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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
OPERATING ACTIVITIES    
Net income $ 14,464 $ 21,444
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of buildings and tenant improvements 25,209 20,814
Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases 10,142 7,242
Accrued straight-line rental revenue (3,327) (1,510)
Amortization of leasing incentives and above or below-market rents (508) (414)
Amortization of right-of-use assets - finance leases 467 293
Accrued straight-line ground rent expense 81 7
Unrealized credit loss provision (release) 333 260
Adjustment for uncollectable lease accounts 562 1,486
Noncash stock compensation 1,440 1,451
Impairment charges 3,122 158
Noncash interest expense 1,329 854
Gain on real estate dispositions (3,717) (2,776)
Change in fair value of derivatives and other (707) 1,742
Changes in operating assets and liabilities:    
Property assets (1,469) (4,544)
Property liabilities (2,968) 3,389
Construction assets 26,865 (6,556)
Construction liabilities (34,645) 18,047
Interest receivable 3,967 (11,633)
Net cash provided by operating activities 40,640 49,754
INVESTING ACTIVITIES    
Development of real estate investments (19,476) (39,854)
Tenant and building improvements (4,817) (5,003)
Acquisitions of real estate investments, net of cash received (28,173) (8,853)
Dispositions of real estate investments, net of selling costs 9,156 89,383
Notes receivable issuances (19,796) (17,599)
Notes receivable paydowns 38,490 2,413
Leasing costs (1,068) (1,656)
Leasing incentives 0 (1,179)
Contributions to equity method investments (5,921) 0
Net cash provided by (used for) investing activities (31,605) 17,652
FINANCING ACTIVITIES    
Proceeds from issuance of cumulative redeemable perpetual preferred stock, net 0 91
Proceeds from issuance of common stock, net 23,097 5,765
Common shares tendered for tax withholding (553) (534)
Debt issuances, credit facility and construction loan borrowings 19,119 74,672
Debt and credit facility repayments, including principal amortization (18,379) (80,283)
Debt issuance costs (2,024) (36)
Acquisition of NCI in consolidated RE investments (804) 0
Dividends and distributions (26,679) (35,549)
Net cash used for financing activities (6,223) (35,874)
Net increase (decrease) in cash, cash equivalents, and restricted cash 2,812 31,532
Cash, cash equivalents, and restricted cash, beginning of period 50,430 43,579
Cash, cash equivalents, and restricted cash, end of period [1] 53,242 75,111
Supplemental Disclosures (noncash transactions):    
Increase (decrease) in dividends and distributions payable 4,351 (16,173)
Increase (decrease) in accrued capital improvements and development costs 2,058 (8,622)
Note payable issued in acquisition of noncontrolling interest in real estate investment 0 6,130
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):
 June 30, 2021June 30, 2020
Cash and cash equivalents$43,493 $70,979 
Restricted cash (a)
9,749 4,132 
Cash, cash equivalents, and restricted cash$53,242 $75,111 
(a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.