v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (91,994) $ (102,788)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 95,488 94,767
Amortization of interest rate caps 26,194 31,726
Net amortization of debt issuance costs, premiums and discounts 1,998 12,580
Amortization of acquired real estate leases and assumed real estate lease obligations 24,017 31,997
Amortization of deferred leasing costs 3,093 2,329
Straight line rental income (7,392) (8,282)
Loss on impairment of real estate 6,081 0
Loss on extinguishment of debt 5,070 0
Proceeds from settlement of interest rate caps (28,336) (52,365)
General and administrative expenses paid in common shares 1,798 1,709
Distributions of earnings from unconsolidated joint venture 2,970 2,970
Equity in earnings of unconsolidated joint venture (5,338) (5,232)
Change in assets and liabilities:    
Rents receivable 6,177 4,722
Other assets (5,512) (11,981)
Accounts payable and other liabilities 14,219 12,420
Due to related persons 3,961 854
Net cash provided by operating activities 52,494 15,426
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate improvements (14,682) (6,142)
Purchase of interest rate cap (15,010) (26,175)
Proceeds from settlement of interest rate caps 28,336 52,365
Net cash (used in) provided by investing activities (1,356) 20,048
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of mortgage notes payable 1,160,000 0
Repayment of ILPT Floating Rate Loan and related costs (1,240,070) 0
Repayment of mortgage notes payable (14,030) (13,524)
Payment of debt issuance costs (16,680) (129)
Distributions to common shareholders (4,640) (1,976)
Repurchase of common shares (434) (311)
Distributions to noncontrolling interest (60) (326)
Net cash used in financing activities (115,914) (16,266)
(Decrease) increase in cash and cash equivalents and restricted cash and cash equivalents (64,776) 19,208
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 242,480 245,723
Cash and cash equivalents and restricted cash and cash equivalents at end of period 177,704 264,931
SUPPLEMENTAL DISCLOSURES:    
Interest paid 177,870 177,368
Income taxes received 0 80
NON-CASH INVESTING ACTIVITIES:    
Real estate improvements accrued not paid 2,734 1,929
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS:    
Cash and cash equivalents 83,173 153,863
Restricted cash and cash equivalents [1] 94,531 111,068
Total cash and cash equivalents and restricted cash $ 177,704 $ 264,931
[1] Restricted cash and cash equivalents consist of cash held for the operations of our consolidated joint venture and amounts escrowed as required by the agreements governing certain of our mortgage debt.