v3.25.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities        
Net loss $ (123,514) $ (2,970) $ (131,755) $ (10,088)
Adjustments to reconcile net loss to net cash provided by operating activities:        
Depreciation and amortization     70,570 72,312
Credit losses on lease related receivables     3,244 4,046
Real estate impairment 111,719 0 111,719 0
Share-based compensation expense     4,754 3,714
Net amortization of debt premiums, discounts and related financing costs     3,213 3,268
Loss on extinguishment of debt 0 147 0 147
Gain on land easements     0 (1,410)
Changes in operating other assets     (2,900) (3,239)
Changes in operating other liabilities     3,090 1,989
Net cash provided by operating activities     61,935 70,739
Cash flows from investing activities        
Capital improvements to real estate     (23,075) (33,356)
Non-real estate capital improvements     (61) (128)
Payments received for land easements     0 3,862
Net cash used in investing activities     (23,136) (29,622)
Cash flows from financing activities        
Line of credit borrowings, net     10,000 11,000
Dividends paid     (47,765) (47,749)
Payment of financing costs     (26) (5,500)
Distributions to noncontrolling interests     (7) (7)
Payment of tax withholdings for restricted share awards     (229) (201)
Net cash used in financing activities     (38,027) (42,457)
Net increase (decrease) in cash, cash equivalents and restricted cash     772 (1,340)
Cash, cash equivalents and restricted cash at beginning of period     8,609 8,538
Cash, cash equivalents and restricted cash at end of period 9,381 7,198 9,381 7,198
Supplemental disclosure of cash flow information:        
Cash paid for interest, net of amounts capitalized     28,490 28,140
Change in accrued capital improvements and development costs     1,067 (6,749)
Dividend payable 15,943 15,906 15,943 15,906
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 7,088 4,840 7,088 4,840
Restricted cash 2,293 2,358 2,293 2,358
Cash, cash equivalents and restricted cash $ 9,381 $ 7,198 $ 9,381 $ 7,198

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