v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (80,694,000) $ (100,625,000)
Adjustments to reconcile net loss to cash provided by operating activities:    
Depreciation and amortization 125,456,000 134,591,000
Net amortization of debt discounts, premiums and issuance costs 4,638,000 45,973,000
Payment of accreted interest on senior secured notes 0 (34,700,000)
Straight line rental income 147,000 (309,000)
Lease value amortization 58,000 54,000
Loss on modification or early extinguishment of debt 0 29,197,000
Impairment of assets 0 69,465,000
Loss (gain) on sale of real estate 1,836,000 (102,711,000)
Gain on insurance recoveries 0 (7,522,000)
Other non-cash adjustments, net 1,095,000 (231,000)
Unconsolidated joint venture distributions 1,200,000 0
Equity in net earnings of investees (1,946,000) (4,569,000)
Change in assets and liabilities:    
Deferred leasing costs, net (4,160,000) (2,690,000)
Other assets 24,524,000 11,427,000
Accrued interest (1,488,000) 313,000
Other liabilities (23,942,000) 12,114,000
Net cash provided by operating activities 46,724,000 49,777,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate acquisitions (14,565,000) 0
Real estate improvements (59,350,000) (73,831,000)
Proceeds from sale of real estate, net 21,693,000 334,108,000
Equity method investment distributions 27,200,000 17,000,000
Contributions to unconsolidated joint ventures 0 (8,500,000)
Proceeds from insurance recoveries 0 1,308,000
Purchase of interest rate cap (147,000) (47,000)
Net cash (used in) provided by investing activities (25,169,000) 270,038,000
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from mortgage notes payable 0 343,157,000
Redemption of senior secured notes 0 (238,555,000)
Redemption of senior unsecured notes 0 (380,000,000)
Repayment of other debt (1,926,000) (1,659,000)
Early extinguishment of debt settled in cash 0 (25,903,000)
Payment of debt issuance costs (252,000) (13,193,000)
Repurchase of common shares (138,000) (109,000)
Distributions to shareholders (4,842,000) (4,826,000)
Net cash used in financing activities (7,158,000) (321,088,000)
Increase (decrease) in cash and cash equivalents and restricted cash 14,397,000 (1,273,000)
Cash and cash equivalents and restricted cash at beginning of period 121,799,000 149,854,000
Cash and cash equivalents and restricted cash at end of period $ 136,196,000 $ 148,581,000