Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities
Net loss	$ (392,904,000)	$ (240,127,000)
Adjustments to reconcile net loss to net cash provided by operating activities
Management fees	44,944,000	58,510,000
Impairment of investments in real estate	0	0
Depreciation and amortization	346,504,000	372,287,000
Amortization of deferred financing costs	17,258,000	12,588,000
Straight-line rent amortization	(3,102,000)	(5,622,000)
Deferred income amortization	(10,907,000)	(11,707,000)
Unrealized loss (gain) on changes in fair value of financial instruments	213,922,000	14,740,000
Foreign currency (gain) loss	(20,769,000)	11,793,000
Amortization of restricted stock grants	420,000	420,000
Net gain on dispositions of investments in real estate	(23,777,000)	(2,656,000)
Realized loss on sale of investments in real estate debt		7,563,000
Loss from unconsolidated real estate ventures	6,354,000	5,673,000
Distributions of earnings from unconsolidated real estate ventures	14,441,000	7,090,000
Other items	(3,568,000)	(15,823,000)
Change in assets and liabilities
Decrease (increase) in other assets	23,715,000	(16,485,000)
Decrease in due to affiliates	(3,003,000)	(826,000)
(Decrease) increase in other liabilities	(11,836,000)	9,084,000
Net cash provided by operating activities	197,692,000	206,502,000
Cash flows from investing activities
Proceeds from dispositions of real estate	1,179,815,000	85,922,000
Capital improvements to real estate	(67,894,000)	(75,175,000)
Return of capital from unconsolidated real estate ventures	77,842,000
Investments in unconsolidated real estate ventures		(63,000)
Proceeds from paydown of principal and settlement of investments in real estate debt and equity securities		641,299,000
Purchase of derivative instruments	(6,692,000)	(15,150,000)
Proceeds from derivative contracts	30,005,000	19,479,000
Net cash provided by investing activities	1,213,076,000	656,312,000
Cash flows from financing activities
Proceeds from issuance of common stock, net	24,689,000	83,324,000
Offering costs paid	(17,940,000)	(21,466,000)
Subscriptions received in advance	1,251,000	1,246,000
Repurchases of common stock	(202,132,000)	(861,005,000)
Borrowings from mortgage notes, secured credit facilities and unsecured line of credit	216,510,000	948,500,000
Repayments of mortgage notes, secured credit facilities and unsecured line of credit	(1,386,311,000)	(637,566,000)
Borrowings under secured financings on investments in real estate debt	290,332,000
Repayments under secured financings on investments in real estate debt	(245,590,000)	(243,384,000)
Payment of deferred financing costs		(14,711,000)
Contributions from non-controlling interests	21,560,000	5,035,000
Distributions to non-controlling interests	(4,152,000)	(2,594,000)
Distributions	(169,828,000)	(158,099,000)
Net cash used in financing activities	(1,471,611,000)	(900,720,000)
Effect of exchange rate changes	3,346,000	7,243,000
Net change in cash and cash equivalents and restricted cash	(57,497,000)	(30,663,000)
Cash and cash equivalents and restricted cash, beginning of the year	522,934,000	540,635,000
Cash and cash equivalents and restricted cash, end of the period	465,437,000	509,972,000
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	240,173,000	293,837,000
Restricted cash	225,264,000	216,135,000
Total cash and cash equivalents and restricted cash	465,437,000	509,972,000
Supplemental disclosure of cash flow information:
Cash paid for interest	405,174,000	487,604,000
Non-cash investing and financing activities:
Accrued stockholder servicing fees due to affiliate	(673,000)	(26,069,000)
Issuance of Class I shares for payment of management fee	45,270,000	61,328,000
Exchange of redeemable non-controlling interest for Class I Shares		1,144,000
Accrued distributions	40,562,000	40,815,000
Distribution reinvestment	73,926,000	94,081,000
Allocation to redeemable non-controlling interests	16,034,000	16,401,000
Accrued capital expenditures	$ 2,945,000	$ 7,090,000