v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (272,374) $ (136,107)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation 121,856 118,710
Net amortization of debt premiums, discounts and issuance costs 40,825 13,463
Amortization of acquired real estate leases and assumed real estate lease obligations, net 41,153 64,636
Amortization of deferred leasing costs 14,402 12,990
(Gain) loss on sale of real estate (916) 7,410
Loss on impairment of real estate 2,048 181,578
Net gain on early extinguishment of debt (1,146) (138,603)
Non-cash reorganization items 25,654 0
Straight line rental income (23,074) (31,102)
Other non-cash expenses, net 237 575
Equity in net losses of investees 405 758
Change in assets and liabilities:    
Rents receivable 2,409 5,999
Due from related persons (231) 0
Deferred leasing costs (18,819) (22,969)
Other assets (8,901) 1,377
Accounts payable and other liabilities 71,085 (10,392)
Due to related persons (1,182) (1,156)
Net cash (used in) provided by operating activities (6,569) 67,167
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate improvements (37,635) (123,376)
Proceeds from sale of property, net 39,827 189,986
Net cash provided by investing activities 2,192 66,610
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of senior unsecured notes (171,600) (350,242)
Proceeds from issuance of senior secured notes 0 338,986
Repayment of senior secured notes (26,998) 0
Borrowings on revolving credit facility 0 452,000
Repayments on revolving credit facility 0 (332,000)
Borrowings on secured term loan 0 100,000
Borrowings on debtor-in-possession secured term loan 10,000 0
Payment of debt issuance costs (1,196) (91,845)
Proceeds from issuance of common shares, net 1,106 0
Repurchases of common shares (32) (192)
Distributions to common shareholders (1,407) (2,033)
Net cash (used in) provided by financing activities (190,127) 114,674
(Decrease) increase in cash, cash equivalents and restricted cash (194,504) 248,451
Cash, cash equivalents and restricted cash at beginning of period 275,165 26,714
Cash, cash equivalents and restricted cash at end of period 80,661 275,165
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest paid 130,554 145,326
Income taxes paid 192 361
Cash paid for reorganization costs 19,501 0
NON-CASH INVESTING ACTIVITIES:    
Real estate improvements accrued, not paid 18,078 16,767
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 (180,548)
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:    
Cash and cash equivalents 29,486 261,318
Restricted cash 51,175 13,847
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 80,661 $ 275,165