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 income $ 72,980 $ 80,359 $ 84,407
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 194,762 184,818 189,911
Gain on sale/disposition of properties (35,018) (13,302) (26,764)
Amortization of non-cash items within interest expense 8,743 8,631 9,089
Amortization of acquired above- and below-market leases, net (3,196) (2,177) (2,415)
Amortization of acquired below-market ground leases 7,831 7,831 7,831
Straight-lining of rental revenue (18,039) (11,283) (19,563)
Equity based compensation 25,171 21,696 20,026
Loss on early extinguishment of debt 97 553 0
Increase (decrease) in cash flows due to changes in operating assets and liabilities:      
Security deposits 2,590 (8,762) 10,486
Tenant and other receivables 9,272 6,885 (15,643)
Deferred leasing costs (26,140) (21,559) (17,669)
Prepaid expenses and other assets 149 (5,770) (5,186)
Accounts payable and accrued expenses 9,396 13,592 746
Deferred revenue and other liabilities 454 (620) (2,765)
Net cash provided by operating activities 249,052 260,892 232,491
Cash Flows From Investing Activities      
Acquisition of real estate property (412,031) (193,071) (26,910)
Net proceeds from disposition of real estate 60,517 0 88,910
Acquisition of non-controlling interests in other partnerships 0 (14,226) 0
Reduction of cash from derecognition of property in receivership 0 (12,876) 0
Post-closing costs from a prior period sale of property 0 (4,034) 0
Additions to building and improvements (198,498) (172,906) (139,328)
Development costs 0 (9) (12)
Net cash used in investing activities (550,012) (397,122) (77,340)
Cash Flows From Financing Activities      
Repayment of mortgage notes payable (75,264) (11,864) (8,632)
Proceeds from unsecured senior notes 175,000 225,000 0
Repayment of unsecured senior notes (100,000) 0 0
Proceeds from unsecured term loan 245,000 95,000 0
Repayment of unsecured term loan (175,000) (215,000) 0
Proceeds from unsecured revolving credit facility 195,000 120,000 0
Repayment of unsecured revolving credit facility (170,000) 0  
Contributions from consolidated joint ventures 0 0 187
Deferred financing costs (4,350) (12,070) 0
Taxes paid on withholding shares (911) 0  
Repurchases of common units (8,122) 0 (13,105)
Private perpetual preferred unit distributions (4,201) (4,201) (4,201)
Distributions (38,983) (38,289) (37,122)
Net cash provided by (used in) financing activities 38,169 158,576 (62,873)
Net increase (decrease) in cash and cash equivalents and restricted cash (262,791) 22,346 92,278
Cash and cash equivalents and restricted cash—beginning of period 429,302 406,956 314,678
Cash and cash equivalents and restricted cash—end of period 166,511 429,302 406,956
Reconciliation of Cash and Cash Equivalents and Restricted Cash:      
Cash and cash equivalents at beginning of period 385,465 346,620 264,434
Restricted cash at beginning of period 43,837 60,336 50,244
Cash and cash equivalents at end of period 132,657 385,465 346,620
Restricted cash at end of period 33,854 43,837 60,336
Cash and cash equivalents and restricted cash 166,511 429,302 406,956
Supplemental disclosures of cash flow information:      
Cash paid for interest 93,371 94,670 92,000
Federal 1,640 867 710
Total cash paid for income taxes 3,532 1,898 1,390
Non-cash investing and financing activities:      
Building and improvements included in accounts payable and accrued expenses 51,452 73,535 51,815
Write-off of fully depreciated assets 25,511 14,342 33,391
Write-off of fully amortized deferred costs 46,580 11,756 11,495
Interest capitalized in building and improvements 464 0 0
Derivative instruments at fair values included in prepaid expenses and other assets 3,882 13,098 11,800
Derivative instruments at fair values included in accounts payable and accrued expenses 31 0 85
Contract asset (171,003) 170,419 0
Debt associated with property in receivership 177,667 0 0
Derecognition of property in receivership and other assets, net 0 (144,241) 0
Accrued interest associated with property in receivership 0 5,433 0
Conversion of operating partnership units and Class B shares to Class A shares 20,068 15,306 17,671
New York State      
Supplemental disclosures of cash flow information:      
State and local 979 470 290
New York City      
Supplemental disclosures of cash flow information:      
State and local 910 561 390
Connecticut      
Supplemental disclosures of cash flow information:      
State and local $ 3 $ 0 $ 0