v3.26.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES          
Net income $ 27,404 $ 5,968 $ 187,428 $ 24,400  
Adjustments to reconcile net income to net cash provided by operating activities:          
Net gain on sale of real estate 0 0 (148,002) 0  
Depreciation and amortization, including amortization of debt issuance costs     27,912 28,709  
PIK interest expense     5,779 0  
Amortization of deferred lease incentives     5,359 5,509  
Stock-based compensation expense     656 394  
Straight-lining of rents     5,620 2,105  
Interest rate cap premium amortization     6 470  
Other non-cash adjustments     1,020 1,020  
Change in operating assets and liabilities:          
Tenant and other receivables     572 771  
Other assets     (17,451) (19,271)  
Amounts due to Vornado     1,259 (497)  
Accounts payable and accrued expenses     (437) 7,925  
Lease incentive liability     (39,793) (1,500)  
Other liabilities     (15) (15)  
Net cash provided by operating activities     29,913 50,020  
CASH FLOWS FROM INVESTING ACTIVITIES          
Proceeds from sale of real estate     205,819 0  
Construction in progress and real estate additions     (9,472) (18,986)  
Net cash provided by (used in) investing activities     196,347 (18,986)  
CASH FLOWS FROM FINANCING ACTIVITIES          
Dividends paid     (69,352) (69,314)  
Debt repayments     0 (3,189)  
Debt issuance costs     0 (109)  
Net cash used in financing activities     (69,352) (72,612)  
Net increase (decrease) in cash and cash equivalents and restricted cash     156,908 (41,578)  
Cash and cash equivalents and restricted cash at beginning of period     192,225 393,836 $ 393,836
Cash and cash equivalents and restricted cash at end of period 349,133 352,258 349,133 352,258 192,225
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH          
Cash and cash equivalents at beginning of period     128,167 338,532 338,532
Restricted cash at beginning of period     64,058 55,304 55,304
Cash and cash equivalents and restricted cash at beginning of period     192,225 393,836 393,836
Cash and cash equivalents at end of period 299,789 286,142 299,789 286,142 128,167
Restricted cash at end of period 49,344 66,116 49,344 66,116 64,058
Cash and cash equivalents and restricted cash at end of period $ 349,133 $ 352,258 349,133 352,258 $ 192,225
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION          
Cash payments for interest     24,796 34,052  
NON-CASH TRANSACTIONS          
Liability for real estate additions, including $182 in 2025 for development fees due to Vornado     135 1,157  
Write-off of fully depreciated assets     $ 81 $ 0