Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Assets
Investments in real estate, net		$ 19,976,514	$ 22,247,401
Investments in real estate debt		1,577,948	1,657,663
Investments in unconsolidated real estate ventures		472,874	481,632
Cash and cash equivalents		287,621	643,516
Restricted cash		278,445	313,093
Other assets		1,622,793	1,421,548
Total assets		24,216,195	26,764,853
Liabilities and Equity
Mortgage notes and revolving credit facility, net	[1],[2]	13,207,343	14,355,458
Secured financings on investments in real estate debt		729,149	751,771
Unsecured line of credit		760,500
Other liabilities		728,721	507,399
Subscriptions received in advance		12,928	40,221
Total liabilities		15,786,781	16,191,963
Commitments and contingencies
Redeemable non-controlling interests		497,254	427,099
Equity
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding as of September 30, 2023 and December 31, 2022
Additional paid-in capital		10,075,151	11,466,270
Accumulated other comprehensive loss		(36,987)	(24,307)
Accumulated deficit and cumulative distributions		(2,160,350)	(1,355,256)
Total stockholders’ equity		7,882,311	10,091,765
Non-controlling interests in consolidated joint ventures		49,849	54,026
Total equity		7,932,160	10,145,791
Total liabilities and equity		24,216,195	26,764,853
Common Stock Class T
Equity
Common stock value		55	57
Common Stock Class S
Equity
Common stock value		2,031	2,246
Common Stock Class D
Equity
Common stock value		287	310
Common Stock Class I
Equity
Common stock value		2,124	2,445
Affiliated Entity
Assets
Investments in real estate debt		250,111	290,807
Liabilities and Equity
Other liabilities		$ 348,140	$ 537,114

[1] Excludes a total of $203.7 million of mortgage loans on properties classified as held-for-sale as of September 30, 2023. As of December 31, 2022, there were no properties, and their related mortgage loans, that met the criteria to be classified as held-for-sale.

[2] The majority of the Company’s mortgages contain prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties.