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
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Revenues from real estate operations received $ 339,196 $ 311,501
Construction contract and other service revenues received 41,907 31,479
Property operating expenses paid (110,893) (101,842)
Construction contract and other service expenses paid (40,710) (31,982)
General, administrative, leasing and other expenses paid (19,613) (18,516)
Interest expense paid (38,334) (29,975)
Lease incentives paid (10,679) (16,457)
Interest and other income received 4,944 1,859
Other (993) (5,154)
Net cash provided by operating activities 164,825 140,913
Cash flows from investing activities    
Acquisitions of operating properties and related intangible assets (15,210) 0
Development of properties (66,945) (145,395)
Tenant improvements on operating properties (22,479) (43,642)
Other capital improvements on operating properties (18,555) (8,034)
Proceeds from sale of properties 0 189,506
Leasing costs paid (7,994) (9,120)
Other (1,059) 251
Net cash used in investing activities (132,242) (16,434)
Proceeds from debt    
Revolving Credit Facility 0 197,000
Repayments of debt    
Revolving Credit Facility 0 (237,000)
Scheduled principal amortization (1,431) (1,536)
Other debt repayments (27,649) (15,902)
Common share dividends paid (65,335) (63,016)
Other (4,989) (4,222)
Net cash used in financing activities (99,404) (124,676)
Net decrease in cash and cash equivalents and restricted cash (66,821) (197)
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 102,603 16,312
Reconciliation of net income to net cash provided by operating activities:    
Net income 70,078 112,040
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 77,684 75,806
Amortization of deferred financing costs and net debt discounts 3,403 2,500
Change in net deferred rent receivable and liability 1,417 (12,771)
Gain on sales of real estate 0 (49,392)
Share-based compensation 5,209 3,946
Other (1,106) (1,603)
Changes in operating assets and liabilities:    
Decrease (increase) in accounts receivable 1,862 (4,029)
Decrease in lease incentives and prepaid expenses and other assets, net 7,510 8,389
Increase in accounts payable, accrued expenses and other liabilities 692 4,022
(Decrease) increase in rents received in advance and security deposits (1,924) 2,005
Net cash provided by operating activities 164,825 140,913
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 100,443 14,273
Restricted cash at end of period 2,160 2,039
Cash and cash equivalents and restricted cash at end of period 102,603 16,312
Supplemental schedule of non-cash investing and financing activities:    
Decrease in accrued capital improvements, leasing and other investing activity costs (15,180) (17,627)
Recognition of operating right-of-use assets and related lease liabilities 2,055 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 in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests 1,539 3,209
Dividends/distributions payable 33,908 32,636
Adjustments to noncontrolling interests resulting from changes in CDPLP ownership 1,866 1,302
Decrease in redeemable noncontrolling interests and increase in equity to adjust for changes in fair value of redeemable noncontrolling interests (816) (1,293)
Reclassification of redeemable noncontrolling interests to equity $ 0 $ 2,670