v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 28,224 $ 43,444 $ 102,413
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization, including amortization of debt issuance costs 38,145 37,897 34,467
Amortization of deferred lease incentives 7,364 4,897 138
Net gain on sale of real estate 0 0 (53,952)
Straight-lining of rents 2,672 13,116 2,631
Stock-based compensation expense 394 450 450
Interest rate cap premium amortization 600 6,483 7,770
Other non-cash adjustments 1,552 (4,403) (1,559)
Change in operating assets and liabilities:      
Tenant and other receivables 1,003 165 (572)
Other assets (2,860) (149,445) 14,141
Amounts due to Vornado (713) 98 (60)
Accounts payable and accrued expenses (1,417) (13,695) 3,263
Lease incentive liabilities (1,500) 115,118 0
Other liabilities (20) (19) (19)
Net cash provided by operating activities 73,444 54,106 109,111
CASH FLOWS FROM INVESTING ACTIVITIES      
Construction in progress and real estate additions (20,787) (19,785) (4,681)
Proceeds from interest rate cap 0 6,563 5,049
Proceeds from maturities of U.S. Treasury bills 0 0 264,881
Proceeds from sale of real estate 0 0 67,821
Purchase of interest rate cap 0 0 (11,258)
Net cash (used in) provided by investing activities (20,787) (13,222) 321,812
CASH FLOWS FROM FINANCING ACTIVITIES      
Dividends paid (92,425) (92,378) (92,320)
Debt issuance costs (1,799) (7,647) (104)
Debt repayments (335,044) (500,000) 0
Proceeds from borrowings 175,000 400,000 0
Net cash used in financing activities (254,268) (200,025) (92,424)
Net (decrease) increase in cash and cash equivalents and restricted cash (201,611) (159,141) 338,499
Cash and cash equivalents and restricted cash at beginning of year 393,836 552,977 214,478
Cash and cash equivalents and restricted cash at end of year 192,225 393,836 552,977
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH      
Cash and cash equivalents at beginning of year 338,532 531,855 194,933
Restricted cash at beginning of year 55,304 21,122 19,545
Cash and cash equivalents and restricted cash at beginning of year 393,836 552,977 214,478
Cash and cash equivalents at end of year 128,167 338,532 531,855
Restricted cash at end of year 64,058 55,304 21,122
Cash and cash equivalents and restricted cash at end of year 192,225 393,836 552,977
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Cash payments for interest 48,192 59,685 53,975
NON-CASH TRANSACTIONS      
Write-off of fully depreciated assets 1,113 2,242 8,097
Liability for real estate additions, including $34 and $346 in 2025 and 2024, respectively, for development fees due to Vornado $ 1,903 $ 3,003 $ 1,969