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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 1,082,175 $ 928,438 $ 1,136,438
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation expense 846,853 816,965 814,978
Amortization of deferred financing costs and debt discount 13,280 12,732 11,218
Loss on extinguishment of debt, net 0 150 1,646
Amortization of stock-based compensation 25,373 27,142 33,864
Equity in (income) loss of, and return on, unconsolidated investments and noncontrolling interests, net of eliminations (21,693) 5,332 5,255
Casualty and impairment loss 1,415 4,622 0
Expensed transaction, development and other pursuit costs, net of recoveries 18,341 33,479 5,599
Cash flow hedge (gains) losses reclassified to earnings (471) 1,360 3,883
Gain on sale of real estate assets (364,159) (287,987) (600,958)
(Decrease) increase in prepaid expenses and other assets (31,158) 5,777 (7,167)
Increase in accrued expenses, other liabilities, accrued interest payable and resident security deposits 37,922 12,019 17,176
Net cash provided by operating activities 1,607,878 1,560,029 1,421,932
Cash flows from investing activities:      
Development/redevelopment of real estate assets including land acquisitions and deferred development costs (951,101) (901,847) (921,203)
Acquisition of real estate assets (464,419) (215,889) (536,838)
Capital expenditures - existing real estate assets (193,348) (178,312) (160,313)
Capital expenditures - non-real estate assets (4,678) (18,962) (14,392)
(Decrease) increase in payables for construction (1,749) 14,901 9,080
Proceeds from sale of real estate and for-sale condominiums, net of selling costs 711,279 467,096 1,051,383
Note receivable lending (90,088) (82,802) (29,352)
Note receivable payments 237 253 4,021
Distributions from unconsolidated entities and investment sale proceeds 11,178 5,468 51,464
Unconsolidated investments (14,175) (18,861) (14,269)
Net cash used in investing activities (996,864) (928,955) (560,419)
Cash flows from financing activities:      
Issuance of common stock, net 10,535 496,706 20,020
Repurchase of common stock, net 0 (1,911) 0
Dividends paid (961,914) (922,657) (889,607)
Repayments of mortgage notes payable, including prepayment penalties (9,793) (47,000) (43,332)
Issuance of unsecured notes 398,788 399,756 348,565
Repayment of unsecured notes (300,000) (750,000) (100,000)
Payment of deferred financing costs (3,763) (3,964) (14,301)
Receipt for termination of forward interest rate swaps 16,839 8,331 26,869
Payments related to tax withholding for share-based compensation (16,883) (10,639) (16,989)
Noncontrolling interests and joint venture transactions (8,707) (2,981) (2,281)
Net cash used in financing activities (874,898) (834,359) (671,056)
Net (decrease) increase in cash, cash equivalents and restricted cash (263,884) (203,285) 190,457
Cash, cash equivalents and restricted cash, beginning of year 530,960 734,245 543,788
Cash, cash equivalents and restricted cash, end of year 267,076 530,960 734,245
Cash paid during the year for interest, net of amount capitalized 213,253 187,523 212,241
Supplemental Cash Flow Information      
Cash and cash equivalents 108,576 397,890 613,189
Restricted cash 158,500 133,070 121,056
Cash, cash equivalents and restricted cash reported in the Consolidated Statements of Cash Flows $ 267,076 $ 530,960 $ 734,245

Source

10-K PDF
XBRL