Starwood Real Estate Income Trust 10-Q 12 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 12, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Registrant Name	Starwood Real Estate Income Trust, Inc.
Entity Central Index Key	0001711929
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	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		4,402,471
Common Stock Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		142,723,947
Common Stock Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		21,481,643
Common Stock Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		142,095,808

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Assets
Investments in real estate, net		$ 8,838,784	$ 4,597,054
Investments in real estate debt		964,075	218,225
Investments in unconsolidated real estate ventures		10,401	10,991
Cash and cash equivalents		671,683	128,650
Restricted cash		562,627	164,761
Other assets		776,041	211,135
Total assets		11,823,611	5,330,816
Liabilities and Equity
Mortgage notes and revolving credit facility, net	[1]	5,747,138	3,278,762
Secured financings on investments in real estate debt		134,835	108,254
Unsecured revolving credit facility		0	0
Other liabilities		230,208	117,072
Subscriptions received in advance		476,520	113,532
Due to affiliates		351,839	96,371
Total liabilities		6,940,540	3,713,991
Commitments and contingencies
Redeemable non-controlling interest		28,696	10,409
Equity
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding as of September 30, 2021 and December 31, 2020
Additional paid-in capital		5,378,498	1,819,526
Accumulated deficit and cumulative distributions		(539,203)	(224,198)
Total stockholder’s equity		4,841,887	1,596,237
Non-controlling interests in consolidated joint ventures		12,488	10,179
Total equity		4,854,375	1,606,416
Total liabilities and equity		11,823,611	5,330,816
Common Stock Class T
Equity
Common stock value		40	25
Common Stock Class S
Equity
Common stock value		1,216	464
Common Stock Class D
Equity
Common stock value		188	28
Common Stock Class I
Equity
Common stock value		$ 1,148	$ 392
[1]	The majority of the Company’s mortgages contain yield or spread maintenance provisions.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
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	259,303,512	90,894,853
Common Stock Class T
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	4,009,638	2,463,182
Common stock, shares outstanding	4,009,638	2,463,182
Common Stock Class S
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	121,643,389	46,431,661
Common stock, shares outstanding	121,643,389	46,431,661
Common Stock Class D
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	18,843,158	2,847,097
Common stock, shares outstanding	18,843,158	2,847,097
Common Stock Class I
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	114,807,327	39,152,913
Common stock, shares outstanding	114,807,327	39,152,913

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Total revenues	$ 162,435,000	$ 76,920,000	$ 393,760,000	$ 205,422,000
Expenses
Operating expenses	64,767,000	29,504,000	154,923,000	77,167,000
General and administrative	6,588,000	2,023,000	15,210,000	6,163,000
Management fees	17,653,000	5,018,000	36,364,000	13,560,000
Performance participation allocation	79,552,000	0	111,934,000	46,000
Depreciation and amortization	82,453,000	38,543,000	197,934,000	107,993,000
Total expenses	251,013,000	75,088,000	516,365,000	204,929,000
Other income (expense)
Loss from unconsolidated real estate ventures	(447,000)	(666,000)	(448,000)	(887,000)
Income (loss) from investments in real estate debt	19,268,000	11,068,000	37,898,000	(27,000)
Interest expense	(38,887,000)	(22,539,000)	(88,994,000)	(65,448,000)
Other expense, net	(1,449,000)	(192,000)	(527,000)	(29,000)
Total other expense	(21,515,000)	(12,329,000)	(52,071,000)	(66,391,000)
Net loss	(110,093,000)	(10,497,000)	(174,676,000)	(65,898,000)
Net loss attributable to non-controlling interests in consolidated joint ventures	176,000	139,000	319,000	1,186,000
Net loss attributable to non-controlling interests in Operating Partnership	665,000	43,000	1,235,000	458,000
Net loss attributable to stockholders	$ (109,252,000)	$ (10,315,000)	$ (173,122,000)	$ (64,254,000)
Net loss per share of common stock, basic and diluted	$ (0.47)	$ (0.14)	$ (1.04)	$ (0.96)
Weighted-average shares of common stock outstanding, basic and diluted	231,623,633	74,215,048	166,052,567	66,696,838
Rental revenue
Revenues
Total revenues	$ 152,207,000	$ 71,896,000	$ 366,550,000	$ 186,688,000
Hospitality revenue
Revenues
Total revenues	9,364,000	4,420,000	24,817,000	17,134,000
Other revenue
Revenues
Total revenues	864,000	604,000	2,393,000	1,600,000
Rental property operating
Expenses
Operating expenses	59,114,000	25,915,000	139,897,000	64,873,000
Hospitality operating
Expenses
Operating expenses	$ 5,653,000	$ 3,589,000	$ 15,026,000	$ 12,294,000

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Common StockCommon Stock Class T	Common StockCommon Stock Class S	Common StockCommon Stock Class D	Common StockCommon Stock Class I	Additional Paid-In Capital	Accumulated Deficit and Cumulative Distributions	Total Stockholders' Equity	Non-Controlling Interests
Balance at Dec. 31, 2019	$ 849,247	$ 14	$ 262	$ 17	$ 161	$ 883,506	$ (46,697)	$ 837,263	$ 11,984
Common stock issued	421,659	6	94	6	89	421,464		421,659
Offering costs	(20,528)					(20,528)		(20,528)
Distribution reinvestments	8,364		2		1	8,361		8,364
Amortization of restricted stock grants	21					21		21
Common stock repurchased	(980)					(980)		(980)
Net loss (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 10)	(16,368)						(16,368)	(16,368)
Allocation to redeemable non- controlling interest	(302)					(302)		(302)
Balance at Mar. 31, 2020	1,259,282	20	358	23	251	1,291,542	(102,742)	1,189,452	69,830
Balance at Dec. 31, 2019	849,247	14	262	17	161	883,506	(46,697)	837,263	11,984
Allocation to redeemable non- controlling interest	(792)
Balance at Sep. 30, 2020	1,376,695	23	409	25	313	1,533,049	(167,721)	1,366,098	10,597
Balance at Mar. 31, 2020	1,259,282	20	358	23	251	1,291,542	(102,742)	1,189,452	69,830
Common stock issued	95,244	2	23	1	17	95,201		95,244
Offering costs	(5,369)					(5,369)		(5,369)
Distribution reinvestments	10,463		3		2	10,458		10,463
Amortization of restricted stock grants	21					21		21
Common stock repurchased	(21,374)	(1)	(5)		(3)	(21,365)		(21,374)
Net loss (allocated to redeemable non- controlling interest)	(14,671)						(14,262)	(14,262)	(409)
Contributions from non-controlling interests	1,352								1,352
Distributions to non-controlling interests	(831)								(831)
Repurchase of non-controlling interests	(58,837)								(58,837)
Distributions declared on common stock (see Note 10)	(19,300)						(19,300)	(19,300)
Allocation to redeemable non- controlling interest	(274)					(274)		(274)
Balance at Jun. 30, 2020	1,245,706	21	379	24	267	1,370,214	(136,304)	1,234,601	11,105
Common stock issued	163,399	2	29	1	46	163,321		163,399
Offering costs	(4,689)					(4,689)		(4,689)
Distribution reinvestments	10,487		3		1	10,483		10,487
Amortization of restricted stock grants	38					38		38
Common stock repurchased	(6,108)		(2)		(1)	(6,105)		(6,108)
Net loss (allocated to redeemable non- controlling interest)	(10,455)						(10,316)	(10,316)	(139)
Distributions to non-controlling interests	(369)								(369)
Distributions declared on common stock (see Note 10)	(21,101)						(21,101)	(21,101)
Allocation to redeemable non- controlling interest	(213)					(213)		(213)
Balance at Sep. 30, 2020	1,376,695	23	409	25	313	1,533,049	(167,721)	1,366,098	10,597
Balance at Dec. 31, 2020	1,606,416	25	464	28	392	1,819,526	(224,198)	1,596,237	10,179
Common stock issued	611,874	2	141	18	121	611,592		611,874
Offering costs	(30,594)					(30,594)		(30,594)
Distribution reinvestments	14,101		4		2	14,095		14,101
Amortization of restricted stock grants	53					53		53
Common stock repurchased	(12,259)		(4)		(1)	(12,254)		(12,259)
Net loss (allocated to redeemable non- controlling interest)	(19,910)						(19,889)	(19,889)	(21)
Distributions to non-controlling interests	(304)								(304)
Distributions declared on common stock (see Note 10)	(30,509)						(30,509)	(30,509)
Allocation to redeemable non- controlling interest	(839)					(839)		(839)
Balance at Mar. 31, 2021	2,138,029	27	605	46	514	2,401,579	(274,596)	2,128,175	9,854
Balance at Dec. 31, 2020	1,606,416	25	464	28	392	1,819,526	(224,198)	1,596,237	10,179
Allocation to redeemable non- controlling interest	(5,556)
Balance at Sep. 30, 2021	4,854,375	40	1,216	188	1,148	5,378,498	(539,203)	4,841,887	12,488
Balance at Mar. 31, 2021	2,138,029	27	605	46	514	2,401,579	(274,596)	2,128,175	9,854
Common stock issued	1,368,383	6	297	45	274	1,367,761		1,368,383
Offering costs	(68,577)					(68,577)		(68,577)
Distribution reinvestments	17,749		5		3	17,741		17,749
Amortization of restricted stock grants	162					162		162
Common stock repurchased	(16,827)		(3)		(5)	(16,819)		(16,827)
Net loss (allocated to redeemable non- controlling interest)	(44,103)						(43,981)	(43,981)	(122)
Distributions to non-controlling interests	(246)								(246)
Distributions declared on common stock (see Note 10)	(45,219)						(45,219)	(45,219)
Allocation to redeemable non- controlling interest	(1,465)					(1,465)		(1,465)
Balance at Jun. 30, 2021	3,347,886	33	904	91	786	3,700,382	(363,796)	3,338,400	9,486
Common stock issued	1,747,984	7	308	97	360	1,747,212		1,747,984
Offering costs	(81,819)					(81,819)		(81,819)
Distribution reinvestments	26,523		6		5	26,512		26,523
Amortization of restricted stock grants	161					161		161
Common stock repurchased	(10,703)		(2)		(3)	(10,698)		(10,703)
Net loss (allocated to redeemable non- controlling interest)	(109,428)						(109,252)	(109,252)	(176)
Contributions from non-controlling interests	3,537								3,537
Distributions to non-controlling interests	(359)								(359)
Distributions declared on common stock (see Note 10)	(66,155)						(66,155)	(66,155)
Allocation to redeemable non- controlling interest	(3,252)					(3,252)		(3,252)
Balance at Sep. 30, 2021	$ 4,854,375	$ 40	$ 1,216	$ 188	$ 1,148	$ 5,378,498	$ (539,203)	$ 4,841,887	$ 12,488

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Changes in Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Statement Of Stockholders Equity [Abstract]
Net loss allocated to redeemable non controlling interest	$ 665	$ 349	$ 221	$ 43	$ 83	$ 332

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net loss	$ (174,676,000)	$ (65,898,000)
Adjustments to reconcile net loss to net cash provided by operating activities
Management fees	36,364,000	13,560,000
Performance participation allocation	111,934,000	46,000
Depreciation and amortization	197,934,000	107,993,000
Amortization of deferred financing costs	4,680,000	2,303,000
Straight-line rent amortization	(9,331,000)	(6,149,000)
Deferred income amortization	(3,044,000)	(924,000)
Unrealized (gain) loss on changes in fair value of financial instruments	(23,288,000)	13,803,000
Foreign currency loss	16,794,000
Loss on sales of investment in real estate debt		5,789,000
Amortization of restricted stock grants	376,000	80,000
Distributions from investments in unconsolidated real estate ventures	377,000	276,000
Loss from unconsolidated real estate ventures	448,000	887,000
Other items	739,000	25,000
Change in assets and liabilities
Increase in other assets	(23,009,000)	(11,837,000)
Increase (decrease) in due to affiliates	748,000	(118,000)
Increase in other liabilities	37,049,000	18,934,000
Net cash provided by operating activities	174,095,000	78,770,000
Cash flows from investing activities
Acquisitions of real estate	(4,540,828,000)	(1,891,638,000)
Capital improvements to real estate	(21,908,000)	(13,678,000)
Investment in unconsolidated real estate ventures	(235,000)
Origination and purchase of investments in real estate debt	(801,792,000)	(73,188,000)
Purchase of real estate-related equity securities	(175,002,000)
Proceeds from paydown of principal and settlement of investments in real estate debt	41,502,000	111,866,000
Net cash used in investing activities	(5,498,263,000)	(1,866,638,000)
Cash flows from financing activities
Proceeds from issuance of common stock, net	3,583,025,000	556,857,000
Offering costs paid	(27,996,000)	(10,421,000)
Subscriptions received in advance	476,520,000	88,402,000
Repurchase of common stock	(39,789,000)	(28,462,000)
Borrowings from mortgage notes and revolving credit facility	2,555,679,000	1,251,843,000
Repayments of mortgage notes and revolving credit facility	(222,111,000)	(1,628,000)
Repayments under secured financings on investments in real estate debt, short term net	(42,557,000)	(81,035,000)
Borrowings under secured financings on investments in real estate debt	140,150,000	114,408,000
Repayments under secured financings on investments in real estate debt	(65,697,000)
Payment of deferred financing costs	(26,253,000)	(7,569,000)
Contributions from non-controlling interests	3,537,000	60,192,000
Distributions to non-controlling interests	(909,000)	(1,556,000)
Repurchase of non-controlling interests		(58,837,000)
Distributions	(68,532,000)	(24,788,000)
Net cash provided by financing activities	6,265,067,000	1,857,406,000
Net change in cash and cash equivalents and restricted cash	940,899,000	69,538,000
Cash and cash equivalents and restricted cash at the beginning of the period	293,411,000	188,961,000
Cash and cash equivalents and restricted cash at the end of the period	1,234,310,000	258,499,000
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	671,683,000	132,342,000
Restricted cash	562,627,000	126,157,000
Cash and cash equivalents and restricted cash at the end of the period	1,234,310,000	258,499,000
Supplemental disclosure of cash flow information:
Cash paid for interest	77,041,000	48,011,000
Supplemental disclosure of non-cash investing and financing activities:
Assumption of mortgage notes in conjunction with acquisitions in real estate	156,515,000
Accrued stockholder servicing fee due to affiliate	165,508,000	26,383,000
Right of use asset/liability		6,408,000
Redeemable non-controlling interest issued as settlement for performance participation allocation	15,061,000	10,366,000
Accrued distributions	24,756,000	7,350,000
Distribution reinvestment	58,373,000	29,314,000
Allocation to redeemable non-controlling interest	$ 5,556,000	$ 792,000

Organization and Business Purpo

Organization and Business Purpose	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Business Purpose	1. Organization and Business Purpose Starwood Real Estate Income Trust, Inc. (the “Company”) was formed on June 22, 2017 as a Maryland corporation and has elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes 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 located in the United States. The Company may diversify its portfolio on a global basis through the acquisition of properties outside of the United States, with a focus on Europe. To a lesser extent, the Company invests in real estate debt, including loans secured by real estate and real estate-related securities. The Company is the sole general partner of Starwood REIT Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). Starwood REIT Special Limited Partner, L.L.C. (the “Special Limited Partner”), a wholly owned subsidiary of Starwood Capital Group Holdings, L.P. (the “Sponsor”), owns a special limited partner interest in the Operating Partnership. Substantially all of the Company’s business is conducted through the Operating Partnership. The Company and the Operating Partnership are externally managed by Starwood REIT Advisors, L.L.C. (the “Advisor”), an affiliate of the Sponsor. As of September 30, 2021, the Company owned 245 real estate properties, one investment in an unconsolidated real-estate venture and 57 positions in real estate debt investments. The Company currently operates in seven reportable segments: Multifamily, Hospitality, Industrial, Office, Medical Office, Other and Investments in Real Estate Debt. Financial results by segment are reported in Note 14. On December 27, 2017, the Company commenced its initial public offering of up to $5.0 billion in shares of common stock (the “Initial Public Offering”). On June 2, 2021

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. All significant intercompany balances and transactions have been eliminated in consolidation. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed with the SEC. Certain amounts in the Company’s prior period condensed consolidated financial statements have been reclassified to conform to the current period presentation. The Company has chosen to break out a financial statement line item in the Company’s Condensed Consolidated Statements of Cash Flows. On the Condensed Consolidated Statements of Cash Flows, “Straight-line rent amortization” has been reclassified from “Change in assets and liabilities - increase in other assets” for the nine months ended September 30, 2020. Such reclassification had no effect on the previously reported totals or subtotals included in the Condensed Consolidated Statements of Cash Flows. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, the Company’s subsidiaries and joint ventures in which the Company has a controlling interest. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of the joint ventures is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. 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 entit y 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 depreciated on a straight-line basis over the estimated useful lives of the assets as follows: 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 Hospitality operating expenses on the Company’s Condensed 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 received pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. The amortization of acquired above-market and below-market leases is recorded as an adjustment to Rental revenue on the Company’s Condensed Consolidated Statements of Operations. The amortization of in-place leases is recorded as an adjustment to Depreciation and amortization expense on the Company’s Condensed 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 Other liabilities and the related ROU asset is recorded as a component of Investments in real estate, net on the Company’s Condensed Consolidated Balance Sheets. The amortization of the below-market ground lease is recorded as an adjustment to Depreciation and amortization expense on the Company’s Condensed 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 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 or losses and cash contributions and distributions. Under the equity method of accounting, the net equity investment of the Company is reflected within the Investments in Real Estate Debt The Company’s investments in real estate debt consists of loans secured by real estate and real estate-related securities. The Company has elected to classify its real estate-related securities as trading securities and record such investments at fair value. As such, the resulting unrealized gains and losses of such securities are recorded as a component of Income (loss) from investments in real estate debt on the Company’s Condensed Consolidated Statements of Operations. The Company elected the fair value option (“FVO”) for its loans secured by real estate. As such, the resulting unrealized gains and losses of such loans are recorded as a component of Income (loss) from investments in real estate debt on the Company’s Condensed Consolidated Statements of Operations. Interest income from the Company’s investments in real estate -related securities is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of premiums and discounts associated with these investments is deferred and recorded over the term of the investment as an adjustment to yield. Upfront costs and fees related to items for which the FVO is elected shall be recognized in earnings as incurred and not deferred. Such items are recorded as components of Income (loss) from i nvestments in r eal e state debt on the Company’s Condensed Consolidated Statements of Operation s . Derivative Instruments The Company uses derivative financial instruments such as foreign currency swaps, interest rate swaps and interest rate caps to manage risks from fluctuations in exchange rates and interest rates. The Company records its derivatives on its Condensed Consolidated Balance Sheets at fair value and such amounts are included in Other assets or Other liabilities. Any changes in the fair value of these derivatives are recorded in earnings. Foreign Currency The Company’s functional currency is the U.S. dollar. Nonmonetary assets and liabilities are translated at historical rates and monetary assets and liabilities are translated at exchange rates in effect at the end of the reporting period. Income statement accounts are translated at average rates for the reporting period. Gains and losses from translation of foreign denominated transactions into U.S. dollars are included in current results of operations. Gains and losses resulting from foreign currency transactions are also included in current results of operations. Aggregate foreign currency translation and transaction losses included in operations totaled ($11.4) million and ($16.8) million for the three and nine months ended September 30, 2021, respectively. These amounts are recorded as a component of Income (loss) from investments in real estate debt on the Company’s Condensed Consolidated Statements of Operations. Fair Value Measurements Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Additionally, there is a hierarchal framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and the state of the market place, including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. Valuation of assets and liabilities measured at fair value The Company’s investments in real estate debt are reported at fair value. The Company’s investments in real estate debt include commercial mortgage-backed securities (“CMBS”) and residential mortgage-backed securities (“RMBS”). The Company generally determines the fair value of its investments by utilizing third-party pricing service providers. In determining the value of a particular investment, the pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported price. The pricing service providers’ internal models for real estate-related securities usually consider the attributes applicable to a particular class of security (e.g., credit rating, seniority), current market data, and estimated cash flows for each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available. Certain of t he Company’s investments in real estate debt include loans secured by real estate, such as its term loan, which may not have readily available market quotations. In such cases, the Company will generally determine the initial value based on the origination amount or acquisition price of such investment if acquired by the Company or the par value of such investment if originated by the Company. Following the initial measurement, the Company will determine fair value by utilizing or reviewing certain of the following inputs (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value ratios and (vii) borrower financial conditi on and performance. The Company’s investments in equity securities of public real estate-related companies are reported at fair value and were recorded as a component of Other assets on the Company’s Condensed Consolidated Balance Sheets. As such, the resulting unrealized gains and losses are recorded as a component of Other income (expense) on the Company’s Condensed Consolidated Statements of Operations. During the three months ended September 30, 2021, the Company recognized $1.3 million of unrealized losses on its investments in equity securities. In determining the fair value of public equity securities, the Company utilizes the closing price of such securities in the principal market in which the security trades. The Company’s derivative financial instruments are reported at fair value. The Company’s interest rate swap agreements are valued using a discounted cash flow analysis based on the terms of the contract and the forward interest rate curve adjusted for the Company’s nonperformance risk. The Company’s interest rate cap positions are valued using models developed by the respective counterparty as well as third party pricing service providers that use as their basis readily observable market parameters (such as forward yield curves and credit default swap data). As of September 30, 2021, the Company held 15 interest rate caps with an aggregate notional value of $3.0 billion, one interest rate cap with an aggregate notional value of kr301.5 million associated with the Danish investment and two interest rate swaps with an aggregate notional value of $252.2 million. The fair values of the Company’s foreign currency swaps are determined by comparing the contracted forward exchange rate to the current market exchange rate. The current market exchange rates are determined by using market spot rates, forward rates and interest rate curves for the underlying instruments. As of September 30, 2021, the Company held four GBP, two EUR and one DKK foreign currency swaps, with an aggregate notional value of £268 million, €85 million and kr165 million, respectively. The fair values of the Company’s financial instruments (other than investments in real estate debt, mortgage notes, revolving credit facility and derivative instruments), including cash, cash equivalents and restricted cash and other financial instruments, approximate their carrying or contract value. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): September 30, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 478,669 $ 485,406 $ 964,075 $ — $ 218,225 $ — $ 218,225 Equity securities 173,732 — — 173,732 — — — — Derivatives — 62,344 — 62,344 — 1,410 — 1,410 Total $ 173,732 $ 541,013 $ 485,406 $ 1,200,151 $ — $ 219,635 $ — $ 219,635 Liabilities: Derivatives $ — $ 952 $ — $ 952 $ — $ 5,167 $ — $ 5,167 Total $ — $ 952 $ — $ 952 $ — $ 5,167 $ — $ 5,167 The following table details the Company's assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Real Estate Debt Balance as of December 31, 2020 $ — Purchases 504,540 Included in net income Foreign exchange (19,134 ) Unrealized gain (loss) — Balance as of September 30, 2021 $ 485,406 The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): September 30, 2021 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in Real Estate Debt $ 485,406 Transacted value Cost N/A N/A Valuation of liabilities not measured at fair value Fair value of the Company’s indebtedness is estimated by modeling the cash flows required by the Company’s debt agreements and discounting them back to the present value using an appropriate discount rate. Additionally, the Company considers current market 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 September 30, 2021, the fair value of the Company’s mortgage notes, revolving credit facility and secured financings on investments in real estate debt 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 and its unsecured revolving credit facility are recorded as a component of Other assets on the Company’s Condensed Consolidated Balance Sheets and amortized over the term of the applicable financing agreement. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage commissions, are recorded as a component of Other assets on the Company’s Condensed 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 r ental 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 Company’s Condensed Consolidated Bal ance Sheets. The Company’s Hospitality revenue consists of room revenue and food and beverage revenue. Room revenue is recognized when the related room is occupied and other hospitality revenue is recognized when the service is rendered. For leases that are deemed not probable of collection, revenue is recorded as the lesser of (i) the amount which would be recognized on a straight-line basis or (ii) cash that has been received from the tenant, with any tenant and deferred rent receivable balances charged as a direct write-off against rental income in the period of the change in the collectability determination. Certain of the Company’s contracts contain nonlease components (e.g., charges for management fees, common area maintenance, and reimbursement of third-party maintenance expenses) in addition to lease components (i.e., monthly rental charges). Services related to nonlease components are provided over the same period of time as, and billed in the same manner as, monthly rental charges. The Company elected to apply the practical expedient available under ASC 842, for all classes of assets, not to segregate the lease components from the nonlease components when accounting for operating leases. Since the lease component is the predominant component under each of these leases, combined revenues from both the lease and nonlease components are accounted for in accordance with ASC 842 and reported as Rental revenues in the Company’s Condensed Consolidated Statements of Operations. In connection with its investments, the Company has acquired assets subject to 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 Other liabilities on the Company’s Condensed Consolidated Balance Sheets. As of September 30, 2021 and December 31, 2020, deferred income related to these loans amounted to $5.2 million and $5.8 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 Company’s Condensed Consolidated Statements of Operations. For the three and nine months ended September 30, 2021, Other revenue related to these loans amounted to $0.2 million and $0.6 million, respectively. For the three and nine months ended September 30, 2020, Other revenue related to these loans amounted to $0.2 million and $0.6 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 Condensed 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 in connection with the Initial Public Offering (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 Starwood Capital, L.L.C. (the “Dealer Manager”), a registered broker-dealer affiliated with the Advisor, serves as the dealer manager for the Company’s public offerings. 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 September 30, 2021: 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 T shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.0% of the transaction price and upfront dealer manager fees of 0.5% of the transaction price, however such amounts may vary at certain participating broker-dealers, provided that the sum will not exceed 3.5% of the transaction price. For Class S shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.5% of the transaction price. For Class D shares sold in the primary offering, investors will pay upfront selling commissions of up to 1.5% of the transaction price. 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 T shares and Class S 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 Follow-on Public Offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fees received and all or a portion of the stockholder servicing fees to such selected dealers. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share sold in the primary offering at the end of the month in which the total selling commissions, dealer manager fees and stockholder servicing fees paid with respect to the shares held by such stockholder within such account would exceed 8.75% (or, in the case of Class T shares sold through certain participating broker-dealers, a lower limit as set forth in any applicable agreement between the Dealer Manager and a participating broker-dealer) of the gross proceeds from the sale of such share (including the gross proceeds of any shares issued under the Company’s distribution reinvestment plan with respect thereto). The Company will accrue the full cost of the stockholder servicing fee as an offering cost at the time each Class T, Class S and Class D share is sold during the primary offering. As of September 30, 2021 and December 31, 2020, the Company had accr

Investments

Investments	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Investments	3. Investments Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): September 30, 2021 December 31, 2020 Building and building improvements $ 7,498,062 $ 3,860,297 Land and land improvements 1,379,087 689,107 Furniture, fixtures and equipment 129,093 76,808 Right of use asset - operating lease (1) 105,236 101,382 Total 9,111,478 4,727,594 Accumulated depreciation and amortization (272,694 ) (130,540 ) Investments in real estate, net $ 8,838,784 $ 4,597,054 (1) During the nine months ended September 30, 2021, the Company acquired interests in 101 properties, which were comprised of 60 industrial properties, 37 multifamily properties, three office properties and one other property. The following table provides details of the properties acquired during the nine months ended September 30, 2021 ($ in thousands): Segments Number of Transactions Number of Properties Sq. Ft. (in thousands)/Units Purchase Price (1) Multifamily properties 8 37 10,861 units $ 2,692,598 Industrial properties 5 60 10.38 sq. ft. 1,560,968 Office properties 1 3 0.46 sq. ft. 135,242 Other properties 1 1 0.14 sq. ft. 94,593 15 101 $ 4,483,401 (1) The following table summarizes the purchase price allocation for the properties acquired during the nine months ended September 30, 2021 ($ in thousands): Amount Building and building improvements $ 3,588,114 Land and land improvements 685,437 Furniture, fixtures and equipment 49,824 In-place lease intangibles 125,655 Above-market lease intangibles 7,406 Below-market lease intangibles (12,741 ) Above-market ground lease intangibles (2,292 ) Other intangibles 12,376 Total purchase price (1) $ 4,453,779 Assumed mortgage notes (156,515 ) Non-controlling interest (3,349 ) Net purchase price $ 4,293,915 (1) Purchase price excludes acquisition-related costs of $29.6 million. The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles, below-market lease intangibles and above-market ground lease intangibles for the properties acquired during the nine months ended September 30, 2021 were four years, six years, five years and 32 years, respectively. 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 Condensed Consolidated Balance Sheets. The Company’s investment in the Joint Venture totaled $10.4 million and $11.0 million as of September 30, 2021 and December 31, 2020, respectively. The Company’s loss from its investment in the Joint Venture is presented in Loss from unconsolidated real estate ventures on the Company’s Condensed Consolidated Statements of Operations and totaled ($0.4) million and ($0.4) million for the three and nine months ended September 30, 2021 and ($0.7) million and ($0.9) million for the three and nine months ended September 30, 2020, respectively.

Intangibles

Intangibles	9 Months Ended
	Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Intangibles	4. Intangibles The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): September 30, 2021 December 31, 2020 Intangible assets: (1) In-place lease intangibles $ 319,651 $ 194,003 Above-market lease intangibles 29,303 22,132 Other 43,482 31,019 Total intangible assets 392,436 247,154 Accumulated amortization: In-place lease amortization (110,395 ) (60,142 ) Above-market lease amortization (6,858 ) (3,506 ) Other (5,785 ) (3,650 ) Total accumulated amortization (123,038 ) (67,298 ) Intangible assets, net $ 269,398 $ 179,856 Intangible liabilities: (2) Below-market lease intangibles $ 48,859 $ 36,190 Total intangible liabilities 48,859 36,190 Accumulated amortization: Below-market lease amortization (7,551 ) (3,534 ) Total accumulated amortization (7,551 ) (3,534 ) Intangible liabilities, net $ 41,308 $ 32,656 (1) Included in Other assets on the Company’s Condensed Consolidated Balance Sheets. (2) Included in Other liabilities on the Company’s Condensed Consolidated Balance Sheets. The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of September 30, 2021 is as follows ($ in thousands): In-place Lease Intangibles Above-market Lease Intangibles Other Below-market Lease Intangibles 2021 (remaining) $ 22,387 $ 1,264 $ 820 $ (1,541 ) 2022 52,405 4,580 3,569 (6,551 ) 2023 34,753 4,080 3,484 (6,011 ) 2024 26,027 2,916 3,470 (5,005 ) 2025 21,120 2,279 3,338 (4,115 ) Thereafter 52,564 7,326 23,016 (18,085 ) $ 209,256 $ 22,445 $ 37,697 $ (41,308 )

Investments in Real Estate Debt

Investments in Real Estate Debt	9 Months Ended
	Sep. 30, 2021
Schedule Of Investments [Abstract]
Investments in Real Estate Debt	5. Investments in Real Estate Debt The following tables detail the Company’s investments in real estate debt as of September 30, 2021 and December 31, 2020 ($ in thousands): September 30, 2021 Type of Security/Loan Number of Positions Weighted Average Coupon Weighted Average Maturity Date (1) Cost Basis Fair Value RMBS 51 3.12% November 7, 2045 $ 173,051 $ 177,472 CMBS - floating 4 L + 3.46% July 15, 2038 296,928 298,661 CMBS - fixed 1 6.26% July 25, 2039 2,700 2,536 Total real estate securities 56 3.33% March 15, 2041 472,679 478,669 Term loan (2) 1 L + 5.35% February 26, 2026 504,540 485,406 Total investments in real estate debt 57 4.39% June 2, 2033 $ 977,219 $ 964,075 December 31, 2020 Type of Security Number of Positions Weighted Average Coupon Weighted Average Maturity Date (1) Cost Basis Fair Value RMBS 55 3.22% March 22, 2047 $ 213,863 $ 215,358 CMBS 1 6.26% July 25, 2039 3,066 2,867 Total investments in real estate debt 56 $ 216,929 $ 218,225 ( 1 ) Weighted average maturity date is based on the fully extended maturity date of the underlying collateral. ( 2 ) On February 26, 2021, the Company provided financing in the form of a term loan to an unaffiliated entity in connection with its acquisition of a premier United Kingdom holiday company. The loan is in the amount of £360 million and has an initial term of five years, with a two-year extension option. The majority of the Company’s investments in real estate securities consist of non-agency RMBS and CMBS. The Company’s investments in real estate debt include CMBS collateralized by properties owned by Starwood-advised investment vehicles. The following table details the Company’s affiliate investments in real estate debt ($ in thousands): Fair Value September 30, 2021 December 31, 2020 CMBS $ 298,661 $ — Total $ 298,661 $ — Such CMBS were purchased in fully or over-subscribed offerings. Each investment in such CMBS by the Company represented a minority participation in any individual tranche. The Company acquired its minority participation interest from third-party investment banks on market terms negotiated by the majority third-party investors. During the three and nine months ended September 30, 2021, the Company recorded net unrealized losses on its investments in real estate debt of ($4.6) million and ($6.2) million, respectively. During the three and nine months ended September 30, 2020, the Company recorded net unrealized gains on its investments in real estate debt of $9.2 million and net unrealized losses of ($4.7) million, respectively. During the three and nine months ended September 30, 2020, the Company recorded realized losses on its investments in real estate debt of ($1.2) million and ($5.8) million, respectively. Such amounts are recorded as a component of Income (loss) from investments in real estate debt on the Company’s Condensed Consolidated Statements of Operations.

Mortgage Notes and Revolving Cr

Mortgage Notes and Revolving Credit Facility	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Mortgage Notes and Revolving Credit Facility	6. Mortgage Notes and Revolving Credit Facility The following table is a summary of the mortgage notes and revolving credit facility secured by the Company’s properties as of September 30, 2021 and December 31, 2020 ($ in thousands): Principal Balance Outstanding (3) Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2) Maximum Facility Size September 30, 2021 December 31, 2020 Fixed rate loans Fixed rate mortgages 3.08% 9/7/2030 N/A $ 2,693,436 $ 2,236,290 Total fixed rate loans 2,693,436 2,236,290 Variable rate loans Floating rate mortgages L + 1.84% 7/26/2024 N/A 3,092,387 886,594 Variable rate revolving credit facility (4) L + 2.00% 10/21/2021 $ 200,000 — 172,800 Total variable rate loans 3,092,387 1,059,394 Total loans secured by the Company's properties 5,785,823 3,295,684 Deferred financing costs, net (39,297 ) (17,208 ) Premium on assumed debt, net 612 286 Mortgage notes and revolving credit facility, net $ 5,747,138 $ 3,278,762 ( 1) ( 2 ) For loans where the Company, at its own discretion, has extension options, the maximum maturity date has been assumed. ( 3 ) The majority of the Company’s mortgages contain yield or spread maintenance provisions. ( 4 ) The Company’s revolving credit facility can be drawn upon to fund the acquisition of future real estate investments. During October 2021, the Company extended this facility to October 21, 2022. The following table presents the future principal payments under the Company’s mortgage notes and revolving credit facility as of September 30, 2021 ($ in thousands): Year Amount 2021 (remaining) $ 914 2022 51,689 2023 1,651,164 2024 483,255 2025 648,982 Thereafter 2,949,819 Total $ 5,785,823 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 September 30, 2021.

Secured Financings On Investmen

Secured Financings On Investments In Real Estate Debt	9 Months Ended
	Sep. 30, 2021
Secured Financings On Investments In Real Estate Debt [Abstract]
Secured Financings on Investments in Real Estate Debt	7. Secured Financings on Investments in Real Estate Debt Secured financings on investments in real estate debt are treated as collateralized financing transactions and are carried at their contractual amounts, including accrued interest, as specified in the respective agreements. Although structured as a sale and repurchase obligation, a secured financing on investments in real estate debt operates as a financing under which securities are pledged as collateral to secure a short-term loan equal in value to a specified percentage of the market value of the pledged collateral. While used as collateral, the Company retains beneficial ownership of the pledged collateral, including the right to distributions. At the maturity of a secured financing on investments in real estate debt, the Company is required to repay the loan and concurrently receive the pledged collateral from the lender or, with the consent of the lender, renew such agreement at the then-prevailing financing rate. Interest rates on these borrowings are determined based on prevailing rates corresponding to the terms of the borrowings, and interest is paid at the termination of the borrowing at which time the Company may enter into a new borrowing arrangement at prevailing market rates with the same counterparty or repay that counterparty and negotiate financing with a different counterparty. The fair value of financial instruments pledged as collateral on the Company’s secured financings on investments in real estate debt disclosed in the tables below represents the Company’s fair value of such instruments, which may differ from the fair value assigned to the collateral by its counterparties. During February 2021, the Company entered into a repurchase agreement with Barclays Bank PLC in order to finance its term loan investment (the “Barclays RA”). The Barclays RA interest rate is equal to the three-month U.S. dollar-denominated LIBOR plus a spread. For financial statement purposes, the Company does not offset its secured financings on investments in real estate debt and securities lending transactions because the conditions for netting as specified by GAAP are not met. Although not offset on the Company’s Condensed Consolidated Balance Sheets, these transactions are summarized in the following tables ($ in thousands): September 30, 2021 Indebtedness Maturity Date Coupon Collateral Assets (1) Outstanding Balance Barclays RA 2/26/2026 L + 2.50% $ 485,406 $ 134,835 $ 485,406 $ 134,835 December 31, 2020 Indebtedness Weighted Average Maturity Date Weighted Average Coupon Collateral Assets (1) Outstanding Balance RMBS 3/17/2021 1.93% $ 155,538 $ 105,804 CMBS 1/6/2021 2.10% 2,867 2,450 $ 158,405 $ 108,254 (1) Represents the fair value of the Company’s investments in real estate debt.

Unsecured Revolving Credit Faci

Unsecured Revolving Credit Facility	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Unsecured Revolving Credit Facility	8. Unsecured Revolving Credit Facility On December 16, 2020, the Company entered into an unsecured revolving credit facility (the “Line of Credit”) for $100 million with multiple banks. During July 2021 additional banks were added under the Line of Credit and the total borrowing capacity was increased to $450 million. The Line of Credit expires on December 16, 2023, at which time the Company may request additional one-year extensions thereafter. Interest under the Line of Credit is determined based on one-month U.S. dollar-denominated LIBOR plus 3.0%. As of September 30, 2021 and December 31, 2020, the capacity of the Line of Credit was $450 million and $100 million, respectively. There were no outstanding borrowings on the Line of Credit as of September 30, 2021 and December 31, 2020.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	9 Months Ended
	Sep. 30, 2021
Other Assets And Other Liabilities [Abstract]
Other Assets and Other Liabilities	9 . Other Assets and Other Liabilities The following table summarizes the components of Other assets ($ in thousands): September 30, 2021 December 31, 2020 Intangible assets, net $ 269,398 $ 179,856 Acquisition deposits 208,826 7 Equity securities 173,732 — Derivative instruments 62,344 1,410 Receivables 39,688 23,692 Prepaid expenses 10,716 4,047 Interest receivable 3,974 548 Deferred financing costs, net 3,772 1,268 Other 3,591 307 Total $ 776,041 $ 211,135 The following table summarizes the components of Other liabilities ($ in thousands): September 30, 2021 December 31, 2020 Accounts payable and accrued expenses $ 49,699 $ 19,651 Real estate taxes payable 49,618 14,842 Intangible liabilities, net 41,308 32,656 Distributions payable 24,756 8,682 Tenant security deposits 21,095 9,842 Right of use liability - operating lease 12,514 6,390 Accrued interest expense 10,091 7,309 Deferred tax liability 9,764 1,229 Deferred income 7,323 11,111 Derivative instruments 952 5,167 Other 3,088 193 Total $ 230,208 $ 117,072

Equity and Redeemable Non-contr

Equity and Redeemable Non-controlling Interest	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	10 . 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. Charter Amendment On May 10, 2021, the Company amended its charter to increase the number of shares of stock that the Company has authority to issue to 3,100,000,000 shares, consisting of 3,000,000,000 shares of common stock, $0.01 par value per share, 500,000,000 of which are classified as Class T common stock, 1,000,000,000 of which are classified as Class S common stock, 500,000,000 of which are classified as Class D common stock and 1,000,000,000 of which are classified as Class I common stock, and 100,000,000 shares of preferred stock, $0.01 par value per share. Prior to the amendment, the Company had authority to issue 1,100,000,000 shares, consisting of 1,000,000,000 shares of common stock, $0.01 par value per share, 250,000,000 of which were classified as Class T common stock, 250,000,000 of which were classified as Class S common stock, 250,000,000 of which were classified as Class D common stock and 250,000,000 of which were classified as Class I common stock, and 100,000,000 shares of preferred stock, $0.01 par value per share. As of September 30, 2021, the Company had the authority to issue 3,100,000,000 shares of capital stock, consisting of the following: Classification Number of Shares Par Value Preferred Stock 100,000,000 $ 0.01 Class T Shares 500,000,000 $ 0.01 Class S Shares 1,000,000,000 $ 0.01 Class D Shares 500,000,000 $ 0.01 Class I Shares 1,000,000,000 $ 0.01 Total 3,100,000,000 Common Stock The following table details the movement in the Company’s outstanding shares of common stock: Nine months ended September 30, 2021 Class T Class S Class D Class I Total December 31, 2020 2,463,182 46,431,661 2,847,097 39,152,913 90,894,853 Common stock shares issued 1,523,077 74,589,078 15,921,954 75,605,408 167,639,517 Distribution reinvestment plan shares issued 60,801 1,442,493 109,861 959,717 2,572,872 Common stock shares repurchased (37,422 ) (819,843 ) (35,754 ) (925,540 ) (1,818,559 ) Independent directors' restricted stock grant (1) — — — 14,829 14,829 September 30, 2021 4,009,638 121,643,389 18,843,158 114,807,327 259,303,512 (1) The independent directors’ restricted stock grant represents $0.3 million of the annual compensation paid to the independent directors for the period ended September 30, 2021. Each grant is amortized over the one-year Share Repurchases For the three months ended September 30, 2021, the Company repurchased 475,386 shares of common stock representing a total of $10.8 million. For the nine months ended September 30, 2021, the Company repurchased 1,818,559 shares of common stock representing a total of $40.0 million. The Company had no unfulfilled repurchase requests during the nine months ended September 30, 2021. 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 nine months ended September 30, 2021: Class T Class S Class D Class I Gross distributions declared per share of common stock $ 0.9315 $ 0.9315 $ 0.9315 $ 0.9315 Stockholder servicing fee per share of common stock (0.1413 ) (0.1418 ) (0.0416 ) — Net distributions declared per share of common stock $ 0.7902 $ 0.7897 $ 0.8899 $ 0.9315 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 11 for further details of the Special Limited Partner’s performance participation interest. Because the Special Limited Partner has the ability to redeem its Class I units for cash, at its election, the Company has classified these Class I units as Redeemable non-controlling interest in mezzanine equity on the Company’s Condensed Consolidated Balance Sheets. The Redeemable non-controlling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and 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 September 30, 2021, the Company recorded an allocation adjustment of $5.6 million between Additional paid-in capital and Redeemable non-controlling interest. The following table summarizes the Redeemable non-controlling interest activity for the nine months ended September 30, 2021 and 2020 ($ in thousands): September 30, 2021 September 30, 2020 Balance at the beginning of the year $ 10,409 $ — Settlement of performance participation allocation 15,061 10,366 GAAP income allocation (1,235 ) (458 ) Distributions (1,095 ) (448 ) Fair value allocation 5,556 792 Ending balance $ 28,696 $ 10,252

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	1 1 . Related Party Transactions Acquisition of Investments 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 the Sponsor. The Sponsor purchased a 25% interest (the “60 State Street Membership Interests”) alongside the Company with the intent of subsequently selling it to an unaffiliated buyer. The Sponsor subsequently exercised its right to put the 60 State Street Membership Interests to the Company. During the second quarter of 2020, the Company acquired the 60 State Street Membership Interests in three transactions at a cost of $59.0 million plus interest equal to one-month LIBOR +2.40% or $0.3 million. As a result of these transactions, the Company wholly owns 60 State Street. On October 29, 2020, the Company borrowed $22.0 million from the Sponsor to fund an acquisition. The borrowing was repaid on 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. During the three and nine months ended September 30, 2021, the Company incurred management fees of $17.7 million and $36.4 million, respectively. During the three and nine months ended September 30, 2020, the Company incurred management fees of $5.0 million and $13.6 million, respectively. To date, the Advisor has elected to receive the management fee in shares of the Company’s common stock. For the nine months ended September 30, 2021, the Company issued 1,313,346 unregistered Class I shares to the Advisor as payment for the management fee and also had a payable of $6.8 million related to the management fee as of September 30, 2021, which is included in Due to affiliates on the Company’s Condensed Consolidated Balance Sheets. During October 2021, the Advisor was issued 277,913 unregistered Class I shares as payment for the $6.8 million management fee accrued as of September 30, 2021. 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 and nine months ended September 30, 2021, the Company recognized $ 79.6 million and $ 111.9 million , respectively , of p erformance p articipation a llocation in the Company’s Condensed Consolidated Statement s of Operations . During the three and nine months ended September 30, 2020, the Company recognized $ 0 and $ 46,000 , respectively , of performance participation allocation in the Company’s Condensed Consolidated Statements of Operations. The 2020 performance participation allocation became payable on December 31, 2020 and, in January 2021, the Operating Partnership issued 695,320 Class I units in the Operating Partnership to the Special Limited Partner as payment for the 2020 performance participation allocation. Such Class I units were issued at the NAV per unit as of December 31, 2020. Due to Affiliates The following table details the components of Due to affiliates ($ in thousands): September 30, 2021 December 31, 2020 Accrued stockholder servicing fee $ 227,430 $ 73,170 Performance participation allocation 111,934 15,061 Advanced organization and offering costs 4,735 5,830 Accrued management fee 6,782 2,103 Accrued affiliate service provider expenses 610 — Advanced operating expenses 348 207 Total $ 351,839 $ 96,371 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 September 30, 2021 and December 31, 2020, the Company has accrued $227.4 million and $73.2 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 participating broker dealers distributing the Company’s shares in the public offerings, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fee and all or a portion of the stockholder servicing fees received by the Dealer Manager to such participating broker dealers. Advanced organization and offering costs The Advisor and its affiliates incurred $7.3 million of organization and offering costs in connection with the Initial Public Offering (excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) on behalf of the Company through December 21, 2019. Such amount is being reimbursed to the Advisor ratably over 60 months, which commenced in January 2020. Advanced operating expenses As of September 30, 2021 and December 31, 2020, 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 (incurred prior to 2019) are being reimbursed to the Advisor ratably over a 60 month period, which commenced in January 2020. For the nine months ended September 30, 2021 and the year ended December 31, 2020, the Advisor had incurred approximately $3.8 million and $2.7 million, respectively, of expenses on the Company’s behalf for general corporate expenses. Such amounts are being reimbursed to the Advisor one month in arrears. For the nine months ended September 30, 2021 and the year ended December 31, 2020, the Advisor had advanced approximately $0.2 million and $0.1 million, respectively, of expenses on the Company’s behalf for general corporate expenses. Accrued affiliate service provider expenses The Company has engaged and expects to continue to engage Highmark Residential (formerly Milestone Management), a portfolio company owned by an affiliate of the Sponsor, to provide property management services (including leasing, 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 and nine months ended September 30, 2021, the Company has incurred approximately $1.8 million and $4.6 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 Condensed Consolidated Statements of Operations. During the three and nine months ended September 30, 2020, the Company incurred approximately $0.7 million and $1.9 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 Condensed Consolidated Statements of Operations. The Company has engaged Rinaldi, Finkelstein & Franklin L.L.C. (“RFF”), a law firm owned and controlled by Ellis F. Rinaldi, Co-General Counsel and Senior Managing Director of the Sponsor and certain of its affiliates, to provide corporate legal support services to the Company. During the three and nine months ended September 30, 2021, the amounts incurred for services provided by RFF were $0.1 million and $0.3 million, respectively. During the three and nine months ended September 30, 2020, the amounts incurred for services provided by RFF were $0.1 million and $0.2 million, respectively. The Company has engaged Essex Title, LLC (“Essex”), a title agent company majority owned by the Sponsor. Essex acts as an agent for one or more underwriters in issuing title policies and/or providing support services in connection with investments by the Company, Starwood Capital and its affiliates and third parties. Essex focuses on transactions in rate-regulated states where the cost of title insurance is non-negotiable. Essex will not perform services in non-regulated states for the Company, unless (i) in the context of a portfolio transaction that includes properties in rate-regulated states, (ii) as part of a syndicate of title insurance companies where the rate is negotiated by other insurers or their agents, (iii) when a third party is paying all or a material portion of the premium or (iv) when providing only support services to the underwriter. Essex earns fees, which would have otherwise been paid to third parties, by providing title agency services and facilitating placement of title insurance with underwriters. Starwood receives distributions from Essex in connection with investments by the Company based on its equity interest in Essex. In each case, there will be no related offset to the Company. During the three and nine months ended September 30, 2021, the amounts incurred for services provided by Essex were $0.3 million and $0.6 million, respectively. During the three and nine months ended September 30, 2020, the Company did not incur any expenses from Essex. The Company has engaged Starwood’s affiliated Luxembourg office for accounting and administrative matters relating to certain European investments. All of the services provided by Starwood Luxembourg are done at cost. During the three and nine months ended September 30, 2021, the amounts incurred for services provided were $0.04 million, respectively. The Company has incurred legal expenses from third party law firms whose lawyers have been seconded to affiliates of Starwood Capital for the purpose of providing legal services in Europe to investment vehicles sponsored by Starwood Capital. During the three and nine months ended September 30, 2021, the amounts incurred for services provided were $0.1 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	1 2 . Commitments and Contingencies As of September 30, 2021 and December 31, 2020, the Company is not subject to any material litigation nor is the Company aware of any material litigation threatened against it.

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	1 3 . 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 September 30, 2021 ($ in thousands): Operating Lease 2021 (remaining) $ 172 2022 686 2023 686 2024 686 2025 712 Thereafter 27,210 Total undiscounted future lease payments 30,152 Difference between undiscounted cash flows and discounted cash flows (17,638 ) Total lease liability $ 12,514 The Company utilized its incremental borrowing rate, which was between 4.5% and 6% to determine its lease liabilities. As of September 30, 2021, the weighted average remaining lease term of the Company’s operating leases was 38 years. Payments under the Company’s ground leases contain fixed payment components. The Company’s ground lease contained escalations prior to the Company’s hold period. Lessor The Company’s rental revenue primarily consists of rent earned from operating leases at the Company’s multifamily, industrial, office, medical office and other properties. Leases at the Company’s industrial, office and medical 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, medical office and other properties are generally longer term and may contain extension and termination options at the lessee’s election. The Company’s rental revenue earned from leases at the Company’s multifamily 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Fixed lease payments $ 136,247 $ 64,196 $ 325,242 $ 164,417 Variable lease payments 15,960 7,700 41,308 22,271 Rental revenue $ 152,207 $ 71,896 $ 366,550 $ 186,688 The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, office, medical office and other properties ($ in thousands) as of September 30, 2021. Leases at the Company’s multifamily properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2021 (remaining) $ 69,631 2022 202,023 2023 189,093 2024 166,671 2025 144,205 Thereafter 522,553 Total $ 1,294,176

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment Reporting	1 4 . Segment Reporting The Company operates in seven reportable segments: Multifamily properties, Hospitality properties, Industrial properties, Office properties, Medical office properties, Other properties and Investments in real estate debt. The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that segment net operating income is the key performance metric that captures the unique operating characteristics of each segment. The following table sets forth the total assets by segment ($ in thousands): September 30, 2021 December 31, 2020 Multifamily properties $ 5,418,160 $ 2,738,210 Hospitality properties 243,157 244,065 Industrial properties 2,144,509 551,898 Office properties 1,291,489 1,186,328 Medical office properties 189,953 196,559 Other property 96,252 — Investments in real estate debt 964,075 218,225 Other (Corporate) 1,476,016 195,531 Total assets $ 11,823,611 $ 5,330,816 The following table sets forth the financial results by segment for the three months ended September 30, 2021 ($ in thousands): Multifamily Hospitality Industrial Office Medical Office Other Investments in Real Estate Debt Total Revenues: Rental revenue $ 89,742 $ — $ 29,261 $ 29,272 $ 3,615 $ 317 $ — $ 152,207 Hospitality revenue — 9,364 — — — — — 9,364 Other revenue 654 94 — 106 10 — — 864 Total revenues 90,396 9,458 29,261 29,378 3,625 317 — 162,435 Expenses: Rental property operating 40,032 — 7,169 10,223 1,664 26 — 59,114 Hospitality operating — 5,653 — — — — — 5,653 Total segment expenses 40,032 5,653 7,169 10,223 1,664 26 — 64,767 Loss from unconsolidated real estate ventures — (447 ) — — — — — (447 ) Income from investments in real estate debt — — — — — — 19,268 19,268 Segment net operating income $ 50,364 $ 3,358 $ 22,092 $ 19,155 $ 1,961 $ 291 $ 19,268 $ 116,489 Depreciation and amortization $ (44,908 ) $ (2,138 ) $ (17,560 ) $ (15,546 ) $ (2,065 ) $ (236 ) $ — $ (82,453 ) General and administrative (6,588 ) Management fees (17,653 ) Performance participation allocation (79,552 ) Interest expense (38,887 ) Other expense, net (1,449 ) Net loss $ (110,093 ) Net loss attributable to non- controlling interests in consolidated joint ventures 176 Net loss attributable to non- controlling interests in Operating Partnership 665 Net loss attributable to stockholders $ (109,252 ) The following table sets forth the financial results by segment for the three months ended September 30, 2020 ($ in thousands): Multifamily Hospitality Industrial Office Medical Office Real Estate- Related Securities Total Revenues: Rental revenue $ 32,891 $ — $ 7,027 $ 28,005 $ 3,973 $ — $ 71,896 Hospitality revenue — 4,420 — — — — 4,420 Other revenue 531 13 — 49 11 — 604 Total revenues 33,422 4,433 7,027 28,054 3,984 — 76,920 Expenses: Rental property operating 13,186 — 1,641 9,644 1,444 — 25,915 Hospitality operating — 3,589 — — — — 3,589 Total segment expenses 13,186 3,589 1,641 9,644 1,444 — 29,504 Loss from unconsolidated real estate ventures — (666 ) — — — — (666 ) Income from investments in real estate-related securities, net — — — — — 11,068 11,068 Segment net operating income $ 20,236 $ 178 $ 5,386 $ 18,410 $ 2,540 $ 11,068 $ 57,818 Depreciation and amortization $ (15,702 ) $ (2,142 ) $ (4,161 ) $ (14,214 ) $ (2,324 ) $ — $ (38,543 ) General and administrative (2,023 ) Management fees (5,018 ) Performance participation allocation — Interest expense (22,539 ) Other expense, net (192 ) Net loss $ (10,497 ) Net loss attributable to non- controlling interests in consolidated joint ventures 139 Net loss attributable to non- controlling interests in Operating Partnership 43 Net loss attributable to stockholders $ (10,315 ) The following table sets forth the financial results by segment for the nine months ended September 30, 2021 ($ in thousands): Multifamily Hospitality Industrial Office Medical Office Other Investments in Real Estate Debt Total Revenues: Rental revenue $ 202,402 $ — $ 61,260 $ 91,505 $ 11,066 $ 317 $ — $ 366,550 Hospitality revenue — 24,817 — — — — — 24,817 Other revenue 1,872 260 — 230 31 — — 2,393 Total revenues 204,274 25,077 61,260 91,735 11,097 317 — 393,760 Expenses: Rental property operating 86,839 — 15,960 32,352 4,720 26 — 139,897 Hospitality operating — 15,026 — — — — — 15,026 Total segment expenses 86,839 15,026 15,960 32,352 4,720 26 — 154,923 Loss from unconsolidated real estate ventures — (448 ) — — — — — (448 ) Income from investments in real estate debt — — — — — — 37,898 37,898 Segment net operating income $ 117,435 $ 9,603 $ 45,300 $ 59,383 $ 6,377 $ 291 $ 37,898 $ 276,287 Depreciation and amortization $ (102,176 ) $ (6,401 ) $ (36,470 ) $ (46,273 ) $ (6,378 ) $ (236 ) $ — $ (197,934 ) General and administrative (15,210 ) Management fees (36,364 ) Performance participation allocation (111,934 ) Interest expense (88,994 ) Other expense, net (527 ) Net loss $ (174,676 ) Net loss attributable to non- controlling interests in consolidated joint ventures 319 Net loss attributable to non- controlling interests in Operating Partnership 1,235 Net loss attributable to stockholders $ (173,122 ) The following table sets forth the financial results by segment for the nine months ended September 30, 2020 ($ in thousands): Multifamily Hospitality Industrial Office Medical Office Investments in Real Estate Debt Total Revenues: Rental revenue $ 87,666 $ — $ 20,415 $ 68,777 $ 9,830 $ — $ 186,688 Hospitality revenue — 17,134 — — — — 17,134 Other revenue 1,376 91 — 103 30 — 1,600 Total revenues 89,042 17,225 20,415 68,880 9,860 — 205,422 Expenses: Rental property operating 33,457 — 5,003 23,059 3,354 — 64,873 Hospitality operating — 12,294 — — — — 12,294 Total segment expenses 33,457 12,294 5,003 23,059 3,354 — 77,167 Loss from unconsolidated real estate ventures — (887 ) — — — — (887 ) Loss from investments in real estate- related securities, net — — — — — (27 ) (27 ) Segment net operating income (loss) $ 55,585 $ 4,044 $ 15,412 $ 45,821 $ 6,506 $ (27 ) $ 127,341 Depreciation and amortization $ (49,826 ) $ (6,284 ) $ (12,489 ) $ (34,319 ) $ (5,075 ) $ — $ (107,993 ) General and administrative (6,163 ) Management fees (13,560 ) Performance participation allocation (46 ) Interest expense (65,448 ) Other expense, net (29 ) Net loss $ (65,898 ) Net loss attributable to non- controlling interests in consolidated joint ventures 1,186 Net loss attributable to non- controlling interests in Operating Partnership 458 Net loss attributable to stockholders $ (64,254 )

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	1 5 . Subsequent Events Acquisitions/New Investments Subsequent to September 30, 2021, the Company acquired an aggregate of $4.9 billion of real estate, exclusive of closing costs and related working capital, across five separate transactions. Financings Subsequent to September 30, 2021, to finance its acquisitions the Company borrowed an aggregate of $758.9 million across its revolving credit facility, Barclays RA and Line of Credit. Proceeds from the Issuance of Common Stock As of November 12, 2021, the Company had received net proceeds of $6.9 billion from the issuance of its common stock in its public offerings.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. All significant intercompany balances and transactions have been eliminated in consolidation. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed with the SEC. Certain amounts in the Company’s prior period condensed consolidated financial statements have been reclassified to conform to the current period presentation. The Company has chosen to break out a financial statement line item in the Company’s Condensed Consolidated Statements of Cash Flows. On the Condensed Consolidated Statements of Cash Flows, “Straight-line rent amortization” has been reclassified from “Change in assets and liabilities - increase in other assets” for the nine months ended September 30, 2020. Such reclassification had no effect on the previously reported totals or subtotals included in the Condensed Consolidated Statements of Cash Flows. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, the Company’s subsidiaries and joint ventures in which the Company has a controlling interest. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of the joint ventures is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. 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 entit y 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 depreciated on a straight-line basis over the estimated useful lives of the assets as follows: 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 Hospitality operating expenses on the Company’s Condensed 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 received pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. The amortization of acquired above-market and below-market leases is recorded as an adjustment to Rental revenue on the Company’s Condensed Consolidated Statements of Operations. The amortization of in-place leases is recorded as an adjustment to Depreciation and amortization expense on the Company’s Condensed 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 Other liabilities and the related ROU asset is recorded as a component of Investments in real estate, net on the Company’s Condensed Consolidated Balance Sheets. The amortization of the below-market ground lease is recorded as an adjustment to Depreciation and amortization expense on the Company’s Condensed 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 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 or losses and cash contributions and distributions. Under the equity method of accounting, the net equity investment of the Company is reflected within the
Investments in Real Estate Debt	Investments in Real Estate Debt The Company’s investments in real estate debt consists of loans secured by real estate and real estate-related securities. The Company has elected to classify its real estate-related securities as trading securities and record such investments at fair value. As such, the resulting unrealized gains and losses of such securities are recorded as a component of Income (loss) from investments in real estate debt on the Company’s Condensed Consolidated Statements of Operations. The Company elected the fair value option (“FVO”) for its loans secured by real estate. As such, the resulting unrealized gains and losses of such loans are recorded as a component of Income (loss) from investments in real estate debt on the Company’s Condensed Consolidated Statements of Operations. Interest income from the Company’s investments in real estate -related securities is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of premiums and discounts associated with these investments is deferred and recorded over the term of the investment as an adjustment to yield. Upfront costs and fees related to items for which the FVO is elected shall be recognized in earnings as incurred and not deferred. Such items are recorded as components of Income (loss) from i nvestments in r eal e state debt on the Company’s Condensed Consolidated Statements of Operation s .
Derivative Instruments	Derivative Instruments The Company uses derivative financial instruments such as foreign currency swaps, interest rate swaps and interest rate caps to manage risks from fluctuations in exchange rates and interest rates. The Company records its derivatives on its Condensed Consolidated Balance Sheets at fair value and such amounts are included in Other assets or Other liabilities. Any changes in the fair value of these derivatives are recorded in earnings.
Foreign Currency	Foreign Currency The Company’s functional currency is the U.S. dollar. Nonmonetary assets and liabilities are translated at historical rates and monetary assets and liabilities are translated at exchange rates in effect at the end of the reporting period. Income statement accounts are translated at average rates for the reporting period. Gains and losses from translation of foreign denominated transactions into U.S. dollars are included in current results of operations. Gains and losses resulting from foreign currency transactions are also included in current results of operations. Aggregate foreign currency translation and transaction losses included in operations totaled ($11.4) million and ($16.8) million for the three and nine months ended September 30, 2021, respectively. These amounts are recorded as a component of Income (loss) from investments in real estate debt on the Company’s Condensed Consolidated Statements of Operations.
Fair Value Measurements	Fair Value Measurements Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Additionally, there is a hierarchal framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and the state of the market place, including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. Valuation of assets and liabilities measured at fair value The Company’s investments in real estate debt are reported at fair value. The Company’s investments in real estate debt include commercial mortgage-backed securities (“CMBS”) and residential mortgage-backed securities (“RMBS”). The Company generally determines the fair value of its investments by utilizing third-party pricing service providers. In determining the value of a particular investment, the pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported price. The pricing service providers’ internal models for real estate-related securities usually consider the attributes applicable to a particular class of security (e.g., credit rating, seniority), current market data, and estimated cash flows for each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available. Certain of t he Company’s investments in real estate debt include loans secured by real estate, such as its term loan, which may not have readily available market quotations. In such cases, the Company will generally determine the initial value based on the origination amount or acquisition price of such investment if acquired by the Company or the par value of such investment if originated by the Company. Following the initial measurement, the Company will determine fair value by utilizing or reviewing certain of the following inputs (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value ratios and (vii) borrower financial conditi on and performance. The Company’s investments in equity securities of public real estate-related companies are reported at fair value and were recorded as a component of Other assets on the Company’s Condensed Consolidated Balance Sheets. As such, the resulting unrealized gains and losses are recorded as a component of Other income (expense) on the Company’s Condensed Consolidated Statements of Operations. During the three months ended September 30, 2021, the Company recognized $1.3 million of unrealized losses on its investments in equity securities. In determining the fair value of public equity securities, the Company utilizes the closing price of such securities in the principal market in which the security trades. The Company’s derivative financial instruments are reported at fair value. The Company’s interest rate swap agreements are valued using a discounted cash flow analysis based on the terms of the contract and the forward interest rate curve adjusted for the Company’s nonperformance risk. The Company’s interest rate cap positions are valued using models developed by the respective counterparty as well as third party pricing service providers that use as their basis readily observable market parameters (such as forward yield curves and credit default swap data). As of September 30, 2021, the Company held 15 interest rate caps with an aggregate notional value of $3.0 billion, one interest rate cap with an aggregate notional value of kr301.5 million associated with the Danish investment and two interest rate swaps with an aggregate notional value of $252.2 million. The fair values of the Company’s foreign currency swaps are determined by comparing the contracted forward exchange rate to the current market exchange rate. The current market exchange rates are determined by using market spot rates, forward rates and interest rate curves for the underlying instruments. As of September 30, 2021, the Company held four GBP, two EUR and one DKK foreign currency swaps, with an aggregate notional value of £268 million, €85 million and kr165 million, respectively. The fair values of the Company’s financial instruments (other than investments in real estate debt, mortgage notes, revolving credit facility and derivative instruments), including cash, cash equivalents and restricted cash and other financial instruments, approximate their carrying or contract value. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): September 30, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 478,669 $ 485,406 $ 964,075 $ — $ 218,225 $ — $ 218,225 Equity securities 173,732 — — 173,732 — — — — Derivatives — 62,344 — 62,344 — 1,410 — 1,410 Total $ 173,732 $ 541,013 $ 485,406 $ 1,200,151 $ — $ 219,635 $ — $ 219,635 Liabilities: Derivatives $ — $ 952 $ — $ 952 $ — $ 5,167 $ — $ 5,167 Total $ — $ 952 $ — $ 952 $ — $ 5,167 $ — $ 5,167 The following table details the Company's assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Real Estate Debt Balance as of December 31, 2020 $ — Purchases 504,540 Included in net income Foreign exchange (19,134 ) Unrealized gain (loss) — Balance as of September 30, 2021 $ 485,406 The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): September 30, 2021 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in Real Estate Debt $ 485,406 Transacted value Cost N/A N/A Valuation of liabilities not measured at fair value Fair value of the Company’s indebtedness is estimated by modeling the cash flows required by the Company’s debt agreements and discounting them back to the present value using an appropriate discount rate. Additionally, the Company considers current market 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 September 30, 2021, the fair value of the Company’s mortgage notes, revolving credit facility and secured financings on investments in real estate debt
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 and its unsecured revolving credit facility are recorded as a component of Other assets on the Company’s Condensed Consolidated Balance Sheets and amortized over the term of the applicable financing agreement. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage commissions, are recorded as a component of Other assets on the Company’s Condensed 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 r ental 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 Company’s Condensed Consolidated Bal ance Sheets. The Company’s Hospitality revenue consists of room revenue and food and beverage revenue. Room revenue is recognized when the related room is occupied and other hospitality revenue is recognized when the service is rendered. For leases that are deemed not probable of collection, revenue is recorded as the lesser of (i) the amount which would be recognized on a straight-line basis or (ii) cash that has been received from the tenant, with any tenant and deferred rent receivable balances charged as a direct write-off against rental income in the period of the change in the collectability determination. Certain of the Company’s contracts contain nonlease components (e.g., charges for management fees, common area maintenance, and reimbursement of third-party maintenance expenses) in addition to lease components (i.e., monthly rental charges). Services related to nonlease components are provided over the same period of time as, and billed in the same manner as, monthly rental charges. The Company elected to apply the practical expedient available under ASC 842, for all classes of assets, not to segregate the lease components from the nonlease components when accounting for operating leases. Since the lease component is the predominant component under each of these leases, combined revenues from both the lease and nonlease components are accounted for in accordance with ASC 842 and reported as Rental revenues in the Company’s Condensed Consolidated Statements of Operations. In connection with its investments, the Company has acquired assets subject to 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 Other liabilities on the Company’s Condensed Consolidated Balance Sheets. As of September 30, 2021 and December 31, 2020, deferred income related to these loans amounted to $5.2 million and $5.8 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 Company’s Condensed Consolidated Statements of Operations. For the three and nine months ended September 30, 2021, Other revenue related to these loans amounted to $0.2 million and $0.6 million, respectively. For the three and nine months ended September 30, 2020, Other revenue related to these loans amounted to $0.2 million and $0.6 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 Condensed 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 in connection with the Initial Public Offering (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 Starwood Capital, L.L.C. (the “Dealer Manager”), a registered broker-dealer affiliated with the Advisor, serves as the dealer manager for the Company’s public offerings. 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 September 30, 2021: 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 T shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.0% of the transaction price and upfront dealer manager fees of 0.5% of the transaction price, however such amounts may vary at certain participating broker-dealers, provided that the sum will not exceed 3.5% of the transaction price. For Class S shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.5% of the transaction price. For Class D shares sold in the primary offering, investors will pay upfront selling commissions of up to 1.5% of the transaction price. 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 T shares and Class S 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 Follow-on Public Offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fees received and all or a portion of the stockholder servicing fees to such selected dealers. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share sold in the primary offering at the end of the month in which the total selling commissions, dealer manager fees and stockholder servicing fees paid with respect to the shares held by such stockholder within such account would exceed 8.75% (or, in the case of Class T shares sold through certain participating broker-dealers, a lower limit as set forth in any applicable agreement between the Dealer Manager and a participating broker-dealer) of the gross proceeds from the sale of such share (including the gross proceeds of any shares issued under the Company’s distribution reinvestment plan with respect thereto). The Company will accrue the full cost of the stockholder servicing fee as an offering cost at the time each Class T, Class S and Class D share is sold during the primary offering. As of September 30, 2021 and December 31, 2020, the Company had accrued $227.4 million and $73.2 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 Condensed Consolidated Balance Sheets.
Income Taxes	Income Taxes The Company elected to be taxed as a REIT under the Internal Revenue Code (the “Code”), for federal income tax purposes, beginning with its taxable year ended December 31, 2019. As long as the Company qualifies for taxation as a REIT, it generally will not be subject to U.S. federal corporate income tax on its net taxable income that is currently distributed to its stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its REIT taxable income (subject to certain adjustments) to its stockholders. If the Company fails to qualify as a REIT in a taxable year, without the benefit of certain relief provisions, it will be subject to federal and state income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, it may also be subject to certain federal, state, and local taxes on its income and assets, including (1) taxes on any undistributed income, (2) taxes related to its taxable REIT subsidiaries (“TRSs”) and (3) certain state or local income taxes. The Company has formed wholly owned subsidiaries to function as TRSs and filed TRS elections, together with such subsidiaries, with the Internal Revenue Service. In general, a TRS may perform additional services for the Company’s tenants and generally may engage in any real estate or non-real estate-related business other than management or operation of a lodging facility or a health care facility. The TRSs are subject to taxation at the federal, state and local levels, as applicable, at the regular corporate tax rates. The Company accounts for applicable income taxes by utilizing the asset and liability method. As such, the Company records deferred tax assets and liabilities for the future tax consequences resulting from the difference between the carrying value of existing assets and liabilities and their respective tax basis. A valuation allowance for deferred tax assets is provided if the Company believes all or some portion of the deferred tax asset may not be realized. For the three and nine months ended September 30, 2021, the Company recognized an income tax expense of $0.1 million and $0.2 million, respectively, within Other expense, net on the Company’s Condensed Consolidated Statements of Operations. For the three and nine months ended September 30, 2020, the Company recognized an income tax expense of $0.03 million and benefit of $0.04 million, respectively, within Other expense on the Company’s Condensed Consolidated Statements of Operations. As of September 30, 2021 and December 31, 2020, the Company recorded a $9.8 million deferred tax liability comprised of a $1.2 million deferred tax liability driven by its hospitality investments and $8.6 million of assumed capital gains from a triple net lease acquisition and $1.2 million, respectively, within Other liabilities on the Company’s Condensed Consolidated Balance Sheets.
Net Loss per Share	Net Loss per Share Basic net loss per share is computed by dividing net loss attributable to stockholders for the period by the weighted average number of common shares outstanding during the period. All classes of common stock are allocated net loss at the same rate per share and receive the same gross distribution per share. Diluted loss per share is computed by dividing net loss attributable to stockholders for the period by the weighted average number of common shares and common share equivalents outstanding (unless their effect is antidilutive) for the period. There are no common share equivalents outstanding that would have a dilutive effect as a result of the net loss, and accordingly, the weighted average number of common shares outstanding is identical for the periods ended September 30, 2021 and 2020, 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 December 2019, the Financial Accounting Standards Board (the “FASB”) issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Topic 740, Income Taxes 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 Reference Rate Reform

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Estimated Useful Life of Assets	The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 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
Summary of Assets And Liabilities Measured At Fair Value On Recurring Basis	The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): September 30, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 478,669 $ 485,406 $ 964,075 $ — $ 218,225 $ — $ 218,225 Equity securities 173,732 — — 173,732 — — — — Derivatives — 62,344 — 62,344 — 1,410 — 1,410 Total $ 173,732 $ 541,013 $ 485,406 $ 1,200,151 $ — $ 219,635 $ — $ 219,635 Liabilities: Derivatives $ — $ 952 $ — $ 952 $ — $ 5,167 $ — $ 5,167 Total $ — $ 952 $ — $ 952 $ — $ 5,167 $ — $ 5,167
Summary of Assets Measured At Fair Value On Recurring Basis	The following table details the Company's assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Real Estate Debt Balance as of December 31, 2020 $ — Purchases 504,540 Included in net income Foreign exchange (19,134 ) Unrealized gain (loss) — Balance as of September 30, 2021 $ 485,406
Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value	The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): September 30, 2021 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in Real Estate Debt $ 485,406 Transacted value Cost N/A N/A
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 September 30, 2021: 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)	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): September 30, 2021 December 31, 2020 Building and building improvements $ 7,498,062 $ 3,860,297 Land and land improvements 1,379,087 689,107 Furniture, fixtures and equipment 129,093 76,808 Right of use asset - operating lease (1) 105,236 101,382 Total 9,111,478 4,727,594 Accumulated depreciation and amortization (272,694 ) (130,540 ) Investments in real estate, net $ 8,838,784 $ 4,597,054 (1)
Schedule of Details of Properties Acquired	The following table provides details of the properties acquired during the nine months ended September 30, 2021 ($ in thousands): Segments Number of Transactions Number of Properties Sq. Ft. (in thousands)/Units Purchase Price (1) Multifamily properties 8 37 10,861 units $ 2,692,598 Industrial properties 5 60 10.38 sq. ft. 1,560,968 Office properties 1 3 0.46 sq. ft. 135,242 Other properties 1 1 0.14 sq. ft. 94,593 15 101 $ 4,483,401 (1)
Schedule of Purchase Price Allocation of Properties	The following table summarizes the purchase price allocation for the properties acquired during the nine months ended September 30, 2021 ($ in thousands): Amount Building and building improvements $ 3,588,114 Land and land improvements 685,437 Furniture, fixtures and equipment 49,824 In-place lease intangibles 125,655 Above-market lease intangibles 7,406 Below-market lease intangibles (12,741 ) Above-market ground lease intangibles (2,292 ) Other intangibles 12,376 Total purchase price (1) $ 4,453,779 Assumed mortgage notes (156,515 ) Non-controlling interest (3,349 ) Net purchase price $ 4,293,915 (1) Purchase price excludes acquisition-related costs of $29.6 million.

Intangibles (Tables)

Intangibles (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities	The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): September 30, 2021 December 31, 2020 Intangible assets: (1) In-place lease intangibles $ 319,651 $ 194,003 Above-market lease intangibles 29,303 22,132 Other 43,482 31,019 Total intangible assets 392,436 247,154 Accumulated amortization: In-place lease amortization (110,395 ) (60,142 ) Above-market lease amortization (6,858 ) (3,506 ) Other (5,785 ) (3,650 ) Total accumulated amortization (123,038 ) (67,298 ) Intangible assets, net $ 269,398 $ 179,856 Intangible liabilities: (2) Below-market lease intangibles $ 48,859 $ 36,190 Total intangible liabilities 48,859 36,190 Accumulated amortization: Below-market lease amortization (7,551 ) (3,534 ) Total accumulated amortization (7,551 ) (3,534 ) Intangible liabilities, net $ 41,308 $ 32,656 (1) Included in Other assets on the Company’s Condensed Consolidated Balance Sheets. (2) Included in Other liabilities on the Company’s Condensed Consolidated Balance Sheets.
Summary of Estimated Future Amortization on Intangibles	The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of September 30, 2021 is as follows ($ in thousands): In-place Lease Intangibles Above-market Lease Intangibles Other Below-market Lease Intangibles 2021 (remaining) $ 22,387 $ 1,264 $ 820 $ (1,541 ) 2022 52,405 4,580 3,569 (6,551 ) 2023 34,753 4,080 3,484 (6,011 ) 2024 26,027 2,916 3,470 (5,005 ) 2025 21,120 2,279 3,338 (4,115 ) Thereafter 52,564 7,326 23,016 (18,085 ) $ 209,256 $ 22,445 $ 37,697 $ (41,308 )

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Summary of Investments in Real Estate Debt	The following tables detail the Company’s investments in real estate debt as of September 30, 2021 and December 31, 2020 ($ in thousands): September 30, 2021 Type of Security/Loan Number of Positions Weighted Average Coupon Weighted Average Maturity Date (1) Cost Basis Fair Value RMBS 51 3.12% November 7, 2045 $ 173,051 $ 177,472 CMBS - floating 4 L + 3.46% July 15, 2038 296,928 298,661 CMBS - fixed 1 6.26% July 25, 2039 2,700 2,536 Total real estate securities 56 3.33% March 15, 2041 472,679 478,669 Term loan (2) 1 L + 5.35% February 26, 2026 504,540 485,406 Total investments in real estate debt 57 4.39% June 2, 2033 $ 977,219 $ 964,075 December 31, 2020 Type of Security Number of Positions Weighted Average Coupon Weighted Average Maturity Date (1) Cost Basis Fair Value RMBS 55 3.22% March 22, 2047 $ 213,863 $ 215,358 CMBS 1 6.26% July 25, 2039 3,066 2,867 Total investments in real estate debt 56 $ 216,929 $ 218,225 ( 1 ) Weighted average maturity date is based on the fully extended maturity date of the underlying collateral. ( 2 ) On February 26, 2021, the Company provided financing in the form of a term loan to an unaffiliated entity in connection with its acquisition of a premier United Kingdom holiday company. The loan is in the amount of £360 million and has an initial term of five years, with a two-year extension option.
Affiliate Investments
Summary of Investments in Real Estate Debt	The Company’s investments in real estate debt include CMBS collateralized by properties owned by Starwood-advised investment vehicles. The following table details the Company’s affiliate investments in real estate debt ($ in thousands): Fair Value September 30, 2021 December 31, 2020 CMBS $ 298,661 $ — Total $ 298,661 $ —

Mortgage Notes and Revolving _2

Mortgage Notes and Revolving Credit Facility (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Summary of Mortgage Notes and Revolving Credit Facility Secured by Company's Properties	The following table is a summary of the mortgage notes and revolving credit facility secured by the Company’s properties as of September 30, 2021 and December 31, 2020 ($ in thousands): Principal Balance Outstanding (3) Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2) Maximum Facility Size September 30, 2021 December 31, 2020 Fixed rate loans Fixed rate mortgages 3.08% 9/7/2030 N/A $ 2,693,436 $ 2,236,290 Total fixed rate loans 2,693,436 2,236,290 Variable rate loans Floating rate mortgages L + 1.84% 7/26/2024 N/A 3,092,387 886,594 Variable rate revolving credit facility (4) L + 2.00% 10/21/2021 $ 200,000 — 172,800 Total variable rate loans 3,092,387 1,059,394 Total loans secured by the Company's properties 5,785,823 3,295,684 Deferred financing costs, net (39,297 ) (17,208 ) Premium on assumed debt, net 612 286 Mortgage notes and revolving credit facility, net $ 5,747,138 $ 3,278,762 ( 1) ( 2 ) For loans where the Company, at its own discretion, has extension options, the maximum maturity date has been assumed. ( 3 ) The majority of the Company’s mortgages contain yield or spread maintenance provisions. ( 4 ) The Company’s revolving credit facility can be drawn upon to fund the acquisition of future real estate investments. During October 2021, the Company extended this facility to October 21, 2022.
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 September 30, 2021 ($ in thousands): Year Amount 2021 (remaining) $ 914 2022 51,689 2023 1,651,164 2024 483,255 2025 648,982 Thereafter 2,949,819 Total $ 5,785,823

Secured Financings On Investm_2

Secured Financings On Investments In Real Estate Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Secured Financings On Investments In Real Estate Debt [Abstract]
Schedule of Secured Financings on Investments in Real Estate Debt Transactions	For financial statement purposes, the Company does not offset its secured financings on investments in real estate debt and securities lending transactions because the conditions for netting as specified by GAAP are not met. Although not offset on the Company’s Condensed Consolidated Balance Sheets, these transactions are summarized in the following tables ($ in thousands): September 30, 2021 Indebtedness Maturity Date Coupon Collateral Assets (1) Outstanding Balance Barclays RA 2/26/2026 L + 2.50% $ 485,406 $ 134,835 $ 485,406 $ 134,835 December 31, 2020 Indebtedness Weighted Average Maturity Date Weighted Average Coupon Collateral Assets (1) Outstanding Balance RMBS 3/17/2021 1.93% $ 155,538 $ 105,804 CMBS 1/6/2021 2.10% 2,867 2,450 $ 158,405 $ 108,254 (1) Represents the fair value of the Company’s investments in real estate debt.

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2021
Other Assets And Other Liabilities [Abstract]
Schedule of Components of Other Assets	The following table summarizes the components of Other assets ($ in thousands): September 30, 2021 December 31, 2020 Intangible assets, net $ 269,398 $ 179,856 Acquisition deposits 208,826 7 Equity securities 173,732 — Derivative instruments 62,344 1,410 Receivables 39,688 23,692 Prepaid expenses 10,716 4,047 Interest receivable 3,974 548 Deferred financing costs, net 3,772 1,268 Other 3,591 307 Total $ 776,041 $ 211,135
Schedule of Components of Other Liabilities	The following table summarizes the components of Other liabilities ($ in thousands): September 30, 2021 December 31, 2020 Accounts payable and accrued expenses $ 49,699 $ 19,651 Real estate taxes payable 49,618 14,842 Intangible liabilities, net 41,308 32,656 Distributions payable 24,756 8,682 Tenant security deposits 21,095 9,842 Right of use liability - operating lease 12,514 6,390 Accrued interest expense 10,091 7,309 Deferred tax liability 9,764 1,229 Deferred income 7,323 11,111 Derivative instruments 952 5,167 Other 3,088 193 Total $ 230,208 $ 117,072

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interest (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of Company's Authorized Capital	As of September 30, 2021, the Company had the authority to issue 3,100,000,000 shares of capital stock, consisting of the following: Classification Number of Shares Par Value Preferred Stock 100,000,000 $ 0.01 Class T Shares 500,000,000 $ 0.01 Class S Shares 1,000,000,000 $ 0.01 Class D Shares 500,000,000 $ 0.01 Class I Shares 1,000,000,000 $ 0.01 Total 3,100,000,000
Schedule of Common Stock Outstanding shares	The following table details the movement in the Company’s outstanding shares of common stock: Nine months ended September 30, 2021 Class T Class S Class D Class I Total December 31, 2020 2,463,182 46,431,661 2,847,097 39,152,913 90,894,853 Common stock shares issued 1,523,077 74,589,078 15,921,954 75,605,408 167,639,517 Distribution reinvestment plan shares issued 60,801 1,442,493 109,861 959,717 2,572,872 Common stock shares repurchased (37,422 ) (819,843 ) (35,754 ) (925,540 ) (1,818,559 ) Independent directors' restricted stock grant (1) — — — 14,829 14,829 September 30, 2021 4,009,638 121,643,389 18,843,158 114,807,327 259,303,512 (1) The independent directors’ restricted stock grant represents $0.3 million of the annual compensation paid to the independent directors for the period ended September 30, 2021. Each grant is amortized over the one-year
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 nine months ended September 30, 2021: Class T Class S Class D Class I Gross distributions declared per share of common stock $ 0.9315 $ 0.9315 $ 0.9315 $ 0.9315 Stockholder servicing fee per share of common stock (0.1413 ) (0.1418 ) (0.0416 ) — Net distributions declared per share of common stock $ 0.7902 $ 0.7897 $ 0.8899 $ 0.9315
Schedule of Redeemable Noncontrolling Interest Activity	The following table summarizes the Redeemable non-controlling interest activity for the nine months ended September 30, 2021 and 2020 ($ in thousands): September 30, 2021 September 30, 2020 Balance at the beginning of the year $ 10,409 $ — Settlement of performance participation allocation 15,061 10,366 GAAP income allocation (1,235 ) (458 ) Distributions (1,095 ) (448 ) Fair value allocation 5,556 792 Ending balance $ 28,696 $ 10,252

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Summary of Components of Due to Affiliates	The following table details the components of Due to affiliates ($ in thousands): September 30, 2021 December 31, 2020 Accrued stockholder servicing fee $ 227,430 $ 73,170 Performance participation allocation 111,934 15,061 Advanced organization and offering costs 4,735 5,830 Accrued management fee 6,782 2,103 Accrued affiliate service provider expenses 610 — Advanced operating expenses 348 207 Total $ 351,839 $ 96,371

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Schedule of Future Lease Payments	The following table presents the future lease payments due under the Company’s ground lease as of September 30, 2021 ($ in thousands): Operating Lease 2021 (remaining) $ 172 2022 686 2023 686 2024 686 2025 712 Thereafter 27,210 Total undiscounted future lease payments 30,152 Difference between undiscounted cash flows and discounted cash flows (17,638 ) Total lease liability $ 12,514
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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Fixed lease payments $ 136,247 $ 64,196 $ 325,242 $ 164,417 Variable lease payments 15,960 7,700 41,308 22,271 Rental revenue $ 152,207 $ 71,896 $ 366,550 $ 186,688
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, medical office and other properties ($ in thousands) as of September 30, 2021. Leases at the Company’s multifamily properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2021 (remaining) $ 69,631 2022 202,023 2023 189,093 2024 166,671 2025 144,205 Thereafter 522,553 Total $ 1,294,176

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Summary of Total Assets by Segment	The following table sets forth the total assets by segment ($ in thousands): September 30, 2021 December 31, 2020 Multifamily properties $ 5,418,160 $ 2,738,210 Hospitality properties 243,157 244,065 Industrial properties 2,144,509 551,898 Office properties 1,291,489 1,186,328 Medical office properties 189,953 196,559 Other property 96,252 — Investments in real estate debt 964,075 218,225 Other (Corporate) 1,476,016 195,531 Total assets $ 11,823,611 $ 5,330,816
Summary of Financial Results by Segment	The following table sets forth the financial results by segment for the three months ended September 30, 2021 ($ in thousands): Multifamily Hospitality Industrial Office Medical Office Other Investments in Real Estate Debt Total Revenues: Rental revenue $ 89,742 $ — $ 29,261 $ 29,272 $ 3,615 $ 317 $ — $ 152,207 Hospitality revenue — 9,364 — — — — — 9,364 Other revenue 654 94 — 106 10 — — 864 Total revenues 90,396 9,458 29,261 29,378 3,625 317 — 162,435 Expenses: Rental property operating 40,032 — 7,169 10,223 1,664 26 — 59,114 Hospitality operating — 5,653 — — — — — 5,653 Total segment expenses 40,032 5,653 7,169 10,223 1,664 26 — 64,767 Loss from unconsolidated real estate ventures — (447 ) — — — — — (447 ) Income from investments in real estate debt — — — — — — 19,268 19,268 Segment net operating income $ 50,364 $ 3,358 $ 22,092 $ 19,155 $ 1,961 $ 291 $ 19,268 $ 116,489 Depreciation and amortization $ (44,908 ) $ (2,138 ) $ (17,560 ) $ (15,546 ) $ (2,065 ) $ (236 ) $ — $ (82,453 ) General and administrative (6,588 ) Management fees (17,653 ) Performance participation allocation (79,552 ) Interest expense (38,887 ) Other expense, net (1,449 ) Net loss $ (110,093 ) Net loss attributable to non- controlling interests in consolidated joint ventures 176 Net loss attributable to non- controlling interests in Operating Partnership 665 Net loss attributable to stockholders $ (109,252 ) The following table sets forth the financial results by segment for the three months ended September 30, 2020 ($ in thousands): Multifamily Hospitality Industrial Office Medical Office Real Estate- Related Securities Total Revenues: Rental revenue $ 32,891 $ — $ 7,027 $ 28,005 $ 3,973 $ — $ 71,896 Hospitality revenue — 4,420 — — — — 4,420 Other revenue 531 13 — 49 11 — 604 Total revenues 33,422 4,433 7,027 28,054 3,984 — 76,920 Expenses: Rental property operating 13,186 — 1,641 9,644 1,444 — 25,915 Hospitality operating — 3,589 — — — — 3,589 Total segment expenses 13,186 3,589 1,641 9,644 1,444 — 29,504 Loss from unconsolidated real estate ventures — (666 ) — — — — (666 ) Income from investments in real estate-related securities, net — — — — — 11,068 11,068 Segment net operating income $ 20,236 $ 178 $ 5,386 $ 18,410 $ 2,540 $ 11,068 $ 57,818 Depreciation and amortization $ (15,702 ) $ (2,142 ) $ (4,161 ) $ (14,214 ) $ (2,324 ) $ — $ (38,543 ) General and administrative (2,023 ) Management fees (5,018 ) Performance participation allocation — Interest expense (22,539 ) Other expense, net (192 ) Net loss $ (10,497 ) Net loss attributable to non- controlling interests in consolidated joint ventures 139 Net loss attributable to non- controlling interests in Operating Partnership 43 Net loss attributable to stockholders $ (10,315 ) The following table sets forth the financial results by segment for the nine months ended September 30, 2021 ($ in thousands): Multifamily Hospitality Industrial Office Medical Office Other Investments in Real Estate Debt Total Revenues: Rental revenue $ 202,402 $ — $ 61,260 $ 91,505 $ 11,066 $ 317 $ — $ 366,550 Hospitality revenue — 24,817 — — — — — 24,817 Other revenue 1,872 260 — 230 31 — — 2,393 Total revenues 204,274 25,077 61,260 91,735 11,097 317 — 393,760 Expenses: Rental property operating 86,839 — 15,960 32,352 4,720 26 — 139,897 Hospitality operating — 15,026 — — — — — 15,026 Total segment expenses 86,839 15,026 15,960 32,352 4,720 26 — 154,923 Loss from unconsolidated real estate ventures — (448 ) — — — — — (448 ) Income from investments in real estate debt — — — — — — 37,898 37,898 Segment net operating income $ 117,435 $ 9,603 $ 45,300 $ 59,383 $ 6,377 $ 291 $ 37,898 $ 276,287 Depreciation and amortization $ (102,176 ) $ (6,401 ) $ (36,470 ) $ (46,273 ) $ (6,378 ) $ (236 ) $ — $ (197,934 ) General and administrative (15,210 ) Management fees (36,364 ) Performance participation allocation (111,934 ) Interest expense (88,994 ) Other expense, net (527 ) Net loss $ (174,676 ) Net loss attributable to non- controlling interests in consolidated joint ventures 319 Net loss attributable to non- controlling interests in Operating Partnership 1,235 Net loss attributable to stockholders $ (173,122 ) The following table sets forth the financial results by segment for the nine months ended September 30, 2020 ($ in thousands): Multifamily Hospitality Industrial Office Medical Office Investments in Real Estate Debt Total Revenues: Rental revenue $ 87,666 $ — $ 20,415 $ 68,777 $ 9,830 $ — $ 186,688 Hospitality revenue — 17,134 — — — — 17,134 Other revenue 1,376 91 — 103 30 — 1,600 Total revenues 89,042 17,225 20,415 68,880 9,860 — 205,422 Expenses: Rental property operating 33,457 — 5,003 23,059 3,354 — 64,873 Hospitality operating — 12,294 — — — — 12,294 Total segment expenses 33,457 12,294 5,003 23,059 3,354 — 77,167 Loss from unconsolidated real estate ventures — (887 ) — — — — (887 ) Loss from investments in real estate- related securities, net — — — — — (27 ) (27 ) Segment net operating income (loss) $ 55,585 $ 4,044 $ 15,412 $ 45,821 $ 6,506 $ (27 ) $ 127,341 Depreciation and amortization $ (49,826 ) $ (6,284 ) $ (12,489 ) $ (34,319 ) $ (5,075 ) $ — $ (107,993 ) General and administrative (6,163 ) Management fees (13,560 ) Performance participation allocation (46 ) Interest expense (65,448 ) Other expense, net (29 ) Net loss $ (65,898 ) Net loss attributable to non- controlling interests in consolidated joint ventures 1,186 Net loss attributable to non- controlling interests in Operating Partnership 458 Net loss attributable to stockholders $ (64,254 )

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021USD ($)PropertyPositionSegment	Jun. 02, 2021USD ($)	Dec. 31, 2020Position	Dec. 27, 2017USD ($)
Organization And Business Activities [Line Items]
Number of properties owned | Property	245
Number of real estate related securities position | Position	57		56
Number of reportable segments | Segment	7
Proceeds ,issuance of shares of common stock	$ 5,700,000,000
Primary Offering
Organization And Business Activities [Line Items]
Common stock, shares registered, amount		$ 10,000,000,000		$ 5,000,000,000
Common stock, shares authorized, amount		8,000,000,000
Distribution Reinvestment Plan
Organization And Business Activities [Line Items]
Common stock, shares authorized, amount		$ 2,000,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of Estimated Useful Life of Assets (Details)	9 Months Ended
	Sep. 30, 2021
Property Plant And Equipment [Line Items]
Lease intangibles and leasehold improvements	Shorter of useful life or lease term
Building | Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	35 years
Building | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	40 years
Building and Land Improvements | Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	5 years
Building and Land Improvements | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	15 years
Furniture, Fixtures and Equipment | Minimum
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) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021USD ($)Derivative	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)Derivative	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2021DKK (kr)Derivative	Sep. 30, 2021GBP (£)Derivative	Sep. 30, 2021EUR (€)Derivative	Dec. 31, 2020USD ($)
Significant Accounting Policies [Line Items]
Foreign currency translation and transaction losses	$ (11,400)		$ (16,800)
Secured financings on investments in real estate debt of fair value below outstanding principal balance	26,800		26,800
Deferred income	7,323		7,323						$ 11,111
Organization and offering expenses	$ 351,839		$ 351,839						96,371
Minimum REIT distribution percentage	90.00%		90.00%			90.00%	90.00%	90.00%
Income tax (benefit) provision	$ 100	$ 30	$ 200	$ (40)
Deferred tax liability	9,800		9,800						9,800
Hospitality Investments
Significant Accounting Policies [Line Items]
Deferred tax liability	1,200		1,200						1,200
Triple Net Sale and Leaseback Property
Significant Accounting Policies [Line Items]
Deferred tax liability	$ 8,600		$ 8,600						8,600
Class S Shares (Member)
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.85%		0.85%			0.85%	0.85%	0.85%
Class S Shares (Member) | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions and dealer manager fee percentage	3.50%		3.50%			3.50%	3.50%	3.50%
Class T Shares (Member)
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.85%		0.85%			0.85%	0.85%	0.85%
Class T Shares (Member) | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions and dealer manager fee percentage	3.50%		3.50%			3.50%	3.50%	3.50%
Class D Shares (Member)
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.25%		0.25%			0.25%	0.25%	0.25%
Class D Shares (Member) | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions and dealer manager fee percentage	1.50%		1.50%			1.50%	1.50%	1.50%
Advanced Organization And Offering Costs
Significant Accounting Policies [Line Items]
Organization and offering expenses	$ 4,735		$ 4,735						5,830
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]
Organization and offering expenses					$ 7,300
Advisor | Advanced Organization And Offering Costs | Primary Offering
Significant Accounting Policies [Line Items]
Organization and offering expenses	$ 7,300		$ 7,300
Dealer Manager | Class S Shares (Member) | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions percentage	3.50%		3.50%			3.50%	3.50%	3.50%
Dealer Manager | Class T Shares (Member)
Significant Accounting Policies [Line Items]
Upfront dealer manager fee percentage	0.50%		0.50%			0.50%	0.50%	0.50%
Dealer stockholder servicing fee percentage			0.20%
Annual stockholder servicing fee percentage	0.85%		0.85%			0.85%	0.85%	0.85%
Dealer Manager | Class T Shares (Member) | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions percentage	3.00%		3.00%			3.00%	3.00%	3.00%
Upfront selling commissions and dealer manager fee percentage	3.50%		3.50%			3.50%	3.50%	3.50%
Dealer Manager | Class D Shares (Member)
Significant Accounting Policies [Line Items]
Upfront dealer manager fee percentage	0.00%		0.00%			0.00%	0.00%	0.00%
Annual stockholder servicing fee percentage	0.25%		0.25%			0.25%	0.25%	0.25%
Dealer Manager | Class D Shares (Member) | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions percentage	1.50%		1.50%			1.50%	1.50%	1.50%
Dealer Manager | Class S Share And T Shares [Member]
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.85%		0.85%			0.85%	0.85%	0.85%
Dealer Manager | Class I Shares (Member)
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.00%		0.00%			0.00%	0.00%	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%		8.75%			8.75%	8.75%	8.75%
Accounts Payable, Accrued Expenses and Other Liabilities
Significant Accounting Policies [Line Items]
Deferred income	$ 5,200		$ 5,200						5,800
Due to Affiliates | Common Stock Class T, Class S and Class D
Significant Accounting Policies [Line Items]
Stockholder servicing fees accrued	$ 227,400		$ 227,400						$ 73,200
Currency Swap
Significant Accounting Policies [Line Items]
Derivative, number of instruments held						1	4	2
Derivative, aggregate notional value						kr 165,000,000	£ 268,000,000	€ 85,000,000
Interest Rate Cap
Significant Accounting Policies [Line Items]
Derivative, number of instruments held | Derivative	15		15			15	15	15
Derivative, aggregate notional value	$ 3,000,000		$ 3,000,000
Interest Rate Cap | Danish Investment
Significant Accounting Policies [Line Items]
Derivative, number of instruments held | kr						1
Derivative, aggregate notional value | kr						kr 301,500,000
Interest Rate Swap
Significant Accounting Policies [Line Items]
Derivative, number of instruments held | Derivative	2		2			2	2	2
Derivative, aggregate notional value	$ 252,200		$ 252,200
Other Income (Expense)
Significant Accounting Policies [Line Items]
Unrealized losses on investments	(1,300)
Other Revenue
Significant Accounting Policies [Line Items]
Other income	$ 200	$ 200	$ 600	$ 600

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Assets And Liabilities Measured At Fair Value On Recurring Basis (Details) - Fair Value, Recurring Basis - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 1,200,151	$ 219,635
Liabilities	952	5,167
Investments in Real Estate Debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	964,075	218,225
Equity Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	173,732
Derivatives
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	62,344	1,410
Liabilities	952	5,167
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	173,732
Level 1 | Equity Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	173,732
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	541,013	219,635
Liabilities	952	5,167
Level 2 | Investments in Real Estate Debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	478,669	218,225
Level 2 | Derivatives
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	62,344	1,410
Liabilities	952	$ 5,167
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	485,406
Level 3 | Investments in Real Estate Debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 485,406

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Assets Measured At Fair Value On Recurring Basis (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Balance as of December 31, 2020	$ 218,225
Included in net income
Balance as of September 30, 2021	964,075
Fair Value, Recurring Basis | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Purchases	504,540
Included in net income
Foreign exchange	(19,134)
Balance as of September 30, 2021	$ 485,406

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 964,075	$ 218,225
Unobservable Inputs	977,219	$ 216,929
Fair Value, Recurring Basis | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 485,406

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Schedule of Selling Commissions, Dealer Manager Fees And Stockholder Servicing (Details)	Sep. 30, 2021
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		Sep. 30, 2021	Dec. 31, 2020
Real Estate Investment Property Net [Abstract]
Building and building improvements		$ 7,498,062	$ 3,860,297
Land and land improvements		1,379,087	689,107
Furniture, fixtures and equipment		129,093	76,808
Right of use asset - operating lease	[1]	105,236	101,382
Total		9,111,478	4,727,594
Accumulated depreciation and amortization		(272,694)	(130,540)
Investments in real estate, net		$ 8,838,784	$ 4,597,054
[1]	Refer to Note 13 for additional details on the Company’s leases.

Investments - Additional Inform

Investments - Additional Information (Details) $ in Thousands	Mar. 13, 2019	Sep. 30, 2021USD ($)Property	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)Property	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)Property
Real Estate Properties [Line Items]
Number of acquired real estate properties		101		101		73
Percentage of ownership interest in joint venture	43.00%
Investment in joint venture | $		$ 10,401		$ 10,401		$ 10,991
Income (loss) from Unconsolidated Real Estate Ventures | $		$ (400)	$ (700)	$ (400)	$ (900)
In-place Lease Intangibles
Real Estate Properties [Line Items]
Weighted-average amortization period				4 years
Above Market Leases Intangibles
Real Estate Properties [Line Items]
Weighted-average amortization period				6 years
Below Market Leases
Real Estate Properties [Line Items]
Weighted-average amortization period				5 years
Above Market Ground Lease
Real Estate Properties [Line Items]
Weighted-average amortization period				32 years
Multifamily
Real Estate Properties [Line Items]
Number of acquired real estate properties		37		37		60
Industrial Assets
Real Estate Properties [Line Items]
Number of acquired real estate properties		60		60		10
Office Buildings
Real Estate Properties [Line Items]
Number of acquired real estate properties		3		3		2
Medical Office Building
Real Estate Properties [Line Items]
Number of acquired real estate properties						1
Other Property
Real Estate Properties [Line Items]
Number of acquired real estate properties		1		1

Investments - Schedule of Detai

Investments - Schedule of Details of Properties Acquired (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)ft²PropertyTransactionUnit
Real Estate Properties [Line Items]
Number of Transactions | Transaction	15
Number of Properties | Property	101
Purchase Price | $	$ 4,483,401	[1]
Multifamily
Real Estate Properties [Line Items]
Number of Transactions | Transaction	8
Number of Properties | Property	37
Sq. Ft. (in thousands)/Units | Unit	10,861
Purchase Price | $	$ 2,692,598	[1]
Industrial Assets
Real Estate Properties [Line Items]
Number of Transactions | Transaction	5
Number of Properties | Property	60
Sq. Ft. (in thousands)/Units | ft²	10,380
Purchase Price | $	$ 1,560,968	[1]
Office Buildings
Real Estate Properties [Line Items]
Number of Transactions | Transaction	1
Number of Properties | Property	3
Sq. Ft. (in thousands)/Units | ft²	460
Purchase Price | $	$ 135,242	[1]
Other Property
Real Estate Properties [Line Items]
Number of Transactions | Transaction	1
Number of Properties | Property	1
Sq. Ft. (in thousands)/Units | ft²	140
Purchase Price | $	$ 94,593	[1]
[1]	Purchase price is inclusive of acquisition-related costs.

Investments - Schedule of Purch

Investments - Schedule of Purchase Price Allocation of Properties (Details) $ in Thousands	Sep. 30, 2021USD ($)
Real Estate Investment Property Net [Abstract]
Building and building improvements	$ 3,588,114
Land and land improvements	685,437
Furniture, fixtures and equipment	49,824
In-place lease intangibles	125,655
Above-market lease intangibles	7,406
Below-market lease intangibles	(12,741)
Above-market ground lease intangibles	(2,292)
Other intangibles	12,376
Total purchase price	4,453,779	[1]
Assumed mortgage notes	(156,515)
Non-controlling interest	(3,349)
Net purchase price	$ 4,293,915
[1]	Purchase price excludes acquisition-related costs of $29.6 million.

Investments - Schedule of Pur_2

Investments - Schedule of Purchase Price Allocation of Properties (Details) (Parenthetical) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Real Estate Investment Property Net [Abstract]
Acquisition related costs	$ 29.6

Intangibles - Summary of Gross

Intangibles - Summary of Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Intangible assets:
Total intangible assets, gross	$ 392,436	$ 247,154
Total accumulated amortization	(123,038)	(67,298)
Intangible assets, net	269,398	179,856
Intangible liabilities:
Below-market lease intangibles	48,859	36,190
Total intangible liabilities	48,859	36,190
Below-market lease amortization	(7,551)	(3,534)
Total accumulated amortization	(7,551)	(3,534)
Intangible liabilities, net	41,308	32,656
In-place Lease Intangibles
Intangible assets:
Total intangible assets, gross	319,651	194,003
Total accumulated amortization	(110,395)	(60,142)
Intangible assets, net	209,256
Above Market Leases Intangibles
Intangible assets:
Total intangible assets, gross	29,303	22,132
Total accumulated amortization	(6,858)	(3,506)
Intangible assets, net	22,445
Other
Intangible assets:
Total intangible assets, gross	43,482	31,019
Total accumulated amortization	(5,785)	$ (3,650)
Intangible assets, net	$ 37,697

Intangibles - Summary of Estima

Intangibles - Summary of Estimated Future Amortization on Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Intangible assets, net	$ 269,398	$ 179,856
In-place Lease Intangibles
Finite Lived Intangible Assets [Line Items]
2021 (remaining)	22,387
2022	52,405
2023	34,753
2024	26,027
2025	21,120
Thereafter	52,564
Intangible assets, net	209,256
Above Market Leases Intangibles
Finite Lived Intangible Assets [Line Items]
2021 (remaining)	1,264
2022	4,580
2023	4,080
2024	2,916
2025	2,279
Thereafter	7,326
Intangible assets, net	22,445
Other
Finite Lived Intangible Assets [Line Items]
2021 (remaining)	820
2022	3,569
2023	3,484
2024	3,470
2025	3,338
Thereafter	23,016
Intangible assets, net	37,697
Below Market Leases
Below-market Lease Intangibles
2021 (remaining)	(1,541)
2022	(6,551)
2023	(6,011)
2024	(5,005)
2025	(4,115)
Thereafter	(18,085)
Intangible liabilities, net	$ (41,308)

Investments in Real Estate De_3

Investments in Real Estate Debt - Summary of Investments in Real Estate Debt (Details) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2021USD ($)Position	Dec. 31, 2020USD ($)Position
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		57	56
Weighted Average Coupon		4.39%
Weighted Average Maturity Date	[1]	Jun. 2, 2033
Cost Basis		$ 977,219	$ 216,929
Investments in real estate debt		$ 964,075	$ 218,225
RMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		51	55
Weighted Average Coupon		3.12%	3.22%
Weighted Average Maturity Date	[1]	Nov. 7, 2045	Mar. 22, 2047
Cost Basis		$ 173,051	$ 213,863
Investments in real estate debt		$ 177,472	$ 215,358
CMBS - floating
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		4
Weighted Average Coupon		3.46%
Weighted Average Maturity Date	[1]	Jul. 15, 2038
Cost Basis		$ 296,928
Investments in real estate debt		$ 298,661
CMBS - fixed
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		1	1
Weighted Average Coupon		6.26%	6.26%
Weighted Average Maturity Date	[1]	Jul. 25, 2039	Jul. 25, 2039
Cost Basis		$ 2,700	$ 3,066
Investments in real estate debt		$ 2,536	$ 2,867
Real Estate Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		56
Weighted Average Coupon		3.33%
Weighted Average Maturity Date	[1]	Mar. 15, 2041
Cost Basis		$ 472,679
Investments in real estate debt		$ 478,669
Term Loan
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	[2]	1
Weighted Average Coupon	[2]	5.35%
Weighted Average Maturity Date	[1],[2]	Feb. 26, 2026
Cost Basis	[2]	$ 504,540
Investments in real estate debt	[2]	$ 485,406
[1]	Weighted average maturity date is based on the fully extended maturity date of the underlying collateral.
[2]	On February 26, 2021, the Company provided financing in the form of a term loan to an unaffiliated entity in connection with its acquisition of a premier United Kingdom holiday company. The loan is in the amount of £360 million and has an initial term of five years, with a two-year extension option.

Investments in Real Estate De_4

Investments in Real Estate Debt - Summary of Investments in Real Estate Debt (Parenthetical) (Details) $ in Thousands, £ in Millions		Feb. 26, 2021GBP (£)	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Mortgage notes and revolving credit facility, net | $	[1]		$ 5,747,138	$ 3,278,762
United Kingdom
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Mortgage notes and revolving credit facility, net | £		£ 360
Debt instrument, term		5 years
[1]	The majority of the Company’s mortgages contain yield or spread maintenance provisions.

Investments in Real Estate De_5

Investments in Real Estate Debt - Summary of Affiliate Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Investments in real estate debt	$ 964,075	$ 218,225
Affiliate Investments
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Investments in real estate debt	298,661
Affiliate Investments | CMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Investments in real estate debt	$ 298,661

Investments in Real Estate De_6

Investments in Real Estate Debt - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule Of Investments [Abstract]
Unrealized losses on investments in real estate debt	$ (4.6)		$ (6.2)	$ (4.7)
Unrealized gains on investments in real estate debt		$ 9.2
Realized losses investments in real estate debt		$ (1.2)		$ (5.8)

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	9 Months Ended
		Jun. 30, 2020	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.40%
Maximum Facility Size			$ 450,000	$ 100,000
Principal Balance Outstanding	[1]		5,785,823	3,295,684
Deferred financing costs, net	[1]		(39,297)	(17,208)
Premium on assumed debt, net	[1]		612	286
Mortgage notes and revolving credit facility, net	[1]		5,747,138	3,278,762
Fixed Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	[1]		2,693,436	2,236,290
Variable Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	[1]		$ 3,092,387	1,059,394
One-Month LIBOR
Debt Instrument [Line Items]
Weighted Average Interest Rate			0.08%
Variable Rate Revolving Credit Facilities | Variable Rate Loans
Debt Instrument [Line Items]
Maximum Facility Size	[2]		$ 200,000
Principal Balance Outstanding	[1],[2]			172,800
Variable Rate Revolving Credit Facilities | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	[2],[3]		Oct. 21, 2021
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],[4]		2.00%
Fixed Rate Mortgages | Fixed Rate Loans
Debt Instrument [Line Items]
Weighted Average Interest Rate	[4]		3.08%
Principal Balance Outstanding	[1]		$ 2,693,436	2,236,290
Fixed Rate Mortgages | Fixed Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	[3]		Sep. 7, 2030
Floating Rate Mortgages | Variable Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	[1]		$ 3,092,387	$ 886,594
Floating Rate Mortgages | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	[3]		Jul. 26, 2024
Floating Rate Mortgages | One-Month LIBOR | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	[4]		1.70%
[1]	The majority of the Company’s mortgages contain yield or spread maintenance provisions.
[2]	The Company’s revolving credit facility can be drawn upon to fund the acquisition of future real estate investments. During October 2021, the Company extended this facility to October 21, 2022.
[3]	For loans where the Company, at its own discretion, has extension options, the maximum maturity date has been assumed.
[4]	The term “L” refers to the one-month LIBOR. As of September 30, 2021, one-month LIBOR was equal to 0.08%.

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)	1 Months Ended
	Oct. 31, 2021	Sep. 30, 2021
Variable Rate Revolving Credit Facilities | Subsequent Event
Debt Instrument [Line Items]
Extended maturity date	Oct. 21, 2022
One-Month LIBOR
Debt Instrument [Line Items]
Debt weighted average interest rate		0.08%

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		Sep. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2021 (remaining)		$ 914
2022		51,689
2023		1,651,164
2024		483,255
2025		648,982
Thereafter		2,949,819
Total	[1]	$ 5,785,823	$ 3,295,684
[1]	The majority of the Company’s mortgages contain yield or spread maintenance provisions.

Secured Financings on Investm_3

Secured Financings on Investments in Real Estate Debt - Schedule of Secured Financings on Investments in Real Estate Debt Transactions (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2021	Dec. 31, 2020
Secured Financings On Investments In Real Estate Debt [Line Items]
Collateral Assets	[1]	$ 485,406	$ 158,405
Outstanding Balance		$ 134,835	$ 108,254
Barclays RA
Secured Financings On Investments In Real Estate Debt [Line Items]
Weighted Average Maturity Date		Feb. 26, 2026
Collateral Assets	[1]	$ 485,406
Outstanding Balance		$ 134,835
RMBS
Secured Financings On Investments In Real Estate Debt [Line Items]
Weighted Average Maturity Date			Mar. 17, 2021
Weighted Average Interest Rate			1.93%
Collateral Assets	[1]		$ 155,538
Outstanding Balance			$ 105,804
CMBS
Secured Financings On Investments In Real Estate Debt [Line Items]
Weighted Average Maturity Date			Jan. 6, 2021
Weighted Average Interest Rate			2.10%
Collateral Assets	[1]		$ 2,867
Outstanding Balance			$ 2,450
[1]	Represents the fair value of the Company’s investments in real estate debt.

Unsecured Revolving Credit Fa_2

Unsecured Revolving Credit Facility - Additional Information (Details) - USD ($) $ in Thousands	Dec. 16, 2020	Sep. 30, 2021	Jul. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Uncommitted line of credit	$ 100,000
Increase in borrowing capacity			$ 450,000
Line of Credit Facility, Expiration Date		Dec. 16, 2023
Line of Credit Facility, Description		The Line of Credit expires on December 16, 2023, at which time the Company may request additional one-year extensions thereafter. Interest under the Line of Credit is determined based on one-month U.S. dollar-denominated LIBOR plus 3.0%
Maximum Facility Size		$ 450,000		$ 100,000
Line of Credit Facility, Interest Rate Description		one-month U.S. dollar-denominated LIBOR plus 3.0%
Outstanding borrowings		$ 0		$ 0

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Schedule of Components of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Other Assets [Abstract]
Intangible assets, net	$ 269,398	$ 179,856
Acquisition deposits	208,826	7
Equity securities	173,732
Derivative instruments	62,344	1,410
Receivables	39,688	23,692
Prepaid expenses	10,716	4,047
Interest receivable	3,974	548
Deferred financing costs, net	3,772	1,268
Other	3,591	307
Total	$ 776,041	$ 211,135

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Schedule of Components of Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Accounts payable and accrued expenses	$ 49,699	$ 19,651
Real estate taxes payable	49,618	14,842
Intangible liabilities, net	41,308	32,656
Distributions payable	24,756	8,682
Tenant security deposits	21,095	9,842
Right of use liability - operating lease	12,514	6,390
Accrued interest expense	10,091	7,309
Deferred tax liability	9,764	1,229
Deferred income	7,323	11,111
Derivative instruments	952	5,167
Other	3,088	193
Total	$ 230,208	$ 117,072

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Additional Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021USD ($)Class$ / sharesshares	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2021USD ($)Class$ / sharesshares	Sep. 30, 2020USD ($)	May 10, 2021$ / sharesshares	Dec. 31, 2020$ / sharesshares
Class Of Stock [Line Items]
Number of classes of common stock | Class	4						4
Number of shares authorized									1,100,000,000
Preferred stock, authorized shares	100,000,000						100,000,000			100,000,000
Preferred stock, par value | $ / shares	$ 0.01						$ 0.01			$ 0.01
Number of shares authorized	3,100,000,000						3,100,000,000
Repurchase of common stock	475,386						1,818,559
Payments for repurchase of common stock | $	$ 10,800						$ 40,000
Fair value allocation | $	$ 3,252	$ 1,465	$ 839	$ 213	$ 274	$ 302	$ 5,556	$ 792
Charter Amendment
Class Of Stock [Line Items]
Number of shares authorized									3,100,000,000
Preferred Stock
Class Of Stock [Line Items]
Preferred stock, authorized shares									100,000,000
Preferred stock, par value | $ / shares									$ 0.01
Preferred Stock | Charter Amendment
Class Of Stock [Line Items]
Preferred stock, authorized shares									100,000,000
Preferred stock, par value | $ / shares									$ 0.01
Common Stock
Class Of Stock [Line Items]
Common stock, shares authorized									1,000,000,000
Common stock, par value | $ / shares									$ 0.01
Common Stock | Charter Amendment
Class Of Stock [Line Items]
Common stock, shares authorized									3,000,000,000
Common stock, par value | $ / shares									$ 0.01
Common Stock Class T
Class Of Stock [Line Items]
Common stock, shares authorized	500,000,000						500,000,000		250,000,000	500,000,000
Common stock, par value | $ / shares	$ 0.01						$ 0.01			$ 0.01
Repurchase of common stock							37,422
Common Stock Class T | Charter Amendment
Class Of Stock [Line Items]
Common stock, shares authorized									500,000,000
Common Stock Class S
Class Of Stock [Line Items]
Common stock, shares authorized	1,000,000,000						1,000,000,000		250,000,000	1,000,000,000
Common stock, par value | $ / shares	$ 0.01						$ 0.01			$ 0.01
Repurchase of common stock							819,843
Common Stock Class S | Charter Amendment
Class Of Stock [Line Items]
Common stock, shares authorized									1,000,000,000
Common Stock Class D
Class Of Stock [Line Items]
Common stock, shares authorized	500,000,000						500,000,000		250,000,000	500,000,000
Common stock, par value | $ / shares	$ 0.01						$ 0.01			$ 0.01
Repurchase of common stock							35,754
Common Stock Class D | Charter Amendment
Class Of Stock [Line Items]
Common stock, shares authorized									500,000,000
Common Stock Class I
Class Of Stock [Line Items]
Common stock, shares authorized	1,000,000,000						1,000,000,000		250,000,000	1,000,000,000
Common stock, par value | $ / shares	$ 0.01						$ 0.01			$ 0.01
Repurchase of common stock							925,540
Common Stock Class I | Charter Amendment
Class Of Stock [Line Items]
Common stock, shares authorized									1,000,000,000

Equity and Redeemable Non-con_4

Equity and Redeemable Non-controlling Interest - Schedule of Company's Authorized Capital (Details) - $ / shares	Sep. 30, 2021	May 10, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Preferred Stock, Number of Shares	100,000,000		100,000,000
Total Number of Shares	3,100,000,000
Preferred stock, Par value	$ 0.01		$ 0.01
Common Stock Class T
Class Of Stock [Line Items]
Number of Shares	500,000,000	250,000,000	500,000,000
Par value	$ 0.01		$ 0.01
Common Stock Class S
Class Of Stock [Line Items]
Number of Shares	1,000,000,000	250,000,000	1,000,000,000
Par value	$ 0.01		$ 0.01
Common Stock Class D
Class Of Stock [Line Items]
Number of Shares	500,000,000	250,000,000	500,000,000
Par value	$ 0.01		$ 0.01
Common Stock Class I
Class Of Stock [Line Items]
Number of Shares	1,000,000,000	250,000,000	1,000,000,000
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) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Class Of Stock [Line Items]
Beginning balance		90,894,853
Common stock shares issued		167,639,517
Distribution reinvestment plan shares issued		2,572,872
Common stock shares repurchased	(475,386)	(1,818,559)
Independent directors' restricted stock grant		14,829
Ending balance	259,303,512	259,303,512
Common Stock Class T
Class Of Stock [Line Items]
Beginning balance		2,463,182
Common stock shares issued		1,523,077
Distribution reinvestment plan shares issued		60,801
Common stock shares repurchased		(37,422)
Ending balance	4,009,638	4,009,638
Common Stock Class S
Class Of Stock [Line Items]
Beginning balance		46,431,661
Common stock shares issued		74,589,078
Distribution reinvestment plan shares issued		1,442,493
Common stock shares repurchased		(819,843)
Ending balance	121,643,389	121,643,389
Common Stock Class D
Class Of Stock [Line Items]
Beginning balance		2,847,097
Common stock shares issued		15,921,954
Distribution reinvestment plan shares issued		109,861
Common stock shares repurchased		(35,754)
Ending balance	18,843,158	18,843,158
Common Stock Class I
Class Of Stock [Line Items]
Beginning balance		39,152,913
Common stock shares issued		75,605,408
Distribution reinvestment plan shares issued		959,717
Common stock shares repurchased		(925,540)
Independent directors' restricted stock grant		14,829
Ending balance	114,807,327	114,807,327

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interest - Schedule of Common Stock Outstanding shares (Details) (Parenthetical) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Equity [Abstract]
Annual compensation paid to the independent directors	$ 0.3
Grant amortized period	1 year

Equity and Redeemable Non-con_7

Equity and Redeemable Non-controlling Interest - Schedule of Aggregate Distributions Declared for Each Class of Common Stock (Details)	9 Months Ended
	Sep. 30, 2021$ / shares
Common Stock Class T
Class Of Stock [Line Items]
Gross distributions declared per share of common stock	$ 0.9315
Stockholder servicing fee per share of common stock	(0.1413)
Net distributions declared per share of common stock	0.7902
Common Stock Class S
Class Of Stock [Line Items]
Gross distributions declared per share of common stock	0.9315
Stockholder servicing fee per share of common stock	(0.1418)
Net distributions declared per share of common stock	0.7897
Common Stock Class D
Class Of Stock [Line Items]
Gross distributions declared per share of common stock	0.9315
Stockholder servicing fee per share of common stock	(0.0416)
Net distributions declared per share of common stock	0.8899
Common Stock Class I
Class Of Stock [Line Items]
Gross distributions declared per share of common stock	0.9315
Net distributions declared per share of common stock	$ 0.9315

Equity and Redeemable Non-con_8

Equity and Redeemable Non-controlling Interest - Schedule of Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity [Abstract]
Balance at the beginning of the year			$ 10,409				$ 10,409
Settlement of performance participation allocation							15,061	$ 10,366
GAAP income allocation							(1,235)	(458)
Distributions							(1,095)	(448)
Fair value allocation	$ 3,252	$ 1,465	$ 839	$ 213	$ 274	$ 302	5,556	792
Ending balance	$ 28,696			$ 10,252			$ 28,696	$ 10,252

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	Nov. 12, 2021	Oct. 29, 2020	Oct. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jan. 31, 2021	Dec. 31, 2020	Mar. 20, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Acquired interest rate on property											75.00%
Acquired interest rate on property by related party											25.00%
Purchase Price						$ 59,000,000
Description of variable rate basis						one-month LIBOR +2.40%
Debt Instrument, Basis Spread on Variable Rate						2.40%
Principle amount						$ 300,000
Percentage of management fee on NAV per annum							1.25%
Management fees				$ 17,653,000	$ 5,018,000		$ 36,364,000	$ 13,560,000
Annual hurdle percentage							5.00%
Recognized liabilities for Performance Participation expense				79,552,000	0		$ 111,934,000	46,000
Due to affiliates				351,839,000			351,839,000			$ 96,371,000
Operating expenses				64,767,000	29,504,000		154,923,000	77,167,000
Services fee for accounting and administrative matters				40,000			40,000
Rental property operating
Related Party Transaction [Line Items]
Operating expenses				59,114,000	25,915,000		139,897,000	64,873,000
Dealer Manager
Related Party Transaction [Line Items]
Cost of legal services				100,000			100,000
Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates				227,430,000			227,430,000			73,170,000
Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates				4,735,000			4,735,000			5,830,000
Accrued Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Due to affiliates				610,000			610,000
Accrued Affiliate Service Provider Expenses | Rental property operating
Related Party Transaction [Line Items]
Operating expenses				1,800,000	700,000		$ 4,600,000	1,900,000
Class I Unit
Related Party Transaction [Line Items]
Units issued as payment for performance participation allocation									695,320
Subsequent Event
Related Party Transaction [Line Items]
Purchase Price	$ 4,900,000,000
Unregistered Class I shares
Related Party Transaction [Line Items]
Stock issued as management fees, shares							1,313,346
Management fees, accrued				6,800,000			$ 6,800,000
Unregistered Class I shares | Subsequent Event
Related Party Transaction [Line Items]
Stock issued as management fees, shares			277,913
Sponsor
Related Party Transaction [Line Items]
Description of variable rate basis		one-month LIBOR plus 3.00%
Borrowings to fund acquisition		$ 22,000,000
Borrowing repayment date		Nov. 3, 2020
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%
Dealer Manager | Common Stock Class T, Class S and Class D | Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates				$ 227,400,000			$ 227,400,000			73,200,000
Dealer Manager | Common Stock Class T, Class S and Class D | Accrued Stockholder Servicing Fee | Maximum
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage				8.75%			8.75%
Advisor | Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates												$ 7,300,000
Advisor | Advanced Expenses
Related Party Transaction [Line Items]
Due to affiliates				$ 200,000			$ 200,000			100,000
Advisor | Advanced Expenses | One Month in Arrears
Related Party Transaction [Line Items]
Due to affiliates				3,800,000			3,800,000			2,700,000
Advisor | Advanced Expenses | Unaffiliated Third Party
Related Party Transaction [Line Items]
Due to affiliates				100,000			100,000			$ 100,000
Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Cost of legal services				100,000	100,000		300,000	200,000
Accrued Affiliate Service Provider Expenses | Essex Service Provider
Related Party Transaction [Line Items]
Cost of legal services				$ 300,000	$ 0		$ 600,000	$ 0

Related Party Transactions - Su

Related Party Transactions - Summary of Components of Due to Affiliates (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Due to affiliates	$ 351,839	$ 96,371
Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates	227,430	73,170
Performance Participation Allocation
Related Party Transaction [Line Items]
Due to affiliates	111,934	15,061
Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates	4,735	5,830
Accrued Management Fee
Related Party Transaction [Line Items]
Due to affiliates	6,782	2,103
Accrued Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Due to affiliates	610
Advanced Operating Expenses
Related Party Transaction [Line Items]
Due to affiliates	$ 348	$ 207

Leases - Additional Information

Leases - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021USD ($)
Lessee Lease Description [Line Items]
Lessee, operating lease acquisition, incremental cost	$ 0
Operating lease, weighted average remaining lease term	38 years
Maximum
Lessee Lease Description [Line Items]
Incremental borrowing rate to determine lease liabilities	6.00%
Minimum
Lessee Lease Description [Line Items]
Incremental borrowing rate to determine lease liabilities	4.50%

Leases - Schedule of Future Lea

Leases - Schedule of Future Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
2021 (remaining)	$ 172
2022	686
2023	686
2024	686
2025	712
Thereafter	27,210
Total undiscounted future lease payments	30,152
Difference between undiscounted cash flows and discounted cash flows	(17,638)
Total lease liability	$ 12,514	$ 6,390

Leases - Summary of Fixed and V

Leases - Summary of Fixed and Variable Components of Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Fixed lease payments	$ 136,247	$ 64,196	$ 325,242	$ 164,417
Variable lease payments	15,960	7,700	41,308	22,271
Rental revenue	$ 152,207	$ 71,896	$ 366,550	$ 186,688

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Minimum Rents Income Receivables (Details) $ in Thousands	Sep. 30, 2021USD ($)
Leases [Abstract]
2021 (remaining)	$ 69,631
2022	202,023
2023	189,093
2024	166,671
2025	144,205
Thereafter	522,553
Total	$ 1,294,176

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021Segment
Segment Reporting [Abstract]
Number of reportable segments	7

Segment Reporting - Summary of

Segment Reporting - Summary of Total Assets by Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total Assets	$ 11,823,611	$ 5,330,816
Multifamily Properties
Segment Reporting Information [Line Items]
Total Assets	5,418,160	2,738,210
Hospitality Properties
Segment Reporting Information [Line Items]
Total Assets	243,157	244,065
Industrial properties
Segment Reporting Information [Line Items]
Total Assets	2,144,509	551,898
Office properties
Segment Reporting Information [Line Items]
Total Assets	1,291,489	1,186,328
Medical office properties
Segment Reporting Information [Line Items]
Total Assets	189,953	196,559
Other Property
Segment Reporting Information [Line Items]
Total Assets	96,252
Investments in real estate debt
Segment Reporting Information [Line Items]
Total Assets	964,075	218,225
Other (Corporate)
Segment Reporting Information [Line Items]
Total Assets	$ 1,476,016	$ 195,531

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Total revenues	$ 162,435,000	$ 76,920,000	$ 393,760,000	$ 205,422,000
Expenses
Operating expenses	64,767,000	29,504,000	154,923,000	77,167,000
Loss from unconsolidated real estate ventures	(447,000)	(666,000)	(448,000)	(887,000)
Income (loss) from investments in real estate debt	19,268,000	11,068,000	37,898,000	(27,000)
Segment net operating income (loss)	116,489,000	57,818,000	276,287,000	127,341,000
Depreciation and amortization	(82,453,000)	(38,543,000)	(197,934,000)	(107,993,000)
General and administrative	(6,588,000)	(2,023,000)	(15,210,000)	(6,163,000)
Management fees	(17,653,000)	(5,018,000)	(36,364,000)	(13,560,000)
Performance participation allocation	(79,552,000)	0	(111,934,000)	(46,000)
Interest expense	(38,887,000)	(22,539,000)	(88,994,000)	(65,448,000)
Other expense, net	(1,449,000)	(192,000)	(527,000)	(29,000)
Net loss	(110,093,000)	(10,497,000)	(174,676,000)	(65,898,000)
Net loss attributable to non-controlling interests in consolidated joint ventures	176,000	139,000	319,000	1,186,000
Net loss attributable to non-controlling interests in Operating Partnership	665,000	43,000	1,235,000	458,000
Net loss attributable to stockholders	(109,252,000)	(10,315,000)	(173,122,000)	(64,254,000)
Rental Revenue
Revenues:
Total revenues	152,207,000	71,896,000	366,550,000	186,688,000
Expenses
Operating expenses	59,114,000	25,915,000	139,897,000	64,873,000
Hospitality Revenue
Revenues:
Total revenues	9,364,000	4,420,000	24,817,000	17,134,000
Other revenue
Revenues:
Total revenues	864,000	604,000	2,393,000	1,600,000
Hospitality Operating
Expenses
Operating expenses	5,653,000	3,589,000	15,026,000	12,294,000
Operating Segments | Multifamily Properties
Revenues:
Total revenues	90,396,000	33,422,000	204,274,000	89,042,000
Expenses
Operating expenses	40,032,000	13,186,000	86,839,000	33,457,000
Segment net operating income (loss)	50,364,000	20,236,000	117,435,000	55,585,000
Depreciation and amortization	(44,908,000)	(15,702,000)	(102,176,000)	(49,826,000)
Operating Segments | Hospitality Properties
Revenues:
Total revenues	9,458,000	4,433,000	25,077,000	17,225,000
Expenses
Operating expenses	5,653,000	3,589,000	15,026,000	12,294,000
Loss from unconsolidated real estate ventures	(447,000)	(666,000)	(448,000)	(887,000)
Segment net operating income (loss)	3,358,000	178,000	9,603,000	4,044,000
Depreciation and amortization	(2,138,000)	(2,142,000)	(6,401,000)	(6,284,000)
Operating Segments | Industrial properties
Revenues:
Total revenues	29,261,000	7,027,000	61,260,000	20,415,000
Expenses
Operating expenses	7,169,000	1,641,000	15,960,000	5,003,000
Segment net operating income (loss)	22,092,000	5,386,000	45,300,000	15,412,000
Depreciation and amortization	(17,560,000)	(4,161,000)	(36,470,000)	(12,489,000)
Operating Segments | Office properties
Revenues:
Total revenues	29,378,000	28,054,000	91,735,000	68,880,000
Expenses
Operating expenses	10,223,000	9,644,000	32,352,000	23,059,000
Segment net operating income (loss)	19,155,000	18,410,000	59,383,000	45,821,000
Depreciation and amortization	(15,546,000)	(14,214,000)	(46,273,000)	(34,319,000)
Operating Segments | Medical office properties
Revenues:
Total revenues	3,625,000	3,984,000	11,097,000	9,860,000
Expenses
Operating expenses	1,664,000	1,444,000	4,720,000	3,354,000
Segment net operating income (loss)	1,961,000	2,540,000	6,377,000	6,506,000
Depreciation and amortization	(2,065,000)	(2,324,000)	(6,378,000)	(5,075,000)
Operating Segments | Investments in real estate debt
Expenses
Income (loss) from investments in real estate debt	19,268,000	11,068,000	37,898,000	(27,000)
Segment net operating income (loss)	19,268,000	11,068,000	37,898,000	(27,000)
Operating Segments | Other Property
Revenues:
Total revenues	317,000		317,000
Expenses
Operating expenses	26,000		26,000
Segment net operating income (loss)	291,000		291,000
Depreciation and amortization	(236,000)		(236,000)
Operating Segments | Rental Revenue | Multifamily Properties
Revenues:
Total revenues	89,742,000	32,891,000	202,402,000	87,666,000
Expenses
Operating expenses	40,032,000	13,186,000	86,839,000	33,457,000
Operating Segments | Rental Revenue | Industrial properties
Revenues:
Total revenues	29,261,000	7,027,000	61,260,000	20,415,000
Expenses
Operating expenses	7,169,000	1,641,000	15,960,000	5,003,000
Operating Segments | Rental Revenue | Office properties
Revenues:
Total revenues	29,272,000	28,005,000	91,505,000	68,777,000
Expenses
Operating expenses	10,223,000	9,644,000	32,352,000	23,059,000
Operating Segments | Rental Revenue | Medical office properties
Revenues:
Total revenues	3,615,000	3,973,000	11,066,000	9,830,000
Expenses
Operating expenses	1,664,000	1,444,000	4,720,000	3,354,000
Operating Segments | Rental Revenue | Other Property
Revenues:
Total revenues	317,000		317,000
Expenses
Operating expenses	26,000		26,000
Operating Segments | Hospitality Revenue | Hospitality Properties
Revenues:
Total revenues	9,364,000	4,420,000	24,817,000	17,134,000
Operating Segments | Other revenue | Multifamily Properties
Revenues:
Total revenues	654,000	531,000	1,872,000	1,376,000
Operating Segments | Other revenue | Hospitality Properties
Revenues:
Total revenues	94,000	13,000	260,000	91,000
Operating Segments | Other revenue | Office properties
Revenues:
Total revenues	106,000	49,000	230,000	103,000
Operating Segments | Other revenue | Medical office properties
Revenues:
Total revenues	10,000	11,000	31,000	30,000
Operating Segments | Hospitality Operating | Hospitality Properties
Expenses
Operating expenses	$ 5,653,000	$ 3,589,000	$ 15,026,000	$ 12,294,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Thousands	Nov. 12, 2021USD ($)Transaction	Jun. 30, 2020USD ($)	Sep. 30, 2021USD ($)Transaction	Sep. 30, 2020USD ($)
Subsequent Event [Line Items]
Payments to acquire real estate		$ 59,000
Number of real estate transactions | Transaction			15
Proceeds from issuance of common stock, net			$ 3,583,025	$ 556,857
Subsequent Event
Subsequent Event [Line Items]
Payments to acquire real estate	$ 4,900,000
Number of real estate transactions | Transaction	5
Subsequent Event | Primary Offering
Subsequent Event [Line Items]
Proceeds from issuance of common stock, net	$ 6,900,000
Subsequent Event | Revolving Credit Facility and Line of Credit | Barclays RA
Subsequent Event [Line Items]
Borrowings to fund acquisition	$ 758,900