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, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||
Real estate assets, at cost: | Real estate assets, at cost: | Real estate assets, at cost: | ||||||||||||||||||||
Land | Land | $ | 538,437 | $ | 548,720 | Land | $ | 542,418 | $ | 548,720 | ||||||||||||
Buildings and tenant improvements | Buildings and tenant improvements | 5,884,834 | 5,909,754 | Buildings and tenant improvements | 5,970,163 | 5,909,754 | ||||||||||||||||
Development in-process | Development in-process | 64,966 | 46,735 | Development in-process | 6,203 | 46,735 | ||||||||||||||||
Land held for development | Land held for development | 228,390 | 231,218 | Land held for development | 227,817 | 231,218 | ||||||||||||||||
6,716,627 | 6,736,427 | 6,746,601 | 6,736,427 | |||||||||||||||||||
Less-accumulated depreciation | Less-accumulated depreciation | (1,661,609) | (1,609,502) | Less-accumulated depreciation | (1,711,023) | (1,609,502) | ||||||||||||||||
Net real estate assets | Net real estate assets | 5,055,018 | 5,126,925 | Net real estate assets | 5,035,578 | 5,126,925 | ||||||||||||||||
Real estate and other assets, net, held for sale | Real estate and other assets, net, held for sale | 4,692 | — | Real estate and other assets, net, held for sale | 4,706 | — | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 17,011 | 21,357 | Cash and cash equivalents | 16,901 | 21,357 | ||||||||||||||||
Restricted cash | Restricted cash | 5,350 | 4,748 | Restricted cash | 3,809 | 4,748 | ||||||||||||||||
Accounts receivable | Accounts receivable | 20,552 | 25,481 | Accounts receivable | 25,583 | 25,481 | ||||||||||||||||
Mortgages and notes receivable | Mortgages and notes receivable | 9,891 | 1,051 | Mortgages and notes receivable | 9,783 | 1,051 | ||||||||||||||||
Accrued straight-line rents receivable | Accrued straight-line rents receivable | 303,781 | 293,674 | Accrued straight-line rents receivable | 308,277 | 293,674 | ||||||||||||||||
Investments in and advances to unconsolidated affiliates | Investments in and advances to unconsolidated affiliates | 294,160 | 269,221 | Investments in and advances to unconsolidated affiliates | 314,475 | 269,221 | ||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $168,187 and $163,751, respectively | 239,193 | 252,828 | ||||||||||||||||||||
Prepaid expenses and other assets, net of accumulated depreciation of $23,417 and $21,660, respectively | 78,053 | 68,091 | ||||||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $173,926 and $163,751, respectively | Deferred leasing costs, net of accumulated amortization of $173,926 and $163,751, respectively | 233,079 | 252,828 | |||||||||||||||||||
Prepaid expenses and other assets, net of accumulated depreciation of $23,008 and $21,660, respectively | Prepaid expenses and other assets, net of accumulated depreciation of $23,008 and $21,660, respectively | 72,177 | 68,091 | |||||||||||||||||||
Total Assets | Total Assets | $ | 6,027,701 | $ | 6,063,376 | Total Assets | $ | 6,024,368 | $ | 6,063,376 | ||||||||||||
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 | $ | 3,198,081 | $ | 3,197,215 | Mortgages and notes payable, net | $ | 3,212,185 | $ | 3,197,215 | ||||||||||||
Accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities | 297,601 | 301,184 | Accounts payable, accrued expenses and other liabilities | 310,409 | 301,184 | ||||||||||||||||
Total Liabilities | Total Liabilities | 3,495,682 | 3,498,399 | Total Liabilities | 3,522,594 | 3,498,399 | ||||||||||||||||
Commitments and contingencies | Commitments and contingencies | Commitments and contingencies | ||||||||||||||||||||
Noncontrolling interests in the Operating Partnership | Noncontrolling interests in the Operating Partnership | 56,206 | 65,977 | Noncontrolling interests in the Operating Partnership | 44,452 | 65,977 | ||||||||||||||||
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), 28,811 and 28,821 shares issued and outstanding, respectively | 8.625% Series A Cumulative Redeemable Preferred Shares (liquidation preference $1,000 per share), 28,811 and 28,821 shares issued and outstanding, respectively | 28,811 | 28,821 | 8.625% Series A Cumulative Redeemable Preferred Shares (liquidation preference $1,000 per share), 28,811 and 28,821 shares issued and outstanding, respectively | 28,811 | 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; | ||||||||||||||||||||
105,473,213 and 105,210,858 shares issued and outstanding, respectively | 1,055 | 1,052 | ||||||||||||||||||||
105,693,261 and 105,210,858 shares issued and outstanding, respectively | 105,693,261 and 105,210,858 shares issued and outstanding, respectively | 1,057 | 1,052 | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 3,095,272 | 3,081,330 | Additional paid-in capital | 3,107,593 | 3,081,330 | ||||||||||||||||
Distributions in excess of net income available for common stockholders | Distributions in excess of net income available for common stockholders | (652,436) | (633,227) | Distributions in excess of net income available for common stockholders | (683,171) | (633,227) | ||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (1,360) | (1,211) | Accumulated other comprehensive loss | (1,434) | (1,211) | ||||||||||||||||
Total Stockholders’ Equity | Total Stockholders’ Equity | 2,471,342 | 2,476,765 | Total Stockholders’ Equity | 2,452,856 | 2,476,765 | ||||||||||||||||
Noncontrolling interests in consolidated affiliates | Noncontrolling interests in consolidated affiliates | 4,471 | 22,235 | Noncontrolling interests in consolidated affiliates | 4,466 | 22,235 | ||||||||||||||||
Total Equity | Total Equity | 2,475,813 | 2,499,000 | Total Equity | 2,457,322 | 2,499,000 | ||||||||||||||||
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity | Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity | $ | 6,027,701 | $ | 6,063,376 | Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity | $ | 6,024,368 | $ | 6,063,376 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Rental and other revenues | Rental and other revenues | $ | 207,291 | $ | 203,841 | $ | 420,043 | $ | 410,219 | Rental and other revenues | $ | 207,095 | $ | 206,997 | $ | 627,138 | $ | 617,216 | ||||||||||||||||||||||||||||
Operating expenses: | Operating expenses: | Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Rental property and other expenses | Rental property and other expenses | 66,307 | 62,369 | 132,038 | 123,791 | Rental property and other expenses | 67,193 | 66,334 | 199,231 | 190,125 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 75,018 | 69,742 | 145,651 | 139,409 | Depreciation and amortization | 74,765 | 73,057 | 220,416 | 212,466 | ||||||||||||||||||||||||||||||||||||
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 | 9,380 | 9,591 | 21,795 | 23,147 | General and administrative | 8,873 | 9,586 | 30,668 | 32,733 | ||||||||||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 150,705 | 176,702 | 299,484 | 321,347 | Total operating expenses | 150,831 | 150,492 | 450,315 | 471,839 | ||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 34,063 | 25,027 | 67,161 | 49,420 | Interest expense | 34,247 | 26,392 | 101,408 | 75,812 | ||||||||||||||||||||||||||||||||||||
Other income | Other income | 1,181 | 120 | 2,328 | 483 | Other income | 754 | 138 | 3,082 | 621 | ||||||||||||||||||||||||||||||||||||
Gains on disposition of property | Gains on disposition of property | 19,368 | 50,044 | 19,818 | 54,144 | Gains on disposition of property | — | 9,402 | 19,818 | 63,546 | ||||||||||||||||||||||||||||||||||||
Gain on deconsolidation of affiliate | Gain on deconsolidation of affiliate | — | — | 11,778 | — | Gain on deconsolidation of affiliate | — | — | 11,778 | — | ||||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | Equity in earnings of unconsolidated affiliates | 798 | 326 | 1,502 | 626 | Equity in earnings of unconsolidated affiliates | 400 | 457 | 1,902 | 1,083 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | 43,870 | 52,602 | 88,824 | 94,705 | Net income | 23,171 | 40,110 | 111,995 | 134,815 | ||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | Net (income) attributable to noncontrolling interests in the Operating Partnership | (947) | (1,203) | (1,933) | (2,168) | Net (income) attributable to noncontrolling interests in the Operating Partnership | (453) | (881) | (2,386) | (3,049) | ||||||||||||||||||||||||||||||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | (4) | (266) | 483 | (523) | Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | 5 | (357) | 488 | (880) | ||||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock | Dividends on Preferred Stock | (621) | (622) | (1,242) | (1,243) | Dividends on Preferred Stock | (622) | (621) | (1,864) | (1,864) | ||||||||||||||||||||||||||||||||||||
Net income available for common stockholders | Net income available for common stockholders | $ | 42,298 | $ | 50,511 | $ | 86,132 | $ | 90,771 | Net income available for common stockholders | $ | 22,101 | $ | 38,251 | $ | 108,233 | $ | 129,022 | ||||||||||||||||||||||||||||
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 | $ | 0.40 | $ | 0.48 | $ | 0.82 | $ | 0.86 | Net income available for common stockholders | $ | 0.21 | $ | 0.36 | $ | 1.03 | $ | 1.23 | ||||||||||||||||||||||||||||
Weighted average Common Shares outstanding – basic | Weighted average Common Shares outstanding – basic | 105,457 | 105,163 | 105,373 | 105,049 | Weighted average Common Shares outstanding – basic | 105,671 | 105,184 | 105,473 | 105,094 | ||||||||||||||||||||||||||||||||||||
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 | $ | 0.40 | $ | 0.48 | $ | 0.82 | $ | 0.86 | Net income available for common stockholders | $ | 0.21 | $ | 0.36 | $ | 1.03 | $ | 1.23 | ||||||||||||||||||||||||||||
Weighted average Common Shares outstanding – diluted | Weighted average Common Shares outstanding – diluted | 107,808 | 107,654 | 107,728 | 107,554 | Weighted average Common Shares outstanding – diluted | 107,832 | 107,601 | 107,762 | 107,570 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 43,870 | $ | 52,602 | $ | 88,824 | $ | 94,705 | Net income | $ | 23,171 | $ | 40,110 | $ | 111,995 | $ | 134,815 | ||||||||||||||||||||||||||||
Other comprehensive loss: | Other comprehensive loss: | Other comprehensive loss: | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of cash flow hedges | Amortization of cash flow hedges | (74) | (74) | (149) | (89) | Amortization of cash flow hedges | (74) | (75) | (223) | (164) | ||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | Total other comprehensive loss | (74) | (74) | (149) | (89) | Total other comprehensive loss | (74) | (75) | (223) | (164) | ||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 43,796 | 52,528 | 88,675 | 94,616 | Total comprehensive income | 23,097 | 40,035 | 111,772 | 134,651 | ||||||||||||||||||||||||||||||||||||
Less-comprehensive (income) attributable to noncontrolling interests | Less-comprehensive (income) attributable to noncontrolling interests | (951) | (1,469) | (1,450) | (2,691) | Less-comprehensive (income) attributable to noncontrolling interests | (448) | (1,238) | (1,898) | (3,929) | ||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to common stockholders | Comprehensive income attributable to common stockholders | $ | 42,845 | $ | 51,059 | $ | 87,225 | $ | 91,925 | Comprehensive income attributable to common stockholders | $ | 22,649 | $ | 38,797 | $ | 109,874 | $ | 130,722 |
Three Months Ended June 30, 2023 | Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 as of March 31, 2023 | 105,457,508 | $ | 1,055 | $ | 28,811 | $ | 3,096,126 | $ | (1,286) | $ | 4,467 | $ | (642,014) | $ | 2,487,159 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | Balance as of June 30, 2023 | 105,472,213 | $ | 1,055 | $ | 28,811 | $ | 3,095,272 | $ | (1,360) | $ | 4,471 | $ | (652,436) | $ | 2,475,813 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings | Issuances of Common Stock, net of issuance costs and tax withholdings | 18,572 | — | — | 265 | — | — | — | 265 | Issuances of Common Stock, net of issuance costs and tax withholdings | 17,521 | 2 | — | 359 | — | — | — | 361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversions of Common Units to Common Stock | Conversions of Common Units to Common Stock | 193,907 | 4,795 | 4,795 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on Common Stock ($0.50 per share) | Dividends on Common Stock ($0.50 per share) | — | — | — | — | — | (52,720) | (52,720) | Dividends on Common Stock ($0.50 per share) | — | — | — | — | — | (52,836) | (52,836) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | — | — | — | — | — | (622) | (622) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | Adjustment of noncontrolling interests in the Operating Partnership to fair value | — | — | (1,915) | — | — | — | (1,915) | Adjustment of noncontrolling interests in the Operating Partnership to fair value | — | — | 6,334 | — | — | — | 6,334 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances of restricted stock | Issuances of restricted stock | 1,100 | — | — | — | — | — | — | — | Issuances of restricted stock | 9,620 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | Share-based compensation expense, net of forfeitures | (3,967) | — | — | 796 | — | — | — | 796 | Share-based compensation expense, net of forfeitures | — | — | — | 833 | — | — | — | 833 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | (947) | (947) | Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | (453) | (453) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | 4 | (4) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interests in consolidated affiliates | Net loss attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | (5) | 5 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 43,870 | 43,870 | Net income | — | — | — | — | — | 23,171 | 23,171 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | (74) | — | — | (74) | Other comprehensive loss | — | — | — | (74) | — | — | (74) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 43,796 | Total comprehensive income | 23,097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | 105,473,213 | $ | 1,055 | $ | 28,811 | $ | 3,095,272 | $ | (1,360) | $ | 4,471 | $ | (652,436) | $ | 2,475,813 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2023 | Balance as of September 30, 2023 | 105,693,261 | $ | 1,057 | $ | 28,811 | $ | 3,107,593 | $ | (1,434) | $ | 4,466 | $ | (683,171) | $ | 2,457,322 |
Six Months Ended June 30, 2023 | Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2022 | Balance at December 31, 2022 | 105,210,858 | $ | 1,052 | $ | 28,821 | $ | 3,081,330 | $ | (1,211) | $ | 22,235 | $ | (633,227) | $ | 2,499,000 | Balance at December 31, 2022 | 105,210,858 | $ | 1,052 | $ | 28,821 | $ | 3,081,330 | $ | (1,211) | $ | 22,235 | $ | (633,227) | $ | 2,499,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings | Issuances of Common Stock, net of issuance costs and tax withholdings | (7,511) | — | — | (563) | — | — | — | (563) | Issuances of Common Stock, net of issuance costs and tax withholdings | 10,010 | 2 | — | (204) | — | — | — | (202) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on Common Stock ($1.00 per share) | — | — | — | — | — | (105,341) | (105,341) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock ($43.1250 per share) | — | — | — | — | — | (1,242) | (1,242) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversions of Common Units to Common Stock | Conversions of Common Units to Common Stock | 193,907 | 4,795 | 4,795 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on Common Stock ($1.50 per share) | Dividends on Common Stock ($1.50 per share) | — | — | — | — | — | (158,177) | (158,177) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | 9,187 | — | — | — | 9,187 | Adjustment of noncontrolling interests in the Operating Partnership to fair value | — | — | 15,521 | — | — | — | 15,521 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances of restricted stock | Issuances of restricted stock | 273,833 | — | — | — | — | — | — | — | Issuances of restricted stock | 282,453 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemptions/repurchases of Preferred Stock | Redemptions/repurchases of Preferred Stock | — | (10) | — | — | — | — | (10) | Redemptions/repurchases of Preferred Stock | — | (10) | — | — | — | — | (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | Share-based compensation expense, net of forfeitures | (3,967) | 3 | — | 5,318 | — | — | — | 5,321 | Share-based compensation expense, net of forfeitures | (3,967) | 3 | — | 6,151 | — | — | — | 6,154 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | (1,933) | (1,933) | Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | (2,386) | (2,386) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interests in consolidated affiliates | Net loss attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | (483) | 483 | — | Net loss attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | (488) | 488 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deconsolidation of affiliate | Deconsolidation of affiliate | — | — | — | — | (17,281) | — | (17,281) | Deconsolidation of affiliate | — | — | — | — | (17,281) | — | (17,281) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 88,824 | 88,824 | Net income | — | — | — | — | — | 111,995 | 111,995 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | (149) | — | — | (149) | Other comprehensive loss | — | — | — | (223) | — | — | (223) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 88,675 | Total comprehensive income | 111,772 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | 105,473,213 | $ | 1,055 | $ | 28,811 | $ | 3,095,272 | $ | (1,360) | $ | 4,471 | $ | (652,436) | $ | 2,475,813 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2023 | Balance as of September 30, 2023 | 105,693,261 | $ | 1,057 | $ | 28,811 | $ | 3,107,593 | $ | (1,434) | $ | 4,466 | $ | (683,171) | $ | 2,457,322 |
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 as of March 31, 2022 | 105,143,984 | $ | 1,051 | $ | 28,821 | $ | 3,034,155 | $ | (988) | $ | 21,262 | $ | (591,780) | $ | 2,492,521 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | Balance as of 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 as of June 30, 2022 | 105,184,854 | $ | 1,052 | $ | 28,821 | $ | 3,065,208 | $ | (1,062) | $ | 21,528 | $ | (593,846) | $ | 2,521,701 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | Balance as of 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 as of June 30, 2022 | 105,184,854 | $ | 1,052 | $ | 28,821 | $ | 3,065,208 | $ | (1,062) | $ | 21,528 | $ | (593,846) | $ | 2,521,701 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | Balance as of 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, | Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Operating activities: | Operating activities: | Operating activities: | ||||||||||||||||||||
Net income | Net income | $ | 88,824 | $ | 94,705 | Net income | $ | 111,995 | $ | 134,815 | ||||||||||||
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 | 145,651 | 139,409 | Depreciation and amortization | 220,416 | 212,466 | ||||||||||||||||
Amortization of lease incentives and acquisition-related intangible assets and liabilities | Amortization of lease incentives and acquisition-related intangible assets and liabilities | 494 | (166) | Amortization of lease incentives and acquisition-related intangible assets and liabilities | 712 | (342) | ||||||||||||||||
Share-based compensation expense | Share-based compensation expense | 5,321 | 6,136 | Share-based compensation expense | 6,154 | 6,843 | ||||||||||||||||
Net credit losses on operating lease receivables | Net credit losses on operating lease receivables | 1,351 | 2,625 | Net credit losses on operating lease receivables | 1,850 | 3,167 | ||||||||||||||||
Accrued interest on mortgages and notes receivable | Accrued interest on mortgages and notes receivable | (390) | (46) | Accrued interest on mortgages and notes receivable | (750) | (67) | ||||||||||||||||
Amortization of debt issuance costs | Amortization of debt issuance costs | 2,398 | 2,040 | Amortization of debt issuance costs | 3,645 | 3,096 | ||||||||||||||||
Amortization of cash flow hedges | Amortization of cash flow hedges | (149) | (89) | Amortization of cash flow hedges | (223) | (164) | ||||||||||||||||
Amortization of mortgages and notes payable fair value adjustments | Amortization of mortgages and notes payable fair value adjustments | (172) | (41) | Amortization of mortgages and notes payable fair value adjustments | (257) | (60) | ||||||||||||||||
Impairments of real estate assets | Impairments of real estate assets | — | 35,000 | Impairments of real estate assets | — | 36,515 | ||||||||||||||||
Net gains on disposition of property | Net gains on disposition of property | (19,818) | (54,144) | Net gains on disposition of property | (19,818) | (63,546) | ||||||||||||||||
Gain on deconsolidation of controlling interest in affiliate | Gain on deconsolidation of controlling interest in affiliate | (11,778) | — | Gain on deconsolidation of controlling interest in affiliate | (11,778) | — | ||||||||||||||||
Equity in earnings of unconsolidated affiliates | Equity in earnings of unconsolidated affiliates | (1,502) | (626) | Equity in earnings of unconsolidated affiliates | (1,902) | (1,083) | ||||||||||||||||
Distributions of earnings from unconsolidated affiliates | Distributions of earnings from unconsolidated affiliates | 988 | 598 | Distributions of earnings from unconsolidated affiliates | 1,153 | 606 | ||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||
Accounts receivable | Accounts receivable | 2,103 | (3,758) | Accounts receivable | 1,182 | (11,454) | ||||||||||||||||
Prepaid expenses and other assets | Prepaid expenses and other assets | (8,503) | (6,534) | Prepaid expenses and other assets | (4,376) | (2,150) | ||||||||||||||||
Accrued straight-line rents receivable | Accrued straight-line rents receivable | (15,394) | (13,053) | Accrued straight-line rents receivable | (20,196) | (20,558) | ||||||||||||||||
Accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities | (8,304) | (158) | Accounts payable, accrued expenses and other liabilities | (3,636) | 21,795 | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 181,120 | 201,898 | Net cash provided by operating activities | 284,171 | 319,879 | ||||||||||||||||
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 | (18,544) | (26,977) | Investments in acquired real estate and related intangible assets, net of cash acquired | (18,544) | (224,934) | ||||||||||||||||
Investments in development in-process | Investments in development in-process | (18,658) | (20,869) | Investments in development in-process | (26,179) | (26,220) | ||||||||||||||||
Investments in tenant improvements and deferred leasing costs | Investments in tenant improvements and deferred leasing costs | (43,720) | (60,661) | Investments in tenant improvements and deferred leasing costs | (68,625) | (90,910) | ||||||||||||||||
Investments in building improvements | Investments in building improvements | (43,848) | (26,528) | Investments in building improvements | (55,155) | (45,289) | ||||||||||||||||
Net proceeds from disposition of real estate assets | Net proceeds from disposition of real estate assets | 51,538 | 107,362 | Net proceeds from disposition of real estate assets | 51,538 | 130,038 | ||||||||||||||||
Distributions of capital from unconsolidated affiliates | Distributions of capital from unconsolidated affiliates | 1,839 | — | Distributions of capital from unconsolidated affiliates | 3,864 | — | ||||||||||||||||
Investments in mortgages and notes receivable | Investments in mortgages and notes receivable | (9,763) | (24) | Investments in mortgages and notes receivable | (9,763) | (24) | ||||||||||||||||
Repayments of mortgages and notes receivable | Repayments of mortgages and notes receivable | 116 | 144 | Repayments of mortgages and notes receivable | 200 | 215 | ||||||||||||||||
Investments in and advances to unconsolidated affiliates | Investments in and advances to unconsolidated affiliates | (77,736) | (7,500) | Investments in and advances to unconsolidated affiliates | (100,052) | (81,693) | ||||||||||||||||
Repayments of preferred equity from unconsolidated affiliates | Repayments of preferred equity from unconsolidated affiliates | 80,000 | — | Repayments of preferred equity from unconsolidated affiliates | 80,000 | — | ||||||||||||||||
Changes in earnest money deposits | Changes in earnest money deposits | 15,500 | (37,500) | Changes in earnest money deposits | 15,500 | (3,000) | ||||||||||||||||
Changes in other investing activities | Changes in other investing activities | (4,898) | 2,684 | Changes in other investing activities | (3,751) | 224 | ||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (68,174) | (69,869) | Net cash used in investing activities | (130,967) | (341,593) | ||||||||||||||||
Financing activities: | Financing activities: | Financing activities: | ||||||||||||||||||||
Dividends on Common Stock | Dividends on Common Stock | (105,341) | (105,001) | Dividends on Common Stock | (158,177) | (157,587) | ||||||||||||||||
Redemptions/repurchases of Preferred Stock | Redemptions/repurchases of Preferred Stock | (10) | — | Redemptions/repurchases of Preferred Stock | (10) | — | ||||||||||||||||
Redemptions of Common Units | Redemptions of Common Units | (163) | — | Redemptions of Common Units | (163) | (3,101) | ||||||||||||||||
Dividends on Preferred Stock | Dividends on Preferred Stock | (1,242) | (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 | (2,354) | (2,495) | Distributions to noncontrolling interests in the Operating Partnership | (3,432) | (3,687) | ||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | Distributions to noncontrolling interests in consolidated affiliates | — | (1,411) | Distributions to noncontrolling interests in consolidated affiliates | — | (1,411) | ||||||||||||||||
Proceeds from the issuance of Common Stock | Proceeds from the issuance of Common Stock | 988 | 6,839 | Proceeds from the issuance of Common Stock | 1,349 | 7,200 | ||||||||||||||||
Costs paid for the issuance of Common Stock | Costs paid for the issuance of Common Stock | (226) | (248) | Costs paid for the issuance of Common Stock | (226) | (247) | ||||||||||||||||
Repurchase of shares related to tax withholdings | Repurchase of shares related to tax withholdings | (1,325) | (2,156) | Repurchase of shares related to tax withholdings | (1,325) | (2,156) | ||||||||||||||||
Borrowings on revolving credit facility | Borrowings on revolving credit facility | 159,000 | 145,000 | Borrowings on revolving credit facility | 219,000 | 275,000 | ||||||||||||||||
Repayments of revolving credit facility | Repayments of revolving credit facility | (355,000) | (125,000) | Repayments of revolving credit facility | (400,000) | (235,000) | ||||||||||||||||
Borrowings on mortgages and notes payable | Borrowings on mortgages and notes payable | 200,000 | 200,000 | Borrowings on mortgages and notes payable | 200,000 | 350,000 | ||||||||||||||||
Repayments of mortgages and notes payable | Repayments of mortgages and notes payable | (3,326) | (203,187) | Repayments of mortgages and notes payable | (5,018) | (204,807) | ||||||||||||||||
Payments for debt issuance costs and other financing activities | Payments for debt issuance costs and other financing activities | (1,305) | (2,657) | Payments for debt issuance costs and other financing activities | (2,347) | (2,731) | ||||||||||||||||
Net cash used in financing activities | (110,304) | (91,559) | ||||||||||||||||||||
Net increase in cash and cash equivalents and restricted cash | $ | 2,642 | $ | 40,470 | ||||||||||||||||||
Net cash provided by/(used in) financing activities | Net cash provided by/(used in) financing activities | (152,213) | 19,609 | |||||||||||||||||||
Net increase/(decrease) in cash and cash equivalents and restricted cash | Net increase/(decrease) in cash and cash equivalents and restricted cash | $ | 991 | $ | (2,105) |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net increase in cash and cash equivalents and restricted cash | $ | 2,642 | $ | 40,470 | ||||||||||||||||||
Net increase/(decrease) in cash and cash equivalents and restricted cash | Net increase/(decrease) in cash and cash equivalents and restricted cash | $ | 991 | $ | (2,105) | |||||||||||||||||
Cash from deconsolidation of controlling interest in affiliate | Cash from deconsolidation of controlling interest in affiliate | (6,386) | — | Cash from deconsolidation of controlling interest in affiliate | (6,386) | — | ||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of the period | Cash and cash equivalents and restricted cash at beginning of the period | 26,105 | 31,198 | Cash and cash equivalents and restricted cash at beginning of the period | 26,105 | 31,198 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of the period | Cash and cash equivalents and restricted cash at end of the period | $ | 22,361 | $ | 71,668 | Cash and cash equivalents and restricted cash at end of the period | $ | 20,710 | $ | 29,093 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Cash and cash equivalents at end of the period | Cash and cash equivalents at end of the period | $ | 17,011 | $ | 25,045 | Cash and cash equivalents at end of the period | $ | 16,901 | $ | 23,055 | ||||||||||||
Restricted cash at end of the period | Restricted cash at end of the period | 5,350 | 46,623 | Restricted cash at end of the period | 3,809 | 6,038 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of the period | Cash and cash equivalents and restricted cash at end of the period | $ | 22,361 | $ | 71,668 | Cash and cash equivalents and restricted cash at end of the period | $ | 20,710 | $ | 29,093 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash paid for interest, net of amounts capitalized | $ | 63,858 | $ | 47,762 |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash paid for interest, net of amounts capitalized | $ | 105,342 | $ | 82,908 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Conversions of Common Units to Common Stock | Conversions of Common Units to Common Stock | — | 1,251 | Conversions of Common Units to Common Stock | 4,795 | 1,251 | ||||||||||||||||
Changes in accrued capital expenditures (1) | Changes in accrued capital expenditures (1) | 7,067 | (20,066) | Changes in accrued capital expenditures (1) | 17,275 | (10,180) | ||||||||||||||||
Write-off of fully depreciated real estate assets | Write-off of fully depreciated real estate assets | 40,556 | 21,827 | Write-off of fully depreciated real estate assets | 54,489 | 42,817 | ||||||||||||||||
Write-off of fully amortized leasing costs | Write-off of fully amortized leasing costs | 19,169 | 11,628 | Write-off of fully amortized leasing costs | 25,605 | 22,739 | ||||||||||||||||
Write-off of fully amortized debt issuance costs | Write-off of fully amortized debt issuance costs | — | 1,216 | Write-off of fully amortized debt issuance costs | — | 1,216 | ||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | Adjustment of noncontrolling interests in the Operating Partnership to fair value | (9,187) | (25,528) | Adjustment of noncontrolling interests in the Operating Partnership to fair value | (15,521) | (42,480) |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||
Real estate assets, at cost: | Real estate assets, at cost: | Real estate assets, at cost: | ||||||||||||||||||||
Land | Land | $ | 538,437 | $ | 548,720 | Land | $ | 542,418 | $ | 548,720 | ||||||||||||
Buildings and tenant improvements | Buildings and tenant improvements | 5,884,834 | 5,909,754 | Buildings and tenant improvements | 5,970,163 | 5,909,754 | ||||||||||||||||
Development in-process | Development in-process | 64,966 | 46,735 | Development in-process | 6,203 | 46,735 | ||||||||||||||||
Land held for development | Land held for development | 228,390 | 231,218 | Land held for development | 227,817 | 231,218 | ||||||||||||||||
6,716,627 | 6,736,427 | 6,746,601 | 6,736,427 | |||||||||||||||||||
Less-accumulated depreciation | Less-accumulated depreciation | (1,661,609) | (1,609,502) | Less-accumulated depreciation | (1,711,023) | (1,609,502) | ||||||||||||||||
Net real estate assets | Net real estate assets | 5,055,018 | 5,126,925 | Net real estate assets | 5,035,578 | 5,126,925 | ||||||||||||||||
Real estate and other assets, net, held for sale | Real estate and other assets, net, held for sale | 4,692 | — | Real estate and other assets, net, held for sale | 4,706 | — | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 17,011 | 21,357 | Cash and cash equivalents | 16,901 | 21,357 | ||||||||||||||||
Restricted cash | Restricted cash | 5,350 | 4,748 | Restricted cash | 3,809 | 4,748 | ||||||||||||||||
Accounts receivable | Accounts receivable | 20,552 | 25,481 | Accounts receivable | 25,583 | 25,481 | ||||||||||||||||
Mortgages and notes receivable | Mortgages and notes receivable | 9,891 | 1,051 | Mortgages and notes receivable | 9,783 | 1,051 | ||||||||||||||||
Accrued straight-line rents receivable | Accrued straight-line rents receivable | 303,781 | 293,674 | Accrued straight-line rents receivable | 308,277 | 293,674 | ||||||||||||||||
Investments in and advances to unconsolidated affiliates | Investments in and advances to unconsolidated affiliates | 294,160 | 269,221 | Investments in and advances to unconsolidated affiliates | 314,475 | 269,221 | ||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $168,187 and $163,751, respectively | 239,193 | 252,828 | ||||||||||||||||||||
Prepaid expenses and other assets, net of accumulated depreciation of $23,417 and $21,660, respectively | 78,053 | 68,091 | ||||||||||||||||||||
Deferred leasing costs, net of accumulated amortization of $173,926 and $163,751, respectively | Deferred leasing costs, net of accumulated amortization of $173,926 and $163,751, respectively | 233,079 | 252,828 | |||||||||||||||||||
Prepaid expenses and other assets, net of accumulated depreciation of $23,008 and $21,660, respectively | Prepaid expenses and other assets, net of accumulated depreciation of $23,008 and $21,660, respectively | 72,177 | 68,091 | |||||||||||||||||||
Total Assets | Total Assets | $ | 6,027,701 | $ | 6,063,376 | Total Assets | $ | 6,024,368 | $ | 6,063,376 | ||||||||||||
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 | $ | 3,198,081 | $ | 3,197,215 | Mortgages and notes payable, net | $ | 3,212,185 | $ | 3,197,215 | ||||||||||||
Accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities | 297,601 | 301,184 | Accounts payable, accrued expenses and other liabilities | 310,409 | 301,184 | ||||||||||||||||
Total Liabilities | Total Liabilities | 3,495,682 | 3,498,399 | Total Liabilities | 3,522,594 | 3,498,399 | ||||||||||||||||
Commitments and contingencies | Commitments and contingencies | Commitments and contingencies | ||||||||||||||||||||
Redeemable Operating Partnership Units: | Redeemable Operating Partnership Units: | Redeemable Operating Partnership Units: | ||||||||||||||||||||
Common Units, 2,350,715 and 2,358,009 outstanding, respectively | 56,206 | 65,977 | ||||||||||||||||||||
Common Units, 2,156,808 and 2,358,009 outstanding, respectively | Common Units, 2,156,808 and 2,358,009 outstanding, respectively | 44,452 | 65,977 | |||||||||||||||||||
Series A Preferred Units (liquidation preference $1,000 per unit), 28,811 and 28,821 units issued and outstanding, respectively | Series A Preferred Units (liquidation preference $1,000 per unit), 28,811 and 28,821 units issued and outstanding, respectively | 28,811 | 28,821 | Series A Preferred Units (liquidation preference $1,000 per unit), 28,811 and 28,821 units issued and outstanding, respectively | 28,811 | 28,821 | ||||||||||||||||
Total Redeemable Operating Partnership Units | Total Redeemable Operating Partnership Units | 85,017 | 94,798 | Total Redeemable Operating Partnership Units | 73,263 | 94,798 | ||||||||||||||||
Capital: | Capital: | Capital: | ||||||||||||||||||||
Common Units: | Common Units: | Common Units: | ||||||||||||||||||||
General partner Common Units, 1,074,151 and 1,071,601 outstanding, respectively | 24,439 | 24,492 | ||||||||||||||||||||
Limited partner Common Units, 103,990,253 and 103,730,448 outstanding, respectively | 2,419,452 | 2,424,663 | ||||||||||||||||||||
General partner Common Units, 1,074,413 and 1,071,601 outstanding, respectively | General partner Common Units, 1,074,413 and 1,071,601 outstanding, respectively | 24,255 | 24,492 | |||||||||||||||||||
Limited partner Common Units, 104,210,039 and 103,730,448 outstanding, respectively | Limited partner Common Units, 104,210,039 and 103,730,448 outstanding, respectively | 2,401,224 | 2,424,663 | |||||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (1,360) | (1,211) | Accumulated other comprehensive loss | (1,434) | (1,211) | ||||||||||||||||
Noncontrolling interests in consolidated affiliates | Noncontrolling interests in consolidated affiliates | 4,471 | 22,235 | Noncontrolling interests in consolidated affiliates | 4,466 | 22,235 | ||||||||||||||||
Total Capital | Total Capital | 2,447,002 | 2,470,179 | Total Capital | 2,428,511 | 2,470,179 | ||||||||||||||||
Total Liabilities, Redeemable Operating Partnership Units and Capital | Total Liabilities, Redeemable Operating Partnership Units and Capital | $ | 6,027,701 | $ | 6,063,376 | Total Liabilities, Redeemable Operating Partnership Units and Capital | $ | 6,024,368 | $ | 6,063,376 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Rental and other revenues | Rental and other revenues | $ | 207,291 | $ | 203,841 | $ | 420,043 | $ | 410,219 | Rental and other revenues | $ | 207,095 | $ | 206,997 | $ | 627,138 | $ | 617,216 | ||||||||||||||||||||||||||||
Operating expenses: | Operating expenses: | Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Rental property and other expenses | Rental property and other expenses | 66,307 | 62,369 | 132,038 | 123,791 | Rental property and other expenses | 67,193 | 66,334 | 199,231 | 190,125 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 75,018 | 69,742 | 145,651 | 139,409 | Depreciation and amortization | 74,765 | 73,057 | 220,416 | 212,466 | ||||||||||||||||||||||||||||||||||||
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 | 9,380 | 9,591 | 21,795 | 23,147 | General and administrative | 8,873 | 9,586 | 30,668 | 32,733 | ||||||||||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 150,705 | 176,702 | 299,484 | 321,347 | Total operating expenses | 150,831 | 150,492 | 450,315 | 471,839 | ||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 34,063 | 25,027 | 67,161 | 49,420 | Interest expense | 34,247 | 26,392 | 101,408 | 75,812 | ||||||||||||||||||||||||||||||||||||
Other income | Other income | 1,181 | 120 | 2,328 | 483 | Other income | 754 | 138 | 3,082 | 621 | ||||||||||||||||||||||||||||||||||||
Gains on disposition of property | Gains on disposition of property | 19,368 | 50,044 | 19,818 | 54,144 | Gains on disposition of property | — | 9,402 | 19,818 | 63,546 | ||||||||||||||||||||||||||||||||||||
Gain on deconsolidation of controlling interest in affiliate | — | — | 11,778 | — | ||||||||||||||||||||||||||||||||||||||||||
Gain on deconsolidation of affiliate | Gain on deconsolidation of affiliate | — | — | 11,778 | — | |||||||||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | Equity in earnings of unconsolidated affiliates | 798 | 326 | 1,502 | 626 | Equity in earnings of unconsolidated affiliates | 400 | 457 | 1,902 | 1,083 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | 43,870 | 52,602 | 88,824 | 94,705 | Net income | 23,171 | 40,110 | 111,995 | 134,815 | ||||||||||||||||||||||||||||||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | (4) | (266) | 483 | (523) | Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | 5 | (357) | 488 | (880) | ||||||||||||||||||||||||||||||||||||
Distributions on Preferred Units | Distributions on Preferred Units | (621) | (622) | (1,242) | (1,243) | Distributions on Preferred Units | (622) | (621) | (1,864) | (1,864) | ||||||||||||||||||||||||||||||||||||
Net income available for common unitholders | Net income available for common unitholders | $ | 43,245 | $ | 51,714 | $ | 88,065 | $ | 92,939 | Net income available for common unitholders | $ | 22,554 | $ | 39,132 | $ | 110,619 | $ | 132,071 | ||||||||||||||||||||||||||||
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 | $ | 0.40 | $ | 0.48 | $ | 0.82 | $ | 0.87 | Net income available for common unitholders | $ | 0.21 | $ | 0.37 | $ | 1.03 | $ | 1.23 | ||||||||||||||||||||||||||||
Weighted average Common Units outstanding – basic | Weighted average Common Units outstanding – basic | 107,399 | 107,240 | 107,319 | 107,135 | Weighted average Common Units outstanding – basic | 107,423 | 107,192 | 107,353 | 107,154 | ||||||||||||||||||||||||||||||||||||
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 | $ | 0.40 | $ | 0.48 | $ | 0.82 | $ | 0.87 | Net income available for common unitholders | $ | 0.21 | $ | 0.37 | $ | 1.03 | $ | 1.23 | ||||||||||||||||||||||||||||
Weighted average Common Units outstanding – diluted | Weighted average Common Units outstanding – diluted | 107,399 | 107,245 | 107,319 | 107,145 | Weighted average Common Units outstanding – diluted | 107,423 | 107,192 | 107,353 | 107,161 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 43,870 | $ | 52,602 | $ | 88,824 | $ | 94,705 | Net income | $ | 23,171 | $ | 40,110 | $ | 111,995 | $ | 134,815 | ||||||||||||||||||||||||||||
Other comprehensive loss: | Other comprehensive loss: | Other comprehensive loss: | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of cash flow hedges | Amortization of cash flow hedges | (74) | (74) | (149) | (89) | Amortization of cash flow hedges | (74) | (75) | (223) | (164) | ||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | Total other comprehensive loss | (74) | (74) | (149) | (89) | Total other comprehensive loss | (74) | (75) | (223) | (164) | ||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 43,796 | 52,528 | 88,675 | 94,616 | Total comprehensive income | 23,097 | 40,035 | 111,772 | 134,651 | ||||||||||||||||||||||||||||||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | (4) | (266) | 483 | (523) | Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | 5 | (357) | 488 | (880) | ||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to common unitholders | Comprehensive income attributable to common unitholders | $ | 43,792 | $ | 52,262 | $ | 89,158 | $ | 94,093 | Comprehensive income attributable to common unitholders | $ | 23,102 | $ | 39,678 | $ | 112,260 | $ | 133,771 |
Three Months Ended June 30, 2023 | Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 as of March 31, 2023 | $ | 24,553 | $ | 2,430,614 | $ | (1,286) | $ | 4,467 | $ | 2,458,348 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | Balance as of June 30, 2023 | $ | 24,439 | $ | 2,419,452 | $ | (1,360) | $ | 4,471 | $ | 2,447,002 | |||||||||||||||||||||||||||||||||||||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | Issuances of Common Units, net of issuance costs and tax withholdings | 2 | 263 | — | — | 265 | Issuances of Common Units, net of issuance costs and tax withholdings | 4 | 357 | — | — | 361 | ||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of Common Units | (2) | (161) | — | — | (163) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions on Common Units ($0.50 per unit) | Distributions on Common Units ($0.50 per unit) | (539) | (53,356) | — | — | (53,895) | Distributions on Common Units ($0.50 per unit) | (537) | (53,172) | — | — | (53,709) | ||||||||||||||||||||||||||||||||||||||||||||||
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) | (615) | — | — | (622) | ||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | Share-based compensation expense, net of forfeitures | 8 | 788 | — | — | 796 | Share-based compensation expense, net of forfeitures | 9 | 824 | — | — | 833 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | (15) | (1,509) | — | — | (1,524) | Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | 115 | 11,434 | — | — | 11,549 | ||||||||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | — | (4) | — | 4 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interests in consolidated affiliates | Net loss attributable to noncontrolling interests in consolidated affiliates | — | 5 | — | (5) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 438 | 43,432 | — | — | 43,870 | Net income | 232 | 22,939 | — | — | 23,171 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | (74) | — | (74) | Other comprehensive loss | — | — | (74) | — | (74) | ||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 43,796 | Total comprehensive income | 23,097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | $ | 24,439 | $ | 2,419,452 | $ | (1,360) | $ | 4,471 | $ | 2,447,002 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2023 | Balance as of September 30, 2023 | $ | 24,255 | $ | 2,401,224 | $ | (1,434) | $ | 4,466 | $ | 2,428,511 |
Six Months Ended June 30, 2023 | Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2022 | Balance at December 31, 2022 | $ | 24,492 | $ | 2,424,663 | $ | (1,211) | $ | 22,235 | $ | 2,470,179 | Balance at December 31, 2022 | $ | 24,492 | $ | 2,424,663 | $ | (1,211) | $ | 22,235 | $ | 2,470,179 | ||||||||||||||||||||||||||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | Issuances of Common Units, net of issuance costs and tax withholdings | (6) | (557) | — | — | (563) | Issuances of Common Units, net of issuance costs and tax withholdings | (2) | (200) | — | — | (202) | ||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of Common Units | Redemptions of Common Units | (2) | (161) | — | — | (163) | Redemptions of Common Units | (2) | (161) | — | — | (163) | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions on Common Units ($1.00 per unit) | (1,073) | (106,213) | — | — | (107,286) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions on Preferred Units ($43.1250 per unit) | (12) | (1,230) | — | — | (1,242) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions on Common Units ($1.50 per unit) | Distributions on Common Units ($1.50 per unit) | (1,610) | (159,385) | — | — | (160,995) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 53 | 5,268 | — | — | 5,321 | Share-based compensation expense, net of forfeitures | 62 | 6,092 | — | — | 6,154 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | 94 | 9,268 | — | — | 9,362 | Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | 209 | 20,702 | — | — | 20,911 | ||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interests in consolidated affiliates | Net loss attributable to noncontrolling interests in consolidated affiliates | 5 | 478 | — | (483) | — | Net loss attributable to noncontrolling interests in consolidated affiliates | 5 | 483 | — | (488) | — | ||||||||||||||||||||||||||||||||||||||||||||||
Deconsolidation of affiliate | Deconsolidation of affiliate | — | — | — | (17,281) | (17,281) | Deconsolidation of affiliate | — | — | — | (17,281) | (17,281) | ||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 888 | 87,936 | — | — | 88,824 | Net income | 1,120 | 110,875 | — | — | 111,995 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | (149) | — | (149) | Other comprehensive loss | — | — | (223) | — | (223) | ||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 88,675 | Total comprehensive income | 111,772 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | $ | 24,439 | $ | 2,419,452 | $ | (1,360) | $ | 4,471 | $ | 2,447,002 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2023 | Balance as of September 30, 2023 | $ | 24,255 | $ | 2,401,224 | $ | (1,434) | $ | 4,466 | $ | 2,428,511 |
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 as of March 31, 2022 | $ | 24,433 | $ | 2,418,993 | $ | (988) | $ | 21,262 | $ | 2,463,700 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | Balance as of 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 as of June 30, 2022 | $ | 24,723 | $ | 2,447,691 | $ | (1,062) | $ | 21,528 | $ | 2,492,880 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | Balance as of 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 ($64.688 per unit) | Distributions on Preferred Units ($64.688 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 as of June 30, 2022 | $ | 24,723 | $ | 2,447,691 | $ | (1,062) | $ | 21,528 | $ | 2,492,880 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | Balance as of September 30, 2022 | $ | 24,759 | $ | 2,451,341 | $ | (1,137) | $ | 21,885 | $ | 2,496,848 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Operating activities: | Operating activities: | Operating activities: | ||||||||||||||||||||
Net income | Net income | $ | 88,824 | $ | 94,705 | Net income | $ | 111,995 | $ | 134,815 | ||||||||||||
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 | 145,651 | 139,409 | Depreciation and amortization | 220,416 | 212,466 | ||||||||||||||||
Amortization of lease incentives and acquisition-related intangible assets and liabilities | Amortization of lease incentives and acquisition-related intangible assets and liabilities | 494 | (166) | Amortization of lease incentives and acquisition-related intangible assets and liabilities | 712 | (342) | ||||||||||||||||
Share-based compensation expense | Share-based compensation expense | 5,321 | 6,136 | Share-based compensation expense | 6,154 | 6,843 | ||||||||||||||||
Net credit losses on operating lease receivables | Net credit losses on operating lease receivables | 1,351 | 2,625 | Net credit losses on operating lease receivables | 1,850 | 3,167 | ||||||||||||||||
Accrued interest on mortgages and notes receivable | Accrued interest on mortgages and notes receivable | (390) | (46) | Accrued interest on mortgages and notes receivable | (750) | (67) | ||||||||||||||||
Amortization of debt issuance costs | Amortization of debt issuance costs | 2,398 | 2,040 | Amortization of debt issuance costs | 3,645 | 3,096 | ||||||||||||||||
Amortization of cash flow hedges | Amortization of cash flow hedges | (149) | (89) | Amortization of cash flow hedges | (223) | (164) | ||||||||||||||||
Amortization of mortgages and notes payable fair value adjustments | Amortization of mortgages and notes payable fair value adjustments | (172) | (41) | Amortization of mortgages and notes payable fair value adjustments | (257) | (60) | ||||||||||||||||
Impairments of real estate assets | Impairments of real estate assets | — | 35,000 | Impairments of real estate assets | — | 36,515 | ||||||||||||||||
Net gains on disposition of property | Net gains on disposition of property | (19,818) | (54,144) | Net gains on disposition of property | (19,818) | (63,546) | ||||||||||||||||
Gain on deconsolidation of controlling interest in affiliate | Gain on deconsolidation of controlling interest in affiliate | (11,778) | — | Gain on deconsolidation of controlling interest in affiliate | (11,778) | — | ||||||||||||||||
Equity in earnings of unconsolidated affiliates | Equity in earnings of unconsolidated affiliates | (1,502) | (626) | Equity in earnings of unconsolidated affiliates | (1,902) | (1,083) | ||||||||||||||||
Distributions of earnings from unconsolidated affiliates | Distributions of earnings from unconsolidated affiliates | 988 | 598 | Distributions of earnings from unconsolidated affiliates | 1,153 | 606 | ||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||
Accounts receivable | Accounts receivable | 2,103 | (3,758) | Accounts receivable | 1,182 | (11,454) | ||||||||||||||||
Prepaid expenses and other assets | Prepaid expenses and other assets | (8,503) | (6,534) | Prepaid expenses and other assets | (4,376) | (2,150) | ||||||||||||||||
Accrued straight-line rents receivable | Accrued straight-line rents receivable | (15,394) | (13,053) | Accrued straight-line rents receivable | (20,196) | (20,558) | ||||||||||||||||
Accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities | (8,304) | (158) | Accounts payable, accrued expenses and other liabilities | (3,636) | 21,795 | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 181,120 | 201,898 | Net cash provided by operating activities | 284,171 | 319,879 | ||||||||||||||||
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 | (18,544) | (26,977) | Investments in acquired real estate and related intangible assets, net of cash acquired | (18,544) | (224,934) | ||||||||||||||||
Investments in development in-process | Investments in development in-process | (18,658) | (20,869) | Investments in development in-process | (26,179) | (26,220) | ||||||||||||||||
Investments in tenant improvements and deferred leasing costs | Investments in tenant improvements and deferred leasing costs | (43,720) | (60,661) | Investments in tenant improvements and deferred leasing costs | (68,625) | (90,910) | ||||||||||||||||
Investments in building improvements | Investments in building improvements | (43,848) | (26,528) | Investments in building improvements | (55,155) | (45,289) | ||||||||||||||||
Net proceeds from disposition of real estate assets | Net proceeds from disposition of real estate assets | 51,538 | 107,362 | Net proceeds from disposition of real estate assets | 51,538 | 130,038 | ||||||||||||||||
Distributions of capital from unconsolidated affiliates | Distributions of capital from unconsolidated affiliates | 1,839 | — | Distributions of capital from unconsolidated affiliates | 3,864 | — | ||||||||||||||||
Investments in mortgages and notes receivable | Investments in mortgages and notes receivable | (9,763) | (24) | Investments in mortgages and notes receivable | (9,763) | (24) | ||||||||||||||||
Repayments of mortgages and notes receivable | Repayments of mortgages and notes receivable | 116 | 144 | Repayments of mortgages and notes receivable | 200 | 215 | ||||||||||||||||
Investments in and advances to unconsolidated affiliates | Investments in and advances to unconsolidated affiliates | (77,736) | (7,500) | Investments in and advances to unconsolidated affiliates | (100,052) | (81,693) | ||||||||||||||||
Repayments of preferred equity from unconsolidated affiliates | Repayments of preferred equity from unconsolidated affiliates | 80,000 | — | Repayments of preferred equity from unconsolidated affiliates | 80,000 | — | ||||||||||||||||
Changes in earnest money deposits | Changes in earnest money deposits | 15,500 | (37,500) | Changes in earnest money deposits | 15,500 | (3,000) | ||||||||||||||||
Changes in other investing activities | Changes in other investing activities | (4,898) | 2,684 | Changes in other investing activities | (3,751) | 224 | ||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (68,174) | (69,869) | Net cash used in investing activities | (130,967) | (341,593) | ||||||||||||||||
Financing activities: | Financing activities: | Financing activities: | ||||||||||||||||||||
Distributions on Common Units | Distributions on Common Units | (107,286) | (107,087) | Distributions on Common Units | (160,995) | (160,660) | ||||||||||||||||
Redemptions/repurchases of Preferred Units | Redemptions/repurchases of Preferred Units | (10) | — | Redemptions/repurchases of Preferred Units | (10) | — | ||||||||||||||||
Redemptions of Common Units | Redemptions of Common Units | (163) | — | Redemptions of Common Units | (163) | (3,101) | ||||||||||||||||
Dividends on Preferred Units | Dividends on Preferred Units | (1,242) | (1,243) | Dividends on Preferred Units | (1,864) | (1,864) | ||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | Distributions to noncontrolling interests in consolidated affiliates | — | (1,411) | Distributions to noncontrolling interests in consolidated affiliates | — | (1,411) | ||||||||||||||||
Proceeds from the issuance of Common Units | Proceeds from the issuance of Common Units | 988 | 6,839 | Proceeds from the issuance of Common Units | 1,349 | 7,200 | ||||||||||||||||
Costs paid for the issuance of Common Units | Costs paid for the issuance of Common Units | (226) | (248) | Costs paid for the issuance of Common Units | (226) | (247) | ||||||||||||||||
Repurchase of units related to tax withholdings | Repurchase of units related to tax withholdings | (1,325) | (2,156) | Repurchase of units related to tax withholdings | (1,325) | (2,156) | ||||||||||||||||
Borrowings on revolving credit facility | Borrowings on revolving credit facility | 159,000 | 145,000 | Borrowings on revolving credit facility | 219,000 | 275,000 | ||||||||||||||||
Repayments of revolving credit facility | Repayments of revolving credit facility | (355,000) | (125,000) | Repayments of revolving credit facility | (400,000) | (235,000) | ||||||||||||||||
Borrowings on mortgages and notes payable | Borrowings on mortgages and notes payable | 200,000 | 200,000 | Borrowings on mortgages and notes payable | 200,000 | 350,000 | ||||||||||||||||
Repayments of mortgages and notes payable | Repayments of mortgages and notes payable | (3,326) | (203,187) | Repayments of mortgages and notes payable | (5,018) | (204,807) | ||||||||||||||||
Payments for debt issuance costs and other financing activities | Payments for debt issuance costs and other financing activities | (1,714) | (3,066) | Payments for debt issuance costs and other financing activities | (2,961) | (3,345) | ||||||||||||||||
Net cash used in financing activities | (110,304) | (91,559) | ||||||||||||||||||||
Net increase in cash and cash equivalents and restricted cash | $ | 2,642 | $ | 40,470 | ||||||||||||||||||
Net cash provided by/(used in) financing activities | Net cash provided by/(used in) financing activities | (152,213) | 19,609 | |||||||||||||||||||
Net increase/(decrease) in cash and cash equivalents and restricted cash | Net increase/(decrease) in cash and cash equivalents and restricted cash | $ | 991 | $ | (2,105) |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net increase in cash and cash equivalents and restricted cash | $ | 2,642 | $ | 40,470 | ||||||||||||||||||
Net increase/(decrease) in cash and cash equivalents and restricted cash | Net increase/(decrease) in cash and cash equivalents and restricted cash | $ | 991 | $ | (2,105) | |||||||||||||||||
Cash from deconsolidation of controlling interest in affiliate | Cash from deconsolidation of controlling interest in affiliate | (6,386) | — | Cash from deconsolidation of controlling interest in affiliate | (6,386) | — | ||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of the period | Cash and cash equivalents and restricted cash at beginning of the period | 26,105 | 31,198 | Cash and cash equivalents and restricted cash at beginning of the period | 26,105 | 31,198 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of the period | Cash and cash equivalents and restricted cash at end of the period | $ | 22,361 | $ | 71,668 | Cash and cash equivalents and restricted cash at end of the period | $ | 20,710 | $ | 29,093 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Cash and cash equivalents at end of the period | Cash and cash equivalents at end of the period | $ | 17,011 | $ | 25,045 | Cash and cash equivalents at end of the period | $ | 16,901 | $ | 23,055 | ||||||||||||
Restricted cash at end of the period | Restricted cash at end of the period | 5,350 | 46,623 | Restricted cash at end of the period | 3,809 | 6,038 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of the period | Cash and cash equivalents and restricted cash at end of the period | $ | 22,361 | $ | 71,668 | Cash and cash equivalents and restricted cash at end of the period | $ | 20,710 | $ | 29,093 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash paid for interest, net of amounts capitalized | $ | 63,858 | $ | 47,762 |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash paid for interest, net of amounts capitalized | $ | 105,342 | $ | 82,908 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Changes in accrued capital expenditures (1) | Changes in accrued capital expenditures (1) | 7,067 | (20,066) | Changes in accrued capital expenditures (1) | 17,275 | (10,180) | ||||||||||||||||
Write-off of fully depreciated real estate assets | Write-off of fully depreciated real estate assets | 40,556 | 21,827 | Write-off of fully depreciated real estate assets | 54,489 | 42,817 | ||||||||||||||||
Write-off of fully amortized leasing costs | Write-off of fully amortized leasing costs | 19,169 | 11,628 | Write-off of fully amortized leasing costs | 25,605 | 22,739 | ||||||||||||||||
Write-off of fully amortized debt issuance costs | Write-off of fully amortized debt issuance costs | — | 1,216 | Write-off of fully amortized debt issuance costs | — | 1,216 | ||||||||||||||||
Adjustment of Redeemable Common Units to fair value | Adjustment of Redeemable Common Units to fair value | (9,771) | (27,106) | Adjustment of Redeemable Common Units to fair value | (21,525) | (47,470) |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Net real estate assets | Net real estate assets | $ | 60,976 | $ | 59,854 | Net real estate assets | $ | 60,588 | $ | 59,854 | ||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 2,352 | $ | 1,009 | Cash and cash equivalents | $ | 1,375 | $ | 1,009 | ||||||||||||
Accounts receivable | Accounts receivable | $ | 553 | $ | 1,490 | Accounts receivable | $ | 420 | $ | 1,490 | ||||||||||||
Accrued straight-line rents receivable | Accrued straight-line rents receivable | $ | 4,274 | $ | 1,921 | Accrued straight-line rents receivable | $ | 4,666 | $ | 1,921 | ||||||||||||
Deferred leasing costs, net | Deferred leasing costs, net | $ | 2,658 | $ | 2,677 | Deferred leasing costs, net | $ | 2,826 | $ | 2,677 | ||||||||||||
Prepaid expenses and other assets, net | Prepaid expenses and other assets, net | $ | 135 | $ | 153 | Prepaid expenses and other assets, net | $ | 1,036 | $ | 153 | ||||||||||||
Accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities | $ | 3,022 | $ | 1,212 | Accounts payable, accrued expenses and other liabilities | $ | 2,756 | $ | 1,212 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
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) | $ | 407,380 | $ | 416,579 | Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets) | $ | 407,005 | $ | 416,579 | ||||||||||||
Less accumulated amortization | Less accumulated amortization | (168,187) | (163,751) | Less accumulated amortization | (173,926) | (163,751) | ||||||||||||||||
$ | 239,193 | $ | 252,828 | $ | 233,079 | $ | 252,828 | |||||||||||||||
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 | $ | 54,336 | $ | 55,304 | Acquisition-related below market lease liabilities | $ | 52,271 | $ | 55,304 | ||||||||||||
Less accumulated amortization | Less accumulated amortization | (31,425) | (29,859) | Less accumulated amortization | (30,620) | (29,859) | ||||||||||||||||
$ | 22,911 | $ | 25,445 | $ | 21,651 | $ | 25,445 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
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) | $ | 11,481 | $ | 10,933 | $ | 21,713 | $ | 22,178 | Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization) | $ | 10,696 | $ | 11,425 | $ | 32,409 | $ | 33,603 | ||||||||||||||||||||||||||||
Amortization of lease incentives (in rental and other revenues) | Amortization of lease incentives (in rental and other revenues) | $ | 614 | $ | 419 | $ | 1,328 | $ | 869 | Amortization of lease incentives (in rental and other revenues) | $ | 655 | $ | 500 | $ | 1,983 | $ | 1,369 | ||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets (in rental and other revenues) | Amortization of acquisition-related intangible assets (in rental and other revenues) | $ | 869 | $ | 821 | $ | 1,700 | $ | 1,651 | Amortization of acquisition-related intangible assets (in rental and other revenues) | $ | 823 | $ | 797 | $ | 2,523 | $ | 2,448 | ||||||||||||||||||||||||||||
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) | $ | (1,280) | $ | (1,319) | $ | (2,534) | $ | (2,686) | Amortization of acquisition-related below market lease liabilities (in rental and other revenues) | $ | (1,260) | $ | (1,473) | $ | (3,794) | $ | (4,159) |
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) | 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, 2023 | $ | 21,782 | $ | 1,187 | $ | 1,602 | $ | (2,485) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 1 through December 31, 2023 | October 1 through December 31, 2023 | $ | 10,963 | $ | 609 | $ | 779 | $ | (1,225) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2024 | 38,212 | 1,903 | 3,088 | (4,240) | 2024 | 38,910 | 1,984 | 3,088 | (4,240) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2025 | 2025 | 30,644 | 1,811 | 2,220 | (2,727) | 2025 | 31,262 | 1,879 | 2,220 | (2,727) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2026 | 2026 | 26,360 | 1,611 | 1,860 | (2,431) | 2026 | 26,969 | 1,677 | 1,860 | (2,431) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2027 | 2027 | 22,670 | 1,412 | 1,518 | (2,062) | 2027 | 23,248 | 1,476 | 1,518 | (2,062) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thereafter | Thereafter | 71,641 | 4,074 | 5,598 | (8,966) | Thereafter | 74,830 | 4,209 | 5,598 | (8,966) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 211,309 | $ | 11,998 | $ | 15,886 | $ | (22,911) | $ | 206,182 | $ | 11,834 | $ | 15,063 | $ | (21,651) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average remaining amortization periods as of June 30, 2023 (in years) | 7.6 | 7.5 | 7.3 | 8.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average remaining amortization periods as of September 30, 2023 (in years) | Weighted average remaining amortization periods as of September 30, 2023 (in years) | 7.5 | 7.3 | 7.2 | 8.2 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Secured indebtedness | Secured indebtedness | $ | 679,906 | $ | 483,988 | Secured indebtedness | $ | 677,839 | $ | 483,988 | ||||||||||||
Unsecured indebtedness | Unsecured indebtedness | 2,534,203 | 2,729,620 | Unsecured indebtedness | 2,549,495 | 2,729,620 | ||||||||||||||||
Less-unamortized debt issuance costs | Less-unamortized debt issuance costs | (16,028) | (16,393) | Less-unamortized debt issuance costs | (15,149) | (16,393) | ||||||||||||||||
Total mortgages and notes payable, net | Total mortgages and notes payable, net | $ | 3,198,081 | $ | 3,197,215 | Total mortgages and notes payable, net | $ | 3,212,185 | $ | 3,197,215 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Beginning noncontrolling interests in the Operating Partnership | Beginning noncontrolling interests in the Operating Partnership | $ | 54,682 | $ | 114,570 | $ | 65,977 | $ | 111,689 | Beginning noncontrolling interests in the Operating Partnership | $ | 56,206 | $ | 84,583 | $ | 65,977 | $ | 111,689 | ||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | Adjustment of noncontrolling interests in the Operating Partnership to fair value | 1,915 | (28,696) | (9,187) | (25,528) | Adjustment of noncontrolling interests in the Operating Partnership to fair value | (6,334) | (16,952) | (15,521) | (42,480) | ||||||||||||||||||||||||||||||||||||
Conversions of Common Units to Common Stock | Conversions of Common Units to Common Stock | — | (1,251) | — | (1,251) | Conversions of Common Units to Common Stock | (4,795) | — | (4,795) | (1,251) | ||||||||||||||||||||||||||||||||||||
Redemptions of Common Units | Redemptions of Common Units | (163) | — | (163) | — | Redemptions of Common Units | — | (3,101) | (163) | (3,101) | ||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests in the Operating Partnership | Net income attributable to noncontrolling interests in the Operating Partnership | 947 | 1,203 | 1,933 | 2,168 | Net income attributable to noncontrolling interests in the Operating Partnership | 453 | 881 | 2,386 | 3,049 | ||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in the Operating Partnership | Distributions to noncontrolling interests in the Operating Partnership | (1,175) | (1,243) | (2,354) | (2,495) | Distributions to noncontrolling interests in the Operating Partnership | (1,078) | (1,192) | (3,432) | (3,687) | ||||||||||||||||||||||||||||||||||||
Total noncontrolling interests in the Operating Partnership | Total noncontrolling interests in the Operating Partnership | $ | 56,206 | $ | 84,583 | $ | 56,206 | $ | 84,583 | Total noncontrolling interests in the Operating Partnership | $ | 44,452 | $ | 64,219 | $ | 44,452 | $ | 64,219 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Net income available for common stockholders | Net income available for common stockholders | $ | 42,298 | $ | 50,511 | $ | 86,132 | $ | 90,771 | Net income available for common stockholders | $ | 22,101 | $ | 38,251 | $ | 108,233 | $ | 129,022 | ||||||||||||||||||||||||||||
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 | — | 1,251 | Increase in additional paid in capital from conversions of Common Units to Common Stock | 4,795 | — | 4,795 | 1,251 | ||||||||||||||||||||||||||||||||||||
Redemptions of Common Units | Redemptions of Common Units | 163 | — | 163 | — | Redemptions of Common Units | — | 3,101 | 163 | 3,101 | ||||||||||||||||||||||||||||||||||||
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 | $ | 42,461 | $ | 51,762 | $ | 86,295 | $ | 92,022 | Change from net income available for common stockholders and transfers from noncontrolling interests | $ | 26,896 | $ | 41,352 | $ | 113,191 | $ | 133,374 |
Level 1 | Level 2 | Level 1 | Level 2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Total | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | |||||||||||||||||||||||||||||||||||||||||||||||
Fair Value as of June 30, 2023: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value as of September 30, 2023: | Fair Value as of September 30, 2023: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages and notes receivable, at fair value (1) | Mortgages and notes receivable, at fair value (1) | $ | 9,891 | $ | — | $ | 9,891 | Mortgages and notes receivable, at fair value (1) | $ | 9,783 | $ | — | $ | 9,783 | ||||||||||||||||||||||||||||||||||||||
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) | 2,170 | 2,170 | — | Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 2,056 | 2,056 | — | ||||||||||||||||||||||||||||||||||||||||||||
Total Assets | Total Assets | $ | 12,061 | $ | 2,170 | $ | 9,891 | Total Assets | $ | 11,839 | $ | 2,056 | $ | 9,783 | ||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests in the Operating Partnership | Noncontrolling Interests in the Operating Partnership | $ | 56,206 | $ | 56,206 | $ | — | Noncontrolling Interests in the Operating Partnership | $ | 44,452 | $ | 44,452 | $ | — | ||||||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages and notes payable, net, at fair value (1) | Mortgages and notes payable, net, at fair value (1) | $ | 2,794,846 | $ | — | $ | 2,794,846 | Mortgages and notes payable, net, at fair value (1) | $ | 2,794,265 | $ | — | $ | 2,794,265 | ||||||||||||||||||||||||||||||||||||||
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) | 2,170 | 2,170 | — | Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 2,056 | 2,056 | — | ||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | Total Liabilities | $ | 2,797,016 | $ | 2,170 | $ | 2,794,846 | Total Liabilities | $ | 2,796,321 | $ | 2,056 | $ | 2,794,265 |
Fair Value as of December 31, 2022: | ||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Mortgages and notes receivable, at fair value (1) | $ | 1,051 | $ | — | $ | 1,051 | ||||||||||||||||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 2,564 | 2,564 | — | |||||||||||||||||||||||
Total Assets | $ | 3,615 | $ | 2,564 | $ | 1,051 | ||||||||||||||||||||
Noncontrolling Interests in the Operating Partnership | $ | 65,977 | $ | 65,977 | $ | — | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Mortgages and notes payable, net, at fair value (1) | $ | 2,832,973 | $ | — | $ | 2,832,973 | ||||||||||||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 2,564 | 2,564 | — | |||||||||||||||||||||||
Total Liabilities | $ | 2,835,537 | $ | 2,564 | $ | 2,832,973 |
2023 | December 31, 2022 | ||||||||||
Assets: | |||||||||||
Land | $ | 513 | $ | — | |||||||
Buildings and tenant improvements | 846 | — | |||||||||
Land held for development | 3,294 | — | |||||||||
Less-accumulated depreciation | (131) | — | |||||||||
Net real estate assets | 4,522 | — | |||||||||
Prepaid expenses and other assets, net | — | ||||||||||
Real estate and other assets, net, held for sale | $ | $ | — | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Earnings per Common Share - basic: | Earnings per Common Share - basic: | Earnings per Common Share - basic: | ||||||||||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 43,870 | $ | 52,602 | $ | 88,824 | $ | 94,705 | Net income | $ | 23,171 | $ | 40,110 | $ | 111,995 | $ | 134,815 | ||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | Net (income) attributable to noncontrolling interests in the Operating Partnership | (947) | (1,203) | (1,933) | (2,168) | Net (income) attributable to noncontrolling interests in the Operating Partnership | (453) | (881) | (2,386) | (3,049) | ||||||||||||||||||||||||||||||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | (4) | (266) | 483 | (523) | Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | 5 | (357) | 488 | (880) | ||||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock | Dividends on Preferred Stock | (621) | (622) | (1,242) | (1,243) | Dividends on Preferred Stock | (622) | (621) | (1,864) | (1,864) | ||||||||||||||||||||||||||||||||||||
Net income available for common stockholders | Net income available for common stockholders | $ | 42,298 | $ | 50,511 | $ | 86,132 | $ | 90,771 | Net income available for common stockholders | $ | 22,101 | $ | 38,251 | $ | 108,233 | $ | 129,022 | ||||||||||||||||||||||||||||
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) | 105,457 | 105,163 | 105,373 | 105,049 | Denominator for basic earnings per Common Share – weighted average shares (1) | 105,671 | 105,184 | 105,473 | 105,094 | ||||||||||||||||||||||||||||||||||||
Net income available for common stockholders | Net income available for common stockholders | $ | 0.40 | $ | 0.48 | $ | 0.82 | $ | 0.86 | Net income available for common stockholders | $ | 0.21 | $ | 0.36 | $ | 1.03 | $ | 1.23 | ||||||||||||||||||||||||||||
Earnings per Common Share - diluted: | Earnings per Common Share - diluted: | Earnings per Common Share - diluted: | ||||||||||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 43,870 | $ | 52,602 | $ | 88,824 | $ | 94,705 | Net income | $ | 23,171 | $ | 40,110 | $ | 111,995 | $ | 134,815 | ||||||||||||||||||||||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | (4) | (266) | 483 | (523) | Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | 5 | (357) | 488 | (880) | ||||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock | Dividends on Preferred Stock | (621) | (622) | (1,242) | (1,243) | Dividends on Preferred Stock | (622) | (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 | $ | 43,245 | $ | 51,714 | $ | 88,065 | $ | 92,939 | Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership | $ | 22,554 | $ | 39,132 | $ | 110,619 | $ | 132,071 | ||||||||||||||||||||||||||||
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) | 105,457 | 105,163 | 105,373 | 105,049 | Denominator for basic earnings per Common Share – weighted average shares (1) | 105,671 | 105,184 | 105,473 | 105,094 | ||||||||||||||||||||||||||||||||||||
Add: | Add: | Add: | ||||||||||||||||||||||||||||||||||||||||||||
Stock options using the treasury method | Stock options using the treasury method | — | 5 | — | 10 | Stock options using the treasury method | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interests Common Units | Noncontrolling interests Common Units | 2,351 | 2,486 | 2,355 | 2,495 | Noncontrolling interests Common Units | 2,161 | 2,417 | 2,289 | 2,469 | ||||||||||||||||||||||||||||||||||||
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 | 107,808 | 107,654 | 107,728 | 107,554 | Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions | 107,832 | 107,601 | 107,762 | 107,570 | ||||||||||||||||||||||||||||||||||||
Net income available for common stockholders | Net income available for common stockholders | $ | 0.40 | $ | 0.48 | $ | 0.82 | $ | 0.86 | Net income available for common stockholders | $ | 0.21 | $ | 0.36 | $ | 1.03 | $ | 1.23 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Earnings per Common Unit - basic: | Earnings per Common Unit - basic: | Earnings per Common Unit - basic: | ||||||||||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 43,870 | $ | 52,602 | $ | 88,824 | $ | 94,705 | Net income | $ | 23,171 | $ | 40,110 | $ | 111,995 | $ | 134,815 | ||||||||||||||||||||||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | (4) | (266) | 483 | (523) | Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | 5 | (357) | 488 | (880) | ||||||||||||||||||||||||||||||||||||
Distributions on Preferred Units | Distributions on Preferred Units | (621) | (622) | (1,242) | (1,243) | Distributions on Preferred Units | (622) | (621) | (1,864) | (1,864) | ||||||||||||||||||||||||||||||||||||
Net income available for common unitholders | Net income available for common unitholders | $ | 43,245 | $ | 51,714 | $ | 88,065 | $ | 92,939 | Net income available for common unitholders | $ | 22,554 | $ | 39,132 | $ | 110,619 | $ | 132,071 | ||||||||||||||||||||||||||||
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) | 107,399 | 107,240 | 107,319 | 107,135 | Denominator for basic earnings per Common Unit – weighted average units (1) | 107,423 | 107,192 | 107,353 | 107,154 | ||||||||||||||||||||||||||||||||||||
Net income available for common unitholders | Net income available for common unitholders | $ | 0.40 | $ | 0.48 | $ | 0.82 | $ | 0.87 | Net income available for common unitholders | $ | 0.21 | $ | 0.37 | $ | 1.03 | $ | 1.23 | ||||||||||||||||||||||||||||
Earnings per Common Unit - diluted: | Earnings per Common Unit - diluted: | Earnings per Common Unit - diluted: | ||||||||||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 43,870 | $ | 52,602 | $ | 88,824 | $ | 94,705 | Net income | $ | 23,171 | $ | 40,110 | $ | 111,995 | $ | 134,815 | ||||||||||||||||||||||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | (4) | (266) | 483 | (523) | Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | 5 | (357) | 488 | (880) | ||||||||||||||||||||||||||||||||||||
Distributions on Preferred Units | Distributions on Preferred Units | (621) | (622) | (1,242) | (1,243) | Distributions on Preferred Units | (622) | (621) | (1,864) | (1,864) | ||||||||||||||||||||||||||||||||||||
Net income available for common unitholders | Net income available for common unitholders | $ | 43,245 | $ | 51,714 | $ | 88,065 | $ | 92,939 | Net income available for common unitholders | $ | 22,554 | $ | 39,132 | $ | 110,619 | $ | 132,071 | ||||||||||||||||||||||||||||
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) | 107,399 | 107,240 | 107,319 | 107,135 | Denominator for basic earnings per Common Unit – weighted average units (1) | 107,423 | 107,192 | 107,353 | 107,154 | ||||||||||||||||||||||||||||||||||||
Add: | Add: | Add: | ||||||||||||||||||||||||||||||||||||||||||||
Stock options using the treasury method | Stock options using the treasury method | — | 5 | — | 10 | Stock options using the treasury method | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||
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 | 107,399 | 107,245 | 107,319 | 107,145 | Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions | 107,423 | 107,192 | 107,353 | 107,161 | ||||||||||||||||||||||||||||||||||||
Net income available for common unitholders | Net income available for common unitholders | $ | 0.40 | $ | 0.48 | $ | 0.82 | $ | 0.87 | Net income available for common unitholders | $ | 0.21 | $ | 0.37 | $ | 1.03 | $ | 1.23 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Rental and Other Revenues: | Rental and Other Revenues: | Rental and Other Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Atlanta | Atlanta | $ | 35,455 | $ | 35,447 | $ | 72,325 | $ | 71,001 | Atlanta | $ | 35,666 | $ | 35,804 | $ | 107,991 | $ | 106,805 | ||||||||||||||||||||||||||||
Charlotte | Charlotte | 20,793 | 16,874 | 42,373 | 33,818 | Charlotte | 21,079 | 18,825 | 63,452 | 52,643 | ||||||||||||||||||||||||||||||||||||
Nashville | Nashville | 42,636 | 42,606 | 87,200 | 86,053 | Nashville | 42,884 | 44,587 | 130,084 | 130,640 | ||||||||||||||||||||||||||||||||||||
Orlando | Orlando | 14,550 | 13,352 | 28,944 | 26,664 | Orlando | 14,356 | 13,634 | 43,300 | 40,298 | ||||||||||||||||||||||||||||||||||||
Raleigh | Raleigh | 45,701 | 45,535 | 91,579 | 91,831 | Raleigh | 45,354 | 45,220 | 136,933 | 137,051 | ||||||||||||||||||||||||||||||||||||
Richmond | Richmond | 9,048 | 10,432 | 18,357 | 20,965 | Richmond | 8,746 | 10,872 | 27,103 | 31,837 | ||||||||||||||||||||||||||||||||||||
Tampa | Tampa | 24,953 | 23,556 | 50,344 | 47,579 | Tampa | 25,000 | 23,590 | 75,344 | 71,169 | ||||||||||||||||||||||||||||||||||||
Total Office Segment | Total Office Segment | 193,136 | 187,802 | 391,122 | 377,911 | Total Office Segment | 193,085 | 192,532 | 584,207 | 570,443 | ||||||||||||||||||||||||||||||||||||
Other | Other | 14,155 | 16,039 | 28,921 | 32,308 | Other | 14,010 | 14,465 | 42,931 | 46,773 | ||||||||||||||||||||||||||||||||||||
Total Rental and Other Revenues | Total Rental and Other Revenues | $ | 207,291 | $ | 203,841 | $ | 420,043 | $ | 410,219 | Total Rental and Other Revenues | $ | 207,095 | $ | 206,997 | $ | 627,138 | $ | 617,216 |
Net Operating Income: | Net Operating Income: | Net Operating Income: | ||||||||||||||||||||||||||||||||||||||||||||
Atlanta | Atlanta | $ | 22,268 | $ | 23,267 | $ | 46,493 | $ | 46,948 | Atlanta | $ | 21,796 | $ | 22,524 | $ | 68,289 | $ | 69,472 | ||||||||||||||||||||||||||||
Charlotte | Charlotte | 15,221 | 12,807 | 31,331 | 25,857 | Charlotte | 16,388 | 14,275 | 47,719 | 40,132 | ||||||||||||||||||||||||||||||||||||
Nashville | Nashville | 31,116 | 31,417 | 64,141 | 63,939 | Nashville | 31,389 | 33,154 | 95,530 | 97,093 | ||||||||||||||||||||||||||||||||||||
Orlando | Orlando | 8,852 | 8,262 | 17,624 | 16,399 | Orlando | 8,734 | 7,865 | 26,358 | 24,264 | ||||||||||||||||||||||||||||||||||||
Raleigh | Raleigh | 33,670 | 34,020 | 67,276 | 68,735 | Raleigh | 32,523 | 32,822 | 99,799 | 101,557 | ||||||||||||||||||||||||||||||||||||
Richmond | Richmond | 6,353 | 7,363 | 12,923 | 14,588 | Richmond | 5,733 | 7,112 | 18,656 | 21,700 | ||||||||||||||||||||||||||||||||||||
Tampa | Tampa | 15,636 | 14,615 | 32,040 | 30,561 | Tampa | 15,574 | 14,351 | 47,614 | 44,912 | ||||||||||||||||||||||||||||||||||||
Total Office Segment | Total Office Segment | 133,116 | 131,751 | 271,828 | 267,027 | Total Office Segment | 132,137 | 132,103 | 403,965 | 399,130 | ||||||||||||||||||||||||||||||||||||
Other | Other | 7,868 | 9,721 | 16,177 | 19,401 | Other | 7,765 | 8,560 | 23,942 | 27,961 | ||||||||||||||||||||||||||||||||||||
Total Net Operating Income | Total Net Operating Income | 140,984 | 141,472 | 288,005 | 286,428 | Total Net Operating Income | 139,902 | 140,663 | 427,907 | 427,091 | ||||||||||||||||||||||||||||||||||||
Reconciliation to net income: | Reconciliation to net income: | Reconciliation to net income: | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | (75,018) | (69,742) | (145,651) | (139,409) | Depreciation and amortization | (74,765) | (73,057) | (220,416) | (212,466) | ||||||||||||||||||||||||||||||||||||
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 | (9,380) | (9,591) | (21,795) | (23,147) | General and administrative expenses | (8,873) | (9,586) | (30,668) | (32,733) | ||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (34,063) | (25,027) | (67,161) | (49,420) | Interest expense | (34,247) | (26,392) | (101,408) | (75,812) | ||||||||||||||||||||||||||||||||||||
Other income | Other income | 1,181 | 120 | 2,328 | 483 | Other income | 754 | 138 | 3,082 | 621 | ||||||||||||||||||||||||||||||||||||
Gains on disposition of property | Gains on disposition of property | 19,368 | 50,044 | 19,818 | 54,144 | Gains on disposition of property | — | 9,402 | 19,818 | 63,546 | ||||||||||||||||||||||||||||||||||||
Gain on deconsolidation of affiliate | Gain on deconsolidation of affiliate | — | — | 11,778 | — | Gain on deconsolidation of affiliate | — | — | 11,778 | — | ||||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | Equity in earnings of unconsolidated affiliates | 798 | 326 | 1,502 | 626 | Equity in earnings of unconsolidated affiliates | 400 | 457 | 1,902 | 1,083 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 43,870 | $ | 52,602 | $ | 88,824 | $ | 94,705 | Net income | $ | 23,171 | $ | 40,110 | $ | 111,995 | $ | 134,815 |
New | Renewal | All Office | New | Renewal | All Office | |||||||||||||||||||||||||||||
Leased space (in rentable square feet) | Leased space (in rentable square feet) | 221,943 | 695,687 | 917,630 | Leased space (in rentable square feet) | 152,105 | 502,955 | 655,060 | ||||||||||||||||||||||||||
Average term (in years - rentable square foot weighted) | Average term (in years - rentable square foot weighted) | 7.0 | 5.0 | 5.5 | Average term (in years - rentable square foot weighted) | 6.8 | 4.8 | 5.3 | ||||||||||||||||||||||||||
Base rents (per rentable square foot) (1) | Base rents (per rentable square foot) (1) | $ | 34.99 | $ | 36.83 | $ | 36.39 | Base rents (per rentable square foot) (1) | $ | 35.76 | $ | 31.26 | $ | 32.31 | ||||||||||||||||||||
Rent concessions (per rentable square foot) (1) | Rent concessions (per rentable square foot) (1) | (2.06) | (1.84) | (1.89) | Rent concessions (per rentable square foot) (1) | (2.14) | (1.01) | (1.27) | ||||||||||||||||||||||||||
GAAP rents (per rentable square foot) (1) | GAAP rents (per rentable square foot) (1) | $ | 32.93 | $ | 34.99 | $ | 34.50 | GAAP rents (per rentable square foot) (1) | $ | 33.62 | $ | 30.25 | $ | 31.04 | ||||||||||||||||||||
Tenant improvements (per rentable square foot) (1) | Tenant improvements (per rentable square foot) (1) | $ | 7.64 | $ | 3.14 | $ | 4.23 | Tenant improvements (per rentable square foot) (1) | $ | 7.87 | $ | 1.86 | $ | 3.26 | ||||||||||||||||||||
Leasing commissions (per rentable square foot) (1) | Leasing commissions (per rentable square foot) (1) | $ | 1.42 | $ | 0.97 | $ | 1.08 | Leasing commissions (per rentable square foot) (1) | $ | 1.40 | $ | 0.74 | $ | 0.89 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||
Net Cash Provided By Operating Activities | Net Cash Provided By Operating Activities | $ | 181,120 | $ | 201,898 | $ | (20,778) | Net Cash Provided By Operating Activities | $ | 284,171 | $ | 319,879 | $ | (35,708) | ||||||||||||||||||||
Net Cash Used In Investing Activities | Net Cash Used In Investing Activities | (68,174) | (69,869) | 1,695 | Net Cash Used In Investing Activities | (130,967) | (341,593) | 210,626 | ||||||||||||||||||||||||||
Net Cash Used In Financing Activities | (110,304) | (91,559) | (18,745) | |||||||||||||||||||||||||||||||
Net Cash Provided By/(Used In) Financing Activities | Net Cash Provided By/(Used In) Financing Activities | (152,213) | 19,609 | (171,822) | ||||||||||||||||||||||||||||||
Total Cash Flows | Total Cash Flows | $ | 2,642 | $ | 40,470 | $ | (37,828) | Total Cash Flows | $ | 991 | $ | (2,105) | $ | 3,096 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Mortgages and notes payable, net, at recorded book value | Mortgages and notes payable, net, at recorded book value | $ | 3,198,081 | $ | 3,197,215 | Mortgages and notes payable, net, at recorded book value | $ | 3,212,185 | $ | 3,197,215 | ||||||||||||
Preferred Stock, at liquidation value | Preferred Stock, at liquidation value | $ | 28,811 | $ | 28,821 | Preferred Stock, at liquidation value | $ | 28,811 | $ | 28,821 | ||||||||||||
Common Stock outstanding | Common Stock outstanding | 105,473 | 105,211 | Common Stock outstanding | 105,693 | 105,211 | ||||||||||||||||
Common Units outstanding (not owned by the Company) | Common Units outstanding (not owned by the Company) | 2,351 | 2,358 | Common Units outstanding (not owned by the Company) | 2,157 | 2,358 | ||||||||||||||||
Per share stock price at period end | Per share stock price at period end | $ | 23.91 | $ | 27.98 | Per share stock price at period end | $ | 20.61 | $ | 27.98 | ||||||||||||
Market value of Common Stock and Common Units | Market value of Common Stock and Common Units | $ | 2,578,072 | $ | 3,009,781 | Market value of Common Stock and Common Units | $ | 2,222,789 | $ | 3,009,781 | ||||||||||||
Total capitalization | Total capitalization | $ | 5,804,964 | $ | 6,235,817 | Total capitalization | $ | 5,463,785 | $ | 6,235,817 |
Property | Property | Market | Own % | Consolidated (Y/N) | Rentable Square Feet | Anticipated Total Investment (1) | Investment as of June 30, 2023 | Pre Leased % | Estimated Completion | Estimated Stabilization | Property | Market | Own % | Consolidated (Y/N) | Rentable Square Feet | Anticipated Total Investment (1) | Investment as of September 30, 2023 | Pre Leased % | Estimated Completion | Estimated Stabilization | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
23Springs | 23Springs | Dallas | 50.0 | % | N | 642,000 | $ | 460,000 | $ | 106,331 | 17.1 | % | 1Q 25 | 1Q 28 | 23Springs | Dallas | 50.0 | % | N | 642,000 | $ | 460,000 | $ | 123,181 | 17.1 | % | 1Q 25 | 1Q 28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Granite Park Six | Dallas | 50.0 | % | N | 422,000 | 200,000 | 122,458 | 12.4 | 4Q 23 | 1Q 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GlenLake III Office & Retail (2) | Raleigh | 100.0 | % | Y | 218,250 | 94,600 | 62,168 | 23.0 | 3Q 23 | 1Q 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Midtown East | Midtown East | Tampa | 50.0 | % | N | 143,000 | 83,000 | 16,849 | 2.1 | 1Q 25 | 2Q 26 | Midtown East | Tampa | 50.0 | % | N | 143,000 | 83,000 | 21,785 | 16.1 | 1Q 25 | 2Q 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2827 Peachtree | Atlanta | 50.0 | % | N | 135,300 | 79,000 | 59,459 | 88.4 | 3Q 23 | 1Q 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Four Morrocroft (2) | Four Morrocroft (2) | Charlotte | 100.0 | % | Y | 18,000 | 12,000 | 3,715 | 100.0 | 2Q 24 | 2Q 24 | Four Morrocroft (2) | Charlotte | 100.0 | % | Y | 18,000 | 12,000 | 6,678 | 100.0 | 2Q 24 | 2Q 24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,578,550 | $ | 928,600 | $ | 370,980 | 22.4 | % | 803,000 | $ | 555,000 | $ | 151,644 | 18.8 | % |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Funds from operations: | Funds from operations: | Funds from operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 43,870 | $ | 52,602 | $ | 88,824 | $ | 94,705 | Net income | $ | 23,171 | $ | 40,110 | $ | 111,995 | $ | 134,815 | ||||||||||||||||||||||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | (4) | (266) | 483 | (523) | Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | 5 | (357) | 488 | (880) | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization of real estate assets | Depreciation and amortization of real estate assets | 74,380 | 69,047 | 144,375 | 138,039 | Depreciation and amortization of real estate assets | 74,048 | 72,323 | 218,423 | 210,362 | ||||||||||||||||||||||||||||||||||||
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 | (19,368) | (47,807) | (19,368) | (47,807) | (Gains) on disposition of depreciable properties | — | — | (19,368) | (47,807) | ||||||||||||||||||||||||||||||||||||
(Gain) on deconsolidation of affiliate | (Gain) on deconsolidation of affiliate | — | — | (11,778) | — | (Gain) on deconsolidation of affiliate | — | — | (11,778) | — | ||||||||||||||||||||||||||||||||||||
Unconsolidated affiliates: | Unconsolidated affiliates: | Unconsolidated affiliates: | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization of real estate assets | Depreciation and amortization of real estate assets | 2,769 | 184 | 5,446 | 367 | Depreciation and amortization of real estate assets | 3,209 | 181 | 8,655 | 548 | ||||||||||||||||||||||||||||||||||||
Funds from operations | Funds from operations | 101,647 | 108,760 | 207,982 | 219,781 | Funds from operations | 100,433 | 112,257 | 308,415 | 332,038 | ||||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock | Dividends on Preferred Stock | (621) | (622) | (1,242) | (1,243) | Dividends on Preferred Stock | (622) | (621) | (1,864) | (1,864) | ||||||||||||||||||||||||||||||||||||
Funds from operations available for common stockholders | Funds from operations available for common stockholders | $ | 101,026 | $ | 108,138 | $ | 206,740 | $ | 218,538 | Funds from operations available for common stockholders | $ | 99,811 | $ | 111,636 | $ | 306,551 | $ | 330,174 | ||||||||||||||||||||||||||||
Funds from operations available for common stockholders per share | Funds from operations available for common stockholders per share | $ | 0.94 | $ | 1.00 | $ | 1.92 | $ | 2.03 | Funds from operations available for common stockholders per share | $ | 0.93 | $ | 1.04 | $ | 2.84 | $ | 3.07 | ||||||||||||||||||||||||||||
Weighted average shares outstanding (1) | Weighted average shares outstanding (1) | 107,808 | 107,654 | 107,728 | 107,554 | Weighted average shares outstanding (1) | 107,832 | 107,601 | 107,762 | 107,570 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 43,870 | $ | 52,602 | $ | 88,824 | $ | 94,705 | Net income | $ | 23,171 | $ | 40,110 | $ | 111,995 | $ | 134,815 | ||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | Equity in earnings of unconsolidated affiliates | (798) | (326) | (1,502) | (626) | Equity in earnings of unconsolidated affiliates | (400) | (457) | (1,902) | (1,083) | ||||||||||||||||||||||||||||||||||||
Gain on deconsolidation of affiliate | Gain on deconsolidation of affiliate | — | — | (11,778) | — | Gain on deconsolidation of affiliate | — | — | (11,778) | — | ||||||||||||||||||||||||||||||||||||
Gains on disposition of property | Gains on disposition of property | (19,368) | (50,044) | (19,818) | (54,144) | Gains on disposition of property | — | (9,402) | (19,818) | (63,546) | ||||||||||||||||||||||||||||||||||||
Other income | Other income | (1,181) | (120) | (2,328) | (483) | Other income | (754) | (138) | (3,082) | (621) | ||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 34,063 | 25,027 | 67,161 | 49,420 | Interest expense | 34,247 | 26,392 | 101,408 | 75,812 | ||||||||||||||||||||||||||||||||||||
General and administrative expenses | General and administrative expenses | 9,380 | 9,591 | 21,795 | 23,147 | General and administrative expenses | 8,873 | 9,586 | 30,668 | 32,733 | ||||||||||||||||||||||||||||||||||||
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 | 75,018 | 69,742 | 145,651 | 139,409 | Depreciation and amortization | 74,765 | 73,057 | 220,416 | 212,466 | ||||||||||||||||||||||||||||||||||||
Net operating income | Net operating income | 140,984 | 141,472 | 288,005 | 286,428 | Net operating income | 139,902 | 140,663 | 427,907 | 427,091 | ||||||||||||||||||||||||||||||||||||
Non same property and other net operating income | Non same property and other net operating income | (4,503) | (2,811) | (9,245) | (5,501) | Non same property and other net operating income | (4,009) | (3,712) | (13,254) | (9,213) | ||||||||||||||||||||||||||||||||||||
Same property net operating income | Same property net operating income | $ | 136,481 | $ | 138,661 | $ | 278,760 | $ | 280,927 | Same property net operating income | $ | 135,893 | $ | 136,951 | $ | 414,653 | $ | 417,878 | ||||||||||||||||||||||||||||
Same property net operating income | Same property net operating income | $ | 136,481 | $ | 138,661 | $ | 278,760 | $ | 280,927 | Same property net operating income | $ | 135,893 | $ | 136,951 | $ | 414,653 | $ | 417,878 | ||||||||||||||||||||||||||||
Lease termination fees, straight-line rent and other non-cash adjustments | Lease termination fees, straight-line rent and other non-cash adjustments | (3,787) | (4,516) | (9,714) | (11,991) | Lease termination fees, straight-line rent and other non-cash adjustments | (3,294) | (6,892) | (13,008) | (18,883) | ||||||||||||||||||||||||||||||||||||
Same property cash net operating income | Same property cash net operating income | $ | 132,694 | $ | 134,145 | $ | 269,046 | $ | 268,936 | Same property cash net operating income | $ | 132,599 | $ | 130,059 | $ | 401,645 | $ | 398,995 |
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 | 38 | 20.68 | ||||||||||||
Total | 38 | $ | 20.68 |
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 |