We consider all highly liquid short-term investments with a maturity of three months or less at purchase or acquisition to be cash equivalents. At December 31, 2021 and 2020, cash and cash equivalents and restricted cash totaled $58.1 million and $51.2 million, respectively, and included tenant security deposits of $1.6 million and $1.5 million, respectively.

Cash paid for interest was $68.9 million and $75.3 million for the years ended December 31, 2021 and 2020, respectively, net of amounts capitalized of $0.2 million and $2.2 million, respectively.

In our statements of cash flows, we report cash flows on our revolving facilities on a net basis. Aggregate repayments on our First Lien Revolving Facility and Term Loan were $0.3 million and $4.7 million, respectively, for the year ended December 31, 2021. Aggregate borrowings on our First Lien Revolving Facility were $55.0 million, with repayments of $0.2 million for the year ended December 31, 2020. Aggregate borrowings on our Restructured Revolver were $120.0 million, and aggregate repayments were $375.0 million for the year ended December 31, 2020.

Accrued construction costs decreased by $1.3 million and $14.6 million in the year ended December 31, 2021 and 2020, respectively, representing non-cash changes in investment in real estate and construction in progress.

In the third quarter of 2021, we issued 945,417 common shares of beneficial interest in the Company in exchange for a like number of OP Units in our Operating Partnership.

The following table provides a summary of cash, cash equivalents, and restricted cash reported within the statement of cash flows as of December 31, 2021 and 2020.


	December 31,
(in thousands of dollars)	2021		2020
Cash and cash equivalents	$	43,852	$	43,309
Restricted cash included in other assets		14,225		7,922
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	58,077	$	51,231

Our restricted cash consists of cash held in escrow by banks for real estate taxes and other purposes.

The Company incurred $6.7 million of interest expense during the chapter 11 cases, which was capitalized into the principal balance of the Second Lien Term Loan Facility on the Effective Date. The Company also incurred $48.2 million and $2.8 million in PIK interest expense on the Second Lien Term Loan for the year ended December 31, 2021 and 2020, respectively. These amounts are included in interest expense, net in the consolidated statement of operations.

In the third quarter of 2020, a court order assigned a receiver to operate Valley View Mall in La Crosse, Wisconsin on behalf of the lender of the mortgage loan secured by the property. Although we have not yet conveyed the property because foreclosure proceedings are ongoing, we no longer control or operate the property as a result of court order assigning the receiver. In September 2020, a court order was issued to conduct a foreclosure sale of the property and as a result we have no further operating liabilities from the property. The mortgage principal balance was $27.2 million at December 31, 2020, which we will continue to recognize until the foreclosure process is completed. During the year ended December 31, 2020, we derecognized the property and recorded an offsetting contract asset and recognized a gain on derecognition of property of $8.1 million in the consolidated statement of operations. The contract asset is included in deferred costs and other assets, net in the consolidated balance sheet as of December 31, 2021. The derecognition of Valley View Mall and its related assets were a non-cash conversion of assets, which had no impact on the Company’s cash flows.