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, 2022 and 2021, cash and cash equivalents and restricted cash totaled $34.7 million and $58.1 million, respectively, and included tenant security deposits of $2.0 million and $1.6 million, respectively.

Cash paid for interest was $68.7 million and $68.9 million for the years ended December 31, 2022 and 2021, respectively, net of amounts capitalized of $0.2 million and $0.2 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 $32.1 million and $47.4 million, respectively, for the year ended December 31, 2022. 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.

Accrued construction costs decreased by $2.6 million and $1.3 million in the year ended December 31, 2022 and 2021, respectively, representing non-cash changes in investment in real estate and construction in progress.

During the year ended December 31, 2022, we issued 785 common shares of beneficial interest in the Company in exchange for OP Units in our Operating Partnership.

During the year ended December 31, 2021, we issued 63,028 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, 2022 and 2021.


	December 31,
(in thousands of dollars)	2022		2021
Cash and cash equivalents	$	22,937	$	43,852
Restricted cash included in other assets		11,752		14,225
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	34,689	$	58,077

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

The Company also incurred $60.9 million and $48.2 million in PIK interest expense on the Second Lien Term Loan for the year ended December 31, 2022 and 2021, respectively. These amounts are included in interest expense, net in the consolidated statement of operations.

The Company also incurred $59.9 million of non-cash changes in operating activities for the transfer of operating properties to assets held for sale for the year ended December 31, 2022.