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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flow from operating activities:      
Net income $ 531,824 $ 265,721 $ 168,792
Adjustments to reconcile net income to net cash flow provided by operating activities:      
Depreciation and amortization 130,901 212,460 203,546
Stock-based compensation 6,835 7,633 7,218
Amortization and write-off of debt issuance costs and fair market value of debt adjustments 47,457 4,465 5,075
Gain on debt extinguishment (1,037) 0 0
Loss (gain) on derivatives instruments 4,412 (2,103) 0
Equity in net income of joint ventures (82) (6,577) (27,892)
Operating cash distributions from joint ventures 0 264 903
Gain on sale and change in control of interests, net (2,669) (3,749) (45,581)
Gain on disposition of real estate, net (633,219) (219,026) (46,644)
Impairment charges 66,600 0 2,536
Assumption of building due to ground lease termination (2,678) 0 (2,900)
Net change in accounts receivable 6,005 (7,467) (5,525)
Net change in accounts payable and accrued expenses (21,583) (3,039) (125)
Net change in other operating assets and liabilities (20,722) (10,049) (2,141)
Total adjustments (419,780) (27,188) 88,470
Net cash flow provided by operating activities 112,044 238,533 257,262
Cash flow from investing activities:      
Real estate acquired, net of liabilities and cash assumed (226,079) (163,423) (335,100)
Real estate developed and improvements to operating real estate (58,793) (109,381) (114,825)
Proceeds from disposition of real estate 2,126,248 821,689 201,819
Proceeds from disposition of joint venture interests 0 3,405 39,250
Equity contributions to joint ventures (1,003) (145) (167)
Distributions from unconsolidated joint ventures 2,800 10,817 41,464
Repayment of joint venture advances 730 318 0
Payment of swaption agreement fees 0 (3,381) 0
Net cash flow provided by (used for) investing activities 1,843,903 559,899 (167,559)
Cash flow from financing activities:      
Proceeds from unsecured term loan 0 0 100,000
Proceeds from mortgage debt 530,000 100,000 0
Payment of loan commitment fees (7,712) (13,485) 0
Payment of debt issuance costs (11,899) (1,665) (7,602)
Payment of Curbline loan costs (5,034) 0 0
Repayment of senior notes (1,305,920) (152,823) 0
Repayment of mortgage debt and term loan (548,889) (28,523) (71,209)
Payment of debt extinguishment costs (8,099) 0 0
Proceeds from terminations of derivatives 8,098 0 0
Repurchase of common shares 0 (26,611) (42,256)
Proceeds from issuance of common shares, net of offering expenses 0 0 36,724
Repurchase of common shares in conjunction with equity award plans and dividend reinvestment plan (4,767) (5,218) (5,928)
Acquisition of non-controlling interest 0 0 (1,382)
Repurchase of operating partnership units 0 (1,735) 0
Distributions to redeemable operating partnership units 0 (37) (72)
Contribution of assets to Curbline (800,000) 0 0
Dividends paid (128,064) (120,518) (120,016)
Net cash flow used for financing activities (2,457,312) (250,615) (111,741)
Net (decrease) increase in cash, cash equivalents and restricted cash (501,365) 547,817 (22,038)
Cash, cash equivalents and restricted cash, beginning of year 569,031 21,214 43,252
Cash, cash equivalents and restricted cash, end of year 67,666 569,031 21,214
Series A Preferred Stock [Member]      
Cash flow from financing activities:      
Redemption of preferred shares $ (175,026) $ 0 $ 0