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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ 48,356 $ (12,540)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 321,525 300,255
Amortization of deferred revenue and lease intangibles, net (9,563) (13,645)
Other non-cash amortization 7,363 7,298
Recovery of allowance on loans receivable and investments, net 0 (68)
Stock-based compensation 18,827 16,284
Straight-lining of rental income (4,347) (2,612)
Loss on extinguishment of debt, net 0 252
Gain on real estate dispositions (169) (341)
Income tax benefit (13,781) (4,696)
Loss from unconsolidated entities 3,311 8,383
Distributions from unconsolidated entities 5,091 4,576
Other (4,227) (5,422)
Changes in operating assets and liabilities:    
Decrease (increase) in other assets 36,154 (25,839)
(Decrease) increase in accrued interest payable (36,514) 6,096
Decrease in accounts payable and other liabilities (50,882) (11,533)
Net cash provided by operating activities 321,144 266,448
Cash flows from investing activities:    
Net investment in real estate property (767,269) (36,092)
Investment in loans receivable (462) (5,232)
Proceeds from real estate disposals 13,250 40,016
Proceeds from loans receivable 2,870 268
Development project expenditures (58,368) (84,737)
Capital expenditures (58,906) (49,387)
Investment in unconsolidated entities (14,928) (11,179)
Insurance proceeds for property damage claims 69 1,756
Net cash used in investing activities (883,744) (144,587)
Cash flows from financing activities:    
Net change in borrowings under revolving credit facilities (6,550) (5,708)
Net change in borrowings under commercial paper program 242,969 0
Proceeds from debt 29,680 555,489
Repayment of debt (1,090,710) (419,310)
Purchase of noncontrolling interests 0 0
Payment of deferred financing costs (175) (5,283)
Issuance of common stock, net 876,463 77,430
Cash distributions to common stockholders (199,025) (182,854)
Cash distributions to redeemable OP unitholders (1,503) (1,555)
Cash issued for redemption of OP Units (337) (1,064)
Contributions from noncontrolling interests 80 3,534
Distributions to noncontrolling interests (2,743) (4,473)
Proceeds from stock option exercises 19,766 0
Other (17,051) (11,382)
Net cash (used in) provided by financing activities (149,136) 4,824
Net (decrease) increase in cash, cash equivalents and restricted cash (711,736) 126,685
Effect of foreign currency translation 466 (1,738)
Cash, cash equivalents and restricted cash at beginning of period 957,233 563,462
Cash, cash equivalents and restricted cash at end of period 245,963 688,409
Assets acquired and liabilities assumed from acquisitions and other:    
Income taxes paid, net 4,004 474
Real estate investments 20,954 942
Other assets 2,736 83
Other liabilities (8,352) 632
Deferred income tax liability $ (15,337) $ 393