Equity and Redeemable Non-controlling Interests (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Company's Authorized Capital

As of September 30, 2023, the Company had the authority to issue 3,100,000,000 shares of capital stock, consisting of the following:

Classification	Number of Shares		Par Value
Preferred Stock		100,000,000	$	0.01
Class T Shares		500,000,000	$	0.01
Class S Shares		1,000,000,000	$	0.01
Class D Shares		500,000,000	$	0.01
Class I Shares		1,000,000,000	$	0.01
Total		3,100,000,000

Schedule of Common Stock Outstanding shares

The following table details the movement in the Company’s outstanding shares of common stock:

	Three Months Ended September 30, 2023
	Class T			Class S			Class D			Class I			Total
June 30, 2023		5,640,007			212,244,742			29,291,354			222,011,809			469,187,912
Common stock shares issued (1)		12,504			794,388			(4,725	)		3,265,512			4,067,679
Distribution reinvestment plan shares issued		36,190			948,038			79,607			970,189			2,034,024
Common stock shares repurchased		(139,792	)		(10,889,677	)		(659,557	)		(13,842,080	)		(25,531,106	)
Independent directors’ restricted stock grant (2)		—			—			—			30,361			30,361
September 30, 2023		5,548,909			203,097,491			28,706,679			212,435,791			449,788,870

	Nine Months Ended September 30, 2023
	Class T			Class S			Class D			Class I			Total
December 31, 2022		5,721,496			224,556,910			30,974,173			244,455,013			505,707,592
Common stock shares issued (1)		95,616			4,353,179			(142,011	)		11,693,589			16,000,373
Distribution reinvestment plan shares issued		106,290			2,868,401			259,145			2,929,928			6,163,764
Common stock shares repurchased		(374,493	)		(28,680,999	)		(2,384,628	)		(46,673,100	)		(78,113,220	)
Independent directors’ restricted stock grant (2)		—			—			—			30,361			30,361
September 30, 2023		5,548,909			203,097,491			28,706,679			212,435,791			449,788,870

__________

(1)Includes exchanges between share classes

(2)The independent directors’ restricted stock grant represents $0.8 million of the annual compensation paid to the independent directors for the period ended September 30, 2023. Each grant is amortized over the one-year service period of such grant. The shares vested in August 2023.

Schedule of Aggregate Distributions Declared for Each Class of Common Stock

The following table details the aggregate distributions declared for each applicable class of common stock:

	Three Months Ended September 30, 2023
	Class T			Class S			Class D			Class I
Aggregate gross distributions declared per share of common stock	$	0.3105		$	0.3105		$	0.3105		$	0.3105
Stockholder servicing fee per share of common stock		(0.0537	)		(0.0537	)		(0.0154	)		—
Net distributions declared per share of common stock	$	0.2568		$	0.2568		$	0.2951		$	0.3105
	Nine Months Ended September 30, 2023
	Class T			Class S			Class D			Class I
Aggregate gross distributions declared per share of common stock	$	0.9315		$	0.9315		$	0.9315		$	0.9315
Stockholder servicing fee per share of common stock		(0.1631	)		(0.1631	)		(0.0470	)		—
Net distributions declared per share of common stock	$	0.7684		$	0.7684		$	0.8845		$	0.9315

Schedule of Redeemable Noncontrolling Interest Activity

The following tables detail 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, 2023 and 2022 ($ in thousands):

	Special Limited Partner			Third-party Operating Partnership unitholders			Total
Balance at December 31, 2022	$	238,322		$	188,777		$	427,099
Settlement of performance participation allocation		102,348			—			102,348
GAAP loss allocation		(11,263	)		(6,241	)		(17,504	)
Distributions		(12,049	)		(6,677	)		(18,726	)
Fair value allocation		2,598			1,439			4,037
Balance at September 30, 2023	$	319,956		$	177,298		$	497,254

	Special Limited Partner			Third-party Operating Partnership unitholders			Total
Balance at December 31, 2021	$	30,502		$	—		$	30,502
Settlement of performance participation allocation		204,225			—			204,225
Issuance of Operating Partnership units as consideration for   acquisitions of real estate		—			190,459			190,459
GAAP income allocation		949			487			1,436
Distributions		(8,429	)		(4,175	)		(12,604	)
Fair value allocation		22,796			11,290			34,086
Balance at September 30, 2022	$	250,043		$	198,061		$	448,104