v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (17,859) $ (31,169)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 31,989 31,858
Amortization of interest rate caps 3,241 10,211
Net amortization of debt issuance costs, premiums and discounts 1,176 376
Amortization of acquired real estate leases and assumed real estate lease obligations 7,365 8,222
Amortization of deferred leasing costs 1,115 1,003
Straight line rental income (2,665) (3,287)
Proceeds from settlement of interest rate caps (2,117) (9,674)
General and administrative expenses paid in common shares 365 247
Distributions of earnings from unconsolidated joint venture 1,188 990
Equity in (earnings) losses of unconsolidated joint venture (2,871) 1,042
Change in assets and liabilities:    
Rents receivable 1,749 985
Other assets (6,537) 0
Accounts payable and other liabilities 3,160 159
Due to related persons (3,407) 408
Net cash provided by operating activities 15,892 11,371
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate improvements (3,092) (6,353)
Purchase of interest rate cap (3,720) (15,010)
Proceeds from settlement of interest rate caps 2,117 9,674
Net cash used in investing activities (4,695) (11,689)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of mortgage notes payable (4,807) (4,633)
Payment of debt issuance costs (132) (134)
Distributions to common shareholders (3,333) (661)
Repurchase of common shares (16) (2)
Distributions to noncontrolling interests (150) (30)
Net cash used in financing activities (8,438) (5,460)
Increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents 2,759 (5,778)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 183,031 242,480
Cash and cash equivalents and restricted cash and cash equivalents at end of period 185,790 236,702
SUPPLEMENTAL DISCLOSURES:    
Interest paid 57,174 59,523
Income taxes paid 0 0
NON-CASH INVESTING ACTIVITIES:    
Real estate improvements accrued not paid 268 849
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS:    
Cash and cash equivalents 99,500 107,951
Restricted cash and cash equivalents [1] 86,290 128,751
Total cash and cash equivalents and restricted cash $ 185,790 $ 236,702
[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.