XML 21 R5.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income $ 257,860 $ 59,880
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of buildings and tenant improvements 156,470 143,922
Amortization of deferred leasing and other costs 28,832 28,141
Amortization of deferred financing costs 4,888 4,477
Straight-line rental income and expense, net (14,497) (8,476)
Impairment charges 0 5,626
Loss on debt extinguishment 4,008 32,778
Gain on involuntary conversion (3,222) (1,283)
Gain on land and property sales (127,681) (15,213)
Third-party construction contracts, net (1,588) (3,717)
Other accrued revenues and expenses, net 23,993 11,460
Equity in earnings in excess of operating distributions received from unconsolidated joint ventures (17,113) 3,563
Net cash provided by operating activities 311,950 261,158
Cash flows from investing activities:    
Development of real estate investments (332,091) (333,212)
Acquisition of buildings and related intangible assets (218,788) 0
Acquisition of land and other real estate assets (223,280) (95,859)
Second generation tenant improvements, leasing costs and building improvements (33,747) (17,666)
Other deferred leasing costs (16,448) (16,702)
Other assets (48,736) (10,289)
Proceeds from the repayments of notes receivable from property sales 0 110,000
Proceeds from land and depreciated property sales, net 265,973 34,509
Capital distributions from unconsolidated joint ventures 20,503 13
Capital contributions and advances to unconsolidated joint ventures (8,986) (4,833)
Net cash used for investing activities (595,600) (334,039)
Cash flows from financing activities:    
Proceeds from issuance of common shares, net 187,217 76,678
Proceeds from unsecured debt 446,634 663,123
Payments on unsecured debt (127,758) (546,972)
Proceeds from secured debt financings 0 18,400
Payments on secured indebtedness including principal amortization (2,028) (1,906)
Repayments on line of credit, net (30,000) 0
Distributions to common shareholders/unitholders (191,082) (173,131)
Distributions to noncontrolling Interest (2,116) (1,566)
Tax payments on stock-based compensation awards (4,757) (4,051)
Change in book cash overdrafts 3,758 (14,444)
Other Financing Activities (270) 289
Deferred financing costs (9,961) (6,374)
Payments to Noncontrolling Interests (37) 0
Net cash provided by financing activities 269,600 10,046
Net decrease in cash, cash equivalents and restricted cash (14,050) (62,835)
Cash, cash equivalents and restricted cash at beginning of period 67,223 121,431
Cash, cash equivalents and restricted cash at end of period 53,173 58,596
Noncash activities:    
Lease liabilities arising from right-of-use assets 18,257 1,443
Assumption of indebtedness and other liabilities in real estate acquisitions 84,354 0
Non-cash distribution of assets from unconsolidated joint ventures, net 11,124 0
Issuance of Limited Partner Units for acquisition 11,576 0
Duke Realty Limited Partnership [Member]    
Cash flows from operating activities:    
Net income 257,860 59,880
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of buildings and tenant improvements 156,470 143,922
Amortization of deferred leasing and other costs 28,832 28,141
Amortization of deferred financing costs 4,888 4,477
Straight-line rental income and expense, net (14,497) (8,476)
Impairment charges 0 5,626
Loss on debt extinguishment 4,008 32,778
Gain on involuntary conversion (3,222) (1,283)
Gain on land and property sales (127,681) (15,213)
Third-party construction contracts, net (1,588) (3,717)
Other accrued revenues and expenses, net 23,993 11,460
Equity in earnings in excess of operating distributions received from unconsolidated joint ventures (17,113) 3,563
Net cash provided by operating activities 311,950 261,158
Cash flows from investing activities:    
Development of real estate investments (332,091) (333,212)
Acquisition of buildings and related intangible assets (218,788) 0
Acquisition of land and other real estate assets (223,280) (95,859)
Second generation tenant improvements, leasing costs and building improvements (33,747) (17,666)
Other deferred leasing costs (16,448) (16,702)
Other assets (48,736) (10,289)
Proceeds from the repayments of notes receivable from property sales 0 110,000
Proceeds from land and depreciated property sales, net 265,973 34,509
Capital distributions from unconsolidated joint ventures 20,503 13
Capital contributions and advances to unconsolidated joint ventures (8,986) (4,833)
Net cash used for investing activities (595,600) (334,039)
Cash flows from financing activities:    
Contributions from the General Partner 187,217 76,678
Proceeds from unsecured debt 446,634 663,123
Payments on unsecured debt (127,758) (546,972)
Proceeds from secured debt financings 0 18,400
Payments on secured indebtedness including principal amortization (2,028) (1,906)
Repayments on line of credit, net (30,000) 0
Distributions to common shareholders/unitholders (192,983) (174,697)
Distributions to noncontrolling Interest (215) 0
Tax payments on stock-based compensation awards (4,757) (4,051)
Change in book cash overdrafts 3,758 (14,444)
Other Financing Activities (270) 289
Deferred financing costs (9,961) (6,374)
Payments to Noncontrolling Interests (37) 0
Net cash provided by financing activities 269,600 10,046
Net decrease in cash, cash equivalents and restricted cash (14,050) (62,835)
Cash, cash equivalents and restricted cash at beginning of period 67,223 121,431
Cash, cash equivalents and restricted cash at end of period 53,173 58,596
Noncash activities:    
Lease liabilities arising from right-of-use assets 18,257 1,443
Assumption of indebtedness and other liabilities in real estate acquisitions 84,354 0
Non-cash distribution of assets from unconsolidated joint ventures, net 11,124 0
Issuance of Limited Partner Units for acquisition $ 11,576 $ 0