v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (40,947) $ (61,563)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 63,971 63,731
Amortization of interest rate caps 3,624 17,468
Amortization of debt issuance costs, premiums and discounts 2,974 750
Amortization of acquired real estate leases and assumed real estate lease obligations 14,424 16,199
Amortization of deferred leasing costs 2,509 2,112
Straight line rental income (5,091) (5,670)
Loss on extinguishment of debt 3,830 5,070
Proceeds from settlement of interest rate caps (2,932) (18,841)
General and administrative expenses paid in common shares 1,732 1,124
Distributions of earnings from unconsolidated joint venture 2,376 1,980
Equity in earnings of unconsolidated joint venture (5,573) (3,102)
Change in assets and liabilities:    
Rents receivable 2,800 3,589
Other assets (8,818) 7,228
Accounts payable and other liabilities 3,286 (2,128)
Due to related persons (238) 1,833
Net cash provided by operating activities 37,927 29,780
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate improvements (5,333) (9,598)
Purchase of interest rate cap (3,720) (15,010)
Proceeds from settlement of interest rate caps 2,932 18,841
Proceeds from sale of interest rate cap 4,912 0
Net cash used in investing activities (1,209) (5,767)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of mortgage notes payable 1,620,000 1,160,000
Repayment of mortgage notes payable (1,616,764) (1,249,380)
Payment of debt issuance costs (19,487) (16,663)
Distributions to common shareholders (6,666) (1,323)
Repurchase of common shares (49) (32)
Distributions to noncontrolling interests (14,970) (30)
Net cash used in financing activities (37,936) (107,428)
Decrease in cash and cash equivalents and restricted cash and cash equivalents (1,218) (83,415)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 183,031 242,480
Cash and cash equivalents and restricted cash and cash equivalents at end of period 181,813 159,065
SUPPLEMENTAL DISCLOSURES:    
Interest paid 117,475 114,755
Income taxes paid 0 0
NON-CASH INVESTING ACTIVITIES:    
Real estate improvements accrued not paid 1,939 2,455
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS:    
Cash and cash equivalents 135,326 58,559
Restricted cash and cash equivalents [1] 46,487 100,506
Total cash and cash equivalents and restricted cash $ 181,813 $ 159,065
[1] Restricted cash and cash equivalents consist of cash held for the operations of our consolidated joint venture and amounts escrowed as required by the agreements governing certain of our mortgage debt.