v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows — Operating Activities    
Net income $ 362,155 $ 177,128
Adjustments to net income:    
Depreciation and amortization, including intangible assets and deferred financing costs 278,050 259,558
Impairment charges — real estate 119,429 11,203
Distributions of earnings from equity method investments 60,365 10,416
Earnings from equity method investments (60,122) (11,539)
Gain on sale of real estate, net (59,960) (96,601)
Net realized and unrealized (gains) losses on equity securities, foreign currency exchange rate movements, extinguishment of debt, and other (59,634) 168,823
Straight-line rent adjustments (37,835) (37,256)
Stock-based compensation expense 21,350 20,091
Amortization of rent-related intangibles and deferred rental revenue (7,674) 6,227
Increase in allowance for credit losses 5,697 22,202
Deferred income tax expense 5,000 2,037
Net changes in other operating assets and liabilities (22,392) (33,327)
Proceeds from sales of net investments in sales-type leases 11,941 178,234
Net Cash Provided by Operating Activities 616,370 677,196
Cash Flows — Investing Activities    
Purchases of real estate (1,210,921) (542,216)
Proceeds from sales of real estate 220,779 309,062
Funding for real estate construction, redevelopments, and other capital expenditures on real estate (71,233) (52,645)
Value added taxes refunded in connection with acquisition of real estate 68,763 32,001
Investments in loans receivable (55,902) (268,876)
Value added taxes paid in connection with acquisition of real estate (51,729) (16,652)
Return of capital from equity investments 29,428 2,723
Other investing activities, net (1,879) 2,927
Purchase of equity investment 0 (5,000)
Capital contributions to equity method investments 0 (3,170)
Net Cash Used in Investing Activities (1,072,694) (541,846)
Cash Flows — Financing Activities    
Repayments of Unsecured Revolving Credit Facility (2,089,691) (865,010)
Proceeds from Unsecured Revolving Credit Facility 1,772,588 1,466,069
Proceeds from issuance of Senior Unsecured Notes 1,164,445 0
Proceeds from shares issued under forward equity, net of selling costs 592,013 0
Repayment of Senior Unsecured Notes (573,800) (450,000)
Dividends paid (413,839) (391,095)
Proceeds from term loans 255,281 86,224
Repayments of term loans (253,384) (90,224)
Payments of mortgage principal (41,157) (178,858)
Payment of financing costs (9,294) (834)
Payments for withholding taxes upon delivery of equity-based awards (7,506) (5,207)
Other financing activities, net 2,547 4,002
Distributions to noncontrolling interests (50) (120)
Contributions from noncontrolling interests 0 4,801
Net Cash Provided by (Used in) Financing Activities 398,153 (420,252)
Change in Cash and Cash Equivalents and Restricted Cash During the Period    
Effect of exchange rate changes on cash and cash equivalents and restricted cash (18,349) 20,350
Net decrease in cash and cash equivalents and restricted cash (76,520) (264,552)
Cash and cash equivalents and restricted cash, beginning of period 272,392 690,701
Cash and cash equivalents and restricted cash, end of period $ 195,872 $ 426,149