XML 23 R8.htm IDEA: XBRL DOCUMENT v3.25.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating Activities    
Net income/(loss) $ 165,430 $ 101,400
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:    
Depreciation and amortization 511,974 523,646
(Gain)/loss on sale of real estate owned (47,939) (16,867)
(Income)/loss from unconsolidated entities (23,454) (11,251)
Return on investment in unconsolidated joint ventures and partnerships 39,771 29,816
Amortization of share-based compensation 19,337 25,857
Other 26,210 19,308
Changes in operating assets and liabilities:    
(Increase)/decrease in operating assets (17,642) (21,235)
Increase/(decrease) in operating liabilities (32,207) (14,362)
Net cash provided by/(used in) operating activities 641,480 636,312
Investing Activities    
Proceeds from sales of real estate investments, net 203,565 98,650
Development of real estate assets (23,237) (63,236)
Capital expenditures and other major improvements - real estate assets (183,567) (188,783)
Capital expenditures - non-real estate assets (29,586) (16,304)
Investment in unconsolidated joint ventures and partnerships (81,728) (45,372)
Distributions received from unconsolidated joint ventures and partnerships 72,488 13,646
Proceeds from sale of equity securities   4,624
Purchase deposits on pending acquisitions   1,000
Repayment/(issuance) of notes receivable, net (112,000) (31,818)
Net cash provided by/(used in) investing activities (154,065) (227,593)
Financing Activities    
Payments on secured debt (49,088) (136,631)
Payments on unsecured debt   (15,644)
Net proceeds from the issuance of unsecured debt   296,929
Net proceeds/(repayment) of commercial paper 50,100 (118,075)
Net proceeds/(repayment) of revolving bank debt 6,325 42,191
Repurchase of common shares (24,999)  
Distributions paid to redeemable noncontrolling interests (29,771) (31,398)
Distributions paid to preferred stockholders (3,607) (3,642)
Distributions paid to common stockholders (425,633) (418,263)
Other (9,923) (23,500)
Net cash provided by/(used in) financing activities (486,596) (408,033)
Net increase/(decrease) in cash, cash equivalents, and restricted cash 819 686
Cash, cash equivalents, and restricted cash, beginning of year 35,427 34,866
Cash, cash equivalents, and restricted cash, end of period 36,246 35,552
Supplemental Information:    
Interest paid during the period, net of amounts capitalized 165,995 166,511
Operating cash flows from operating leases 9,377 9,377
Cash paid/(refunds received) for income taxes 1,364 1,063
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 35,635 21,214
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (264,965 shares and 715,603 shares, respectively) 11,405 28,391
Dividends declared, but not yet paid $ 153,784 $ 151,755