v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (45,867) $ (5,184)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 29,461 29,699
Net amortization of debt premiums, discounts and issuance costs 11,919 3,444
Amortization of acquired real estate leases and assumed real estate lease obligations, net 11,449 17,669
Amortization of deferred leasing costs 3,325 3,408
Loss on sale of real estate 4,737 2,384
(Gain) loss on early extinguishment of debt (1,430) 425
Straight line rental income (6,856) (7,379)
Other non-cash expenses, net 115 90
Equity in net losses of investees 252 230
Changes in assets and liabilities:    
Rents receivable 366 2,934
Due from related persons (853) 0
Deferred leasing costs (8,397) (3,342)
Other assets (1,357) (773)
Accounts payable and other liabilities (24,398) (17,207)
Due to related persons (1,054) 234
Net cash (used in) provided by operating activities (28,588) 26,632
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate improvements (11,229) (40,034)
Proceeds from sale of property, net 26,263 35,672
Net cash provided by (used in) investing activities 15,034 (4,362)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of senior unsecured notes (171,600) (350,000)
Proceeds from issuance of senior secured notes 0 280,500
Repayment of senior secured notes (11,969) 0
Borrowings on revolving credit facility 0 232,000
Repayments on revolving credit facility 0 (247,000)
Borrowings on secured term loan 0 100,000
Payment of debt issuance costs (835) (19,885)
Proceeds from issuance of common shares, net 145 0
Repurchases of common shares 0 (6)
Distributions to common shareholders (698) (487)
Net cash used in financing activities (184,957) (4,878)
(Decrease) increase in cash, cash equivalents and restricted cash (198,511) 17,392
Cash, cash equivalents and restricted cash at beginning of period 275,165 26,714
Cash, cash equivalents and restricted cash at end of period 76,654 44,106
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest paid 64,008 34,639
Income taxes refunded 28 0
NON-CASH INVESTING ACTIVITIES:    
Real estate improvements accrued, not paid 14,606 18,084
Capitalized interest 0 969
NON-CASH FINANCING ACTIVITIES:    
Extinguishment of unsecured senior notes in exchange for senior priority guaranteed unsecured notes (6,537) 0
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:    
Cash and cash equivalents 63,745 23,513
Restricted cash [1] 12,909 20,593
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 76,654 $ 44,106
[1] Restricted cash consists of cash held for operations and amounts escrowed for future real estate taxes, insurance, leasing costs, capital expenditures and debt service, as required by certain of our debt agreements.