v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (78,787) $ (91,994)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 95,991 95,488
Amortization of interest rate caps 3,624 26,194
Amortization of debt issuance costs, premiums and discounts 5,069 1,998
Amortization of acquired real estate leases and assumed real estate lease obligations 21,049 24,017
Amortization of deferred leasing costs 3,891 3,093
Straight line rental income (10,308) (7,392)
Loss on impairment of real estate 0 6,081
Loss on extinguishment of debt 3,830 5,070
Proceeds from settlement of interest rate caps (2,932) (28,336)
General and administrative expenses paid in common shares 2,757 1,798
Distributions of earnings from unconsolidated joint venture 3,564 2,970
Equity in losses (earnings) of unconsolidated joint venture 13,431 (5,338)
Change in assets and liabilities:    
Rents receivable 1,427 6,177
Other assets (22,613) (5,512)
Accounts payable and other liabilities 11,289 14,219
Due to related persons (425) 3,961
Net cash provided by operating activities 50,857 52,494
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate improvements (11,038) (14,682)
Purchase of interest rate cap (3,720) (15,010)
Proceeds from settlement of interest rate caps 2,932 28,336
Proceeds from sale of interest rate cap 4,912 0
Net cash used in investing activities (6,914) (1,356)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of mortgage notes payable 1,620,000 1,160,000
Repayment of mortgage notes payable (1,616,764) (1,254,100)
Payment of debt issuance costs (19,487) (16,680)
Distributions to common shareholders (13,341) (4,640)
Repurchase of common shares (972) (434)
Distributions to noncontrolling interests (16,875) (60)
Net cash used in financing activities (47,439) (115,914)
Decrease in cash and cash equivalents and restricted cash and cash equivalents (3,496) (64,776)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 183,031 242,480
Cash and cash equivalents and restricted cash and cash equivalents at end of period 179,535 177,704
SUPPLEMENTAL DISCLOSURES:    
Interest paid 176,555 177,870
Income taxes paid 183 0
NON-CASH INVESTING ACTIVITIES:    
Real estate improvements accrued not paid 1,784 2,734
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS:    
Cash and cash equivalents 130,657 83,173
Restricted cash and cash equivalents [1] 48,878 94,531
Total cash and cash equivalents and restricted cash $ 179,535 $ 177,704
[1] Restricted cash and cash equivalents consist of cash held for the operations of our consolidated joint venture and amounts escrowed as required by the agreements governing certain of our mortgage debt.