Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Revenues from real estate operations received $ 638,177 $ 581,139 $ 571,092
Construction contract and other service revenues received 66,027 155,108 100,222
Property operating expenses paid (243,209) (231,422) (223,254)
Construction contract and other service expenses paid (65,335) (160,497) (86,602)
General, administrative, leasing and other expenses paid (33,283) (32,852) (29,072)
Interest expense paid (59,807) (56,061) (65,184)
Lease incentives paid (25,566) (10,374) (18,127)
Interest and other income received 5,491 19,327 1,099
Sales-type lease costs paid (7,409) 0 (2,065)
Income taxes paid (37) 0 (60)
Other 1,225 1,457 1,099
Net cash provided by operating activities 276,274 265,825 249,148
Cash flows from investing activities      
Development and redevelopment of properties (264,834) (283,147) (267,905)
Tenant improvements on operating properties (67,113) (43,606) (21,488)
Other capital improvements on operating properties (20,500) (36,377) (30,026)
Proceeds from sale of properties 189,506 281,071 143,116
Non-operating distributions from unconsolidated real estate joint venture 1,088 26,627 1,287
Investing receivables funded (1,087) (19,712) (5,880)
Investing receivables payments received 11,000 6,000 0
Leasing costs paid (16,328) (13,591) (21,913)
Other (1,355) (722) (160)
Net cash used in investing activities (169,623) (83,457) (202,969)
Proceeds from debt      
Revolving Credit Facility 291,000 852,000 597,000
Unsecured senior notes 336,375 0 1,382,614
Term loan facility 0 125,000 0
Other debt proceeds 0 0 4,630
Repayments of debt      
Revolving Credit Facility (427,000) (717,000) (664,000)
Unsecured senior notes 0 0 (900,000)
Term loan facilities 0 (300,000) (100,000)
Scheduled principal amortization (3,052) (3,333) (3,860)
Other debt repayments (15,902) 0 (138,397)
Deferred financing costs paid (1,030) (6,506) (3,620)
Payments in connection with early extinguishment of debt 0 (6) (95,180)
Common share dividends paid (127,178) (123,645) (123,527)
Distributions paid to redeemable noncontrolling interests (2,686) (3,396) (2,273)
Other (4,263) (6,289) (4,283)
Net cash provided by (used in) financing activities 46,264 (183,175) (50,896)
Net increase (decrease) in cash and cash equivalents and restricted cash 152,915 (807) (4,717)
Cash and cash equivalents and restricted cash      
Beginning of year 16,509 17,316 22,033
End of year 169,424 16,509 17,316
Reconciliation of net (loss) income to net cash provided by operating activities:      
Net (loss) income (74,347) 178,822 81,578
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and other amortization 151,395 143,593 150,644
Impairment losses 252,797 0 0
Amortization of deferred financing costs and net debt discounts 5,574 4,737 5,224
Change in net deferred rent receivable and liability (5,495) (19,288) (19,090)
Gain on sales of real estate (49,392) (47,814) (65,590)
Share-based compensation 8,544 8,789 7,979
Loss on early extinguishment of debt 0 609 100,626
Other (4,826) 10,073 (5,047)
Changes in operating assets and liabilities:      
Increase in accounts receivable (5,618) (2,436) (662)
(Increase) decrease in lease incentives and prepaid expenses and other assets, net (4,851) 2,130 (27,355)
(Decrease) increase in accounts payable, accrued expenses and other liabilities (2,900) (11,144) 22,004
Increase (decrease) in rents received in advance and security deposits 5,393 (2,246) (1,163)
Net cash provided by operating activities 276,274 265,825 249,148
Reconciliation of cash and cash equivalents and restricted cash:      
Cash and cash equivalents at beginning of year 12,337 13,262 18,369
Restricted cash at beginning of year 4,172 4,054 3,664
Beginning of year 16,509 17,316 22,033
Cash and cash equivalents at end of year 167,820 12,337 13,262
Restricted cash at end of year 1,604 4,172 4,054
End of year 169,424 16,509 17,316
Supplemental schedule of non-cash investing and financing activities:      
(Decrease) increase in accrued capital improvements, leasing and other investing activity costs (22,700) (11,453) 20,667
Reclassification of finance right-of-use asset to operating properties, net in connection with exercise of bargain purchase option 0 0 37,831
Recognition of operating right-of-use assets and related lease liabilities 8,718 683 328
Recognition of finance right-of-use assets and related lease liabilities 434 0 0
Investment in unconsolidated real estate joint ventures retained in property disposition 21,121 6,738 11,842
(Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests (73) 5,236 6,233
Dividends/distributions payable 32,644 31,400 31,299
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 0 0 121
Adjustments to noncontrolling interests resulting from changes in CDPLP ownership (1,039) (1,273) (2,318)
Increase (decrease) in redeemable noncontrolling interests and decrease (increase) in equity to adjust for changes in fair value of redeemable noncontrolling interests 72 (436) 1,615
Reclassification of redeemable noncontrolling interests to equity $ 2,670 $ 0 $ 0