v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income (loss) $ 89,083 $ 163,893
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization of real estate, in-place lease, and other intangibles 534,462 502,717
Stock-based compensation amortization expense 6,365 8,180
Merger-related post-combination stock compensation expense 0 16,223
Amortization of deferred financing costs and debt discounts (premiums) 15,727 11,840
Straight-line rents (16,554) (22,545)
Amortization of non-refundable entrance fees and above (below) market lease intangibles (67,954) (58,415)
Equity loss (income) from unconsolidated joint ventures 400 (2,427)
Distributions of earnings from unconsolidated joint ventures 9,720 7,761
Deferred income tax expense (benefit) 2,068 11,066
Impairments and loan loss reserves (recoveries), net (63) 10,905
Loss (gain) on sales of real estate, net (1,636) (125,299)
Loss (gain) upon change of control, net 0 (77,978)
Casualty-related loss (recoveries), net 11,308 (1,257)
Other non-cash items (5,214) (841)
Changes in:    
Decrease (increase) in accounts receivable and other assets, net 30,883 19,334
Increase (decrease) in accounts payable, accrued liabilities, and deferred revenue 34,319 5,607
Net cash provided by (used in) operating activities 642,914 468,764
Cash flows from investing activities:    
Acquisitions of real estate (37,533) 0
Development, redevelopment, and other major improvements of real estate (324,372) (229,544)
Leasing costs, tenant improvements, and recurring capital expenditures (48,864) (53,235)
Proceeds from sales of real estate, net 5,089 369,475
Proceeds from the Callan Ridge JV transaction, net 0 125,662
Investments in unconsolidated joint ventures (53,907) (37,423)
Distributions in excess of earnings from unconsolidated joint ventures 15,548 15,757
Proceeds from insurance recovery 1,676 4,090
Proceeds from sales/principal repayments on loans receivable and other 67,287 86,210
Investments in loans receivable and other (65,897) (12,031)
Cash paid in connection with the Merger, net 0 (179,215)
Net cash provided by (used in) investing activities (440,973) 89,746
Cash flows from financing activities:    
Borrowings under bank line of credit and commercial paper 6,733,650 3,146,000
Repayments under bank line of credit and commercial paper (6,108,650) (3,841,000)
Issuances and borrowings of term loans, senior unsecured notes, and mortgage debt 494,495 750,000
Repayments and repurchases of term loans, senior unsecured notes, and mortgage debt (805,576) (1,963)
Payments for deferred financing costs (1,471) (5,438)
Issuance of common stock and exercise of options, net of offering costs 171 174
Repurchase of common stock (97,041) (170,229)
Dividends paid on common stock (425,360) (375,143)
Distributions to and purchase of noncontrolling interests (19,155) (70,651)
Contributions from and issuance of noncontrolling interests 5,970 12
Net cash provided by (used in) financing activities (222,967) (568,238)
Net increase (decrease) in cash, cash equivalents, and restricted cash (21,026) (9,728)
Cash, cash equivalents, and restricted cash, beginning of period 184,305 169,023
Cash, cash equivalents, and restricted cash, end of period $ 163,279 $ 159,295