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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 236,597 $ 173,557
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 217,888 212,269
Amortization of deferred financing costs and debt discount 3,233 3,283
Amortization of stock-based compensation 5,662 5,870
Equity in loss (income) of, and return on, unconsolidated investments and noncontrolling interests, net of eliminations 3,093 (5,742)
Casualty and impairment loss 0 1,415
Expensed transaction, development and other pursuit costs, net of recoveries 4,744 4,245
Cash flow hedge (gains) losses reclassified to earnings (273) 146
(Gain) loss on sale of real estate assets (56,660) 62
Increase in prepaid expenses and other assets (8,963) (3,753)
Increase in accrued expenses, other liabilities, accrued interest payable and resident security deposits 10,582 21,553
Net cash provided by operating activities 415,903 412,905
Cash flows from investing activities:    
Development/redevelopment of real estate assets including land acquisitions and deferred development costs (237,282) (207,568)
Acquisition of real estate assets (187,362) 0
Capital expenditures - existing real estate assets (48,370) (37,490)
Capital expenditures - non-real estate assets (256) (1,200)
Decrease in payables for construction (3,400) (536)
Proceeds from sale of real estate, net of selling costs 63,651 3,865
Note receivable lending (12,560) (20,861)
Note receivable payments 109 57
Unconsolidated investments (2,395) (2,085)
Net cash used in investing activities (427,865) (265,818)
Cash flows from financing activities:    
Issuance of common stock, net 693 365
Dividends paid (243,678) (237,005)
Proceeds From (Repayments of) Long-term Line of Credit And Commercial Paper 224,942 0
Repayments of mortgage notes payable, including prepayment penalties (1,171) (800)
Payment of deferred financing costs 0 (218)
Payments related to tax withholding for share-based compensation (16,353) (16,291)
Noncontrolling interests, joint venture and preferred equity transactions (440) (548)
Net cash used in financing activities (36,007) (254,497)
Net decrease in cash, cash equivalents and restricted cash (47,969) (107,410)
Cash, cash equivalents and restricted cash, beginning of period 267,076 530,960
Cash, cash equivalents and restricted cash, end of period 219,107 423,550
Cash paid during the period for interest, net of amount capitalized 40,160 37,242
Supplemental Cash Flow Information [Abstract]    
Cash and cash equivalents 53,255 287,892
Restricted cash 165,852 135,658
Cash, cash equivalents and restricted cash reported in the Condensed Consolidated Statements of Cash Flows $ 219,107 $ 423,550

Source

10-Q PDF
XBRL