v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities:      
Net income (loss)  $ 1,630,122 $ 844,070
Adjustments to reconcile net income (loss) to net cash provided from (used in) operating activities:    
Depreciation and amortization   2,067,302 1,490,717
Other amortization expenses   31,230 42,161
Provision for loan losses, net 4,045 (2,032)
Impairment of assets   64,052 75,359
Stock-based compensation expense   57,618 48,348
Loss (gain) on derivatives and financial instruments, net   0 28,063
Loss (gain) on extinguishment of debt, net   9,533 6,156
Loss (income) from unconsolidated entities 50,344 18,739
Rental income less than (in excess of) cash received   (262,622) (147,948)
Amortization related to above (below) market leases, net   (994) (1,228)
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net   (633,615) (70,652)
Distributions by unconsolidated entities 24,138 18,539
Increase (decrease) in accrued expenses and other liabilities   (98,659) 20,931
Decrease (increase) in receivables and other assets   (265,806) (143,875)
Net cash provided from (used in) operating activities   2,676,688 2,227,348
Investing activities:      
Cash disbursed for acquisitions, net of cash acquired (9,704,995) (4,040,936)
Cash disbursed for capital improvements to existing properties (937,095) (736,288)
Cash disbursed for construction in progress (360,361) (333,981)
Capitalized interest   (30,024) (26,323)
Investment in loans receivable (2,142,743) (436,629)
Principal collected on loans receivable   1,028,036 208,136
Other investments, net of payments   (35,586) (89,146)
Contributions to unconsolidated entities   (597,465) (302,363)
Distributions by unconsolidated entities   273,562 180,064
Net proceeds from net investment hedge settlements 18,461 (2,199)
Proceeds from sales of real property   2,627,701 522,087
Net cash provided from (used in) investing activities   (9,860,509) (5,057,578)
Financing activities:      
Net increase (decrease) under unsecured credit facility and commercial paper 1,042,452 0
Net proceeds from issuance of senior unsecured notes 905,628 2,354,157
Payments to extinguish, exchange or redeem senior unsecured notes   (3,361,600) (1,299,575)
Net proceeds from the issuance of secured debt   332,884 0
Payments on secured debt   (197,893) (336,201)
Net proceeds from the issuance of common stock   7,505,327 6,837,518
Payments for deferred financing costs and prepayment penalties   (40,680) (586)
Contributions by noncontrolling interests [1] 27,779 10,493
Distributions to noncontrolling interests [1] (98,709) (217,704)
Cash distributions to stockholders   (1,659,392) (1,368,341)
Other financing activities (15,987) (12,605)
Net cash provided from (used in) financing activities   4,439,809 5,967,156
Effect of foreign currency translation on cash and cash equivalents and restricted cash (49,520) 92,190
Increase (decrease) in cash, cash equivalents and restricted cash   (2,793,532) 3,229,116
Cash, cash equivalents and restricted cash at beginning of period   5,209,539 3,711,457
Cash, cash equivalents and restricted cash at end of period   2,416,007 6,940,573
Supplemental cash flow information:    
Interest paid 555,787 373,339
Income taxes paid (received), net $ 36,549 $ 22,333
[1]
(1) Includes amounts attributable to redeemable noncontrolling interests.