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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 427,564 $ 514,582
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 419,192 405,289
Amortization of deferred financing costs and debt discount 6,608 6,352
Amortization of stock-based compensation 13,494 15,115
Equity in (income) loss of, and return on, unconsolidated investments and noncontrolling interests, net of eliminations (4,572) 622
Impairment loss 1,415 2,407
Abandonment of development pursuits 5,662 4,253
Cash flow hedge losses reclassified to earnings 77 708
Gain on sale of real estate assets (68,705) (188,078)
Increase in prepaid expenses and other assets (12,171) (28,456)
Increase in accrued expenses, other liabilities and accrued interest payable 4,332 9,785
Net cash provided by operating activities 792,896 742,579
Cash flows from investing activities:    
Development/redevelopment of real estate assets including land acquisitions and deferred development costs (439,900) (453,139)
Acquisition of real estate assets (62,192) 0
Capital expenditures - existing real estate assets (84,500) (73,746)
Capital expenditures - non-real estate assets (2,536) (8,106)
(Decrease) increase in payables for construction (3,791) 16,159
Proceeds from sale of real estate and for-sale condominiums, net of selling costs 176,325 252,904
Note receivable lending (42,510) (27,108)
Note receivable payments 237 230
Distributions from unconsolidated entities 0 3,859
Unconsolidated investments (4,936) (8,930)
Net cash used in investing activities (463,803) (297,877)
Cash flows from financing activities:    
Issuance of common stock, net 3,971 494,959
Repurchase of common stock, net 0 (1,911)
Dividends paid (478,533) (454,323)
Repayments of mortgage notes payable, including prepayment penalties (7,981) (7,401)
Issuance of unsecured notes 398,787 0
Repayment of unsecured notes 0 (250,000)
Payment of deferred financing costs (3,572) (662)
Receipt for termination of forward interest rate swaps 16,839 0
Payments related to tax withholding for share-based compensation (16,384) (10,509)
Noncontrolling interests, joint venture and preferred equity transactions (7,827) (2,102)
Net cash used in financing activities (94,700) (231,949)
Net increase in cash, cash equivalents and restricted cash 234,393 212,753
Cash, cash equivalents and restricted cash, beginning of period 530,960 734,245
Cash, cash equivalents and restricted cash, end of period 765,353 946,998
Cash paid during the period for interest, net of amount capitalized 102,184 94,241
Supplemental Cash Flow Information [Abstract]    
Cash and cash equivalents 545,769 769,622
Restricted cash 219,584 177,376
Cash, cash equivalents and restricted cash reported in the Condensed Consolidated Statements of Cash Flows $ 765,353 $ 946,998

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