v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (155,592) $ (168,038)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 162,855 187,836
Non-cash interest expense 3,023 9,730
Amortization of share/unit-based compensation 3,287 23,029
Straight-line rents (10,326) (4,037)
Straight-line rent expense 2,286 2,074
Amortization of above- and below-market leases, net (1,995) (1,882)
Amortization of above- and below-market ground leases, net 1,281 1,302
Amortization of lease incentive costs 6,479 2,060
Loss from unconsolidated real estate entities 1,396 1,459
Unrealized loss on non-real estate investments 2,802 237
Loss on sale of non-real estate property, plant and equipment 565 0
Loss on extinguishment of debt 0 3,495
Gain on sale of real estate, net 0 (10,007)
Impairment loss 50,440 18,476
Deferred tax benefit 0 (19)
Change in operating assets and liabilities:    
Accounts receivable (6,618) 1,852
Deferred leasing costs and lease intangibles (43,040) (25,965)
Prepaid expenses and other assets 1,291 (16,197)
Accounts payable, accrued liabilities and other 13,832 6,005
Security deposits, prepaid rent and other 4,320 (2,914)
Net cash provided by operating activities 36,286 28,496
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sales of real estate 0 88,251
Additions to investment in real estate (57,946) (75,515)
Contributions to unconsolidated real estate entities (10,087) (9,314)
Distributions from unconsolidated real estate entities 842 378
Additions to non-real estate property, plant and equipment (4,999) (10,554)
Contributions to non-real estate investments (2,010) (2,248)
Distributions from non-real estate investments 0 924
Net cash used in investing activities (74,200) (8,078)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from unsecured and secured debt 0 1,006,000
Payments of unsecured and secured debt (5,000) (1,484,667)
Payments of loan costs 0 (12,077)
Fee for prepayment of notes payable 0 (2,965)
Proceeds from sale of common stock 0 523,392
Proceeds from sale of pre-funded warrants 0 138,451
Transaction costs 0 (5,039)
Redemption of series A preferred units 0 (3,921)
Redemption of common units in the operating partnership 0 (318)
Dividends paid to common stock and unitholders (553) (353)
Dividends paid to preferred stock and unitholders (10,182) (10,361)
Contributions from redeemable non-controlling members in consolidated real estate entities 0 1,415
Distributions to redeemable non-controlling members in consolidated real estate entities (7) (7)
Contributions from non-controlling members in consolidated real estate entities 10,952 9,925
Distributions to non-controlling members in consolidated real estate entities (13,927) (11,748)
Payments to satisfy tax withholding obligations (78) (195)
Net cash (used in) provided by financing activities (18,795) 147,532
Net (decrease) increase in cash and cash equivalents and restricted cash (56,709) 167,950
Cash and cash equivalents and restricted cash—beginning of period 162,128 99,177
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—END OF PERIOD $ 105,419 $ 267,127