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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 112,658 $ 98,488
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 97,585 82,707
Amortization of deferred loan costs and debt premiums 2,762 1,490
Accretion of above and below market lease intangibles, net (5,287) (5,478)
Stock-based compensation, net of capitalization 6,294 4,810
Equity in income of investments in real estate partnerships (11,961) (11,916)
Gain on sale of real estate, net of tax (11,403) (250)
Loss on early extinguishment of debt 180  
Distribution of earnings from investments in real estate partnerships 16,960 14,524
Deferred compensation expense 2,089 1,448
Realized and unrealized gain on investments (2,358) (1,674)
Changes in assets and liabilities:    
Tenant and other receivables 1,220 6,710
Deferred leasing costs (3,714) (672)
Other assets (15,724) (12,631)
Accounts payable and other liabilities (19,410) (20,858)
Tenants' security, escrow deposits and prepaid rent (2,133) 5,401
Net cash provided by operating activities 167,758 162,099
Cash flows from investing activities:    
Real estate development and capital improvements (60,850) (44,569)
Proceeds from sale of real estate 30,033 3,603
Proceeds from property insurance casualty claims 4,110  
Issuance of notes receivable (29,830)  
Collection of notes receivable 1,561  
Investments in real estate partnerships (4,156) (604)
Return of capital from investments in real estate partnerships 3,152  
Dividends on investment securities 122 187
Acquisition of investment securities (92,527) (2,171)
Proceeds from sale of investment securities 6,049 4,504
Net cash used in investing activities (142,336) (39,050)
Cash flows from financing activities:    
Repurchase of common shares in conjunction with equity award plans (8,730) (7,066)
Common shares repurchased through share repurchase program   (20,006)
Proceeds from sale of treasury stock 210 2
Contributions from limited partners in consolidated partnerships 1,472 738
Distributions to limited partners in consolidated partnerships (4,364)  
Distributions to exchangeable operating partnership unit holders (742) (482)
Dividends paid to common shareholders (123,507) (111,085)
Dividends paid to preferred unit holders/shareholders (3,413)  
Proceeds from issuance of fixed rate unsecured notes, net of debt discount 398,468  
Proceeds from unsecured credit facilities 132,419 115,000
Repayment of unsecured credit facilities (254,419) (85,000)
Proceeds from notes payable   15,500
Repayment of notes payable (7,597) (28,306)
Scheduled principal payments (3,183) (2,836)
Payment of loan costs (13,289) (141)
Net cash provided by (used in) financing activities 113,325 (123,682)
Net increase (decrease) in cash and cash equivalents and restricted cash 138,747 (633)
Cash and cash equivalents and restricted cash at beginning of the period 91,354 68,776
Cash and cash equivalents and restricted cash at end of the period 230,101 68,143
Supplemental disclosure of cash flow information:    
Cash paid for interest (net of capitalized interest of $1,656 and $1,250 in 2024 and 2023, respectively) 47,981 44,107
Cash paid for income taxes, net of refunds 6,070 112
Supplemental disclosure of non-cash transactions:    
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid 126,807 111,829
Right of use assets obtained in exchange for new operating lease liabilities 829  
Sale of leased asset in exchange for net investment in sales-type lease 703  
Common stock issued for partnership units exchanged 529  
Change in accrued capital expenditures 1,619 10,596
Common stock issued under dividend reinvestment plan 158 142
Stock-based compensation capitalized 434 155
Contributions from limited partners in consolidated partnerships 231  
Common stock issued for dividend reinvestment in trust 301 303
Contribution of stock awards into trust 1,048 1,201
Distribution of stock held in trust 476 265
Change in fair value of securities 118 243
Partnership Interest [Member]    
Cash flows from operating activities:    
Net income 112,658 98,488
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 97,585 82,707
Amortization of deferred loan costs and debt premiums 2,762 1,490
Accretion of above and below market lease intangibles, net (5,287) (5,478)
Stock-based compensation, net of capitalization 6,294 4,810
Equity in income of investments in real estate partnerships (11,961) (11,916)
Gain on sale of real estate, net of tax (11,403) (250)
Loss on early extinguishment of debt 180  
Distribution of earnings from investments in real estate partnerships 16,960 14,524
Deferred compensation expense 2,089 1,448
Realized and unrealized gain on investments (2,358) (1,674)
Changes in assets and liabilities:    
Tenant and other receivables 1,220 6,710
Deferred leasing costs (3,714) (672)
Other assets (15,724) (12,631)
Accounts payable and other liabilities (19,410) (20,858)
Tenants' security, escrow deposits and prepaid rent (2,133) 5,401
Net cash provided by operating activities 167,758 162,099
Cash flows from investing activities:    
Real estate development and capital improvements (60,850) (44,569)
Proceeds from sale of real estate 30,033 3,603
Proceeds from property insurance casualty claims 4,110  
Issuance of notes receivable (29,830)  
Collection of notes receivable 1,561  
Investments in real estate partnerships (4,156) (604)
Return of capital from investments in real estate partnerships 3,152  
Dividends on investment securities 122 187
Acquisition of investment securities (92,527) (2,171)
Proceeds from sale of investment securities 6,049 4,504
Net cash used in investing activities (142,336) (39,050)
Cash flows from financing activities:    
Repurchase of common shares in conjunction with equity award plans (8,730) (7,066)
Common shares repurchased through share repurchase program   (20,006)
Proceeds from sale of treasury stock 210 2
Contributions from limited partners in consolidated partnerships 1,472 738
Distributions to limited partners in consolidated partnerships (4,364)  
Dividends paid to common shareholders (124,249) (111,567)
Dividends paid to preferred unit holders/shareholders (3,413)  
Proceeds from issuance of fixed rate unsecured notes, net of debt discount 398,468  
Proceeds from unsecured credit facilities 132,419 115,000
Repayment of unsecured credit facilities (254,419) (85,000)
Proceeds from notes payable   15,500
Repayment of notes payable (7,597) (28,306)
Scheduled principal payments (3,183) (2,836)
Payment of loan costs (13,289) (141)
Net cash provided by (used in) financing activities 113,325 (123,682)
Net increase (decrease) in cash and cash equivalents and restricted cash 138,747 (633)
Cash and cash equivalents and restricted cash at beginning of the period 91,354 68,776
Cash and cash equivalents and restricted cash at end of the period 230,101 68,143
Supplemental disclosure of cash flow information:    
Cash paid for interest (net of capitalized interest of $1,656 and $1,250 in 2024 and 2023, respectively) 47,981 44,107
Cash paid for income taxes, net of refunds 6,070 112
Supplemental disclosure of non-cash transactions:    
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid 126,807 111,829
Right of use assets obtained in exchange for new operating lease liabilities 829  
Sale of leased asset in exchange for net investment in sales-type lease 703  
Common stock issued by Parent Company for partnership units exchanged 529  
Change in accrued capital expenditures 1,619 10,596
Common stock issued under dividend reinvestment plan 158 142
Stock-based compensation capitalized 434 155
Contributions from limited partners in consolidated partnerships 231  
Common stock issued for dividend reinvestment in trust 301 303
Contribution of stock awards into trust 1,048 1,201
Distribution of stock held in trust 476 265
Change in fair value of securities $ 118 $ 243