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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows from Operating Activities:    
Net income $ 16,731,000 $ 8,314,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 61,114,000 58,888,000
Straight-lining of rental revenue (2,854,000) (7,756,000)
Amortization of stock-based compensation expense 6,194,000 5,117,000
Amortization of deferred financing costs 2,368,000 1,538,000
Loss from unconsolidated joint ventures 1,346,000 5,762,000
Distributions of earnings from unconsolidated joint ventures 150,000 144,000
Unrealized losses on real estate related fund investments 775,000 1,111,000
(Income) loss from unconsolidated real estate related funds (105,000) 178,000
Distributions of earnings from unconsolidated real estate related funds 51,000 51,000
Amortization of above and below-market leases, net (1,340,000) (1,036,000)
Non-cash gain on extinguishment of IPO related tax liability (15,437,000) 0
Other non-cash adjustments (57,000) (42,000)
Changes in operating assets and liabilities:    
Real estate related fund investments 0 (3,918,000)
Accounts and other receivables 2,005,000 4,457,000
Deferred charges (728,000) (1,689,000)
Other assets (19,648,000) (8,469,000)
Accounts payable and accrued expenses 8,963,000 (3,797,000)
Other liabilities 10,362,000 (885,000)
Net cash provided by operating activities 69,890,000 57,968,000
Cash Flows from Investing Activities:    
Additions to real estate (39,344,000) (18,883,000)
Contributions of capital to unconsolidated joint ventures (1,904,000) 0
Net cash used in investing activities (41,248,000) (18,883,000)
Cash Flows from Financing Activities:    
Repayment of notes and mortgages payable (975,000,000) 0
Proceeds from notes and mortgages payable 850,000,000 0
Debt issuance costs (10,638,000) 0
Contributions from noncontrolling interests in consolidated joint ventures 62,220,000 283,000
Distributions to noncontrolling interests in consolidated joint ventures (809,000) (4,140,000)
Contributions from noncontrolling interests in consolidated real estate related funds 889,000 49,748,000
Distributions to noncontrolling interests in consolidated real estate related funds (8,354,000) (3,740,000)
Dividends paid to common stockholders (7,608,000) (16,827,000)
Distributions paid to common unitholders (752,000) (1,199,000)
Settlement of accounts payable in connection with repurchases of common shares 0 (1,847,000)
Repurchase of shares related to stock compensation agreements and related tax withholdings (178,000) (205,000)
Net cash (used in) provided by financing activities (90,230,000) 22,073,000
Net (decrease) increase in cash and cash equivalents and restricted cash (61,588,000) 61,158,000
Cash and cash equivalents and restricted cash at beginning of period 509,599,000 449,817,000
Cash and cash equivalents and restricted cash at end of period 448,011,000 510,975,000
Reconciliation of Cash and Cash Equivalents and Restricted Cash:    
Cash and cash equivalents at beginning of period 428,208,000 408,905,000
Restricted cash at beginning of period 81,391,000 40,912,000
Cash and cash equivalents and restricted cash at beginning of period 509,599,000 449,817,000
Cash and cash equivalents at end of period 276,235,000 451,796,000
Restricted cash at end of period 171,776,000 59,179,000
Cash and cash equivalents and restricted cash at end of period 448,011,000 510,975,000
Supplemental Disclosure of Cash Flow Information:    
Cash payments for interest 38,228,000 33,338,000
Cash payments for income taxes, net of refunds 216,000 317,000
Non-Cash Transactions:    
Dividends and distributions declared but not yet paid 8,376,000 18,110,000
Change in value of interest rate swaps and interest rate caps (4,687,000) (8,390,000)
Write-off of fully amortized and/or depreciated assets 1,659,000 10,170,000
Additions to real estate included in accounts payable and accrued expenses 5,099,000 8,306,000
Common shares issued upon redemption of common units $ 0 $ 10,228,000