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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flow from operating activities:      
Net income $ 265,721 $ 168,792 $ 125,416
Adjustments to reconcile net income to net cash flow provided by operating activities:      
Depreciation and amortization 212,460 203,546 185,768
Stock-based compensation 7,633 7,218 13,533
Amortization and write-off of debt issuance costs and fair market value of debt adjustments 4,465 5,075 4,312
Other income - unrealized gain on derivatives (2,103) 0 0
Equity in net income of joint ventures (6,577) (27,892) (47,297)
Operating cash distributions from joint ventures 264 903 5,103
Gain on sale and change in control of interests, net (3,749) (45,581) (19,185)
Gain on disposition of real estate, net (219,026) (46,644) (6,065)
Impairment charges 0 2,536 7,270
Assumption of buildings due to ground lease terminations 0 (2,900) 0
Net change in accounts receivable (7,467) (5,525) 15,873
Net change in accounts payable and accrued expenses (3,039) (125) (2,986)
Net change in other operating assets and liabilities (10,049) (2,141) 773
Total adjustments (27,188) 88,470 157,099
Net cash flow provided by operating activities 238,533 257,262 282,515
Cash flow from investing activities:      
Real estate acquired, net of liabilities and cash assumed (163,423) (335,100) (130,570)
Real estate developed and improvements to operating real estate (109,381) (114,825) (76,563)
Proceeds from disposition of real estate 821,689 201,819 29,696
Proceeds from disposition of joint venture interests 3,405 39,250 0
Proceeds from distribution of preferred investment 0 0 190,000
Equity contributions to joint ventures (145) (167) (4,599)
Distributions from unconsolidated joint ventures 10,817 41,464 65,558
Repayment of joint venture advances 318 0 929
Payment of swaption agreement fees (3,381) 0 0
Net cash flow provided by (used for) investing activities 559,899 (167,559) 74,451
Cash flow from financing activities:      
Repayment of revolving credit facilities, net 0 0 (135,000)
Proceeds from unsecured term loan 0 100,000 0
Proceeds from mortgage debt 100,000 0 0
Payment of loan commitment fees (13,485) 0 0
Payment of debt issuance costs (1,665) (7,602) 0
Repayment of senior notes (152,823) 0 0
Repayment of mortgage debt (28,523) (71,209) (215,285)
Repurchase of common shares (26,611) (42,256) 0
Proceeds from issuance of common shares, net of offering expenses 0 36,724 224,974
Redemption of preferred shares 0 0 (150,019)
Repurchase of common shares in conjunction with equity award plans and dividend reinvestment plan (5,218) (5,928) (6,056)
Acquisition of non-controlling interest 0 (1,382) (7,144)
Repurchase of operating partnership units (1,735) 0 0
Distributions to redeemable operating partnership units (37) (72) (56)
Dividends paid (120,518) (120,016) (99,541)
Net cash flow used for financing activities (250,615) (111,741) (388,127)
Effect of foreign exchange rate changes on cash and cash equivalents 0 0 (1)
Net increase (decrease) in cash, cash equivalents and restricted cash 547,817 (22,038) (31,161)
Cash, cash equivalents and restricted cash, beginning of year 21,214 43,252 74,414
Cash, cash equivalents and restricted cash, end of year $ 569,031 $ 21,214 $ 43,252