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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 217,587 $ 186,660
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 198,553 165,868
Amortization of deferred loan costs and debt premiums 6,232 2,983
Accretion of above and below market lease intangibles, net (12,193) (13,842)
Stock-based compensation, net of capitalization 12,539 8,854
Equity in income of investments in real estate partnerships (24,275) (23,785)
Gain on sale of real estate, net of tax (22,484) (331)
Loss on early extinguishment of debt 180  
Distribution of earnings from investments in real estate partnerships 32,440 31,869
Deferred compensation expense 2,695 2,940
Realized and unrealized gain on investments (3,013) (3,376)
Changes in assets and liabilities:    
Tenant and other receivables (3,565) (14,549)
Deferred leasing costs (6,311) (3,591)
Other assets (13,793) (17,951)
Accounts payable and other liabilities (9,776) 6,091
Tenants' security, escrow deposits and prepaid rent (3,602) 6,837
Net cash provided by operating activities 371,214 334,677
Cash flows from investing activities:    
Acquisition of operating real estate (45,208)  
Real estate development and capital improvements (141,775) (100,114)
Proceeds from sale of real estate 92,159 3,745
Proceeds from property insurance casualty claims 4,638  
Issuance of notes receivable (32,651) (4,000)
Collection of notes receivable 3,004  
Investments in real estate partnerships (8,582) (3,109)
Return of capital from investments in real estate partnerships 10,038 3,644
Dividends on investment securities 263 420
Acquisition of investment securities (95,519) (2,748)
Proceeds from sale of investment securities 99,490 10,751
Net cash used in investing activities (114,143) (91,411)
Cash flows from financing activities:    
Net proceeds from common stock issuance   (10)
Repurchase of common shares in conjunction with equity award plans (8,776) (7,621)
Common shares repurchased through share repurchase program (200,066) (20,006)
Proceeds from sale of treasury stock 210 28
Contributions from non-controlling interests 3,001 1,225
Distributions to and redemptions of non-controlling interests (6,254)  
Distributions to exchangeable operating partnership unit holders (1,479) (964)
Dividends paid to common shareholders (247,138) (222,275)
Dividends paid to preferred shareholders (6,825)  
Repayment of fixed rate unsecured notes (250,000)  
Proceeds from issuance of fixed rate unsecured notes, net of debt discount 398,468  
Proceeds from unsecured credit facilities 422,419 235,000
Repayment of unsecured credit facilities (264,419) (235,000)
Proceeds from notes payable   15,500
Repayment of notes payable (88,069) (29,616)
Scheduled principal payments (6,121) (5,054)
Payment of loan costs (13,453) (141)
Net cash used in financing activities (268,502) (268,934)
Net decrease in cash and cash equivalents and restricted cash (11,431) (25,668)
Cash and cash equivalents and restricted cash at beginning of the period 91,354 68,776
Cash and cash equivalents and restricted cash at end of the period 79,923 43,108
Supplemental disclosure of cash flow information:    
Cash paid for interest (net of capitalized interest of $3,176 and $2,534 in 2024 and 2023, respectively) 77,408 71,091
Cash paid for income taxes, net of refunds 6,405 573
Supplemental disclosure of non-cash transactions:    
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid 125,709 111,847
Sale of leased asset in exchange for net investment in sales-type lease 2,808  
Common stock issued for partnership units exchanged 529  
Reallocation of equity upon acqusition of non-controlling interest 8,694  
Exchangeable operating partnership units issued for acquisition of real estate   20,000
Change in accrued capital expenditures 3,094 9,011
Common stock issued under dividend reinvestment plan 324 299
Stock-based compensation capitalized 880 366
Contributions to investments in real estate partnerships 17,984  
Common stock issued for dividend reinvestment in trust 604 617
Contribution of stock awards into trust 1,659 1,844
Distribution of stock held in trust 476 2,245
Change in fair value of securities 120 98
Common Stock [Member]    
Supplemental disclosure of non-cash transactions:    
Exchangeable operating partnership units issued for acquisition of real estate   20,000
Partnership Interest [Member]    
Cash flows from operating activities:    
Net income 217,587 186,660
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 198,553 165,868
Amortization of deferred loan costs and debt premiums 6,232 2,983
Accretion of above and below market lease intangibles, net (12,193) (13,842)
Stock-based compensation, net of capitalization 12,539 8,854
Equity in income of investments in real estate partnerships (24,275) (23,785)
Gain on sale of real estate, net of tax (22,484) (331)
Loss on early extinguishment of debt 180  
Distribution of earnings from investments in real estate partnerships 32,440 31,869
Deferred compensation expense 2,695 2,940
Realized and unrealized gain on investments (3,013) (3,376)
Changes in assets and liabilities:    
Tenant and other receivables (3,565) (14,549)
Deferred leasing costs (6,311) (3,591)
Other assets (13,793) (17,951)
Accounts payable and other liabilities (9,776) 6,091
Tenants' security, escrow deposits and prepaid rent (3,602) 6,837
Net cash provided by operating activities 371,214 334,677
Cash flows from investing activities:    
Acquisition of operating real estate (45,208)  
Real estate development and capital improvements (141,775) (100,114)
Proceeds from sale of real estate 92,159 3,745
Proceeds from property insurance casualty claims 4,638  
Issuance of notes receivable (32,651) (4,000)
Collection of notes receivable 3,004  
Investments in real estate partnerships (8,582) (3,109)
Return of capital from investments in real estate partnerships 10,038 3,644
Dividends on investment securities 263 420
Acquisition of investment securities (95,519) (2,748)
Proceeds from sale of investment securities 99,490 10,751
Net cash used in investing activities (114,143) (91,411)
Cash flows from financing activities:    
Net proceeds from common stock issuance   (10)
Repurchase of common shares in conjunction with equity award plans (8,776) (7,621)
Common shares repurchased through share repurchase program (200,066) (20,006)
Proceeds from sale of treasury stock 210 28
Contributions from non-controlling interests 3,001 1,225
Distributions to and redemptions of non-controlling interests (6,254)  
Dividends paid to common shareholders (248,617) (223,239)
Dividends paid to preferred shareholders (6,825)  
Repayment of fixed rate unsecured notes (250,000)  
Proceeds from issuance of fixed rate unsecured notes, net of debt discount 398,468  
Proceeds from unsecured credit facilities 422,419 235,000
Repayment of unsecured credit facilities (264,419) (235,000)
Proceeds from notes payable   15,500
Repayment of notes payable (88,069) (29,616)
Scheduled principal payments (6,121) (5,054)
Payment of loan costs (13,453) (141)
Net cash used in financing activities (268,502) (268,934)
Net decrease in cash and cash equivalents and restricted cash (11,431) (25,668)
Cash and cash equivalents and restricted cash at beginning of the period 91,354 68,776
Cash and cash equivalents and restricted cash at end of the period 79,923 43,108
Supplemental disclosure of cash flow information:    
Cash paid for interest (net of capitalized interest of $3,176 and $2,534 in 2024 and 2023, respectively) 77,408 71,091
Cash paid for income taxes, net of refunds 6,405 573
Supplemental disclosure of non-cash transactions:    
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid 125,709 111,847
Sale of leased asset in exchange for net investment in sales-type lease 2,808  
Common stock issued by Parent Company for partnership units exchanged 529  
Reallocation of equity upon acqusition of non-controlling interest 8,694  
Exchangeable operating partnership units issued for acquisition of real estate   20,000
Change in accrued capital expenditures 3,094 9,011
Common stock issued under dividend reinvestment plan 324 299
Stock-based compensation capitalized 880 366
Contributions to investments in real estate partnerships 17,984  
Common stock issued for dividend reinvestment in trust 604 617
Contribution of stock awards into trust 1,659 1,844
Distribution of stock held in trust 476 2,245
Change in fair value of securities $ 120 $ 98