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Condensed Consolidated Statements of Cash Flow - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
OPERATING ACTIVITIES    
Net income $ 20,302 $ 43,043
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of buildings and tenant improvements 29,262 27,613
Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases 9,084 9,725
Accrued straight-line rental revenue (3,244) (3,036)
Amortization of leasing incentives and above or below-market rents (1,360) (520)
Amortization of right-of-use assets - finance leases 624 555
Accrued straight-line ground rent expense 40 76
Unrealized credit loss provision 177 900
Adjustment for uncollectable lease accounts 1,168 405
Noncash stock compensation 2,137 2,115
Impairment charges 102 333
Noncash interest expense 4,412 2,143
Noncash loss on extinguishment of debt 0 776
Gain on real estate dispositions, net (511) (19,493)
Change in fair value of derivatives and other (490) (6,730)
Changes in operating assets and liabilities:    
Property assets (792) (8,243)
Property liabilities (592) (2,429)
Construction assets (24,282) (18,005)
Construction liabilities 10,969 25,205
Interest receivable (6,545) (4,026)
Net cash provided by operating activities 40,461 50,407
INVESTING ACTIVITIES    
Development of real estate investments (30,959) (35,478)
Tenant and building improvements (9,912) (8,467)
Acquisitions of real estate investments, net of cash received (8,355) (93,313)
Dispositions of real estate investments, net of selling costs (20) 101,812
Notes receivable issuances (21,238) (20,829)
Notes receivable paydowns 0 11,545
Leasing costs (2,348) (1,836)
Leasing incentives (20) (51)
Contributions to equity method investments (30,388) (40,333)
Net cash used for investing activities (103,240) (86,950)
FINANCING ACTIVITIES    
Proceeds from issuance of common stock, net of issuance cost (149) 65,159
Common shares tendered for tax withholding (1,110) (774)
Debt issuances, credit facility and construction loan borrowings 229,783 324,096
Debt and credit facility repayments, including principal amortization (138,953) (273,698)
Debt issuance costs (1,661) (3,303)
Acquisition of NCI in consolidated RE investments 0 (3,901)
Redemption of operating partnership units (583) 0
Distributions to noncontrolling interests (933) (84)
Contributions from noncontrolling interests 0 14
Dividends and distributions (39,383) (34,997)
Net cash provided by financing activities 47,011 72,512
Net (decrease) increase in cash, cash equivalents, and restricted cash (15,768) 35,969
Cash, cash equivalents, and restricted cash, beginning of period 51,865 40,443
Cash, cash equivalents, and restricted cash, end of period [1] 36,097 76,412
Supplemental Disclosures (noncash transactions):    
Increase in dividends and distributions payable 685 750
Decrease in accrued capital improvements and development costs (2,126) (2,626)
Issuance of operating partnership units for acquisitions 12,194 0
Operating Partnership units redeemed for common shares 0 132
Debt assumed at fair value in conjunction with real estate purchases 105,584 156,071
Note receivable redeemed in conjunction with real estate purchase 90,232 0
Acquisitions of noncontrolling interests 12,834 0
Noncontrolling interest in acquired real estate entity 0 23,065
Other liability satisfied in connection with a real estate disposal 750 0
Recognition of finance lease right-of-use assets 47,742 0
Recognition of finance lease liabilities $ 46,616 $ 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):
 June 30, 2023June 30, 2022
Cash and cash equivalents$34,054 $69,731 
Restricted cash (a)
2,043 6,681 
Cash, cash equivalents, and restricted cash$36,097 $76,412 
(a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.