XML 19 R8.htm IDEA: XBRL DOCUMENT v3.24.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
OPERATING ACTIVITIES:    
Net income (loss) $ (75,604) $ 12,056
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Share-based compensation expense 21,029 20,514
Depreciation and amortization expense, including amortization of deferred financing costs 111,444 105,105
Deferred rent (10,197) (15,256)
Income from unconsolidated real estate ventures, net (749) (943)
Amortization of market lease intangibles, net 114 (510)
Amortization of lease incentives 3,437 1,340
Loss on the extinguishment of debt   450
Impairment loss 18,236  
Gain on the sale of real estate, net (286) (40,700)
Loss (income) on operating lease and other receivables 1,571 (351)
Income from investments, net (697) (1,305)
Return on capital from unconsolidated real estate ventures 1,680 9,354
Other non-cash items 2,515 5,800
Changes in operating assets and liabilities:    
Tenant and other receivables 11,246 12,138
Other assets, net 1,225 4,273
Accounts payable and accrued expenses (19,575) (19,172)
Other liabilities, net (4,576) (3,362)
Net cash provided by operating activities 60,813 89,431
INVESTING ACTIVITIES:    
Development costs, construction in progress and real estate additions (113,437) (164,776)
Acquisition of real estate   (19,551)
Proceeds from the sale of real estate 12,410 68,998
Proceeds from derivative financial instruments 2,941  
Distributions of capital from unconsolidated real estate ventures and other investments 163,875  
Investments in unconsolidated real estate ventures and other investments (3,797) (20,171)
Net cash provided by (used in) investing activities 61,992 (135,500)
FINANCING ACTIVITIES:    
Borrowings under mortgage loans 89,578 251,714
Borrowings under revolving credit facility 173,000 122,000
Borrowings under term loans   170,000
Repayments of mortgage loans (1,560) (278,469)
Repayments of revolving credit facility (195,000) (60,000)
Payments on derivative financial instruments (2,941)  
Debt issuance and modification costs (49) (17,213)
Acquisition/redemption of noncontrolling interests (26,569) (647)
Proceeds from common shares issued pursuant to ESPP 591 665
Common shares repurchased (116,358) (155,845)
Dividends paid to common shareholders (32,171) (49,455)
Distributions to redeemable noncontrolling interests (5,840) (7,895)
Distributions to noncontrolling interests (25) (15)
Net cash used in financing activities (117,344) (25,160)
Net increase (decrease) in cash and cash equivalents, and restricted cash 5,461 (71,229)
Cash and cash equivalents, and restricted cash, beginning of period 200,441 274,073
Cash and cash equivalents, and restricted cash, end of period 205,902 202,844
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION:    
Cash paid for interest (net of capitalized interest of $4,211 and $7,221 in 2024 and 2023) 52,747 44,379
Accrued capital expenditures included in accounts payable and accrued expenses 64,521 75,565
Write-off of fully depreciated assets 18,635 3,335
Redemption of OP Units for common shares 10,216 25,508
Recognition (derecognition) of operating lease right-of-use asset (13,724) 61,443
Recognition (derecognition) of liabilities related to operating lease right-of-use asset (13,724) 61,443
Cash paid for amounts included in the measurement of lease liabilities for operating leases $ 6,331 $ 1,967