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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income (loss) $ (196,487) $ (197,403) $ 53,992
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 178,168 188,797 177,984
Amortization of deferred financing costs 5,000 4,369 3,091
Amortization of debt discount/(premium), net (2,421) (1,056) (5,254)
Amortization of stock compensation costs 16,889 9,847 8,939
Straight-line rent income (6,015) (9,270) (13,631)
Amortization of acquired above (below) market leases, net (919) (1,256) (2,581)
Straight-line ground rent expense 784 799 814
Net gain on real estate venture transactions (56,750) (181) (26,718)
Total gain on diposition of real estate (2,297) (8,947) (25,684)
Gain (loss) on early extinguishment of debt (941) (138) 435
Provision for impairment 44,655 131,573 4,663
Loss from unconsolidated real estate ventures, including income distributions 191,585 77,915 23,522
Income tax provision 14 72 55
Changes in assets and liabilities:      
Accounts receivable (13) 241 1,328
Other assets (7,087) (2,831) (1,120)
Accounts payable and accrued expenses 953 (12,928) 5,405
Deferred income, gains and rent 13,128 (86) 1,567
Other liabilities 2,879 (2,244) 2,500
Net cash provided by operating activities 181,125 177,273 209,307
Cash flows from investing activities:      
Acquisition of properties 0 (7,747) (3,446)
Proceeds from the sale of properties 155,867 76,804 64,210
Proceeds from note receivable 0 0 44,300
Capital expenditures for tenant improvements (72,792) (48,939) (86,774)
Capital expenditures for redevelopments (18,398) (59,984) (87,223)
Capital expenditures for developments (38,570) (47,537) (89,017)
Advances to and from the purchase of tenant assets, net of repayments 1,699 (998) (447)
Investment in unconsolidated real estate ventures (194,027) (85,922) (47,428)
Deposits for real estate 0 3,500 (4,900)
Capital distributions from unconsolidated real estate ventures 56,593 3,790 46,898
Leasing costs paid (10,557) (7,879) (26,762)
Net cash used in investing activities (120,185) (174,912) (190,589)
Cash flows from financing activities:      
Proceeds from credit facility borrowings 201,000 215,000 478,000
Repayments of credit facility borrowings (201,000) (303,500) (412,500)
Proceeds from unsecured notes 400,000 0 350,000
Repayments of unsecured notes (339,059) (64,164) (296,134)
Proceeds from unsecured term loan 0 70,000 0
Proceeds from secured term loan 0 245,000 0
Proceeds from construction loan 18,911 13,824 0
Debt financing costs paid (6,334) (4,371) (9,875)
Shares used for employee taxes upon vesting of share awards (1,028) (371) (2,941)
Redemption of limited partnership units 0 (5) (4,006)
Distributions paid to shareholders (104,479) (124,255) (130,724)
Distributions to noncontrolling interest (308) (372) (451)
Net cash provided by (used in) financing activities (32,297) 46,786 (28,631)
Increase/(Decrease) in cash and cash equivalents and restricted cash 28,643 49,147 (9,913)
Cash and cash equivalents and restricted cash at beginning of year 67,534 18,387 28,300
Cash and cash equivalents and restricted cash at end of period 96,177 67,534 18,387
Reconciliation of cash and cash equivalents and restricted cash:      
Cash and cash equivalents, beginning of period 58,319 17,551 27,463
Restricted cash, beginning of period 9,215 836 837
Cash and cash equivalents, end of period 90,229 58,319 17,551
Restricted cash, end of period 5,948 9,215 836
Cash and cash equivalents and restricted cash 96,177 67,534 18,387
Supplemental disclosure:      
Cash paid for interest, net of capitalized interest during the years ended December 31, 2024, 2023 and 2022 of $18,360, $16,410 and $10,517 respectively 132,253 107,838 85,761
Cash paid for income taxes 571 550 902
Supplemental disclosure of non-cash activity:      
Dividends and distributions declared but not paid 26,256 26,017 32,792
Extinguishment of debt costs accrued in financing activities 0 0 393
Change in investment in real estate ventures as a result of deconsolidation 0 8,595 107,057
Change in operating real estate from deconsolidation of operating properties 0 (7,814) (92,009)
Change in other assets as a result of deconsolidation of operating properties 0 0 (15,048)
Change in notes receivable from sale of properties 19,919 0 0
Change in capital expenditures financed through accounts payable at period end 5,369 (3,282) (6,135)
Change in capital expenditures financed through retention payable at period end $ (3,188) $ 2,715 $ (7,165)