Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.22.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Revenues from real estate operations received $ 133,550 $ 133,234
Construction contract and other service revenues received 49,436 22,046
Property operating expenses paid (56,132) (51,718)
Construction contract and other service expenses paid (47,380) (19,897)
General, administrative, leasing, business development and land carry costs paid (13,196) (10,806)
Interest expense paid (9,949) (24,510)
Lease incentives paid (5,677) (5,963)
Other 2,059 (1,714)
Net cash provided by operating activities 52,711 40,672
Cash flows from investing activities    
Development and redevelopment of properties (91,783) (57,427)
Tenant improvements on operating properties (7,989) (4,173)
Other capital improvements on operating properties (14,529) (5,955)
Proceeds from sale of properties 220,814 0
Leasing costs paid (2,103) (4,628)
Other (190) (631)
Net cash provided by (used in) investing activities 104,220 (72,814)
Proceeds from debt    
Revolving Credit Facility 244,000 73,000
Unsecured senior notes 0 589,818
Other debt proceeds 0 3,620
Repayments of debt    
Revolving Credit Facility (160,000) (216,000)
Unsecured senior notes 0 (330,039)
Scheduled principal amortization (774) (962)
Other debt repayments (200,000) 0
Payments in connection with early extinguishment of debt (6) (31,565)
Common share dividends paid (30,904) (30,862)
Other (2,719) (6,621)
Net cash (used in) provided by financing activities (150,403) 50,389
Net increase in cash and cash equivalents and restricted cash 6,528 18,247
Cash and cash equivalents and restricted cash    
Beginning of period 17,316 22,033
End of period 23,844 40,280
Reconciliation of net income (loss) to net cash provided by operating activities:    
Net income (loss) 60,824 (6,079)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 34,871 37,876
Amortization of deferred financing costs and net debt discounts 1,202 1,335
Increase in deferred rent receivable (5,822) (5,671)
Gain on sales of real estate (28,579) 490
Share-based compensation 2,111 1,904
Loss on early extinguishment of debt 342 33,166
Other (1,363) (2,217)
Changes in operating assets and liabilities:    
Increase in accounts receivable (1,994) (2,983)
Decrease in prepaid expenses and other assets, net 1,585 6,609
Decrease in accounts payable, accrued expenses and other liabilities (7,286) (21,255)
Decrease in rents received in advance and security deposits (3,180) (2,503)
Net cash provided by operating activities 52,711 40,672
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents 19,347 36,139
Restricted cash 4,497 4,141
Cash and cash equivalents and restricted cash 23,844 40,280
Supplemental schedule of non-cash investing and financing activities:    
Decrease in accrued capital improvements, leasing and other investing activity costs (33,733) (20,454)
Recognition of operating right-of-use assets and related lease liabilities 683 328
Increase in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests 3,478 1,959
Dividends/distributions payable 31,402 31,305
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 0 121
Adjustments to noncontrolling interests resulting from changes in COPLP ownership 2,414 545
(Decrease) increase in redeemable noncontrolling interests and (increase) decrease in equity to carry redeemable noncontrolling interests at fair value $ (39) $ 482