v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating Activities    
Net income/(loss) $ 507,433 $ 165,430
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:    
Depreciation and amortization 493,222 511,974
(Gain)/loss on sale of real estate owned (383,204) (47,939)
(Income)/loss from unconsolidated entities (24,580) (23,454)
Return on investment in unconsolidated joint ventures and partnerships 30,561 39,771
Amortization of share-based compensation 24,441 19,337
Other 16,295 26,210
Changes in operating assets and liabilities:    
(Increase)/decrease in operating assets (42,032) (17,642)
Increase/(decrease) in operating liabilities (29,461) (32,207)
Net cash provided by/(used in) operating activities 592,675 641,480
Investing Activities    
Acquisition of real estate assets (283,688)  
Proceeds from sales of real estate investments, net 638,885 203,565
Development of real estate assets (78,105) (23,237)
Capital expenditures and other major improvements - real estate assets (171,282) (183,567)
Capital expenditures - non-real estate assets (10,940) (29,586)
Investment in unconsolidated joint ventures and partnerships (5,334) (81,728)
Distributions received from unconsolidated joint ventures and partnerships 197,265 72,488
Repayment/(issuance) of notes receivable, net (52,908) (112,000)
Net cash provided by/(used in) investing activities 233,893 (154,065)
Financing Activities    
Payments on secured debt (29,972) (49,088)
Payments on unsecured debt (300,000)  
Net proceeds/(repayment) of commercial paper 255,000 50,100
Net proceeds/(repayment) of revolving bank debt 8,178 6,325
Repurchase of common shares (300,283) (24,999)
Distributions paid to redeemable noncontrolling interests (29,529) (29,771)
Distributions paid to preferred stockholders (3,649) (3,607)
Distributions paid to common stockholders (422,620) (425,633)
Other (3,663) (9,923)
Net cash provided by/(used in) financing activities (826,538) (486,596)
Net increase/(decrease) in cash, cash equivalents, and restricted cash 30 819
Cash, cash equivalents, and restricted cash, beginning of year 36,932 35,427
Cash, cash equivalents, and restricted cash, end of period 36,962 36,246
Supplemental Information:    
Interest paid during the period, net of amounts capitalized 164,703 165,995
Operating cash flows from operating leases 9,567 9,377
Cash paid/(refunds received) for income taxes 1,380 1,364
Non-cash transactions:    
Preferred equity investments settled in exchange for real estate owned 56,941  
Notes receivable settled in exchange for real estate owned 125,066 180,700
Conversion of note receivable to equity securities   42,807
Development costs and capital expenditures incurred, but not yet paid 33,697 35,635
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (959,345 shares and 264,965 shares, respectively) 32,697 11,405
Contribution of operating properties to unconsolidated joint venture 24,069  
Dividends declared, but not yet paid $ 150,907 $ 153,784