v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Investments in real estate, net $ 16,759,201 $ 16,929,132
Investment in real estate debt 940,286 915,431
Investments in unconsolidated real estate ventures 291,444 294,392
Cash and cash equivalents 211,144 200,806
Restricted cash 220,891 224,454
Other assets 321,593 353,647
Total assets 18,744,559 18,917,862
Liabilities and Equity    
Mortgage notes and secured credit facilities, net [1] 11,969,195 11,957,210
Secured financings on investment in real estate debt, net 565,864 550,951
Unsecured line of credit 1,517,500 1,373,000
Other liabilities 400,808 433,156
Subscriptions received in advance 200 145
Due to affiliates 226,777 235,809
Total liabilities 14,680,344 14,550,271
Commitments and contingencies
Redeemable non-controlling interests 392,717 399,101
Equity    
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized;none issued and outstanding as of March 31, 2026 and December 31, 2025
Additional paid-in capital 8,633,963 8,702,558
Accumulated other comprehensive income (loss) 13,797 22,499
Accumulated deficit and cumulative distributions (5,068,956) (4,842,847)
Total stockholders’ equity 3,582,693 3,886,130
Non-controlling interests in consolidated joint ventures 88,805 82,360
Total equity 3,671,498 3,968,490
Total liabilities and equity 18,744,559 18,917,862
Common Stock Class T    
Equity    
Common stock value 47 48
Common Stock Class S    
Equity    
Common stock value 1,734 1,756
Common Stock Class D    
Equity    
Common stock value 245 247
Common Stock Class I    
Equity    
Common stock value $ 1,863 $ 1,869
[1] 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.