XML 14 R5.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 895,274 $ 669,058
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 607,746 561,560
Amortization of deferred financing costs 6,022 5,519
Amortization of debt discount 2,080 1,998
Loss on extinguishment of debt, net 1,646 17,768
Amortization of stock-based compensation 26,774 20,660
Equity in (income) loss of, and return on, unconsolidated entities and noncontrolling interests, net of eliminations (4,180) 4,290
Real estate casualty loss 0 2,802
Abandonment of development pursuits 4,069 685
Unrealized gain on terminated cash flow hedges 0 (2,654)
Cash flow hedge losses reclassified to earnings 3,039 6,874
Gain on sale of real estate assets (505,650) (413,661)
Gain on sale of for-sale condominiums (2,113) (2,051)
Decrease in resident security deposits, prepaid expenses and other assets (22,511) (20,555)
Increase in accrued expenses, other liabilities and accrued interest payable 68,244 59,449
Net cash provided by operating activities 1,080,440 911,742
Cash flows from investing activities:    
Development/redevelopment of real estate assets including land acquisitions and deferred development costs (681,937) (476,307)
Acquisition of real estate assets, including partnership interest (459,695) (392,746)
Capital expenditures - existing real estate assets (117,812) (105,621)
Capital expenditures - non-real estate assets (5,667) (4,689)
Increase (decrease) in payables for construction 8,863 (35,639)
Proceeds from sale of real estate, net of selling costs 768,781 576,973
Proceeds from the sale of for-sale condominiums, net of selling costs 111,047 98,752
Note receivable lending (15,584) (118)
Note receivable payments 4,021 1,556
Distributions from unconsolidated entities 50,990 62,157
Investments in unconsolidated entities (11,496) (40,071)
Net cash used in investing activities (348,489) (315,753)
Cash flows from financing activities:    
Issuance of common stock, net 1,962 7,011
Dividends paid (667,393) (666,420)
Proceeds From (Repayments of) Long-term Line of Credit And Commercial Paper 49,985 0
Repayments of mortgage notes payable, including prepayment penalties (43,131) (35,688)
Proceeds from Unsecured Notes Payable 0 699,167
Repayment of unsecured notes (100,000) (462,147)
Payment of deferred financing costs (11,953) (5,281)
Receipt for termination of forward interest rate swaps 0 4,751
Payment to noncontrolling interest (38) (45)
Payments related to tax withholding for share-based compensation (16,872) (13,409)
Distributions to DownREIT partnership unitholders (36) (36)
Distributions to joint venture and profit-sharing partners (277) (234)
Preferred interest obligation redemption and dividends (860) (1,340)
Net cash used in financing activities (788,613) (473,671)
Net (decrease) increase in cash, cash equivalents and cash in escrow (56,662) 122,318
Cash, cash equivalents and cash in escrow, beginning of period 543,788 313,532
Cash, cash equivalents and cash in escrow, end of period 487,126 435,850
Cash paid during the period for interest, net of amount capitalized 144,833 127,575
Supplemental Cash Flow Information [Abstract]    
Cash and cash equivalents 200,999 322,294
Cash in escrow 286,127 113,556
Cash, cash equivalents and cash in escrow reported in the Condensed Consolidated Statements of Cash Flows $ 487,126 $ 435,850