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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES    
Net income $ 2,374 $ 21,004
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of buildings and tenant improvements 35,645 31,997
Amortization of leasing costs, in-place lease intangibles, and right-of-use assets 9,323 10,016
Accrued straight-line rental revenue (4,802) (3,119)
Amortization of leasing incentives and above or below-market rents (971) (801)
Accrued straight-line ground rent expense (28) 18
Unrealized credit loss release (187) (145)
Adjustment for uncollectible lease accounts 2,305 1,235
Noncash stock compensation 4,826 2,936
Noncash acquisition, development, and other pursuit costs 0 5,528
Impairment charges 0 1,494
Noncash interest expense 2,795 2,062
Gain on consolidation of real estate entities (6,915) 0
Change in fair value of derivatives and other 9,472 (4,560)
Adjustment for receipts on off-market interest rate derivatives (10,374) (13,006)
Equity in loss of unconsolidated real estate entities 2,235 0
Changes in operating assets and liabilities:    
Property assets 23 (1,433)
Property liabilities (10,501) (1,646)
Construction assets 36,316 21,209
Construction liabilities (52,565) (565)
Interest receivable (7,761) (8,344)
Net cash provided by operating activities 11,210 63,880
INVESTING ACTIVITIES    
Development of real estate investments 2,553 (19,606)
Tenant and building improvements (27,034) (11,436)
Notes receivable issuances (12,911) (21,872)
Payments to purchase off-market interest rate derivatives (4,577) 0
Receipts on off-market interest rate derivatives 10,374 13,006
Leasing costs (1,270) (2,690)
Leasing incentives (9) 0
Contributions to equity method investments (6,108) (10,584)
Net cash used for investing activities (38,982) (53,182)
FINANCING ACTIVITIES    
(Costs)/proceeds from issuance of common stock, net (66) 4,253
Common shares tendered for tax withholding (1,374) (980)
Debt issuances, credit facility, and construction loan borrowings 162,904 164,095
Debt and credit facility repayments, including principal amortization (99,812) (143,739)
Debt issuance costs (1,620) (1,001)
Cash paid on extinguishment of debt (4,413) 0
Acquisition of non-controlling interest in consolidated real estate investments (4,200) 0
Redemption of operating partnership units (4) (118)
Distributions to noncontrolling interests (436) (487)
Dividends and distributions (40,829) (41,190)
Net cash provided by (used for) financing activities 10,150 (19,167)
Net decrease in cash, cash equivalents, and restricted cash (17,622) (8,469)
Cash, cash equivalents, and restricted cash, beginning of period 72,223 30,166
Cash, cash equivalents, and restricted cash, end of period [1] 54,601 21,697
Supplemental Disclosures (noncash transactions):    
Cash paid for interest 32,908 34,765
(Decrease) increase in dividends and distributions payable (6,486) 937
Increase in accrued capital improvements and development costs 558 5,569
Operating Partnership units redeemed for common shares 2,528 (22)
Acquisitions of noncontrolling interests 16,653 0
Notes receivable redeemed for acquisition of non-controlling interests 13,335 0
Equity method investment redeemed due to consolidation $ 114,689 $ 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, 2025June 30, 2024
Cash and cash equivalents$52,111 $20,306 
Restricted cash (a)
2,490 1,391 
Cash, cash equivalents, and restricted cash$54,601 $21,697 
(a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.