Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Revenues from real estate operations received $ 152,273 $ 133,550
Construction contract and other service revenues received 18,765 49,436
Property operating expenses paid (55,753) (56,132)
Construction contract and other service expenses paid (21,999) (47,380)
General, administrative, leasing, business development and land carry costs paid (11,681) (13,196)
Interest expense paid (12,031) (9,949)
Lease incentives paid (10,350) (5,677)
Other (479) 2,059
Net cash provided by operating activities 58,745 52,711
Cash flows from investing activities    
Development and redevelopment of properties (71,282) (91,783)
Tenant improvements on operating properties (22,568) (7,989)
Other capital improvements on operating properties (5,512) (14,529)
Proceeds from sale of properties 189,325 220,814
Leasing costs paid (4,655) (2,103)
Other (125) (190)
Net cash provided by investing activities 85,183 104,220
Proceeds from debt    
Revolving Credit Facility 95,000 244,000
Repayments of debt    
Revolving Credit Facility (188,000) (160,000)
Term loan facility 0 (200,000)
Scheduled principal amortization (790) (774)
Other debt repayments (15,902) 0
Common share dividends paid (30,941) (30,904)
Other (2,900) (2,725)
Net cash used in financing activities (143,533) (150,403)
Net increase in cash and cash equivalents and restricted cash 395 6,528
Cash and cash equivalents and restricted cash    
Cash and cash equivalents and restricted cash at beginning of period 16,509 17,316
Cash and cash equivalents and restricted cash at end of period 16,904 23,844
Reconciliation of net income to net cash provided by operating activities:    
Net income 80,398 60,824
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 37,597 34,871
Amortization of deferred financing costs and net debt discounts 1,250 1,202
Increase in deferred rent receivable (6,869) (5,822)
Gain on sales of real estate (49,378) (28,579)
Share-based compensation 1,733 2,111
Other (376) (1,021)
Changes in operating assets and liabilities:    
Increase in accounts receivable (2,802) (1,994)
Decrease in lease incentives and prepaid expenses and other assets, net 9,361 1,585
Decrease in accounts payable, accrued expenses and other liabilities (16,806) (7,286)
Increase (decrease) in rents received in advance and security deposits 4,637 (3,180)
Net cash provided by operating activities 58,745 52,711
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents at beginning of period 12,337 13,262
Restricted cash at beginning of period 4,172 4,054
Cash and cash equivalents and restricted cash at beginning of period 16,509 17,316
Cash and cash equivalents at end of period 15,199 19,347
Restricted cash at end of period 1,705 4,497
Cash and cash equivalents and restricted cash at end of period 16,904 23,844
Supplemental schedule of non-cash investing and financing activities:    
Decrease in accrued capital improvements, leasing and other investing activity costs (11,043) (33,733)
Recognition of operating right-of-use assets and related lease liabilities 6,697 683
Recognition of finance right-of-use assets and related lease liabilities 434 0
Investment in unconsolidated real estate joint venture retained in property disposition 21,121 0
(Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests (806) 3,478
Dividends/distributions payable 32,630 31,402
Adjustments to noncontrolling interests resulting from changes in COPLP ownership 2,342 2,414
Decrease in redeemable noncontrolling interests and increase in equity to adjust for changes in fair value of redeemable noncontrolling interests $ (781) $ (39)