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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 65,501 $ 111,967 $ 185,311
Adjustments to reconcile net income to net cash provided by      
Depreciation 70,880 80,798 83,150
Amortization of deferred loan costs, debt discounts and prepaids 4,283 4,354 5,392
Amortization of commitment fees and note receivable discounts (872) (729) (867)
Amortization of lease incentives 7,555 1,026 987
Straight-line lease revenue 16,681 (14,603) (20,411)
Non-cash rental income (3,000) 0 0
Non-cash interest income on mortgage and other notes receivable (4,314) (2,614) (3,839)
Non-cash lease deposit liability recognized as rental income (8,838) 0 0
Gains on sales of real estate, net (28,342) (32,498) (21,316)
Gain on note receivable payoff (1,113) 0 0
Loss on operations transfer, net 710 0 0
Loss on early retirement of debt 151 1,912 3,924
Gains from equity method investment (569) 1,545 3,126
Loan and realty losses 61,911 52,766 991
Payment of lease incentives (1,200) (1,042) (623)
Non-cash share-based compensation 8,613 8,415 3,061
Changes in operating assets and liabilities:      
Other assets, net (3,534) (4,050) 160
Accounts payable and accrued expenses 425 3,352 (6,681)
Deferred income 412 260 (217)
Net cash provided by operating activities 185,340 210,859 232,148
Cash flows from investing activities:      
Investment in mortgage and other notes receivable (79,801) (72,236) (58,356)
Collection of mortgage and other notes receivable 119,212 67,790 46,612
Acquisition of real estate (6,364) (46,817) (102,712)
Proceeds from sales of real estate 168,958 238,864 39,631
Investments in renovations of existing real estate (4,629) (3,465) (13,854)
Investments in equipment 0 (64) (158)
Investment in equity method investment 0 0 (875)
Distributions from equity method investment 569 1,205 0
Net cash provided by (used in) investing activities (197,945) (185,277) 89,712
Cash flows from financing activities:      
Proceeds from revolving credit facility 225,000 95,000 205,000
Payments on revolving credit facility (183,000) (393,000) (207,000)
Borrowings on term loans 0 0 100,000
Payments on term loans (135,388) (293,316) (43,729)
Proceeds from issuance of senior notes 0 396,784 0
Prepayment fee for early retirement of debt 0 (1,462) (1,619)
Deferred loan costs (4,612) (5,018) (1,039)
Distributions to noncontrolling interests (916) (910) (748)
Proceeds from noncontrolling interests 11,738 0 13
Taxes remitted on employee stock awards (288) 0 (2,705)
Proceeds from equity offering, net 0 47,904 34,649
Equity issuance costs (66) 0 0
Convertible bond redemption 0 (66,076) 0
Dividends paid to stockholders (161,771) (182,900) (194,584)
Payments to repurchase shares of common stock (151,951) 0 0
Net cash used in financing activities (401,254) (402,994) (111,762)
(Decrease) increase in cash and cash equivalents and restricted cash (17,969) (6,858) 30,674
Cash and cash equivalents and restricted cash, beginning of year 39,485 46,343 15,669
Cash and cash equivalents and restricted cash, end of year 21,516 39,485 46,343
Supplemental disclosure of cash flow information:      
Interest paid, net of amounts capitalized 42,659 43,680 43,406
Supplemental disclosure of non-cash investing and financing activities:      
Real estate acquired in exchange for mortgage notes receivable 23,071 0 63,220
Noncash portion of noncontrolling interest conveyed in acquisition 0 0 10,778
Increase in mortgage note receivable from sale of real estate 0 0 4,000
Change in other assets related to investments in real estate 0 0 348
Change in other assets related to sales of real estate 102 (33) 0
Change in accounts payable related to investments in real estate construction 20 (62) 784
Change in accounts payable related to renovations of existing real estate (37) 0 0
Change in accounts payable related to distributions to noncontrolling interests 139 64 138
Operating equipment received in lease termination 1,287 0 0
Increase in accounts payable related to transfer of operations $ 300 $ 0 $ 0