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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 119,818 $ 8,628
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 669,244 640,103
Amortization of deferred revenue and lease intangibles, net (19,364) (27,412)
Other non-cash amortization 14,059 14,852
Recovery of allowance on loans receivable and investments, net 0 (110)
Stock-based compensation 26,510 22,076
Straight-lining of rental income (12,547) (5,350)
Loss on extinguishment of debt, net 0 672
Gain on real estate dispositions (33,985) (50,011)
Income tax benefit (expense) (13,032) 1,378
Loss from unconsolidated entities 4,449 10,035
Distributions from unconsolidated entities 15,026 10,063
Other (2,752) 129
Changes in operating assets and liabilities:    
Decrease (increase) in Other assets 51,523 (16,523)
(Decrease) increase in accrued interest payable (13,893) 5,281
Decrease in accounts payable and other liabilities (8,574) (11,491)
Net cash provided by operating activities 796,482 602,320
Cash flows from investing activities:    
Net investment in real estate property (960,727) (325,244)
Investment in loans receivable (581) (11,847)
Proceeds from real estate disposals 149,014 238,091
Proceeds from loans receivable 7,848 584
Development project expenditures (125,538) (164,828)
Capital expenditures (133,977) (121,908)
Investment in unconsolidated entities (24,855) (29,069)
Insurance proceeds for property damage claims 652 2,834
Net cash used in investing activities (1,088,164) (411,387)
Cash flows from financing activities:    
Net change in borrowings under revolving credit facilities (5,422) (10,770)
Proceeds from debt 587,199 1,216,336
Repayment of debt (1,209,580) (1,405,872)
Purchase of noncontrolling interests 0 (11,000)
Payment of deferred financing costs (8,908) (29,147)
Issuance of common stock, net 1,064,749 491,797
Cash distributions to common stockholders (415,989) (365,163)
Cash distributions to redeemable OP unitholders (3,127) (3,060)
Cash issued for redemption of OP Units (1,684) (2,087)
Contributions from noncontrolling interests 80 3,580
Distributions to noncontrolling interests (6,086) (9,967)
Proceeds from stock option exercises 26,124 0
Other (19,526) (10,074)
Net cash provided by (used in) financing activities 7,830 (135,427)
Net (decrease) increase in cash, cash equivalents and restricted cash (283,852) 55,506
Effect of foreign currency translation 3,376 (3,684)
Cash, cash equivalents and restricted cash at beginning of period 957,233 563,462
Cash, cash equivalents and restricted cash at end of period 676,757 615,284
Assets acquired and liabilities assumed from acquisitions and other:    
Income taxes paid, net 7,002 2,430
Real estate investments 26,010 10,530
Other assets 3,106 1,171
Other liabilities 10,643 4,713
Deferred income tax liability $ 18,473 $ 6,988