Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net income	$ 169,656	$ 108,895
Adjustments to reconcile net income to cash provided by operating activities:
Management fee	27,907	16,216
Performance participation allocation	30,457	12,565
Depreciation and amortization	35,259	25,837
Other intangibles amortization	1,101	662
Straight-line rent adjustment	(7,917)	(5,125)
Accretion of tenant loan receivable	(4,631)	(1,684)
Amortization of deferred financing costs	2,934	1,288
Capitalized interest on real estate under development	(469)	(446)
Impairment charges	22,734	0
Income from unconsolidated real estate affiliates	(204,851)	(109,387)
Distribution of earnings from unconsolidated real estate affiliates	56,647	33,039
Net (gain) loss on dispositions of real estate	(724)	2,180
Lease right of use asset amortization	164	164
Net loss on derivative instruments not designated as hedges	2,292	1,388
Net realized gain on investments in real estate debt	(1,084)	0
Net unrealized gain on investments in real estate debt	(264)	(827)
Net unrealized loss on fair value of DST financing obligation	1,337	265
Provision for current expected credit losses	(121)	(4,471)
Other	187	172
Change in assets and liabilities:
(Increase) decrease in other assets	(4,856)	57
Decrease in due to affiliates	(3,002)	(41)
Increase in accounts payable and accrued expenses	167	5,742
Increase (decrease) in other liabilities	3,122	(1,438)
Net cash provided by operating activities	126,045	85,051
Cash flows from investing activities:
Acquisitions of real estate	(126,757)	(28,453)
Payments for real estate under development	(31,642)	(13,158)
Proceeds from disposition of real estate	4,010	137,322
Acquisitions of intangible assets	(9,283)	(3,373)
Capital improvements to real estate	0	(551)
Investments in leases - financing receivable	(84,416)	(74,133)
Purchase of investments in real estate debt	(365,790)	(331,854)
Sale of investments in real estate debt	96,612	23,848
Investment in unconsolidated real estate affiliates	(236,814)	(257,916)
Return of capital from investments in unconsolidated real estate affiliates	71,231	32,078
Payments made for derivative instruments	(35,570)	0
Net cash used in investing activities	(718,419)	(516,190)
Cash flows from financing activities:
Proceeds from issuance of common shares	760,293	709,891
Payment of distributions to common shareholders	(68,783)	(39,899)
Proceeds from issuance of non-controlling interests	93	54
Payment of distributions to non-controlling interests	(6,939)	(5,339)
Repurchase of common shares	(133,435)	(102,225)
Proceeds from DST Program	211,065	39,140
Borrowings under secured financings of investments in real estate debt	60,101	0
Repayment of revolving credit facility	(528,400)	(321,950)
Borrowings under mortgage notes	44,800	57,750
Payment of deferred financing costs	(959)	(942)
Net cash provided by financing activities	632,236	489,480
Net change in cash and cash equivalents and restricted cash	39,862	58,341
Cash and cash equivalents and restricted cash, beginning of period	167,965	162,787
Effects of currency translation on cash, cash equivalents, and restricted cash	(1,463)	(367)
Cash and cash equivalents and restricted cash, end of period	206,364	220,761
Cash and cash equivalents	159,284	174,625
Restricted cash	47,080	46,136
Total cash and cash equivalents and restricted cash	206,364	220,761
Supplemental disclosures:
Interest paid	38,334	18,157
Income taxes paid	571	926
Accrued unpaid amounts for real estate under development	39,298	8,649
Accrued unpaid amounts for capital improvements to real estate	30,389	2,186
Accrued unpaid amounts for other intangible assets	0	26,811
Non-cash investing and financing activities:
Contribution of real estate assets for investment in unconsolidated real estate affiliate	122,622	142,357
Issuance of redeemable Class I shares as settlement of the management fee	26,097	14,880
Redeemable non-controlling interests issued as settlement of performance participation allocation	30,724	15,719
Allocation to redeemable non-controlling interests	989	(36)
Allocation to redeemable common shares	(34)	(127)
Distribution reinvestment	68,548	39,364
Accrued distributions for common shareholders	46,693	27,176
Accrued distributions for non-controlling interests	2,446	1,838
Accrued shareholder servicing fees	180,528	116,963
Borrowings under revolving credit facility
Cash flows from financing activities:
Borrowings under revolving credit facility	$ 294,400	$ 153,000