XML 20 R8.htm IDEA: XBRL DOCUMENT v3.23.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
OPERATING ACTIVITIES:    
Net income $ 12,056 $ 141,417
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Share-based compensation expense 20,514 25,375
Depreciation and amortization expense, including amortization of deferred financing costs 105,105 109,697
Deferred rent (15,256) (7,237)
Income from unconsolidated real estate ventures, net (943) (1,038)
Amortization of market lease intangibles, net (510) (621)
Amortization of lease incentives 1,340 4,303
Loss on the extinguishment of debt 450 1,629
Gain on the sale of real estate, net (40,700) (158,631)
(Income) loss on operating lease and other receivables (351) 738
Income from investments, net (1,305) (15,282)
Return on capital from unconsolidated real estate ventures 9,354 6,028
Other non-cash items 5,800 (4,781)
Changes in operating assets and liabilities:    
Tenant and other receivables 12,138 (2,847)
Other assets, net 4,273 (3,669)
Accounts payable and accrued expenses (19,172) (1,375)
Other liabilities, net (3,362) 13,943
Net cash provided by operating activities 89,431 107,649
INVESTING ACTIVITIES:    
Development costs, construction in progress and real estate additions (164,776) (128,114)
Acquisition of real estate (19,551)  
Proceeds from the sale of real estate 68,998 923,108
Proceeds from the sale of investments   19,030
Distributions of capital from unconsolidated real estate ventures   52,465
Investments in unconsolidated real estate ventures and other investments (20,171) (81,185)
Net cash (used in) provided by investing activities (135,500) 785,304
FINANCING ACTIVITIES:    
Borrowings under mortgage loans 251,714  
Borrowings under revolving credit facility 122,000  
Borrowings under term loans 170,000  
Repayments of mortgage loans (278,469) (167,132)
Repayments of revolving credit facility (60,000) (300,000)
Debt issuance and modification costs (17,213) (1,256)
Redemption of partner's noncontrolling interest (647)  
Proceeds from common shares issued pursuant to ESPP 665 800
Common shares repurchased (155,845) (297,040)
Dividends paid to common shareholders (49,455) (56,323)
Distributions to redeemable noncontrolling interests (7,895) (8,196)
Distributions to noncontrolling interests (15) (21)
Contributions from noncontrolling interests   9,238
Net cash used in financing activities (25,160) (819,930)
Net (decrease) increase in cash and cash equivalents, and restricted cash (71,229) 73,023
Cash and cash equivalents, and restricted cash, beginning of period 274,073 302,095
Cash and cash equivalents, and restricted cash, end of period 202,844 375,118
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION:    
Cash paid for interest (net of capitalized interest of $7,221 and $3,928 in 2023 and 2022) 44,379 34,612
Accrued capital expenditures included in accounts payable and accrued expenses 75,565 57,426
Write-off of fully depreciated assets 3,335 7,993
Conversion of OP Units to common shares 25,508 7,776
Recognition of operating lease right-of-use asset 61,443  
Recognition of liabilities related to operating lease right-of-use asset 61,443  
Cash paid for amounts included in the measurement of lease liabilities for operating leases $ 1,967 $ 1,092