v3.26.1
HPI - Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities:    
Net income $ 33,365 $ 100,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 77,537 71,405
Amortization of lease incentives and acquisition-related intangible assets and liabilities 845 491
Share-based compensation expense 6,450 4,967
Net credit losses on operating lease receivables 1,176 556
Accrued interest on mortgages and notes receivable (204) (178)
Amortization of debt issuance costs 1,500 1,404
Amortization of cash flow hedges (63) (62)
Amortization of mortgages and notes payable fair value adjustments 88 28
Net gains on disposition of property (16,963) (82,215)
Equity in earnings of unconsolidated affiliates (2,985) (1,315)
Distributions of earnings from unconsolidated affiliates 2,560 1,942
Changes in operating assets and liabilities:    
Accounts receivable (2,848) 1,587
Prepaid expenses and other assets (1,509) (2,092)
Accrued straight-line rents receivable (8,267) (3,144)
Accounts payable, accrued expenses and other liabilities (27,833) (47,050)
Net cash provided by operating activities 62,849 46,324
Investing activities:    
Investments in acquired real estate and related intangible assets, net of cash acquired (309,838) (137,828)
Investments in development in-process (1,438) 0
Investments in tenant improvements and deferred leasing costs (36,359) (25,304)
Investments in building improvements (12,295) (11,038)
Net proceeds from disposition of real estate assets 40,105 137,779
Distributions of capital from unconsolidated affiliates 3,934 941
Investments in mortgages and notes receivable 0 (1,577)
Repayments of mortgages and notes receivable 0 6,320
Investments in and advances to unconsolidated affiliates (27,344) (8,191)
Changes in earnest money deposits 0 10,000
Changes in other investing activities 3,063 1,689
Net cash used in investing activities (340,172) (27,209)
Financing activities:    
Dividends on Common Stock (54,961) (53,820)
Redemptions/repurchases of Preferred Stock (60) 0
Redemptions of Common Units (24) (10)
Dividends on Preferred Stock (574) (621)
Distributions to noncontrolling interests in the Operating Partnership (1,009) (1,076)
Distributions to noncontrolling interest in consolidated affiliates (294) (80)
Contributions from noncontrolling interests in consolidated affiliates 197,202 0
Proceeds from the issuance of Common Stock 288 411
Costs paid for the issuance of Common Stock (68) (164)
Repurchase of shares related to tax withholdings (1,863) (2,009)
Borrowings on revolving credit facility 203,000 185,000
Repayments of revolving credit facility (53,000) (139,000)
Repayments of mortgages and notes payable (1,730) (1,909)
Net cash provided by/(used in) financing activities 286,907 (13,278)
Net increase in cash and cash equivalents and restricted cash 9,584 5,837
Cash and cash equivalents and restricted cash at beginning of the period 43,049 33,677
Cash and cash equivalents and restricted cash at end of the period 52,633 39,514
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents at end of the period 32,423 20,107
Restricted cash at end of the period 20,210 19,407
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 50,351 50,530
Supplemental disclosure of non-cash investing and financing activities:    
Conversions of Common Units to Common Stock 700 0
Changes in accrued capital expenditures [1] 15,114 (4,059)
Write-off of fully depreciated real estate assets 12,860 34,243
Write-off of fully amortized leasing costs 6,180 18,674
Adjustment of noncontrolling interests in the Operating Partnership to fair value (8,434) (2,902)
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities $ 60,100 $ 48,800
[1] Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities as of March 31, 2026 and 2025 were $60.1 million and $48.8 million, respectively.