v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating Activities:    
Net income $ 1,410,661 $ 1,286,975
Adjustments to reconcile net income to net cash flows from operating activities:    
Gain on sale of real estate (27,355) (710)
Depreciation and amortization 991,094 856,295
Equity in earnings of unconsolidated real estate entities (6,310) (5,071)
Distributions from cumulative equity in earnings of unconsolidated real estate entities 25,584 1,823
Unrealized foreign currency exchange (gain) loss (70,970) 214,575
Share-based compensation expense 35,213 30,361
Impairment (recovery) of real estate investments (210) 3,946
Amortization of debt issuance costs 8,643 7,588
Provisions for loan losses, net 3,036 188
Benefit for deferred income taxes (20,358) 0
Other non-cash adjustments 3,864 1,829
Changes in operating assets and liabilities, excluding the impact of acquisitions:    
Other assets (27,830) (12,352)
Accrued and other liabilities (52,971) 67,415
Net cash flows from operating activities 2,272,091 2,452,862
Investing Activities:    
Capital expenditures to maintain real estate facilities (117,175) (121,791)
Capital expenditures for property enhancements (34,336) (17,514)
Capital expenditures for energy efficiencies (Solar, heat pumps, LED lighting) (47,382) (49,986)
Development and expansion of real estate facilities (189,992) (237,998)
Net proceeds from net investment hedge settlements 6,881 0
Cash disbursed for acquisitions, net of cash acquired (1,862,709) (814,555)
Investments in unconsolidated real estate entities (20,000) 0
Return of capital from unconsolidated real estate entities 1,845 0
Issuance of notes receivable (292,316) (82,839)
Proceeds from disposition of real estate investments 27,674 3,903
Net cash flows used in investing activities (2,527,510) (1,320,780)
Financing Activities:    
Repayments of notes payable (683,895) (400,099)
Issuance of term loan 500,000 0
Issuance of commercial paper 200,000 0
Issuance of OP Options 30,000 0
Financing fees paid (4,000) 0
Issuance of notes payable, net of issuance costs 1,658,770 866,532
Issuance of common shares in connection with share-based compensation 24,433 9,477
Taxes paid upon net share settlement of restricted share units (2,902) (3,473)
Acquisition of noncontrolling interests (7,482) (9,061)
Contributions by noncontrolling interests 3,396 3,725
Distributions paid to preferred shareholders, common shareholders, restricted share unitholders and unvested LTIP unitholders (1,186,292) (1,727,546)
Distributions paid to noncontrolling interests (34,325) (22,593)
Net cash flows from (used in) financing activities 497,703 (1,283,038)
Net increase (decrease) in cash and equivalents, including restricted cash 242,284 (150,956)
Cash and equivalents at beginning of the period: 318,095 447,416
Cash and equivalents at end of the period: 560,379 296,460
Supplemental schedule of non-cash investing and financing activities:    
Dividends and distributions payable at period end (581,365) (1,612)
Costs incurred during the period remaining unpaid at period end for:    
Capital expenditures to maintain real estate facilities (14,114) (6,188)
Capital expenditures for property enhancements (3,320) (1,196)
Capital expenditures for energy efficiencies (Solar, heat pumps, LED lighting) (3,071) (526)
Construction or expansion of real estate facilities (49,969) (23,476)
Supplemental cash flow information:    
Cash paid for interest, net of amounts capitalized (238,270) (220,519)
Cash paid for income taxes, net of refunds $ (6,025) $ (5,858)