Maryland | 001-13100 | 56-1871668 | ||||||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
North Carolina | 000-21731 | 56-1869557 | ||||||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Common Stock, $.01 par value, of Highwoods Properties, Inc. | HIW | New York Stock Exchange |
Page | |||||
PART I - FINANCIAL INFORMATION | |||||
ITEM 4. CONTROLS AND PROCEDURES | |||||
PART II - OTHER INFORMATION | |||||
ITEM 6. EXHIBITS |
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||
Real estate assets, at cost: | Real estate assets, at cost: | Real estate assets, at cost: | ||||||||||||||||||||
Land | Land | $ | 532,215 | $ | 549,228 | Land | $ | 548,720 | $ | 549,228 | ||||||||||||
Buildings and tenant improvements | Buildings and tenant improvements | 5,676,352 | 5,718,169 | Buildings and tenant improvements | 5,867,137 | 5,718,169 | ||||||||||||||||
Development in-process | Development in-process | 19,088 | 6,890 | Development in-process | 29,774 | 6,890 | ||||||||||||||||
Land held for development | Land held for development | 238,159 | 215,257 | Land held for development | 231,911 | 215,257 | ||||||||||||||||
6,465,814 | 6,489,544 | 6,677,542 | 6,489,544 | |||||||||||||||||||
Less-accumulated depreciation | Less-accumulated depreciation | (1,522,363) | (1,457,511) | Less-accumulated depreciation | (1,562,374) | (1,457,511) | ||||||||||||||||
Net real estate assets | Net real estate assets | 4,943,451 | 5,032,033 | Net real estate assets | 5,115,168 | 5,032,033 | ||||||||||||||||
Real estate and other assets, net, held for sale | Real estate and other assets, net, held for sale | — | 3,518 | Real estate and other assets, net, held for sale | — | 3,518 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 25,045 | 23,152 | Cash and cash equivalents | 23,055 | 23,152 | ||||||||||||||||
Restricted cash | Restricted cash | 46,623 | 8,046 | Restricted cash | 6,038 | 8,046 | ||||||||||||||||
Accounts receivable | Accounts receivable | 17,938 | 14,002 | Accounts receivable | 24,589 | 14,002 | ||||||||||||||||
Mortgages and notes receivable | Mortgages and notes receivable | 1,153 | 1,227 | Mortgages and notes receivable | 1,103 | 1,227 | ||||||||||||||||
Accrued straight-line rents receivable | Accrued straight-line rents receivable | 277,086 | 268,324 | Accrued straight-line rents receivable | 284,515 | 268,324 | ||||||||||||||||
Investments in and advances to unconsolidated affiliates | Investments in and advances to unconsolidated affiliates | 14,457 | 7,383 | Investments in and advances to unconsolidated affiliates | 88,974 | 7,383 | ||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $155,594 and $143,111, respectively | 243,624 | 258,902 | ||||||||||||||||||||
Prepaid expenses and other assets, net of accumulated depreciation of $19,968 and $21,408, respectively | 112,937 | 78,551 | ||||||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $157,205 and $143,111, respectively | Deferred leasing costs, net of accumulated amortization of $157,205 and $143,111, respectively | 255,831 | 258,902 | |||||||||||||||||||
Prepaid expenses and other assets, net of accumulated depreciation of $20,753 and $21,408, respectively | Prepaid expenses and other assets, net of accumulated depreciation of $20,753 and $21,408, respectively | 71,278 | 78,551 | |||||||||||||||||||
Total Assets | Total Assets | $ | 5,682,314 | $ | 5,695,138 | Total Assets | $ | 5,870,551 | $ | 5,695,138 | ||||||||||||
Liabilities, Noncontrolling Interests in the Operating Partnership and Equity: | Liabilities, Noncontrolling Interests in the Operating Partnership and Equity: | Liabilities, Noncontrolling Interests in the Operating Partnership and Equity: | ||||||||||||||||||||
Mortgages and notes payable, net | Mortgages and notes payable, net | $ | 2,804,314 | $ | 2,788,915 | Mortgages and notes payable, net | $ | 2,973,369 | $ | 2,788,915 | ||||||||||||
Accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities | 271,716 | 294,976 | Accounts payable, accrued expenses and other liabilities | 307,294 | 294,976 | ||||||||||||||||
Total Liabilities | Total Liabilities | 3,076,030 | 3,083,891 | Total Liabilities | 3,280,663 | 3,083,891 | ||||||||||||||||
Commitments and contingencies | Commitments and contingencies | 0 | 0 | Commitments and contingencies | ||||||||||||||||||
Noncontrolling interests in the Operating Partnership | Noncontrolling interests in the Operating Partnership | 84,583 | 111,689 | Noncontrolling interests in the Operating Partnership | 64,219 | 111,689 | ||||||||||||||||
Equity: | Equity: | Equity: | ||||||||||||||||||||
Preferred Stock, $.01 par value, 50,000,000 authorized shares; | Preferred Stock, $.01 par value, 50,000,000 authorized shares; | Preferred Stock, $.01 par value, 50,000,000 authorized shares; | ||||||||||||||||||||
8.625% Series A Cumulative Redeemable Preferred Shares (liquidation preference $1,000 per share), 28,821 shares issued and outstanding | 8.625% Series A Cumulative Redeemable Preferred Shares (liquidation preference $1,000 per share), 28,821 shares issued and outstanding | 28,821 | 28,821 | 8.625% Series A Cumulative Redeemable Preferred Shares (liquidation preference $1,000 per share), 28,821 shares issued and outstanding | 28,821 | 28,821 | ||||||||||||||||
Common Stock, $.01 par value, 200,000,000 authorized shares; | Common Stock, $.01 par value, 200,000,000 authorized shares; | Common Stock, $.01 par value, 200,000,000 authorized shares; | ||||||||||||||||||||
105,184,854 and 104,892,780 shares issued and outstanding, respectively | 1,052 | 1,049 | ||||||||||||||||||||
105,197,658 and 104,892,780 shares issued and outstanding, respectively | 105,197,658 and 104,892,780 shares issued and outstanding, respectively | 1,052 | 1,049 | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 3,065,208 | 3,027,861 | Additional paid-in capital | 3,083,229 | 3,027,861 | ||||||||||||||||
Distributions in excess of net income available for common stockholders | Distributions in excess of net income available for common stockholders | (593,846) | (579,616) | Distributions in excess of net income available for common stockholders | (608,181) | (579,616) | ||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (1,062) | (973) | Accumulated other comprehensive loss | (1,137) | (973) | ||||||||||||||||
Total Stockholders’ Equity | Total Stockholders’ Equity | 2,500,173 | 2,477,142 | Total Stockholders’ Equity | 2,503,784 | 2,477,142 | ||||||||||||||||
Noncontrolling interests in consolidated affiliates | Noncontrolling interests in consolidated affiliates | 21,528 | 22,416 | Noncontrolling interests in consolidated affiliates | 21,885 | 22,416 | ||||||||||||||||
Total Equity | Total Equity | 2,521,701 | 2,499,558 | Total Equity | 2,525,669 | 2,499,558 | ||||||||||||||||
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity | Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity | $ | 5,682,314 | $ | 5,695,138 | Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity | $ | 5,870,551 | $ | 5,695,138 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Rental and other revenues | Rental and other revenues | $ | 203,841 | $ | 185,502 | $ | 410,219 | $ | 369,307 | Rental and other revenues | $ | 206,997 | $ | 195,495 | $ | 617,216 | $ | 564,802 | ||||||||||||||||||||||||||||
Operating expenses: | Operating expenses: | Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Rental property and other expenses | Rental property and other expenses | 62,369 | 56,226 | 123,791 | 112,415 | Rental property and other expenses | 66,334 | 60,567 | 190,125 | 172,982 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 69,742 | 61,949 | 139,409 | 122,876 | Depreciation and amortization | 73,057 | 66,547 | 212,466 | 189,423 | ||||||||||||||||||||||||||||||||||||
Impairments of real estate assets | Impairments of real estate assets | 35,000 | — | 35,000 | — | Impairments of real estate assets | 1,515 | — | 36,515 | — | ||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 9,591 | 10,107 | 23,147 | 20,059 | General and administrative | 9,586 | 10,350 | 32,733 | 30,409 | ||||||||||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 176,702 | 128,282 | 321,347 | 255,350 | Total operating expenses | 150,492 | 137,464 | 471,839 | 392,814 | ||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 25,027 | 19,001 | 49,420 | 38,769 | Interest expense | 26,392 | 21,986 | 75,812 | 60,755 | ||||||||||||||||||||||||||||||||||||
Other income | Other income | 120 | 332 | 483 | 644 | Other income | 138 | 424 | 621 | 1,068 | ||||||||||||||||||||||||||||||||||||
Gains on disposition of property | Gains on disposition of property | 50,044 | 22,862 | 54,144 | 41,799 | Gains on disposition of property | 9,402 | 38,572 | 63,546 | 80,371 | ||||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | Equity in earnings of unconsolidated affiliates | 326 | 431 | 626 | 1,068 | Equity in earnings of unconsolidated affiliates | 457 | 546 | 1,083 | 1,614 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | 52,602 | 61,844 | 94,705 | 118,699 | Net income | 40,110 | 75,587 | 134,815 | 194,286 | ||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | Net (income) attributable to noncontrolling interests in the Operating Partnership | (1,203) | (1,624) | (2,168) | (3,117) | Net (income) attributable to noncontrolling interests in the Operating Partnership | (881) | (1,967) | (3,049) | (5,084) | ||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | Net (income) attributable to noncontrolling interests in consolidated affiliates | (266) | (294) | (523) | (575) | Net (income) attributable to noncontrolling interests in consolidated affiliates | (357) | (894) | (880) | (1,469) | ||||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock | Dividends on Preferred Stock | (622) | (621) | (1,243) | (1,243) | Dividends on Preferred Stock | (621) | (621) | (1,864) | (1,864) | ||||||||||||||||||||||||||||||||||||
Net income available for common stockholders | Net income available for common stockholders | $ | 50,511 | $ | 59,305 | $ | 90,771 | $ | 113,764 | Net income available for common stockholders | $ | 38,251 | $ | 72,105 | $ | 129,022 | $ | 185,869 | ||||||||||||||||||||||||||||
Earnings per Common Share – basic: | Earnings per Common Share – basic: | Earnings per Common Share – basic: | ||||||||||||||||||||||||||||||||||||||||||||
Net income available for common stockholders | Net income available for common stockholders | $ | 0.48 | $ | 0.57 | $ | 0.86 | $ | 1.09 | Net income available for common stockholders | $ | 0.36 | $ | 0.69 | $ | 1.23 | $ | 1.79 | ||||||||||||||||||||||||||||
Weighted average Common Shares outstanding – basic | Weighted average Common Shares outstanding – basic | 105,163 | 104,106 | 105,049 | 104,035 | Weighted average Common Shares outstanding – basic | 105,184 | 104,277 | 105,094 | 104,117 | ||||||||||||||||||||||||||||||||||||
Earnings per Common Share – diluted: | Earnings per Common Share – diluted: | Earnings per Common Share – diluted: | ||||||||||||||||||||||||||||||||||||||||||||
Net income available for common stockholders | Net income available for common stockholders | $ | 0.48 | $ | 0.57 | $ | 0.86 | $ | 1.09 | Net income available for common stockholders | $ | 0.36 | $ | 0.69 | $ | 1.23 | $ | 1.79 | ||||||||||||||||||||||||||||
Weighted average Common Shares outstanding – diluted | Weighted average Common Shares outstanding – diluted | 107,654 | 106,964 | 107,554 | 106,887 | Weighted average Common Shares outstanding – diluted | 107,601 | 107,139 | 107,570 | 106,972 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 52,602 | $ | 61,844 | $ | 94,705 | $ | 118,699 | Net income | $ | 40,110 | $ | 75,587 | $ | 134,815 | $ | 194,286 | ||||||||||||||||||||||||||||
Other comprehensive income/(loss): | Other comprehensive income/(loss): | Other comprehensive income/(loss): | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized losses on cash flow hedges | Unrealized losses on cash flow hedges | — | (11) | — | (11) | Unrealized losses on cash flow hedges | — | (6) | — | (17) | ||||||||||||||||||||||||||||||||||||
Amortization of cash flow hedges | Amortization of cash flow hedges | (74) | 126 | (89) | 248 | Amortization of cash flow hedges | (75) | 129 | (164) | 377 | ||||||||||||||||||||||||||||||||||||
Total other comprehensive income/(loss) | Total other comprehensive income/(loss) | (74) | 115 | (89) | 237 | Total other comprehensive income/(loss) | (75) | 123 | (164) | 360 | ||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 52,528 | 61,959 | 94,616 | 118,936 | Total comprehensive income | 40,035 | 75,710 | 134,651 | 194,646 | ||||||||||||||||||||||||||||||||||||
Less-comprehensive (income) attributable to noncontrolling interests | Less-comprehensive (income) attributable to noncontrolling interests | (1,469) | (1,918) | (2,691) | (3,692) | Less-comprehensive (income) attributable to noncontrolling interests | (1,238) | (2,861) | (3,929) | (6,553) | ||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to common stockholders | Comprehensive income attributable to common stockholders | $ | 51,059 | $ | 60,041 | $ | 91,925 | $ | 115,244 | Comprehensive income attributable to common stockholders | $ | 38,797 | $ | 72,849 | $ | 130,722 | $ | 188,093 |
Three Months Ended June 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Common Shares | Common Stock | Series A Cumulative Redeemable Preferred Shares | Additional Paid-In Capital | Accumulated Other Compre-hensive Loss | Non-controlling Interests in Consolidated Affiliates | Distributions in Excess of Net Income Available for Common Stockholders | Total | Number of Common Shares | Common Stock | Series A Cumulative Redeemable Preferred Shares | Additional Paid-In Capital | Accumulated Other Compre-hensive Loss | Non-controlling Interests in Consolidated Affiliates | Distributions in Excess of Net Income Available for Common Stockholders | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 105,143,984 | $ | 1,051 | $ | 28,821 | $ | 3,034,155 | $ | (988) | $ | 21,262 | $ | (591,780) | $ | 2,492,521 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | 105,184,854 | $ | 1,052 | $ | 28,821 | $ | 3,065,208 | $ | (1,062) | $ | 21,528 | $ | (593,846) | $ | 2,521,701 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings | Issuances of Common Stock, net of issuance costs and tax withholdings | 9,537 | 1 | — | 261 | — | — | — | 262 | Issuances of Common Stock, net of issuance costs and tax withholdings | 13,583 | — | — | 362 | — | — | — | 362 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversions of Common Units to Common Stock | 30,909 | 1,251 | 1,251 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on Common Stock ($0.50 per share) | Dividends on Common Stock ($0.50 per share) | — | — | — | — | — | (52,577) | (52,577) | Dividends on Common Stock ($0.50 per share) | — | — | — | — | — | (52,586) | (52,586) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock ($21.5625 per share) | Dividends on Preferred Stock ($21.5625 per share) | — | — | — | — | — | (622) | (622) | Dividends on Preferred Stock ($21.5625 per share) | — | — | — | — | — | (621) | (621) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | Adjustment of noncontrolling interests in the Operating Partnership to fair value | — | — | 28,696 | — | — | — | 28,696 | Adjustment of noncontrolling interests in the Operating Partnership to fair value | — | — | 16,952 | — | — | — | 16,952 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances of restricted stock | 424 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | Share-based compensation expense, net of forfeitures | — | — | — | 845 | — | — | — | 845 | Share-based compensation expense, net of forfeitures | (779) | — | — | 707 | — | — | — | 707 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | (1,203) | (1,203) | Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | (881) | (881) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | Net (income) attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | 266 | (266) | — | Net (income) attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | 357 | (357) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 52,602 | 52,602 | Net income | — | — | — | — | — | 40,110 | 40,110 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | (74) | — | — | (74) | Other comprehensive loss | — | — | — | (75) | — | — | (75) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 52,528 | Total comprehensive income | 40,035 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 105,184,854 | $ | 1,052 | $ | 28,821 | $ | 3,065,208 | $ | (1,062) | $ | 21,528 | $ | (593,846) | $ | 2,521,701 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | 105,197,658 | $ | 1,052 | $ | 28,821 | $ | 3,083,229 | $ | (1,137) | $ | 21,885 | $ | (608,181) | $ | 2,525,669 |
Six Months Ended June 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Common Shares | Common Stock | Series A Cumulative Redeemable Preferred Shares | Additional Paid-In Capital | Accumulated Other Compre-hensive Loss | Non-controlling Interests in Consolidated Affiliates | Distributions in Excess of Net Income Available for Common Stockholders | Total | Number of Common Shares | Common Stock | Series A Cumulative Redeemable Preferred Shares | Additional Paid-In Capital | Accumulated Other Compre-hensive Loss | Non-controlling Interests in Consolidated Affiliates | Distributions in Excess of Net Income Available for Common Stockholders | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | Balance at December 31, 2021 | 104,892,780 | $ | 1,049 | $ | 28,821 | $ | 3,027,861 | $ | (973) | $ | 22,416 | $ | (579,616) | $ | 2,499,558 | Balance at December 31, 2021 | 104,892,780 | $ | 1,049 | $ | 28,821 | $ | 3,027,861 | $ | (973) | $ | 22,416 | $ | (579,616) | $ | 2,499,558 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings | Issuances of Common Stock, net of issuance costs and tax withholdings | 79,358 | 1 | — | 4,434 | — | — | — | 4,435 | Issuances of Common Stock, net of issuance costs and tax withholdings | 92,941 | 1 | — | 4,796 | — | — | — | 4,797 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversions of Common Units to Common Stock | Conversions of Common Units to Common Stock | 30,909 | 1,251 | 1,251 | Conversions of Common Units to Common Stock | 30,909 | 1,251 | 1,251 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on Common Stock ($1.00 per share) | — | — | — | — | — | (105,001) | (105,001) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock ($43.125 per share) | — | — | — | — | — | (1,243) | (1,243) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on Common Stock ($1.50 per share) | Dividends on Common Stock ($1.50 per share) | — | — | — | — | — | (157,587) | (157,587) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock ($64.6875 per share) | Dividends on Preferred Stock ($64.6875 per share) | — | — | — | — | — | (1,864) | (1,864) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | Adjustment of noncontrolling interests in the Operating Partnership to fair value | — | — | 25,528 | — | — | — | 25,528 | Adjustment of noncontrolling interests in the Operating Partnership to fair value | — | — | 42,480 | — | — | — | 42,480 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | (1,411) | — | (1,411) | Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | (1,411) | — | (1,411) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances of restricted stock | Issuances of restricted stock | 181,807 | — | — | — | — | — | — | — | Issuances of restricted stock | 181,807 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | Share-based compensation expense, net of forfeitures | — | 2 | — | 6,134 | — | — | — | 6,136 | Share-based compensation expense, net of forfeitures | (779) | 2 | — | 6,841 | — | — | — | 6,843 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | (2,168) | (2,168) | Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | (3,049) | (3,049) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | Net (income) attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | 523 | (523) | — | Net (income) attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | 880 | (880) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 94,705 | 94,705 | Net income | — | — | — | — | — | 134,815 | 134,815 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | (89) | — | — | (89) | Other comprehensive loss | — | — | — | (164) | — | — | (164) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 94,616 | Total comprehensive income | 134,651 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 105,184,854 | $ | 1,052 | $ | 28,821 | $ | 3,065,208 | $ | (1,062) | $ | 21,528 | $ | (593,846) | $ | 2,521,701 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | 105,197,658 | $ | 1,052 | $ | 28,821 | $ | 3,083,229 | $ | (1,137) | $ | 21,885 | $ | (608,181) | $ | 2,525,669 |
Three Months Ended June 30, 2021 | Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Common Shares | Common Stock | Series A Cumulative Redeemable Preferred Shares | Additional Paid-In Capital | Accumulated Other Compre-hensive Loss | Non-controlling Interests in Consolidated Affiliates | Distributions in Excess of Net Income Available for Common Stockholders | Total | Number of Common Shares | Common Stock | Series A Cumulative Redeemable Preferred Shares | Additional Paid-In Capital | Accumulated Other Compre-hensive Loss | Non-controlling Interests in Consolidated Affiliates | Distributions in Excess of Net Income Available for Common Stockholders | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 104,055,152 | $ | 1,041 | $ | 28,826 | $ | 2,986,462 | $ | (1,340) | $ | 21,545 | $ | (681,613) | $ | 2,354,921 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | Balance at June 30, 2021 | 104,209,513 | $ | 1,042 | $ | 28,821 | $ | 2,989,405 | $ | (1,225) | $ | 21,839 | $ | (672,239) | $ | 2,367,643 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings | Issuances of Common Stock, net of issuance costs and tax withholdings | 158,188 | 1 | — | 7,094 | — | — | — | 7,095 | Issuances of Common Stock, net of issuance costs and tax withholdings | 168,311 | 2 | — | 7,506 | — | — | — | 7,508 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversions of Common Units to Common Stock | Conversions of Common Units to Common Stock | 1,000 | — | — | 44 | — | — | — | 44 | Conversions of Common Units to Common Stock | 5,238 | — | — | 234 | — | — | — | 234 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on Common Stock ($0.48 per share) | — | — | — | — | — | (49,931) | (49,931) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on Common Stock ($0.50 per share) | Dividends on Common Stock ($0.50 per share) | — | — | — | — | — | (52,120) | (52,120) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock ($21.5625 per share) | Dividends on Preferred Stock ($21.5625 per share) | — | — | — | — | — | (621) | (621) | Dividends on Preferred Stock ($21.5625 per share) | — | — | — | — | — | (621) | (621) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | Adjustment of noncontrolling interests in the Operating Partnership to fair value | — | — | (6,068) | — | — | — | (6,068) | Adjustment of noncontrolling interests in the Operating Partnership to fair value | — | — | 4,262 | — | — | — | 4,262 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | (560) | — | (560) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances of restricted stock | 1,484 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemptions/repurchases of Preferred Stock | — | (5) | — | — | — | — | (5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | Share-based compensation expense, net of forfeitures | (6,311) | — | — | 1,873 | — | — | — | 1,873 | Share-based compensation expense, net of forfeitures | — | — | — | 1,896 | — | — | — | 1,896 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | (1,624) | (1,624) | Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | (1,967) | (1,967) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | Net (income) attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | 294 | (294) | — | Net (income) attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | 894 | (894) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 61,844 | 61,844 | Net income | — | — | — | — | — | 75,587 | 75,587 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | — | — | — | 115 | — | — | 115 | Other comprehensive income | — | — | — | 123 | — | — | 123 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 61,959 | Total comprehensive income | 75,710 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 104,209,513 | $ | 1,042 | $ | 28,821 | $ | 2,989,405 | $ | (1,225) | $ | 21,839 | $ | (672,239) | $ | 2,367,643 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | Balance at September 30, 2021 | 104,383,062 | $ | 1,044 | $ | 28,821 | $ | 3,003,303 | $ | (1,102) | $ | 22,173 | $ | (652,254) | $ | 2,401,985 |
Six Months Ended June 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Common Shares | Common Stock | Series A Cumulative Redeemable Preferred Shares | Additional Paid-In Capital | Accumulated Other Compre-hensive Loss | Non-controlling Interests in Consolidated Affiliates | Distributions in Excess of Net Income Available for Common Stockholders | Total | Number of Common Shares | Common Stock | Series A Cumulative Redeemable Preferred Shares | Additional Paid-In Capital | Accumulated Other Compre-hensive Loss | Non-controlling Interests in Consolidated Affiliates | Distributions in Excess of Net Income Available for Common Stockholders | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | Balance at December 31, 2020 | 103,921,546 | $ | 1,039 | $ | 28,826 | $ | 2,993,946 | $ | (1,462) | $ | 22,046 | $ | (686,225) | $ | 2,358,170 | Balance at December 31, 2020 | 103,921,546 | $ | 1,039 | $ | 28,826 | $ | 2,993,946 | $ | (1,462) | $ | 22,046 | $ | (686,225) | $ | 2,358,170 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings | Issuances of Common Stock, net of issuance costs and tax withholdings | 109,130 | 1 | — | 5,896 | — | — | — | 5,897 | Issuances of Common Stock, net of issuance costs and tax withholdings | 277,441 | 3 | — | 13,402 | — | — | — | 13,405 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversions of Common Units to Common Stock | Conversions of Common Units to Common Stock | 1,000 | — | — | 44 | — | — | — | 44 | Conversions of Common Units to Common Stock | 6,238 | — | — | 278 | — | — | — | 278 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on Common Stock ($0.96 per share) | — | — | — | — | — | (99,778) | (99,778) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock ($43.125 per share) | — | — | — | — | — | (1,243) | (1,243) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on Common Stock ($1.46 per share) | Dividends on Common Stock ($1.46 per share) | — | — | — | — | — | (151,898) | (151,898) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock ($64.6875 per share) | Dividends on Preferred Stock ($64.6875 per share) | — | — | — | — | — | (1,864) | (1,864) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | Adjustment of noncontrolling interests in the Operating Partnership to fair value | — | — | (15,334) | — | — | — | (15,334) | Adjustment of noncontrolling interests in the Operating Partnership to fair value | — | — | (11,072) | — | — | — | (11,072) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | (782) | — | (782) | Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | (1,342) | — | (1,342) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances of restricted stock | Issuances of restricted stock | 184,584 | — | — | — | — | — | — | — | Issuances of restricted stock | 184,584 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemptions/repurchases of Preferred Stock | Redemptions/repurchases of Preferred Stock | — | (5) | — | — | — | — | (5) | Redemptions/repurchases of Preferred Stock | — | (5) | — | — | — | — | (5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | Share-based compensation expense, net of forfeitures | (6,747) | 2 | — | 4,853 | — | — | — | 4,855 | Share-based compensation expense, net of forfeitures | (6,747) | 2 | — | 6,749 | — | — | — | 6,751 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | (3,117) | (3,117) | Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | (5,084) | (5,084) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | Net (income) attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | 575 | (575) | — | Net (income) attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | 1,469 | (1,469) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 118,699 | 118,699 | Net income | — | — | — | — | — | 194,286 | 194,286 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | — | — | — | 237 | — | — | 237 | Other comprehensive income | — | — | — | 360 | — | — | 360 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 118,936 | Total comprehensive income | 194,646 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 104,209,513 | $ | 1,042 | $ | 28,821 | $ | 2,989,405 | $ | (1,225) | $ | 21,839 | $ | (672,239) | $ | 2,367,643 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | Balance at September 30, 2021 | 104,383,062 | $ | 1,044 | $ | 28,821 | $ | 3,003,303 | $ | (1,102) | $ | 22,173 | $ | (652,254) | $ | 2,401,985 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Operating activities: | Operating activities: | Operating activities: | ||||||||||||||||||||
Net income | Net income | $ | 94,705 | $ | 118,699 | Net income | $ | 134,815 | $ | 194,286 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 139,409 | 122,876 | Depreciation and amortization | 212,466 | 189,423 | ||||||||||||||||
Amortization of lease incentives and acquisition-related intangible assets and liabilities | Amortization of lease incentives and acquisition-related intangible assets and liabilities | (166) | (1,439) | Amortization of lease incentives and acquisition-related intangible assets and liabilities | (342) | (1,770) | ||||||||||||||||
Share-based compensation expense | Share-based compensation expense | 6,136 | 4,855 | Share-based compensation expense | 6,843 | 6,751 | ||||||||||||||||
Net credit losses/(reversals) on operating lease receivables | Net credit losses/(reversals) on operating lease receivables | 2,625 | (489) | Net credit losses/(reversals) on operating lease receivables | 3,167 | (60) | ||||||||||||||||
Accrued interest on mortgages and notes receivable | Accrued interest on mortgages and notes receivable | (46) | (54) | Accrued interest on mortgages and notes receivable | (67) | (79) | ||||||||||||||||
Amortization of debt issuance costs | Amortization of debt issuance costs | 2,040 | 1,661 | Amortization of debt issuance costs | 3,096 | 2,963 | ||||||||||||||||
Amortization of cash flow hedges | Amortization of cash flow hedges | (89) | 248 | Amortization of cash flow hedges | (164) | 377 | ||||||||||||||||
Amortization of mortgages and notes payable fair value adjustments | Amortization of mortgages and notes payable fair value adjustments | (41) | 776 | Amortization of mortgages and notes payable fair value adjustments | (60) | 882 | ||||||||||||||||
Impairments of real estate assets | Impairments of real estate assets | 35,000 | — | Impairments of real estate assets | 36,515 | — | ||||||||||||||||
Losses on debt extinguishment | Losses on debt extinguishment | — | 134 | Losses on debt extinguishment | — | 134 | ||||||||||||||||
Net gains on disposition of property | Net gains on disposition of property | (54,144) | (41,799) | Net gains on disposition of property | (63,546) | (80,371) | ||||||||||||||||
Equity in earnings of unconsolidated affiliates | Equity in earnings of unconsolidated affiliates | (626) | (1,068) | Equity in earnings of unconsolidated affiliates | (1,083) | (1,614) | ||||||||||||||||
Distributions of earnings from unconsolidated affiliates | Distributions of earnings from unconsolidated affiliates | 598 | 1,402 | Distributions of earnings from unconsolidated affiliates | 606 | 1,410 | ||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||
Accounts receivable | Accounts receivable | (3,758) | 6,694 | Accounts receivable | (11,454) | 5,753 | ||||||||||||||||
Prepaid expenses and other assets | Prepaid expenses and other assets | (6,534) | (5,642) | Prepaid expenses and other assets | (2,150) | (1,210) | ||||||||||||||||
Accrued straight-line rents receivable | Accrued straight-line rents receivable | (13,053) | (7,638) | Accrued straight-line rents receivable | (20,558) | (13,734) | ||||||||||||||||
Accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities | (158) | (1,801) | Accounts payable, accrued expenses and other liabilities | 21,795 | 6,077 | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 201,898 | 197,415 | Net cash provided by operating activities | 319,879 | 309,218 | ||||||||||||||||
Investing activities: | Investing activities: | Investing activities: | ||||||||||||||||||||
Investments in acquired real estate and related intangible assets, net of cash acquired | Investments in acquired real estate and related intangible assets, net of cash acquired | (26,977) | (120) | Investments in acquired real estate and related intangible assets, net of cash acquired | (224,934) | (270,160) | ||||||||||||||||
Investments in development in-process | Investments in development in-process | (20,869) | (54,365) | Investments in development in-process | (26,220) | (65,333) | ||||||||||||||||
Investments in tenant improvements and deferred leasing costs | Investments in tenant improvements and deferred leasing costs | (60,661) | (44,827) | Investments in tenant improvements and deferred leasing costs | (90,910) | (68,197) | ||||||||||||||||
Investments in building improvements | Investments in building improvements | (26,528) | (24,109) | Investments in building improvements | (45,289) | (34,452) | ||||||||||||||||
Investment in acquired controlling interest in unconsolidated affiliate | Investment in acquired controlling interest in unconsolidated affiliate | — | (127,339) | Investment in acquired controlling interest in unconsolidated affiliate | — | (127,339) | ||||||||||||||||
Net proceeds from disposition of real estate assets | Net proceeds from disposition of real estate assets | 107,362 | 71,501 | Net proceeds from disposition of real estate assets | 130,038 | 187,964 | ||||||||||||||||
Investments in mortgages and notes receivable | Investments in mortgages and notes receivable | (24) | (23) | Investments in mortgages and notes receivable | (24) | (56) | ||||||||||||||||
Repayments of mortgages and notes receivable | Repayments of mortgages and notes receivable | 144 | 154 | Repayments of mortgages and notes receivable | 215 | 229 | ||||||||||||||||
Investments in and advances to unconsolidated affiliates | Investments in and advances to unconsolidated affiliates | (7,500) | — | Investments in and advances to unconsolidated affiliates | (81,693) | — | ||||||||||||||||
Payments of earnest money deposits | Payments of earnest money deposits | (37,500) | (55,000) | Payments of earnest money deposits | (3,000) | — | ||||||||||||||||
Changes in other investing activities | Changes in other investing activities | 2,684 | 5,711 | Changes in other investing activities | 224 | 4,119 | ||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (69,869) | (228,417) | Net cash used in investing activities | (341,593) | (373,225) | ||||||||||||||||
Financing activities: | Financing activities: | Financing activities: | ||||||||||||||||||||
Dividends on Common Stock | Dividends on Common Stock | (105,001) | (99,778) | Dividends on Common Stock | (157,587) | (151,898) | ||||||||||||||||
Redemptions/repurchases of Preferred Stock | Redemptions/repurchases of Preferred Stock | — | (5) | Redemptions/repurchases of Preferred Stock | — | (5) | ||||||||||||||||
Redemptions of Common Units | Redemptions of Common Units | (3,101) | — | |||||||||||||||||||
Dividends on Preferred Stock | Dividends on Preferred Stock | (1,243) | (1,243) | Dividends on Preferred Stock | (1,864) | (1,864) | ||||||||||||||||
Distributions to noncontrolling interests in the Operating Partnership | Distributions to noncontrolling interests in the Operating Partnership | (2,495) | (2,726) | Distributions to noncontrolling interests in the Operating Partnership | (3,687) | (4,144) | ||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | Distributions to noncontrolling interests in consolidated affiliates | (1,411) | (782) | Distributions to noncontrolling interests in consolidated affiliates | (1,411) | (1,342) | ||||||||||||||||
Proceeds from the issuance of Common Stock | Proceeds from the issuance of Common Stock | 6,839 | 7,763 | Proceeds from the issuance of Common Stock | 7,200 | 15,453 | ||||||||||||||||
Costs paid for the issuance of Common Stock | Costs paid for the issuance of Common Stock | (248) | (185) | Costs paid for the issuance of Common Stock | (247) | (355) | ||||||||||||||||
Repurchase of shares related to tax withholdings | Repurchase of shares related to tax withholdings | (2,156) | (1,681) | Repurchase of shares related to tax withholdings | (2,156) | (1,693) | ||||||||||||||||
Borrowings on revolving credit facility | Borrowings on revolving credit facility | 145,000 | 230,000 | Borrowings on revolving credit facility | 275,000 | 310,000 | ||||||||||||||||
Repayments of revolving credit facility | Repayments of revolving credit facility | (125,000) | (75,000) | Repayments of revolving credit facility | (235,000) | (175,000) | ||||||||||||||||
Borrowings on mortgages and notes payable | Borrowings on mortgages and notes payable | 200,000 | — | Borrowings on mortgages and notes payable | 350,000 | 200,000 | ||||||||||||||||
Repayments of mortgages and notes payable | Repayments of mortgages and notes payable | (203,187) | (151,006) | Repayments of mortgages and notes payable | (204,807) | (264,212) | ||||||||||||||||
Changes in debt issuance costs and other financing activities | Changes in debt issuance costs and other financing activities | (2,657) | (5,166) | Changes in debt issuance costs and other financing activities | (2,731) | (9,279) | ||||||||||||||||
Net cash used in financing activities | (91,559) | (99,809) | ||||||||||||||||||||
Net increase/(decrease) in cash and cash equivalents and restricted cash | $ | 40,470 | $ | (130,811) | ||||||||||||||||||
Net cash provided by/(used in) financing activities | Net cash provided by/(used in) financing activities | 19,609 | (84,339) | |||||||||||||||||||
Net decrease in cash and cash equivalents and restricted cash | Net decrease in cash and cash equivalents and restricted cash | $ | (2,105) | $ | (148,346) |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Net increase/(decrease) in cash and cash equivalents and restricted cash | $ | 40,470 | $ | (130,811) | ||||||||||||||||||
Net decrease in cash and cash equivalents and restricted cash | 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 | Cash and cash equivalents and restricted cash at beginning of the period | 31,198 | 189,244 | 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 | Cash and cash equivalents and restricted cash at end of the period | $ | 71,668 | $ | 58,433 | Cash and cash equivalents and restricted cash at end of the period | $ | 29,093 | $ | 40,898 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Cash and cash equivalents at end of the period | Cash and cash equivalents at end of the period | $ | 25,045 | $ | 6,535 | Cash and cash equivalents at end of the period | $ | 23,055 | $ | 27,871 | ||||||||||||
Restricted cash at end of the period | Restricted cash at end of the period | 46,623 | 51,898 | Restricted cash at end of the period | 6,038 | 13,027 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of the period | Cash and cash equivalents and restricted cash at end of the period | $ | 71,668 | $ | 58,433 | Cash and cash equivalents and restricted cash at end of the period | $ | 29,093 | $ | 40,898 |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash paid for interest, net of amounts capitalized | $ | 47,762 | $ | 36,071 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash paid for interest, net of amounts capitalized | $ | 82,908 | $ | 66,457 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Unrealized losses on cash flow hedges | Unrealized losses on cash flow hedges | $ | — | $ | (11) | Unrealized losses on cash flow hedges | $ | — | $ | (17) | ||||||||||||
Conversions of Common Units to Common Stock | Conversions of Common Units to Common Stock | 1,251 | 44 | Conversions of Common Units to Common Stock | 1,251 | 278 | ||||||||||||||||
Changes in accrued capital expenditures (1) | Changes in accrued capital expenditures (1) | (20,066) | (23,599) | Changes in accrued capital expenditures (1) | (10,180) | (20,150) | ||||||||||||||||
Write-off of fully depreciated real estate assets | Write-off of fully depreciated real estate assets | 21,827 | 36,798 | Write-off of fully depreciated real estate assets | 42,817 | 52,158 | ||||||||||||||||
Write-off of fully amortized leasing costs | Write-off of fully amortized leasing costs | 11,628 | 28,575 | Write-off of fully amortized leasing costs | 22,739 | 37,045 | ||||||||||||||||
Write-off of fully amortized debt issuance costs | Write-off of fully amortized debt issuance costs | 1,216 | 4,158 | Write-off of fully amortized debt issuance costs | 1,216 | 4,158 | ||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | Adjustment of noncontrolling interests in the Operating Partnership to fair value | (25,528) | 15,334 | 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 | Assumption of mortgages and notes payable related to acquisition activities | — | 403,000 | |||||||||||||||||||
Initial recognition of lease liabilities related to right of use assets | Initial recognition of lease liabilities related to right of use assets | — | 5,310 | |||||||||||||||||||
Future consideration in connection with the acquisition of land | Future consideration in connection with the acquisition of land | — | 16,000 | Future consideration in connection with the acquisition of land | — | 16,000 |
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||
Real estate assets, at cost: | Real estate assets, at cost: | Real estate assets, at cost: | ||||||||||||||||||||
Land | Land | $ | 532,215 | $ | 549,228 | Land | $ | 548,720 | $ | 549,228 | ||||||||||||
Buildings and tenant improvements | Buildings and tenant improvements | 5,676,352 | 5,718,169 | Buildings and tenant improvements | 5,867,137 | 5,718,169 | ||||||||||||||||
Development in-process | Development in-process | 19,088 | 6,890 | Development in-process | 29,774 | 6,890 | ||||||||||||||||
Land held for development | Land held for development | 238,159 | 215,257 | Land held for development | 231,911 | 215,257 | ||||||||||||||||
6,465,814 | 6,489,544 | 6,677,542 | 6,489,544 | |||||||||||||||||||
Less-accumulated depreciation | Less-accumulated depreciation | (1,522,363) | (1,457,511) | Less-accumulated depreciation | (1,562,374) | (1,457,511) | ||||||||||||||||
Net real estate assets | Net real estate assets | 4,943,451 | 5,032,033 | Net real estate assets | 5,115,168 | 5,032,033 | ||||||||||||||||
Real estate and other assets, net, held for sale | Real estate and other assets, net, held for sale | — | 3,518 | Real estate and other assets, net, held for sale | — | 3,518 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 25,045 | 23,152 | Cash and cash equivalents | 23,055 | 23,152 | ||||||||||||||||
Restricted cash | Restricted cash | 46,623 | 8,046 | Restricted cash | 6,038 | 8,046 | ||||||||||||||||
Accounts receivable | Accounts receivable | 17,938 | 14,002 | Accounts receivable | 24,589 | 14,002 | ||||||||||||||||
Mortgages and notes receivable | Mortgages and notes receivable | 1,153 | 1,227 | Mortgages and notes receivable | 1,103 | 1,227 | ||||||||||||||||
Accrued straight-line rents receivable | Accrued straight-line rents receivable | 277,086 | 268,324 | Accrued straight-line rents receivable | 284,515 | 268,324 | ||||||||||||||||
Investments in and advances to unconsolidated affiliates | Investments in and advances to unconsolidated affiliates | 14,457 | 7,383�� | Investments in and advances to unconsolidated affiliates | 88,974 | 7,383 | ||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $155,594 and $143,111, respectively | 243,624 | 258,902 | ||||||||||||||||||||
Prepaid expenses and other assets, net of accumulated depreciation of $19,968 and $21,408, respectively | 112,937 | 78,551 | ||||||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $157,205 and $143,111, respectively | Deferred leasing costs, net of accumulated amortization of $157,205 and $143,111, respectively | 255,831 | 258,902 | |||||||||||||||||||
Prepaid expenses and other assets, net of accumulated depreciation of $20,753 and $21,408, respectively | Prepaid expenses and other assets, net of accumulated depreciation of $20,753 and $21,408, respectively | 71,278 | 78,551 | |||||||||||||||||||
Total Assets | Total Assets | $ | 5,682,314 | $ | 5,695,138 | Total Assets | $ | 5,870,551 | $ | 5,695,138 | ||||||||||||
Liabilities, Redeemable Operating Partnership Units and Capital: | Liabilities, Redeemable Operating Partnership Units and Capital: | Liabilities, Redeemable Operating Partnership Units and Capital: | ||||||||||||||||||||
Mortgages and notes payable, net | Mortgages and notes payable, net | $ | 2,804,314 | $ | 2,788,915 | Mortgages and notes payable, net | $ | 2,973,369 | $ | 2,788,915 | ||||||||||||
Accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities | 271,716 | 294,976 | Accounts payable, accrued expenses and other liabilities | 307,294 | 294,976 | ||||||||||||||||
Total Liabilities | Total Liabilities | 3,076,030 | 3,083,891 | Total Liabilities | 3,280,663 | 3,083,891 | ||||||||||||||||
Commitments and contingencies | Commitments and contingencies | 0 | 0 | Commitments and contingencies | ||||||||||||||||||
Redeemable Operating Partnership Units: | Redeemable Operating Partnership Units: | Redeemable Operating Partnership Units: | ||||||||||||||||||||
Common Units, 2,473,896 and 2,504,805 outstanding, respectively | 84,583 | 111,689 | ||||||||||||||||||||
Common Units, 2,382,009 and 2,504,805 outstanding, respectively | Common Units, 2,382,009 and 2,504,805 outstanding, respectively | 64,219 | 111,689 | |||||||||||||||||||
Series A Preferred Units (liquidation preference $1,000 per unit), 28,821 units issued and outstanding | Series A Preferred Units (liquidation preference $1,000 per unit), 28,821 units issued and outstanding | 28,821 | 28,821 | Series A Preferred Units (liquidation preference $1,000 per unit), 28,821 units issued and outstanding | 28,821 | 28,821 | ||||||||||||||||
Total Redeemable Operating Partnership Units | Total Redeemable Operating Partnership Units | 113,404 | 140,510 | Total Redeemable Operating Partnership Units | 93,040 | 140,510 | ||||||||||||||||
Capital: | Capital: | Capital: | ||||||||||||||||||||
Common Units: | Common Units: | Common Units: | ||||||||||||||||||||
General partner Common Units, 1,072,499 and 1,069,888 outstanding, respectively | 24,723 | 24,492 | ||||||||||||||||||||
Limited partner Common Units, 103,703,546 and 103,414,083 outstanding, respectively | 2,447,691 | 2,424,802 | ||||||||||||||||||||
General partner Common Units, 1,071,709 and 1,069,888 outstanding, respectively | General partner Common Units, 1,071,709 and 1,069,888 outstanding, respectively | 24,759 | 24,492 | |||||||||||||||||||
Limited partner Common Units, 103,717,140 and 103,414,083 outstanding, respectively | Limited partner Common Units, 103,717,140 and 103,414,083 outstanding, respectively | 2,451,341 | 2,424,802 | |||||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (1,062) | (973) | Accumulated other comprehensive loss | (1,137) | (973) | ||||||||||||||||
Noncontrolling interests in consolidated affiliates | Noncontrolling interests in consolidated affiliates | 21,528 | 22,416 | Noncontrolling interests in consolidated affiliates | 21,885 | 22,416 | ||||||||||||||||
Total Capital | Total Capital | 2,492,880 | 2,470,737 | Total Capital | 2,496,848 | 2,470,737 | ||||||||||||||||
Total Liabilities, Redeemable Operating Partnership Units and Capital | Total Liabilities, Redeemable Operating Partnership Units and Capital | $ | 5,682,314 | $ | 5,695,138 | Total Liabilities, Redeemable Operating Partnership Units and Capital | $ | 5,870,551 | $ | 5,695,138 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Rental and other revenues | Rental and other revenues | $ | 203,841 | $ | 185,502 | $ | 410,219 | $ | 369,307 | Rental and other revenues | $ | 206,997 | $ | 195,495 | $ | 617,216 | $ | 564,802 | ||||||||||||||||||||||||||||
Operating expenses: | Operating expenses: | Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Rental property and other expenses | Rental property and other expenses | 62,369 | 56,226 | 123,791 | 112,415 | Rental property and other expenses | 66,334 | 60,567 | 190,125 | 172,982 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 69,742 | 61,949 | 139,409 | 122,876 | Depreciation and amortization | 73,057 | 66,547 | 212,466 | 189,423 | ||||||||||||||||||||||||||||||||||||
Impairments of real estate assets | Impairments of real estate assets | 35,000 | — | 35,000 | — | Impairments of real estate assets | 1,515 | — | 36,515 | — | ||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 9,591 | 10,107 | 23,147 | 20,059 | General and administrative | 9,586 | 10,350 | 32,733 | 30,409 | ||||||||||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 176,702 | 128,282 | 321,347 | 255,350 | Total operating expenses | 150,492 | 137,464 | 471,839 | 392,814 | ||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 25,027 | 19,001 | 49,420 | 38,769 | Interest expense | 26,392 | 21,986 | 75,812 | 60,755 | ||||||||||||||||||||||||||||||||||||
Other income | Other income | 120 | 332 | 483 | 644 | Other income | 138 | 424 | 621 | 1,068 | ||||||||||||||||||||||||||||||||||||
Gains on disposition of property | Gains on disposition of property | 50,044 | 22,862 | 54,144 | 41,799 | Gains on disposition of property | 9,402 | 38,572 | 63,546 | 80,371 | ||||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | Equity in earnings of unconsolidated affiliates | 326 | 431 | 626 | 1,068 | Equity in earnings of unconsolidated affiliates | 457 | 546 | 1,083 | 1,614 | ||||||||||||||||||||||||||||||||||||
Net income | 52,602 | 61,844 | 94,705 | 118,699 | ||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 40,110 | 75,587 | 134,815 | 194,286 | |||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | Net (income) attributable to noncontrolling interests in consolidated affiliates | (266) | (294) | (523) | (575) | Net (income) attributable to noncontrolling interests in consolidated affiliates | (357) | (894) | (880) | (1,469) | ||||||||||||||||||||||||||||||||||||
Distributions on Preferred Units | Distributions on Preferred Units | (622) | (621) | (1,243) | (1,243) | Distributions on Preferred Units | (621) | (621) | (1,864) | (1,864) | ||||||||||||||||||||||||||||||||||||
Net income available for common unitholders | Net income available for common unitholders | $ | 51,714 | $ | 60,929 | $ | 92,939 | $ | 116,881 | Net income available for common unitholders | $ | 39,132 | $ | 74,072 | $ | 132,071 | $ | 190,953 | ||||||||||||||||||||||||||||
Earnings per Common Unit – basic: | Earnings per Common Unit – basic: | Earnings per Common Unit – basic: | ||||||||||||||||||||||||||||||||||||||||||||
Net income available for common unitholders | Net income available for common unitholders | $ | 0.48 | $ | 0.57 | $ | 0.87 | $ | 1.10 | Net income available for common unitholders | $ | 0.37 | $ | 0.69 | $ | 1.23 | $ | 1.79 | ||||||||||||||||||||||||||||
Weighted average Common Units outstanding – basic | Weighted average Common Units outstanding – basic | 107,240 | 106,535 | 107,135 | 106,464 | Weighted average Common Units outstanding – basic | 107,192 | 106,705 | 107,154 | 106,546 | ||||||||||||||||||||||||||||||||||||
Earnings per Common Unit – diluted: | Earnings per Common Unit – diluted: | Earnings per Common Unit – diluted: | ||||||||||||||||||||||||||||||||||||||||||||
Net income available for common unitholders | Net income available for common unitholders | $ | 0.48 | $ | 0.57 | $ | 0.87 | $ | 1.10 | Net income available for common unitholders | $ | 0.37 | $ | 0.69 | $ | 1.23 | $ | 1.79 | ||||||||||||||||||||||||||||
Weighted average Common Units outstanding – diluted | Weighted average Common Units outstanding – diluted | 107,245 | 106,555 | 107,145 | 106,478 | Weighted average Common Units outstanding – diluted | 107,192 | 106,730 | 107,161 | 106,563 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 52,602 | $ | 61,844 | $ | 94,705 | $ | 118,699 | Net income | $ | 40,110 | $ | 75,587 | $ | 134,815 | $ | 194,286 | ||||||||||||||||||||||||||||
Other comprehensive income/(loss): | Other comprehensive income/(loss): | Other comprehensive income/(loss): | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized losses on cash flow hedges | Unrealized losses on cash flow hedges | — | (11) | — | (11) | Unrealized losses on cash flow hedges | — | (6) | — | (17) | ||||||||||||||||||||||||||||||||||||
Amortization of cash flow hedges | Amortization of cash flow hedges | (74) | 126 | (89) | 248 | Amortization of cash flow hedges | (75) | 129 | (164) | 377 | ||||||||||||||||||||||||||||||||||||
Total other comprehensive income/(loss) | Total other comprehensive income/(loss) | (74) | 115 | (89) | 237 | Total other comprehensive income/(loss) | (75) | 123 | (164) | 360 | ||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 52,528 | 61,959 | 94,616 | 118,936 | Total comprehensive income | 40,035 | 75,710 | 134,651 | 194,646 | ||||||||||||||||||||||||||||||||||||
Less-comprehensive (income) attributable to noncontrolling interests | Less-comprehensive (income) attributable to noncontrolling interests | (266) | (294) | (523) | (575) | Less-comprehensive (income) attributable to noncontrolling interests | (357) | (894) | (880) | (1,469) | ||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to common unitholders | Comprehensive income attributable to common unitholders | $ | 52,262 | $ | 61,665 | $ | 94,093 | $ | 118,361 | Comprehensive income attributable to common unitholders | $ | 39,678 | $ | 74,816 | $ | 133,771 | $ | 193,177 |
Three Months Ended June 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Units | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Consolidated Affiliates | Total | Common Units | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Consolidated Affiliates | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
General Partners’ Capital | Limited Partners’ Capital | General Partners’ Capital | Limited Partners’ Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 24,433 | $ | 2,418,993 | $ | (988) | $ | 21,262 | $ | 2,463,700 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | $ | 24,723 | $ | 2,447,691 | $ | (1,062) | $ | 21,528 | $ | 2,492,880 | |||||||||||||||||||||||||||||||||||||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | Issuances of Common Units, net of issuance costs and tax withholdings | 2 | 260 | — | — | 262 | Issuances of Common Units, net of issuance costs and tax withholdings | 4 | 358 | — | — | 362 | ||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of Common Units | Redemptions of Common Units | (31) | (3,070) | — | — | (3,101) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions on Common Units ($0.50 per unit) | Distributions on Common Units ($0.50 per unit) | (536) | (53,080) | — | — | (53,616) | Distributions on Common Units ($0.50 per unit) | (536) | (53,037) | — | — | (53,573) | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions on Preferred Units ($21.5625 per unit) | Distributions on Preferred Units ($21.5625 per unit) | (6) | (616) | — | — | (622) | Distributions on Preferred Units ($21.5625 per unit) | (7) | (614) | — | — | (621) | ||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | Share-based compensation expense, net of forfeitures | 8 | 837 | — | — | 845 | Share-based compensation expense, net of forfeitures | 7 | 700 | — | — | 707 | ||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | 298 | 29,485 | — | — | 29,783 | Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | 202 | 19,957 | — | — | 20,159 | ||||||||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | Net (income) attributable to noncontrolling interests in consolidated affiliates | (2) | (264) | — | 266 | — | Net (income) attributable to noncontrolling interests in consolidated affiliates | (4) | (353) | — | 357 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 526 | 52,076 | — | — | 52,602 | Net income | 401 | 39,709 | — | — | 40,110 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | (74) | — | (74) | Other comprehensive loss | — | — | (75) | — | (75) | ||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 52,528 | Total comprehensive income | 40,035 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 24,723 | $ | 2,447,691 | $ | (1,062) | $ | 21,528 | $ | 2,492,880 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | $ | 24,759 | $ | 2,451,341 | $ | (1,137) | $ | 21,885 | $ | 2,496,848 |
Six Months Ended June 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Units | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Consolidated Affiliates | Total | Common Units | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Consolidated Affiliates | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
General Partners’ Capital | Limited Partners’ Capital | General Partners’ Capital | Limited Partners’ Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | Balance at December 31, 2021 | $ | 24,492 | $ | 2,424,802 | $ | (973) | $ | 22,416 | $ | 2,470,737 | Balance at December 31, 2021 | $ | 24,492 | $ | 2,424,802 | $ | (973) | $ | 22,416 | $ | 2,470,737 | ||||||||||||||||||||||||||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | Issuances of Common Units, net of issuance costs and tax withholdings | 44 | 4,391 | — | — | 4,435 | Issuances of Common Units, net of issuance costs and tax withholdings | 48 | 4,749 | — | — | 4,797 | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions on Common Units ($1.00 per unit) | (1,071) | (106,016) | — | — | (107,087) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions on Preferred Units ($43.125 per unit) | (12) | (1,231) | — | — | (1,243) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of Common Units | Redemptions of Common Units | (31) | (3,070) | — | — | (3,101) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions on Common Units ($1.50 per unit) | Distributions on Common Units ($1.50 per unit) | (1,607) | (159,053) | — | — | (160,660) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions on Preferred Units ($64.6875 per unit) | Distributions on Preferred Units ($64.6875 per unit) | (19) | (1,845) | — | — | (1,864) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | Share-based compensation expense, net of forfeitures | 61 | 6,075 | — | — | 6,136 | Share-based compensation expense, net of forfeitures | 68 | 6,775 | — | — | 6,843 | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | Distributions to noncontrolling interests in consolidated affiliates | — | — | — | (1,411) | (1,411) | Distributions to noncontrolling interests in consolidated affiliates | — | — | — | (1,411) | (1,411) | ||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | 267 | 26,430 | — | — | 26,697 | Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | 469 | 46,387 | — | — | 46,856 | ||||||||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | Net (income) attributable to noncontrolling interests in consolidated affiliates | (5) | (518) | 523 | — | Net (income) attributable to noncontrolling interests in consolidated affiliates | (9) | (871) | — | 880 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 947 | 93,758 | — | — | 94,705 | Net income | 1,348 | 133,467 | — | — | 134,815 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | (89) | — | (89) | Other comprehensive loss | — | — | (164) | — | (164) | ||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 94,616 | Total comprehensive income | 134,651 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 24,723 | $ | 2,447,691 | $ | (1,062) | $ | 21,528 | $ | 2,492,880 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | $ | 24,759 | $ | 2,451,341 | $ | (1,137) | $ | 21,885 | $ | 2,496,848 |
Three Months Ended June 30, 2021 | Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Units | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Consolidated Affiliates | Total | Common Units | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Consolidated Affiliates | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
General Partners’ Capital | Limited Partners’ Capital | General Partners’ Capital | Limited Partners’ Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 23,059 | $ | 2,282,831 | $ | (1,340) | $ | 21,545 | $ | 2,326,095 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | Balance at June 30, 2021 | $ | 23,182 | $ | 2,295,026 | $ | (1,225) | $ | 21,839 | $ | 2,338,822 | |||||||||||||||||||||||||||||||||||||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | Issuances of Common Units, net of issuance costs and tax withholdings | 71 | 7,024 | — | — | 7,095 | Issuances of Common Units, net of issuance costs and tax withholdings | 75 | 7,433 | — | — | 7,508 | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions on Common Units ($0.48 per unit) | (511) | (50,587) | — | — | (51,098) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions on Common Units ($0.50 per unit) | Distributions on Common Units ($0.50 per unit) | (533) | (52,800) | — | — | (53,333) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions on Preferred Units ($21.5625 per unit) | Distributions on Preferred Units ($21.5625 per unit) | (6) | (615) | — | — | (621) | Distributions on Preferred Units ($21.5625 per unit) | (7) | (614) | — | — | (621) | ||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | Share-based compensation expense, net of forfeitures | 19 | 1,854 | — | — | 1,873 | Share-based compensation expense, net of forfeitures | 19 | 1,877 | — | — | 1,896 | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | Distributions to noncontrolling interests in consolidated affiliates | — | — | — | (560) | (560) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | (65) | (6,416) | — | — | (6,481) | Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | 38 | 3,704 | — | — | 3,742 | ||||||||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | Net (income) attributable to noncontrolling interests in consolidated affiliates | (3) | (291) | — | 294 | — | Net (income) attributable to noncontrolling interests in consolidated affiliates | (9) | (885) | — | 894 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 618 | 61,226 | — | — | 61,844 | Net income | 756 | 74,831 | — | — | 75,587 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | — | — | 115 | — | 115 | Other comprehensive income | — | — | 123 | — | 123 | ||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 61,959 | Total comprehensive income | 75,710 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 23,182 | $ | 2,295,026 | $ | (1,225) | $ | 21,839 | $ | 2,338,822 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | Balance at September 30, 2021 | $ | 23,521 | $ | 2,328,572 | $ | (1,102) | $ | 22,173 | $ | 2,373,164 |
Six Months Ended June 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Units | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Consolidated Affiliates | Total | Common Units | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Consolidated Affiliates | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
General Partners’ Capital | Limited Partners’ Capital | General Partners’ Capital | Limited Partners’ Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | Balance at December 31, 2020 | $ | 23,087 | $ | 2,285,673 | $ | (1,462) | $ | 22,046 | $ | 2,329,344 | Balance at December 31, 2020 | $ | 23,087 | $ | 2,285,673 | $ | (1,462) | $ | 22,046 | $ | 2,329,344 | ||||||||||||||||||||||||||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | Issuances of Common Units, net of issuance costs and tax withholdings | 59 | 5,838 | — | — | 5,897 | Issuances of Common Units, net of issuance costs and tax withholdings | 134 | 13,271 | — | — | 13,405 | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions on Common Units ($0.96 per unit) | (1,021) | (101,091) | — | — | (102,112) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions on Preferred Units ($43.125 per unit) | (12) | (1,231) | — | — | (1,243) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions on Common Units ($1.46 per unit) | Distributions on Common Units ($1.46 per unit) | (1,554) | (153,891) | — | — | (155,445) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions on Preferred Units ($64.6875 per unit) | Distributions on Preferred Units ($64.6875 per unit) | (19) | (1,845) | — | — | (1,864) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | Share-based compensation expense, net of forfeitures | 49 | 4,806 | — | — | 4,855 | Share-based compensation expense, net of forfeitures | 68 | 6,683 | — | — | 6,751 | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | Distributions to noncontrolling interests in consolidated affiliates | — | — | — | (782) | (782) | Distributions to noncontrolling interests in consolidated affiliates | — | — | — | (1,342) | (1,342) | ||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | (161) | (15,912) | — | — | (16,073) | Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | (123) | (12,208) | — | — | (12,331) | ||||||||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | Net (income) attributable to noncontrolling interests in consolidated affiliates | (6) | (569) | 575 | — | Net (income) attributable to noncontrolling interests in consolidated affiliates | (15) | (1,454) | 1,469 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 1,187 | 117,512 | — | — | 118,699 | Net income | 1,943 | 192,343 | — | — | 194,286 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | — | — | 237 | — | 237 | Other comprehensive income | — | — | 360 | — | 360 | ||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 118,936 | Total comprehensive income | 194,646 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 23,182 | $ | 2,295,026 | $ | (1,225) | $ | 21,839 | $ | 2,338,822 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | Balance at September 30, 2021 | $ | 23,521 | $ | 2,328,572 | $ | (1,102) | $ | 22,173 | $ | 2,373,164 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Operating activities: | Operating activities: | Operating activities: | ||||||||||||||||||||
Net income | Net income | $ | 94,705 | $ | 118,699 | Net income | $ | 134,815 | $ | 194,286 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 139,409 | 122,876 | Depreciation and amortization | 212,466 | 189,423 | ||||||||||||||||
Amortization of lease incentives and acquisition-related intangible assets and liabilities | Amortization of lease incentives and acquisition-related intangible assets and liabilities | (166) | (1,439) | Amortization of lease incentives and acquisition-related intangible assets and liabilities | (342) | (1,770) | ||||||||||||||||
Share-based compensation expense | Share-based compensation expense | 6,136 | 4,855 | Share-based compensation expense | 6,843 | 6,751 | ||||||||||||||||
Net credit losses/(reversals) on operating lease receivables | Net credit losses/(reversals) on operating lease receivables | 2,625 | (489) | Net credit losses/(reversals) on operating lease receivables | 3,167 | (60) | ||||||||||||||||
Accrued interest on mortgages and notes receivable | Accrued interest on mortgages and notes receivable | (46) | (54) | Accrued interest on mortgages and notes receivable | (67) | (79) | ||||||||||||||||
Amortization of debt issuance costs | Amortization of debt issuance costs | 2,040 | 1,661 | Amortization of debt issuance costs | 3,096 | 2,963 | ||||||||||||||||
Amortization of cash flow hedges | Amortization of cash flow hedges | (89) | 248 | Amortization of cash flow hedges | (164) | 377 | ||||||||||||||||
Amortization of mortgages and notes payable fair value adjustments | Amortization of mortgages and notes payable fair value adjustments | (41) | 776 | Amortization of mortgages and notes payable fair value adjustments | (60) | 882 | ||||||||||||||||
Impairments of real estate assets | Impairments of real estate assets | 35,000 | — | Impairments of real estate assets | 36,515 | — | ||||||||||||||||
Losses on debt extinguishment | Losses on debt extinguishment | — | 134 | Losses on debt extinguishment | — | 134 | ||||||||||||||||
Net gains on disposition of property | Net gains on disposition of property | (54,144) | (41,799) | Net gains on disposition of property | (63,546) | (80,371) | ||||||||||||||||
Equity in earnings of unconsolidated affiliates | Equity in earnings of unconsolidated affiliates | (626) | (1,068) | Equity in earnings of unconsolidated affiliates | (1,083) | (1,614) | ||||||||||||||||
Distributions of earnings from unconsolidated affiliates | Distributions of earnings from unconsolidated affiliates | 598 | 1,402 | Distributions of earnings from unconsolidated affiliates | 606 | 1,410 | ||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||
Accounts receivable | Accounts receivable | (3,758) | 6,694 | Accounts receivable | (11,454) | 5,753 | ||||||||||||||||
Prepaid expenses and other assets | Prepaid expenses and other assets | (6,534) | (5,642) | Prepaid expenses and other assets | (2,150) | (1,210) | ||||||||||||||||
Accrued straight-line rents receivable | Accrued straight-line rents receivable | (13,053) | (7,638) | Accrued straight-line rents receivable | (20,558) | (13,734) | ||||||||||||||||
Accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities | (158) | (1,801) | Accounts payable, accrued expenses and other liabilities | 21,795 | 6,077 | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 201,898 | 197,415 | Net cash provided by operating activities | 319,879 | 309,218 | ||||||||||||||||
Investing activities: | Investing activities: | Investing activities: | ||||||||||||||||||||
Investments in acquired real estate and related intangible assets, net of cash acquired | Investments in acquired real estate and related intangible assets, net of cash acquired | (26,977) | (120) | Investments in acquired real estate and related intangible assets, net of cash acquired | (224,934) | (270,160) | ||||||||||||||||
Investments in development in-process | Investments in development in-process | (20,869) | (54,365) | Investments in development in-process | (26,220) | (65,333) | ||||||||||||||||
Investments in tenant improvements and deferred leasing costs | Investments in tenant improvements and deferred leasing costs | (60,661) | (44,827) | Investments in tenant improvements and deferred leasing costs | (90,910) | (68,197) | ||||||||||||||||
Investments in building improvements | Investments in building improvements | (26,528) | (24,109) | Investments in building improvements | (45,289) | (34,452) | ||||||||||||||||
Investment in acquired controlling interest in unconsolidated affiliate | Investment in acquired controlling interest in unconsolidated affiliate | — | (127,339) | Investment in acquired controlling interest in unconsolidated affiliate | — | (127,339) | ||||||||||||||||
Net proceeds from disposition of real estate assets | Net proceeds from disposition of real estate assets | 107,362 | 71,501 | Net proceeds from disposition of real estate assets | 130,038 | 187,964 | ||||||||||||||||
Investments in mortgages and notes receivable | Investments in mortgages and notes receivable | (24) | (23) | Investments in mortgages and notes receivable | (24) | (56) | ||||||||||||||||
Repayments of mortgages and notes receivable | Repayments of mortgages and notes receivable | 144 | 154 | Repayments of mortgages and notes receivable | 215 | 229 | ||||||||||||||||
Investments in and advances to unconsolidated affiliates | Investments in and advances to unconsolidated affiliates | (7,500) | — | Investments in and advances to unconsolidated affiliates | (81,693) | — | ||||||||||||||||
Payments of earnest money deposits | Payments of earnest money deposits | (37,500) | (55,000) | Payments of earnest money deposits | (3,000) | — | ||||||||||||||||
Changes in other investing activities | Changes in other investing activities | 2,684 | 5,711 | Changes in other investing activities | 224 | 4,119 | ||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (69,869) | (228,417) | Net cash used in investing activities | (341,593) | (373,225) | ||||||||||||||||
Financing activities: | Financing activities: | Financing activities: | ||||||||||||||||||||
Distributions on Common Units | Distributions on Common Units | (107,087) | (102,112) | Distributions on Common Units | (160,660) | (155,445) | ||||||||||||||||
Redemptions/repurchases of Preferred Units | Redemptions/repurchases of Preferred Units | — | (5) | Redemptions/repurchases of Preferred Units | — | (5) | ||||||||||||||||
Redemptions of Common Units | Redemptions of Common Units | (3,101) | — | |||||||||||||||||||
Distributions on Preferred Units | Distributions on Preferred Units | (1,243) | (1,243) | Distributions on Preferred Units | (1,864) | (1,864) | ||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | Distributions to noncontrolling interests in consolidated affiliates | (1,411) | (782) | Distributions to noncontrolling interests in consolidated affiliates | (1,411) | (1,342) | ||||||||||||||||
Proceeds from the issuance of Common Units | Proceeds from the issuance of Common Units | 6,839 | 7,763 | Proceeds from the issuance of Common Units | 7,200 | 15,453 | ||||||||||||||||
Costs paid for the issuance of Common Units | Costs paid for the issuance of Common Units | (248) | (185) | Costs paid for the issuance of Common Units | (247) | (355) | ||||||||||||||||
Repurchase of units related to tax withholdings | Repurchase of units related to tax withholdings | (2,156) | (1,681) | Repurchase of units related to tax withholdings | (2,156) | (1,693) | ||||||||||||||||
Borrowings on revolving credit facility | Borrowings on revolving credit facility | 145,000 | 230,000 | Borrowings on revolving credit facility | 275,000 | 310,000 | ||||||||||||||||
Repayments of revolving credit facility | Repayments of revolving credit facility | (125,000) | (75,000) | Repayments of revolving credit facility | (235,000) | (175,000) | ||||||||||||||||
Borrowings on mortgages and notes payable | Borrowings on mortgages and notes payable | 200,000 | — | Borrowings on mortgages and notes payable | 350,000 | 200,000 | ||||||||||||||||
Repayments of mortgages and notes payable | Repayments of mortgages and notes payable | (203,187) | (151,006) | Repayments of mortgages and notes payable | (204,807) | (264,212) | ||||||||||||||||
Changes in debt issuance costs and other financing activities | Changes in debt issuance costs and other financing activities | (3,066) | (5,558) | Changes in debt issuance costs and other financing activities | (3,345) | (9,876) | ||||||||||||||||
Net cash used in financing activities | (91,559) | (99,809) | ||||||||||||||||||||
Net increase/(decrease) in cash and cash equivalents and restricted cash | $ | 40,470 | $ | (130,811) | ||||||||||||||||||
Net cash provided by/(used in) financing activities | Net cash provided by/(used in) financing activities | 19,609 | (84,339) | |||||||||||||||||||
Net decrease in cash and cash equivalents and restricted cash | Net decrease in cash and cash equivalents and restricted cash | $ | (2,105) | $ | (148,346) |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Net increase/(decrease) in cash and cash equivalents and restricted cash | $ | 40,470 | $ | (130,811) | ||||||||||||||||||
Net decrease in cash and cash equivalents and restricted cash | 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 | Cash and cash equivalents and restricted cash at beginning of the period | 31,198 | 189,244 | 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 | Cash and cash equivalents and restricted cash at end of the period | $ | 71,668 | $ | 58,433 | Cash and cash equivalents and restricted cash at end of the period | $ | 29,093 | $ | 40,898 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Cash and cash equivalents at end of the period | Cash and cash equivalents at end of the period | $ | 25,045 | $ | 6,535 | Cash and cash equivalents at end of the period | $ | 23,055 | $ | 27,871 | ||||||||||||
Restricted cash at end of the period | Restricted cash at end of the period | 46,623 | 51,898 | Restricted cash at end of the period | 6,038 | 13,027 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of the period | Cash and cash equivalents and restricted cash at end of the period | $ | 71,668 | $ | 58,433 | Cash and cash equivalents and restricted cash at end of the period | $ | 29,093 | $ | 40,898 |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash paid for interest, net of amounts capitalized | $ | 47,762 | $ | 36,071 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash paid for interest, net of amounts capitalized | $ | 82,908 | $ | 66,457 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Unrealized losses on cash flow hedges | Unrealized losses on cash flow hedges | $ | — | $ | (11) | Unrealized losses on cash flow hedges | $ | — | $ | (17) | ||||||||||||
Changes in accrued capital expenditures (1) | Changes in accrued capital expenditures (1) | (20,066) | (23,599) | Changes in accrued capital expenditures (1) | (10,180) | (20,150) | ||||||||||||||||
Write-off of fully depreciated real estate assets | Write-off of fully depreciated real estate assets | 21,827 | 36,798 | Write-off of fully depreciated real estate assets | 42,817 | 52,158 | ||||||||||||||||
Write-off of fully amortized leasing costs | Write-off of fully amortized leasing costs | 11,628 | 28,575 | Write-off of fully amortized leasing costs | 22,739 | 37,045 | ||||||||||||||||
Write-off of fully amortized debt issuance costs | Write-off of fully amortized debt issuance costs | 1,216 | 4,158 | Write-off of fully amortized debt issuance costs | 1,216 | 4,158 | ||||||||||||||||
Adjustment of Redeemable Common Units to fair value | Adjustment of Redeemable Common Units to fair value | (27,106) | 15,681 | Adjustment of Redeemable Common Units to fair value | (47,470) | 11,734 | ||||||||||||||||
Assumption of mortgages and notes payable related to acquisition activities | Assumption of mortgages and notes payable related to acquisition activities | — | 403,000 | |||||||||||||||||||
Initial recognition of lease liabilities related to right of use assets | Initial recognition of lease liabilities related to right of use assets | — | 5,310 | |||||||||||||||||||
Future consideration in connection with the acquisition of land | Future consideration in connection with the acquisition of land | — | 16,000 | Future consideration in connection with the acquisition of land | — | 16,000 |
Project | BBD | Own % | Rentable Square Feet | |||||||||||||||||||||||||||||||||||||||||
Granite Park Six | Frisco/Plano | 50% | 422,000 | |||||||||||||||||||||||||||||||||||||||||
23Springs | Uptown | 50% | 642,000 |
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
Net real estate assets | Net real estate assets | $ | 58,645 | $ | 53,191 | Net real estate assets | $ | 60,917 | $ | 53,191 | ||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 1,084 | $ | 389 | Cash and cash equivalents | $ | 1,246 | $ | 389 | ||||||||||||
Accounts receivable | Accounts receivable | $ | 188 | $ | — | Accounts receivable | $ | 166 | $ | — | ||||||||||||
Accrued straight-line rents receivable | Accrued straight-line rents receivable | $ | 182 | $ | 121 | Accrued straight-line rents receivable | $ | 720 | $ | 121 | ||||||||||||
Deferred leasing costs, net | Deferred leasing costs, net | $ | 1,588 | $ | 1,519 | Deferred leasing costs, net | $ | 2,251 | $ | 1,519 | ||||||||||||
Prepaid expenses and other assets, net | Prepaid expenses and other assets, net | $ | 284 | $ | 163 | Prepaid expenses and other assets, net | $ | 160 | $ | 163 | ||||||||||||
Accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities | $ | 2,749 | $ | 646 | Accounts payable, accrued expenses and other liabilities | $ | 1,476 | $ | 646 |
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets) | Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets) | $ | 399,218 | $ | 402,013 | Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets) | $ | 413,036 | $ | 402,013 | ||||||||||||
Less accumulated amortization | Less accumulated amortization | (155,594) | (143,111) | Less accumulated amortization | (157,205) | (143,111) | ||||||||||||||||
$ | 243,624 | $ | 258,902 | $ | 255,831 | $ | 258,902 | |||||||||||||||
Liabilities (in accounts payable, accrued expenses and other liabilities): | Liabilities (in accounts payable, accrued expenses and other liabilities): | Liabilities (in accounts payable, accrued expenses and other liabilities): | ||||||||||||||||||||
Acquisition-related below market lease liabilities | Acquisition-related below market lease liabilities | $ | 56,888 | $ | 57,703 | Acquisition-related below market lease liabilities | $ | 55,371 | $ | 57,703 | ||||||||||||
Less accumulated amortization | Less accumulated amortization | (30,849) | (28,978) | Less accumulated amortization | (28,633) | (28,978) | ||||||||||||||||
$ | 26,039 | $ | 28,725 | $ | 26,738 | $ | 28,725 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization) | Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization) | $ | 10,933 | $ | 8,626 | $ | 22,178 | $ | 17,197 | Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization) | $ | 11,425 | $ | 10,070 | $ | 33,603 | $ | 27,267 | ||||||||||||||||||||||||||||
Amortization of lease incentives (in rental and other revenues) | Amortization of lease incentives (in rental and other revenues) | $ | 419 | $ | 445 | $ | 869 | $ | 893 | Amortization of lease incentives (in rental and other revenues) | $ | 500 | $ | 424 | $ | 1,369 | $ | 1,317 | ||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets (in rental and other revenues) | Amortization of acquisition-related intangible assets (in rental and other revenues) | $ | 821 | $ | 241 | $ | 1,651 | $ | 518 | Amortization of acquisition-related intangible assets (in rental and other revenues) | $ | 797 | $ | 636 | $ | 2,448 | $ | 1,154 | ||||||||||||||||||||||||||||
Amortization of acquisition-related below market lease liabilities (in rental and other revenues) | Amortization of acquisition-related below market lease liabilities (in rental and other revenues) | $ | (1,319) | $ | (1,421) | $ | (2,686) | $ | (2,850) | Amortization of acquisition-related below market lease liabilities (in rental and other revenues) | $ | (1,473) | $ | (1,391) | $ | (4,159) | $ | (4,241) |
Amortization of Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization) | Amortization of Lease Incentives (in Rental and Other Revenues) | Amortization of Acquisition-Related Intangible Assets (in Rental and Other Revenues) | Amortization of Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues) | |||||||||||||||||||||||||||||||||||
July 1 through December 31, 2022 | $ | 21,172 | $ | 812 | $ | 1,460 | $ | (2,608) | ||||||||||||||||||||||||||||||
2023 | 38,414 | 1,536 | 2,745 | (4,824) | ||||||||||||||||||||||||||||||||||
2024 | 33,314 | 1,392 | 2,531 | (4,111) | ||||||||||||||||||||||||||||||||||
2025 | 26,557 | 1,316 | 1,667 | (2,594) | ||||||||||||||||||||||||||||||||||
2026 | 22,609 | 1,190 | 1,336 | (2,294) | ||||||||||||||||||||||||||||||||||
Thereafter | 76,813 | 3,966 | 4,794 | (9,608) | ||||||||||||||||||||||||||||||||||
$ | 218,879 | $ | 10,212 | $ | 14,533 | $ | (26,039) | |||||||||||||||||||||||||||||||
Weighted average remaining amortization periods as of June 30, 2022 (in years) | 7.9 | 8.2 | 7.4 | 8.1 |
Amortization of Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization) | Amortization of Lease Incentives (in Rental and Other Revenues) | Amortization of Acquisition-Related Intangible Assets (in Rental and Other Revenues) | Amortization of Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues) | |||||||||||||||||||||||||||||||||||
October 1 through December 31, 2022 | $ | 11,068 | $ | 488 | $ | 865 | $ | (1,275) | ||||||||||||||||||||||||||||||
2023 | 40,696 | 1,623 | 3,279 | (4,918) | ||||||||||||||||||||||||||||||||||
2024 | 35,514 | 1,554 | 3,065 | (4,278) | ||||||||||||||||||||||||||||||||||
2025 | 28,586 | 1,478 | 2,202 | (2,764) | ||||||||||||||||||||||||||||||||||
2026 | 24,614 | 1,279 | 1,868 | (2,464) | ||||||||||||||||||||||||||||||||||
Thereafter | 86,384 | 4,089 | 7,179 | (11,039) | ||||||||||||||||||||||||||||||||||
$ | 226,862 | $ | 10,511 | $ | 18,458 | $ | (26,738) | |||||||||||||||||||||||||||||||
Weighted average remaining amortization periods as of September 30, 2022 (in years) | 7.9 | 7.9 | 7.7 | 8.4 |
Acquisition-Related Intangible Assets (amortized in Rental and Other Revenues) | Acquisition-Related Intangible Assets (amortized in Depreciation and Amortization) | Acquisition-Related Below Market Lease Liabilities (amortized in Rental and Other Revenues) | ||||||||||||||||||||||||
Amount recorded at acquisition | $ | 4,722 | $ | 12,606 | $ | (2,172) | ||||||||||||||||||||
Weighted average remaining amortization periods as of September 30, 2022 (in years) | 9.1 | 9.8 | 12.7 |
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
Secured indebtedness | Secured indebtedness | $ | 488,000 | $ | 491,942 | Secured indebtedness | $ | 486,003 | $ | 491,942 | ||||||||||||
Unsecured indebtedness | Unsecured indebtedness | 2,332,895 | 2,312,180 | Unsecured indebtedness | 2,503,252 | 2,312,180 | ||||||||||||||||
Less-unamortized debt issuance costs | Less-unamortized debt issuance costs | (16,581) | (15,207) | Less-unamortized debt issuance costs | (15,886) | (15,207) | ||||||||||||||||
Total mortgages and notes payable, net | Total mortgages and notes payable, net | $ | 2,804,314 | $ | 2,788,915 | Total mortgages and notes payable, net | $ | 2,973,369 | $ | 2,788,915 |
2022 | December 31, 2021 | ||||||||||
Derivatives: | |||||||||||
Derivatives designated as cash flow hedges in accounts payable, accrued expenses and other liabilities: | |||||||||||
Interest rate swaps | $ | — | $ | 60 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Derivatives Designated as Cash Flow Hedges: | Derivatives Designated as Cash Flow Hedges: | Derivatives Designated as Cash Flow Hedges: | ||||||||||||||||||||||||||||||||||||||||||||
Amount of unrealized losses recognized in accumulated other comprehensive loss on derivatives: | Amount of unrealized losses recognized in accumulated other comprehensive loss on derivatives: | Amount of unrealized losses recognized in accumulated other comprehensive loss on derivatives: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Interest rate swaps | $ | — | $ | (11) | $ | — | $ | (11) | Interest rate swaps | $ | — | $ | (6) | $ | — | $ | (17) | ||||||||||||||||||||||||||||
Amount of (gains)/losses reclassified out of accumulated other comprehensive loss into interest expense: | Amount of (gains)/losses reclassified out of accumulated other comprehensive loss into interest expense: | Amount of (gains)/losses reclassified out of accumulated other comprehensive loss into interest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Interest rate swaps | $ | (74) | $ | 126 | $ | (89) | $ | 248 | Interest rate swaps | $ | (75) | $ | 129 | $ | (164) | $ | 377 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Beginning noncontrolling interests in the Operating Partnership | Beginning noncontrolling interests in the Operating Partnership | $ | 114,570 | $ | 121,895 | $ | 111,689 | $ | 112,499 | Beginning noncontrolling interests in the Operating Partnership | $ | 84,583 | $ | 128,180 | $ | 111,689 | $ | 112,499 | ||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | Adjustment of noncontrolling interests in the Operating Partnership to fair value | (28,696) | 6,068 | (25,528) | 15,334 | Adjustment of noncontrolling interests in the Operating Partnership to fair value | (16,952) | (4,262) | (42,480) | 11,072 | ||||||||||||||||||||||||||||||||||||
Conversions of Common Units to Common Stock | Conversions of Common Units to Common Stock | (1,251) | (44) | (1,251) | (44) | Conversions of Common Units to Common Stock | — | (234) | (1,251) | (278) | ||||||||||||||||||||||||||||||||||||
Redemptions of Common Units | Redemptions of Common Units | (3,101) | — | (3,101) | — | |||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests in the Operating Partnership | Net income attributable to noncontrolling interests in the Operating Partnership | 1,203 | 1,624 | 2,168 | 3,117 | Net income attributable to noncontrolling interests in the Operating Partnership | 881 | 1,967 | 3,049 | 5,084 | ||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in the Operating Partnership | Distributions to noncontrolling interests in the Operating Partnership | (1,243) | (1,363) | (2,495) | (2,726) | Distributions to noncontrolling interests in the Operating Partnership | (1,192) | (1,418) | (3,687) | (4,144) | ||||||||||||||||||||||||||||||||||||
Total noncontrolling interests in the Operating Partnership | Total noncontrolling interests in the Operating Partnership | $ | 84,583 | $ | 128,180 | $ | 84,583 | $ | 128,180 | Total noncontrolling interests in the Operating Partnership | $ | 64,219 | $ | 124,233 | $ | 64,219 | $ | 124,233 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Net income available for common stockholders | Net income available for common stockholders | $ | 50,511 | $ | 59,305 | $ | 90,771 | $ | 113,764 | Net income available for common stockholders | $ | 38,251 | $ | 72,105 | $ | 129,022 | $ | 185,869 | ||||||||||||||||||||||||||||
Increase in additional paid in capital from conversions of Common Units to Common Stock | Increase in additional paid in capital from conversions of Common Units to Common Stock | 1,251 | 44 | 1,251 | 44 | Increase in additional paid in capital from conversions of Common Units to Common Stock | — | 234 | 1,251 | 278 | ||||||||||||||||||||||||||||||||||||
Change from net income available for common stockholders and transfers from noncontrolling interests | Change from net income available for common stockholders and transfers from noncontrolling interests | $ | 51,762 | $ | 59,349 | $ | 92,022 | $ | 113,808 | Change from net income available for common stockholders and transfers from noncontrolling interests | $ | 38,251 | $ | 72,339 | $ | 130,273 | $ | 186,147 |
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | Total | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||||||||||||||
Fair Value at June 30, 2022: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value at September 30, 2022: | Fair Value at September 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages and notes receivable, at fair value (1) | Mortgages and notes receivable, at fair value (1) | $ | 1,153 | $ | — | $ | 1,153 | $ | — | Mortgages and notes receivable, at fair value (1) | $ | 1,103 | $ | — | $ | 1,103 | $ | — | ||||||||||||||||||||||||||||||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 2,500 | 2,500 | — | — | Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 2,364 | 2,364 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Impaired real estate assets | Impaired real estate assets | 57,418 | — | — | 57,418 | Impaired real estate assets | 1,665 | — | — | 1,665 | ||||||||||||||||||||||||||||||||||||||||||
Total Assets | Total Assets | $ | 61,071 | $ | 2,500 | $ | 1,153 | $ | 57,418 | Total Assets | $ | 5,132 | $ | 2,364 | $ | 1,103 | $ | 1,665 | ||||||||||||||||||||||||||||||||||
Noncontrolling Interests in the Operating Partnership | Noncontrolling Interests in the Operating Partnership | $ | 84,583 | $ | 84,583 | $ | — | $ | — | Noncontrolling Interests in the Operating Partnership | $ | 64,219 | $ | 64,219 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages and notes payable, net, at fair value (1) | Mortgages and notes payable, net, at fair value (1) | $ | 2,587,436 | $ | — | $ | 2,587,436 | $ | — | Mortgages and notes payable, net, at fair value (1) | $ | 2,630,788 | $ | — | $ | 2,630,788 | $ | — | ||||||||||||||||||||||||||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 2,500 | 2,500 | — | — | Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 2,364 | 2,364 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | Total Liabilities | $ | 2,589,936 | $ | 2,500 | $ | 2,587,436 | $ | — | Total Liabilities | $ | 2,633,152 | $ | 2,364 | $ | 2,630,788 | $ | — |
Fair Value at December 31, 2021: | ||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Mortgages and notes receivable, at fair value (1) | $ | 1,227 | $ | — | $ | 1,227 | $ | — | ||||||||||||||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 2,866 | 2,866 | — | — | ||||||||||||||||||||||
Total Assets | $ | 4,093 | $ | 2,866 | $ | 1,227 | $ | — | ||||||||||||||||||
Noncontrolling Interests in the Operating Partnership | $ | 111,689 | $ | 111,689 | $ | — | $ | — | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Mortgages and notes payable, net, at fair value (1) | $ | 2,907,492 | $ | — | $ | 2,907,492 | $ | — | ||||||||||||||||||
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 60 | — | 60 | — | ||||||||||||||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 2,866 | 2,866 | — | — | ||||||||||||||||||||||
Total Liabilities | $ | 2,910,418 | $ | 2,866 | $ | 2,907,552 | $ | — |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Cash flow hedges: | Cash flow hedges: | Cash flow hedges: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | (988) | $ | (1,340) | $ | (973) | $ | (1,462) | Beginning balance | $ | (1,062) | $ | (1,225) | $ | (973) | $ | (1,462) | ||||||||||||||||||||||||||||
Unrealized losses on cash flow hedges | Unrealized losses on cash flow hedges | — | (11) | — | (11) | Unrealized losses on cash flow hedges | — | (6) | — | (17) | ||||||||||||||||||||||||||||||||||||
Amortization of cash flow hedges (1) | Amortization of cash flow hedges (1) | (74) | 126 | (89) | 248 | Amortization of cash flow hedges (1) | (75) | 129 | (164) | 377 | ||||||||||||||||||||||||||||||||||||
Total accumulated other comprehensive loss | Total accumulated other comprehensive loss | $ | (1,062) | $ | (1,225) | $ | (1,062) | $ | (1,225) | Total accumulated other comprehensive loss | $ | (1,137) | $ | (1,102) | $ | (1,137) | $ | (1,102) |
2022 | December 31, 2021 | ||||||||||
Assets: | |||||||||||
Land held for development | — | $ | 3,482 | ||||||||
Net real estate assets | — | 3,482 | |||||||||
Prepaid expenses and other assets, net | — | 36 | |||||||||
Real estate and other assets, net, held for sale | $ | — | $ | 3,518 | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Earnings per Common Share - basic: | Earnings per Common Share - basic: | Earnings per Common Share - basic: | ||||||||||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 52,602 | $ | 61,844 | $ | 94,705 | $ | 118,699 | Net income | $ | 40,110 | $ | 75,587 | $ | 134,815 | $ | 194,286 | ||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | Net (income) attributable to noncontrolling interests in the Operating Partnership | (1,203) | (1,624) | (2,168) | (3,117) | Net (income) attributable to noncontrolling interests in the Operating Partnership | (881) | (1,967) | (3,049) | (5,084) | ||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | Net (income) attributable to noncontrolling interests in consolidated affiliates | (266) | (294) | (523) | (575) | Net (income) attributable to noncontrolling interests in consolidated affiliates | (357) | (894) | (880) | (1,469) | ||||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock | Dividends on Preferred Stock | (622) | (621) | (1,243) | (1,243) | Dividends on Preferred Stock | (621) | (621) | (1,864) | (1,864) | ||||||||||||||||||||||||||||||||||||
Net income available for common stockholders | Net income available for common stockholders | $ | 50,511 | $ | 59,305 | $ | 90,771 | $ | 113,764 | Net income available for common stockholders | $ | 38,251 | $ | 72,105 | $ | 129,022 | $ | 185,869 | ||||||||||||||||||||||||||||
Denominator: | Denominator: | Denominator: | ||||||||||||||||||||||||||||||||||||||||||||
Denominator for basic earnings per Common Share – weighted average shares (1) | Denominator for basic earnings per Common Share – weighted average shares (1) | 105,163 | 104,106 | 105,049 | 104,035 | Denominator for basic earnings per Common Share – weighted average shares (1) | 105,184 | 104,277 | 105,094 | 104,117 | ||||||||||||||||||||||||||||||||||||
Net income available for common stockholders | Net income available for common stockholders | $ | 0.48 | $ | 0.57 | $ | 0.86 | $ | 1.09 | Net income available for common stockholders | $ | 0.36 | $ | 0.69 | $ | 1.23 | $ | 1.79 | ||||||||||||||||||||||||||||
Earnings per Common Share - diluted: | Earnings per Common Share - diluted: | Earnings per Common Share - diluted: | ||||||||||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 52,602 | $ | 61,844 | $ | 94,705 | $ | 118,699 | Net income | $ | 40,110 | $ | 75,587 | $ | 134,815 | $ | 194,286 | ||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | Net (income) attributable to noncontrolling interests in consolidated affiliates | (266) | (294) | (523) | (575) | Net (income) attributable to noncontrolling interests in consolidated affiliates | (357) | (894) | (880) | (1,469) | ||||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock | Dividends on Preferred Stock | (622) | (621) | (1,243) | (1,243) | Dividends on Preferred Stock | (621) | (621) | (1,864) | (1,864) | ||||||||||||||||||||||||||||||||||||
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership | Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership | $ | 51,714 | $ | 60,929 | $ | 92,939 | $ | 116,881 | Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership | $ | 39,132 | $ | 74,072 | $ | 132,071 | $ | 190,953 | ||||||||||||||||||||||||||||
Denominator: | Denominator: | Denominator: | ||||||||||||||||||||||||||||||||||||||||||||
Denominator for basic earnings per Common Share – weighted average shares (1) | Denominator for basic earnings per Common Share – weighted average shares (1) | 105,163 | 104,106 | 105,049 | 104,035 | Denominator for basic earnings per Common Share – weighted average shares (1) | 105,184 | 104,277 | 105,094 | 104,117 | ||||||||||||||||||||||||||||||||||||
Add: | Add: | Add: | ||||||||||||||||||||||||||||||||||||||||||||
Stock options using the treasury method | Stock options using the treasury method | 5 | 20 | 10 | 14 | Stock options using the treasury method | — | 25 | 7 | 17 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interests Common Units | Noncontrolling interests Common Units | 2,486 | 2,838 | 2,495 | 2,838 | Noncontrolling interests Common Units | 2,417 | 2,837 | 2,469 | 2,838 | ||||||||||||||||||||||||||||||||||||
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions | Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions | 107,654 | 106,964 | 107,554 | 106,887 | Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions | 107,601 | 107,139 | 107,570 | 106,972 | ||||||||||||||||||||||||||||||||||||
Net income available for common stockholders | Net income available for common stockholders | $ | 0.48 | $ | 0.57 | $ | 0.86 | $ | 1.09 | Net income available for common stockholders | $ | 0.36 | $ | 0.69 | $ | 1.23 | $ | 1.79 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Earnings per Common Unit - basic: | Earnings per Common Unit - basic: | Earnings per Common Unit - basic: | ||||||||||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 52,602 | $ | 61,844 | $ | 94,705 | $ | 118,699 | Net income | $ | 40,110 | $ | 75,587 | $ | 134,815 | $ | 194,286 | ||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | Net (income) attributable to noncontrolling interests in consolidated affiliates | (266) | (294) | (523) | (575) | Net (income) attributable to noncontrolling interests in consolidated affiliates | (357) | (894) | (880) | (1,469) | ||||||||||||||||||||||||||||||||||||
Distributions on Preferred Units | Distributions on Preferred Units | (622) | (621) | (1,243) | (1,243) | Distributions on Preferred Units | (621) | (621) | (1,864) | (1,864) | ||||||||||||||||||||||||||||||||||||
Net income available for common unitholders | Net income available for common unitholders | $ | 51,714 | $ | 60,929 | $ | 92,939 | $ | 116,881 | Net income available for common unitholders | $ | 39,132 | $ | 74,072 | $ | 132,071 | $ | 190,953 | ||||||||||||||||||||||||||||
Denominator: | Denominator: | Denominator: | ||||||||||||||||||||||||||||||||||||||||||||
Denominator for basic earnings per Common Unit – weighted average units (1) | Denominator for basic earnings per Common Unit – weighted average units (1) | 107,240 | 106,535 | 107,135 | 106,464 | Denominator for basic earnings per Common Unit – weighted average units (1) | 107,192 | 106,705 | 107,154 | 106,546 | ||||||||||||||||||||||||||||||||||||
Net income available for common unitholders | Net income available for common unitholders | $ | 0.48 | $ | 0.57 | $ | 0.87 | $ | 1.10 | Net income available for common unitholders | $ | 0.37 | $ | 0.69 | $ | 1.23 | $ | 1.79 | ||||||||||||||||||||||||||||
Earnings per Common Unit - diluted: | Earnings per Common Unit - diluted: | Earnings per Common Unit - diluted: | ||||||||||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 52,602 | $ | 61,844 | $ | 94,705 | $ | 118,699 | Net income | $ | 40,110 | $ | 75,587 | $ | 134,815 | $ | 194,286 | ||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | Net (income) attributable to noncontrolling interests in consolidated affiliates | (266) | (294) | (523) | (575) | Net (income) attributable to noncontrolling interests in consolidated affiliates | (357) | (894) | (880) | (1,469) | ||||||||||||||||||||||||||||||||||||
Distributions on Preferred Units | Distributions on Preferred Units | (622) | (621) | (1,243) | (1,243) | Distributions on Preferred Units | (621) | (621) | (1,864) | (1,864) | ||||||||||||||||||||||||||||||||||||
Net income available for common unitholders | Net income available for common unitholders | $ | 51,714 | $ | 60,929 | $ | 92,939 | $ | 116,881 | Net income available for common unitholders | $ | 39,132 | $ | 74,072 | $ | 132,071 | $ | 190,953 | ||||||||||||||||||||||||||||
Denominator: | Denominator: | Denominator: | ||||||||||||||||||||||||||||||||||||||||||||
Denominator for basic earnings per Common Unit – weighted average units (1) | Denominator for basic earnings per Common Unit – weighted average units (1) | 107,240 | 106,535 | 107,135 | 106,464 | Denominator for basic earnings per Common Unit – weighted average units (1) | 107,192 | 106,705 | 107,154 | 106,546 | ||||||||||||||||||||||||||||||||||||
Add: | Add: | Add: | ||||||||||||||||||||||||||||||||||||||||||||
Stock options using the treasury method | Stock options using the treasury method | 5 | 20 | 10 | 14 | Stock options using the treasury method | — | 25 | 7 | 17 | ||||||||||||||||||||||||||||||||||||
Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions | Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions | 107,245 | 106,555 | 107,145 | 106,478 | Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions | 107,192 | 106,730 | 107,161 | 106,563 | ||||||||||||||||||||||||||||||||||||
Net income available for common unitholders | Net income available for common unitholders | $ | 0.48 | $ | 0.57 | $ | 0.87 | $ | 1.10 | Net income available for common unitholders | $ | 0.37 | $ | 0.69 | $ | 1.23 | $ | 1.79 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Rental and Other Revenues: | Rental and Other Revenues: | Rental and Other Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Office: | Office: | Office: | ||||||||||||||||||||||||||||||||||||||||||||
Atlanta | Atlanta | $ | 35,447 | $ | 35,738 | $ | 71,001 | $ | 71,713 | Atlanta | $ | 35,804 | $ | 36,672 | $ | 106,805 | $ | 108,385 | ||||||||||||||||||||||||||||
Charlotte | Charlotte | 16,874 | 8,917 | 33,818 | 18,051 | Charlotte | 18,825 | 14,313 | 52,643 | 32,364 | ||||||||||||||||||||||||||||||||||||
Nashville | Nashville | 42,606 | 35,578 | 86,053 | 70,737 | Nashville | 44,587 | 36,136 | 130,640 | 106,873 | ||||||||||||||||||||||||||||||||||||
Orlando | Orlando | 13,352 | 12,730 | 26,664 | 25,289 | Orlando | 13,634 | 12,852 | 40,298 | 38,141 | ||||||||||||||||||||||||||||||||||||
Pittsburgh | 14,908 | 13,949 | 29,854 | 28,567 | ||||||||||||||||||||||||||||||||||||||||||
Raleigh | Raleigh | 45,535 | 37,655 | 91,831 | 74,697 | Raleigh | 45,220 | 42,471 | 137,051 | 117,168 | ||||||||||||||||||||||||||||||||||||
Richmond | Richmond | 10,432 | 11,751 | 20,965 | 23,213 | Richmond | 10,872 | 12,050 | 31,837 | 35,263 | ||||||||||||||||||||||||||||||||||||
Tampa | Tampa | 23,556 | 25,886 | 47,579 | 50,310 | Tampa | 23,590 | 23,856 | 71,169 | 74,166 | ||||||||||||||||||||||||||||||||||||
Total Office Segment | Total Office Segment | 202,710 | 182,204 | 407,765 | 362,577 | Total Office Segment | 192,532 | 178,350 | 570,443 | 512,360 | ||||||||||||||||||||||||||||||||||||
Other | Other | 1,131 | 3,298 | 2,454 | 6,730 | Other | 14,465 | 17,145 | 46,773 | 52,442 | ||||||||||||||||||||||||||||||||||||
Total Rental and Other Revenues | Total Rental and Other Revenues | $ | 203,841 | $ | 185,502 | $ | 410,219 | $ | 369,307 | Total Rental and Other Revenues | $ | 206,997 | $ | 195,495 | $ | 617,216 | $ | 564,802 |
Net Operating Income: | Net Operating Income: | Net Operating Income: | ||||||||||||||||||||||||||||||||||||||||||||
Office: | Office: | Office: | ||||||||||||||||||||||||||||||||||||||||||||
Atlanta | Atlanta | $ | 23,267 | $ | 23,622 | $ | 46,948 | $ | 47,622 | Atlanta | $ | 22,524 | $ | 24,157 | $ | 69,472 | $ | 71,779 | ||||||||||||||||||||||||||||
Charlotte | Charlotte | 12,807 | 7,035 | 25,857 | 14,287 | Charlotte | 14,275 | 11,159 | 40,132 | 25,446 | ||||||||||||||||||||||||||||||||||||
Nashville | Nashville | 31,417 | 25,824 | 63,939 | 50,817 | Nashville | 33,154 | 27,355 | 97,093 | 78,172 | ||||||||||||||||||||||||||||||||||||
Orlando | Orlando | 8,262 | 7,782 | 16,399 | 15,494 | Orlando | 7,865 | 7,920 | 24,264 | 23,414 | ||||||||||||||||||||||||||||||||||||
Pittsburgh | 9,051 | 8,411 | 17,912 | 17,300 | ||||||||||||||||||||||||||||||||||||||||||
Raleigh | Raleigh | 34,020 | 28,444 | 68,735 | 56,580 | Raleigh | 32,822 | 31,425 | 101,557 | 88,005 | ||||||||||||||||||||||||||||||||||||
Richmond | Richmond | 7,363 | 8,234 | 14,588 | 16,287 | Richmond | 7,112 | 7,805 | 21,700 | 24,092 | ||||||||||||||||||||||||||||||||||||
Tampa | Tampa | 14,615 | 17,857 | 30,561 | 34,497 | Tampa | 14,351 | 15,143 | 44,912 | 49,640 | ||||||||||||||||||||||||||||||||||||
Total Office Segment | Total Office Segment | 140,802 | 127,209 | 284,939 | 252,884 | Total Office Segment | 132,103 | 124,964 | 399,130 | 360,548 | ||||||||||||||||||||||||||||||||||||
Other | Other | 670 | 2,067 | 1,489 | 4,008 | Other | 8,560 | 9,964 | 27,961 | 31,272 | ||||||||||||||||||||||||||||||||||||
Total Net Operating Income | Total Net Operating Income | 141,472 | 129,276 | 286,428 | 256,892 | Total Net Operating Income | 140,663 | 134,928 | 427,091 | 391,820 | ||||||||||||||||||||||||||||||||||||
Reconciliation to net income: | Reconciliation to net income: | Reconciliation to net income: | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | (69,742) | (61,949) | (139,409) | (122,876) | Depreciation and amortization | (73,057) | (66,547) | (212,466) | (189,423) | ||||||||||||||||||||||||||||||||||||
Impairments of real estate assets | Impairments of real estate assets | (35,000) | — | (35,000) | — | Impairments of real estate assets | (1,515) | — | (36,515) | — | ||||||||||||||||||||||||||||||||||||
General and administrative expenses | General and administrative expenses | (9,591) | (10,107) | (23,147) | (20,059) | General and administrative expenses | (9,586) | (10,350) | (32,733) | (30,409) | ||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (25,027) | (19,001) | (49,420) | (38,769) | Interest expense | (26,392) | (21,986) | (75,812) | (60,755) | ||||||||||||||||||||||||||||||||||||
Other income | Other income | 120 | 332 | 483 | 644 | Other income | 138 | 424 | 621 | 1,068 | ||||||||||||||||||||||||||||||||||||
Gains on disposition of property | Gains on disposition of property | 50,044 | 22,862 | 54,144 | 41,799 | Gains on disposition of property | 9,402 | 38,572 | 63,546 | 80,371 | ||||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | Equity in earnings of unconsolidated affiliates | 326 | 431 | 626 | 1,068 | Equity in earnings of unconsolidated affiliates | 457 | 546 | 1,083 | 1,614 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 52,602 | $ | 61,844 | $ | 94,705 | $ | 118,699 | Net income | $ | 40,110 | $ | 75,587 | $ | 134,815 | $ | 194,286 |
Project | BBD | Own % | Rentable Square Feet | Pre Leased % | Anticipated Total Investment (at 100%) | Estimated Completion | Estimated Stabilization | |||||||||||||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Granite Park Six | Frisco/Plano | 50% | 422,000 | 12% | $ | 200,000 | 4Q 23 | 1Q 26 | ||||||||||||||||||||||||||||||||||||
23Springs | Uptown | 50% | 642,000 | 17% | $ | 460,000 | 1Q 25 | 1Q 28 |
New | Renewal | All Office | New | Renewal | All Office | |||||||||||||||||||||||||||||
Leased space (in rentable square feet) | Leased space (in rentable square feet) | 242,552 | 439,971 | 682,523 | Leased space (in rentable square feet) | 518,438 | 516,871 | 1,035,309 | ||||||||||||||||||||||||||
Average term (in years - rentable square foot weighted) | Average term (in years - rentable square foot weighted) | 6.1 | 4.9 | 5.3 | Average term (in years - rentable square foot weighted) | 9.5 | 4.8 | 7.2 | ||||||||||||||||||||||||||
Base rents (per rentable square foot) (1) | Base rents (per rentable square foot) (1) | $ | 32.85 | $ | 32.19 | $ | 32.43 | Base rents (per rentable square foot) (1) | $ | 37.45 | $ | 34.82 | $ | 36.14 | ||||||||||||||||||||
Rent concessions (per rentable square foot) (1) | Rent concessions (per rentable square foot) (1) | (1.65) | (1.08) | (1.28) | Rent concessions (per rentable square foot) (1) | (2.30) | (1.06) | (1.68) | ||||||||||||||||||||||||||
GAAP rents (per rentable square foot) (1) | GAAP rents (per rentable square foot) (1) | $ | 31.20 | $ | 31.11 | $ | 31.15 | GAAP rents (per rentable square foot) (1) | $ | 35.15 | $ | 33.76 | $ | 34.46 | ||||||||||||||||||||
Tenant improvements (per rentable square foot) (1) | Tenant improvements (per rentable square foot) (1) | $ | 5.59 | $ | 2.69 | $ | 3.72 | Tenant improvements (per rentable square foot) (1) | $ | 4.86 | $ | 3.11 | $ | 3.99 | ||||||||||||||||||||
Leasing commissions (per rentable square foot) (1) | Leasing commissions (per rentable square foot) (1) | $ | 1.14 | $ | 0.76 | $ | 0.89 | Leasing commissions (per rentable square foot) (1) | $ | 1.27 | $ | 0.83 | $ | 1.05 |
Project | BBD | Own % | Rentable Square Feet | |||||||||||||||||
Granite Park Six | Frisco/Plano | 50% | 422,000 | |||||||||||||||||
23Springs | Uptown | 50% | 642,000 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||||||||||||||
Net Cash Provided By Operating Activities | Net Cash Provided By Operating Activities | $ | 201,898 | $ | 197,415 | $ | 4,483 | Net Cash Provided By Operating Activities | $ | 319,879 | $ | 309,218 | $ | 10,661 | ||||||||||||||||||||
Net Cash Used In Investing Activities | Net Cash Used In Investing Activities | (69,869) | (228,417) | 158,548 | Net Cash Used In Investing Activities | (341,593) | (373,225) | 31,632 | ||||||||||||||||||||||||||
Net Cash Used In Financing Activities | (91,559) | (99,809) | 8,250 | |||||||||||||||||||||||||||||||
Net Cash Provided By/(Used In) Financing Activities | Net Cash Provided By/(Used In) Financing Activities | 19,609 | (84,339) | 103,948 | ||||||||||||||||||||||||||||||
Total Cash Flows | Total Cash Flows | $ | 40,470 | $ | (130,811) | $ | 171,281 | Total Cash Flows | $ | (2,105) | $ | (148,346) | $ | 146,241 |
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
Mortgages and notes payable, net, at recorded book value | Mortgages and notes payable, net, at recorded book value | $ | 2,804,314 | $ | 2,788,915 | Mortgages and notes payable, net, at recorded book value | $ | 2,973,369 | $ | 2,788,915 | ||||||||||||
Preferred Stock, at liquidation value | Preferred Stock, at liquidation value | $ | 28,821 | $ | 28,821 | Preferred Stock, at liquidation value | $ | 28,821 | $ | 28,821 | ||||||||||||
Common Stock outstanding | Common Stock outstanding | 105,185 | 104,893 | Common Stock outstanding | 105,198 | 104,893 | ||||||||||||||||
Common Units outstanding (not owned by the Company) | Common Units outstanding (not owned by the Company) | 2,474 | 2,505 | Common Units outstanding (not owned by the Company) | 2,382 | 2,505 | ||||||||||||||||
Per share stock price at period end | Per share stock price at period end | $ | 34.19 | $ | 44.59 | Per share stock price at period end | $ | 26.96 | $ | 44.59 | ||||||||||||
Market value of Common Stock and Common Units | Market value of Common Stock and Common Units | $ | 3,680,861 | $ | 4,788,877 | Market value of Common Stock and Common Units | $ | 2,900,357 | $ | 4,788,877 | ||||||||||||
Total capitalization | Total capitalization | $ | 6,513,996 | $ | 7,606,613 | Total capitalization | $ | 5,902,547 | $ | 7,606,613 |
Property | Property | Market | Own % | Consolidated (Y/N) | Rentable Square Feet | Anticipated Total Investment (1) | Investment As Of June 30, 2022 (1) | Pre Leased % | Estimated Completion | Estimated Stabilization | Property | Market | Own % | Consolidated (Y/N) | Rentable Square Feet | Anticipated Total Investment (1) | Investment As Of September 30, 2022 (1) | Pre Leased % | Estimated Completion | Estimated Stabilization | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
23Springs (2) | 23Springs (2) | Dallas | 50.0 | % | N | 642,000 | $ | 460,000 | $ | — | 17.1 | % | 1Q 25 | 1Q 28 | 23Springs (2) | Dallas | 50.0 | % | N | 642,000 | $ | 460,000 | $ | 75,177 | 17.1 | % | 1Q 25 | 1Q 28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Granite Park Six (2) | Granite Park Six (2) | Dallas | 50.0 | % | N | 422,000 | 200,000 | — | 12.4 | 4Q 23 | 1Q 26 | Granite Park Six (2) | Dallas | 50.0 | % | N | 422,000 | 200,000 | 71,777 | 12.4 | 4Q 23 | 1Q 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GlenLake III Office & Retail (3) | GlenLake III Office & Retail (3) | Raleigh | 100.0 | % | Y | 218,250 | 94,600 | 19,531 | 14.6 | 3Q 23 | 1Q 26 | GlenLake III Office & Retail (3) | Raleigh | 100.0 | % | Y | 218,250 | 94,600 | 30,938 | 14.6 | 3Q 23 | 1Q 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2827 Peachtree | 2827 Peachtree | Atlanta | 50.0 | % | N | 135,300 | 79,000 | 28,151 | 72.0 | 3Q 23 | 1Q 25 | 2827 Peachtree | Atlanta | 50.0 | % | N | 135,300 | 79,000 | 28,151 | 72.0 | 3Q 23 | 1Q 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Four Morrocroft | Four Morrocroft | Charlotte | 100.0 | % | Y | 18,000 | 12,000 | 656 | 100.0 | 2Q24 | 2Q24 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,435,550 | $ | 845,600 | $ | 206,699 | 21.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,417,550 | $ | 833,600 | $ | 47,682 | 20.6 | % |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Funds from operations: | Funds from operations: | Funds from operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 52,602 | $ | 61,844 | $ | 94,705 | $ | 118,699 | Net income | $ | 40,110 | $ | 75,587 | $ | 134,815 | $ | 194,286 | ||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | Net (income) attributable to noncontrolling interests in consolidated affiliates | (266) | (294) | (523) | (575) | Net (income) attributable to noncontrolling interests in consolidated affiliates | (357) | (894) | (880) | (1,469) | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization of real estate assets | Depreciation and amortization of real estate assets | 69,047 | 61,293 | 138,039 | 121,521 | Depreciation and amortization of real estate assets | 72,323 | 65,823 | 210,362 | 187,344 | ||||||||||||||||||||||||||||||||||||
Impairments of depreciable properties | Impairments of depreciable properties | 35,000 | — | 35,000 | — | Impairments of depreciable properties | — | — | 35,000 | — | ||||||||||||||||||||||||||||||||||||
(Gains) on disposition of depreciable properties | (Gains) on disposition of depreciable properties | (47,807) | (22,862) | (47,807) | (41,799) | (Gains) on disposition of depreciable properties | — | (37,309) | (47,807) | (79,108) | ||||||||||||||||||||||||||||||||||||
Unconsolidated affiliates: | Unconsolidated affiliates: | Unconsolidated affiliates: | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization of real estate assets | Depreciation and amortization of real estate assets | 184 | 181 | 367 | 399 | Depreciation and amortization of real estate assets | 181 | 185 | 548 | 584 | ||||||||||||||||||||||||||||||||||||
Funds from operations | Funds from operations | 108,760 | 100,162 | 219,781 | 198,245 | Funds from operations | 112,257 | 103,392 | 332,038 | 301,637 | ||||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock | Dividends on Preferred Stock | (622) | (621) | (1,243) | (1,243) | Dividends on Preferred Stock | (621) | (621) | (1,864) | (1,864) | ||||||||||||||||||||||||||||||||||||
Funds from operations available for common stockholders | Funds from operations available for common stockholders | $ | 108,138 | $ | 99,541 | $ | 218,538 | $ | 197,002 | Funds from operations available for common stockholders | $ | 111,636 | $ | 102,771 | $ | 330,174 | $ | 299,773 | ||||||||||||||||||||||||||||
Funds from operations available for common stockholders per share | Funds from operations available for common stockholders per share | $ | 1.00 | $ | 0.93 | $ | 2.03 | $ | 1.84 | Funds from operations available for common stockholders per share | $ | 1.04 | $ | 0.96 | $ | 3.07 | $ | 2.80 | ||||||||||||||||||||||||||||
Weighted average shares outstanding (1) | Weighted average shares outstanding (1) | 107,654 | 106,964 | 107,554 | 106,887 | Weighted average shares outstanding (1) | 107,601 | 107,139 | 107,570 | 106,972 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 52,602 | $ | 61,844 | $ | 94,705 | $ | 118,699 | Net income | $ | 40,110 | $ | 75,587 | $ | 134,815 | $ | 194,286 | ||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | Equity in earnings of unconsolidated affiliates | (326) | (431) | (626) | (1,068) | Equity in earnings of unconsolidated affiliates | (457) | (546) | (1,083) | (1,614) | ||||||||||||||||||||||||||||||||||||
Gains on disposition of property | Gains on disposition of property | (50,044) | (22,862) | (54,144) | (41,799) | Gains on disposition of property | (9,402) | (38,572) | (63,546) | (80,371) | ||||||||||||||||||||||||||||||||||||
Other income | Other income | (120) | (332) | (483) | (644) | Other income | (138) | (424) | (621) | (1,068) | ||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 25,027 | 19,001 | 49,420 | 38,769 | Interest expense | 26,392 | 21,986 | 75,812 | 60,755 | ||||||||||||||||||||||||||||||||||||
General and administrative expenses | General and administrative expenses | 9,591 | 10,107 | 23,147 | 20,059 | General and administrative expenses | 9,586 | 10,350 | 32,733 | 30,409 | ||||||||||||||||||||||||||||||||||||
Impairments of real estate assets | Impairments of real estate assets | 35,000 | — | 35,000 | — | Impairments of real estate assets | 1,515 | — | 36,515 | — | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 69,742 | 61,949 | 139,409 | 122,876 | Depreciation and amortization | 73,057 | 66,547 | 212,466 | 189,423 | ||||||||||||||||||||||||||||||||||||
Net operating income | Net operating income | 141,472 | 129,276 | 286,428 | 256,892 | Net operating income | 140,663 | 134,928 | 427,091 | 391,820 | ||||||||||||||||||||||||||||||||||||
Non same property and other net operating income | Non same property and other net operating income | (22,074) | (9,445) | (44,881) | (18,368) | Non same property and other net operating income | (22,018) | (16,925) | (66,899) | (35,293) | ||||||||||||||||||||||||||||||||||||
Same property net operating income | Same property net operating income | $ | 119,398 | $ | 119,831 | $ | 241,547 | $ | 238,524 | Same property net operating income | $ | 118,645 | $ | 118,003 | $ | 360,192 | $ | 356,527 | ||||||||||||||||||||||||||||
Same property net operating income | Same property net operating income | $ | 119,398 | $ | 119,831 | $ | 241,547 | $ | 238,524 | Same property net operating income | $ | 118,645 | $ | 118,003 | $ | 360,192 | $ | 356,527 | ||||||||||||||||||||||||||||
Lease termination fees, straight-line rent and other non-cash adjustments (1) | Lease termination fees, straight-line rent and other non-cash adjustments (1) | (2,780) | (3,588) | (6,551) | (7,482) | Lease termination fees, straight-line rent and other non-cash adjustments (1) | (5,401) | (2,809) | (11,952) | (10,291) | ||||||||||||||||||||||||||||||||||||
Same property cash net operating income | Same property cash net operating income | $ | 116,618 | $ | 116,243 | $ | 234,996 | $ | 231,042 | Same property cash net operating income | $ | 113,244 | $ | 115,194 | $ | 348,240 | $ | 346,236 |
Total Number of Shares Purchased | Weighted Average Price Paid per Share | |||||||||||||
April 1 to April 30 | — | $ | — | |||||||||||
May 1 to May 31 | — | — | ||||||||||||
June 1 to June 30 | 343 | 34.03 | ||||||||||||
Total | 343 | $ | 34.03 |
Exhibit Number | Description | ||||
31.1 | |||||
31.2 | |||||
31.3 | |||||
31.4 | |||||
32.1 | |||||
32.2 | |||||
32.3 | |||||
32.4 | |||||
101.INS | Inline XBRL Instance Document (the instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document) | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Highwoods Properties, Inc. | |||||
By: | /s/ Brendan C. Maiorana | ||||
Brendan C. Maiorana | |||||
Executive Vice President and Chief Financial Officer |
Highwoods Realty Limited Partnership | |||||
By: | Highwoods Properties, Inc., its sole general partner | ||||
By: | /s/ Brendan C. Maiorana | ||||
Brendan C. Maiorana | |||||
Executive Vice President and Chief Financial Officer |