v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flow from operating activities:    
Net income (loss) $ 3,085 $ (23,552)
Adjustments to reconcile net income to net cash flow provided by operating activities:    
Depreciation and amortization 13,252 43,150
Stock-based compensation 384 2,031
Amortization and write-off of debt issuance costs, commitment fees, and fair market value of debt adjustments 695 1,819
Gain on debt retirement 0 (760)
Loss on derivative instruments 0 (4,096)
Equity in net income of joint ventures (39) (17)
Gain on disposition of real estate, net (1,029) (31,714)
Impairment charges 0 66,600
Assumption of building due to ground lease terminations 0 (1,952)
Net change in accounts receivable (2,685) 7,790
Net change in accounts payable and accrued expenses (3,646) (15,643)
Net change in other operating assets and liabilities (4,294) (11,896)
Total adjustments 2,638 63,504
Net cash flow provided by operating activities 5,723 39,952
Cash flow from investing activities:    
Real estate acquired, net of liabilities and cash assumed 0 (18,065)
Real estate developed and improvements to operating real estate (3,247) (19,813)
Proceeds from disposition of real estate 0 115,329
Equity contributions to joint ventures (3) (44)
Repayment of joint venture advances 0 730
Net cash flow (used for) provided by investing activities (3,250) 78,137
Cash flow from financing activities:    
Payment of loan commitment fees 0 (3,183)
Repayment of senior notes 0 (60,758)
Repayment of mortgage debt (419) (134)
Payment of debt issuance costs (6) 0
Repurchase of common shares in conjunction with equity award plans and dividend reinvestment plan (93) (2,594)
Dividends paid 0 (63,733)
Net cash flow used for financing activities (518) (130,402)
Net increase (decrease) in cash, cash equivalents and restricted cash 1,955 (12,313)
Cash, cash equivalents and restricted cash, beginning of period 67,666 569,031
Cash, cash equivalents and restricted cash, end of period $ 69,621 $ 556,718