Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating Activities
Net loss	$ (77,398)	$ (21,545)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	69,751	64,498
Amortization of deferred financing costs	2,802	1,687
Equity in net loss (income) from unconsolidated joint ventures	20,780	(1,170)
Distributions of cumulative earnings from unconsolidated joint ventures	159	122
Equity in net loss on sale of interest in unconsolidated joint venture/real estate	814	0
Purchase price and other fair value adjustments	(4,183)	9,611
Depreciable real estate reserves and impairments	35,160	8,546
(Gain) loss on sale of real estate, net	(16,636)	482
Loan loss reserves and other investment reserves, net of recoveries	0	(25,039)
Deferred rents receivable	(2,606)	3,586
Non-cash lease expense	5,549	5,191
Other non-cash adjustments	13,588	9,499
Changes in operating assets and liabilities:
Tenant and other receivables	(12,031)	(6,046)
Related party receivables	(9,020)	8,334
Deferred lease costs	(9,629)	(4,469)
Other assets	(37,022)	(28,978)
Accounts payable, accrued expenses, other liabilities and security deposits	476	(8,182)
Deferred revenue	6,404	(5,097)
Lease liability - operating leases	(4,546)	(4,320)
Net cash (used in) provided by operating activities	(17,588)	6,710
Investing Activities
Acquisitions of real estate property	(664,131)	(112,440)
Additions to land, buildings and improvements	(103,614)	(74,239)
Investments in unconsolidated joint ventures	(45,924)	(36,786)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	177,610	9,460
Net proceeds from disposition of real estate/joint venture interest	53,714	93,520
Proceeds from sale or redemption of marketable securities	0	10,973
Investments in real estate loans held by consolidated securitization vehicles	0	(49,296)
Other investments	614	(5,679)
Origination or purchase of debt fund investments	(139,161)	(11,786)
Repayments or redemption of debt and preferred equity investments	28,500	0
Net cash used in investing activities	(692,392)	(176,273)
Financing Activities
Proceeds from mortgages and other loans payable	620,418	89,253
Repayments of mortgages and other loans payable	(87,401)	(3,550)
Proceeds from revolving credit facility, term loans and unsecured notes	670,410	420,000
Repayments of revolving credit facility, term loans and unsecured notes	(485,410)	(250,000)
Proceeds from stock options exercised and DRSPP issuance	62	75
Proceeds from issuance of common stock	0	(871)
Redemption of OP units	(4,595)	(11,267)
Distributions to noncontrolling interests in other partnerships	(8,320)	(221)
Contributions from noncontrolling interests in other partnerships	40,399	3,386
Distributions to noncontrolling interests in the Operating Partnership	(3,614)	(4,155)
Contributions from noncontrolling interests to debt fund investments	81,725	0
Distributions from debt fund investments	(1,821)	0
Dividends paid on common and preferred stock	(2,811)	(60,196)
Other obligations related to secured borrowing	(75,294)	0
Tax withholdings related to restricted share awards	(6,283)	(6,850)
Deferred loan costs	(25,341)	(651)
Net cash provided by financing activities	712,124	174,953
Net increase in cash, cash equivalents, and restricted cash	2,144	5,390
Cash, cash equivalents, and restricted cash at beginning of year	336,495	331,638
Cash, cash equivalents, and restricted cash at end of period	338,639	337,028
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Issuance of preferred units relating to a real estate acquisition	5,800	0
Assumption of mortgage loans	12,200	0
Measurement adjustment for redeemable noncontrolling interest	22,901	12,940
Contribution to consolidated joint venture interest	0	51
Transfer of assets related to assets held for sale	211,222	0
Transfer of liabilities related to assets held for sale	189,842	0
Removal of fully depreciated commercial real estate properties	0	1,095
Consolidation of securitization vehicle assets	0	828,143
Consolidation of securitization vehicle liabilities	0	828,143
Cash and cash equivalents	143,867	180,133
Restricted cash	194,772	156,895
Total cash, cash equivalents, and restricted cash	$ 338,639	$ 337,028