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HPI - Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities:    
Net income $ 134,815 $ 194,286
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 212,466 189,423
Amortization of lease incentives and acquisition-related intangible assets and liabilities (342) (1,770)
Share-based compensation expense 6,843 6,751
Net credit losses/(reversals) on operating lease receivables 3,167 (60)
Accrued interest on mortgages and notes receivable (67) (79)
Amortization of debt issuance costs 3,096 2,963
Amortization of cash flow hedges (164) 377
Amortization of mortgages and notes payable fair value adjustments (60) 882
Impairments of real estate assets 36,515 0
Losses on debt extinguishment 0 134
Net gains on disposition of property (63,546) (80,371)
Equity in earnings of unconsolidated affiliates (1,083) (1,614)
Distributions of earnings from unconsolidated affiliates 606 1,410
Changes in operating assets and liabilities:    
Accounts receivable (11,454) 5,753
Prepaid expenses and other assets (2,150) (1,210)
Accrued straight-line rents receivable (20,558) (13,734)
Accounts payable, accrued expenses and other liabilities 21,795 6,077
Net cash provided by operating activities 319,879 309,218
Investing activities:    
Investments in acquired real estate and related intangible assets, net of cash acquired (224,934) (270,160)
Investments in development in-process (26,220) (65,333)
Investments in tenant improvements and deferred leasing costs (90,910) (68,197)
Investments in building improvements (45,289) (34,452)
Investment in acquired controlling interest in unconsolidated affiliate 0 (127,339)
Net proceeds from disposition of real estate assets 130,038 187,964
Investments in mortgages and notes receivable (24) (56)
Repayments of mortgages and notes receivable 215 229
Investments in and advances to unconsolidated affiliates (81,693) 0
Payments of earnest money deposits (3,000) 0
Changes in other investing activities 224 4,119
Net cash used in investing activities (341,593) (373,225)
Financing activities:    
Dividends on Common Stock (157,587) (151,898)
Redemptions/repurchases of Preferred Stock 0 (5)
Redemption of Common Units (3,101) 0
Dividends on Preferred Stock (1,864) (1,864)
Distributions to noncontrolling interests in the Operating Partnership (3,687) (4,144)
Distributions to noncontrolling interests in consolidated affiliates (1,411) (1,342)
Proceeds from the issuance of Common Stock 7,200 15,453
Costs paid for the issuance of Common Stock (247) (355)
Repurchase of shares related to tax withholdings (2,156) (1,693)
Borrowings on revolving credit facility 275,000 310,000
Repayments of revolving credit facility (235,000) (175,000)
Borrowings on mortgages and notes payable 350,000 200,000
Repayments of mortgages and notes payable (204,807) (264,212)
Changes in debt issuance costs and other financing activities (2,731) (9,279)
Net cash provided by/(used in) financing activities 19,609 (84,339)
Net decrease in cash and cash equivalents and restricted cash (2,105) (148,346)
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 29,093 40,898
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents at end of the period 23,055 27,871
Restricted cash at end of the period 6,038 13,027
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 82,908 66,457
Supplemental disclosure of non-cash investing and financing activities:    
Unrealized losses on cash flow hedges 0 (17)
Conversions of Common Units to Common Stock 1,251 278
Changes in accrued capital expenditures [1] (10,180) (20,150)
Write-off of fully depreciated real estate assets 42,817 52,158
Write-off of fully amortized leasing costs 22,739 37,045
Write-off of fully amortized debt issuance costs 1,216 4,158
Adjustment of noncontrolling interests in the Operating Partnership to fair value 42,480 (11,072)
Assumption of mortgages and notes payable related to acquisition activities 0 403,000
Initial recognition of lease liabilities related to right of use assets 0 5,310
Future consideration in connection with the acquisition of land 0 16,000
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities $ 44,400 $ 45,800
[1] Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities at September 30, 2022 and 2021 were $44.4 million and $45.8 million, respectively.