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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 167,445 $ 278,996 $ 238,114
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on sales of investment in unconsolidated joint ventures (56,267) (13,083) (45,767)
Loss (gain) on investment property transactions 9 (152,547) (90,125)
Impairment 0 0 14,829
Depreciation and amortization 295,587 288,092 288,648
Amortization of deferred financing costs and premium on notes payable (99) (437) (888)
Equity-classified stock-based compensation expense, net of forfeitures 10,138 7,459 5,298
Effect of non-cash adjustments to rental revenues (41,731) (39,473) (52,593)
Income from unconsolidated joint ventures (7,700) (6,801) (7,947)
Operating distributions from unconsolidated joint ventures 5,399 11,542 9,303
Gain on extinguishment of debt (169) 0 0
Changes in other operating assets and liabilities:      
Change in receivables and other assets, net 1,723 5,500 (2,439)
Change in operating liabilities, net (9,169) 10,230 (5,345)
Net cash provided by operating activities 365,166 389,478 351,088
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from investment property sales, net 0 555,333 435,833
Proceeds from sale of interest in unconsolidated joint ventures, net 38,831 67,066 53,601
Property acquisition, development, and tenant asset expenditures (342,241) (787,810) (619,602)
Return of capital distributions from unconsolidated joint venture 16,805 39,422 2,151
Contributions to unconsolidated joint ventures (47,894) (65,077) (4,285)
Change in notes receivable and other assets 0 0 (161)
Net cash used in investing activities (334,499) (191,066) (132,463)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from credit facility 428,700 855,500 575,500
Repayment of credit facility (600,600) (859,400) (594,600)
Proceeds from term loans 400,000 350,000 0
Repayment of term loans 0 (250,000) 0
Proceeds from mortgages 42,118 0 0
Repayment of mortgages (168,401) (109,469) (38,700)
Payment of deferred financing costs (8,231) (2,989) (73)
Issuance of common stock 103,120 0 0
Proceeds from sale of treasury stock 514 0 0
Common dividends paid (192,275) (182,840) (176,263)
Contributions from noncontrolling interests 2,866 6,154 5,197
Distributions to noncontrolling interests (114) (1,338) (1,156)
Acquisition of partner's noncontrolling interest (43,387) 0 0
Net cash used in financing activities (35,690) (194,382) (230,095)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (5,023) 4,030 (11,470)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 10,168 6,138 17,608
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD $ 5,145 $ 10,168 $ 6,138