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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities    
Net income/(loss) $ 122,300 $ 77,323
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:    
Depreciation and amortization 339,039 349,341
(Gain)/loss on sale of real estate owned (47,939) (16,867)
(Income)/loss from unconsolidated entities (9,443) (13,131)
Return on investment in unconsolidated joint ventures and partnerships 23,486 7,565
Amortization of share-based compensation 16,260 16,681
Other 17,541 15,455
Changes in operating assets and liabilities:    
(Increase)/decrease in operating assets (9,223) (12,923)
Increase/(decrease) in operating liabilities (45,476) (17,383)
Net cash provided by/(used in) operating activities 406,545 406,061
Investing Activities    
Proceeds from sales of real estate investments, net 203,565 98,650
Development of real estate assets (15,265) (51,104)
Capital expenditures and other major improvements - real estate assets (113,247) (119,880)
Capital expenditures - non-real estate assets (28,628) (10,909)
Investment in unconsolidated joint ventures and partnerships (21,490) (9,189)
Distributions received from unconsolidated joint ventures and partnerships 46,127 8,743
Proceeds from sale of equity securities   4,624
Repayment/(issuance) of notes receivable, net (112,000) (270)
Net cash provided by/(used in) investing activities (40,938) (79,335)
Financing Activities    
Payments on secured debt (3,231) (41,596)
Net proceeds/(repayment) of commercial paper (69,900) 21,925
Net proceeds/(repayment) of revolving bank debt 20,854 (3,036)
Distributions paid to redeemable noncontrolling interests (19,801) (20,956)
Distributions paid to preferred stockholders (2,408) (2,457)
Distributions paid to common stockholders (283,174) (278,209)
Other (8,265) (2,877)
Net cash provided by/(used in) financing activities (365,925) (327,206)
Net increase/(decrease) in cash, cash equivalents, and restricted cash (318) (480)
Cash, cash equivalents, and restricted cash, beginning of year 35,427 34,866
Cash, cash equivalents, and restricted cash, end of period 35,109 34,386
Supplemental Information:    
Interest paid during the period, net of amounts capitalized 96,670 97,636
Operating cash flows from operating leases 6,251 6,251
Cash paid/(refunds received) for income taxes 1,274 898
Non-cash transactions:    
Notes receivable settled in exchange for real estate owned 180,700  
Conversion of note receivable to equity securities 42,807  
Development costs and capital expenditures incurred, but not yet paid 23,433 27,881
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (155,453 shares and 328,932 shares, respectively) 6,933 12,476
Dividends declared, but not yet paid $ 153,662 $ 151,518