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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 800,083 $ 686,372
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 631,314 606,271
Amortization of deferred financing costs and debt discount 9,995 9,450
Loss on extinguishment of debt, net 0 150
Amortization of stock-based compensation 20,241 21,849
Equity in (income) loss of, and return on, unconsolidated investments and noncontrolling interests, net of eliminations (27,290) 2,895
Impairment loss 1,415 4,173
Abandonment of development pursuits 7,235 23,212
Cash flow hedge (gains) losses reclassified to earnings (197) 1,062
Gain on sale of real estate assets (242,032) (210,409)
Increase in prepaid expenses and other assets (32,965) (3,206)
Increase in accrued expenses, other liabilities and accrued interest payable 111,266 72,023
Net cash provided by operating activities 1,279,065 1,213,842
Cash flows from investing activities:    
Development/redevelopment of real estate assets including land acquisitions and deferred development costs (691,744) (691,543)
Acquisition of real estate assets (278,363) (83,348)
Capital expenditures - existing real estate assets (136,431) (121,644)
Capital expenditures - non-real estate assets (4,554) (13,116)
(Decrease) increase in payables for construction (6,440) 22,956
Proceeds from sale of real estate and for-sale condominiums, net of selling costs 502,808 359,477
Note receivable lending (65,913) (47,616)
Note receivable payments 237 230
Distributions from unconsolidated entities and investment sale proceeds 7,178 5,385
Unconsolidated investments (9,367) (13,645)
Net cash used in investing activities (682,589) (582,864)
Cash flows from financing activities:    
Issuance of common stock, net 7,232 494,810
Repurchase of common stock, net 0 (1,911)
Dividends paid (720,136) (688,486)
Proceeds From (Repayments of) Long-term Line of Credit And Commercial Paper 0 69,989
Repayments of mortgage notes payable, including prepayment penalties (9,131) (45,700)
Issuance of unsecured notes 398,788 0
Repayment of unsecured notes 0 (400,000)
Payment of deferred financing costs (3,762) (662)
Receipt for termination of forward interest rate swaps 16,839 0
Payments related to tax withholding for share-based compensation (16,602) (10,529)
Noncontrolling interests, joint venture and preferred equity transactions (8,187) (2,628)
Net cash used in financing activities (334,959) (585,117)
Net increase in cash, cash equivalents and restricted cash 261,517 45,861
Cash, cash equivalents and restricted cash, beginning of period 530,960 734,245
Cash, cash equivalents and restricted cash, end of period 792,477 780,106
Cash paid during the period for interest, net of amount capitalized 135,420 130,680
Supplemental Cash Flow Information [Abstract]    
Cash and cash equivalents 552,356 508,571
Restricted cash 240,121 271,535
Cash, cash equivalents and restricted cash reported in the Condensed Consolidated Statements of Cash Flows $ 792,477 $ 780,106

Source

10-Q PDF
XBRL