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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 52,358 $ 5,391
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 71,055 65,000
Amortization of above and below-market leases and lease inducements, net (4,594) (3,404)
Amortization of debt discounts and financing costs 2,075 1,154
Straight-line rent adjustment, net (2,079) (2,496)
Reversal of estimated credit losses (1,587) (1,778)
Gain on sale of investment properties, net (36,856) (1,516)
Loss on extinguishment of debt 96 400
Equity in earnings of unconsolidated entities (3,784) (2,441)
Distributions from unconsolidated entities 9,350 6,765
Stock-based compensation, net 3,929 6,876
Changes in operating assets and liabilities:    
Accounts and rents receivable (659) 4,577
Deferred costs and other assets, net 36 (2,211)
Accounts payable and accrued expenses 8,426 8,423
Other liabilities 3,122 981
Net cash provided by operating activities 100,888 85,721
Cash flows from investing activities:    
Purchase of investment properties (156,139) (53,078)
Capital expenditures and tenant improvements (13,948) (10,241)
Investment in development and redevelopment projects (8,297) (2,553)
Proceeds from sale of investment properties, net 54,276 14,797
Distributions from unconsolidated entities 47,355 0
Lease commissions and other leasing costs (3,430) (3,152)
Other assets (32) (80)
Other liabilities (931) (1,254)
Net cash used in investing activities (81,146) (55,561)
Cash flows from financing activities:    
Common shares repurchased through share repurchase program 0 (16,679)
Distributions to shareholders (41,466) (41,628)
Term loan proceeds 0 400,000
Term loan repayments 0 (400,000)
Line of credit proceeds 112,000 0
Line of credit repayments (143,000) (50,000)
Senior notes proceeds 250,000 0
Payoffs of debt (22,328) 0
Principal payments on mortgage debt (747) (973)
Other financing activities (233) (311)
Payment of loan fees and deposits (2,306) (5,998)
Net cash provided by (used in) financing activities 151,920 (115,589)
Net increase (decrease) in cash, cash equivalents and restricted cash 171,662 (85,429)
Cash, cash equivalents and restricted cash at the beginning of the period 44,854 223,770
Cash, cash equivalents and restricted cash at the end of the period 216,516 138,341
Cash flow disclosure, including non-cash activities:    
Cash paid for interest, net of capitalized interest 13,913 10,980
Cash (refunded) paid for income taxes, net of (payments) refunds (333) 295
Distributions payable to shareholders 13,836 13,933
Accrued capital expenditures and tenant improvements 3,297 2,104
Capitalized costs placed in service 16,725 5,567
Purchase of investment properties:    
Net investment properties 216,750 45,791
Accounts and rents receivable, lease intangibles, and deferred costs and other assets 29,759 8,734
Accounts payable and accrued expenses, lease intangibles, and other liabilities (10,489) (1,447)
Assumption of mortgage debt, at fair value (79,881) 0
Cash outflow for purchase of investment properties, net 156,139 53,078
Assumption of mortgage principal 80,380 0
Capitalized acquisition costs (886) (59)
Credits and other changes in cash outflow, net 2,837 1,691
Gross acquisition price of investment properties 238,470 54,710
Sale of investment properties:    
Net investment properties 17,792 10,949
Accounts and rents receivable, lease intangibles, and deferred costs and other assets 544 2,332
Accounts payable and accrued expenses, lease intangibles, and other liabilities (916) 0
Gain on sale of investment properties, net 36,856 1,516
Proceeds from sale of investment properties, net 54,276 14,797
Credits and other changes in cash inflow, net 1,174 175
Gross disposition price of investment properties $ 55,450 $ 14,972