v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (61,563) $ (67,381)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 63,731 63,111
Amortization of interest rate caps 17,468 19,473
Net amortization of debt issuance costs, premiums and discounts 750 9,748
Amortization of acquired real estate leases and assumed real estate lease obligations 16,199 21,704
Amortization of deferred leasing costs 2,112 1,458
Straight line rental income (5,670) (6,441)
Loss on extinguishment of debt 5,070 0
Proceeds from settlement of interest rate caps (18,841) (34,429)
General and administrative expenses paid in common shares 1,124 1,263
Distributions of earnings from unconsolidated joint venture 1,980 1,980
Equity in earnings of unconsolidated joint venture (3,102) (4,071)
Change in assets and liabilities:    
Rents receivable 3,589 7,438
Other assets 7,228 3,701
Accounts payable and other liabilities (2,128) 1,495
Due to related persons 1,833 (210)
Net cash provided by operating activities 29,780 18,839
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate improvements (9,598) (3,606)
Purchase of interest rate cap (15,010) (26,175)
Proceeds from settlement of interest rate caps 18,841 34,429
Net cash (used in) provided by investing activities (5,767) 4,648
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of mortgage notes payable 1,160,000 0
Repayment of ILPT Floating Rate Loan and related costs (1,240,070) 0
Repayment of mortgage notes payable (9,310) (8,974)
Payment of debt issuance costs (16,663) (129)
Distributions to common shareholders (1,323) (1,317)
Repurchase of common shares (32) (58)
Distributions to noncontrolling interest (30) (163)
Net cash used in financing activities (107,428) (10,641)
(Decrease) increase in cash and cash equivalents and restricted cash and cash equivalents (83,415) 12,846
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 242,480 245,723
Cash and cash equivalents and restricted cash and cash equivalents at end of period 159,065 258,569
SUPPLEMENTAL DISCLOSURES:    
Interest paid 114,755 118,509
Income taxes received 0 80
NON-CASH INVESTING ACTIVITIES:    
Real estate improvements accrued not paid 2,455 1,509
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS:    
Cash and cash equivalents 58,559 146,150
Restricted cash and cash equivalents [1] 100,506 112,419
Total cash and cash equivalents and restricted cash $ 159,065 $ 258,569
[1] Restricted cash and cash equivalents consist of cash held for the operations of our consolidated joint venture and amounts escrowed as required by the agreements governing certain of our mortgage debt.