CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities:
Net loss	$ (127,186)	$ (57,343)	$ (83,213)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Real estate-related depreciation and amortization	196,808	152,777	149,985
Straight-line rent and amortization of above- and below-market leases	(11,659)	(10,712)	(6,959)
Gain on sale of real estate property	(57,200)	(12,913)	(36,884)
Unrealized (gain) loss on financial assets	(407)	17	0
Performance participation allocation	16,544	0	0
Valuation allowance on debt-related investment	0	0	(1,799)
(Income) loss from unconsolidated joint venture partnerships	(48,568)	(14,531)	3,578
(Gain) loss on extinguishment of debt and financing obligations, net	(32,741)	(41,050)	700
Provision for current expected credit losses	(464)	(1,533)	1,997
Amortization of deferred financing costs	14,917	10,035	7,380
Decrease in financing obligation liability appreciation	0	(69)	(459)
Unrealized loss (gain) on financing obligations	54,776	2,034	(932)
Unrealized loss (gain) on derivative instruments not designated as cash flow hedges	7	(264)	4,169
Paid-in-kind interest on investments in real estate debt and securities, net of repayments	(17)	(26,361)	(7,946)
Distributions of earnings from unconsolidated joint venture partnerships	19,548	4,463	3,369
Amortization of interest rate cap premiums	9,737	14,143	5,746
Other	897	(451)	(1,295)
Changes in operating assets and liabilities
Other assets	108	(7,663)	(2,892)
Accounts payable and accrued expenses	13,664	6,912	4,091
Other liabilities	10,977	6,918	1,069
Debt-related investments, held for sale	193,902	(193,902)	0
Cash settlement of accrued performance participation allocation	0	0	(23,747)
Net cash provided by (used in) operating activities	253,643	(169,493)	15,958
Investing activities:
Real estate acquisitions	(1,529,515)	(871,709)	(401,840)
Capital expenditures	(47,624)	(55,573)	(48,329)
Proceeds from disposition of real estate property	110,903	31,170	53,735
Investments in debt-related investments	(107,853)	(62,344)	(52,021)
Principal collections on debt-related investments	148,573	106,768	66,680
Distributions from joint venture partnerships	9,996	0	0
Investments in unconsolidated joint venture partnerships	(205,040)	(72,127)	(39,881)
Consolidation of equity method investment	0	2,649	0
Investments in available-for-sale debt securities	(117,878)	(2,992)	(102,160)
Principal collections on available-for-sale debt securities	128,419	4,586	0
Other	108	445	2,263
Net cash used in investing activities	(1,609,911)	(919,127)	(521,553)
Financing activities:
Proceeds from mortgage notes	85,000	535,843	287,339
Repayments of mortgage notes	(197,756)	(22,238)	(72,164)
Proceeds from line of credit	2,555,691	1,384,555	1,220,000
Repayments of line of credit	(2,362,674)	(1,203,000)	(1,088,000)
Proceeds from term loans	438,000	0	0
Repayments of term loans	(238,000)	0	0
Proceeds from secured borrowings	462,182	0	0
Repayments of secured borrowings	(462,182)	0	0
Redemptions of common stock	(122,397)	(191,630)	(193,859)
Distributions paid to common stockholders, redeemable noncontrolling interest holders and noncontrolling interest holders	(94,636)	(78,322)	(61,227)
Proceeds from issuance of common stock	303,919	29,732	88,125
Proceeds from financing obligations, net	1,093,844	712,273	412,874
Offering costs for issuance of common stock and private placements	(17,417)	(17,253)	(15,355)
Cash payout of DST Interests	0	(3,898)	0
Redemption of redeemable noncontrolling interests and noncontrolling interests	(46,096)	(34,822)	(33,888)
Debt issuance costs paid	(22,307)	(11,904)	(6,449)
Interest rate cap premiums	(548)	(3,379)	(29,321)
Other	(159)	395	0
Net cash provided by financing activities	1,374,464	1,096,352	508,075
Effect of exchange rate changes on cash, cash equivalents and restricted cash	137	21	0
Net increase in cash, cash equivalents and restricted cash	18,333	7,753	2,480
Cash, cash equivalents and restricted cash, at beginning of period	27,419	19,666	17,186
Cash, cash equivalents and restricted cash, at end of period	$ 45,752	$ 27,419	$ 19,666