Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.0.1
Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Cash flows from operating activities      
Revenues from real estate operations received $ 571,092 $ 542,727 $ 530,280
Construction contract and other service revenues received 100,222 78,470 94,677
Property operating expenses paid (223,254) (202,660) (196,611)
Construction contract and other service expenses paid (86,602) (67,760) (96,789)
General, administrative, leasing, business development and land carry costs paid (29,072) (31,406) (29,347)
Interest expense paid (65,184) (61,471) (67,475)
Lease incentives paid (18,127) (11,925) (9,482)
Sales-type lease costs paid (2,065) (10,747) 0
Income taxes paid (60) (4) 0
Other 2,198 3,200 3,305
Net cash provided by operating activities 249,148 238,424 228,558
Cash flows from investing activities      
Development and redevelopment of properties (267,905) (344,401) (394,444)
Tenant improvements on operating properties (21,488) (28,754) (23,809)
Other capital improvements on operating properties (30,026) (32,756) (24,659)
Proceeds from property dispositions      
Sale of properties 143,116 83,165 108,128
Distribution from unconsolidated real estate joint venture following contribution of properties 0 0 201,499
Proceeds from sale of investment in unconsolidated real estate joint venture 0 59,841 0
Non-operating distributions from unconsolidated real estate joint venture 1,287 3,695 22,426
Investing receivables funded (5,880) (272) (11,180)
Investing receivables payments received 0 8,000 0
Leasing costs paid (21,913) (16,938) (16,825)
Settlement of interest rate derivatives 0 (53,130) 0
Other (160) (4,242) 849
Net cash used in investing activities (202,969) (325,792) (138,015)
Proceeds from debt      
Revolving Credit Facility 597,000 664,000 409,000
Unsecured senior notes 1,382,614 395,264 0
Other debt proceeds 4,630 206,931 43,615
Repayments of debt      
Revolving Credit Facility (664,000) (698,000) (445,000)
Unsecured senior notes (900,000) (300,000) 0
Scheduled principal amortization (3,860) (4,125) (4,310)
Other debt repayments (238,397) (12,031) (77)
Deferred financing costs paid (3,620) (2,400) (448)
Payments in connection with early extinguishment of debt (95,180) (7,029) 0
Net proceeds from issuance of common shares 0 0 46,415
Common share dividends paid (123,527) (123,367) (122,657)
Distributions paid to noncontrolling interests in other consolidated entities 0 (30) (5,890)
Distributions paid to redeemable noncontrolling interests (2,273) (14,357) (1,659)
Redemption of preferred units 0 (8,800) 0
Other (4,283) (4,785) (3,352)
Net cash (used in) provided by financing activities (50,896) 91,271 (84,363)
Net (decrease) increase in cash and cash equivalents and restricted cash (4,717) 3,903 6,180
Cash and cash equivalents and restricted cash      
Beginning of year 22,033 18,130 11,950
End of year 17,316 22,033 18,130
Reconciliation of net income to net cash provided by operating activities:      
Net income 81,578 102,878 200,004
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and other amortization 150,644 140,031 138,903
Impairment losses 0 1,530 329
Amortization of deferred financing costs and net debt discounts 5,224 4,272 3,639
Increase in deferred rent receivable (19,090) (2,168) (4,091)
Gain on sales of real estate (65,590) (30,209) (105,230)
Gain on sale of investment in unconsolidated real estate joint venture 0 (29,416) 0
Share-based compensation 7,979 6,503 6,714
Loss on early extinguishment of debt 100,626 7,306 0
Loss on interest rate derivatives 0 53,196 0
Other (5,047) (7,855) (6,022)
Changes in operating assets and liabilities:      
Increase in accounts receivable (662) (6,377) (7,141)
Increase in prepaid expenses and other assets, net (27,355) (7,626) (22,457)
Increase in accounts payable, accrued expenses and other liabilities 22,004 6,554 20,369
(Decrease) increase in rents received in advance and security deposits (1,163) (195) 3,541
Net cash provided by operating activities 249,148 238,424 228,558
Reconciliation of cash and cash equivalents and restricted cash:      
Cash and cash equivalents 13,262 18,369 14,733
Restricted cash 4,054 3,664 3,397
Cash and cash equivalents and restricted cash 17,316 22,033 18,130
Supplemental schedule of non-cash investing and financing activities:      
Increase (decrease) in accrued capital improvements, leasing and other investing activity costs 20,667 (9,421) 35,913
Reclassification of finance right-of-use asset to operating properties, net in connection with exercise of bargain purchase option 37,831 0 0
Finance right-of-use asset contributed by noncontrolling interest in joint venture 0 0 2,570
Recognition of operating right-of-use assets and related lease liabilities 328 13,340 840
Non-cash changes from property dispositions:      
Investment in unconsolidated real estate joint ventures retained in property disposition 11,842 11,474 34,506
Contribution of properties to unconsolidated real estate joint venture 0 0 158,542
Increase (decrease) in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests 6,233 (35,728) (25,817)
Equity in other comprehensive income of an equity method investee 0 0 199
Dividends/distributions payable 31,299 31,231 31,263
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 121 211 1,586
Adjustments to noncontrolling interests resulting from changes in COPLP ownership (2,318) (767) 167
Increase in redeemable noncontrolling interests and decrease in equity to carry redeemable noncontrolling interests at fair value $ 1,615 $ 6,607 $ 1,749