Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net loss	$ (229,374)	$ (160,345)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee	69,522	28,073
Performance participation allocation	106,383	29,796
Depreciation and amortization	505,986	262,708
Gain on disposition of real estate	(36,167)	0
Unrealized gain on changes in fair value of financial instruments	(53,025)	(8,761)
Other items	7,131	(880)
Change in assets and liabilities:
(Increase) / decrease in other assets	(95,832)	(53,117)
Increase / (decrease) in due to affiliates	4,802	234
Increase / (decrease) in accounts payable, accrued expenses, and other liabilities	93,940	81,340
Net cash provided by operating activities	373,366	179,048
Cash flows from investing activities:
Acquisitions of real estate	(9,827,563)	(5,693,880)
Capital improvements to real estate	(135,645)	(59,071)
Proceeds from disposition of real estate	74,568	0
Pre-acquisition costs	(9,991)	0
Purchase of real estate-related securities and loans	(1,623,503)	(1,227,708)
Proceeds from settlement of real estate-related securities and loans	329,445	124,396
Net cash used in investing activities	(11,192,689)	(6,856,263)
Cash flows from financing activities:
Proceeds from issuance of common stock	4,913,617	1,948,928
Offering costs paid	(53,548)	(31,316)
Subscriptions received in advance	560,444	180,425
Repurchase of common stock	(82,878)	(11,691)
Repurchase of management fee shares	(72,711)	(7,568)
Redemption of redeemable non-controlling interest	(35,435)	(8,400)
Redemption of affiliate service provider incentive compensation awards	(718)	0
Borrowings from mortgage notes, term loans, and secured revolving credit facilities	10,036,847	5,632,422
Repayments from mortgage notes, term loans, and secured revolving credit facilities	(4,692,644)	(1,737,931)
Borrowings under repurchase agreements	1,152,366	954,892
Settlement of repurchase agreements	(219,755)	(96,025)
Borrowings from affiliate line of credit	1,883,000	1,135,900
Repayments on affiliate line of credit	(1,883,000)	(1,141,150)
Borrowings from unsecured credit facilities	240,000	0
Repayments on unsecured credit facilities	(240,000)	0
Payment of deferred financing costs	(94,726)	(39,468)
Contributions from non-controlling interests	50,400	80,216
Distributions to non-controlling interests	(31,325)	(2,776)
Distributions	(94,659)	(38,075)
Net cash provided by financing activities	11,335,275	6,818,383
Net change in cash and cash equivalents and restricted cash	515,952	141,168
Cash and cash equivalents and restricted cash, beginning of period	306,613	157,729
Cash and cash equivalents and restricted cash, end of period	822,565	298,897
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	155,674	75,529
Restricted cash	666,891	223,368
Cash and cash equivalents and restricted cash, end of period	822,565	298,897
Non-cash investing and financing activities:
Assumption of mortgage notes in conjunction with acquisitions of real estate	1,146,823	197,290
Assumption of other liabilities in conjunction with acquisitions of real estate	66,629	51,094
Issuance of BREIT OP units as consideration for acquisitions of real estate	36,749	0
Recognition of financing lease liability	56,008	0
Assumed operating ground lease liabilities	47,393	0
Accrued pre-acquisition costs	868	61
Contributions from non-controlling interests	2,520	0
Accrued capital expenditures and acquisition related costs	7,187	3,985
Accrued distributions	23,380	9,952
Accrued stockholder servicing fee due to affiliate	160,604	101,124
Redeemable non-controlling interest issued as settlement of performance participation allocation	37,484	16,974
Exchange of redeemable non-controlling interest for Class I shares	11,620	0
Allocation to redeemable non-controlling interest	3,875	1,826
Distribution reinvestment	161,771	66,899
Accrued common stock repurchases	5,330	11,344
Acquired non-controlling interests		12,802
Issuance of BREIT OP units as settlement of affiliate incentive compensation awards	4,714	0
Payable for real estate-related securities	$ 185,074	$ 0