Equity and Redeemable Non-controlling Interest (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Company's Authorized Capital

As of December 31, 2021, 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, 2019		483			6,610,280			46,075			1,542,000			8,198,838
Common stock shares issued		1,401,818			19,176,803			1,584,566			14,448,819			36,612,006
Distribution reinvestment plan shares issued		10,262			383,218			22,453			122,455			538,388
Common stock shares repurchased		—			(5,507	)		—			(4,843	)		(10,350	)
Independent directors' restricted stock grant ⁽¹⁾		—			—			—			5,853			5,853
December 31, 2019		1,412,563			26,164,794			1,653,094			16,114,284			45,344,735

Common stock shares issued		1,137,269			20,138,235			1,190,809			23,197,333			45,663,646
Distribution reinvestment plan shares issued		56,484			1,188,342			87,505			611,538			1,943,869
Common stock shares repurchased		(143,134	)		(1,059,710	)		(84,311	)		(774,476	)		(2,061,631	)
Independent directors' restricted stock grant ⁽¹⁾		—			—			—			4,234			4,234
December 31, 2020		2,463,182			46,431,661			2,847,097			39,152,913			90,894,853

Common stock shares issued		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 ⁽¹⁾		—			—			—			14,829			14,829
December 31, 2021		4,648,436			154,381,036			22,142,299			163,624,500			344,796,271

__________

⁽¹⁾

The independent directors’ restricted stock grant represents an aggregate $0.3 million, $0.1 million and $0.1 million of the annual compensation paid to the independent directors for the years ended December 31, 2021 and 2020 and 2019, 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, 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

	Year Ended December 31, 2020
	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		(0.1808	)		(0.1821	)		(0.0533	)		—
Net distributions declared per share of common stock	$	1.0612		$	1.0599		$	1.1887		$	1.2420

	Year Ended December 31, 2019
	Class T			Class S			Class D			Class I
Aggregate gross distributions declared per share of common stock	$	1.0905		$	1.0905		$	1.0905		$	1.0905
Stockholder servicing fee per share of common stock		(0.1608	)		(0.1787	)		(0.0503	)		—
Net distributions declared per share of common stock	$	0.9297		$	0.9118		$	1.0402		$	1.0905

Schedule of Redeemable Noncontrolling Interest Activity

The following table summarizes the Redeemable non-controlling interest activity for the year ended December 31, 2021 and 2020 ($ in thousands):

	December 31, 2021			December 31, 2020
Balance at the beginning of the year	$	10,409		$	—
Settlement of performance participation allocation		15,061			10,366
GAAP income allocation		(1,758	)		(642	)
Distributions		(1,460	)		(597	)
Fair value allocation		8,250			1,282
Ending balance	$	30,502		$	10,409

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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