v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets    
Investments in real estate, net $ 17,830,254 $ 19,580,358
Investments in real estate debt 852,461 1,589,350
Investments in unconsolidated real estate ventures 420,861 456,002
Cash and cash equivalents 281,512 294,984
Restricted cash 241,422 245,651
Other assets 1,365,479 947,629
Total assets 20,991,989 23,113,974
Liabilities and Equity    
Mortgage notes and secured credit facilities, net [1],[2] 12,744,587 13,028,910
Secured financings on investment in real estate debt, net 467,988 762,352
Unsecured line of credit 1,362,000 907,500
Other liabilities 447,095 484,358
Subscriptions received in advance 1,113 13,225
Due to affiliates 275,601 320,957
Total liabilities 15,298,384 15,517,302
Commitments and contingencies
Redeemable non-controlling interests 434,878 459,862
Equity    
Preferred stock, $0.01 par value per share,100,000,000 shares authorized;none issued and outstanding as of December 31, 2024 and December 31, 2023
Additional paid-in capital 8,932,123 9,641,219
Accumulated other comprehensive loss (50,756) (15,729)
Accumulated deficit and cumulative distributions (3,691,379) (2,537,302)
Total stockholders' equity 5,194,006 7,092,496
Non-controlling interests in consolidated joint ventures 64,721 44,314
Total equity 5,258,727 7,136,810
Total liabilities and equity 20,991,989 23,113,974
Common Stock Class T    
Equity    
Common stock value 51 53
Common Stock Class S    
Equity    
Common stock value 1,814 1,950
Common Stock Class D    
Equity    
Common stock value 259 275
Common Stock Class I    
Equity    
Common stock value $ 1,894 $ 2,030
[1] Excludes a $12.6 million mortgage loan on a property classified as held-for-sale as of December 31, 2024. As of December 31, 2023, there were no properties, and their 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.