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HPI - Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities:    
Net income $ 27,213 $ 44,954
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 73,671 70,633
Amortization of lease incentives and acquisition-related intangible assets and liabilities 351 291
Share-based compensation expense 4,833 4,525
Net credit reversals on operating lease receivables (140) (122)
Accrued interest on mortgages and notes receivable (125) (19)
Amortization of debt issuance costs 1,381 1,161
Amortization of cash flow hedges (62) (75)
Amortization of mortgages and notes payable fair value adjustments 28 (86)
Losses on debt extinguishment 173 0
Net gains on disposition of property (7,209) (450)
Gain on deconsolidation of affiliate 0 (11,778)
Equity in earnings of unconsolidated affiliates (654) (704)
Distributions of earnings from unconsolidated affiliates 977 613
Changes in operating assets and liabilities:    
Accounts receivable (3,651) 1,598
Prepaid expenses and other assets (2,116) (2,840)
Accrued straight-line rents receivable (3,218) (8,678)
Accounts payable, accrued expenses and other liabilities (19,042) (33,354)
Net cash provided by operating activities 72,410 65,669
Investing activities:    
Investments in development in-process (2,558) (9,934)
Investments in tenant improvements and deferred leasing costs (29,088) (21,296)
Investments in building improvements (8,989) (25,815)
Net proceeds from disposition of real estate assets 16,249 1,862
Distributions of capital from unconsolidated affiliates 963 0
Investments in mortgages and notes receivable (6,229) 0
Repayments of mortgages and notes receivable 16 72
Investments in and advances to unconsolidated affiliates (30,869) (16,762)
Changes in earnest money deposits 0 (500)
Changes in other investing activities (1,180) (2,163)
Net cash used in investing activities (61,685) (74,536)
Financing activities:    
Dividends on Common Stock (52,871) (52,621)
Redemptions/repurchases of Preferred Stock 0 (10)
Dividends on Preferred Stock (621) (621)
Distributions to noncontrolling interests in the Operating Partnership (1,076) (1,179)
Proceeds from the issuance of Common Stock 363 553
Costs paid for the issuance of Common Stock 0 (56)
Repurchase of shares related to tax withholdings (1,427) (1,325)
Borrowings on revolving credit facility 75,000 92,000
Repayments of revolving credit facility (25,000) (223,000)
Borrowings on mortgages and notes payable 0 200,000
Repayments of mortgages and notes payable (1,727) (1,654)
Payments for debt issuance costs and other financing activities (7,648) (1,305)
Net cash provided by/(used in) financing activities (15,007) 10,782
Net increase/(decrease) in cash and cash equivalents and restricted cash (4,282) 1,915
Cash from deconsolidation of controlling interest in affiliate 0 (6,386)
Cash and cash equivalents and restricted cash at beginning of the period 31,569 26,105
Cash and cash equivalents and restricted cash at end of the period 27,287 21,634
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents at end of the period 16,422 15,733
Restricted cash at end of the period 10,865 5,901
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 36,772 39,633
Supplemental disclosure of non-cash investing and financing activities:    
Conversions of Common Units to Common Stock 132 0
Changes in accrued capital expenditures [1] 5,734 (4,153)
Write-off of fully depreciated real estate assets 19,549 24,625
Write-off of fully amortized leasing costs 4,691 11,247
Write-off of fully amortized debt issuance costs 4,083 0
Adjustment of noncontrolling interests in the Operating Partnership to fair value 7,479 (11,102)
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities $ 61,300 $ 49,200
[1] Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities as of March 31, 2024 and 2023 were $61.3 million and $49.2 million, respectively.