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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income (loss) $ 334,757 $ 516,424 $ 525,930
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization of real estate, in-place lease, and other intangibles 749,901 710,569 684,286
Stock-based compensation amortization expense 14,480 26,456 18,202
Amortization of deferred financing costs 11,916 10,881 9,216
Straight-line rents (14,387) (49,183) (31,188)
Amortization of nonrefundable entrance fees and above (below) market lease intangibles (108,988) (102,747) (94,362)
Equity loss (income) from unconsolidated joint ventures (10,204) (2,049) (11,235)
Distributions of earnings from unconsolidated joint ventures 910 943 4,976
Loss (gain) on sale of real estate under direct financing leases 0 (22,693) 0
Deferred income tax expense (benefit) (14,605) (6,001) (5,792)
Impairments and loan loss reserves (recoveries), net (5,601) 7,004 55,896
Loss (gain) on debt extinguishments 0 0 225,824
Loss (gain) on sales of real estate, net (86,463) (10,422) (605,311)
Loss (gain) upon change of control, net (234) (311,438) (1,042)
Casualty-related loss (recoveries), net (3,085) 7,168 1,632
Other non-cash items 4,900 6,489 (8,178)
Changes in:      
Decrease (increase) in accounts receivable and other assets, net (21,566) (17,433) 18,626
Increase (decrease) in accounts payable, accrued liabilities, and deferred revenue 104,511 136,293 7,768
Net cash provided by (used in) operating activities 956,242 900,261 795,248
Cash flows from investing activities:      
Acquisitions of real estate (15,847) (178,133) (1,483,026)
Development, redevelopment, and other major improvements of real estate (731,206) (861,636) (610,555)
Leasing costs, tenant improvements, and recurring capital expenditures (113,596) (108,510) (111,480)
Proceeds from sales of real estate, net 141,651 47,885 2,399,120
Proceeds from the South San Francisco JVs transaction, net 0 125,985 0
Investments in unconsolidated joint ventures (88,391) (21,143) (25,260)
Distributions in excess of earnings from unconsolidated joint ventures 20,640 12,518 37,640
Proceeds from insurance recovery 24,980 1,450 0
Proceeds from sales/principal repayments on loans receivable, direct financing leases, and marketable debt securities 204,865 115,988 342,420
Investments in loans receivable and other (19,850) (10,747) (17,827)
Net cash provided by (used in) investing activities (576,754) (876,343) 531,032
Cash flows from financing activities:      
Borrowings under bank line of credit and commercial paper 10,344,705 15,882,153 16,821,450
Repayments under bank line of credit and commercial paper (10,620,311) (16,052,522) (15,785,065)
Issuances and borrowings of term loans, senior unsecured notes, and mortgage debt 743,778 500,000 1,088,537
Repayments and repurchases of term loans, senior unsecured notes, and mortgage debt (90,089) (5,048) (2,425,936)
Payments for debt extinguishment and deferred financing costs (7,322) (4,171) (236,942)
Issuance of common stock and exercise of options, net of offering costs 278 308,100 5,036
Repurchase of common stock (6,524) (67,838) (12,841)
Dividends paid on common stock (657,021) (648,047) (650,082)
Distributions to and purchase of noncontrolling interests (45,282) (30,549) (93,314)
Contributions from and issuance of noncontrolling interests 489 1,390 640
Net cash provided by (used in) financing activities (337,299) (116,532) (1,288,517)
Net increase (decrease) in cash, cash equivalents, and restricted cash 42,189 (92,614) 37,763
Cash, cash equivalents, and restricted cash, beginning of year 126,834 219,448 181,685
Cash, cash equivalents, and restricted cash, end of year $ 169,023 $ 126,834 $ 219,448