Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Jun. 30, 2025	Dec. 31, 2024
Assets
Investments in real estate, net		$ 17,209,013	$ 17,830,254
Investment in real estate debt		901,164	852,461
Investments in unconsolidated real estate ventures		322,224	420,861
Cash and cash equivalents		240,173	281,512
Restricted cash		225,264	241,422
Other assets		467,392	1,365,479
Total assets		19,365,230	20,991,989
Liabilities and Equity
Mortgage notes and secured credit facilities, net	[1],[2]	11,970,401	12,744,587
Secured financings on investment in real estate debt, net		541,450	467,988
Unsecured line of credit		1,065,500	1,362,000
Other liabilities		444,861	447,095
Subscriptions received in advance		1,251	1,113
Due to affiliates		255,263	275,601
Total liabilities		14,278,726	15,298,384
Commitments and contingencies
Redeemable non-controlling interests		418,931	434,878
Equity
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding as of June 30, 2025 and December 31, 2024
Additional paid-in capital		8,859,130	8,932,123
Accumulated other comprehensive loss		18,987	(50,756)
Accumulated deficit and cumulative distributions		(4,293,722)	(3,691,379)
Total stockholders’ equity		4,588,386	5,194,006
Non-controlling interests in consolidated joint ventures		79,187	64,721
Total equity		4,667,573	5,258,727
Total liabilities and equity		19,365,230	20,991,989
Common Stock Class T
Equity
Common stock value		50	51
Common Stock Class S
Equity
Common stock value		1,796	1,814
Common Stock Class D
Equity
Common stock value		252	259
Common Stock Class I
Equity
Common stock value		$ 1,893	$ 1,894

[1] Excludes a $12.6 million mortgage loan on a property classified as held-for-sale as of December 31, 2024. As of June 30, 2025, there were no properties or 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.