Equity and Redeemable Non-controlling Interests (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Company's Authorized Capital

As of December 31, 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:

	Class T			Class S			Class D			Class I			Total
January 1, 2021		2,463,182			46,431,661			2,847,097			39,152,913			90,894,853
Common stock shares issued (1)		2,157,634			107,086,220			19,108,491			124,387,317			252,739,662
Distribution reinvestment plan shares issued		86,892			2,130,886			244,060			1,520,206			3,982,044
Common stock shares repurchased		(59,272	)		(1,267,731	)		(57,349	)		(1,450,765	)		(2,835,117	)
Independent directors’ restricted stock grant (2)		—			—			—			14,829			14,829
December 31, 2021		4,648,436			154,381,036			22,142,299			163,624,500			344,796,271
Common stock shares issued (1)		1,112,055			80,943,605			10,500,831			109,276,249			201,832,740
Distribution reinvestment plan shares issued		125,187			3,647,656			720,473			3,664,723			8,158,039
Common stock shares repurchased		(164,182	)		(14,415,387	)		(2,389,430	)		(32,146,156	)		(49,115,155	)
Independent directors’ restricted stock grant (2)		—			—			—			35,697			35,697
December 31, 2022		5,721,496			224,556,910			30,974,173			244,455,013			505,707,592
Common stock shares issued (1)		(98,898	)		4,915,057			(153,390	)		14,803,271			19,466,040
Distribution reinvestment plan shares issued		141,944			3,788,883			335,712			3,849,211			8,115,750
Common stock shares repurchased		(482,517	)		(38,237,234	)		(3,643,944	)		(60,147,804	)		(102,511,499	)
Independent directors’ restricted stock grant (2)		—			—			—			30,361			30,361
December 31, 2023		5,282,025			195,023,616			27,512,551			202,990,052			430,808,244

__________

(1)Includes exchanges between share classes.

(2)The independent directors’ restricted stock grant represents $0.8 million, $0.8 million and $0.3 million of the annual compensation paid to the independent directors for the years ended December 31, 2023, 2022 and 2021, respectively. Each grant is amortized over the one-year service period of such grant.

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:

	Year Ended December 31, 2023
	Class T			Class S			Class D			Class I
Aggregate gross distributions declared per share of common stock	$	1.2420		$	1.2420		$	1.2420		$	1.2420
Stockholder servicing fee per share of common stock		(0.2157	)		(0.2158	)		(0.0622	)		—
Net distributions declared per share of common stock	$	1.0263		$	1.0262		$	1.1798		$	1.2420
	Year Ended December 31, 2022
	Class T			Class S			Class D			Class I
Aggregate gross distributions declared per share of common stock	$	1.2420		$	1.2420		$	1.2420		$	1.2420
Stockholder servicing fee per share of common stock		(0.2320	)		(0.2318	)		(0.0672	)		—
Net distributions declared per share of common stock	$	1.0100		$	1.0102		$	1.1748		$	1.2420
	Year Ended December 31, 2021
	Class T			Class S			Class D			Class I
Aggregate gross distributions declared per share of common stock	$	1.2420		$	1.2420		$	1.2420		$	1.2420
Stockholder servicing fee per share of common stock		(0.1949	)		(0.1955	)		(0.0571	)		—
Net distributions declared per share of common stock	$	1.0471		$	1.0465		$	1.1849		$	1.2420

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 years ended December 31, 2023 and 2022 ($ in thousands):

	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 SREIT OP units as consideration for  acquisitions of real estate		—			190,459			190,459
GAAP loss allocation		(1,050	)		(1,096	)		(2,146	)
Distributions		(11,239	)		(6,400	)		(17,639	)
Fair value allocation		15,884			5,814			21,698
Balance at December 31, 2022	$	238,322		$	188,777		$	427,099
Settlement of performance participation allocation		102,348			—			102,348
Repurchases		—			(620	)		(620	)
GAAP loss allocation		(18,753	)		(10,412	)		(29,165	)
Distributions		(16,065	)		(8,895	)		(24,960	)
Fair value allocation		(10,160	)		(4,680	)		(14,840	)
Balance at December 31, 2023	$	295,692		$	164,170		$	459,862