v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 528,299 $ 547,641
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 371,405 357,622
Amortization of deferred financing costs 6,467 5,651
Non-cash lease expense 6,164 6,447
Non-cash interest expense related to amortization of discount on unsecured senior notes, net 25,290 23,083
Compensation expense related to share-based awards 16,443 15,679
Accrual of interest income added to principal of debt securities and notes receivable (16,391) (16,421)
Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest (847) 0
Gain on real estate assets held for sale and sold, net 0 (34,897)
Distributions in excess of earnings from unconsolidated real estate ventures 13,115 17,910
Changes in operating assets and liabilities:    
Other assets 17,370 27,003
Accounts payable and accrued expenses 79,897 77,529
Other liabilities 29,054 (1,981)
Net cash provided by operating activities 1,076,266 1,025,265
Cash flows from investing activities:    
Acquisition of real estate assets and improvements (233,297) (464,517)
Return of investment in unconsolidated real estate ventures 0 200,000
Development and redevelopment of real estate assets (58,175) (79,560)
Proceeds from sale of real estate assets 13,393 133,206
Investment in unconsolidated real estate entities (7,523) (113,285)
Issuance of notes receivable (204,833) (360,406)
Payments received on notes receivable 292,382 46,338
Proceeds from sale of notes receivable 30,488 32,371
Purchase of equipment and fixtures (8,206) (8,402)
Net cash used in investing activities (175,771) (614,255)
Cash flows from financing activities:    
Proceeds from secured and unsecured term loans, senior notes, revolving lines of credit and commercial paper 10,630,770 7,290,431
Principal payments on secured and unsecured term loans, senior notes, revolving lines of credit and commercial paper (10,244,782) (6,974,943)
Deferred financing costs (584) (13,373)
Repurchase of common stock (1,443) (8,615)
Redemption of Operating Partnership units for cash (7,655) (279)
Redemption of Preferred OP units for cash (6,000) 0
Dividends paid on common stock (684,706) (688,085)
Distributions to noncontrolling interests, net of contributions (29,357) (30,761)
Net cash used in financing activities (343,757) (425,625)
Net change in cash, cash equivalents, and restricted cash 556,738 (14,615)
Cash, cash equivalents, and restricted cash, beginning of the period 143,180 143,303
Cash, cash equivalents, and restricted cash, end of the period 699,918 128,688
Cash and equivalents 695,171 125,045
Restricted cash included in other assets 4,747 3,643
Cash, cash equivalents, and restricted cash 699,918 128,688
Supplemental schedule of cash flow information    
Interest paid 286,878 283,419
Redemption of Operating Partnership units held by noncontrolling interests for common stock    
Noncontrolling interests in Operating Partnership 0 (26,218)
Common stock and paid-in capital 0 26,218
Remeasurement of lease right of use assets and lease liabilities    
Real estate assets - operating lease right-of-use assets 10,525 419
Operating lease liabilities (10,525) (419)
Real estate assets, net (4,586) 0
Other liabilities 4,586 0
Acquisitions of real estate assets    
Real estate assets, net 0 111,984
Value of OP units issued 0 (5,878)
Value of investment in consolidated real estate ventures 0 (105,471)
Net debt assumed 0 (635)
Accrued construction costs and capital expenditures    
Acquisition of real estate assets 7,664 14,014
Accounts payable and accrued expenses $ (7,664) $ (14,014)