v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (153,392) $ 12,573
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation 90,224 89,587
Net amortization of debt premiums, discounts and issuance costs 35,269 9,261
Amortization of acquired real estate leases and assumed real estate lease obligations, net 31,336 49,055
Amortization of deferred leasing costs 10,539 9,562
Loss (gain) on sale of real estate 4,572 (6,008)
Loss on impairment of real estate 2,426 173,579
Net gain on early extinguishment of debt (1,134) (238,008)
Straight line rental income (18,242) (23,796)
Other non-cash expenses, net 231 587
Equity in net losses of investees 495 576
Change in assets and liabilities:    
Rents receivable (943) 6,830
Deferred leasing costs (12,471) (18,231)
Other assets (10,601) (4,320)
Accounts payable and other liabilities 14,719 (18,686)
Due to related persons (1,393) (1,119)
Net cash (used in) provided by operating activities (8,365) 41,442
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate improvements (35,781) (93,081)
Proceeds from sale of property, net 28,266 79,830
Net cash used in investing activities (7,515) (13,251)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of senior unsecured notes (171,600) (350,242)
Proceeds from issuance of senior secured notes 0 280,500
Repayment of senior secured notes (26,998) 0
Borrowings on revolving credit facility 0 327,000
Repayments on revolving credit facility 0 (332,000)
Borrowings on secured term loan 0 100,000
Payment of debt issuance costs (1,195) (42,226)
Proceeds from issuance of common shares, net 1,106 0
Repurchases of common shares (32) (191)
Distributions to common shareholders (1,407) (1,477)
Net cash used in financing activities (200,126) (18,636)
(Decrease) increase in cash, cash equivalents and restricted cash (216,006) 9,555
Cash, cash equivalents and restricted cash at beginning of period 275,165 26,714
Cash, cash equivalents and restricted cash at end of period 59,159 36,269
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest paid 115,390 121,651
Income taxes paid 151 302
NON-CASH INVESTING ACTIVITIES:    
Real estate improvements accrued, not paid 8,872 16,595
Capitalized interest 0 969
NON-CASH FINANCING ACTIVITIES:    
Extinguishment of unsecured senior notes in exchange for senior priority guaranteed unsecured notes (6,537) 0
Extinguishment of unsecured senior notes in exchange for senior secured notes and common shares 0 (295,462)
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:    
Cash and cash equivalents 44,609 22,363
Restricted cash [1] 14,550 13,906
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 59,159 $ 36,269
[1] Restricted cash consists of cash held for operations and amounts escrowed for future real estate taxes, insurance, leasing costs, capital expenditures and debt service, as required by certain of our debt agreements.