Starwood Real Estate Income Trust 10-Q 14 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 14, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Registrant Name	Starwood Real Estate Income Trust, Inc.
Entity Central Index Key	0001711929
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Tax Identification Number	82-2023409
Entity Incorporation, State or Country Code	MD
Entity File Number	000-56046
Entity Address, Address Line One	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		5,725,315
Common Stock Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		224,566,064
Common Stock Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		31,909,284
Common Stock Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		246,306,561

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Assets
Investments in real estate, net		$ 22,244,614	$ 17,185,079
Investments in real estate debt		1,676,546	954,077
Investments in unconsolidated real estate ventures		486,198	10,422
Cash and cash equivalents		800,608	274,756
Restricted cash		402,334	665,799
Other assets		1,549,419	881,298
Total assets		27,159,719	19,971,431
Liabilities and Equity
Mortgage notes and revolving credit facility, net	[1]	14,348,313	11,274,411
Secured financings on investments in real estate debt		598,568	268,181
Unsecured line of credit			375,000
Other liabilities		514,096	339,506
Subscriptions received in advance		154,117	496,845
Due to affiliates		626,740	513,268
Total liabilities		16,241,834	13,267,211
Commitments and contingencies
Redeemable non-controlling interests		448,104	30,502
Equity
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding as of September 30, 2022 and December 31, 2021
Additional paid-in capital		11,583,230	7,388,885
Accumulated other comprehensive loss		(79,970)	(530)
Accumulated deficit and cumulative distributions		(1,093,310)	(757,575)
Total stockholders’ equity		10,415,054	6,634,227
Non-controlling interests in consolidated joint ventures		54,727	39,491
Total equity		10,469,781	6,673,718
Total liabilities and equity		27,159,719	19,971,431
Common Stock Class T
Equity
Common stock value		57	46
Common Stock Class S
Equity
Common stock value		2,243	1,544
Common Stock Class D
Equity
Common stock value		320	221
Common Stock Class I
Equity
Common stock value		$ 2,484	$ 1,636
[1]The majority of the Company’s mortgages contain prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 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	510,403,138	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	5,736,578	4,648,436
Common stock, shares outstanding	5,736,578	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	224,284,365	154,381,036
Common stock, shares outstanding	224,284,365	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	31,976,788	22,142,299
Common stock, shares outstanding	31,976,788	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	248,405,407	163,624,500
Common stock, shares outstanding	248,405,407	163,624,500

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Total revenues	$ 430,766	$ 162,435	$ 1,140,619	$ 393,760
Expenses
Property operating	178,687	64,767	464,105	154,923
General and administrative	11,549	6,588	32,974	15,210
Management fees	45,697	17,653	122,081	36,364
Performance participation allocation	36,306	79,552	175,776	111,934
Depreciation and amortization	219,005	82,453	649,347	197,934
Total expenses	491,244	251,013	1,444,283	516,365
Other income (expense)
Income (loss) from unconsolidated real estate ventures	11,054	(447)	11,774	(448)
Income from investments in real estate debt	63,290	19,268	99,634	37,898
Interest expense	(120,621)	(41,614)	(306,743)	(96,209)
Other income (expense), net	241,102	1,278	555,352	6,688
Total other income (expense)	194,825	(21,515)	360,017	(52,071)
Net income (loss)	134,347	(110,093)	56,353	(174,676)
Net (income) loss attributable to non-controlling interests in consolidated joint ventures	(1,390)	176	(2,745)	319
Net (income) loss attributable to non-controlling interests in Operating Partnership	(4,282)	665	(1,436)	1,235
Net income (loss) attributable to stockholders	$ 128,675	$ (109,252)	$ 52,172	$ (173,122)
Net loss per share of common stock, basic	$ 0.26	$ (0.47)	$ 0.11	$ (1.04)
Net loss per share of common stock, diluted	$ 0.26	$ (0.47)	$ 0.11	$ (1.04)
Weighted-average shares of common stock outstanding, basic	503,499,778	231,623,633	456,587,962	166,052,567
Weighted-average shares of common stock outstanding, diluted	503,499,778	231,623,633	456,587,962	166,052,567
Comprehensive income (loss):
Net income (loss)	$ 134,347	$ (110,093)	$ 56,353	$ (174,676)
Other comprehensive loss item:
Foreign currency translation adjustments	(46,202)		(79,440)
Other comprehensive loss	(46,202)		(79,440)
Comprehensive income (loss)	88,145	(110,093)	(23,087)	(174,676)
Rental revenue
Revenues
Total revenues	416,322	152,207	1,096,427	366,550
Other revenue
Revenues
Total revenues	$ 14,444	$ 10,228	$ 44,192	$ 27,210

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock Common Stock Class T	Common Stock Common Stock Class S	Common Stock Common Stock Class D	Common Stock Common Stock Class I	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit and Cumulative Distributions	Total Stockholders' Equity	Non-Controlling Interests
Balance at Dec. 31, 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 interests)	(19,910)							(19,889)	(19,889)	(21)
Distributions to non-controlling interests	(304)									(304)
Distributions declared on common stock (see Note 11)	(30,509)							(30,509)	(30,509)
Allocation to redeemable non-controlling interests	(839)					(839)			(839)
Balance at Mar. 31, 2021	2,138,029	27	605	46	514	2,401,579		(274,596)	2,128,175	9,854
Balance at Dec. 31, 2020	1,606,416	25	464	28	392	1,819,526		(224,198)	1,596,237	10,179
Allocation to redeemable non-controlling interests	(5,556)
Balance at Sep. 30, 2021	4,854,375	40	1,216	188	1,148	5,378,498		(539,203)	4,841,887	12,488
Balance at Mar. 31, 2021	2,138,029	27	605	46	514	2,401,579		(274,596)	2,128,175	9,854
Common stock issued	1,368,383	6	297	45	274	1,367,761			1,368,383
Offering costs	(68,577)					(68,577)			(68,577)
Distribution reinvestments	17,749		5		3	17,741			17,749
Amortization of restricted stock grants	162					162			162
Common stock repurchased	(16,827)		(3)		(5)	(16,819)			(16,827)
Net income (loss) (allocated to redeemable non-controlling interests)	(44,103)							(43,981)	(43,981)	(122)
Distributions to non-controlling interests	(246)									(246)
Distributions declared on common stock (see Note 11)	(45,219)							(45,219)	(45,219)
Allocation to redeemable non-controlling interests	(1,465)					(1,465)			(1,465)
Balance at Jun. 30, 2021	3,347,886	33	904	91	786	3,700,382		(363,796)	3,338,400	9,486
Common stock issued	1,747,984	7	308	97	360	1,747,212			1,747,984
Offering costs	(81,819)					(81,819)			(81,819)
Distribution reinvestments	26,523		6		5	26,512			26,523
Amortization of restricted stock grants	161					161			161
Common stock repurchased	(10,703)		(2)		(3)	(10,698)			(10,703)
Net income (loss) (allocated to redeemable non-controlling interests)	(109,428)							(109,252)	(109,252)	(176)
Contributions from non-controlling interests	3,537									3,537
Distributions to non-controlling interests	(359)									(359)
Distributions declared on common stock (see Note 11)	(66,155)							(66,155)	(66,155)
Allocation to redeemable non-controlling interests	(3,252)					(3,252)			(3,252)
Balance at Sep. 30, 2021	4,854,375	40	1,216	188	1,148	5,378,498		(539,203)	4,841,887	12,488
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 interests)	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 11)	(112,669)							(112,669)	(112,669)
Other comprehensive loss, net	(4,388)						(4,388)		(4,388)
Allocation to redeemable non-controlling interests	(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
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
Other comprehensive loss, net	(79,440)
Allocation to redeemable non-controlling interests	(34,086)
Balance at Sep. 30, 2022	10,469,781	57	2,243	320	2,484	11,583,230	(79,970)	(1,093,310)	10,415,054	54,727
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
Common stock issued	1,774,789	1	271	24	356	1,774,137			1,774,789
Offering costs	(71,148)					(71,148)			(71,148)
Distribution reinvestments	55,029	1	9	2	9	55,008			55,029
Amortization of restricted stock grants	207					207			207
Common stock repurchased	(118,271)		(9)		(33)	(118,229)			(118,271)
Net income (loss) (allocated to redeemable non-controlling interests)	(100,931)							(101,363)	(101,363)	432
Contributions from non-controlling interests	11,828									11,828
Distributions to non-controlling interests	(643)									(643)
Distributions declared on common stock (see Note 11)	(132,700)							(132,700)	(132,700)
Other comprehensive loss, net	(28,850)						(28,850)		(28,850)
Allocation to redeemable non-controlling interests	(18,119)					(18,119)			(18,119)
Balance at Jun. 30, 2022	9,914,297	56	2,158	301	2,356	10,969,588	(33,768)	(1,079,447)	9,861,244	53,053
Common stock issued	986,460	1	118	17	221	986,103			986,460
Offering costs	(26,783)					(26,783)			(26,783)
Distribution reinvestments	59,938		10	2	10	59,916			59,938
Amortization of restricted stock grants	206					206			206
Common stock repurchased	(402,360)		(43)		(103)	(402,214)			(402,360)
Net income (loss) (allocated to redeemable non-controlling interests)	130,065							128,675	128,675	1,390
Contributions from non-controlling interests	842									842
Distributions to non-controlling interests	(558)									(558)
Distributions declared on common stock (see Note 11)	(142,538)							(142,538)	(142,538)
Other comprehensive loss, net	(46,202)						(46,202)		(46,202)
Allocation to redeemable non-controlling interests	(3,586)					(3,586)			(3,586)
Balance at Sep. 30, 2022	$ 10,469,781	$ 57	$ 2,243	$ 320	$ 2,484	$ 11,583,230	$ (79,970)	$ (1,093,310)	$ 10,415,054	$ 54,727

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Changes in Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Statement Of Stockholders Equity [Abstract]
Net income (loss) allocated to redeemable non controlling interests	$ 4,282	$ (3,428)	$ 582	$ (665)	$ (349)	$ (221)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net income (loss)	$ 56,353	$ (174,676)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Management fees	122,081	36,364
Performance participation allocation	175,776	111,934
Depreciation and amortization	649,347	197,934
Amortization of deferred financing costs	27,249	4,680
Straight-line rent amortization	(9,036)	(9,331)
Deferred income amortization	(9,464)	(3,044)
Unrealized gain on changes in fair value of financial instruments	(640,881)	(23,288)
Foreign currency loss	93,514	16,794
Amortization of restricted stock grants	619	376
Realized loss on sale of real estate debt	7,646
Realized loss on sale of real estate-related equity securities	12,622
(Income) loss from unconsolidated real estate ventures	(11,774)	448
Distributions of earnings from unconsolidated real estate ventures	6,184	377
Other items	(41)	739
Change in assets and liabilities
Increase in other assets	(64,858)	(23,009)
Increase in due to affiliates	2,809	748
Increase in other liabilities	57,809	37,049
Net cash provided by operating activities	475,955	174,095
Cash flows from investing activities
Acquisitions of real estate	(5,085,691)	(4,540,828)
Capital improvements to real estate	(96,371)	(21,908)
Investment in unconsolidated real estate ventures	(470,186)	(235)
Origination and purchase of investments in real estate debt	(1,071,771)	(801,792)
Purchase of real estate-related equity securities	(85,653)	(175,002)
Proceeds from paydown of principal and settlement of investments in real estate debt	249,921	41,502
Proceeds from settlement of derivative contracts	57,025
Net cash used in investing activities	(6,502,726)	(5,498,263)
Cash flows from financing activities
Proceeds from issuance of common stock, net	4,216,003	3,583,025
Offering costs paid	(57,964)	(27,996)
Subscriptions received in advance	154,117	476,520
Repurchase of common stock	(567,641)	(39,789)
Borrowings from mortgage notes and revolving credit facility	3,101,290	2,555,679
Repayments of mortgage notes, revolving credit facility and unsecured line of credit	(679,199)	(222,111)
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	526,283	140,150
Repayments under secured financings on investments in real estate debt	(128,380)	(65,697)
Payment of deferred financing costs	(53,306)	(26,253)
Contributions from non-controlling interests	14,356	3,537
Distributions to non-controlling interests	(1,865)	(909)
Distributions	(223,636)	(68,532)
Net cash provided by financing activities	6,300,058	6,265,067
Effect of exchange rate changes	(10,900)
Net change in cash and cash equivalents and restricted cash	262,387	940,899
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	1,202,942	1,234,310
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	800,608	671,683
Restricted cash	402,334	562,627
Cash and cash equivalents and restricted cash at the end of the period	1,202,942	1,234,310
Supplemental disclosure of cash flow information:
Cash paid for interest	271,528	77,041
Supplemental disclosure of non-cash investing and financing activities:
Accrued stockholder servicing fee due to affiliate	170,657	165,508
Assumption of mortgage notes, par, in conjunction with acquisitions in real estate	267,030	156,515
Issuance of SREIT OP units as consideration for acquisitions of real estate	190,459
Redeemable non-controlling interest issued as settlement for performance participation allocation	204,225	15,061
Accrued distributions	49,864	24,756
Distribution reinvestment	159,707	58,373
Allocation to redeemable non-controlling interests	$ 34,086	$ 5,556

Organization and Business Purpo

Organization and Business Purpose	9 Months Ended
	Sep. 30, 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” and together with any entity that is controlled by, controls or is under common control with the Sponsor, and any of their respective predecessor entities, “Starwood Capital” As of September 30, 2022, the Company owned 518 real estate properties, 3,146 single-family rental homes, two investments in unconsolidated real estate ventures and 10 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 were combined within the Other segment and previous amounts have been recasted. Financial results by segment are reported in Note 15. On December 27, 2017, the Company commenced its initial public offering of up to $5.0 billion in shares of common stock (the “Initial Public Offering”). On June 2, 2021

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 U.S. Securities and Exchange Commission (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 reclass unrealized gains and losses associated with the Company’s interest rate swaps and interest rate caps from “Interest expense” to “Other income (expense), net” for the three and nine months ended September 30, 2021 on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The Company has chosen to group “Hospitality revenue” within “Other revenue” and “Hospitality operating” within “Property operating” for the three and nine months ended September 30, 2021 on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Such reclassifications 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 profits interest based on certain return hurdles being achieved. Any profits interest due to the other partner is reported within non-controlling interests. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. The Operating Partnership is considered to be a VIE. The Company consolidates the Operating Partnership because it has the ability to direct the most significant activities of the entity such as purchases, dispositions, financings, budgets, and overall operating plans. 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. 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 the Company’s foreign investments held by entities with functional currencies other than the U.S. dollar are included in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Aggregate foreign currency transaction losses included in operations totaled ($54.7) million and ($93.6) million for the three and nine months ended September 30, 2022, respectively. Aggregate foreign currency transaction losses included in operations totaled ($11.4) million and ($16.8) million for the three and nine months ended September 30, 2021, respectively. These amounts are recorded as a component of Other income (expense), 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 or seniority), current market data, and estimated cash flows for each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available. Certain of the Company’s investments in real estate debt include loans secured by real estate, such as its term loans, which may not have readily available market quotations. In such cases, the Company will generally determine the initial value based on the origination amount or acquisition price of such investment if acquired by the Company or the par value of such investment if originated by the Company. Following the initial measurement, the Company will determine fair value by utilizing or reviewing certain of the following inputs (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value ratios and (vii) borrower financial condition and performance. The Company’s investments in equity securities of public real estate-related companies are reported at fair value and were recorded as a component of Other assets on the Company’s Condensed Consolidated Balance Sheets. As such, the resulting unrealized gains and losses are recorded as a component of Other income (expense), net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). During the three months ended September 30, 2022 and 2021, the Company recognized ($2.4) million of unrealized losses and ($1.3) million of unrealized losses on its investments in equity securities, respectively. During the nine months ended September 30, 2022 and 2021, the Company recognized ($44.7) million of unrealized losses and ($1.3) million of unrealized losses on its investments in equity securities, respectively. 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). The fair values of the Company’s foreign currency forward contracts are determined by comparing the contracted forward exchange rate to the current market exchange rate. The current market exchange rates are determined by using market spot rates, forward rates and interest rate curves for the underlying instruments. The fair values of the Company’s financial instruments (other than investments in real estate debt, mortgage notes, revolving credit facility, unsecured line of credit and derivative instruments), including cash and cash equivalents, restricted cash and other financial instruments, approximate their carrying or contract value. The fair value of the term loans approximates the initial par value because the loans are pre-payable at the option of the borrower at any time. We continuously monitor and assess credit quality of individual loans including the review of delinquency and loan-to-value ratios on the term loans. Such loans have floating interest rates with market terms and there are no underlying credit quality issues as of September 30, 2022. The following table details the Company ’ September 30, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 389,336 $ 1,287,210 $ 1,676,546 $ — $ 466,475 $ 487,602 $ 954,077 Equity securities 102,412 — — 102,412 172,236 — — 172,236 Derivatives — 994,592 — 994,592 — 194,053 — 194,053 Total $ 102,412 $ 1,383,928 $ 1,287,210 $ 2,773,550 $ 172,236 $ 660,528 $ 487,602 $ 1,320,366 Liabilities: Derivatives $ — $ 1,175 $ — $ 1,175 $ — $ 1,398 $ — $ 1,398 Total $ — $ 1,175 $ — $ 1,175 $ — $ 1,398 $ — $ 1,398 The following table details the Company ’ Investments in Real Estate Debt Balance as of December 31, 2021 $ 487,602 Origination and Purchases 956,877 Included in net loss Foreign exchange (157,269 ) Unrealized gain (loss) — Balance as of September 30, 2022 $ 1,287,210 The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): September 30, 2022 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in Real Estate Debt $ 1,287,210 Cost 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 rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company’s indebtedness are considered Level 3. As of September 30, 2022, the fair value of the Company’s mortgage notes, revolving credit facility and secured financings on investments in real estate debt 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 September 30, 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 a representative 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 representative 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 public offerings, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fees received and all or a portion of the stockholder servicing fees to such selected dealers. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share sold in the primary offering at the end of the month in which the total selling commissions, dealer manager fees and stockholder servicing fees paid with respect to the shares held by such stockholder within such account would exceed 8.75% (or, in the case of Class T shares sold through certain participating broker-dealers, a lower limit as set forth in any applicable agreement between the Dealer Manager and a participating broker-dealer) of the gross proceeds from the sale of such share (including the gross proceeds of any shares issued under the Company’s distribution reinvestment plan with respect thereto). The Company will accrue the full cost of the stockholder servicing fee as an offering cost at the time each Class T, Class S and Class D share is sold during the primary offering. As of September 30, 2022 and December 31, 2021, the Company had accrued $425.9 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 The Company elected to be taxed as a REIT under the Internal Revenue Code (the “Code”), for federal income tax purposes, beginning with its taxable year ended December 31, 2019. As long as the Company qualifies for taxation as a REIT, it generally will not be subject to U.S. federal corporate income tax on its net taxable income that is currently distributed to its stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its REIT taxable income (subject to certain adjustments) to its stockholders. If the Company fails to qualify as a REIT in a taxable year, without the benefit of certain relief provisions, it will be subject to federal and state income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, it may also be subject to certain federal, state, and local taxes on its income and assets, including (1) taxes on any undistributed income, (2) taxes related to its taxable REIT subsidiaries (“TRSs”) and (3) certain state or local income taxes. The Company has formed wholly owned subsidiaries to function as TRSs and filed TRS elections, together with such subsidiaries, with the Internal Revenue Service. In general, a TRS may perform additional services for the Company’s tenants and generally may engage in any real estate or non-real estate-related business other than management or operation of a lodging facility or a health care facility. The TRSs are subject to taxation at the federal, state and local levels, as applicable, at the regular corporate tax rates. The Company accounts for applicable income taxes by utilizing the asset and liability method. As such, the Company records deferred tax assets and liabilities for the future tax consequences resulting from the difference between the carrying value of existing assets and liabilities and their respective tax basis. A valuation allowance for deferred tax assets is provided if the Company believes all or some portion of the deferred tax asset may not be realized. For the three and nine months ended September 30, 2022, the Company recognized income tax expense of $2.0 million and $2.2 million, respectively, within Other income (expense), net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). For the three and nine months ended September 30, 2021, the Company recognized income tax expense of $0.1 million and $0.2 million, respectively, within Other income (expense), net on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). As of September 30, 2022 and December 31, 2021, the Company recorded a net deferred tax liability of $37.7 million primarily due to assumed capital gains from four 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. 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 London Interbank Offered Rate (“ Reference Rate Reform

Investments

Investments	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Investments	3. Investments Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): September 30, 2022 December 31, 2021 Building and building improvements $ 19,122,762 $ 14,450,074 Land and land improvements 3,530,758 2,733,505 Furniture, fixtures and equipment 326,560 264,557 Right of use asset - operating leases ( 1) 105,228 105,236 Total 23,085,308 17,553,372 Accumulated depreciation and amortization (840,694 ) (368,293 ) Investments in real estate, net $ 22,244,614 $ 17,185,079 (1) During the nine months ended September 30, 2022, the Company acquired interests in 130 properties, which were comprised of 67 multifamily properties, 61 industrial properties, one office property and one self-storage property. Additionally, the Company acquired 552 single-family rental homes during the nine months ended September 30, 2022. The following table provides details of the properties acquired during the nine months ended September 30, 2022 ($ in thousands): Segments Number of Transactions Number of Properties Sq. Ft. (in millions)/Units Purchase Price (1) Multifamily 6 67 16,542 units $ 4,288,281 Single-Family Rental 8 N/A (2) 552 units 220,196 Industrial 6 61 7.50 sq. ft. 972,791 Office 1 1 0.34 sq. ft. 150,945 Self-Storage 1 1 0.09 sq. ft. 42,091 22 130 $ 5,674,304 (1) (2) Includes The following table summarizes the purchase price allocation for the properties acquired during the nine months ended September 30, 2022 ($ in thousands): Amount Building and building improvements $ 4,678,123 Land and land improvements 816,318 Furniture, fixtures and equipment 58,225 In-place lease intangibles (1) 84,997 Above-market lease intangibles (1) 11,874 Below-market lease intangibles (1) (24,451 ) Other 6,723 Total purchase price (2) 5,631,809 Assumed mortgage notes (211,009 ) Non-controlling interests (13,430 ) Net purchase price $ 5,407,370 (1) 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 nine months ended September 30, 2022 were 8 years, 4 years and 10 years, respectively. ( 2 ) Purchase price excludes acquisition-related costs of $42.5 million. 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 ventures in the Company’s Condensed Consolidated Balance Sheets. The Company’s investment in the Joint Venture totaled $10.4 million as of September 30, 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 ($0.3) million and $0.4 million for the three and nine months ended September 30, 2022, respectively, and ($0.4) On July 29, 2022, the Company entered into a joint venture with a third party to acquire an Extended Stay portfolio (the “ES Venture”) from an affiliate of Starwood Capital. The Company owns an approximate 45% interest in the ES Venture. The Company’s investment in the ES Venture is accounted for using the equity method of accounting and is included in Investment in unconsolidated real estate ventures in the Company’s Condensed Consolidated Balance Sheets. The Company’s investment in the ES Venture totaled $475.8 million as of September 30, 2022. The Company’s income (loss) from its investment in the ES 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 $11.4

Intangibles

Intangibles	9 Months Ended
	Sep. 30, 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): September 30, 2022 December 31, 2021 Intangible assets: (1) In-place lease intangibles $ 383,765 $ 448,447 Above-market lease intangibles 44,905 36,696 Other 43,299 43,653 Total intangible assets 471,969 528,796 Accumulated amortization: In-place lease amortization (155,306 ) (144,663 ) Above-market lease amortization (11,869 ) (7,718 ) Other (9,090 ) (7,300 ) Total accumulated amortization (176,265 ) (159,681 ) Intangible assets, net $ 295,704 $ 369,115 Intangible liabilities: (2) Below-market lease intangibles $ 86,565 $ 65,143 Total intangible liabilities 86,565 65,143 Accumulated amortization: Below-market lease amortization (15,627 ) (9,523 ) Total accumulated amortization (15,627 ) (9,523 ) Intangible liabilities, net $ 70,938 $ 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 September 30, 2022 is as follows ($ in thousands): In-place Lease Intangibles Above-market Lease Intangibles Other Below-market Lease Intangibles 2022 (remaining) $ 20,625 $ 1,736 $ 3,565 $ (3,435 ) 2023 49,329 7,049 5,613 (11,014 ) 2024 35,207 5,549 5,599 (9,321 ) 2025 26,683 4,180 5,192 (7,215 ) 2026 18,697 3,582 2,507 (6,301 ) Thereafter 77,918 10,940 11,733 (33,652 ) $ 228,459 $ 33,036 $ 34,209 $ (70,938 )

Investments in Real Estate Debt

Investments in Real Estate Debt	9 Months Ended
	Sep. 30, 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 September 30, 2022 and December 31, 2021 ($ in thousands): September 30, 2022 Type of Security/Loan Number of Positions Weighted Average Coupon (1) Weighted Average Maturity Date (2) Cost Basis Fair Value CMBS - floating 8 L + 6.73% August 20, 2037 $ 408,917 $ 389,336 Total real estate debt securities 8 L + 6.73% August 20, 2037 408,917 389,336 Term loans 2 L + 4.96% December 19, 2026 1,461,417 1,287,210 Total investments in real estate debt 10 L + 5.34% April 19, 2029 $ 1,870,334 $ 1,676,546 December 31, 2021 Type of Security/Loan 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 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 includes one-month LIBOR, one-month Secured Overnight Financing Rate (“SOFR”), three-month Bank Bill Swap Bid Rate (“BBSY”), and Sterling Overnight Index Average (“SONIA”) as applicable to each security and loan. ( 2 ) Weighted average maturity date is based on the fully extended maturity date of the underlying collateral. 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. On June 21, 2022, the Company provided financing in the form of a term loan to an unaffiliated entity in connection with its acquisition of three Australian hospitality and leisure resorts. The loan is in the amount of AUD 1,377 million and has an initial term of five years, with a two-year extension option. The loan is pre-payable at the option of the borrower at any time. The majority of the Company’s investments in real estate debt securities consist of non-agency CMBS. The Company’s investments in real estate debt include CMBS collateralized by properties owned by Starwood Capital investment vehicles. The following table details the Company’s affiliate investments in real estate debt ($ in thousands): Fair Value September 30, 2022 December 31, 2021 CMBS $ 389,336 $ 295,465 Total $ 389,336 $ 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 and nine months ended September 30, 2022, the Company recorded net realized losses on its investments in real estate debt securities of ($7.6)

Mortgage Notes and Revolving Cr

Mortgage Notes and Revolving Credit Facility	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2022 December 31, 2021 Fixed rate loans Fixed rate mortgages 3.07% 12/14/2030 N/A $ 3,824,846 $ 3,110,689 Total fixed rate loans 3,824,846 3,110,689 Variable rate loans Floating rate mortgages L + 1.78% 9/8/2026 N/A 9,637,971 7,052,819 Variable rate revolving credit facility (4) L + 1.85% 12/1/2023 $ 1,200,000 992,960 1,190,683 Total variable rate loans 10,630,931 8,243,502 Total loans secured by the Company ʾ properties 14,455,777 11,354,191 Deferred financing costs, net (101,209 ) (80,410 ) (Discount) premium on assumed debt, net (6,255 ) 630 Mortgage notes and revolving credit facility, net $ 14,348,313 $ 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 prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties. ( 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 September 30, 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) $ 614,383 2023 1,285,742 2024 486,787 2025 881,587 2026 4,819,928 Thereafter 6,367,350 Total $ 14,455,777 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 September 30, 2022.

Secured Financings On Investmen

Secured Financings On Investments In Real Estate Debt	9 Months Ended
	Sep. 30, 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”) to an unaffiliated entity in connection with its acquisition of a premier United Kingdom holiday company. Effective February 15, 2022, the reference rate for the calculation of interest transitioned from the three–month U.S. dollar-denominated LIBOR to SONIA. The Barclays RA interest rate is now equal to the SONIA daily non-cumulative EFR rate plus a spread. During June 2022, the Company entered into a repurchase agreement with Morgan Stanley Bank, N.A. (“Morgan Stanley”), Guardians of New Zealand Superannuation as manager and administrator of the New Zealand Superannuation Fund (“NZ Super”), and BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Osterreichische Postsparkasse Aktiengesellschaft (“BAWAG”) in order to finance its term loan investment (the “Syndicated RA”) to an unaffiliated entity in connection with its acquisition of three Australian hospitality and leisure resorts. For financial statement purposes, the Company does not offset its secured financings on investments in real estate debt and securities lending transactions because the conditions for netting as specified by GAAP are not met. Although not offset on the Company’s Condensed Consolidated Balance Sheets, these transactions are summarized in the following tables ($ in thousands): September 30, 2022 Indebtedness Weighted Average Maturity Date Weighted Average Coupon Collateral Assets ( 1) Outstanding Balance Barclays RA 2/26/2026 SONIA + 2.50% $ 401,868 $ 111,630 Syndicated RA 6/24/2027 BBSY + 2.65% 885,342 486,938 $ 1,287,210 $ 598,568 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	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Unsecured Line Of Credit	8. Unsecured Line of Credit During July 2021, the Company further increased its unsecured line of credit (the “Line of Credit”) by $100 million with additional banks for a total borrowing capacity of $450 million. During May 2022, additional banks were added under the Line of Credit, and the total borrowing capacity was increased to $1,550 million. The Line of Credit expires on May 11, 2024, 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 SOFR plus 2.5%. 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 September 30, 2022 and December 31, 2021, respectively.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	9 Months Ended
	Sep. 30, 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): September 30, 2022 December 31, 2021 Derivative instruments $ 994,592 $ 194,053 Intangible assets, net 295,704 369,115 Receivables 104,815 103,049 Equity securities 102,412 172,236 Prepaid expenses 28,944 15,871 Deferred financing costs, net 12,399 6,723 Interest receivable 5,884 5,337 Acquisition deposits — 13,422 Other 4,669 1,492 Total $ 1,549,419 $ 881,298 The following table summarizes the components of Other liabilities ($ in thousands): September 30, 2022 December 31, 2021 Real estate taxes payable $ 115,820 $ 53,423 Accounts payable and accrued expenses 90,542 89,625 Intangible liabilities, net 70,938 55,620 Accrued interest expense 49,540 16,399 Tenant security deposits 50,349 36,509 Distributions payable 49,864 32,696 Deferred tax liability 38,182 8,599 Right of use liability - operating leases 12,463 12,499 Deferred income 9,183 7,467 Derivative instruments 1,175 1,398 Other 26,040 25,271 Total $ 514,096 $ 339,506

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives	10. Derivatives The Company uses derivative financial instruments to minimize the risks and/or costs associated with the Company’s investments and financing transactions. The Company has not designated any of its derivative financial instruments as hedges as defined under GAAP. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements, fluctuations in foreign exchange rates, and other identified risks. The use of derivative financial instruments involves certain risks, including the risk that the counterparties to these contractual arrangements do not perform as agreed. To mitigate this risk, the Company enters into derivative financial instruments with counterparties it believes to have appropriate credit ratings and that are major financial institutions with which the Company and its affiliates may also have other financial relationships. Interest Rate Contracts Certain of the Company’s transactions expose the Company to interest rate risks, which include exposure to variable interest rates on certain loans secured by the Company’s real estate in addition to its secured financings of investments in real estate debt. The Company uses derivative financial instruments, which includes interest rate caps and swaps, and may also include options, floors, and other interest rate derivative contracts, to limit the Company’s exposure to the future variability of interest rates. The following tables detail the Company’s outstanding interest rate derivatives that were non-designated hedges of interest rate risk (notional amounts in thousands): September 30, 2022 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Strike Index Weighted Average Maturity (Years) Interest Rate Caps - Property debt 43 $ 9,109,658 1.1% LIBOR, SOFR 3.2 Interest Rate Caps - Property debt 3 € 157,296 1.2% EURIBOR 2.0 Interest Rate Caps - Property debt 1 Dkr. 301,500 1.0% CIBOR 3.9 Interest Rate Swaps - Property debt 2 $ 260,548 0.8% LIBOR 2.6 Interest Rate Swaps - Property debt 1 € 63,000 1.7% EURIBOR 4.8 Interest Rate Swaps - Property debt 1 kr 576,633 2.4% NIBOR 5.2 December 31, 2021 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Strike Index Weighted Average Maturity (Years) Interest Rate Caps - Property debt 19 $ 6,297,224 0.8% LIBOR, SOFR 4.5 Interest Rate Caps - Property debt 2 € 88,040 1.3% EURIBOR 2.4 Interest Rate Caps - Property debt 1 Dkr. 301,500 1.0% CIBOR 4.7 Interest Rate Swaps - Property debt 2 $ 256,783 0.8% LIBOR 3.6 Foreign Currency Forward Contracts Certain of the Company’s international investments expose it to fluctuations in foreign currency exchange rates and interest rates. These fluctuations may impact the value of the Company’s cash receipts and payments in terms of its functional currency, the U.S. dollar. The Company uses foreign currency forward contracts to protect the value or fix the amount of certain investments or cash flows in terms of the U.S. dollar. The following table details the Company’s outstanding foreign currency forward contracts that were non-designated hedges of foreign currency risk (notional amounts in thousands): September 30, 2022 December 31, 2021 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD/Sell EUR Forward 36 € 548,127 5 € 232,076 Buy USD/Sell DKK Forward 12 Dkr. 1,513,100 6 Dkr. 289,700 Buy USD/Sell AUD Forward 12 AUD 676,700 — — Buy USD/Sell NOK Forward 6 kr 813,000 — — Buy USD/Sell GBP Forward 3 £ 264,915 2 £ 165,861 Valuation and Financial Statement Impact The following table details the fair value of the Company’s derivative financial instruments ($ in thousands): Fair Value of Derivatives in an Asset (1) Fair Value of Derivatives in a Liability (2) September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Interest rate derivatives $ 863,411 $ 185,738 $ — $ — Foreign currency forward contracts 131,181 8,315 1,175 1,398 Total Derivatives $ 994,592 $ 194,053 $ 1,175 $ 1,398 (1) Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets. (2) Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets. The following table details the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations ($ in thousands): Three Months Ended September 30, Type of Derivative Net Realized/Unrealized Gain (Loss) Location of Gain Recognized in Net Income (Loss) 2022 2021 Interest Rate Caps - Property debt Unrealized gain (1) $ 225,871 $ 2,343 Interest Rate Swaps - Property debt Unrealized gain (1) 11,506 384 Foreign Currency Forward Contracts Unrealized gain (1) 100,837 12,947 Foreign Currency Forward Contracts Realized gain (1) 36,723 276 Interest Rate Swap - Investments in real estate debt Realized gain (1) 10,984 1,353 $ 385,921 $ 17,303 Nine Months Ended September 30, Type of Derivative Net Realized/Unrealized Gain (Loss) Location of Gain Recognized in Net Income (Loss) 2022 2021 Interest Rate Caps - Property debt Unrealized gain (1) $ 559,499 $ 3,001 Interest Rate Swaps - Property debt Unrealized gain (1) 26,050 4,214 Foreign Currency Forward Contracts Unrealized gain (1) 163,480 14,298 Foreign Currency Forward Contracts Realized gain (1) 46,040 276 Interest Rate Swap - Investments in real estate debt Realized gain (1) 10,984 1,353 $ 806,053 $ 23,142 (1)

Equity and Redeemable Non-contr

Equity and Redeemable Non-controlling Interests	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Equity and Redeemable Non-controlling Interests	1 1 . Equity and Redeemable Non-controlling Interests Authorized Capital The Company is authorized to issue preferred stock and four classes of common stock consisting of Class T shares, Class S shares, Class D shares, and Class I shares. The Company’s board of directors has the ability to establish the preferences and rights of each class or series of preferred stock, without stockholder approval, and as such, it may afford the holders of any series or class of preferred stock preferences, powers and rights senior to the rights of holders of common stock. The differences among the common share classes relate to upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. See Note 2 for a further description of such items. Other than the differences in upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees, each class of common stock is subject to the same economic and voting rights. Charter Amendment On May 10, 2021, the Company amended its charter to increase the number of shares of stock that the Company has authority to issue to 3,100,000,000 shares, consisting of 3,000,000,000 shares of common stock, $0.01 par value per share, 500,000,000 of which are classified as Class T common stock, 1,000,000,000 of which are classified as Class S common stock, 500,000,000 of which are classified as Class D common stock and 1,000,000,000 of which are classified as Class I common stock, and 100,000,000 shares of preferred stock, $0.01 par value per share. Prior to the amendment, the Company had authority to issue 1,100,000,000 shares, consisting of 1,000,000,000 shares of common stock, $0.01 par value per share, 250,000,000 of which were classified as Class T common stock, 250,000,000 of which were classified as Class S common stock, 250,000,000 of which were classified as Class D common stock and 250,000,000 of which were classified as Class I common stock, and 100,000,000 shares of preferred stock, $0.01 par value per share. As of September 30, 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: Nine months ended September 30, 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 1,026,845 73,624,501 9,460,160 96,393,798 180,505,304 Distribution reinvestment plan shares issued 92,182 2,675,418 530,395 2,638,974 5,936,969 Common stock shares repurchased (30,885 ) (6,396,590 ) (156,066 ) (14,251,865 ) (20,835,406 ) September 30, 2022 5,736,578 224,284,365 31,976,788 248,405,407 510,403,138 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 in 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 September 30, 2022, the Company repurchased 14,659,490 shares of common stock representing a total of $402.4 million. For the nine months ended September 30, 2022, the Company repurchased 20,835,406 shares of common stock representing a total of $567.6 million. The Company had no unfulfilled repurchase requests as of September 30, 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 is paid directly to the applicable distributor. The following table details the aggregate distributions declared for each applicable class of common stock for the nine months ended September 30, 2022: Class T Class S Class D Class I Gross distributions declared per share of common stock $ 0.9315 $ 0.9315 $ 0.9315 $ 0.9315 Stockholder servicing fee per share of common stock (0.1728 ) (0.1727 ) (0.0501 ) — Net distributions declared per share of common stock $ 0.7587 $ 0.7588 $ 0.8814 $ 0.9315 Redeemable Non-controlling Interests In connection with its performance participation interest, the Special Limited Partner holds Class I units in the Operating Partnership. See Note 12 for further details of the Special Limited Partner’s performance participation interest. Because the Special Limited Partner has the ability to redeem its Class I units for cash, at its election, the Company has classified these Class I units as Redeemable non-controlling interest in mezzanine equity on the Company’s Condensed Consolidated Balance Sheets. The Redeemable non-controlling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and distributions, or the redemption value, which is equivalent to fair value, of such units at the end of each measurement period. As the redemption value was greater than the adjusted carrying value at September 30, 2022, the Company recorded an allocation adjustment of $22.8 million between Additional paid-in capital and Redeemable non-controlling interests. In addition to the Special Limited Partner’s interest noted above, certain third parties also have a redeemable non-controlling interest. The following table details the Redeemable non-controlling interests activity related to the Special Limited Partner and third-party Operating Partnership unitholders for the nine months ended September 30, 2022 ($ in thousands): Special Limited Partner September 30, 2022 Third-party Operating Partnership unitholders September 30, 2022 Total September 30, 2022 Balance at the beginning of the year $ 30,502 $ — $ 30,502 Settlement of performance participation allocation 204,225 — 204,225 Issuance of SREIT OP units as consideration for acquisitions of real estate — 190,459 190,459 GAAP income (loss) allocation 949 487 1,436 Distributions (8,429 ) (4,175 ) (12,604 ) Fair value allocation 22,796 11,290 34,086 Ending balance $ 250,043 $ 198,061 $ 448,104 The following table details the Redeemable non-controlling interests activity related to the Special Limited Partner and third-party Operating Partnership unitholders for the nine months ended September 30, 2021 ($ in thousands): Special Limited Partner September 30, 2021 Third-party Operating Partnership unitholders September 30, 2021 Total September 30, 2021 Balance at the beginning of the year $ 10,409 $ — $ 10,409 Settlement of performance participation allocation 15,061 — 15,061 GAAP income (loss) allocation (1,235 ) — (1,235 ) Distributions (1,095 ) — (1,095 ) Fair value allocation 5,556 — 5,556 Ending balance $ 28,696 $ — $ 28,696

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	1 2 . 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 and nine months ended September 30, 2022, the Company incurred management fees of $45.7 million and $122.1 million, respectively. During the three and nine months ended September 30, 2021, the Company incurred management fees of $17.7 million and $36.4 million, respectively. To date, the Advisor has elected to receive the management fee in shares of the Company’s common stock. For the nine months ended September 30, 2022, the Company issued 3,919,239 unregistered Class I shares to the Advisor as payment for the management fee incurred through August 2022 year to date and also had a payable of $15.4 million related to the management fee as of September 30, 2022, which is included in Due to affiliates on the Company’s Condensed Consolidated Balance Sheets. During October 2022, the Advisor was issued 559,054 unregistered Class I shares as payment for the $15.4 million management fee accrued as of September 30, 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 and nine months ended September 30, 2022, the Company recognized $36.3 million and $175.8 million, respectively, of performance participation allocation in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). During the three and nine months ended September 30, 2021, the Company recognized $79.6 million and $111.9 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 $204.2 million performance participation interest allocation for 2021. Such Class I units were issued at the NAV per unit as of December 31, 2021. Repurchase of Advisor and Certain Director Shares During the three and nine months ended September 30, 2022, the Company repurchased outside of its share repurchase plan 1,546,972 and 1,613,764 Class I shares, respectively, held by the Advisor and certain directors for total consideration of $42.5 million and $44.3 million, respectively. During the three and nine months ended September 30, 2021, the Company repurchased outside of its share repurchase plan none and 29,915 Class I shares, respectively, held by the Advisor and certain directors for total consideration of none and $0.6 million, respectively. Due to Affiliates The following table details the components of Due to affiliates ($ in thousands): September 30, 2022 December 31, 2021 Accrued stockholder servicing fee $ 425,949 $ 291,544 Performance participation allocation 175,776 204,225 Advanced organization and offering costs 3,260 4,373 Accrued management fee 15,448 9,628 Accrued affiliate service provider expenses 2,095 843 Advanced operating expenses 4,212 2,655 Total $ 626,740 $ 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 shares, Class S shares, and Class D shares up to the 8.75% limit at the time such shares are sold. As of September 30, 2022 and December 31, 2021, the Company has accrued $425.9 million and $291.5 million, respectively, of stockholder servicing fees payable to the Dealer Manager related to the Class T shares, 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 fees and all or a portion of the stockholder servicing fees received by the Dealer Manager to such participating broker dealers. Advanced organization and offering costs The Advisor and its affiliates incurred $7.3 million of organization and offering costs 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. Accrued affiliate service provider expenses The Company has engaged and expects to continue to engage Highmark Residential (formerly Milestone Management), a portfolio company owned by an affiliate of Starwood Capital, to provide property management services (including leasing, revenue management, accounting, legal and contract management, expense management, and capital expenditure projects and transaction support services) for a portion of the Company’s multifamily properties. The cost for such services is a percentage of the gross receipts and project costs respectively (which will be reviewed periodically and adjusted if appropriate), plus actual costs allocated for transaction support services. During the three and nine months ended September 30, 2022, the Company has incurred approximately $5.0 million and $11.7 million, respectively, of expenses due to Highmark Residential 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). During the three and nine months ended September 30, 2021, the Company incurred approximately $1.8 million and $4.6 million, respectively, of expenses due to Highmark Residential 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 Starwood Capital and certain of its affiliates, to provide corporate legal support services to the Company. During the three and nine months ended September 30, 2022, the amounts incurred for services provided by RFF were $0.3 million and $0.6 million, respectively. During the three and nine months ended September 30, 2021, the amounts incurred for services provided by RFF were $0.1 million and $0.3 million, respectively. The Company has engaged Essex Title, LLC (“Essex”), a title agent company majority owned by Starwood Capital. Essex acts as an agent for one or more underwriters in issuing title policies and/or providing support services in connection with investments by the Company, Starwood Capital and its affiliates and third parties. Essex focuses on transactions in rate-regulated states where the cost of title insurance is non-negotiable. Essex will not perform services in non-regulated states for the Company, unless (i) in the context of a portfolio transaction that includes properties in rate-regulated states, (ii) as part of a syndicate of title insurance companies where the rate is negotiated by other insurers or their agents, (iii) when a third party is paying all or a material portion of the premium or (iv) when providing only support services to the underwriter. Essex earns fees, which would have otherwise been paid to third parties, by providing title agency services and facilitating placement of title insurance with underwriters. Starwood Capital receives distributions from Essex in connection with investments by the Company based on its equity interest in Essex. In each case, there will be no related offset to the Company. During the three and nine months ended September 30, 2022, the amounts incurred for services provided by Essex were $1.3 million and $4.5 million, respectively. During the three and nine months ended September 30, 2021, the amounts incurred for services provided by Essex were $0.3 million and $0.6 million, respectively. The Company engaged Starwood Retail Partners to provide leasing and legal services for any retail properties we acquire. During the three and nine months ended September 30, 2022, the Company incurred an insignificant amount, respectively. During the three and nine months ended September 30, 2021, the Company did not incur any expenses from Starwood Retail Partners. The Company has engaged Starwood Capital’s affiliated Luxembourg office for accounting and administrative matters relating to certain European investments. During the three and nine months ended September 30, 2022, the amounts incurred for services provided were $0.2 million and $0.9 million, respectively. During the three and nine months ended September 30, 2021, the amounts incurred for services provided were an insignificant amount, respectively. The Company has incurred legal expenses from third party law firms whose lawyers have been seconded to affiliates of Starwood Capital for the purpose of providing legal services in Europe to investment vehicles sponsored by Starwood Capital. During the three and nine months ended September 30, 2022, the amounts incurred for services provided were $0.1 million and $0.4 million, respectively. During the three and nine months ended September 30, 2021, the amounts incurred for services provided were $0.1 million, respectively. The Company has engaged Starwood Capital Group (“SCG”) STR Management Co, LLC, an affiliate of the Advisor, to provide property management services to certain of the Company’s residential units that function as short term rental assets. The costs for such services is a percentage of gross revenue produced by the short-term rentals on a monthly basis. During the three and nine months ended September 30, 2022, the Company has incurred approximately $0.1 million and $0.1 million, respectively. During the three and nine months ended September 30, 2021, the Company did not incur any expenses from SCG STR Management Co, LLC. The Company has engaged ST Global Services, L.L.C. (“ST”) a procurement professional. ST provides procurement and consulting services to the Company and other Starwood funds. ST currently charges us based on hours spent. ST is not technically an affiliate because it is owned by a third party, however, Starwood does have the option to purchase the business. During the three and nine months ended September 30, 2022, the Company has incurred an insignificant amount, respectively. During the three and nine months ended September 30, 2021, the amounts incurred for services provided by ST were an insignificant amount, respectively. The Company has entered into an agreement with an affiliate of Starwood Global Opportunity Fund XI to assist with managing the Company’s assets in Spain and Italy. The SCG Southern Europe Team charges 0.2% of fair market value and such charge is incurred on items such as new acquisitions, dispositions, financings, and leasing. During the three and nine months ended September 30, 2022, the amounts incurred for services provided by the SCG Southern Europe Team were $0.1 million and $0.2 million, respectively. During the three and nine months ended September 30, 2021, the amounts incurred for services provided by SCG Southern Europe Team were an insignificant amount, respectively. Advanced operating expenses As of September 30, 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 were incurred from July 13, 2017 (date of initial capitalization) through December 31, 2018 and are being reimbursed to the Advisor ratably over a 60 month period, which commenced in January 2020. Operating expenses incurred after December 31, 2018 are paid by the Company as incurred. For the nine months ended September 30, 2022 and the year ended December 31, 2021, the Advisor had incurred approximately $10.7 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.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	1 3 . Commitments and Contingencies As of September 30, 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 November 14, 2022, the Company had a remaining funding commitment to one of its consolidated joint ventures of approximately $144.5 million.

Leases

Leases	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	1 4 . Leases Lessee Certain of the Company’s investments in real estate are subject to a ground lease. The Company’s ground leases are classified as right of use liability – operating leases based on the characteristics of the respective lease. The ground leases were acquired as part of the acquisition of real estate and no incremental costs were incurred for such ground leases. The Company’s ground leases are non-cancelable and do not contain any additional renewal options. The following table presents the future lease payments due under the Company’s ground leases as of September 30, 2022 ($ in thousands): Operating Leases 2022 (remaining) $ 170 2023 686 2024 686 2025 712 2026 714 Thereafter 26,497 Total undiscounted future lease payments 29,465 Difference between undiscounted cash flows and discounted cash flows (17,002 ) Total lease liability $ 12,463 The Company utilized its incremental borrowing rate, which was between 4.5% and 6%, to determine its lease liabilities. As of September 30, 2022, the weighted average remaining lease term of the Company’s operating leases was 37 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Fixed lease payments $ 376,684 $ 136,247 990,525 $ 325,242 Variable lease payments 39,638 15,960 105,902 41,308 Rental revenue $ 416,322 $ 152,207 $ 1,096,427 $ 366,550 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 September 30, 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) $ 69,797 2023 276,289 2024 251,316 2025 221,117 2026 188,775 Thereafter 664,046 Total $ 1,671,340

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segment Reporting	1 5 . Segment Reporting The Company operates in seven reportable segments: Multifamily properties, Single-family rental properties, Industrial properties, Office properties, Self-Storage properties, Investments in real estate debt and Other properties. Effective January 1, 2022, the Hospitality properties and Medical Office properties segments were 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): September 30, 2022 December 31, 2021 Multifamily properties $ 16,775,079 $ 12,225,256 Single-family rental properties 1,344,480 1,150,987 Industrial properties 3,189,039 2,145,163 Office properties 1,692,713 1,599,774 Self-storage properties 368,929 331,024 Investments in real estate debt 1,676,546 954,077 Other properties 1,226,288 764,714 Other (Corporate) 886,645 800,436 Total assets $ 27,159,719 $ 19,971,431 The following table sets forth the financial results by segment for the three months ended September 30, 2022 ($ in thousands): Multifamily Single- Family Rental Industrial Office Self- Storage Other Investments in Real Estate Debt Total Revenues: Rental revenue $ 292,886 $ 19,516 $ 50,576 $ 37,307 $ 7,019 $ 9,018 $ — $ 416,322 Other revenue 3,191 — 23 98 — 11,132 — 14,444 Total revenues 296,077 19,516 50,599 37,405 7,019 20,150 — 430,766 Expenses: Property operating 129,889 9,757 12,060 14,516 2,677 9,788 — 178,687 Total segment expenses 129,889 9,757 12,060 14,516 2,677 9,788 — 178,687 Income from unconsolidated real estate ventures — — — — — 11,054 — 11,054 Income from investments in real estate debt — — — — — — 63,290 63,290 Segment net operating income $ 166,188 $ 9,759 $ 38,539 $ 22,889 $ 4,342 $ 21,416 $ 63,290 $ 326,423 Depreciation and amortization $ (156,634 ) $ (8,839 ) $ (27,498 ) $ (16,598 ) $ (2,056 ) $ (7,380 ) $ — $ (219,005 ) General and administrative (11,549 ) Management fees (45,697 ) Performance participation allocation (36,306 ) Interest expense (120,621 ) Other income, net 241,102 Net income $ 134,347 Net (income) attributable to non-controlling interests in consolidated joint ventures (1,390 ) Net (income) attributable to non-controlling interests in Operating Partnership (4,282 ) Net income attributable to stockholders $ 128,675 The following table sets forth the financial results by segment for the three months ended September 30, 2021 ($ in thousands): Multifamily Industrial Office Other Investments in Real Estate Debt Total Revenues: Rental revenue $ 89,742 $ 29,261 $ 29,272 $ 3,932 $ — $ 152,207 Other revenue 654 — 106 9,468 — 10,228 Total revenues 90,396 29,261 29,378 13,400 — 162,435 Expenses: Property operating 40,032 7,169 10,223 7,343 — 64,767 Total segment expenses 40,032 7,169 10,223 7,343 — 64,767 Loss from unconsolidated real estate ventures — — — (447 ) — (447 ) Income from investments in real estate debt — — — — 19,268 19,268 Segment net operating income $ 50,364 $ 22,092 $ 19,155 $ 5,610 $ 19,268 $ 116,489 Depreciation and amortization $ (44,908 ) $ (17,560 ) $ (15,546 ) $ (4,439 ) $ — $ (82,453 ) General and administrative (6,588 ) Management fees (17,653 ) Performance participation allocation (79,552 ) Interest expense (41,614 ) Other expense, net 1,278 Net loss $ (110,093 ) Net loss attributable to non-controlling interests in consolidated joint ventures 176 Net loss attributable to non-controlling interests in Operating Partnership 665 Net loss attributable to stockholders $ (109,252 ) The following table sets forth the financial results by segment for the nine months ended September 30, 2022 ($ in thousands): Multifamily Single- Family Rental Industrial Office Self- Storage Other Investments in Real Estate Debt Total Revenues: Rental revenue $ 764,712 $ 53,677 $ 128,276 $ 101,842 $ 19,729 $ 28,191 $ — $ 1,096,427 Other revenue 9,067 — 46 300 — 34,779 — 44,192 Total revenues 773,779 53,677 128,322 102,142 19,729 62,970 — 1,140,619 Expenses: Property operating 330,517 24,378 33,009 39,600 7,310 29,291 — 464,105 Total segment expenses 330,517 24,378 33,009 39,600 7,310 29,291 — 464,105 Income from unconsolidated real estate ventures — — — — — 11,774 — 11,774 Income from investments in real estate debt — — — — — — 99,634 99,634 Segment net operating income $ 443,262 $ 29,299 $ 95,313 $ 62,542 $ 12,419 $ 45,453 $ 99,634 $ 787,922 Depreciation and amortization $ (461,799 ) $ (35,051 ) $ (73,165 ) $ (48,823 ) $ (8,014 ) $ (22,495 ) $ — $ (649,347 ) General and administrative (32,974 ) Management fees (122,081 ) Performance participation allocation (175,776 ) Interest expense (306,743 ) Other income, net 555,352 Net income $ 56,353 Net (income) attributable to non-controlling interests in consolidated joint ventures (2,745 ) Net (income) attributable to non-controlling interests in Operating Partnership (1,436 ) Net income attributable to stockholders $ 52,172 The following table sets forth the financial results by segment for the nine months ended September 30, 2021 ($ in thousands): Multifamily Industrial Office Other Investments in Real Estate Debt Total Revenues: Rental revenue $ 202,402 $ 61,260 $ 91,505 $ 11,383 $ — $ 366,550 Other revenue 1,872 — 230 25,108 — 27,210 Total revenues 204,274 61,260 91,735 36,491 — 393,760 Expenses: Property operating 86,839 15,960 32,352 19,772 — 154,923 Total segment expenses 86,839 15,960 32,352 19,772 — 154,923 Loss from unconsolidated real estate ventures — — — (448 ) — (448 ) Income from investments in real estate debt — — — — 37,898 37,898 Segment net operating income $ 117,435 $ 45,300 $ 59,383 $ 16,271 $ 37,898 $ 276,287 Depreciation and amortization $ (102,176 ) $ (36,470 ) $ (46,273 ) $ (13,015 ) $ — $ (197,934 ) General and administrative (15,210 ) Management fees (36,364 ) Performance participation allocation (111,934 ) Interest expense (96,209 ) Other expense, net 6,688 Net loss $ (174,676 ) Net loss attributable to non-controlling interests in consolidated joint ventures 319 Net loss attributable to non-controlling interests in Operating Partnership 1,235 Net loss attributable to stockholders $ (173,122 )

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	1 6 . Subsequent Events Financing On October 7, 2022, the Company refinanced $0.8 billion off of its variable rate revolving credit facility related to four investments.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 U.S. Securities and Exchange Commission (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 reclass unrealized gains and losses associated with the Company’s interest rate swaps and interest rate caps from “Interest expense” to “Other income (expense), net” for the three and nine months ended September 30, 2021 on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The Company has chosen to group “Hospitality revenue” within “Other revenue” and “Hospitality operating” within “Property operating” for the three and nine months ended September 30, 2021 on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Such reclassifications 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 profits interest based on certain return hurdles being achieved. Any profits interest due to the other partner is reported within non-controlling interests. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. The Operating Partnership is considered to be a VIE. The Company consolidates the Operating Partnership because it has the ability to direct the most significant activities of the entity such as purchases, dispositions, financings, budgets, and overall operating plans. 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.
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 the Company’s foreign investments held by entities with functional currencies other than the U.S. dollar are included in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Aggregate foreign currency transaction losses included in operations totaled ($54.7) million and ($93.6) million for the three and nine months ended September 30, 2022, respectively. Aggregate foreign currency transaction losses included in operations totaled ($11.4) million and ($16.8) million for the three and nine months ended September 30, 2021, respectively. These amounts are recorded as a component of Other income (expense), 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 or seniority), current market data, and estimated cash flows for each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available. Certain of the Company’s investments in real estate debt include loans secured by real estate, such as its term loans, which may not have readily available market quotations. In such cases, the Company will generally determine the initial value based on the origination amount or acquisition price of such investment if acquired by the Company or the par value of such investment if originated by the Company. Following the initial measurement, the Company will determine fair value by utilizing or reviewing certain of the following inputs (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value ratios and (vii) borrower financial condition and performance. The Company’s investments in equity securities of public real estate-related companies are reported at fair value and were recorded as a component of Other assets on the Company’s Condensed Consolidated Balance Sheets. As such, the resulting unrealized gains and losses are recorded as a component of Other income (expense), net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). During the three months ended September 30, 2022 and 2021, the Company recognized ($2.4) million of unrealized losses and ($1.3) million of unrealized losses on its investments in equity securities, respectively. During the nine months ended September 30, 2022 and 2021, the Company recognized ($44.7) million of unrealized losses and ($1.3) million of unrealized losses on its investments in equity securities, respectively. 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). The fair values of the Company’s foreign currency forward contracts are determined by comparing the contracted forward exchange rate to the current market exchange rate. The current market exchange rates are determined by using market spot rates, forward rates and interest rate curves for the underlying instruments. The fair values of the Company’s financial instruments (other than investments in real estate debt, mortgage notes, revolving credit facility, unsecured line of credit and derivative instruments), including cash and cash equivalents, restricted cash and other financial instruments, approximate their carrying or contract value. The fair value of the term loans approximates the initial par value because the loans are pre-payable at the option of the borrower at any time. We continuously monitor and assess credit quality of individual loans including the review of delinquency and loan-to-value ratios on the term loans. Such loans have floating interest rates with market terms and there are no underlying credit quality issues as of September 30, 2022. The following table details the Company ’ September 30, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 389,336 $ 1,287,210 $ 1,676,546 $ — $ 466,475 $ 487,602 $ 954,077 Equity securities 102,412 — — 102,412 172,236 — — 172,236 Derivatives — 994,592 — 994,592 — 194,053 — 194,053 Total $ 102,412 $ 1,383,928 $ 1,287,210 $ 2,773,550 $ 172,236 $ 660,528 $ 487,602 $ 1,320,366 Liabilities: Derivatives $ — $ 1,175 $ — $ 1,175 $ — $ 1,398 $ — $ 1,398 Total $ — $ 1,175 $ — $ 1,175 $ — $ 1,398 $ — $ 1,398 The following table details the Company ’ Investments in Real Estate Debt Balance as of December 31, 2021 $ 487,602 Origination and Purchases 956,877 Included in net loss Foreign exchange (157,269 ) Unrealized gain (loss) — Balance as of September 30, 2022 $ 1,287,210 The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): September 30, 2022 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in Real Estate Debt $ 1,287,210 Cost 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 rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company’s indebtedness are considered Level 3. As of September 30, 2022, the fair value of the Company’s mortgage notes, revolving credit facility and secured financings on investments in real estate debt
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 September 30, 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 a representative 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 representative 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 public offerings, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fees received and all or a portion of the stockholder servicing fees to such selected dealers. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share sold in the primary offering at the end of the month in which the total selling commissions, dealer manager fees and stockholder servicing fees paid with respect to the shares held by such stockholder within such account would exceed 8.75% (or, in the case of Class T shares sold through certain participating broker-dealers, a lower limit as set forth in any applicable agreement between the Dealer Manager and a participating broker-dealer) of the gross proceeds from the sale of such share (including the gross proceeds of any shares issued under the Company’s distribution reinvestment plan with respect thereto). The Company will accrue the full cost of the stockholder servicing fee as an offering cost at the time each Class T, Class S and Class D share is sold during the primary offering. As of September 30, 2022 and December 31, 2021, the Company had accrued $425.9 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 and nine months ended September 30, 2022, the Company recognized income tax expense of $2.0 million and $2.2 million, respectively, within Other income (expense), net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). For the three and nine months ended September 30, 2021, the Company recognized income tax expense of $0.1 million and $0.2 million, respectively, within Other income (expense), net on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). As of September 30, 2022 and December 31, 2021, the Company recorded a net deferred tax liability of $37.7 million primarily due to assumed capital gains from four 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.
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 London Interbank Offered Rate (“ Reference Rate Reform

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Assets And Liabilities Measured At Fair Value On Recurring Basis	The following table details the Company ’ September 30, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 389,336 $ 1,287,210 $ 1,676,546 $ — $ 466,475 $ 487,602 $ 954,077 Equity securities 102,412 — — 102,412 172,236 — — 172,236 Derivatives — 994,592 — 994,592 — 194,053 — 194,053 Total $ 102,412 $ 1,383,928 $ 1,287,210 $ 2,773,550 $ 172,236 $ 660,528 $ 487,602 $ 1,320,366 Liabilities: Derivatives $ — $ 1,175 $ — $ 1,175 $ — $ 1,398 $ — $ 1,398 Total $ — $ 1,175 $ — $ 1,175 $ — $ 1,398 $ — $ 1,398
Summary of Assets Measured At Fair Value On Recurring Basis	The following table details the Company ’ Investments in Real Estate Debt Balance as of December 31, 2021 $ 487,602 Origination and Purchases 956,877 Included in net loss Foreign exchange (157,269 ) Unrealized gain (loss) — Balance as of September 30, 2022 $ 1,287,210
Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value	The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): September 30, 2022 Fair Value Valuation Technique Unobservable Inputs Weighted Average Impact to Valuation from an Increase in Input Investments in Real Estate Debt $ 1,287,210 Cost 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 September 30, 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)	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): September 30, 2022 December 31, 2021 Building and building improvements $ 19,122,762 $ 14,450,074 Land and land improvements 3,530,758 2,733,505 Furniture, fixtures and equipment 326,560 264,557 Right of use asset - operating leases ( 1) 105,228 105,236 Total 23,085,308 17,553,372 Accumulated depreciation and amortization (840,694 ) (368,293 ) Investments in real estate, net $ 22,244,614 $ 17,185,079 (1)
Schedule of Details of Properties Acquired	The following table provides details of the properties acquired during the nine months ended September 30, 2022 ($ in thousands): Segments Number of Transactions Number of Properties Sq. Ft. (in millions)/Units Purchase Price (1) Multifamily 6 67 16,542 units $ 4,288,281 Single-Family Rental 8 N/A (2) 552 units 220,196 Industrial 6 61 7.50 sq. ft. 972,791 Office 1 1 0.34 sq. ft. 150,945 Self-Storage 1 1 0.09 sq. ft. 42,091 22 130 $ 5,674,304 (1) (2) Includes
Schedule of Purchase Price Allocation of Properties	The following table summarizes the purchase price allocation for the properties acquired during the nine months ended September 30, 2022 ($ in thousands): Amount Building and building improvements $ 4,678,123 Land and land improvements 816,318 Furniture, fixtures and equipment 58,225 In-place lease intangibles (1) 84,997 Above-market lease intangibles (1) 11,874 Below-market lease intangibles (1) (24,451 ) Other 6,723 Total purchase price (2) 5,631,809 Assumed mortgage notes (211,009 ) Non-controlling interests (13,430 ) Net purchase price $ 5,407,370 (1) 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 nine months ended September 30, 2022 were 8 years, 4 years and 10 years, respectively. ( 2 ) Purchase price excludes acquisition-related costs of $42.5 million.

Intangibles (Tables)

Intangibles (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2022 December 31, 2021 Intangible assets: (1) In-place lease intangibles $ 383,765 $ 448,447 Above-market lease intangibles 44,905 36,696 Other 43,299 43,653 Total intangible assets 471,969 528,796 Accumulated amortization: In-place lease amortization (155,306 ) (144,663 ) Above-market lease amortization (11,869 ) (7,718 ) Other (9,090 ) (7,300 ) Total accumulated amortization (176,265 ) (159,681 ) Intangible assets, net $ 295,704 $ 369,115 Intangible liabilities: (2) Below-market lease intangibles $ 86,565 $ 65,143 Total intangible liabilities 86,565 65,143 Accumulated amortization: Below-market lease amortization (15,627 ) (9,523 ) Total accumulated amortization (15,627 ) (9,523 ) Intangible liabilities, net $ 70,938 $ 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 September 30, 2022 is as follows ($ in thousands): In-place Lease Intangibles Above-market Lease Intangibles Other Below-market Lease Intangibles 2022 (remaining) $ 20,625 $ 1,736 $ 3,565 $ (3,435 ) 2023 49,329 7,049 5,613 (11,014 ) 2024 35,207 5,549 5,599 (9,321 ) 2025 26,683 4,180 5,192 (7,215 ) 2026 18,697 3,582 2,507 (6,301 ) Thereafter 77,918 10,940 11,733 (33,652 ) $ 228,459 $ 33,036 $ 34,209 $ (70,938 )

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2022 and December 31, 2021 ($ in thousands): September 30, 2022 Type of Security/Loan Number of Positions Weighted Average Coupon (1) Weighted Average Maturity Date (2) Cost Basis Fair Value CMBS - floating 8 L + 6.73% August 20, 2037 $ 408,917 $ 389,336 Total real estate debt securities 8 L + 6.73% August 20, 2037 408,917 389,336 Term loans 2 L + 4.96% December 19, 2026 1,461,417 1,287,210 Total investments in real estate debt 10 L + 5.34% April 19, 2029 $ 1,870,334 $ 1,676,546 December 31, 2021 Type of Security/Loan 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 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 includes one-month LIBOR, one-month Secured Overnight Financing Rate (“SOFR”), three-month Bank Bill Swap Bid Rate (“BBSY”), and Sterling Overnight Index Average (“SONIA”) as applicable to each security and loan. ( 2 ) Weighted average maturity date is based on the fully extended maturity date of the underlying collateral. The Company’s investments in real estate debt include CMBS collateralized by properties owned by Starwood Capital investment vehicles. The following table details the Company’s affiliate investments in real estate debt ($ in thousands): Fair Value September 30, 2022 December 31, 2021 CMBS $ 389,336 $ 295,465 Total $ 389,336 $ 295,465

Mortgage Notes and Revolving _2

Mortgage Notes and Revolving Credit Facility (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2022 December 31, 2021 Fixed rate loans Fixed rate mortgages 3.07% 12/14/2030 N/A $ 3,824,846 $ 3,110,689 Total fixed rate loans 3,824,846 3,110,689 Variable rate loans Floating rate mortgages L + 1.78% 9/8/2026 N/A 9,637,971 7,052,819 Variable rate revolving credit facility (4) L + 1.85% 12/1/2023 $ 1,200,000 992,960 1,190,683 Total variable rate loans 10,630,931 8,243,502 Total loans secured by the Company ʾ properties 14,455,777 11,354,191 Deferred financing costs, net (101,209 ) (80,410 ) (Discount) premium on assumed debt, net (6,255 ) 630 Mortgage notes and revolving credit facility, net $ 14,348,313 $ 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 prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties. ( 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 September 30, 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) $ 614,383 2023 1,285,742 2024 486,787 2025 881,587 2026 4,819,928 Thereafter 6,367,350 Total $ 14,455,777

Secured Financings On Investm_2

Secured Financings On Investments In Real Estate Debt (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2022 Indebtedness Weighted Average Maturity Date Weighted Average Coupon Collateral Assets ( 1) Outstanding Balance Barclays RA 2/26/2026 SONIA + 2.50% $ 401,868 $ 111,630 Syndicated RA 6/24/2027 BBSY + 2.65% 885,342 486,938 $ 1,287,210 $ 598,568 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)	9 Months Ended
	Sep. 30, 2022
Other Assets And Other Liabilities [Abstract]
Schedule of Components of Other Assets	The following table summarizes the components of Other assets ($ in thousands): September 30, 2022 December 31, 2021 Derivative instruments $ 994,592 $ 194,053 Intangible assets, net 295,704 369,115 Receivables 104,815 103,049 Equity securities 102,412 172,236 Prepaid expenses 28,944 15,871 Deferred financing costs, net 12,399 6,723 Interest receivable 5,884 5,337 Acquisition deposits — 13,422 Other 4,669 1,492 Total $ 1,549,419 $ 881,298
Schedule of Components of Other Liabilities	The following table summarizes the components of Other liabilities ($ in thousands): September 30, 2022 December 31, 2021 Real estate taxes payable $ 115,820 $ 53,423 Accounts payable and accrued expenses 90,542 89,625 Intangible liabilities, net 70,938 55,620 Accrued interest expense 49,540 16,399 Tenant security deposits 50,349 36,509 Distributions payable 49,864 32,696 Deferred tax liability 38,182 8,599 Right of use liability - operating leases 12,463 12,499 Deferred income 9,183 7,467 Derivative instruments 1,175 1,398 Other 26,040 25,271 Total $ 514,096 $ 339,506

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Outstanding Interest Rate Derivatives Non-Designated Hedges of Interest Rate Risk	The following tables detail the Company’s outstanding interest rate derivatives that were non-designated hedges of interest rate risk (notional amounts in thousands): September 30, 2022 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Strike Index Weighted Average Maturity (Years) Interest Rate Caps - Property debt 43 $ 9,109,658 1.1% LIBOR, SOFR 3.2 Interest Rate Caps - Property debt 3 € 157,296 1.2% EURIBOR 2.0 Interest Rate Caps - Property debt 1 Dkr. 301,500 1.0% CIBOR 3.9 Interest Rate Swaps - Property debt 2 $ 260,548 0.8% LIBOR 2.6 Interest Rate Swaps - Property debt 1 € 63,000 1.7% EURIBOR 4.8 Interest Rate Swaps - Property debt 1 kr 576,633 2.4% NIBOR 5.2 December 31, 2021 Interest Rate Derivatives Number of Instruments Notional Amount Weighted Average Strike Index Weighted Average Maturity (Years) Interest Rate Caps - Property debt 19 $ 6,297,224 0.8% LIBOR, SOFR 4.5 Interest Rate Caps - Property debt 2 € 88,040 1.3% EURIBOR 2.4 Interest Rate Caps - Property debt 1 Dkr. 301,500 1.0% CIBOR 4.7 Interest Rate Swaps - Property debt 2 $ 256,783 0.8% LIBOR 3.6
Summary of Outstanding Foreign Currency Forward Contracts Non-Designated Hedges of Foreign Currency Risk	The following table details the Company’s outstanding foreign currency forward contracts that were non-designated hedges of foreign currency risk (notional amounts in thousands): September 30, 2022 December 31, 2021 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD/Sell EUR Forward 36 € 548,127 5 € 232,076 Buy USD/Sell DKK Forward 12 Dkr. 1,513,100 6 Dkr. 289,700 Buy USD/Sell AUD Forward 12 AUD 676,700 — — Buy USD/Sell NOK Forward 6 kr 813,000 — — Buy USD/Sell GBP Forward 3 £ 264,915 2 £ 165,861
Summary of Fair Value of Derivative Financial Instruments	The following table details the fair value of the Company’s derivative financial instruments ($ in thousands): Fair Value of Derivatives in an Asset (1) Fair Value of Derivatives in a Liability (2) September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Interest rate derivatives $ 863,411 $ 185,738 $ — $ — Foreign currency forward contracts 131,181 8,315 1,175 1,398 Total Derivatives $ 994,592 $ 194,053 $ 1,175 $ 1,398 (1) Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets. (2) Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets.
Summary of Effect of Derivate Financial Instruments On Condensed Consolidated Statements of Operations	The following table details the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations ($ in thousands): Three Months Ended September 30, Type of Derivative Net Realized/Unrealized Gain (Loss) Location of Gain Recognized in Net Income (Loss) 2022 2021 Interest Rate Caps - Property debt Unrealized gain (1) $ 225,871 $ 2,343 Interest Rate Swaps - Property debt Unrealized gain (1) 11,506 384 Foreign Currency Forward Contracts Unrealized gain (1) 100,837 12,947 Foreign Currency Forward Contracts Realized gain (1) 36,723 276 Interest Rate Swap - Investments in real estate debt Realized gain (1) 10,984 1,353 $ 385,921 $ 17,303 Nine Months Ended September 30, Type of Derivative Net Realized/Unrealized Gain (Loss) Location of Gain Recognized in Net Income (Loss) 2022 2021 Interest Rate Caps - Property debt Unrealized gain (1) $ 559,499 $ 3,001 Interest Rate Swaps - Property debt Unrealized gain (1) 26,050 4,214 Foreign Currency Forward Contracts Unrealized gain (1) 163,480 14,298 Foreign Currency Forward Contracts Realized gain (1) 46,040 276 Interest Rate Swap - Investments in real estate debt Realized gain (1) 10,984 1,353 $ 806,053 $ 23,142 (1)

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interests (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of Company's Authorized Capital	As of September 30, 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: Nine months ended September 30, 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 1,026,845 73,624,501 9,460,160 96,393,798 180,505,304 Distribution reinvestment plan shares issued 92,182 2,675,418 530,395 2,638,974 5,936,969 Common stock shares repurchased (30,885 ) (6,396,590 ) (156,066 ) (14,251,865 ) (20,835,406 ) September 30, 2022 5,736,578 224,284,365 31,976,788 248,405,407 510,403,138
Schedule of Aggregate Distributions Declared for Each Class of Common Stock	The following table details the aggregate distributions declared for each applicable class of common stock for the nine months ended September 30, 2022: Class T Class S Class D Class I Gross distributions declared per share of common stock $ 0.9315 $ 0.9315 $ 0.9315 $ 0.9315 Stockholder servicing fee per share of common stock (0.1728 ) (0.1727 ) (0.0501 ) — Net distributions declared per share of common stock $ 0.7587 $ 0.7588 $ 0.8814 $ 0.9315
Schedule of Redeemable Noncontrolling Interest Activity	The following table details the Redeemable non-controlling interests activity related to the Special Limited Partner and third-party Operating Partnership unitholders for the nine months ended September 30, 2022 ($ in thousands): Special Limited Partner September 30, 2022 Third-party Operating Partnership unitholders September 30, 2022 Total September 30, 2022 Balance at the beginning of the year $ 30,502 $ — $ 30,502 Settlement of performance participation allocation 204,225 — 204,225 Issuance of SREIT OP units as consideration for acquisitions of real estate — 190,459 190,459 GAAP income (loss) allocation 949 487 1,436 Distributions (8,429 ) (4,175 ) (12,604 ) Fair value allocation 22,796 11,290 34,086 Ending balance $ 250,043 $ 198,061 $ 448,104 The following table details the Redeemable non-controlling interests activity related to the Special Limited Partner and third-party Operating Partnership unitholders for the nine months ended September 30, 2021 ($ in thousands): Special Limited Partner September 30, 2021 Third-party Operating Partnership unitholders September 30, 2021 Total September 30, 2021 Balance at the beginning of the year $ 10,409 $ — $ 10,409 Settlement of performance participation allocation 15,061 — 15,061 GAAP income (loss) allocation (1,235 ) — (1,235 ) Distributions (1,095 ) — (1,095 ) Fair value allocation 5,556 — 5,556 Ending balance $ 28,696 $ — $ 28,696

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Summary of Components of Due to Affiliates	The following table details the components of Due to affiliates ($ in thousands): September 30, 2022 December 31, 2021 Accrued stockholder servicing fee $ 425,949 $ 291,544 Performance participation allocation 175,776 204,225 Advanced organization and offering costs 3,260 4,373 Accrued management fee 15,448 9,628 Accrued affiliate service provider expenses 2,095 843 Advanced operating expenses 4,212 2,655 Total $ 626,740 $ 513,268

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2022 ($ in thousands): Operating Leases 2022 (remaining) $ 170 2023 686 2024 686 2025 712 2026 714 Thereafter 26,497 Total undiscounted future lease payments 29,465 Difference between undiscounted cash flows and discounted cash flows (17,002 ) Total lease liability $ 12,463
Summary of Fixed and Variable Components of Operating Leases	The following table summarizes the fixed and variable components of the Company’s operating leases ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Fixed lease payments $ 376,684 $ 136,247 990,525 $ 325,242 Variable lease payments 39,638 15,960 105,902 41,308 Rental revenue $ 416,322 $ 152,207 $ 1,096,427 $ 366,550
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 September 30, 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) $ 69,797 2023 276,289 2024 251,316 2025 221,117 2026 188,775 Thereafter 664,046 Total $ 1,671,340

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Summary of Total Assets by Segment	The following table sets forth the total assets by segment ($ in thousands): September 30, 2022 December 31, 2021 Multifamily properties $ 16,775,079 $ 12,225,256 Single-family rental properties 1,344,480 1,150,987 Industrial properties 3,189,039 2,145,163 Office properties 1,692,713 1,599,774 Self-storage properties 368,929 331,024 Investments in real estate debt 1,676,546 954,077 Other properties 1,226,288 764,714 Other (Corporate) 886,645 800,436 Total assets $ 27,159,719 $ 19,971,431
Summary of Financial Results by Segment	The following table sets forth the financial results by segment for the three months ended September 30, 2022 ($ in thousands): Multifamily Single- Family Rental Industrial Office Self- Storage Other Investments in Real Estate Debt Total Revenues: Rental revenue $ 292,886 $ 19,516 $ 50,576 $ 37,307 $ 7,019 $ 9,018 $ — $ 416,322 Other revenue 3,191 — 23 98 — 11,132 — 14,444 Total revenues 296,077 19,516 50,599 37,405 7,019 20,150 — 430,766 Expenses: Property operating 129,889 9,757 12,060 14,516 2,677 9,788 — 178,687 Total segment expenses 129,889 9,757 12,060 14,516 2,677 9,788 — 178,687 Income from unconsolidated real estate ventures — — — — — 11,054 — 11,054 Income from investments in real estate debt — — — — — — 63,290 63,290 Segment net operating income $ 166,188 $ 9,759 $ 38,539 $ 22,889 $ 4,342 $ 21,416 $ 63,290 $ 326,423 Depreciation and amortization $ (156,634 ) $ (8,839 ) $ (27,498 ) $ (16,598 ) $ (2,056 ) $ (7,380 ) $ — $ (219,005 ) General and administrative (11,549 ) Management fees (45,697 ) Performance participation allocation (36,306 ) Interest expense (120,621 ) Other income, net 241,102 Net income $ 134,347 Net (income) attributable to non-controlling interests in consolidated joint ventures (1,390 ) Net (income) attributable to non-controlling interests in Operating Partnership (4,282 ) Net income attributable to stockholders $ 128,675 The following table sets forth the financial results by segment for the three months ended September 30, 2021 ($ in thousands): Multifamily Industrial Office Other Investments in Real Estate Debt Total Revenues: Rental revenue $ 89,742 $ 29,261 $ 29,272 $ 3,932 $ — $ 152,207 Other revenue 654 — 106 9,468 — 10,228 Total revenues 90,396 29,261 29,378 13,400 — 162,435 Expenses: Property operating 40,032 7,169 10,223 7,343 — 64,767 Total segment expenses 40,032 7,169 10,223 7,343 — 64,767 Loss from unconsolidated real estate ventures — — — (447 ) — (447 ) Income from investments in real estate debt — — — — 19,268 19,268 Segment net operating income $ 50,364 $ 22,092 $ 19,155 $ 5,610 $ 19,268 $ 116,489 Depreciation and amortization $ (44,908 ) $ (17,560 ) $ (15,546 ) $ (4,439 ) $ — $ (82,453 ) General and administrative (6,588 ) Management fees (17,653 ) Performance participation allocation (79,552 ) Interest expense (41,614 ) Other expense, net 1,278 Net loss $ (110,093 ) Net loss attributable to non-controlling interests in consolidated joint ventures 176 Net loss attributable to non-controlling interests in Operating Partnership 665 Net loss attributable to stockholders $ (109,252 ) The following table sets forth the financial results by segment for the nine months ended September 30, 2022 ($ in thousands): Multifamily Single- Family Rental Industrial Office Self- Storage Other Investments in Real Estate Debt Total Revenues: Rental revenue $ 764,712 $ 53,677 $ 128,276 $ 101,842 $ 19,729 $ 28,191 $ — $ 1,096,427 Other revenue 9,067 — 46 300 — 34,779 — 44,192 Total revenues 773,779 53,677 128,322 102,142 19,729 62,970 — 1,140,619 Expenses: Property operating 330,517 24,378 33,009 39,600 7,310 29,291 — 464,105 Total segment expenses 330,517 24,378 33,009 39,600 7,310 29,291 — 464,105 Income from unconsolidated real estate ventures — — — — — 11,774 — 11,774 Income from investments in real estate debt — — — — — — 99,634 99,634 Segment net operating income $ 443,262 $ 29,299 $ 95,313 $ 62,542 $ 12,419 $ 45,453 $ 99,634 $ 787,922 Depreciation and amortization $ (461,799 ) $ (35,051 ) $ (73,165 ) $ (48,823 ) $ (8,014 ) $ (22,495 ) $ — $ (649,347 ) General and administrative (32,974 ) Management fees (122,081 ) Performance participation allocation (175,776 ) Interest expense (306,743 ) Other income, net 555,352 Net income $ 56,353 Net (income) attributable to non-controlling interests in consolidated joint ventures (2,745 ) Net (income) attributable to non-controlling interests in Operating Partnership (1,436 ) Net income attributable to stockholders $ 52,172 The following table sets forth the financial results by segment for the nine months ended September 30, 2021 ($ in thousands): Multifamily Industrial Office Other Investments in Real Estate Debt Total Revenues: Rental revenue $ 202,402 $ 61,260 $ 91,505 $ 11,383 $ — $ 366,550 Other revenue 1,872 — 230 25,108 — 27,210 Total revenues 204,274 61,260 91,735 36,491 — 393,760 Expenses: Property operating 86,839 15,960 32,352 19,772 — 154,923 Total segment expenses 86,839 15,960 32,352 19,772 — 154,923 Loss from unconsolidated real estate ventures — — — (448 ) — (448 ) Income from investments in real estate debt — — — — 37,898 37,898 Segment net operating income $ 117,435 $ 45,300 $ 59,383 $ 16,271 $ 37,898 $ 276,287 Depreciation and amortization $ (102,176 ) $ (36,470 ) $ (46,273 ) $ (13,015 ) $ — $ (197,934 ) General and administrative (15,210 ) Management fees (36,364 ) Performance participation allocation (111,934 ) Interest expense (96,209 ) Other expense, net 6,688 Net loss $ (174,676 ) Net loss attributable to non-controlling interests in consolidated joint ventures 319 Net loss attributable to non-controlling interests in Operating Partnership 1,235 Net loss attributable to stockholders $ (173,122 )

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022 USD ($) Property Position Segment	Aug. 10, 2022 USD ($)	Dec. 31, 2021 Position	Jun. 02, 2021 USD ($)	Dec. 27, 2017 USD ($)
Organization And Business Activities [Line Items]
Number of real estate related securities position | Position	10		56
Number of reportable segments | Segment	7
Proceeds ,issuance of shares of common stock	$ 12,300,000,000
Second Public Offering
Organization And Business Activities [Line Items]
Common stock, shares registered, amount				$ 10,000,000,000
Third Public Offering
Organization And Business Activities [Line Items]
Common stock, shares registered, amount		$ 18,000,000,000
Common stock, shares authorized, amount		16,000,000,000
Primary Offering
Organization And Business Activities [Line Items]
Common stock, shares registered, amount					$ 5,000,000,000
Distribution Reinvestment Plan
Organization And Business Activities [Line Items]
Common stock, shares authorized, amount		$ 2,000,000,000
Real Estate Properties
Organization And Business Activities [Line Items]
Number of properties owned | Property	518
Single Family Rental Homes
Organization And Business Activities [Line Items]
Number of properties owned | Property	3,146

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2019
Significant Accounting Policies [Line Items]
Foreign currency translation and transaction losses	$ (54,700)	$ (11,400)	$ (93,600)	$ (16,800)
Secured financings on investments in real estate debt of fair value below outstanding principal balance	207,500		207,500
Organization and offering expenses	$ 626,740		$ 626,740		$ 513,268
Minimum REIT distribution percentage	90%		90%
Income tax (benefit) expense	$ 2,000	100	$ 2,200	200
European Investments
Significant Accounting Policies [Line Items]
Deferred tax liability	$ 37,700		$ 37,700		$ 8,600
Class S Shares
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.85%		0.85%		0.85%
Class T Shares
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.85%		0.85%		0.85%
Class D Shares
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.25%		0.25%		0.25%
Common Stock Class T, Class S and Class D | Due to Affiliates
Significant Accounting Policies [Line Items]
Stockholder servicing fees accrued	$ 425,900		$ 425,900		$ 291,500
Advanced Organization And Offering Costs
Significant Accounting Policies [Line Items]
Organization and offering expenses	3,260		$ 3,260		$ 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		$ 7,300
Dealer Manager | Class T Shares
Significant Accounting Policies [Line Items]
Upfront dealer manager fee percentage	0.50%		0.50%
Dealer stockholder servicing fee percentage			0.20%
Annual stockholder servicing fee percentage	0.85%		0.85%
Dealer Manager | Class D Shares
Significant Accounting Policies [Line Items]
Upfront dealer manager fee percentage	0%		0%
Annual stockholder servicing fee percentage	0.25%		0.25%
Dealer Manager | Class S Share And T Shares
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0.85%		0.85%
Dealer Manager | Class I Shares
Significant Accounting Policies [Line Items]
Annual stockholder servicing fee percentage	0%		0%
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%
Other Income (Expense)
Significant Accounting Policies [Line Items]
Unrealized losses on investments	$ (2,400)	$ (1,300)	$ (44,700)	$ (1,300)
Maximum | Class S Shares
Significant Accounting Policies [Line Items]
Upfront selling commissions and dealer manager fee percentage	3.50%		3.50%		3.50%
Maximum | Class T Shares
Significant Accounting Policies [Line Items]
Upfront selling commissions and dealer manager fee percentage	3.50%		3.50%		3.50%
Maximum | Class D Shares
Significant Accounting Policies [Line Items]
Upfront selling commissions and dealer manager fee percentage	1.50%		1.50%		1.50%
Maximum | Dealer Manager | Class S Shares
Significant Accounting Policies [Line Items]
Upfront selling commissions percentage	3.50%		3.50%
Maximum | Dealer Manager | Class T Shares
Significant Accounting Policies [Line Items]
Upfront selling commissions percentage	3%		3%
Upfront selling commissions and dealer manager fee percentage	3.50%		3.50%
Maximum | Dealer Manager | Class D Shares
Significant Accounting Policies [Line Items]
Upfront selling commissions percentage	1.50%		1.50%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Assets And Liabilities Measured At Fair Value On Recurring Basis (Details) - Fair Value, Recurring Basis - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 2,773,550	$ 1,320,366
Liabilities	1,175	1,398
Fair Value, Inputs, Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	102,412	172,236
Fair Value, Inputs, Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	1,383,928	660,528
Liabilities	1,175	1,398
Fair Value, Inputs, Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	1,287,210	487,602
Investments in Real Estate Debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	1,676,546	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	389,336	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	1,287,210	487,602
Equity Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	102,412	172,236
Equity Securities | Fair Value, Inputs, Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	102,412	172,236
Derivatives
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	994,592	194,053
Liabilities	1,175	1,398
Derivatives | Fair Value, Inputs, Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	994,592	194,053
Liabilities	$ 1,175	$ 1,398

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Assets Measured At Fair Value On Recurring Basis (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Balance as of December 31, 2021	$ 954,077
Included in net loss
Balance as of September 30, 2022	1,676,546
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
Origination and Purchases	956,877
Included in net loss
Foreign exchange	(157,269)
Balance as of September 30, 2022	$ 1,287,210

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 1,676,546	$ 954,077
Unobservable Inputs	1,870,334	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	$ 1,287,210	$ 487,602

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Schedule of Selling Commissions, Dealer Manager Fees And Stockholder Servicing (Details)	Sep. 30, 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		Sep. 30, 2022	Dec. 31, 2021
Real Estate Investment Property Net [Abstract]
Building and building improvements		$ 19,122,762	$ 14,450,074
Land and land improvements		3,530,758	2,733,505
Furniture, fixtures and equipment		326,560	264,557
Right of use asset - operating leases	[1]	105,228	105,236
Total		23,085,308	17,553,372
Accumulated depreciation and amortization		(840,694)	(368,293)
Investments in real estate, net		$ 22,244,614	$ 17,185,079
[1]Refer to Note 14 for additional details on the Company’s leases.

Investments - Additional Inform

Investments - Additional Information (Details) $ in Thousands			3 Months Ended		9 Months Ended
	Jul. 29, 2022	Mar. 13, 2019	Sep. 30, 2022 USD ($) Property	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Property	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) Property
Real Estate Properties [Line Items]
Number of acquired real estate properties			130		130		244
Investment in joint venture | $			$ 486,198		$ 486,198		$ 10,422
Income (loss) from Unconsolidated Real Estate Ventures | $					11,774	$ (448)
ES Venture
Real Estate Properties [Line Items]
Percentage of ownership interest in joint venture	45%
Investment in joint venture | $			475,800		475,800
Income (loss) from Unconsolidated Real Estate Ventures | $			11,400		11,400
Fort Lauderdale Hotel
Real Estate Properties [Line Items]
Percentage of ownership interest in joint venture		43%
Investment in joint venture | $			10,400		10,400		$ 10,400
Income (loss) from Unconsolidated Real Estate Ventures | $			$ (300)	$ (400)	$ 400	$ (400)
Multifamily
Real Estate Properties [Line Items]
Number of acquired real estate properties			67		67		151
Industrial Assets
Real Estate Properties [Line Items]
Number of acquired real estate properties			61		61		60
Office Buildings
Real Estate Properties [Line Items]
Number of acquired real estate properties			1		1		5
Self-Storage Properties
Real Estate Properties [Line Items]
Number of acquired real estate properties			1		1		25
Single Family Rental Homes
Real Estate Properties [Line Items]
Number of acquired real estate properties			552		552		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	9 Months Ended
	Sep. 30, 2022 USD ($) ft² Property Transaction Unit
Real Estate Properties [Line Items]
Number of Transactions | Transaction	22
Number of Properties | Property	130
Purchase Price | $	$ 5,674,304	[1]
Multifamily
Real Estate Properties [Line Items]
Number of Transactions | Transaction	6
Number of Properties | Property	67
Sq. Ft. (in millions)/Units | Unit	16,542
Purchase Price | $	$ 4,288,281	[1]
Single Family Rental Homes
Real Estate Properties [Line Items]
Number of Transactions | Transaction	8
Sq. Ft. (in millions)/Units | Unit	552
Purchase Price | $	$ 220,196	[1]
Industrial Assets
Real Estate Properties [Line Items]
Number of Transactions | Transaction	6
Number of Properties | Property	61
Sq. Ft. (in thousands)/Units | ft²	7,500,000
Purchase Price | $	$ 972,791	[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]
Office Buildings
Real Estate Properties [Line Items]
Number of Transactions | Transaction	1
Number of Properties | Property	1
Sq. Ft. (in thousands)/Units | ft²	340,000
Purchase Price | $	$ 150,945	[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	Sep. 30, 2022	Dec. 31, 2021
Real Estate Properties [Line Items]
Number of acquired real estate properties	130	244
Single Family Rental Homes
Real Estate Properties [Line Items]
Number of acquired real estate properties	552	2,595
Single Family Rental Homes | 95% Interest
Real Estate Properties [Line Items]
Number of acquired real estate properties	552

Investments - Schedule of Purch

Investments - Schedule of Purchase Price Allocation of Properties (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Real Estate Investment Property Net [Abstract]
Building and building improvements	$ 4,678,123
Land and land improvements	816,318
Furniture, fixtures and equipment	58,225
In-place lease intangibles	84,997
Above-market lease intangibles	11,874
Below-market lease intangibles	(24,451)
Other	6,723
Total purchase price	5,631,809	[1]
Assumed mortgage notes	(211,009)
Non-controlling interests	(13,430)
Net purchase price	$ 5,407,370
[1]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 nine months ended September 30, 2022 were 8 years, 4 years and 10 years, respectively.

Investments - Schedule of Pur_2

Investments - Schedule of Purchase Price Allocation of Properties (Details) (Parenthetical) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Real Estate Properties [Line Items]
Acquisition related costs	$ 42.5
In-place Lease Intangibles
Real Estate Properties [Line Items]
Weighted-average amortization period	4 years
Above Market Leases Intangibles
Real Estate Properties [Line Items]
Weighted-average amortization period	8 years
Below Market Leases Intangibles
Real Estate Properties [Line Items]
Weighted-average amortization period	10 years

Intangibles - Summary of Gross

Intangibles - Summary of Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Intangible assets:
Total intangible assets, gross	$ 471,969	$ 528,796
Total accumulated amortization	(176,265)	(159,681)
Intangible assets, net	295,704	369,115
Intangible liabilities:
Below-market lease intangibles	86,565	65,143
Total intangible liabilities	86,565	65,143
Below-market lease amortization	(15,627)	(9,523)
Total accumulated amortization	(15,627)	(9,523)
Intangible liabilities, net	70,938	55,620
In-place Lease Intangibles
Intangible assets:
Total intangible assets, gross	383,765	448,447
Total accumulated amortization	(155,306)	(144,663)
Intangible assets, net	228,459
Above Market Leases Intangibles
Intangible assets:
Total intangible assets, gross	44,905	36,696
Total accumulated amortization	(11,869)	(7,718)
Intangible assets, net	33,036
Other
Intangible assets:
Total intangible assets, gross	43,299	43,653
Total accumulated amortization	(9,090)	$ (7,300)
Intangible assets, net	$ 34,209

Intangibles - Summary of Estima

Intangibles - Summary of Estimated Future Amortization on Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Intangible assets, net	$ 295,704	$ 369,115
In-place Lease Intangibles
Finite Lived Intangible Assets [Line Items]
2022 (remaining)	20,625
2023	49,329
2024	35,207
2025	26,683
2026	18,697
Thereafter	77,918
Intangible assets, net	228,459
Above Market Leases Intangibles
Finite Lived Intangible Assets [Line Items]
2022 (remaining)	1,736
2023	7,049
2024	5,549
2025	4,180
2026	3,582
Thereafter	10,940
Intangible assets, net	33,036
Other
Finite Lived Intangible Assets [Line Items]
2022 (remaining)	3,565
2023	5,613
2024	5,599
2025	5,192
2026	2,507
Thereafter	11,733
Intangible assets, net	34,209
Below Market Leases Intangibles
Below-market Lease Intangibles
2022 (remaining)	(3,435)
2023	(11,014)
2024	(9,321)
2025	(7,215)
2026	(6,301)
Thereafter	(33,652)
Intangible liabilities, net	$ (70,938)

Investments in Real Estate De_3

Investments in Real Estate Debt - Summary of Investments in Real Estate Debt (Details) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2022 USD ($) Position	Dec. 31, 2021 USD ($) Position
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		10	56
Weighted Average Coupon	[1]	L + 5.34%
Weighted Average Coupon	[1]		4.41%
Weighted Average Maturity Date	[2]	Apr. 19, 2029	Apr. 08, 2033
Cost Basis		$ 1,870,334	$ 969,590
Investments in real estate debt		$ 1,676,546	$ 954,077
CMBS - floating, August 20, 2037
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		8
Weighted Average Coupon	[1]	L + 6.73%
Weighted Average Maturity Date	[2]	Aug. 20, 2037
Cost Basis		$ 408,917
Investments in real estate debt		$ 389,336
Real Estate Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		8	55
Weighted Average Coupon	[1]	L + 6.73%
Weighted Average Coupon	[1]		3.34%
Weighted Average Maturity Date	[2]	Aug. 20, 2037	Jan. 05, 2041
Cost Basis		$ 408,917	$ 465,050
Investments in real estate debt		$ 389,336	$ 466,475
Term Loan
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position		2	1
Weighted Average Coupon	[1]	L + 4.96%	L + 5.35%
Weighted Average Maturity Date	[2]	Dec. 19, 2026	Feb. 26, 2026
Cost Basis		$ 1,461,417	$ 504,540
Investments in real estate debt		$ 1,287,210	$ 487,602
RMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position			50
Weighted Average Coupon	[1]		3.07%
Weighted Average Maturity Date	[2]		Jul. 09, 2045
Cost Basis			$ 165,600
Investments in real estate debt			$ 168,309
CMBS - floating, July 15, 2038
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position			4
Weighted Average Coupon	[1]		L + 3.46%
Weighted Average Maturity Date	[2]		Jul. 15, 2038
Cost Basis			$ 296,928
Investments in real estate debt			$ 295,465
CMBS - fixed
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Number of Positions | Position			1
Weighted Average Coupon	[1]		6.26%
Weighted Average Maturity Date	[2]		Jul. 25, 2039
Cost Basis			$ 2,522
Investments in real estate debt			$ 2,701
[1]The term “L” refers to the relevant benchmark rates, which includes one-month LIBOR, one-month Secured Overnight Financing Rate (“SOFR”), three-month Bank Bill Swap Bid Rate (“BBSY”), and Sterling Overnight Index Average (“SONIA”) as applicable to each security and loan.[2]Weighted average maturity date is based on the fully extended maturity date of the underlying collateral.

Investments in Real Estate De_4

Investments in Real Estate Debt - Summary of Investments in Real Estate Debt (Parenthetical) (Details) $ in Thousands, £ in Millions, $ in Millions		Jun. 21, 2022 AUD ($)	Feb. 26, 2021 GBP (£)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Mortgage notes and revolving credit facility, net	[1]			$ 14,348,313	$ 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
AUSTRALIA
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Mortgage notes and revolving credit facility, net		$ 1,377
Debt instrument, term		5 years
[1]The majority of the Company’s mortgages contain prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties.

Investments in Real Estate De_5

Investments in Real Estate Debt - Summary of Affiliate Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Investments in real estate debt	$ 1,676,546	$ 954,077
Affiliated Entity
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Investments in real estate debt	389,336	295,465
Affiliated Entity | CMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Investments in real estate debt	$ 389,336	$ 295,465

Investments in Real Estate De_6

Investments in Real Estate Debt - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule Of Investments [Abstract]
Unrealized gains on investments in real estate debt	$ 2,800,000
Unrealized losses on investments in real estate debt		$ (4,600,000)	$ (22,600,000)	$ (6,200,000)
Realized losses investments in real estate debt securities	$ (7,600,000)	$ 0	$ (7,600,000)	$ 0

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		9 Months Ended
		Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal Balance Outstanding	[1]	$ 14,455,777	$ 11,354,191
Deferred financing costs, net	[1]	(101,209)	(80,410)
(Discount) premium on assumed debt, net	[1]	(6,255)	630
Mortgage notes and revolving credit facility, net	[1]	14,348,313	11,274,411
Fixed Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	[1]	3,824,846	3,110,689
Variable Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	[1]	10,630,931	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]	$ 992,960	1,190,683
Variable Rate Revolving Credit Facilities | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	[2],[3]	Dec. 01, 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%
Debt instrument, interest rate description	[2],[4]	L + 1.85%
Fixed Rate Mortgages | Fixed Rate Loans
Debt Instrument [Line Items]
Weighted Average Interest Rate	[4]	3.07%
Principal Balance Outstanding	[1]	$ 3,824,846	3,110,689
Fixed Rate Mortgages | Fixed Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	[3]	Dec. 14, 2030
Floating Rate Mortgages | Variable Rate Loans
Debt Instrument [Line Items]
Principal Balance Outstanding	[1]	$ 9,637,971	$ 7,052,819
Floating Rate Mortgages | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity Date	[3]	Sep. 08, 2026
Floating Rate Mortgages | One-Month LIBOR | Variable Rate Loans | Weighted Average
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	[4]	1.78%
Debt instrument, interest rate description	[4]	L + 1.78%
[1]The majority of the Company’s mortgages contain prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties.[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 includes one-month LIBOR, one-month SOFR, Federal Reserve Bank of New York (“NYFED”) 30 day SOFR, three-month Euro Interbank Offered Rate (“EURIBOR”) and three-month Copenhagen Interbank Offered Rate (“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		Sep. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2022 (remaining)		$ 614,383
2023		1,285,742
2024		486,787
2025		881,587
2026		4,819,928
Thereafter		6,367,350
Total	[1]	$ 14,455,777	$ 11,354,191
[1]The majority of the Company’s mortgages contain prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties.

Mortgage Notes and Revolving _5

Mortgage Notes and Revolving Credit Facility - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
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		9 Months Ended	12 Months Ended
		Sep. 30, 2022	Dec. 31, 2021
Secured Financings On Investments In Real Estate Debt [Line Items]
Outstanding Balance		$ 598,568	$ 268,181
Asset Pledged as Collateral with Right | Securities Sold under Agreements to Repurchase
Secured Financings On Investments In Real Estate Debt [Line Items]
Collateral Assets	[1]	$ 1,287,210	$ 487,602
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%
Outstanding Balance		$ 111,630	$ 268,181
Barclays RA | Asset Pledged as Collateral with Right | Securities Sold under Agreements to Repurchase
Secured Financings On Investments In Real Estate Debt [Line Items]
Collateral Assets	[1]	$ 401,868	$ 487,602
Syndicated RA
Secured Financings On Investments In Real Estate Debt [Line Items]
Weighted Average Maturity Date		Jun. 24, 2027
Weighted Average Coupon		BBSY + 2.65%
Outstanding Balance		$ 486,938
Syndicated RA | Asset Pledged as Collateral with Right | Securities Sold under Agreements to Repurchase
Secured Financings On Investments In Real Estate Debt [Line Items]
Collateral Assets	[1]	$ 885,342
[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	1 Months Ended	9 Months Ended
	Jul. 31, 2021	Sep. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Uncommitted line of credit	$ 100,000
Increase in borrowing capacity	$ 450,000
Line of Credit Facility, Expiration Date		May 11, 2024
Line of Credit Facility, Description		The Line of Credit expires on May 11, 2024, 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 SOFR plus 2.5%.
Line of Credit Facility, Interest Rate Description		one-month U.S. dollar-denominated SOFR plus 2.5%
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	Sep. 30, 2022	Dec. 31, 2021
Other Assets [Abstract]
Derivative instruments	$ 994,592	$ 194,053
Intangible assets, net	295,704	369,115
Receivables	104,815	103,049
Equity securities	102,412	172,236
Prepaid expenses	28,944	15,871
Deferred financing costs, net	12,399	6,723
Interest receivable	5,884	5,337
Acquisition deposits		13,422
Other	4,669	1,492
Total	$ 1,549,419	$ 881,298

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Schedule of Components of Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Real estate taxes payable	$ 115,820	$ 53,423
Accounts payable and accrued expenses	90,542	89,625
Intangible liabilities, net	70,938	55,620
Accrued interest expense	49,540	16,399
Tenant security deposits	50,349	36,509
Distributions payable	49,864	32,696
Deferred tax liability	38,182	8,599
Right of use liability - operating leases	12,463	12,499
Deferred income	9,183	7,467
Derivative instruments	1,175	1,398
Other	26,040	25,271
Total	$ 514,096	$ 339,506

Derivatives - Summary of Outsta

Derivatives - Summary of Outstanding Interest Rate Derivatives Non-Designated Hedges of Interest Rate Risk (Details) - Non-Designated Hedges [Member] € in Thousands, kr in Thousands, kr in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) Instrument	Dec. 31, 2021 USD ($) Instrument	Sep. 30, 2022 EUR (€) Instrument	Sep. 30, 2022 DKK (kr) Instrument	Sep. 30, 2022 NOK (kr) Instrument	Dec. 31, 2021 EUR (€) Instrument	Dec. 31, 2021 DKK (kr) Instrument
LIBOR, SOFR
Derivative [Line Items]
Number of Instruments	43	19	43	43	43	19	19
Notional Amount | $	$ 9,109,658	$ 6,297,224
Weighted Average Strike	1.10%	0.80%
Weighted Average Maturity (Years)	3 years 2 months 12 days	4 years 6 months
EURIBOR
Derivative [Line Items]
Number of Instruments	3	2	3	3	3	2	2
Notional Amount | €			€ 157,296			€ 88,040
Weighted Average Strike	1.20%	1.30%
Weighted Average Maturity (Years)	2 years	2 years 4 months 24 days
EURIBOR | Interest Rate Swap
Derivative [Line Items]
Number of Instruments	1		1	1	1
Notional Amount | €			€ 63,000
Weighted Average Strike	1.70%
Weighted Average Maturity (Years)	4 years 9 months 18 days
CIBOR
Derivative [Line Items]
Number of Instruments	1	1	1	1	1	1	1
Notional Amount | kr				kr 301,500			kr 301,500
Weighted Average Strike	1%	1%
Weighted Average Maturity (Years)	3 years 10 months 24 days	4 years 8 months 12 days
LIBOR | Interest Rate Swap
Derivative [Line Items]
Number of Instruments	2	2	2	2	2	2	2
Notional Amount | $	$ 260,548	$ 256,783
Weighted Average Strike	0.80%	0.80%
Weighted Average Maturity (Years)	2 years 7 months 6 days	3 years 7 months 6 days
NIBOR | Interest Rate Swap
Derivative [Line Items]
Number of Instruments	1		1	1	1
Notional Amount | kr					kr 576,633
Weighted Average Strike	2.40%
Weighted Average Maturity (Years)	5 years 2 months 12 days

Derivatives - Summary of Outs_2

Derivatives - Summary of Outstanding Foreign Currency Forward Contracts Non-Designated Hedges of Foreign Currency Risk (Details) - Non-Designated Hedges [Member] € in Thousands, £ in Thousands, kr in Thousands, kr in Thousands, $ in Thousands	Sep. 30, 2022 GBP (£) Instrument	Sep. 30, 2022 AUD ($) Instrument	Sep. 30, 2022 EUR (€) Instrument	Sep. 30, 2022 DKK (kr) Instrument	Sep. 30, 2022 NOK (kr) Instrument	Dec. 31, 2021 GBP (£) Instrument	Dec. 31, 2021 EUR (€) Instrument	Dec. 31, 2021 DKK (kr) Instrument
Buy USD/Sell EUR Forward
Derivative [Line Items]
Number of Instruments	36	36	36	36	36	5	5	5
Notional Amount | €			€ 548,127				€ 232,076
Buy USD/Sell DKK Forward
Derivative [Line Items]
Number of Instruments	12	12	12	12	12	6	6	6
Notional Amount | kr				kr 1,513,100				kr 289,700
Buy USD/Sell AUD Forward
Derivative [Line Items]
Number of Instruments	12	12	12	12	12
Notional Amount | $		$ 676,700
Buy USD/Sell NOK Forward
Derivative [Line Items]
Number of Instruments	6	6	6	6	6
Notional Amount | kr					kr 813,000
Buy USD/Sell GBP Forward
Derivative [Line Items]
Number of Instruments	3	3	3	3	3	2	2	2
Notional Amount | £	£ 264,915					£ 165,861

Derivatives - Summary of Fair V

Derivatives - Summary of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Assets
Derivative [Line Items]
Fair Value of Derivatives in an Asset Position	$ 994,592	$ 194,053
Other Liabilities
Derivative [Line Items]
Fair Value of Derivatives in a Liability Position	1,175	1,398
Interest Rate Derivatives | Other Assets
Derivative [Line Items]
Fair Value of Derivatives in an Asset Position	863,411	185,738
Foreign Currency Forward Contracts | Other Assets
Derivative [Line Items]
Fair Value of Derivatives in an Asset Position	131,181	8,315
Foreign Currency Forward Contracts | Other Liabilities
Derivative [Line Items]
Fair Value of Derivatives in a Liability Position	$ 1,175	$ 1,398

Derivatives - Summary of Effect

Derivatives - Summary of Effect of Derivate Financial Instruments On Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative [Line Items]
Gain Recognized in Net Income (Loss)	$ 385,921	$ 17,303	$ 806,053	$ 23,142
Interest Rate Cap | Interest Expense
Derivative [Line Items]
Net Unrealized Gain Recognized in Net Income (Loss)	225,871	2,343	559,499	3,001
Interest Rate Swap | Interest Expense
Derivative [Line Items]
Net Unrealized Gain Recognized in Net Income (Loss)	11,506	384	26,050	4,214
Interest Rate Swap | Other Income (Expense)
Derivative [Line Items]
Net Realized Gain Recognized in Net Income (Loss)	10,984	1,353	10,984	1,353
Foreign Currency Forward Contracts | Other Income (Expense)
Derivative [Line Items]
Net Unrealized Gain Recognized in Net Income (Loss)	100,837	12,947	163,480	14,298
Net Realized Gain Recognized in Net Income (Loss)	$ 36,723	$ 276	$ 46,040	$ 276

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interests - Additional Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022 USD ($) Class $ / shares shares	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) Class $ / shares shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 $ / shares shares	May 10, 2021 $ / shares shares
Class Of Stock [Line Items]
Number of classes of common stock | Class	4						4
Number of shares authorized										1,100,000,000
Preferred stock, authorized shares	100,000,000						100,000,000		100,000,000
Preferred stock, par value | $ / shares	$ 0.01						$ 0.01		$ 0.01
Number of shares authorized	3,100,000,000						3,100,000,000
Repurchase of common stock	14,659,490						20,835,406
Payments for repurchase of common stock | $	$ 402,400						$ 567,600
Common stock repurchase limitations of aggregate NAV per month percentage	2%						2%
Common stock repurchase limitations of aggregate NAV per calendar quarter percentage	5%						5%
Fair value allocation | $	$ 3,586	$ 18,119	$ 12,381	$ 3,252	$ 1,465	$ 839	$ 34,086	$ 5,556
Special Limited Partner
Class Of Stock [Line Items]
Fair value allocation | $							$ 22,796	$ 5,556
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		500,000,000	250,000,000
Common stock, par value | $ / shares	$ 0.01						$ 0.01		$ 0.01
Repurchase of common stock							30,885
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		1,000,000,000	250,000,000
Common stock, par value | $ / shares	$ 0.01						$ 0.01		$ 0.01
Repurchase of common stock							6,396,590
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		500,000,000	250,000,000
Common stock, par value | $ / shares	$ 0.01						$ 0.01		$ 0.01
Repurchase of common stock							156,066
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		1,000,000,000	250,000,000
Common stock, par value | $ / shares	$ 0.01						$ 0.01		$ 0.01
Repurchase of common stock							14,251,865
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 Interests - Schedule of Company's Authorized Capital (Details) - $ / shares	Sep. 30, 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 Interests - Schedule of Common Stock Outstanding shares (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Class Of Stock [Line Items]
Beginning balance		344,796,271
Common stock shares issued		180,505,304
Distribution reinvestment plan shares issued		5,936,969
Common stock shares repurchased	(14,659,490)	(20,835,406)
Ending balance	510,403,138	510,403,138
Common Stock Class T
Class Of Stock [Line Items]
Beginning balance		4,648,436
Common stock shares issued		1,026,845
Distribution reinvestment plan shares issued		92,182
Common stock shares repurchased		(30,885)
Ending balance	5,736,578	5,736,578
Common Stock Class S
Class Of Stock [Line Items]
Beginning balance		154,381,036
Common stock shares issued		73,624,501
Distribution reinvestment plan shares issued		2,675,418
Common stock shares repurchased		(6,396,590)
Ending balance	224,284,365	224,284,365
Common Stock Class D
Class Of Stock [Line Items]
Beginning balance		22,142,299
Common stock shares issued		9,460,160
Distribution reinvestment plan shares issued		530,395
Common stock shares repurchased		(156,066)
Ending balance	31,976,788	31,976,788
Common Stock Class I
Class Of Stock [Line Items]
Beginning balance		163,624,500
Common stock shares issued		96,393,798
Distribution reinvestment plan shares issued		2,638,974
Common stock shares repurchased		(14,251,865)
Ending balance	248,405,407	248,405,407

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interests - Schedule of Aggregate Distributions Declared for Each Class of Common Stock (Details)	9 Months Ended
	Sep. 30, 2022 $ / shares
Common Stock Class T
Class Of Stock [Line Items]
Gross distributions declared per share of common stock	$ 0.9315
Stockholder servicing fee per share of common stock	(0.1728)
Net distributions declared per share of common stock	0.7587
Common Stock Class S
Class Of Stock [Line Items]
Gross distributions declared per share of common stock	0.9315
Stockholder servicing fee per share of common stock	(0.1727)
Net distributions declared per share of common stock	0.7588
Common Stock Class D
Class Of Stock [Line Items]
Gross distributions declared per share of common stock	0.9315
Stockholder servicing fee per share of common stock	(0.0501)
Net distributions declared per share of common stock	0.8814
Common Stock Class I
Class Of Stock [Line Items]
Gross distributions declared per share of common stock	0.9315
Net distributions declared per share of common stock	$ 0.9315

Equity and Redeemable Non-con_7

Equity and Redeemable Non-controlling Interests - Schedule of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Class Of Stock [Line Items]
Balance at the beginning of the year			$ 30,502			$ 10,409	$ 30,502	$ 10,409
Settlement of performance participation allocation							204,225	15,061
Issuance of SREIT OP units as consideration for acquisitions of real estate							190,459
GAAP income (loss) allocation							1,436	(1,235)
Distributions							(12,604)	(1,095)
Fair value allocation	$ 3,586	$ 18,119	12,381	$ 3,252	$ 1,465	839	34,086	5,556
Ending balance	448,104			28,696			448,104	28,696
Special Limited Partner
Class Of Stock [Line Items]
Balance at the beginning of the year			$ 30,502			$ 10,409	30,502	10,409
Settlement of performance participation allocation							204,225	15,061
GAAP income (loss) allocation							949	(1,235)
Distributions							(8,429)	(1,095)
Fair value allocation							22,796	5,556
Ending balance	250,043			$ 28,696			250,043	$ 28,696
Third-party OP Unitholders
Class Of Stock [Line Items]
Issuance of SREIT OP units as consideration for acquisitions of real estate							190,459
GAAP income (loss) allocation							487
Distributions							(4,175)
Fair value allocation							11,290
Ending balance	$ 198,061						$ 198,061

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 11, 2022	Oct. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 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			$ 45,697,000	$ 17,653,000	$ 122,081,000	$ 36,364,000
Annual hurdle percentage					5%
Recognized liabilities for performance participation expense			$ 36,306,000	79,552,000	$ 175,776,000	111,934,000
Repurchase of common stock			14,659,490		20,835,406
Total consideration					$ 567,641,000	39,789,000
Due to affiliates			$ 626,740,000		626,740,000			$ 513,268,000
Operating expenses			178,687,000	64,767,000	464,105,000	154,923,000
Services fee for accounting and administrative matters			200,000		900,000
Leasing and legal service fees			$ 100,000	0	$ 100,000	0
Assets management, fair market value percentage			0.20%		0.20%
SCG Southern Europe
Related Party Transaction [Line Items]
Services fee for accounting and administrative matters			$ 100,000		$ 200,000
Dealer Manager
Related Party Transaction [Line Items]
Cost of legal services			100,000	100,000	400,000	100,000
Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates			425,949,000		425,949,000			291,544,000
Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates			3,260,000		3,260,000			4,373,000
Accrued Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Due to affiliates			2,095,000		2,095,000			$ 843,000
Accrued Affiliate Service Provider Expenses | Rental property operating
Related Party Transaction [Line Items]
Operating expenses			5,000,000	$ 1,800,000	$ 11,700,000	$ 4,600,000
Class I Unit
Related Party Transaction [Line Items]
Units issued as payment for performance participation allocation							7,872,930	204,200,000
Unregistered Class I shares
Related Party Transaction [Line Items]
Stock issued as management fees, shares					3,919,239
Management fees, accrued			15,400,000		$ 15,400,000
Unregistered Class I shares | Subsequent Event
Related Party Transaction [Line Items]
Stock issued as management fees, shares		559,054
Common Stock Class I
Related Party Transaction [Line Items]
Repurchase of common stock					14,251,865
Starwood Capital and Third Party
Related Party Transaction [Line Items]
Purchase Price	$ 109,200,000
Special Limited Partner
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return					12.50%
Special Limited Partner | Advanced Expenses | Unaffiliated Third Party
Related Party Transaction [Line Items]
Due to affiliates			$ 100,000		$ 100,000			$ 100,000
All Other Unit Holders [Member]
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return					87.50%
Advisor and Certain Director Shares | Common Stock Class I
Related Party Transaction [Line Items]
Repurchase of common stock			1,546,972	0	1,613,764	29,915
Total consideration			$ 42,500,000	$ 0	$ 44,300,000	$ 600,000
Dealer Manager | Common Stock Class T, Class S and Class D | Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates			$ 425,900,000		$ 425,900,000			291,500,000
Dealer Manager | Common Stock Class T, Class S and Class D | Accrued Stockholder Servicing Fee | Maximum
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage			8.75%		8.75%
Advisor | Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates									$ 7,300,000
Advisor | Advanced Expenses | One Month in Arrears
Related Party Transaction [Line Items]
Due to affiliates			$ 10,700,000		$ 10,700,000			$ 6,700,000
Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Cost of legal services			300,000	100,000	600,000	300,000
Accrued Affiliate Service Provider Expenses | Essex Service Provider
Related Party Transaction [Line Items]
Cost of legal services			$ 1,300,000	$ 300,000	$ 4,500,000	$ 600,000

Related Party Transactions - Su

Related Party Transactions - Summary of Components of Due to Affiliates (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Due to affiliates	$ 626,740	$ 513,268
Accrued Stockholder Servicing Fee
Related Party Transaction [Line Items]
Due to affiliates	425,949	291,544
Performance Participation Allocation
Related Party Transaction [Line Items]
Due to affiliates	175,776	204,225
Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates	3,260	4,373
Accrued Management Fee
Related Party Transaction [Line Items]
Due to affiliates	15,448	9,628
Accrued Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Due to affiliates	2,095	843
Advanced Operating Expenses
Related Party Transaction [Line Items]
Due to affiliates	$ 4,212	$ 2,655

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Nov. 14, 2022 USD ($)
Subsequent Event
Other Commitments [Line Items]
Remaining funding commitment to one of joint ventures	$ 144.5

Leases - Additional Information

Leases - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022 USD ($)
Lessee Lease Description [Line Items]
Lessee, operating lease acquisition, incremental cost	$ 0
Operating lease, weighted average remaining lease term	37 years
Maximum
Lessee Lease Description [Line Items]
Incremental borrowing rate to determine lease liabilities	6%
Minimum
Lessee Lease Description [Line Items]
Incremental borrowing rate to determine lease liabilities	4.50%

Leases - Schedule of Future Lea

Leases - Schedule of Future Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Leases [Abstract]
2022 (remaining)	$ 170
2023	686
2024	686
2025	712
2026	714
Thereafter	26,497
Total undiscounted future lease payments	29,465
Difference between undiscounted cash flows and discounted cash flows	(17,002)
Total lease liability	$ 12,463	$ 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Fixed lease payments	$ 376,684	$ 136,247	$ 990,525	$ 325,242
Variable lease payments	39,638	15,960	105,902	41,308
Rental revenue	$ 416,322	$ 152,207	$ 1,096,427	$ 366,550

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Minimum Rents Income Receivables (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Leases [Abstract]
2022 (remaining)	$ 69,797
2023	276,289
2024	251,316
2025	221,117
2026	188,775
Thereafter	664,046
Total	$ 1,671,340

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022 Segment
Segment Reporting [Abstract]
Number of reportable segments	7

Segment Reporting - Summary of

Segment Reporting - Summary of Total Assets by Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total Assets	$ 27,159,719	$ 19,971,431
Multifamily Properties
Segment Reporting Information [Line Items]
Total Assets	16,775,079	12,225,256
Single Family Rental Homes
Segment Reporting Information [Line Items]
Total Assets	1,344,480	1,150,987
Industrial properties
Segment Reporting Information [Line Items]
Total Assets	3,189,039	2,145,163
Office properties
Segment Reporting Information [Line Items]
Total Assets	1,692,713	1,599,774
Self-Storage Properties
Segment Reporting Information [Line Items]
Total Assets	368,929	331,024
Investments in real estate debt
Segment Reporting Information [Line Items]
Total Assets	1,676,546	954,077
Other Property
Segment Reporting Information [Line Items]
Total Assets	1,226,288	764,714
Other (Corporate)
Segment Reporting Information [Line Items]
Total Assets	$ 886,645	$ 800,436

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Total revenues	$ 430,766	$ 162,435	$ 1,140,619	$ 393,760
Expenses
Property operating	178,687	64,767	464,105	154,923
Income (loss) from unconsolidated real estate ventures	11,054	(447)	11,774	(448)
Income from investments in real estate debt	63,290	19,268	99,634	37,898
Segment net operating income (loss)	326,423	116,489	787,922	276,287
Depreciation and amortization	(219,005)	(82,453)	(649,347)	(197,934)
General and administrative	(11,549)	(6,588)	(32,974)	(15,210)
Management fees	(45,697)	(17,653)	(122,081)	(36,364)
Performance participation allocation	(36,306)	(79,552)	(175,776)	(111,934)
Interest expense	(120,621)	(41,614)	(306,743)	(96,209)
Other income (expense), net	241,102	1,278	555,352	6,688
Net income (loss)	134,347	(110,093)	56,353	(174,676)
Net (income) loss attributable to non-controlling interests in consolidated joint ventures	(1,390)	176	(2,745)	319
Net (income) loss attributable to non-controlling interests in Operating Partnership	(4,282)	665	(1,436)	1,235
Net income (loss) attributable to stockholders	128,675	(109,252)	52,172	(173,122)
Rental Revenue
Revenues:
Total revenues	416,322	152,207	1,096,427	366,550
Other revenue
Revenues:
Total revenues	14,444	10,228	44,192	27,210
Operating Segments | Multifamily Properties
Revenues:
Total revenues	296,077	90,396	773,779	204,274
Expenses
Property operating	129,889	40,032	330,517	86,839
Segment net operating income (loss)	166,188	50,364	443,262	117,435
Depreciation and amortization	(156,634)	(44,908)	(461,799)	(102,176)
Operating Segments | Single Family Rental Homes
Revenues:
Total revenues	19,516		53,677
Expenses
Property operating	9,757		24,378
Segment net operating income (loss)	9,759		29,299
Depreciation and amortization	(8,839)		(35,051)
Operating Segments | Industrial properties
Revenues:
Total revenues	50,599	29,261	128,322	61,260
Expenses
Property operating	12,060	7,169	33,009	15,960
Segment net operating income (loss)	38,539	22,092	95,313	45,300
Depreciation and amortization	(27,498)	(17,560)	(73,165)	(36,470)
Operating Segments | Office properties
Revenues:
Total revenues	37,405	29,378	102,142	91,735
Expenses
Property operating	14,516	10,223	39,600	32,352
Segment net operating income (loss)	22,889	19,155	62,542	59,383
Depreciation and amortization	(16,598)	(15,546)	(48,823)	(46,273)
Operating Segments | Self-Storage Properties
Revenues:
Total revenues	7,019		19,729
Expenses
Property operating	2,677		7,310
Segment net operating income (loss)	4,342		12,419
Depreciation and amortization	(2,056)		(8,014)
Operating Segments | Investments in real estate debt
Expenses
Income from investments in real estate debt	63,290	19,268	99,634	37,898
Segment net operating income (loss)	63,290	19,268	99,634	37,898
Operating Segments | Other Property
Revenues:
Total revenues	20,150	13,400	62,970	36,491
Expenses
Property operating	9,788	7,343	29,291	19,772
Income (loss) from unconsolidated real estate ventures	11,054	(447)	11,774	(448)
Segment net operating income (loss)	21,416	5,610	45,453	16,271
Depreciation and amortization	(7,380)	(4,439)	(22,495)	(13,015)
Operating Segments | Rental Revenue | Multifamily Properties
Revenues:
Total revenues	292,886	89,742	764,712	202,402
Operating Segments | Rental Revenue | Single Family Rental Homes
Revenues:
Total revenues	19,516		53,677
Operating Segments | Rental Revenue | Industrial properties
Revenues:
Total revenues	50,576	29,261	128,276	61,260
Operating Segments | Rental Revenue | Office properties
Revenues:
Total revenues	37,307	29,272	101,842	91,505
Operating Segments | Rental Revenue | Self-Storage Properties
Revenues:
Total revenues	7,019		19,729
Operating Segments | Rental Revenue | Other Property
Revenues:
Total revenues	9,018	3,932	28,191	11,383
Operating Segments | Other revenue | Multifamily Properties
Revenues:
Total revenues	3,191	654	9,067	1,872
Operating Segments | Other revenue | Industrial properties
Revenues:
Total revenues	23		46
Operating Segments | Other revenue | Office properties
Revenues:
Total revenues	98	106	300	230
Operating Segments | Other revenue | Other Property
Revenues:
Total revenues	$ 11,132	$ 9,468	$ 34,779	$ 25,108

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Variable Rate Revolving Credit Facilities - Subsequent Event $ in Billions	Oct. 07, 2022 USD ($) Instrument
Subsequent Event [Line Items]
Number of Investments Refinanced | Instrument	4
Investments refinanced | $	$ 0.8