
	Nine Months Ended September 30,
	2026		2025
Supplemental cash flow information:
Interest paid, net of capitalized interest	$	273,084	$	219,686
Income taxes paid (refunded), net	5,208		2,089
Capitalized interest	57,715		63,541
Supplemental schedule of non-cash investing and financing activities:
Accrued construction costs	$	144,906	$	164,460
Increase in ROU asset in exchange for new lease liability related to operating leases	1,561		7,049


Noncash lease consideration	13,000		—
Net noncash impact from the consolidation of properties previously held in an unconsolidated joint venture	371,731		—


Retained equity method investment from BX JV I and II transactions, net (see Note 7)	43,378		—
Accrued distributions to noncontrolling interests	19,180		—
Noncash noncontrolling interests issuance costs	1,029		—


	Nine Months Ended September 30,
	2026		2025

Beginning of period:
Cash and cash equivalents	$	467,457	$	119,818
Restricted cash	70,245		64,487
Cash, cash equivalents, and restricted cash	$	537,702	$	184,305
End of period:
Cash and cash equivalents	$	514,310	$	91,038
Restricted cash	91,512		68,694
Cash, cash equivalents, and restricted cash	$	605,822	$	159,732

The Company maintains its cash and cash equivalents at financial institutions insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per institution. As of September 30, 2026 and December 31, 2025, the account balances at certain institutions exceeded the FDIC insurance coverage.