v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities    
Net loss $ (88,289) $ (28,362)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 137,030 124,658
Amortization of deferred financing costs 4,958 3,429
Equity in net loss from unconsolidated joint ventures 5,832 21,605
Distributions of cumulative earnings from unconsolidated joint ventures 2,259 280
Equity in net loss on sale of interest in unconsolidated joint venture/real estate 814 1,946
Purchase price and other fair value adjustments (9,845) 19,228
Depreciable real estate reserves and impairments 35,160 8,546
(Gain) loss on sale of real estate, net (12,457) 649
Loan loss reserves and other investment reserves, net of recoveries 0 (71,326)
Gain on sale of investments in marketable securities 0 (10,232)
Deferred rents receivable (7,862) 2,247
Non-cash lease expense 11,464 10,430
Other non-cash adjustments 16,360 23,054
Changes in operating assets and liabilities:    
Tenant and other receivables (17,160) (513)
Related party receivables 9,784 14,934
Deferred lease costs (15,540) (13,850)
Other assets (7,738) (15,242)
Accounts payable, accrued expenses, other liabilities and security deposits 8,544 (3,375)
Deferred revenue 6,646 (9,838)
Lease liability - operating leases (9,516) (17,070)
Net cash provided by operating activities 70,444 61,198
Investing Activities    
Acquisitions of real estate property (664,131) (112,440)
Additions to land, buildings and improvements (129,004) (136,058)
Investments in unconsolidated joint ventures (80,259) (57,123)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 183,148 45,214
Net proceeds from disposition of real estate/joint venture interest 352,427 95,930
Proceeds from sale or redemption of marketable securities 4,525 53,107
Investments in marketable securities 0 (36,368)
Investments in real estate loans held by consolidated securitization vehicles 0 (49,296)
Repayment of real estate loans held by consolidated securitization vehicles 0 198,296
Other investments (2,100) (36,369)
Origination or purchase of debt fund investments (219,499) 0
Origination of debt and preferred equity investments (5,000) (12,595)
Repayments or redemption of debt and preferred equity investments 38,500 3,214
Net cash used in investing activities (521,393) (44,488)
Financing Activities    
Proceeds from mortgages and other loans payable 707,154 96,040
Repayments of mortgages and other loans payable (424,289) (3,663)
Proceeds from revolving credit facility, term loans and unsecured notes 870,410 480,000
Repayments of revolving credit facility, term loans and unsecured notes (660,410) (440,000)
Proceeds from stock options exercised and DRSPP issuance 145 131
Proceeds from issuance of common stock 0 (871)
Repurchase of common units (14,068) 0
Redemption of OP units (15,934) (21,491)
Distributions to noncontrolling interests in other partnerships (8,533) (1,601)
Contributions from noncontrolling interests in other partnerships 3,087 4,696
Distributions to noncontrolling interests in the Operating Partnership (6,446) (7,962)
Contributions from noncontrolling interests to debt fund investments 209,092 24,193
Distributions from debt fund investments (4,784) 0
Dividends paid on common and preferred stock (52,727) (120,396)
Other obligations related to secured borrowing (75,294) 0
Tax withholdings related to restricted share awards (6,283) (13,700)
Deferred loan costs (24,917) (907)
Net cash provided by (used in) financing activities 496,203 (5,531)
Net increase in cash, cash equivalents, and restricted cash 45,254 11,179
Cash, cash equivalents, and restricted cash at beginning of year 336,495 331,638
Cash, cash equivalents, and restricted cash at end of period 381,749 342,817
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Issuance of preferred units relating to a real estate acquisition 5,800 0
Assumption of mortgage loans 12,200 0
Measurement adjustment for redeemable noncontrolling interest 76,863 22,893
Conversion of partner loan 0 15,623
Deconsolidation of a subsidiary 88,891 0
Acquisition of subsidiary interest from noncontrolling interest 0 51,654
Transfer of investments to debt fund 0 38,422
Contribution to consolidated joint venture interest 0 51
Transfer of assets related to assets held for sale 214,586 0
Transfer of liabilities related to assets held for sale 218,333 0
Removal of fully depreciated commercial real estate properties 0 2,747
Consolidation of securitization vehicle assets 0 828,143
Consolidation of securitization vehicle liabilities 0 828,143
Cash and cash equivalents 180,788 182,912
Restricted cash 200,961 159,905
Total cash, cash equivalents, and restricted cash $ 381,749 $ 342,817