XML 24 R9.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 flows from operating activities:      
Net income $ 116,243 $ 385,091 $ 186,391
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 183,419 179,523 164,260
Gains on sales of properties (59,094) (367,274) (139,039)
Change in allowance for credit loss 93 0 0
Selling profit from sales-type leases (47,059) 0 0
Debt satisfaction (gains) losses, net 119 13,894 (21,452)
Impairment charges 3,037 5,541 14,460
Straight-line rents (11,363) (12,275) (13,602)
Amortization of right of use assets 3,980 3,726 3,763
Other non-cash expense, net 6,072 6,734 6,210
Equity in (earnings) losses of non-consolidated entities (16,006) 190 169
Distributions of accumulated earnings from non-consolidated entities 17,024 0 0
Changes in assets and liabilities      
Change in accounts payable and other liabilities (1,574) 7,996 2,859
Change in rent receivable and prepaid rent, net 623 1,058 80
Change in accrued interest payable 700 2,138 1,866
Other adjustments, net (1,945) (5,996) (4,130)
Net cash provided by operating activities 194,269 220,346 201,835
Cash flows from investing activities:      
Acquisition of real estate, including intangible assets (132,026) (758,371) (611,754)
Investment in real estate under construction (276,706) (288,519) (53,971)
Capital expenditures (32,562) (15,207) (17,250)
Net proceeds from sale of properties 194,472 728,360 192,560
Investment in loans receivable 0 (1,497) 0
Principal payments on loans receivable 27 8 0
Investments in non-consolidated entities, net (3,225) (4,533) (7,528)
Distributions from non-consolidated entities in excess of accumulated earnings 19,930 8,347 8,055
Payments of deferred leasing costs (5,156) (7,297) (4,841)
Change in real estate deposits, net (1,673) 947 379
Net cash used in investing activities (236,919) (337,762) (494,350)
Cash flows from financing activities:      
Dividends to common and preferred shareholders (142,461) (128,334) (118,384)
Principal amortization payments (11,275) (13,552) (19,441)
Principal payments on debt, excluding normal amortization 0 (14,581) 0
Proceeds of mortgages and notes payable 0 11,610 0
Revolving credit facility borrowings 280,000 555,000 170,000
Revolving credit facility payments (280,000) (555,000) (170,000)
Proceeds from issuance of senior notes 0 399,032 396,932
Repurchase of senior notes 0 (188,756) (112,312)
Payments for early extinguishment of debt 0 (12,664) (11,094)
Deferred financing costs (3,626) (3,977) (3,803)
Cash distributions to noncontrolling interests (1,264) (1,662) (1,905)
Cash contributions from noncontrolling interests 7,814 21,411 1,285
Repurchase of common shares (130,675) 0 (11,042)
Purchase of noncontrolling interest (27,958) 0 0
Issuance of common shares, net of costs and repurchases to settle tax obligations 215,574 60,575 222,390
Net cash (used in) provided by financing activities (93,871) 129,102 342,626
Change in cash, cash equivalents and restricted cash (136,521) 11,686 50,111
Less restricted cash classified as held for sale 0 (80) 0
Cash, cash equivalents and restricted cash, at beginning of year 191,027 179,421 129,310
Cash, cash equivalents and restricted cash, at end of year $ 54,506 $ 191,027 $ 179,421