Starwood Real Estate Income Trust 10-Q 13 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 08, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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		5,087,853
Common Stock Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		181,658,714
Common Stock Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		25,976,679
Common Stock Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		189,569,720

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Assets
Investments in real estate, net		$ 19,103,932	$ 19,580,358
Investments in real estate debt		954,952	1,589,350
Investments in unconsolidated real estate ventures		431,432	456,002
Cash and cash equivalents		262,875	294,984
Restricted cash		239,087	245,651
Other assets		689,770	947,629
Total assets		21,682,048	23,113,974
Liabilities and Equity
Mortgage notes and secured credit facilities, net	[1]	12,976,910	13,028,910
Secured financings on investments in real estate debt		524,393	762,352
Unsecured line of credit		1,363,500	907,500
Other liabilities		504,897	484,358
Subscriptions received in advance		2,094	13,225
Total liabilities		15,656,268	15,517,302
Commitments and contingencies
Redeemable non-controlling interest		438,906	459,862
Equity
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding as of September 30, 2024 and December 31, 2023
Additional paid-in capital		8,972,783	9,641,219
Accumulated other comprehensive loss		(6,968)	(15,729)
Accumulated deficit and cumulative distributions		(3,434,675)	(2,537,302)
Total stockholders’ equity		5,535,172	7,092,496
Non-controlling interests in consolidated joint ventures		51,702	44,314
Total equity		5,586,874	7,136,810
Total liabilities and equity		21,682,048	23,113,974
Common Stock Class T
Equity
Common stock value		51	53
Common Stock Class S
Equity
Common stock value		1,822	1,950
Common Stock Class D
Equity
Common stock value		261	275
Common Stock Class I
Equity
Common stock value		1,898	2,030
Affiliated Entity
Liabilities and Equity
Due to affiliates		$ 284,474	$ 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	Sep. 30, 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	403,192,073	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	5,086,065	5,282,025
Common stock, shares outstanding	5,086,065	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	182,229,665	195,023,616
Common stock, shares outstanding	182,229,665	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	26,061,373	27,512,551
Common stock, shares outstanding	26,061,373	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	189,814,970	202,990,052
Common stock, shares outstanding	189,814,970	202,990,052

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Total revenues	$ 424,849	$ 433,048	$ 1,270,694	$ 1,331,136
Expenses
Property operating	183,574	189,122	543,746	571,394
General and administrative	9,683	10,102	35,571	32,538
Management fees	23,690	37,347	82,200	118,970
Impairment of investments in real estate	1,782	3,667	1,782	188,804
Depreciation and amortization	185,138	203,561	557,425	612,924
Total expenses	403,867	443,799	1,220,724	1,524,630
Other (expense) income
Loss from unconsolidated real estate ventures	(4,692)	(241)	(10,365)	(786)
Income from investments in real estate debt, net	21,513	42,318	74,384	115,841
Net (loss) gain on dispositions of real estate	(225)	67,374	2,431	188,632
Interest expense	(165,520)	(145,273)	(477,741)	(437,898)
Other expense, net	(207,535)	(10,104)	(214,283)	(86,455)
Total other expense	(356,459)	(45,926)	(625,574)	(220,666)
Net loss	(335,477)	(56,677)	(575,604)	(414,160)
Net loss (income) attributable to non-controlling interests in consolidated joint ventures	1,969	(1,127)	2,861	(1,207)
Net loss attributable to non-controlling interests in Operating Partnership	16,548	2,737	28,716	17,504
Net loss attributable to stockholders	$ (316,960)	$ (55,067)	$ (544,027)	$ (397,863)
Net loss per share of common stock, basic	$ (0.79)	$ (0.12)	$ (1.33)	$ (0.83)
Net loss per share of common stock, diluted	$ (0.79)	$ (0.12)	$ (1.33)	$ (0.83)
Weighted-average shares of common stock outstanding, basic	403,615,752	457,830,322	410,266,671	477,018,323
Weighted-average shares of common stock outstanding, diluted	403,615,752	457,830,322	410,266,671	477,018,323
Comprehensive loss:
Net loss	$ (335,477)	$ (56,677)	$ (575,604)	$ (414,160)
Other comprehensive income (loss) item:
Foreign currency translation adjustments	23,120	(19,629)	8,761	(12,680)
Other comprehensive income (loss)	23,120	(19,629)	8,761	(12,680)
Comprehensive loss	(312,357)	(76,306)	(566,843)	(426,840)
Rental revenue
Revenues
Total revenues	414,932	418,298	1,240,479	1,285,570
Other revenue
Revenues
Total revenues	$ 9,917	$ 14,750	$ 30,215	$ 45,566

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	415,368	1	45	(3)	117	415,208			415,368
Offering costs, net	42,061					42,061			42,061
Distribution reinvestments	158,973		27	4	28	158,914			158,973
Amortization of restricted stock grants	630					630			630
Common stock repurchased	(2,004,675)	(3)	(287)	(24)	(466)	(2,003,895)			(2,004,675)
Net loss (allocated to redeemable non-controlling interest)	(396,656)							(397,863)	(397,863)	1,207
Distributions to non-controlling interests	(5,384)									(5,384)
Distributions declared on common stock (see Note 11)	(407,231)							(407,231)	(407,231)
Other comprehensive income (loss)	(12,680)						(12,680)		(12,680)
Allocation to redeemable non-controlling interests	(4,037)					(4,037)			(4,037)
Balance at Sep. 30, 2023	7,932,160	55	2,031	287	2,124	10,075,151	(36,987)	(2,160,350)	7,882,311	49,849
Balance at Jun. 30, 2023	8,610,430	56	2,122	293	2,220	10,547,347	(17,358)	(1,974,908)	8,559,772	50,658
Common stock issued, net	102,626		8		33	102,585			102,626
Offering costs, net	19,253					19,253			19,253
Distribution reinvestments	51,016		9	1	9	50,997			51,016
Amortization of restricted stock grants	210					210			210
Common stock repurchased	(639,239)	(1)	(108)	(7)	(138)	(638,985)			(639,239)
Net loss (allocated to redeemable non-controlling interest)	(53,940)							(55,067)	(55,067)	1,127
Distributions to non-controlling interests	(1,936)									(1,936)
Distributions declared on common stock (see Note 11)	(130,375)							(130,375)	(130,375)
Other comprehensive income (loss)	(19,629)						(19,629)		(19,629)
Allocation to redeemable non-controlling interests	(6,256)					(6,256)			(6,256)
Balance at Sep. 30, 2023	7,932,160	55	2,031	287	2,124	10,075,151	(36,987)	(2,160,350)	7,882,311	49,849
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	191,401	(2)	130	20	271	190,982			191,401
Offering costs, net	(1,193)					(1,193)			(1,193)
Distribution reinvestments	133,156	2	47	7	42	133,058			133,156
Amortization of restricted stock grants	630					630			630
Common stock repurchased	(965,121)	(2)	(305)	(41)	(445)	(964,328)			(965,121)
Net loss (allocated to redeemable non-controlling interest)	(546,888)							(544,027)	(544,027)	(2,861)
Contributions from non-controlling interests	13,914									13,914
Distributions to non-controlling interests	(3,665)									(3,665)
Distributions declared on common stock (see Note 11)	(353,346)							(353,346)	(353,346)
Other comprehensive income (loss)	8,761						8,761		8,761
Allocation to redeemable non-controlling interests	(27,585)					(27,585)			(27,585)
Balance at Sep. 30, 2024	5,586,874	51	1,822	261	1,898	8,972,783	(6,968)	(3,434,675)	5,535,172	51,702
Balance at Jun. 30, 2024	6,060,855	51	1,831	262	1,902	9,042,890	(30,088)	(3,001,856)	6,014,992	45,863
Common stock issued, net	32,630		123	17	211	32,279			32,630
Offering costs, net	(26,736)					(26,736)			(26,736)
Distribution reinvestments	39,075	1	28	4	25	39,017			39,075
Amortization of restricted stock grants	210					210			210
Common stock repurchased	(104,116)	(1)	(160)	(22)	(240)	(103,693)			(104,116)
Net loss (allocated to redeemable non-controlling interest)	(318,929)							(316,960)	(316,960)	(1,969)
Contributions from non-controlling interests	8,878									8,878
Distributions to non-controlling interests	(1,070)									(1,070)
Distributions declared on common stock (see Note 11)	(115,859)							(115,859)	(115,859)
Other comprehensive income (loss)	23,120						23,120		23,120
Allocation to redeemable non-controlling interests	(11,184)					(11,184)			(11,184)
Balance at Sep. 30, 2024	$ 5,586,874	$ 51	$ 1,822	$ 261	$ 1,898	$ 8,972,783	$ (6,968)	$ (3,434,675)	$ 5,535,172	$ 51,702

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Net income (loss) allocated to redeemable non controlling interests	$ (16,548)	$ (2,737)	$ (28,716)	$ (17,504)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (575,604)	$ (414,160)
Adjustments to reconcile net loss to net cash provided by operating activities
Management fees	82,200	118,970
Impairment of investments in real estate	1,782	188,804
Depreciation and amortization	557,425	612,924
Amortization of deferred financing costs	18,116	24,631
Straight-line rent amortization	(7,769)	(9,703)
Deferred income amortization	(16,409)	(14,252)
Unrealized loss on changes in fair value of financial instruments	241,531	64,751
Foreign currency (gain) loss	(3,856)	16,430
Amortization of restricted stock grants	630	630
Net gain on dispositions of investments in real estate	(2,431)	(188,632)
Realized loss on sale of investments in real estate debt	7,563	2,491
Realized loss on sale of real estate-related equity securities		2,299
Loss from unconsolidated real estate ventures	10,365	786
Distributions of earnings from unconsolidated real estate ventures	14,268	8,098
Other items	(21,705)	(8,034)
Change in assets and liabilities
Increase in other assets	(23)	(14,445)
Decrease in due to affiliates	(2,627)	(232)
Increase in other liabilities	49,177	39,427
Net cash provided by operating activities	352,633	430,783
Cash flows from investing activities
Proceeds from dispositions of real estate	96,054	1,501,960
Capital improvements to real estate	(126,519)	(124,085)
Contributions to investments in unconsolidated real estate ventures	(63)
Proceeds from paydown of principal and settlement of investments in real estate debt and equity securities	641,299	54,297
Purchase of derivative instruments	(16,933)	(16,582)
Proceeds from derivative contracts	24,087	16,538
Net cash provided by investing activities	617,925	1,432,128
Cash flows from financing activities
Proceeds from issuance of common stock, net	91,655	253,932
Offering costs paid	(31,048)	(41,769)
Subscriptions received in advance	2,094	12,928
Repurchase of common stock	(965,121)	(2,004,675)
Borrowings from mortgage notes, secured credit facilities and unsecured line of credit	1,091,015	1,737,529
Repayments of mortgage notes, secured credit facilities and unsecured line of credit	(706,258)	(1,933,949)
Repayments under secured financings on investments in real estate debt	(243,384)
Payment of deferred financing costs	(17,359)	(1,567)
Contributions from non-controlling interests	13,914
Distributions to non-controlling interests	(3,665)	(5,384)
Distributions	(241,120)	(271,451)
Net cash used in financing activities	(1,009,277)	(2,254,406)
Effect of exchange rate changes	46	952
Net change in cash and cash equivalents and restricted cash	(38,673)	(390,543)
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	501,962	566,066
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	262,875	287,621
Restricted cash	239,087	278,445
Total cash and cash equivalents and restricted cash	501,962	566,066
Supplemental disclosure of cash flow information:
Cash paid for interest	727,303	674,133
Non-cash investing and financing activities:
Accrued stockholder servicing fees due to affiliate	(173)	(44,653)
Issuance of Class I shares for payment of management fee	85,251	121,297
Exchange of redeemable non-controlling interest for Class I Shares	1,144
Redeemable non-controlling interest issued as settlement for performance participation allocation		102,348
Accrued distributions	40,764	44,808
Distribution reinvestment	133,156	158,973
Allocation to redeemable non-controlling interest	27,585	4,037
Accrued capital expenditures	$ 4,381	$ 7,166

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (316,960)	$ (55,067)	$ (544,027)	$ (397,863)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Business Purpo

Organization and Business Purpose	9 Months Ended
	Sep. 30, 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 September 30, 2024, the Company owned 469 consolidated real estate properties, 938 single-family rental units, two investments in unconsolidated real estate ventures and one real estate debt investment. 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 September 30, 2024, the Company had received aggregate net proce eds of $ 14.0 billion from the sale of shares of its common stock through its public offerings. In April 2024, the Company launched a program (the “DST Program”) to raise capital, through its Operating Partnership, thr ough private placement offerings exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), by selling beneficial interests in specific Delaware statutory trusts (“DSTs”) holding real properties (the “DST Properties”). As of September 30, 2024, the Company has raised approximately $ 13.2 million in gross offering proceeds through the DST Program.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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”). 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 Company has a DST Program to raise capital through private placement offerings by selling beneficial interests (the “DST Interests”) in specific DSTs holding real properties. Under the DST Program, each private placement offers interest in one or more DST Properties. DST Properties may be sourced from properties currently owned by the Operating Partnership or newly acquired properties. The underlying interest of real properties sold to investors pursuant to such private placements are leased-back to a wholly owned subsidiary of the Operating Partnership on a long-term basis through January 2, 2031, unless sooner terminated pursuant to master lease agreements. These master lease agreements are fully guaranteed by the Operating Partnership in the form of demand notes capitalizing the lessee. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the DSTs from the investors at a later time in exchange for Operating Partnership units. Under the master lease agreements, a wholly owned indirect subsidiary of the Operating Partnership is responsible for subleasing the property to occupying tenants and all underlying costs associated with operating the property and is responsible for paying rent to the DST that owns such property. For financial reporting purposes (and not for income tax purposes), the sale of the DST Properties is accounted for as a failed sale-leaseback transaction and, as a result, the DST Properties are included in the Company’s condensed consolidated balance sheet. The master lease agreements are absolute leases, pursuant to which the master tenant will pay the stated rent and will be responsible for paying leasing costs, operating expenses, real estate taxes, special assessments, sales and use taxes, utilities, insurance and repairs for maintenance related to the DST Properties. As of September 30, 2024, the Company held two properties through the DST Program and the total investments in real estate, net associated with the DST Properties was $ 164.3 million. There were no properties held through the DST Program as of December 31, 2023. The Company has determined that the DST entities are VIEs. The Company has determined that it is the primary beneficiary of these VIEs. As a result, these DST entities are included in the Company’s condensed consolidated financial statements. As of September 30, 2024, the total liabilities of the Company’s consolidated VIEs, excluding the Operating Partnership, were $ 0.1 billion. Such amounts are included on the Company’s Condensed Consolidated Balance Sheets. There were no assets of the Company’s consolidated VIEs as of September 30, 2024, due to certain intercompany eliminations upon consolidation. There were no assets or liabilities in the consolidated VIEs, excluding the Operating Partnership, as of December 31, 2023. 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 and nine months ended September 30, 2024, the Company recognized a $ 1.8 million impairment charge on one hospitality property. During the three months ended September 30, 2023, the Company recognized an aggregate $ 3.7 million of impairment charges on two hospitality properties in the Condensed Consolidated Statements of Operations and Comprehensive Loss. During the nine months ended September 30, 2023, the Company recognized an aggregate of $ 188.8 million of impairment charges related predominantly to single-family rental properties and, to a lesser extent, two hospitality properties, in the 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 September 30, 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 may 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 nine months ended September 30, 2024 and 2023, the Company recorded net unrealized gains on its investments in real estate debt securities of $ 5.3 million and $ 9.8 million, respectively. During the three months ended September 30, 2024, the Company did no t record unrealized gains or losses on its investments in real estate debt securities as the securities portfolio was completely disposed of by June 30, 2024. During the three months ended September 30, 2023, the Company recorded net unrealized gains on its investments in real estate debt securities of $ 4.6 million. Such amounts are recorded as a component of Income from investments in real estate debt, net 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 its loans secured by real estate. Such loans have floating interest rates with market terms and there are no underlying credit quality issues as of September 30, 2024. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): September 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ — $ 954,952 $ 954,952 $ — $ 201,070 $ 1,388,280 $ 1,589,350 Derivatives — 328,185 — 328,185 — 554,263 — 554,263 Total $ — $ 328,185 $ 954,952 $ 1,283,137 $ — $ 755,333 $ 1,388,280 $ 2,143,613 Liabilities: Derivatives $ — $ 51,289 $ — $ 51,289 $ — $ 46,178 $ — $ 46,178 Total $ — $ 51,289 $ — $ 51,289 $ — $ 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 Dispositions ( 438,092 ) Included in net loss Foreign currency exchange 9,479 Realized losses on dispositions ( 4,418 ) Unrealized loss ( 297 ) Balance as of September 30, 2024 $ 954,952 The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): September 30, 2024 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in real estate debt $ 954,952 Discounted Cash Flow Discount Rate 9.6 % 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 and nine months ended September 30, 2024, the Company recognized a $ 1.8 million impairment charge on one hospitality property. During the three months ended September 30, 2023, the Company recognized an aggregate of $ 3.7 million of impairment charges on two hospitality properties. During the nine months ended September 30, 2023, the Company recognized an aggregate of $ 188.8 million of impairment charges related predominantly to single-family rental properties and, to a lesser extent, two hospitality properties. As of September 30, 2024 and December 31, 2023, the estimated fair value of the Company’s remaining impaired assets was $ 23.3 million and $ 53.8 million, respectively. As of September 30, 2024 and December 31, 2023, the carrying value of the Company’s remaining impaired assets was $ 23.1 million and $ 53.0 million, respectively. The estimated fair values of the impaired properties held as of September 30, 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 September 30, 2024, the fair value of the Company’s mortgage notes, secured credit facilities and secured financings on investments in real estate debt was approximately $ 405.0 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 Partnership’s 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 United States 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 and nine months ended September 30, 2024, the Company recognized an income tax benefit of $ 1.9 million and $ 8.2 million, respectively, within Other expense, net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss . For the three and nine months ended September 30, 2023, the Company recognized income tax expense of $ 1.1 million and $ 2.9 million, respectively, within Other expense, net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. As of September 30, 2024 and December 31, 2023, the Company recorded a net deferred tax liability of $ 21.1 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 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-07, “ Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ” (“ASU 2023-07”). 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	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Investments	3. Investments Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): September 30, 2024 December 31, 2023 Building and building improvements $ 17,649,389 $ 17,612,162 Land and land improvements 3,130,588 3,144,932 Furniture, fixtures and equipment 298,798 304,650 Right-of-use asset - operating lease (1 ) 105,230 105,230 Total 21,184,005 21,166,974 Accumulated depreciation and amortization ( 2,080,073 ) ( 1,586,616 ) Investments in real estate, net $ 19,103,932 $ 19,580,358 (1) Refer to Note 14 for additional details on the Company’s leases. Asset Dispositions During the three months ended September 30, 2024, the Company sold an aggregate of $ 9.0 million of investments in real estate, net, generating total net cash proceeds of approximately $ 8.7 million. During the three months ended September 30, 2024, the Company reco rded ($ 0.2 ) mil lion of net losses from the disposition of 26 single-family rental units as a result of closing costs incurred in connection with such disposals. During the nine months ended September 30, 2024, the Company sold an aggregate of $ 66.4 million of investments in real estate, net, generating total net cash proceeds, net of mortgage repayments, of approximately $ 50.5 million. During the nine months ended September 30, 2024, the Company recorded $ 2.4 million of net gains from the disposition of two hospitality properties and 78 single-family rental units. During the three months ended September 30, 2023, the Company sold an aggregate of $ 0.8 billion of investments in real estate, generating total net cash proceeds, net of mortgage repayments, of approximately $ 254.0 million. During the nine months ended September 30, 2023, the Company sold an aggregate of $ 1.3 billion of investments in real estate, generating total net cash proceeds, net of mortgage repayments, of approximately $ 500.6 million. During the three months ended September 30, 2023, the Company recorded $ 67.4 million of net gains from the disposition of three multifamily properties and 1,910 single-family rental units. During the nine months ended September 30, 2023, the Company recorded $ 188.6 million of net gains from the disposition of nine multifamily properties, one industrial property, and 2,183 single-family rental units. 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 September 30, 2024 December 31, 2023 Extended Stay Portfolio Other July 2022 196 45 % $ 421,843 $ 446,424 Fort Lauderdale Hotel Other March 2019 1 43 % 9,589 9,578 Total investments in unconsolidated real estate ventures $ 431,432 $ 456,002 The following table details the Company’s (loss) income from equity investments in unconsolidated entities ($ in thousands): Three Months Ended Nine Months Ended Investments in Unconsolidated Real Estate Ventures 2024 2023 2024 2023 Extended Stay Portfolio $ ( 4,184 ) $ 523 $ ( 10,757 ) $ ( 614 ) Fort Lauderdale Hotel ( 508 ) ( 764 ) 392 ( 172 ) Total loss from unconsolidated real estate ventures $ ( 4,692 ) $ ( 241 ) $ ( 10,365 ) $ ( 786 )

Intangibles

Intangibles	9 Months Ended
	Sep. 30, 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): September 30, 2024 December 31, 2023 Intangible assets: (1) In-place lease intangibles $ 267,008 $ 292,348 Above-market lease intangibles 41,756 44,463 Other 41,913 41,823 Total intangible assets 350,677 378,634 Accumulated amortization: In-place lease amortization ( 122,379 ) ( 127,185 ) Above-market lease amortization ( 20,411 ) ( 18,913 ) Other ( 14,825 ) ( 12,500 ) Total accumulated amortization ( 157,615 ) ( 158,598 ) Intangible assets, net $ 193,062 $ 220,036 Intangible liabilities: (2) Below-market lease intangibles $ 80,309 $ 87,173 Total intangible liabilities 80,309 87,173 Accumulated amortization: Below-market lease amortization ( 29,738 ) ( 27,606 ) Total accumulated amortization ( 29,738 ) ( 27,606 ) Intangible liabilities, net $ 50,571 $ 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 September 30, 2024 is as follows ($ in thousands): In-place Above-market Other Below-market 2024 (remaining) $ 8,829 $ 1,371 $ 852 $ ( 1,976 ) 2025 26,582 4,176 3,412 ( 6,625 ) 2026 22,072 3,859 3,412 ( 5,623 ) 2027 18,181 3,122 3,412 ( 4,905 ) 2028 14,919 2,529 3,412 ( 4,521 ) Thereafter 54,046 6,288 12,588 ( 26,921 ) $ 144,629 $ 21,345 $ 27,088 $ ( 50,571 )

Investments in Real Estate Debt

Investments in Real Estate Debt	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 Type of Security/Loan Number of Positions Coupon (1) Maturity Date Cost Basis Fair Value Term loan 1 B + 4.75% June 2027 $ 956,877 $ 954,952 Total investments in real estate debt 1 B + 4.75% June 2027 $ 956,877 $ 954,952 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 was 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. In June 2024, the Company disposed of the remaining £ 352.0 million of the original loan amount. In connection with the disposition, the Company repaid all related borrowings under secured financing agreements of £ 193.6 million. During the nine months ended September 30, 2024, the Company recorded $ 4.4 million of net realized losses from the disposition of this investment in real estate debt, which is included in Income from investments in real estate debt, net in the Condensed Consolidated Statements of Operations and Comprehensive Loss. During the three months ended September 30, 2024, the Company did no t record any net realized gains or losses on its investments in real estate debt. During the nine months ended September 30, 2024, the Company disposed of $ 201.1 million of investments in real estate debt securities and recorded net realized losses resulting from these dispositions of $ 3.1 million. Such amounts are recorded as a component of Income from investments in real estate debt, net on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. During the three months ended September 30, 2024, the Company did no t record unrealized or realized gains or losses on its investments in real estate debt securities as the securities portfolio was completely disposed of by June 30, 2024. During the three months ended September 30, 2023, the Company did no t record any net realized gains or losses on its investments in real estate debt securities. During the nine months ended September 30, 2023, the Company recorded net realized losses on sales of its investments in real estate debt securities of $ 2.5 million. Such amounts are recorded as a component of Income from investments in real estate debt, net on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss.

Mortgage Notes and Secured Cred

Mortgage Notes and Secured Credit Facilities	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Mortgage Notes and Secured Credit Facilities	6. Mortgage Notes and Secured Credit Facilities The following table is a summary of the mortgage notes and credit facilities secured by the Company’s properties as of September 30, 2024 and December 31, 2023 ($ in thousands): Principal Balance Outstanding (3) Indebtedness Weighted (1) Weighted (2) Maximum September 30, 2024 December 31, 2023 Fixed rate loans Fixed rate mortgages 3.09 % March 2031 N/A $ 3,011,128 $ 3,049,322 Total fixed rate loans 3,011,128 3,049,322 Variable rate loans Floating rate mortgages B + 1.84 % September 2027 N/A 9,865,221 9,893,894 Variable rat e secured credit facility (4) B + 2.25 % December 2025 $ 164,347 164,347 165,000 Senior secur ed revolving credit facility (5) B + 2.50 % January 2027 $ 150,000 — — Total variable rate loans 10,029,568 10,058,894 Total loans secured by the Company’s 13,040,696 13,108,216 Deferred financing costs, net ( 57,643 ) ( 73,066 ) Discount on assumed debt, net ( 6,143 ) ( 6,240 ) Mortgage notes and secured credit facilities, net $ 12,976,910 $ 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 Norwegian Interbank Offered Rate (“NIBOR”), 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 variable rate secured credit facility is guaranteed by the Operating Partnership. (5) The repayment of the senior secured revolving credit facility is secured by pledges of ownership interests in holding companies that are directly under the Operating Partnership. In July 2024, the Company entered into a senior secured revolving credit facility agreement with a total borrowing capacity of $ 150.0 million. The senior secured revolving credit facility agreement matures in January 2026 , at which time the Company may request an additional one-year extension thereafter. Interest under the senior secured revolving credit facility is determined based on one-month U.S. dollar denominated SOFR plus 2.5% . The following table presents the future principal payments under the Company’s mortgage notes and secured credit facilities as of September 30, 2024 ($ in thousands): Year Amount 2024 (remaining) $ 13,925 2025 1,369,489 2026 4,961,433 2027 2,201,062 2028 227,082 Thereafter 4,267,705 Total $ 13,040,696 Pursuant to lender agreements for certain of the Company’s mortgages, the Company has the ability to d raw $ 59.0 million for l easing commissions, and tenant and building improvements. The Company’s mortgage notes and secured credit facilities may contain customary events of default and covenants, including limitations on liens and indebtedness and maintenance of certain financial ratios. The Company was in compliance with all corporate and all property level financial covenants with no events of default as of September 30, 2024 and December 31, 2023, respectively.

Secured Financings On Investmen

Secured Financings On Investments In Real Estate Debt	9 Months Ended
	Sep. 30, 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 was equal to the SONIA daily non-cumulative EFR rate plus a spread. During the three months ended June 30, 2024, in connection with the disposition of this term loan investment, the Company repaid all related borrowings under secured financing agreements of £ 193.6 million. 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): September 30, 2024 Indebtedness Maturity Date Coupon Collateral (1) Outstanding Syndicated RA (2) June 2027 BBSY + 2.82% $ 954,952 $ 524,393 $ 954,952 $ 524,393 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 $ 1.0 million and $ 1.2 million of unamortized deferred financing costs as of September 30, 2024 and December 31, 2023, respectively.

Unsecured Line of Credit

Unsecured Line of Credit	9 Months Ended
	Sep. 30, 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. In May 2024, the Company entered into an amendment 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. doll ar-denominated SOFR plus 2.5% . The repayment of the Line of Credit is guaranteed by the Company. As of September 30, 2024 and December 31, 2023, there w ere approximately $ 1.4 billi on and $ 0.9 billion of b orrowings outstanding on the Line of Credit, respectively.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	9 Months Ended
	Sep. 30, 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): September 30, 2024 December 31, 2023 Derivative instruments $ 328,185 $ 554,263 Intangible assets, net 193,062 220,036 Receivables 102,508 127,573 Prepaid expenses 36,486 24,022 Deferred financing costs, net 15,853 6,006 Deferred tax assets 9,673 5,043 Interest receivable 242 7,929 Other 3,761 2,757 Total other assets $ 689,770 $ 947,629 The following table summarizes the components of Other liabilities ($ in thousands): September 30, 2024 December 31, 2023 Real estate taxes payable $ 116,925 $ 73,145 Accounts payable and accrued expenses 66,652 75,809 Accrued interest expense 64,169 69,642 Derivative instruments 51,289 46,178 Intangible liabilities, net 50,571 59,567 Tenant security deposits 46,072 44,374 Distributions payable 40,764 43,044 Deferred tax liabilities 30,728 35,792 Right-of-use liability - operating leases 12,347 12,402 Deferred income 10,126 11,894 Other taxes payable 8,631 5,005 Other 6,623 7,506 Total other liabilities $ 504,897 $ 484,358

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 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): September 30, 2024 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Strike Rate Index Weighted Average Maturity (Years) Interest Rate Caps - Property debt 71 $ 9,527,935 1.9 % SOFR 1.5 Interest Rate Caps - Property debt 4 € 177,986 1.1 % EURIBOR 0.3 Interest Rate Swaps - Property debt 1 $ 119,759 0.8 % SOFR 0.4 Interest Rate Swaps - Property debt 3 € 207,721 1.9 % EURIBOR 2.8 Interest Rate Swaps - Property debt 2 NOK 520,000 2.5 % NIBOR 3.4 Total interest rate derivatives 81 1.9 % 1.5 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): September 30, 2024 December 31, 2023 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD/Sell EUR Forward 47 € 564,313 60 € 577,283 Buy USD/Sell DKK Forward 7 DKK 1,200,016 12 DKK 1,301,016 Buy USD/Sell AUD Forward 5 AUD 621,759 5 AUD 621,759 Buy USD/Sell NOK Forward 10 NOK 402,700 9 NOK 1,160,941 Buy USD/Sell GBP Forward — £ — 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 September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Interest rate derivatives $ 319,094 $ 537,390 $ — $ — Foreign currency forward contracts 9,091 16,873 51,289 46,178 Total derivatives $ 328,185 $ 554,263 $ 51,289 $ 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 September 30, Type of Derivative Net Realized/Unrealized Gain (Loss) 2024 2023 Interest Rate Caps - Property debt Unrealized loss (1) $ ( 185,709 ) $ ( 13,731 ) Interest Rate Swaps - Property debt Unrealized loss (1) ( 7,495 ) ( 1,895 ) Foreign Currency Forward Contracts Unrealized (loss) gain (2) ( 33,588 ) 21,497 Foreign Currency Forward Contracts Realized gain (loss) (1) 496 ( 1,449 ) Interest Rate Caps - Property debt Realized gain (1) — 4,748 Total $ ( 226,296 ) $ 9,170 For the Nine Months Ended September 30, Type of Derivative Net Realized/Unrealized Gain (Loss) 2024 2023 Interest Rate Caps - Property debt Unrealized loss (1) $ ( 225,610 ) $ ( 88,463 ) Interest Rate Swaps - Property debt Unrealized loss (1) ( 8,017 ) ( 2,955 ) Foreign Currency Forward Contracts Unrealized (loss) gain (2) ( 12,892 ) 10,249 Foreign Currency Forward Contracts Realized gain (1) 12,084 1,588 Interest Rate Caps - Property debt Realized gain (1) — 6,528 Interest Rate Swaps - Property debt Realized gain (1) 179 1,925 Total $ ( 234,256 ) $ ( 71,128 ) (1) Included in Other 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, net and the remaining amount is included in Other 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	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2024 Class T Class S Class D Class I Total June 30, 2024 5,129,415 183,113,398 26,164,461 190,169,262 404,576,536 Common stock shares issued (1) ( 60,826 ) ( 316,169 ) ( 10,598 ) 1,828,720 1,441,127 Distribution reinvestment plan shares issued 35,059 878,103 78,282 736,523 1,727,967 Common stock shares repurchased ( 17,583 ) ( 1,445,667 ) ( 170,772 ) ( 2,953,332 ) ( 4,587,354 ) Independent directors’ restricted stock grant (2) — — — 33,797 33,797 September 30, 2024 5,086,065 182,229,665 26,061,373 189,814,970 403,192,073 Three Months Ended September 30, 2023 Class T Class S Class D Class I Total June 30, 2023 5,640,007 212,244,742 29,291,354 222,011,809 469,187,912 Common stock shares issued (1) 12,504 794,388 ( 4,725 ) 3,265,512 4,067,679 Distribution reinvestment plan shares issued 36,190 948,038 79,607 970,189 2,034,024 Common stock shares repurchased ( 139,792 ) ( 10,889,677 ) ( 659,557 ) ( 13,842,080 ) ( 25,531,106 ) Independent directors’ restricted stock grant (3) — — — 30,361 30,361 September 30, 2023 5,548,909 203,097,491 28,706,679 212,435,791 449,788,870 __________ (1) Includes transfers between share classes. (2) The independent directors’ restricted stock grant represented $ 0.8 million of the annual compensation paid to the independent directors for the period ended September 30, 2024. Each grant is amortized over the one-year service period of such grant. The shares vested in August 2024. (3) The independent directors’ restricted stock grant represented $ 0.8 million of the annual compensation paid to the independent directors for the period ended September 30, 2023. Each grant is amortized over the one-year service period of such grant. The shares vested in August 2023. Nine Months Ended September 30, 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) ( 178,169 ) 358,633 317,517 7,778,662 8,276,643 Distribution reinvestment plan shares issued 107,882 2,784,355 421,632 2,471,478 5,785,347 Common stock shares repurchased ( 125,673 ) ( 15,936,939 ) ( 2,190,327 ) ( 23,459,019 ) ( 41,711,958 ) Independent directors’ restricted stock grant (2) — — — 33,797 33,797 September 30, 2024 5,086,065 182,229,665 26,061,373 189,814,970 403,192,073 Nine Months Ended September 30, 2023 Class T Class S Class D Class I Total December 31, 2022 5,721,496 224,556,910 30,974,173 244,455,013 505,707,592 Common stock shares issued (1) 95,616 4,353,179 ( 142,011 ) 11,693,589 16,000,373 Distribution reinvestment plan shares issued 106,290 2,868,401 259,145 2,929,928 6,163,764 Common stock shares repurchased ( 374,493 ) ( 28,680,999 ) ( 2,384,628 ) ( 46,673,100 ) ( 78,113,220 ) Independent directors’ restricted stock grant (3) — — — 30,361 30,361 September 30, 2023 5,548,909 203,097,491 28,706,679 212,435,791 449,788,870 __________ (1) Includes transfers between share classes. (2) The independent directors’ restricted stock grant represented $ 0.8 million of the annual compensation paid to the independent directors for the period ended September 30, 2024. Each grant is amortized over the one-year service period of such grant. The shares vested in August 2024. (3) The independent directors’ restricted stock grant represented $ 0.8 million of the annual compensation paid to the independent directors for the period ended September 30, 2023. Each grant is amortized over the one-year service period of such grant. The shares vested in August 2023. 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 th at the Company may repurchase is limited. From the Company’s inception until its share repurchase plan was amended as described below, the total amount of shares that the Company could repurchase was limited, in any calendar month, to shares whose aggregate value (based on the repurchase price per share on the date of the repurchase) was 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 re purchased at the end of the month will be repurchased on a pro rata basis. On May 23, 2024, the Company amended its share repurchase plan such that, beginning with repurchases during the month of May 2024, the Company limits share repurchases to 0.33 % of NAV per month (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding month) and, beginning on July 1, 2024, the Company limits share repurchases to 1 % of NAV per quarter (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding quarter). For the three months ended September 30, 2024, the Company repurchased 4.6 million shares of common stock, representing a total of $ 104.1 million. For the three months ended September 30, 2023, the Company repurchased 25.5 million shares of common stock, representing a total of $ 639.2 million. For the nine months ended September 30, 2024, the Company repurchased 41.7 million shares of common stock, representing a total of $ 965.1 million. For the nine months ended September 30, 2023, the Company repurchased 78.1 million shares of common stock, representing a total of $ 2.0 billion. 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 September 30, 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 ( 0.0480 ) ( 0.0482 ) ( 0.0139 ) — Net distributions declared per share of common stock $ 0.2625 $ 0.2623 $ 0.2966 $ 0.3105 Nine Months Ended September 30, 2024 Class T Class S Class D Class I Aggregate gross distributions declared per share of common stock $ 0.9315 $ 0.9315 $ 0.9315 $ 0.9315 Stockholder servicing fee per share of common stock ( 0.1454 ) ( 0.1460 ) ( 0.0421 ) — Net distributions declared per share of common stock $ 0.7861 $ 0.7855 $ 0.8894 $ 0.9315 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 redee mable non-controlling interests activity related to the Special Limited Partner and Third-party Operating Partnership unitholders for the nine months ended September 30, 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 — — — Conversion to Class I shares — ( 1,144 ) ( 1,144 ) GAAP loss allocation ( 18,539 ) ( 10,177 ) ( 28,716 ) Distributions ( 12,048 ) ( 6,633 ) ( 18,681 ) Fair value allocation 18,368 9,217 27,585 Balance at September 30, 2024 $ 283,473 $ 155,433 $ 438,906 __________ (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 ( 11,263 ) ( 6,241 ) ( 17,504 ) Distributions ( 12,049 ) ( 6,677 ) ( 18,726 ) Fair value allocation 2,598 1,439 4,037 Balance at September 30, 2023 $ 319,956 $ 177,298 $ 497,254

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 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. In connection with the share repurchase plan amendment, the Advisor has agreed, commencing with the month of May 2024, to waive 20 % of its management fee, thereby reducing it from 1.25 % of NAV to 1 % of NAV, until the Company’s share repurchase plan has been reinstated to the monthly repurchase limit of 2 % of NAV (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding month) and quarterly repurchase limit of 5 % of NAV (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding quarter). During the three months ended September 30, 2024 and 2023, the Company incurred management fees of $ 23.7 million and $ 37.3 million, respectively. During the nine months ended September 30, 2024 and 2023, the Company incurred management fees of $ 82.2 million and $ 119.0 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 nine months ended September 30, 2024, the Company issued 3,269,689 unregistered Class I shares to the Advisor as payment for the management fee incurred through August 2024 and also had a payable of $ 7.8 million related to the management fee as of September 30, 2024, which is included in Due to affiliates on the Company’s Condensed Consolidated Balance Sheets. In October 2024, the Company issued 355,802 unregistered Class I shares to the Advisor as payment for the $ 7.8 million management fee accrued as of September 30, 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 perf ormance 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 and nine months ended September 30, 2024 and 2023, the Company did no t recognize a performance participation allocation as certain thresholds were not achieved. Investment in Real Estate Debt - Dispositions During the three months ended June 30, 2024, the Company disposed of its £ 352.0 million GBP term loan investment through a series of disposition transactions, as follows: (i) £ 176.0 million was sold to an affiliate of the Advisor for a net purchase price of £ 174.2 million; and (ii) £ 176.0 million was sold to an affiliate of the Advisor and an unaffiliated third-party, who co-invested in the transaction, for an aggregate purchase price of £ 174.2 million. The purchase price was determined by the unaffiliated and independent third-party. In connection with the disposition, the Company repaid all related borrowings under secured financing agreements of £ 193.6 million. Related Party Share Ownership As of September 30, 2024, the Advisor, its employees, and its affiliates, including the Company’s executive officers, hold an aggregate of $ 520.2 million in the Company, across shares of common stock of the Company and Class I units in the Operating Partnership. During the three and nine months ended September 30, 2024, the Company repurchased 545,883 and 1,518,883 Class I shares held by the Advisor for total consideration of $ 12.2 million and $ 34.7 million, respectively. During the three and nine months ended September 30, 2023, the Company repurchased 819,419 and 2,422,379 Class I shares held by the Advisor and certain directors for total consideration of $ 20.4 million and $ 61.8 million, respectively. The Advisor repurchases were used primarily to settle tax obligations incurred by the Advisor. Due to Affiliates The following table details the components of Due to affiliates ($ in thousands): September 30, 2024 December 31, 2023 Accrued stockholder servicing fee $ 271,310 $ 301,017 Performance participation allocation — — Accrued management fee 7,798 10,853 Advanced operating expenses 1,401 4,458 Accrued affiliate service provider expenses 3,601 3,068 Advanced organization and offering costs 364 1,561 Total $ 284,474 $ 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 September 30, 2024 and 2023, the Company incurred approximately $ 8.4 million and $ 6.8 million of expenses due to Highmark Residential in connection with its operational and management services, respectively. During the nine months ended September 30, 2024 and 2023, the Company has incurred approximately $ 23.6 million and $ 18.6 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 September 30, 2024 and 2023, the amounts incurred for services provided by RFF were $ 0.1 million and $ 0.1 million, respectively. During the nine months ended September 30, 2024 and 2023, the amounts incurred for services provided by RFF were $ 0.3 million and $ 0.2 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 and nine months ended September 30, 2024, the Company incurred an insignificant amount and $ 0.1 million of expenses, respectively, for services provided by Essex. During the three and nine months ended September 30, 2023, the Company incurred $ 1.0 million and $ 1.2 million of expenses for services provided by Essex, respectively. 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 and nine months ended September 30, 2024, the Company incurred approximately $ 0.1 million and $ 0.3 million, respectively, of expenses from Starwood Retail Partners. During the three and nine months ended September 30, 2023, the Company incurred approximately $ 0.1 million and $ 0.1 million of expenses from Starwood Retail Partners, respectively. The Company has incurred legal expenses from third party law firms whose lawyers have been seconded to affiliates of Starwood Capital for the purpose of providing legal services in Europe to investment vehicles sponsored by Starwood Capital. During the three and nine months ended September 30, 2024, the amounts incurred for services provided were an insignificant amount, respectively. During the three and nine months ended September 30, 2023, the amounts incurred for services provided were an insignificant amount and $ 0.2 million, respectively. The Company has engaged STR Management Co, LLC, an affiliate of the Advisor, to provide property management services to certain of the Company’s residential units that function as short term rental assets. The costs for such services is a percentage of gross revenue produced by the short-term rentals on a monthly basis. During the three and nine months ended September 30, 2024, the Company incurred approximately $ 0.4 million and $ 1.3 million of expenses for services provided from SCG STR Management Co, LLC, respectively. During the three and nine months ended September 30, 2023, the Company incurred approximately $ 0.2 million and $ 0.5 million of expenses for services provided, 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 and nine months ended September 30, 2024, the amounts incurred for services provided by the SCG Southern Europe Team was $ 0.1 million and $ 0.2 million, respectively. During the three and nine months ended September 30, 2023, the amount incurred for services provided by the SCG Southern Europe Team was $ 0.1 million and $ 0.3 million, respectively. Advanced operating expenses For the three months ended September 30, 2024 and 2023, the Advisor had incurred approximately $ 4.8 million and $ 2.4 million, respectively, of expenses on the Company’s behalf for general corporate expenses. For the nine months ended September 30, 2024 and 2023, the Advisor had incurred approximately $ 12.1 million and $ 9.9 million, respectively, of expenses on the Company’s behalf for general corporate expenses. Such amounts are generally being reimbursed to the Advisor one month in arrears. As of September 30, 2024 and 2023, the Advisor had advanced an insignificant amount 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. DST Program expenses During the three and nine months ended September 30, 2024, the Company incurred approximately $ 0.1 million and $ 2.0 million of expenses in connection with the DST Program, respectively. No expenses were incurred by the Company in connection with the DST Program during the three and nine months ended September 30, 2023.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies As of September 30, 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	9 Months Ended
	Sep. 30, 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. Right-of-use liabilities are presented within Other liabilities on the Company’s Condensed Consolidated Balance Sheets. 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 September 30, 2024 ($ in thousands): Year Operating 2024 (remaining) $ 172 2025 714 2026 714 2027 714 2028 714 Thereafter 25,065 Total undiscounted future lease payments 28,093 Difference between undiscounted cash flows and discounted cash flows ( 15,746 ) Total lease liability $ 12,347 The Company utilized its incremental borrowing rate, which was betwe en 4.5 % and 6 %, to determine its lease liabilities. As of September 30, 2024, the weighted average remaining lease term of the Company’s operating leases was 35 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 September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Fixed lease payments $ 376,478 $ 380,157 $ 1,122,606 $ 1,164,163 Variable lease payments 38,454 38,141 117,873 121,407 Rental revenue $ 414,932 $ 418,298 $ 1,240,479 $ 1,285,570 The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, office and other properties as of September 30, 2024 ($ in thousands). Leases at the Company’s multifamily, single-family rental and self-storage properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2024 (remaining) $ 71,963 2025 285,610 2026 255,454 2027 222,074 2028 184,203 Thereafter 552,751 Total $ 1,572,055

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 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): September 30, 2024 December 31, 2023 Multifamily $ 14,688,739 $ 15,161,836 Single-family rental 352,684 408,097 Industrial 2,707,694 2,820,658 Office 1,617,214 1,651,347 Self-storage 351,962 357,724 Investments in real estate debt 954,952 1,589,350 Other properties (1) 921,767 1,022,284 Other (Corporate) 87,036 102,678 Total assets $ 21,682,048 $ 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 September 30, 2024 ($ in thousands): Multifamily Single- Industrial Office Self- Other Investments Total Revenues: Rental revenue $ 307,172 $ 5,268 $ 45,627 $ 42,151 $ 6,936 $ 7,778 $ — $ 414,932 Other revenue 4,283 — 173 58 — 5,403 — 9,917 Total revenues 311,455 5,268 45,800 42,209 6,936 13,181 — 424,849 Expenses: Property operating 144,318 2,590 12,234 15,298 2,937 6,197 — 183,574 Total segment expenses 144,318 2,590 12,234 15,298 2,937 6,197 — 183,574 Loss from unconsolidated — — — — — ( 4,692 ) — ( 4,692 ) Income from investments in — — — — — — 21,513 21,513 Segment net operating income $ 167,137 $ 2,678 $ 33,566 $ 26,911 $ 3,999 $ 2,292 $ 21,513 $ 258,096 General and administrative ( 9,683 ) Management fees ( 23,690 ) Impairment of investments in real estate ( 1,782 ) Depreciation and amortization ( 185,138 ) Net loss on dispositions of real estate ( 225 ) Interest expense ( 165,520 ) Other expense, net ( 207,535 ) Net loss $ ( 335,477 ) Net loss attributable to non-controlling interests in consolidated joint ventures 1,969 Net loss attributable to non-controlling interests in Operating Partnership 16,548 Net loss attributable to stockholders $ ( 316,960 ) The following table sets forth the financial results by segment for the three months ended September 30, 2023 ($ in thousands): Multifamily Single- Industrial Office Self-Storage Other Investments Total Revenues: Rental revenue $ 302,020 $ 7,955 $ 53,163 $ 39,347 $ 7,005 $ 8,808 $ — $ 418,298 Other revenue 2,816 — — 54 46 11,834 — 14,750 Total revenues 304,836 7,955 53,163 39,401 7,051 20,642 — 433,048 Expenses: Property operating 140,635 5,753 14,117 15,445 2,872 10,300 — 189,122 Total segment expenses 140,635 5,753 14,117 15,445 2,872 10,300 — 189,122 Loss from unconsolidated — — — — — ( 241 ) — ( 241 ) Income from investments in real — — — — — — 42,318 42,318 Segment net operating income $ 164,201 $ 2,202 $ 39,046 $ 23,956 $ 4,179 $ 10,101 $ 42,318 $ 286,003 General and administrative ( 10,102 ) Management fees ( 37,347 ) Impairment of investments in real estate ( 3,667 ) Depreciation and amortization ( 203,561 ) Net gain on dispositions of real estate 67,374 Interest expense ( 145,273 ) Other expense, net ( 10,104 ) Net loss $ ( 56,677 ) Net income attributable to non-controlling interests in consolidated joint ventures ( 1,127 ) Net loss attributable to non-controlling interests in Operating Partnership 2,737 Net loss attributable to stockholders $ ( 55,067 ) The following table sets forth the financial results by segment for the nine months ended September 30, 2024 ($ in thousands): Multifamily Single- Industrial Office Self- Other Investments Total Revenues: Rental revenue $ 915,485 $ 16,257 $ 139,339 $ 125,826 $ 20,783 $ 22,789 $ — $ 1,240,479 Other revenue 11,060 — 518 143 — 18,494 — 30,215 Total revenues 926,545 16,257 139,857 125,969 20,783 41,283 — 1,270,694 Expenses: Property operating 424,497 7,726 35,699 45,855 8,379 21,590 — 543,746 Total segment expenses 424,497 7,726 35,699 45,855 8,379 21,590 — 543,746 Loss from unconsolidated — — — — — ( 10,365 ) — ( 10,365 ) Income from investments in — — — — — — 74,384 74,384 Segment net operating income $ 502,048 $ 8,531 $ 104,158 $ 80,114 $ 12,404 $ 9,328 $ 74,384 $ 790,967 General and administrative ( 35,571 ) Management fees ( 82,200 ) Impairment of investments in real estate ( 1,782 ) Depreciation and amortization ( 557,425 ) Net gain on dispositions of real estate 2,431 Interest expense ( 477,741 ) Other expense, net ( 214,283 ) Net loss $ ( 575,604 ) Net loss attributable to non-controlling interests in consolidated joint ventures 2,861 Net loss attributable to non-controlling interests in Operating Partnership 28,716 Net loss attributable to stockholders $ ( 544,027 ) The following table sets forth the financial results by segment for the nine months ended September 30, 2023 ($ in thousands): Multifamily Single- Industrial Office Self-Storage Other Investments Total Revenues: Rental revenue $ 919,479 $ 48,906 $ 155,179 $ 114,309 $ 20,588 $ 27,109 $ — $ 1,285,570 Other revenue 7,538 — — 241 116 37,671 — 45,566 Total revenues 927,017 48,906 155,179 114,550 20,704 64,780 — 1,331,136 Expenses: Property operating 417,746 29,979 39,906 44,629 8,160 30,974 — 571,394 Total segment expenses 417,746 29,979 39,906 44,629 8,160 30,974 — 571,394 Loss from unconsolidated — — — — — ( 786 ) — ( 786 ) Income from investments in real — — — — — — 115,841 115,841 Segment net operating income $ 509,271 $ 18,927 $ 115,273 $ 69,921 $ 12,544 $ 33,020 $ 115,841 $ 874,797 General and administrative ( 32,538 ) Management fees ( 118,970 ) Impairment of investments in real estate ( 188,804 ) Depreciation and amortization ( 612,924 ) Net gain on dispositions of real estate 188,632 Interest expense ( 437,898 ) Other expense, net ( 86,455 ) Net loss $ ( 414,160 ) Net income attributable to non-controlling interests in consolidated joint ventures ( 1,207 ) Net loss attributable to non-controlling interests in Operating Partnership 17,504 Net loss attributable to stockholders $ ( 397,863 )

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events Financing and Capital Activity During the period from October 1, 202 4 through November 13, 2024, the Company raised an aggregate of $ 6.9 million in the Company’s third public offering and repurchased $ 60.0 million of common stock through its share repurchase plan. During the period from October 1, 2024 through November 13, 2024, the Company received $ 70.5 million of net borrowings from its unsecured line of credit.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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”). 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 Company has a DST Program to raise capital through private placement offerings by selling beneficial interests (the “DST Interests”) in specific DSTs holding real properties. Under the DST Program, each private placement offers interest in one or more DST Properties. DST Properties may be sourced from properties currently owned by the Operating Partnership or newly acquired properties. The underlying interest of real properties sold to investors pursuant to such private placements are leased-back to a wholly owned subsidiary of the Operating Partnership on a long-term basis through January 2, 2031, unless sooner terminated pursuant to master lease agreements. These master lease agreements are fully guaranteed by the Operating Partnership in the form of demand notes capitalizing the lessee. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the DSTs from the investors at a later time in exchange for Operating Partnership units. Under the master lease agreements, a wholly owned indirect subsidiary of the Operating Partnership is responsible for subleasing the property to occupying tenants and all underlying costs associated with operating the property and is responsible for paying rent to the DST that owns such property. For financial reporting purposes (and not for income tax purposes), the sale of the DST Properties is accounted for as a failed sale-leaseback transaction and, as a result, the DST Properties are included in the Company’s condensed consolidated balance sheet. The master lease agreements are absolute leases, pursuant to which the master tenant will pay the stated rent and will be responsible for paying leasing costs, operating expenses, real estate taxes, special assessments, sales and use taxes, utilities, insurance and repairs for maintenance related to the DST Properties. As of September 30, 2024, the Company held two properties through the DST Program and the total investments in real estate, net associated with the DST Properties was $ 164.3 million. There were no properties held through the DST Program as of December 31, 2023. The Company has determined that the DST entities are VIEs. The Company has determined that it is the primary beneficiary of these VIEs. As a result, these DST entities are included in the Company’s condensed consolidated financial statements. As of September 30, 2024, the total liabilities of the Company’s consolidated VIEs, excluding the Operating Partnership, were $ 0.1 billion. Such amounts are included on the Company’s Condensed Consolidated Balance Sheets. There were no assets of the Company’s consolidated VIEs as of September 30, 2024, due to certain intercompany eliminations upon consolidation. There were no assets or liabilities in the consolidated VIEs, excluding the Operating Partnership, as of December 31, 2023. 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 and nine months ended September 30, 2024, the Company recognized a $ 1.8 million impairment charge on one hospitality property. During the three months ended September 30, 2023, the Company recognized an aggregate $ 3.7 million of impairment charges on two hospitality properties in the Condensed Consolidated Statements of Operations and Comprehensive Loss. During the nine months ended September 30, 2023, the Company recognized an aggregate of $ 188.8 million of impairment charges related predominantly to single-family rental properties and, to a lesser extent, two hospitality properties, in the 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 September 30, 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 may 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 nine months ended September 30, 2024 and 2023, the Company recorded net unrealized gains on its investments in real estate debt securities of $ 5.3 million and $ 9.8 million, respectively. During the three months ended September 30, 2024, the Company did no t record unrealized gains or losses on its investments in real estate debt securities as the securities portfolio was completely disposed of by June 30, 2024. During the three months ended September 30, 2023, the Company recorded net unrealized gains on its investments in real estate debt securities of $ 4.6 million. Such amounts are recorded as a component of Income from investments in real estate debt, net 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 its loans secured by real estate. Such loans have floating interest rates with market terms and there are no underlying credit quality issues as of September 30, 2024. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): September 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ — $ 954,952 $ 954,952 $ — $ 201,070 $ 1,388,280 $ 1,589,350 Derivatives — 328,185 — 328,185 — 554,263 — 554,263 Total $ — $ 328,185 $ 954,952 $ 1,283,137 $ — $ 755,333 $ 1,388,280 $ 2,143,613 Liabilities: Derivatives $ — $ 51,289 $ — $ 51,289 $ — $ 46,178 $ — $ 46,178 Total $ — $ 51,289 $ — $ 51,289 $ — $ 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 Dispositions ( 438,092 ) Included in net loss Foreign currency exchange 9,479 Realized losses on dispositions ( 4,418 ) Unrealized loss ( 297 ) Balance as of September 30, 2024 $ 954,952 The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): September 30, 2024 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in real estate debt $ 954,952 Discounted Cash Flow Discount Rate 9.6 % 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 and nine months ended September 30, 2024, the Company recognized a $ 1.8 million impairment charge on one hospitality property. During the three months ended September 30, 2023, the Company recognized an aggregate of $ 3.7 million of impairment charges on two hospitality properties. During the nine months ended September 30, 2023, the Company recognized an aggregate of $ 188.8 million of impairment charges related predominantly to single-family rental properties and, to a lesser extent, two hospitality properties. As of September 30, 2024 and December 31, 2023, the estimated fair value of the Company’s remaining impaired assets was $ 23.3 million and $ 53.8 million, respectively. As of September 30, 2024 and December 31, 2023, the carrying value of the Company’s remaining impaired assets was $ 23.1 million and $ 53.0 million, respectively. The estimated fair values of the impaired properties held as of September 30, 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 September 30, 2024, the fair value of the Company’s mortgage notes, secured credit facilities and secured financings on investments in real estate debt was approximately $ 405.0 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 Partnership’s 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 United States 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 and nine months ended September 30, 2024, the Company recognized an income tax benefit of $ 1.9 million and $ 8.2 million, respectively, within Other expense, net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss . For the three and nine months ended September 30, 2023, the Company recognized income tax expense of $ 1.1 million and $ 2.9 million, respectively, within Other expense, net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. As of September 30, 2024 and December 31, 2023, the Company recorded a net deferred tax liability of $ 21.1 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 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-07, “ Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ” (“ASU 2023-07”). 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)	9 Months Ended
	Sep. 30, 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): September 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ — $ 954,952 $ 954,952 $ — $ 201,070 $ 1,388,280 $ 1,589,350 Derivatives — 328,185 — 328,185 — 554,263 — 554,263 Total $ — $ 328,185 $ 954,952 $ 1,283,137 $ — $ 755,333 $ 1,388,280 $ 2,143,613 Liabilities: Derivatives $ — $ 51,289 $ — $ 51,289 $ — $ 46,178 $ — $ 46,178 Total $ — $ 51,289 $ — $ 51,289 $ — $ 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 Dispositions ( 438,092 ) Included in net loss Foreign currency exchange 9,479 Realized losses on dispositions ( 4,418 ) Unrealized loss ( 297 ) Balance as of September 30, 2024 $ 954,952
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): September 30, 2024 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in real estate debt $ 954,952 Discounted Cash Flow Discount Rate 9.6 % 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)	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): September 30, 2024 December 31, 2023 Building and building improvements $ 17,649,389 $ 17,612,162 Land and land improvements 3,130,588 3,144,932 Furniture, fixtures and equipment 298,798 304,650 Right-of-use asset - operating lease (1 ) 105,230 105,230 Total 21,184,005 21,166,974 Accumulated depreciation and amortization ( 2,080,073 ) ( 1,586,616 ) Investments in real estate, net $ 19,103,932 $ 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 September 30, 2024 December 31, 2023 Extended Stay Portfolio Other July 2022 196 45 % $ 421,843 $ 446,424 Fort Lauderdale Hotel Other March 2019 1 43 % 9,589 9,578 Total investments in unconsolidated real estate ventures $ 431,432 $ 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 Nine Months Ended Investments in Unconsolidated Real Estate Ventures 2024 2023 2024 2023 Extended Stay Portfolio $ ( 4,184 ) $ 523 $ ( 10,757 ) $ ( 614 ) Fort Lauderdale Hotel ( 508 ) ( 764 ) 392 ( 172 ) Total loss from unconsolidated real estate ventures $ ( 4,692 ) $ ( 241 ) $ ( 10,365 ) $ ( 786 )

Intangibles (Tables)

Intangibles (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2024 December 31, 2023 Intangible assets: (1) In-place lease intangibles $ 267,008 $ 292,348 Above-market lease intangibles 41,756 44,463 Other 41,913 41,823 Total intangible assets 350,677 378,634 Accumulated amortization: In-place lease amortization ( 122,379 ) ( 127,185 ) Above-market lease amortization ( 20,411 ) ( 18,913 ) Other ( 14,825 ) ( 12,500 ) Total accumulated amortization ( 157,615 ) ( 158,598 ) Intangible assets, net $ 193,062 $ 220,036 Intangible liabilities: (2) Below-market lease intangibles $ 80,309 $ 87,173 Total intangible liabilities 80,309 87,173 Accumulated amortization: Below-market lease amortization ( 29,738 ) ( 27,606 ) Total accumulated amortization ( 29,738 ) ( 27,606 ) Intangible liabilities, net $ 50,571 $ 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 September 30, 2024 is as follows ($ in thousands): In-place Above-market Other Below-market 2024 (remaining) $ 8,829 $ 1,371 $ 852 $ ( 1,976 ) 2025 26,582 4,176 3,412 ( 6,625 ) 2026 22,072 3,859 3,412 ( 5,623 ) 2027 18,181 3,122 3,412 ( 4,905 ) 2028 14,919 2,529 3,412 ( 4,521 ) Thereafter 54,046 6,288 12,588 ( 26,921 ) $ 144,629 $ 21,345 $ 27,088 $ ( 50,571 )

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 Type of Security/Loan Number of Positions Coupon (1) Maturity Date Cost Basis Fair Value Term loan 1 B + 4.75% June 2027 $ 956,877 $ 954,952 Total investments in real estate debt 1 B + 4.75% June 2027 $ 956,877 $ 954,952 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.

Mortgage Notes and Secured Cr_2

Mortgage Notes and Secured Credit Facilities (Tables)	9 Months Ended
	Sep. 30, 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 facilities secured by the Company’s properties as of September 30, 2024 and December 31, 2023 ($ in thousands): Principal Balance Outstanding (3) Indebtedness Weighted (1) Weighted (2) Maximum September 30, 2024 December 31, 2023 Fixed rate loans Fixed rate mortgages 3.09 % March 2031 N/A $ 3,011,128 $ 3,049,322 Total fixed rate loans 3,011,128 3,049,322 Variable rate loans Floating rate mortgages B + 1.84 % September 2027 N/A 9,865,221 9,893,894 Variable rat e secured credit facility (4) B + 2.25 % December 2025 $ 164,347 164,347 165,000 Senior secur ed revolving credit facility (5) B + 2.50 % January 2027 $ 150,000 — — Total variable rate loans 10,029,568 10,058,894 Total loans secured by the Company’s 13,040,696 13,108,216 Deferred financing costs, net ( 57,643 ) ( 73,066 ) Discount on assumed debt, net ( 6,143 ) ( 6,240 ) Mortgage notes and secured credit facilities, net $ 12,976,910 $ 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 Norwegian Interbank Offered Rate (“NIBOR”), 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 variable rate secured credit facility is guaranteed by the Operating Partnership. (5) The repayment of the senior secured revolving credit facility is secured by pledges of ownership interests in holding companies that are directly under 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 secured credit facilities as of September 30, 2024 ($ in thousands): Year Amount 2024 (remaining) $ 13,925 2025 1,369,489 2026 4,961,433 2027 2,201,062 2028 227,082 Thereafter 4,267,705 Total $ 13,040,696

Secured Financings On Investm_2

Secured Financings On Investments In Real Estate Debt (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2024 Indebtedness Maturity Date Coupon Collateral (1) Outstanding Syndicated RA (2) June 2027 BBSY + 2.82% $ 954,952 $ 524,393 $ 954,952 $ 524,393 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 $ 1.0 million and $ 1.2 million of unamortized deferred financing costs as of September 30, 2024 and December 31, 2023, respectively.

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Other Assets And Other Liabilities [Abstract]
Schedule of Components of Other Assets	The following table summarizes the components of Other assets ($ in thousands): September 30, 2024 December 31, 2023 Derivative instruments $ 328,185 $ 554,263 Intangible assets, net 193,062 220,036 Receivables 102,508 127,573 Prepaid expenses 36,486 24,022 Deferred financing costs, net 15,853 6,006 Deferred tax assets 9,673 5,043 Interest receivable 242 7,929 Other 3,761 2,757 Total other assets $ 689,770 $ 947,629
Schedule of Components of Other Liabilities	The following table summarizes the components of Other liabilities ($ in thousands): September 30, 2024 December 31, 2023 Real estate taxes payable $ 116,925 $ 73,145 Accounts payable and accrued expenses 66,652 75,809 Accrued interest expense 64,169 69,642 Derivative instruments 51,289 46,178 Intangible liabilities, net 50,571 59,567 Tenant security deposits 46,072 44,374 Distributions payable 40,764 43,044 Deferred tax liabilities 30,728 35,792 Right-of-use liability - operating leases 12,347 12,402 Deferred income 10,126 11,894 Other taxes payable 8,631 5,005 Other 6,623 7,506 Total other liabilities $ 504,897 $ 484,358

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2024 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Strike Rate Index Weighted Average Maturity (Years) Interest Rate Caps - Property debt 71 $ 9,527,935 1.9 % SOFR 1.5 Interest Rate Caps - Property debt 4 € 177,986 1.1 % EURIBOR 0.3 Interest Rate Swaps - Property debt 1 $ 119,759 0.8 % SOFR 0.4 Interest Rate Swaps - Property debt 3 € 207,721 1.9 % EURIBOR 2.8 Interest Rate Swaps - Property debt 2 NOK 520,000 2.5 % NIBOR 3.4 Total interest rate derivatives 81 1.9 % 1.5 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): September 30, 2024 December 31, 2023 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD/Sell EUR Forward 47 € 564,313 60 € 577,283 Buy USD/Sell DKK Forward 7 DKK 1,200,016 12 DKK 1,301,016 Buy USD/Sell AUD Forward 5 AUD 621,759 5 AUD 621,759 Buy USD/Sell NOK Forward 10 NOK 402,700 9 NOK 1,160,941 Buy USD/Sell GBP Forward — £ — 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 September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Interest rate derivatives $ 319,094 $ 537,390 $ — $ — Foreign currency forward contracts 9,091 16,873 51,289 46,178 Total derivatives $ 328,185 $ 554,263 $ 51,289 $ 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 September 30, Type of Derivative Net Realized/Unrealized Gain (Loss) 2024 2023 Interest Rate Caps - Property debt Unrealized loss (1) $ ( 185,709 ) $ ( 13,731 ) Interest Rate Swaps - Property debt Unrealized loss (1) ( 7,495 ) ( 1,895 ) Foreign Currency Forward Contracts Unrealized (loss) gain (2) ( 33,588 ) 21,497 Foreign Currency Forward Contracts Realized gain (loss) (1) 496 ( 1,449 ) Interest Rate Caps - Property debt Realized gain (1) — 4,748 Total $ ( 226,296 ) $ 9,170 For the Nine Months Ended September 30, Type of Derivative Net Realized/Unrealized Gain (Loss) 2024 2023 Interest Rate Caps - Property debt Unrealized loss (1) $ ( 225,610 ) $ ( 88,463 ) Interest Rate Swaps - Property debt Unrealized loss (1) ( 8,017 ) ( 2,955 ) Foreign Currency Forward Contracts Unrealized (loss) gain (2) ( 12,892 ) 10,249 Foreign Currency Forward Contracts Realized gain (1) 12,084 1,588 Interest Rate Caps - Property debt Realized gain (1) — 6,528 Interest Rate Swaps - Property debt Realized gain (1) 179 1,925 Total $ ( 234,256 ) $ ( 71,128 ) (1) Included in Other 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, net and the remaining amount is included in Other 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)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Company's Authorized Capital	As of September 30, 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 September 30, 2024 Class T Class S Class D Class I Total June 30, 2024 5,129,415 183,113,398 26,164,461 190,169,262 404,576,536 Common stock shares issued (1) ( 60,826 ) ( 316,169 ) ( 10,598 ) 1,828,720 1,441,127 Distribution reinvestment plan shares issued 35,059 878,103 78,282 736,523 1,727,967 Common stock shares repurchased ( 17,583 ) ( 1,445,667 ) ( 170,772 ) ( 2,953,332 ) ( 4,587,354 ) Independent directors’ restricted stock grant (2) — — — 33,797 33,797 September 30, 2024 5,086,065 182,229,665 26,061,373 189,814,970 403,192,073 Three Months Ended September 30, 2023 Class T Class S Class D Class I Total June 30, 2023 5,640,007 212,244,742 29,291,354 222,011,809 469,187,912 Common stock shares issued (1) 12,504 794,388 ( 4,725 ) 3,265,512 4,067,679 Distribution reinvestment plan shares issued 36,190 948,038 79,607 970,189 2,034,024 Common stock shares repurchased ( 139,792 ) ( 10,889,677 ) ( 659,557 ) ( 13,842,080 ) ( 25,531,106 ) Independent directors’ restricted stock grant (3) — — — 30,361 30,361 September 30, 2023 5,548,909 203,097,491 28,706,679 212,435,791 449,788,870 __________ (1) Includes transfers between share classes. (2) The independent directors’ restricted stock grant represented $ 0.8 million of the annual compensation paid to the independent directors for the period ended September 30, 2024. Each grant is amortized over the one-year service period of such grant. The shares vested in August 2024. (3) The independent directors’ restricted stock grant represented $ 0.8 million of the annual compensation paid to the independent directors for the period ended September 30, 2023. Each grant is amortized over the one-year service period of such grant. The shares vested in August 2023. Nine Months Ended September 30, 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) ( 178,169 ) 358,633 317,517 7,778,662 8,276,643 Distribution reinvestment plan shares issued 107,882 2,784,355 421,632 2,471,478 5,785,347 Common stock shares repurchased ( 125,673 ) ( 15,936,939 ) ( 2,190,327 ) ( 23,459,019 ) ( 41,711,958 ) Independent directors’ restricted stock grant (2) — — — 33,797 33,797 September 30, 2024 5,086,065 182,229,665 26,061,373 189,814,970 403,192,073 Nine Months Ended September 30, 2023 Class T Class S Class D Class I Total December 31, 2022 5,721,496 224,556,910 30,974,173 244,455,013 505,707,592 Common stock shares issued (1) 95,616 4,353,179 ( 142,011 ) 11,693,589 16,000,373 Distribution reinvestment plan shares issued 106,290 2,868,401 259,145 2,929,928 6,163,764 Common stock shares repurchased ( 374,493 ) ( 28,680,999 ) ( 2,384,628 ) ( 46,673,100 ) ( 78,113,220 ) Independent directors’ restricted stock grant (3) — — — 30,361 30,361 September 30, 2023 5,548,909 203,097,491 28,706,679 212,435,791 449,788,870 __________ (1) Includes transfers between share classes. (2) The independent directors’ restricted stock grant represented $ 0.8 million of the annual compensation paid to the independent directors for the period ended September 30, 2024. Each grant is amortized over the one-year service period of such grant. The shares vested in August 2024. (3) The independent directors’ restricted stock grant represented $ 0.8 million of the annual compensation paid to the independent directors for the period ended September 30, 2023. Each grant is amortized over the one-year service period of such grant. The shares vested in August 2023.
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 September 30, 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 ( 0.0480 ) ( 0.0482 ) ( 0.0139 ) — Net distributions declared per share of common stock $ 0.2625 $ 0.2623 $ 0.2966 $ 0.3105 Nine Months Ended September 30, 2024 Class T Class S Class D Class I Aggregate gross distributions declared per share of common stock $ 0.9315 $ 0.9315 $ 0.9315 $ 0.9315 Stockholder servicing fee per share of common stock ( 0.1454 ) ( 0.1460 ) ( 0.0421 ) — Net distributions declared per share of common stock $ 0.7861 $ 0.7855 $ 0.8894 $ 0.9315
Schedule of Redeemable Noncontrolling Interest Activity	The following tables detail the redee mable non-controlling interests activity related to the Special Limited Partner and Third-party Operating Partnership unitholders for the nine months ended September 30, 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 — — — Conversion to Class I shares — ( 1,144 ) ( 1,144 ) GAAP loss allocation ( 18,539 ) ( 10,177 ) ( 28,716 ) Distributions ( 12,048 ) ( 6,633 ) ( 18,681 ) Fair value allocation 18,368 9,217 27,585 Balance at September 30, 2024 $ 283,473 $ 155,433 $ 438,906 __________ (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 ( 11,263 ) ( 6,241 ) ( 17,504 ) Distributions ( 12,049 ) ( 6,677 ) ( 18,726 ) Fair value allocation 2,598 1,439 4,037 Balance at September 30, 2023 $ 319,956 $ 177,298 $ 497,254

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Summary of Components of Due to Affiliates	The following table details the components of Due to affiliates ($ in thousands): September 30, 2024 December 31, 2023 Accrued stockholder servicing fee $ 271,310 $ 301,017 Performance participation allocation — — Accrued management fee 7,798 10,853 Advanced operating expenses 1,401 4,458 Accrued affiliate service provider expenses 3,601 3,068 Advanced organization and offering costs 364 1,561 Total $ 284,474 $ 320,957

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2024 ($ in thousands): Year Operating 2024 (remaining) $ 172 2025 714 2026 714 2027 714 2028 714 Thereafter 25,065 Total undiscounted future lease payments 28,093 Difference between undiscounted cash flows and discounted cash flows ( 15,746 ) Total lease liability $ 12,347
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 September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Fixed lease payments $ 376,478 $ 380,157 $ 1,122,606 $ 1,164,163 Variable lease payments 38,454 38,141 117,873 121,407 Rental revenue $ 414,932 $ 418,298 $ 1,240,479 $ 1,285,570
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 September 30, 2024 ($ in thousands). Leases at the Company’s multifamily, single-family rental and self-storage properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2024 (remaining) $ 71,963 2025 285,610 2026 255,454 2027 222,074 2028 184,203 Thereafter 552,751 Total $ 1,572,055

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Summary of Total Assets by Segment	The following table sets forth the total assets by segment ($ in thousands): September 30, 2024 December 31, 2023 Multifamily $ 14,688,739 $ 15,161,836 Single-family rental 352,684 408,097 Industrial 2,707,694 2,820,658 Office 1,617,214 1,651,347 Self-storage 351,962 357,724 Investments in real estate debt 954,952 1,589,350 Other properties (1) 921,767 1,022,284 Other (Corporate) 87,036 102,678 Total assets $ 21,682,048 $ 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 September 30, 2024 ($ in thousands): Multifamily Single- Industrial Office Self- Other Investments Total Revenues: Rental revenue $ 307,172 $ 5,268 $ 45,627 $ 42,151 $ 6,936 $ 7,778 $ — $ 414,932 Other revenue 4,283 — 173 58 — 5,403 — 9,917 Total revenues 311,455 5,268 45,800 42,209 6,936 13,181 — 424,849 Expenses: Property operating 144,318 2,590 12,234 15,298 2,937 6,197 — 183,574 Total segment expenses 144,318 2,590 12,234 15,298 2,937 6,197 — 183,574 Loss from unconsolidated — — — — — ( 4,692 ) — ( 4,692 ) Income from investments in — — — — — — 21,513 21,513 Segment net operating income $ 167,137 $ 2,678 $ 33,566 $ 26,911 $ 3,999 $ 2,292 $ 21,513 $ 258,096 General and administrative ( 9,683 ) Management fees ( 23,690 ) Impairment of investments in real estate ( 1,782 ) Depreciation and amortization ( 185,138 ) Net loss on dispositions of real estate ( 225 ) Interest expense ( 165,520 ) Other expense, net ( 207,535 ) Net loss $ ( 335,477 ) Net loss attributable to non-controlling interests in consolidated joint ventures 1,969 Net loss attributable to non-controlling interests in Operating Partnership 16,548 Net loss attributable to stockholders $ ( 316,960 ) The following table sets forth the financial results by segment for the three months ended September 30, 2023 ($ in thousands): Multifamily Single- Industrial Office Self-Storage Other Investments Total Revenues: Rental revenue $ 302,020 $ 7,955 $ 53,163 $ 39,347 $ 7,005 $ 8,808 $ — $ 418,298 Other revenue 2,816 — — 54 46 11,834 — 14,750 Total revenues 304,836 7,955 53,163 39,401 7,051 20,642 — 433,048 Expenses: Property operating 140,635 5,753 14,117 15,445 2,872 10,300 — 189,122 Total segment expenses 140,635 5,753 14,117 15,445 2,872 10,300 — 189,122 Loss from unconsolidated — — — — — ( 241 ) — ( 241 ) Income from investments in real — — — — — — 42,318 42,318 Segment net operating income $ 164,201 $ 2,202 $ 39,046 $ 23,956 $ 4,179 $ 10,101 $ 42,318 $ 286,003 General and administrative ( 10,102 ) Management fees ( 37,347 ) Impairment of investments in real estate ( 3,667 ) Depreciation and amortization ( 203,561 ) Net gain on dispositions of real estate 67,374 Interest expense ( 145,273 ) Other expense, net ( 10,104 ) Net loss $ ( 56,677 ) Net income attributable to non-controlling interests in consolidated joint ventures ( 1,127 ) Net loss attributable to non-controlling interests in Operating Partnership 2,737 Net loss attributable to stockholders $ ( 55,067 ) The following table sets forth the financial results by segment for the nine months ended September 30, 2024 ($ in thousands): Multifamily Single- Industrial Office Self- Other Investments Total Revenues: Rental revenue $ 915,485 $ 16,257 $ 139,339 $ 125,826 $ 20,783 $ 22,789 $ — $ 1,240,479 Other revenue 11,060 — 518 143 — 18,494 — 30,215 Total revenues 926,545 16,257 139,857 125,969 20,783 41,283 — 1,270,694 Expenses: Property operating 424,497 7,726 35,699 45,855 8,379 21,590 — 543,746 Total segment expenses 424,497 7,726 35,699 45,855 8,379 21,590 — 543,746 Loss from unconsolidated — — — — — ( 10,365 ) — ( 10,365 ) Income from investments in — — — — — — 74,384 74,384 Segment net operating income $ 502,048 $ 8,531 $ 104,158 $ 80,114 $ 12,404 $ 9,328 $ 74,384 $ 790,967 General and administrative ( 35,571 ) Management fees ( 82,200 ) Impairment of investments in real estate ( 1,782 ) Depreciation and amortization ( 557,425 ) Net gain on dispositions of real estate 2,431 Interest expense ( 477,741 ) Other expense, net ( 214,283 ) Net loss $ ( 575,604 ) Net loss attributable to non-controlling interests in consolidated joint ventures 2,861 Net loss attributable to non-controlling interests in Operating Partnership 28,716 Net loss attributable to stockholders $ ( 544,027 ) The following table sets forth the financial results by segment for the nine months ended September 30, 2023 ($ in thousands): Multifamily Single- Industrial Office Self-Storage Other Investments Total Revenues: Rental revenue $ 919,479 $ 48,906 $ 155,179 $ 114,309 $ 20,588 $ 27,109 $ — $ 1,285,570 Other revenue 7,538 — — 241 116 37,671 — 45,566 Total revenues 927,017 48,906 155,179 114,550 20,704 64,780 — 1,331,136 Expenses: Property operating 417,746 29,979 39,906 44,629 8,160 30,974 — 571,394 Total segment expenses 417,746 29,979 39,906 44,629 8,160 30,974 — 571,394 Loss from unconsolidated — — — — — ( 786 ) — ( 786 ) Income from investments in real — — — — — — 115,841 115,841 Segment net operating income $ 509,271 $ 18,927 $ 115,273 $ 69,921 $ 12,544 $ 33,020 $ 115,841 $ 874,797 General and administrative ( 32,538 ) Management fees ( 118,970 ) Impairment of investments in real estate ( 188,804 ) Depreciation and amortization ( 612,924 ) Net gain on dispositions of real estate 188,632 Interest expense ( 437,898 ) Other expense, net ( 86,455 ) Net loss $ ( 414,160 ) Net income attributable to non-controlling interests in consolidated joint ventures ( 1,207 ) Net loss attributable to non-controlling interests in Operating Partnership 17,504 Net loss attributable to stockholders $ ( 397,863 )

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) Property Segment Position	Dec. 31, 2023 Position	Aug. 10, 2022 USD ($)	Jun. 02, 2021 USD ($)	Dec. 27, 2017 USD ($)
Organization And Business Activities [Line Items]
Number of real estate related securities position | Position	1	8
Number of reportable segments | Segment	7
Proceeds, issuance of shares of common stock	$ 14,000
Primary Offering
Organization And Business Activities [Line Items]
Common stock, shares registered, amount					$ 5,000
Second Public Offering
Organization And Business Activities [Line Items]
Common stock, shares registered, amount				$ 10,000
Third Public Offering
Organization And Business Activities [Line Items]
Common stock, shares registered, amount			$ 18,000
Common stock, shares authorized, amount			16,000
Distribution Reinvestment Plan
Organization And Business Activities [Line Items]
Common stock, shares authorized, amount			$ 2,000
DST Program
Organization And Business Activities [Line Items]
Gross offering proceeds	$ 13.2
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	938

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) Property	Sep. 30, 2023 USD ($) Property	Sep. 30, 2024 USD ($) Property	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) Property
Significant Accounting Policies [Line Items]
Total investments in real estate, net	$ 19,103,932		$ 19,103,932		$ 19,580,358
Impairments of investments in real estate	$ 1,782	$ 3,667	$ 1,782	$ 188,804
Number of hospitality properties | Property	1	2	1
Liabilities	$ 15,656,268		$ 15,656,268		15,517,302
Assets	21,682,048		21,682,048		23,113,974
Fair value of single family rental properties	23,300		23,300		53,800
Carrying value of single family rental properties	23,100		23,100		53,000
Unrealized gains (losses) on investments in real estate debt	0	$ 4,600	5,300	9,800
Secured financings on investments in real estate debt of fair value below outstanding principal balance	$ 405,000		$ 405,000
Minimum REIT distribution percentage	90%		90%
Minimum OECD corporate tax percentage	15%		15%
Income tax (benefit) expense	$ (1,900)	$ 1,100	$ (8,200)	$ 2,900
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		0
VIEs
Significant Accounting Policies [Line Items]
Liabilities	$ 100,000		$ 100,000		$ 0
Assets	$ 0		$ 0		$ 0
DST Properties
Significant Accounting Policies [Line Items]
Number of properties held | Property	2		2		0
Total investments in real estate, net	$ 164,300		$ 164,300
Triple Net Sale and Leaseback Property
Significant Accounting Policies [Line Items]
Deferred tax liability, net	$ 21,100		$ 21,100		$ 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	Sep. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 1,283,137	$ 2,143,613
Liabilities	51,289	46,178
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	328,185	755,333
Liabilities	51,289	46,178
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	954,952	1,388,280
Investments in Real Estate Debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	954,952	1,589,350
Investments in Real Estate Debt | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets		201,070
Investments in Real Estate Debt | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	954,952	1,388,280
Derivatives
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	328,185	554,263
Liabilities	51,289	46,178
Derivatives | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	328,185	554,263
Liabilities	$ 51,289	$ 46,178

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Assets Measured At Fair Value On Recurring Basis (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning Balance			$ 1,589,350,000
Included in net loss
Realized losses on dispositions	$ 0	$ 0	(3,100,000)	$ (2,500,000)
Unrealized losses	0
Ending Balance	954,952,000		954,952,000
Fair Value, Recurring Basis | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning Balance			1,388,280,000
Dispositions			(438,092,000)
Included in net loss
Foreign currency exchange			9,479,000
Realized losses on dispositions			(4,418,000)
Unrealized losses			(297,000)
Ending Balance	$ 954,952,000		$ 954,952,000

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	Sep. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 954,952	$ 1,589,350
Unobservable Inputs	956,877	1,657,714
Fair Value, Recurring Basis | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 954,952	$ 1,388,280
Discounted cash flow weighted average interest rate	9.60%	9.70%

Investments - Schedule of Inves

Investments - Schedule of Investments in Real Estate, Net (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Real Estate Investment Property, Net [Abstract]
Building and building improvements		$ 17,649,389	$ 17,612,162
Land and land improvements		3,130,588	3,144,932
Furniture, fixtures and equipment		298,798	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		$ 21,184,005	$ 21,166,974
Accumulated depreciation and amortization		(2,080,073)	(1,586,616)
Investments in real estate, net		$ 19,103,932	$ 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		9 Months Ended
	Sep. 30, 2024 USD ($) Property	Sep. 30, 2023 USD ($) Property	Sep. 30, 2024 USD ($) Property	Sep. 30, 2023 USD ($) Property
Real Estate Properties [Line Items]
Net (losses) gain on disposition of real estate	$ (225)	$ 67,374	$ 2,431	$ 188,632
Investments in real estate, sold	9,000	800,000	66,400	1,300,000
Proceeds from sale of real estate net of mortgage repayments		$ 254,000	$ 50,500	$ 500,600
Net proceeds from sale of real estate	$ 8,700
Multifamily
Real Estate Properties [Line Items]
Number of real estate properties dispositioned | Property				9
Industrial Assets
Real Estate Properties [Line Items]
Number of real estate properties dispositioned | Property				1
Single Family Rental Homes
Real Estate Properties [Line Items]
Number of real estate properties dispositioned | Property	26	1,910	78	2,183

Investments - Schedule of Equit

Investments - Schedule of Equity Investment In Unconsolidated Entities (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) Property	Dec. 31, 2023 USD ($) Property
Real Estate [Line Items]
Total investments in unconsolidated real estate ventures	$ 431,432	$ 456,002
E S Venture [Member] | Other | July 2022
Real Estate [Line Items]
Total investments in unconsolidated real estate ventures	$ 421,843	$ 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	$ 9,589	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Real Estate [Line Items]
Total loss from unconsolidated real estate ventures	$ (4,692)	$ (241)	$ (10,365)	$ (786)
Fort Lauderdale Hotel
Real Estate [Line Items]
Total loss from unconsolidated real estate ventures	(508)	(764)	392	(172)
E S Venture [Member]
Real Estate [Line Items]
Total loss from unconsolidated real estate ventures	$ (4,184)	$ 523	$ (10,757)	$ (614)

Intangibles - Summary of Gross

Intangibles - Summary of Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Intangible assets:
Total intangible assets, gross	$ 350,677	$ 378,634
Total accumulated amortization	(157,615)	(158,598)
Intangible assets, net	193,062	220,036
Intangible liabilities:
Below-market lease intangibles	80,309	87,173
Total intangible liabilities	80,309	87,173
Below-market lease amortization	(29,738)	(27,606)
Total accumulated amortization	(29,738)	(27,606)
Intangible liabilities, net	50,571	59,567
In-place Lease Intangibles
Intangible assets:
Total intangible assets, gross	267,008	292,348
Total accumulated amortization	(122,379)	(127,185)
Intangible assets, net	144,629
Above Market Leases Intangibles
Intangible assets:
Total intangible assets, gross	41,756	44,463
Total accumulated amortization	(20,411)	(18,913)
Intangible assets, net	21,345
Other
Intangible assets:
Total intangible assets, gross	41,913	41,823
Total accumulated amortization	(14,825)	$ (12,500)
Intangible assets, net	$ 27,088

Intangibles - Summary of Estima

Intangibles - Summary of Estimated Future Amortization on Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Intangible assets, net	$ 193,062	$ 220,036
In-place Lease Intangibles
Finite Lived Intangible Assets [Line Items]
2024 (remaining)	8,829
2025	26,582
2026	22,072
2027	18,181
2028	14,919
Thereafter	54,046
Intangible assets, net	144,629
Above Market Leases Intangibles
Finite Lived Intangible Assets [Line Items]
2024 (remaining)	1,371
2025	4,176
2026	3,859
2027	3,122
2028	2,529
Thereafter	6,288
Intangible assets, net	21,345
Other
Finite Lived Intangible Assets [Line Items]
2024 (remaining)	852
2025	3,412
2026	3,412
2027	3,412
2028	3,412
Thereafter	12,588
Intangible assets, net	27,088
Below Market Leases Intangibles
Below-market Lease Intangibles
2024 (remaining)	(1,976)
2025	(6,625)
2026	(5,623)
2027	(4,905)
2028	(4,521)
Thereafter	(26,921)
Intangible liabilities, net	$ (50,571)

Investments in Real Estate De_3

Investments in Real Estate Debt - Summary of Investments in Real Estate Debt (Details) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2024 USD ($) Position	Dec. 31, 2023 USD ($) Position
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		1	8
Weighted Average Coupon	[1]	B + 4.75%	B + 4.92%
Weighted Average Maturity Date	[2]	2027-06	2028-03
Cost Basis		$ 956,877	$ 1,657,714
Investments in real estate debt		$ 954,952	$ 1,589,350
CMBS - Floating
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position			6
Weighted Average Coupon	[1]		B + 4.69%
Weighted Average Maturity Date	[2]		2036-10
Cost Basis			$ 206,252
Investments in real estate debt			$ 201,070
Term Loan
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		1	2
Weighted Average Coupon	[1]	B + 4.75%	B + 4.95%
Weighted Average Maturity Date	[2]	2027-06	2027-01
Cost Basis		$ 956,877	$ 1,451,462
Investments in real estate debt		$ 954,952	$ 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			9 Months Ended
		Jun. 30, 2024 GBP (£)	Nov. 30, 2023 GBP (£)	Jun. 30, 2022 USD ($)	Feb. 28, 2021 GBP (£)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 GBP (£)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt and Equity Securities, FV-NI [Line Items]
Mortgage notes and secured credit facilities, net	[1]					$ 12,976,910,000			$ 12,976,910,000		$ 13,028,910,000
Realized gains investments in real estate debt securities						0		$ 0
Realized losses investments in real estate debt securities						0		$ 0	3,100,000	$ 2,500,000
Disposition of remaining original loan | £		£ 352
Repayment of borrowings under secured financing agreements | £		£ 193.6					£ 193.6
Realized losses from the disposition of this investment in real estate debt									4,400,000
Disposition of investment in real estate debt									$ 201,100,000
Unrealized gains on investments in real estate debt securities						0
Unrealized losses on investments in real estate debt securities						$ 0
United Kingdom
Debt and Equity Securities, FV-NI [Line Items]
Mortgage notes and secured credit facilities, net | £					£ 360
Debt instrument, term					5 years
Partially prepaid loan | £			£ 8
AUSTRALIA
Debt and Equity Securities, FV-NI [Line Items]
Mortgage notes and secured credit facilities, 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.

Mortgage Notes and Secured Cr_3

Mortgage Notes and Secured Credit Facilities - Summary of Mortgage Notes and Credit Facility Secured by Company's Properties (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2024	Jul. 31, 2024	Dec. 31, 2023	May 31, 2022
Debt Instrument [Line Items]
Maximum Facility Size					$ 1,600,000
Principal Balance Outstanding	[1]	$ 13,040,696		$ 13,108,216
Deferred financing costs, net	[1]	(57,643)		(73,066)
Discount on assumed debt, net	[1]	(6,143)		(6,240)
Mortgage notes and secured credit facilities, net	[1]	12,976,910		13,028,910
Fixed Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	[1]	3,011,128		3,049,322
Variable Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	[1]	$ 10,029,568		10,058,894
Fixed Rate Mortgages | Fixed Rate Loans
Debt Instrument [Line Items]
Weighted Average Interest Rate	[2]	3.09%
Principal Balance Outstanding	[1]	$ 3,011,128		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]	$ 9,865,221		9,893,894
Floating Rate Mortgages | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Debt instrument, interest rate description	[2]	B + 1.84%
Debt Instrument, Basis Spread on Variable Rate	[2]	1.84%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Weighted Average Maturity Date	[3]	2027-09
Variable Rate Secured Credit Facility | Variable Rate Loans
Debt Instrument [Line Items]
Maximum Facility Size	[4]	$ 164,347
Principal Balance Outstanding	[1],[4]	$ 164,347		$ 165,000
Variable Rate Secured Credit Facility | 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%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Weighted Average Maturity Date	[3],[4]	2025-12
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Maximum Facility Size			$ 150,000
Senior Secured Revolving Credit Facility | Variable Rate Loans
Debt Instrument [Line Items]
Maximum Facility Size	[5]	$ 150,000
Senior Secured Revolving Credit Facility | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Debt instrument, interest rate description	[2],[5]	B + 2.50%
Debt Instrument, Basis Spread on Variable Rate	[2],[5]	2.50%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Weighted Average Maturity Date	[3],[5]	2027-01
[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 Norwegian Interbank Offered Rate (“NIBOR”), 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 variable rate secured credit facility is guaranteed by the Operating Partnership. The repayment of the senior secured revolving credit facility is secured by pledges of ownership interests in holding companies that are directly under the Operating Partnership.

Mortgage Notes and Secured Cr_4

Mortgage Notes and Secured Credit Facilities- Summary of Future Principal Payment Under Company's Mortgage Notes and Credit Facility (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024 (remaining)		$ 13,925
2025		1,369,489
2026		4,961,433
2027		2,201,062
2028		227,082
Thereafter		4,267,705
Total	[1]	$ 13,040,696	$ 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 Secured Cr_5

Mortgage Notes and Secured Credit Facilities - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Jul. 31, 2024	Sep. 30, 2024	May 31, 2022
Line of Credit Facility [Line Items]
Total borrowing capacity			$ 1,600
Line of Credit Facility, Description		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%
Payment for leasing commissions, tenant and building improvements.		$ 59
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Total borrowing capacity	$ 150
Line of Credit Facility, Description		The senior secured revolving credit facility agreement matures in January 2026, at which time the Company may request an additional one-year extension thereafter. Interest under the senior secured revolving credit facility is determined based on one-month U.S. dollar denominated SOFR plus 2.5%
Line of Credit Facility, Expiration Month and Year	2026-01
Line of Credit Facility, Interest Rate Description		one-month U.S. dollar denominated SOFR plus 2.5%

Secured Financings on Investm_3

Secured Financings on Investments in Real Estate Debt - Additional Information (Details) - GBP (£) £ in Millions	1 Months Ended	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Secured Financings On Investments In Real Estate Debt [Abstract]
Repayment of borrowings under secured financing agreements	£ 193.6	£ 193.6

Secured Financings on Investm_4

Secured Financings on Investments in Real Estate Debt - Schedule of Secured Financings on Investments in Real Estate Debt Transactions (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2024	Dec. 31, 2023
Secured Financings On Investments In Real Estate Debt [Line Items]
Outstanding Balance		$ 524,393	$ 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]	$ 954,952	$ 1,388,280
Barclays RA
Secured Financings On Investments In Real Estate Debt [Line Items]
Maturity Date			2026-02
Coupon			SONIA + 2.55%
Outstanding Balance			$ 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]		$ 448,729
Syndicated RA
Secured Financings On Investments In Real Estate Debt [Line Items]
Maturity Date	[2]	2027-06	2027-06
Coupon	[2]	BBSY + 2.82%	BBSY + 2.82%
Outstanding Balance	[2]	$ 524,393	$ 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],[2]	$ 954,952	$ 939,551
[1] Represents the fair value of the Company’s real estate-related term loan investments. Outstanding balance is reflected net of $ 1.0 million and $ 1.2 million of unamortized deferred financing costs as of September 30, 2024 and December 31, 2023, respectively.

Secured Financings on Investm_5

Secured Financings on Investments in Real Estate Debt - Schedule of Secured Financings on Investments in Real Estate Debt Transactions (Parenthetical) (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Secured Financings On Investments In Real Estate Debt [Line Items]
Unamortized deferred financing costs	[1]	$ 57,643	$ 73,066
Syndicated RA
Secured Financings On Investments In Real Estate Debt [Line Items]
Unamortized deferred financing costs		$ 1,000	$ 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	9 Months Ended
	May 31, 2022	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Total borrowing capacity	$ 1.6
Line of Credit Facility, Description		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		$ 1.4	$ 0.9

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Schedule of Components of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Assets [Abstract]
Derivative instruments	$ 328,185	$ 554,263
Intangible assets, net	193,062	220,036
Receivables	102,508	127,573
Prepaid expenses	36,486	24,022
Deferred financing costs, net	15,853	6,006
Deferred tax assets	9,673	5,043
Interest receivable	242	7,929
Other	3,761	2,757
Total other assets	$ 689,770	$ 947,629

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Schedule of Components of Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Real estate taxes payable	$ 116,925	$ 73,145
Accounts payable and accrued expenses	66,652	75,809
Accrued interest expense	64,169	69,642
Derivative instruments	51,289	46,178
Intangible liabilities, net	50,571	59,567
Tenant security deposits	46,072	44,374
Distributions payable	40,764	43,044
Deferred tax liabilities	$ 30,728	$ 35,792
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Right of use liability - operating leases	$ 12,347	$ 12,402
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total revenues	Total revenues
Deferred income	$ 10,126	$ 11,894
Other taxes payable	8,631	5,005
Other	6,623	7,506
Total other liabilities	$ 504,897	$ 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	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) Instrument	Dec. 31, 2023 USD ($) Instrument	Sep. 30, 2024 EUR (€) Instrument	Sep. 30, 2024 NOK (kr) Instrument	Dec. 31, 2023 EUR (€) Instrument	Dec. 31, 2023 NOK (kr) Instrument
Derivative [Line Items]
Number of Instruments	81	80	81	81	80	80
Weighted Average Strike Rate	1.90%	1.60%
Weighted Average Maturity (Years)	1 year 6 months	2 years 1 month 6 days
SOFR
Derivative [Line Items]
Number of Instruments	71	70	71	71	70	70
Notional Amount | $	$ 9,527,935	$ 9,567,541
Weighted Average Strike Rate	1.90%	1.60%
Weighted Average Maturity (Years)	1 year 6 months	2 years 1 month 6 days
SOFR | Interest Rate Swap
Derivative [Line Items]
Number of Instruments	1	1	1	1	1	1
Notional Amount | $	$ 119,759	$ 117,863
Weighted Average Strike Rate	0.80%	0.80%
Weighted Average Maturity (Years)	4 months 24 days	1 year 2 months 12 days
EURIBOR
Derivative [Line Items]
Number of Instruments	4	4	4	4	4	4
Notional Amount | €			€ 177,986		€ 175,468
Weighted Average Strike Rate	1.10%	1.10%
Weighted Average Maturity (Years)	3 months 18 days	1 year
EURIBOR | Interest Rate Swap
Derivative [Line Items]
Number of Instruments	3	3	3	3	3	3
Notional Amount | €			€ 207,721		€ 213,458
Weighted Average Strike Rate	1.90%	1.90%
Weighted Average Maturity (Years)	2 years 9 months 18 days	3 years 7 months 6 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 4 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	Sep. 30, 2024 EUR (€) Instrument	Sep. 30, 2024 NOK (kr) Instrument	Sep. 30, 2024 DKK (kr) Instrument	Sep. 30, 2024 AUD ($) Instrument	Dec. 31, 2023 EUR (€) Instrument	Dec. 31, 2023 NOK (kr) Instrument	Dec. 31, 2023 DKK (kr) Instrument	Dec. 31, 2023 AUD ($) Instrument	Dec. 31, 2023 GBP (£) Instrument
Derivative [Line Items]
Number of Instruments	81	81	81	81	80	80	80	80	80
Buy USD/Sell EUR Forward
Derivative [Line Items]
Number of Instruments	47	47	47	47	60	60	60	60	60
Notional Amount | €	€ 564,313				€ 577,283
Buy USD/Sell DKK Forward
Derivative [Line Items]
Number of Instruments	7	7	7	7	12	12	12	12	12
Notional Amount | kr			kr 1,200,016				kr 1,301,016
Buy USD/Sell AUD Forward
Derivative [Line Items]
Number of Instruments	5	5	5	5	5	5	5	5	5
Notional Amount | $				$ 621,759				$ 621,759
Buy USD/Sell NOK Forward
Derivative [Line Items]
Number of Instruments	10	10	10	10	9	9	9	9	9
Notional Amount | kr		kr 402,700				kr 1,160,941
Buy USD/Sell GBP Forward
Derivative [Line Items]
Number of Instruments					4	4	4	4	4
Notional Amount | £									£ 142,858

Derivatives - Summary of Fair V

Derivatives - Summary of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Other Assets
Derivative [Line Items]
Fair Value of Derivatives in an Asset Position	[1]	$ 328,185	$ 554,263
Other Assets | Interest Rate Derivatives
Derivative [Line Items]
Fair Value of Derivatives in an Asset Position	[1]	319,094	537,390
Other Assets | Foreign Currency Forward Contracts
Derivative [Line Items]
Fair Value of Derivatives in an Asset Position	[1]	9,091	16,873
Other Liabilities
Derivative [Line Items]
Fair Value of Derivatives in a Liability Position	[2]	51,289	46,178
Other Liabilities | Foreign Currency Forward Contracts
Derivative [Line Items]
Fair Value of Derivatives in a Liability Position	[2]	$ 51,289	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Gain Recognized in Net Income (Loss)	$ (226,296)	$ 9,170	$ (234,256)	$ (71,128)
Interest Rate Cap | Other (Expense) Income
Derivative [Line Items]
Net Unrealized Gain (Loss) Recognized in Net Income (Loss)	(185,709)	(13,731)	(225,610)	(88,463)
Net Realized Gain (Loss) Recognized in Net Income (Loss)		4,748		6,528
Interest Rate Swap | Other (Expense) Income
Derivative [Line Items]
Net Unrealized Gain (Loss) Recognized in Net Income (Loss)	(7,495)	(1,895)	(8,017)	(2,955)
Net Realized Gain (Loss) Recognized in Net Income (Loss)			179	1,925
Foreign Currency Forward Contracts | Other (Expense) Income
Derivative [Line Items]
Net Unrealized Gain (Loss) Recognized in Net Income (Loss)	(33,588)	21,497	(12,892)	10,249
Net Realized Gain (Loss) Recognized in Net Income (Loss)	$ 496	$ (1,449)	$ 12,084	$ 1,588

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interests - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) Class shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) Class shares	Sep. 30, 2023 USD ($) shares	Jul. 01, 2024	May 23, 2024
Class Of Stock [Line Items]
Number of classes of common stock | Class	4		4
Number of shares authorized	3,100,000,000		3,100,000,000
Common stock repurchase limitations of aggregate NAV per calendar quarter percentage	5%		5%		1%
Repurchase of common stock	4,587,354	25,531,106	41,711,958	78,113,220
Payments for repurchase of common stock | $	$ 104.1	$ 639.2	$ 965.1	$ 2,000
Common stock repurchase limitations of aggregate NAV per month percentage						0.33%
Maximum
Class Of Stock [Line Items]
Common stock repurchase limitations of aggregate NAV per month percentage	2%		2%

Equity and Redeemable Non-con_4

Equity and Redeemable Non-controlling Interests - Schedule of Company's Authorized Capital (Details) - $ / shares	Sep. 30, 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				9 Months Ended
	Sep. 30, 2024		Sep. 30, 2023		Sep. 30, 2024		Sep. 30, 2023
Class Of Stock [Line Items]
Beginning balance	404,576,536		469,187,912		430,808,244		505,707,592
Common stock shares issued	1,441,127	[1]	4,067,679	[1]	8,276,643	[2]	16,000,373	[2]
Distribution reinvestment plan shares issued	1,727,967		2,034,024		5,785,347		6,163,764
Common stock shares repurchased	(4,587,354)		(25,531,106)		(41,711,958)		(78,113,220)
Independent directors' restricted stock grant	33,797	[3]	30,361	[4]	33,797	[5]	30,361	[6]
Ending balance	403,192,073		449,788,870		403,192,073		449,788,870
Common Stock Class T
Class Of Stock [Line Items]
Beginning balance	5,129,415		5,640,007		5,282,025		5,721,496
Common stock shares issued	60,826	[1]	12,504	[1]	178,169	[2]	95,616	[2]
Distribution reinvestment plan shares issued	35,059		36,190		107,882		106,290
Common stock shares repurchased	(17,583)		(139,792)		(125,673)		(374,493)
Ending balance	5,086,065		5,548,909		5,086,065		5,548,909
Common Stock Class S
Class Of Stock [Line Items]
Beginning balance	183,113,398		212,244,742		195,023,616		224,556,910
Common stock shares issued	316,169	[1]	794,388	[1]	358,633	[2]	4,353,179	[2]
Distribution reinvestment plan shares issued	878,103		948,038		2,784,355		2,868,401
Common stock shares repurchased	(1,445,667)		(10,889,677)		(15,936,939)		(28,680,999)
Ending balance	182,229,665		203,097,491		182,229,665		203,097,491
Common Stock Class D
Class Of Stock [Line Items]
Beginning balance	26,164,461		29,291,354		27,512,551		30,974,173
Common stock shares issued	10,598	[1]	4,725	[1]	317,517	[2]	142,011	[2]
Distribution reinvestment plan shares issued	78,282		79,607		421,632		259,145
Common stock shares repurchased	(170,772)		(659,557)		(2,190,327)		(2,384,628)
Ending balance	26,061,373		28,706,679		26,061,373		28,706,679
Common Stock Class I
Class Of Stock [Line Items]
Beginning balance	190,169,262		222,011,809		202,990,052		244,455,013
Common stock shares issued	1,828,720	[1]	3,265,512	[1]	7,778,662	[2]	11,693,589	[2]
Distribution reinvestment plan shares issued	736,523		970,189		2,471,478		2,929,928
Common stock shares repurchased	(2,953,332)		(13,842,080)		(23,459,019)		(46,673,100)
Independent directors' restricted stock grant	33,797	[3]	30,361	[4]	33,797	[5]	30,361	[6]
Ending balance	189,814,970		212,435,791		189,814,970		212,435,791
[1] Includes transfers between share classes. Includes transfers between share classes. The independent directors’ restricted stock grant represented $ 0.8 million of the annual compensation paid to the independent directors for the period ended September 30, 2024. Each grant is amortized over the one-year service period of such grant. The shares vested in August 2024. The independent directors’ restricted stock grant represented $ 0.8 million of the annual compensation paid to the independent directors for the period ended September 30, 2023. Each grant is amortized over the one-year service period of such grant. The shares vested in August 2023. The independent directors’ restricted stock grant represented $ 0.8 million of the annual compensation paid to the independent directors for the period ended September 30, 2024. Each grant is amortized over the one-year service period of such grant. The shares vested in August 2024. The independent directors’ restricted stock grant represented $ 0.8 million of the annual compensation paid to the independent directors for the period ended September 30, 2023. Each grant is amortized over the one-year service period of such grant. The shares vested in August 2023.

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interests - Schedule of Common Stock Outstanding shares (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Annual compensation paid to the independent directors	$ 0.8	$ 0.8	$ 0.8	$ 0.8
Grant amortized period	1 year	1 year	1 year	1 year

Equity and Redeemable Non-con_7

Equity and Redeemable Non-controlling Interests - Schedule of Aggregate Distributions Declared for Each Class of Common Stock (Details) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Common Stock Class T
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	$ 0.3105	$ 0.9315
Stockholder servicing fee per share of common stock	(0.048)	(0.1454)
Net distributions declared per share of common stock	0.2625	0.7861
Common Stock Class S
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	0.3105	0.9315
Stockholder servicing fee per share of common stock	(0.0482)	(0.146)
Net distributions declared per share of common stock	0.2623	0.7855
Common Stock Class D
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	0.3105	0.9315
Stockholder servicing fee per share of common stock	(0.0139)	(0.0421)
Net distributions declared per share of common stock	0.2966	0.8894
Common Stock Class I
Class Of Stock [Line Items]
Aggregate gross distributions declared per share of common stock	0.3105	0.9315
Net distributions declared per share of common stock	$ 0.3105	$ 0.9315

Equity and Redeemable Non-con_8

Equity and Redeemable Non-controlling Interests - Schedule of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024		Sep. 30, 2023	Sep. 30, 2024		Sep. 30, 2023
Class Of Stock [Line Items]
Balance at the beginning of the year				$ 459,862		$ 427,099
Settlement of performance participation allocation						102,348
Conversion to Class I shares				(1,144)
GAAP income (loss) allocation				(28,716)		(17,504)
Distributions				(18,681)		(18,726)
Fair value allocation	$ 11,184		$ 6,256	27,585		4,037
Ending balance	438,906		497,254	438,906		497,254
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				(18,539)	[1]	(11,263)
Distributions				(12,048)	[1]	(12,049)
Fair value allocation				18,368	[1]	2,598
Ending balance	283,473	[1]	319,956	283,473	[1]	319,956
Third-party Operating Partnership Unitholders
Class Of Stock [Line Items]
Balance at the beginning of the year				164,170		188,777
Conversion to Class I shares				(1,144)
GAAP income (loss) allocation				(10,177)		(6,241)
Distributions				(6,633)		(6,677)
Fair value allocation				9,217		1,439
Ending balance	$ 155,433		$ 177,298	$ 155,433		$ 177,298
[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) $ in Thousands, £ in Millions	1 Months Ended				3 Months Ended			9 Months Ended
	Nov. 13, 2024 USD ($)	Oct. 31, 2024 shares	Jun. 30, 2024 GBP (£)	Jan. 31, 2024 shares	Sep. 30, 2024 USD ($) shares	Jun. 30, 2024 GBP (£)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Dec. 31, 2023 USD ($)	Dec. 31, 2019 USD ($)
Related Party Transaction [Line Items]
Percentage of management fee on NAV per annum								1.25%
Percentage of management fee waived								20%
Percentage of management fee on aggregate DST property consideration per annum								1.25%
Reduced percentage of management fee on NAV per annum								1%
Maximum percentage of monthly repurchase limit of net asset value								2%
Maximum percentage of quarterly repurchase limit of net asset value								5%
Management fees					$ 23,690		$ 37,347	$ 82,200	$ 118,970
Annual hurdle percentage								5%
Performance participation allocation					$ 0		$ 0	$ 0	$ 0
Repurchase of common stock | shares					4,587,354		25,531,106	41,711,958	78,113,220
Total consideration								$ 965,121	$ 2,004,675
Due to affiliates					$ 504,897			504,897		$ 484,358
General and Administrative Expense					9,683		$ 10,102	35,571	32,538
Operating expenses					183,574		189,122	543,746	571,394
Cost of legal services									200
Leasing and legal service fees					400		200	1,300	500
Term loan Investment Disposed | £						£ 352
Repayment of borrowings under secured financing agreements | £			£ 193.6			193.6
DST Program
Related Party Transaction [Line Items]
General and Administrative Expense					100		0	2,000	0
Starwood Retail Partners
Related Party Transaction [Line Items]
Leasing and legal service fees					100		100	$ 300	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%
Affiliate of Advisor
Related Party Transaction [Line Items]
Term loan Investment Disposed | £						176
Term loan investment net purchase price | £						174.2
Affiliate of Advisor and Unaffiliated Third Party
Related Party Transaction [Line Items]
Term loan Investment Disposed | £						176
Term loan investment net purchase price | £						£ 174.2
SCG Southern Europe
Related Party Transaction [Line Items]
Services fee for accounting and administrative matters					100		100	$ 200	300
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					100		1,000	100	1,200
Accrued Affiliate Service Provider Expenses | Rental property operating
Related Party Transaction [Line Items]
Operating expenses					8,400		6,800	23,600	18,600
Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Cost of legal services					100		100	300	200
Advanced Expenses | One Month in Arrears | Advisor
Related Party Transaction [Line Items]
General and Administrative Expense					4,800		$ 2,400	12,100	$ 9,900
Class I Unit | Common Stock
Related Party Transaction [Line Items]
Employees and affiliates holdining interest					520,200			$ 520,200
Subsequent Event
Related Party Transaction [Line Items]
Total consideration	$ 60,000
Unregistered Class I shares
Related Party Transaction [Line Items]
Stock issued as management fees, shares | shares				473,622				3,269,689
Management fees, accrued					$ 7,800			$ 7,800		$ 10,900
Unregistered Class I shares | Subsequent Event
Related Party Transaction [Line Items]
Stock issued as management fees, shares | shares		355,802
Common Stock Class I
Related Party Transaction [Line Items]
Repurchase of common stock | shares					2,953,332		13,842,080	23,459,019	46,673,100
Common Stock Class I | Advisor and Certain Director Shares
Related Party Transaction [Line Items]
Repurchase of common stock | shares							819,419		2,422,379
Total consideration							$ 20,400		$ 61,800
Common Stock Class I | Advisor
Related Party Transaction [Line Items]
Repurchase of common stock | shares					545,883			1,518,883
Total consideration					$ 12,200			$ 34,700
Common Stock Class T, Class S and Class D | Accrued Stockholder Servicing Fee | Maximum | Dealer Manager
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage					8.75%			8.75%

Related Party Transactions - Su

Related Party Transactions - Summary of Components of Due to Affiliates (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Due to affiliates	$ 504,897	$ 484,358
Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	284,474	320,957
Accrued Stockholder Servicing Fee | Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	271,310	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	7,798	10,853
Advanced Operating Expenses | Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	1,401	4,458
Accrued Affiliate Service Provider Expenses | Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	3,601	3,068
Advanced Organization And Offering Costs | Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	$ 364	$ 1,561

Leases - Additional Information

Leases - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)
Lessee Lease Description [Line Items]
Lessee, operating lease acquisition, incremental cost	$ 0
Operating lease, weighted average remaining lease term	35 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	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (remaining)	$ 172
2025	714
2026	714
2027	714
2028	714
Thereafter	25,065
Total undiscounted future lease payments	28,093
Difference between undiscounted cash flows and discounted cash flows	(15,746)
Total lease liability	$ 12,347	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Fixed lease payments	$ 376,478	$ 380,157	$ 1,122,606	$ 1,164,163
Variable lease payments	38,454	38,141	117,873	121,407
Rental revenue	$ 414,932	$ 418,298	$ 1,240,479	$ 1,285,570

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Minimum Rents Income Receivables (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024 (remaining)	$ 71,963
2025	285,610
2026	222,074
2027	255,454
2028	184,203
Thereafter	552,751
Total	$ 1,572,055

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	9 Months Ended
	Sep. 30, 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		Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total Assets		$ 21,682,048	$ 23,113,974
Multifamily Properties
Segment Reporting Information [Line Items]
Total Assets		14,688,739	15,161,836
Single Family Rental Homes
Segment Reporting Information [Line Items]
Total Assets		352,684	408,097
Industrial properties
Segment Reporting Information [Line Items]
Total Assets		2,707,694	2,820,658
Office properties
Segment Reporting Information [Line Items]
Total Assets		1,617,214	1,651,347
Self-Storage Properties
Segment Reporting Information [Line Items]
Total Assets		351,962	357,724
Investments in real estate debt
Segment Reporting Information [Line Items]
Total Assets		954,952	1,589,350
Other Properties
Segment Reporting Information [Line Items]
Total Assets	[1]	921,767	1,022,284
Other (Corporate)
Segment Reporting Information [Line Items]
Total Assets		$ 87,036	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenues	$ 424,849	$ 433,048	$ 1,270,694	$ 1,331,136
Expenses
Property operating	183,574	189,122	543,746	571,394
Income (loss) from unconsolidated real estate ventures	(4,692)	(241)	(10,365)	(786)
Income from investments in real estate debt, net	21,513	42,318	74,384	115,841
Segment net operating income	258,096	286,003	790,967	874,797
General and administrative	(9,683)	(10,102)	(35,571)	(32,538)
Management fees	(23,690)	(37,347)	(82,200)	(118,970)
Impairment of investments in real estate	(1,782)	(3,667)	(1,782)	(188,804)
Depreciation and amortization	(185,138)	(203,561)	(557,425)	(612,924)
Net (loss) gain on dispositions of real estate	(225)	67,374	2,431	188,632
Interest expense	(165,520)	(145,273)	(477,741)	(437,898)
Other income (expense), net	(207,535)	(10,104)	(214,283)	(86,455)
Net loss	(335,477)	(56,677)	(575,604)	(414,160)
Net loss (income) attributable to non-controlling interests in consolidated joint ventures	1,969	(1,127)	2,861	(1,207)
Net loss attributable to non-controlling interests in Operating Partnership	16,548	2,737	28,716	17,504
Net loss attributable to stockholders	(316,960)	(55,067)	(544,027)	(397,863)
Operating Segments | Multifamily Properties
Revenues:
Total revenues	311,455	304,836	926,545	927,017
Expenses
Property operating	144,318	140,635	424,497	417,746
Segment net operating income	167,137	164,201	502,048	509,271
Operating Segments | Single Family Rental Homes
Revenues:
Total revenues	5,268	7,955	16,257	48,906
Expenses
Property operating	2,590	5,753	7,726	29,979
Segment net operating income	2,678	2,202	8,531	18,927
Operating Segments | Industrial properties
Revenues:
Total revenues	45,800	53,163	139,857	155,179
Expenses
Property operating	12,234	14,117	35,699	39,906
Segment net operating income	33,566	39,046	104,158	115,273
Operating Segments | Office properties
Revenues:
Total revenues	42,209	39,401	125,969	114,550
Expenses
Property operating	15,298	15,445	45,855	44,629
Segment net operating income	26,911	23,956	80,114	69,921
Operating Segments | Self-Storage Properties
Revenues:
Total revenues	6,936	7,051	20,783	20,704
Expenses
Property operating	2,937	2,872	8,379	8,160
Segment net operating income	3,999	4,179	12,404	12,544
Operating Segments | Other Properties
Revenues:
Total revenues	13,181	20,642	41,283	64,780
Expenses
Property operating	6,197	10,300	21,590	30,974
Income (loss) from unconsolidated real estate ventures	(4,692)	(241)	(10,365)	(786)
Segment net operating income	2,292	10,101	9,328	33,020
Operating Segments | Investments in real estate debt
Expenses
Income from investments in real estate debt, net	21,513	42,318	74,384	115,841
Segment net operating income	21,513	42,318	74,384	115,841
Rental Revenue
Revenues:
Total revenues	414,932	418,298	1,240,479	1,285,570
Rental Revenue | Operating Segments | Multifamily Properties
Revenues:
Total revenues	307,172	302,020	915,485	919,479
Rental Revenue | Operating Segments | Single Family Rental Homes
Revenues:
Total revenues	5,268	7,955	16,257	48,906
Rental Revenue | Operating Segments | Industrial properties
Revenues:
Total revenues	45,627	53,163	139,339	155,179
Rental Revenue | Operating Segments | Office properties
Revenues:
Total revenues	42,151	39,347	125,826	114,309
Rental Revenue | Operating Segments | Self-Storage Properties
Revenues:
Total revenues	6,936	7,005	20,783	20,588
Rental Revenue | Operating Segments | Other Properties
Revenues:
Total revenues	7,778	8,808	22,789	27,109
Other revenue
Revenues:
Total revenues	9,917	14,750	30,215	45,566
Other revenue | Operating Segments | Multifamily Properties
Revenues:
Total revenues	4,283	2,816	11,060	7,538
Other revenue | Operating Segments | Industrial properties
Revenues:
Total revenues	173		518
Other revenue | Operating Segments | Office properties
Revenues:
Total revenues	58	54	143	241
Other revenue | Operating Segments | Self-Storage Properties
Revenues:
Total revenues		46		116
Other revenue | Operating Segments | Other Properties
Revenues:
Total revenues	$ 5,403	$ 11,834	$ 18,494	$ 37,671

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Nov. 13, 2024	Sep. 30, 2024	Sep. 30, 2023
Subsequent Event [Line Items]
Proceeds, issuance of shares of common stock		$ 14,000,000
Common stock repurchased value		$ 965,121	$ 2,004,675
Subsequent Event
Subsequent Event [Line Items]
Proceeds from line of credit	$ 70,500
Common stock repurchased value	60,000
Third Public Offering | Subsequent Event
Subsequent Event [Line Items]
Proceeds, issuance of shares of common stock	$ 6,900