v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows from Operating Activities:    
Net (loss) income $ (5,317,000) $ 16,731,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 58,879,000 61,114,000
Straight-lining of rental revenue 472,000 (2,854,000)
Amortization of stock-based compensation expense 3,752,000 6,194,000
Amortization of deferred financing costs 3,637,000 2,368,000
(Income) loss from unconsolidated joint ventures (1,907,000) 1,346,000
Distributions of earnings from unconsolidated joint ventures 157,000 150,000
Unrealized losses on real estate related fund investments 0 775,000
Income from unconsolidated real estate related funds (74,000) (105,000)
Distributions of earnings from unconsolidated real estate related funds 45,000 51,000
Amortization of above and below-market leases, net (1,453,000) (1,340,000)
Non-cash gain on extinguishment of IPO related tax liability 0 (15,437,000)
Other non-cash adjustments 128,000 (57,000)
Changes in operating assets and liabilities:    
Accounts and other receivables (2,267,000) 2,005,000
Deferred charges and other assets (39,174,000) (20,376,000)
Accounts payable and accrued expenses (7,088,000) 8,963,000
Other liabilities (916,000) 10,362,000
Net cash provided by operating activities 8,874,000 69,890,000
Cash Flows from Investing Activities:    
Additions to real estate (40,436,000) (39,344,000)
Distribution of capital from an unconsolidated joint venture 7,810,000 0
Contributions of capital to unconsolidated joint ventures (1,250,000) (1,904,000)
Net cash used in investing activities (33,876,000) (41,248,000)
Cash Flows from Financing Activities:    
Proceeds from the sale of a 45.0% interest in 900 Third Avenue 83,307,000 0
Contributions from noncontrolling interests in consolidated joint ventures 2,250,000 62,220,000
Distributions to noncontrolling interests in consolidated joint ventures (1,855,000) (809,000)
Repurchase of shares related to stock compensation agreements and related tax withholdings (140,000) (178,000)
Repayment of notes and mortgages payable 0 (975,000,000)
Proceeds from notes and mortgages payable 0 850,000,000
Debt issuance costs 0 (10,638,000)
Contributions from noncontrolling interests in consolidated real estate related funds 0 889,000
Distributions to noncontrolling interests in consolidated real estate related funds 0 (8,354,000)
Dividends paid to common stockholders 0 (7,608,000)
Distributions paid to common unitholders 0 (752,000)
Net cash provided by (used in) financing activities 83,562,000 (90,230,000)
Net increase (decrease) in cash and cash equivalents and restricted cash 58,560,000 (61,588,000)
Cash and cash equivalents and restricted cash at beginning of period 555,447,000 509,599,000
Cash and cash equivalents and restricted cash at end of period 614,007,000 448,011,000
Reconciliation of Cash and Cash Equivalents and Restricted Cash:    
Cash and cash equivalents at beginning of period 375,056,000 428,208,000
Restricted cash at beginning of period 180,391,000 81,391,000
Cash and cash equivalents and restricted cash at beginning of period 555,447,000 509,599,000
Cash and cash equivalents at end of period 426,952,000 276,235,000
Restricted cash at end of period 187,055,000 171,776,000
Cash and cash equivalents and restricted cash at end of period 614,007,000 448,011,000
Supplemental Disclosure of Cash Flow Information:    
Cash payments for interest 39,618,000 38,228,000
Cash payments for income taxes, net of refunds 213,000 216,000
Non-Cash Transactions:    
Common shares issued upon redemption of common units 25,050,000 0
Write-off of fully amortized and/or depreciated assets 15,964,000 1,659,000
Additions to real estate included in accounts payable and accrued expenses 12,271,000 5,099,000
Change in value of interest rate swaps and interest rate caps (13,000) (4,687,000)
Dividends and distributions declared but not yet paid $ 0 $ 8,376,000