Starwood Real Estate Income Trust 10-Q 12 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 12, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	Starwood Real Estate Income Trust, Inc.
Entity Central Index Key	0001711929
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
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	1601 Washington Avenue
Entity Address, Address Line Two	Suite 800
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		2,117,183
Common Stock Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		37,371,265
Common Stock Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,386,535
Common Stock Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		26,033,765

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Investments in real estate, net	$ 3,216,839	$ 1,798,044
Investments in real estate-related securities	314,465	277,651
Investments in unconsolidated real estate ventures	12,253	12,169
Cash and cash equivalents	61,222	48,479
Restricted cash	94,261	140,482
Other assets	219,845	113,497
Total assets	3,918,885	2,390,322
Liabilities and Equity
Mortgage notes and revolving credit facility, net	2,238,903	1,238,102
Repurchase agreements	198,434	81,035
Accounts payable, accrued expenses and other liabilities	101,114	47,979
Subscriptions received in advance	41,012	110,618
Due to affiliates	69,953	63,341
Total liabilities	2,649,416	1,541,075
Commitments and contingencies
Redeemable non-controlling interest	10,187
Equity
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding as of March 31, 2020 and December 31, 2019
Additional paid-in capital	1,291,542	883,506
Accumulated deficit and cumulative distributions	(102,742)	(46,697)
Total stockholders' equity	1,189,452	837,263
Non-controlling interests in consolidated joint ventures	69,830	11,984
Total equity	1,259,282	849,247
Total liabilities and equity	3,918,885	2,390,322
Common Stock Class T
Equity
Common stock value	20	14
Common Stock Class S
Equity
Common stock value	358	262
Common Stock Class D
Equity
Common stock value	23	17
Common Stock Class I
Equity
Common stock value	$ 251	$ 161

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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	65,191,230	45,344,735
Common Stock Class T
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	2,016,251	1,412,563
Common stock, shares outstanding	2,016,251	1,412,563
Common Stock Class S
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	35,762,788	26,164,794
Common stock, shares outstanding	35,762,788	26,164,794
Common Stock Class D
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	2,293,273	1,653,094
Common stock, shares outstanding	2,293,273	1,653,094
Common Stock Class I
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	25,118,918	16,114,284
Common stock, shares outstanding	25,118,918	16,114,284

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Total revenues	$ 57,037	$ 15,415
Expenses
Operating expenses	21,508	7,265
General and administrative	2,358	912
Management fees	3,946
Performance participation allocation	46	857
Depreciation and amortization	30,543	5,358
Total expenses	58,401	14,392
Other income (expense)
Earnings from unconsolidated real estate ventures	360	43
(Loss) income from real estate-related securities, net	(20,173)	102
Interest income	303	58
Interest expense	(19,641)	(3,598)
Other expense	(132)	(96)
Total other expense	(39,283)	(3,491)
Net loss	(40,647)	(2,468)
Net loss attributable to non-controlling interests in consolidated joint ventures	638
Net loss attributable to non-controlling interests in Operating Partnership	332
Net loss attributable to stockholders	$ (39,677)	$ (2,468)
Net loss per share of common stock, basic and diluted	$ (0.69)	$ (0.24)
Weighted-average shares of common stock outstanding, basic and diluted	57,844,231	10,089,598
Rental revenue
Revenues
Total revenues	$ 46,465	$ 4,310
Hotel revenue
Revenues
Total revenues	10,215	10,852
Other revenue
Revenues
Total revenues	357	253
Rental property operating
Expenses
Operating expenses	15,544	1,762
Hotel operating
Expenses
Operating expenses	$ 5,964	$ 5,503

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Total Stockholders' Equity	Additional Paid-In CapitalCommon Stock Class T	Additional Paid-In CapitalCommon Stock Class S	Additional Paid-In CapitalCommon Stock Class D	Additional Paid-In CapitalCommon Stock Class I	Additional Paid-In Capital	Accumulated Deficit and Cumulative Distributions	Non-Controlling Interests
Beginning Balance at Dec. 31, 2018	$ 147,122	$ 147,122		$ 66		$ 15	$ 148,770	$ (1,729)
Common stock issued	85,586	85,586	$ 2	17	$ 3	21	85,543
Offering costs	(4,049)	(4,049)					(4,049)
Distribution reinvestments	396	396					396
Amortization of restricted stock grants	29	29					29
Net loss ($332 allocated to redeemable non- controlling interest)	(2,468)	(2,468)						(2,468)
Distributions declared on common stock (see Note 9)	(1,631)	(1,631)						(1,631)
Ending Balance at Mar. 31, 2019	224,985	224,985	$ 2	$ 83	$ 3	$ 36	230,689	(5,828)
Beginning Balance at Dec. 31, 2019	849,247	837,263					883,506	(46,697)	$ 11,984
Beginning Balance,shares at Dec. 31, 2019			14	262	17	161
Common stock issued	421,659	421,659	$ 6	$ 94	$ 6	$ 89	421,464
Offering costs	(20,528)	(20,528)					(20,528)
Distribution reinvestments	8,364	8,364		2		1	8,361
Amortization of restricted stock grants	21	21					21
Common stock repurchased	(980)	(980)					(980)
Net loss ($332 allocated to redeemable non- controlling interest)	(40,315)	(39,677)						(39,677)	(638)
Contributions from non-controlling interests	58,840								58,840
Distributions to non-controlling interests	(356)								(356)
Distributions declared on common stock (see Note 9)	(16,368)	(16,368)						(16,368)
Allocation to redeemable non- controlling interest	(302)	(302)					(302)
Ending Balance at Mar. 31, 2020	$ 1,259,282	$ 1,189,452	$ 20	$ 358	$ 23	$ 251	$ 1,291,542	$ (102,742)	$ 69,830

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Statement Of Stockholders Equity [Abstract]
Net loss allocated to redeemable non controlling interest	$ 332

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net loss	$ (40,647)	$ (2,468)
Adjustments to reconcile net loss to net cash provided by operating activities
Management fees	3,946
Performance participation allocation	46	857
Depreciation and amortization	30,543	5,358
Amortization of deferred financing costs	436	156
Deferred income amortization	(235)
Unrealized loss on changes in fair value of financial instruments	26,973	130
Losses on sales of real estate-related securities	1,329
Amortization of restricted stock grants	21	29
Distributions from investments in unconsolidated real estate ventures	276
Earnings from unconsolidated real estate ventures	(360)	(43)
Other items	(266)
Change in assets and liabilities
Increase in other assets	(12,472)	(10,302)
Increase in due to affiliates	144	189
Increase in accounts payable, accrued expenses and other liabilities	17,711	8,256
Net cash provided by operating activities	27,445	2,162
Cash flows from investing activities
Acquisitions of real estate	(1,512,285)	(205,980)
Capital improvements to real estate	(1,838)	(389)
Purchase of real estate-related securities	(65,754)	(107,325)
Proceeds from settlement of real estate-related securities	5,029
Net cash used in investing activities	(1,574,848)	(313,694)
Cash flows from financing activities
Proceeds from issuance of common stock, net	307,520	85,586
Offering costs paid	(3,901)	(730)
Subscriptions received in advance	41,012	40,354
Repurchase of common stock	(980)
Borrowings from mortgage notes and revolving credit facility	1,007,273	47,948
Repayments of mortgage notes and revolving credit facility	(734)	(363)
Net borrowings under repurchase agreements	117,399	63,567
Payment of deferred financing costs	(5,971)	(3,020)
Contributions from non-controlling interests	58,840
Distributions to non-controlling interests	(356)
Distributions	(6,177)	(178)
Net cash provided by financing activities	1,513,925	233,164
Net change in cash and cash equivalents and restricted cash	(33,478)	(78,368)
Cash and cash equivalents and restricted cash at the beginning of the period	188,961	164,921
Cash and cash equivalents and restricted cash at the end of the period	155,483	86,553
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	61,222	31,038
Restricted cash	94,261	55,515
Cash and cash equivalents and restricted cash at the end of the period	155,483	86,553
Non-cash financing activities:
Assumption of mortgage notes in conjunction with acquisitions in real estate		220,932
Accrued stockholder servicing fee due to affiliate	18,151	3,150
Accrued offering costs due to affiliates		159
Right of use asset/liability	6,408
Redeemable non-controlling interest issued as settlement for performance participation allocation	10,366
Accrued distributions	6,191	1,058
Distribution reinvestment	$ 8,364	$ 396

Organization and Business Purpo

Organization and Business Purpose	3 Months Ended
	Mar. 31, 2020
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 intends to qualify and elect to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes commencing with the taxable year ended December 31, 2019. The Company was organized to invest primarily in stabilized, income-oriented commercial real estate and debt secured by commercial real estate. The Company’s portfolio is principally comprised of properties and debt secured by properties located in the United States but may also be diversified on a global basis through the acquisition of properties, and debt secured by properties, outside of the United States, with a focus on Europe. To a lesser extent, the Company invests in real estate-related securities. The Company is the sole general partner of Starwood REIT Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). Starwood REIT Special Limited Partner, L.L.C. (the “Special Limited Partner”), a wholly owned subsidiary of Starwood Capital Group Holdings, L.P. (the “Sponsor”), owns a special limited partner interest in the Operating Partnership. Substantially all of the Company’s business is conducted through the Operating Partnership. The Company and the Operating Partnership are externally managed by Starwood REIT Advisors, L.L.C. (the “Advisor”), an affiliate of the Sponsor. The Company has registered with the Securities and Exchange Commission (the “SEC”) an offering of up to $5.0 billion in shares of common stock, consisting of up to $4.0 billion in shares in its primary offering and up to $1.0 billion in shares pursuant to its distribution reinvestment plan (the “Offering”). The Company is selling in the Offering any combination of four classes of shares of its common stock, with a dollar value up to the maximum aggregate amount. The share classes have different upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. The Company intends to continue selling shares on a monthly basis. As of March 31, 2020, the Company owned 93 investments in real estate and 84 positions in real estate-related securities. The Company currently operates in six reportable segments: Multifamily, Hotel, Industrial, Office, Medical Office and Real Estate-Related Securities. Financial results by segment are reported in Note 13.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying unaudited 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 consolidated financial statements are presented fairly and that estimates made in preparing its consolidated financial statements are reasonable and prudent. The accompanying unaudited 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, 2019 filed with the SEC. The accompanying unaudited 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. 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 entities such as purchases, dispositions, financings, budgets, and overall operating plans. Where the Company does not have the power to direct the activities of the VIE that most significantly impact its economic performance, the Company's interest for those partially owned entities are accounted for using the equity method of accounting. The Company meets the VIE disclosure exemption criteria, as the Company’s interest in the Operating Partnership is considered a majority voting interest. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. Restricted Cash Restricted cash primarily consists Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the transaction as an asset acquisition. All property acquisitions to date have been accounted for as asset acquisitions. The Company capitalizes acquisition-related costs associated with asset acquisitions. Upon acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends and market and economic conditions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has not been material. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company’s investments in real estate are stated at cost and are generally Description Depreciable Life Building 35 - 40 years Building and land improvements 5 - 15 years Furniture, fixtures and equipment 5 - 7 years Lease intangibles and leasehold improvements Shorter of useful life or lease term Repairs and maintenance are expensed to operations as incurred and are included in Rental property operating and Hotel operating expenses on the Company’s Consolidated Statements of Operations. Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. The Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. The amortization of acquired above-market and below-market leases is recorded as an adjustment to rental revenue on the Company’s Consolidated Statements of Operations. The amortization of in-place leases is recorded as an adjustment to Depreciation and amortization expense on the Company’s Consolidated Statements of Operations. Certain of the Company’s investments in real estate are subject to a ground lease, for which a lease liability and corresponding right-of-use (“ROU”) asset were recognized. The Company calculates the amount of the lease liability and ROU asset by taking the present value of the remaining lease payments, and adjusting the ROU asset for any existing straight-line ground rent liability and acquired ground lease intangibles. The Company’s estimated incremental borrowing rate of a loan with a similar term as the ground lease was used as the discount rate. The lease liability is included as a component of Accounts payable, accrued expenses, and other liabilities and the related ROU asset is recorded as a component of Investments in real estate, net on the Company’s Consolidated Balance Sheets. The amortization of the below-market ground lease will be recorded as an adjustment to Depreciation and amortization expense on the Company’s Consolidated Statements of Operations. The Company’s management reviews its real estate properties for impairment when there is an event or change in circumstances that indicates an impaired value. Since cash flows on real estate properties considered to be “long-lived assets to be held and used” are considered on an undiscounted basis to determine whether an asset has been impaired, the Company’s strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value. During the periods presented, no such impairment occurred. Investments in Unconsolidated Real Estate Ventures Investments in unconsolidated joint ventures are initially recorded at cost, and subsequently adjusted for equity in earnings and cash contributions and distributions. Under the equity method of accounting, the net equity investment of the Company is reflected within the Consolidated Balance Sheets, and the Company’s share of net income or loss from the joint ventures is included within the Consolidated Statements of Operations. The joint venture agreements may designate different percentage allocations among investors for profits and losses; however, the Company’s recognition of joint venture income or loss generally follows the joint venture’s distribution priorities, which may change upon the achievement of certain investment return thresholds. The Company’s investments in unconsolidated joint ventures are reviewed for impairment periodically and the Company records impairment charges when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than-temporary. The ultimate realization of the investment in unconsolidated joint ventures is dependent on a number of factors, including the performance of each investment and market conditions. Investments in Real Estate-Related Securities The Company has elected to classify its investment in real estate-related securities as trading securities and carry such investments at estimated fair value. As such, the resulting gains and losses are recorded as a component of (Loss) income from real estate-related securities, net on the Consolidated Statements of Operations. Interest income from the Company’s investments in real estate securities is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of premiums and discounts associated with these investments is deferred and recorded over the term of the investment as an adjustment to yield. Such items are recorded as components of Investments in real estate-related securities on the Company’s Consolidated Balance Sheets. Derivative Instruments In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company recognizes all derivatives as either assets or liabilities in the Consolidated Balance Sheets and measures those instruments at fair value. 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 The Company generally determines the fair value of its real estate-related securities by utilizing broker-dealer quotations, reported trades or valuation estimates from pricing models to determine the reported price. Pricing models for real estate-related securities are generally discounted cash flow models that usually consider the attributes applicable to a particular class of security (e.g., credit rating, 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. As of December 31, 2019 and March 31, 2020 the Company’s investments in real estate-related securities are classified as Level 2 and Level 3, respectively. On January 1, 2020, the entire Investments in Real Estate-Related Securities portfolio was transferred into Level 3 primarily due to decreased price transparency. The significant unobservable input in our Level 3 measurements for the real estate-related securities measured at fair value on a recurring basis is the yield of the security. The yield ranged from 1.8% to 17.9% and had a weighted average of 5.5% for the period ended March 31, 2020. A significant increase (decrease) in the yield in isolation would result in a significantly lower (higher) fair value measurement. Refer to Note 5 for additional information. 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 rate and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company’s indebtedness are considered Level 3. As of March 31, 2020, the fair value of the Company’s mortgage notes, revolving credit facility and repurchase agreements was approximately $8.3 million below the outstanding principal balance. The Company’s derivative 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 Company’s derivative positions are classified as Level 2. As of March 31, 2020, the fair value of the Company’s derivatives was approximately $4.4 million below their cost. The fair values of the Company’s financial instruments (other than real estate-related securities, mortgage notes, revolving credit facility and derivative instruments), including cash and cash equivalents and other financial instruments, approximate their carrying or contract value. Deferred Charges The Company’s deferred charges include financing and leasing costs. Deferred financing costs include legal, structuring and other loan costs incurred by the Company for its financing agreements. Deferred financing costs related to the Company’s mortgage notes are recorded as an offset to the related liability and amortized over the term of the applicable financing instruments as interest expense. Deferred financing costs related to the Company’s revolving credit facility are recorded as a component of Other assets on the Company’s Consolidated Balance Sheets and amortized over the term of the applicable financing agreement. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage commissions, are recorded as a component of Investments in real estate, net on the Company’s Consolidated Balance Sheets and amortized over the life of the related lease. Revenue Recognition The Company commences revenue recognition on its leases based on a number of factors, including the initial determination that the contract is or contains a lease. Generally, all of the Company’s contracts are, or contain leases, and therefore revenue is recognized when the lessee takes possession of or controls the physical use of the leased assets. In most instances this occurs on the lease commencement date. At the inception of a new lease, including new leases that arise from amendments, the Company assesses the terms and conditions of the lease to determine the proper lease classification. The Company adopted the provisions of Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) and related ASUs subsequently issued (collectively, “ASC 842”) as of January 1, 2019. A lease is classified as an operating lease if none of the following criteria are met: (i) ownership transfers to the lessee at the end of the lease term, (ii) the lessee has a purchase option that is reasonably expected to be exercised, (iii) the lease term is for a major part of the economic life of the leased property, (iv) the present value of the future lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the leased property, and (v) the leased property is of such a specialized nature that it is expected to have no future alternative use to the Company at the end of the lease term. If one or more of these criteria are met, the lease will generally be classified as a sales-type lease, unless the lease contains a residual value guarantee from a third party other than the lessee, in which case it would be classified as a direct financing lease under certain circumstances in accordance with ASC 842. The Company’s rental revenue primarily consists of fixed contractual base rent arising from tenant leases at the Company’s properties under operating leases. Revenue under operating leases that are deemed probable of collection, is recognized as revenue on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded in the Consolidated Balance Sheets. The Company’s Hotel revenue consists of room revenue and food and beverage revenue. Room revenue is recognized when the related room is occupied and other hotel revenue is recognized when the service is rendered. Certain of the Company’s contracts contain nonlease components (e.g., charges for management fees, common area maintenance, and reimbursement of third-party maintenance expenses) in addition to lease components (i.e., monthly rental charges). Services related to nonlease components are provided over the same period of time as, and billed in the same manner as, monthly rental charges. The Company elected to apply the practical expedient available under ASC 842, for all classes of assets, not to segregate the lease components from the nonlease components when accounting for operating leases. Since the lease component is the predominant component under each of these leases, combined revenues from both the lease and nonlease components are accounted for in accordance with ASC 842 and reported as rental revenues in the accompanying Consolidated Statements of Operations. In connection with its investments, the Company has utilized loan programs designed to encourage housing development. The proceeds from these loans are governed by restrictive covenants. For certain housing development loans, so long as the Company remains in compliance with the covenants and program requirements, the loans will be forgiven in equal annual installments until the loans are discharged in full. The Company treats these loans as deferred income and records them as a component of Accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets. As of March 31, 2020 and December 31, 2019, deferred income related to these loans amounted to $6.4 million and $6.6 million, respectively. As the loan balances are reduced during the compliance period, the Company will record income associated with the discharge of the loans as a component of Other revenue on the Consolidated Statements of Operations. For the three months ended March 31, 2020 and 2019, Other revenue related to these loans amounted to $0.2 million and $0.2 million, respectively. Other revenues and interest income are recorded on an accrual basis. Organization and Offering Expenses Organization costs are expensed as incurred and recorded as a component of General and administrative expenses on the Company’s Consolidated Statements of Operations and offering costs are charged to equity as such amounts are incurred. The Advisor advanced $7.3 million of organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through December 21, 2019, the first anniversary of the date on which the proceeds from escrow were released. The Company reimburses the Advisor for all such advanced expenses ratably over a 60 month period following December 21, 2019. These organization and offering costs are recorded as a component of Due to affiliates on the Company’s Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019. Starwood Capital, L.L.C. (the “Dealer Manager”), a registered broker-dealer affiliated with the Advisor, serves as the dealer manager for the Offering. The Dealer Manager is entitled to receive selling commissions and dealer manager fees based on the transaction price of each applicable class of shares sold in the primary offering. The Dealer Manager is also entitled to receive a stockholder servicing fee based on the aggregate net asset value (“NAV”) of the Company’s outstanding Class T shares, Class S shares, and Class D shares. The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of March 31, 2020: Common Stock Class T Common Stock Class S Common Stock Class D Common Stock Class I Selling commissions and dealer manager fees (% of transaction price) up to 3.5% up to 3.5% up to 1.5% — Stockholder servicing fee (% of NAV) 0.85% 0.85% 0.25% — For Class S shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.5% of the transaction price. For Class T shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.0% of the transaction price and upfront dealer manager fees of 0.5% of the transaction price, however such amounts may vary at certain participating broker-dealers, provided that the sum will not exceed 3.5% of the transaction price. For Class D shares sold in the primary offering, investors will pay upfront selling commissions of up to 1.5% of the transaction price. Prior to February 4, 2020, no upfront selling commissions were paid on Class D shares. The Dealer Manager is entitled to receive stockholder servicing fees of 0.85% per annum of the aggregate NAV for Class S shares and Class T shares. For Class T shares such stockholder servicing fee includes, an advisor stockholder servicing fee of 0.65% per annum, and a dealer stockholder servicing fee of 0.20% per annum, of the aggregate NAV for the Class T shares, however, with respect to Class T shares sold through certain participating broker-dealers, the advisor stockholder servicing fee and the dealer stockholder servicing fee may be other amounts, provided that the sum of such fees will always equal 0.85% per annum of the NAV of such shares. The Class D shares will incur a stockholder servicing fee equal to 0.25% per annum of the aggregate NAV for the Class D shares. There is no stockholder servicing fee with respect to Class I shares. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fees received and all or a portion of the stockholder servicing fees to such selected dealers. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share sold in the primary offering at the end of the month in which the total selling commissions, dealer manager fees and stockholder servicing fees paid with respect to the shares held by such stockholder within such account would exceed 8.75% (or, in the case of Class T shares sold through certain participating broker-dealers, a lower limit as set forth in any applicable agreement between the Dealer Manager and a participating broker-dealer) of the gross proceeds from the sale of such share (including the gross proceeds of any shares issued under the Company’s distribution reinvestment plan with respect thereto). The Company will accrue the full cost of the stockholder servicing fee as an offering cost at the time each Class T, Class S and Class D share is sold during the primary offering. As of March 31, 2020 and December 31, 2019, the Company had accrued $60.8 million and $44.1 million respectively, of stockholder servicing fees related to shares sold and recorded such amount as a component of Due to affiliates on the Company’s Consolidated Balance Sheets. Income Taxes The Company intends to elect 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. If the Company qualifies for taxation as a REIT, it generally will not be subject to U.S. federal corporate income tax on its net taxable income that is currently distributed to its stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its REIT taxable income (subject to certain adjustments) to its stockholders. If the Company fails to qualify as a REIT in a taxable year, without the benefit of certain relief provisions, it will be subject to federal and state income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, it may also be subject to certain federal, state, and local taxes on its income and assets, including (1) taxes on any undistributed income, (2) taxes related to its taxable REIT subsidiaries (“TRSs”) and (3) certain state or local income taxes. In anticipation of the Company’s REIT election, 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 will be subject to taxation at the federal, state and local levels, as applicable, at the regular corporate tax rates. The Company accounts for applicable income taxes by utilizing the asset and liability method. As such, the Company records deferred tax assets and liabilities for the future tax consequences resulting from the difference between the carrying value of existing assets and liabilities and their respective tax basis. A valuation allowance for deferred tax assets is provided if the Company believes all or some portion of the deferred tax asset may not be realized. For the three months ended March 31, 2020 and 2019, the Company recognized an income tax provision of $0.1 million and $0.0 million, respectively, within Other expense on the Company’s Consolidated Statements of Operations. As of March 31, 2020 and December 31, 2019, the Company recorded a deferred tax liability of $0.1 million and $0.1 million, respectively, due to its hotel investments within Other assets on the Company’s Consolidated Balance Sheets. Net Loss per Share Basic net loss per share is computed by dividing net loss for the period by the weighted average number of common shares outstanding during the period. All classes of common stock are allocated net loss at the same rate per share and receive the same gross distribution per share. Diluted loss per share is computed by dividing net loss for the period by the weighted average number of common shares and common share equivalents outstanding (unless their effect is antidilutive) for the period. There are no common share equivalents outstanding that would have a dilutive effect as a result of the net loss, and accordingly, the weighted average number of common shares outstanding is identical for the periods ended March 31, 2020 and 2019, for both basic and diluted shares. The restricted stock grants of Class I shares held by the Company’s independent directors are not considered to be participating securities because they do not contain non-forfeitable rights to distributions. As a result, there is no impact of these restricted stock grants on basic and diluted net loss per common share until the restricted stock grants have fully vested. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments—Credit Losses Leases—Lessor In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820) – Disclosure Framework,” which adds new disclosure requirements and modifies or eliminates existing disclosure requirements of ASC 820. This ASU is effective for annual periods, and interim periods therein, beginning after December 15, 2019. The Company has determined the application of this ASU does not materially impact the Company. In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." The amendments simplify the accounting for income taxes by removing certain exceptions to the general principles of Topic 740, "Income Taxes" and also improve consistent application by clarifying and amending existing guidance. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted, with the amendments to be applied on a retrospective, modified retrospe

Investments

Investments	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Investments	3. Investments Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): March 31, 2020 December 31, 2019 Building and building improvements $ 2,622,792 $ 1,455,204 Land and land improvements 483,415 322,520 Furniture, fixtures and equipment 52,779 46,268 Right of use asset - operating lease (1) 101,717 — Total 3,260,703 1,823,992 Accumulated depreciation (43,864 ) (25,948 ) Investments in real estate, net $ 3,216,839 $ 1,798,044 (1) During the three months ended March 31, 2020, the Company acquired interests in 21 properties, which were comprised of 18 multifamily properties, two office buildings and one medical office building. The following table provides further details of the properties acquired during the three months ended March 31, 2020 ($ in thousands): Investment Ownership Interest Number of Properties Location Sector Acquisition Date Real Estate Acquisition (1) Southeast Affordable Housing Portfolio 99.99% 18 Various (2) Multifamily February 13, 2020 $ 465,523 Nashville Office 100% 1 Nashville, TN Office February 21, 2020 265,404 Barlow Building 100% 1 Chevy Chase, MD Medical Office March 6, 2020 162,212 60 State St 75% 1 Boston, MA Office March 20, 2020 613,052 21 $ 1,506,190 (1) (2) The Southeast Affordable Housing Portfolio is primarily concentrated in Orlando, FL (27% of units), Newport News, VA (14%), Tucson, AZ (10%), Jacksonville, FL (9%), Charlotte, NC (8%) and Raleigh, NC (8%). The following table summarizes the purchase price allocation for the properties acquired during the three months ended March 31, 2020 ($ in thousands): 60 State St Southeast Affordable Housing Portfolio Nashville Office Barlow Building Total Building and building improvements $ 479,291 $ 360,356 $ 228,180 $ 110,793 $ 1,178,620 Land and land improvements 472 88,378 21,636 31,681 142,167 Furniture, fixtures and equipment — 5,886 — — 5,886 Below-market ground lease (1) 95,536 — — — 95,536 In-place lease intangibles 47,625 6,254 18,791 12,188 84,858 Above-market lease intangibles 10,345 — 410 5,848 16,603 Below-market lease intangibles (19,019 ) — (4,917 ) (510 ) (24,446 ) Total purchase price (2) $ 614,250 $ 460,874 $ 264,100 $ 160,000 $ 1,499,224 Non-controlling interest (56,155 ) — — — (56,155 ) Net purchase price $ 558,095 $ 460,874 $ 264,100 $ 160,000 $ 1,443,069 (1) The below-market ground lease value was recorded as a component of the Right of use asset – operating leases on the Consolidated Balance Sheet. Refer to Note 12 for additional details on the Company’s leases. (2) The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles, below-market lease intangibles and below-market ground lease for the properties acquired during the three months ended March 31, 2020 were seven years, seven years, eight years and 47 years, respectively. The estimated future amortization on the Company’s below-market ground lease for each of the next five years and thereafter as of March 31, 2020 is as follows ($ in thousands): Below-market Ground Lease 2020 (remaining) $ 1,529 2021 2,039 2022 2,039 2023 2,039 2024 2,039 Thereafter 85,624 $ 95,309 Investments in unconsolidated real estate ventures On March 13, 2019, the Company entered into a joint venture (the "Joint Venture") to acquire a Fort Lauderdale hotel. The Company owns a 43% interest in the Joint Venture. The Joint Venture is accounted for using the equity method of accounting and is included in Investment in unconsolidated real estate venture in the Company’s Consolidated Balance Sheets. The Company's investment in the Joint Venture totaled $12.3 million and $12.2 million as of March 31, 2020 and December 31, 2019, respectively. The Company’s income from its investment in the Joint Venture is presented in Earnings from unconsolidated real estate ventures on the Company’s Consolidated Statements of Operations and totaled $0.4 million and $0.04 million for the three months ended March 31, 2020 and 2019, respectively.

Intangibles

Intangibles	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Intangibles	4. Intangibles The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): March 31, 2020 December 31, 2019 Intangible assets: (1) In-place lease intangibles $ 162,892 $ 77,311 Above-market lease intangibles 22,045 5,387 Other 31,019 30,801 Total intangible assets 215,956 113,499 Accumulated amortization: In-place lease amortization (24,434 ) (12,341 ) Above-market lease intangibles (709 ) (318 ) Other (1,369 ) (635 ) Total accumulated amortization (26,512 ) (13,294 ) Intangible assets, net $ 189,444 $ 100,205 Intangible liabilities: (2) Below-market lease intangibles $ 31,440 $ 7,032 Accumulated amortization (784 ) (331 ) Intangible liabilities, net $ 30,656 $ 6,701 (1) Included in Other assets on the Company’s Consolidated Balance Sheets. (2) Included in Accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets. The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of March 31, 2020 is as follows ($ in thousands): In-place Lease Intangibles Above-market Lease Intangibles Other Below-market Lease Intangibles 2020 (remaining) $ 23,542 $ 2,846 $ 2,724 $ (2,658 ) 2021 27,912 3,779 2,933 (3,486 ) 2022 21,763 3,294 2,924 (3,206 ) 2023 15,990 2,850 2,839 (2,950 ) 2024 11,462 1,859 2,825 (2,514 ) Thereafter 37,789 6,708 15,405 (15,842 ) $ 138,458 $ 21,336 $ 29,650 $ (30,656 )

Investments in Real Estate-Rela

Investments in Real Estate-Related Securities	3 Months Ended
	Mar. 31, 2020
Schedule Of Investments [Abstract]
Investments in Real Estate-Related Securities	5. Investments in Real Estate-Related Securities The following tables detail the Company’s investments in real estate-related securities ($ in thousands): March 31, 2020 Instrument Number of Positions Weighted Average Coupon (1) Weighted Average Maturity Date (2) Cost Basis Fair Value RMBS 72 3.45% June 13, 1944 $ 298,966 $ 285,640 CLO 8 6.11% August 15, 2031 25,166 17,631 CMBS 4 4.28% December 22, 2036 11,443 11,194 84 $ 335,575 $ 314,465 December 31, 2019 Instrument Number of Positions Weighted Average Coupon (1) Weighted Average Maturity Date (2) Cost Basis Fair Value RMBS 59 3.76% October 17, 1940 $ 235,405 $ 236,844 CLO 12 6.12% May 11, 2031 29,302 29,236 CMBS 4 3.73% March 13, 2037 11,473 11,571 75 $ 276,180 $ 277,651 (1) As of March 31, 2020, our RMBS investments had floating rate coupons ranging from 2.40% to 7.00%, our CLO securities had floating rate coupons ranging from 5.75% to 9.60% and our CMBS investments had floating rate coupons ranging from 4.07% to 5.00%. (2) The majority of the Company’s real estate-related securities portfolio consist of non-agency residential mortgage-backed securities (“RMBS”). The Company has also invested in collateralized loan obligations (“CLOs”) and commercial mortgage-backed securities (“CMBS”). During the three months ended March 31, 2020, the Company recorded net unrealized and realized losses on its real estate-related securities portfolio of $22.6 million and $1.3 million, respectively. During the three months ended March 31, 2019, the Company recorded an unrealized loss of $0.1 million on its real estate-related securities portfolio. During the three months ended March 31, 2019, the Company did not sell any securities. Such amounts are recorded as a component of (Loss) income from real estate-related securities, net on the Company’s Consolidated Statements of Operations.

Mortgage Notes and Revolving Cr

Mortgage Notes and Revolving Credit Facility	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Mortgage Notes and Revolving Credit Facility	6. Mortgage Notes and Revolving Credit Facility The following table is a summary of the mortgage notes and revolving credit facility secured by the Company’s properties ($ in thousands): Principal Balance Outstanding (2) Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date Maximum Facility Size March 31, 2020 December 31, 2019 Fixed rate loans Fixed rate mortgages 3.50% 7/20/2029 N/A $ 1,340,373 $ 1,004,423 Total fixed rate loans 1,340,373 1,004,423 Variable rate loans Floating rate mortgages L + 1.75% 1/27/2025 N/A 738,389 240,599 Variable rate revolving credit facility (3) L + 2.00% 10/21/2020 $ 200,000 172,800 — Total variable rate loans 911,189 240,599 Total loans secured by the Company's properties 2,251,562 1,245,022 Deferred financing costs, net (12,892 ) (7,136 ) Discount on assumed debt, net 233 216 Mortgage notes and revolving credit facility, net $ 2,238,903 $ 1,238,102 (1) ( 2 ) The majority of the Company’s mortgages contain yield or spread maintenance provisions. (3) The Company’s revolving credit facility is used as bridge financing and can be drawn upon to fund the acquisition of future real estate investments. The following table presents the future principal payments under the Company’s mortgage notes and revolving credit facility as of March 31, 2020 ($ in thousands): Year Amount 2020 (remaining) $ 175,029 2021 51,049 2022 3,235 2023 3,931 2024 213,561 Thereafter 1,804,757 Total $ 2,251,562 Interest paid on the Company’s mortgage notes and revolving credit facility for the three months ended March 31, 2020 and 2019 was $9.9 million and $2.2 The Company’s mortgage notes and revolving credit facility may contain customary events of default and covenants, including limitations on liens and indebtedness. The Company is not aware of any instance of noncompliance with financial covenants as of March 31, 2020.

Repurchase Agreements

Repurchase Agreements	3 Months Ended
	Mar. 31, 2020
Repurchase Agreements [Abstract]
Repurchase Agreements	7. Repurchase Agreements Repurchase agreements 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 repurchase agreement 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 repurchase agreement, 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. The Company’s repurchase agreements typically have terms of up to one month at inception. The carrying amount of the Company’s repurchase agreements approximates fair value due to their short-term maturities or floating rate coupons. Interest rates on these borrowings are fixed 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 repurchase agreements disclosed in the tables below represent the Company’s fair value of such instruments, which may differ from the fair value assigned to the collateral by its counterparties. For financial statement purposes, the Company does not offset its repurchase agreements and securities lending transactions because the conditions for netting as specified by GAAP are not met. Although not offset on the Consolidated Balance Sheets, these transactions are included in the following tables ($ in thousands): March 31, 2020 Security Interest Weighted Average Coupon Collateral Assets (1) Outstanding Balance RMBS 2.22% $ 212,050 $ 182,518 CLO 3.08% 14,886 12,583 CMBS 1.91% 4,064 3,333 $ 231,000 $ 198,434 December 31, 2019 Security Interest Weighted Average Coupon Collateral Assets (1) Outstanding Balance RMBS 2.62% $ 89,784 $ 74,876 CLO 4.71% 7,962 6,159 $ 97,746 $ 81,035 (1) Represents the fair value of the Company’s investments in real estate-related securities. Interest paid on the Company’s repurchase agreements for the three months ended March 31, 2020 and 2019 was $0.7 million and $0.4 million, respectively.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	3 Months Ended
	Mar. 31, 2020
Other Assets And Other Liabilities [Abstract]
Other Assets and Other Liabilities	8 . Other Assets and Other Liabilities The following table summarizes the components of Other assets ($ in thousands): March 31, 2020 December 31, 2019 Intangible assets, net $ 189,444 $ 100,205 Receivables 12,476 7,763 Acquisition deposits 8,807 3,050 Derivative instruments 1,763 203 Prepaid expenses 1,093 1,456 Interest receivable 21 — Other 6,241 820 Total $ 219,845 $ 113,497 The following table summarizes the components of Accounts payable, accrued expenses, and other liabilities ($ in thousands): March 31, 2020 December 31, 2019 Intangible liabilities, net $ 30,656 $ 6,701 Accounts payable and accrued expenses 12,119 10,188 Real estate taxes payable 10,401 6,513 Deferred income 9,760 6,707 Tenant security deposits 6,677 3,547 Right of use liability - operating lease 6,408 — Distributions payable 6,191 4,216 Accrued interest expense 3,882 1,993 Derivative instruments 2,901 — Other 12,119 8,114 Total $ 101,114 $ 47,979

Equity and Redeemable Non-contr

Equity and Redeemable Non-controlling interest	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Equity and Redeemable Non-controlling interest	9 . Equity and Redeemable Non-controlling interest Authorized Capital The Company is authorized to issue preferred stock and four classes of common stock consisting of Class T shares, Class S shares, Class D shares, and Class I shares. The Company’s board of directors has the ability to establish the preferences and rights of each class or series of preferred stock, without stockholder approval, and as such, it may afford the holders of any series or class of preferred stock preferences, powers and rights senior to the rights of holders of common stock. The differences among the common share classes relate to upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. See Note 2 for a further description of such items. Other than the differences in upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees, each class of common stock is subject to the same economic and voting rights. As of March 31, 2020, the Company had the authority to issue 1,100,000,000 shares of capital stock, consisting of the following: Classification Number of Shares Par Value Preferred Stock 100,000,000 $ 0.01 Class T Shares 250,000,000 $ 0.01 Class S Shares 250,000,000 $ 0.01 Class D Shares 250,000,000 $ 0.01 Class I Shares 250,000,000 $ 0.01 Total 1,100,000,000 Common Stock The following table details the movement in the Company’s outstanding shares of common stock: Three months ended March 31, 2020 Class T Class S Class D Class I Total December 31, 2019 1,412,563 26,164,794 1,653,094 16,114,284 45,344,735 Common stock issued 599,008 9,387,247 626,202 8,890,951 19,503,408 Distribution reinvestment 9,345 236,427 16,565 126,469 388,806 Common stock repurchased (4,665 ) (25,680 ) (2,588 ) (12,786 ) (45,719 ) March 31, 2020 2,016,251 35,762,788 2,293,273 25,118,918 65,191,230 Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Code. Each class of common stock receives the same gross distribution per share. The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable distributor. The following table details the aggregate distributions declared for each applicable class of common stock for the three months ended March 31, 2020: Class T Class S Class D Class I Gross distributions declared per share of common stock $ 0.3105 $ 0.3105 $ 0.3105 $ 0.3105 Stockholder servicing fee per share of common stock (0.0454 ) (0.0458 ) (0.0134 ) — Net distributions declared per share of common stock $ 0.2651 $ 0.2647 $ 0.2971 $ 0.3105 Redeemable Non-controlling Interest In connection with its performance participation interest, the Special Limited Partner holds Class I units in the Operating Partnership. See Note 10 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 the election of the Special Limited Partner, the Company has classified these Class I units as Redeemable non-controlling Interest in mezzanine equity on the Company’s Consolidated Balance Sheets. The Redeemable non-controlling Interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such units at the end of each measurement period. As the redemption value was greater than the adjusted carrying value at March 31, 2020, the Company recorded an allocation adjustment of $0.3 million between Additional paid-in capital and Redeemable non-controlling Interest. The following table summarizes the redeemable non-controlling interest activity for the three months ended March 31, 2020 ($ in thousands): December 31, 2019 $ — Settlement of 2019 performance participation allocation 10,366 GAAP income allocation (332 ) Distributions (149 ) Fair value allocation 302 March 31, 2020 $ 10,187 Share Repurchase Plan The Company has adopted a share repurchase plan, whereby on a monthly basis, stockholders may request that the Company repurchase all or any portion of their shares. The Company may choose to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any particular month, in its discretion, subject to any limitations in the share repurchase plan. The total amount of aggregate repurchases of Class T, Class S, Class D, and Class I shares is limited to 2% of the aggregate NAV per month and 5% of the aggregate NAV per calendar quarter. Shares are repurchased at a price equal to the transaction price on the applicable repurchase date, subject to any early repurchase deduction. Shares that have not been outstanding for at least one year are repurchased at 95% of the transaction price. Due to the illiquid nature of investments in real estate, the Company may not have sufficient liquid resources to fund repurchase requests and may elect not to repurchase some or all of the shares submitted for repurchase in a given period. Further, the Company may modify, suspend or terminate the share repurchase plan. For the three months ended March 31, 2020, the Company repurchased 45,719 shares of common stock representing a total of $1.0 million. The Company had no unfulfilled repurchase requests during the three months ended March 31, 2020. Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan whereby stockholders (other than clients of participating broker dealers and residents of certain states that do not permit automatic enrollment in the distribution reinvestment plan) will have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. Residents of Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, North Carolina, New Jersey, Ohio, Oregon and Washington and clients of participating broker-dealers that do not permit automatic enrollment in the distribution reinvestment plan will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional shares of the Company’s common stock. The per share purchase price for shares purchased pursuant to the distribution reinvestment plan will be equal to the transaction price before upfront selling commissions and dealer manager fees at the time the distribution is payable, which will generally be equal to the Company’s prior month’s NAV per share for that share class. Stockholders will not pay upfront selling commissions or dealer manager fees when purchasing shares pursuant to the distribution reinvestment plan. The stockholder servicing fees with respect to shares of the Company’s Class T shares, Class S shares and Class D shares are calculated based on the NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the distribution reinvestment plan.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	10 . Related Party Transactions Acquisition of Initial Investments On January 3, 2019, the Company acquired a multifamily property portfolio (the “Florida Multifamily Portfolio”) from an affiliate of the Advisor, for approximately $100 million, excluding closing costs. The Florida Multifamily Portfolio is a garden style multifamily portfolio totaling 1,150 units and comprised of two properties located in Jacksonville, Florida and two properties located in Naples, Florida. The affiliate of the Advisor acquired the Florida Multifamily Portfolio on October 5, 2018 from an unaffiliated third party for approximately $100 million, excluding closing costs. On January 3, 2019, the Company acquired a multifamily property (the “Phoenix Property”) from an affiliate of the Advisor for approximately $46 million, excluding closing costs. The Phoenix Property is a garden style multifamily property totaling 256 units located in Mesa, Arizona. The affiliate of the Advisor acquired the Phoenix Property on June 29, 2018 from an unaffiliated third party for approximately $46 million, excluding closing costs. On January 3, 2019, the Company acquired a multifamily property (the “Savannah Property”) from an affiliate of the Advisor for approximately $36 million, excluding closing costs. The Savannah Property is a new construction multifamily property located in Savannah, Georgia totaling 203 units. The affiliate of the Advisor acquired the Savannah Property on July 19, 2018 from an unaffiliated third party for approximately $36 million, excluding closing costs. On March 20, 2020, the Company acquired a 75% interest in 60 State Street, a 911,000-square-foot office building in Boston, Massachusetts through a joint venture, between the Company and Starwood Capital Group Holdings, L.P., the Company’s sponsor (“Starwood Capital Group”). Starwood Capital Group purchased a 25% interest (the “60 State Street Membership Interests”) alongside the Company with the intent of subsequently selling it to an unaffiliated firm. Should that contemplated sale not occur, Starwood Capital Group will have the right to put the 60 State Street Membership Interests to the Company. Should Starwood Capital Group put the 60 State Street Membership Interests to the Company, the Company would acquire it at cost plus a market interest rate determined by reference to rates on comparable loans between unaffiliated parties. Management Fee and Performance Participation Allocation The Advisor is entitled to an annual management fee equal to 1.25% of the Company’s NAV, payable monthly as compensation for the services it provides to the Company. The management fee can be paid, at the Advisor’s election, in cash, shares of common stock, or Operating Partnership units. The Advisor waived its management fee through March 31, 2019. During the three months ended March 31, 2020, the Company incurred management fees of $3.9 million. To date, the Advisor has elected to receive the management fee in shares of the Company’s common stock. The Company issued 114,818 unregistered Class I shares to the Advisor as payment for the management fee and also had a payable of $1.5 million related to the management fee as of March 31, 2020, which is included in Due to affiliates on the Company’s Consolidated Balance Sheets. During April 2020, the Advisor was issued 68,906 unregistered Class I shares as payment for the $1.5 million management fee accrued as of March 31, 2020. 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 agreement, the annual total return will be allocated solely to the Special Limited Partner after the other unit holders have received a total return of 5% (after recouping any loss carryforward amount) and such allocation will continue until the allocation between the Special Limited Partner and all other unit holders is equal to 12.5% and 87.5%, respectively. Thereafter, the Special Limited Partner will receive an allocation of 12.5% of the annual total return. The annual distribution of the performance participation interest will be paid in cash or Class I units of the Operating Partnership, at the election of the Special Limited Partner. During the three months ended March 31, 2020 and March 31, 2019, the Company recognized $46,000 and $0.9 million, respectively of performance participation allocation in the Company’s Consolidated Statements of Operations. The 2019 performance participation allocation became payable on December 31, 2019 and, in January 2020, the Company issued 480,539 Class I units in the Operating Partnership to the Special Limited Partner as payment for the 2019 performance participation allocation. Such Class I units were issued at the NAV per unit as of December 31, 2019. Due to Affiliates The following table details the components of Due to affiliates ($ in thousands): March 31, 2020 December 31, 2019 Accrued stockholder servicing fee $ 60,816 $ 44,086 Advanced organization and offering costs 6,923 7,290 Performance participation allocation 46 10,366 Accrued management fee 1,461 1,037 Accrued affiliate service provider expenses 246 112 Advanced operating expenses 461 450 Total $ 69,953 $ 63,341 Accrued stockholder servicing fee As described in Note 2, the Company accrues the full amount of the future stockholder servicing fees payable to the Dealer Manager for Class T, Class S, and Class D shares up to the 8.75% limit at the time such shares are sold. As of March 31, 2020 and December 31, 2019, the Company has accrued $60.8 million and $44.1 million, respectively, of stockholder servicing fees payable to the Dealer Manager related to the Class T, Class S shares and Class D shares sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fee and all or a portion of the stockholder servicing fees received by the Dealer Manager to such selected dealers. Advanced organization and offering costs The Advisor and its affiliates have incurred $7.3 million, respectively, 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 amounts are 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 Starwood Capital Group, to provide day-to-day operational and management services (including leasing, construction management, revenue management, accounting, legal and contract management, expense management, and capital expenditure projects and transaction support services) for a portion of the Company’s multifamily properties. The cost for such services is a percentage of the gross receipts and project costs respectively (which will be reviewed periodically and adjusted if appropriate), plus actual costs allocated for transaction support services. During the three months ended March 31, 2020 and 2019, the Company has incurred approximately $0.5 million and $0.1 million, respectively, of expenses due to Highmark Residential services in connection with its investments and such amount is included in Rental property operating expenses on the Company’s Consolidated Statements of Operations. Advanced operating expenses As of March 31, 2020 and December 31, 2019, the Advisor had advanced approximately $0.1 million and $0.1 million, respectively, of expenses on the Company’s behalf for general corporate expenses provided by unaffiliated third parties. Such amounts are being reimbursed to the Advisor ratably over a 60 month period, which commenced in January 2020. As of March 31, 2020 and December 31, 2019, the Advisor had advanced approximately $0.2 million and $0.3 million, respectively, of expenses on the Company’s behalf for general corporate expenses. Such amounts are being reimbursed to the Advisor one month in arrears. Affiliate service provider expenses 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 Starwood Capital Group and certain of its affiliates, to provide corporate legal support services to the Company. For the three months ended March 31, 2020 and 2019, the amounts incurred for services provided by RFF was $0.1 million and $0 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	1 1 . Commitments and Contingencies As of March 31, 2020 and December 31, 2019, the Company is not subject to any material litigation nor is the Company aware of any material litigation threatened against it.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	12. Leases Lessee Certain of the Company’s investments in real estate are subject to a ground lease. The Company’s ground lease is classified as an operating lease based on the characteristics of the lease. The ground lease was acquired as part of the acquisition of real estate and no incremental costs were incurred for such ground lease. The Company’s ground lease is non-cancelable and does not contain any additional renewal options. The following table presents the future lease payments due under the Company’s ground lease as of March 31, 2020 ($ in thousands): Operating Leases 2020 (remaining) $ 299 2021 399 2022 399 2023 399 2024 399 Thereafter 16,753 Total undiscounted future lease payments 18,648 Difference between undiscounted cash flows and discounted cash flows 12,240 Total lease liability $ 6,408 The Company utilized its incremental borrowing rate of 6% to determine its lease liabilities. As of March 31, 2020, the weighted average remaining lease term of the Company’s operating lease was 47 years. Payments under the Company’s ground lease contain fixed payment components. The Company’s ground lease contained escalations prior to our hold period. Lessor The Company’s rental revenue primarily consists of rent earned from operating leases at the Company’s multifamily, industrial, office and medical office properties. Leases at the Company’s industrial and office 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 medical office 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 medical office 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 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 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): Three Months Ended March 31, 2020 2019 Fixed lease payments $ 40,603 $ 4,038 Variable lease payments 5,862 272 Rental revenue $ 46,465 $ 4,310 The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, office and medical office properties ($ in thousands). Leases at the Company’s multifamily properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2020 (remaining) $ 90,023 2021 113,170 2022 101,612 2023 91,114 2024 79,129 Thereafter 364,007 Total $ 839,055

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Reporting	1 3 . Segment Reporting The Company operates in six reportable segments: Multifamily properties, Hotel properties, Industrial properties, Office properties, Medical office properties and Real estate-related securities. The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that segment net operating income is the key performance metric that captures the unique operating characteristics of each segment. The following table sets forth the total assets by segment ($ in thousands): March 31, 2020 December 31, 2019 Multifamily $ 1,486,914 $ 1,038,777 Hotel 252,828 253,273 Industrial 324,894 330,110 Office 1,215,375 303,396 Medical office 202,589 39,143 Real estate-related securities 314,465 277,651 Other (Corporate) 121,820 147,972 Total assets $ 3,918,885 $ 2,390,322 The following table sets forth the financial results by segment for the three months ended March 31, 2020 ($ in thousands): Multifamily Hotel Industrial Office Medical Office Real Estate- Related Securities Total Revenues: Rental revenue $ 25,114 $ — $ 6,688 $ 12,813 $ 1,850 $ — $ 46,465 Hotel revenue — 10,215 — — — — 10,215 Other revenue 262 74 — 11 10 — 357 Total revenues 25,376 10,289 6,688 12,824 1,860 — 57,037 Expenses: Rental property operating 8,940 — 1,716 4,326 562 — 15,544 Hotel operating — 5,964 — — — — 5,964 Total segment expenses 8,940 5,964 1,716 4,326 562 — 21,508 Loss from real estate-related securities, net — — — — — (20,173 ) (20,173 ) Earnings from unconsolidated real estate ventures — 360 — — — — 360 Segment net operating income (loss) $ 16,436 $ 4,685 $ 4,972 $ 8,498 $ 1,298 $ (20,173 ) $ 15,716 Depreciation and amortization $ (16,790 ) $ (2,078 ) $ (4,164 ) $ (6,781 ) $ (730 ) $ — $ (30,543 ) General and administrative (2,358 ) Management fees (3,946 ) Performance participation allocation (46 ) Interest income 303 Interest expense (19,641 ) Other expense (132 ) Net loss $ (40,647 ) Net loss attributable to non- controlling interests in consolidated joint ventures 638 Net loss attributable to non- controlling interests in Operating Partnership 332 Net loss attributable to stockholders $ (39,677 ) The following table sets forth the financial results by segment for the three months ended March 31, 2019 ($ in thousands): Multifamily Hotel Real Estate- Related Securities Total Revenues: Rental revenue $ 4,310 $ — $ — $ 4,310 Hotel revenue — 10,852 — 10,852 Other revenue 199 54 — 253 Total revenues 4,509 10,906 — 15,415 Expenses: Rental property operating 1,762 — — 1,762 Hotel operating — 5,503 — 5,503 Total segment expenses 1,762 5,503 — 7,265 Income from real estate-related securities, net — — 102 102 Earnings from unconsolidated real estate ventures — 43 — 43 Segment net operating income $ 2,747 $ 5,446 $ 102 $ 8,295 Depreciation and amortization $ (3,304 ) $ (2,054 ) $ — $ (5,358 ) General and administrative (912 ) Management fees — Performance participation allocation (857 ) Interest income 58 Interest expense (3,598 ) Other expense (96 ) Net loss $ (2,468 ) Net loss attributable to non-controlling interests in consolidated joint ventures — Net loss attributable to stockholders $ (2,468 )

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	1 4 . Subsequent Events Acquisition On May 5, 2020, Dispositions Subsequent to March 31, 2020, the Company sold $30.1 million of real estate-related securities. COVID-19 Outbreak In December 2019, a novel strain of coronavirus (“COVID-19”) emerged in Wuhan, Hubei Province, China. While initially the outbreak was largely concentrated in China and caused significant disruptions to its economy, it has now spread to several other countries and infections have been reported globally. The World Health Organization has declared the COVID-19 outbreak a pandemic, and the Health and Human Services Secretary has declared a public health emergency in the United States in response to the outbreak. Due to the fact the Company’s property portfolio is comprised entirely of real property located in the United States, COVID-19 will impact the Company’s operating results to the extent that its continued spread reduces occupancy, negatively impacts the ability to obtain necessary goods and services or provide adequate staffing, increases the cost of operation or results in limited hours or necessitates the closure of the Company’s properties. The extent to which COVID-19 impacts the Company’s operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the outbreak, new information that may emerge concerning the severity of COVID-19 and the actions taken to contain COVID-19 or treat its impact, among others. At this time, the Company is unable to estimate the impact of this event on its operations. Status of the Offering As of May 12, 2020, the Company had sold an aggregate of 68,348,980 shares of its common stock (consisting of 2,201,323 Class T shares, 37,802,137 Class S shares, 2,446,295 Class D shares, and 25,899,225 Class I shares) in the Offering resulting in net proceeds of approximately $1.4 billion to the Company as payment for such shares.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying unaudited 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 consolidated financial statements are presented fairly and that estimates made in preparing its consolidated financial statements are reasonable and prudent. The accompanying unaudited 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, 2019 filed with the SEC. The accompanying unaudited 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. 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 entities such as purchases, dispositions, financings, budgets, and overall operating plans. Where the Company does not have the power to direct the activities of the VIE that most significantly impact its economic performance, the Company's interest for those partially owned entities are accounted for using the equity method of accounting. The Company meets the VIE disclosure exemption criteria, as the Company’s interest in the Operating Partnership is considered a majority voting interest. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure.
Restricted Cash	Restricted Cash Restricted cash primarily consists
Investments in Real Estate	Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the transaction as an asset acquisition. All property acquisitions to date have been accounted for as asset acquisitions. The Company capitalizes acquisition-related costs associated with asset acquisitions. Upon acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends and market and economic conditions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has not been material. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company’s investments in real estate are stated at cost and are generally Description Depreciable Life Building 35 - 40 years Building and land improvements 5 - 15 years Furniture, fixtures and equipment 5 - 7 years Lease intangibles and leasehold improvements Shorter of useful life or lease term Repairs and maintenance are expensed to operations as incurred and are included in Rental property operating and Hotel operating expenses on the Company’s Consolidated Statements of Operations. Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. The Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. The amortization of acquired above-market and below-market leases is recorded as an adjustment to rental revenue on the Company’s Consolidated Statements of Operations. The amortization of in-place leases is recorded as an adjustment to Depreciation and amortization expense on the Company’s Consolidated Statements of Operations. Certain of the Company’s investments in real estate are subject to a ground lease, for which a lease liability and corresponding right-of-use (“ROU”) asset were recognized. The Company calculates the amount of the lease liability and ROU asset by taking the present value of the remaining lease payments, and adjusting the ROU asset for any existing straight-line ground rent liability and acquired ground lease intangibles. The Company’s estimated incremental borrowing rate of a loan with a similar term as the ground lease was used as the discount rate. The lease liability is included as a component of Accounts payable, accrued expenses, and other liabilities and the related ROU asset is recorded as a component of Investments in real estate, net on the Company’s Consolidated Balance Sheets. The amortization of the below-market ground lease will be recorded as an adjustment to Depreciation and amortization expense on the Company’s Consolidated Statements of Operations. The Company’s management reviews its real estate properties for impairment when there is an event or change in circumstances that indicates an impaired value. Since cash flows on real estate properties considered to be “long-lived assets to be held and used” are considered on an undiscounted basis to determine whether an asset has been impaired, the Company’s strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value. During the periods presented, no such impairment occurred.
Investments in Unconsolidated Real Estate Ventures	Investments in Unconsolidated Real Estate Ventures Investments in unconsolidated joint ventures are initially recorded at cost, and subsequently adjusted for equity in earnings and cash contributions and distributions. Under the equity method of accounting, the net equity investment of the Company is reflected within the Consolidated Balance Sheets, and the Company’s share of net income or loss from the joint ventures is included within the Consolidated Statements of Operations. The joint venture agreements may designate different percentage allocations among investors for profits and losses; however, the Company’s recognition of joint venture income or loss generally follows the joint venture’s distribution priorities, which may change upon the achievement of certain investment return thresholds. The Company’s investments in unconsolidated joint ventures are reviewed for impairment periodically and the Company records impairment charges when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than-temporary. The ultimate realization of the investment in unconsolidated joint ventures is dependent on a number of factors, including the performance of each investment and market conditions.
Investments in Real Estate-Related Securities	Investments in Real Estate-Related Securities The Company has elected to classify its investment in real estate-related securities as trading securities and carry such investments at estimated fair value. As such, the resulting gains and losses are recorded as a component of (Loss) income from real estate-related securities, net on the Consolidated Statements of Operations. Interest income from the Company’s investments in real estate securities is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of premiums and discounts associated with these investments is deferred and recorded over the term of the investment as an adjustment to yield. Such items are recorded as components of Investments in real estate-related securities on the Company’s Consolidated Balance Sheets.
Derivative Instruments	Derivative Instruments In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company recognizes all derivatives as either assets or liabilities in the Consolidated Balance Sheets and measures those instruments at fair value.
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	Valuation The Company generally determines the fair value of its real estate-related securities by utilizing broker-dealer quotations, reported trades or valuation estimates from pricing models to determine the reported price. Pricing models for real estate-related securities are generally discounted cash flow models that usually consider the attributes applicable to a particular class of security (e.g., credit rating, 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. As of December 31, 2019 and March 31, 2020 the Company’s investments in real estate-related securities are classified as Level 2 and Level 3, respectively. On January 1, 2020, the entire Investments in Real Estate-Related Securities portfolio was transferred into Level 3 primarily due to decreased price transparency. The significant unobservable input in our Level 3 measurements for the real estate-related securities measured at fair value on a recurring basis is the yield of the security. The yield ranged from 1.8% to 17.9% and had a weighted average of 5.5% for the period ended March 31, 2020. A significant increase (decrease) in the yield in isolation would result in a significantly lower (higher) fair value measurement. Refer to Note 5 for additional information. 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 rate and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company’s indebtedness are considered Level 3. As of March 31, 2020, the fair value of the Company’s mortgage notes, revolving credit facility and repurchase agreements was approximately $8.3 million below the outstanding principal balance. The Company’s derivative 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 Company’s derivative positions are classified as Level 2. As of March 31, 2020, the fair value of the Company’s derivatives was approximately $4.4 million below their cost. The fair values of the Company’s financial instruments (other than real estate-related securities, mortgage notes, revolving credit facility and derivative instruments), including cash and cash equivalents and other financial instruments, approximate their carrying or contract value.
Deferred Charges	Deferred Charges The Company’s deferred charges include financing and leasing costs. Deferred financing costs include legal, structuring and other loan costs incurred by the Company for its financing agreements. Deferred financing costs related to the Company’s mortgage notes are recorded as an offset to the related liability and amortized over the term of the applicable financing instruments as interest expense. Deferred financing costs related to the Company’s revolving credit facility are recorded as a component of Other assets on the Company’s Consolidated Balance Sheets and amortized over the term of the applicable financing agreement. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage commissions, are recorded as a component of Investments in real estate, net on the Company’s Consolidated Balance Sheets and amortized over the life of the related lease.
Revenue Recognition	Revenue Recognition The Company commences revenue recognition on its leases based on a number of factors, including the initial determination that the contract is or contains a lease. Generally, all of the Company’s contracts are, or contain leases, and therefore revenue is recognized when the lessee takes possession of or controls the physical use of the leased assets. In most instances this occurs on the lease commencement date. At the inception of a new lease, including new leases that arise from amendments, the Company assesses the terms and conditions of the lease to determine the proper lease classification. The Company adopted the provisions of Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) and related ASUs subsequently issued (collectively, “ASC 842”) as of January 1, 2019. A lease is classified as an operating lease if none of the following criteria are met: (i) ownership transfers to the lessee at the end of the lease term, (ii) the lessee has a purchase option that is reasonably expected to be exercised, (iii) the lease term is for a major part of the economic life of the leased property, (iv) the present value of the future lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the leased property, and (v) the leased property is of such a specialized nature that it is expected to have no future alternative use to the Company at the end of the lease term. If one or more of these criteria are met, the lease will generally be classified as a sales-type lease, unless the lease contains a residual value guarantee from a third party other than the lessee, in which case it would be classified as a direct financing lease under certain circumstances in accordance with ASC 842. The Company’s rental revenue primarily consists of fixed contractual base rent arising from tenant leases at the Company’s properties under operating leases. Revenue under operating leases that are deemed probable of collection, is recognized as revenue on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded in the Consolidated Balance Sheets. The Company’s Hotel revenue consists of room revenue and food and beverage revenue. Room revenue is recognized when the related room is occupied and other hotel revenue is recognized when the service is rendered. Certain of the Company’s contracts contain nonlease components (e.g., charges for management fees, common area maintenance, and reimbursement of third-party maintenance expenses) in addition to lease components (i.e., monthly rental charges). Services related to nonlease components are provided over the same period of time as, and billed in the same manner as, monthly rental charges. The Company elected to apply the practical expedient available under ASC 842, for all classes of assets, not to segregate the lease components from the nonlease components when accounting for operating leases. Since the lease component is the predominant component under each of these leases, combined revenues from both the lease and nonlease components are accounted for in accordance with ASC 842 and reported as rental revenues in the accompanying Consolidated Statements of Operations. In connection with its investments, the Company has utilized loan programs designed to encourage housing development. The proceeds from these loans are governed by restrictive covenants. For certain housing development loans, so long as the Company remains in compliance with the covenants and program requirements, the loans will be forgiven in equal annual installments until the loans are discharged in full. The Company treats these loans as deferred income and records them as a component of Accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets. As of March 31, 2020 and December 31, 2019, deferred income related to these loans amounted to $6.4 million and $6.6 million, respectively. As the loan balances are reduced during the compliance period, the Company will record income associated with the discharge of the loans as a component of Other revenue on the Consolidated Statements of Operations. For the three months ended March 31, 2020 and 2019, Other revenue related to these loans amounted to $0.2 million and $0.2 million, respectively. Other revenues and interest income are recorded on an accrual basis.
Organization and Offering Expenses	Organization and Offering Expenses Organization costs are expensed as incurred and recorded as a component of General and administrative expenses on the Company’s Consolidated Statements of Operations and offering costs are charged to equity as such amounts are incurred. The Advisor advanced $7.3 million of organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through December 21, 2019, the first anniversary of the date on which the proceeds from escrow were released. The Company reimburses the Advisor for all such advanced expenses ratably over a 60 month period following December 21, 2019. These organization and offering costs are recorded as a component of Due to affiliates on the Company’s Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019. Starwood Capital, L.L.C. (the “Dealer Manager”), a registered broker-dealer affiliated with the Advisor, serves as the dealer manager for the Offering. The Dealer Manager is entitled to receive selling commissions and dealer manager fees based on the transaction price of each applicable class of shares sold in the primary offering. The Dealer Manager is also entitled to receive a stockholder servicing fee based on the aggregate net asset value (“NAV”) of the Company’s outstanding Class T shares, Class S shares, and Class D shares. The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of March 31, 2020: Common Stock Class T Common Stock Class S Common Stock Class D Common Stock Class I Selling commissions and dealer manager fees (% of transaction price) up to 3.5% up to 3.5% up to 1.5% — Stockholder servicing fee (% of NAV) 0.85% 0.85% 0.25% — For Class S shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.5% of the transaction price. For Class T shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.0% of the transaction price and upfront dealer manager fees of 0.5% of the transaction price, however such amounts may vary at certain participating broker-dealers, provided that the sum will not exceed 3.5% of the transaction price. For Class D shares sold in the primary offering, investors will pay upfront selling commissions of up to 1.5% of the transaction price. Prior to February 4, 2020, no upfront selling commissions were paid on Class D shares. The Dealer Manager is entitled to receive stockholder servicing fees of 0.85% per annum of the aggregate NAV for Class S shares and Class T shares. For Class T shares such stockholder servicing fee includes, an advisor stockholder servicing fee of 0.65% per annum, and a dealer stockholder servicing fee of 0.20% per annum, of the aggregate NAV for the Class T shares, however, with respect to Class T shares sold through certain participating broker-dealers, the advisor stockholder servicing fee and the dealer stockholder servicing fee may be other amounts, provided that the sum of such fees will always equal 0.85% per annum of the NAV of such shares. The Class D shares will incur a stockholder servicing fee equal to 0.25% per annum of the aggregate NAV for the Class D shares. There is no stockholder servicing fee with respect to Class I shares. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fees received and all or a portion of the stockholder servicing fees to such selected dealers. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share sold in the primary offering at the end of the month in which the total selling commissions, dealer manager fees and stockholder servicing fees paid with respect to the shares held by such stockholder within such account would exceed 8.75% (or, in the case of Class T shares sold through certain participating broker-dealers, a lower limit as set forth in any applicable agreement between the Dealer Manager and a participating broker-dealer) of the gross proceeds from the sale of such share (including the gross proceeds of any shares issued under the Company’s distribution reinvestment plan with respect thereto). The Company will accrue the full cost of the stockholder servicing fee as an offering cost at the time each Class T, Class S and Class D share is sold during the primary offering. As of March 31, 2020 and December 31, 2019, the Company had accrued $60.8 million and $44.1 million respectively, of stockholder servicing fees related to shares sold and recorded such amount as a component of Due to affiliates on the Company’s Consolidated Balance Sheets.
Income Taxes	Income Taxes The Company intends to elect 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. If the Company qualifies for taxation as a REIT, it generally will not be subject to U.S. federal corporate income tax on its net taxable income that is currently distributed to its stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its REIT taxable income (subject to certain adjustments) to its stockholders. If the Company fails to qualify as a REIT in a taxable year, without the benefit of certain relief provisions, it will be subject to federal and state income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, it may also be subject to certain federal, state, and local taxes on its income and assets, including (1) taxes on any undistributed income, (2) taxes related to its taxable REIT subsidiaries (“TRSs”) and (3) certain state or local income taxes. In anticipation of the Company’s REIT election, 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 will be subject to taxation at the federal, state and local levels, as applicable, at the regular corporate tax rates. The Company accounts for applicable income taxes by utilizing the asset and liability method. As such, the Company records deferred tax assets and liabilities for the future tax consequences resulting from the difference between the carrying value of existing assets and liabilities and their respective tax basis. A valuation allowance for deferred tax assets is provided if the Company believes all or some portion of the deferred tax asset may not be realized. For the three months ended March 31, 2020 and 2019, the Company recognized an income tax provision of $0.1 million and $0.0 million, respectively, within Other expense on the Company’s Consolidated Statements of Operations. As of March 31, 2020 and December 31, 2019, the Company recorded a deferred tax liability of $0.1 million and $0.1 million, respectively, due to its hotel investments within Other assets on the Company’s Consolidated Balance Sheets.
Net Loss per Share	Net Loss per Share Basic net loss per share is computed by dividing net loss for the period by the weighted average number of common shares outstanding during the period. All classes of common stock are allocated net loss at the same rate per share and receive the same gross distribution per share. Diluted loss per share is computed by dividing net loss for the period by the weighted average number of common shares and common share equivalents outstanding (unless their effect is antidilutive) for the period. There are no common share equivalents outstanding that would have a dilutive effect as a result of the net loss, and accordingly, the weighted average number of common shares outstanding is identical for the periods ended March 31, 2020 and 2019, for both basic and diluted shares. The restricted stock grants of Class I shares held by the Company’s independent directors are not considered to be participating securities because they do not contain non-forfeitable rights to distributions. As a result, there is no impact of these restricted stock grants on basic and diluted net loss per common share until the restricted stock grants have fully vested.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments—Credit Losses Leases—Lessor In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820) – Disclosure Framework,” which adds new disclosure requirements and modifies or eliminates existing disclosure requirements of ASC 820. This ASU is effective for annual periods, and interim periods therein, beginning after December 15, 2019. The Company has determined the application of this ASU does not materially impact the Company. In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." The amendments simplify the accounting for income taxes by removing certain exceptions to the general principles of Topic 740, "Income Taxes" and also improve consistent application by clarifying and amending existing guidance. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted, with the amendments to be applied on a retrospective, modified retrospective or prospective basis, depending on the specific amendment. The Company is currently evaluating the impact of adopting this guidance. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional expedients for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria that reference LIBOR or another rate that is expected to be discontinued. The amendments in the ASU are effective for all entities as of March 12, 2020 through December 31, 2022. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Estimated Useful Life of Assets	The Company’s investments in real estate are stated at cost and are generally Description Depreciable Life Building 35 - 40 years Building and land improvements 5 - 15 years Furniture, fixtures and equipment 5 - 7 years Lease intangibles and leasehold improvements Shorter of useful life or lease term
Schedule of Selling Commissions, Dealer Manager Fees And Stockholder Servicing	The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of March 31, 2020: Common Stock Class T Common Stock Class S Common Stock Class D Common Stock Class I Selling commissions and dealer manager fees (% of transaction price) up to 3.5% up to 3.5% up to 1.5% — Stockholder servicing fee (% of NAV) 0.85% 0.85% 0.25% —

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): March 31, 2020 December 31, 2019 Building and building improvements $ 2,622,792 $ 1,455,204 Land and land improvements 483,415 322,520 Furniture, fixtures and equipment 52,779 46,268 Right of use asset - operating lease (1) 101,717 — Total 3,260,703 1,823,992 Accumulated depreciation (43,864 ) (25,948 ) Investments in real estate, net $ 3,216,839 $ 1,798,044 (1)
Schedule of Details of Properties Acquired	The following table provides further details of the properties acquired during the three months ended March 31, 2020 ($ in thousands): Investment Ownership Interest Number of Properties Location Sector Acquisition Date Real Estate Acquisition (1) Southeast Affordable Housing Portfolio 99.99% 18 Various (2) Multifamily February 13, 2020 $ 465,523 Nashville Office 100% 1 Nashville, TN Office February 21, 2020 265,404 Barlow Building 100% 1 Chevy Chase, MD Medical Office March 6, 2020 162,212 60 State St 75% 1 Boston, MA Office March 20, 2020 613,052 21 $ 1,506,190 (1) (2) The Southeast Affordable Housing Portfolio is primarily concentrated in Orlando, FL (27% of units), Newport News, VA (14%), Tucson, AZ (10%), Jacksonville, FL (9%), Charlotte, NC (8%) and Raleigh, NC (8%).
Schedule of Purchase Price Allocation of Properties	The following table summarizes the purchase price allocation for the properties acquired during the three months ended March 31, 2020 ($ in thousands): 60 State St Southeast Affordable Housing Portfolio Nashville Office Barlow Building Total Building and building improvements $ 479,291 $ 360,356 $ 228,180 $ 110,793 $ 1,178,620 Land and land improvements 472 88,378 21,636 31,681 142,167 Furniture, fixtures and equipment — 5,886 — — 5,886 Below-market ground lease (1) 95,536 — — — 95,536 In-place lease intangibles 47,625 6,254 18,791 12,188 84,858 Above-market lease intangibles 10,345 — 410 5,848 16,603 Below-market lease intangibles (19,019 ) — (4,917 ) (510 ) (24,446 ) Total purchase price (2) $ 614,250 $ 460,874 $ 264,100 $ 160,000 $ 1,499,224 Non-controlling interest (56,155 ) — — — (56,155 ) Net purchase price $ 558,095 $ 460,874 $ 264,100 $ 160,000 $ 1,443,069 (1) The below-market ground lease value was recorded as a component of the Right of use asset – operating leases on the Consolidated Balance Sheet. Refer to Note 12 for additional details on the Company’s leases. (2)
Estimated Future Amortization on the Company’s Below-Market Ground Lease	The estimated future amortization on the Company’s below-market ground lease for each of the next five years and thereafter as of March 31, 2020 is as follows ($ in thousands): Below-market Ground Lease 2020 (remaining) $ 1,529 2021 2,039 2022 2,039 2023 2,039 2024 2,039 Thereafter 85,624 $ 95,309

Intangibles (Tables)

Intangibles (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule Of Intangible Assets And Goodwill Table [Text Block]	The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): March 31, 2020 December 31, 2019 Intangible assets: (1) In-place lease intangibles $ 162,892 $ 77,311 Above-market lease intangibles 22,045 5,387 Other 31,019 30,801 Total intangible assets 215,956 113,499 Accumulated amortization: In-place lease amortization (24,434 ) (12,341 ) Above-market lease intangibles (709 ) (318 ) Other (1,369 ) (635 ) Total accumulated amortization (26,512 ) (13,294 ) Intangible assets, net $ 189,444 $ 100,205 Intangible liabilities: (2) Below-market lease intangibles $ 31,440 $ 7,032 Accumulated amortization (784 ) (331 ) Intangible liabilities, net $ 30,656 $ 6,701 (1) Included in Other assets on the Company’s Consolidated Balance Sheets. (2) Included in Accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets.
Summary of Estimated Future Amortization on Intangibles	The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of March 31, 2020 is as follows ($ in thousands): In-place Lease Intangibles Above-market Lease Intangibles Other Below-market Lease Intangibles 2020 (remaining) $ 23,542 $ 2,846 $ 2,724 $ (2,658 ) 2021 27,912 3,779 2,933 (3,486 ) 2022 21,763 3,294 2,924 (3,206 ) 2023 15,990 2,850 2,839 (2,950 ) 2024 11,462 1,859 2,825 (2,514 ) Thereafter 37,789 6,708 15,405 (15,842 ) $ 138,458 $ 21,336 $ 29,650 $ (30,656 )

Investments in Real Estate-Re_2

Investments in Real Estate-Related Securities (Tables)	3 Months Ended
	Mar. 31, 2020
Schedule Of Investments [Abstract]
Summary of Investments in Real Estate-Related Debt Securities	The following tables detail the Company’s investments in real estate-related securities ($ in thousands): March 31, 2020 Instrument Number of Positions Weighted Average Coupon (1) Weighted Average Maturity Date (2) Cost Basis Fair Value RMBS 72 3.45% June 13, 1944 $ 298,966 $ 285,640 CLO 8 6.11% August 15, 2031 25,166 17,631 CMBS 4 4.28% December 22, 2036 11,443 11,194 84 $ 335,575 $ 314,465 December 31, 2019 Instrument Number of Positions Weighted Average Coupon (1) Weighted Average Maturity Date (2) Cost Basis Fair Value RMBS 59 3.76% October 17, 1940 $ 235,405 $ 236,844 CLO 12 6.12% May 11, 2031 29,302 29,236 CMBS 4 3.73% March 13, 2037 11,473 11,571 75 $ 276,180 $ 277,651 (1) As of March 31, 2020, our RMBS investments had floating rate coupons ranging from 2.40% to 7.00%, our CLO securities had floating rate coupons ranging from 5.75% to 9.60% and our CMBS investments had floating rate coupons ranging from 4.07% to 5.00%. (2)

Mortgage Notes and Revolving _2

Mortgage Notes and Revolving Credit Facility (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Summary of Mortgage Notes and Revolving Credit Facility Secured by Company's Properties	The following table is a summary of the mortgage notes and revolving credit facility secured by the Company’s properties ($ in thousands): Principal Balance Outstanding (2) Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date Maximum Facility Size March 31, 2020 December 31, 2019 Fixed rate loans Fixed rate mortgages 3.50% 7/20/2029 N/A $ 1,340,373 $ 1,004,423 Total fixed rate loans 1,340,373 1,004,423 Variable rate loans Floating rate mortgages L + 1.75% 1/27/2025 N/A 738,389 240,599 Variable rate revolving credit facility (3) L + 2.00% 10/21/2020 $ 200,000 172,800 — Total variable rate loans 911,189 240,599 Total loans secured by the Company's properties 2,251,562 1,245,022 Deferred financing costs, net (12,892 ) (7,136 ) Discount on assumed debt, net 233 216 Mortgage notes and revolving credit facility, net $ 2,238,903 $ 1,238,102 (1) ( 2 ) The majority of the Company’s mortgages contain yield or spread maintenance provisions. (3) The Company’s revolving credit facility is used as bridge financing and can be drawn upon to fund the acquisition of future real estate investments.
Summary of Future Principal Payment Under Company's Mortgage Notes and Revolving Credit Facility	The following table presents the future principal payments under the Company’s mortgage notes and revolving credit facility as of March 31, 2020 ($ in thousands): Year Amount 2020 (remaining) $ 175,029 2021 51,049 2022 3,235 2023 3,931 2024 213,561 Thereafter 1,804,757 Total $ 2,251,562

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	3 Months Ended
	Mar. 31, 2020
Repurchase Agreements [Abstract]
Summary of Repurchase Agreements And Securities Lending Transactions	March 31, 2020 Security Interest Weighted Average Coupon Collateral Assets (1) Outstanding Balance RMBS 2.22% $ 212,050 $ 182,518 CLO 3.08% 14,886 12,583 CMBS 1.91% 4,064 3,333 $ 231,000 $ 198,434 December 31, 2019 Security Interest Weighted Average Coupon Collateral Assets (1) Outstanding Balance RMBS 2.62% $ 89,784 $ 74,876 CLO 4.71% 7,962 6,159 $ 97,746 $ 81,035 (1) Represents the fair value of the Company’s investments in real estate-related securities.

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Other Assets And Other Liabilities [Abstract]
Schedule of Components of Other Assets	The following table summarizes the components of Other assets ($ in thousands): March 31, 2020 December 31, 2019 Intangible assets, net $ 189,444 $ 100,205 Receivables 12,476 7,763 Acquisition deposits 8,807 3,050 Derivative instruments 1,763 203 Prepaid expenses 1,093 1,456 Interest receivable 21 — Other 6,241 820 Total $ 219,845 $ 113,497
Schedule of Components of Accounts Payable, Accrued Expenses and Other Liabilities	The following table summarizes the components of Accounts payable, accrued expenses, and other liabilities ($ in thousands): March 31, 2020 December 31, 2019 Intangible liabilities, net $ 30,656 $ 6,701 Accounts payable and accrued expenses 12,119 10,188 Real estate taxes payable 10,401 6,513 Deferred income 9,760 6,707 Tenant security deposits 6,677 3,547 Right of use liability - operating lease 6,408 — Distributions payable 6,191 4,216 Accrued interest expense 3,882 1,993 Derivative instruments 2,901 — Other 12,119 8,114 Total $ 101,114 $ 47,979

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling interest (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of Company's Authorized Capital	As of March 31, 2020, the Company had the authority to issue 1,100,000,000 shares of capital stock, consisting of the following: Classification Number of Shares Par Value Preferred Stock 100,000,000 $ 0.01 Class T Shares 250,000,000 $ 0.01 Class S Shares 250,000,000 $ 0.01 Class D Shares 250,000,000 $ 0.01 Class I Shares 250,000,000 $ 0.01 Total 1,100,000,000
Schedule of Common Stock Outstanding shares	The following table details the movement in the Company’s outstanding shares of common stock: Three months ended March 31, 2020 Class T Class S Class D Class I Total December 31, 2019 1,412,563 26,164,794 1,653,094 16,114,284 45,344,735 Common stock issued 599,008 9,387,247 626,202 8,890,951 19,503,408 Distribution reinvestment 9,345 236,427 16,565 126,469 388,806 Common stock repurchased (4,665 ) (25,680 ) (2,588 ) (12,786 ) (45,719 ) March 31, 2020 2,016,251 35,762,788 2,293,273 25,118,918 65,191,230
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 for the three months ended March 31, 2020: Class T Class S Class D Class I Gross distributions declared per share of common stock $ 0.3105 $ 0.3105 $ 0.3105 $ 0.3105 Stockholder servicing fee per share of common stock (0.0454 ) (0.0458 ) (0.0134 ) — Net distributions declared per share of common stock $ 0.2651 $ 0.2647 $ 0.2971 $ 0.3105
Schedule of Redeemable Noncontrolling Interest Activity	The following table summarizes the redeemable non-controlling interest activity for the three months ended March 31, 2020 ($ in thousands): December 31, 2019 $ — Settlement of 2019 performance participation allocation 10,366 GAAP income allocation (332 ) Distributions (149 ) Fair value allocation 302 March 31, 2020 $ 10,187

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Summary of Components of Due to Affiliates	The following table details the components of Due to affiliates ($ in thousands): March 31, 2020 December 31, 2019 Accrued stockholder servicing fee $ 60,816 $ 44,086 Advanced organization and offering costs 6,923 7,290 Performance participation allocation 46 10,366 Accrued management fee 1,461 1,037 Accrued affiliate service provider expenses 246 112 Advanced operating expenses 461 450 Total $ 69,953 $ 63,341

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Schedule of Future Lease Payments	The following table presents the future lease payments due under the Company’s ground lease as of March 31, 2020 ($ in thousands): Operating Leases 2020 (remaining) $ 299 2021 399 2022 399 2023 399 2024 399 Thereafter 16,753 Total undiscounted future lease payments 18,648 Difference between undiscounted cash flows and discounted cash flows 12,240 Total lease liability $ 6,408
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): Three Months Ended March 31, 2020 2019 Fixed lease payments $ 40,603 $ 4,038 Variable lease payments 5,862 272 Rental revenue $ 46,465 $ 4,310
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 medical office properties ($ in thousands). Leases at the Company’s multifamily properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2020 (remaining) $ 90,023 2021 113,170 2022 101,612 2023 91,114 2024 79,129 Thereafter 364,007 Total $ 839,055

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Summary of Total Assets by Segment	The following table sets forth the total assets by segment ($ in thousands): March 31, 2020 December 31, 2019 Multifamily $ 1,486,914 $ 1,038,777 Hotel 252,828 253,273 Industrial 324,894 330,110 Office 1,215,375 303,396 Medical office 202,589 39,143 Real estate-related securities 314,465 277,651 Other (Corporate) 121,820 147,972 Total assets $ 3,918,885 $ 2,390,322
Summary of Financial Results by Segment	The following table sets forth the financial results by segment for the three months ended March 31, 2020 ($ in thousands): Multifamily Hotel Industrial Office Medical Office Real Estate- Related Securities Total Revenues: Rental revenue $ 25,114 $ — $ 6,688 $ 12,813 $ 1,850 $ — $ 46,465 Hotel revenue — 10,215 — — — — 10,215 Other revenue 262 74 — 11 10 — 357 Total revenues 25,376 10,289 6,688 12,824 1,860 — 57,037 Expenses: Rental property operating 8,940 — 1,716 4,326 562 — 15,544 Hotel operating — 5,964 — — — — 5,964 Total segment expenses 8,940 5,964 1,716 4,326 562 — 21,508 Loss from real estate-related securities, net — — — — — (20,173 ) (20,173 ) Earnings from unconsolidated real estate ventures — 360 — — — — 360 Segment net operating income (loss) $ 16,436 $ 4,685 $ 4,972 $ 8,498 $ 1,298 $ (20,173 ) $ 15,716 Depreciation and amortization $ (16,790 ) $ (2,078 ) $ (4,164 ) $ (6,781 ) $ (730 ) $ — $ (30,543 ) General and administrative (2,358 ) Management fees (3,946 ) Performance participation allocation (46 ) Interest income 303 Interest expense (19,641 ) Other expense (132 ) Net loss $ (40,647 ) Net loss attributable to non- controlling interests in consolidated joint ventures 638 Net loss attributable to non- controlling interests in Operating Partnership 332 Net loss attributable to stockholders $ (39,677 ) The following table sets forth the financial results by segment for the three months ended March 31, 2019 ($ in thousands): Multifamily Hotel Real Estate- Related Securities Total Revenues: Rental revenue $ 4,310 $ — $ — $ 4,310 Hotel revenue — 10,852 — 10,852 Other revenue 199 54 — 253 Total revenues 4,509 10,906 — 15,415 Expenses: Rental property operating 1,762 — — 1,762 Hotel operating — 5,503 — 5,503 Total segment expenses 1,762 5,503 — 7,265 Income from real estate-related securities, net — — 102 102 Earnings from unconsolidated real estate ventures — 43 — 43 Segment net operating income $ 2,747 $ 5,446 $ 102 $ 8,295 Depreciation and amortization $ (3,304 ) $ (2,054 ) $ — $ (5,358 ) General and administrative (912 ) Management fees — Performance participation allocation (857 ) Interest income 58 Interest expense (3,598 ) Other expense (96 ) Net loss $ (2,468 ) Net loss attributable to non-controlling interests in consolidated joint ventures — Net loss attributable to stockholders $ (2,468 )

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020USD ($)ClassInvestmentPositionSegment	Dec. 31, 2019Position
Organization And Business Activities [Line Items]
Common stock, shares registered, amount	$ 5,000,000,000
Number of classes of common stock | Class	4
Number of investments owned | Investment	93
Number of real estate related securities position | Position	84	75
Number of reportable segments | Segment	6
Primary Offering
Organization And Business Activities [Line Items]
Common stock, shares authorized, amount	$ 4,000,000,000
Distribution Reinvestment Plan
Organization And Business Activities [Line Items]
Common stock, shares authorized, amount	$ 1,000,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of Estimated Useful Life of Assets (Details)	3 Months Ended
	Mar. 31, 2020
Property Plant And Equipment [Line Items]
Lease intangibles and leasehold improvements	Shorter of useful life or lease term
Building | Minimum [Member]
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	35 years
Building | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	40 years
Building and Land Improvements | Minimum [Member]
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	5 years
Building and Land Improvements | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	15 years
Furniture, Fixtures and Equipment | Minimum [Member]
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	5 years
Furniture, Fixtures and Equipment | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	7 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Significant Accounting Policies [Line Items]
Fair value of mortgage notes and repurchase agreements	$ 8,300
Deferred income	9,760		$ 6,707
Due to affiliates	$ 69,953		63,341
Minimum REIT distribution percentage	90.00%
Income tax provision	$ 100	$ 0
Deferred tax liability	100		100
Fair value of derivatives	$ 4,400
Class S Shares (Member)
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.85%
Class T Shares (Member)
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.85%
Class D Shares (Member)
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.25%
Advanced Organization And Offering Costs
Significant Accounting Policies [Line Items]
Due to affiliates	$ 6,923		$ 7,290
Advisor
Significant Accounting Policies [Line Items]
Period to reimburse the advisor for all organization and offering expenses	60 months		60 months
Advisor | Class T Shares (Member)
Significant Accounting Policies [Line Items]
Advisor Percentage of stockholder servicing fee on NAV per annum	0.65%
Advisor | Advanced Organization And Offering Costs
Significant Accounting Policies [Line Items]
Due to affiliates	$ 7,300		$ 7,300
Dealer Manager | Class T Shares (Member)
Significant Accounting Policies [Line Items]
Upfront dealer manager fee percentage	0.50%
Dealer stockholder servicing fee percentage	0.20%
Annual stockholder servicing fee percentage	0.85%
Dealer Manager | Class D Shares (Member)
Significant Accounting Policies [Line Items]
Upfront dealer manager fee percentage	0.00%
Annual stockholder servicing fee percentage	0.25%
Dealer Manager | Class S Share And T Shares [Member]
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.85%
Dealer Manager | Class I Shares (Member)
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.00%
Dealer Manager | Common Stock Class T, Class S and Class D
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage of gross proceeds limit	8.75%
Other Revenue
Significant Accounting Policies [Line Items]
Other income	$ 200	$ 200
Accounts Payable, Accrued Expenses and Other Liabilities
Significant Accounting Policies [Line Items]
Deferred income	6,400		6,600
Due to Affiliates | Common Stock Class T, Class S and Class D
Significant Accounting Policies [Line Items]
Stockholder servicing fees accrued	$ 60,800		$ 44,100
Real Estate Related Securities | Level 3
Significant Accounting Policies [Line Items]
Weighted average interest rate	5.50%
Minimum [Member] | Real Estate Related Securities | Level 3
Significant Accounting Policies [Line Items]
Yield related to securities	1.80%
Maximum | Class S Shares (Member)
Significant Accounting Policies [Line Items]
Upfront selling commissions and dealer manager fee percentage	3.50%
Maximum | Class T Shares (Member)
Significant Accounting Policies [Line Items]
Upfront selling commissions and dealer manager fee percentage	3.50%
Maximum | Class D Shares (Member)
Significant Accounting Policies [Line Items]
Upfront selling commissions and dealer manager fee percentage	1.50%
Maximum | Dealer Manager | Class S Shares (Member)
Significant Accounting Policies [Line Items]
Upfront selling commissions percentage	3.50%
Maximum | Dealer Manager | Class T Shares (Member)
Significant Accounting Policies [Line Items]
Upfront selling commissions percentage	3.00%
Upfront selling commissions and dealer manager fee percentage	3.50%
Maximum | Dealer Manager | Class D Shares (Member)
Significant Accounting Policies [Line Items]
Upfront selling commissions percentage	1.50%
Maximum | Real Estate Related Securities | Level 3
Significant Accounting Policies [Line Items]
Yield related to securities	17.90%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Selling Commissions, Dealer Manager Fees And Stockholder Servicing (Details)	Mar. 31, 2020
Class T Shares (Member)
Significant Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)	0.85%
Class T Shares (Member) | Maximum
Significant Accounting Policies [Line Items]
Selling commissions and dealer manager fees (% of transaction price)	3.50%
Class S Shares (Member)
Significant Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)	0.85%
Class S Shares (Member) | Maximum
Significant Accounting Policies [Line Items]
Selling commissions and dealer manager fees (% of transaction price)	3.50%
Class D Shares (Member)
Significant Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)	0.25%
Class D Shares (Member) | Maximum
Significant Accounting Policies [Line Items]
Selling commissions and dealer manager fees (% of transaction price)	1.50%

Investments - Schedule of Inves

Investments - Schedule of Investments in Real Estate, Net (Details) - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019
Real Estate Investment Property Net [Abstract]
Building and building improvements		$ 2,622,792	$ 1,455,204
Land and land improvements		483,415	322,520
Furniture, fixtures and equipment		52,779	46,268
Right of use asset - operating lease(1)	[1]	101,717
Total		3,260,703	1,823,992
Accumulated depreciation		(43,864)	(25,948)
Investments in real estate, net		$ 3,216,839	$ 1,798,044
[1]	Refer to Note 12 for additional details on the Company’s leases.

Investments - Additional Inform

Investments - Additional Information (Details) $ in Thousands	Mar. 13, 2019	Mar. 31, 2020USD ($)Property	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)Property
Real Estate Properties [Line Items]
Number of acquired real estate properties		21		71
Percentage of ownership interest in joint venture	43.00%
Investment in joint venture | $		$ 12,253		$ 12,169
Income from unconsolidated real estate ventures | $		$ 400	$ 40
Below Market Leases Intangibles
Real Estate Properties [Line Items]
Weighted-average amortization period		8 years
In-place Lease Intangibles
Real Estate Properties [Line Items]
Weighted-average amortization period		7 years
Above Market Leases Intangibles
Real Estate Properties [Line Items]
Weighted-average amortization period		7 years
Below-Market Ground Lease
Real Estate Properties [Line Items]
Weighted-average amortization period		47 years
Multifamily
Real Estate Properties [Line Items]
Number of acquired real estate properties		18		16
Office Buildings
Real Estate Properties [Line Items]
Number of acquired real estate properties		2		12
Hotel
Real Estate Properties [Line Items]
Number of acquired real estate properties				8
Medical Office Building
Real Estate Properties [Line Items]
Number of acquired real estate properties		1
Office Buildings
Real Estate Properties [Line Items]
Number of acquired real estate properties				2
Industrial Assets
Real Estate Properties [Line Items]
Number of acquired real estate properties				33

Investments - Schedule of Detai

Investments - Schedule of Details of Properties Acquired (Details) $ in Thousands		3 Months Ended
		Mar. 31, 2020USD ($)Property	Dec. 31, 2019Property
Real Estate Properties [Line Items]
Number of Properties		21	71
Real Estate Acquisition | $	[1]	$ 1,506,190
Multifamily
Real Estate Properties [Line Items]
Number of Properties		18	16
Office Buildings
Real Estate Properties [Line Items]
Number of Properties		2	12
Various | Southeast Affordable Housing Portfolio | Multifamily
Real Estate Properties [Line Items]
Ownership Interest		99.99%
Number of Properties		18
Acquisition Date		Feb. 13, 2020
Real Estate Acquisition | $	[1]	$ 465,523
Nashville, TN | Nashville Office | Office Buildings
Real Estate Properties [Line Items]
Ownership Interest		100.00%
Number of Properties		1
Acquisition Date		Feb. 21, 2020
Real Estate Acquisition | $	[1]	$ 265,404
Chevy Chase, MD | Barlow Building | Medical Office
Real Estate Properties [Line Items]
Ownership Interest		100.00%
Number of Properties		1
Acquisition Date		Mar. 6, 2020
Real Estate Acquisition | $	[1]	$ 162,212
Boston, MA | 60 State St | Office Buildings
Real Estate Properties [Line Items]
Ownership Interest		75.00%
Number of Properties		1
Acquisition Date		Mar. 20, 2020
Real Estate Acquisition | $	[1]	$ 613,052
[1]	Purchase price is inclusive of acquisition-related costs.

Investments - Schedule of Det_2

Investments - Schedule of Details of Properties Acquired (Details) (Parenthetical) - Southeast Affordable Housing Portfolio	3 Months Ended
	Mar. 31, 2020
Orlando, FL [Member]
Real Estate Properties [Line Items]
Percentage of number of units acquired	27.00%
Newport News, VA [Member]
Real Estate Properties [Line Items]
Percentage of number of units acquired	14.00%
Tucson, AZ [Member]
Real Estate Properties [Line Items]
Percentage of number of units acquired	10.00%
Jacksonville, FL [Member]
Real Estate Properties [Line Items]
Percentage of number of units acquired	9.00%
Charlotte, NC [Member]
Real Estate Properties [Line Items]
Percentage of number of units acquired	8.00%
Raleigh, NC [Member]
Real Estate Properties [Line Items]
Percentage of number of units acquired	8.00%

Investments - Schedule of Purch

Investments - Schedule of Purchase Price Allocation of Properties (Details) $ in Thousands	Mar. 31, 2020USD ($)
Real Estate Properties [Line Items]
Building and building improvements	$ 1,178,620
Land and land improvements	142,167
Furniture, fixtures and equipment	5,886
Below-market ground lease(1)	95,536
In-place lease intangibles	84,858
Above-market lease intangibles	16,603
Below-market lease intangibles	(24,446)
Total purchase price	1,499,224	[1]
Non-controlling interest	(56,155)
Net purchase price	1,443,069
60 State St
Real Estate Properties [Line Items]
Building and building improvements	479,291
Land and land improvements	472
Below-market ground lease(1)	95,536
In-place lease intangibles	47,625
Above-market lease intangibles	10,345
Below-market lease intangibles	(19,019)
Total purchase price	614,250	[1]
Non-controlling interest	(56,155)
Net purchase price	558,095
Southeast Affordable Housing Portfolio
Real Estate Properties [Line Items]
Building and building improvements	360,356
Land and land improvements	88,378
Furniture, fixtures and equipment	5,886
In-place lease intangibles	6,254
Total purchase price	460,874	[1]
Net purchase price	460,874
Nashville Office
Real Estate Properties [Line Items]
Building and building improvements	228,180
Land and land improvements	21,636
In-place lease intangibles	18,791
Above-market lease intangibles	410
Below-market lease intangibles	(4,917)
Total purchase price	264,100	[1]
Net purchase price	264,100
Barlow Building
Real Estate Properties [Line Items]
Building and building improvements	110,793
Land and land improvements	31,681
In-place lease intangibles	12,188
Above-market lease intangibles	5,848
Below-market lease intangibles	(510)
Total purchase price	160,000	[1]
Net purchase price	$ 160,000
[1]	Purchase price does not include acquisition related costs and acquired working capital of $7.0 million.

Investments - Schedule of Pur_2

Investments - Schedule of Purchase Price Allocation of Properties (Details) (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Real Estate Investment Property Net [Abstract]
Acquisition related costs and acquired working capital	$ 7

Investments - Estimated Future

Investments - Estimated Future Amortization on the Company's Below-Market Ground Lease (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real Estate [Line Items]
2020 (remaining)	$ 2,658
2021	3,486
2022	3,206
2023	2,950
2024	2,514
Thereafter	15,842
Below Market Lease Net	30,656	$ 6,701
Below-Market Ground Lease
Real Estate [Line Items]
2020 (remaining)	1,529
2021	2,039
2022	2,039
2023	2,039
2024	2,039
Thereafter	85,624
Below Market Lease Net	$ 95,309

Intangibles - Summary of Gross

Intangibles - Summary of Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Intangible assets:
Total intangible assets, gross	$ 215,956	$ 113,499
Total accumulated amortization	(26,512)	(13,294)
Intangible assets, net	189,444	100,205
Intangible liabilities:
Below-market lease intangibles	31,440	7,032
Accumulated amortization	(784)	(331)
Below Market Lease Net	30,656	6,701
In-place Lease Intangibles
Intangible assets:
Total intangible assets, gross	162,892	77,311
Total accumulated amortization	(24,434)	(12,341)
Intangible assets, net	138,458
Above Market Leases Intangibles
Intangible assets:
Total intangible assets, gross	22,045	5,387
Total accumulated amortization	(709)	(318)
Intangible assets, net	21,336
Other
Intangible assets:
Total intangible assets, gross	31,019	30,801
Total accumulated amortization	(1,369)	$ (635)
Intangible assets, net	$ 29,650

Intangibles - Summary of Estima

Intangibles - Summary of Estimated Future Amortization on Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Intangible assets, net	$ 189,444	$ 100,205
Below-market Lease Intangibles
2020 (remaining)	(2,658)
2021	(3,486)
2022	(3,206)
2023	(2,950)
2024	(2,514)
Thereafter	(15,842)
Intangible liabilities, net	(30,656)	$ (6,701)
In-place Lease Intangibles
Finite Lived Intangible Assets [Line Items]
2020 (remaining)	23,542
2021	27,912
2022	21,763
2023	15,990
2024	11,462
Thereafter	37,789
Intangible assets, net	138,458
Above Market Leases Intangibles
Finite Lived Intangible Assets [Line Items]
2020 (remaining)	2,846
2021	3,779
2022	3,294
2023	2,850
2024	1,859
Thereafter	6,708
Intangible assets, net	21,336
Other
Finite Lived Intangible Assets [Line Items]
2020 (remaining)	2,724
2021	2,933
2022	2,924
2023	2,839
2024	2,825
Thereafter	15,405
Intangible assets, net	$ 29,650

Investments in Real Estate Rela

Investments in Real Estate Related Securities - Summary of Investments in Real Estate-Related Debt Securities (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)Position	Dec. 31, 2019USD ($)Position
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	84	75
Cost Basis	$ 335,575	$ 276,180
Investments in real estate-related securities	$ 314,465	$ 277,651
CLO
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	8	12
Weighted Average Coupon	6.11%	6.12%
Weighted Average Maturity Date	Aug. 15, 2031	May 11, 2031
Cost Basis	$ 25,166	$ 29,302
Investments in real estate-related securities	$ 17,631	$ 29,236
RMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	72	59
Weighted Average Coupon	3.45%	3.76%
Weighted Average Maturity Date	Jun. 13, 1944	Oct. 17, 1940
Cost Basis	$ 298,966	$ 235,405
Investments in real estate-related securities	$ 285,640	$ 236,844
CMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	4	4
Weighted Average Coupon	4.28%	3.73%
Weighted Average Maturity Date	Dec. 22, 2036	Mar. 13, 2037
Cost Basis	$ 11,443	$ 11,473
Investments in real estate-related securities	$ 11,194	$ 11,571

Investments in Real Estate Re_2

Investments in Real Estate Related Securities - Summary of Investments in Real Estate-Related Debt Securities (Parenthetical) (Details)	Mar. 31, 2020
Minimum [Member] | RMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Floating coupon rate	2.40%
Minimum [Member] | CLO
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Floating coupon rate	5.75%
Minimum [Member] | CMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Floating coupon rate	4.07%
Maximum | RMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Floating coupon rate	7.00%
Maximum | CLO
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Floating coupon rate	9.60%
Maximum | CMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Floating coupon rate	5.00%

Investments in Real Estate Re_3

Investments in Real Estate Related Securities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Schedule Of Investments [Abstract]
Unrealized loss on investments in real estate-related securities	$ 22.6	$ 0.1
Realized loss on investments in real estate-related securities	$ 1.3

Mortgage Notes and Revolving _3

Mortgage Notes and Revolving Credit Facility - Summary of Mortgage Notes and Revolving Credit Facility Secured by Company's Properties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 2,251,562	$ 1,245,022
Deferred financing costs, net	(12,892)	(7,136)
Discount on assumed debt, net	233	216
Mortgage notes and revolving credit facility, net	2,238,903	1,238,102
Fixed Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	1,340,373	1,004,423
Variable Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 911,189	240,599
One-Month LIBOR
Debt Instrument [Line Items]
Weighted Average Interest Rate	0.99%
Variable Rate Revolving Credit Facilities | Variable Rate Loans
Debt Instrument [Line Items]
Maximum Facility Size	$ 200,000
Principal Balance Outstanding	$ 172,800
Variable Rate Revolving Credit Facilities | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	Oct. 21, 2020
Variable Rate Revolving Credit Facilities | One-Month LIBOR | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.00%
Fixed Rate Mortgages | Fixed Rate Loans
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.50%
Principal Balance Outstanding	$ 1,340,373	1,004,423
Fixed Rate Mortgages | Fixed Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	Jul. 20, 2029
Floating Rate Mortgages | Variable Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 738,389	$ 240,599
Floating Rate Mortgages | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	Jan. 27, 2025
Floating Rate Mortgages | One-Month LIBOR | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%

Mortgage Notes and Revolving _4

Mortgage Notes and Revolving Credit Facility - Summary of Mortgage Notes and Revolving Credit Facility Secured by Company's Properties (Parenthetical) (Details)	Mar. 31, 2020
One-Month LIBOR
Debt Instrument [Line Items]
Debt weighted average interest rate	0.99%

Mortgage Notes and Revolving _5

Mortgage Notes and Revolving Credit Facility - Summary of Future Principal Payment Under Company's Mortgage Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2020 (remaining)	$ 175,029
2021	51,049
2022	3,235
2023	3,931
2024	213,561
Thereafter	1,804,757
Total	$ 2,251,562	$ 1,245,022

Mortgage Notes and Revolving _6

Mortgage Notes and Revolving Credit Facility - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Debt Disclosure [Abstract]
Interest paid on mortgage notes and revolving credit facility	$ 9.9	$ 2.2

Repurchase Agreements - Summary

Repurchase Agreements - Summary of Repurchase Agreements And Securities Lending Transactions (Details) - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019
Repurchase Agreements [Line Items]
Collateral Assets	[1]	$ 231,000	$ 97,746
Outstanding Balance		$ 198,434	$ 81,035
RMBS
Repurchase Agreements [Line Items]
Debt weighted average interest rate		2.22%	2.62%
Collateral Assets	[1]	$ 212,050	$ 89,784
Outstanding Balance		$ 182,518	$ 74,876
CLO
Repurchase Agreements [Line Items]
Debt weighted average interest rate		3.08%	4.71%
Collateral Assets	[1]	$ 14,886	$ 7,962
Outstanding Balance		$ 12,583	$ 6,159
CMBS
Repurchase Agreements [Line Items]
Debt weighted average interest rate		1.91%
Collateral Assets	[1]	$ 4,064
Outstanding Balance		$ 3,333
[1]	Represents the fair value of the Company’s investments in real estate-related securities.

Repurchase Agreements - Additio

Repurchase Agreements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Repurchase Agreements [Abstract]
Repurchase agreements, interest paid	$ 0.7	$ 0.4

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Schedule of Components of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Other Assets [Abstract]
Intangible assets, net	$ 189,444	$ 100,205
Receivables	12,476	7,763
Acquisition deposits	8,807	3,050
Derivative instruments	1,763	203
Prepaid expenses	1,093	1,456
Interest receivable	21
Other	6,241	820
Total	$ 219,845	$ 113,497

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Schedule of Components of Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Intangible liabilities, net	$ 30,656	$ 6,701
Accounts payable and accrued expenses	12,119	10,188
Real estate taxes payable	10,401	6,513
Deferred income	9,760	6,707
Tenant security deposits	6,677	3,547
Right of use liability - operating lease	6,408
Distributions payable	6,191	4,216
Accrued interest expense	3,882	1,993
Derivative instruments	2,901
Other	12,119	8,114
Total	$ 101,114	$ 47,979

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling interest - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Classshares
Equity [Abstract]
Number of classes of common stock | Class	4
Number of shares authorized | shares	1,100,000,000
Fair value allocation | $	$ 302
Common stock repurchase limitations of aggregate NAV per month percentage	2.00%
Common stock repurchase limitations of aggregate NAV per calendar quarter percentage	5.00%
Minimum hold period for repurchases without a discount	1 year
Repurchase percentage within one year at a discount	95.00%
Repurchase of common stock | shares	45,719
Payments for repurchase of common stock | $	$ 980

Equity and Redeemable Non-con_4

Equity and Redeemable Non-controlling interest - Schedule of Company's Authorized Capital (Details) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Preferred stock, authorized shares	100,000,000	100,000,000
Total Number of Shares	1,100,000,000
Preferred stock, par value	$ 0.01	$ 0.01
Common Stock Class T
Class Of Stock [Line Items]
Number of Shares	250,000,000	250,000,000
Par value	$ 0.01	$ 0.01
Common Stock Class S
Class Of Stock [Line Items]
Number of Shares	250,000,000	250,000,000
Par value	$ 0.01	$ 0.01
Common Stock Class D
Class Of Stock [Line Items]
Number of Shares	250,000,000	250,000,000
Par value	$ 0.01	$ 0.01
Common Stock Class I
Class Of Stock [Line Items]
Number of Shares	250,000,000	250,000,000
Par value	$ 0.01	$ 0.01

Equity and Redeemable Non-con_5

Equity and Redeemable Non-controlling interest - Schedule of Common Stock Outstanding shares (Details)	3 Months Ended
	Mar. 31, 2020shares
Class Of Stock [Line Items]
Beginning balance	45,344,735
Common stock issued	19,503,408
Distribution reinvestment	388,806
Common stock repurchased	(45,719)
Ending balance	65,191,230
Common Stock Class T
Class Of Stock [Line Items]
Beginning balance	1,412,563
Common stock issued	599,008
Distribution reinvestment	9,345
Common stock repurchased	(4,665)
Ending balance	2,016,251
Common Stock Class S
Class Of Stock [Line Items]
Beginning balance	26,164,794
Common stock issued	9,387,247
Distribution reinvestment	236,427
Common stock repurchased	(25,680)
Ending balance	35,762,788
Common Stock Class D
Class Of Stock [Line Items]
Beginning balance	1,653,094
Common stock issued	626,202
Distribution reinvestment	16,565
Common stock repurchased	(2,588)
Ending balance	2,293,273
Common Stock Class I
Class Of Stock [Line Items]
Beginning balance	16,114,284
Common stock issued	8,890,951
Distribution reinvestment	126,469
Common stock repurchased	(12,786)
Ending balance	25,118,918

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling interest - Schedule of Aggregate Distributions Declared for Each Class of Common Stock (Details)	3 Months Ended
	Mar. 31, 2020$ / shares
Common Stock Class T
Class Of Stock [Line Items]
Gross distributions declared per share of common stock	$ 0.3105
Stockholder servicing fee per share of common stock	(0.0454)
Net distributions declared per share of common stock	0.2651
Common Stock Class S
Class Of Stock [Line Items]
Gross distributions declared per share of common stock	0.3105
Stockholder servicing fee per share of common stock	(0.0458)
Net distributions declared per share of common stock	0.2647
Common Stock Class D
Class Of Stock [Line Items]
Gross distributions declared per share of common stock	0.3105
Stockholder servicing fee per share of common stock	(0.0134)
Net distributions declared per share of common stock	0.2971
Common Stock Class I
Class Of Stock [Line Items]
Gross distributions declared per share of common stock	0.3105
Net distributions declared per share of common stock	$ 0.3105

Equity and Redeemable Non-con_7

Equity and Redeemable Non-controlling interest - Schedule of Redeemable Noncontrolling Interest (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Equity [Abstract]
Settlement of 2019 performance participation allocation	$ 10,366
GAAP income allocation	(332)
Distributions	(149)
Fair value allocation	302
Ending balance	$ 10,187

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ in Thousands	Jan. 03, 2019USD ($)PropertyUnit	Apr. 30, 2020shares	Mar. 31, 2020USD ($)shares	Mar. 31, 2019USD ($)	Mar. 20, 2020	Jan. 31, 2020shares	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Acquired interest rate on property					75.00%
Acquired interest rate on property by related party					25.00%
Percentage of management fee on NAV per annum			1.25%
Management fees			$ 3,946
Annual hurdle percentage			5.00%
Recognized liabilities for Performance Participation expense			$ 46	$ 857
Due to affiliates			69,953				$ 63,341
Operating expenses			21,508	7,265
Rental property operating
Related Party Transaction [Line Items]
Operating expenses			15,544	1,762
Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates			60,816				44,086
Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates			6,923				7,290
Accrued Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Due to affiliates			246				112
Accrued Affiliate Service Provider Expenses | Rental property operating
Related Party Transaction [Line Items]
Operating expenses			$ 500	100
Class I Unit
Related Party Transaction [Line Items]
Units issued as payment for performance participation allocation | shares						480,539
Special Limited Partner
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return			12.50%
All Other Unit Holders [Member]
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return			87.50%
Advisor | Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates			$ 7,300				7,300
Advisor | Advanced Expenses
Related Party Transaction [Line Items]
Due to affiliates			200				300
Advisor | Advanced Expenses | Unaffiliated Third Party
Related Party Transaction [Line Items]
Due to affiliates			100				100
Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Cost of legal services			$ 100	$ 0
Unregistered Class I shares
Related Party Transaction [Line Items]
Stock issued as management fees, shares | shares		68,906	114,818
Management fees, accrued			$ 1,500
Common Stock Class T, Class S and Class D | Dealer Manager | Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates			$ 60,800				$ 44,100
Common Stock Class T, Class S and Class D | Dealer Manager | Accrued Stockholder Servicing Fee | Maximum
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage			8.75%
Florida Multifamily Portfolio
Related Party Transaction [Line Items]
Purchase Price	$ 100,000
Number of units in portfolio | Unit	1,150
Florida Multifamily Portfolio | Jacksonville, Florida
Related Party Transaction [Line Items]
Number of Properties | Property	2
Florida Multifamily Portfolio | Naples, Florida
Related Party Transaction [Line Items]
Number of Properties | Property	2
Phoenix Property
Related Party Transaction [Line Items]
Purchase Price	$ 46,000
Phoenix Property | Mesa, Arizona
Related Party Transaction [Line Items]
Number of units in portfolio | Unit	256
Savannah Property
Related Party Transaction [Line Items]
Purchase Price	$ 36,000
Savannah Property | Savannah, Georgia
Related Party Transaction [Line Items]
Number of units in portfolio | Unit	203

Related Party Transactions - Su

Related Party Transactions - Summary of Components of Due to Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Due to affiliates	$ 69,953	$ 63,341
Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates	60,816	44,086
Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates	6,923	7,290
Performance Participation Allocation
Related Party Transaction [Line Items]
Due to affiliates	46	10,366
Accrued Management Fee
Related Party Transaction [Line Items]
Due to affiliates	1,461	1,037
Accrued Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Due to affiliates	246	112
Advanced Operating Expenses
Related Party Transaction [Line Items]
Due to affiliates	$ 461	$ 450

Leases - Additional Information

Leases - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020USD ($)
Leases [Abstract]
Lessee, operating lease acquisition, incremental cost	$ 0
Incremental borrowing rate to determine lease liabilities	6.00%
Operating lease, weighted average remaining lease term	47 years

Leases - Schedule of Future Lea

Leases - Schedule of Future Lease Payments (Details) $ in Thousands	Mar. 31, 2020USD ($)
Leases [Abstract]
2020 (remaining)	$ 299
2021	399
2022	399
2023	399
2024	399
Thereafter	16,753
Total undiscounted future lease payments	18,648
Difference between undiscounted cash flows and discounted cash flows	12,240
Total lease liability	$ 6,408

Leases - Summary of Fixed and V

Leases - Summary of Fixed and Variable Components of Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Fixed lease payments	$ 40,603	$ 4,038
Variable lease payments	5,862	272
Rental revenue	$ 46,465	$ 4,310

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Minimum Rents Income Receivables (Details) $ in Thousands	Mar. 31, 2020USD ($)
Leases [Abstract]
2020 (remaining)	$ 90,023
2021	113,170
2022	101,612
2023	91,114
2024	79,129
Thereafter	364,007
Total	$ 839,055

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020Segment
Segment Reporting [Abstract]
Number of reportable segments	6

Segment Reporting - Summary of

Segment Reporting - Summary of Total Assets by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total Assets	$ 3,918,885	$ 2,390,322
Multifamily
Segment Reporting Information [Line Items]
Total Assets	1,486,914	1,038,777
Hotel
Segment Reporting Information [Line Items]
Total Assets	252,828	253,273
Industrial
Segment Reporting Information [Line Items]
Total Assets	324,894	330,110
Office
Segment Reporting Information [Line Items]
Total Assets	1,215,375	303,396
Medical Office
Segment Reporting Information [Line Items]
Total Assets	202,589	39,143
Real Estate-Related Securities
Segment Reporting Information [Line Items]
Total Assets	314,465	277,651
Other (Corporate)
Segment Reporting Information [Line Items]
Total Assets	$ 121,820	$ 147,972

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Total revenues	$ 57,037	$ 15,415
Expenses
Operating expenses	21,508	7,265
(Loss) income from real estate-related securities, net	(20,173)	102
Earnings from unconsolidated real estate ventures	360	43
Segment net operating income (loss)	15,716	8,295
Depreciation and amortization	(30,543)	(5,358)
General and administrative	(2,358)	(912)
Management fees	(3,946)
Performance participation allocation	(46)	(857)
Interest income	303	58
Interest expense	(19,641)	(3,598)
Other expense	(132)	(96)
Net loss	(40,647)	(2,468)
Net loss attributable to non-controlling interests in consolidated joint ventures	638
Net loss attributable to non-controlling interests in Operating Partnership	332
Net loss attributable to stockholders	(39,677)	(2,468)
Rental
Revenues:
Total revenues	46,465	4,310
Expenses
Operating expenses	15,544	1,762
Hotel Revenue / Expenses
Revenues:
Total revenues	10,215	10,852
Expenses
Operating expenses	5,964	5,503
Other revenue
Revenues:
Total revenues	357	253
Operating Segments | Multifamily
Revenues:
Total revenues	25,376	4,509
Expenses
Operating expenses	8,940	1,762
Segment net operating income (loss)	16,436	2,747
Depreciation and amortization	(16,790)	(3,304)
Operating Segments | Hotel
Revenues:
Total revenues	10,289	10,906
Expenses
Operating expenses	5,964	5,503
Earnings from unconsolidated real estate ventures	360	43
Segment net operating income (loss)	4,685	5,446
Depreciation and amortization	(2,078)	(2,054)
Operating Segments | Industrial
Revenues:
Total revenues	6,688
Expenses
Operating expenses	1,716
Segment net operating income (loss)	4,972
Depreciation and amortization	(4,164)
Operating Segments | Office
Revenues:
Total revenues	12,824
Expenses
Operating expenses	4,326
Segment net operating income (loss)	8,498
Depreciation and amortization	(6,781)
Operating Segments | Real Estate-Related Securities
Expenses
(Loss) income from real estate-related securities, net	(20,173)	102
Segment net operating income (loss)	(20,173)	102
Operating Segments | Medical Office
Revenues:
Total revenues	1,860
Expenses
Operating expenses	562
Segment net operating income (loss)	1,298
Depreciation and amortization	(730)
Operating Segments | Rental | Multifamily
Revenues:
Total revenues	25,114	4,310
Expenses
Operating expenses	8,940	1,762
Operating Segments | Rental | Industrial
Revenues:
Total revenues	6,688
Expenses
Operating expenses	1,716
Operating Segments | Rental | Office
Revenues:
Total revenues	12,813
Expenses
Operating expenses	4,326
Operating Segments | Rental | Medical Office
Revenues:
Total revenues	1,850
Expenses
Operating expenses	562
Operating Segments | Hotel Revenue / Expenses | Hotel
Revenues:
Total revenues	10,215	10,852
Expenses
Operating expenses	5,964	5,503
Operating Segments | Other revenue | Multifamily
Revenues:
Total revenues	262	199
Operating Segments | Other revenue | Hotel
Revenues:
Total revenues	74	$ 54
Operating Segments | Other revenue | Office
Revenues:
Total revenues	11
Operating Segments | Other revenue | Medical Office
Revenues:
Total revenues	$ 10

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Millions	May 16, 2020	May 05, 2020	Apr. 30, 2020	May 12, 2020	Mar. 31, 2020	Mar. 20, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Acquired interest rate on property						75.00%
Common Stock Class T
Subsequent Event [Line Items]
Common stock, shares issued					2,016,251		1,412,563
Common Stock Class S
Subsequent Event [Line Items]
Common stock, shares issued					35,762,788		26,164,794
Common Stock Class D
Subsequent Event [Line Items]
Common stock, shares issued					2,293,273		1,653,094
Common Stock Class I
Subsequent Event [Line Items]
Common stock, shares issued					25,118,918		16,114,284
Subsequent Event
Subsequent Event [Line Items]
Ownership Interest		10.60%
Sale of real estate securities			$ 30.1
Common stock, shares issued				68,348,980
Proceeds from issuance of common stock, post 03/31	$ 1,400
Subsequent Event | Common Stock Class T
Subsequent Event [Line Items]
Common stock, shares issued				2,201,323
Subsequent Event | Common Stock Class S
Subsequent Event [Line Items]
Common stock, shares issued				37,802,137
Subsequent Event | Common Stock Class D
Subsequent Event [Line Items]
Common stock, shares issued				2,446,295
Subsequent Event | Common Stock Class I
Subsequent Event [Line Items]
Common stock, shares issued				25,899,225
Subsequent Event | 60 State Street Membership Interests
Subsequent Event [Line Items]
Acquired interest rate on property		42.40%
Purchase Price		$ 25