v3.26.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating Activities    
Net loss $ (239,524) $ (221,372)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 914,244 1,028,415
Impairment of real estate 865,873 485,630
Gain on sales of real estate 0 (22,531)
(Loss) gain on early extinguishment of debt (363,112) 107
Equity in (earnings) losses of unconsolidated real estate joint ventures (341) 9,327
Distributions of earnings from unconsolidated real estate joint ventures 1,004 1,749
Amortization of loan fees 13,267 13,811
Amortization of debt discounts 1,025 1,009
Amortization of acquired above- and below-market leases (22,229) (31,874)
Deferred rent (21,229) (59,380)
Stock compensation expense 33,131 32,887
Investment (income) losses (152,635) 52,453
Changes in operating assets and liabilities:    
Tenant receivables 473 12
Deferred leasing costs (54,052) (64,259)
Other assets (28,523) (37,647)
Accounts payable, accrued expenses, and other liabilities (71,962) (86,669)
Net cash provided by operating activities 875,410 1,101,668
Investing Activities    
Proceeds from sales of real estate 236,286 227,105
Additions to investments in real estate (1,328,092) (1,538,613)
Sale of interests in unconsolidated real estate joint ventures 1,917 0
Investments in unconsolidated real estate joint ventures (557) (11,239)
Change in escrow deposits 0 (7,364)
Return of capital from unconsolidated real estate joint ventures 113 458
Additions to non-real estate investments (199,266) (184,952)
Sales of and distributions from non-real estate investments 123,660 77,067
Net cash used in investing activities (1,165,939) (1,437,538)
Financing Activities    
Borrowings under secured notes payable 0 4,031
Repayments of borrowings under secured notes payable (8,892) (154,212)
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 issuance of junior subordinated notes payable 1,000,000 0
Proceeds from issuances under commercial paper program 38,494,264 15,378,015
Repayments of borrowings under commercial paper program (37,755,314) (13,828,015)
Payments of loan fees (57,893) (5,307)
Taxes paid related to net settlement of equity awards (10,594) (17,207)
Repurchase of common stock 0 (208,187)
Dividends on common stock (371,427) (684,419)
Contributions from and sales of noncontrolling interests 36,604 132,162
Distributions to noncontrolling interests (171,248) (186,725)
Purchases and redemptions of noncontrolling interests (49,822) (17,818)
Net cash provided by financing activities 251,067 360,850
Effect of foreign exchange rate changes on cash and cash equivalents (530) (648)
Net (decrease) increase in cash, cash equivalents, and restricted cash (39,992) 24,332
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 513,763 584,179
Supplemental Disclosure and Non-Cash Investing and Financing Activities:    
Cash paid during the period for interest, net of interest capitalized 191,189 128,808
Accrued construction for current-period additions to real estate 248,232 233,622
Transfer of real estate assets and/or equipment from tenants 405,733 171,153
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
Reallocation of additional paid-in-capital to consolidated joint venture partner’s non-controlling interest 0 20,000
Noncash, Disposition of our interest in Pacific Technology Park 0 82,392
Noncash, Acquisition of our partner’s noncontrolling interest in 199 East Blaine Street $ 0 $ 96,543