v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities    
Net (loss) income $ (23,527) $ 313,225
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 688,185 578,274
Impairment of real estate 161,760 30,763
Gain on sales of real estate (13,165) (392)
Equity in losses (earnings) of unconsolidated real estate joint ventures 9,528 (285)
Distributions of earnings from unconsolidated real estate joint ventures 1,289 1,652
Amortization of loan fees 9,306 8,288
Amortization of debt discounts 684 646
Amortization of acquired above- and below-market leases (25,418) (52,855)
Deferred rent (40,559) (96,589)
Stock compensation expense 22,594 31,632
Investment loss 80,614 376
Changes in operating assets and liabilities:    
Tenant receivables 168 1,373
Deferred leasing costs (43,727) (54,560)
Other assets (10,750) (3,046)
Accounts payable, accrued expenses, and other liabilities (148,792) (5,548)
Net cash provided by operating activities 668,190 752,954
Investing Activities    
Proceeds from sales of real estate 149,027 16,670
Additions to real estate (1,081,006) (1,241,214)
Purchases of real estate 0 (201,049)
Change in escrow deposits (8,108) (2,473)
Investments in unconsolidated real estate joint ventures (11,055) (3,713)
Additions to non-real estate investments (120,645) (122,708)
Sales of and distributions from non-real estate investments 42,134 86,008
Net cash used in investing activities (1,029,653) (1,468,479)
Financing Activities    
Borrowings under secured note payable 4,029 14,974
Proceeds from issuance of unsecured senior notes payable 548,532 998,806
Repayment of unsecured senior notes payable (600,000) 0
Proceeds from issuances under commercial paper program 8,468,015 5,006,950
Repayments of borrowings under commercial paper program (7,368,015) (4,906,950)
Payments of loan fees (5,406) (10,118)
Taxes paid related to net settlement of equity awards (6,271) (27,017)
Repurchase of common stock (208,187) 0
Dividends on common stock (457,217) (443,958)
Contributions from and sales of noncontrolling interests 96,055 159,644
Distributions to and purchases of noncontrolling interests (141,436) (171,871)
Net cash provided by financing activities 330,099 620,460
Effect of foreign exchange rate changes on cash and cash equivalents (535) 147
Net decrease in cash, cash equivalents, and restricted cash (31,899) (94,918)
Cash, cash equivalents, and restricted cash as of the beginning of period 559,847 660,771
Cash, cash equivalents, and restricted cash as of the end of period 527,948 565,853
Supplemental Disclosure and Non-Cash Investing and Financing Activities:    
Cash paid during the period for interest, net of interest capitalized 87,986 56,878
Accrued construction for current-period additions to real estate 206,036 402,923
Transfer of real estate assets and/or equipment from tenants 171,153 45,719
Notes receivable issued in connection with sales of real estate 91,000 0
Derecognition of net investment in real estate from sales-type lease 4,677 0
Contribution of assets from and issuance of noncontrolling interest to real estate joint venture partner 0 103,547
Reallocation of additional paid-in capital to consolidated joint venture partner’s non-controlling interest $ 0 $ 30,185