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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 $ 370,867 $ 488,035 $ 366,288
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 352,282 319,697 303,331
Amortization of deferred loan costs and debt premiums 8,252 5,799 6,003
Accretion of above and below market lease intangibles, net (29,130) (20,995) (22,936)
Stock-based compensation, net of capitalization 20,075 16,521 12,515
Equity in income of investments in real estate partnerships (50,541) (59,824) (47,086)
Gain on sale of real estate, net of tax (661) (109,005) (91,119)
Provision for impairment of real estate, net of tax     84,389
Early extinguishment of debt (99)    
Distribution of earnings from investments in real estate partnerships 66,531 61,416 71,934
Settlement of derivative instruments     (2,472)
Deferred compensation expense (income) 4,782 (6,128) 4,572
Realized and unrealized (gain) loss on investments (5,571) 7,040 (5,348)
Changes in assets and liabilities:      
Tenant and other receivables (13,904) (35,274) (24,869)
Deferred leasing costs (11,156) (10,801) (6,966)
Other assets 3,028 1,292 (1,226)
Accounts payable and other liabilities 5,152 (9,088) 6,677
Tenants’ security, escrow deposits and prepaid rent (316) 7,130 5,701
Net cash provided by operating activities 719,591 655,815 659,388
Cash flows from investing activities:      
Acquisition of operating real estate, net of cash acquired of $0, $3,061 and $2,991 in 2023, 2022 and 2021, respectively (45,386) (169,639) (392,051)
Acquisition of UBP, net of cash acquired of $14,143 (82,389)    
Real estate development and capital improvements (232,855) (195,418) (177,631)
Proceeds from sale of real estate 11,167 143,133 206,193
Issuance of notes receivable (4,000)   (20)
Collection of notes receivable 4,000 1,823  
Investments in real estate partnerships (13,119) (36,266) (23,476)
Return of capital from investments in real estate partnerships 11,308 48,473 99,945
Dividends on investment securities 1,283 1,113 813
Acquisition of investment securities (7,990) (21,112) (23,971)
Proceeds from sale of investment securities 16,003 21,785 23,846
Net cash used in investing activities (341,978) (206,108) (286,352)
Cash flows from financing activities:      
Net proceeds from common stock issuance (33) 61,284 82,510
Repurchase of common shares in conjunction with equity award plans (7,662) (6,447) (4,083)
Common shares repurchased through share repurchase program (20,006) (75,419)  
Proceeds from sale of treasury stock 103 64 96
Contributions from limited partners in consolidated partnerships 10,238    
Distributions to limited partners in consolidated partnerships (7,813) (7,245) (4,345)
Distributions to exchangeable operating partnership unit holders (2,368) (1,867) (1,815)
Redemption of exchangeable operating partnership units (9,163)    
Dividends paid to common stockholders (453,065) (428,276) (403,085)
Dividends paid to preferred shareholders (3,413)    
Proceeds from unsecured credit facilities 557,000 95,000  
Repayment of unsecured credit facilities (405,000) (95,000) (265,000)
Proceeds from notes payable 59,500    
Repayment of notes payable (61,592) (6,745) (42,014)
Scheduled principal payments (11,235) (11,219) (11,255)
Payment of loan costs (526) (88) (7,468)
Net cash used in financing activities (355,035) (475,958) (656,459)
Net change in cash, cash equivalents, and restricted cash 22,578 (26,251) (283,423)
Cash, cash equivalents, and restricted cash at beginning of the year 68,776 95,027 378,450
Cash, cash equivalents, and restricted cash at end of the year 91,354 68,776 95,027
Supplemental disclosure of cash flow information:      
Cash paid for interest (net of capitalized interest of $5,695, $4,166, and $4,202 in 2023, 2022, and 2021, respectively) 147,176 141,359 140,084
Cash paid for income taxes, net of refunds 933 570 378
Supplemental disclosure of non-cash transactions:      
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid 126,683 111,709 107,480
Previously held equity investments in real estate assets acquired   17,179 (4,609)
Mortgage loans assumed by Company with the acquisition of real estate 98 22,779 111,104
Right of use assets obtained in exchange for new operating lease liabilities 36,577    
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 99
Issuance of exchangeable operating partnership units 31,253    
Real estate received in lieu of promote interest     13,589
Change in accrued capital expenditures 8,877 4,888 10,188
Common stock issued under dividend reinvestment plan 622 524 1,286
Stock-based compensation capitalized 954 735 666
Contributions to investments in real estate partnerships 920    
Contributions from limited partners in consolidated partnerships, net   5,436  
Reallocation of equity upon acquisition of a limited partner's interest in a consolidated partnership   6,266  
Common stock issued for dividend reinvestment in trust 1,193 1,126 1,084
Contribution of stock awards into trust 2,080 2,250 1,416
Distribution of stock held in trust 2,245 786 3,647
Change in fair value of securities 338 1,658 513
UBP Acquisition [Member]      
Supplemental disclosure of non-cash transactions:      
Notes payable assumed in acquisition, at fair value 284,706    
Noncontrolling interest assumed in acquisition, at 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 370,867 488,035 366,288
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 352,282 319,697 303,331
Amortization of deferred loan costs and debt premiums 8,252 5,799 6,003
Accretion of above and below market lease intangibles, net (29,130) (20,995) (22,936)
Stock-based compensation, net of capitalization 20,075 16,521 12,515
Equity in income of investments in real estate partnerships (50,541) (59,824) (47,086)
Gain on sale of real estate, net of tax (661) (109,005) (91,119)
Provision for impairment of real estate, net of tax     84,389
Early extinguishment of debt (99)    
Distribution of earnings from investments in real estate partnerships 66,531 61,416 71,934
Settlement of derivative instruments     (2,472)
Deferred compensation expense (income) 4,782 (6,128) 4,572
Realized and unrealized (gain) loss on investments (5,571) 7,040 (5,348)
Changes in assets and liabilities:      
Tenant and other receivables (13,904) (35,274) (24,869)
Deferred leasing costs (11,156) (10,801) (6,966)
Other assets 3,028 1,292 (1,226)
Accounts payable and other liabilities 5,152 (9,088) 6,677
Tenants’ security, escrow deposits and prepaid rent (316) 7,130 5,701
Net cash provided by operating activities 719,591 655,815 659,388
Cash flows from investing activities:      
Acquisition of operating real estate, net of cash acquired of $0, $3,061 and $2,991 in 2023, 2022 and 2021, respectively (45,386) (169,639) (392,051)
Acquisition of UBP, net of cash acquired of $14,143 (82,389)    
Real estate development and capital improvements (232,855) (195,418) (177,631)
Proceeds from sale of real estate 11,167 143,133 206,193
Issuance of notes receivable (4,000)   (20)
Collection of notes receivable 4,000 1,823  
Investments in real estate partnerships (13,119) (36,266) (23,476)
Return of capital from investments in real estate partnerships 11,308 48,473 99,945
Dividends on investment securities 1,283 1,113 813
Acquisition of investment securities (7,990) (21,112) (23,971)
Proceeds from sale of investment securities 16,003 21,785 23,846
Net cash used in investing activities (341,978) (206,108) (286,352)
Cash flows from financing activities:      
Net proceeds from common stock issuance (33) 61,284 82,510
Repurchase of common shares in conjunction with equity award plans (7,662) (6,447) (4,083)
Common shares repurchased through share repurchase program (20,006) (75,419)  
Proceeds from sale of treasury stock 103 64 96
Distributions to partners (455,433) (430,143) (404,900)
Contributions from limited partners in consolidated partnerships 10,238    
Distributions to limited partners in consolidated partnerships (7,813) (7,245) (4,345)
Redemption of exchangeable operating partnership units (9,163)    
Dividends paid to preferred shareholders (3,413)    
Proceeds from unsecured credit facilities 557,000 95,000  
Repayment of unsecured credit facilities (405,000) (95,000) (265,000)
Proceeds from notes payable 59,500    
Repayment of notes payable (61,592) (6,745) (42,014)
Scheduled principal payments (11,235) (11,219) (11,255)
Payment of loan costs (526) (88) (7,468)
Net cash used in financing activities (355,035) (475,958) (656,459)
Net change in cash, cash equivalents, and restricted cash 22,578 (26,251) (283,423)
Cash, cash equivalents, and restricted cash at beginning of the year 68,776 95,027 378,450
Cash, cash equivalents, and restricted cash at end of the year 91,354 68,776 95,027
Supplemental disclosure of cash flow information:      
Cash paid for interest (net of capitalized interest of $5,695, $4,166, and $4,202 in 2023, 2022, and 2021, respectively) 147,176 141,359 140,084
Cash paid for income taxes, net of refunds 933 570 378
Supplemental disclosure of non-cash transactions:      
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid 126,683 111,709 107,480
Previously held equity investments in real estate assets acquired   17,179 (4,609)
Mortgage loans assumed by Company with the acquisition of real estate 98 22,779 111,104
Right of use assets obtained in exchange for new operating lease liabilities 36,577    
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 99
Issuance of exchangeable operating partnership units 31,253    
Real estate received in lieu of promote interest     13,589
Change in accrued capital expenditures 8,877 4,888 10,188
Common stock issued under dividend reinvestment plan 622 524 1,286
Stock-based compensation capitalized 954 735 666
Contributions to investments in real estate partnerships 920    
Contributions from limited partners in consolidated partnerships, net   5,436  
Reallocation of equity upon acquisition of a limited partner's interest in a consolidated partnership   6,266  
Common stock issued for dividend reinvestment in trust 1,193 1,126 1,084
Contribution of stock awards into trust 2,080 2,250 1,416
Distribution of stock held in trust 2,245 786 3,647
Change in fair value of securities 338 $ 1,658 $ 513
Partnership Interest [Member] | UBP Acquisition [Member]      
Supplemental disclosure of non-cash transactions:      
Notes payable assumed in acquisition, at fair value 284,706    
Noncontrolling interest assumed in acquisition, at fair value 64,492    
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