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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Cash flow from operating activities:            
Net income $ 48,642   $ 66,213 $ 69,297 $ 140,577  
Adjustments to reconcile net income to net cash flow provided by operating activities:            
Depreciation and amortization 52,821   51,179 165,535 152,564  
Stock-based compensation       5,530 5,430  
Amortization and write-off of debt issuance costs and fair market value of debt adjustments       3,217 3,929  
Equity in net income of joint ventures (518)   (25,918) (6,495) (27,468)  
Operating cash distributions from joint ventures       258 1,111  
Gain on sale and change in control of interests 0 $ (3,700) (228) (3,749) (45,554)  
Gain on disposition of real estate, net (31,047)   (26,837) (31,230) (31,292)  
Impairment charges       0 2,536  
Assumption of buildings due to ground lease terminations       0 (2,900)  
Net change in accounts receivable       (1,180) 95  
Net change in accounts payable and accrued expenses       7,323 8,025  
Net change in other operating assets and liabilities       (16,457) (1,567)  
Total adjustments       122,752 64,909  
Net cash flow provided by operating activities       192,049 205,486  
Cash flow from investing activities:            
Real estate acquired, net of liabilities and cash assumed       (102,095) (329,570)  
Real estate developed and improvements to operating real estate       (80,782) (87,902)  
Proceeds from sale of joint venture interests       3,405 39,250  
Proceeds from disposition of real estate       112,292 55,866  
Equity contributions to joint ventures       (118) (143)  
Repayment of joint venture advances, net       318 0  
Distributions from unconsolidated joint ventures       9,468 39,656  
Net cash flow used for investing activities       (57,512) (282,843)  
Cash flow from financing activities:            
Proceeds from revolving credit facility, net       135,000 80,000  
Proceeds from unsecured term loan       0 100,000  
Payment of debt issuance costs       0 (7,598)  
Repayment of senior notes       (87,209) 0  
Repayment of mortgage debt       (16,224) (35,577)  
Proceeds from issuance of common shares, net of offering expenses       0 36,731  
Repurchase of common shares in conjunction with equity award plans and dividend reinvestment plan       (5,224) (5,873)  
Repurchase of common shares       (26,611) (20,000)  
Repurchase of operating partnership units       (1,735) 0  
Distributions to redeemable operating partnership units       (37) (53)  
Dividends paid       (90,450) (89,523)  
Net cash flow (used for) provided by financing activities       (92,490) 58,107  
Net increase (decrease) in cash, cash equivalents and restricted cash       42,047 (19,250)  
Cash, cash equivalents and restricted cash, beginning of period   $ 21,214   21,214 43,252 $ 43,252
Cash, cash equivalents and restricted cash, end of period $ 63,261   $ 24,002 $ 63,261 $ 24,002 $ 21,214