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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
OPERATING ACTIVITIES    
Net income $ 85,412 $ 22,212
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of buildings and tenant improvements 40,770 38,521
Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases 14,094 13,716
Accrued straight-line rental revenue (4,542) (4,209)
Amortization of leasing incentives and above or below-market rents (779) (794)
Amortization of right-of-use assets - finance leases 833 745
Accrued straight-line ground rent expense 97 157
Unrealized credit loss provision (release) 858 (284)
Adjustment for uncollectable lease accounts 441 683
Noncash stock compensation 2,712 1,830
Impairment charges 333 3,122
Noncash interest expense 4,360 2,058
Noncash loss on extinguishment of debt 2,899 120
Gain on real estate dispositions, net (53,424) (3,604)
Change in fair value of derivatives and other (7,512) (838)
Changes in operating assets and liabilities:    
Property assets (13,430) (1,303)
Property liabilities 3,189 4,555
Construction assets (34,971) 25,329
Construction liabilities 42,051 (34,181)
Interest receivable (5,124) 1,387
Net cash provided by operating activities 78,267 69,222
INVESTING ACTIVITIES    
Development of real estate investments (62,388) (38,659)
Tenant and building improvements (11,743) (6,621)
Acquisitions of real estate investments, net of cash received (93,389) (73,569)
Dispositions of real estate investments, net of selling costs 251,492 12,583
Notes receivable issuances (24,235) (26,230)
Notes receivable paydowns 13,239 42,301
Leasing costs (3,814) (2,595)
Leasing incentives (51) (467)
Contributions to equity method investments (51,565) (8,096)
Net cash provided by (used for) investing activities 17,546 (101,353)
FINANCING ACTIVITIES    
Proceeds from issuance of common stock, net 65,159 27,428
Common shares tendered for tax withholding (774) (553)
Debt issuances, credit facility and construction loan borrowings 491,514 59,942
Debt and credit facility repayments, including principal amortization (563,435) (25,734)
Debt issuance costs (6,727) (2,463)
Acquisition of NCI in consolidated RE investments (3,901) (804)
Redemption of Operating Partnership Units (130) 0
Distributions to noncontrolling interests (5,507) 0
Contributions from noncontrolling interests 14 0
Dividends and distributions (52,904) (42,662)
Net cash (used for) provided by financing activities (76,691) 15,154
Net increase (decrease) in cash, cash equivalents, and restricted cash 19,122 (16,977)
Cash, cash equivalents, and restricted cash, beginning of period 40,443 50,430
Cash, cash equivalents, and restricted cash, end of period [1] 59,565 33,453
Supplemental Disclosures (noncash transactions):    
Increase in dividends and distributions payable 2,536 4,423
Increase (decrease) in accrued capital improvements and development costs (5,139) 5,804
Operating Partnership units redeemed for common shares 132 131
Debt assumed at fair value in conjunction with real estate purchases 156,071 19,989
Noncontrolling interest in acquired real estate entity 23,065 0
Recognition of operating lease right-of-use assets 110 0
Recognition of operating lease liabilities 110 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):
 September 30, 2022September 30, 2021
Cash and cash equivalents$54,700 $28,038 
Restricted cash (a)
4,865 5,415 
Cash, cash equivalents, and restricted cash$59,565 $33,453 
(a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.