v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 161,941 $ (32,599)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 75,317 78,709
Gain on disposition of properties and other investments (146,117) 0
Impairment charges 0 24,640
Stock compensation expense 9,712 5,650
Straight-line rents (2,552) (951)
Equity in (gains) losses of unconsolidated affiliates (12,421) 5,904
Distributions of operating income from unconsolidated affiliates 14,772 1,472
Amortization of financing costs 4,262 4,137
Non-cash lease expense 2,005 2,007
Net unrealized holding losses (gains) on investments 0 (1,543)
Loss on change in control 0 9,622
Other, net (5,490) (5,250)
Changes in assets and liabilities:    
Accounts receivable 6,131 (3,969)
Accounts payable and accrued expenses (4,920) (2,938)
Prepaid expenses and other assets 2,804 15,084
Other liabilities (13,714) (7,252)
Lease liabilities - operating leases (2,120) (2,023)
Net cash provided by operating activities 89,610 90,700
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisitions of properties (196,302) (344,647)
Proceeds from the disposition of properties and other investments, net 572,015 0
Development, construction and property improvement costs (57,289) (47,528)
Payment of deferred leasing costs (5,536) (5,908)
Investments and advances in unconsolidated affiliates (68,334) (5,229)
Return of capital from unconsolidated affiliates 19,763 4,639
Issuance of note receivable (150) (20,141)
Proceeds from repayment of note receivable 0 807
Refund of deposits for properties under purchase contract 4,000 11,125
Proceeds from sale of marketable securities 0 5,406
Increase in cash upon change of control 0 6,777
Net cash provided by (used in) investing activities 268,167 (394,699)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuances of Common Shares and settlement of forward equity contracts 127,314 277,519
Proceeds from unsecured notes payable and line of credit 590,300 837,700
Proceeds received from mortgages payable 41,557 3,321
Principal payments on unsecured debt and line of credit (395,477) (623,200)
Principal payments on mortgages payable (457,423) (107,399)
Prepayment penalty on early debt extinguishment (2,150) 0
Payment of deferred financing and other costs (13,465) (2,863)
Contributions from noncontrolling interests 5,893 8,378
Distributions to noncontrolling interests (199,791) (12,803)
Dividends paid to Common Shareholders (52,910) (48,926)
Acquisition of noncontrolling interest (8,627) 0
Payments of finance lease obligations (665) 378
Net cash (used in) provided by financing activities (365,444) 332,105
(Decrease) increase in cash and cash equivalents and restricted cash (7,667) 28,106
Cash and cash equivalents of $38,818 and $16,806 and restricted cash of $18,081 and $22,897, respectively, beginning of period 56,899 39,703
Cash and cash equivalents of $32,960 and $42,780 and restricted cash of $16,272 and $25,029, respectively, end of period 49,232 67,809
Supplemental disclosure of cash flow information    
Cash paid during the period for interest, net of capitalized interest of $4,830 and $5,412 respectively [1] 48,079 53,716
Cash paid for income taxes, net of refunds 163 330
Supplemental disclosure of non-cash investing and financing activities    
Dividends/Distributions declared and payable 29,084 27,649
Assumption of accounts payable and accrued expenses through acquisition of real estate 2,138 0
Conversion of Common and Preferred OP Units to Common Shares 751 2,113
Accrued interest on note receivable recorded to redeemable noncontrolling interest 4,131 6,020
Adjustment of redeemable non-controlling interest to estimated redemption value 5,661 0
Changes in accrued development, construction and property improvement costs included in Accounts payable and other liabilities 12,730 0
Note receivable and accrued interest exchanged for redeemable noncontrolling interest 58,471 0
Properties contributed to unconsolidated affiliates 55,438 0
Increase (decrease) in assets and liabilities resulting from the consolidation of previously unconsolidated investment:    
Operating real estate 0 201,700
Mortgage and other notes payable 0 156,117
Investments in and advances to unconsolidated affiliates 0 (28,516)
Rents receivable and other assets 0 654
Accounts payable and other liabilities 0 4,548
Noncontrolling interests $ 0 $ 29,572
[1] Cash paid during the period for interest only includes payments made on our mortgages and does not capture the effect of hedging instruments. The Company received net cash from interest rate swap settlements of $2.9 million and $6.5 million for the six months ended June 30, 2026 and 2025, respectively.