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, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Revenues from real estate operations received $ 700,435 $ 638,177 $ 581,139
Construction contract and other service revenues received 72,998 66,027 155,108
Property operating expenses paid (261,845) (243,209) (231,422)
Construction contract and other service expenses paid (75,204) (65,335) (160,497)
General, administrative, leasing and other expenses paid (34,698) (33,283) (32,852)
Interest expense paid (75,549) (59,807) (56,061)
Lease incentives paid (17,545) (25,566) (10,374)
Sales-type lease costs paid (1,680) (7,409) 0
Interest and other income received 22,573 5,491 19,327
Income taxes paid (53) (37) 0
Other 1,523 1,225 1,457
Net cash provided by operating activities 330,955 276,274 265,825
Cash flows from investing activities      
Properties in development or held for future development (163,648) (264,834) (283,147)
Acquisitions of operating properties and related intangible assets (32,244) 0 0
Tenant improvements on operating properties (53,691) (67,113) (43,606)
Other capital improvements on operating properties (31,342) (20,500) (36,377)
Proceeds from sale of properties 0 189,506 281,071
Non-operating distributions from unconsolidated real estate joint venture 1,198 1,088 26,627
Investing receivables funded (2,087) (1,087) (19,712)
Investing receivables payments received 3,560 11,000 6,000
Leasing costs paid (12,651) (16,328) (13,591)
Other (105) (1,355) (722)
Net cash used in investing activities (291,010) (169,623) (83,457)
Proceeds from debt      
Revolving Credit Facility 76,000 291,000 852,000
Unsecured senior notes 0 336,375 0
Term loan facility 0 0 125,000
Repayments of debt      
Revolving Credit Facility (76,000) (427,000) (717,000)
Term loan facilities 0 0 (300,000)
Scheduled principal amortization (2,334) (3,052) (3,333)
Other debt repayments (27,649) (15,902) 0
Deferred financing costs paid 0 (1,030) (6,506)
Common share dividends paid (131,840) (127,178) (123,645)
Distributions paid to redeemable noncontrolling interests (2,266) (2,686) (3,396)
Other (5,583) (4,263) (6,295)
Net cash (used in) provided by financing activities (169,672) 46,264 (183,175)
Net (decrease) increase in cash and cash equivalents and restricted cash (129,727) 152,915 (807)
Cash and cash equivalents and restricted cash      
Cash and cash equivalents and restricted cash at beginning of year 169,424 16,509 17,316
Cash and cash equivalents and restricted cash at end of year 39,697 169,424 16,509
Reconciliation of net income (loss) to net cash provided by operating activities:      
Net income (loss) 143,942 (74,347) 178,822
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and other amortization 156,015 151,395 143,593
Impairment losses 0 252,797 0
Amortization of deferred financing costs and net debt discounts 6,818 5,574 4,737
Change in net deferred rent receivable and liability (1,190) (5,495) (19,288)
Gain on sales of real estate 0 (49,392) (47,814)
Share-based compensation 10,443 8,544 8,789
Other 12,052 (4,826) 10,682
Changes in operating assets and liabilities:      
Decrease (increase) in accounts receivable 6,498 (5,618) (2,436)
(Increase) decrease in lease incentives and prepaid expenses and other assets, net (2,688) (4,851) 2,130
Decrease in accounts payable, accrued expenses and other liabilities (4,086) (2,900) (11,144)
Increase (decrease) in rents received in advance and security deposits 3,151 5,393 (2,246)
Net cash provided by operating activities 330,955 276,274 265,825
Reconciliation of cash and cash equivalents and restricted cash:      
Cash and cash equivalents at beginning of year 167,820 12,337 13,262
Restricted cash at beginning of year 1,604 4,172 4,054
Cash and cash equivalents and restricted cash at beginning of year 169,424 16,509 17,316
Cash and cash equivalents at end of year 38,284 167,820 12,337
Restricted cash at end of year 1,413 1,604 4,172
Cash and cash equivalents and restricted cash at end of year 39,697 169,424 16,509
Supplemental schedule of non-cash investing and financing activities:      
Decrease in accrued capital improvements, leasing and other investing activity costs (7,721) (22,700) (11,453)
Recognition of operating lease right-of-use assets and related lease liabilities 19,570 8,718 683
Recognition of finance lease right-of-use assets and related lease liabilities 0 434 0
Investment in unconsolidated real estate joint ventures retained in property disposition 0 21,121 6,738
(Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests (1,243) (73) 5,236
Dividends/distributions payable 33,909 32,644 31,400
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 538 0 0
Adjustments to noncontrolling interests resulting from changes in CDPLP ownership (1,371) (1,039) (1,273)
Increase (decrease) in redeemable noncontrolling interests and decrease (increase) in equity to adjust for changes in fair value of redeemable noncontrolling interests 394 72 (436)
Reclassification of redeemable noncontrolling interests to equity $ 0 $ 2,670 $ 0