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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities:      
Net loss $ (38,394,000) $ (371,303,000) $ (28,197,000)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 239,542,000 250,644,000 232,517,000
Straight-lining of rental revenue (6,543,000) (4,874,000) (13,602,000)
Amortization of stock-based compensation expense 20,137,000 20,321,000 19,003,000
Amortization of deferred financing costs 10,250,000 6,219,000 6,156,000
Loss from unconsolidated joint ventures 2,298,000 20,126,000 21,566,000
Real estate impairment losses related to investments in unconsolidated joint ventures 45,061,000 250,172,000 31,685,000
Distributions of earnings from unconsolidated joint ventures 586,000 17,096,000 1,324,000
Realized and unrealized losses on real estate related fund investments 775,000 107,722,000 0
(Income) loss from unconsolidated real estate related funds (273,000) 822,000 1,239,000
Distributions of earnings from unconsolidated real estate related funds 173,000 117,000 1,318,000
Amortization of above and below-market leases, net (5,825,000) (5,376,000) (1,748,000)
Non-cash gain on extinguishment of IPO related tax liability (15,437,000) 0 0
Loss recognized upon consolidation of real estate related fund investments that were previously unconsolidated 0 0 2,627,000
Other non-cash adjustments 287,000 669,000 1,188,000
Changes in operating assets and liabilities:      
Real estate related fund investments 0 (3,128,000) 0
Accounts and other receivables (176,000) 5,813,000 (8,284,000)
Deferred charges (9,610,000) (12,200,000) (15,083,000)
Other assets 73,000 (3,542,000) (7,545,000)
Accounts payable and accrued expenses 8,254,000 (13,663,000) 3,658,000
Other liabilities 13,748,000 12,224,000 (1,185,000)
Net cash provided by operating activities 264,926,000 277,859,000 246,637,000
Cash Flows from Investing Activities:      
Additions to real estate (118,158,000) (100,526,000) (125,805,000)
Proceeds from repayment of a mezzanine loan investment 10,000,000 0 0
Investment in a mezzanine loan 0 (20,000,000) 0
Investments in and contributions of capital to unconsolidated joint ventures (2,740,000) (40,715,000) (15,812,000)
Distribution of capital from an unconsolidated joint venture 1,792,000 0 0
Advances to a partner in One Steuart Lane 0 (35,715,000) 0
Repayment of advances by a partner in One Steuart Lane 0 38,935,000 0
Contributions of capital to unconsolidated real estate related funds   (2,077,000) (5,018,000)
Due from affiliates 0 0 (59,000,000)
Repayment of amounts due from affiliates 0 0 59,000,000
Distributions of capital from unconsolidated real estate related funds 0 0 1,506,000
Investment in real estate related funds 0 0 (7,454,000)
Net cash used in investing activities (109,106,000) (160,098,000) (152,583,000)
Cash Flows from Financing Activities:      
Repayment of notes and mortgages payable (975,000,000) (273,000,000) 0
Proceeds from notes and mortgages payable 850,000,000 232,050,000 0
Debt issuance costs (10,649,000) (648,000) 0
Contributions from noncontrolling interests in consolidated joint ventures 62,220,000 0 0
Distributions to noncontrolling interests in consolidated joint ventures (3,267,000) (8,657,000) (40,699,000)
Contributions from noncontrolling interests in consolidated real estate related funds 889,000 55,837,000 3,257,000
Distributions to noncontrolling interests in consolidated real estate related funds (18,311,000) (8,828,000) 0
Dividends paid to common stockholders (22,826,000) (48,873,000) (67,062,000)
Distributions paid to common unitholders (2,292,000) (3,808,000) (5,962,000)
Deposit received for the sale of a 45.0% equity interest in 900 Third Avenue 9,450,000 0 0
Repurchase of shares related to stock compensation agreements and related tax withholdings (186,000) (205,000) (284,000)
Repurchases of common shares 0 0 (63,153,000)
Settlement of accounts payable in connection with repurchases of common shares 0 (1,847,000) 0
Net cash used in financing activities (109,972,000) (57,979,000) (173,903,000)
Net increase (decrease) in cash and cash equivalents and restricted cash 45,848,000 59,782,000 (79,849,000)
Cash and cash equivalents and restricted cash at beginning of period 509,599,000 449,817,000 529,666,000
Cash and cash equivalents and restricted cash at end of period 555,447,000 509,599,000 449,817,000
Reconciliation of Cash and Cash Equivalents and Restricted Cash:      
Cash and cash equivalents at beginning of period 428,208,000 408,905,000 524,900,000
Restricted cash at beginning of period 81,391,000 40,912,000 4,766,000
Cash and cash equivalents and restricted cash at beginning of period 509,599,000 449,817,000 529,666,000
Cash and cash equivalents at end of period 375,056,000 428,208,000 408,905,000
Restricted cash at end of period 180,391,000 81,391,000 40,912,000
Cash and cash equivalents and restricted cash at end of period 555,447,000 509,599,000 449,817,000
Supplemental Disclosure of Cash Flow Information:      
Cash payments for interest 156,194,000 144,388,000 139,332,000
Cash payments for income taxes, net of refunds 2,029,000 893,000 2,711,000
Non-Cash Transactions:      
Write-off of fully amortized and/or depreciated assets 41,781,000 34,317,000 11,386,000
Change in value of interest rate swaps and interest rate caps (12,433,000) (25,444,000) 31,839,000
Additions to real estate included in accounts payable and accrued expenses 16,988,000 21,815,000 14,595,000
Common shares issued upon redemption of common units 2,230,000 11,871,000 128,743,000
Dividends and distributions declared but not yet paid 0 8,360,000 18,026,000
Transfer of deposit to investment in unconsolidated joint ventures 0 0 6,230,000
Repurchases of common shares included in accounts payable and accrued expenses 0 0 1,847,000
Increase (decrease) due to consolidation of real estate related fund investments that were previously unconsolidated:      
Real estate related fund investments 0 0 100,500,000
Investments in unconsolidated real estate related funds 0 0 (8,965,000)
Noncontrolling interests in consolidated real estate related funds $ 0 $ 0 $ 91,535,000