Investments (Tables)

12 Months Ended

Dec. 31, 2021

Real Estate [Abstract]

Schedule of Investments in Real Estate, Net

Investments in real estate, net consisted of the following ($ in thousands):

	December 31, 2021			December 31, 2020
Building and building improvements	$	14,450,074		$	3,860,297
Land and land improvements		2,733,505			689,107
Furniture, fixtures and equipment		264,557			76,808
Right of use asset - operating lease(1)		105,236			101,382
Total		17,553,372			4,727,594
Accumulated depreciation and amortization		(368,293	)		(130,540	)
Investments in real estate, net	$	17,185,079		$	4,597,054

⁽¹⁾ Refer to Note 13 for additional details on the Company’s leases.

Schedule of Details of Properties Acquired

The following table provides details of the properties acquired during the year ended December 31, 2021 ($ in thousands):

Segments	Number of Transactions		Number of Properties		Sq. Ft. (in millions)/Units	Purchase Price (1)
Multifamily properties	15		151		37,779 units	$	9,342,279
Single-Family Rental properties	2		N/A (2)		2,595 units		1,128,276
Industrial properties	5		60		10.38 sq. ft.		1,560,968
Office properties	2		5		0.70 sq. ft.		370,846
Self-Storage properties	1		25		13,554 units		322,228
Other properties	3		3		0.75 sq. ft.		315,368
		28		244		$	13,039,965

⁽¹⁾ Purchase price is inclusive of acquisition-related costs.

⁽²⁾ Includes a 100% interest in 2,303 single-family rental units and a 95% interest in 292 consolidated single-family rental units.

The following table provides details of the properties acquired during the year ended December 31, 2020 ($ in thousands):

Segments	Number of Transactions		Number of Properties		Sq. Ft. (in millions)/Units	Purchase Price (1)
Multifamily properties	7		60		10,785 units	$	1,710,631
Industrial properties	2		10		1.73 sq. ft.		229,606
Office properties	2		2		1.27 sq. ft.		878,456
Medical Office properties	1		1		0.29 sq. ft.		162,212
		12		73		$	2,980,905

⁽¹⁾ Purchase price is inclusive of acquisition-related costs.

Schedule of Purchase Price Allocation of Properties

The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2021 ($ in thousands):

	Amount
Building and building improvements	$	10,463,106
Land and land improvements		2,039,052
Furniture, fixtures and equipment		186,882
In-place lease intangibles		256,466
Above-market lease intangibles		15,007
Below-market lease intangibles		(28,898	)
Above-market ground lease intangibles		(2,292	)
Other intangibles		12,376
Total purchase price (1)	$	12,941,699
Assumed mortgage notes		(156,515	)
Non-controlling interest		(28,158	)
Net purchase price	$	12,757,026

⁽¹⁾ Purchase price does not include acquisition-related costs of $98.3 million.

The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2020 ($ in thousands):

	Amount
Building and building improvements	$	2,391,061
Land and land improvements		342,256
Furniture, fixtures and equipment		28,030
Below-market ground lease (1)		95,201
In-place lease intangibles		114,399
Above-market lease intangibles		16,689
Below-market lease intangibles		(29,197	)
Total purchase price (2)	$	2,958,439
Non-controlling interest		(1,178	)
Net purchase price	$	2,957,261

⁽¹⁾ The below-market ground lease value was recorded as a component of the Right of use asset – operating leases on the Company’s Consolidated Balance Sheet.  

⁽²⁾ Purchase price does not include acquisition related costs of $22.5 million.