XML 23 R9.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 83,816 $ 167,445 $ 278,996
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on sales of investment in unconsolidated joint ventures 0 (56,267) (13,083)
Loss (gain) on investment property transactions (504) 9 (152,547)
Depreciation and amortization 314,897 295,587 288,092
Amortization of deferred financing costs and premium on notes payable 4,142 (99) (437)
Equity-classified stock-based compensation expense, net of forfeitures 11,966 10,138 7,459
Effect of non-cash adjustments to rental revenues (48,068) (41,731) (39,473)
Income from unconsolidated joint ventures (2,299) (7,700) (6,801)
Operating distributions from unconsolidated joint ventures 3,664 5,399 11,542
Loss on extinguishment of debt 0 (169) 0
Changes in other operating assets and liabilities:      
Change in receivables and other assets, net (7,725) 1,723 5,500
Change in operating liabilities, net 8,473 (9,169) 10,230
Net cash provided by operating activities 368,362 365,166 389,478
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from investment property sales, net 4,248 0 555,333
Proceeds from sale of interest in unconsolidated joint ventures, net 0 38,831 67,066
Property acquisition, development, and tenant asset expenditures (279,519) (342,241) (787,810)
Return of capital distributions from unconsolidated joint ventures 10,924 16,805 39,422
Contributions to unconsolidated joint ventures (31,388) (47,894) (65,077)
Net cash used in investing activities (295,735) (334,499) (191,066)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from credit facility 382,900 428,700 855,500
Repayment of credit facility (254,400) (600,600) (859,400)
Proceeds from term loans 0 400,000 350,000
Repayment of term loans 0 0 (250,000)
Proceeds from mortgages 0 42,118 0
Repayment of mortgages (8,273) (168,401) (109,469)
Payment of deferred financing costs (71) (8,231) (2,989)
Issuance of common stock 0 103,120 0
Proceeds from sale of treasury stock 443 514 0
Common dividends paid (194,348) (192,275) (182,840)
Contributions from noncontrolling interests 3,115 2,866 6,154
Distributions to noncontrolling interests (1,091) (114) (1,338)
Acquisition of partner's noncontrolling interest 0 (43,387) 0
Net cash used in financing activities (71,725) (35,690) (194,382)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 902 (5,023) 4,030
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 5,145 10,168 6,138
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD $ 6,047 $ 5,145 $ 10,168