Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows

v3.26.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Reconciliation of net income to net cash provided by operating activities    
Net income $ 138,492 $ 120,138
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and other amortization 129,304 121,001
Amortization of deferred financing costs and net debt discounts 5,784 5,162
Change in net deferred rent receivable and liability (6,956) (8,146)
Gain on sales of real estate (14,697) (3,318)
Share-based compensation 10,012 8,739
Other (4,615) (2,797)
Changes in operating assets and liabilities    
Decrease in accounts receivable 5,796 3,421
Increase in lease incentives, investments in sales-type leases, and prepaid expenses and other assets, net (6,941) (6,800)
Increase (decrease) in accounts payable, accrued expenses, and other liabilities 18,392 (7,218)
Decrease in rents received in advance and security deposits (730) (1,572)
Net cash provided by operating activities 273,841 228,610
Cash flows from investing activities    
Properties in development or held for future development (146,380) (130,789)
Tenant improvements on operating properties (41,835) (41,764)
Other capital improvements on operating properties (12,124) (16,015)
Proceeds from sales of properties 26,962 4,966
Non-operating distributions from unconsolidated real estate joint venture 1,621 21,874
Acquisition of investment in sales-type lease (43,232) 0
Leasing costs paid (11,527) (12,187)
Investing receivables funded (8) (9,521)
Investing receivables payments received 9,579 1,916
Other (2,131) (1,596)
Net cash used in investing activities (219,075) (183,116)
Proceeds from debt    
Revolving Credit Facility 502,000 313,000
Revolving Development Facility 107,000 0
Repayments of debt    
Revolving Credit Facility (322,000) (264,000)
Revolving Development Facility (33,000) 0
Unsecured senior notes (400,000) 0
Scheduled principal amortization (677) (1,376)
Other debt repayments (45,623) 0
Common share dividends paid (107,117) (102,155)
Other (7,518) (5,870)
Net cash used in financing activities (306,935) (60,401)
Net decrease in cash and cash equivalents and restricted cash (252,169) (14,907)
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 24,262 24,790
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 24,262 23,687
Restricted cash at end of period 0 1,103
Cash and cash equivalents and restricted cash at end of period 24,262 24,790
Supplemental disclosure of cash flow information    
Cash paid for interest, net of amounts capitalized (65,566) (58,878)
Supplemental schedule of non-cash investing and financing activities    
Increase in accrued capital improvements, leasing, and other investing activity costs 7,773 14,221
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 975 0
Decrease in fair value of derivatives applied to accumulated other comprehensive income/loss and noncontrolling interests (107) (1,035)
Dividends/distributions payable 37,119 35,220
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 81 459
Adjustments to noncontrolling interests resulting from changes in CDPLP ownership (1,602) (1,048)
(Decrease) increase in redeemable noncontrolling interest and (increase) decrease in equity to adjust for changes in fair value of redeemable noncontrolling interest $ (475) $ 243