v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities    
Net (loss) income $ 359,408 $ (23,527)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 609,825 688,185
Impairment of real estate 227,969 161,760
Gain on sales of real estate 0 (13,165)
Gain on early extinguishment of debt (366,435) 0
Equity in (earnings) losses of unconsolidated real estate joint ventures (266) 9,528
Distributions of earnings from unconsolidated real estate joint ventures 599 1,289
Amortization of loan fees 8,845 9,306
Amortization of debt discounts 672 684
Amortization of acquired above- and below-market leases (13,996) (25,418)
Deferred rent (18,763) (40,559)
Stock compensation expense 21,178 22,594
Investment (income) losses (128,645) 80,614
Changes in operating assets and liabilities:    
Tenant receivables (1,018) 168
Deferred leasing costs (38,593) (43,727)
Other assets 423 (10,750)
Accounts payable, accrued expenses, and other liabilities (127,611) (148,792)
Net cash provided by operating activities 533,592 668,190
Investing Activities    
Proceeds from sales of real estate 4,766 149,027
Additions to investments in real estate (949,318) (1,081,006)
Sale of interests in unconsolidated real estate joint ventures 1,917 0
Investments in unconsolidated real estate joint ventures (557) (11,055)
Change in escrow deposits 0 (8,108)
Return of capital from unconsolidated real estate joint ventures 113 0
Additions to non-real estate investments (127,740) (120,645)
Sales of and distributions from non-real estate investments 76,273 42,134
Net cash used in investing activities (994,546) (1,029,653)
Financing Activities    
Borrowings under secured note payable 0 4,029
Repayments of borrowings under secured notes payable (8,892) 0
Proceeds from issuance of unsecured senior notes payable 747,592 548,532
Repayments of unsecured senior notes payable (1,602,203) (600,000)
Proceeds from issuances under commercial paper program 24,727,914 8,468,015
Repayments of borrowings under commercial paper program (23,084,555) (7,368,015)
Payments of loan fees (8,813) (5,406)
Taxes paid related to net settlement of equity awards (6,438) (6,271)
Repurchase of common stock 0 (208,187)
Dividends on common stock (247,594) (457,217)
Contributions from and sales of noncontrolling interests 27,636 96,055
Distributions to noncontrolling interests (111,860) (123,618)
Purchases and redemptions of noncontrolling interests (49,822) (17,818)
Net cash provided by financing activities 382,965 330,099
Effect of foreign exchange rate changes on cash and cash equivalents (627) (535)
Net decrease in cash, cash equivalents, and restricted cash (78,616) (31,899)
Cash, cash equivalents, and restricted cash as of the beginning of period 553,755 559,847
Cash, cash equivalents, and restricted cash as of the end of period 475,139 527,948
Supplemental Disclosure and Non-Cash Investing and Financing Activities:    
Cash paid during the period for interest, net of interest capitalized 126,481 87,986
Accrued construction for current-period additions to real estate 216,572 206,036
Transfer of real estate assets and/or equipment from tenants 371,746 171,153
Acquisition of real estate and other assets in connection with assumption of related secured notes payable of unconsolidated joint venture 8,892 0
Notes receivable issued in connection with sales of real estate 0 91,000
Derecognition of net investment in real estate from sales-type lease $ 0 $ 4,677