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 of continuing operations:    
Net (loss) income $ (51,417) $ 2,374
Less: net loss (income) from discontinued operations, net of tax 47,156 (5,340)
Net income (loss) from continuing operations (4,261) (2,966)
Adjustments to reconcile net (loss) income from continuing operations to net cash provided by operating activities of continuing operations:    
Depreciation of buildings and tenant improvements 26,937 35,348
Amortization of leasing costs, in-place lease intangibles, and right-of-use assets 9,206 9,162
Accrued straight-line rental revenue (3,984) (4,802)
Amortization of leasing incentives and above or below-market rents (848) (971)
Accrued straight-line ground rent expense (41) (28)
Unrealized credit loss provision (release) 96 (242)
Adjustment for uncollectible lease accounts 552 2,506
Noncash stock compensation 2,745 4,826
Impairment charges 1,894 0
Noncash interest expense 1,332 2,200
Gain on consolidation of real estate entities 0 (3,920)
Noncash loss on extinguishment of debt 342 0
Loss on real estate dispositions, net 854 0
Change in fair value of derivatives and other 4,286 9,472
Adjustment for receipts on off-market interest rate derivatives (8,054) (10,374)
Equity in (income) loss of unconsolidated real estate entities (577) 1,236
Changes in operating assets and liabilities:    
Property assets 7,511 104
Property liabilities 3,692 (18,762)
Net cash provided by operating activities of continuing operations 41,682 22,789
Cash flows from investing activities:    
Development of real estate investments (3,410) 2,883
Tenant and building improvements (22,246) (22,789)
Dispositions of real estate investments, net of selling costs 18,300 0
Notes receivable issuances (9,016) 0
Notes receivable paydowns 635 0
Payments to purchase off-market interest rate derivatives 0 (4,577)
Receipts on off-market interest rate derivatives 8,054 10,374
Leasing costs (3,017) (1,281)
Return of capital from equity method investments 635 0
Investments in equity method investments (10,412) (6,108)
Net cash used for investing activities of continuing operations (20,477) (21,498)
Cash flows from financing activities:    
Costs from issuance of common stock, net (196) (66)
Common shares tendered for tax withholding (363) (1,374)
Repurchase and retirement of common stock, net (33,358) 0
Debt issuances, credit facility, and construction loan borrowings 81,270 162,904
Debt and credit facility repayments, including principal amortization (355,156) (98,079)
Debt issuance costs (1,153) (727)
Cash paid on extinguishment of debt (46,702) (4,413)
Acquisition of non-controlling interest in consolidated real estate investments (2,003) (4,200)
Redemption of operating partnership units 0 (4)
Distributions to noncontrolling interests (382) (436)
Contributions from noncontrolling interests 3,719 0
Dividends and distributions (44,236) (40,829)
Net cash (used for) provided by financing activities of continuing operations (398,560) 12,776
Cash flows from discontinued operations:    
Net cash flows provided by (used in) operating activities of discontinued operations 3,544 (11,579)
Net cash flows provided by (used in) investing activities of discontinued operations 358,830 (17,484)
Net cash flows used in financing activities of discontinued operations (3,655) (2,626)
Net cash flows from discontinued operations 358,719 (31,689)
Net decrease in cash, cash equivalents, and restricted cash (18,636) (17,622)
Cash, cash equivalents, and restricted cash, beginning of period (including discontinued operations) [1] 54,183 72,223
Cash, cash equivalents, and restricted cash, end of period (including discontinued operations) [1] 35,547 54,601
Supplemental Disclosures:    
Decrease in dividends and distributions payable (11,098) (6,486)
(Decrease) increase in accrued improvements and development costs (6,471) 558
Operating Partnership units redeemed for common shares (179) (2,528)
Fair value of note receivable as partial consideration for disposition of general contracting and real estate services business $ 777 $ 0
[1] The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the Condensed Consolidated Statements of Cash Flows (in thousands):
June 30,
20262025
Beginning of quarter:
Cash and cash equivalents(1)
$40,743 $21,986 
Restricted cash(2)(3)
1,622 103 
Cash, cash equivalents, and restricted cash$42,365 $22,089 
End of quarter:
Cash and cash equivalents(4)
$20,662 $21,958 
Restricted cash(2)(5)
1,547 911 
Cash, cash equivalents, and restricted cash$22,209 $22,869 
(1) Excludes cash and cash equivalents from discontinued operations as of December 31, 2025 and December 31, 2024 of $10.2 million and $48.7 million, respectively.
(2) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.
(3) Excludes restricted cash from discontinued operations as of December 31, 2025 and December 31, 2024 of $1.6 million and $1.5 million, respectively.
(4) Excludes cash and cash equivalents from discontinued operations as of June 30, 2026 and June 30, 2025 of $7.8 million and $30.2 million, respectively.
(5) Excludes restricted cash from discontinued operations as of June 30, 2026 and June 30, 2025 of $5.5 million and $1.6 million, respectively.