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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows from Operating Activities:    
Net income (loss) $ 13,871,000 $ (74,515,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 122,849,000 121,515,000
Straight-lining of rental revenue (3,318,000) (245,000)
Amortization of stock-based compensation expense 11,262,000 9,331,000
Amortization of deferred financing costs 4,995,000 3,077,000
Loss from unconsolidated joint ventures 2,117,000 34,164,000
Distributions of earnings from unconsolidated joint ventures 217,000 208,000
Realized and unrealized losses on real estate related fund investments 775,000 46,803,000
(Income) loss from unconsolidated real estate related funds (90,000) 146,000
Distributions of earnings from unconsolidated real estate related funds 103,000 72,000
Amortization of above and below-market leases, net (2,972,000) (2,484,000)
Non-cash gain on extinguishment of IPO related tax liability (15,437,000) 0
Other non-cash adjustments 63,000 460,000
Changes in operating assets and liabilities:    
Real estate related fund investments 0 (8,040,000)
Accounts and other receivables 4,136,000 10,174,000
Deferred charges (1,166,000) (3,402,000)
Other assets (13,106,000) 9,081,000
Accounts payable and accrued expenses 3,184,000 (7,263,000)
Other liabilities 9,372,000 (1,026,000)
Net cash provided by operating activities 136,855,000 138,056,000
Cash Flows from Investing Activities:    
Additions to real estate (64,840,000) (44,310,000)
Investments in and contributions of capital to unconsolidated joint ventures (1,904,000) (40,715,000)
Distribution of capital from an unconsolidated joint venture 1,792,000 0
Advances to a partner in One Steuart Lane 0 (35,715,000)
Repayment of advances by a partner in One Steuart Lane 0 38,935,000
Contributions of capital to unconsolidated real estate related funds 0 (2,077,000)
Net cash used in investing activities (64,952,000) (83,882,000)
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 (10,649,000) 0
Contributions from noncontrolling interests in consolidated joint ventures 62,220,000 0
Distributions to noncontrolling interests in consolidated joint ventures (1,637,000) (5,463,000)
Contributions from noncontrolling interests in consolidated real estate related funds 889,000 53,354,000
Distributions to noncontrolling interests in consolidated real estate related funds (18,311,000) (6,263,000)
Dividends paid to common stockholders (15,216,000) (33,660,000)
Distributions paid to common unitholders (1,520,000) (2,476,000)
Repurchase of shares related to stock compensation agreements and related tax withholdings (178,000) (205,000)
Settlement of accounts payable in connection with repurchases of common shares 0 (1,847,000)
Net cash (used in) provided by financing activities (109,402,000) 3,440,000
Net (decrease) increase in cash and cash equivalents and restricted cash (37,499,000) 57,614,000
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 472,100,000 507,431,000
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 307,461,000 434,751,000
Restricted cash at end of period 164,639,000 72,680,000
Cash and cash equivalents and restricted cash at end of period 472,100,000 507,431,000
Supplemental Disclosure of Cash Flow Information:    
Cash payments for interest 75,923,000 68,892,000
Cash payments for income taxes, net of refunds 733,000 598,000
Non-Cash Transactions:    
Dividends and distributions declared but not yet paid 8,382,000 8,188,000
Change in value of interest rate swaps and interest rate caps (10,655,000) (11,525,000)
Write-off of fully amortized and/or depreciated assets 28,645,000 20,229,000
Additions to real estate included in accounts payable and accrued expenses 7,052,000 12,715,000
Common shares issued upon redemption of common units $ 1,117,000 $ 10,877,000