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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
OPERATING ACTIVITIES    
Net income $ 17,725 $ 5,417
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of buildings and tenant improvements 15,748 14,114
Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases 4,687 4,354
Accrued straight-line rental revenue (1,252) (1,455)
Amortization of leasing incentives and above or below-market rents (397) (292)
Amortization of right-of-use assets - finance leases 395 277
Accrued straight-line ground rent expense 8 20
Unrealized credit loss provision 83 77
Adjustment for uncollectable lease accounts 758 252
Noncash stock compensation 2,192 1,846
Impairment charges 0 102
Noncash interest expense 1,048 2,261
Change in fair value of derivatives and other (6,510) 3,807
Adjustment for receipts on off-market interest rate derivatives (7,500) 0
Changes in operating assets and liabilities:    
Property assets 6,554 4,167
Property liabilities 2,398 (3,817)
Construction assets 3,960 2,493
Construction liabilities 10,777 (16,859)
Interest receivable (4,188) (3,709)
Net cash provided by operating activities 46,486 13,055
INVESTING ACTIVITIES    
Development of real estate investments (11,955) (15,264)
Tenant and building improvements (11,546) (7,314)
Notes receivable issuances (11,175) (6,699)
Receipts on off-market interest rate derivatives 7,500 0
Leasing costs (3,611) (950)
Leasing incentives 0 (20)
Contributions to equity method investments (10,159) (21,097)
Net cash used for investing activities (40,946) (51,344)
FINANCING ACTIVITIES    
Proceeds from issuance of common stock, net of issuance cost (10) (149)
Common shares tendered for tax withholding (980) (1,105)
Debt issuances, credit facility, and construction loan borrowings 42,208 46,710
Debt and credit facility repayments, including principal amortization (12,480) (2,417)
Debt issuance costs (8) 0
Redemption of operating partnership units (118) 0
Distributions to noncontrolling interests (336) (506)
Dividends and distributions (20,121) (19,673)
Net cash provided by financing activities 8,155 22,860
Net increase (decrease) in cash, cash equivalents, and restricted cash 13,695 (15,429)
Cash, cash equivalents, and restricted cash, beginning of period 30,166 51,865
Cash, cash equivalents, and restricted cash, end of period [1] 43,861 36,436
Supplemental Disclosures (noncash transactions):    
Increase in dividends and distributions payable 949 38
Decrease in accrued capital improvements and development costs (2,876) (3,683)
Operating Partnership units redeemed for common shares (22) 0
Acquisitions of noncontrolling interests $ 0 $ 12,834
[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, 2024March 31, 2023
Cash and cash equivalents$41,934 $33,817 
Restricted cash (a)
1,927 2,619 
Cash, cash equivalents, and restricted cash$43,861 $36,436 
(a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.