v3.26.1
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 loss $ (78,756) $ (10,851) $ (157,533)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:      
Depreciation and amortization 95,901 111,206 115,235
Impairment charges on real estate 65,475 6,847 45,459
Equity in income of unconsolidated entity (6,173) 11,202 35,614
Deferred rents (6,104) (8,553) (7,635)
Amortization of above- and below-market leases, net (246) (456) (769)
Amortization of deferred financing costs 12,401 9,524 4,243
Unrealized losses on derivative instruments 10,152 6,833 16,451
Gain related to swap terminations 0 (178) 0
Interest rate swap settlement for early terminated swaps 0 6,552 0
Gain from extinguishment of debt 0 (56,372) 0
Gain on sale of real estate (77,401) (53,064) 0
Interest rate swap settlements for off-market swap instruments 0 0 (9,138)
Changes in operating assets and liabilities:      
Rents and other receivables (317) (7,317) (3,149)
Due from affiliates 0 0 10
Prepaid expenses and other assets (9,044) (12,833) (14,441)
Accounts payable and accrued liabilities (15,085) 3,337 (1,323)
Due to affiliates 2,824 1,612 7,043
Other liabilities 297 164 11,567
Net cash (used in) provided by operating activities (6,076) 7,653 41,634
Cash Flows from Investing Activities:      
Improvements to real estate (24,755) (34,469) (81,219)
Proceeds from sale of real estate, net 220,098 192,371 0
Purchase of interest rate cap 0 0 (25)
Net cash provided by (used in) investing activities 195,343 157,902 (81,244)
Cash Flows from Financing Activities:      
Proceeds from notes payable 31,053 35,913 77,170
Principal payments on notes payable (188,722) (198,463) (9,952)
Payments of deferred financing costs (10,956) (10,465) (2,887)
Interest rate swap settlements for off-market swap instruments 0 0 9,853
Restricted cash surrendered from deed-in-lieu of foreclosure 0 (1,886) 0
Payments to redeem common stock 0 0 (12,142)
Payments of other offering costs 0 (2) (28)
Distributions paid to common stockholders 0 0 (25,319)
Net cash (used in) provided by financing activities (168,625) (174,903) 36,695
Net increase (decrease) in cash, cash equivalents and restricted cash 20,642 (9,348) (2,915)
Cash, cash equivalents and restricted cash, beginning of period 41,574 50,922 53,837
Cash, cash equivalents and restricted cash, end of period 62,216 41,574 50,922
Supplemental Disclosure of Cash Flow Information:      
Interest paid 98,924 92,521 93,657
Supplemental Disclosure of Noncash Investing and Financing Activities:      
Mortgage loan extinguished in connection with deed-in-lieu of foreclosure 0 125,000 0
Real estate transferred in connection with deed-in-lieu of foreclosure 0 69,028 0
Net liabilities transferred in connection with deed-in-lieu of foreclosure 0 2,286 0
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan 0 0 16,249
Accrued improvements to real estate 3,112 6,885 14,222
Accrued deferred loan financing costs 8,517 5,347 0
Accrued disposition fees $ 0 $ 500 $ 0