v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income $ 198,549 $ 188,526
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,236,192 1,026,417
Amortization of deferred revenue and lease intangibles, net (14,424) (31,012)
Other non-cash amortization 24,607 22,484
Stock-based compensation 36,080 32,415
Straight-lining of rental income (25,399) (38,784)
Gain on real estate loan investments (11) 0
Loss on extinguishment of debt, net 546 119
Gain on real estate dispositions (16,037) (35,268)
Income tax benefit (72,155) (22,002)
Loss (income) from unconsolidated entities 20,625 (12,195)
Distributions from unconsolidated entities 23,708 21,749
Other 8,529 8,417
Changes in operating assets and liabilities:    
Increase in other assets (67,704) (14,515)
Decrease in accrued interest payable (46,157) (30,560)
Increase in accounts payable and other liabilities 133,810 59,272
Net cash provided by operating activities 1,440,759 1,175,063
Cash flows from investing activities:    
Net investment in real estate property (3,545,476) (1,985,249)
Investment in loans receivable (309,870) (866)
Proceeds from real estate disposals 66,818 158,769
Proceeds from loans receivable 12,126 9,432
Redevelopment and development project expenditures (214,325) (184,412)
Other capital expenditures (319,345) (226,152)
Distributions from unconsolidated entities 11,212 0
Investment in unconsolidated entities (25,394) (40,157)
Insurance proceeds for property damage claims 7,199 2,939
Net cash used in investing activities (4,317,055) (2,265,696)
Cash flows from financing activities:    
Net change in borrowings under revolving credit facilities 0 (6,768)
Net change in borrowings under commercial paper program 16,998 0
Proceeds from debt 1,023,231 606,850
Repayment of debt (1,812,156) (1,651,650)
Purchase of noncontrolling interests 0 (2,057)
Payment of deferred financing costs (8,571) (9,560)
Issuance of common stock, net 3,898,732 2,064,227
Cash distributions to common stockholders (750,582) (634,376)
Cash distributions to redeemable OP unitholders (4,697) (4,740)
Cash issued for redemption of OP Units (9,987) (2,092)
Contributions from noncontrolling interests 1,238 80
Distributions to noncontrolling interests (15,555) (11,318)
Proceeds from stock option exercises 13,275 45,651
Other (30,000) (20,346)
Net cash provided by financing activities 2,321,926 373,901
Net decrease in cash, cash equivalents and restricted cash (554,370) (716,732)
Effect of foreign currency translation (2,135) 2,050
Cash, cash equivalents and restricted cash at beginning of period 786,137 957,233
Cash, cash equivalents and restricted cash at end of period 229,632 242,551
Assets acquired and liabilities assumed from acquisitions and other:    
Income taxes paid, net 6,033 8,370
Real estate investments 482,698 54,751
Debt (289,118) 0
Other assets 25,601 5,149
Other liabilities (53,356) (25,173)
Deferred income tax liability (81,082) (34,727)
Noncontrolling interests $ (84,743) $ 0