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HPI - Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities:    
Net income $ 107,452 $ 111,995
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 226,532 220,416
Amortization of lease incentives and acquisition-related intangible assets and liabilities 866 712
Share-based compensation expense 7,001 6,154
Net credit losses on operating lease receivables 1,831 1,850
Accrued interest on mortgages and notes receivable (321) (750)
Amortization of debt issuance costs 4,214 3,645
Amortization of cash flow hedges (187) (223)
Amortization of mortgages and notes payable fair value adjustments 84 (257)
Losses on debt extinguishment 173 0
Net gains on disposition of property (42,581) (19,818)
Gain on deconsolidation of affiliate 0 (11,778)
Equity in earnings of unconsolidated affiliates (2,890) (1,902)
Distributions of earnings from unconsolidated affiliates 4,282 1,153
Changes in operating assets and liabilities:    
Accounts receivable 1,162 1,182
Prepaid expenses and other assets (961) (4,376)
Accrued straight-line rents receivable (7,735) (20,196)
Accounts payable, accrued expenses and other liabilities 936 (3,636)
Net cash provided by operating activities 299,858 284,171
Investing activities:    
Investments in acquired real estate and related intangible assets, net of cash acquired 0 (18,544)
Investments in development in-process (4,149) (26,179)
Investments in tenant improvements and deferred leasing costs (102,791) (68,625)
Investments in building improvements (27,827) (55,155)
Net proceeds from disposition of real estate assets 81,659 51,538
Distributions of capital from unconsolidated affiliates 6,254 3,864
Investments in mortgages and notes receivable (6,229) (9,763)
Repayments of mortgages and notes receivable 47 200
Investments in and advances to unconsolidated affiliates (147,452) (100,052)
Repayments of preferred equity from unconsolidated affiliates 0 80,000
Changes in earnest money deposits 0 15,500
Changes in other investing activities (4,475) (3,751)
Net cash used in investing activities (204,963) (130,967)
Financing activities:    
Dividends on Common Stock (158,876) (158,177)
Redemptions/repurchases of Preferred Stock 0 (10)
Redemptions of Common Units 0 (163)
Dividends on Preferred Stock (1,864) (1,864)
Distributions to noncontrolling interests in the Operating Partnership (3,227) (3,432)
Payments of Distributions to Affiliates (300) 0
Proceeds from the issuance of Common Stock 1,094 1,349
Costs paid for the issuance of Common Stock 0 (226)
Repurchase of shares related to tax withholdings (1,437) (1,325)
Borrowings on revolving credit facility 228,000 219,000
Repayments of revolving credit facility (143,000) (400,000)
Borrowings on mortgages and notes payable 0 200,000
Repayments of mortgages and notes payable (5,238) (5,018)
Payments for debt issuance costs and other financing activities (7,683) (2,347)
Net cash used in financing activities (92,531) (152,213)
Net increase in cash and cash equivalents and restricted cash 2,364 991
Cash from deconsolidation of controlling interest in affiliate 0 (6,386)
Cash and cash equivalents and restricted cash at beginning of the period 31,569 26,105
Cash and cash equivalents and restricted cash at end of the period 33,933 20,710
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents at end of the period 23,650 16,901
Restricted cash at end of the period 10,283 3,809
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 112,667 105,342
Supplemental disclosure of non-cash investing and financing activities:    
Conversions of Common Units to Common Stock 132 4,795
Changes in accrued capital expenditures [1] (4,273) 17,275
Write-off of fully depreciated real estate assets 79,956 54,489
Write-off of fully amortized leasing costs 37,032 25,605
Write-off of fully amortized debt issuance costs 4,083 0
Adjustment of noncontrolling interests in the Operating Partnership to fair value 23,822 (15,521)
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities $ 51,300 $ 70,700
[1] Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities as of September 30, 2024 and 2023 were $51.3 million and $70.7 million, respectively.