Cash Flow Information

9 Months Ended

Sep. 30, 2023

Supplemental Cash Flow Elements [Abstract]

5. CASH FLOW INFORMATION

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 September 30, 2023 and 2022, cash and cash equivalents and restricted cash totaled $33.8 million and $34.4 million, respectively, and included tenant security deposits of $2.0 million and $1.8 million, respectively.

Cash paid for interest was $56.8 million and $49.6 million for the nine months ended September 30, 2023 and 2022, respectively, net of amounts capitalized of $0.2 million and $0.1 thousand, respectively.

In our statements of cash flows, we report cash flows on our revolving facilities on a net basis. Aggregate borrowings on our First Lien Revolving Facility were $76.9 million and aggregate repayments on our First Lien Term Loan Facility were $26.3 million, for the nine months ended September 30, 2023. Aggregate repayments on our First Lien Revolving Facility and First Lien Term Loan Facility were $28.5 million and $34.3 million, respectively, for the nine months ended September 30, 2022.

Accrued construction costs increased by $6.5 million and decreased by $2.6 million for the nine months ended September 30, 2023 and 2022, respectively, representing non-cash changes in investment in real estate and construction in progress.

The following table provides a summary of cash, cash equivalents, and restricted cash reported within the statement of cash flows.


	September 30,		December 31,		September 30,		December 31,
(in thousands of dollars)	2023		2022		2022		2021
Cash and cash equivalents	$	22,060	$	22,937	$	21,063	$	43,852
Restricted cash included in other assets		11,761		11,752		13,386		14,225
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	33,821	$	34,689	$	34,449	$	58,077

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