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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 income (loss) $ 88,351 $ (30,297) $ (40,931)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 1,253,143 1,392,461 1,197,798
Amortization of deferred revenue and lease intangibles, net (54,242) (59,604) (63,543)
Other non-cash amortization 30,143 22,416 12,957
(Reversal of) allowance on loans receivable and investments, net (166) (20,270) 19,757
Stock-based compensation 30,991 30,987 30,715
Straight-lining of rental income (5,094) (7,597) (11,094)
Loss (gain) on extinguishment of debt, net 687 (6,104) 581
Gain on real estate dispositions (57,009) (62,119) (7,780)
Income tax benefit (43,487) (15,269) (21,348)
Income from unconsolidated entities (1,563) (13,626) (28,500)
Gain on foreclosure of real estate 0 (29,127) 0
Distributions from unconsolidated entities 18,298 16,123 19,847
Other 25,762 (44,503) 52,489
Changes in operating assets and liabilities:      
Increase in other assets (117,363) (48,445) (52,897)
Increase in accrued interest payable 27,205 1,252 4,915
Increase (decrease) in accounts payable and other liabilities 133,969 (6,405) 7,197
Net cash provided by operating activities 1,329,625 1,119,873 1,120,163
Cash flows from investing activities:      
Net investment in real estate property (1,925,957) (6,466) (446,628)
Investment in loans receivable (125,363) (2,750) (30,700)
Proceeds from real estate disposals 329,094 399,534 112,926
Proceeds from loans receivable 6,870 44,630 890
Proceeds from sale of interest in unconsolidated entities 0 50,054 0
Net cash assumed in foreclosure of real estate 0 11,615 0
Development project expenditures (322,232) (383,590) (231,939)
Capital expenditures (281,614) (259,415) (222,130)
Distributions from unconsolidated entities 8,368 74,670 28,311
Investment in unconsolidated entities (69,797) (130,522) (83,652)
Insurance proceeds for property damage claims 3,542 17,576 13,704
Net cash used in investing activities (2,377,089) (184,664) (859,218)
Cash flows from financing activities:      
Net change in borrowings under revolving credit facilities (7,103) (12,410) (27,179)
Net change in borrowings under commercial paper program 0 (402,354) 122,414
Proceeds from debt 1,913,431 2,527,482 957,781
Repayment of debt (1,621,316) (1,973,132) (575,391)
Purchase of noncontrolling interests (11,064) (110) (170)
Payment of deferred financing costs (35,878) (41,837) (8,824)
Issuance of common stock, net 1,964,867 108,455 0
Cash distribution to common stockholders (740,326) (723,559) (720,319)
Cash distribution to redeemable OP unitholders (6,468) (6,191) (6,292)
Cash issued for redemption of OP Units (2,416) (1,132) (1,487)
Contributions from noncontrolling interests 3,703 20,241 5,371
Distributions to noncontrolling interests (22,300) (32,029) (32,325)
Proceeds from stock option exercises 26,052 1,736 8,691
Other (15,962) (8,909) (6,198)
Net cash provided by (used in) financing activities 1,445,220 (543,749) (283,928)
Net increase (decrease) in cash, cash equivalents and restricted cash 397,756 391,460 (22,983)
Effect of foreign currency translation (3,985) 1,257 (2,869)
Cash, cash equivalents and restricted cash at beginning of year 563,462 170,745 196,597
Cash, cash equivalents and restricted cash at end of year 957,233 563,462 170,745
Supplemental disclosure of cash flow information:      
Interest paid excluding capitalized interest 575,741 548,108 467,556
Assets acquired and liabilities assumed from acquisitions and other:      
Real estate investments 43,086 0 16,540
Other assets 12,955 7,873 875
Other liabilities 23,489 9,000 7,747
Deferred income tax liability 28,601 12,382 960
Noncontrolling interests 0 0 3,351
Settlement of loan receivable 0 486,082 0
Real estate received in settlement of loan receivable 0 1,566,395 0
Assumption of debt related to real estate owned 0 1,016,804 0
Equity issued for redemption of OP Units 434 0 0
Investment in unconsolidated entities $ 0 $ 0 $ 8,100