Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Revenues from real estate operations received $ 706,809 $ 700,435 $ 638,177
Construction contract and other service revenues received 46,442 72,998 66,027
Property operating expenses paid (283,222) (261,845) (243,209)
Construction contract and other service expenses paid (44,548) (75,204) (65,335)
General, administrative, leasing and other expenses paid (35,343) (34,698) (33,283)
Interest expense paid (75,405) (75,549) (59,807)
Lease incentives paid (22,457) (17,545) (25,566)
Sales-type lease costs paid (776) (1,680) (7,409)
Interest and other income received 16,784 22,573 5,491
Income taxes paid (40) (53) (37)
Other 1,689 1,523 1,225
Net cash provided by operating activities 309,933 330,955 276,274
Cash flows from investing activities      
Properties in development or held for future development (176,159) (163,648) (264,834)
Acquisitions of operating properties and related intangible assets (32,877) (32,244) 0
Tenant improvements on operating properties (60,186) (53,691) (67,113)
Other capital improvements on operating properties (21,067) (31,342) (20,500)
Proceeds from sale of properties 4,998 0 189,506
Non-operating distributions from unconsolidated real estate joint venture 21,807 1,198 1,088
Investing receivables funded (9,521) (2,087) (1,087)
Investing receivables payments received 3,193 3,560 11,000
Leasing costs paid (18,465) (12,651) (16,328)
Other (1,466) (105) (1,355)
Net cash used in investing activities (289,743) (291,010) (169,623)
Proceeds from debt      
Revolving Credit Facility 370,000 76,000 291,000
Revolving Development Facility 159,000 0 0
Unsecured senior notes 395,456 0 336,375
Repayments of debt      
Revolving Credit Facility (391,000) (76,000) (427,000)
Term loan facility (75,000) 0 0
Revolving Development Facility (63,000) 0 0
Scheduled principal amortization (1,792) (2,334) (3,052)
Other debt repayments (21,925) (27,649) (15,902)
Deferred financing costs paid (10,589) 0 (1,030)
Common share dividends paid (136,598) (131,840) (127,178)
Distributions paid to redeemable noncontrolling interests (2,480) (2,266) (2,686)
Other (5,528) (5,583) (4,263)
Net cash provided by (used in) financing activities 216,544 (169,672) 46,264
Net increase (decrease) in cash and cash equivalents and restricted cash 236,734 (129,727) 152,915
Cash and cash equivalents and restricted cash      
Cash and cash equivalents and restricted cash at beginning of year 39,697 169,424 16,509
Cash and cash equivalents and restricted cash at end of year 276,431 39,697 169,424
Reconciliation of net income (loss) to net cash provided by operating activities      
Net income (loss) 159,534 143,942 (74,347)
Adjustments to reconcile net income (loss) to net cash provided by operating activities      
Depreciation and other amortization 163,699 156,015 151,395
Impairment losses 0 0 252,797
Amortization of deferred financing costs and net debt discounts 7,261 6,818 5,574
Change in net deferred rent receivable and liability (8,510) (1,190) (5,495)
Gain on sales of real estate (3,350) 0 (49,392)
Share-based compensation 11,693 10,443 8,544
Loss on early extinguishment of debt 66 0 0
Other 5,994 12,052 (4,826)
Changes in operating assets and liabilities      
(Increase) decrease in accounts receivable (15,936) 6,498 (5,618)
Increase in lease incentives and prepaid expenses and other assets, net (10,428) (2,688) (4,851)
Increase (decrease) in accounts payable, accrued expenses and other liabilities 556 (4,086) (2,900)
(Decrease) increase in rents received in advance and security deposits (646) 3,151 5,393
Net cash provided by operating activities 309,933 330,955 276,274
Reconciliation of cash and cash equivalents and restricted cash      
Cash and cash equivalents at beginning of year 38,284 167,820 12,337
Restricted cash at beginning of year 1,413 1,604 4,172
Cash and cash equivalents and restricted cash at beginning of year 39,697 169,424 16,509
Cash and cash equivalents at end of year 274,986 38,284 167,820
Restricted cash at end of year 1,445 1,413 1,604
Cash and cash equivalents and restricted cash at end of year 276,431 39,697 169,424
Supplemental schedule of non-cash investing and financing activities      
Increase (decrease) in accrued capital improvements, leasing and other investing activity costs 19,387 (7,721) (22,700)
Finance right-of-use asset contributed by noncontrolling interest in joint venture 2,846 0 0
Recognition of operating lease right-of-use assets and related lease liabilities 302 19,570 8,718
Recognition of finance lease right-of-use assets and related lease liabilities 0 0 434
Investment in unconsolidated real estate joint ventures retained in property disposition 0 0 21,121
Decrease in fair value of derivatives applied to accumulated other comprehensive loss/income and noncontrolling interests (1,208) (1,243) (73)
Dividends/distributions payable 35,205 33,909 32,644
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 4,032 538 0
Adjustments to noncontrolling interests resulting from changes in CDPLP ownership (2,642) (1,371) (1,039)
Increase in redeemable noncontrolling interests and decrease in equity to adjust for changes in fair value of redeemable noncontrolling interests 1,532 394 72
Reclassification of redeemable noncontrolling interests to equity $ 0 $ 0 $ 2,670