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EPT - Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 702,773 $ 811,306 $ 430,708
Adjustments to reconcile net income to net cash provided by operating activities:      
Straight-lined rents (1,115) 34 2,773
Depreciation and amortization 607,542 580,220 548,438
Amortization of discount and debt financing costs, net 7,162 7,795 6,911
Realized and unrealized gains on marketable securities, net (3,809) (8,347) (10,006)
Provision for credit losses 26 (179) 70
Company’s share of gain on the sales of co-investment (5,189) 0 0
Equity income from co-investments (30,275) (48,206) (10,561)
Operating distributions from co-investments 93,010 62,868 76,787
Accrued interest from notes and other receivables (9,201) (13,497) (12,631)
Casualty loss 0 0 433
Gain on the sale of real estate and land (299,524) (175,583) (59,238)
Equity-based compensation 9,640 7,158 8,031
Loss on early retirement of debt 762 0 0
Gain on remeasurement of co-investment (330) (210,555) 0
Changes in operating assets and liabilities:      
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets (2,002) 32,007 (9,721)
Accounts payable, accrued liabilities, and operating lease liabilities 7,217 25,194 5,335
Other liabilities (2,264) (1,910) 2,735
Net cash provided by operating activities 1,074,423 1,068,305 980,064
Additions to real estate:      
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired (831,661) (940,440) (25,098)
Redevelopment (81,619) (70,572) (72,577)
Development acquisitions of and additions to real estate under development (61,878) (2,874) (7,872)
Capital expenditures on rental properties (140,348) (136,395) (140,371)
Investments in notes receivable (169,644) (130,635) (58,127)
Collections of notes and other receivables 84,801 33,504 0
Proceeds from insurance for property losses 3,522 2,299 3,431
Proceeds from dispositions of real estate 509,946 247,286 99,388
Contributions to co-investments (33,752) (34,073) (37,405)
Changes in refundable deposits 8,000 (8,000) 10,200
Purchases of marketable securities (25,515) (1,002) (20,780)
Sales and maturities of marketable securities 1,264 27,348 64,320
Non-operating distributions from co-investments 184,401 40,503 39,751
Net cash used in investing activities (552,483) (973,051) (145,140)
Cash flows from financing activities:      
Proceeds from unsecured debt and mortgage notes 1,148,242 554,875 598,000
Payments on unsecured debt and mortgage notes (808,611) (403,108) (302,429)
Proceeds from lines of credit and commercial paper 7,935,548 1,667,476 844,046
Repayments of lines of credit and commercial paper (8,073,493) (1,529,531) (896,119)
Retirement of common stock 0 0 (95,657)
Additions to deferred charges (13,394) (9,568) (1,736)
Payments related to debt prepayment penalties (697) 0 0
Net costs from issuance of common stock (391) (296) (347)
Net proceeds from stock options exercised 8,930 12,313 0
Payments related to tax withholding for share-based compensation (8,114) (3,217) (3,825)
Distributions to noncontrolling interest (32,677) (81,246) (31,619)
Redemptions of noncontrolling interest (13,475) (6,453) (609)
Redemptions of redeemable noncontrolling interest 0 (521) 0
Common stock dividends paid (654,068) (620,466) (586,976)
Net cash used in financing activities (512,200) (419,742) (477,271)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents 9,740 (324,488) 357,653
Unrestricted and restricted cash and cash equivalents at beginning of year 75,846 400,334 42,681
Unrestricted and restricted cash and cash equivalents at end of year 85,586 75,846 400,334
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of capitalized interest 252,651 223,220 207,038
Interest capitalized 3,659 251 823
Operating cash flows from operating leases 6,431 6,934 6,962
Supplemental disclosure of noncash investing and financing activities:      
Issuance of Operating Partnership units for contributed properties 0 24,930 0
Redemption of preferred equity investments upon acquisition or consolidation of co-investments 262,449 44,670 0
Reclassifications (from) to redeemable noncontrolling interest (to) from additional paid in capital and noncontrolling interest (2,209) (835) 5,055
Leased assets obtained in exchange for new operating lease liabilities 2,727 0 0
Debt assumed in connection with acquisition 0 95,000 0
Debt financed by seller in connection with acquisition $ 0 $ 11,000 $ 0