v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Revenues from real estate operations received $ 345,848 $ 339,196
Construction contract and other service revenues received 31,384 41,907
Property operating expenses paid (123,814) (110,893)
Construction contract and other service expenses paid (25,223) (40,710)
General, administrative, leasing and other expenses paid (20,684) (19,613)
Interest expense paid (37,985) (38,334)
Lease incentives paid (12,961) (10,679)
Other 3,407 3,951
Net cash provided by operating activities 159,972 164,825
Cash flows from investing activities    
Properties in development or held for future development (93,224) (66,945)
Acquisitions of operating properties and related intangible assets 0 (15,210)
Tenant improvements on operating properties (26,636) (22,479)
Other capital improvements on operating properties (10,301) (18,555)
Investing receivables funded (9,481) (887)
Leasing costs paid (8,906) (7,994)
Other (25) (172)
Net cash used in investing activities (148,573) (132,242)
Proceeds from debt    
Revolving Credit Facility 191,000 0
Repayments of debt    
Revolving Credit Facility (146,000) 0
Scheduled principal amortization (918) (1,431)
Other debt repayments 0 (27,649)
Common share dividends paid (67,718) (65,335)
Other (4,077) (4,989)
Net cash used in financing activities (27,713) (99,404)
Net decrease in cash and cash equivalents and restricted cash (16,314) (66,821)
Cash and cash equivalents and restricted cash    
Cash and cash equivalents and restricted cash at beginning of period 39,697 169,424
Cash and cash equivalents and restricted cash at end of period 23,383 102,603
Reconciliation of net income to net cash provided by operating activities    
Net income 76,394 70,078
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and other amortization 79,942 77,684
Amortization of deferred financing costs and net debt discounts 3,435 3,403
Change in net deferred rent receivable and liability (10,091) 1,417
Gain on sales of real estate (300) 0
Share-based compensation 5,778 5,209
Other 745 (1,106)
Changes in operating assets and liabilities    
(Increase) decrease in accounts receivable (1,566) 1,862
Decrease in lease incentives and prepaid expenses and other assets, net 19,637 7,510
(Decrease) increase in accounts payable, accrued expenses and other liabilities (13,241) 692
Decrease in rents received in advance and security deposits (761) (1,924)
Net cash provided by operating activities 159,972 164,825
Reconciliation of cash and cash equivalents and restricted cash    
Cash and cash equivalents at beginning of period 38,284 167,820
Restricted cash at beginning of period 1,413 1,604
Cash and cash equivalents and restricted cash at beginning of period 39,697 169,424
Cash and cash equivalents at end of period 21,288 100,443
Restricted cash at end of period 2,095 2,160
Cash and cash equivalents and restricted cash at end of period 23,383 102,603
Supplemental schedule of non-cash investing and financing activities    
Decrease in accrued capital improvements, leasing and other investing activity costs (7,745) (15,180)
Recognition of operating right-of-use assets and related lease liabilities 302 2,055
(Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests (734) 1,539
Dividends/distributions payable 35,214 33,908
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 156 0
Adjustments to noncontrolling interests resulting from changes in CDPLP ownership 862 1,866
Decrease in redeemable noncontrolling interest and increase in equity to adjust for changes in fair value of redeemable noncontrolling interest $ (716) $ (816)