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 (loss) $ 299,584 $ (20,765)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization of real estate, in-place lease, and other intangibles 872,047 796,779
Stock-based compensation amortization expense 14,170 10,410
Stock-based compensation issued as part of initial public offering of Janus Living, Inc. 4,872 0
Amortization of deferred financing costs and debt discounts (premiums) 25,879 23,708
Straight-line rents (35,964) (30,836)
Amortization of above (below) market lease intangibles (19,466) (28,402)
Amortization of non-refundable entrance fees (84,812) (71,813)
Equity loss (income) from unconsolidated joint ventures (10,516) 176,691
Distributions of earnings from unconsolidated joint ventures 1,739 16,861
Deferred income tax expense (benefit) (2,439) (131)
Impairments and loan loss reserves (recoveries), net (3,964) (117)
Loss (gain) on debt extinguishments 403 0
Loss (gain) on sales of real estate, net (60,657) (13,136)
Loss (gain) upon change of control, net (138,343) 0
Casualty-related loss (recoveries), net (5,950) 9,825
Other non-cash items (14,680) (7,826)
Changes in:    
Decrease (increase) in accounts receivable and other assets 27,222 9,756
Increase (decrease) in accounts payable, accrued liabilities, and other liabilities (14,204) (18,087)
Increase (decrease) in deferred revenue 121,519 104,958
Net cash provided by (used in) operating activities 976,440 957,875
Cash flows from investing activities:    
Acquisitions of real estate and deposits (2,307,282) (43,880)
Joint venture buyout, net (400,902) 0
Development, redevelopment, and other major improvements of real estate (444,091) (547,087)
Leasing costs, tenant improvements, and recurring capital expenditures (103,678) (76,125)
Proceeds from sales of real estate, net 146,702 30,839
Proceeds from the BX JV I and II transaction, net 162,801 0
Investments in unconsolidated joint ventures (3,123) (76,329)
Distributions in excess of earnings from unconsolidated joint ventures 23,084 22,745
Proceeds from insurance recovery 13,969 12,214
Proceeds from sales/principal repayments on loans receivable and other 403,839 125,927
Investments in loans receivable and other (70,297) (77,357)
Net cash provided by (used in) investing activities (2,578,978) (629,053)
Cash flows from financing activities:    
Borrowings under bank line of credit and commercial paper 21,494,850 9,435,650
Repayments under bank line of credit and commercial paper (21,084,200) (9,217,525)
Issuances and borrowings of term loans, senior unsecured notes, and mortgage debt 0 987,260
Repayments and repurchases of term loans, senior unsecured notes, and mortgage debt (894,775) (806,492)
Payments for debt extinguishment and deferred financing costs (8,663) (2,604)
Issuance of common stock, net of offering costs 796 304
Repurchase of common stock (101,660) (97,058)
Dividends paid on common stock (632,541) (637,234)
Distributions to and redemption of noncontrolling interests (195,373) (28,820)
Proceeds from Janus Living public offerings, net of underwriting fees 2,107,448 0
Proceeds from the Brookfield JV transaction 1,001,793 0
Contributions from and issuance of noncontrolling interests 760 13,124
Noncontrolling interest issuance costs (17,777) 0
Net cash provided by (used in) financing activities 1,670,658 (353,395)
Net increase (decrease) in cash, cash equivalents, and restricted cash 68,120 (24,573)
Cash, cash equivalents, and restricted cash, beginning of period 537,702 184,305
Cash, cash equivalents, and restricted cash, end of period $ 605,822 $ 159,732