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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 4,366,274 $ 1,959,639 $ 1,361,227
Adjustments to reconcile net income to net cash flows from operating activities:      
Gain on sale of equity investment in PS Business Parks, Inc. (2,128,860) 0 0
Gain on sale of real estate (1,503) (13,683) (1,493)
Depreciation and amortization 888,146 713,428 553,257
Equity in earnings of unconsolidated real estate entities (106,981) (232,093) (80,497)
Distributions from cumulative equity in earnings of unconsolidated real estate entities 134,769 150,488 72,098
Unrealized foreign currency exchange (gain) loss (97,563) (111,787) 97,953
Share-based compensation expense 56,703 59,815 33,363
Other 6,156 17,748 6,994
Total adjustments (1,249,133) 583,916 681,675
Net cash flows from operating activities 3,117,141 2,543,555 2,042,902
Cash flows from investing activities:      
Capital expenditures to maintain real estate facilities (459,773) (270,238) (169,998)
Development and expansion of real estate facilities (313,511) (281,981) (189,413)
Acquisition of real estate facilities and intangible assets (757,944) (5,047,106) (792,266)
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities 13,670 19,518 24,658
Repayment of note receivable 0 0 7,509
Proceeds from sale of real estate investments 1,543 16,296 1,796
Proceeds from sale of equity investment in PS Business Parks, Inc. 2,636,011 0 0
Net cash flows from (used in) investing activities 1,119,996 (5,563,511) (1,117,714)
Cash flows from financing activities:      
Repayments on notes payable (513,495) (2,218) (2,020)
Issuance of notes payable, net of issuance costs 0 5,038,904 545,151
Issuance of preferred shares 242,832 1,147,455 1,208,206
Issuance of common shares in connection with share-based compensation 35,271 95,860 12,664
Redemption of preferred shares 0 (1,175,000) (1,220,000)
Taxes paid upon net share settlement of restricted share units (16,827) (13,069) (10,518)
Acquisition of noncontrolling interests 0 (692) (33)
Contributions by noncontrolling interests 1,669 2,451 2,629
Distributions paid to preferred shareholders, common shareholders and restricted share unitholders (3,908,497) (1,588,888) (1,606,429)
Distributions paid to noncontrolling interests (34,223) (6,662) (5,366)
Net cash flows (used in) from financing activities (4,193,270) 3,498,141 (1,075,716)
Net cash flows from operating, investing, and financing activities 43,867 478,185 (150,528)
Net effect of foreign exchange impact on cash and equivalents, including restricted cash 0 505 (426)
Increase (decrease) in cash and equivalents, including restricted cash 43,867 478,690 (150,954)
Cash and equivalents, including restricted cash at beginning of the period:      
Cash and equivalents 734,599 257,560 409,743
Restricted cash included in other assets 26,691 25,040 23,811
Cash, equivalents, and restricted cash 761,290 282,600 433,554
Cash and equivalents, including restricted cash at end of the period:      
Cash and equivalents 775,253 734,599 257,560
Restricted cash included in other assets 29,904 26,691 25,040
Cash, equivalents, and restricted cash 805,157 761,290 282,600
Costs incurred during the period remaining unpaid at period end for:      
Capital expenditures to maintain real estate facilities (15,260) (23,398) (10,359)
Construction or expansion of real estate facilities (65,650) (50,051) (32,349)
Real estate acquired in exchange for noncontrolling interests (19,865) (68,170) 0
Real estate acquired in exchange for consideration payable 0 0 (3,799)
Preferred shares called for redemption and reclassified to liabilities $ 0 $ 0 $ 300,000