v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 252,420 $ 284,925
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 185,795 180,356
Amortization of deferred financing costs 3,228 2,790
Non-cash lease expense 3,152 3,295
Non-cash interest expense related to amortization of discount on unsecured senior notes, net 12,555 11,313
Compensation expense related to share-based awards 7,606 7,167
Accrual of interest income added to principal of debt securities and notes receivable (7,710) (8,273)
Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest (207) 0
Gain on real estate assets held for sale and sold, net 0 (35,761)
Distributions in excess of earnings from unconsolidated real estate ventures 3,332 9,192
Changes in operating assets and liabilities:    
Other assets 38,187 6,923
Accounts payable and accrued expenses 9,989 4,998
Other liabilities (18,492) 14,479
Net cash provided by operating activities 489,855 481,404
Cash flows from investing activities:    
Acquisition of real estate assets and improvements (74,469) (208,624)
Development and redevelopment of real estate assets (26,419) (35,237)
Proceeds from sale of real estate assets 6,103 124,730
Investment in unconsolidated real estate entities (5,563) (102,397)
Issuance of notes receivable (14,590) (182,079)
Payments received on notes receivable 40,957 39,963
Proceeds from sale of notes receivable 29,335 25,875
Purchase of equipment and fixtures (2,855) (4,269)
Net cash used in investing activities (47,501) (342,038)
Cash flows from financing activities:    
Proceeds from secured and unsecured term loans, senior notes, revolving lines of credit and commercial paper 4,173,770 3,979,431
Principal payments on secured and unsecured term loans, senior notes, revolving lines of credit and commercial paper (4,248,783) (4,615,810)
Proceeds from issuance of public bonds, net 0 850,000
Deferred financing costs (48) (13,528)
Repurchase of common stock (1,443) 0
Redemption of Operating Partnership units for cash (1,656) 0
Redemption of Preferred OP units for cash (6,000) 0
Dividends paid on common stock (342,753) (344,203)
Distributions to noncontrolling interests, net of contributions (15,216) (15,511)
Net cash used in financing activities (442,129) (159,621)
Net change in cash, cash equivalents, and restricted cash 225 (20,255)
Cash, cash equivalents, and restricted cash, beginning of the period 143,180 143,303
Cash, cash equivalents, and restricted cash, end of the period 143,405 123,048
Cash and equivalents 138,986 119,559
Restricted cash included in other assets 4,419 3,489
Cash, cash equivalents, and restricted cash 143,405 123,048
Supplemental schedule of cash flow information    
Interest paid 161,182 116,751
Redemption of Operating Partnership units held by noncontrolling interests for common stock    
Noncontrolling interests in Operating Partnership 0 (22,265)
Common stock and paid-in capital 0 22,265
Remeasurement of lease right of use assets and lease liabilities    
Real estate assets - operating lease right-of-use assets 10,525 0
Operating lease liabilities (10,525) 0
Real estate assets, net (4,586) 0
Other liabilities 4,586 0
Acquisitions of real estate assets    
Real estate assets, net 0 111,984
Value of OP units issued 0 (5,878)
Value of investment in consolidated real estate ventures 0 (105,471)
Net debt assumed 0 (635)
Accrued construction costs and capital expenditures    
Acquisition of real estate assets 7,242 7,978
Accounts payable and accrued expenses $ (7,242) $ (7,978)