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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Mar. 31, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
OPERATING ACTIVITIES:                
Net income $ 11,114 $ 13,850 $ 17,665 $ 12,338 $ 63,722 $ 43,294 $ 78,012  
Adjustments to reconcile net income to net cash provided by operating activities:                
Depreciation and amortization           28,847 29,232  
Stock-based compensation expense           5,785 5,231  
Impairment charges             941  
Gain on sale of real estate, net (2,702)     (30)   (7,392) (44,073)  
Loss on unconsolidated joint ventures             620  
Income from unconsolidated joint ventures           (1,041) (287)  
Income distributions from unconsolidated joint ventures             249  
Straight-line rental income 44     (228)   (619) (1,701)  
Adjustment for collectibility of rental income and lease incentives       5,472   758 23,214  
Lease incentives funded           (650) (50)  
Amortization of lease incentives 158     108   386 317  
Provision (recovery) for credit losses 68     (2)   59 (1)  
Other non-cash items, net           782 772  
Increase in interest receivable           (4,730) (4,662)  
Decrease in accrued interest payable           (1,044) (1,683)  
Net change in other assets and liabilities           5,146 (502)  
Net cash provided by operating activities           69,581 85,629  
INVESTING ACTIVITIES:                
Investment in real estate properties             (13,581)  
Investment in real estate developments             (13,384)  
Investment in real estate capital improvements           (4,839) (3,955)  
Capitalized interest             (354)  
Proceeds from sale of real estate, net           43,628 72,141  
Investment in real estate mortgage loans receivable           (2,081) (4,176)  
Principal payments received on mortgage loans receivable           625 565  
Investments in unconsolidated joint ventures           (5,676) (6,398)  
Proceeds from liquidation of investments in unconsolidated joint ventures             17,758  
Advances and originations under notes receivable           (6,453) (1,366)  
Principal payments received on notes receivable           2,553 4,732  
Net cash provided by investing activities           27,757 51,982  
FINANCING ACTIVITIES:                
Bank borrowings           92,500 24,000  
Repayment of bank borrowings           (48,000) (28,000)  
Principal payments on senior unsecured notes           (32,160) (25,160)  
Stock repurchase plan             (18,012)  
Distributions paid to stockholders           (68,051) (67,894)  
Contribution from non-controlling interests           9    
Distributions paid to non-controlling interests           (271) (371)  
Financing costs paid           (35) (35)  
Cash paid for taxes in lieu of shares upon vesting of restricted stock and performance-based stock units           (3,573) (3,564)  
Other           (70) (8)  
Net cash used in financing activities           (59,651) (119,044)  
(Decrease) increase in cash, cash equivalents and restricted cash           37,687 18,567  
Cash, cash equivalents and restricted cash, beginning of period   $ 7,772 22,811   $ 4,244 7,772 4,244 $ 4,244
Cash, cash equivalents and restricted cash, end of period $ 45,459   $ 7,772 $ 22,811   45,459 22,811 $ 7,772
Supplemental disclosure of cash flow information:                
Interest paid           20,708 23,531  
Non-cash investing and financing transactions:                
Reclassification of notes receivable to lease incentives             $ 300  
Preferred return reserve related to investments in unconsolidated joint ventures (See Note 3)           2,324    
Mortgage loan receivable reserve withheld at origination (See Note 2)           142    
Notes receivable reserve withheld at origination (See Note 4)           $ 353