Starwood Real Estate Income Trust 10-Q 10 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 10, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Registrant Name	Starwood Real Estate Income Trust, Inc.
Entity Central Index Key	0001711929
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	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	2340 Collins Avenue
Entity Address, City or Town	Miami Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33139
City Area Code	305
Local Phone Number	695-5500
Document Quarterly Report	true
Document Transition Report	false
Common Stock Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,552,038
Common Stock Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		209,116,539
Common Stock Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		29,574,113
Common Stock Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		226,839,317

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Assets
Investments in real estate, net		$ 17,225,002	$ 17,185,079
Investments in real estate debt		1,031,340	954,077
Investments in unconsolidated real estate ventures		11,351	10,422
Cash and cash equivalents		1,506,939	274,756
Restricted cash		662,445	665,799
Other assets		1,230,024	881,298
Total assets		21,667,101	19,971,431
Liabilities and Equity
Mortgage notes and revolving credit facility, net	[1]	11,286,940	11,274,411
Secured financings on investments in real estate debt		260,697	268,181
Unsecured line of credit			375,000
Other liabilities		360,148	339,506
Subscriptions received in advance		500,014	496,845
Due to affiliates		471,316	513,268
Total liabilities		12,879,115	13,267,211
Commitments and contingencies
Redeemable non-controlling interest		244,880	30,502
Equity
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding as of March 31, 2022 and December 31, 2021
Additional paid-in capital		9,347,732	7,388,885
Accumulated other comprehensive loss		(4,918)	(530)
Accumulated deficit and cumulative distributions		(845,384)	(757,575)
Total stockholders’ equity		8,501,670	6,634,227
Non-controlling interests in consolidated joint ventures		41,436	39,491
Total equity		8,543,106	6,673,718
Total liabilities and equity		21,667,101	19,971,431
Common Stock Class T
Equity
Common stock value		54	46
Common Stock Class S
Equity
Common stock value		1,887	1,544
Common Stock Class D
Equity
Common stock value		275	221
Common Stock Class I
Equity
Common stock value		$ 2,024	$ 1,636
[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	Mar. 31, 2022	Dec. 31, 2021
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	423,874,147	344,796,271
Common Stock Class T
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	5,358,693	4,648,436
Common stock, shares outstanding	5,358,693	4,648,436
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	188,684,149	154,381,036
Common stock, shares outstanding	188,684,149	154,381,036
Common Stock Class D
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	27,451,364	22,142,299
Common stock, shares outstanding	27,451,364	22,142,299
Common Stock Class I
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	202,379,941	163,624,500
Common stock, shares outstanding	202,379,941	163,624,500

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Total revenues	$ 330,645	$ 105,751
Expenses
Property operating	132,998	42,880
General and administrative	8,417	2,706
Management fees	34,155	7,420
Performance participation allocation	87,126	8,708
Depreciation and amortization	224,759	54,796
Total expenses	487,455	116,510
Other income (expense)
Income (loss) from unconsolidated real estate ventures	929	(22)
Income from investments in real estate debt	2,821	8,794
Interest expense	(77,869)	(25,549)
Other income, net	257,294	7,405
Total other income (expense)	183,175	(9,372)
Net income (loss)	26,365	(20,131)
Net (income) loss attributable to non-controlling interests in consolidated joint ventures	(923)	21
Net (income) loss attributable to non-controlling interests in Operating Partnership	(582)	221
Net income (loss) attributable to stockholders	$ 24,860	$ (19,889)
Net income (loss) per share of common stock, basic and diluted	$ 0.06	$ (0.19)
Weighted-average shares of common stock outstanding, basic and diluted	396,286,900	106,818,450
Comprehensive income (loss):
Net income (loss)	$ 26,365	$ (20,131)
Other comprehensive loss item:
Foreign currency translation adjustments	(4,388)
Other comprehensive loss	(4,388)
Comprehensive income (loss)	21,977	(20,131)
Rental revenue
Revenues
Total revenues	317,370	98,107
Other revenue
Revenues
Total revenues	$ 13,275	$ 7,644

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 Other Comprehensive Loss	Accumulated Deficit and Cumulative Distributions	Total Stockholders' Equity	Non-Controlling Interests
Balance at Dec. 31, 2020	$ 1,606,416	$ 25	$ 464	$ 28	$ 392	$ 1,819,526		$ (224,198)	$ 1,596,237	$ 10,179
Common stock issued	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 income (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, 2021	6,673,718	46	1,544	221	1,636	7,388,885	$ (530)	(757,575)	6,634,227	39,491
Common stock issued	2,067,821	8	346	54	388	2,067,025			2,067,821
Offering costs	(93,736)					(93,736)			(93,736)
Distribution reinvestments	44,740		8	1	7	44,724			44,740
Amortization of restricted stock grants	206					206			206
Common stock repurchased	(47,010)		(11)	(1)	(7)	(46,991)			(47,010)
Net income (loss) (allocated to redeemable non-controlling interest)	25,783							24,860	24,860	923
Contributions from non-controlling interests	1,686									1,686
Distributions to non-controlling interests	(664)									(664)
Distributions declared on common stock (see Note 10)	(112,669)							(112,669)	(112,669)
Other comprehensive loss, net	(4,388)						(4,388)		(4,388)
Allocation to redeemable non- controlling interest	(12,381)					(12,381)			(12,381)
Balance at Mar. 31, 2022	$ 8,543,106	$ 54	$ 1,887	$ 275	$ 2,024	$ 9,347,732	$ (4,918)	$ (845,384)	$ 8,501,670	$ 41,436

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Changes in Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Stockholders Equity [Abstract]
Net income (loss) allocated to redeemable non controlling interest	$ 582	$ (221)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income (loss)	$ 26,365	$ (20,131)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Management fees	34,155	7,420
Performance participation allocation	87,126	8,708
Depreciation and amortization	224,759	54,796
Amortization of deferred financing costs	8,757	814
Straight-line rent amortization	(3,616)	(2,381)
Deferred income amortization	(2,823)	(439)
Unrealized gain on changes in fair value of financial instruments	(246,517)	(12,884)
Foreign currency loss	6,456	5,680
Amortization of restricted stock grants	206	53
(Income) loss from unconsolidated real estate ventures	(929)	22
Other items	45	11
Change in assets and liabilities
Decrease (increase) in other assets	11,118	(435)
(Decrease) increase in due to affiliates	(1,286)	1,001
(Decrease) increase in other liabilities	(18,685)	8,039
Net cash provided by operating activities	125,131	50,274
Cash flows from investing activities
Acquisitions of real estate	(223,813)	(147,263)
Capital improvements to real estate	(19,663)	(6,430)
Investment in unconsolidated real estate ventures		(235)
Origination and purchase of investments in real estate debt	(109,229)	(504,692)
Purchase of real estate-related equity securities	(85,653)
Proceeds from paydown of principal and settlement of investments in real estate debt	7,907	12,374
Net cash used in investing activities	(430,451)	(646,246)
Cash flows from financing activities
Proceeds from issuance of common stock, net	1,539,527	491,593
Offering costs paid	(20,053)	(5,720)
Subscriptions received in advance	500,014	231,243
Repurchase of common stock	(47,010)	(12,259)
Borrowings from mortgage notes and revolving credit facility	27,120	112,158
Repayments of mortgage notes and revolving credit facility	(386,342)	(47,775)
Repayments under secured financings on investments in real estate debt, short term net		(42,557)
Borrowings under secured financings on investments in real estate debt		140,150
Repayments under secured financings on investments in real estate debt		(65,697)
Payment of deferred financing costs	(1,382)	(161)
Contributions from non-controlling interests	1,686
Distributions to non-controlling interests	(664)	(304)
Distributions	(62,507)	(14,025)
Net cash provided by financing activities	1,550,389	786,646
Effect of exchange rate changes	(16,240)
Net change in cash and cash equivalents and restricted cash	1,228,829	190,674
Cash and cash equivalents and restricted cash at the beginning of the period	940,555	293,411
Cash and cash equivalents and restricted cash at the end of the period	2,169,384	484,085
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	1,506,939	199,149
Restricted cash	662,445	284,936
Cash and cash equivalents and restricted cash at the end of the period	2,169,384	484,085
Supplemental disclosure of cash flow information:
Cash paid for interest	61,902	16,824
Supplemental disclosure of non-cash investing and financing activities:
Accrued stockholder servicing fee due to affiliate	83,717	27,626
Redeemable non-controlling interest issued as settlement for performance participation allocation	204,225	15,061
Accrued distributions	40,928	11,431
Distribution reinvestment	44,740	14,101
Allocation to redeemable non-controlling interest	$ 12,381	$ 839

Organization and Business Purpo

Organization and Business Purpose	3 Months Ended
	Mar. 31, 2022
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 continues to 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 March 31, 2022, the Company owned 391 real estate properties, 2,708 single-family rental homes, one investment in an unconsolidated real-estate venture and 58 positions in real estate debt investments. The Company currently operates in seven reportable segments: Multifamily, Single-Family Rental, Industrial, Office, Self-Storage, Other and Investments in Real Estate Debt. Effective January 1, 2022, the Hospitality and Medical Office segments have been combined within the Other segment and previous amounts have been recasted. 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	3 Months Ended
	Mar. 31, 2022
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, 2021 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 reflect unrealized gains and losses associated with the Company’s interest rate swaps and interest rate caps from “Interest expense” to “Other income, net” for the three months ended March 31, 2021 on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Such reclassification had no effect on the previously reported totals included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, the Company’s subsidiaries and joint ventures in which the Company has a controlling interest. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of the joint ventures is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. Certain of the joint ventures formed by the Company provide the other partner a profit s interest based on certain return hurdles being achieved. Any profits interest due to the other partner is reported within non-contr olling interests. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. The Operating Partnership is considered to be a VIE. The Company consolidates the Operating Partnership because it has the ability to direct the most significant activities of the entity such as purchases, dispositions, financings, budgets, and overall operating plans. 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. 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 Company capitalizes acquisition-related costs associated with asset acquisitions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has not been material. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 30 - 42 years Building and land improvements 5 - 30 years Furniture, fixtures and equipment 1 - 10 years Lease intangibles and leasehold improvements Shorter of useful life or lease term Repairs and maintenance are expensed to operations as incurred and are included in Property operating expenses on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. The Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be received pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. The amortization of acquired above-market and below-market leases is recorded as an adjustment to Rental revenue on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). 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 and Comprehensive Income (Loss). Certain of the Company’s investments in real estate are subject to a ground lease, for which a lease liability and corresponding right-of-use (“ROU”) asset were recognized. The Company calculates the amount of the lease liability and ROU asset by taking the present value of the remaining lease payments, and adjusting the ROU asset for any existing straight-line ground rent liability and acquired ground lease intangibles. The Company’s estimated incremental borrowing rate of a loan with a similar term as the ground lease was used as the discount rate. The lease liability is included as a component of Other liabilities and the related ROU asset is recorded as a component of Investments in real estate, net on the Company’s Condensed Consolidated Balance Sheets. The amortization of the above-market and below-market ground lease is recorded as an adjustment to Depreciation and amortization expense on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). 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 Condensed Consolidated Balance Sheets, and the Company’s share of net income or loss from the joint ventures is included within the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The joint venture agreements may designate different percentage allocations among investors for profits and losses; however, the Company’s recognition of joint venture income or loss generally follows the joint venture’s distribution priorities, which may change upon the achievement of certain investment return thresholds. The Company’s investments in unconsolidated joint ventures are reviewed for impairment periodically and the Company records impairment charges when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than-temporary. The ultimate realization of the investment in unconsolidated joint ventures is dependent on a number of factors, including the performance of each investment and market conditi ons. During the periods presented, no such impairment occurred. Investments in Real Estate Debt The Company’s investments in real estate debt consists of loans secured by real estate and real estate-related securities. The Company 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 and Comprehensive Income (Loss). The Company elected the fair value option (“FVO”) for its loans secured by real estate. As such, the resulting unrealized gains and losses of such loans are recorded as a component of Income (loss) from investments in real estate debt on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). 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 investments in real estate debt on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). 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. The effects of translating the assets, liabilities and income of our foreign investments held by entities with functional currencies other than the U.S. dollar are included on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Aggregate foreign currency translation and transaction gains or (losses) included in operations totaled ($6.5) million and ($5.7) million for the three months ended March 31, 2022 and 2021, respectively. These amounts are recorded as a component of Other income, net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Fair Value Measurements Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Additionally, there is a hierarchal framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and the state of the market place, including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. Valuation of assets and liabilities measured at fair value The Company’s investments in real estate debt are reported at fair value. The Company’s investments in real estate debt include commercial mortgage-backed securities (“CMBS”) 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 the 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 condition 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, net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). During the three months ended March 31, 2022, the Company recognized $12.7 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 March 31, 2022, the Company held 20 interest rate caps with an aggregate notional value of $6.9 billion, two interest rate caps with an aggregate notional value of €88 million, one interest rate cap with an aggregate notional value of kr301.5 million associated with the Danish investment and three interest rate swaps with an aggregate notional value of $323.4 million. The resulting unrealized gains and losses associated with the Company’s interest rate swaps and interest rate caps are recorded as a component of Other income, net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The Company recognized $269.6 million and $7.6 million of net unrealized gains on its interest rate derivatives during the three months ended March 31, 2022 and 2021, respectively. The fair values of the Company’s foreign currency swaps are determined by comparing the contracted forward exchange rate to the current market exchange rate. The current market exchange rates are determined by using market spot rates, forward rates and interest rate curves for the underlying instruments. As of March 31, 2022, the Company held two GBP, 17 EUR, six DKK and one NOK foreign currency swaps, with an aggregate notional value of £166 million, €213 million, kr290 million, and kr881 million, respectively. The fair values of the Company’s financial instruments (other than investments in real estate debt, mortgage notes, revolving credit facility, unsecured line of credit and derivative instruments), including cash, cash equivalents and restricted cash and other financial instruments, approximate their carrying or contract value. The fair value of the term loan approximates the par value because the loan is pre-payable at the option of the borrower at any time. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): March 31, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 557,346 $ 473,994 $ 1,031,340 $ — $ 466,475 $ 487,602 $ 954,077 Equity securities 235,198 — — 235,198 172,236 — — 172,236 Derivatives — 465,811 — 465,811 — 194,053 — 194,053 Total $ 235,198 $ 1,023,157 $ 473,994 $ 1,732,349 $ 172,236 $ 660,528 $ 487,602 $ 1,320,366 Liabilities: Derivatives $ — $ 3,003 $ — $ 3,003 $ — $ 1,398 $ — $ 1,398 Total $ — $ 3,003 $ — $ 3,003 $ — $ 1,398 $ — $ 1,398 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, 2021 $ 487,602 Purchases — Included in net income Foreign exchange (13,608 ) Unrealized gain (loss) — Balance as of March 31, 2022 $ 473,994 The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): March 31, 2022 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in Real Estate Debt $ 473,994 Par Value Par 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 March 31, 2022, 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 line of credit (as defined below) 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 asset. In most instances this occurs on the lease commencement date. At the inception of a new lease, including new leases that arise from amendments, the Company assesses the terms and conditions of the lease to determine the proper lease classification. The Company adopted the provisions of Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) and related ASUs subsequently issued (collectively, “ASC 842”) as of January 1, 2019. A lease is classified as an operating lease if none of the following criteria are met: (i) ownership transfers to the lessee at the end of the lease term, (ii) the lessee has a purchase option that is reasonably expected to be exercised, (iii) the lease term is for a major part of the economic life of the leased property, (iv) the present value of the future lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the leased property, and (v) the leased property is of such a specialized nature that it is expected to have no future alternative use to the Company at the end of the lease term. If one or more of these criteria are met, the lease will generally be classified as a sales-type lease, unless the lease contains a residual value guarantee from a third party other than the lessee, in which case it would be classified as a direct financing lease under certain circumstances in accordance with ASC 842. The Company’s rental revenue primarily consists of fixed contractual base rent arising from tenant leases at the Company’s properties under operating leases. Revenue under operating leases that are deemed probable of collection, is recognized as revenue on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded in the Company’s Condensed Consolidated Balance Sheets. The Company’s hospitality revenue consists of room revenue and food and beverage revenue. Room revenue is recognized when the related room is occupied and other hospitality revenue is recognized when the service is rendered. For leases that are deemed not probable of collection, revenue is recorded as the lesser of (i) the amount which would be recognized on a straight-line basis or (ii) cash that has been received from the tenant, with any tenant and deferred rent receivable balances charged as a direct write-off against rental income in the period of the change in the collectability determination. Certain of the Company’s contracts contain nonlease components (e.g., charges for management fees, common area maintenance, and reimbursement of third-party maintenance expenses) in addition to lease components (i.e., monthly rental charges). Services related to nonlease components are provided over the same period of time as, and billed in the same manner as, monthly rental charges. The Company elected to apply the practical expedient available under ASC 842, for all classes of assets, not to segregate the lease components from the nonlease components when accounting for operating leases. Since the lease component is the predominant component under each of these leases, combined revenues from both the lease and nonlease components are accounted for in accordance with ASC 842 and reported as Rental revenues in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). 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 March 31, 2022 and December 31, 2021, deferred income related to these loans amounted to $4.8 million and $5.0 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 and Comprehensive Income (Loss). For the three months ended March 31, 2022 and 2021, Other revenue related to these loans amounted to $0.2 million and $0.2 million, respectively. Other revenues and interest income are recorded on an accrual basis. Organization and Offering Expenses Organization costs are expensed as incurred and recorded as a component of General and administrative expenses on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), and offering costs are charged to equity as such amounts are incurred. The Advisor advanced $7.3 million of organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through December 21, 2019, the first anniversary of the date on which the proceeds from escrow were released. The Company reimburses the Advisor for all such advanced expenses ratably over a 60-month 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 March 31, 2022 and December 31, 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

Investments

Investments	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Investments	3. Investments Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): March 31, 2022 December 31, 2021 Building and building improvements $ 14,793,851 $ 14,450,074 Land and land improvements 2,574,002 2,733,505 Furniture, fixtures and equipment 268,144 264,557 Right of use asset - operating lease (1) 105,236 105,236 Total 17,741,233 17,553,372 Accumulated depreciation and amortization (516,231 ) (368,293 ) Investments in real estate, net $ 17,225,002 $ 17,185,079 (1) During the three months ended March 31, 2022, the Company acquired interests in three properties, which were comprised of two industrial properties and one self-storage property. Additionally, the Company acquired 114 single-family rental homes. The following table provides details of the properties acquired during the three months ended March 31, 2022 ($ in thousands): Segments Number of Transactions Number of Properties Sq. Ft. (in millions)/Units Purchase Price (1) Single-family rental 2 N/A (2) 114 units $ 42,888 Industrial 1 2 0.37 sq. ft. 107,393 Self-storage 1 1 0.09 sq. ft. 42,091 4 3 $ 192,372 (1) (2) Includes a 95% interest in 114 consolidated single-family rental homes. The following table summarizes the purchase price allocation for the properties acquired during the three months ended March 31, 2022 ($ in thousands): Amount Building and building improvements $ 127,427 Land and land improvements 57,858 Furniture, fixtures and equipment 347 In-place lease intangibles 3,912 Above-market lease intangibles 2,670 Below-market lease intangibles (531 ) Total purchase price (1) $ 191,683 Non-controlling interest (2,966 ) Net purchase price $ 188,717 (1) Purchase price excludes acquisition-related costs of $0.7 million. The weighted-average amortization periods for the above-market lease intangibles, acquired in-place lease intangibles and below-market lease intangibles for the properties acquired during the three months ended March 31, 2022 were three years, five years and six 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 $11.4 million and $10.4 million as of March 31, 2022 and December 31, 2021, respectively. The Company’s income (loss) from its investment in the Joint Venture is presented in Income (loss) from unconsolidated real estate ventures on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) and totaled $0.9 million and an insignificant amount for the three months ended March 31, 2022 and 2021, respectively.

Intangibles

Intangibles	3 Months Ended
	Mar. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Intangibles	4. Intangibles The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): March 31, 2022 December 31, 2021 Intangible assets: (1) In-place lease intangibles $ 455,095 $ 448,447 Above-market lease intangibles 40,188 36,696 Other 45,595 43,653 Total intangible assets 540,878 528,796 Accumulated amortization: In-place lease amortization (222,149 ) (144,663 ) Above-market lease amortization (9,637 ) (7,718 ) Other (9,540 ) (7,300 ) Total accumulated amortization (241,326 ) (159,681 ) Intangible assets, net $ 299,552 $ 369,115 Intangible liabilities: (2) Below-market lease intangibles $ 66,475 $ 65,143 Total intangible liabilities 66,475 65,143 Accumulated amortization: Below-market lease amortization (11,645 ) (9,523 ) Total accumulated amortization (11,645 ) (9,523 ) Intangible liabilities, net $ 54,830 $ 55,620 (1) Included in Other assets on the Company’s Condensed Consolidated Balance Sheets. (2) Included in Other liabilities on the Company’s Condensed Consolidated Balance Sheets. The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of March 31, 2022 is as follows ($ in thousands): In-place Lease Intangibles Above-market Lease Intangibles Other Below-market Lease Intangibles 2022 (remaining) $ 57,155 $ 4,991 $ 5,400 $ (6,574 ) 2023 43,027 6,141 5,613 (8,112 ) 2024 30,204 4,641 5,599 (6,419 ) 2025 23,269 3,272 5,192 (4,982 ) 2026 16,161 2,674 2,507 (4,732 ) Thereafter 63,130 8,832 11,744 (24,011 ) $ 232,946 $ 30,551 $ 36,055 $ (54,830 )

Investments in Real Estate Debt

Investments in Real Estate Debt	3 Months Ended
	Mar. 31, 2022
Schedule Of Investments [Abstract]
Investments in Real Estate Debt	5. Investments in Real Estate Debt The following tables detail the Company’s investments in real estate debt as of March 31, 2022 and December 31, 2021 ($ in thousands): March 31, 2022 Type of Security/Loan Number of Positions Weighted Average Coupon (1) Weighted Average Maturity Date (2) Cost Basis Fair Value RMBS 49 3.12% November 7, 2045 $ 157,991 $ 156,659 CMBS - floating 3 L + 5.31% March 15, 2035 109,175 109,124 CMBS - floating 4 L + 3.46% July 15, 2038 296,928 288,942 CMBS - fixed 1 6.26% July 25, 2039 2,507 2,621 Total real estate securities 57 3.92% September 19, 2039 566,601 557,346 Term loan (3) 1 L + 5.35% February 26, 2026 504,540 473,994 Total investments in real estate debt 58 4.63% June 2, 2033 $ 1,071,141 $ 1,031,340 December 31, 2021 Type of Security Number of Positions Weighted Average Coupon (1) Weighted Average Maturity Date (2) Cost Basis Fair Value RMBS 50 3.07% July 9, 2045 $ 165,600 $ 168,309 CMBS - floating 4 L + 3.46% July 15, 2038 296,928 295,465 CMBS - fixed 1 6.26% July 25, 2039 2,522 2,701 Total real estate debt securities 55 3.34% January 5, 2041 465,050 466,475 Term loan (3) 1 L + 5.35% February 26, 2026 504,540 487,602 Total investments in real estate debt 56 4.41% April 8, 2033 $ 969,590 $ 954,077 ( 1 ) The term “L” refers to the relevant benchmark rates, which include one-month LIBOR, one-month SOFR and SONIA, as applicable to each security and loan. ( 2 ) Weighted average maturity date is based on the fully extended maturity date of the underlying collateral. ( 3 ) 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 loan is pre-payable at the option of the borrower at any time. 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 March 31, 2022 December 31, 2021 CMBS $ 398,066 $ 295,465 Total $ 398,066 $ 295,465 Such CMBS were purchased in fully or over-subscribed offerings. Each investment in such CMBS by the Company represented a minority participation in any individual tranche. The Company acquired its minority participation interest from third-party investment banks on market terms negotiated by the majority third-party investors. During the three months ended March 31, 2022, the Company recorded net unrealized losses on its investments in real estate securities of ($10.5) million. During the three months ended March 31, 2021, the Company recorded net unrealized losses on its investments in real estate securities of ($0.3) million. Such amounts are recorded as a component of Income (loss) from investments in real estate debt in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

Mortgage Notes and Revolving Cr

Mortgage Notes and Revolving Credit Facility	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 ($ in thousands): Principal Balance Outstanding (3) Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2) Maximum Facility Size March 31, 2022 December 31, 2021 Fixed rate loans Fixed rate mortgages 3.00% 9/20/2030 N/A $ 3,105,544 $ 3,110,689 Total fixed rate loans 3,105,544 3,110,689 Variable rate loans Floating rate mortgages L + 1.76% 2/11/2026 N/A 7,066,776 7,052,819 Variable rate revolving credit facility (4) L + 1.85% 12/1/2023 $ 1,200,000 1,190,683 1,190,683 Total variable rate loans 8,257,459 8,243,502 Total loans secured by the Company ʾ properties 11,363,003 11,354,191 Deferred financing costs, net (76,661 ) (80,410 ) Premium on assumed debt, net 598 630 Mortgage notes and revolving credit facility, net $ 11,286,940 $ 11,274,411 ( 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. The repayment of the revolving credit facility is guaranteed by the Operating Partnership. The following table presents the future principal payments under the Company’s mortgage notes and revolving credit facility as of March 31, 2022 and for loans where the Company, at its own discretion, has extension options, the maximum maturity date has been assumed ($ in thousands): Year Amount 2022 (remaining) $ 658,234 2023 1,478,244 2024 484,320 2025 740,796 2026 4,829,530 Thereafter 3,171,879 Total $ 11,363,003 Pursuant to lender agreements for certain of the Company’s mortgages, the Company has the ability to draw $86.6 million for leasing commissions and tenant and building improvements. The Company’s mortgage notes and revolving credit facility may contain customary events of default and covenants, including limitations on liens and indebtedness and maintenance of certain financial ratios. The Company is not aware of any instance of noncompliance with financial covenants as of March 31, 2022.

Secured Financings On Investmen

Secured Financings On Investments In Real Estate Debt	3 Months Ended
	Mar. 31, 2022
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”). Effective February 15, 2022, the reference rate for the calculation of interest transitioned from the three–month U.S. dollar-denominated LIBOR to the Sterling Overnight Index Average (“SONIA”). The Barclays RA interest rate is now equal to the SONIA daily non-cumulative EFR rate plus a spread. For financial statement purposes, the Company does not offset its secured financings on investments in real estate debt and securities lending transactions because the conditions for netting as specified by GAAP are not met. Although not offset on the Company’s Condensed Consolidated Balance Sheets, these transactions are summarized in the following tables ($ in thousands): March 31, 2022 Indebtedness Maturity Date Coupon Collateral Assets ( 1) Outstanding Balance Barclays RA 2/26/2026 SONIA + 2.50% $ 473,994 $ 260,697 $ 473,994 $ 260,697 December 31, 2021 Indebtedness Weighted Average Maturity Date Weighted Average Coupon Collateral Assets ( 1) Outstanding Balance Barclays RA 2/26/2026 L + 2.50% $ 487,602 $ 268,181 $ 487,602 $ 268,181 (1) Represents the fair value of the Company’s term loan investment.

Unsecured Line of Credit

Unsecured Line of Credit	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Unsecured Line Of Credit	8. Unsecured Line of Credit On December 16, 2020, the Company entered into an unsecured line of credit (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%. The repayment of the Line of Credit is guaranteed by the Company. There were no outstanding borrowings and $375 million outstanding on the line of credit as of March 31, 2022 and December 31, 2021, respectively.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	3 Months Ended
	Mar. 31, 2022
Other Assets And Other Liabilities [Abstract]
Other Assets and Other Liabilities	9 . Other Assets and Other Liabilities The following table summarizes the components of Other assets ($ in thousands): March 31, 2022 December 31, 2021 Derivative instruments $ 465,811 $ 194,053 Intangible assets, net 299,552 369,115 Equity securities 235,198 172,236 Receivables 110,101 103,049 Acquisition deposits 94,749 13,422 Prepaid expenses 8,202 15,871 Interest receivable 5,702 5,337 Deferred financing costs, net 5,472 6,723 Other 5,237 1,492 Total $ 1,230,024 $ 881,298 The following table summarizes the components of Other liabilities ($ in thousands): March 31, 2022 December 31, 2021 Accounts payable and accrued expenses $ 87,989 $ 89,625 Intangible liabilities, net 54,830 55,620 Real estate taxes payable 50,683 53,423 Distributions payable 40,928 32,696 Tenant security deposits 36,725 36,509 Accrued interest expense 21,765 16,399 Deferred tax liability 14,042 8,599 Right of use liability - operating leases 12,493 12,499 Deferred income 8,937 7,467 Derivative instruments 3,003 1,398 Other 28,753 25,271 Total $ 360,148 $ 339,506

Equity and Redeemable Non-contr

Equity and Redeemable Non-controlling Interest	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, 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: Three months ended March 31, 2022 Class T Class S Class D Class I Total December 31, 2021 4,648,436 154,381,036 22,142,299 163,624,500 344,796,271 Common stock shares issued 683,879 34,567,565 5,235,258 38,690,768 79,177,470 Distribution reinvestment plan shares issued 28,927 799,492 148,140 742,812 1,719,371 Common stock shares repurchased (2,549 ) (1,063,944 ) (74,333 ) (678,139 ) (1,818,965 ) March 31, 2022 5,358,693 188,684,149 27,451,364 202,379,941 423,874,147 Share Repurchases The Company has adopted a share repurchase plan whereby, subject to certain limitations, stockholders may request on a monthly basis that the Company repurchases all or any portion of their shares. Should repurchase requests, in the Company’s judgment, place an undue burden on its liquidity, adversely affect its operations or risk having an adverse impact on the Company as a whole, or should the Company otherwise determine that investing its liquid assets in real properties or other illiquid investments rather than repurchasing its shares is in the best interests of the Company as a whole, then the Company may choose to repurchase fewer shares than have been requested to be repurchased, or none at all. Further, the Company’s board of directors may modify and suspend the Company’s share repurchase plan if it deems such action to be in the Company’s best interest and the best interest of its stockholders. In addition, the total amount of shares that the Company will repurchase is limited, in any calendar month, to shares whose aggregate value (based on the repurchase price per share on the date of the repurchase) is no more than 2% of its aggregate NAV as of the last day of the previous calendar month and, in any calendar quarter, to shares whose aggregate value is no more than 5% of its aggregate NAV as of the last day of the previous calendar quarter. In the event that the Company determines to repurchase some but not all of the shares submitted for repurchase during any month, shares repurchased at the end of the month will be repurchased on a pro rata basis. For the three months ended March 31, 2022, the Company repurchased 1,818,965 shares of common stock representing a total of $47.0 million. The Company had no unfulfilled repurchase requests as of March 31, 2022. Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Code. Each class of common stock receives the same gross distribution per share. The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable distributor. The following table details the aggregate distributions declared for each applicable class of common stock for the three months ended March 31, 2022: Class T Class S Class D Class I Gross distributions declared per share of common stock $ 0.3105 $ 0.3105 $ 0.3105 $ 0.3105 Stockholder servicing fee per share of common stock (0.0552 ) (0.0552 ) (0.0161 ) — Net distributions declared per share of common stock $ 0.2553 $ 0.2553 $ 0.2944 $ 0.3105 Redeemable Non-controlling Interest In connection with its performance participation interest, the Special Limited Partner holds Class I units in the Operating Partnership. See Note 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 March 31, 2022, the Company recorded an allocation adjustment of $12.4 million between Additional paid-in capital and Redeemable non-controlling interest. The following table summarizes the Redeemable non-controlling interest activity for the three months ended March 31, 2022 and 2021 ($ in thousands): March 31, 2022 March 31, 2021 Balance at the beginning of the year $ 30,502 $ 10,409 Settlement of performance participation allocation 204,225 15,061 GAAP income (loss) allocation 582 (221 ) Distributions (2,810 ) (366 ) Fair value allocation 12,381 839 Ending balance $ 244,880 $ 25,722

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	1 1 . Related Party Transactions Acquisition of Investments On March 11, 2022, the Company acquired floating rate CMBS bonds related to Starwood Capital and a third party for $109.2 million, secured by 111 lodging properties. 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 months ended March 31, 2022 and 2021, the Company incurred management fees of $34.2 million and $7.4 million, respectively. To date, the Advisor has elected to receive the management fee in shares of the Company’s common stock. For the three months ended March 31, 2022, the Company issued 824,691 unregistered Class I shares to the Advisor as payment for the management fee and also had a payable of $12.4 million related to the management fee as of March 31, 2022, which is included in Due to affiliates on the Company’s Condensed Consolidated Balance Sheets. During April 2022, the Advisor was issued 457,388 unregistered Class I shares as payment for the $12.4 million management fee accrued as of March 31, 2022. The shares issued to the Advisor for payment of the management fee were issued at the applicable NAV per share at the end of each month for which the fee was earned. Additionally, the Special Limited Partner, an affiliate of the Advisor, holds a performance participation interest in the Operating Partnership that entitles it to receive an allocation of the Operating Partnership’s total return to its capital account. Total return is defined as distributions paid or accrued plus the change in NAV. Under the Operating Partnership agreement, the annual total return will be allocated solely to the Special Limited Partner after the other unit holders have received a total return of 5% (after recouping any loss carryforward amount) and such allocation will continue until the allocation between the Special Limited Partner and all other unit holders is equal to 12.5% and 87.5%, respectively. Thereafter, the Special Limited Partner will receive an allocation of 12.5% of the annual total return. The annual distribution of the performance participation interest will be paid in cash or Class I units of the Operating Partnership, at the election of the Special Limited Partner. During the three months ended March 31, 2022 and 2021, the Company recognized $87.1 million and $8.7 million, respectively, of performance participation allocation in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The performance participation interest allocation for 2021 became payable on December 31, 2021 and, in January 2022, the Company caused the Operating Partnership to issue 7,872,930 Class I units in the Operating Partnership to the Special Limited Partner as payment for the performance participation interest allocation for 2021. Such Class I units were issued at the NAV per unit as of December 31, 2021. Due to Affiliates The following table details the components of Due to affiliates ($ in thousands): March 31, 2022 December 31, 2021 Accrued stockholder servicing fee $ 365,592 $ 291,544 Performance participation allocation 87,126 204,225 Advanced organization and offering costs 4,009 4,373 Accrued management fee 12,378 9,628 Accrued affiliate service provider expenses 1,002 843 Advanced operating expenses 1,209 2,655 Total $ 471,316 $ 513,268 Accrued stockholder servicing fee As described in Note 2, the Company accrues the full amount of the future stockholder servicing fees payable to the Dealer Manager for Class T, Class S, and Class D shares up to the 8.75% limit at the time such shares are sold. As of March 31, 2022 and December 31, 2021, the Company has accrued $365.6 million and $291.5 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 March 31, 2022 and December 31, 2021, 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 three months ended March 31, 2022 and the year ended December 31, 2021, the Advisor had incurred approximately $5.0 million and $6.7 million, respectively, of expenses on the Company’s behalf for general corporate expenses. Such amounts are being reimbursed to the Advisor one month in arrears. 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 months ended March 31, 2022 and 2021, the Company has incurred approximately $2.8 million and $1.3 million, respectively, of expenses due to Highmark Residential services in connection with its investments and such amount is included in Property operating expenses on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The Company has engaged Rinaldi, Finkelstein & Franklin L.L.C. (“RFF”), a law firm owned and controlled by Ellis F. Rinaldi, Co-General Counsel and Senior Managing Director of the Sponsor and certain of its affiliates, to provide corporate legal support services to the Company. During the three months ended March 31, 2022 and 2021 , the amounts incurred for services provided by RFF were $ 0.2 million and $ 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 months ended March 31, 2022 and 2021, the amounts incurred for services provided by Essex were $1.1 million and zero expenses, respectively. The Company engaged Starwood Retail Partners to provide leasing and legal services for any retail properties we acquire. During the three months ended March 31, 2022 and 2021, the Company incurred $0.0 million and zero expenses, respectively. The Company has engaged Starwood’s affiliated Luxembourg office for accounting and administrative matters relating to certain European investments. During the three months ended March 31, 2022 and 2021, the amounts incurred for services provided were $0.3 million and zero expenses, 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 months ended March 31, 2022 and 2021, the amounts incurred for services provided were $0.1 million and zero expenses, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	1 2 . Commitments and Contingencies As of March 31, 2022 and December 31, 2021, the Company is not subject to any material litigation nor is the Company aware of any material litigation threatened against it. As of May 10, 2022, the Company has a financing commitment of approximately $1.0 billion for an acquisition by a third party. In addition, the Company had a remaining funding commitment to one of its consolidated joint ventures of approximately $167.2 million.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
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 leases are classified as operating leases based on the characteristics of the respective lease. The ground leases were acquired as part of the acquisition of real estate and no incremental costs were incurred for such ground leases. The Company’s ground leases are non-cancelable and do not contain any additional renewal options. The following table presents the future lease payments due under the Company’s ground leases as of March 31, 2022 ($ in thousands): Operating Lease 2022 (remaining) $ 514 2023 686 2024 686 2025 712 2026 713 Thereafter 26,506 Total undiscounted future lease payments 29,817 Difference between undiscounted cash flows and discounted cash flows 17,324 Total lease liability $ 12,493 The Company utilized its incremental borrowing rate, which was between 4.5% and 6% to determine its lease liabilities. As of March 31, 2022, the weighted average remaining lease term of the Company’s operating leases were 38 years. Payments under the Company’s ground leases contain fixed payment components. The Company’s ground leases contained escalations prior to the Company’s hold period. Lessor The Company’s rental revenue primarily consists of rent earned from operating leases at the Company’s multifamily, single-family rental, industrial, office, self-storage and other properties. Leases at the Company’s industrial, office and other properties generally include a fixed base rent and certain leases also contain a variable component. The variable component of the Company’s operating leases at its industrial, office and other properties primarily consist of the reimbursement of operating expenses such as real estate taxes, insurance, and common area maintenance costs. Leases at the Company’s industrial, office and other properties are generally longer term and may contain extension and termination options at the lessee’s election. The Company’s rental revenue earned from leases at the Company’s multifamily, single-family rental and self-storage properties primarily consists of a fixed base rent and certain leases contain a variable component that allows for the pass-through of certain operating expenses such as utilities. Leases at the Company’s multifamily, single-family rental and self-storage properties are short term in nature, generally not greater than 12 months in length. The following table summarizes the fixed and variable components of the Company’s operating leases ($ in thousands): Three Months Ended March 31, 2022 2021 Fixed lease payments $ 285,266 $ 88,232 Variable lease payments 32,104 9,875 Rental revenue $ 317,370 $ 98,107 The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, office and other properties ($ in thousands) as of March 31, 2022. Leases at the Company’s multifamily, single-family rental and self-storage properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2022 (remaining) $ 181,430 2023 228,614 2024 202,188 2025 175,340 2026 153,806 Thereafter 528,993 Total $ 1,470,371

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Reporting	1 4 . Segment Reporting The Company operates in seven reportable segments: Multifamily properties, Single-Family Rental properties, Industrial properties, Office properties, Self-Storage properties, Other properties and Investments in real estate debt. Effective January 1, 2022, the Hospitality properties and Medical Office properties have been combined within the Other segment and previous amounts have been recasted. The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that segment net operating income is the key performance metric that captures the unique operating characteristics of each segment. The following table sets forth the total assets by segment ($ in thousands): March 31, 2022 December 31, 2021 Multifamily properties $ 12,305,156 $ 12,225,256 Single-family rental properties 1,207,827 1,150,987 Industrial properties 2,275,565 2,145,163 Office properties 1,482,714 1,599,774 Self-storage properties 371,255 331,024 Other properties 761,348 764,714 Investments in real estate debt 1,031,340 954,077 Other (Corporate) 2,231,896 800,436 Total assets $ 21,667,101 $ 19,971,431 The following table sets forth the financial results by segment for the three months ended March 31, 2022 ($ in thousands): Multifamily Single-Family Rental Industrial Office Self-Storage Other Investments in Real Estate Debt Total Revenues: Rental revenue $ 215,683 $ 16,466 $ 36,434 $ 33,324 $ 6,007 $ 9,456 $ — $ 317,370 Other revenue 1,160 — — 105 — 12,010 — 13,275 Total revenues 216,843 16,466 36,434 33,429 6,007 21,466 — 330,645 Expenses: Property operating 90,936 6,014 10,685 12,916 2,016 10,431 — 132,998 Total segment expenses 90,936 6,014 10,685 12,916 2,016 10,431 — 132,998 Income from unconsolidated real estate ventures — — — — — 929 — 929 Income from investments in real estate debt — — — — — — 2,821 2,821 Segment net operating income $ 125,907 $ 10,452 $ 25,749 $ 20,513 $ 3,991 $ 11,964 $ 2,821 $ 201,397 Depreciation and amortization $ (164,534 ) $ (11,362 ) $ (21,276 ) $ (16,351 ) $ (3,693 ) $ (7,543 ) $ — $ (224,759 ) General and administrative (8,417 ) Management fees (34,155 ) Performance participation allocation (87,126 ) Interest expense (77,869 ) Other income, net 257,294 Net income $ 26,365 Net income attributable to non- controlling interests in consolidated joint ventures (923 ) Net income attributable to non- controlling interests in Operating Partnership (582 ) Net income attributable to stockholders $ 24,860 The following table sets forth the financial results by segment for the three months ended March 31, 2021 ($ in thousands): Multifamily Industrial Office Other Real Estate- Related Securities Total Revenues: Rental revenue $ 54,379 $ 10,579 $ 29,569 $ 3,580 $ — $ 98,107 Other revenue 555 — 49 7,040 — 7,644 Total revenues 54,934 10,579 29,618 10,620 — 105,751 Expenses: Property operating 23,030 2,919 10,918 6,013 — 42,880 Total segment expenses 23,030 2,919 10,918 6,013 — 42,880 Loss from unconsolidated real estate ventures — — — (22 ) — (22 ) Income from investments in real estate-related securities, net — — — — 8,794 8,794 Segment net operating income $ 31,904 $ 7,660 $ 18,700 $ 4,585 $ 8,794 $ 71,643 Depreciation and amortization $ (29,247 ) $ (6,063 ) $ (15,167 ) $ (4,319 ) $ — $ (54,796 ) General and administrative (2,706 ) Management fees (7,420 ) Performance participation allocation (8,708 ) Interest expense (25,549 ) Other income, net 7,405 Net loss $ (20,131 ) Net loss attributable to non- controlling interests in consolidated joint ventures 21 Net loss attributable to non- controlling interests in Operating Partnership 221 Net loss attributable to stockholders $ (19,889 )

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	1 5 . Subsequent Events Acquisitions/New Investments Subsequent to March 31, 2022, the Company acquired an aggregate of $3.5 billion of investments in real estate, exclusive of closing costs and related working capital, across nine separate transactions and was financed with approximately $2.0 billion of property level financing. Proceeds from the Issuance of Common Stock Subsequent to March 31, 2022, the Company received net proceeds of $1.3 billion from the issuance of its common stock in its public offering.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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, 2021 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 reflect unrealized gains and losses associated with the Company’s interest rate swaps and interest rate caps from “Interest expense” to “Other income, net” for the three months ended March 31, 2021 on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Such reclassification had no effect on the previously reported totals included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, the Company’s subsidiaries and joint ventures in which the Company has a controlling interest. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of the joint ventures is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. Certain of the joint ventures formed by the Company provide the other partner a profit s interest based on certain return hurdles being achieved. Any profits interest due to the other partner is reported within non-contr olling interests. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. The Operating Partnership is considered to be a VIE. The Company consolidates the Operating Partnership because it has the ability to direct the most significant activities of the entity such as purchases, dispositions, financings, budgets, and overall operating plans. 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. 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 Company capitalizes acquisition-related costs associated with asset acquisitions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has not been material. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 30 - 42 years Building and land improvements 5 - 30 years Furniture, fixtures and equipment 1 - 10 years Lease intangibles and leasehold improvements Shorter of useful life or lease term Repairs and maintenance are expensed to operations as incurred and are included in Property operating expenses on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. The Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be received pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. The amortization of acquired above-market and below-market leases is recorded as an adjustment to Rental revenue on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). 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 and Comprehensive Income (Loss). Certain of the Company’s investments in real estate are subject to a ground lease, for which a lease liability and corresponding right-of-use (“ROU”) asset were recognized. The Company calculates the amount of the lease liability and ROU asset by taking the present value of the remaining lease payments, and adjusting the ROU asset for any existing straight-line ground rent liability and acquired ground lease intangibles. The Company’s estimated incremental borrowing rate of a loan with a similar term as the ground lease was used as the discount rate. The lease liability is included as a component of Other liabilities and the related ROU asset is recorded as a component of Investments in real estate, net on the Company’s Condensed Consolidated Balance Sheets. The amortization of the above-market and below-market ground lease is recorded as an adjustment to Depreciation and amortization expense on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). 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 Condensed Consolidated Balance Sheets, and the Company’s share of net income or loss from the joint ventures is included within the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The joint venture agreements may designate different percentage allocations among investors for profits and losses; however, the Company’s recognition of joint venture income or loss generally follows the joint venture’s distribution priorities, which may change upon the achievement of certain investment return thresholds. The Company’s investments in unconsolidated joint ventures are reviewed for impairment periodically and the Company records impairment charges when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than-temporary. The ultimate realization of the investment in unconsolidated joint ventures is dependent on a number of factors, including the performance of each investment and market conditi ons. During the periods presented, no such impairment occurred.
Investments in Real Estate Debt	Investments in Real Estate Debt The Company’s investments in real estate debt consists of loans secured by real estate and real estate-related securities. The Company 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 and Comprehensive Income (Loss). The Company elected the fair value option (“FVO”) for its loans secured by real estate. As such, the resulting unrealized gains and losses of such loans are recorded as a component of Income (loss) from investments in real estate debt on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). 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 investments in real estate debt on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
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. The effects of translating the assets, liabilities and income of our foreign investments held by entities with functional currencies other than the U.S. dollar are included on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Aggregate foreign currency translation and transaction gains or (losses) included in operations totaled ($6.5) million and ($5.7) million for the three months ended March 31, 2022 and 2021, respectively. These amounts are recorded as a component of Other income, net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
Fair Value Measurements	Fair Value Measurements Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Additionally, there is a hierarchal framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and the state of the market place, including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. Valuation of assets and liabilities measured at fair value The Company’s investments in real estate debt are reported at fair value. The Company’s investments in real estate debt include commercial mortgage-backed securities (“CMBS”) 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 the 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 condition 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, net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). During the three months ended March 31, 2022, the Company recognized $12.7 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 March 31, 2022, the Company held 20 interest rate caps with an aggregate notional value of $6.9 billion, two interest rate caps with an aggregate notional value of €88 million, one interest rate cap with an aggregate notional value of kr301.5 million associated with the Danish investment and three interest rate swaps with an aggregate notional value of $323.4 million. The resulting unrealized gains and losses associated with the Company’s interest rate swaps and interest rate caps are recorded as a component of Other income, net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The Company recognized $269.6 million and $7.6 million of net unrealized gains on its interest rate derivatives during the three months ended March 31, 2022 and 2021, respectively. The fair values of the Company’s foreign currency swaps are determined by comparing the contracted forward exchange rate to the current market exchange rate. The current market exchange rates are determined by using market spot rates, forward rates and interest rate curves for the underlying instruments. As of March 31, 2022, the Company held two GBP, 17 EUR, six DKK and one NOK foreign currency swaps, with an aggregate notional value of £166 million, €213 million, kr290 million, and kr881 million, respectively. The fair values of the Company’s financial instruments (other than investments in real estate debt, mortgage notes, revolving credit facility, unsecured line of credit and derivative instruments), including cash, cash equivalents and restricted cash and other financial instruments, approximate their carrying or contract value. The fair value of the term loan approximates the par value because the loan is pre-payable at the option of the borrower at any time. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): March 31, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 557,346 $ 473,994 $ 1,031,340 $ — $ 466,475 $ 487,602 $ 954,077 Equity securities 235,198 — — 235,198 172,236 — — 172,236 Derivatives — 465,811 — 465,811 — 194,053 — 194,053 Total $ 235,198 $ 1,023,157 $ 473,994 $ 1,732,349 $ 172,236 $ 660,528 $ 487,602 $ 1,320,366 Liabilities: Derivatives $ — $ 3,003 $ — $ 3,003 $ — $ 1,398 $ — $ 1,398 Total $ — $ 3,003 $ — $ 3,003 $ — $ 1,398 $ — $ 1,398 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, 2021 $ 487,602 Purchases — Included in net income Foreign exchange (13,608 ) Unrealized gain (loss) — Balance as of March 31, 2022 $ 473,994 The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): March 31, 2022 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in Real Estate Debt $ 473,994 Par Value Par 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 March 31, 2022, 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 line of credit (as defined below) 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 asset. In most instances this occurs on the lease commencement date. At the inception of a new lease, including new leases that arise from amendments, the Company assesses the terms and conditions of the lease to determine the proper lease classification. The Company adopted the provisions of Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) and related ASUs subsequently issued (collectively, “ASC 842”) as of January 1, 2019. A lease is classified as an operating lease if none of the following criteria are met: (i) ownership transfers to the lessee at the end of the lease term, (ii) the lessee has a purchase option that is reasonably expected to be exercised, (iii) the lease term is for a major part of the economic life of the leased property, (iv) the present value of the future lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the leased property, and (v) the leased property is of such a specialized nature that it is expected to have no future alternative use to the Company at the end of the lease term. If one or more of these criteria are met, the lease will generally be classified as a sales-type lease, unless the lease contains a residual value guarantee from a third party other than the lessee, in which case it would be classified as a direct financing lease under certain circumstances in accordance with ASC 842. The Company’s rental revenue primarily consists of fixed contractual base rent arising from tenant leases at the Company’s properties under operating leases. Revenue under operating leases that are deemed probable of collection, is recognized as revenue on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded in the Company’s Condensed Consolidated Balance Sheets. The Company’s hospitality revenue consists of room revenue and food and beverage revenue. Room revenue is recognized when the related room is occupied and other hospitality revenue is recognized when the service is rendered. For leases that are deemed not probable of collection, revenue is recorded as the lesser of (i) the amount which would be recognized on a straight-line basis or (ii) cash that has been received from the tenant, with any tenant and deferred rent receivable balances charged as a direct write-off against rental income in the period of the change in the collectability determination. Certain of the Company’s contracts contain nonlease components (e.g., charges for management fees, common area maintenance, and reimbursement of third-party maintenance expenses) in addition to lease components (i.e., monthly rental charges). Services related to nonlease components are provided over the same period of time as, and billed in the same manner as, monthly rental charges. The Company elected to apply the practical expedient available under ASC 842, for all classes of assets, not to segregate the lease components from the nonlease components when accounting for operating leases. Since the lease component is the predominant component under each of these leases, combined revenues from both the lease and nonlease components are accounted for in accordance with ASC 842 and reported as Rental revenues in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). 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 March 31, 2022 and December 31, 2021, deferred income related to these loans amounted to $4.8 million and $5.0 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 and Comprehensive Income (Loss). For the three months ended March 31, 2022 and 2021, Other revenue related to these loans amounted to $0.2 million and $0.2 million, respectively. Other revenues and interest income are recorded on an accrual basis.
Organization and Offering Expenses	Organization and Offering Expenses Organization costs are expensed as incurred and recorded as a component of General and administrative expenses on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), and offering costs are charged to equity as such amounts are incurred. The Advisor advanced $7.3 million of organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through December 21, 2019, the first anniversary of the date on which the proceeds from escrow were released. The Company reimburses the Advisor for all such advanced expenses ratably over a 60-month 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 March 31, 2022 and December 31, 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 March 31, 2022 and December 31, 2021, the Company had accrued $365.6 million and $291.5 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 months ended March 31, 2022 and 2021, the Company recognized an income tax benefit of $0.1 million and income tax expense of ($0.1) million, respectively, within Other income, net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). As of March 31, 2022 and December 31, 2021, the Company recorded a net deferred tax liability of $14.0 million primarily due to assumed capital gains from two European investments and $8.6 million primarily due to assumed capital gains from a European investment, respectively, within Other liabilities on the Company’s Condensed Consolidated Balance Sheets.
Net Earnings (Loss) per Share	Net Earnings (Loss) per Share Basic net income (loss) per share is computed by dividing net income (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 income (loss) at the same rate per share and receive the same gross distribution per share. Diluted income (loss) per share is computed by dividing net income (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 and accordingly, the weighted average number of common shares outstanding is identical for the periods ended March 31, 2022 and 2021, for both basic and diluted shares. No adjustments were made to the denominator of the earnings per share for the three-month ended March 31, 2022 because the inclusion of non-controlling interest in the Operating Partnership would require that the share of Operating Partnership income attributable to such interests be added back to net income, therefore, resulting in no effect on earnings per share. The restricted stock grants of Class I shares held by the Company’s independent directors are not considered to be participating securities because they do not contain non-forfeitable rights to distributions. As a result, there is no impact of these restricted stock grants on basic and diluted net loss per common share until the restricted stock grants have fully vested.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (the “FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform settlements, and for calculating price alignment interest in connection with reference rate reform activities under way in global financial markets. The Company has not adopted any of the optional expedients or exceptions as of March 3 1 , 202 2 , but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Estimated Useful Life of Assets	The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 30 - 42 years Building and land improvements 5 - 30 years Furniture, fixtures and equipment 1 - 10 years Lease intangibles and leasehold improvements Shorter of useful life or lease term
Summary of Assets And Liabilities Measured At Fair Value On Recurring Basis	The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): March 31, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 557,346 $ 473,994 $ 1,031,340 $ — $ 466,475 $ 487,602 $ 954,077 Equity securities 235,198 — — 235,198 172,236 — — 172,236 Derivatives — 465,811 — 465,811 — 194,053 — 194,053 Total $ 235,198 $ 1,023,157 $ 473,994 $ 1,732,349 $ 172,236 $ 660,528 $ 487,602 $ 1,320,366 Liabilities: Derivatives $ — $ 3,003 $ — $ 3,003 $ — $ 1,398 $ — $ 1,398 Total $ — $ 3,003 $ — $ 3,003 $ — $ 1,398 $ — $ 1,398
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, 2021 $ 487,602 Purchases — Included in net income Foreign exchange (13,608 ) Unrealized gain (loss) — Balance as of March 31, 2022 $ 473,994
Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value	The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): March 31, 2022 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in Real Estate Debt $ 473,994 Par Value Par 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 March 31, 2022 and December 31, 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)	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): March 31, 2022 December 31, 2021 Building and building improvements $ 14,793,851 $ 14,450,074 Land and land improvements 2,574,002 2,733,505 Furniture, fixtures and equipment 268,144 264,557 Right of use asset - operating lease (1) 105,236 105,236 Total 17,741,233 17,553,372 Accumulated depreciation and amortization (516,231 ) (368,293 ) Investments in real estate, net $ 17,225,002 $ 17,185,079 (1)
Schedule of Details of Properties Acquired	The following table provides details of the properties acquired during the three months ended March 31, 2022 ($ in thousands): Segments Number of Transactions Number of Properties Sq. Ft. (in millions)/Units Purchase Price (1) Single-family rental 2 N/A (2) 114 units $ 42,888 Industrial 1 2 0.37 sq. ft. 107,393 Self-storage 1 1 0.09 sq. ft. 42,091 4 3 $ 192,372 (1) (2) Includes a 95% interest in 114 consolidated single-family rental homes.
Schedule of Purchase Price Allocation of Properties	The following table summarizes the purchase price allocation for the properties acquired during the three months ended March 31, 2022 ($ in thousands): Amount Building and building improvements $ 127,427 Land and land improvements 57,858 Furniture, fixtures and equipment 347 In-place lease intangibles 3,912 Above-market lease intangibles 2,670 Below-market lease intangibles (531 ) Total purchase price (1) $ 191,683 Non-controlling interest (2,966 ) Net purchase price $ 188,717 (1) Purchase price excludes acquisition-related costs of $0.7 million.

Intangibles (Tables)

Intangibles (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities	The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): March 31, 2022 December 31, 2021 Intangible assets: (1) In-place lease intangibles $ 455,095 $ 448,447 Above-market lease intangibles 40,188 36,696 Other 45,595 43,653 Total intangible assets 540,878 528,796 Accumulated amortization: In-place lease amortization (222,149 ) (144,663 ) Above-market lease amortization (9,637 ) (7,718 ) Other (9,540 ) (7,300 ) Total accumulated amortization (241,326 ) (159,681 ) Intangible assets, net $ 299,552 $ 369,115 Intangible liabilities: (2) Below-market lease intangibles $ 66,475 $ 65,143 Total intangible liabilities 66,475 65,143 Accumulated amortization: Below-market lease amortization (11,645 ) (9,523 ) Total accumulated amortization (11,645 ) (9,523 ) Intangible liabilities, net $ 54,830 $ 55,620 (1) Included in Other assets on the Company’s Condensed Consolidated Balance Sheets. (2) Included in Other liabilities on the Company’s Condensed Consolidated Balance Sheets.
Summary of Estimated Future Amortization on Intangibles	The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of March 31, 2022 is as follows ($ in thousands): In-place Lease Intangibles Above-market Lease Intangibles Other Below-market Lease Intangibles 2022 (remaining) $ 57,155 $ 4,991 $ 5,400 $ (6,574 ) 2023 43,027 6,141 5,613 (8,112 ) 2024 30,204 4,641 5,599 (6,419 ) 2025 23,269 3,272 5,192 (4,982 ) 2026 16,161 2,674 2,507 (4,732 ) Thereafter 63,130 8,832 11,744 (24,011 ) $ 232,946 $ 30,551 $ 36,055 $ (54,830 )

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Schedule Of Investments [Abstract]
Summary of Investments in Real Estate Debt	The following tables detail the Company’s investments in real estate debt as of March 31, 2022 and December 31, 2021 ($ in thousands): March 31, 2022 Type of Security/Loan Number of Positions Weighted Average Coupon (1) Weighted Average Maturity Date (2) Cost Basis Fair Value RMBS 49 3.12% November 7, 2045 $ 157,991 $ 156,659 CMBS - floating 3 L + 5.31% March 15, 2035 109,175 109,124 CMBS - floating 4 L + 3.46% July 15, 2038 296,928 288,942 CMBS - fixed 1 6.26% July 25, 2039 2,507 2,621 Total real estate securities 57 3.92% September 19, 2039 566,601 557,346 Term loan (3) 1 L + 5.35% February 26, 2026 504,540 473,994 Total investments in real estate debt 58 4.63% June 2, 2033 $ 1,071,141 $ 1,031,340 December 31, 2021 Type of Security Number of Positions Weighted Average Coupon (1) Weighted Average Maturity Date (2) Cost Basis Fair Value RMBS 50 3.07% July 9, 2045 $ 165,600 $ 168,309 CMBS - floating 4 L + 3.46% July 15, 2038 296,928 295,465 CMBS - fixed 1 6.26% July 25, 2039 2,522 2,701 Total real estate debt securities 55 3.34% January 5, 2041 465,050 466,475 Term loan (3) 1 L + 5.35% February 26, 2026 504,540 487,602 Total investments in real estate debt 56 4.41% April 8, 2033 $ 969,590 $ 954,077 ( 1 ) The term “L” refers to the relevant benchmark rates, which include one-month LIBOR, one-month SOFR and SONIA, as applicable to each security and loan. ( 2 ) Weighted average maturity date is based on the fully extended maturity date of the underlying collateral. ( 3 ) 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 loan is pre-payable at the option of the borrower at any time. 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 March 31, 2022 December 31, 2021 CMBS $ 398,066 $ 295,465 Total $ 398,066 $ 295,465

Mortgage Notes and Revolving _2

Mortgage Notes and Revolving Credit Facility (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 ($ in thousands): Principal Balance Outstanding (3) Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2) Maximum Facility Size March 31, 2022 December 31, 2021 Fixed rate loans Fixed rate mortgages 3.00% 9/20/2030 N/A $ 3,105,544 $ 3,110,689 Total fixed rate loans 3,105,544 3,110,689 Variable rate loans Floating rate mortgages L + 1.76% 2/11/2026 N/A 7,066,776 7,052,819 Variable rate revolving credit facility (4) L + 1.85% 12/1/2023 $ 1,200,000 1,190,683 1,190,683 Total variable rate loans 8,257,459 8,243,502 Total loans secured by the Company ʾ properties 11,363,003 11,354,191 Deferred financing costs, net (76,661 ) (80,410 ) Premium on assumed debt, net 598 630 Mortgage notes and revolving credit facility, net $ 11,286,940 $ 11,274,411 ( 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. The repayment of the revolving credit facility is guaranteed by the Operating Partnership.
Summary of Future Principal Payment Under Company's Mortgage Notes and Revolving Credit Facility	The following table presents the future principal payments under the Company’s mortgage notes and revolving credit facility as of March 31, 2022 and for loans where the Company, at its own discretion, has extension options, the maximum maturity date has been assumed ($ in thousands): Year Amount 2022 (remaining) $ 658,234 2023 1,478,244 2024 484,320 2025 740,796 2026 4,829,530 Thereafter 3,171,879 Total $ 11,363,003

Secured Financings On Investm_2

Secured Financings On Investments In Real Estate Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Secured Financings On Investments In Real Estate Debt [Abstract]
Schedule of Secured Financings on Investments in Real Estate Debt Transactions	For financial statement purposes, the Company does not offset its secured financings on investments in real estate debt and securities lending transactions because the conditions for netting as specified by GAAP are not met. Although not offset on the Company’s Condensed Consolidated Balance Sheets, these transactions are summarized in the following tables ($ in thousands): March 31, 2022 Indebtedness Maturity Date Coupon Collateral Assets ( 1) Outstanding Balance Barclays RA 2/26/2026 SONIA + 2.50% $ 473,994 $ 260,697 $ 473,994 $ 260,697 December 31, 2021 Indebtedness Weighted Average Maturity Date Weighted Average Coupon Collateral Assets ( 1) Outstanding Balance Barclays RA 2/26/2026 L + 2.50% $ 487,602 $ 268,181 $ 487,602 $ 268,181 (1) Represents the fair value of the Company’s term loan investment.

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Other Assets And Other Liabilities [Abstract]
Schedule of Components of Other Assets	The following table summarizes the components of Other assets ($ in thousands): March 31, 2022 December 31, 2021 Derivative instruments $ 465,811 $ 194,053 Intangible assets, net 299,552 369,115 Equity securities 235,198 172,236 Receivables 110,101 103,049 Acquisition deposits 94,749 13,422 Prepaid expenses 8,202 15,871 Interest receivable 5,702 5,337 Deferred financing costs, net 5,472 6,723 Other 5,237 1,492 Total $ 1,230,024 $ 881,298
Schedule of Components of Other Liabilities	The following table summarizes the components of Other liabilities ($ in thousands): March 31, 2022 December 31, 2021 Accounts payable and accrued expenses $ 87,989 $ 89,625 Intangible liabilities, net 54,830 55,620 Real estate taxes payable 50,683 53,423 Distributions payable 40,928 32,696 Tenant security deposits 36,725 36,509 Accrued interest expense 21,765 16,399 Deferred tax liability 14,042 8,599 Right of use liability - operating leases 12,493 12,499 Deferred income 8,937 7,467 Derivative instruments 3,003 1,398 Other 28,753 25,271 Total $ 360,148 $ 339,506

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interest (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Company's Authorized Capital	As of March 31, 2022, 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: Three months ended March 31, 2022 Class T Class S Class D Class I Total December 31, 2021 4,648,436 154,381,036 22,142,299 163,624,500 344,796,271 Common stock shares issued 683,879 34,567,565 5,235,258 38,690,768 79,177,470 Distribution reinvestment plan shares issued 28,927 799,492 148,140 742,812 1,719,371 Common stock shares repurchased (2,549 ) (1,063,944 ) (74,333 ) (678,139 ) (1,818,965 ) March 31, 2022 5,358,693 188,684,149 27,451,364 202,379,941 423,874,147
Schedule of Aggregate Distributions Declared for Each Class of Common Stock	The following table details the aggregate distributions declared for each applicable class of common stock for the three months ended March 31, 2022: Class T Class S Class D Class I Gross distributions declared per share of common stock $ 0.3105 $ 0.3105 $ 0.3105 $ 0.3105 Stockholder servicing fee per share of common stock (0.0552 ) (0.0552 ) (0.0161 ) — Net distributions declared per share of common stock $ 0.2553 $ 0.2553 $ 0.2944 $ 0.3105
Schedule of Redeemable Noncontrolling Interest Activity	The following table summarizes the Redeemable non-controlling interest activity for the three months ended March 31, 2022 and 2021 ($ in thousands): March 31, 2022 March 31, 2021 Balance at the beginning of the year $ 30,502 $ 10,409 Settlement of performance participation allocation 204,225 15,061 GAAP income (loss) allocation 582 (221 ) Distributions (2,810 ) (366 ) Fair value allocation 12,381 839 Ending balance $ 244,880 $ 25,722

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Summary of Components of Due to Affiliates	The following table details the components of Due to affiliates ($ in thousands): March 31, 2022 December 31, 2021 Accrued stockholder servicing fee $ 365,592 $ 291,544 Performance participation allocation 87,126 204,225 Advanced organization and offering costs 4,009 4,373 Accrued management fee 12,378 9,628 Accrued affiliate service provider expenses 1,002 843 Advanced operating expenses 1,209 2,655 Total $ 471,316 $ 513,268

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of Future Lease Payments	The following table presents the future lease payments due under the Company’s ground leases as of March 31, 2022 ($ in thousands): Operating Lease 2022 (remaining) $ 514 2023 686 2024 686 2025 712 2026 713 Thereafter 26,506 Total undiscounted future lease payments 29,817 Difference between undiscounted cash flows and discounted cash flows 17,324 Total lease liability $ 12,493
Summary of Fixed and Variable Components of Operating Leases	The following table summarizes the fixed and variable components of the Company’s operating leases ($ in thousands): Three Months Ended March 31, 2022 2021 Fixed lease payments $ 285,266 $ 88,232 Variable lease payments 32,104 9,875 Rental revenue $ 317,370 $ 98,107
Schedule of Undiscounted Future Minimum Rents Income Receivables	The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, office and other properties ($ in thousands) as of March 31, 2022. Leases at the Company’s multifamily, single-family rental and self-storage properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2022 (remaining) $ 181,430 2023 228,614 2024 202,188 2025 175,340 2026 153,806 Thereafter 528,993 Total $ 1,470,371

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Summary of Total Assets by Segment	The following table sets forth the total assets by segment ($ in thousands): March 31, 2022 December 31, 2021 Multifamily properties $ 12,305,156 $ 12,225,256 Single-family rental properties 1,207,827 1,150,987 Industrial properties 2,275,565 2,145,163 Office properties 1,482,714 1,599,774 Self-storage properties 371,255 331,024 Other properties 761,348 764,714 Investments in real estate debt 1,031,340 954,077 Other (Corporate) 2,231,896 800,436 Total assets $ 21,667,101 $ 19,971,431
Summary of Financial Results by Segment	The following table sets forth the financial results by segment for the three months ended March 31, 2022 ($ in thousands): Multifamily Single-Family Rental Industrial Office Self-Storage Other Investments in Real Estate Debt Total Revenues: Rental revenue $ 215,683 $ 16,466 $ 36,434 $ 33,324 $ 6,007 $ 9,456 $ — $ 317,370 Other revenue 1,160 — — 105 — 12,010 — 13,275 Total revenues 216,843 16,466 36,434 33,429 6,007 21,466 — 330,645 Expenses: Property operating 90,936 6,014 10,685 12,916 2,016 10,431 — 132,998 Total segment expenses 90,936 6,014 10,685 12,916 2,016 10,431 — 132,998 Income from unconsolidated real estate ventures — — — — — 929 — 929 Income from investments in real estate debt — — — — — — 2,821 2,821 Segment net operating income $ 125,907 $ 10,452 $ 25,749 $ 20,513 $ 3,991 $ 11,964 $ 2,821 $ 201,397 Depreciation and amortization $ (164,534 ) $ (11,362 ) $ (21,276 ) $ (16,351 ) $ (3,693 ) $ (7,543 ) $ — $ (224,759 ) General and administrative (8,417 ) Management fees (34,155 ) Performance participation allocation (87,126 ) Interest expense (77,869 ) Other income, net 257,294 Net income $ 26,365 Net income attributable to non- controlling interests in consolidated joint ventures (923 ) Net income attributable to non- controlling interests in Operating Partnership (582 ) Net income attributable to stockholders $ 24,860 The following table sets forth the financial results by segment for the three months ended March 31, 2021 ($ in thousands): Multifamily Industrial Office Other Real Estate- Related Securities Total Revenues: Rental revenue $ 54,379 $ 10,579 $ 29,569 $ 3,580 $ — $ 98,107 Other revenue 555 — 49 7,040 — 7,644 Total revenues 54,934 10,579 29,618 10,620 — 105,751 Expenses: Property operating 23,030 2,919 10,918 6,013 — 42,880 Total segment expenses 23,030 2,919 10,918 6,013 — 42,880 Loss from unconsolidated real estate ventures — — — (22 ) — (22 ) Income from investments in real estate-related securities, net — — — — 8,794 8,794 Segment net operating income $ 31,904 $ 7,660 $ 18,700 $ 4,585 $ 8,794 $ 71,643 Depreciation and amortization $ (29,247 ) $ (6,063 ) $ (15,167 ) $ (4,319 ) $ — $ (54,796 ) General and administrative (2,706 ) Management fees (7,420 ) Performance participation allocation (8,708 ) Interest expense (25,549 ) Other income, net 7,405 Net loss $ (20,131 ) Net loss attributable to non- controlling interests in consolidated joint ventures 21 Net loss attributable to non- controlling interests in Operating Partnership 221 Net loss attributable to stockholders $ (19,889 )

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Details)	Jun. 02, 2021USD ($)	Mar. 31, 2022USD ($)PropertyPositionSegment	Dec. 31, 2021Position	Dec. 27, 2017USD ($)
Organization And Business Activities [Line Items]
Number of real estate related securities position | Position		58	56
Number of reportable segments | Segment		7
Proceeds ,issuance of shares of common stock		$ 9,600,000,000
Common stock reallocated value from distribution reinvestment plan to primary offering	$ 1,700,000,000
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
Common stock reallocated value	9,700,000,000
Distribution Reinvestment Plan
Organization And Business Activities [Line Items]
Common stock, shares authorized, amount	2,000,000,000
Common stock reallocated value	$ 300,000,000
Real Estate Properties
Organization And Business Activities [Line Items]
Number of properties owned | Property		391
Single Family Rental Homes
Organization And Business Activities [Line Items]
Number of properties owned | Property		2,708

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of Estimated Useful Life of Assets (Details)	3 Months Ended
	Mar. 31, 2022
Property Plant And Equipment [Line Items]
Lease intangibles and leasehold improvements	Shorter of useful life or lease term
Building | Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	30 years
Building | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	42 years
Building and Land Improvements | Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	5 years
Building and Land Improvements | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	30 years
Furniture, Fixtures and Equipment | Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	1 year
Furniture, Fixtures and Equipment | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	10 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022USD ($)Derivative	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Mar. 31, 2022EUR (€)Derivative	Mar. 31, 2022DKK (kr)Derivative	Mar. 31, 2022GBP (£)Derivative	Mar. 31, 2022NOK (kr)Derivative	Dec. 31, 2019USD ($)
Significant Accounting Policies [Line Items]
Foreign currency translation and transaction gain or (losses)	$ (6,500)	$ (5,700)
Secured financings on investments in real estate debt of fair value below outstanding principal balance	74,800
Deferred income	8,937		$ 7,467
Organization and offering expenses	$ 471,316		513,268
Minimum REIT distribution percentage	90.00%			90.00%	90.00%	90.00%	90.00%
Income tax benefit (provision)	$ 100	(100)
European Investments
Significant Accounting Policies [Line Items]
Deferred tax liability	$ 14,000		$ 8,600
Class S Shares
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.85%		0.85%	0.85%	0.85%	0.85%	0.85%
Class S Shares | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions and dealer manager fee percentage	3.50%		3.50%	3.50%	3.50%	3.50%	3.50%
Class T Shares
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.85%		0.85%	0.85%	0.85%	0.85%	0.85%
Class T Shares | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions and dealer manager fee percentage	3.50%		3.50%	3.50%	3.50%	3.50%	3.50%
Class D Shares
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.25%		0.25%	0.25%	0.25%	0.25%	0.25%
Class D Shares | Maximum
Significant Accounting Policies [Line Items]
Upfront selling commissions and dealer manager fee percentage	1.50%		1.50%	1.50%	1.50%	1.50%	1.50%
Advanced Organization And Offering Costs
Significant Accounting Policies [Line Items]
Organization and offering expenses	$ 4,009		$ 4,373
Advisor
Significant Accounting Policies [Line Items]
Period to reimburse the advisor for all organization and offering expenses	60 months		60 months
Advisor | Class T Shares
Significant Accounting Policies [Line Items]
Advisor Percentage of stockholder servicing fee on NAV per annum	0.65%
Advisor | Advanced Organization And Offering Costs
Significant Accounting Policies [Line Items]
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
Dealer Manager | Class S Shares | 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
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 | 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
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 | 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
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
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	$ 4,800		$ 5,000
Due to Affiliates | Common Stock Class T, Class S and Class D
Significant Accounting Policies [Line Items]
Stockholder servicing fees accrued	$ 365,600		$ 291,500
Currency Swap
Significant Accounting Policies [Line Items]
Derivative, number of instruments held				17	6	2	1
Derivative, aggregate notional value				€ 213,000,000	kr 290,000,000	£ 166,000,000	kr 881,000,000
Interest Rate Cap
Significant Accounting Policies [Line Items]
Derivative, number of instruments held	20			20	20	20	20
Derivative, aggregate notional value	$ 6,900,000			€ 88,000,000
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	3			3	3	3	3
Derivative, aggregate notional value	$ 323,400
Interest Rate Derivatives
Significant Accounting Policies [Line Items]
Unrealized gains on derivatives	269,600	7,600
Other Income (Expense)
Significant Accounting Policies [Line Items]
Unrealized losses on investments	(12,700)
Other Revenue
Significant Accounting Policies [Line Items]
Other income	$ 200	$ 200

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	Mar. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 1,732,349	$ 1,320,366
Liabilities	3,003	1,398
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	235,198	172,236
Fair Value, Inputs, Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	1,023,157	660,528
Liabilities	3,003	1,398
Fair Value, Inputs, Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	473,994	487,602
Investments in Real Estate Debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	1,031,340	954,077
Investments in Real Estate Debt | Fair Value, Inputs, Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	557,346	466,475
Investments in Real Estate Debt | Fair Value, Inputs, Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	473,994	487,602
Equity Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	235,198	172,236
Equity Securities | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	235,198	172,236
Derivatives
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	465,811	194,053
Liabilities	3,003	1,398
Derivatives | Fair Value, Inputs, Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	465,811	194,053
Liabilities	$ 3,003	$ 1,398

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Assets Measured At Fair Value On Recurring Basis (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Balance as of December 31, 2021	$ 954,077
Included in net income
Balance as of March 31, 2022	1,031,340
Fair Value, Recurring Basis | Fair Value, Inputs, Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Balance as of December 31, 2021	487,602
Included in net income
Foreign exchange	(13,608)
Balance as of March 31, 2022	$ 473,994

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	Mar. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 1,031,340	$ 954,077
Unobservable Inputs	1,071,141	969,590
Fair Value, Recurring Basis | Fair Value, Inputs, Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 473,994	$ 487,602

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Schedule of Selling Commissions, Dealer Manager Fees And Stockholder Servicing (Details)	Mar. 31, 2022	Dec. 31, 2021
Class T Shares
Significant Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)	0.85%	0.85%
Class T Shares | Maximum
Significant Accounting Policies [Line Items]
Selling commissions and dealer manager fees (% of transaction price)	3.50%	3.50%
Class S Shares
Significant Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)	0.85%	0.85%
Class S Shares | Maximum
Significant Accounting Policies [Line Items]
Selling commissions and dealer manager fees (% of transaction price)	3.50%	3.50%
Class D Shares
Significant Accounting Policies [Line Items]
Stockholder servicing fee (% of NAV)	0.25%	0.25%
Class D Shares | Maximum
Significant Accounting Policies [Line Items]
Selling commissions and dealer manager fees (% of transaction price)	1.50%	1.50%

Investments - Schedule of Inves

Investments - Schedule of Investments in Real Estate, Net (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Real Estate Investment Property Net [Abstract]
Building and building improvements		$ 14,793,851	$ 14,450,074
Land and land improvements		2,574,002	2,733,505
Furniture, fixtures and equipment		268,144	264,557
Right of use asset - operating lease	[1]	105,236	105,236
Total		17,741,233	17,553,372
Accumulated depreciation and amortization		(516,231)	(368,293)
Investments in real estate, net		$ 17,225,002	$ 17,185,079
[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	Mar. 31, 2022USD ($)Property	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)Property
Real Estate Properties [Line Items]
Number of acquired real estate properties		3		244
Percentage of ownership interest in joint venture	43.00%
Investment in joint venture | $		$ 11,351		$ 10,422
Income (loss) from Unconsolidated Real Estate Ventures | $		$ 929	$ (22)
In-place Lease Intangibles
Real Estate Properties [Line Items]
Weighted-average amortization period		5 years
Above Market Leases Intangibles
Real Estate Properties [Line Items]
Weighted-average amortization period		3 years
Below Market Leases Intangibles
Real Estate Properties [Line Items]
Weighted-average amortization period		6 years
Multifamily
Real Estate Properties [Line Items]
Number of acquired real estate properties				151
Industrial Assets
Real Estate Properties [Line Items]
Number of acquired real estate properties		2		60
Office Buildings
Real Estate Properties [Line Items]
Number of acquired real estate properties				5
Self-Storage Properties
Real Estate Properties [Line Items]
Number of acquired real estate properties		1		25
Single Family Rental Homes
Real Estate Properties [Line Items]
Number of acquired real estate properties		114		2,595
Other Property
Real Estate Properties [Line Items]
Number of acquired real estate properties				3

Investments - Schedule of Detai

Investments - Schedule of Details of Properties Acquired (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)ft²PropertyTransactionUnit
Real Estate Properties [Line Items]
Number of Transactions | Transaction	4
Number of Properties | Property	3
Purchase Price | $	$ 192,372	[1]
Single Family Rental Homes
Real Estate Properties [Line Items]
Number of Transactions | Transaction	2
Sq. Ft. (in millions)/Units | Unit	114
Purchase Price | $	$ 42,888	[1]
Industrial Assets
Real Estate Properties [Line Items]
Number of Transactions | Transaction	1
Number of Properties | Property	2
Sq. Ft. (in thousands)/Units | ft²	370,000
Purchase Price | $	$ 107,393	[1]
Self-Storage Properties
Real Estate Properties [Line Items]
Number of Transactions | Transaction	1
Number of Properties | Property	1
Sq. Ft. (in thousands)/Units | ft²	90,000
Purchase Price | $	$ 42,091	[1]
[1]	Purchase price is inclusive of acquisition-related costs.

Investments - Schedule of Det_2

Investments - Schedule of Details of Properties Acquired (Details) (Parenthetical) - Property	Mar. 31, 2022	Dec. 31, 2021
Real Estate Properties [Line Items]
Number of acquired real estate properties	3	244
Single Family Rental Homes
Real Estate Properties [Line Items]
Number of acquired real estate properties	114	2,595
Single Family Rental Homes | 95% Interest
Real Estate Properties [Line Items]
Number of acquired real estate properties	114

Investments - Schedule of Purch

Investments - Schedule of Purchase Price Allocation of Properties (Details) $ in Thousands	Mar. 31, 2022USD ($)
Real Estate Investment Property Net [Abstract]
Building and building improvements	$ 127,427
Land and land improvements	57,858
Furniture, fixtures and equipment	347
In-place lease intangibles	3,912
Above-market lease intangibles	2,670
Below-market lease intangibles	(531)
Total purchase price	191,683	[1]
Non-controlling interest	(2,966)
Net purchase price	$ 188,717
[1]	Purchase price excludes acquisition-related costs of $0.7 million.

Investments - Schedule of Pur_2

Investments - Schedule of Purchase Price Allocation of Properties (Details) (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Real Estate Investment Property Net [Abstract]
Acquisition related costs	$ 0.7

Intangibles - Summary of Gross

Intangibles - Summary of Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Intangible assets:
Total intangible assets, gross	$ 540,878	$ 528,796
Total accumulated amortization	(241,326)	(159,681)
Intangible assets, net	299,552	369,115
Intangible liabilities:
Below-market lease intangibles	66,475	65,143
Total intangible liabilities	66,475	65,143
Below-market lease amortization	(11,645)	(9,523)
Total accumulated amortization	(11,645)	(9,523)
Intangible liabilities, net	54,830	55,620
In-place Lease Intangibles
Intangible assets:
Total intangible assets, gross	455,095	448,447
Total accumulated amortization	(222,149)	(144,663)
Intangible assets, net	232,946
Above Market Leases Intangibles
Intangible assets:
Total intangible assets, gross	40,188	36,696
Total accumulated amortization	(9,637)	(7,718)
Intangible assets, net	30,551
Other
Intangible assets:
Total intangible assets, gross	45,595	43,653
Total accumulated amortization	(9,540)	$ (7,300)
Intangible assets, net	$ 36,055

Intangibles - Summary of Estima

Intangibles - Summary of Estimated Future Amortization on Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Intangible assets, net	$ 299,552	$ 369,115
In-place Lease Intangibles
Finite Lived Intangible Assets [Line Items]
2022 (remaining)	57,155
2023	43,027
2024	30,204
2025	23,269
2026	16,161
Thereafter	63,130
Intangible assets, net	232,946
Above Market Leases Intangibles
Finite Lived Intangible Assets [Line Items]
2022 (remaining)	4,991
2023	6,141
2024	4,641
2025	3,272
2026	2,674
Thereafter	8,832
Intangible assets, net	30,551
Other
Finite Lived Intangible Assets [Line Items]
2022 (remaining)	5,400
2023	5,613
2024	5,599
2025	5,192
2026	2,507
Thereafter	11,744
Intangible assets, net	36,055
Below Market Leases Intangibles
Below-market Lease Intangibles
2022 (remaining)	(6,574)
2023	(8,112)
2024	(6,419)
2025	(4,982)
2026	(4,732)
Thereafter	(24,011)
Intangible liabilities, net	$ (54,830)

Investments in Real Estate De_3

Investments in Real Estate Debt - Summary of Investments in Real Estate Debt (Details) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2022USD ($)Position	Dec. 31, 2021USD ($)Position
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		58	56
Weighted Average Coupon	[1]	4.63%	4.41%
Weighted Average Maturity Date	[2]	Jun. 2, 2033	Apr. 8, 2033
Cost Basis		$ 1,071,141	$ 969,590
Investments in real estate debt		$ 1,031,340	$ 954,077
RMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		49	50
Weighted Average Coupon	[1]	3.12%	3.07%
Weighted Average Maturity Date	[2]	Nov. 7, 2045	Jul. 9, 2045
Cost Basis		$ 157,991	$ 165,600
Investments in real estate debt		$ 156,659	$ 168,309
CMBS - floating, March 15, 2035
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		3	4
Weighted Average Coupon	[1]	5.31%	3.46%
Weighted Average Maturity Date	[2]	Mar. 15, 2035	Jul. 15, 2038
Cost Basis		$ 109,175	$ 296,928
Investments in real estate debt		$ 109,124	$ 295,465
CMBS - floating, July 15, 2038
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		4
Weighted Average Coupon	[1]	3.46%
Weighted Average Maturity Date	[2]	Jul. 15, 2038
Cost Basis		$ 296,928
Investments in real estate debt		$ 288,942
Real Estate Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		57	55
Weighted Average Coupon	[1]	3.92%	3.34%
Weighted Average Maturity Date	[2]	Sep. 19, 2039	Jan. 5, 2041
Cost Basis		$ 566,601	$ 465,050
Investments in real estate debt		$ 557,346	$ 466,475
Term Loan
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position	[3]	1	1
Weighted Average Coupon	[1],[3]	5.35%	5.35%
Weighted Average Maturity Date	[2],[3]	Feb. 26, 2026	Feb. 26, 2026
Cost Basis	[3]	$ 504,540	$ 504,540
Investments in real estate debt	[3]	$ 473,994	$ 487,602
CMBS - fixed
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		1	1
Weighted Average Coupon	[1]	6.26%	6.26%
Weighted Average Maturity Date	[2]	Jul. 25, 2039	Jul. 25, 2039
Cost Basis		$ 2,507	$ 2,522
Investments in real estate debt		$ 2,621	$ 2,701
[1]	The term “L” refers to the relevant benchmark rates, which include one-month LIBOR, one-month SOFR and SONIA, as applicable to each security and loan.
[2]	Weighted average maturity date is based on the fully extended maturity date of the underlying collateral.
[3]	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 loan is pre-payable at the option of the borrower at any time.

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 (£)	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Mortgage notes and revolving credit facility, net | $	[1]		$ 11,286,940	$ 11,274,411
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	Mar. 31, 2022	Dec. 31, 2021
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Investments in real estate debt	$ 1,031,340	$ 954,077
Affiliated Entity
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Investments in real estate debt	398,066	295,465
Affiliated Entity | CMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Investments in real estate debt	$ 398,066	$ 295,465

Investments in Real Estate De_6

Investments in Real Estate Debt - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule Of Investments [Abstract]
Unrealized losses on investments in real estate debt	$ (10.5)	$ (0.3)

Mortgage Notes and Revolving _3

Mortgage Notes and Revolving Credit Facility - Summary of Mortgage Notes and Revolving Credit Facility Secured by Company's Properties (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal Balance Outstanding	[1]	$ 11,363,003	$ 11,354,191
Deferred financing costs, net	[1]	(76,661)	(80,410)
Premium on assumed debt, net	[1]	598	630
Mortgage notes and revolving credit facility, net	[1]	11,286,940	11,274,411
Fixed Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	[1]	3,105,544	3,110,689
Variable Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	[1]	8,257,459	8,243,502
Variable Rate Revolving Credit Facilities | Variable Rate Loans
Debt Instrument [Line Items]
Maximum Facility Size	[2]	1,200,000
Principal Balance Outstanding	[1],[2]	$ 1,190,683	1,190,683
Variable Rate Revolving Credit Facilities | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	[2],[3]	Dec. 1, 2023
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]	1.85%
Fixed Rate Mortgages | Fixed Rate Loans
Debt Instrument [Line Items]
Weighted Average Interest Rate	[4]	3.00%
Principal Balance Outstanding	[1]	$ 3,105,544	3,110,689
Fixed Rate Mortgages | Fixed Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	[3]	Sep. 20, 2030
Floating Rate Mortgages | Variable Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	[1]	$ 7,066,776	$ 7,052,819
Floating Rate Mortgages | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	[3]	Feb. 11, 2026
Floating Rate Mortgages | One-Month LIBOR | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	[4]	1.76%
[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. The repayment of the revolving credit facility is guaranteed by the Operating Partnership.
[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 relevant floating benchmark rates, which include one-month LIBOR, one-month SOFR, three-month EURIBOR and three-month CIBOR, as applicable to each loan.

Mortgage Notes and Revolving _4

Mortgage Notes and Revolving Credit Facility - Summary of Future Principal Payment Under Company's Mortgage Notes (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2022 (remaining)		$ 658,234
2023		1,478,244
2024		484,320
2025		740,796
2026		4,829,530
Thereafter		3,171,879
Total	[1]	$ 11,363,003	$ 11,354,191
[1]	The majority of the Company’s mortgages contain yield or spread maintenance provisions.

Mortgage Notes and Revolving _5

Mortgage Notes and Revolving Credit Facility - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Debt Disclosure [Abstract]
Payment for leasing commissions, tenant and building improvements.	$ 86.6

Secured Financings on Investm_3

Secured Financings on Investments in Real Estate Debt - Schedule of Secured Financings on Investments in Real Estate Debt Transactions (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2022	Dec. 31, 2021
Secured Financings On Investments In Real Estate Debt [Line Items]
Collateral Assets	[1]	$ 473,994	$ 487,602
Outstanding Balance		$ 260,697	$ 268,181
Barclays RA
Secured Financings On Investments In Real Estate Debt [Line Items]
Weighted Average Maturity Date		Feb. 26, 2026	Feb. 26, 2026
Weighted Average Coupon		SONIA + 2.50%	L + 2.50%
Collateral Assets	[1]	$ 473,994	$ 487,602
Outstanding Balance		$ 260,697	$ 268,181
[1]	Represents the fair value of the Company’s term loan investment.

Unsecured Line of Credit - Addi

Unsecured Line of Credit - Additional Information (Details) - USD ($) $ in Thousands	Dec. 16, 2020	Mar. 31, 2022	Dec. 31, 2021	Jul. 31, 2021
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%.
Line of Credit Facility, Interest Rate Description		one-month U.S. dollar-denominated LIBOR plus 3.0%
Outstanding borrowings		$ 0	$ 375,000

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Schedule of Components of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Assets [Abstract]
Derivative instruments	$ 465,811	$ 194,053
Intangible assets, net	299,552	369,115
Equity securities	235,198	172,236
Receivables	110,101	103,049
Acquisition deposits	94,749	13,422
Prepaid expenses	8,202	15,871
Interest receivable	5,702	5,337
Deferred financing costs, net	5,472	6,723
Other	5,237	1,492
Total	$ 1,230,024	$ 881,298

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Schedule of Components of Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Accounts payable and accrued expenses	$ 87,989	$ 89,625
Intangible liabilities, net	54,830	55,620
Real estate taxes payable	50,683	53,423
Distributions payable	40,928	32,696
Tenant security deposits	36,725	36,509
Accrued interest expense	21,765	16,399
Deferred tax liability	14,042	8,599
Right of use liability - operating leases	12,493	12,499
Deferred income	8,937	7,467
Derivative instruments	3,003	1,398
Other	28,753	25,271
Total	$ 360,148	$ 339,506

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Additional Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)Class$ / sharesshares	Mar. 31, 2021USD ($)	Dec. 31, 2021$ / sharesshares	May 10, 2021$ / sharesshares
Class Of Stock [Line Items]
Number of classes of common stock | Class	4
Number of shares authorized				1,100,000,000
Preferred stock, authorized shares	100,000,000		100,000,000
Preferred stock, par value | $ / shares	$ 0.01		$ 0.01
Number of shares authorized	3,100,000,000
Repurchase of common stock	1,818,965
Payments for repurchase of common stock | $	$ 47,000
Common stock repurchase limitations of aggregate NAV per month percentage	2.00%
Common stock repurchase limitations of aggregate NAV per calendar quarter percentage	5.00%
Fair value allocation | $	$ 12,381	$ 839
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
Common stock, par value | $ / shares	$ 0.01		$ 0.01
Repurchase of common stock	2,549
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
Common stock, par value | $ / shares	$ 0.01		$ 0.01
Repurchase of common stock	1,063,944
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
Common stock, par value | $ / shares	$ 0.01		$ 0.01
Repurchase of common stock	74,333
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
Common stock, par value | $ / shares	$ 0.01		$ 0.01
Repurchase of common stock	678,139
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	Mar. 31, 2022	Dec. 31, 2021	May 10, 2021
Class Of Stock [Line Items]
Preferred Stock, Number of Shares	100,000,000	100,000,000
Total Number of Shares	3,100,000,000
Preferred stock, Par value	$ 0.01	$ 0.01
Common Stock Class T
Class Of Stock [Line Items]
Number of Shares	500,000,000	500,000,000	250,000,000
Par value	$ 0.01	$ 0.01
Common Stock Class S
Class Of Stock [Line Items]
Number of Shares	1,000,000,000	1,000,000,000	250,000,000
Par value	$ 0.01	$ 0.01
Common Stock Class D
Class Of Stock [Line Items]
Number of Shares	500,000,000	500,000,000	250,000,000
Par value	$ 0.01	$ 0.01
Common Stock Class I
Class Of Stock [Line Items]
Number of Shares	1,000,000,000	1,000,000,000	250,000,000
Par value	$ 0.01	$ 0.01

Equity and Redeemable Non-con_5

Equity and Redeemable Non-controlling Interest - Schedule of Common Stock Outstanding shares (Details)	3 Months Ended
	Mar. 31, 2022shares
Class Of Stock [Line Items]
Beginning balance	344,796,271
Common stock shares issued	79,177,470
Distribution reinvestment plan shares issued	1,719,371
Common stock shares repurchased	(1,818,965)
Ending balance	423,874,147
Common Stock Class T
Class Of Stock [Line Items]
Beginning balance	4,648,436
Common stock shares issued	683,879
Distribution reinvestment plan shares issued	28,927
Common stock shares repurchased	(2,549)
Ending balance	5,358,693
Common Stock Class S
Class Of Stock [Line Items]
Beginning balance	154,381,036
Common stock shares issued	34,567,565
Distribution reinvestment plan shares issued	799,492
Common stock shares repurchased	(1,063,944)
Ending balance	188,684,149
Common Stock Class D
Class Of Stock [Line Items]
Beginning balance	22,142,299
Common stock shares issued	5,235,258
Distribution reinvestment plan shares issued	148,140
Common stock shares repurchased	(74,333)
Ending balance	27,451,364
Common Stock Class I
Class Of Stock [Line Items]
Beginning balance	163,624,500
Common stock shares issued	38,690,768
Distribution reinvestment plan shares issued	742,812
Common stock shares repurchased	(678,139)
Ending balance	202,379,941

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interest - Schedule of Aggregate Distributions Declared for Each Class of Common Stock (Details)	3 Months Ended
	Mar. 31, 2022$ / shares
Common Stock Class T
Class Of Stock [Line Items]
Gross distributions declared per share of common stock	$ 0.3105
Stockholder servicing fee per share of common stock	(0.0552)
Net distributions declared per share of common stock	0.2553
Common Stock Class S
Class Of Stock [Line Items]
Gross distributions declared per share of common stock	0.3105
Stockholder servicing fee per share of common stock	(0.0552)
Net distributions declared per share of common stock	0.2553
Common Stock Class D
Class Of Stock [Line Items]
Gross distributions declared per share of common stock	0.3105
Stockholder servicing fee per share of common stock	(0.0161)
Net distributions declared per share of common stock	0.2944
Common Stock Class I
Class Of Stock [Line Items]
Gross distributions declared per share of common stock	0.3105
Net distributions declared per share of common stock	$ 0.3105

Equity and Redeemable Non-con_7

Equity and Redeemable Non-controlling Interest - Schedule of Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity [Abstract]
Balance at the beginning of the year	$ 30,502	$ 10,409
Settlement of performance participation allocation	204,225	15,061
GAAP income (loss) allocation	582	(221)
Distributions	(2,810)	(366)
Fair value allocation	12,381	839
Ending balance	$ 244,880	$ 25,722

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	May 10, 2022	Mar. 11, 2022	Apr. 30, 2022	Mar. 31, 2022	Mar. 31, 2021	Jan. 31, 2022	Dec. 31, 2021	Dec. 31, 2019
Related Party Transaction [Line Items]
Percentage of management fee on NAV per annum				1.25%
Management fees				$ 34,155	$ 7,420
Annual hurdle percentage				5.00%
Recognized liabilities for performance participation expense				$ 87,126	8,708
Due to affiliates				471,316			$ 513,268
Operating expenses				132,998	42,880
Leasing and legal service fees				0	0
Services fee for accounting and administrative matters				300	0
Dealer Manager
Related Party Transaction [Line Items]
Cost of legal services				100	0
Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates				365,592			291,544
Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates				4,009			4,373
Accrued Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Due to affiliates				1,002			843
Accrued Affiliate Service Provider Expenses | Rental property operating
Related Party Transaction [Line Items]
Operating expenses				$ 2,800	1,300
Class I Unit
Related Party Transaction [Line Items]
Units issued as payment for performance participation allocation						7,872,930
Subsequent Event
Related Party Transaction [Line Items]
Purchase Price	$ 3,500,000
Unregistered Class I shares
Related Party Transaction [Line Items]
Stock issued as management fees, shares				824,691
Management fees, accrued				$ 12,400
Unregistered Class I shares | Subsequent Event
Related Party Transaction [Line Items]
Stock issued as management fees, shares			457,388
Starwood Capital And Third Party
Related Party Transaction [Line Items]
Purchase Price		$ 109,200
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				$ 365,600			291,500
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%
Advisor | Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates								$ 7,300
Advisor | Advanced Expenses | One Month in Arrears
Related Party Transaction [Line Items]
Due to affiliates				$ 5,000			6,700
Advisor | Advanced Expenses | Unaffiliated Third Party
Related Party Transaction [Line Items]
Due to affiliates				100			$ 100
Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Cost of legal services				200	100
Accrued Affiliate Service Provider Expenses | Essex Service Provider
Related Party Transaction [Line Items]
Cost of legal services				$ 1,100	$ 0

Related Party Transactions - Su

Related Party Transactions - Summary of Components of Due to Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Due to affiliates	$ 471,316	$ 513,268
Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates	365,592	291,544
Performance Participation Allocation
Related Party Transaction [Line Items]
Due to affiliates	87,126	204,225
Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates	4,009	4,373
Accrued Management Fee
Related Party Transaction [Line Items]
Due to affiliates	12,378	9,628
Accrued Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Due to affiliates	1,002	843
Advanced Operating Expenses
Related Party Transaction [Line Items]
Due to affiliates	$ 1,209	$ 2,655

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - Subsequent Event $ in Millions	May 10, 2022USD ($)
Other Commitments [Line Items]
Financing commitment amount	$ 1,000
Remaining funding commitment to one of joint ventures	$ 167.2

Leases - Additional Information

Leases - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022USD ($)
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	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2022 (remaining)	$ 514
2023	686
2024	686
2025	712
2026	713
Thereafter	26,506
Total undiscounted future lease payments	29,817
Difference between undiscounted cash flows and discounted cash flows	17,324
Total lease liability	$ 12,493	$ 12,499

Leases - Summary of Fixed and V

Leases - Summary of Fixed and Variable Components of Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Fixed lease payments	$ 285,266	$ 88,232
Variable lease payments	32,104	9,875
Rental revenue	$ 317,370	$ 98,107

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Minimum Rents Income Receivables (Details) $ in Thousands	Mar. 31, 2022USD ($)
Leases [Abstract]
2022 (remaining)	$ 181,430
2023	228,614
2024	202,188
2025	175,340
2026	153,806
Thereafter	528,993
Total	$ 1,470,371

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022Segment
Segment Reporting [Abstract]
Number of reportable segments	7

Segment Reporting - Summary of

Segment Reporting - Summary of Total Assets by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total Assets	$ 21,667,101	$ 19,971,431
Multifamily Properties
Segment Reporting Information [Line Items]
Total Assets	12,305,156	12,225,256
Single Family Rental Homes
Segment Reporting Information [Line Items]
Total Assets	1,207,827	1,150,987
Industrial properties
Segment Reporting Information [Line Items]
Total Assets	2,275,565	2,145,163
Office properties
Segment Reporting Information [Line Items]
Total Assets	1,482,714	1,599,774
Self-Storage Properties
Segment Reporting Information [Line Items]
Total Assets	371,255	331,024
Other Property
Segment Reporting Information [Line Items]
Total Assets	761,348	764,714
Investments in real estate debt
Segment Reporting Information [Line Items]
Total Assets	1,031,340	954,077
Other (Corporate)
Segment Reporting Information [Line Items]
Total Assets	$ 2,231,896	$ 800,436

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Total revenues	$ 330,645	$ 105,751
Expenses
Property operating	132,998	42,880
Income (loss) from unconsolidated real estate ventures	929	(22)
Income (loss) from investments in real estate debt	2,821	8,794
Segment net operating income (loss)	201,397	71,643
Depreciation and amortization	(224,759)	(54,796)
General and administrative	(8,417)	(2,706)
Management fees	(34,155)	(7,420)
Performance participation allocation	(87,126)	(8,708)
Interest expense	(77,869)	(25,549)
Other income, net	257,294	7,405
Net income (loss)	26,365	(20,131)
Net (income) loss attributable to non-controlling interests in consolidated joint ventures	(923)	21
Net (income) loss attributable to non-controlling interests in Operating Partnership	(582)	221
Net income (loss) attributable to stockholders	24,860	(19,889)
Net loss attributable to non-controlling interests in Operating Partnership		221
Rental Revenue
Revenues:
Total revenues	317,370	98,107
Other revenue
Revenues:
Total revenues	13,275	7,644
Operating Segments | Multifamily Properties
Revenues:
Total revenues	216,843	54,934
Expenses
Property operating	90,936	23,030
Segment net operating income (loss)	125,907	31,904
Depreciation and amortization	(164,534)	(29,247)
Operating Segments | Single Family Rental Homes
Revenues:
Total revenues	16,466
Expenses
Property operating	6,014
Segment net operating income (loss)	10,452
Depreciation and amortization	(11,362)
Operating Segments | Industrial properties
Revenues:
Total revenues	36,434	10,579
Expenses
Property operating	10,685	2,919
Segment net operating income (loss)	25,749	7,660
Depreciation and amortization	(21,276)	(6,063)
Operating Segments | Office properties
Revenues:
Total revenues	33,429	29,618
Expenses
Property operating	12,916	10,918
Segment net operating income (loss)	20,513	18,700
Depreciation and amortization	(16,351)	(15,167)
Operating Segments | Self-Storage Properties
Revenues:
Total revenues	6,007
Expenses
Property operating	2,016
Segment net operating income (loss)	3,991
Depreciation and amortization	(3,693)
Operating Segments | Investments in real estate debt
Expenses
Income (loss) from investments in real estate debt	2,821	8,794
Segment net operating income (loss)	2,821	8,794
Operating Segments | Other Property
Revenues:
Total revenues	21,466	10,620
Expenses
Property operating	10,431	6,013
Income (loss) from unconsolidated real estate ventures	929	(22)
Segment net operating income (loss)	11,964	4,585
Depreciation and amortization	(7,543)	(4,319)
Operating Segments | Rental Revenue | Multifamily Properties
Revenues:
Total revenues	215,683	54,379
Operating Segments | Rental Revenue | Single Family Rental Homes
Revenues:
Total revenues	16,466
Operating Segments | Rental Revenue | Industrial properties
Revenues:
Total revenues	36,434	10,579
Operating Segments | Rental Revenue | Office properties
Revenues:
Total revenues	33,324	29,569
Operating Segments | Rental Revenue | Self-Storage Properties
Revenues:
Total revenues	6,007
Operating Segments | Rental Revenue | Other Property
Revenues:
Total revenues	9,456	3,580
Operating Segments | Other revenue | Multifamily Properties
Revenues:
Total revenues	1,160	555
Operating Segments | Other revenue | Office properties
Revenues:
Total revenues	105	49
Operating Segments | Other revenue | Other Property
Revenues:
Total revenues	$ 12,010	$ 7,040

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Thousands	May 10, 2022USD ($)Transaction	Mar. 31, 2022USD ($)Transaction	Mar. 31, 2021USD ($)
Subsequent Event [Line Items]
Number of real estate transactions | Transaction		4
Proceeds from issuance of common stock, net		$ 1,539,527	$ 491,593
Subsequent Event
Subsequent Event [Line Items]
Payments to acquire real estate	$ 3,500,000
Number of real estate transactions | Transaction	9
Payments of property financing	$ 2,000,000
Subsequent Event | Primary Offering
Subsequent Event [Line Items]
Proceeds from issuance of common stock, net	$ 1,300,000