Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Revenues from real estate operations received $ 581,139 $ 571,092 $ 542,727
Construction contract and other service revenues received 155,108 100,222 78,470
Property operating expenses paid (231,422) (223,254) (202,660)
Construction contract and other service expenses paid (160,497) (86,602) (67,760)
General, administrative, leasing, business development and land carry costs paid (32,852) (29,072) (31,406)
Interest expense paid (56,061) (65,184) (61,471)
Interest and other income received 19,327 1,099 1,369
Lease incentives paid (10,374) (18,127) (11,925)
Sales-type lease costs paid 0 (2,065) (10,747)
Income taxes paid 0 (60) (4)
Other 1,457 1,099 1,831
Net cash provided by operating activities 265,825 249,148 238,424
Cash flows from investing activities      
Development and redevelopment of properties (283,147) (267,905) (344,401)
Tenant improvements on operating properties (43,606) (21,488) (28,754)
Other capital improvements on operating properties (36,377) (30,026) (32,756)
Proceeds from sale of properties 281,071 143,116 83,165
Proceeds from sale of investment in unconsolidated real estate joint venture 0 0 59,841
Non-operating distributions from unconsolidated real estate joint venture 26,627 1,287 3,695
Investing receivables funded (19,712) (5,880) (272)
Investing receivables payments received 6,000 0 8,000
Leasing costs paid (13,591) (21,913) (16,938)
Settlement of interest rate derivatives (625) 0 (53,130)
Other (97) (160) (4,242)
Net cash used in investing activities (83,457) (202,969) (325,792)
Proceeds from debt      
Revolving Credit Facility 852,000 597,000 664,000
Unsecured senior notes 0 1,382,614 395,264
Term loan facilities 125,000 0 150,000
Other debt proceeds 0 4,630 56,931
Repayments of debt      
Revolving Credit Facility (717,000) (664,000) (698,000)
Unsecured senior notes 0 (900,000) (300,000)
Term loan facilities (300,000) (100,000) 0
Scheduled principal amortization (3,333) (3,860) (4,125)
Other debt repayments 0 (138,397) (12,031)
Deferred financing costs paid (6,506) (3,620) (2,400)
Payments in connection with early extinguishment of debt (6) (95,180) (7,029)
Common share dividends paid (123,645) (123,527) (123,367)
Distributions paid to redeemable noncontrolling interests (3,396) (2,273) (14,357)
Redemption of preferred units 0 0 (8,800)
Other (6,289) (4,283) (4,815)
Net cash (used in) provided by financing activities (183,175) (50,896) 91,271
Net (decrease) increase in cash and cash equivalents and restricted cash (807) (4,717) 3,903
Cash and cash equivalents and restricted cash      
Beginning of year 17,316 22,033 18,130
End of year 16,509 17,316 22,033
Reconciliation of net income to net cash provided by operating activities:      
Net income 178,822 81,578 102,878
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and other amortization 143,593 150,644 140,031
Impairment losses 0 0 1,530
Amortization of deferred financing costs and net debt discounts 4,737 5,224 4,272
Increase in deferred rent receivable (19,288) (19,090) (2,168)
Gain on sales of real estate (47,814) (65,590) (30,209)
Gain on sale of investment in unconsolidated real estate joint venture 0 0 (29,416)
Share-based compensation 8,789 7,979 6,503
Loss on early extinguishment of debt 609 100,626 7,306
Loss on interest rate derivatives 0 0 53,196
Other 10,073 (5,047) (7,855)
Changes in operating assets and liabilities:      
Increase in accounts receivable (2,436) (662) (6,377)
Decrease (increase) in lease incentives and prepaid expenses and other assets, net 2,130 (27,355) (7,626)
(Decrease) increase in accounts payable, accrued expenses and other liabilities (11,144) 22,004 6,554
Decrease in rents received in advance and security deposits (2,246) (1,163) (195)
Net cash provided by operating activities 265,825 249,148 238,424
Reconciliation of cash and cash equivalents and restricted cash:      
Cash and cash equivalents 12,337 13,262 18,369
Restricted cash 4,172 4,054 3,664
Cash and cash equivalents and restricted cash 16,509 17,316 22,033
Supplemental schedule of non-cash investing and financing activities:      
(Decrease) increase in accrued capital improvements, leasing and other investing activity costs (11,453) 20,667 (9,421)
Reclassification of finance right-of-use asset to operating properties, net in connection with exercise of bargain purchase option 0 37,831 0
Recognition of operating right-of-use assets and related lease liabilities 683 328 13,340
Investment in unconsolidated real estate joint ventures retained in property disposition 6,738 11,842 11,474
Increase (decrease) in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests 5,236 6,233 (35,728)
Dividends/distributions payable 31,400 31,299 31,231
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 0 121 211
Adjustments to noncontrolling interests resulting from changes in COPLP ownership (1,273) (2,318) (767)
(Decrease) increase in redeemable noncontrolling interests and (increase) decrease in equity to carry redeemable noncontrolling interests at fair value $ (436) $ 1,615 $ 6,607