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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (12,688) $ (29,463)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 50,459 49,455
Net amortization of debt premiums, discounts and issuance costs 4,532 4,770
Amortization of acquired real estate leases and assumed real estate lease obligations, net 48,581 65,691
Amortization of deferred leasing costs 4,739 4,096
(Gain) loss on sale of real estate (243) 9,488
Loss on impairment of real estate 0 21,820
Loss on early extinguishment of debt 0 77
Straight line rental income (8,429) (5,461)
Other non-cash expenses, net 673 943
Equity in net losses of investees 1,525 1,679
Change in assets and liabilities:    
Rents receivable 3,440 6,770
Deferred leasing costs (13,106) (15,194)
Other assets 3,234 4,821
Accounts payable and other liabilities 5,748 (10,460)
Due to related persons (237) (119)
Net cash provided by operating activities 88,228 108,913
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate improvements (138,724) (89,144)
Distributions in excess of earnings from unconsolidated joint ventures 0 51
Contributions to unconsolidated joint ventures (3,763) (2,202)
Proceeds from sale of properties, net 12,527 74,183
Net cash used in investing activities (129,960) (17,112)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of mortgage notes payable (50,000) (25,283)
Proceeds from issuance of mortgage notes payable 108,120 0
Repayment of senior unsecured notes 0 (300,000)
Borrowings on unsecured revolving credit facility 205,000 230,000
Repayments on unsecured revolving credit facility (160,000) 0
Payment of debt issuance costs (8,907) 0
Repurchase of common shares (57) (16)
Distributions to common shareholders (38,851) (53,268)
Net cash provided by (used in) financing activities 55,305 (148,567)
Increase (decrease) in cash, cash equivalents and restricted cash 13,573 (56,766)
Cash, cash equivalents and restricted cash at beginning of period 12,249 84,515
Cash, cash equivalents and restricted cash at end of period 25,822 27,749
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest paid 51,134 56,490
Income taxes paid 339 283
NON-CASH INVESTING ACTIVITIES:    
Real estate improvements accrued, not paid 30,852 25,706
Capitalized interest 4,732 1,600
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:    
Cash and cash equivalents 25,212 26,006
Restricted cash [1] 610 1,743
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 25,822 $ 27,749
[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.