Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (675,518)	$ (65,927)	$ (304,443)
Adjustments to reconcile net loss to net cash provided by operating activities
Management fees	153,411	167,100	62,237
Performance participation allocation		102,348	204,225
Impairment of investments in real estate	188,804	0	0
Depreciation and amortization	811,788	848,943	330,455
Amortization of deferred financing costs	35,111	37,573	8,547
Straight-line rent amortization	(13,181)	(12,098)	(12,453)
Deferred income amortization	(19,796)	(13,295)	(3,905)
Unrealized loss (gain) on changes in fair value of financial instruments	349,941	(505,658)	(36,009)
Foreign currency (gain) loss	(14,786)	49,536	11,078
Loss on extinguishment of debt	93	313
Amortization of restricted stock grants	840	894	537
Net gain on disposition of investments in real estate	(289,818)
Realized loss on sale of investments in real estate debt	4,445	13,162
Realized loss on sale of real estate-related equity securities	49,181	22,021
Loss (income) from unconsolidated real estate ventures	11,624	(12,189)	615
Distributions of earnings from unconsolidated real estate ventures	14,132	11,161	189
Other items	(71,584)	4,136	429
Change in assets and liabilities
Decrease (increase) in other assets	8,707	(105,356)	(7,265)
Increase in due to affiliates	3,340	715	3,291
Increase (decrease) in other liabilities	9,833	51,532	(24,401)
Net cash provided by operating activities	556,567	594,911	233,127
Cash flows from investing activities
Acquisitions of real estate		(5,126,079)	(12,936,421)
Proceeds from dispositions of real estate	2,179,605
Capital improvements to real estate	(180,182)	(143,326)	(40,385)
Investment in unconsolidated real estate ventures	(126)	(470,181)	(235)
Origination and purchase of investments in real estate debt		(1,091,605)	(802,866)
Purchase of real estate-related debt and equity securities		(85,653)	(175,000)
Proceeds from paydown of principal and settlement of investments in real estate debt and equity securities	180,195	372,974	50,252
Purchase of derivative instruments	(18,628)
Proceeds from derivative contracts	70,856	57,176
Net cash provided by (used in) investing activities	2,231,720	(6,486,694)	(13,904,655)
Cash flows from financing activities
Proceeds from issuance of common stock, net	305,275	4,762,264	5,643,318
Offering costs paid	(54,404)	(75,639)	(41,682)
Subscriptions received in advance	13,225	40,221	496,845
Repurchase of common stock	(2,611,115)	(1,347,308)	(64,550)
Borrowings from mortgage notes, credit facility, and unsecured line of credit	2,371,482	4,017,869	8,750,402
Repayments of mortgage notes, credit facility and unsecured line of credit	(2,841,975)	(1,638,583)	(473,025)
Repayments under secured financings on investments in real estate debt, short term net	(5,469)		(42,557)
Borrowings under secured financings on investments in real estate debt		644,128	274,028
Repayments under secured financings on investments in real estate debt		(128,380)	(65,697)
Payment of deferred financing costs	(1,688)	(64,252)	(70,776)
Contributions from non-controlling interests	510	14,899	30,879
Distributions to non-controlling interests	(13,572)	(2,291)	(1,133)
Distributions	(356,180)	(311,909)	(117,380)
Net cash (used in) provided by financing activities	(3,193,911)	5,911,019	14,318,672
Effect of exchange rate changes	(10,350)	(3,182)
Net change in cash and cash equivalents and restricted cash	(415,974)	16,054	647,144
Cash and cash equivalents and restricted cash, beginning of year	956,609	940,555	293,411
Cash and cash equivalents and restricted cash, end of year	540,635	956,609	940,555
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	294,984	643,516	274,756
Restricted cash	245,651	313,093	665,799
Total cash and cash equivalents and restricted cash	540,635	956,609	940,555
Supplemental disclosure of cash flow information:
Cash paid for interest	913,268	442,971	122,275
Non-cash investing and financing activities:
Accrued stockholder servicing fees due to affiliate	(62,323)	171,464	236,971
Assumption of mortgage notes in conjunction with acquisitions of real estate		267,030	156,515
Issuance of Operating Partnership units as consideration for acquisitions of real estate		190,459
Recognition of right of use asset and liability			6,146
Issuance of Class I shares for payment of management fee	157,094	162,190	54,672
Redeemable non-controlling interest issued as settlement for performance participation allocation	102,348	204,225	15,061
Accrued distributions	43,044	49,306	32,696
Distribution reinvestment	207,385	221,093	91,192
Allocation to redeemable non-controlling interest	14,840	21,698	8,250
Accrued capital expenditures	$ 6,045	$ 14,802	$ 7,146