v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows — Operating Activities      
Net income $ 472,915 $ 460,630 $ 708,264
Adjustments to net income:      
Depreciation and amortization, including intangible assets and deferred financing costs 537,645 507,101 594,166
Net realized and unrealized losses on equity securities, foreign currency exchange rate movements, extinguishment of debt, and other 204,439 120,962 9,059
Gain on sale of real estate, net (193,793) (74,822) (315,984)
Straight-line rent adjustments (78,374) (83,094) (75,435)
Impairment charges — real estate 70,367 43,595 86,411
Stock-based compensation expense 39,894 40,894 34,504
Increase in allowance for credit losses 27,186 27,629 29,074
Earnings from equity method investments (18,009) (17,926) (19,575)
Distributions of earnings from equity method investments 15,942 21,066 18,588
Deferred income tax benefit (10,885) (4,245) (199)
Amortization of rent-related intangibles and deferred rental revenue 5,986 24,477 33,958
Gain on change in control of interests 0 (31,849) 0
Gain on repayment of secured loan receivable 0 (10,650) 0
Proceeds from sales of net investments in sales-type leases 200,168 806,812 0
Net changes in other operating assets and liabilities 8,838 2,532 (29,399)
Net Cash Provided by Operating Activities 1,282,319 1,833,112 1,073,432
Cash Flows — Investing Activities      
Purchases of real estate (1,657,339) (1,128,809) (1,211,397)
Proceeds from sales of real estate 1,280,180 409,487 446,402
Investments in loans receivable (399,819) (270,380) 0
Funding for real estate construction, redevelopments, and other capital expenditures on real estate (191,213) (135,327) (121,625)
Value added taxes refunded in connection with acquisition of real estate 47,731 34,801 13,795
Value added taxes paid in connection with acquisition of real estate (45,647) (56,509) (20,532)
Other investing activities, net 8,820 4,579 (12,791)
Return of capital from equity method investments 5,317 1,026 10,484
Purchase of equity investment (5,000) 0 0
Capital contributions to equity method investments (3,170) (16,760) (38,219)
Proceeds from repayment of loans receivable 0 24,000 28,000
Net Cash Used in Investing Activities (960,140) (1,133,892) (905,883)
Cash Flows — Financing Activities      
Proceeds from Unsecured Revolving Credit Facility 3,115,158 1,229,189 2,551,578
Repayments of Unsecured Revolving Credit Facility (2,739,777) (1,566,439) (2,439,754)
Dividends paid (790,032) (765,146) (916,530)
Repayment of Senior Unsecured Notes (450,000) (1,044,500) 0
Proceeds from issuance of Senior Unsecured Notes 396,352 1,725,886 0
Payments of mortgage principal (274,572) (231,506) (396,730)
Repayments of Unsecured Term Loans (90,224) 0 0
Proceeds from Unsecured Term Loans 86,224 0 542,330
Payments for withholding taxes upon delivery of equity-based awards (14,873) (6,950) (13,679)
Contributions from noncontrolling interests 8,767 623 2,886
Distributions to noncontrolling interests (7,563) (2,255) (3,263)
Payment of financing costs (4,278) (14,559) (13,875)
Other financing activities, net 3,108 (12,811) 1,929
Proceeds from shares issued under forward equity, net of selling costs 0 0 633,785
Proceeds in connection with the Spin-Off 0 0 343,885
Net Cash (Used in) Provided by Financing Activities (761,710) (688,468) 292,562
Change in Cash and Cash Equivalents and Restricted Cash During the Year      
Effect of exchange rate changes on cash and cash equivalents and restricted cash 21,222 (12,022) 7,719
Net (decrease) increase in cash and cash equivalents and restricted cash (418,309) (1,270) 467,830
Cash and cash equivalents and restricted cash, beginning of year 690,701 691,971 224,141
Cash and cash equivalents and restricted cash, end of year $ 272,392 $ 690,701 $ 691,971