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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
OPERATING ACTIVITIES    
Net income $ 12,276 $ 6,009
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of buildings and tenant improvements 13,638 12,599
Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases 4,919 5,467
Accrued straight-line rental revenue (1,492) (1,891)
Amortization of leasing incentives and above or below-market rents (264) (252)
Amortization of right-of-use assets - finance leases 278 189
Accrued straight-line ground rent expense 48 33
Unrealized credit loss provision (release) 605 (55)
Adjustment for uncollectable lease accounts 241 272
Noncash stock compensation 1,609 1,017
Impairment charges 47 3,039
Noncash interest expense 909 626
Noncash loss on extinguishment of debt 158 0
Gain on real estate dispositions, net 0 (3,717)
Change in fair value of derivatives and other (4,182) (393)
Changes in operating assets and liabilities:    
Property assets 69 3,664
Property liabilities (4,781) (6,649)
Construction assets (9,779) 9,354
Construction liabilities 17,067 (19,063)
Interest receivable (784) (2,114)
Net cash provided by operating activities 30,582 8,135
INVESTING ACTIVITIES    
Development of real estate investments (28,675) (9,354)
Tenant and building improvements (727) (3,054)
Acquisitions of real estate investments, net of cash received (93,162) (28,067)
Dispositions of real estate investments, net of selling costs 0 9,156
Notes receivable issuances (17,651) (7,532)
Notes receivable paydowns 11,545 12,291
Leasing costs (862) (670)
Contributions to equity method investments (8,092) (3,889)
Net cash used for investing activities (137,624) (31,119)
FINANCING ACTIVITIES    
Proceeds from issuance of common stock, net 65,194 8,981
Common shares tendered for tax withholding (773) (539)
Debt issuances, credit facility and construction loan borrowings 284,113 17,590
Debt and credit facility repayments, including principal amortization (218,354) (5,501)
Debt issuance costs (3,100) (1,710)
Acquisition of NCI in consolidated RE investments (3,901) 0
Dividends and distributions (17,094) (11,679)
Net cash provided by financing activities 106,085 7,142
Net decrease in cash, cash equivalents, and restricted cash (957) (15,842)
Cash, cash equivalents, and restricted cash, beginning of period 40,443 50,430
Cash, cash equivalents, and restricted cash, end of period [1] 39,486 34,588
Supplemental Disclosures (noncash transactions):    
Increase in dividends and distributions payable 732 3,344
Decrease in accrued capital improvements and development costs (4,664) (1,689)
Operating Partnership units redeemed for common shares 132 131
Debt assumed at fair value in conjunction with real estate purchases 156,071 0
Noncontrolling interest in acquired real estate entity 23,065 0
Recognition of finance lease right-of-use assets 0 24,466
Recognition of finance lease liabilities $ 0 $ 27,940
[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, 2022March 31, 2021
Cash and cash equivalents$32,910 $24,762 
Restricted cash (a)
6,576 9,826 
Cash, cash equivalents, and restricted cash$39,486 $34,588 
(a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.