XML 17 R6.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 252,272 $ 289,231
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 288,435 277,934
Loss (gain) on sale of depreciable real estate assets 25 (14)
Gain on sale of non-depreciable real estate assets 0 (54)
Gain on embedded derivative in preferred shares (3,806) (9,387)
Stock compensation expense 9,273 8,753
Amortization of debt issuance costs, discounts and premiums 3,055 3,036
Gain on investments (4,314) (7,292)
Net change in operating accounts and other operating activities 4,687 (8,124)
Net cash provided by operating activities 549,627 554,083
Cash flows from investing activities:    
Purchases of real estate and other assets (91,846) (12,450)
Capital improvements and other (141,775) (174,343)
Development costs (111,108) (104,118)
Distributions from real estate joint venture 224 0
Contributions to affiliates (1,124) (5,630)
Proceeds from sale of marketable equity securities 6,729 0
Proceeds from real estate asset dispositions 0 3,024
Net proceeds from insurance recoveries 9,072 696
Net cash used in investing activities (329,828) (292,821)
Cash flows from financing activities:    
Net payments of commercial paper (179,000) (20,000)
Proceeds from notes payable 744,551 0
Principal payments on notes payable (400,000) (730)
Payment of deferred financing costs (7,150) 0
Distributions to noncontrolling interests (9,191) (8,848)
Dividends paid on common shares (343,304) (325,006)
Dividends paid on preferred shares (1,844) (1,844)
Proceeds from issuances of common shares 616 204,391
Net change in other financing activities (3,068) (6,571)
Net cash used in financing activities (198,390) (158,608)
Net increase in cash, cash equivalents and restricted cash 21,409 102,654
Cash, cash equivalents and restricted cash, beginning of period 55,091 61,071
Cash, cash equivalents and restricted cash, end of period 76,500 163,725
Reconciliation of cash, cash equivalents and restricted cash at period end:    
Cash and cash equivalents 62,831 150,155
Restricted cash 13,669 13,570
Total cash, cash equivalents and restricted cash 76,500 163,725
Supplemental disclosure of cash flow information:    
Interest paid 74,766 76,302
Income taxes paid 3,181 3,321
Supplemental disclosure of noncash investing and financing activities:    
Distribution on common units declared and accrued 176,329 167,764
Accrued construction in progress 35,993 39,144
Interest capitalized 7,140 5,883
Conversion of OP Units to shares of common stock 2,603 531
Limited Partnership [Member]    
Cash flows from operating activities:    
Net income 252,272 289,231
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 288,435 277,934
Loss (gain) on sale of depreciable real estate assets 25 (14)
Gain on sale of non-depreciable real estate assets 0 (54)
Gain on embedded derivative in preferred shares (3,806) (9,387)
Stock compensation expense 9,273 8,753
Amortization of debt issuance costs, discounts and premiums 3,055 3,036
Gain on investments (4,314) (7,292)
Net change in operating accounts and other operating activities 4,687 (8,124)
Net cash provided by operating activities 549,627 554,083
Cash flows from investing activities:    
Purchases of real estate and other assets (91,846) (12,450)
Capital improvements and other (141,775) (174,343)
Development costs (111,108) (104,118)
Distributions from real estate joint venture 224 0
Contributions to affiliates (1,124) (5,630)
Proceeds from sale of marketable equity securities 6,729 0
Proceeds from real estate asset dispositions 0 3,024
Net proceeds from insurance recoveries 9,072 696
Net cash used in investing activities (329,828) (292,821)
Cash flows from financing activities:    
Net payments of commercial paper (179,000) (20,000)
Proceeds from notes payable 744,551 0
Principal payments on notes payable (400,000) (730)
Payment of deferred financing costs (7,150) 0
Dividends paid on common shares (352,495) (333,854)
Dividends paid on preferred shares (1,844) (1,844)
Proceeds from issuances of common shares 616 204,391
Net change in other financing activities (3,068) (6,571)
Net cash used in financing activities (198,390) (158,608)
Net increase in cash, cash equivalents and restricted cash 21,409 102,654
Cash, cash equivalents and restricted cash, beginning of period 55,091 61,071
Cash, cash equivalents and restricted cash, end of period 76,500 163,725
Reconciliation of cash, cash equivalents and restricted cash at period end:    
Cash and cash equivalents 62,831 150,155
Restricted cash 13,669 13,570
Total cash, cash equivalents and restricted cash 76,500 163,725
Supplemental disclosure of cash flow information:    
Interest paid 74,766 76,302
Income taxes paid 3,181 3,321
Supplemental disclosure of noncash investing and financing activities:    
Distribution on common units declared and accrued 176,329 167,764
Accrued construction in progress 35,993 39,144
Interest capitalized $ 7,140 $ 5,883