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 $ 691,448 $ 450,473
Adjustments to net income:    
Depreciation and amortization 1,274,952 1,256,784
Amortization of share-based compensation 20,651 14,009
Non-cash revenue adjustments (48,283) (52,425)
Amortization of deferred financing costs 17,945 13,082
Foreign currency and unrealized derivative gain, net (34,223) (46,060)
Non-cash interest rate swaps (3,097) 1,606
Payment-in-kind interest (6,491) 0
Gain on sales of real estate (73,902) (61,103)
Equity in earnings of unconsolidated entities (4,873) (7,626)
Distributions on common equity from unconsolidated entities 11,833 21,689
Provisions for impairment of real estate 144,350 239,673
Provisions for credit losses on loans and financing receivables 46,361 20,279
Deferred income tax expense 1,718 309
Change in assets and liabilities    
Accounts receivable and other assets (124,270) (57,102)
Accounts payable, accrued expenses and other liabilities 90,752 52,899
Net cash provided by operating activities 2,019,585 1,848,185
CASH FLOWS FROM INVESTING ACTIVITIES    
Investment in real estate (3,549,763) (2,214,524)
Improvements to real estate, including leasing costs (83,506) (49,176)
Investment in unconsolidated entities (97,366) (9,819)
Investment in loans and preferred equity (1,660,249) (423,157)
Proceeds from sales of real estate 348,634 209,414
Proceeds from note receivable 17,656 14,802
Insurance proceeds received 845 2,079
Non-refundable escrow deposits (3,621) 0
Net cash used in investing activities (5,027,370) (2,470,381)
CASH FLOWS FROM FINANCING ACTIVITIES    
Cash distributions to common stockholders (1,514,811) (1,439,274)
Borrowings on revolving credit facilities and commercial paper programs 43,382,744 10,628,935
Payments on revolving credit facilities and commercial paper programs (42,616,939) (10,464,748)
Proceeds from term loan 1,073,900 0
Principal payment on term loan 0 (500,000)
Proceeds from notes payable issued 1,662,500 2,091,750
Principal payment on notes payable (1,424,997) (500,000)
Principal payments on mortgages payable (858) (43,788)
Repurchases of common stock (101,915) 0
Proceeds from common stock offerings, net 824,136 1,247,019
Proceeds from dividend reinvestment and stock purchase plan 6,145 5,917
Distributions to noncontrolling interests (17,750) (5,976)
Contributions from noncontrolling interests, net of costs 1,875,349 0
Debt issuance costs (44,957) (64,882)
Other financing activities, net 5,403 (9,507)
Net cash provided by financing activities 3,107,950 945,446
Effect of exchange rate changes on cash and cash equivalents (5,559) 22,980
Net increase in cash, cash equivalents and restricted cash 94,606 346,230
Cash, cash equivalents and restricted cash, beginning of period 520,756 495,506
Cash, cash equivalents and restricted cash, end of period 615,362 841,736
Mortgages Payable    
Adjustments to net income:    
Amortization of net discounts on payables 151 137
Notes Payable    
Adjustments to net income:    
Amortization of net discounts on payables $ 14,563 $ 1,561