v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 4,662 $ 12,312  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization, including amortization of debt issuance costs 9,418 9,389  
Amortization of deferred lease incentives 1,724 1,818  
Straight-lining of rents 506 1,020  
Interest rate cap premium amortization 0 176  
PIK interest expense 1,905 0  
Other non-cash adjustments 340 340  
Change in operating assets and liabilities:      
Tenant and other receivables 1,586 (249)  
Other assets (15,550) (15,171)  
Amounts due to Vornado (166) (169)  
Accounts payable and accrued expenses 2,395 6,258  
Other liabilities (4) (4)  
Net cash provided by operating activities 6,816 15,720  
CASH FLOWS FROM INVESTING ACTIVITIES      
Construction in progress and real estate additions (4,562) (8,021)  
Payments related to property held for sale (19,316) 0  
Net cash used in investing activities (23,878) (8,021)  
CASH FLOWS FROM FINANCING ACTIVITIES      
Debt repayments 0 (789)  
Dividends paid (23,112) (23,101)  
Net cash used in financing activities (23,112) (23,890)  
Net decrease in cash and cash equivalents and restricted cash (40,174) (16,191)  
Restricted cash at beginning of period 192,225 393,836 $ 393,836
Restricted cash at end of period 152,051 377,645 192,225
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH      
Cash and cash equivalents at beginning of period 128,167 338,532 338,532
Restricted cash at beginning of period 64,058 55,304 55,304
Restricted cash at beginning of period 192,225 393,836 393,836
Cash and Cash Equivalent 76,243 319,897 128,167
Cash and cash equivalents at end of period 75,808 57,748 64,058
Restricted cash at end of period 152,051 377,645 $ 192,225
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Cash payments for interest 8,153 9,876  
NON-CASH TRANSACTIONS      
Liability for real estate additions, including $419 in 2025 for development fees due to Vornado 1,032 2,188  
Write-off of fully depreciated assets 81 0  
Reclassification of property held for sale $ 54,654 $ 0