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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 1,056,599 $ 1,082,175 $ 928,438
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation expense 913,376 846,853 816,965
Amortization of deferred financing costs and debt discount 13,685 13,280 12,732
Loss on extinguishment of debt, net 0 0 150
Amortization of stock-based compensation 26,458 25,373 27,142
Equity in (income) loss of, and return on, unconsolidated investments and noncontrolling interests, net of eliminations (23,610) (21,693) 5,332
Casualty and impairment loss 1,276 1,415 4,622
Expensed transaction, development and other pursuit costs, net of recoveries 10,846 18,341 33,479
Cash flow hedge (gains) losses reclassified to earnings (1,292) (471) 1,360
Gain on sale of real estate assets, net (339,954) (364,159) (287,987)
Increase in accrued interest receivable (26,124) (14,582) (5,803)
(Increase) decrease in prepaid expenses and other assets (3,182) (16,576) 11,580
Increase in accrued expenses, other liabilities, accrued interest payable and resident security deposits 43,027 37,922 12,019
Net cash provided by operating activities 1,671,105 1,607,878 1,560,029
Cash flows from investing activities:      
Development/redevelopment of real estate assets including land acquisitions and deferred development costs (1,209,454) (951,101) (901,847)
Acquisition of real estate assets, including partnership interest (682,163) (464,419) (215,889)
Capital expenditures - existing real estate assets (261,769) (193,348) (178,312)
Capital expenditures - non-real estate assets (3,173) (4,678) (18,962)
Increase (decrease) in payables for construction 6,313 (1,749) 14,901
Proceeds from sale of real estate, net of selling costs 799,419 711,279 467,096
Note receivable lending (24,079) (90,088) (82,802)
Note receivable payments 15,048 237 253
Distributions from unconsolidated entities and investment sale proceeds 7,500 11,178 5,468
Unconsolidated investments (40,009) (14,175) (18,861)
Net cash used in investing activities (1,392,367) (996,864) (928,955)
Cash flows from financing activities:      
Issuance of common stock, net 86,645 10,535 496,706
Repurchase of common stock, net (488,115) 0 (1,911)
Dividends paid (992,333) (961,914) (922,657)
Net borrowings under unsecured credit facility and commercial paper 739,608 0 0
Repayments of mortgage notes payable, including prepayment penalties (11,465) (9,793) (47,000)
Issuance of unsecured debt 1,347,312 398,788 399,756
Repayment of unsecured debt (825,000) (300,000) (750,000)
Payment of deferred financing costs (23,147) (3,763) (3,964)
Receipt for termination of forward interest rate swaps 4,341 16,839 8,331
Payments related to tax withholding for share-based compensation (16,713) (16,883) (10,639)
Noncontrolling interests, joint venture and preferred equity transactions (13,864) (8,707) (2,981)
Net cash used in financing activities (192,731) (874,898) (834,359)
Net increase (decrease) in cash, cash equivalents and restricted cash 86,007 (263,884) (203,285)
Cash, cash equivalents and restricted cash, beginning of year 267,076 530,960 734,245
Cash, cash equivalents and restricted cash, end of year 353,083 267,076 530,960
Cash paid during the year for interest, net of amount capitalized 236,549 213,253 187,523
Supplemental Cash Flow Information      
Cash and cash equivalents 187,234 108,576 397,890
Restricted cash 165,849 158,500 133,070
Cash, cash equivalents and restricted cash reported in the Consolidated Statements of Cash Flows $ 353,083 $ 267,076 $ 530,960

Source

10-K PDF
XBRL