v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Operating Activities    
Net income/(loss) $ 202,904 $ 82,071
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:    
Depreciation and amortization 164,603 168,461
(Gain)/loss on sale of real estate owned (157,416) (47,939)
(Income)/loss from unconsolidated entities (19,696) (5,814)
Return on investment in unconsolidated joint ventures and partnerships 10,513 4,700
Amortization of share-based compensation 9,568 7,498
Other 12,739 8,664
Changes in operating assets and liabilities:    
(Increase)/decrease in operating assets (18,556) 8,208
Increase/(decrease) in operating liabilities (75,916) (69,633)
Net cash provided by/(used in) operating activities 128,743 156,216
Investing Activities    
Proceeds from sales of real estate investments, net 218,561 203,565
Development of real estate assets (28,509) (8,835)
Capital expenditures and other major improvements - real estate assets (43,461) (52,990)
Capital expenditures - non-real estate assets (1,396) (8,877)
Investment in unconsolidated joint ventures and partnerships (843) (4,209)
Distributions received from unconsolidated joint ventures and partnerships 139,301 3,726
Repayment/(issuance) of notes receivable, net   (114,564)
Net cash provided by/(used in) investing activities 283,653 17,816
Financing Activities    
Payments on secured debt (1,685) (1,485)
Net proceeds/(repayment) of commercial paper (275,000) (39,900)
Net proceeds/(repayment) of revolving bank debt 118,172 25,285
Repurchase of common shares (100,000)  
Distributions paid to redeemable noncontrolling interests (9,930) (9,819)
Distributions paid to preferred stockholders (1,199) (1,185)
Distributions paid to common stockholders (141,267) (140,729)
Other (3,621) (8,305)
Net cash provided by/(used in) financing activities (414,530) (176,138)
Net increase/(decrease) in cash, cash equivalents, and restricted cash (2,134) (2,106)
Cash, cash equivalents, and restricted cash, beginning of year 36,932 35,427
Cash, cash equivalents, and restricted cash, end of period 34,798 33,321
Supplemental Information:    
Interest paid during the period, net of amounts capitalized 70,848 71,942
Operating cash flows from operating leases 3,189 3,126
Cash paid/(refunds received) for income taxes 61  
Non-cash transactions:    
Net proceeds from sale of real estate investment held by qualified intermediary 134,803  
Development costs and capital expenditures incurred, but not yet paid 25,683 16,318
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (91,256 shares and 51,115 shares, respectively) 3,348 2,219
Dividends declared, but not yet paid $ 152,871 $ 153,756