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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 flows from operating activities:      
Net income $ 409,840 $ 370,867 $ 488,035
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 394,714 352,282 319,697
Amortization of deferred financing costs and debt premiums 13,096 8,252 5,799
Amortization of above and below market lease intangibles, net (22,701) (29,130) (20,995)
Stock-based compensation, net of capitalization 23,504 20,075 16,521
Equity in income of investments in real estate partnerships (50,294) (50,541) (59,824)
Gain on sale of real estate, net of tax (34,162) (661) (109,005)
Provision for impairment of real estate 14,304    
Loss (gain) on early extinguishment of debt 180 (99)  
Distribution of earnings from investments in real estate partnerships 69,156 66,531 61,416
Deferred compensation expense (income) 5,256 4,782 (6,128)
Realized and unrealized (gain) loss on investments (5,930) (5,571) 7,040
Changes in assets and liabilities:      
Tenant and other receivables (24,219) (13,904) (35,274)
Deferred leasing costs (11,703) (11,156) (10,801)
Other assets 1,818 3,028 1,292
Accounts payable and other liabilities 4,253 5,152 (9,088)
Tenants’ security, escrow deposits and prepaid rent 3,086 (316) 7,130
Net cash provided by operating activities 790,198 719,591 655,815
Cash flows from investing activities:      
Acquisition of operating real estate, net of cash acquired of $3,061 in 2022 (45,405) (45,386) (169,639)
Acquisition of UBP, net of cash acquired of $14,143   (82,389)  
Real estate development and capital improvements (343,368) (232,855) (195,418)
Proceeds from sale of real estate 108,615 11,167 143,133
Proceeds from property insurance casualty claims 5,286    
Issuance of notes receivable (32,651) (4,000)  
Collection of notes receivable 3,115 4,000 1,823
Investments in real estate partnerships (41,345) (13,119) (36,266)
Return of capital from investments in real estate partnerships 13,034 11,308 48,473
Dividends on investment securities 453 1,283 1,113
Acquisition of investment securities (101,044) (7,990) (21,112)
Proceeds from sale of investment securities 106,666 16,003 21,785
Net cash used in investing activities (326,644) (341,978) (206,108)
Cash flows from financing activities:      
Net proceeds from common stock issuance   (33) 61,284
Repurchase of common shares in conjunction with equity award plans (19,540) (7,662) (6,447)
Common shares repurchased through share repurchase program (200,066) (20,006) (75,419)
Proceeds from sale of treasury stock 210 103 64
Contributions from noncontrolling interests 6,789 10,238  
Distributions to and redemptions of non-controlling interests (12,185) (7,813) (7,245)
Distributions to exchangeable operating partnership unit holders (2,952) (2,368) (1,867)
Redemption of EOP units   (9,163)  
Dividends paid to common shareholders (490,365) (453,065) (428,276)
Dividends paid to preferred shareholders (13,650) (3,413)  
Repayment of fixed rate unsecured notes (250,000)    
Proceeds from issuance of fixed rate unsecured notes, net of debt discount 722,860    
Proceeds from unsecured credit facilities 722,419 557,000 95,000
Repayment of unsecured credit facilities (809,419) (405,000) (95,000)
Proceeds from notes payable 12,000 59,500  
Repayment of notes payable (131,261) (61,592) (6,745)
Scheduled principal payments (11,209) (11,235) (11,219)
Payment of financing costs (16,655) (526) (88)
Net cash used in financing activities (493,024) (355,035) (475,958)
Net change in cash and cash equivalents and restricted cash (29,470) 22,578 (26,251)
Cash and cash equivalents and restricted cash at beginning of the year 91,354 68,776 95,027
Cash and cash equivalents and restricted cash at end of the year 61,884 91,354 68,776
Supplemental disclosure of cash flow information:      
Cash paid for interest (net of capitalized interest of $6,627, $5,695, and $4,166 in 2024, 2023, and 2022, respectively) 161,356 147,176 141,359
Cash paid for income taxes, net of refunds 7,724 933 570
Supplemental disclosure of non-cash transactions:      
Common and Preferred units, and exchangeable operating partnership dividends declared but not paid 133,114 126,683 111,709
Previously held equity investments in real estate assets acquired     17,179
Mortgage loans assumed by Company with the acquisition of real estate   98 22,779
Right of use assets obtained in exchange for new operating lease liabilities 1,271 36,577  
Sale of leased asset in exchange for net investment in sales-type lease 2,846 8,510  
EOP units issued for acquisition of real estate   31,253  
Real estate received in lieu of rental revenue 1,853    
Change in accrued capital expenditures 14,036 8,877 4,888
Stock-based compensation capitalized 1,941 954 735
Contributions to investments in real estate partnerships 18,459 920  
Contributions from limited partners in consolidated partnerships 7,890   5,436
Change in fair value of securities 32 338 1,658
UBP Acquisition [Member]      
Supplemental disclosure of non-cash transactions:      
Notes payable assumed in acquisition, at fair value   284,706  
Noncontrolling interest assumed in acquisition, at fair value   64,492  
Common Stock [Member] | UBP Acquisition [Member]      
Supplemental disclosure of non-cash transactions:      
Stock exchanged   818,530  
Preferred Stock [Member] | UBP Acquisition [Member]      
Supplemental disclosure of non-cash transactions:      
Stock exchanged   225,000  
Partnership Interest [Member]      
Cash flows from operating activities:      
Net income 409,840 370,867 488,035
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 394,714 352,282 319,697
Amortization of deferred financing costs and debt premiums 13,096 8,252 5,799
Amortization of above and below market lease intangibles, net (22,701) (29,130) (20,995)
Stock-based compensation, net of capitalization 23,504 20,075 16,521
Equity in income of investments in real estate partnerships (50,294) (50,541) (59,824)
Gain on sale of real estate, net of tax (34,162) (661) (109,005)
Provision for impairment of real estate 14,304    
Loss (gain) on early extinguishment of debt 180 (99)  
Distribution of earnings from investments in real estate partnerships 69,156 66,531 61,416
Deferred compensation expense (income) 5,256 4,782 (6,128)
Realized and unrealized (gain) loss on investments (5,930) (5,571) 7,040
Changes in assets and liabilities:      
Tenant and other receivables (24,219) (13,904) (35,274)
Deferred leasing costs (11,703) (11,156) (10,801)
Other assets 1,818 3,028 1,292
Accounts payable and other liabilities 4,253 5,152 (9,088)
Tenants’ security, escrow deposits and prepaid rent 3,086 (316) 7,130
Net cash provided by operating activities 790,198 719,591 655,815
Cash flows from investing activities:      
Acquisition of operating real estate, net of cash acquired of $3,061 in 2022 (45,405) (45,386) (169,639)
Real estate development and capital improvements (343,368) (232,855) (195,418)
Proceeds from sale of real estate 108,615 11,167 143,133
Proceeds from property insurance casualty claims 5,286    
Issuance of notes receivable (32,651) (4,000)  
Collection of notes receivable 3,115 4,000 1,823
Investments in real estate partnerships (41,345) (13,119) (36,266)
Return of capital from investments in real estate partnerships 13,034 11,308 48,473
Dividends on investment securities 453 1,283 1,113
Acquisition of investment securities (101,044) (7,990) (21,112)
Proceeds from sale of investment securities 106,666 16,003 21,785
Net cash used in investing activities (326,644) (341,978) (206,108)
Cash flows from financing activities:      
Net proceeds from common stock issuance 0 (33) 61,284
Repurchase of common shares in conjunction with equity award plans (19,540) (7,662) (6,447)
Common shares repurchased through share repurchase program (200,066) (20,006) (75,419)
Proceeds from sale of treasury stock 210 103 64
Contributions from noncontrolling interests 6,789 10,238  
Distributions to and redemptions of non-controlling interests (12,185) (7,813) (7,245)
Distributions to partners (493,317) (455,433) (430,143)
Redemption of EOP units 0 (9,163)  
Dividends paid to preferred shareholders (13,650) (3,413)  
Repayment of fixed rate unsecured notes (250,000)    
Proceeds from issuance of fixed rate unsecured notes, net of debt discount 722,860    
Proceeds from unsecured credit facilities 722,419 557,000 95,000
Repayment of unsecured credit facilities (809,419) (405,000) (95,000)
Proceeds from notes payable 12,000 59,500  
Repayment of notes payable (131,261) (61,592) (6,745)
Scheduled principal payments (11,209) (11,235) (11,219)
Payment of financing costs (16,655) (526) (88)
Net cash used in financing activities (493,024) (355,035) (475,958)
Net change in cash and cash equivalents and restricted cash (29,470) 22,578 (26,251)
Cash and cash equivalents and restricted cash at beginning of the year 91,354 68,776 95,027
Cash and cash equivalents and restricted cash at end of the year 61,884 91,354 68,776
Supplemental disclosure of cash flow information:      
Cash paid for interest (net of capitalized interest of $6,627, $5,695, and $4,166 in 2024, 2023, and 2022, respectively) 161,356 147,176 141,359
Cash paid for income taxes, net of refunds 7,724 933 570
Supplemental disclosure of non-cash transactions:      
Common and Preferred units, and exchangeable operating partnership dividends declared but not paid 133,114 126,683 111,709
Previously held equity investments in real estate assets acquired     17,179
Mortgage loans assumed by Company with the acquisition of real estate 0 98 22,779
Right of use assets obtained in exchange for new operating lease liabilities 1,271 36,577  
Sale of leased asset in exchange for net investment in sales-type lease 2,846 8,510  
Notes payable assumed in acquisition, at fair value 0 284,706  
Noncontrolling interest assumed in acquisition, at fair value 0 64,492  
EOP units issued for acquisition of real estate 0 31,253  
Real estate received in lieu of rental revenue 1,853    
Change in accrued capital expenditures 14,036 8,877 4,888
Stock-based compensation capitalized 1,941 954 735
Contributions to investments in real estate partnerships 18,459 920  
Contributions from limited partners in consolidated partnerships 7,890   5,436
Change in fair value of securities 32 338 $ 1,658
Partnership Interest [Member] | UBP Acquisition [Member]      
Cash flows from investing activities:      
Acquisition of UBP, net of cash acquired of $14,143   (82,389)  
Partnership Interest [Member] | Common Stock [Member] | UBP Acquisition [Member]      
Supplemental disclosure of non-cash transactions:      
Stock exchanged 0 818,530  
Partnership Interest [Member] | Preferred Stock [Member] | UBP Acquisition [Member]      
Supplemental disclosure of non-cash transactions:      
Stock exchanged $ 0 $ 225,000