CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities:
Net loss	$ (189,580)	$ (28,998)
Adjustments to reconcile net loss to net cash provided by operating activities:
Real estate-related depreciation and amortization	119,024	30,241
Amortization of debt and financing obligation costs	12,230	844
Equity in income from unconsolidated joint venture partnerships	(35)	(1,165)
Gain on changes in fair value of interest rate caps	(14,839)	0
Performance participation allocation	122,446	16,022
Straight-line rent and amortization of above- and below-market leases	(17,207)	(3,007)
Other	1,208	751
Changes in operating assets and liabilities	17,155	5,289
Net cash provided by operating activities	50,402	19,977
Investing activities:
Real estate acquisitions	(1,323,118)	(229,520)
Incremental investment to acquire joint venture partnership portfolio	(259,526)	(580,559)
Deferred acquisition costs	(31,325)	(101,700)
Capital expenditures	(79,046)	(7,587)
Investment in unconsolidated joint venture partnerships	(8,782)	(3,700)
Distributions from joint venture partnerships	0	5,200
Net cash used in investing activities	(1,701,797)	(917,866)
Financing activities:
Proceeds from line of credit	925,000	92,000
Repayments of line of credit	(255,000)	0
Proceeds from term loan	135,000	200,000
Debt issuance costs paid	(10,416)	(5,181)
Interest rate cap premium	(2,963)	0
Proceeds from issuance of common stock, net	497,266	535,359
Proceeds from financing obligations, net	372,978	57,007
Offering costs paid in connection with issuance of common stock and private placements	(2,574)	(22,420)
Distributions paid to common stockholders, redeemable noncontrolling interest holders and preferred shareholders	(27,376)	(14,480)
Distribution fees paid to affiliates	(11,950)	(6,541)
Redemptions of common stock	(31,322)	(9,911)
Redemptions of redeemable noncontrolling interests	(40,915)	0
Net cash provided by financing activities	1,547,728	825,833
Net decrease in cash, cash equivalents and restricted cash	(103,667)	(72,056)
Cash, cash equivalents and restricted cash, at beginning of period	217,735	232,899
Cash, cash equivalents and restricted cash, at end of period	$ 114,068	$ 160,843