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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (446) $ (13,407)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 24,947 24,965
Net amortization of debt premiums, discounts and issuance costs 2,205 2,404
Amortization of acquired real estate leases and assumed real estate lease obligations, net 24,614 34,079
Amortization of deferred leasing costs 2,365 2,106
Gain on sale of real estate (2,548) (2,149)
Loss on impairment of real estate 0 17,047
Straight line rental income (4,173) (2,686)
Other non-cash expenses, net 204 142
Equity in net losses of investees 834 846
Change in assets and liabilities:    
Rents receivable 2,846 5,184
Deferred leasing costs (2,841) (7,082)
Other assets (1,189) (341)
Accounts payable and other liabilities 4,110 (11,919)
Due to related persons 972 1,077
Net cash provided by operating activities 51,900 50,266
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate improvements (66,665) (36,229)
Distributions in excess of earnings from unconsolidated joint ventures 0 51
Contributions to unconsolidated joint ventures (2,263) (1,070)
Proceeds from sale of properties, net 5,112 28,464
Net cash used in investing activities (63,816) (8,784)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of mortgage notes payable 0 (305)
Borrowings on unsecured revolving credit facility 75,000 0
Repayments on unsecured revolving credit facility (25,000) 0
Payment of debt issuance costs (266) 0
Repurchase of common shares (13) 0
Distributions to common shareholders (26,710) (26,634)
Net cash provided by (used in) financing activities 23,011 (26,939)
Increase in cash, cash equivalents and restricted cash 11,095 14,543
Cash, cash equivalents and restricted cash at beginning of period 12,249 84,515
Cash, cash equivalents and restricted cash at end of period 23,344 99,058
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest paid 25,033 28,630
NON-CASH INVESTING ACTIVITIES:    
Real estate improvements accrued, not paid 41,172 25,165
Capitalized interest 2,106 607
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:    
Cash and cash equivalents 23,344 97,656
Restricted cash [1] 0 1,402
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 23,344 $ 99,058
[1] Restricted cash consists of amounts escrowed for future real estate taxes, insurance, leasing costs, capital expenditures and debt service, as required by certain of our mortgage debts.