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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 173,557 $ 146,775
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 212,269 204,743
Amortization of deferred financing costs and debt discount 3,283 3,231
Amortization of stock-based compensation 5,870 7,921
Equity in income of, and return on, unconsolidated investments and noncontrolling interests, net of eliminations (5,742) (1,457)
Impairment loss 1,415 2,407
Abandonment of development pursuits 4,245 2,992
Cash flow hedge losses reclassified to earnings 146 354
Gain (loss) on sale of real estate assets 62 (318)
Decrease in prepaid expenses and other assets (3,753) (1,439)
Increase in accrued expenses, other liabilities and accrued interest payable 21,553 30,909
Net cash provided by operating activities 412,905 396,118
Cash flows from investing activities:    
Development/redevelopment of real estate assets including land acquisitions and deferred development costs (207,568) (229,361)
Capital expenditures - existing real estate assets (37,490) (31,281)
Capital expenditures - non-real estate assets (1,200) (3,201)
(Decrease) increase in payables for construction (536) 12,176
Proceeds from sale of real estate and for-sale condominiums, net of selling costs 3,865 3,964
Note receivable lending (20,861) (14,034)
Note receivable payments 57 0
Unconsolidated investments (2,085) (5,602)
Net cash used in investing activities (265,818) (267,339)
Cash flows from financing activities:    
Issuance of common stock, net 365 135
Repurchase of common stock, net 0 (1,129)
Dividends paid (237,005) (223,465)
Repayments of mortgage notes payable, including prepayment penalties (800) (899)
Repayment of unsecured notes 0 (250,000)
Payment of deferred financing costs (218) (662)
Payments related to tax withholding for share-based compensation (16,291) (10,310)
Payments For Redemption Of Noncontrolling Interests, Distribution To Joint Ventures And Preferred Equity Redemption And Dividends (548) (630)
Net cash used in financing activities (254,497) (486,960)
Net decrease in cash, cash equivalents and restricted cash (107,410) (358,181)
Cash, cash equivalents and restricted cash, beginning of period 530,960 734,245
Cash, cash equivalents and restricted cash, end of period 423,550 376,064
Cash paid during the period for interest, net of amount capitalized 37,242 33,814
Supplemental Cash Flow Information [Abstract]    
Cash and cash equivalents 287,892 254,466
Restricted cash 135,658 121,598
Cash, cash equivalents and restricted cash reported in the Condensed Consolidated Statements of Cash Flows $ 423,550 $ 376,064

Source

10-Q PDF
XBRL