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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 12,366 $ 307,326 $ 34,529
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 178,105 188,283 210,005
Amortization of deferred financing costs 2,836 2,904 2,768
Amortization of debt discount/(premium), net (1,951) (568) 189
Amortization of stock compensation costs 7,130 6,627 6,876
Straight-line rent income (13,485) (14,743) (11,369)
Amortization of acquired above (below) market leases, net (5,377) (4,867) (8,857)
Ground rent expense 918 1,455 1,470
Provision for doubtful accounts 0 1,049 (1,345)
Net gain on real estate venture transactions (2,973) (75) (11,639)
Net gain on sale of interests in real estate (3,045) (289,662) (2,376)
Loss from unconsolidated real estate ventures, net of distributions 26,697 18,584 10,242
Income tax provision (benefit) 47 (224) 12
Changes in assets and liabilities:      
Accounts receivable 2,506 (2,031) (248)
Other assets (19,325) (5,034) 9,368
Accounts payable and accrued expenses 2,974 14,374 (5,599)
Deferred income, gains and rent 2,986 (12,149) 9,319
Other liabilities 465 14,557 (9,115)
Net cash provided by operating activities 190,874 225,806 234,230
Cash flows from investing activities:      
Acquisition of properties 0 (41,950) 0
Acquisition of partners interest in consolidated real estate venture 0 0 (2,181)
Proceeds from the sale of properties 10,303 278,114 41,795
Proceeds from real estate venture sales 0 0 9,730
Proceeds from insurance 1,250 0 0
Proceeds from note receivable 50,000 0 0
Issuance of note receivable 0 (50,000) 0
Proceeds from repayment of mortgage notes receivable 0 0 3,341
Capital expenditures for tenant improvements (56,830) (73,166) (67,258)
Capital expenditures for redevelopments (48,022) (21,664) (53,846)
Capital expenditures for developments (30,269) (65,420) (77,192)
Advances for the purchase of tenant assets, net of repayments 270 1,488 (1,035)
Investment in unconsolidated real estate ventures (31,643) (719) (253)
Deposits for real estate (2,550) 0 (4,181)
Capital distributions from unconsolidated real estate ventures 27,028 9,001 35,906
Leasing costs paid (19,852) (17,394) (15,485)
Net cash provided by (used in) investing activities (100,315) 18,290 (130,659)
Cash flows from financing activities:      
Repayments of mortgage notes payable 0 (94,993) (7,595)
Proceeds from credit facility borrowings 154,000 318,000 348,500
Repayments of Long-term Lines of Credit (131,000) (318,000) (441,000)
Proceeds from unsecured notes 0 0 216,373
Payments of Financing Costs 0 0 (1,965)
Exercise of stock options, net (63) 47 3,771
Payments On Account Of Employee Tax Withholdings On Share Based Awards (1,762) (1,346) (1,554)
Partner contributions to consolidated real estate venture 2,765 0 27
Repurchase and retirement of common shares 0 (60,000) (17,282)
Redemption of limited partnership units (2,334) 0 0
Distributions paid to shareholders (130,255) (131,150) (134,140)
Distributions to noncontrolling interest (687) (747) (747)
Net cash used in financing activities (109,336) (288,189) (35,612)
Increase/(Decrease) in cash and cash equivalents and restricted cash (18,777) (44,093) 67,959
Cash and cash equivalents and restricted cash at beginning of year 47,077 91,170 23,211
Cash and cash equivalents and restricted cash at end of period 28,300 47,077 91,170
Reconciliation of cash and cash equivalents and restricted cash:      
Cash and cash equivalents, beginning of period 46,344 90,499 22,842
Restricted cash, beginning of period 733 671 369
Cash and cash equivalents, end of period 27,463 46,344 90,499
Restricted cash, end of period 837 733 671
Cash and cash equivalents and restricted cash 28,300 47,077 91,170
Supplemental disclosure:      
Cash paid for interest, net of capitalized interest during the years ended December 31, 2021, 2020 and 2019 of $8,689, $4,650 and $2,246 respectively 72,391 79,498 66,508
Cash paid for income taxes 785 688 1,385
Supplemental disclosure of non-cash activity:      
Dividends and distributions declared but not paid 32,765 32,706 33,815
Change in investment in real estate ventures as a result of deconsolidation 32,761 0 1,806
Change in operating real estate from deconsolidation of operating properties 30,073 (427,710) 0
Change in investment in real estate ventures from deconsolidation of operating properties 0 (296,262) 0
Change in mortgage notes payable from deconsolidation of operating properties 0 (220,271) 0
Change in other assets as a result of deconsolidation of operating properties (2,688) 1,471 0
Change in capital expenditures financed through accounts payable at period end 22,744 (9,949) (10,618)
Change in capital expenditures financed through retention payable at period end $ (613) $ 284 $ (946)