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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Dec. 31, 2018
Jun. 30, 2018
Mar. 31, 2018
OPERATING ACTIVITIES:        
Net income $ 20,427 $ 30,844 $ 68,936 $ 20,359
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 9,607     9,444
Stock-based compensation expense 1,689     1,376
Income from unconsolidated joint ventures (1,085)     (631)
Income distributions from unconsolidated joint ventures 1,105     543
Straight-line rental income (1,238)     (3,440)
Adjustment for collectibility 1,926      
Lease incentives funded       (380)
Amortization of Lease Incentives 87     540
Provision for doubtful accounts 83     8
Non-cash interest related to contingent liabilities       126
Other non-cash items, net 252     323
Increase in interest receivable (1,444)     (1,406)
Increase (decrease) in accrued interest payable 13     (1,162)
Net change in other assets and liabilities (4,635)     (4,107)
Net cash provided by operating activities 26,787     21,593
INVESTING ACTIVITIES:        
Investment in real estate properties (15,971)      
Investment in real estate developments (6,957)     (8,591)
Investment in real estate capital improvements (259)     (534)
Capitalized interest (260)     (259)
Proceeds from sale of real estate, net 225      
Investment in real estate mortgage loans receivable (1,454)     (9,610)
Principal payments received on mortgage loans receivable 65     37
Investments in unconsolidated joint ventures (293)     (380)
Proceeds from payoff of joint venture agreements 3,400      
Advances and originations under notes receivable (6,953)      
Principal payments received on notes receivable 41      
Net cash used in investing activities (28,416)     (19,337)
FINANCING ACTIVITIES:        
Bank borrowings 36,900     24,000
Repayment of bank borrowings (2,000)      
Principal payments on senior unsecured notes (4,167)     (4,166)
Stock option exercises       123
Distributions paid to stockholders (22,931)     (22,578)
Distributions paid to non-controlling interests (90)      
Other (2,024)     (1,064)
Net cash provided by (used in) financing activities 5,688     (3,685)
Increase (decrease) in cash, cash equivalents and restricted cash 4,059     (1,429)
Cash, cash equivalents and restricted cash, beginning of period 4,764   $ 3,784 5,213
Cash, cash equivalents and restricted cash, end of period 8,823 $ 4,764   3,784
Supplemental disclosure of cash flow information:        
Interest paid 7,202     $ 8,669
Non-cash investing and financing transactions:        
Right of use asset 1,445      
Lease liability 1,445      
Contribution from non-controlling interests $ 919