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 $ 18,432 $ 24,489
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization, including amortization of debt issuance costs 18,888 19,118
Straight-lining of rents 2,018 11,076
Interest rate cap premium amortization 322 5,908
Stock-based compensation expense 394 450
Other non-cash adjustments 4,336 (3,804)
Change in operating assets and liabilities:    
Tenant and other receivables 976 674
Other assets 1,179 (142,782)
Amounts due to Vornado (25) (218)
Accounts payable and accrued expenses 14,277 (192)
Lease incentive liabilities (1,500) 113,618
Other liabilities (10) (10)
Net cash provided by operating activities 59,287 28,327
CASH FLOWS FROM INVESTING ACTIVITIES    
Construction in progress and real estate additions (14,633) (6,182)
Proceeds from interest rate cap 0 6,563
Net cash (used in) provided by investing activities (14,633) 381
CASH FLOWS FROM FINANCING ACTIVITIES    
Dividends paid (46,202) (46,176)
Debt repayment (1,983) (10,000)
Debt issuance costs 0 (1,132)
Net cash used in financing activities (48,185) (57,308)
Net decrease in cash and cash equivalents and restricted cash (3,531) (28,600)
Cash and cash equivalents and restricted cash at beginning of period 393,836 552,977
Cash and cash equivalents and restricted cash at end of period 390,305 524,377
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents at beginning of period 338,532 531,855
Restricted cash at beginning of period 55,304 21,122
Cash and cash equivalents and restricted cash at beginning of period 393,836 552,977
Cash and cash equivalents at end of period 313,036 410,948
Restricted cash at end of period 77,269 113,429
Cash and cash equivalents and restricted cash at end of period 390,305 524,377
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash payments for interest 20,910 32,108
NON-CASH TRANSACTIONS    
Liability for real estate additions, including $207 and $126, respectively for development fees due to Vornado 1,380 964
Write-off of fully depreciated assets $ 0 $ 1,759