v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities    
Net income/(loss) $ 276,559 $ 122,300
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:    
Depreciation and amortization 328,174 339,039
(Gain)/loss on sale of real estate owned (193,120) (47,939)
(Income)/loss from unconsolidated entities (22,967) (9,443)
Return on investment in unconsolidated joint ventures and partnerships 14,303 23,486
Amortization of share-based compensation 16,430 16,260
Other 20,930 17,541
Changes in operating assets and liabilities:    
(Increase)/decrease in operating assets (11,616) (9,223)
Increase/(decrease) in operating liabilities (37,775) (45,476)
Net cash provided by/(used in) operating activities 390,918 406,545
Investing Activities    
Acquisition of real estate assets (53,423)  
Proceeds from sales of real estate investments, net 353,365 203,565
Development of real estate assets (52,955) (15,265)
Capital expenditures and other major improvements - real estate assets (104,184) (113,247)
Capital expenditures - non-real estate assets (6,593) (28,628)
Investment in unconsolidated joint ventures and partnerships (2,801) (21,490)
Distributions received from unconsolidated joint ventures and partnerships 142,748 46,127
Repayment/(issuance) of notes receivable, net (50,358) (112,000)
Net cash provided by/(used in) investing activities 225,799 (40,938)
Financing Activities    
Payments on secured debt (28,320) (3,231)
Net proceeds/(repayment) of commercial paper 35,000 (69,900)
Net proceeds/(repayment) of revolving bank debt (15,413) 20,854
Repurchase of common shares (300,283)  
Distributions paid to redeemable noncontrolling interests (19,803) (19,801)
Distributions paid to preferred stockholders (2,436) (2,408)
Distributions paid to common stockholders (282,919) (283,174)
Other (3,346) (8,265)
Net cash provided by/(used in) financing activities (617,520) (365,925)
Net increase/(decrease) in cash, cash equivalents, and restricted cash (803) (318)
Cash, cash equivalents, and restricted cash, beginning of year 36,932 35,427
Cash, cash equivalents, and restricted cash, end of period 36,129 35,109
Supplemental Information:    
Interest paid during the period, net of amounts capitalized 93,260 96,670
Operating cash flows from operating leases 6,378 6,251
Cash paid/(refunds received) for income taxes 1,255 1,274
Non-cash transactions:    
Net proceeds from sale of real estate investment held by qualified intermediary 40,832  
Preferred equity investment settled in exchange for acquisition of real estate owned 27,409  
Notes receivable settled in exchange for real estate owned 34,757 180,700
Conversion of note receivable to equity securities   42,807
Development costs and capital expenditures incurred, but not yet paid 33,260 23,433
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (956,845 shares and 155,453 shares, respectively) 32,597 6,933
Dividends declared, but not yet paid $ 150,913 $ 153,662