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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
OPERATING ACTIVITIES    
Net income $ 22,212 $ 32,270
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of buildings and tenant improvements 38,521 31,565
Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases 13,716 10,667
Accrued straight-line rental revenue (4,209) (3,434)
Amortization of leasing incentives and above or below-market rents (794) (593)
Amortization of right-of-use assets - finance leases 745 440
Accrued straight-line ground rent expense 157 54
Unrealized credit loss provision (release) (284) 227
Adjustment for uncollectable lease accounts 683 3,195
Noncash stock compensation 1,830 1,907
Impairment charges 3,122 205
Noncash interest expense 2,178 1,499
Gain on real estate dispositions, net (3,604) (6,388)
Change in fair value of derivatives and other (838) 1,424
Changes in operating assets and liabilities:    
Property assets (1,303) (6,642)
Property liabilities 4,555 4,042
Construction assets 25,329 (8,328)
Construction liabilities (34,181) 18,824
Interest receivable 1,387 (13,167)
Net cash provided by operating activities 69,222 67,767
INVESTING ACTIVITIES    
Development of real estate investments (38,659) (52,157)
Tenant and building improvements (6,621) (8,195)
Acquisitions of real estate investments, net of cash received (73,569) (34,785)
Dispositions of real estate investments, net of selling costs 12,583 96,458
Notes receivable issuances (26,230) (17,687)
Notes receivable paydowns 42,301 16,220
Leasing costs (2,595) (2,438)
Leasing incentives (467) (1,289)
Contributions to equity method investments (8,096) 0
Net cash used for investing activities (101,353) (3,873)
FINANCING ACTIVITIES    
Proceeds from issuance of cumulative redeemable perpetual preferred stock, net 0 101,460
Proceeds from issuance of common stock, net 27,428 7,387
Common shares tendered for tax withholding (553) (534)
Debt issuances, credit facility and construction loan borrowings 59,942 81,004
Debt and credit facility repayments, including principal amortization (25,734) (181,182)
Debt issuance costs (2,463) (326)
Acquisition of NCI in consolidated RE investments (804) 0
Dividends and distributions (42,662) (36,058)
Net cash provided by (used for) financing activities 15,154 (28,249)
Net (decrease) increase in cash, cash equivalents, and restricted cash (16,977) 35,645
Cash, cash equivalents, and restricted cash, beginning of period 50,430 43,579
Cash, cash equivalents, and restricted cash, end of period [1] 33,453 79,224
Supplemental Disclosures (noncash transactions):    
Increase (decrease) in dividends and distributions payable 4,423 (5,817)
Increase (decrease) in accrued capital improvements and development costs 5,804 (12,564)
Note payable issued in acquisition of noncontrolling interest in real estate investment 0 6,130
Issuance of operating partnership units for acquisitions 0 67
Operating Partnership units redeemed for common shares 131 8,530
Note payable recorded for mandatorily redeemable partnership interest 0 3,829
Debt assumed at fair value in conjunction with real estate purchases 19,989 22,512
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):
 September 30, 2021September 30, 2020
Cash and cash equivalents$28,038 $73,579 
Restricted cash (a)
5,415 5,645 
Cash, cash equivalents, and restricted cash$33,453 $79,224 
(a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.