v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net loss $ (724,208) $ (675,518) $ (65,927)
Adjustments to reconcile net loss to net cash provided by operating activities      
Management fees 105,356 153,411 167,100
Performance participation allocation     102,348
Impairment of investments in real estate 150,392 188,804 0
Depreciation and amortization 742,220 811,788 848,943
Amortization of deferred financing costs 22,252 35,111 37,573
Straight-line rent amortization (10,213) (13,181) (12,098)
Deferred income amortization (22,572) (19,796) (13,295)
Unrealized loss (gain) on changes in fair value of financial instruments 153,827 349,941 (505,658)
Foreign currency (gain) loss 41,062 (14,786) 49,536
Loss on extinguishment of debt   93 313
Amortization of restricted stock grants 840 840 894
Net gain on dispositions of investments in real estate (87,108) (289,818)  
Realized loss on sale of investments in real estate debt 7,563 4,445 13,162
Realized loss on sale of real estate-related equity securities   49,181 22,021
Loss from unconsolidated real estate ventures 13,435 11,624 (12,189)
Distributions of earnings from unconsolidated real estate ventures 21,819 14,132 11,161
Other items (26,947) (71,584) 4,136
Change in assets and liabilities      
Decrease (increase) in other assets 26,022 8,707 (105,356)
(Increase) decrease in due to affiliates (1,994) 3,340 715
Increase in other liabilities 17,445 9,833 51,532
Net cash provided by operating activities 429,191 556,567 594,911
Cash flows from investing activities      
Acquisitions of real estate     (5,126,079)
Proceeds from dispositions of real estate 443,158 2,179,605  
Capital improvements to real estate (185,536) (180,182) (143,326)
Contributions to investments in unconsolidated real estate ventures (113) (126) (470,181)
Origination and purchase of investments in real estate debt     (1,091,605)
Purchase of real estate-related debt and equity securities     (85,653)
Proceeds from paydown of principal and settlement of investments in real estate debt and equity securities 641,299 180,195 372,974
Purchase of derivative instruments (19,392) (18,628)  
Proceeds from derivative contracts 35,121 70,856 57,176
Net cash provided by (used in) investing activities 914,537 2,231,720 (6,486,694)
Cash flows from financing activities      
Proceeds from issuance of common stock, net 100,127 305,275 4,762,264
Offering costs paid (42,143) (54,404) (75,639)
Subscriptions received in advance 1,113 13,225 40,221
Repurchases of common stock (1,065,841) (2,611,115) (1,347,308)
Borrowings from mortgage notes, secured credit facilities and unsecured line of credit 1,257,514 2,371,482 4,017,869
Repayments of mortgage notes, secured credit facilities and unsecured line of credit (1,053,477) (2,841,975) (1,638,583)
Repayments under secured financings on investments in real estate debt, short term, net   (5,469)  
Borrowings under secured financings on investments in real estate     644,128
Repayments under secured financings on investments in real estate debt (243,384)   (128,380)
Payment of deferred financing costs (17,752) (1,688) (64,252)
Contributions from non-controlling interests 26,567 510 14,899
Distributions to non-controlling interests (2,310) (13,572) (2,291)
Distributions (325,448) (356,180) (311,909)
Net cash (used in) provided by financing activities (1,365,034) (3,193,911) 5,911,019
Effect of exchange rate changes 3,605 (10,350) (3,182)
Net change in cash and cash equivalents and restricted cash (17,701) (415,974) 16,054
Cash and cash equivalents and restricted cash, beginning of the year 540,635 956,609 940,555
Cash and cash equivalents and restricted cash, end of year 522,934 540,635 956,609
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:      
Cash and cash equivalents 281,512 294,984 643,516
Restricted cash 241,422 245,651 313,093
Total cash and cash equivalents and restricted cash 522,934 540,635 956,609
Supplemental disclosure of cash flow information:      
Cash paid for interest 965,385 913,268 442,971
Non-cash investing and financing activities:      
Accrued stockholder servicing fees due to affiliate (114) (62,323) 171,464
Assumption of mortgage notes in conjunction with acquisitions of real estate     267,030
Issuance of Operating Partnership units as consideration for acquisitions of real estate     190,459
Issuance of Class I shares for payment of management fee 108,503 157,094 162,190
Exchange of redeemable non-controlling interest for Class I shares 1,144    
Redeemable non-controlling interest issued as settlement for performance participation allocation   102,348 204,225
Accrued distributions 40,612 43,044 49,306
Distribution reinvestment 171,078 207,385 221,093
Allocation to redeemable non-controlling interest 37,157 14,840 21,698
Accrued capital expenditures $ 1,616 $ 6,045 $ 14,802