Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows

v3.25.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Revenues from real estate operations received $ 532,741 $ 513,267
Construction contract and other service revenues received 40,457 60,441
Property operating expenses paid (212,184) (196,123)
Construction contract and other service expenses paid (33,437) (54,728)
General, administrative, leasing and other expenses paid (26,839) (26,210)
Interest expense paid (58,878) (58,742)
Lease incentives paid (17,247) (13,893)
Interest and other income received 2,885 6,426
Other 1,112 (561)
Net cash provided by operating activities 228,610 229,877
Cash flows from investing activities    
Properties in development or held for future development (130,789) (129,387)
Acquisitions of operating properties and related intangible assets 0 (32,244)
Tenant improvements on operating properties (41,764) (36,698)
Other capital improvements on operating properties (16,015) (22,572)
Non-operating distributions from unconsolidated real estate joint venture 21,874 962
Investing receivables funded (9,521) (2,087)
Leasing costs paid (12,187) (10,743)
Other 5,286 3,649
Net cash used in investing activities (183,116) (229,120)
Proceeds from debt    
Revolving Credit Facility 313,000 0
Repayments of debt    
Revolving Credit Facility (264,000) 0
Scheduled principal amortization (1,376) (1,879)
Other debt repayments 0 (27,649)
Common share dividends paid (102,155) (98,581)
Other (5,870) (6,401)
Net cash used in financing activities (60,401) (134,510)
Net decrease in cash and cash equivalents and restricted cash (14,907) (133,753)
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 24,790 35,671
Reconciliation of net income to net cash provided by operating activities    
Net income 120,138 107,475
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and other amortization 121,001 116,605
Amortization of deferred financing costs and net debt discounts 5,162 5,106
Change in net deferred rent receivable and liability (8,146) (1,103)
Gain on sales of real estate (3,318) 0
Share-based compensation 8,739 7,826
Other (2,797) (2,399)
Changes in operating assets and liabilities    
Decrease in accounts receivable 3,421 6,503
Increase in lease incentives and prepaid expenses and other assets, net (6,800) (14,279)
(Decrease) increase in accounts payable, accrued expenses and other liabilities (7,218) 6,339
Decrease in rents received in advance and security deposits (1,572) (2,196)
Net cash provided by operating activities 228,610 229,877
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 23,687 34,478
Restricted cash at end of period 1,103 1,193
Cash and cash equivalents and restricted cash at end of period 24,790 35,671
Supplemental schedule of non-cash investing and financing activities    
Increase (decrease) in accrued capital improvements, leasing and other investing activity costs 14,221 (9,008)
Recognition of operating right-of-use assets and related lease liabilities 302 2,976
Decrease in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests (1,035) (2,213)
Dividends/distributions payable 35,220 33,915
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 459 538
Adjustments to noncontrolling interests resulting from changes in CDPLP ownership (1,048) 269
Increase (decrease) in redeemable noncontrolling interest and decrease (increase) in equity to adjust for changes in fair value of redeemable noncontrolling interest $ 243 $ (1,144)