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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) $ 8,139 $ (1,749) $ (65,251)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 138,910 135,984 135,917
Loss (gain) on disposition of properties and other investments 834 0 (58,634)
Net Unrealized holding losses (gains) on investments 4,211 (1,634) 37,751
Stock compensation expense 12,794 12,753 11,122
Straight-line rents 277 (1,392) (8,669)
Equity in (earnings) losses of unconsolidated affiliates (15,178) 7,677 32,907
Distributions of operating income from unconsolidated affiliates 22,874 3,844 24,179
Adjustments to straight-line rent reserves (2,849) 0 (292)
Amortization of financing costs 8,049 6,481 5,639
Non-cash lease expense 3,745 3,596 3,462
Adjustments to allowance for credit loss 0 (1,241) (102)
Acceleration of below market lease 0 (8,057) 0
Impairment charges 1,678 3,686 33,311
Other, net (5,105) (5,818) (7,675)
Changes in assets and liabilities:      
Rents receivable (6,665) 2,538 1,586
Other liabilities (4,824) 15,492 (2,959)
Accounts payable and accrued expenses (2,921) 2,045 (2,141)
Prepaid expenses and other assets (19,539) (14,756) (3,452)
Lease liabilities - operating leases (3,982) (3,691) (3,488)
Net cash provided by operating activities 140,448 155,758 133,211
CASH FLOWS FROM INVESTING ACTIVITIES      
Acquisitions of real estate (161,533) (126,545) (242,633)
Proceeds from the disposition of properties and other investments, net 89,078 0 224,558
Investments in unconsolidated affiliates (33,795) (53,736) (154,695)
Development, construction and property improvement costs (80,250) (69,540) (51,046)
(Deposits) refund for properties under purchase contract (11,500) 1,080 (729)
Deposits for properties under sales contract 0 1,515 2,000
Change in control of previously unconsolidated affiliate 0 0 3,592
Return of capital from unconsolidated affiliates 24,639 44,486 77,774
Payment of deferred leasing costs (9,251) (9,007) (7,997)
Acquisition of investment interests 0 0 (4,527)
Proceeds from sale of marketable securities 14,301 4,636 0
Proceeds from repayment of note receivable 6,000 0 29,530
Issuance of note receivable (8,352) (1,426) 0
Net cash used in investing activities (170,663) (208,537) (124,173)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from unsecured debt 435,384 283,989 850,120
Principal payments on unsecured debt (790,271) (209,599) (656,556)
Issuances of Common Shares 459,892 0 119,485
Capital contributions from noncontrolling interests 51,118 59,926 109,428
Principal payments on mortgage and other notes (70,452) (112,283) (447,998)
Proceeds received from mortgage and other notes 92,200 132,902 204,138
Distributions to noncontrolling interests (41,996) (36,389) (84,723)
Dividends paid to Common Shareholders (76,323) (68,568) (64,586)
Payment of deferred financing and other costs (12,491) (4,026) (9,348)
Acquisition of noncontrolling interest 0 0 (24,336)
Payments of finance lease obligations (2,437) (100) 0
Net cash provided by (used in) financing activities 44,624 45,852 (4,376)
Increase (decrease) in cash and restricted cash 14,409 (6,927) 4,662
Cash of $17,481, $17,158 and $17,746 and restricted cash of $7,813, $15,063 and $9,813, respectively, beginning of year 25,294 32,221 27,559
Cash of $16,806, $17,481 and $17,158 and restricted cash of $22,897, $7,813 and $15,063, respectively, end of year 39,703 25,294 32,221
Supplemental disclosure of cash flow information      
Cash paid during the period for interest, net of capitalized interest of $7,175 and $7,206 and $4,166 respectively [1] 118,728 119,550 65,109
Cash paid for income taxes, net of refunds 212 301 11
Supplemental disclosure of non-cash investing and financing activities      
Distribution declared and payable 24,420 18,372 18,368
Assumption of accounts payable and accrued expenses through acquisition of real estate 2,534 645 4,062
Disposition of 146 Geary Street upon deed-in-lieu of foreclosure 0 19,338 0
Extinguishment of the obligations under the mortgage loan for 146 Geary Street upon deed-in-lieu of foreclosure 0 (19,338) 0
Issuance of note receivable used as capital contributions from redeemable noncontrolling interests 0 796 65,945
Conversion of Common OP Units to Common Shares 20,929 0 0
Accrued interest on note receivable recorded to redeemable noncontrolling interest 11,825 9,350 3,923
Recognition of non-refundable deposit upon expiration of sale agreement 3,315 0 0
Distributions to noncontrolling interests of marketable securities 0 49,117 0
Property contributed to an unconsolidated affiliate 2,432 0 0
Reclassification of investment in unconsolidated affiliate to marketable securities 0 32,745 0
Reclassification of noncontrolling interest in excess of amount paid to additional paid-in capital 0 0 67,475
Change in control of previously unconsolidated investment      
Increase in real estate 0 0 (55,791)
Increase in mortgage notes payable 0 0 35,970
Decrease in investments in and advances to unconsolidated affiliates 0 0 17,822
Decrease in notes receivable 0 0 5,306
Decrease in reserve on note receivable 0 0 (4,582)
Decrease in accrued interest on notes receivable 0 0 4,691
Change in other assets and liabilities 0 0 176
Increase in cash and restricted cash upon change of control $ 0 $ 0 $ 3,592
[1] Interest paid for the year ended December 31, 2024, 2023 and 2022 excludes the cash flows from net settlements on interest rate swap contracts, which was a net receipt of cash of $27.4 million, a net payment of $28.7 million, and a net receipt of $8.3 million, respectively.