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Condensed Consolidated Statements of Cash Flow - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
OPERATING ACTIVITIES    
Net income $ 5,417 $ 12,276
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of buildings and tenant improvements 14,114 13,638
Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases 4,354 4,919
Accrued straight-line rental revenue (1,455) (1,492)
Amortization of leasing incentives and above or below-market rents (292) (264)
Amortization of right-of-use assets - finance leases 277 278
Accrued straight-line ground rent expense 20 48
Unrealized credit loss provision 77 605
Adjustment for uncollectable lease accounts 252 241
Noncash stock compensation 1,846 1,609
Impairment charges 102 47
Noncash interest expense 2,261 909
Noncash loss on extinguishment of debt 0 158
Change in fair value of derivatives and other 3,807 (4,182)
Changes in operating assets and liabilities:    
Property assets 4,167 69
Property liabilities (3,817) (4,781)
Construction assets 2,493 (9,779)
Construction liabilities (16,859) 17,067
Interest receivable (3,709) (784)
Net cash provided by operating activities 13,055 30,582
INVESTING ACTIVITIES    
Development of real estate investments (15,264) (28,675)
Tenant and building improvements (7,314) (727)
Acquisitions of real estate investments, net of cash received 0 (93,162)
Notes receivable issuances (6,699) (17,651)
Notes receivable paydowns 0 11,545
Leasing costs (950) (862)
Leasing incentives (20) 0
Contributions to equity method investments (21,097) (8,092)
Net cash used for investing activities (51,344) (137,624)
FINANCING ACTIVITIES    
Proceeds from issuance of common stock, net of issuance cost (149) 65,194
Common shares tendered for tax withholding (1,105) (773)
Debt issuances, credit facility and construction loan borrowings 46,710 284,113
Debt and credit facility repayments, including principal amortization (2,417) (218,354)
Debt issuance costs 0 (3,100)
Acquisition of NCI in consolidated RE investments 0 (3,901)
Distributions to noncontrolling interests (506) 0
Dividends and distributions (19,673) (17,094)
Net cash provided by financing activities 22,860 106,085
Net decrease in cash, cash equivalents, and restricted cash (15,429) (957)
Cash, cash equivalents, and restricted cash, beginning of period 51,865 40,443
Cash, cash equivalents, and restricted cash, end of period [1] 36,436 39,486
Supplemental Disclosures (noncash transactions):    
Increase in dividends and distributions payable 38 732
Decrease in accrued capital improvements and development costs (3,683) (4,664)
Operating Partnership units redeemed for common shares 0 132
Debt assumed at fair value in conjunction with real estate purchases 0 156,071
Noncontrolling interest in acquired real estate entity $ 12,834 $ 23,065
[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, 2023March 31, 2022
Cash and cash equivalents$33,817 $32,910 
Restricted cash (a)
2,619 6,576 
Cash, cash equivalents, and restricted cash$36,436 $39,486 
(a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.