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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows From Operating Activities      
Net income $ 80,359 $ 84,407 $ 63,212
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 184,818 189,911 216,894
Gain on sale/disposition of properties (13,302) (26,764) (33,988)
Amortization of non-cash items within interest expense 8,631 9,089 9,799
Amortization of acquired above- and below-market leases, net (2,177) (2,415) (4,759)
Amortization of acquired below-market ground leases 7,831 7,831 7,831
Straight-lining of rental revenue (11,283) (19,563) (24,562)
Equity based compensation 21,696 20,026 21,011
Loss on early extinguishment of debt 553 0 0
Increase (decrease) in cash flows due to changes in operating assets and liabilities:      
Security deposits (8,762) 10,486 (828)
Tenant and other receivables 6,885 (15,643) (5,306)
Deferred leasing costs (21,559) (17,669) (36,909)
Prepaid expenses and other assets (5,770) (5,186) (2,263)
Accounts payable and accrued expenses 13,592 746 4,705
Deferred revenue and other liabilities (620) (2,765) (3,664)
Net cash provided by operating activities 260,892 232,491 211,173
Cash Flows From Investing Activities      
Acquisition of real estate property (193,071) (26,910) (115,593)
Net proceeds from disposition of real estate 0 88,910 11,005
Acquisition of non-controlling interests in other partnerships (14,226) 0 0
Reduction of cash from derecognition of property in receivership (12,876) 0 0
Post-closing costs from a prior period sale of property (4,034) 0 0
Additions to building and improvements (172,906) (139,328) (126,268)
Development costs (9) (12) (35)
Net cash used in investing activities (397,122) (77,340) (230,891)
Cash Flows From Financing Activities      
Repayment of mortgage notes payable (11,864) (8,632) (7,504)
Proceeds from unsecured senior notes 225,000 0 0
Proceeds from unsecured term loan 95,000 0 0
Repayment of unsecured term loan (215,000) 0 0
Proceeds from unsecured revolving credit facility 120,000 0 0
Contributions from consolidated joint ventures 0 187 224
Deferred financing costs (12,070) 0 0
Repurchases of common units 0 (13,105) (90,176)
Private perpetual preferred unit distributions (4,201) (4,201) (4,201)
Distributions (38,289) (37,122) (38,585)
Net cash provided by (used in) financing activities 158,576 (62,873) (140,242)
Net increase (decrease) in cash and cash equivalents and restricted cash 22,346 92,278 (159,960)
Cash and cash equivalents and restricted cash—beginning of period 406,956 314,678 474,638
Cash and cash equivalents and restricted cash—end of period 429,302 406,956 314,678
Reconciliation of Cash and Cash Equivalents and Restricted Cash:      
Cash and cash equivalents at beginning of period 346,620 264,434 423,695
Restricted cash at beginning of period 60,336 50,244 50,943
Cash and cash equivalents at end of period 385,465 346,620 264,434
Restricted cash at end of period 43,837 60,336 50,244
Cash and cash equivalents and restricted cash 429,302 406,956 314,678
Supplemental disclosures of cash flow information:      
Cash paid for interest 94,670 92,000 91,012
Cash paid for income taxes 1,898 1,390 200
Non-cash investing and financing activities:      
Building and improvements included in accounts payable and accrued expenses 73,535 51,815 44,293
Write-off of fully depreciated assets 14,342 33,391 35,124
Derivative instruments at fair values included in prepaid expenses and other assets 13,098 11,800 17,902
Derivative instruments at fair values included in accounts payable and accrued expenses 0 85 0
Contract asset 170,419 0 0
Derecognition of property in receivership and other assets, net (144,241) 0 0
Accrued interest associated with property in receivership 5,433 0 0
Conversion of operating partnership units and Class B shares to Class A shares 15,306 17,671 4,495
Transfer of assets related to assets held for sale 0 0 35,538
Transfer of liabilities related to assets held for sale 0 0 5,943
Mortgage assumed in connection with sale of real estate $ 0 $ 0 $ 30,117