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 income $ 27,163 $ 38,770
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 96,581 93,554
Gain on disposition of property (13,170) (10,803)
Amortization of non-cash items within interest expense 4,339 4,289
Amortization of acquired above- and below-market leases, net (1,638) (1,027)
Amortization of acquired below-market ground leases 3,916 3,916
Straight-lining of rental revenue (9,031) (4,961)
Equity based compensation 11,880 9,837
Loss on early extinguishment of debt 0 553
Increase (decrease) in cash flows due to changes in operating assets and liabilities:    
Security deposits 2,107 (9,639)
Tenant and other receivables 3,303 3,648
Deferred costs (14,794) (14,377)
Prepaid expenses and other assets 8,324 (7,163)
Accounts payable and accrued expenses (3,336) 4,328
Deferred revenue and other liabilities (5,783) (2,875)
Net cash provided by operating activities 109,861 108,050
Cash Flows From Investing Activities    
Additions to building and improvements (123,869) (96,517)
Acquisition of real estate property (31,701) 0
Acquisition of non-controlling interests in other partnerships 0 (14,226)
Reduction of cash from derecognition of assets 0 (12,876)
Post-closing costs from a prior period sale of property 0 (4,034)
Development costs 0 (9)
Net cash used in investing activities (155,570) (127,662)
Cash Flows From Financing Activities    
Proceeds from unsecured senior notes 0 225,000
Repayment of unsecured senior notes (100,000) 0
Proceeds from unsecured revolving credit facility 0 120,000
Repayment of unsecured revolving credit facility (120,000) 0
Proceeds from unsecured term loan 0 95,000
Repayment of unsecured term loan 0 (215,000)
Repayment of mortgage notes payable (1,796) (2,961)
Deferred financing costs (434) (11,636)
Repurchases of common shares (2,148) 0
Taxes paid on withholding shares (899) 0
Private perpetual preferred unit distributions (2,101) (2,101)
Dividends paid to common stockholders (11,799) (11,552)
Distributions paid to non-controlling interests in the operating partnership (7,689) (7,546)
Net cash (used in) provided by financing activities (246,866) 189,204
Net (decrease) increase in cash and cash equivalents and restricted cash (292,575) 169,592
Cash and cash equivalents and restricted cash—beginning of period 429,302 406,956
Cash and cash equivalents and restricted cash—end of period 136,727 576,548
Reconciliation of Cash and Cash Equivalents and Restricted Cash:    
Cash and cash equivalents at beginning of period 385,465 346,620
Restricted cash at beginning of period 43,837 60,336
Cash and cash equivalents at end of period 94,643 535,533
Restricted cash at end of period 42,084 41,015
Cash and cash equivalents and restricted cash 136,727 576,548
Supplemental disclosures of cash flow information:    
Cash paid for interest 47,422 43,392
Cash paid for income taxes 1,933 1,260
Non-cash investing and financing activities:    
Building and improvements included in accounts payable and accrued expenses 51,560 48,510
Write-off of fully depreciated assets 16,309 5,359
Derivative instruments at fair values included in prepaid expenses and other assets 4,205 16,239
Contract asset (171,003) 166,955
Derecognition of debt associated with property in receivership 177,667 0
Derecognition of commercial real estate and other assets, net 0 (144,241)
Accrued interest associated with property in receivership 6,080 1,589
Conversion of operating partnership units and Class B shares to Class A shares $ 9,986 $ 9,098