v3.24.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating Activities    
Net income/(loss) $ 77,323 $ 403,108
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:    
Depreciation and amortization 349,341 345,555
(Gain)/loss on sale of real estate owned (16,867) (325,885)
(Income)/loss from unconsolidated entities (13,131) (19,404)
Return on investment in unconsolidated joint ventures and partnerships 7,565 8,055
Amortization of share-based compensation 16,681 15,656
Other 15,455 4,156
Changes in operating assets and liabilities:    
(Increase)/decrease in operating assets (12,923) (14,803)
Increase/(decrease) in operating liabilities (17,383) (6,450)
Net cash provided by/(used in) operating activities 406,061 409,988
Investing Activities    
Proceeds from sales of real estate investments, net 98,650 247,935
Development of real estate assets (51,104) (82,804)
Capital expenditures and other major improvements - real estate assets (119,880) (144,302)
Capital expenditures - non-real estate assets (10,909) (9,141)
Investment in unconsolidated joint ventures and partnerships (9,189) (25,380)
Distributions received from unconsolidated joint ventures and partnerships 8,743 5,720
Proceeds from sale of equity securities 4,624  
Repayment/(issuance) of notes receivable, net (270) (52,722)
Net cash provided by/(used in) investing activities (79,335) (60,694)
Financing Activities    
Payments on secured debt (41,596) (587)
Net proceeds/(repayment) of commercial paper 21,925 (50,000)
Net proceeds/(repayment) of revolving bank debt (3,036) (8,049)
Distributions paid to redeemable noncontrolling interests (20,956) (16,871)
Distributions paid to preferred stockholders (2,457) (2,327)
Distributions paid to common stockholders (278,209) (263,334)
Other (2,877) (7,939)
Net cash provided by/(used in) financing activities (327,206) (349,107)
Net increase/(decrease) in cash, cash equivalents, and restricted cash (480) 187
Cash, cash equivalents, and restricted cash, beginning of year 34,866 30,194
Cash, cash equivalents, and restricted cash, end of period 34,386 30,381
Supplemental Information:    
Interest paid during the period, net of amounts capitalized 97,636 91,021
Operating cash flows from operating leases 6,251 6,251
Cash paid/(refunds received) for income taxes 898 1,667
Non-cash transactions:    
Redeemable long-term and short-term incentive plan units 13,351 13,235
Development costs and capital expenditures incurred, but not yet paid 27,881 32,788
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (328,932 shares and 309,870 shares, respectively) 12,476 12,703
Distribution of equity securities from unconsolidated real estate technology investments   7,749
Contribution of operating properties to unconsolidated joint venture   258,056
Transfer of preferred equity investment to note receivable   73,453
Dividends declared, but not yet paid $ 151,518 $ 148,403