XML 20 R5.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 251,477 $ 80,204
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of buildings and tenant improvements 79,022 79,062
Amortization of deferred leasing and other costs 14,979 14,511
Amortization of deferred financing costs 2,506 2,439
Straight-line rental income and expense, net (10,255) (8,021)
Loss on debt extinguishment 21,948 70
Gain on land and property sales (211,839) (22,598)
Third-party construction contracts, net 785 749
Other accrued revenues and expenses, net (9,368) 14,651
Operating distributions received in excess of (less than) equity in earnings from unconsolidated joint ventures 3,079 (10,925)
Net cash provided by operating activities 142,334 150,142
Cash flows from investing activities:    
Development of real estate investments (161,868) (140,432)
Acquisition of buildings and related intangible assets (32,974) (34,738)
Acquisition of land and other real estate assets (202,282) (64,594)
Second generation tenant improvements, leasing costs and building improvements (14,437) (14,676)
Other deferred leasing costs (12,280) (8,007)
Other assets (18,143) (36,844)
Proceeds from land and depreciated property sales, net 315,134 85,479
Capital distributions from unconsolidated joint ventures 33,645 3,532
Capital contributions and advances to unconsolidated joint ventures (10,553) 0
Net cash used for investing activities (103,758) (210,280)
Cash flows from financing activities:    
Proceeds from issuance of common shares, net 40,578 30,381
Proceeds from unsecured debt 0 446,634
Payments on unsecured debt (320,110) (40,226)
Payments on secured indebtedness including principal amortization (1,064) (1,007)
Borrowings (repayments) on line of credit, net 260,000 (295,000)
Distributions to common shareholders/unitholders (107,175) (95,310)
Distributions to noncontrolling Interest (1,086) (1,092)
Tax payments on stock-based compensation awards (7,180) (4,754)
Change in book cash overdrafts 16,094 (14,430)
Other Financing Activities 48 (270)
Deferred financing costs (137) (9,800)
Net cash (used for) provided by financing activities (120,032) 15,126
Net decrease in cash, cash equivalents and restricted cash (81,456) (45,012)
Cash, cash equivalents and restricted cash at beginning of period 103,164 67,223
Cash, cash equivalents and restricted cash at end of period 21,708 22,211
Noncash activities:    
Lease liabilities arising from right-of-use assets 385 18,257
Assumption of indebtedness and other liabilities in real estate acquisitions 0 40,226
Contribution of properties to unconsolidated joint venture 67,148 0
Non-cash distribution of assets from unconsolidated joint ventures, net 0 11,023
Duke Realty Limited Partnership [Member]    
Cash flows from operating activities:    
Net income 251,477 80,204
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of buildings and tenant improvements 79,022 79,062
Amortization of deferred leasing and other costs 14,979 14,511
Amortization of deferred financing costs 2,506 2,439
Straight-line rental income and expense, net (10,255) (8,021)
Loss on debt extinguishment 21,948 70
Gain on land and property sales (211,839) (22,598)
Third-party construction contracts, net 785 749
Other accrued revenues and expenses, net (9,368) 14,651
Operating distributions received in excess of (less than) equity in earnings from unconsolidated joint ventures 3,079 (10,925)
Net cash provided by operating activities 142,334 150,142
Cash flows from investing activities:    
Development of real estate investments (161,868) (140,432)
Acquisition of buildings and related intangible assets (32,974) (34,738)
Acquisition of land and other real estate assets (202,282) (64,594)
Second generation tenant improvements, leasing costs and building improvements (14,437) (14,676)
Other deferred leasing costs (12,280) (8,007)
Other assets (18,143) (36,844)
Proceeds from land and depreciated property sales, net 315,134 85,479
Capital distributions from unconsolidated joint ventures 33,645 3,532
Capital contributions and advances to unconsolidated joint ventures (10,553) 0
Net cash used for investing activities (103,758) (210,280)
Cash flows from financing activities:    
Contributions from the General Partner 40,578 30,381
Proceeds from unsecured debt 0 446,634
Payments on unsecured debt (320,110) (40,226)
Payments on secured indebtedness including principal amortization (1,064) (1,007)
Borrowings (repayments) on line of credit, net 260,000 (295,000)
Distributions to common shareholders/unitholders (108,261) (96,252)
Distributions to noncontrolling Interest 0 (150)
Tax payments on stock-based compensation awards (7,180) (4,754)
Change in book cash overdrafts 16,094 (14,430)
Other Financing Activities 48 (270)
Deferred financing costs (137) (9,800)
Net cash (used for) provided by financing activities (120,032) 15,126
Net decrease in cash, cash equivalents and restricted cash (81,456) (45,012)
Cash, cash equivalents and restricted cash at beginning of period 103,164 67,223
Cash, cash equivalents and restricted cash at end of period 21,708 22,211
Noncash activities:    
Lease liabilities arising from right-of-use assets 385 18,257
Assumption of indebtedness and other liabilities in real estate acquisitions 0 40,226
Contribution of properties to unconsolidated joint venture 67,148 0
Non-cash distribution of assets from unconsolidated joint ventures, net $ 0 $ 11,023