v3.26.1
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash Flows From Operating Activities          
Net income (loss) $ (39,554) $ 11,385 $ (36,559) $ 27,163  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Depreciation and amortization     100,608 96,581  
Gain on disposition of properties     (124,622) (13,170)  
Goodwill impairment charge 166,113 0 166,113 0 $ 166,113
Amortization of non-cash items within interest expense     4,413 4,339  
Settlement of interest rate hedge contracts     1,104 0  
Amortization of acquired above- and below-market leases, net (384) (840) (1,054) (1,638)  
Amortization of acquired below-market ground leases     3,207 3,916  
Straight-lining of rental revenue     (19,549) (9,031)  
Equity based compensation     17,050 11,880  
Increase (decrease) in cash flows due to changes in operating assets and liabilities:          
Security deposits     11,542 2,107  
Tenant and other receivables     471 3,303  
Deferred costs     (12,760) (14,794)  
Prepaid expenses and other assets     (637) 8,324  
Accounts payable and accrued expenses     (14,646) (3,336)  
Deferred revenue and other liabilities     (6,229) (5,783)  
Net cash provided by operating activities     88,452 109,861  
Cash Flows From Investing Activities          
Additions to building and improvements     (49,176) (123,869)  
Acquisition of real estate property     (160,814) (31,701)  
Net proceeds from disposition of property     75,693 0  
Net cash used in investing activities     (134,297) (155,570)  
Cash Flows From Financing Activities          
Repayment of unsecured senior notes     0 (100,000)  
Proceeds from unsecured revolving credit facility     220,000 0  
Repayment of unsecured revolving credit facility     (190,000) (120,000)  
Proceeds from mortgage notes payable     53,500 0  
Repayment of mortgage notes payable     (51,940) (1,796)  
Deferred financing costs     (1,404) (434)  
Repurchases of common shares     0 (2,148)  
Taxes paid on withholding shares     (806) (899)  
Private perpetual preferred unit distributions (1,051) (1,051) (2,101) (2,101)  
Dividends paid to common stockholders (6,041) (5,919) (12,063) (11,799)  
Distributions paid to non-controlling interests in the operating partnership     (7,635) (7,689)  
Net cash provided by (used in) financing activities     7,551 (246,866)  
Net decrease in cash and cash equivalents and restricted cash     (38,294) (292,575)  
Cash and cash equivalents and restricted cash—beginning of period     166,511 429,302 429,302
Cash and cash equivalents and restricted cash—end of period 128,217 136,727 128,217 136,727 166,511
Reconciliation of Cash and Cash Equivalents and Restricted Cash:          
Cash and cash equivalents at beginning of period     132,657 385,465 385,465
Restricted cash at beginning of period     33,854 43,837 43,837
Cash and cash equivalents at end of period 85,605 94,643 85,605 94,643 132,657
Restricted cash at end of period 42,612 42,084 42,612 42,084 33,854
Cash and cash equivalents and restricted cash $ 128,217 $ 136,727 128,217 136,727 $ 166,511
Supplemental disclosures of cash flow information:          
Cash paid for interest     46,490 47,422  
Cash paid for income taxes     621 1,933  
Non-cash investing and financing activities:          
Building and improvements included in accounts payable and accrued expenses     72,240 51,560  
Write-off of fully depreciated assets     21,271 16,309  
Write-off of fully amortized deferred costs     19,227 0  
Write-off of fully amortized acquired below-market leases     17,737 0  
Right-Of-Use Assets, Including Below Market Lease, Acquired     (288,125) 0  
Ground lease liability adjustment to land carrying value     26,774 0  
Interest capitalized in building and improvements     2,006 0  
Derivative instruments at fair values included in prepaid expenses and other assets     10,442 4,205  
Contract asset     0 (171,003)  
Debt associated with property in receivership     0 177,667  
Debt assumed by purchaser in connection with property disposition     180,000 0  
Accrued interest associated with property in receivership     0 6,080  
Conversion of operating partnership units and Class B shares to Class A shares     $ 8,809 $ 9,986