Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.23.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Revenues from real estate operations received $ 476,679 $ 431,447
Construction contract and other service revenues received 59,245 130,710
Property operating expenses paid (183,061) (179,306)
Construction contract and other service expenses paid (51,220) (128,428)
General, administrative, leasing and other expenses paid (24,739) (24,630)
Interest expense paid (42,829) (37,561)
Lease incentives paid (21,072) (8,360)
Sales-type lease costs paid (7,236) 0
Other 3,869 3,262
Net cash provided by operating activities 209,636 187,134
Cash flows from investing activities    
Development and redevelopment of properties (211,100) (223,298)
Tenant improvements on operating properties (57,020) (22,550)
Other capital improvements on operating properties (13,310) (28,705)
Proceeds from sale of properties 189,506 220,810
Investing receivables funded (213) (19,000)
Leasing costs paid (10,698) (10,544)
Other 988 852
Net cash used in investing activities (101,847) (82,435)
Proceeds from debt    
Revolving Credit Facility 291,000 451,000
Unsecured senior notes 336,375 0
Repayments of debt    
Revolving Credit Facility (427,000) (254,000)
Term loan facility 0 (200,000)
Scheduled principal amortization (2,289) (2,469)
Other debt repayments (15,902) 0
Common share dividends paid (95,095) (92,731)
Other (6,055) (7,417)
Net cash provided by (used in) financing activities 81,034 (105,617)
Net increase (decrease) in cash and cash equivalents and restricted cash 188,823 (918)
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 205,332 16,398
Reconciliation of net (loss) income to net cash provided by operating activities:    
Net (loss) income (109,167) 126,735
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and other amortization 114,041 106,084
Impairment losses 252,797 0
Amortization of deferred financing costs and net debt discounts 3,889 3,503
Increase in deferred rent receivable (2,899) (13,660)
Gain on sales of real estate (49,392) (28,576)
Share-based compensation 6,226 6,542
Other (2,382) (2,238)
Changes in operating assets and liabilities:    
Decrease in accounts receivable 3,111 2,098
Increase in lease incentives and prepaid expenses and other assets, net (3,199) (7,646)
Decrease in accounts payable, accrued expenses and other liabilities (5,436) (2,502)
Increase (decrease) in rents received in advance and security deposits 2,047 (3,206)
Net cash provided by operating activities 209,636 187,134
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 204,238 12,643
Restricted cash at end of period 1,094 3,755
Cash and cash equivalents and restricted cash at end of period 205,332 16,398
Supplemental schedule of non-cash investing and financing activities:    
Decrease in accrued capital improvements, leasing and other investing activity costs (18,931) (21,401)
Recognition of operating right-of-use assets and related lease liabilities 6,714 683
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 4,105 5,901
Dividends/distributions payable 32,645 31,407
Adjustments to noncontrolling interests resulting from changes in CDPLP ownership (22) 77
Decrease in redeemable noncontrolling interests and increase in equity to adjust for changes in fair value of redeemable noncontrolling interests (1,686) (1,342)
Reclassification of redeemable noncontrolling interests to equity $ 2,670 $ 0