Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Revenues from real estate operations received $ 202,255 $ 171,405
Construction contract and other service revenues received 9,912 22,223
Property operating expenses paid (75,540) (69,145)
Construction contract and other service expenses paid (7,756) (12,403)
General, administrative, leasing, and other expenses paid (13,292) (13,242)
Interest expense paid (19,029) (20,499)
Lease incentives paid (4,517) (8,719)
Other 4,381 2,456
Net cash provided by operating activities 96,414 72,076
Cash flows from investing activities    
Properties in development or held for future development (60,794) (34,886)
Tenant improvements on operating properties (12,687) (14,484)
Other capital improvements on operating properties (6,239) (6,939)
Investing receivables funded 0 (9,259)
Leasing costs paid (6,013) (4,363)
Other 3,433 385
Net cash used in investing activities (82,300) (69,546)
Proceeds from debt    
Revolving Credit Facility 212,000 87,000
Revolving Development Facility 42,000 0
Repayments of debt    
Revolving Credit Facility (76,000) (67,000)
Unsecured senior notes (400,000) 0
Scheduled principal amortization (397) (461)
Common share dividends paid (34,555) (33,279)
Other (3,219) (2,441)
Net cash used in financing activities (260,171) (16,181)
Net decrease in cash and cash equivalents and restricted cash (246,057) (13,651)
Cash and cash equivalents and restricted cash    
Cash and cash equivalents and restricted cash at beginning of period 276,431 39,697
Cash and cash equivalents and restricted cash at end of period 30,374 26,046
Reconciliation of net income to net cash provided by operating activities    
Net income 40,139 36,228
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and other amortization 43,101 39,901
Amortization of deferred financing costs and net debt discounts 2,049 1,718
Change in net deferred rent receivable and liability (4,486) (5,290)
Gain on sales of real estate (582) (300)
Share-based compensation 3,186 2,854
Other (648) 980
Changes in operating assets and liabilities    
Decrease (increase) in accounts receivable 6,466 (3,628)
Decrease in lease incentives and prepaid expenses and other assets, net 12,633 15,971
Decrease in accounts payable, accrued expenses, and other liabilities (7,782) (19,422)
Increase in rents received in advance and security deposits 2,338 3,064
Net cash provided by operating activities 96,414 72,076
Reconciliation of cash and cash equivalents and restricted cash    
Cash and cash equivalents at beginning of period 274,986 38,284
Restricted cash at beginning of period 1,445 1,413
Cash and cash equivalents and restricted cash at beginning of period 276,431 39,697
Cash and cash equivalents at end of period 28,580 24,292
Restricted cash at end of period 1,794 1,754
Cash and cash equivalents and restricted cash at end of period 30,374 26,046
Supplemental schedule of non-cash investing and financing activities    
Decrease in accrued capital improvements, leasing, and other investing activity costs (22,746) (9,503)
Recognition of finance lease right-of-use assets and related lease liabilities 398 0
Decrease in fair value of derivatives applied to accumulated other comprehensive income/loss and noncontrolling interests (37) (642)
Dividends/distributions payable 37,102 35,208
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 0 156
Adjustments to noncontrolling interests resulting from changes in CDPLP ownership 2,392 2,438
Decrease in redeemable noncontrolling interest and increase in equity to adjust for changes in fair value of redeemable noncontrolling interest $ (376) $ (435)