Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.24.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Revenues from real estate operations received $ 513,267 $ 476,679
Construction contract and other service revenues received 60,441 59,245
Property operating expenses paid (196,123) (183,061)
Construction contract and other service expenses paid (54,728) (51,220)
General, administrative, leasing and other expenses paid (26,210) (24,739)
Interest expense paid (58,742) (42,829)
Lease incentives paid (13,893) (21,072)
Sales-type lease costs paid (1,680) (7,236)
Interest and other income received 6,426 3,021
Other 1,119 848
Net cash provided by operating activities 229,877 209,636
Cash flows from investing activities    
Acquisitions of operating properties and related intangible assets (32,244) 0
Properties in development or held for future development (129,387) (211,100)
Tenant improvements on operating properties (36,698) (57,020)
Other capital improvements on operating properties (22,572) (13,310)
Proceeds from sale of properties 0 189,506
Leasing costs paid (10,743) (10,698)
Other 2,524 775
Net cash used in investing activities (229,120) (101,847)
Proceeds from debt    
Revolving Credit Facility 0 291,000
Unsecured senior notes 0 336,375
Repayments of debt    
Revolving Credit Facility 0 (427,000)
Scheduled principal amortization (1,879) (2,289)
Other debt repayments (27,649) (15,902)
Common share dividends paid (98,581) (95,095)
Other (6,401) (6,055)
Net cash (used in) provided by financing activities (134,510) 81,034
Net (decrease) increase in cash and cash equivalents and restricted cash (133,753) 188,823
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 35,671 205,332
Reconciliation of net income (loss) to net cash provided by operating activities:    
Net income (loss) 107,475 (109,167)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and other amortization 116,605 114,041
Impairment losses 0 252,797
Amortization of deferred financing costs and net debt discounts 5,106 3,889
Change in net deferred rent receivable and liability (1,103) (2,899)
Gain on sales of real estate 0 (49,392)
Share-based compensation 7,826 6,226
Other (2,399) (2,382)
Changes in operating assets and liabilities:    
Decrease in accounts receivable 6,503 3,111
Increase in lease incentives and prepaid expenses and other assets, net (14,279) (3,199)
Increase (decrease) in accounts payable, accrued expenses and other liabilities 6,339 (5,436)
(Decrease) increase in rents received in advance and security deposits (2,196) 2,047
Net cash provided by operating activities 229,877 209,636
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 34,478 204,238
Restricted cash at end of period 1,193 1,094
Cash and cash equivalents and restricted cash at end of period 35,671 205,332
Supplemental schedule of non-cash investing and financing activities:    
Decrease in accrued capital improvements, leasing and other investing activity costs (9,008) (18,931)
Recognition of operating right-of-use assets and related lease liabilities 2,976 6,714
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
(Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests (2,213) 4,105
Dividends/distributions payable 33,915 32,645
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 538 0
Adjustments to noncontrolling interests resulting from changes in CDPLP ownership 269 (22)
Decrease in redeemable noncontrolling interests and increase in equity to adjust for changes in fair value of redeemable noncontrolling interests (1,144) (1,686)
Reclassification of redeemable noncontrolling interests to equity $ 0 $ 2,670