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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 328,290 $ 236,597
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 233,104 217,888
Amortization of deferred financing costs and debt discount 3,634 3,233
Amortization of stock-based compensation 5,699 5,662
Equity in loss of, and return on, unconsolidated investments and noncontrolling interests, net of eliminations 9,851 3,093
Casualty and impairment loss 2,007 0
Expensed transaction, development and other pursuit costs, net of recoveries 3,416 4,744
Cash flow hedge gains reclassified to earnings (388) (273)
Gain on sale of real estate assets (179,996) (56,660)
Increase in accrued interest receivable (7,186) (5,806)
Decrease (increase) in prepaid expenses and other assets 13,111 (3,157)
Increase in accrued expenses, other liabilities, accrued interest payable and resident security deposits 7,391 10,582
Net cash provided by operating activities 418,933 415,903
Cash flows from investing activities:    
Development/redevelopment of real estate assets including land acquisitions and deferred development costs (336,820) (237,282)
Acquisition of real estate assets, including partnership interest 0 (187,362)
Capital expenditures - existing real estate assets (59,453) (48,370)
Capital expenditures - non-real estate assets (514) (256)
Increase (decrease) in payables for construction 15,279 (3,400)
Proceeds from sale of real estate, net of selling costs 330,378 63,651
Note receivable lending (11,999) (12,560)
Note receivable repayments 17,580 109
Distributions from unconsolidated entities and investment sale proceeds 180 0
Unconsolidated investments (3,611) (2,395)
Net cash used in investing activities (48,980) (427,865)
Cash flows from financing activities:    
Issuance of common stock, net 0 693
Repurchase of common stock, net (198,480) 0
Dividends paid (249,300) (243,678)
Net borrowings under unsecured credit facility and commercial paper 30,114 224,942
Repayments of mortgage notes payable, including prepayment penalties (982) (1,171)
Payment of deferred financing costs (224) 0
Payments related to tax withholding for share-based compensation (13,070) (16,353)
Noncontrolling interests, joint venture and preferred equity transactions 0 (440)
Net cash used in financing activities (431,942) (36,007)
Net decrease in cash, cash equivalents and restricted cash (61,989) (47,969)
Cash, cash equivalents and restricted cash, beginning of period 353,083 267,076
Cash, cash equivalents and restricted cash, end of period 291,094 219,107
Cash paid during the period for interest, net of amount capitalized 60,407 40,160
Supplemental Cash Flow Information [Abstract]    
Cash and cash equivalents 121,231 53,255
Restricted cash 169,863 165,852
Cash, cash equivalents and restricted cash reported in the Condensed Consolidated Statements of Cash Flows $ 291,094 $ 219,107

Source

10-Q PDF
XBRL