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 ($)
OPERATING ACTIVITIES      
Net loss $ (168,061) $ (177,753) $ (91,709)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Share-based compensation expense 24,856 29,524 32,100
Depreciation and amortization expense, including amortization of deferred financing costs 197,473 214,992 215,628
Deferred rent (12,613) (15,531) (20,664)
Loss from unconsolidated real estate ventures, net 4,420 7,122 26,999
Amortization/accretion of market lease intangibles, net 131 161 (960)
Amortization of lease incentives 12,111 5,631 1,711
(Gain) loss on the extinguishment of debt, net 5,053 (9,235) 450
Impairment loss 65,847 55,427 90,226
(Gain) loss on the sale of real estate, net (46,633) 2,753 (79,335)
Loss on operating lease and other receivables 1,721 2,595 882
Income from investments, net (1,637) (3,358) (972)
Return on capital from unconsolidated real estate ventures 1,516 1,894 20,701
Other non-cash items (952) 5,806 10,818
Changes in operating assets and liabilities:      
Tenant and other receivables (53) 18,212 11,123
Other assets, net (4,088) (2,089) (8,959)
Accounts payable and accrued expenses (4,788) 606 (11,255)
Other liabilities, net (1,046) (7,364) (13,412)
Net cash provided by operating activities 73,257 129,393 183,372
INVESTING ACTIVITIES      
Development costs, construction in progress and real estate additions (122,272) (218,029) (333,744)
Acquisition of real estate (40,267)   (19,551)
Proceeds from the sale of real estate 545,185 202,024 281,525
Proceeds from derivative financial instruments 9,723 8,230 1,922
Payments on derivative financial instruments (12,960) (6,468) (9,830)
Distributions of capital from unconsolidated real estate ventures and other investments 3,588 164,562 10,503
Investments in unconsolidated real estate ventures and other investments (25,682) (6,164) (29,004)
Net cash provided by (used in) investing activities 357,315 144,155 (98,179)
FINANCING ACTIVITIES      
Borrowings under mortgage loans 283,172 187,895 345,140
Borrowings under revolving credit facility 836,000 318,000 371,750
Borrowings under term loans     170,000
Repayments of mortgage loans (507,873) (197,954) (281,854)
Repayments of revolving credit facility (716,000) (295,000) (309,750)
Proceeds from derivative financial instruments 7,835   9,600
Payments on derivative financial instruments (4,231) (5,796) (1,922)
Debt issuance and modification costs (5,207) (5,096) (17,579)
Acquisition/redemption of noncontrolling interests   (49,409) (647)
Proceeds from common shares issued pursuant to ESPP 800 945 1,102
Common shares repurchased (443,654) (170,770) (335,313)
Dividends paid to common shareholders (48,434) (62,007) (94,002)
Distributions to redeemable noncontrolling interests (12,882) (11,564) (15,318)
Proceeds from the sale of interest in consolidated real estate venture 100,000    
Distributions to noncontrolling interests   (41) (32)
Net cash used in financing activities (510,474) (290,797) (158,825)
Net decrease in cash and cash equivalents, and restricted cash (79,902) (17,249) (73,632)
Cash and cash equivalents, and restricted cash, beginning of period 183,192 200,441 274,073
Cash and cash equivalents, and restricted cash, end of period 103,290 183,192 200,441
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION      
Cash paid for interest (net of capitalized interest of $4,507, $10,383 and $17,357 in 2025, 2024 and 2023) 128,281 116,342 88,755
Accrued capital expenditures 34,868 38,610 63,136
Write-off of fully depreciated assets 99,977 31,809 6,281
Cash paid for income taxes 61 117 1,916
Accrued dividends to common shareholders 10,417 14,788  
Accrued distributions to redeemable noncontrolling interests 2,707 2,823  
Redemption of OP Units for common shares 31,358 17,071 44,620
Redeemable noncontrolling interests redemption value adjustment 41,360 6,560 (3,104)
Recognition (derecognition) of operating lease right-of-use asset   (13,724) 61,443
Recognition (derecognition)of liabilities related to operating lease right-of-use asset   (13,724) 61,443
Cash paid for amounts included in the measurement of lease liabilities for operating leases $ 6,617 $ 9,639 $ 5,178