Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Revenues from real estate operations received $ 431,447 $ 427,448
Construction contract and other service revenues received 130,710 68,780
Property operating expenses paid (179,306) (168,009)
Construction contract and other service expenses paid (128,428) (50,275)
General, administrative, leasing, business development and land carry costs paid (24,630) (22,367)
Interest expense paid (37,561) (46,621)
Lease incentives paid (8,360) (8,694)
Other 3,262 (359)
Net cash provided by operating activities 187,134 199,903
Cash flows from investing activities    
Development and redevelopment of properties (223,298) (176,554)
Tenant improvements on operating properties (22,550) (15,149)
Other capital improvements on operating properties (28,705) (19,256)
Proceeds from sale of properties 220,810 114,050
Investing receivables funded (19,000) (1,196)
Leasing costs paid (10,544) (14,929)
Other 852 1,042
Net cash used in investing activities (82,435) (111,992)
Proceeds from debt    
Revolving Credit Facility 451,000 456,000
Unsecured senior notes 0 987,210
Other debt proceeds 0 4,630
Repayments of debt    
Revolving Credit Facility (254,000) (589,000)
Unsecured senior notes 0 (600,000)
Scheduled principal amortization (2,469) (2,911)
Other debt repayments (200,000) (188,960)
Deferred financing costs paid 0 (2,662)
Payments in connection with early extinguishment of debt (6) (55,720)
Common share dividends paid (92,731) (92,632)
Other (7,411) (7,754)
Net cash used in financing activities (105,617) (91,799)
Net decrease in cash and cash equivalents and restricted cash (918) (3,888)
Cash and cash equivalents and restricted cash    
Beginning of period 17,316 22,033
End of period 16,398 18,145
Reconciliation of net income to net cash provided by operating activities:    
Net income 126,735 66,613
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 106,084 113,676
Amortization of deferred financing costs and net debt discounts 3,503 3,969
Increase in deferred rent receivable (13,660) (13,515)
Gain on sales of real estate (28,576) (39,711)
Share-based compensation 6,542 5,960
Loss on early extinguishment of debt 342 59,553
Other (2,580) (3,708)
Changes in operating assets and liabilities:    
Decrease in accounts receivable 2,098 6,269
Increase in lease incentives and prepaid expenses and other assets, net (7,646) (13,120)
(Decrease) increase in accounts payable, accrued expenses and other liabilities (2,502) 15,250
Decrease in rents received in advance and security deposits (3,206) (1,333)
Net cash provided by operating activities 187,134 199,903
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents 12,643 14,570
Restricted cash 3,755 3,575
Cash and cash equivalents and restricted cash 16,398 18,145
Supplemental schedule of non-cash investing and financing activities:    
(Decrease) increase in accrued capital improvements, leasing and other investing activity costs (21,401) 17,590
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 5,901 4,030
Dividends/distributions payable 31,407 31,306
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 77 (1,245)
(Decrease) increase in redeemable noncontrolling interests and (increase) decrease in equity to carry redeemable noncontrolling interests at fair value $ (1,342) $ 677