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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) $ 50,064 $ 11,177
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization of real estate, in-place lease, and other intangibles 268,546 219,219
Stock-based compensation amortization expense 4,627 3,366
Merger-related post-combination stock compensation expense 0 16,223
Amortization of deferred financing costs and debt discounts (premiums) 7,852 4,522
Straight-line rents (11,153) (12,093)
Amortization of non-refundable entrance fees and above (below) market lease intangibles (34,218) (28,928)
Equity loss (income) from unconsolidated joint ventures 2,147 (2,376)
Distributions of earnings from unconsolidated joint ventures 7,094 1,958
Deferred income tax expense (benefit) 946 10,006
Impairments and loan loss reserves (recoveries), net (3,562) 11,458
Loss (gain) on sales of real estate, net 0 (3,255)
Loss (gain) upon change of control, net 0 (77,781)
Casualty-related loss (recoveries), net 6,249 0
Other non-cash items (2,658) 819
Changes in:    
Decrease (increase) in accounts receivable and other assets, net 7,212 (2,171)
Increase (decrease) in accounts payable, accrued liabilities, and deferred revenue (23,717) 420
Net cash provided by (used in) operating activities 279,429 152,564
Cash flows from investing activities:    
Acquisitions of real estate (37,533) 0
Development, redevelopment, and other major improvements of real estate (166,040) (107,050)
Leasing costs, tenant improvements, and recurring capital expenditures (23,136) (17,517)
Proceeds from sales of real estate, net 0 28,206
Proceeds from the Callan Ridge JV transaction, net 0 125,662
Investments in unconsolidated joint ventures (32,434) (26,621)
Distributions in excess of earnings from unconsolidated joint ventures 7,478 7,291
Proceeds from insurance recovery 386 2,361
Proceeds from sales/principal repayments on loans receivable 64,141 75,306
Investments in loans receivable and other (43,576) (6,204)
Cash paid in connection with the Merger, net 0 (179,215)
Net cash provided by (used in) investing activities (230,714) (97,781)
Cash flows from financing activities:    
Borrowings under bank line of credit and commercial paper 4,279,000 2,500,000
Repayments under bank line of credit and commercial paper (4,265,000) (3,037,000)
Issuances and borrowings of term loans, senior unsecured notes, and mortgage debt 494,495 750,000
Repayments and repurchases of term loans, senior unsecured notes, and mortgage debt (352,864) (861)
Payments for deferred financing costs (1,471) (5,438)
Issuance of common stock and exercise of options, net of offering costs 64 94
Repurchase of common stock (24,959) (101,995)
Dividends paid on common stock (213,479) (164,200)
Distributions to and purchase of noncontrolling interests (10,200) (7,258)
Contributions from and issuance of noncontrolling interests 0 10
Net cash provided by (used in) financing activities (94,414) (66,648)
Net increase (decrease) in cash, cash equivalents, and restricted cash (45,699) (11,865)
Cash, cash equivalents, and restricted cash, beginning of period 184,305 169,023
Cash, cash equivalents, and restricted cash, end of period $ 138,606 $ 157,158