XML 22 R7.htm IDEA: XBRL DOCUMENT v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Operating Activities        
Net income $ (15,063) $ 9,231 $ 29,516 $ 15,362
Adjustments to reconcile net income to net cash provided by operating activities:        
Income from unconsolidated Fund 0 (1,147) 0 (1,121)
Gain from consolidation of JV 0 0 (47,212) 0
Depreciation and amortization 101,719 95,492 199,559 191,261
Net accretion of acquired lease intangibles (1,159) (1,983) (2,622) (4,326)
Straight-line rent     (2,791) (943)
Loan premium/discount amortized/accreted and written off     166 (229)
Deferred loan costs amortized and written off     5,024 4,415
Amortization of stock-based compensation 2,409 2,429 5,139 5,292
Operating distributions from unconsolidated Fund     0 573
Change in working capital components:        
Tenant receivables     2,478 754
Interest payable, accounts payable and deferred revenue     9,830 4,782
Security deposits     410 829
Other assets     14,430 14,239
Net cash provided by operating activities     213,927 230,888
Investing Activities        
Capital expenditures for improvements to real estate     (93,446) (87,778)
Capital expenditures for developments     (39,480) (19,727)
Insurance recoveries for damage to real estate     2,162 2,342
Cash and cash equivalents assumed from consolidation of JV     25,589 0
Acquisition of additional interest in unconsolidated Fund     0 (5,214)
Capital distributions from unconsolidated Fund     0 147
Net cash used in investing activities     (105,175) (110,230)
Financing Activities        
Proceeds from borrowings     129,250 0
Repayment of borrowings     (173,782) (446)
Loan cost payments     (9,277) (540)
Contributions from noncontrolling interests in consolidated JVs     5,400 0
Distributions paid to noncontrolling interests     (14,215) (18,102)
Dividends paid to common stockholders     (63,627) (63,570)
Repurchases of OP Units     (235) (16)
Net cash used in financing activities     (126,486) (82,674)
(Decrease) increase in cash and cash equivalents and restricted cash     (17,734) 37,984
Cash and cash equivalents and restricted cash - beginning balance     444,652 523,183
Cash and cash equivalents and restricted cash - ending balance 426,918 561,167 426,918 561,167
Cash and cash equivalents 426,889 561,066 426,889 561,066
Restricted cash (included in Other assets on our consolidated balance sheets) 29 101 29 101
Cash and cash equivalents and restricted cash 426,918 561,167 426,918 561,167
Operating Activities        
Cash paid for interest, net of capitalized interest     114,432 106,803
Capitalized interest paid     5,108 3,912
Non-cash Investing Transactions        
Accrual for real estate and development capital expenditures     33,653 14,348
Capitalized stock-based compensation for improvements to real estate and developments $ 680 $ 656 1,335 1,298
Removal of fully depreciated and amortized buildings, building improvements, tenant improvements and lease intangibles     44,990 49,834
Removal of fully amortized acquired lease intangible assets     800 96
Removal of fully accreted acquired lease intangible liabilities     6,054 9,089
Non-cash Financing Transactions        
Gain (Loss) recorded in AOCI     (7,229) 51,587
Dividends declared     63,630 63,606
Exchange of OP Units for common stock     159 2,954
Unconsolidated Funds        
Non-cash Financing Transactions        
Gain (Loss) recorded in AOCI     $ 0 $ 5,550