Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.21.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities    
Revenues from real estate operations received $ 280,708 $ 265,833
Construction contract and other service revenues received 38,419 42,149
Property operating expenses paid (91,672) (86,934)
Construction contract and other service expenses paid (34,445) (32,107)
General, administrative, leasing, business development and land carry costs paid (15,399) (16,969)
Interest expense paid (31,392) (31,581)
Lease incentives paid (7,442) (5,611)
Other (765) 1,757
Net cash provided by operating activities 138,012 136,537
Cash flows from investing activities    
Development and redevelopment of properties (110,909) (185,357)
Tenant improvements on operating properties (10,872) (16,489)
Other capital improvements on operating properties (12,382) (11,576)
Proceeds from sale of properties 114,394 0
Leasing costs paid (11,408) (8,424)
Other 576 (5,442)
Net cash used in investing activities (30,601) (227,288)
Proceeds from debt    
Revolving Credit Facility 387,000 251,000
Unsecured senior notes 589,818 0
Other debt proceeds 4,459 189,359
Repayments of debt    
Revolving Credit Facility (361,000) (259,000)
Unsecured senior notes (600,000) 0
Scheduled principal amortization (1,922) (2,044)
Deferred financing costs paid (1,620) (1,261)
Payments in connection with early extinguishment of debt (55,713) 0
Common share dividends paid (61,747) (61,667)
Distributions paid to redeemable noncontrolling interests (1,226) (12,662)
Redemption of vested equity awards (2,358) (1,572)
Other (3,360) (3,666)
Net cash (used in) provided by financing activities (107,669) 98,487
Net (decrease) increase in cash and cash equivalents and restricted cash (258) 7,736
Cash and cash equivalents and restricted cash    
Beginning of period 22,033 18,130
End of period 21,775 25,866
Reconciliation of net income to net cash provided by operating activities:    
Net income 37,819 50,671
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 76,476 67,075
Amortization of deferred financing costs and net debt discounts 2,666 1,993
Increase in deferred rent receivable (9,421) (1,070)
Gain on sales of real estate (39,743) (5)
Share-based compensation 3,913 3,027
Loss on early extinguishment of debt 58,394 0
Other (2,462) (1,263)
Changes in operating assets and liabilities:    
Decrease in accounts receivable 45 5,039
Decrease in prepaid expenses and other assets, net 13,894 23,202
Decrease in accounts payable, accrued expenses and other liabilities (1,037) (8,971)
Decrease in rents received in advance and security deposits (2,532) (3,161)
Net cash provided by operating activities 138,012 136,537
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents 17,182 21,596
Restricted cash 4,593 4,270
Cash and cash equivalents and restricted cash 21,775 25,866
Supplemental schedule of non-cash investing and financing activities:    
(Decrease) increase in accrued capital improvements, leasing and other investing activity costs (15,887) 12,940
Recognition of operating right-of-use assets and related lease liabilities 328 3,381
Investment in unconsolidated real estate joint venture retained in property disposition 11,842 0
Increase (decrease) in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests 2,922 (39,953)
Dividends/distributions payable 31,302 31,302
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 (194) 25
Increase in redeemable noncontrolling interests and decrease in equity to carry redeemable noncontrolling interests at fair value $ 622 $ 4,337