v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 131,268 $ 119,818
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 790,179 669,244
Amortization of deferred revenue and lease intangibles, net (9,263) (19,364)
Other non-cash amortization 17,185 14,059
Stock-based compensation 30,154 26,510
Straight-lining of rental income (14,113) (12,547)
Gain on real estate loan investments (11) 0
Loss on extinguishment of debt, net 532 0
Gain on real estate dispositions (15,222) (33,985)
Income tax benefit (48,255) (13,032)
Loss from unconsolidated entities 15,161 4,449
Distributions from unconsolidated entities 18,250 15,026
Other 3,580 (2,752)
Changes in operating assets and liabilities:    
Decrease in other assets 13,304 51,523
Decrease in accrued interest payable (1,407) (13,893)
Increase (decrease) in accounts payable and other liabilities 19,814 (8,574)
Net cash provided by operating activities 951,156 796,482
Cash flows from investing activities:    
Net investment in real estate property (2,448,803) (960,727)
Investment in loans receivable (301,457) (581)
Proceeds from real estate disposals 52,574 149,014
Proceeds from loans receivable 7,146 7,848
Redevelopment and development project expenditures (149,676) (125,538)
Other capital expenditures (174,797) (133,977)
Distributions from unconsolidated entities 11,212 0
Investment in unconsolidated entities (18,436) (24,855)
Insurance proceeds for property damage claims 2,932 652
Net cash used in investing activities (3,019,305) (1,088,164)
Cash flows from financing activities:    
Net change in borrowings under revolving credit facilities 0 (5,422)
Net change in borrowings under commercial paper program 264,971 0
Proceeds from debt 891,730 587,199
Repayment of debt (1,678,830) (1,209,580)
Payment of deferred financing costs (7,306) (8,908)
Issuance of common stock, net 2,548,239 1,064,749
Cash distributions to common stockholders (483,538) (415,989)
Cash distributions to redeemable OP unitholders (3,310) (3,127)
Cash issued for redemption of OP Units (2,844) (1,684)
Contributions from noncontrolling interests 1,228 80
Distributions to noncontrolling interests (8,152) (6,086)
Proceeds from stock option exercises 13,796 26,124
Other (28,397) (19,526)
Net cash provided by financing activities 1,507,587 7,830
Net decrease in cash, cash equivalents and restricted cash (560,562) (283,852)
Effect of foreign currency translation (1,758) 3,376
Cash, cash equivalents and restricted cash at beginning of period 786,137 957,233
Cash, cash equivalents and restricted cash at end of period 223,817 676,757
Assets acquired and liabilities assumed from acquisitions and other:    
Income taxes paid, net 5,576 7,002
Real estate investments 448,390 26,010
Debt (289,118) 0
Other assets 21,253 3,106
Other liabilities (40,889) 10,643
Deferred income tax liability (55,853) 18,473
Noncontrolling interests $ (83,784) $ 0