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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
OPERATING ACTIVITIES    
Net income $ 6,009 $ 9,135
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of buildings and tenant improvements 12,599 10,510
Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases 5,467 3,769
Accrued straight-line rental revenue (1,891) (557)
Amortization of leasing incentives and above or below-market rents (252) (219)
Amortization of right-of-use assets - finance leases 189 147
Accrued straight-line ground rent expense 33 (6)
Unrealized credit loss provision (release) (55) 377
Adjustment for uncollectable lease accounts 272 301
Noncash stock compensation 1,017 1,030
Impairment charges 3,039 158
Noncash interest expense 626 409
Interest expense on finance leases 362 229
Gain on real estate dispositions (3,717) 0
Change in fair value of derivatives and other (393) 1,736
Changes in operating assets and liabilities:    
Property assets 3,664 1,196
Property liabilities (7,011) (4,151)
Construction assets 9,354 1,370
Construction liabilities (19,063) 2,097
Interest receivable (2,114) (7,224)
Net cash provided by operating activities 8,135 20,307
INVESTING ACTIVITIES    
Development of real estate investments (9,354) (22,892)
Tenant and building improvements (3,054) (2,526)
Acquisitions of real estate investments, net of cash received (28,067) (8,607)
Dispositions of real estate investments, net of selling costs 9,156 1,442
Notes receivable issuances (7,532) (17,020)
Notes receivable paydowns 12,291 1,000
Leasing costs (670) (567)
Contributions to equity method investments (3,889) 0
Net cash used for investing activities (31,119) (49,170)
FINANCING ACTIVITIES    
Proceeds from issuance of common stock, net 8,981 1,349
Common shares tendered for tax withholding (539) (534)
Debt issuances, credit facility and construction loan borrowings 17,590 62,604
Debt and credit facility repayments, including principal amortization (5,501) (7,971)
Debt issuance costs (1,710) (3)
Dividends and distributions (11,679) (17,373)
Net cash provided by financing activities 7,142 38,072
Net increase (decrease) in cash, cash equivalents, and restricted cash (15,842) 9,209
Cash, cash equivalents, and restricted cash, beginning of period 50,430 43,579
Cash, cash equivalents, and restricted cash, end of period [1] 34,588 52,788
Supplemental Disclosures (noncash transactions):    
Increase in dividends and distributions payable 3,344 828
Decrease in accrued capital improvements and development costs (1,689) (3,866)
Operating Partnership units redeemed for common shares 131 0
Recognition of finance lease right-of-use assets 24,466 0
Recognition of finance lease liabilities $ 27,940 $ 0
[1] The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Statements of Cash Flows (in thousands):
 March 31, 2021March 31, 2020
Cash and cash equivalents$24,762 $48,096 
Restricted cash (a)
9,826 4,692 
Cash, cash equivalents, and restricted cash$34,588 $52,788 
(a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.