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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
OPERATING ACTIVITIES    
Net income $ 28,725 $ 85,412
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of buildings and tenant improvements 46,742 40,770
Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases 14,066 14,094
Accrued straight-line rental revenue (4,748) (4,542)
Amortization of leasing incentives and above or below-market rents (1,749) (779)
Amortization of right-of-use assets - finance leases 1,049 833
Accrued straight-line ground rent expense 55 97
Unrealized credit loss provision 871 858
Adjustment for uncollectable lease accounts 1,251 441
Noncash stock compensation 2,951 2,712
Impairment charges 107 333
Noncash interest expense 5,721 4,360
Noncash loss on extinguishment of debt 0 2,899
Gain on real estate dispositions, net (738) (53,424)
Change in fair value of derivatives and other (1,974) (7,512)
Adjustment for receipts on off-market interest rate derivatives (3,155) 0
Changes in operating assets and liabilities:    
Property assets (4,439) (13,430)
Property liabilities 5,113 3,189
Construction assets (23,531) (34,971)
Construction liabilities 21,770 42,051
Interest receivable (9,797) (5,124)
Net cash provided by operating activities 78,290 78,267
INVESTING ACTIVITIES    
Development of real estate investments (40,538) (62,388)
Tenant and building improvements (16,004) (11,743)
Acquisitions of real estate investments, net of cash received (8,394) (93,389)
Dispositions of real estate investments, net of selling costs 246 251,492
Notes receivable issuances (42,010) (24,235)
Notes receivable paydowns 0 13,239
Payments to purchase off-market interest rate derivatives (16,856) 0
Receipts on off-market interest rate derivatives 3,155 0
Leasing costs (3,217) (3,814)
Leasing incentives (20) (51)
Contributions to equity method investments (53,689) (51,565)
Net cash (used for) provided by investing activities (177,327) 17,546
FINANCING ACTIVITIES    
Proceeds from issuance of common stock, net of issuance cost (204) 65,159
Common shares tendered for tax withholding (1,111) (774)
Debt issuances, credit facility, and construction loan borrowings 310,402 491,514
Debt and credit facility repayments, including principal amortization (162,393) (563,435)
Debt issuance costs (2,839) (6,727)
Acquisition of NCI in consolidated RE investments 0 (3,901)
Redemption of operating partnership units (705) (130)
Distributions to noncontrolling interests (1,231) (5,507)
Contributions from noncontrolling interests 0 14
Dividends and distributions (59,742) (52,904)
Net cash provided by (used for) financing activities 82,177 (76,691)
Net (decrease) increase in cash, cash equivalents, and restricted cash (16,860) 19,122
Cash, cash equivalents, and restricted cash, beginning of period 51,865 40,443
Cash, cash equivalents, and restricted cash, end of period [1] 35,005 59,565
Supplemental Disclosures (noncash transactions):    
Increase in dividends and distributions payable 683 2,536
Increase (decrease) in accrued capital improvements and development costs 2,033 (5,139)
Increase in settlement liability for the repurchase of common stock 643 0
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 operating lease right-of-use assets 0 110
Recognition of operating lease liabilities 0 110
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):
 September 30, 2023September 30, 2022
Cash and cash equivalents$32,662 $54,700 
Restricted cash (a)
2,343 4,865 
Cash, cash equivalents, and restricted cash$35,005 $59,565 
(a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.