Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.23.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Revenues from real estate operations received $ 311,501 $ 285,858
Construction contract and other service revenues received 31,479 90,663
Property operating expenses paid (101,842) (99,512)
Construction contract and other service expenses paid (31,982) (88,833)
General, administrative, leasing and other expenses paid (18,516) (17,782)
Interest expense paid (29,975) (26,732)
Lease incentives paid (16,457) (7,739)
Other (3,295) 2,797
Net cash provided by operating activities 140,913 138,720
Cash flows from investing activities    
Development and redevelopment of properties (145,395) (142,862)
Tenant improvements on operating properties (43,642) (16,734)
Other capital improvements on operating properties (8,034) (21,590)
Proceeds from sale of properties 189,506 220,780
Leasing costs paid (9,120) (4,121)
Other 251 (565)
Net cash (used in) provided by investing activities (16,434) 34,908
Proceeds from debt    
Revolving Credit Facility 197,000 329,000
Repayments of debt    
Revolving Credit Facility (237,000) (224,000)
Term loan facility 0 (200,000)
Scheduled principal amortization (1,536) (1,618)
Other debt repayments (15,902) 0
Common share dividends paid (63,016) (61,814)
Other (4,222) (6,865)
Net cash used in financing activities (124,676) (165,297)
Net (decrease) increase in cash and cash equivalents and restricted cash (197) 8,331
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 16,312 25,647
Reconciliation of net income to net cash provided by operating activities:    
Net income 112,040 94,419
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 75,806 70,235
Amortization of deferred financing costs and net debt discounts 2,500 2,351
Increase in deferred rent receivable (12,771) (11,603)
Gain on sales of real estate (49,392) (28,560)
Share-based compensation 3,946 4,301
Other (1,603) (2,207)
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable (4,029) 9,374
Decrease in lease incentives and prepaid expenses and other assets, net 8,389 8,407
Increase (decrease) in accounts payable, accrued expenses and other liabilities 4,022 (3,480)
Increase (decrease) in rents received in advance and security deposits 2,005 (4,517)
Net cash provided by operating activities 140,913 138,720
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 14,273 20,735
Restricted cash at end of period 2,039 4,912
Cash and cash equivalents and restricted cash at end of period 16,312 25,647
Supplemental schedule of non-cash investing and financing activities:    
Decrease in accrued capital improvements, leasing and other investing activity costs (17,627) (6,222)
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
Increase in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests 3,209 5,072
Dividends/distributions payable 32,636 31,400
Adjustments to noncontrolling interests resulting from changes in COPLP ownership 1,302 1,378
Decrease in redeemable noncontrolling interests and increase in equity to adjust for changes in fair value of redeemable noncontrolling interests (1,293) (77)
Reclassification of redeemable noncontrolling interests to equity $ 2,670 $ 0