Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Reconciliation of net income to net cash provided by operating activities    
Net income $ 88,698 $ 76,394
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and other amortization 85,856 79,942
Amortization of deferred financing costs and net debt discounts 3,919 3,435
Change in net deferred rent receivable and liability (2,582) (10,091)
Gain on sales of real estate (7,024) (300)
Share-based compensation 6,562 5,778
Other (2,661) 745
Changes in operating assets and liabilities    
Decrease (increase) in accounts receivable 5,638 (1,566)
Decrease in lease incentives, investments in sales-type leases, and prepaid expenses and other assets, net 17,572 19,637
Decrease in accounts payable, accrued expenses, and other liabilities (8,127) (13,241)
Decrease in rents received in advance and security deposits (373) (761)
Net cash provided by operating activities 187,478 159,972
Cash flows from investing activities    
Properties in development or held for future development (107,859) (93,224)
Tenant improvements on operating properties (29,528) (26,636)
Other capital improvements on operating properties (8,299) (10,301)
Proceeds from sales of properties 8,614 184
Investing receivables funded 0 (9,481)
Leasing costs paid (6,901) (8,906)
Acquisition of investment in sales-type lease (43,232) 0
Other 1,703 (209)
Net cash used in investing activities (185,502) (148,573)
Proceeds from debt    
Revolving Credit Facility 406,000 191,000
Revolving Development Facility 73,000 0
Repayments of debt    
Revolving Credit Facility (188,000) (146,000)
Revolving Development Facility (33,000) 0
Unsecured senior notes (400,000) 0
Scheduled principal amortization (657) (918)
Other debt repayments (35,603) 0
Common share dividends paid (70,834) (67,718)
Other (5,156) (4,077)
Net cash used in financing activities (254,250) (27,713)
Net decrease in cash and cash equivalents and restricted cash (252,274) (16,314)
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 24,157 23,383
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 24,157 21,288
Restricted cash at end of period 0 2,095
Cash and cash equivalents and restricted cash at end of period 24,157 23,383
Supplemental disclosure of cash flow information    
Cash paid for interest, net of amounts capitalized (47,901) (37,985)
Supplemental schedule of non-cash investing and financing activities    
Decrease in accrued capital improvements, leasing, and other investing activity costs (24,675) (7,745)
Recognition of operating lease right-of-use assets and related lease liabilities 0 302
Recognition of finance lease right-of-use assets and related lease liabilities 724 0
Decrease in fair value of derivatives applied to accumulated other comprehensive income/loss and noncontrolling interests (90) (734)
Dividends/distributions payable 37,111 35,214
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 582 862
Decrease in redeemable noncontrolling interest and increase in equity to adjust for changes in fair value of redeemable noncontrolling interest $ (625) $ (716)