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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2020
OPERATING ACTIVITIES:          
Net income $ 13,850 $ 17,665 $ 1,952 $ 63,722  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization 9,877     9,669  
Stock-based compensation expense 1,852     1,777  
Loss (gain) on sale of real estate, net 773     (43,854)  
Income from unconsolidated joint ventures (289)     (231)  
Income distributions from unconsolidated joint ventures 164     231  
Straight-line rental income (682)     (839)  
Adjustment for collectibility of rental income and lease incentives 758        
Lease incentives funded       (13)  
Amortization of lease incentives 112     101  
(Recovery) provision for doubtful accounts (9)     1  
Other non-cash items, net 260     256  
Increase in interest receivable (1,745)     (1,511)  
Decrease in accrued interest payable (869)     (1,480)  
Net change in other assets and liabilities (2,793)     (3,975)  
Net cash provided by operating activities 21,259     23,854  
INVESTING ACTIVITIES:          
Investment in real estate properties       (13,581)  
Investment in real estate developments       (4,854)  
Investment in real estate capital improvements (1,044)     (1,119)  
Capitalized interest       (191)  
Proceeds from sale of real estate, net 1,765     71,905  
Investment in real estate mortgage loans receivable (158)     (366)  
Principal payments received on mortgage loans receivable 125     65  
Investments in unconsolidated joint ventures (5,676)     (58)  
Advances and originations under notes receivable (1,656)     (141)  
Principal payments received on notes receivable 2,553        
Net cash (used in) provided by investing activities (4,091)     51,660  
FINANCING ACTIVITIES:          
Bank borrowings 17,000     24,000  
Repayment of bank borrowings       (28,000)  
Principal payments on senior unsecured notes (7,000)        
Stock repurchase plan       (18,012)  
Distributions paid to stockholders (23,169)     (23,167)  
Distributions paid to non-controlling interests (88)     (146)  
Cash paid for taxes in lieu of shares upon vesting of restricted stock and performance-based stock units (3,470)     (3,545)  
Other (12)        
Net cash used in financing activities (16,739)     (48,870)  
Increase in cash, cash equivalents and restricted cash 429     26,644  
Cash, cash equivalents and restricted cash, beginning of period 7,772   $ 30,888 4,244 $ 4,244
Cash, cash equivalents and restricted cash, end of period 8,201 $ 7,772   30,888 $ 7,772
Supplemental disclosure of cash flow information:          
Interest paid 7,582     8,935  
Non-cash investing and financing transactions:          
Reclassification of notes receivable to lease incentives       $ 300  
Preferred return reserve related to investment in unconsolidated joint ventures $ 2,324