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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES:      
Net income (loss) $ (177,753) $ (91,709) $ 98,986
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Share-based compensation expense 29,524 32,100 41,272
Depreciation and amortization expense, including amortization of deferred financing costs 214,992 215,628 217,841
Deferred rent (15,531) (20,664) (23,602)
Loss from unconsolidated real estate ventures, net 7,122 26,999 17,429
Amortization of market lease intangibles, net 161 (960) (1,127)
Amortization of lease incentives 5,631 1,711 7,734
(Gain) loss on the extinguishment of debt (9,235) 450 3,073
Impairment loss 55,427 90,226  
(Gain) loss on the sale of real estate, net 2,753 (79,335) (161,894)
Loss on operating lease and other receivables 2,595 882 2,160
Income from investments, net (3,358) (972) (14,488)
Return on capital from unconsolidated real estate ventures 1,894 20,701 11,407
Other non-cash items 5,806 10,818 (5,517)
Changes in operating assets and liabilities:      
Tenant and other receivables 18,212 11,123 (13,154)
Other assets, net (2,089) (8,959) (10,737)
Accounts payable and accrued expenses 606 (11,255) (1,282)
Other liabilities, net (7,364) (13,412) 9,936
Net cash provided by operating activities 129,393 183,372 178,037
INVESTING ACTIVITIES:      
Development costs, construction in progress and real estate additions (218,029) (333,744) (326,741)
Acquisition of real estate   (19,551) (65,302)
Proceeds from the sale of real estate 202,024 281,525 928,908
Proceeds from the sale of investments     19,030
Proceeds from derivative financial instruments 8,230 1,922  
Payments on derivative financial instruments (6,468) (9,830)  
Distributions of capital from unconsolidated real estate ventures and other investments 164,562 10,503 59,717
Investments in unconsolidated real estate ventures and other investments (6,164) (29,004) (91,591)
Net cash provided by (used in) investing activities 144,155 (98,179) 524,021
FINANCING ACTIVITIES:      
Borrowings under mortgage loans 187,895 345,140 179,744
Borrowings under revolving credit facility 318,000 371,750 100,000
Borrowings under term loans   170,000 150,000
Repayments of mortgage loans (197,954) (281,854) (270,676)
Repayments of revolving credit facility (295,000) (309,750) (400,000)
Proceeds from derivative financial instruments   9,600  
Payments on derivative financial instruments (5,796) (1,922)  
Debt issuance and modification costs (5,096) (17,579) (5,137)
Acquisition/redemption of noncontrolling interests (49,409) (647) (9,531)
Proceeds from common shares issued pursuant to ESPP 945 1,102 1,458
Common shares repurchased (170,770) (335,313) (361,042)
Dividends paid to common shareholders (62,007) (94,002) (107,688)
Distributions to redeemable noncontrolling interests (11,564) (15,318) (16,409)
Distributions to noncontrolling interests (41) (32) (182)
Contributions from noncontrolling interests     9,383
Net cash used in financing activities (290,797) (158,825) (730,080)
Net decrease in cash and cash equivalents, and restricted cash (17,249) (73,632) (28,022)
Cash and cash equivalents, and restricted cash, beginning of period 200,441 274,073 302,095
Cash and cash equivalents, and restricted cash, end of period 183,192 200,441 274,073
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION:      
Cash paid for interest (net of capitalized interest of $10,383, $17,357 and $10,888 in 2024, 2023 and 2022) 116,342 88,755 71,861
Accrued capital expenditures included in accounts payable and accrued expenses 38,610 63,136 73,612
Write-off of fully depreciated assets 31,809 6,281 19,794
Cash paid for income taxes 117 1,916 1,205
Accrued dividends to common shareholders 14,788   25,653
Accrued distributions to redeemable noncontrolling interests 2,823   3,968
Redemption of OP Units for common shares 17,071 44,620 16,704
Recognition (derecognition) of operating lease right-of-use asset (13,724) 61,443  
Recognition (derecognition) of liabilities related to operating lease right-of-use asset (13,724) 61,443  
Derecognition of finance lease right-of-use assets     (179,668)
Derecognition of liabilities related to finance lease right-of-use assets     (163,586)
Cash paid for amounts included in the measurement of lease liabilities for operating leases $ 9,639 $ 5,178 $ 1,906