Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.22.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Revenues from real estate operations received $ 285,858 $ 280,708
Construction contract and other service revenues received 90,663 38,419
Property operating expenses paid (99,512) (91,672)
Construction contract and other service expenses paid (88,833) (34,445)
General, administrative, leasing, business development and land carry costs paid (17,782) (15,399)
Interest expense paid (26,732) (31,392)
Lease incentives paid (7,739) (7,442)
Other 2,797 (765)
Net cash provided by operating activities 138,720 138,012
Cash flows from investing activities    
Development and redevelopment of properties (142,862) (110,909)
Tenant improvements on operating properties (16,734) (10,872)
Other capital improvements on operating properties (21,590) (12,382)
Proceeds from sale of properties 220,780 114,394
Leasing costs paid (4,121) (11,408)
Other (565) 576
Net cash provided by (used in) investing activities 34,908 (30,601)
Proceeds from debt    
Revolving Credit Facility 329,000 387,000
Unsecured senior notes 0 589,818
Other debt proceeds 0 4,459
Repayments of debt    
Revolving Credit Facility (224,000) (361,000)
Unsecured senior notes 0 (600,000)
Scheduled principal amortization (1,618) (1,922)
Other debt repayments (200,000) 0
Payments in connection with early extinguishment of debt (6) (55,713)
Common share dividends paid (61,814) (61,747)
Other (6,859) (8,564)
Net cash used in financing activities (165,297) (107,669)
Net increase (decrease) in cash and cash equivalents and restricted cash 8,331 (258)
Cash and cash equivalents and restricted cash    
Beginning of period 17,316 22,033
End of period 25,647 21,775
Reconciliation of net income to net cash provided by operating activities:    
Net income 94,419 37,819
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 70,235 76,476
Amortization of deferred financing costs and net debt discounts 2,351 2,666
Increase in deferred rent receivable (11,603) (9,421)
Gain on sales of real estate (28,560) (39,743)
Share-based compensation 4,301 3,913
Loss on early extinguishment of debt 342 58,394
Other (2,549) (2,462)
Changes in operating assets and liabilities:    
Decrease in accounts receivable 9,374 45
Decrease in lease incentives and prepaid expenses and other assets, net 8,407 13,894
Decrease in accounts payable, accrued expenses and other liabilities (3,480) (1,037)
Decrease in rents received in advance and security deposits (4,517) (2,532)
Net cash provided by operating activities 138,720 138,012
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents 20,735 17,182
Restricted cash 4,912 4,593
Cash and cash equivalents and restricted cash 25,647 21,775
Supplemental schedule of non-cash investing and financing activities:    
Decrease in accrued capital improvements, leasing and other investing activity costs (6,222) (15,887)
Recognition of operating right-of-use assets and related lease liabilities 683 328
Investment in unconsolidated real estate joint venture retained in property disposition 0 11,842
Increase in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests 5,072 2,922
Dividends/distributions payable 31,400 31,302
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 1,378 (194)
(Decrease) increase in redeemable noncontrolling interests and (increase) decrease in equity to carry redeemable noncontrolling interests at fair value $ (77) $ 622