v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (102,568) $ (137,168) $ (149,719)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation 127,588 126,525 125,262
Amortization of interest rate caps 30,658 42,883 24,578
Net amortization of debt issuance costs, premiums and discounts 3,183 12,946 26,922
Amortization of acquired real estate leases and assumed real estate lease obligations 31,749 40,731 49,935
Amortization of deferred leasing costs 4,113 3,184 2,440
Straight line rental income (9,469) (10,421) (13,599)
Loss (gain) on sale of real estate 1,376 0 (1,710)
Loss on impairment of real estate 6,081 0 156
Loss on extinguishment of debt 5,070 0 359
Proceeds from settlement of interest rate caps (33,887) (65,268) (56,915)
General and administrative expenses paid in common shares 2,059 1,920 1,741
Distributions of earnings from unconsolidated joint venture 3,960 3,960 3,960
Equity in earnings of unconsolidated joint venture (19,981) (5,332) (902)
Change in assets and liabilities:      
Rents receivable 1,962 429 1,440
Other assets 1,211 (11,302) (9,951)
Accounts payable and other liabilities 2,539 (932) 1,920
Due to related persons 5,028 (192) 142
Net cash provided by operating activities 60,672 1,963 6,059
CASH FLOWS FROM INVESTING ACTIVITIES:      
Real estate improvements (18,638) (5,698) (19,415)
Purchase of interest rate caps (15,010) (43,150) 0
Distributions in excess of earnings from unconsolidated joint venture 0 0 5,940
Proceeds from sale of real estate, net 3,720 0 24,300
Proceeds from settlement of interest rate caps 33,887 65,268 56,915
Net cash provided by investing activities 3,959 16,420 67,740
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of mortgage notes payable 1,160,000 0 91,000
Repayment of ILPT Floating Rate Loan and related costs (1,240,070) 0 0
Repayment of mortgage notes payable (18,793) (18,116) (55,418)
Payment of debt issuance costs (16,733) (234) (1,423)
Distributions to common shareholders (7,973) (2,638) (2,627)
Repurchase of common shares (451) (312) (163)
Distributions to noncontrolling interests (60) (326) (225)
Net cash (used in) provided by financing activities (124,080) (21,626) 31,144
(Decrease) increase in cash and cash equivalents and restricted cash and cash equivalents (59,449) (3,243) 104,943
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 242,480 245,723 140,780
Cash and cash equivalents and restricted cash and cash equivalents at end of period 183,031 242,480 245,723
SUPPLEMENTAL DISCLOSURES:      
Interest paid 235,090 237,120 237,585
Income taxes (received) paid 0 (80) 85
NON-CASH INVESTING ACTIVITIES:      
Real estate improvements accrued not paid 1,744 6,465 1,235
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS:      
Cash and cash equivalents 94,812 131,706 112,341
Restricted cash and cash equivalents 88,219 110,774 133,382
Total cash and cash equivalents and restricted cash $ 183,031 $ 242,480 $ 245,723