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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net loss $ 13,853 $ (18,013)
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 89,229 92,679
Amortization of deferred financing costs 2,506 2,141
Amortization of debt discount/(premium), net (2,659) (516)
Amortization of stock compensation costs 6,871 6,073
Straight-line rent income (5,366) (4,600)
Amortization of acquired above (below) market leases, net (481) (760)
Ground rent expense 394 401
Net gain on real estate venture transactions (53,733) (181)
Total gain on sale of real estate 0 (781)
Gain on early extinguishment of debt (941) 0
Provision for impairment 6,427 4,468
Loss from unconsolidated real estate ventures, including income distributions 28,095 13,765
Income tax provision 11 38
Changes in assets and liabilities:    
Accounts receivable 2,213 (469)
Other assets (10,833) (12,604)
Accounts payable and accrued expenses (10,676) (21,271)
Deferred income, gains and rent 2,155 285
Other liabilities 4,905 649
Net cash provided by operating activities 71,970 61,304
Cash flows from investing activities:    
Capital expenditures for tenant improvements (32,200) (24,431)
Capital expenditures for redevelopments (5,080) (34,827)
Capital expenditures for developments (16,260) (18,341)
Advances for the purchase of tenant assets, net of repayments (998) (26)
Investment in unconsolidated real estate ventures (98,035) (60,290)
Deposits for real estate 0 3,500
Capital distributions from unconsolidated real estate ventures 3,931 2,250
Leasing costs paid (5,452) (5,697)
Net cash used in investing activities (154,094) (137,862)
Cash flows from financing activities:    
Proceeds from credit facility borrowings 62,000 136,000
Repayments of credit facility borrowings (37,000) (224,500)
Proceeds from unsecured notes 400,000 0
Repayments of unsecured notes (339,059) (54,301)
Proceeds from unsecured term loan 13,000 70,000
Proceeds from secured term loan 0 245,000
Proceeds from construction loan 11,802 0
Debt financing costs paid (6,334) (4,455)
Shares used for employee taxes upon vesting of share awards (1,028) (952)
Distributions paid to shareholders (52,124) (65,438)
Distributions to noncontrolling interest (154) (196)
Net cash provided by financing activities 51,103 101,158
Increase/(Decrease) in cash and cash equivalents and restricted cash (31,021) 24,600
Cash and cash equivalents and restricted cash at beginning of period 67,534 18,387
Cash and cash equivalents and restricted cash at end of period 36,513 42,987
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents, beginning of period 58,319 17,551
Restricted cash, beginning of period 9,215 836
Cash and cash equivalents and restricted cash at beginning of period 67,534 18,387
Cash and cash equivalents, end of period 30,369 32,111
Restricted cash, end of period 6,144 10,876
Cash and cash equivalents and restricted cash at end of period 36,513 42,987
Supplemental disclosure:    
Cash paid for interest, net of capitalized interest during the six months ended June 30, 2024 and 2023 of $8,641 and $8,587, respectively 60,743 50,480
Cash paid for income taxes 0 550
Supplemental disclosure of non-cash activity:    
Dividends and distributions declared but not paid 26,234 32,957
Change in investment in real estate ventures as a result of deconsolidation 0 8,595
Change in operating real estate from deconsolidation of operating properties 0 (7,814)
Change in capital expenditures financed through accounts payable at period end 425 1,292
Change in capital expenditures financed through retention payable at period end $ 775 $ 2,039