ 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 Billions	1 Months Ended	3 Months Ended
	May 31, 2022	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Increased total borrowing capacity	$ 1.6
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. 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%
Increase in borrowing capacity	$ 1.1
Outstanding borrowings		$ 1.2	$ 0.9

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Schedule of Components of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Assets [Abstract]
Derivative instruments	$ 570,582	$ 554,263
Intangible assets, net	203,474	220,036
Receivables	144,511	127,573
Prepaid expenses	10,954	24,022
Interest receivable	7,159	7,929
Deferred financing costs, net	4,822	6,006
Deferred tax asset	6,093	5,043
Other	3,667	2,757
Total other assets	$ 951,262	$ 947,629

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Schedule of Components of Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Accounts payable and accrued expenses	$ 66,634	$ 75,809
Real estate taxes payable	59,162	73,145
Accrued interest expense	69,698	69,642
Intangible liabilities, net	51,685	59,567
Derivative instruments	$ 30,663	$ 46,178
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Tenant security deposits	$ 45,864	$ 44,374
Distributions payable	41,625	43,044
Deferred tax liability	32,599	35,792
Right of use liability - operating leases	$ 12,387	$ 12,402
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total revenues	Total revenues
Deferred income	$ 12,080	$ 11,894
Other taxes payable	5,858	5,005
Other	9,471	7,506
Total other liabilities	$ 437,726	$ 484,358

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, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) Instrument	Dec. 31, 2023 USD ($) Instrument	Mar. 31, 2024 EUR (€) Instrument	Mar. 31, 2024 NOK (kr) Instrument	Dec. 31, 2023 EUR (€) Instrument	Dec. 31, 2023 NOK (kr) Instrument
Derivative [Line Items]
Number of Instruments	80	80	80	80	80	80
Weighted Average Strike Rate	1.60%	1.60%
Weighted Average Maturity (Years)	1 year 10 months 24 days	2 years 1 month 6 days
SOFR
Derivative [Line Items]
Number of Instruments	70	70	70	70	70	70
Notional Amount | $	$ 9,561,925	$ 9,567,541
Weighted Average Strike Rate	1.60%	1.60%
Weighted Average Maturity (Years)	1 year 10 months 24 days	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
EURIBOR
Derivative [Line Items]
Number of Instruments	4	4	4	4	4	4
Notional Amount | €			€ 171,552		€ 175,468
Weighted Average Strike Rate	1.10%	1.10%
Weighted Average Maturity (Years)	9 months 18 days	1 year
EURIBOR | Interest Rate Swap
Derivative [Line Items]
Number of Instruments	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 3 months 18 days	3 years 7 months 6 days
LIBOR | Interest Rate Swap
Derivative [Line Items]
Number of Instruments	1		1	1
Notional Amount | $	$ 119,211
Weighted Average Strike Rate	0.80%
Weighted Average Maturity (Years)	10 months 24 days
NIBOR | Interest Rate Swap
Derivative [Line Items]
Number of Instruments	2	2	2	2	2	2
Notional Amount | kr				kr 520,000		kr 520,000
Weighted Average Strike Rate	2.50%	2.50%
Weighted Average Maturity (Years)	3 years 10 months 24 days	4 years 1 month 6 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	Mar. 31, 2024 EUR (€) Instrument	Mar. 31, 2024 NOK (kr) Instrument	Mar. 31, 2024 DKK (kr) Instrument	Mar. 31, 2024 AUD ($) Instrument	Mar. 31, 2024 GBP (£) Instrument	Dec. 31, 2023 EUR (€) Instrument	Dec. 31, 2023 NOK (kr) Instrument	Dec. 31, 2023 DKK (kr) Instrument	Dec. 31, 2023 AUD ($) Instrument	Dec. 31, 2023 GBP (£) Instrument
Derivative [Line Items]
Number of Instruments	80	80	80	80	80	80	80	80	80	80
Buy USD/Sell EUR Forward
Derivative [Line Items]
Number of Instruments	39	39	39	39	39	60	60	60	60	60
Notional Amount | €	€ 552,358					€ 577,283
Buy USD/Sell DKK Forward
Derivative [Line Items]
Number of Instruments	10	10	10	10	10	12	12	12	12	12
Notional Amount | kr			kr 1,260,016					kr 1,301,016
Buy USD/Sell AUD Forward
Derivative [Line Items]
Number of Instruments	5	5	5	5	5	5	5	5	5	5
Notional Amount | $				$ 621,759					$ 621,759
Buy USD/Sell NOK Forward
Derivative [Line Items]
Number of Instruments	7	7	7	7	7	9	9	9	9	9
Notional Amount | kr		kr 397,700					kr 1,160,941
Buy USD/Sell GBP Forward
Derivative [Line Items]
Number of Instruments	7	7	7	7	7	4	4	4	4	4
Notional Amount | £					£ 158,400					£ 142,858

Derivatives - Summary of Fair V

Derivatives - Summary of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Other Assets
Derivative [Line Items]
Fair Value of Derivatives in an Asset Position	[1]	$ 570,582	$ 554,263
Other Assets | Interest Rate Derivatives
Derivative [Line Items]
Fair Value of Derivatives in an Asset Position	[1]	550,436	537,390
Other Assets | Foreign Currency Forward Contracts
Derivative [Line Items]
Fair Value of Derivatives in an Asset Position	[1]	20,146	16,873
Other Liabilities
Derivative [Line Items]
Fair Value of Derivatives in a Liability Position	[2]	30,663	46,178
Other Liabilities | Foreign Currency Forward Contracts
Derivative [Line Items]
Fair Value of Derivatives in a Liability Position	[2]	$ 30,663	$ 46,178
[1] Included in Other assets on the Company’s Condensed Consolidated Balance Sheets. Included in Other liabilities on the Company’s Condensed Consolidated Balance Sheets.

Derivatives - Summary of Effect

Derivatives - Summary of Effect of Derivate Financial Instruments on Condensed Consolidated Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Gain Recognized in Net Income (Loss)	$ 32,284	$ (146,271)
Interest Rate Cap | Other (Expense) Income
Derivative [Line Items]
Net Unrealized Gain (Loss) Recognized in Net Income (Loss)	11,329	(139,636)
Net Realized Gain Recognized in Net Income (Loss)		733
Interest Rate Swap | Other (Expense) Income
Derivative [Line Items]
Net Unrealized Gain (Loss) Recognized in Net Income (Loss)	(49)	(6,369)
Net Realized Gain Recognized in Net Income (Loss)		1,925
Foreign Currency Forward Contracts | Other (Expense) Income
Derivative [Line Items]
Net Unrealized Gain (Loss) Recognized in Net Income (Loss)	2,215	1,389
Net Realized Gain Recognized in Net Income (Loss)	$ 18,789	$ (4,313)

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interests - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) Class shares	Mar. 31, 2023 USD ($) 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	22,168,363	25,471,814
Payments for repurchase of common stock | $	$ 514.5	$ 671.1
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	Mar. 31, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Preferred Stock, Number of Shares	100,000,000	100,000,000
Total Number of Shares	3,100,000,000
Preferred stock, Par value	$ 0.01	$ 0.01
Common Stock Class T
Class Of Stock [Line Items]
Number of Shares	500,000,000	500,000,000
Par value	$ 0.01	$ 0.01
Common Stock Class S
Class Of Stock [Line Items]
Number of Shares	1,000,000,000	1,000,000,000
Par value	$ 0.01	$ 0.01
Common Stock Class D
Class Of Stock [Line Items]
Number of Shares	500,000,000	500,000,000
Par value	$ 0.01	$ 0.01
Common Stock Class I
Class Of Stock [Line Items]
Number of Shares	1,000,000,000	1,000,000,000
Par value	$ 0.01	$ 0.01

Equity and Redeemable Non-con_5

Equity and Redeemable Non-controlling Interests - Schedule of Common Stock Outstanding shares (Details) - shares		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Class Of Stock [Line Items]
Beginning balance		430,808,244	505,707,592
Common stock shares issued	[1]	3,838,491	6,949,147
Distribution reinvestment plan shares issued		2,088,660	2,107,212
Common stock shares repurchased		(22,168,363)	(25,471,814)
Ending balance		414,567,032	489,292,137
Common Stock Class T
Class Of Stock [Line Items]
Beginning balance		5,282,025	5,721,496
Common stock shares issued	[1]	78,520	76,701
Distribution reinvestment plan shares issued		37,181	34,590
Common stock shares repurchased		(58,857)	(117,880)
Ending balance		5,181,829	5,714,907
Common Stock Class S
Class Of Stock [Line Items]
Beginning balance		195,023,616	224,556,910
Common stock shares issued	[1]	346,224	2,263,805
Distribution reinvestment plan shares issued		981,482	981,339
Common stock shares repurchased		(9,022,408)	(7,190,043)
Ending balance		187,328,914	220,612,011
Common Stock Class D
Class Of Stock [Line Items]
Beginning balance		27,512,551	30,974,173
Common stock shares issued	[1]	223,950	39,697
Distribution reinvestment plan shares issued		169,241	96,343
Common stock shares repurchased		(1,431,729)	(1,070,027)
Ending balance		26,474,013	29,960,792
Common Stock Class I
Class Of Stock [Line Items]
Beginning balance		202,990,052	244,455,013
Common stock shares issued	[1]	3,346,837	4,648,338
Distribution reinvestment plan shares issued		900,756	994,940
Common stock shares repurchased		(11,655,369)	(17,093,864)
Ending balance		195,582,276	233,004,427
[1] Includes exchanges between share classes

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interests - Schedule of Aggregate Distributions Declared for Each Class of Common Stock (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares
Common Stock Class T
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	$ 0.3105
Stockholder servicing fee per share of common stock	(0.0488)
Net distributions declared per share of common stock	0.2617
Common Stock Class S
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	0.3105
Stockholder servicing fee per share of common stock	(0.049)
Net distributions declared per share of common stock	0.2615
Common Stock Class D
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	0.3105
Stockholder servicing fee per share of common stock	(0.0141)
Net distributions declared per share of common stock	0.2964
Common Stock Class I
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	0.3105
Net distributions declared per share of common stock	$ 0.3105

Equity and Redeemable Non-con_7

Equity and Redeemable Non-controlling Interests - Schedule of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024		Mar. 31, 2023
Class Of Stock [Line Items]
Balance at the beginning of the year	$ 459,862		$ 427,099
Settlement of performance participation allocation			102,348
GAAP income (loss) allocation	(4,753)		(13,103)
Distributions	(6,454)		(6,242)
Fair value allocation	13,630		3,332
Ending balance	462,285		513,434
Special Limited Partner
Class Of Stock [Line Items]
Balance at the beginning of the year	295,692	[1]	238,322
Settlement of performance participation allocation			102,348
GAAP income (loss) allocation	(3,062)	[1]	(8,431)
Distributions	(4,236)	[1]	(4,016)
Fair value allocation	9,431	[1]	2,144
Ending balance	297,825	[1]	330,367
Third-party Operating Partnership Unitholders
Class Of Stock [Line Items]
Balance at the beginning of the year	164,170		188,777
GAAP income (loss) allocation	(1,691)		(4,672)
Distributions	(2,218)		(2,226)
Fair value allocation	4,199		1,188
Ending balance	$ 164,460		$ 183,067
[1] Includes units transferred to Barry S. Sternlicht, which are deemed to be beneficially owned by Mr. Sternlicht.

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended
	May 13, 2024	Apr. 30, 2024	Jan. 31, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2019
Related Party Transaction [Line Items]
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				$ 31,996	$ 42,181
Annual hurdle percentage				5%
Performance participation allocation				$ 0	$ 0
Repurchase of common stock				22,168,363	25,471,814
Total consideration				$ 514,516	$ 671,096
Due to affiliates				437,726		$ 484,358
General and Administrative Expense				12,492	10,569
Operating expenses				179,657	189,651
Leasing and legal service fees				600	100
Starwood Retail Partners
Related Party Transaction [Line Items]
Leasing and legal service fees				$ 100
Special Limited Partner
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return				12.50%
All Other Unit Holders
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return				87.50%
Advisor and Certain Director Shares
Related Party Transaction [Line Items]
Repurchase of common stock				0
SCG Southern Europe
Related Party Transaction [Line Items]
Services fee for accounting and administrative matters				$ 100	100
Advanced Organization And Offering Costs | Advisor
Related Party Transaction [Line Items]
Due to affiliates							$ 7,300
Accrued Affiliate Service Provider Expenses | Essex Service Provider
Related Party Transaction [Line Items]
Cost of legal services					0
Accrued Affiliate Service Provider Expenses | Rental property operating
Related Party Transaction [Line Items]
Operating expenses				7,200	5,600
Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Cost of legal services				100	100
Advanced Expenses | One Month in Arrears | Advisor
Related Party Transaction [Line Items]
General and Administrative Expense				4,500	4,300
Advanced Expenses | Unaffiliated Third Party | Special Limited Partner
Related Party Transaction [Line Items]
Due to affiliates				100	$ 100
Class I Unit | Common Stock
Related Party Transaction [Line Items]
Employees and affiliates holdining interest				$ 545,000
Subsequent Event
Related Party Transaction [Line Items]
Total consideration	$ 312,500
Unregistered Class I shares
Related Party Transaction [Line Items]
Stock issued as management fees, shares			473,622	933,093
Management fees, accrued				$ 10,500		$ 10,900
Unregistered Class I shares | Subsequent Event
Related Party Transaction [Line Items]
Stock issued as management fees, shares		456,577
Common Stock Class I
Related Party Transaction [Line Items]
Repurchase of common stock				11,655,369	17,093,864
Common Stock Class I | Advisor and Certain Director Shares
Related Party Transaction [Line Items]
Repurchase of common stock					11,090
Total consideration					$ 300
Common Stock Class T, Class S and Class D | Accrued Stockholder Servicing Fee | Maximum | Dealer Manager
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage				8.75%

Related Party Transactions - Su

Related Party Transactions - Summary of Components of Due to Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Due to affiliates	$ 437,726	$ 484,358
Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	289,341	320,957
Accrued Stockholder Servicing Fee | Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	272,943	301,017
Performance Participation Allocation | Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	0	0
Accrued Management Fee | Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	10,513	10,853
Advanced Operating Expenses | Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	1,733	4,458
Accrued Affiliate Service Provider Expenses | Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	3,079	3,068
Advanced Organization And Offering Costs | Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	$ 1,073	$ 1,561

Leases - Additional Information

Leases - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 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	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (remaining)	$ 514
2025	714
2026	714
2027	714
2028	714
Thereafter	25,067
Total undiscounted future lease payments	28,437
Difference between undiscounted cash flows and discounted cash flows	(16,050)
Total lease liability	$ 12,387	$ 12,402

Leases - Summary of Fixed and V

Leases - Summary of Fixed and Variable Components of Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Fixed lease payments	$ 372,094	$ 390,495
Variable lease payments	40,989	40,505
Rental revenue	$ 413,083	$ 431,000

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Minimum Rents Income Receivables (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
2024 (remaining)	$ 227,017
2025	269,052
2026	237,373
2027	206,513
2028	166,219
Thereafter	493,495
Total	$ 1,599,669

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 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		Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total Assets		$ 22,690,825	$ 23,113,974
Multifamily Properties
Segment Reporting Information [Line Items]
Total Assets		15,043,500	15,161,836
Single Family Rental Homes
Segment Reporting Information [Line Items]
Total Assets		373,204	408,097
Industrial properties
Segment Reporting Information [Line Items]
Total Assets		2,762,668	2,820,658
Office properties
Segment Reporting Information [Line Items]
Total Assets		1,624,813	1,651,347
Self-Storage Properties
Segment Reporting Information [Line Items]
Total Assets		354,722	357,724
Investments in real estate debt
Segment Reporting Information [Line Items]
Total Assets		1,388,138	1,589,350
Other Properties
Segment Reporting Information [Line Items]
Total Assets	[1]	969,686	1,022,284
Other (Corporate)
Segment Reporting Information [Line Items]
Total Assets		$ 174,094	$ 102,678
[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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenues	$ 424,050	$ 446,444
Expenses
Property operating	179,657	189,651
Loss from unconsolidated real estate ventures	(3,968)	(3,089)
Income from investments in real estate debt	40,497	31,841
Segment net operating income	280,922	285,545
General and administrative	(12,492)	(10,569)
Management fees	(31,996)	(42,181)
Impairment of investments in real estate	0	(79,846)
Depreciation and amortization	(186,398)	(200,434)
Net gain (loss) on dispositions of real estate	2,083	(423)
Interest expense	(154,033)	(137,290)
Other income (expense), net	15,628	(140,034)
Net loss	(86,286)	(325,232)
Net loss attributable to non-controlling interests in consolidated joint ventures	187	1,492
Net loss attributable to non-controlling interests in Operating Partnership	4,753	13,103
Net loss attributable to stockholders	(81,346)	(310,637)
Operating Segments | Multifamily Properties
Revenues:
Total revenues	305,441	309,346
Expenses
Property operating	138,326	137,399
Segment net operating income	167,115	171,947
Operating Segments | Single Family Rental Homes
Revenues:
Total revenues	5,491	20,488
Expenses
Property operating	2,549	12,075
Segment net operating income	2,942	8,413
Operating Segments | Industrial properties
Revenues:
Total revenues	47,966	50,242
Expenses
Property operating	11,953	12,773
Segment net operating income	36,013	37,469
Operating Segments | Office properties
Revenues:
Total revenues	42,570	37,581
Expenses
Property operating	15,028	14,637
Segment net operating income	27,542	22,944
Operating Segments | Self-Storage Properties
Revenues:
Total revenues	6,882	6,790
Expenses
Property operating	2,696	2,667
Segment net operating income	4,186	4,123
Operating Segments | Other Properties
Revenues:
Total revenues	15,700	21,997
Expenses
Property operating	9,105	10,100
Loss from unconsolidated real estate ventures	(3,968)	(3,089)
Segment net operating income	2,627	8,808
Operating Segments | Investments in real estate debt
Expenses
Income from investments in real estate debt	40,497	31,841
Segment net operating income	40,497	31,841
Rental Revenue
Revenues:
Total revenues	413,083	431,000
Rental Revenue | Operating Segments | Multifamily Properties
Revenues:
Total revenues	302,569	307,065
Rental Revenue | Operating Segments | Single Family Rental Homes
Revenues:
Total revenues	5,491	20,488
Rental Revenue | Operating Segments | Industrial properties
Revenues:
Total revenues	47,938	50,242
Rental Revenue | Operating Segments | Office properties
Revenues:
Total revenues	42,527	37,446
Rental Revenue | Operating Segments | Self-Storage Properties
Revenues:
Total revenues	6,882	6,790
Rental Revenue | Operating Segments | Other Properties
Revenues:
Total revenues	7,676	8,969
Other revenue
Revenues:
Total revenues	10,967	15,444
Other revenue | Operating Segments | Multifamily Properties
Revenues:
Total revenues	2,872	2,281
Other revenue | Operating Segments | Industrial properties
Revenues:
Total revenues	28
Other revenue | Operating Segments | Office properties
Revenues:
Total revenues	43	135
Other revenue | Operating Segments | Other Properties
Revenues:
Total revenues	$ 8,024	$ 13,028

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	May 13, 2024	Mar. 31, 2024	Mar. 31, 2023
Subsequent Event [Line Items]
Proceeds, issuance of shares of common stock		$ 13,900,000
Repurchase of common stock		22,168,363	25,471,814
Common stock repurchased value		$ 514,516	$ 671,096
Line of Credit Facility, Interest Rate Description		one-month U.S. dollar-denominated SOFR plus 2.5%
Net proceeds from sales of investments in real estate debt and equity securities		$ 110,602
Subsequent Event
Subsequent Event [Line Items]
Common stock repurchased value	$ 312,500
Proceeds from line of credit	101,000
Net proceeds from sales of investments in real estate debt and equity securities	$ 200,000
Common Stock Class I | Subsequent Event
Subsequent Event [Line Items]
Repurchase of common stock	973,000
Common stock repurchased value	$ 22,500
Third Public Offering | Subsequent Event
Subsequent Event [Line Items]
Proceeds, issuance of shares of common stock	$ 34,500