v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities:    
Net income $ 1,032,313 $ 772,202
Adjustments to reconcile net income to net cash flows from operating activities:    
Gain on sale of real estate (344) (208)
Depreciation and amortization 578,480 565,931
Equity in earnings of unconsolidated real estate entity (11,780) (1,397)
Distributions from cumulative equity in earnings of unconsolidated real estate entity 25,478 736
Unrealized foreign currency exchange (gain) loss (59,322) 215,716
Share-based compensation expense 24,678 20,903
Impairment (recovery) of real estate investments (210) 3,827
Amortization of debt issuance costs 5,443 4,953
Unrealized losses on derivatives 5,857 0
Other non-cash adjustments 2,843 1,342
Changes in operating assets and liabilities, excluding the impact of acquisitions:    
Other assets (67,585) (22,766)
Accrued and other liabilities 27,387 16,532
Net cash flows from (used in) operating activities 1,563,238 1,577,771
Investing Activities:    
Capital expenditures to maintain real estate facilities (86,529) (71,202)
Capital expenditures for property enhancements (18,563) (11,207)
Capital expenditures for energy efficiencies (Solar, heat pumps, LED lighting) (29,468) (30,938)
Development and expansion of real estate facilities (113,728) (143,146)
Acquisition of real estate facilities and intangible assets (243,230) (303,277)
Issuance of notes receivable (30,437) (67,876)
Proceeds from disposition of real estate investments 27,674 2,849
Net cash flows from (used in) investing activities (494,281) (624,797)
Financing Activities:    
Repayments of notes payable (500,068) (65)
Proceeds from OP Options issued 30,000 0
Financing fees paid (4,000) 0
Issuance of notes payable, net of issuance costs 492,460 866,532
Issuance of common shares in connection with share-based compensation 23,639 7,779
Taxes paid upon net share settlement of restricted share units (2,860) (3,040)
Acquisition of noncontrolling interests (7,482) (9,061)
Contributions by noncontrolling interests 1,869 2,684
Distributions paid to preferred shareholders, common shareholders, restricted share unitholders and unvested LTIP unitholders (1,152,334) (1,151,691)
Distributions paid to noncontrolling interests (8,340) (8,925)
Net cash flows from (used in) financing activities (1,127,116) (295,787)
Net (decrease) increase in cash and equivalents, including restricted cash (58,159) 657,187
Cash and equivalents at beginning of the period: 318,095 447,416
Cash and equivalents at end of the period: 259,936 1,104,603
Costs incurred during the period remaining unpaid at period end for:    
Capital expenditures to maintain real estate facilities (10,544) (9,492)
Capital expenditures for property enhancements (246) (226)
Capital expenditures for energy efficiencies (Solar, heat pumps, LED lighting) (583) (3,282)
Construction or expansion of real estate facilities (46,850) (45,729)
Supplemental cash flow information:    
Cash paid for interest, net of amounts capitalized (141,903) (139,685)
Cash paid for income taxes, net of refunds $ (5,806) $ (5,910)