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
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Revenues from real estate operations received $ 427,448 $ 394,094
Construction contract and other service revenues received 68,780 53,911
Property operating expenses paid (168,009) (159,007)
Construction contract and other service expenses paid (50,275) (45,686)
General, administrative, leasing, business development and land carry costs paid (22,367) (24,408)
Interest expense paid (46,621) (49,693)
Lease incentives paid (8,694) (12,634)
Other (359) 2,464
Net cash provided by operating activities 199,903 159,041
Cash flows from investing activities    
Development and redevelopment of properties (176,554) (284,416)
Tenant improvements on operating properties (15,149) (23,377)
Other capital improvements on operating properties (19,256) (24,797)
Proceeds from sale of properties 114,050 0
Non-operating distributions from unconsolidated real estate joint venture 872 2,287
Leasing costs paid (14,929) (12,455)
Settlement of interest rate derivatives 0 (53,130)
Other (1,026) (321)
Net cash used in investing activities (111,992) (396,209)
Proceeds from debt    
Revolving Credit Facility 456,000 409,000
Unsecured senior notes 987,210 395,264
Other debt proceeds 4,630 199,088
Repayments of debt    
Revolving Credit Facility (589,000) (529,000)
Unsecured senior notes (600,000) (122,948)
Scheduled principal amortization (2,911) (3,077)
Other debt repayments (188,960) 0
Deferred financing costs paid (2,662) (2,161)
Payments in connection with early extinguishment of debt (55,720) (3,037)
Common share dividends paid (92,632) (92,512)
Distributions paid to redeemable noncontrolling interests (1,687) (13,515)
Redemption of vested equity awards (2,422) (1,629)
Other (3,645) (1,760)
Net cash (used in) provided by financing activities (91,799) 233,713
Net decrease in cash and cash equivalents and restricted cash (3,888) (3,455)
Cash and cash equivalents and restricted cash    
Beginning of period 22,033 18,130
End of period 18,145 14,675
Reconciliation of net income to net cash provided by operating activities:    
Net income 66,613 19,329
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 113,676 102,864
Impairment losses 0 1,530
Amortization of deferred financing costs and net debt discounts 3,969 3,104
Increase in deferred rent receivable (13,515) (3,560)
Gain on sales of real estate (39,711) (5)
Share-based compensation 5,960 4,753
Loss on early extinguishment of debt 59,553 3,237
Loss on interest rate derivatives 0 53,196
Other (3,708) (4,184)
Changes in operating assets and liabilities:    
Decrease (increase) in accounts receivable 6,269 (744)
Increase in prepaid expenses and other assets, net (13,120) (13,164)
Increase (decrease) in accounts payable, accrued expenses and other liabilities 15,250 (3,971)
Decrease in rents received in advance and security deposits (1,333) (3,344)
Net cash provided by operating activities 199,903 159,041
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents 14,570 11,458
Restricted cash 3,575 3,217
Cash and cash equivalents and restricted cash 18,145 14,675
Supplemental schedule of non-cash investing and financing activities:    
Increase (decrease) in accrued capital improvements, leasing and other investing activity costs 17,590 (195)
Recognition of operating right-of-use assets and related lease liabilities 328 8,955
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 4,030 (37,183)
Dividends/distributions payable 31,306 31,307
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 (1,245) (527)
Increase in redeemable noncontrolling interests and decrease in equity to carry redeemable noncontrolling interests at fair value $ 677 $ 4,711