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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net loss $ (16,414) $ (5,276)
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 45,042 45,600
Amortization of deferred financing costs 1,091 1,027
Amortization of debt discount/(premium), net (250) (258)
Amortization of stock compensation costs 4,378 3,398
Straight-line rent income (3,199) (2,835)
Amortization of acquired above (below) market leases, net (246) (376)
Ground rent expense 197 201
Net loss on real estate venture transactions 29 0
Total gain on sale of real estate 0 (781)
Loss from unconsolidated real estate ventures, including income distributions 13,588 6,167
Income tax provision 2 25
Changes in assets and liabilities:    
Accounts receivable 1,452 (2,416)
Other assets (16,948) (16,040)
Accounts payable and accrued expenses (10,208) (19,911)
Deferred income, gains and rent 1,199 (960)
Other liabilities 4,098 (2,190)
Net cash provided by operating activities 23,811 5,375
Cash flows from investing activities:    
Capital expenditures for tenant improvements (15,904) (13,637)
Capital expenditures for redevelopments (4,013) (14,114)
Capital expenditures for developments (7,404) (4,588)
Advances for the purchase of tenant assets, net of repayments (998) (26)
Investment in unconsolidated real estate ventures (26,975) (10,627)
Capital distributions from unconsolidated real estate ventures 3,931 300
Leasing costs paid (3,942) (2,331)
Net cash used in investing activities (55,305) (45,023)
Cash flows from financing activities:    
Proceeds from credit facility borrowings 37,000 115,000
Repayments of credit facility borrowings 0 (203,500)
Repayments of unsecured notes 0 (54,301)
Proceeds from unsecured term loan 0 70,000
Proceeds from secured term loan 0 245,000
Proceeds from construction loan 5,076 0
Debt financing costs paid (200) (4,414)
Shares used for employee taxes upon vesting of share awards (594) (652)
Distributions paid to shareholders (25,946) (32,703)
Distributions to noncontrolling interest (77) (98)
Net cash provided by financing activities 15,259 134,332
Increase/(Decrease) in cash and cash equivalents and restricted cash (16,235) 94,684
Cash and cash equivalents and restricted cash at beginning of period 67,534 18,387
Cash and cash equivalents and restricted cash at end of period 51,299 113,071
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents, beginning of period 58,319 17,551
Restricted cash, beginning of period 9,215 836
Cash and cash equivalents and restricted cash at beginning of period 67,534 18,387
Cash and cash equivalents, end of period 43,210 96,945
Restricted cash, end of period 8,089 16,126
Cash and cash equivalents and restricted cash at end of period 51,299 113,071
Supplemental disclosure:    
Cash paid for interest, net of capitalized interest during the three months ended March 31, 2024 and 2023 of $3,918 and $4,072, respectively 23,368 17,007
Cash paid for income taxes 0 1
Supplemental disclosure of non-cash activity:    
Dividends and distributions declared but not paid 26,248 32,823
Change in investment in real estate ventures as a result of deconsolidation 0 8,595
Change in operating real estate from deconsolidation of operating properties 0 (7,814)
Change in capital expenditures financed through accounts payable at period end (1,179) 451
Change in capital expenditures financed through retention payable at period end $ 648 $ 255