Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows

v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Revenues from real estate operations received $ 171,405 $ 173,830
Construction contract and other service revenues received 22,223 11,445
Property operating expenses paid (69,145) (58,314)
Construction contract and other service expenses paid (12,403) (18,894)
General, administrative, leasing and other expenses paid (13,242) (11,828)
Interest expense paid (20,499) (20,996)
Lease incentives paid (8,719) (6,578)
Other 2,456 2,325
Net cash provided by operating activities 72,076 70,990
Cash flows from investing activities    
Properties in development or held for future development (34,886) (39,932)
Acquisitions of operating properties and related intangible assets 0 (15,210)
Tenant improvements on operating properties (14,484) (7,946)
Other capital improvements on operating properties (6,939) (13,084)
Investing receivables funded (9,259) (886)
Leasing costs paid (4,363) (2,666)
Other 385 813
Net cash used in investing activities (69,546) (78,911)
Proceeds from debt    
Revolving Credit Facility 87,000 0
Repayments of debt    
Revolving Credit Facility (67,000) 0
Scheduled principal amortization (461) (769)
Common share dividends paid (33,279) (32,104)
Other (2,441) (3,546)
Net cash used in financing activities (16,181) (36,419)
Net decrease in cash and cash equivalents and restricted cash (13,651) (44,340)
Cash and cash equivalents and restricted cash    
Cash and cash equivalents and restricted cash at beginning of period 39,697 169,424
Cash and cash equivalents and restricted cash at end of period 26,046 125,084
Reconciliation of net income to net cash provided by operating activities    
Net income 36,228 33,671
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and other amortization 39,901 38,959
Amortization of deferred financing costs and net debt discounts 1,718 1,699
Change in net deferred rent receivable and liability (5,290) 496
Gain on sales of real estate (300) 0
Share-based compensation 2,854 2,645
Other 980 (178)
Changes in operating assets and liabilities    
Increase in accounts receivable (3,628) (1,303)
Decrease (increase) in lease incentives and prepaid expenses and other assets, net 15,971 (2,498)
Decrease in accounts payable, accrued expenses and other liabilities (19,422) (4,649)
Increase in rents received in advance and security deposits 3,064 2,148
Net cash provided by operating activities 72,076 70,990
Reconciliation of cash and cash equivalents and restricted cash    
Cash and cash equivalents at beginning of period 38,284 167,820
Restricted cash at beginning of period 1,413 1,604
Cash and cash equivalents and restricted cash at beginning of period 39,697 169,424
Cash and cash equivalents at end of period 24,292 123,144
Restricted cash at end of period 1,754 1,940
Cash and cash equivalents and restricted cash at end of period 26,046 125,084
Supplemental schedule of non-cash investing and financing activities    
Decrease in accrued capital improvements, leasing and other investing activity costs (9,503) (19,113)
Recognition of operating right-of-use assets and related lease liabilities 0 277
(Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests (642) 1,801
Dividends/distributions payable 35,208 33,906
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 156 0
Adjustments to noncontrolling interests resulting from changes in CDPLP ownership 2,438 3,255
Decrease in redeemable noncontrolling interest and increase in equity to adjust for changes in fair value of redeemable noncontrolling interest $ (435) $ (615)