v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 126,611 $ 186,406
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 162,040 152,520
Gain on sale of depreciable real estate assets (20,164) (71,911)
Loss on embedded derivative in preferred shares 1,574 410
Stock compensation expense 5,822 5,261
Amortization of debt issuance costs, discounts and premiums 1,758 1,616
Gain on investments (21,894) (810)
Change in accrued expenses and other liabilities (100,880) (71,852)
Net change in other operating accounts and operating activities (5,223) (5,022)
Net cash provided by operating activities 149,644 196,618
Cash flows from investing activities:    
Purchases of real estate and other assets (28,984) 0
Capital improvements and other (58,369) (72,636)
Development costs (75,256) (66,222)
Contributions to affiliates (750) (3,675)
Proceeds from real estate asset dispositions 40,801 81,128
Net cash used in investing activities (122,558) (61,405)
Cash flows from financing activities:    
Net proceeds from commercial paper 51,300 60,000
Proceeds from notes payable 200,474 0
Payment of deferred financing costs (1,882) 0
Repurchase of common shares (72,780) 0
Distributions to noncontrolling interests (4,506) (4,660)
Dividends paid on common shares (178,854) (177,107)
Dividends paid on preferred shares (922) (922)
Proceeds from issuances of common shares 378 375
Acquisition of noncontrolling interest (11,034) 0
Net change in other financing activities 1,630 (206)
Net cash used in financing activities (16,196) (122,520)
Net increase in cash, cash equivalents and restricted cash 10,890 12,693
Cash, cash equivalents and restricted cash, beginning of period 73,975 56,761
Cash, cash equivalents and restricted cash, end of period 84,865 69,454
Reconciliation of cash, cash equivalents and restricted cash at period end:    
Cash and cash equivalents 71,529 55,776
Restricted cash 13,336 13,678
Total cash, cash equivalents and restricted cash 84,865 69,454
Supplemental information:    
Interest paid 61,641 52,393
Non-cash transactions:    
Distributions on common shares/units declared and accrued 182,507 181,765
Accrued construction in progress 38,911 34,599
Interest capitalized 3,872 5,105
Conversion of OP Units to shares of common stock 457 759
Limited Partnership [Member]    
Cash flows from operating activities:    
Net income 126,611 186,406
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 162,040 152,520
Gain on sale of depreciable real estate assets (20,164) (71,911)
Loss on embedded derivative in preferred shares 1,574 410
Stock compensation expense 5,822 5,261
Amortization of debt issuance costs, discounts and premiums 1,758 1,616
Gain on investments (21,894) (810)
Change in accrued expenses and other liabilities (100,880) (71,852)
Net change in other operating accounts and operating activities (5,223) (5,022)
Net cash provided by operating activities 149,644 196,618
Cash flows from investing activities:    
Purchases of real estate and other assets (28,984) 0
Capital improvements and other (58,369) (72,636)
Development costs (75,256) (66,222)
Contributions to affiliates (750) (3,675)
Proceeds from real estate asset dispositions 40,801 81,128
Net cash used in investing activities (122,558) (61,405)
Cash flows from financing activities:    
Net proceeds from commercial paper 51,300 60,000
Proceeds from notes payable 200,474 0
Payment of deferred financing costs (1,882) 0
Repurchase of common shares (72,780) 0
Dividends paid on common shares (183,360) (181,767)
Dividends paid on preferred shares (922) (922)
Proceeds from issuances of common shares 378 375
Acquisition of noncontrolling interest (11,034) 0
Net change in other financing activities 1,630 (206)
Net cash used in financing activities (16,196) (122,520)
Net increase in cash, cash equivalents and restricted cash 10,890 12,693
Cash, cash equivalents and restricted cash, beginning of period 73,975 56,761
Cash, cash equivalents and restricted cash, end of period 84,865 69,454
Reconciliation of cash, cash equivalents and restricted cash at period end:    
Cash and cash equivalents 71,529 55,776
Restricted cash 13,336 13,678
Total cash, cash equivalents and restricted cash 84,865 69,454
Supplemental information:    
Interest paid 61,641 52,393
Non-cash transactions:    
Distributions on common shares/units declared and accrued 182,507 181,765
Accrued construction in progress 38,911 34,599
Interest capitalized $ 3,872 $ 5,105