v3.25.4
Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Cash flows from operating activities:      
Net income (loss) $ 57,707 $ 40,033 $ (17,807)
Adjustments to reconcile net income to cash flow from operating activities:      
Depreciation and amortization 243,241 220,854 218,968
Accretion of loan discounts and premiums, net (8,028) (9,167) (10,899)
Amortization of deferred financing costs, net 3,660 2,795 3,290
Stock compensation expense 7,882 7,077 7,658
(Gain on sale) loss on impairment of real estate assets, net (6,147) 9,862 66,547
Loss (gain) on extinguishment of debt 67 (200) 124
Amortization related to derivative instruments 986 1,185 1,304
Non-cash casualty losses 589 3,212 925
Equity in (income) loss from investments in unconsolidated real estate entities (11,066) (347) 4,488
Other non-cash loss 103 1 1,340
Changes in assets and liabilities:      
Other assets (8,021) (7,919) (8,062)
Accounts payable and accrued expenses 2,463 (7,091) (3,228)
Accrued interest payable (253) 713 (79)
Other liabilities (1,034) (1,255) (2,399)
Net cash provided by operating activities 282,149 259,753 262,170
Cash flows from investing activities:      
Acquisition of real estate properties (152,748) (238,560) 0
Escrow deposits for pending real estate acquisitions (590) 0 0
Cash acquired from consolidation of previously unconsolidated real estate entity 0 0 2,145
Investments in unconsolidated real estate entities (35,738) (11,648) (26,003)
Return of investment in unconsolidated real estate entities 40,516 9,064 0
Proceeds from dispositions of real estate properties, net 157,943 390,884 230,789
Capital expenditures (135,625) (118,255) (146,629)
Real estate development expenditures (18,239) (56,809) (66,223)
Proceeds from insurance claims 1,570 4,719 4,209
Net cash used in investing activities (142,911) (20,605) (1,712)
Cash flows from financing activities:      
Proceeds (costs) from issuance of common stock, net 162,441 111,304 (421)
Proceeds from unsecured revolver and term loan 479,515 450,000 270,000
Proceeds from unsecured notes 0 150,000 0
Unsecured revolver and secured credit facility repayments (478,200) (490,652) (250,341)
Mortgage principal repayments and payoffs (100,700) (314,139) (129,596)
Payment for deferred financing costs (6,320) (1,849) (60)
Distributions on common stock (154,391) (144,021) (134,872)
Distributions to noncontrolling interests (3,922) (3,803) (3,590)
Payment for debt extinguishment 0 (666) (124)
Repurchase of shares related to equity award tax withholding (3,491) (2,602) (4,739)
Repurchase of common stock, including repurchase costs (30,000) 0 0
Net cash used in financing activities (135,068) (246,428) (253,743)
Net change in cash, cash equivalents, and restricted cash 4,170 (7,280) 6,715
Cash, cash equivalents and restricted cash, beginning of period 43,452 50,732 44,017
Cash, cash equivalents and restricted cash, end of the period 47,622 43,452 50,732
Reconciliation of cash, cash equivalents and restricted cash to the Consolidated Balance Sheet      
Cash and cash equivalents 23,564 21,228 22,852
Restricted Cash 24,058 22,224 27,880
Total cash, cash equivalents and restricted cash, end of period 47,622 43,452 50,732
Supplemental cash flow information:      
Cash paid for interest 82,633 80,615 96,022
Supplemental disclosure of noncash investing and financing activities:      
Decrease in noncontrolling interest from conversion of common limited partnership units to shares of common stock 0 33 1,015
Distributions declared but not paid 41,275 37,827 36,858
Real estate under development placed in service 67,511 33,879 77,520
Initial measurement of operating lease right of use assets 1,400 0 0
Initial measurement of operating lease liabilities 1,400 0 0
Accrued capital expenditures and real estate under development 6,201 12,499 20,122
Assets recognized upon consolidation of previously unconsolidated real estate entity 0 0 52,878
Liabilities recognized upon consolidation of previously unconsolidated real estate entity 0 0 39,931
Derecognition of equity method investment upon consolidation of previously unconsolidated real estate entity 0 0 12,691
Value of non-controlling interest upon consolidation of previously unconsolidated real estate entity 0 0 256
Assumption of mortgage notes payable to acquire real estate 59,502 0 0
Assets acquired from loan assumption 924 0 0
Preferred return on unconsolidated real estate entity $ 31 $ 0 $ 0