v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net loss $ (26,958) $ (21,806)
Adjustments to reconcile net loss to net cash provided by operating activities    
Depreciation and amortization 71,415 72,192
Amortization/write-off of deferred financing costs and debt prepayment penalties 5,051 4,697
Change in fair value on derivative instruments included in interest expense (14,409) (21,780)
Net cash received on derivative settlements 16,078 24,279
Amortization/write-off of fair value adjustment of assumed debt (79) (79)
Provision for bad debts, net 1,184 1,118
Vesting of stock-based compensation 7,910 7,337
Insurance proceeds received for business interruption 378 553
Equity in earnings of affiliate (290) (183)
Casualty gains (73) (1,981)
Changes in operating assets and liabilities, net of effects of sale and acquisitions:    
Accounts receivable (2,404) (902)
Prepaid and other assets (849) (482)
Operating liabilities (228) 1,649
Real estate taxes payable 11,568 12,885
Net cash provided by operating activities 68,294 77,497
Cash flows from investing activities    
Earnest money deposits (800)  
Insurance proceeds received from casualty losses   1,070
Originations of loans, held-for-investment [1] (22,145)  
Proceeds from repayment of loans, held-for-investment [1] 7,404  
Additions to real estate investments (28,164) (31,681)
Net cash used in investing activities (43,705) (30,611)
Cash flows from financing activities    
Mortgage proceeds received 39,683  
Credit facilities proceeds received 22,145  
Credit facilities payments (33,000)  
Deferred financing costs paid (159) (2,277)
Interest rate cap fees paid (30)  
Payments for taxes related to net share settlement of stock-based compensation (1,620)  
Distributions to redeemable noncontrolling interests in the OP (165) (156)
Cash settlement of stock-based compensation (200) (519)
Repurchase of common stock   (7,657)
Dividends paid to common stockholders (41,775) (40,082)
Net cash used in financing activities (15,121) (50,691)
Net increase (decrease) in cash, cash equivalents and restricted cash 9,468 (3,805)
Cash, cash equivalents and restricted cash, beginning of period 45,180 53,917
Cash, cash equivalents and restricted cash, end of period 54,648 50,112
Supplemental Disclosure of Cash Flow Information    
Interest paid 59,258 62,862
Supplemental Disclosure of Noncash Activities    
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP (102) 366
Capitalized construction costs included in accounts payable and other accrued liabilities 4,910 3,857
Change in fair value of derivative instruments designated as hedges (8,613) (22,953)
Change in dividends payable upon vesting of restricted stock units $ 141 $ (190)
[1] See related party Note 9.