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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 188,526 $ 29,624
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,026,417 944,371
Amortization of deferred revenue and lease intangibles, net (31,012) (41,194)
Other non-cash amortization 22,484 22,347
Recovery of allowance on loans receivable and investments, net 0 (166)
Stock-based compensation 32,415 26,344
Straight-lining of rental income (38,784) (6,469)
Loss on extinguishment of debt, net 119 672
Gain on real estate dispositions (35,268) (50,282)
Income tax (benefit) expense (22,002) 2,535
(Income) loss from unconsolidated entities (12,195) 5,406
Distributions from unconsolidated entities 21,749 13,639
Other 8,417 681
Changes in operating assets and liabilities:    
Increase in Other assets (14,515) (122,404)
Decrease in accrued interest payable (30,560) (3,415)
Increase in accounts payable and other liabilities 59,272 134,295
Net cash provided by operating activities 1,175,063 955,984
Cash flows from investing activities:    
Net investment in real estate property (1,985,249) (519,048)
Investment in loans receivable (866) (120,695)
Proceeds from real estate disposals 158,769 275,396
Proceeds from loans receivable 9,432 6,496
Development project expenditures (184,412) (239,564)
Capital expenditures (226,152) (194,035)
Distributions from unconsolidated entities 0 2,555
Investment in unconsolidated entities (40,157) (55,503)
Insurance proceeds for property damage claims 2,939 3,523
Net cash used in investing activities (2,265,696) (840,875)
Cash flows from financing activities:    
Net change in borrowings under revolving credit facilities (6,768) (6,151)
Proceeds from debt 606,850 1,805,446
Repayment of debt (1,651,650) (1,539,869)
Purchase of noncontrolling interests (2,057) (11,064)
Payment of deferred financing costs (9,560) (34,684)
Issuance of common stock, net 2,064,227 850,561
Cash distributions to common stockholders (634,376) (551,369)
Cash distributions to redeemable OP unitholders (4,740) (4,545)
Cash issued for redemption of OP Units (2,092) (2,087)
Contributions from noncontrolling interests 80 3,646
Distributions to noncontrolling interests (11,318) (14,140)
Proceeds from stock option exercises 45,651 10,483
Other (20,346) (17,208)
Net cash provided by financing activities 373,901 489,019
Net (decrease) increase in cash, cash equivalents and restricted cash (716,732) 604,128
Effect of foreign currency translation 2,050 (1,893)
Cash, cash equivalents and restricted cash at beginning of period 957,233 563,462
Cash, cash equivalents and restricted cash at end of period 242,551 1,165,697
Assets acquired and liabilities assumed from acquisitions and other:    
Income taxes paid, net 8,370 2,613
Real estate investments 54,751 10,463
Other assets 5,149 1,171
Other liabilities (25,173) 4,647
Deferred income tax liability $ (34,727) $ 6,988