v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Operating Activities        
Net (loss) income $ (14,941) $ (15,063) $ (27,550) $ 29,516
Adjustments to reconcile net (loss) income to net cash provided by operating activities:        
Gain from consolidation of JV 0 0 0 (47,212)
Depreciation and amortization 99,297 101,719 196,704 199,559
Net accretion of acquired lease intangibles (595) (1,159) (1,669) (2,622)
Straight-line rent     (6,071) (2,791)
Loan premium/discount amortized/accreted and written off 83 83 166 166
Deferred loan costs amortized and written off     6,819 5,024
Amortization of stock-based compensation 2,499 2,409 5,240 5,139
Change in working capital components:        
Tenant receivables     (1,924) 2,478
Interest payable, accounts payable and deferred revenue     27,390 9,830
Security deposits     2,061 410
Other assets     11,918 14,430
Net cash provided by operating activities     213,084 213,927
Investing Activities        
Capital expenditures for improvements to real estate     (107,985) (93,446)
Capital expenditures for developments     (51,692) (39,480)
Insurance recoveries for damage to real estate     808 2,162
Property acquisitions     (254,403) 0
Cash and cash equivalents assumed from consolidation of JV     0 25,589
Net cash used in investing activities     (413,272) (105,175)
Financing Activities        
Proceeds from borrowings     989,547 129,250
Repayment of borrowings     (817,127) (173,782)
Loan cost payments     (7,906) (9,277)
Contributions from noncontrolling interests in consolidated JVs     130,000 5,400
Distributions paid to noncontrolling interests     (16,384) (14,215)
Dividends paid to common stockholders     (63,640) (63,627)
Repurchases of OP Units     (129) (235)
Net cash provided by (used in) financing activities     214,361 (126,486)
Increase (decrease) in cash and cash equivalents and restricted cash     14,173 (17,734)
Cash and cash equivalents and restricted cash - beginning balance     340,818 444,652
Cash and cash equivalents and restricted cash - ending balance 354,991 426,918 354,991 426,918
Cash and cash equivalents 354,962 426,889 354,962 426,889
Restricted cash (included in Other assets on our consolidated balance sheets) 29 29 29 29
Cash and cash equivalents and restricted cash 354,991 426,918 354,991 426,918
Operating Activities        
Cash paid for interest, net of capitalized interest     116,595 114,432
Capitalized interest paid     5,625 5,108
Non-cash Investing Transactions        
Accrual for real estate and development capital expenditures     37,772 33,653
Capitalized stock-based compensation for improvements to real estate and developments $ 675 $ 680 1,320 1,335
Removal of fully depreciated and amortized buildings, building improvements, tenant improvements and lease intangibles     47,574 44,990
Removal of fully amortized acquired lease intangible assets     550 800
Removal of fully accreted acquired lease intangible liabilities     6,906 6,054
Non-cash Financing Transactions        
Non-cash portion of secured notes payable     2,195 0
Gain (loss) recorded in AOCI - consolidated derivatives     23,413 (7,229)
Dividends declared     63,645 63,630
Exchange of OP Units for common stock     $ 302 $ 159