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 $ 1,564 $ 35,751
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on investment property transaction (9,125) 0
Depreciation and amortization 213,251 203,004
Amortization of deferred financing costs, debt premiums, and debt discounts, net 2,717 2,100
Equity-classified stock-based compensation expense, net of forfeitures 9,685 9,741
Effect of non-cash adjustments to rental revenues (41,985) (45,666)
Loss from unconsolidated joint ventures 4,857 3,470
Operating distributions from unconsolidated joint ventures 1,248 1,343
Changes in other operating assets and liabilities, net of acquisitions:    
Operating Property Impairment 36,600 0
Change in receivables and other assets, net (2,964) (7,003)
Change in operating liabilities, net (18,863) (35,428)
Net cash provided by operating activities 196,985 167,312
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from Sale of Other Real Estate 77,119 0
Capital expenditures (133,635) (126,273)
Property acquisitions (317,261) (37,837)
Proceeds from borrower repayment of investments in real estate debt 18,218 150,791
Investments in real estate debt 0 (586)
Contributions to unconsolidated joint ventures (3,820) (11,506)
Net cash used in investing activities (359,379) (25,411)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from credit facility 1,029,000 231,601
Repayment of credit facility (978,000) (343,931)
Bond issuance, net of original issue discount 496,295 499,935
Repayment of term loans (150,000) 0
Purchase of shares under share repurchase program (90,044) 0
Repayment of mortgages (3,464) (3,348)
Repurchase of shares withheld for taxes on restricted stock vestings (1,681) (1,908)
Payment of deferred financing costs (11,678) (5,364)
Payment of issuance of common stock costs 0 (315)
Common dividends paid (107,958) (108,302)
Acquisition of partners' noncontrolling interests 18,531 0
Contributions from noncontrolling interests 0 7
Distributions to noncontrolling interests 566 785
Net cash provided by financing activities 163,373 267,590
NET INCREASE IN CASH AND CASH EQUIVALENTS 979 409,491
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 5,720 7,349
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 6,699 $ 416,840