v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net loss $ (119,868,000) $ (187,574,000)
Adjustments to reconcile net loss to net cash provided by operating activities    
Management fees 20,427,000 22,766,000
Performance participation allocation 0 0
Depreciation and amortization 177,646,000 172,850,000
Amortization of deferred financing costs 6,058,000 7,197,000
Straight-line rent amortization (2,899,000) (1,368,000)
Deferred income amortization (7,240,000) (4,120,000)
Unrealized (gain) loss on changes in fair value of financial instruments (41,152,000) 89,952,000
Foreign currency gain (10,119,000) (644,000)
Loss on extinguishment of debt 2,356,000 0
Amortization of restricted stock grants 210,000 210,000
Net loss (gain) on dispositions of investments in real estate 65,000 (9,690,000)
Loss from unconsolidated real estate ventures 2,927,000 1,829,000
Distributions of earnings from unconsolidated real estate ventures 21,000 7,550,000
Other items 1,877,000 (2,166,000)
Change in assets and liabilities    
Decrease in other assets 11,052,000 24,885,000
Increase (decrease) in due to affiliates 34,000 (2,128,000)
Decrease in other liabilities (20,287,000) (32,858,000)
Net cash provided by operating activities 54,214,000 85,246,000
Cash flows from investing activities    
Proceeds from dispositions of real estate 332,000 1,047,404,000
Capital improvements to real estate (24,128,000) (31,938,000)
Return of capital from unconsolidated real estate ventures 0 77,842,000
Purchase of derivative instruments (5,059,000) (2,407,000)
Proceeds from derivative contracts 26,773,000 24,922,000
Net cash (used in) provided by investing activities (2,082,000) 1,115,823,000
Cash flows from financing activities    
Proceeds from issuance of common stock, net 3,205,000 7,053,000
Offering costs paid (8,485,000) (7,911,000)
Subscriptions received in advance 200,000 13,004,000
Repurchases of common stock (120,313,000) (87,328,000)
Borrowings from mortgage notes, secured credit facilities and unsecured line of credit 1,931,520,000 74,088,000
Repayments of mortgage notes, secured credit facilities and unsecured line of credit (1,759,923,000) (1,137,042,000)
Payment of deferred financing costs (13,589,000) 0
Contributions from non-controlling interests 8,320,000 11,361,000
Distributions to non-controlling interests (837,000) (3,239,000)
Distributions (86,823,000) (84,692,000)
Net cash used in financing activities (46,725,000) (1,214,706,000)
Effect of exchange rate changes 1,368,000 (3,759,000)
Net change in cash and cash equivalents and restricted cash 6,775,000 (17,396,000)
Cash and cash equivalents and restricted cash, beginning of the year 425,260,000 522,934,000
Cash and cash equivalents and restricted cash, end of the period 432,035,000 505,538,000
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:    
Cash and cash equivalents 211,144,000 270,366,000
Restricted cash 220,891,000 235,172,000
Total cash and cash equivalents and restricted cash 432,035,000 505,538,000
Supplemental disclosure of cash flow information:    
Cash paid for interest 190,731,000 206,545,000
Non-cash investing and financing activities:    
Accrued stockholder servicing fees due to affiliate (1,011,000) (367,000)
Issuance of Class I shares for payment of management fee 20,589,000 22,984,000
Accrued distributions 39,653,000 40,555,000
Distribution reinvestment 32,874,000 37,344,000
Allocation to redeemable non-controlling interests 5,926,000 4,102,000
Accrued capital expenditures $ 1,594,000 $ 1,279,000