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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
OPERATING ACTIVITIES    
Net loss $ (264,076) $ (555,692)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 436,558 514,821
Other amortization 35,487 35,051
Share-based compensation 19,035 14,852
Amortization of straight-line rent receivable (lessor) (22,354) (20,935)
Amortization of straight-line rent on operating leases (lessee) 2,566 2,963
Gain on sales of real estate properties and other assets (99,678) (77,670)
Loss on extinguishment of debt 286 0
Loss on derivatives 2,844 0
Impairment of real estate properties and credit loss reserves 258,791 232,450
Impairment of goodwill 0 250,530
Equity (income) loss from unconsolidated joint ventures (446) 360
Distributions from unconsolidated joint ventures 16,487 4,946
Non-cash interest from financing and notes receivable (657) (1,610)
Changes in operating assets and liabilities:    
Other assets, including right-of-use-assets (26,035) (5,758)
Accounts payable and accrued liabilities (32,993) (27,925)
Other liabilities (1,059) (2,778)
Net cash provided by operating activities 324,756 363,605
INVESTING ACTIVITIES    
Development of real estate (12,605) (51,336)
Additional long-lived assets (243,605) (186,742)
Funding of mortgages and notes receivable (6,027) (3,565)
Investments in unconsolidated joint ventures (1,546) 0
Investment in financing receivable (497) (22)
Contributions from redeemable non-controlling interests 0 13
Proceeds from sales of real estate properties and additional long-lived assets 393,111 722,940
Proceeds from insurance recovery 2,000 0
Proceeds from notes receivable repayments 53,513 861
Net cash provided by investing activities 184,344 482,149
FINANCING ACTIVITIES    
Borrowings on unsecured credit facility 831,000 1,081,000
Repayments on unsecured credit facility (682,000) (875,000)
Repayment on term loans (108,532) (250,000)
Repayments of notes and bonds payable (251,042) (25,130)
Dividends paid (302,528) (348,064)
Net proceeds from issuance of common stock 0 104
Common stock redemptions (3,628) (321)
Common stock repurchases 0 (423,070)
Distributions to non-controlling interest holders (3,884) (3,612)
Redemption of non-controlling interest (677) (625)
Debt issuance and assumption costs (13,083) (563)
Payments made on finance leases (145) (13)
Net cash used in financing activities (534,519) (845,294)
(Decrease) increase in cash and cash equivalents (25,419) 460
Cash and cash equivalents at beginning of period 68,916 25,699
Cash and cash equivalents at end of period, including held for sale 43,497 26,159
Cash and cash equivalents held for sale (152) (3,358)
Cash and cash equivalents at end of period 43,345 22,801
Supplemental Cash Flow Information    
Interest paid 160,215 177,507
Mortgage notes receivable taken in connection with sale of real estate 5,400 0
Invoices accrued for construction, tenant improvements and other capitalized costs 42,711 49,886
Capitalized interest 8,591 3,211
Proceeds from dispositions held in escrow 56,915 0
Contribution of real estate properties into unconsolidated joint venture $ 0 $ 110,879