v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net loss $ (102,481) $ (141,990)
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 142,068 131,120
Amortization of deferred financing costs 4,054 3,763
Amortization of debt discount/(premium), net (2,116) (228)
Amortization of stock compensation costs 7,699 16,006
Straight-line rent income (2,656) (1,541)
Amortization of acquired above (below) market leases, net (506) (568)
Ground rent expense 862 579
Total gain on sale of real estate (55,752) 0
Loss on early extinguishment of debt 15,441 0
Provision for impairment 40,966 63,369
Loss from unconsolidated real estate ventures, including income distributions 31,597 43,527
Income tax provision 67 85
Changes in assets and liabilities:    
Accounts receivable 4,490 (1,132)
Other assets (14,383) (9,771)
Accounts payable and accrued expenses 4,110 5,440
Deferred income, gains and rent (48) (19,009)
Other liabilities 10,945 (1,483)
Net cash provided by operating activities 84,357 88,167
Cash flows from investing activities:    
Acquisition of real estate investments (1,663) 0
Proceeds from the sale of properties 526,030 69,930
Capital expenditures for tenant improvements (51,167) (54,343)
Capital expenditures for redevelopments (6,130) (5,178)
Capital expenditures for developments (40,292) (20,881)
Advances for the purchase of tenant assets, net of repayments 465 (1,636)
Investment in unconsolidated real estate ventures (46,015) (61,883)
Capital distributions from unconsolidated real estate ventures 22,080 3,122
Leasing costs paid (14,495) (10,203)
Net cash provided by (used in) investing activities 388,813 (81,072)
Cash flows from financing activities:    
Proceeds from credit facility borrowings 502,000 120,000
Repayments of credit facility borrowings (365,000) (120,000)
Proceeds from unsecured notes 0 159,000
Repayments of unsecured notes (148,206) 0
Repayments of unsecured term loan 0 (70,000)
Proceeds from construction loan 0 10,636
Repayments of construction loan (179,876) (43,370)
Repayments of secured term loan (60,392)  
Proceeds from secured term loan 90,000 0
Debt financing costs paid (625) (2,286)
Shares used for employee taxes upon vesting of share awards 197 (1,538)
Repurchase and retirement of common shares (17,066) 0
Distributions paid to shareholders (42,642) (78,954)
Distributions to noncontrolling interest (165) (232)
Net cash used in financing activities (221,775) (26,744)
Increase/(Decrease) in cash and cash equivalents and restricted cash 251,395 (19,649)
Cash and cash equivalents and restricted cash at beginning of period 62,302 96,177
Cash and cash equivalents and restricted cash at end of period 313,697 76,528
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents, beginning of period 32,284 90,229
Restricted cash, beginning of period 30,018 5,948
Cash and cash equivalents and restricted cash at beginning of period 62,302 96,177
Cash and cash equivalents, end of period 312,743 75,478
Restricted cash, end of period 954 1,050
Cash and cash equivalents and restricted cash at end of period 313,697 76,528
Supplemental disclosure:    
Cash paid for interest, net of capitalized interest during the nine months ended September 30, 2026 and 2025 of $1,972 and $9,801, respectively 117,112 82,251
Cash paid for income taxes 67 1
Supplemental disclosure of non-cash activity:    
Dividends and distributions declared but not paid 13,819 14,108
Extinguishment of debt costs accrued in financing activities 1,447 0
Change in capital expenditures financed through accounts payable at period end (13,235) (8,514)
Change in capital expenditures financed through retention payable at period end $ 1,530 $ 549