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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 flows from operating activities:      
Net income $ 35,923 $ 116,243 $ 385,091
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 186,540 183,419 179,523
Gains on sales of properties (33,010) (59,094) (367,274)
Change in allowance for credit loss (32) 93 0
Selling profit from sales-type leases 0 (47,059) 0
Debt satisfaction (gains) losses, net 132 119 13,894
Impairment charges 16,490 3,037 5,541
Straight-line rents (9,471) (11,363) (12,275)
Amortization of right of use assets 4,136 3,980 3,726
Other non-cash expense, net 5,900 6,072 6,734
Equity in (earnings) losses of non-consolidated entities (1,366) (16,006) 190
Distributions of accumulated earnings from non-consolidated entities 4,614 17,024 0
Changes in assets and liabilities      
Change in accounts payable and other liabilities: 4,407 (1,574) 7,996
Change in rent receivable and prepaid rent, net (488) 623 1,058
Change in accrued interest payable 2,199 700 2,138
Other adjustments, net (6,528) (1,945) (5,996)
Net cash provided by operating activities 209,446 194,269 220,346
Cash flows from investing activities:      
Acquisition of real estate, including intangible assets (15,018) (132,026) (758,371)
Investment in real estate under construction (120,793) (276,706) (288,519)
Capital expenditures (17,937) (32,562) (15,207)
Net proceeds from sale of properties 97,758 194,472 728,360
Investment in loans receivable 0 0 (1,497)
Principal payments on loans receivable 1,462 27 8
Investments in non-consolidated entities, net (3,648) (3,225) (4,533)
Distributions from non-consolidated entities in excess of accumulated earnings 10,009 19,930 8,347
Payments of deferred leasing costs (6,151) (5,156) (7,297)
Investment in held-to-maturity securities (130,000) 0 0
Change in real estate deposits, net 867 (1,673) 947
Net cash used in investing activities (183,451) (236,919) (337,762)
Cash flows from financing activities:      
Dividends to common and preferred shareholders (151,932) (142,461) (128,334)
Principal amortization payments (12,265) (11,275) (13,552)
Principal payments on debt, excluding normal amortization 0 0 (14,581)
Proceeds of mortgages and notes payable 0 0 11,610
Revolving credit facility borrowings 125,000 280,000 555,000
Revolving credit facility payments (125,000) (280,000) (555,000)
Proceeds from issuance of senior notes 298,269 0 399,032
Repurchase of senior notes 0 0 (188,756)
Payments for early extinguishment of debt 0 0 (12,664)
Deferred financing costs (5,818) (3,626) (3,977)
Cash distributions to noncontrolling interests (7,345) (1,264) (1,662)
Cash contributions from noncontrolling interests 714 7,814 21,411
Repurchase of common shares 0 (130,675) 0
Purchase of noncontrolling interest 0 (27,958) 0
Issuance of common shares, net of costs and repurchases to settle tax obligations (2,661) 215,574 60,575
Net cash provided by (used in) financing activities 118,962 (93,871) 129,102
Change in cash, cash equivalents and restricted cash 144,957 (136,521) 11,686
Less restricted cash classified as held for sale 0 0 (80)
Cash, cash equivalents and restricted cash, at beginning of year 54,506 191,027 179,421
Cash, cash equivalents and restricted cash, at end of year $ 199,463 $ 54,506 $ 191,027