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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net loss $ (141,990) $ (151,867)
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 131,120 133,530
Amortization of deferred financing costs 3,763 3,753
Amortization of debt discount/(premium), net (228) (2,540)
Amortization of stock compensation costs 16,006 13,068
Straight-line rent income (1,541) (5,745)
Amortization of acquired above (below) market leases, net (568) (706)
Ground rent expense 579 589
Net gain on real estate venture transactions 0 (54,503)
Gain on early extinguishment of debt 0 (941)
Provision for impairment 63,369 44,407
Loss from unconsolidated real estate ventures, including income distributions 43,527 153,957
Income tax provision 85 11
Changes in assets and liabilities:    
Accounts receivable (1,132) 1,787
Other assets (9,771) (14,343)
Accounts payable and accrued expenses 5,440 4,851
Deferred income, gains and rent (19,009) (1,740)
Other liabilities (1,483) 634
Net cash provided by operating activities 88,167 124,202
Cash flows from investing activities:    
Proceeds from the sale of properties 69,930 45,250
Capital expenditures for tenant improvements (54,343) (55,214)
Capital expenditures for redevelopments (5,178) (8,747)
Capital expenditures for developments (20,881) (29,580)
Advances for the purchase of tenant assets, net of repayments (1,636) 1,377
Investment in unconsolidated real estate ventures (61,883) (143,751)
Capital distributions from unconsolidated real estate ventures 3,122 3,941
Leasing costs paid (10,203) (6,307)
Net cash used in investing activities (81,072) (193,031)
Cash flows from financing activities:    
Proceeds from credit facility borrowings 120,000 131,000
Repayments of credit facility borrowings (120,000) (91,000)
Proceeds from unsecured notes 159,000 400,000
Repayments of unsecured notes 0 (339,059)
Proceeds from unsecured term loan 0 13,000
Repayments of unsecured term loan (70,000) 0
Proceeds from construction loan 10,636 15,943
Repayments of construction loan (43,370) 0
Debt financing costs paid (2,286) (6,334)
Shares used for employee taxes upon vesting of share awards (1,538) (1,028)
Distributions paid to shareholders (78,954) (78,303)
Distributions to noncontrolling interest (232) (231)
Net cash provided by (used in) financing activities (26,744) 43,988
Decrease in cash and cash equivalents and restricted cash (19,649) (24,841)
Cash and cash equivalents and restricted cash at beginning of period 96,177 67,534
Cash and cash equivalents and restricted cash at end of period 76,528 42,693
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents, beginning of period 90,229 58,319
Restricted cash, beginning of period 5,948 9,215
Cash and cash equivalents and restricted cash at beginning of period 96,177 67,534
Cash and cash equivalents, end of period 75,478 36,498
Restricted cash, end of period 1,050 6,195
Cash and cash equivalents and restricted cash at end of period 76,528 42,693
Supplemental disclosure:    
Cash paid for interest, net of capitalized interest during the nine months ended September 30, 2025 and 2024 of $9,801 and $13,866, respectively 82,251 86,398
Cash paid for income taxes 1 0
Supplemental disclosure of non-cash activity:    
Dividends and distributions declared but not paid 14,108 26,230
Change in notes receivable from sale of properties 0 19,919
Change in capital expenditures financed through accounts payable at period end (8,514) 8,383
Change in capital expenditures financed through retention payable at period end $ 549 $ (2,331)