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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
OPERATING ACTIVITIES    
Net income $ 43,043 $ 14,464
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of buildings and tenant improvements 27,613 25,209
Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases 9,725 10,142
Accrued straight-line rental revenue (3,036) (3,327)
Amortization of leasing incentives and above or below-market rents (520) (508)
Amortization of right-of-use assets - finance leases 555 467
Accrued straight-line ground rent expense 76 81
Unrealized credit loss provision 900 333
Adjustment for uncollectable lease accounts 405 562
Noncash stock compensation 2,115 1,440
Impairment charges 333 3,122
Noncash interest expense 2,143 1,329
Noncash loss on extinguishment of debt 776 0
Gain on real estate dispositions, net (19,493) (3,717)
Change in fair value of derivatives and other (6,730) (707)
Changes in operating assets and liabilities:    
Property assets (8,243) (1,469)
Property liabilities (2,429) (2,968)
Construction assets (18,005) 26,865
Construction liabilities 25,205 (34,645)
Interest receivable (4,026) 3,967
Net cash provided by operating activities 50,407 40,640
INVESTING ACTIVITIES    
Development of real estate investments (35,478) (19,476)
Tenant and building improvements (8,467) (4,817)
Acquisitions of real estate investments, net of cash received (93,313) (28,173)
Dispositions of real estate investments, net of selling costs 101,812 9,156
Notes receivable issuances (20,829) (19,796)
Notes receivable paydowns 11,545 38,490
Leasing costs (1,836) (1,068)
Leasing incentives (51) 0
Contributions to equity method investments (40,333) (5,921)
Net cash used for investing activities (86,950) (31,605)
FINANCING ACTIVITIES    
Proceeds from issuance of common stock, net 65,159 23,097
Common shares tendered for tax withholding (774) (553)
Debt issuances, credit facility and construction loan borrowings 324,096 19,119
Debt and credit facility repayments, including principal amortization (273,698) (18,379)
Debt issuance costs (3,303) (2,024)
Acquisition of NCI in consolidated RE investments (3,901) (804)
Distributions to noncontrolling interests (84) 0
Contributions from noncontrolling interests 14 0
Dividends and distributions (34,997) (26,679)
Net cash provided by (used for) financing activities 72,512 (6,223)
Net increase in cash, cash equivalents, and restricted cash 35,969 2,812
Cash, cash equivalents, and restricted cash, beginning of period 40,443 50,430
Cash, cash equivalents, and restricted cash, end of period [1] 76,412 53,242
Supplemental Disclosures (noncash transactions):    
Increase in dividends and distributions payable 750 4,351
Increase (decrease) in accrued capital improvements and development costs (2,626) 2,058
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):
 June 30, 2022June 30, 2021
Cash and cash equivalents$69,731 $43,493 
Restricted cash (a)
6,681 9,749 
Cash, cash equivalents, and restricted cash$76,412 $53,242 
(a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.