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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 117,610 $ 42,835 $ 35,923
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 200,076 196,629 186,540
Gain on change in control of a subsidiary 0 (209) 0
Gain on sale or disposal of, and recovery on, real estate, net (145,627) (39,848) (33,010)
Change in allowance for credit loss 0 (61) (32)
Debt satisfaction losses, net 11,809 0 132
Impairment charges 0 0 16,490
Straight-line rents (5,360) (7,097) (9,471)
Amortization of right of use assets 4,497 4,166 4,136
Other non-cash expense, net 11,761 7,521 5,900
Equity in (earnings) losses of non-consolidated entities 4,405 3,179 (1,366)
Distributions of accumulated earnings from non-consolidated entities 0 1,646 4,614
Changes in assets and liabilities:      
Change in accounts payable and other liabilities 979 2,914 4,407
Change in rent receivable and prepaid rent, net (4,802) 5,639 (488)
Change in accrued interest payable (1,300) (862) 2,199
Other adjustments, net (5,332) (5,265) (6,528)
Net cash provided by operating activities 188,716 211,187 209,446
Cash flows from investing activities:      
Acquisition of real estate, including intangible assets (32,653) (161,979) (15,018)
Investment in real estate under construction (28,897) (105,711) (120,793)
Capital expenditures (24,910) (17,782) (17,937)
Insurance proceeds 5,315 0 0
Net proceeds from sale of properties 380,230 177,473 97,758
Realization of net investment in a sales-type lease 0 65,828 0
Principal payments on loans receivable 0 0 1,462
Investments in non-consolidated entities, net (546) (1,312) (3,648)
Distributions from non-consolidated entities in excess of accumulated earnings 5,018 7,266 10,009
Payments of deferred leasing costs (4,461) (7,212) (6,151)
Investment in held-to-maturity securities 0 130,000  
Investment in held-to-maturity securities     (130,000)
Change in real estate deposits, net (891) (168) 867
Net cash provided by (used in) investing activities 298,205 86,403 (183,451)
Cash flows from financing activities:      
Dividends to common and preferred shareholders (164,270) (158,157) (151,932)
Principal amortization payments (5,570) (5,373) (12,265)
Principal payments on debt, excluding normal amortization (50,000) 0 0
Repurchase of senior notes (140,000) (198,932) 0
Revolving credit facility borrowings 0 85,000 125,000
Revolving credit facility payments 0 (85,000) (125,000)
Repurchase of trust preferred securities (26,725) 0 0
Proceeds from issuance of senior notes 0 0 298,269
Payments for early extinguishment of debt (11,273) 0 0
Deferred financing costs 0 0 (5,818)
Cash distributions to noncontrolling interests (17,038) (4,373) (7,345)
Cash contributions from noncontrolling interests 1,796 1,751 714
Repurchase of common shares (4,004) 0 0
Purchase of noncontrolling interest 0 (27,875) 0
Issuance of common shares, net of costs and repurchases to settle tax obligations (1,259) (2,021) (2,661)
Net cash provided by (used in) financing activities (418,343) (394,980) 118,962
Change in cash, cash equivalents and restricted cash 68,578 (97,390) 144,957
Cash, cash equivalents and restricted cash at beginning of year 102,073 199,463 54,506
Cash, cash equivalents and restricted cash at end of year 170,651 102,073 199,463
Reconciliations of cash, cash equivalents and restricted cash:      
Cash and cash equivalents at beginning of year 101,836 199,247 54,390
Restricted cash at beginning of year 237 216 116
Cash, cash equivalents and restricted cash at beginning of year 102,073 199,463 54,506
Cash and cash equivalents at end of year 170,394 101,836 199,247
Restricted cash at end of year 257 237 216
Cash, cash equivalents and restricted cash at end of year 170,651 102,073 199,463
Supplemental disclosure of cash flow information:      
Interest paid 60,415 66,699 51,763
Income taxes paid 923 274 951
Supplemental schedule of non-cash investing activities:      
Accounts payable related to Investment in real estate under construction 4,693 14,683 21,052
Reclassification of Real estate, net to Investments in real estate under construction 24,550 0 0
Deconsolidation of Lombard Street Lots, LLC in Real estate, at cost 0 4,605 0
Deconsolidation of Lombard Street Lots, LLC in Investments in non-consolidated entities 0 2,311 0
Deconsolidation of Lombard Street Lots, LLC in Noncontrolling interests   2,503  
Reclassification to Real estate, net from Gain on sale or disposal of, and recovery on, real estate net 389 0 1,392
Reduction of accumulated depreciation and amortization related to an expired Ground Lease in Palo Alto, California 0 0 29,375
Reduction of Real estate, net related to an expired Ground Lease in Palo Alto, California 0 0 29,375
Lombard Street Lots, LLC      
Supplemental schedule of non-cash investing activities:      
Deconsolidation of Lombard Street Lots, LLC in Noncontrolling interests 0 2,503 0
LCIF Partnership      
Supplemental schedule of non-cash investing activities:      
Deconsolidation of Lombard Street Lots, LLC in Noncontrolling interests $ 0 $ 0 $ 7,800