XML 19 R7.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flow from operating activities:      
Net income $ 168,792 $ 125,416 $ 36,590
Adjustments to reconcile net income to net cash flow provided by operating activities:      
Depreciation and amortization 203,546 185,768 170,669
Stock-based compensation 7,218 13,533 8,800
Amortization and write-off of debt issuance costs and fair market value of debt adjustments 5,075 4,312 4,601
Loss on debt extinguishment 0 0 16,568
Equity in net income of joint ventures (27,892) (47,297) (1,516)
Reserve of preferred equity interests, net 0 0 19,393
Operating cash distributions from joint ventures 903 5,103 3,258
Gain on sale and change in control of interests, net (45,581) (19,185) (45,464)
Gain on disposition of real estate, net (46,644) (6,065) (1,069)
Impairment charges 2,536 7,270 5,200
Assumption of buildings due to ground lease terminations (2,900) 0 (3,025)
Change in notes receivable accrued interest 0 0 4,128
Net change in accounts receivable (5,525) 15,873 (11,654)
Net change in accounts payable and accrued expenses (125) (2,986) (7,749)
Net change in other operating assets and liabilities (2,141) 773 (8,560)
Total adjustments 88,470 157,099 153,580
Net cash flow provided by operating activities 257,262 282,515 190,170
Cash flow from investing activities:      
Real estate acquired, net of liabilities and cash assumed (335,100) (130,570) 0
Real estate developed and improvements to operating real estate (114,825) (76,563) (63,816)
Proceeds from disposition of real estate 201,819 29,696 1,553
Proceeds from sale of joint venture interests 39,250 0 140,441
Proceeds from distribution of preferred investment 0 190,000 0
Equity contributions to joint ventures (167) (4,599) (1,068)
Distributions from unconsolidated joint ventures 41,464 65,558 17,868
Repayment of joint venture advances, net 0 929 0
Repayment of notes receivable 0 0 7,500
Net cash flow provided by investing activities (167,559) 74,451 102,478
Cash flow from financing activities:      
Repayment of revolving credit facilities, net 0 (135,000) 130,000
Proceeds from unsecured term loan 100,000 0 0
Payment of debt issuance costs (7,602) 0 0
Repayment of senior notes, including repayment costs 0 0 (216,568)
Repayment of term loan and mortgage debt (71,209) (215,285) (41,881)
Proceeds from issuance of common shares, net of offering expenses 36,724 224,974 0
Redemption of preferred shares 0 (150,019) 0
Repurchase of common shares in conjunction with equity award plans and dividend reinvestment plan (5,928) (6,056) (2,425)
Repurchase of common shares (42,256) 0 (7,500)
Acquisition of non-controlling interest (1,382) (7,144) 0
Distributions to non-controlling interests and redeemable operating partnership units (72) (56) (641)
Dividends paid (120,016) (99,541) (98,348)
Net cash flow used for financing activities (111,741) (388,127) (237,363)
Effect of foreign exchange rate changes on cash and cash equivalents 0 (1) (4)
Net (decrease) increase in cash, cash equivalents and restricted cash (22,038) (31,161) 55,285
Cash, cash equivalents and restricted cash, beginning of year 43,252 74,414 19,133
Cash, cash equivalents and restricted cash, end of year $ 21,214 $ 43,252 $ 74,414