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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
OPERATING ACTIVITIES    
Net income $ 21,004 $ 20,302
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of buildings and tenant improvements 31,997 29,262
Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases 9,227 9,084
Accrued straight-line rental revenue (3,119) (3,244)
Amortization of leasing incentives and above or below-market rents (801) (1,360)
Amortization of right-of-use assets - finance leases 789 624
Accrued straight-line ground rent expense 18 40
Unrealized credit loss provision (release) (145) 177
Adjustment for uncollectible lease accounts 1,235 1,168
Noncash stock compensation 2,936 2,137
Noncash acquisition, development, and other pursuit costs 5,528 0
Impairment charges 1,494 102
Noncash interest expense 2,062 4,412
Gain on real estate dispositions, net 0 (511)
Change in fair value of derivatives and other (4,560) (490)
Adjustment for receipts on off-market interest rate derivatives (13,006) 0
Changes in operating assets and liabilities:    
Property assets (1,433) (792)
Property liabilities (1,646) (592)
Construction assets 21,209 (24,282)
Construction liabilities (565) 10,969
Interest receivable (8,344) (6,545)
Net cash provided by operating activities 63,880 40,461
INVESTING ACTIVITIES    
Development of real estate investments (19,606) (30,959)
Tenant and building improvements (11,436) (9,912)
Acquisitions of real estate investments, net of cash received 0 (8,355)
Dispositions of real estate investments, net of selling costs 0 (20)
Notes receivable issuances (21,872) (21,238)
Receipts on off-market interest rate derivatives 13,006 0
Leasing costs (2,690) (2,348)
Leasing incentives 0 (20)
Contributions to equity method investments (10,584) (30,388)
Net cash used for investing activities (53,182) (103,240)
FINANCING ACTIVITIES    
Proceeds from issuance of common stock, net of issuance cost 4,253 (149)
Common shares tendered for tax withholding (980) (1,110)
Debt issuances, credit facility, and construction loan borrowings 164,095 229,783
Debt and credit facility repayments, including principal amortization (143,739) (138,953)
Debt issuance costs (1,001) (1,661)
Redemption of operating partnership units (118) (583)
Distributions to noncontrolling interests (487) (933)
Dividends and distributions (41,190) (39,383)
Net cash (used for) provided by financing activities (19,167) 47,011
Net decrease in cash, cash equivalents, and restricted cash (8,469) (15,768)
Cash, cash equivalents, and restricted cash, beginning of period 30,166 51,865
Cash, cash equivalents, and restricted cash, end of period [1] 21,697 36,097
Supplemental Disclosures (noncash transactions):    
Increase in dividends and distributions payable 937 685
Increase (decrease) in accrued capital improvements and development costs 5,569 (2,126)
Issuance of operating partnership units for acquisitions 0 12,194
Debt assumed at fair value in conjunction with real estate purchases 0 105,584
Note receivable redeemed in conjunction with real estate purchase 0 90,232
Acquisitions of noncontrolling interests 0 12,834
Other liability satisfied in connection with a real estate disposal 0 750
Recognition of finance lease right-of-use assets 0 47,742
Recognition of finance lease liabilities $ 0 $ 46,616
[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, 2024June 30, 2023
Cash and cash equivalents$20,306 $34,054 
Restricted cash (a)
1,391 2,043 
Cash, cash equivalents, and restricted cash$21,697 $36,097 
(a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.