v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 59,046 $ 48,356
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 382,468 321,525
Amortization of deferred revenue and lease intangibles, net (4,598) (9,563)
Other non-cash amortization 9,367 7,363
Stock-based compensation 24,842 18,827
Straight-lining of rental income (6,656) (4,347)
Loss on extinguishment of debt, net 449 0
Gain on real estate dispositions (15,046) (169)
Gain on real estate loan investments (13) 0
Income tax benefit (19,237) (13,781)
Loss from unconsolidated entities 7,350 3,311
Distributions from unconsolidated entities 4,360 5,091
Other (1,561) (4,227)
Changes in operating assets and liabilities:    
Decrease in other assets 10,669 36,154
Decrease in accrued interest payable (29,201) (36,514)
Decrease in accounts payable and other liabilities (27,632) (50,882)
Net cash provided by operating activities 394,607 321,144
Cash flows from investing activities:    
Net investment in real estate property (971,504) (767,269)
Investment in loans receivable (115) (462)
Proceeds from real estate disposals 47,055 13,250
Proceeds from loans receivable 6,821 2,870
Development project expenditures (72,440) (58,368)
Capital expenditures (72,965) (58,906)
Investment in unconsolidated entities (5,913) (14,928)
Insurance proceeds for property damage claims 556 69
Net cash used in investing activities (1,068,505) (883,744)
Cash flows from financing activities:    
Net change in borrowings under revolving credit facilities 0 (6,550)
Net change in borrowings under commercial paper program 64,993 242,969
Proceeds from debt 289,501 29,680
Repayment of debt (810,684) (1,090,710)
Payment of deferred financing costs (7,306) (175)
Issuance of common stock, net 799,299 876,463
Cash distributions to common stockholders (230,188) (199,025)
Cash distributions to redeemable OP unitholders (1,603) (1,503)
Cash issued for redemption of OP Units (2,844) (337)
Contributions from noncontrolling interests 15 80
Distributions to noncontrolling interests (3,666) (2,743)
Proceeds from stock option exercises 13,275 19,766
Other (20,829) (17,051)
Net cash provided by (used in) financing activities 89,963 (149,136)
Net decrease in cash, cash equivalents and restricted cash (583,935) (711,736)
Effect of foreign currency translation (912) 466
Cash, cash equivalents and restricted cash at beginning of period 786,137 957,233
Cash, cash equivalents and restricted cash at end of period 201,290 245,963
Assets acquired and liabilities assumed from acquisitions:    
Income taxes paid, net 3,156 4,004
Real estate investments 30,942 20,954
Other assets 2,954 2,736
Other liabilities (11,061) (8,352)
Deferred income tax liability $ (22,835) $ (15,337)