Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 28,884	$ (1,217,150)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Management fee	73,095	49,502
Performance participation allocation	143,215
Depreciation and amortization	400,387	328,805
Net gain on dispositions of real estate	(15,430)	(371)
Loss on extinguishment of debt	3,416	1,237
Unrealized (gain) loss on changes in fair value of financial instruments	(316,617)	1,104,394
Income from unconsolidated entities	(34,682)	(13,269)
Distributions from unconsolidated entities	15,101	12,131
Other items	14,418	(1,683)
Change in assets and liabilities:
(Increase) / decrease in other assets	(20,726)	(70,385)
Increase / (decrease) in due to affiliates	4,804	3,590
Increase / (decrease) in other liabilities	(4,229)	12,238
Net cash provided by operating activities	291,636	209,039
Cash flows from investing activities:
Acquisitions of real estate	(362,345)	(2,573,147)
Capital improvements to real estate	(61,713)	(70,648)
Proceeds from disposition of real estate	73,922	4,488
Pre-acquisition costs and deposits	(6,322)	(23,791)
Investment in unconsolidated entities	(364,758)	(808,312)
Purchase of investments in real estate debt	(300,888)	(485,663)
Proceeds from settlement of investments in real estate debt	126,388	87,271
Purchase of real estate-related equity securities	(336,845)	(372,293)
Net cash used in investing activities	(1,232,561)	(4,242,095)
Cash flows from financing activities:
Proceeds from issuance of common stock	2,327,903	4,232,000
Offering costs paid	(30,430)	(27,823)
Subscriptions received in advance	1,230,294	290,535
Repurchase of common stock	(323,611)	(46,624)
Repurchase of management fee shares	(124,335)	(42,132)
Redemption of redeemable non-controlling interest	(111,949)	(83,625)
Redemption of affiliate service provider incentive compensation awards	(923)	(335)
Borrowings of mortgage notes, term loans, and secured revolving credit facilities	614,085	4,551,680
Repayments from mortgage notes, term loans, and secured revolving credit facilities	(957,247)	(3,591,784)
Borrowings under secured financings on investments in real estate debt		45,541
Repayments of secured financings on investments in real estate debt	(635,805)	(618,147)
Borrowings from affiliate unsecured revolving credit facility	60,000	125,000
Repayments on affiliate unsecured revolving credit facility	(60,000)	(125,000)
Borrowings from unsecured revolving credit facilities		130,000
Repayments on unsecured revolving credit facilities		(130,000)
Payment of deferred financing costs	(13,640)	(19,894)
Contributions from non-controlling interests	825	10,953
Distributions to and redemptions of non-controlling interests	(6,623)	(8,342)
Distributions	(127,578)	(81,486)
Net cash provided by financing activities	1,840,966	4,610,517
Net change in cash and cash equivalents and restricted cash	900,041	577,461
Cash and cash equivalents and restricted cash, beginning of period	1,044,523	1,109,702
Cash and cash equivalents and restricted cash, end of period	1,944,564	1,687,163
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	574,130	738,553
Restricted cash	1,370,434	948,610
Cash and cash equivalents and restricted cash, end of period	1,944,564	1,687,163
Non-cash investing and financing activities:
Assumption of mortgage notes in conjunction with acquisitions of real estate		109,069
Accrued pre-acquisition costs		803
Accrued capital expenditures and acquisition related costs	7,009	3,363
Accrued distributions	11,914	21,103
Accrued stockholder servicing fee due to affiliate	78,094	70,409
Redeemable non-controlling interest issued as settlement of performance participation allocation	192,648	141,396
Allocation to redeemable non-controlling interest	2,775	508
Distribution reinvestment	150,174	104,922
Accrued common stock repurchases	87,350	427,259
Accrued common stock repurchases due to affiliate	27,387
Payable for investments in real estate debt	22,974	389,878
Real Estate [Member]
Non-cash investing and financing activities:
Assumption of other liabilities in conjunction with acquisitions	2,945	2,416
Investments in Unconsolidated Entities [Member]
Non-cash investing and financing activities:
Assumption of other liabilities in conjunction with acquisitions	9,249
Class I Shares [Member]
Non-cash investing and financing activities:
Exchange of redeemable non-controlling interest	12,246	9,228
Class B Units [Member]
Non-cash investing and financing activities:
Exchange of redeemable non-controlling interest	$ 68,453	$ 48,543