Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Revenues from real estate operations received $ 173,830 $ 152,273
Construction contract and other service revenues received 11,445 18,765
Property operating expenses paid (58,314) (55,753)
Construction contract and other service expenses paid (18,894) (21,999)
General, administrative, leasing and other expenses paid (11,828) (11,681)
Interest expense paid (20,996) (12,031)
Lease incentives paid (6,578) (10,350)
Interest and other income received 3,551 1,316
Other (1,226) (1,795)
Net cash provided by operating activities 70,990 58,745
Cash flows from investing activities    
Acquisitions of operating properties and related intangible assets (15,210) 0
Development of properties (39,932) (71,282)
Tenant improvements on operating properties (7,946) (22,568)
Other capital improvements on operating properties (13,084) (5,512)
Proceeds from sale of properties 0 189,325
Leasing costs paid (2,666) (4,655)
Other (73) (125)
Net cash (used in) provided by investing activities (78,911) 85,183
Proceeds from debt    
Revolving Credit Facility 0 95,000
Repayments of debt    
Revolving Credit Facility 0 (188,000)
Scheduled principal amortization (769) (790)
Other debt repayments 0 (15,902)
Common share dividends paid (32,104) (30,941)
Other (3,546) (2,900)
Net cash used in financing activities (36,419) (143,533)
Net (decrease) increase in cash and cash equivalents and restricted cash (44,340) 395
Cash and cash equivalents and restricted cash    
Cash and cash equivalents and restricted cash at beginning of period 169,424 16,509
Cash and cash equivalents and restricted cash at end of period 125,084 16,904
Reconciliation of net income to net cash provided by operating activities:    
Net income 33,671 80,398
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 38,959 37,597
Amortization of deferred financing costs and net debt discounts 1,699 1,250
Change in net deferred rent receivable and liability 496 (6,869)
Gain on sales of real estate 0 (49,378)
Share-based compensation 2,645 1,733
Other (178) (376)
Changes in operating assets and liabilities:    
Increase in accounts receivable (1,303) (2,802)
(Increase) decrease in lease incentives and prepaid expenses and other assets, net (2,498) 9,361
Decrease in accounts payable, accrued expenses and other liabilities (4,649) (16,806)
Increase in rents received in advance and security deposits 2,148 4,637
Net cash provided by operating activities 70,990 58,745
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents at beginning of period 167,820 12,337
Restricted cash at beginning of period 1,604 4,172
Cash and cash equivalents and restricted cash at beginning of period 169,424 16,509
Cash and cash equivalents at end of period 123,144 15,199
Restricted cash at end of period 1,940 1,705
Cash and cash equivalents and restricted cash at end of period 125,084 16,904
Supplemental schedule of non-cash investing and financing activities:    
Decrease in accrued capital improvements, leasing and other investing activity costs (19,113) (11,043)
Recognition of operating right-of-use assets and related lease liabilities 277 6,697
Recognition of finance right-of-use assets and related lease liabilities 0 434
Investment in unconsolidated real estate joint venture retained in property disposition 0 21,121
Increase (decrease) in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests 1,801 (806)
Dividends/distributions payable 33,906 32,630
Adjustments to noncontrolling interests resulting from changes in CDPLP ownership 3,255 2,342
Decrease in redeemable noncontrolling interests and increase in equity to adjust for changes in fair value of redeemable noncontrolling interests $ (615) $ (781)