Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 236,876	$ 170,449
Adjustments to reconcile net income to cash provided by operating activities:
Management fee	57,471	34,838
Performance participation allocation	60,497	30,896
Depreciation and amortization	71,206	52,063
Other intangibles amortization	2,135	1,337
Straight-line rent adjustment	(15,999)	(10,405)
Accretion of tenant loan receivable	(10,385)	(3,337)
Amortization of deferred financing costs	6,582	2,956
Debt extinguishment expense	0	257
Capitalized interest on real estate under development	(775)	(1,665)
Impairment charges	22,734	0
Income from unconsolidated real estate affiliates	(245,476)	(185,464)
Distribution of earnings from unconsolidated real estate affiliates	117,068	81,779
Net (gain) loss on dispositions of real estate	(724)	2,180
Lease right of use asset amortization	327	327
Net loss on derivative instruments not designated as hedges	(30,497)	6,648
Net realized gain on investments in real estate debt	(2,848)	0
Net unrealized gain on investments in real estate debt	(95)	(1,979)
Net unrealized loss on fair value of DST financing obligation	3,757	338
Provision for current expected credit losses	(165)	(2,848)
Other	295	324
Change in assets and liabilities:
Increase in other assets	(3,987)	(5,761)
Decrease in due to affiliates	(3,704)	(545)
(Decrease) increase in accounts payable and accrued expenses	(2,584)	1,326
(Decrease) increase in other liabilities	(9,648)	1,171
Net cash provided by operating activities	252,061	174,885
Cash flows from investing activities:
Acquisitions of real estate	(171,613)	(37,936)
Payments for real estate under development	(57,637)	(15,518)
Proceeds from disposition of real estate	4,010	137,322
Pre-acquisition costs and deposits	(11,944)	0
Acquisitions of intangible assets	(13,325)	(3,744)
Capital improvements to real estate	0	(552)
Investments in leases - financing receivable	(84,416)	(74,133)
Proceeds from dispositions of investment in leases - financing receivables	0	0
Purchase of investments in real estate debt	(878,458)	(525,811)
Sale of investments in real estate debt	1,014,648	260,724
Investment in unconsolidated real estate affiliates	(433,463)	(1,245,281)
Sale of investments in unconsolidated real estate affiliates	0	190,398
Return of capital from investments in unconsolidated real estate affiliates	84,834	57,165
Payments made for derivative instruments	(43,336)	0
Payments received for derivative instruments	61,638	0
Net cash used in investing activities	(529,062)	(1,257,366)
Cash flows from financing activities:
Proceeds from issuance of common shares	1,338,061	1,490,400
Payment of distributions to common shareholders	(145,586)	(85,787)
Proceeds from issuance of non-controlling interests	0	120
Payment of distributions to non-controlling interests	(14,206)	(10,853)
Repurchase of common shares	(277,190)	(223,398)
Redemption of non-controlling interests	(36,240)	(1,163)
Proceeds from DST Program	360,832	106,272
Borrowings under secured financings of investments in real estate debt	152,456	115,276
Repayment of secured financings of investments in real estate debt	(464,904)	0
Repayment of revolving credit facility	(763,400)	(726,950)
Borrowings under mortgage notes	293,573	57,750
Payment of deferred financing costs	(15,111)	(34,383)
Net cash provided by financing activities	777,685	1,251,784
Net change in cash and cash equivalents and restricted cash	500,684	169,303
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	(938)	(959)
Cash and cash equivalents and restricted cash, end of period	667,711	331,131
Cash and cash equivalents	614,145	283,348
Restricted cash	53,566	47,783
Total cash and cash equivalents and restricted cash	667,711	331,131
Supplemental disclosures:
Interest paid	69,677	39,215
Income taxes paid	2,934	765
Accrued unpaid amounts for real estate under development	66,483	6,066
Accrued unpaid amounts for capital improvements to real estate	29,849	2,417
Accrued unpaid amounts for other intangible assets	0	28,334
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	54,274	31,874
Redeemable non-controlling interests issued as settlement of performance participation allocation	61,181	28,284
Allocation to redeemable non-controlling interests	3,204	462
Allocation to redeemable common shares	397	19
Distribution reinvestment	144,177	84,822
Accrued distributions for common shareholders	10,100	31,066
Accrued distributions for non-controlling interests	279	1,874
Accrued shareholder servicing fees	17,350	134,625
Borrowings under term loan credit facility
Cash flows from financing activities:
Borrowings under credit facility	0	84,500
Borrowings under revolving credit facility
Cash flows from financing activities:
Borrowings under credit facility	$ 349,400	$ 480,000