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HPI - Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities:    
Net income $ 42,103 $ 56,855
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 69,667 60,927
Amortization of lease incentives and acquisition-related intangible assets and liabilities (87) (704)
Share-based compensation expense 5,291 2,982
Net credit losses on operating lease receivables 366 237
Accrued interest on mortgages and notes receivable (24) (27)
Amortization of debt issuance costs 942 792
Amortization of cash flow hedges (15) 122
Amortization of mortgages and notes payable fair value adjustments (20) 411
Losses on debt extinguishment 0 76
Net gains on disposition of property (4,100) (18,937)
Equity in earnings of unconsolidated affiliates (300) (637)
Distributions of earnings from unconsolidated affiliates 591 395
Changes in operating assets and liabilities:    
Accounts receivable (1,038) 6,658
Prepaid expenses and other assets (4,529) (5,544)
Accrued straight-line rents receivable (7,224) (4,245)
Accounts payable, accrued expenses and other liabilities (27,545) (16,381)
Net cash provided by operating activities 74,078 82,980
Investing activities:    
Investments in development in-process (13,315) (19,789)
Investments in tenant improvements and deferred leasing costs (30,273) (22,939)
Investments in building improvements (15,413) (14,422)
Investment in acquired controlling interest in unconsolidated affiliate 0 (127,339)
Net proceeds from disposition of real estate assets 9,469 30,242
Investments in mortgages and notes receivable (24) 0
Repayments of mortgages and notes receivable 72 76
Investments in and advances to unconsolidated affiliates (7,378) 0
Changes in other investing activities (2,555) (746)
Net cash used in investing activities (59,417) (154,917)
Financing activities:    
Dividends on Common Stock (52,424) (49,847)
Dividends on Preferred Stock (621) (622)
Distributions to noncontrolling interests in the Operating Partnership (1,252) (1,363)
Distributions to noncontrolling interests in consolidated affiliates (1,411) (782)
Proceeds from the issuance of Common Stock 6,501 493
Costs paid for the issuance of Common Stock (183) (10)
Repurchase of shares related to tax withholdings (2,145) (1,681)
Borrowings on revolving credit facility 70,000 0
Repayments of revolving credit facility (30,000) 0
Repayments of mortgages and notes payable (1,585) (501)
Changes in debt issuance costs and other financing activities 0 (4,616)
Net cash used in financing activities (13,120) (58,929)
Net increase/(decrease) in cash and cash equivalents and restricted cash 1,541 (130,866)
Cash and cash equivalents and restricted cash at beginning of the period 31,198 189,244
Cash and cash equivalents and restricted cash at end of the period 32,739 58,378
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents at end of the period 18,669 49,279
Restricted cash at end of the period 14,070 9,099
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 34,380 27,646
Supplemental disclosure of non-cash investing and financing activities:    
Changes in accrued capital expenditures [1] (17,115) (454)
Write-off of fully depreciated real estate assets 12,183 15,468
Write-off of fully amortized leasing costs 6,150 12,848
Write-off of fully amortized debt issuance costs 0 2,983
Adjustment of noncontrolling interests in the Operating Partnership to fair value 3,168 9,266
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities $ 37,500 $ 65,500
[1] Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities at March 31, 2022 and 2021 were $37.5 million and $65.5 million, respectively.