v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:      
Net income (loss)  $ 1,215,299 $ 561,884
Adjustments to reconcile net income (loss) to net cash provided from (used in) operating activities:    
Depreciation and amortization   1,360,516 980,905
Other amortization expenses   20,764 27,888
Provision for loan losses, net 3,815 (3,120)
Impairment of assets   30,600 72,278
Stock-based compensation expense   35,350 32,762
Loss (gain) on derivatives and financial instruments, net   0 (3,619)
Loss (gain) on extinguishment of debt, net   2,711 6,156
Loss (income) from unconsolidated entities 19,655 6,129
Rental income less than (in excess of) cash received   (165,387) (92,647)
Amortization related to above (below) market leases, net   (441) (809)
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net   (518,937) (66,627)
Distributions by unconsolidated entities 11,476 12,020
Increase (decrease) in accrued expenses and other liabilities   (191,728) (89,081)
Decrease (increase) in receivables and other assets   (150,054) (75,127)
Net cash provided from (used in) operating activities   1,673,639 1,368,992
Investing activities:      
Cash disbursed for acquisitions, net of cash acquired (6,320,151) (2,936,818)
Cash disbursed for capital improvements to existing properties (589,126) (473,229)
Cash disbursed for construction in progress (166,916) (238,561)
Capitalized interest   (17,300) (20,173)
Investment in loans receivable (1,876,185) (40,244)
Principal collected on loans receivable   827,881 162,039
Other investments, net of payments   (16,115) (65,227)
Contributions to unconsolidated entities   (517,426) (262,430)
Distributions by unconsolidated entities   251,132 38,760
Net proceeds from net investment hedge settlements (2,567) (2,199)
Proceeds from sales of real property   2,353,755 410,809
Net cash provided from (used in) investing activities   (6,073,018) (3,427,273)
Financing activities:      
Net proceeds from issuance of senior unsecured notes 75,633 1,359,325
Payments to extinguish, exchange or redeem senior unsecured notes   (2,300,435) (1,250,000)
Net proceeds from the issuance of secured debt   324,384 0
Payments on secured debt   (70,143) (317,456)
Net proceeds from the issuance of common stock   4,452,231 3,967,421
Payments for deferred financing costs and prepayment penalties   (39,775) (762)
Contributions by noncontrolling interests [1] 25,928 9,137
Distributions to noncontrolling interests [1] (74,104) (158,011)
Cash distributions to stockholders   (1,044,890) (871,423)
Other financing activities (13,953) (11,570)
Net cash provided from (used in) financing activities   1,334,876 2,726,661
Effect of foreign currency translation on cash and cash equivalents and restricted cash (47,872) 143,674
Increase (decrease) in cash, cash equivalents and restricted cash   (3,112,375) 812,054
Cash, cash equivalents and restricted cash at beginning of period   5,209,539 3,711,457
Cash, cash equivalents and restricted cash at end of period   2,097,164 4,523,511
Supplemental cash flow information:    
Interest paid 341,901 252,008
Income taxes paid (received), net $ 35,608 $ 18,877
[1]
(1) Includes amounts attributable to redeemable noncontrolling interests.