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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flow from operating activities:    
Net income $ 49,589 $ 214,693
Adjustments to reconcile net income to net cash flow provided by operating activities:    
Depreciation and amortization 26,173 83,589
Stock-based compensation 701 4,288
Amortization and write-off of debt issuance costs, commitment fees, and fair market value of debt adjustments 1,891 11,502
Gain on debt retirement 0 (1,037)
Loss on derivative instruments 0 5,166
Equity in net loss (income) of joint ventures 29 (78)
Gain on sale and change in control of interests 0 (2,669)
Gain on disposition of real estate, net (54,265) (265,030)
Operating cash distributions from joint ventures 61 0
Impairment charges 0 66,600
Loss on abandoned tenant lease costs 911 0
Assumption of building due to ground lease terminations 0 (2,678)
Net change in accounts receivable 6,308 7,457
Net change in accounts payable and accrued expenses (3,176) (2,931)
Net change in other operating assets and liabilities (5,289) (12,429)
Total adjustments (26,656) (108,250)
Net cash flow provided by operating activities 22,933 106,443
Cash flow from investing activities:    
Real estate acquired, net of liabilities and cash assumed 0 (82,147)
Real estate developed and improvements to operating real estate (5,013) (39,423)
Proceeds from disposition of real estate 91,420 846,963
Equity contributions to joint ventures (8) (916)
Repayment of joint venture advances 0 730
Distributions from unconsolidated joint ventures 439 800
Net cash flow provided by investing activities 86,838 726,007
Cash flow from financing activities:    
Payment of loan commitment fees 0 (6,632)
Repayment of senior notes 0 (87,101)
Repayment of mortgage debt (14,724) (25,651)
Payment of debt issuance costs (6) 0
Payment of debt extinguishment costs (92) 0
Repurchase of common shares in conjunction with equity award plans and dividend reinvestment plan (93) (2,656)
Dividends paid 0 (93,863)
Net cash flow used for financing activities (14,915) (215,903)
Net increase in cash, cash equivalents and restricted cash 94,856 616,547
Cash, cash equivalents and restricted cash, beginning of period 67,666 569,031
Cash, cash equivalents and restricted cash, end of period $ 162,522 $ 1,185,578