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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income (loss) $ (5,276) $ 6,101
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 45,600 43,782
Amortization of deferred financing costs 1,027 709
Amortization of debt discount/(premium), net (258) (488)
Amortization of stock compensation costs 3,398 3,280
Straight-line rent income (2,835) (3,149)
Amortization of acquired above (below) market leases, net (376) (875)
Ground rent expense 201 205
Total gain on sale of real estate (781) (897)
Loss from unconsolidated real estate ventures, including income distributions 6,167 4,563
Income tax provision 25 27
Changes in assets and liabilities:    
Accounts receivable (2,416) (2,609)
Other assets (16,040) (9,208)
Accounts payable and accrued expenses (19,911) (14,550)
Deferred income, gains and rent (960) 992
Other liabilities (2,190) 632
Net cash provided by operating activities 5,375 28,515
Cash flows from investing activities:    
Acquisition of properties 0 (3,446)
Proceeds from the sale of properties 0 1,481
Capital expenditures for tenant improvements (13,637) (15,148)
Capital expenditures for redevelopments (14,114) (31,942)
Capital expenditures for developments (4,588) (30,455)
Advances for the purchase of tenant assets, net of repayments (26) 270
Investment in unconsolidated real estate ventures (10,627) (26,762)
Deposits for real estate 0 (2,550)
Capital distributions from unconsolidated real estate ventures 300 3,010
Leasing costs paid (2,331) (5,245)
Net cash used in investing activities (45,023) (110,787)
Cash flows from financing activities:    
Proceeds from credit facility borrowings 115,000 138,000
Repayments of credit facility borrowings (203,500) (5,000)
Repayments of unsecured notes (54,301) 0
Proceeds from unsecured term loan 70,000 0
Proceeds from secured term loan 245,000 0
Debt financing costs paid (4,414) 0
Shares used for employee taxes upon vesting of share awards (652) (2,103)
Redemption of limited partnership units 0 (4,006)
Distributions paid to shareholders (32,703) (32,604)
Distributions to noncontrolling interest (98) (157)
Net cash provided by financing activities 134,332 94,130
Increase in cash and cash equivalents and restricted cash 94,684 11,858
Cash and cash equivalents and restricted cash at beginning of period 18,387 28,300
Cash and cash equivalents and restricted cash at end of period 113,071 40,158
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents, beginning of period 17,551 27,463
Restricted cash, beginning of period 836 837
Cash and cash equivalents and restricted cash at beginning of period 18,387 28,300
Cash and cash equivalents, end of period 96,945 39,306
Restricted cash, end of period 16,126 852
Cash and cash equivalents and restricted cash at end of period 113,071 40,158
Supplemental disclosure:    
Cash paid for interest, net of capitalized interest during the three months ended March 31, 2023 and 2022 of $4,072 and $2,186, respectively 17,007 9,637
Cash paid for income taxes 1 1
Supplemental disclosure of non-cash activity:    
Dividends and distributions declared but not paid 32,823 32,814
Change in investment in real estate ventures as a result of deconsolidation 8,595 0
Change in operating real estate from deconsolidation of operating properties (7,814) 0
Change in capital expenditures financed through accounts payable at period end 451 (909)
Change in capital expenditures financed through retention payable at period end $ 255 $ (1,475)