v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (15,426) $ (13,985)
Adjustments to reconcile net loss to net cash provided by operating activities    
Depreciation and amortization 48,184 48,409
Amortization/write-off of deferred financing costs and debt prepayment penalties 3,367 3,040
Change in fair value on derivative instruments included in interest expense (10,913) (14,705)
Net cash received on derivative settlements 11,262 17,024
Amortization/write-off of fair value adjustment of assumed debt (52) (53)
Provision for bad debts, net 708 675
Vesting of stock-based compensation 5,098 4,810
Insurance proceeds received for business interruption 169 324
Equity in earnings of affiliate (173) (114)
Casualty gains (162) (1,836)
Changes in operating assets and liabilities, net of effects of sale and acquisitions:    
Accounts receivable (2,390) (2,402)
Prepaid and other assets 574 (963)
Operating liabilities 73 (899)
Real estate taxes payable 7,437 8,877
Net cash provided by operating activities 47,756 48,202
Cash flows from investing activities    
Originations of loans, held-for-investment [1] (22,145)  
Additions to real estate investments (16,670) (18,689)
Net cash used in investing activities (38,815) (18,689)
Cash flows from financing activities    
Mortgage proceeds received 39,683  
Credit facilities proceeds received 22,145  
Credit facilities payments (33,000)  
Deferred financing costs paid (159)  
Interest rate cap fees paid (30)  
Payments for taxes related to net share settlement of stock-based compensation (1,620)  
Distributions to redeemable noncontrolling interests in the OP (110) (104)
Cash settlement of stock-based compensation (200) (519)
Repurchase of common stock   (7,657)
Dividends paid to common stockholders (28,233) (27,146)
Net cash used in financing activities (1,524) (35,426)
Net increase (decrease) in cash, cash equivalents and restricted cash 7,417 (5,913)
Cash, cash equivalents and restricted cash, beginning of period 45,180 53,917
Cash, cash equivalents and restricted cash, end of period 52,597 48,004
Supplemental Disclosure of Cash Flow Information    
Interest paid 39,421 42,166
Supplemental Disclosure of Noncash Activities    
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP (43) 394
Capitalized construction costs included in accounts payable and other accrued liabilities 5,369 2,776
Change in fair value on derivative instruments designated as hedges (7,728) (16,614)
Change in dividends payable upon vesting of restricted stock units (378) $ (560)
Write-off of fully amortized in-place leases $ 1,052  
[1] Includes $22.1 million and $0.0 million to a related party for the six months ended June 30, 2026 and 2025, respectively (see Note 9).