RESTRICTED CASH

12 Months Ended

Dec. 31, 2020

Restricted Cash and Investments [Abstract]

In order to qualify for like-kind exchange (“LKE”) treatment, the proceeds from real estate sales must be deposited with a third-party intermediary. These proceeds are accounted for as restricted cash until a suitable replacement property is acquired. In the event that the LKE purchases are not completed, the proceeds are returned to us after 180 days and reclassified as available cash. As of December 31, 2020 and 2019, we had $3.0 million and $1.2 million, respectively, of proceeds from real estate sales classified as restricted cash which were deposited with an LKE intermediary as well as cash held in escrow for real estate development obligations.

The following table contains the amount of restricted cash recorded in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the years ended December 31:


	2020	2019
Restricted cash deposited with LKE intermediary	—	$758
Restricted cash held in escrow	2,975	475
Total restricted cash shown in the Consolidated Balance Sheets	2,975	1,233
Cash and cash equivalents	84,507	68,735
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$87,482	$69,968