v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 890,614 $ 800,083
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 679,989 631,314
Amortization of deferred financing costs and debt discount 10,173 9,995
Amortization of stock-based compensation 21,268 20,241
Equity in income of, and return on, unconsolidated investments and noncontrolling interests, net of eliminations (32,994) (27,290)
Casualty and impairment loss 858 1,415
Expensed transaction, development and other pursuit costs, net of recoveries 8,629 7,235
Cash flow hedge gains reclassified to earnings (912) (197)
Gain on sale of real estate assets, net (340,150) (242,032)
Increase in prepaid expenses and other assets (35,365) (32,965)
Increase in accrued expenses, other liabilities, accrued interest payable and resident security deposits 68,564 111,266
Net cash provided by operating activities 1,270,674 1,279,065
Cash flows from investing activities:    
Development/redevelopment of real estate assets including land acquisitions and deferred development costs (849,799) (691,744)
Acquisition of real estate assets, including partnership interest (643,975) (278,363)
Capital expenditures - existing real estate assets (183,809) (136,431)
Capital expenditures - non-real estate assets (2,509) (4,554)
Increase (decrease) in payables for construction 11,951 (6,440)
Proceeds from sale of real estate, net of selling costs 799,247 502,808
Note receivable lending (20,327) (65,913)
Note receivable payments 25 237
Distributions from unconsolidated entities and investment sale proceeds 0 7,178
Unconsolidated investments (35,881) (9,367)
Net cash used in investing activities (925,077) (682,589)
Cash flows from financing activities:    
Issuance of common stock, net 3,377 7,232
Repurchase of common stock, net (151,846) 0
Dividends paid (742,879) (720,136)
Net borrowings under unsecured credit facility and commercial paper 234,981 0
Repayments of mortgage notes payable, including prepayment penalties (10,492) (9,131)
Issuance of unsecured notes 947,488 398,788
Repayment of unsecured notes (525,000) 0
Payment of deferred financing costs (20,003) (3,762)
Receipt for termination of forward interest rate swaps 4,099 16,839
Payments related to tax withholding for share-based compensation (16,643) (16,602)
Noncontrolling interests, joint venture and preferred equity transactions (13,864) (8,187)
Net cash used in financing activities (290,782) (334,959)
Net increase in cash, cash equivalents and restricted cash 54,815 261,517
Cash, cash equivalents and restricted cash, beginning of period 267,076 530,960
Cash, cash equivalents and restricted cash, end of period 321,891 792,477
Cash paid during the period for interest, net of amount capitalized 163,332 135,420
Supplemental Cash Flow Information [Abstract]    
Cash and cash equivalents 123,313 552,356
Restricted cash 198,578 240,121
Cash, cash equivalents and restricted cash reported in the Condensed Consolidated Statements of Cash Flows $ 321,891 $ 792,477

Source

10-Q PDF
XBRL