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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 (loss) $ (20,765) $ 256,631
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 796,779 782,736
Stock-based compensation amortization expense 10,410 11,935
Merger-related post-combination stock compensation expense 0 16,223
Amortization of deferred financing costs and debt discounts (premiums) 23,708 19,247
Straight-line rents (30,836) (32,891)
Amortization of non-refundable entrance fees and above (below) market lease intangibles (100,215) (88,925)
Equity loss (income) from unconsolidated joint ventures 176,691 1,407
Distributions of earnings from unconsolidated joint ventures 16,861 11,228
Deferred income tax expense (benefit) (131) 11,156
Impairments and loan loss reserves (recoveries), net (117) 11,346
Loss (gain) on sales of real estate, net (13,136) (187,624)
Loss (gain) upon change of control, net 0 (77,548)
Casualty-related loss (recoveries), net 9,825 (574)
Other non-cash items (7,826) (1,652)
Changes in:    
Decrease (increase) in accounts receivable and other assets, net 9,756 2,071
Increase (decrease) in accounts payable, accrued liabilities, and deferred revenue 86,871 52,200
Net cash provided by (used in) operating activities 957,875 786,966
Cash flows from investing activities:    
Acquisitions of real estate (43,880) (4,466)
Development, redevelopment, and other major improvements of real estate (547,087) (399,373)
Leasing costs, tenant improvements, and recurring capital expenditures (76,125) (76,744)
Proceeds from sales of real estate, net 30,839 619,981
Proceeds from the Callan Ridge JV transaction, net 0 125,662
Investments in unconsolidated joint ventures (76,329) (54,450)
Distributions in excess of earnings from unconsolidated joint ventures 22,745 20,195
Proceeds from insurance recovery 12,214 6,467
Proceeds from sales/principal repayments on loans receivable and other 125,927 87,259
Investments in loans receivable and other (77,357) (25,341)
Cash paid in connection with the Merger, net 0 (179,215)
Net cash provided by (used in) investing activities (629,053) 119,975
Cash flows from financing activities:    
Borrowings under bank line of credit and commercial paper 9,435,650 3,146,250
Repayments under bank line of credit and commercial paper (9,217,525) (3,866,250)
Issuances and borrowings of term loans, senior unsecured notes, and mortgage debt 987,260 750,000
Repayments and repurchases of term loans, senior unsecured notes, and mortgage debt (806,492) (3,038)
Payments for deferred financing costs (2,604) (5,438)
Issuance of common stock and exercise of options, net of offering costs 304 241
Repurchase of common stock (97,058) (190,364)
Dividends paid on common stock (637,234) (584,964)
Distributions to and purchase of noncontrolling interests (28,820) (80,368)
Contributions from and issuance of noncontrolling interests 13,124 12
Net cash provided by (used in) financing activities (353,395) (833,919)
Net increase (decrease) in cash, cash equivalents, and restricted cash (24,573) 73,022
Cash, cash equivalents, and restricted cash, beginning of period 184,305 169,023
Cash, cash equivalents, and restricted cash, end of period $ 159,732 $ 242,045