XML 22 R7.htm IDEA: XBRL DOCUMENT v3.25.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Operating Activities        
Net income $ (21,195) $ (260) $ 8,321 $ 15,102
Adjustments to reconcile net income to net cash provided by operating activities:        
Income from unconsolidated Fund 0 (664) 0 (1,785)
Gain from consolidation of JV 0 0 (47,212) 0
Depreciation and amortization 101,203 97,180 300,762 288,441
Net accretion of acquired lease intangibles (1,060) (1,936) (3,682) (6,262)
Straight-line rent     (4,565) (1,541)
Loan premium/discount amortized/accreted and written off     251 (282)
Deferred loan costs amortized and written off     8,420 6,811
Amortization of stock-based compensation 2,386 2,276 7,525 7,568
Operating distributions from unconsolidated Fund     0 899
Change in working capital components:        
Tenant receivables     1,014 1,725
Interest payable, accounts payable and deferred revenue     41,065 31,619
Security deposits     2,179 809
Other assets     9,618 (8,514)
Net cash provided by operating activities     323,696 334,590
Investing Activities        
Capital expenditures for improvements to real estate     (141,285) (128,244)
Capital expenditures for developments     (75,718) (26,567)
Insurance recoveries for damage to real estate     2,455 3,258
Cash and cash equivalents assumed from consolidation of JV     25,589 0
Acquisition of additional interest in unconsolidated Fund     0 (5,214)
Capital distributions from unconsolidated Fund     0 197
Net cash used in investing activities     (188,959) (156,570)
Financing Activities        
Proceeds from borrowings     1,270,727 0
Repayment of borrowings     (1,305,153) (34,672)
Loan cost payments     (24,795) (1,931)
Contributions from noncontrolling interests in consolidated JVs     5,400 0
Distributions paid to noncontrolling interests     (21,300) (24,848)
Dividends paid to common stockholders     (95,442) (95,375)
Repurchases of OP Units     (314) (121)
Net cash used in financing activities     (170,877) (156,947)
(Decrease) increase in cash and cash equivalents and restricted cash     (36,140) 21,073
Cash and cash equivalents and restricted cash - beginning balance     444,652 523,183
Cash and cash equivalents and restricted cash - ending balance 408,512 544,256 408,512 544,256
Cash and cash equivalents 408,483 544,227 408,483 544,227
Restricted cash (included in Other assets on our consolidated balance sheets) 29 29 29 29
Cash and cash equivalents and restricted cash 408,512 544,256 408,512 544,256
Operating Activities        
Cash paid for interest, net of capitalized interest     179,977 160,064
Capitalized interest paid     8,074 6,254
Non-cash Investing Transactions        
Accrual for real estate and development capital expenditures     22,350 16,569
Capitalized stock-based compensation for improvements to real estate and developments $ 692 $ 678 2,027 1,976
Removal of fully depreciated and amortized buildings, building improvements, tenant improvements and lease intangibles     81,360 86,026
Removal of fully amortized acquired lease intangible assets     1,658 98
Removal of fully accreted acquired lease intangible liabilities     6,928 9,892
Non-cash Financing Transactions        
Gain (Loss) recorded in AOCI     (8,304) 22,399
Dividends declared     95,445 95,416
Exchange of OP Units for common stock     159 3,259
Unconsolidated Funds        
Non-cash Financing Transactions        
Gain (Loss) recorded in AOCI     $ 0 $ 4,216