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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 278,833 $ 391,650
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 253,373 237,462
Amortization of deferred loan costs and debt premiums 5,124 4,297
(Accretion) and amortization of above and below market lease intangibles, net (21,573) (15,625)
Stock-based compensation, net of capitalization 14,203 12,592
Equity in income of investments in real estate partnerships (36,302) (47,855)
Gain on sale of real estate, net of tax (515) (106,459)
Distribution of earnings from investments in real estate partnerships 48,451 45,238
Deferred compensation expense (income) 2,148 (8,016)
Realized and unrealized (gain) loss on investments (2,252) 9,253
Changes in assets and liabilities:    
Tenant and other receivables (3,094) (18,544)
Deferred leasing costs (7,705) (7,022)
Other assets (7,577) (4,312)
Accounts payable and other liabilities 20,875 21,656
Tenants' security, escrow deposits and prepaid rent 3,696 13,927
Net cash provided by operating activities 547,685 528,242
Cash flows from investing activities:    
Acquisition of operating real estate, net of cash acquired of $3,061 in 2022 (2,033) (141,275)
Real estate development and capital improvements (158,982) (143,724)
Proceeds from sale of real estate and FF&E 10,338 137,280
Issuance of notes receivable (4,000)  
Investments in real estate partnerships (9,118) (13,573)
Return of capital from investments in real estate partnerships 3,644 48,473
Dividends on investment securities 571 336
Acquisition of investment securities (5,206) (15,205)
Proceeds from sale of investment securities 13,747 15,821
Net cash used in investing activities (231,527) (111,867)
Cash flows from financing activities:    
Net proceeds from common stock issuance 4 61,284
Repurchase of common shares in conjunction with equity award plans (7,653) (6,438)
Common shares repurchased through share repurchase program (20,006) (75,419)
Proceeds from sale of treasury stock 62 64
Contributions from limited partners in consolidated partnerships, net 3,167 1,568
Distributions to exchangeable operating partnership unit holders (1,666) (1,413)
Distributions to partners (332,627) (321,484)
Proceeds from unsecured credit facilities 442,000 95,000
Repayment of unsecured credit facilities (365,000) (95,000)
Proceeds from notes payable 46,500  
Repayment of notes payable (60,257) (5,995)
Scheduled principal payments (7,977) (8,503)
Payment of loan costs (411) (82)
Net cash used in financing activities (303,864) (356,418)
Net increase in cash and cash equivalents and restricted cash 12,294 59,957
Cash and cash equivalents and restricted cash at beginning of the period 68,776 95,027
Cash and cash equivalents and restricted cash at end of the period 81,070 154,984
Supplemental disclosure of cash flow information:    
Cash paid for interest (net of capitalized interest of $4,026 and $2,985 in 2023 and 2022, respectively) 116,686 115,011
Cash paid for income taxes, net of refunds 728 488
Supplemental disclosure of non-cash transactions:    
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid 122,946 107,410
Acquisition of real estate previously held within investments in real estate partnerships   17,179
Mortgage loans assumed by Company with the acquisition of real estate   22,779
Right of use assets obtained in exchange for new operating lease liabilities 32,002  
Sale of leased asset in exchange for net investment in sales-type lease 8,510  
Common stock issued for partnership units exchanged 199 1,275
Exchangeable operating partnership units issued for acquisition of real estate 20,000  
Change in accrued capital expenditures 20,967 10,230
Common stock issued under dividend reinvestment plan 461 388
Stock-based compensation capitalized 638 550
Contributions from limited partners in consolidated partnerships   5,434
Common stock issued for dividend reinvestment in trust 905 840
Contribution of stock awards into trust 1,961 2,136
Distribution of stock held in trust 2,245 786
Change in fair value of securities 215 1,896
UBP Acquisition [Member]    
Cash flows from investing activities:    
Acquisition of UBP, net of cash acquired of $14,143 (80,488)  
Supplemental disclosure of non-cash transactions:    
Notes payable assumed in acquisition, at fair value 284,706  
Non controlling interest assumed in acquisition fair value 64,492  
Common Stock [Member] | UBP Acquisition [Member]    
Supplemental disclosure of non-cash transactions:    
Stock exchanged 818,530  
Preferred Stock [Member] | UBP Acquisition [Member]    
Supplemental disclosure of non-cash transactions:    
Stock exchanged 225,000  
Partnership Interest [Member]    
Cash flows from operating activities:    
Net income 278,833 391,650
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 253,373 237,462
Amortization of deferred loan costs and debt premiums 5,124 4,297
(Accretion) and amortization of above and below market lease intangibles, net (21,573) (15,625)
Stock-based compensation, net of capitalization 14,203 12,592
Equity in income of investments in real estate partnerships (36,302) (47,855)
Gain on sale of real estate, net of tax (515) (106,459)
Distribution of earnings from investments in real estate partnerships 48,451 45,238
Deferred compensation expense (income) 2,148 (8,016)
Realized and unrealized (gain) loss on investments (2,252) 9,253
Changes in assets and liabilities:    
Tenant and other receivables (3,094) (18,544)
Deferred leasing costs (7,705) (7,022)
Other assets (7,577) (4,312)
Accounts payable and other liabilities 20,875 21,656
Tenants' security, escrow deposits and prepaid rent 3,696 13,927
Net cash provided by operating activities 547,685 528,242
Cash flows from investing activities:    
Acquisition of operating real estate, net of cash acquired of $3,061 in 2022 (2,033) (141,275)
Real estate development and capital improvements (158,982) (143,724)
Proceeds from sale of real estate and FF&E 10,338 137,280
Issuance of notes receivable (4,000)  
Investments in real estate partnerships (9,118) (13,573)
Return of capital from investments in real estate partnerships 3,644 48,473
Dividends on investment securities 571 336
Acquisition of investment securities (5,206) (15,205)
Proceeds from sale of investment securities 13,747 15,821
Net cash used in investing activities (231,527) (111,867)
Cash flows from financing activities:    
Net proceeds from common stock issuance 4 61,284
Repurchase of common shares in conjunction with equity award plans (7,653) (6,438)
Common shares repurchased through share repurchase program (20,006) (75,419)
Proceeds from sale of treasury stock 62 64
Contributions from limited partners in consolidated partnerships, net 3,167 1,568
Distributions to partners (334,293) (322,897)
Proceeds from unsecured credit facilities 442,000 95,000
Repayment of unsecured credit facilities (365,000) (95,000)
Proceeds from notes payable 46,500  
Repayment of notes payable (60,257) (5,995)
Scheduled principal payments (7,977) (8,503)
Payment of loan costs (411) (82)
Net cash used in financing activities (303,864) (356,418)
Net increase in cash and cash equivalents and restricted cash 12,294 59,957
Cash and cash equivalents and restricted cash at beginning of the period 68,776 95,027
Cash and cash equivalents and restricted cash at end of the period 81,070 154,984
Supplemental disclosure of cash flow information:    
Cash paid for interest (net of capitalized interest of $4,026 and $2,985 in 2023 and 2022, respectively) 116,686 115,011
Cash paid for income taxes, net of refunds 728 488
Supplemental disclosure of non-cash transactions:    
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid 122,946 107,410
Acquisition of real estate previously held within investments in real estate partnerships   17,179
Mortgage loans assumed by Company with the acquisition of real estate   22,779
Right of use assets obtained in exchange for new operating lease liabilities 32,002  
Sale of leased asset in exchange for net investment in sales-type lease 8,510  
Notes payable assumed in acquisition, at fair value 284,706  
Non controlling interest assumed in acquisition fair value 64,492  
Common stock issued by Parent Company for partnership units exchanged 199 1,275
Exchangeable operating partnership units issued for acquisition of real estate 20,000  
Change in accrued capital expenditures 20,967 10,230
Common stock issued under dividend reinvestment plan 461 388
Stock-based compensation capitalized 638 550
Contributions from limited partners in consolidated partnerships   5,434
Common stock issued for dividend reinvestment in trust 905 840
Contribution of stock awards into trust 1,961 2,136
Distribution of stock held in trust 2,245 786
Change in fair value of securities 215 $ 1,896
Partnership Interest [Member] | UBP Acquisition [Member]    
Cash flows from investing activities:    
Acquisition of UBP, net of cash acquired of $14,143 (80,488)  
Partnership Interest [Member] | Common Stock [Member] | UBP Acquisition [Member]    
Supplemental disclosure of non-cash transactions:    
Stock exchanged 818,530  
Partnership Interest [Member] | Preferred Stock [Member] | UBP Acquisition [Member]    
Supplemental disclosure of non-cash transactions:    
Stock exchanged $ 225,000