v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 210,841 $ 463,583
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 493,875 497,635
Amortization of deferred financing costs 4,290 4,247
Amortization of discounts and premiums on debt 2,608 2,637
Amortization of deferred settlements on derivative instruments 567 945
Amortization of right-of-use assets 6,396 6,395
Write-off of pursuit costs 1,610 2,048
(Income) loss from investments in unconsolidated entities 4,360 11,407
Distributions from unconsolidated entities – return on capital 4,332 243
Net (gain) loss on sales of real estate properties 16,776 (212,432)
Net (gain) loss on sales of land parcels   78
Realized (gain) loss on investment securities (10,116) 49
Unrealized (gain) loss on investment securities (241)  
Compensation paid with Company Common Shares 19,174 21,564
Changes in assets and liabilities:    
(Increase) decrease in other assets (16,867) (18,706)
Increase (decrease) in accounts payable and accrued expenses 6,404 10,901
Increase (decrease) in accrued interest payable (410) 1,518
Increase (decrease) in lease liabilities (1,221) (1,106)
Increase (decrease) in other liabilities (40,901) (11,407)
Increase (decrease) in security deposits 921 5,471
Net cash provided by operating activities 702,398 785,070
CASH FLOWS FROM INVESTING ACTIVITIES:    
Investment in real estate – acquisitions (1,332) (534,855)
Investment in real estate – development/other (40,096) (59,713)
Capital expenditures to real estate (160,328) (144,368)
Non-real estate capital additions (1,953) (1,019)
Interest capitalized for real estate and unconsolidated entities under development (4,684) (6,663)
Proceeds from disposition of real estate, net 153,204 343,064
Investments in unconsolidated entities - development/other (6,419) (62,050)
Distributions from unconsolidated entities – return of capital 2,044 331
Proceeds from sale of investment securities 14,581 359
Consolidation of previously unconsolidated entities   (54,081)
Net cash provided by (used for) investing activities (44,983) (518,995)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Debt financing costs   (4,518)
Mortgage notes payable, net:    
Lump sum payoffs   (37,940)
Notes, net:    
Proceeds   498,580
Lump sum payoffs   (450,000)
Line of credit and commercial paper:    
Line of credit proceeds 1,000  
Line of credit repayments (1,000)  
Commercial paper proceeds 26,916,823 18,803,963
Commercial paper repayments (26,835,625) (18,565,495)
Proceeds from (payments on) settlement of derivative instruments   (3,550)
Finance ground lease principal payments (1,477) (1,471)
Proceeds from Employee Share Purchase Plan (ESPP) 1,526 1,413
Proceeds from exercise of options 6,924 5,357
Common Shares repurchased and retired (219,385)  
Payment of offering costs   (481)
Other financing activities, net (53) (53)
Contributions – Noncontrolling Interests – Operating Partnership 2 4
Distributions:    
Common Shares (525,122) (519,437)
Preferred Shares (711) (711)
Noncontrolling Interests – Operating Partnership (13,302) (15,949)
Noncontrolling Interests – Partially Owned Properties (2,489) (3,999)
Net cash provided by (used for) financing activities (672,889) (294,287)
Net increase (decrease) in cash and cash equivalents and restricted deposits (15,474) (28,212)
Cash and cash equivalents and restricted deposits, beginning of period 158,854 160,166
Cash and cash equivalents and restricted deposits, end of period 143,380 131,954
Cash and cash equivalents 36,405 31,276
Restricted deposits 106,975 100,678
SUPPLEMENTAL INFORMATION:    
Cash paid for interest, net of amounts capitalized 142,770 133,733
Net cash paid (received) for income and other taxes 1,265 920
Amortization of deferred financing costs:    
Other assets 1,437 1,393
Mortgage notes payable, net 512 611
Notes, net 2,341 2,243
Amortization of discounts and premiums on debt:    
Mortgage notes payable, net 1,405 1,404
Notes, net 1,203 1,233
Amortization of deferred settlements on derivative instruments:    
Other liabilities (6) (6)
Accumulated other comprehensive income 573 951
Write-off of pursuit costs:    
Investment in real estate, net 156 187
Investments in unconsolidated entities 1,231 1,740
Other assets 223 121
(Income) loss from investments in unconsolidated entities:    
Investments in unconsolidated entities 4,348 10,804
Other liabilities 12 603
Realized/unrealized (gain) loss on derivative instruments:    
Other assets   (89)
Other liabilities   3,639
Accumulated other comprehensive income   (3,550)
Interest capitalized for real estate and unconsolidated entities under development:    
Investment in real estate, net (2,232) (3,812)
Investments in unconsolidated entities (2,452) (2,851)
Investments in unconsolidated entities - development/other:    
Investments in unconsolidated entities (6,419) (60,550)
Other liabilities   (1,500)
Consolidation of previously unconsolidated entities:    
Investment in real estate, net   (88,356)
Investments in unconsolidated entities   32,370
Other assets   56
Accounts payable and accrued expenses   1,725
Other liabilities   27
Security deposits   97
Debt financing costs:    
Notes, net   (4,518)
Proceeds from (payments on) settlement of derivative instruments:    
Other assets   89
Other liabilities   (3,639)
Right-of-use assets and lease liabilities initial measurement and reclassifications:    
Right-of-use assets (1,954) (527)
Lease liabilities 1,954 527
Non-cash share distribution and other transfers from unconsolidated entities:    
Investments in unconsolidated entities (487) 676
Other assets   (676)
Other liabilities 487  
Non-cash change in Supplemental Executive Retirement Plan (SERP) balances:    
Other assets 6,786 8,915
Other liabilities (6,922) (8,175)
Paid in capital $ 136 $ (740)