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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 351,273 $ 330,844
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 167,705 165,116
Amortization of deferred financing costs 7,356 8,912
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes 3,675 3,533
Non-cash lease expense 799 0
Compensation expense related to stock-based awards 11,316 9,987
Gain on real estate transactions 0 (1,205)
Distributions from unconsolidated real estate ventures in excess of earnings 5,097 4,752
Changes in operating assets and liabilities:    
Other assets (17,977) (11,153)
Accounts payable and accrued expenses 41,780 29,310
Other liabilities 12,243 4,370
Net cash provided by operating activities 583,267 544,466
Cash flows from investing activities:    
Acquisition of real estate assets (151,244) (287,114)
Development and redevelopment of real estate assets (46,112) (34,413)
Proceeds from sale of real estate assets 234 11,254
Investment in unconsolidated real estate entities (13,937) (33,661)
Return of investment in unconsolidated real estate ventures 371 3,982
Issuance and purchase of notes receivable (149,750) (162,677)
Principal payments received from notes receivable 0 151,211
Purchase of equipment and fixtures (3,407) (4,959)
Net cash used in investing activities (363,845) (356,377)
Cash flows from financing activities:    
Proceeds from the sale of common stock, net of offering costs 0 198,852
Proceeds from notes payable and revolving lines of credit 1,419,000 1,508,000
Principal payments on notes payable and revolving lines of credit (1,192,750) (1,503,686)
Principal payments on notes payable to trusts 0 (30,928)
Deferred financing costs (3,161) (2,008)
Net proceeds from exercise of stock options 2,870 2,830
Repurchase of common stock (67,873) 0
Redemption of Operating Partnership units held by noncontrolling interests (1,000) 0
Proceeds from principal payments on note receivable collateralized by Preferred OP Units 8,226 0
Contributions from noncontrolling interests 68 146
Dividends paid on common stock (349,700) (341,535)
Distributions to noncontrolling interests (25,261) (25,735)
Net cash used in financing activities (209,581) (194,064)
Net increase (decrease) in cash, cash equivalents, and restricted cash 9,841 (5,975)
Cash, cash equivalents, and restricted cash, beginning of the period 70,733 72,690
Cash, cash equivalents, and restricted cash, end of the period 80,574 66,715
Supplemental schedule of cash flow information    
Interest paid 119,977 136,563
Income taxes paid 5,181 6,197
Redemption of Operating Partnership units held by noncontrolling interests for common stock    
Noncontrolling interests in Operating Partnership (4,005) (9,258)
Common stock and paid-in capital 4,005 9,258
Establishment of operating lease right of use assets and lease liabilities    
Real estate assets - operating lease right-of-use assets 6,799 277,430
Operating lease liabilities (6,799) (286,787)
Accounts payable and accrued expenses 0 9,357
Acquisitions of real estate assets    
Real estate assets, net (13,833) 19,937
Notes payable assumed 0 (17,157)
Investment in unconsolidated real estate ventures 0 (2,780)
Finance lease liability 13,833 0
Accrued construction costs and capital expenditures    
Acquisition of real estate assets 676 1,292
Accounts payable and accrued expenses (676) (1,292)
Redemption of Preferred Operating Partnership units for common stock    
Preferred Operating Partnership units (2,724) 0
Additional paid-in capital 2,724 0
Establishment of finance lease assets and lease liabilities    
Real estate assets, net 8,605 0
Other liabilities (8,605) 0
Conversion of Preferred OP Units to Common OP Units    
Conversion Of Preferred Operating Units To Common Units 0 (4,374)
Contribution of Preferred OP Units to unconsolidated real estate venture    
Contribution of Preferred OP Units to unconsolidated real estate venture    
Investments in unconsolidated real estate ventures 0 (28,022)
Value of Preferred Operating Partnership units issued $ 0 $ 28,022