Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2025 |
Jun. 30, 2024 |
| Cash flows from operating activities: |
|
|
| Net income |
$ 220,202
|
$ 217,587
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
196,309
|
198,553
|
| Amortization of deferred financing costs and debt premiums |
6,922
|
6,232
|
| Amortization of above and below market lease intangibles, net |
(11,414)
|
(12,193)
|
| Stock-based compensation, net of capitalization |
9,864
|
12,539
|
| Equity in income of investments in real estate partnerships |
(28,254)
|
(24,275)
|
| Loss (gain) on sale of real estate, net of tax |
193
|
(22,484)
|
| Provision for impairment of real estate, net of tax |
1,262
|
|
| Loss on early extinguishment of debt |
|
180
|
| Distribution of earnings from investments in real estate partnerships |
34,502
|
32,440
|
| Deferred compensation (income) expense |
(253)
|
2,695
|
| Realized and unrealized gain on investments |
(87)
|
(3,013)
|
| Changes in assets and liabilities: |
|
|
| Tenant and other receivables |
(1,670)
|
(3,565)
|
| Deferred leasing costs |
(8,802)
|
(6,311)
|
| Other assets |
(15,123)
|
(13,793)
|
| Accounts payable and other liabilities |
464
|
(9,776)
|
| Tenants' security, escrow deposits and prepaid rent |
964
|
(3,602)
|
| Net cash provided by operating activities |
405,079
|
371,214
|
| Cash flows from investing activities: |
|
|
| Acquisition of operating real estate, net of cash acquired of $787 in 2025 |
(83,261)
|
(45,208)
|
| Real estate development and capital improvements |
(204,657)
|
(141,775)
|
| Proceeds from sale of real estate |
7,165
|
92,159
|
| Proceeds from property insurance casualty claims |
|
4,638
|
| Issuance of notes receivable |
|
(32,651)
|
| Collection of notes receivable |
180
|
3,004
|
| Investments in real estate partnerships |
(6,217)
|
(8,582)
|
| Return of capital from investments in real estate partnerships |
|
10,038
|
| Dividends on investment securities |
1,081
|
263
|
| Purchase of investment securities |
(96,226)
|
(95,519)
|
| Proceeds from sale of investment securities |
9,242
|
99,490
|
| Net cash used in investing activities |
(372,693)
|
(114,143)
|
| Cash flows from financing activities: |
|
|
| Tax withholding on stock-based compensation |
(6,783)
|
(8,776)
|
| Common shares repurchased through share repurchase program |
|
(200,066)
|
| Repurchase of exchangeable operating partnership units |
(2,046)
|
|
| Proceeds from sale of treasury stock |
462
|
210
|
| Contributions from noncontrolling interests |
8,416
|
3,001
|
| Distributions to and redemptions of noncontrolling interests |
(6,130)
|
(6,254)
|
| Distributions to exchangeable operating partnership unit holders |
(1,546)
|
(1,479)
|
| Dividends paid to common shareholders |
(255,455)
|
(247,138)
|
| Dividends paid to preferred shareholders |
(6,826)
|
(6,825)
|
| Repayment of fixed rate unsecured notes |
|
(250,000)
|
| Proceeds from issuance of fixed rate unsecured notes, net of debt discount |
397,116
|
398,468
|
| Proceeds from unsecured credit facilities |
395,000
|
422,419
|
| Repayment of unsecured credit facilities |
(430,000)
|
(264,419)
|
| Proceeds from notes payable |
10,000
|
|
| Repayment of notes payable |
(32,787)
|
(88,069)
|
| Scheduled principal payments |
(5,060)
|
(6,121)
|
| Payment of financing costs |
(3,812)
|
(13,453)
|
| Net cash provided by (used in) financing activities |
60,549
|
(268,502)
|
| Net increase (decrease) in cash and cash equivalents and restricted cash |
92,935
|
(11,431)
|
| Cash and cash equivalents and restricted cash at beginning of the period |
61,884
|
91,354
|
| Cash and cash equivalents and restricted cash at end of the period |
154,819
|
79,923
|
| Supplemental disclosure of cash flow information: |
|
|
| Cash paid for interest (net of capitalized interest of $4,534 and $3,176 in 2025 and 2024, respectively) |
90,174
|
77,408
|
| Cash paid for income taxes, net of refunds |
387
|
6,405
|
| Supplemental disclosure of non-cash transactions: |
|
|
| Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid |
131,017
|
125,709
|
| Sale of leased asset in exchange for net investment in sales-type lease |
|
2,808
|
| Acquisition of operating real estate / unconsolidated real estate investments: |
|
|
| Reallocation of equity upon acquisition of non-controlling interest |
|
8,694
|
| Change in accrued capital expenditures |
15,244
|
3,094
|
| Stock-based compensation capitalized |
1,254
|
880
|
| Operating Real Estate |
|
|
| Acquisition of operating real estate / unconsolidated real estate investments: |
|
|
| Tenant and other receivable and other assets |
593
|
|
| Acquired lease intangible assets |
9,725
|
|
| Notes payable assumed in acquisition, at fair value |
40,060
|
|
| Intangible liabilities, Accounts payable and other liabilities |
18,945
|
|
| Unconsolidated Real Estate Investments |
|
|
| Acquisition of operating real estate / unconsolidated real estate investments: |
|
|
| Tenant and other receivable and other assets |
941
|
|
| Acquired lease intangible assets |
4,308
|
|
| Notes payable assumed in acquisition, at fair value |
16,749
|
|
| Intangible liabilities, Accounts payable and other liabilities |
1,119
|
|
| Partnership Interest [Member] |
|
|
| Cash flows from operating activities: |
|
|
| Net income |
220,202
|
217,587
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
196,309
|
198,553
|
| Amortization of deferred financing costs and debt premiums |
6,922
|
6,232
|
| Amortization of above and below market lease intangibles, net |
(11,414)
|
(12,193)
|
| Stock-based compensation, net of capitalization |
9,864
|
12,539
|
| Equity in income of investments in real estate partnerships |
(28,254)
|
(24,275)
|
| Loss (gain) on sale of real estate, net of tax |
193
|
(22,484)
|
| Provision for impairment of real estate, net of tax |
1,262
|
|
| Loss on early extinguishment of debt |
|
180
|
| Distribution of earnings from investments in real estate partnerships |
34,502
|
32,440
|
| Deferred compensation (income) expense |
(253)
|
2,695
|
| Realized and unrealized gain on investments |
(87)
|
(3,013)
|
| Changes in assets and liabilities: |
|
|
| Tenant and other receivables |
(1,670)
|
(3,565)
|
| Deferred leasing costs |
(8,802)
|
(6,311)
|
| Other assets |
(15,123)
|
(13,793)
|
| Accounts payable and other liabilities |
464
|
(9,776)
|
| Tenants' security, escrow deposits and prepaid rent |
964
|
(3,602)
|
| Net cash provided by operating activities |
405,079
|
371,214
|
| Cash flows from investing activities: |
|
|
| Acquisition of operating real estate, net of cash acquired of $787 in 2025 |
(83,261)
|
(45,208)
|
| Real estate development and capital improvements |
(204,657)
|
(141,775)
|
| Proceeds from sale of real estate |
7,165
|
92,159
|
| Proceeds from property insurance casualty claims |
|
4,638
|
| Issuance of notes receivable |
|
(32,651)
|
| Collection of notes receivable |
180
|
3,004
|
| Investments in real estate partnerships |
(6,217)
|
(8,582)
|
| Return of capital from investments in real estate partnerships |
|
10,038
|
| Dividends on investment securities |
1,081
|
263
|
| Purchase of investment securities |
(96,226)
|
(95,519)
|
| Proceeds from sale of investment securities |
9,242
|
99,490
|
| Net cash used in investing activities |
(372,693)
|
(114,143)
|
| Cash flows from financing activities: |
|
|
| Tax withholding on stock-based compensation |
(6,783)
|
(8,776)
|
| Common shares repurchased through share repurchase program |
|
(200,066)
|
| Repurchase of exchangeable operating partnership units |
(2,046)
|
|
| Proceeds from sale of treasury stock |
462
|
210
|
| Contributions from noncontrolling interests |
8,416
|
3,001
|
| Distributions to and redemptions of noncontrolling interests |
(6,130)
|
(6,254)
|
| Distributions to partners |
(257,001)
|
(248,617)
|
| Dividends paid to preferred shareholders |
(6,826)
|
(6,825)
|
| Repayment of fixed rate unsecured notes |
|
(250,000)
|
| Proceeds from issuance of fixed rate unsecured notes, net of debt discount |
397,116
|
398,468
|
| Proceeds from unsecured credit facilities |
395,000
|
422,419
|
| Repayment of unsecured credit facilities |
(430,000)
|
(264,419)
|
| Proceeds from notes payable |
10,000
|
|
| Repayment of notes payable |
(32,787)
|
(88,069)
|
| Scheduled principal payments |
(5,060)
|
(6,121)
|
| Payment of financing costs |
(3,812)
|
(13,453)
|
| Net cash provided by (used in) financing activities |
60,549
|
(268,502)
|
| Net increase (decrease) in cash and cash equivalents and restricted cash |
92,935
|
(11,431)
|
| Cash and cash equivalents and restricted cash at beginning of the period |
61,884
|
91,354
|
| Cash and cash equivalents and restricted cash at end of the period |
154,819
|
79,923
|
| Supplemental disclosure of cash flow information: |
|
|
| Cash paid for interest (net of capitalized interest of $4,534 and $3,176 in 2025 and 2024, respectively) |
90,174
|
77,408
|
| Cash paid for income taxes, net of refunds |
387
|
6,405
|
| Supplemental disclosure of non-cash transactions: |
|
|
| Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid |
131,017
|
125,709
|
| Sale of leased asset in exchange for net investment in sales-type lease |
|
2,808
|
| Acquisition of operating real estate / unconsolidated real estate investments: |
|
|
| Change in accrued capital expenditures |
15,244
|
3,094
|
| Stock-based compensation capitalized |
1,254
|
$ 880
|
| Partnership Interest [Member] | Operating Real Estate |
|
|
| Acquisition of operating real estate / unconsolidated real estate investments: |
|
|
| Tenant and other receivable and other assets |
593
|
|
| Acquired lease intangible assets |
9,725
|
|
| Notes payable assumed in acquisition, at fair value |
40,060
|
|
| Intangible liabilities, Accounts payable and other liabilities |
18,945
|
|
| Partnership Interest [Member] | Unconsolidated Real Estate Investments |
|
|
| Acquisition of operating real estate / unconsolidated real estate investments: |
|
|
| Tenant and other receivable and other assets |
941
|
|
| Acquired lease intangible assets |
4,308
|
|
| Notes payable assumed in acquisition, at fair value |
16,749
|
|
| Intangible liabilities, Accounts payable and other liabilities |
$ 1,119
|
|