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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 370,502 $ 402,963
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 435,342 424,797
Loss on sale of depreciable real estate assets 25 61
Gain on sale of non-depreciable real estate assets 0 (54)
Gain on consolidation of third-party development (11,033) 0
Loss on embedded derivative in preferred shares 14,451 1,863
Stock compensation expense 12,396 12,296
Amortization of debt issuance costs, discounts and premiums 4,568 4,537
Gain on investments (3,666) (745)
Net change in operating accounts and other operating activities 36,580 26,538
Net cash provided by operating activities 859,165 872,256
Cash flows from investing activities:    
Purchases of real estate and other assets (189,104) (12,450)
Capital improvements and other (235,856) (261,069)
Development costs (255,216) (151,145)
Distributions from real estate joint venture 284 0
Contributions to affiliates (1,874) (7,505)
Proceeds from sale of marketable equity securities 9,975 0
Proceeds from real estate asset dispositions 0 2,948
Net proceeds from insurance recoveries 20,203 680
Net cash used in investing activities (651,588) (428,541)
Cash flows from financing activities:    
Net payments of commercial paper (5,000) (20,000)
Proceeds from notes payable 744,551 0
Principal payments on notes payable (400,000) (3,861)
Payment of deferred financing costs (7,150) 0
Distributions to noncontrolling interests (13,739) (13,266)
Dividends paid on common shares (515,085) (488,354)
Dividends paid on preferred shares (2,766) (2,766)
Proceeds from issuances of common shares 955 204,743
Net change in other financing activities (373) (5,945)
Net cash used in financing activities (198,607) (329,449)
Net increase in cash, cash equivalents and restricted cash 8,970 114,266
Cash, cash equivalents and restricted cash, beginning of period 55,091 61,071
Cash, cash equivalents and restricted cash, end of period 64,061 175,337
Reconciliation of cash, cash equivalents and restricted cash at period end:    
Cash and cash equivalents 50,232 161,897
Restricted cash 13,829 13,440
Total cash, cash equivalents and restricted cash 64,061 175,337
Supplemental information:    
Interest paid 126,502 105,640
Income taxes paid 3,273 3,824
Non-cash transactions:    
Distribution on common units declared and accrued 176,335 167,768
Accrued construction in progress 39,047 26,519
Interest capitalized 12,188 9,065
Conversion of OP Units to shares of common stock 3,529 894
Limited Partnership [Member]    
Cash flows from operating activities:    
Net income 370,502 402,963
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 435,342 424,797
Loss on sale of depreciable real estate assets 25 61
Gain on sale of non-depreciable real estate assets 0 (54)
Gain on consolidation of third-party development (11,033) 0
Loss on embedded derivative in preferred shares 14,451 1,863
Stock compensation expense 12,396 12,296
Amortization of debt issuance costs, discounts and premiums 4,568 4,537
Gain on investments (3,666) (745)
Net change in operating accounts and other operating activities 36,580 26,538
Net cash provided by operating activities 859,165 872,256
Cash flows from investing activities:    
Purchases of real estate and other assets (189,104) (12,450)
Capital improvements and other (235,856) (261,069)
Development costs (255,216) (151,145)
Distributions from real estate joint venture 284 0
Contributions to affiliates (1,874) (7,505)
Proceeds from sale of marketable equity securities 9,975 0
Proceeds from real estate asset dispositions 0 2,948
Net proceeds from insurance recoveries 20,203 680
Net cash used in investing activities (651,588) (428,541)
Cash flows from financing activities:    
Net payments of commercial paper (5,000) (20,000)
Proceeds from notes payable 744,551 0
Principal payments on notes payable (400,000) (3,861)
Payment of deferred financing costs (7,150) 0
Dividends paid on common shares (528,824) (501,620)
Dividends paid on preferred shares (2,766) (2,766)
Proceeds from issuances of common shares 955 204,743
Net change in other financing activities (373) (5,945)
Net cash used in financing activities (198,607) (329,449)
Net increase in cash, cash equivalents and restricted cash 8,970 114,266
Cash, cash equivalents and restricted cash, beginning of period 55,091 61,071
Cash, cash equivalents and restricted cash, end of period 64,061 175,337
Reconciliation of cash, cash equivalents and restricted cash at period end:    
Cash and cash equivalents 50,232 161,897
Restricted cash 13,829 13,440
Total cash, cash equivalents and restricted cash 64,061 175,337
Supplemental information:    
Interest paid 126,502 105,640
Income taxes paid 3,273 3,824
Non-cash transactions:    
Distribution on common units declared and accrued 176,335 167,768
Accrued construction in progress 39,047 26,519
Interest capitalized $ 12,188 $ 9,065