v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net income (loss) $ (13,985) $ 37,040
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Gain on sales of real estate [1]   (50,395)
Depreciation and amortization 48,409 48,765
Amortization/write-off of deferred financing costs and debt prepayment penalties 3,040 2,221
Change in fair value on derivative instruments included in interest expense (14,705) (26,276)
Net cash received on derivative settlements 17,024 28,346
Amortization/write-off of fair value adjustment of assumed debt (53) (53)
Provision for bad debts, net 675 2,305
Vesting of stock-based compensation 4,810 5,231
Insurance proceeds received for business interruption 324 649
Equity in earnings of affiliate (114) (91)
Casualty (gains) loss (1,836) 107
Changes in operating assets and liabilities, net of effects of sale and acquisitions:    
Accounts receivable (2,402) (2,066)
Prepaid and other assets (963) (2,950)
Operating liabilities (899) (5,872)
Real estate taxes payable 8,877 2,385
Net cash provided by operating activities 48,202 39,346
Cash flows from investing activities    
Net proceeds from sales of real estate   141,608
Insurance proceeds received from casualty losses   1,227
Additions to real estate investments (18,689) (18,306)
Net cash provided by (used in) investing activities (18,689) 124,529
Cash flows from financing activities    
Mortgage payments   (88,300)
Credit facilities payments   (24,000)
Interest rate cap fees paid   (706)
Prepayment penalties on extinguished debt   (729)
Payments for taxes related to net share settlement of stock-based compensation   (1,510)
Distributions to redeemable noncontrolling interests in the OP (104) (96)
Cash settlement of stock-based compensation (519)  
Repurchase of common stock (7,657) (14,573)
Dividends paid to common stockholders (27,146) (24,593)
Net cash used in financing activities (35,426) (154,507)
Net increase (decrease) in cash, cash equivalents and restricted cash (5,913) 9,368
Cash, cash equivalents and restricted cash, beginning of period 53,917 45,279
Cash, cash equivalents and restricted cash, end of period 48,004 54,647
Supplemental Disclosure of Cash Flow Information    
Interest paid 42,166 54,068
Supplemental Disclosure of Noncash Activities    
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 394 (341)
Capitalized construction costs included in accounts payable and other accrued liabilities 2,776 3,607
Change in fair value on derivative instruments designated as hedges (16,614) (4,805)
Decrease in dividends payable upon vesting of restricted stock units $ (560) (242)
Write-off of assets due to casualty losses   1
Write-off of deferred financing costs   $ 71
[1] $31.5 million with a related party for the six months ended June 30, 2024 (see Note 9).