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 $ 134,526 $ 57,117 $ 3,204
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 165,156 140,591 190,505
Net amortization of deferred financing costs, discounts on available-for-sale securities and debt discounts 29,474 10,479 23,824
Net amortization of intangible lease assets and liabilities 14,638 15,666 21,425
Gain on sales of real estate assets (74,229) (16,676) (5,125)
Loss on insurance proceeds 79   176
Write-off of development projects 27 230 39
Share-based compensation expense 16,749 14,928 12,982
Loss on impairment 3,193 1,461  
Gain on deconsolidation (33,851)   (47,879)
Gain on Consolidation 0 (26,727)  
Loss (gain) on extinguishment of debt 217 819 (3,270)
Equity in earnings of unconsolidated affiliates (53,276) (22,932) (11,865)
Distributions of earnings from unconsolidated affiliates 44,348 20,665 18,433
Change in estimate of uncollectable revenues 3,031 4,155 1,646
Deferred income tax provision (benefit) 11 (1,650) (1,283)
Changes in:      
Tenant and other receivables (1,889) (2,377) (3,752)
Other assets 7,777 14,982 1,247
Accounts payable and accrued liabilities (6,301) (8,508) (16,791)
Net cash provided by operating activities 249,680 202,223 183,516
CASH FLOWS FROM INVESTING ACTIVITIES:      
Additions to real estate assets (51,775) (36,192) (42,859)
Acquisitions of real estate assets (185,988)    
Increase in cash and restricted cash from acquisition of interest in unconsolidated affiliate, net of cash paid   9,840  
Net proceeds from sales of real estate assets 168,862 79,446 9,810
Purchases of available-for-sale securities (416,196) (360,824) (312,782)
Redemptions of available-for-sale securities 365,277 379,613 355,543
Proceeds from insurance 372   281
Additional investments in and advances to unconsolidated affiliates (4,441) (9,491) (10,926)
Distributions in excess of equity in earnings of unconsolidated affiliates 11,079 5,075 5,297
Changes in other assets (2,304) (2,461) (2,663)
Net cash (used in) provided by investing activities (115,114) 65,006 1,701
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from mortgage and other indebtedness 188,000    
Principal payments on mortgage and other indebtedness (219,299) (146,258) (79,000)
Additions to debt issuance costs (4,992) (273) (693)
Repurchases of common stock (18,059) (36,458) (1,109)
Contributions from noncontrolling interests 2,042 13 117
Payment of tax withholdings for restricted stock awards and performance stock units (5,824) (3,028) (3,184)
Distributions to noncontrolling interests (191) (140) (2,128)
Dividends paid to common shareholders (77,095) (50,357) (118,093)
Net cash used in financing activities (135,418) (236,501) (204,090)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (852) 30,728 (18,873)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 153,804 123,076 141,949
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 152,952 153,804 123,076
Reconciliation from consolidated statements of cash flows to consolidated balance sheets:      
Cash and cash equivalents 42,287 [1] 40,791 [1] 34,188
Cash held-for-sale   75  
Restricted cash:      
Restricted cash 54,133 47,482 53,180
Mortgage escrows 56,532 65,456 35,708
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 152,952 153,804 123,076
SUPPLEMENTAL INFORMATION      
Cash paid for interest, net of amounts capitalized $ 136,109 $ 131,328 $ 136,146
[1] As of December 31, 2025, includes $166,314 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $213,442 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 10.