Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities    
Revenues from real estate operations received $ 133,234 $ 133,092
Construction contract and other service revenues received 22,046 24,925
Property operating expenses paid (51,718) (46,330)
Construction contract and other service expenses paid (19,897) (17,631)
General, administrative, leasing, business development and land carry costs paid (10,806) (12,371)
Interest expense paid (24,510) (16,767)
Lease incentives paid (5,963) (3,628)
Sales-type lease costs paid (2,028) 0
Other 314 928
Net cash provided by operating activities 40,672 62,218
Cash flows from investing activities    
Development and redevelopment of properties (57,427) (92,802)
Tenant improvements on operating properties (4,173) (10,446)
Other capital improvements on operating properties (5,955) (5,457)
Leasing costs paid (4,628) (5,950)
Other (631) 192
Net cash used in investing activities (72,814) (114,463)
Proceeds from debt    
Revolving Credit Facility 73,000 251,000
Unsecured senior notes 589,818 0
Other debt proceeds 3,620 181,595
Repayments of debt    
Revolving Credit Facility (216,000) (186,000)
Unsecured senior notes (330,039) 0
Scheduled principal amortization (962) (1,021)
Deferred financing costs paid (1,440) (1,261)
Payments in connection with early extinguishment of debt (31,565) 0
Common share dividends paid (30,862) (30,817)
Distributions paid to redeemable noncontrolling interests (635) (11,870)
Redemption of vested equity awards (2,290) (1,492)
Other (2,256) (3,132)
Net cash provided by financing activities 50,389 197,002
Net increase in cash and cash equivalents and restricted cash 18,247 144,757
Cash and cash equivalents and restricted cash    
Beginning of period 22,033 18,130
End of period 40,280 162,887
Reconciliation of net income to net cash provided by operating activities:    
Net (loss) income (6,079) 25,550
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 37,876 33,015
Amortization of deferred financing costs and net debt discounts 1,335 961
Increase in deferred rent receivable (5,671) (2,230)
Share-based compensation 1,904 1,389
Loss on early extinguishment of debt 33,166 0
Other (1,452) (52)
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable (2,983) 4,547
Decrease in prepaid expenses and other assets, net 6,609 15,548
Decrease in accounts payable, accrued expenses and other liabilities (21,530) (16,213)
Decrease in rents received in advance and security deposits (2,503) (297)
Net cash provided by operating activities 40,672 62,218
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents and restricted cash 40,280 162,887
Supplemental schedule of non-cash investing and financing activities:    
Decrease in accrued capital improvements, leasing and other investing activity costs (20,454) (4,795)
Recognition of operating right-of-use assets and related lease liabilities 328 0
Increase (decrease) in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests 1,959 (37,573)
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 121 182
Adjustments to noncontrolling interests resulting from changes in COPLP ownership 545 453
Increase in redeemable noncontrolling interests and decrease in equity to carry redeemable noncontrolling interests at fair value $ 482 $ 4,101