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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows From Operating Activities    
Net income $ 10,215 $ 11,694
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 46,081 47,408
Gain on disposition of property 0 (15,696)
Amortization of non-cash items within interest expense 2,076 2,238
Amortization of acquired above- and below-market leases, net (514) (703)
Amortization of acquired below-market ground leases 1,958 1,958
Straight-lining of rental revenue (3,061) (556)
Equity based compensation 3,449 4,374
Loss on early extinguishment of debt 553 0
Increase (decrease) in cash flows due to changes in operating assets and liabilities:    
Security deposits (10,042) 10,184
Tenant and other receivables (1,371) 258
Deferred leasing costs (8,105) (4,498)
Prepaid expenses and other assets 29,132 34,915
Accounts payable and accrued expenses 141 (6,804)
Deferred revenue and other liabilities 414 1,591
Net cash provided by operating activities 70,926 86,363
Cash Flows From Investing Activities    
Acquisition of non-controlling interests in other partnerships (14,226) 0
Net proceeds from disposition of property 0 39,137
Post-closing costs from a prior period sale of property (4,034) 0
Development costs (9) (12)
Additions to building and improvements (53,000) (41,756)
Net cash used in investing activities (71,269) (2,631)
Cash Flows From Financing Activities    
Repayment of mortgage notes payable (1,470) (2,142)
Proceeds from unsecured term loan 95,000 0
Repayment of unsecured term loan (215,000) 0
Proceeds from unsecured revolving credit facility 120,000 0
Deferred financing costs (9,280) 0
Repurchases of common shares 0 (5,694)
Private perpetual preferred unit distributions (1,050) (1,050)
Dividends paid to common stockholders (5,765) (5,675)
Distributions paid to non-controlling interests in the operating partnership (3,737) (3,018)
Net cash used in financing activities (21,302) (17,579)
Net increase (decrease) in cash and cash equivalents and restricted cash (21,645) 66,153
Cash and cash equivalents and restricted cash—beginning of period 406,956 314,678
Cash and cash equivalents and restricted cash—end of period 385,311 380,831
Reconciliation of Cash and Cash Equivalents and Restricted Cash:    
Cash and cash equivalents at beginning of period 346,620 264,434
Restricted cash at beginning of period 60,336 50,244
Cash and cash equivalents at end of period 333,573 272,648
Restricted cash at end of period 51,738 108,183
Cash and cash equivalents and restricted cash 385,311 380,831
Supplemental disclosures of cash flow information:    
Cash paid for interest 21,984 23,006
Cash paid for income taxes 480 283
Non-cash investing and financing activities:    
Building and improvements included in accounts payable and accrued expenses 48,771 39,982
Write-off of fully depreciated assets 551 847
Derivative instruments at fair values included in prepaid expenses and other assets 16,726 12,446
Derivative instruments at fair values included in accounts payable and accrued expenses 0 2,171
Conversion of operating partnership units and Class B shares to Class A shares $ 7,132 $ 2,544