v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities    
Net (loss) income $ (12,609) $ 44,579
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Gain from consolidation of JV 0 (47,212)
Depreciation and amortization 97,407 97,840
Net accretion of acquired lease intangibles (1,074) (1,463)
Straight-line rent (2,918) (1,835)
Loan premium/discount amortized/accreted and written off 83 83
Deferred loan costs amortized and written off 3,437 2,457
Amortization of stock-based compensation 2,720 2,730
Change in working capital components:    
Tenant receivables (2,385) 472
Interest payable, accounts payable and deferred revenue 37,588 31,574
Security deposits 1,605 267
Other assets (6,918) 3,144
Net cash provided by operating activities 116,936 132,636
Investing Activities    
Capital expenditures for improvements to real estate (51,709) (42,311)
Capital expenditures for developments (23,367) (17,510)
Insurance recoveries for damage to real estate 258 284
Cash and cash equivalents assumed from consolidation of JV 0 25,589
Net cash used in investing activities (74,818) (33,948)
Financing Activities    
Proceeds from borrowings 16,037 127,200
Repayment of borrowings (1,882) (102,632)
Loan cost payments (271) (3,219)
Distributions paid to noncontrolling interests (7,695) (7,103)
Dividends paid to common stockholders (31,817) (31,813)
Repurchases of OP Units (31) (48)
Net cash used in financing activities (25,659) (17,615)
Increase in cash and cash equivalents and restricted cash 16,459 81,073
Cash and cash equivalents and restricted cash - beginning balance 340,818 444,652
Cash and cash equivalents and restricted cash - ending balance 357,277 525,725
Cash and cash equivalents 357,248 525,696
Restricted cash (included in Other assets on our consolidated balance sheets) 29 29
Cash and cash equivalents and restricted cash 357,277 525,725
Operating Activities    
Cash paid for interest, net of capitalized interest 57,325 57,814
Capitalized interest paid 2,662 2,474
Non-cash Investing Transactions    
Accrual for real estate and development capital expenditures 25,934 20,347
Capitalized stock-based compensation for improvements to real estate and developments 645 655
Removal of fully depreciated and amortized buildings, building improvements, tenant improvements and lease intangibles 21,363 21,700
Removal of fully amortized acquired lease intangible assets 260 237
Removal of fully accreted acquired lease intangible liabilities 2,753 1,822
Non-cash Financing Transactions    
Non-cash portion of secured notes payable 1,023 0
Gain (loss) recorded in AOCI - consolidated derivatives 11,717 (6,778)
Dividends declared 31,822 31,815
Exchange of OP Units for common stock $ 302 $ 159