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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES:      
Net income $ 56,224 $ 95,677 $ 80,872
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 38,296 39,071 39,216
Stock-based compensation expense 7,760 7,012 6,566
Impairment charges   3,977 5,500
Gain on sale of real estate, net (7,462) (44,117) (2,106)
Loss on unconsolidated joint ventures   758  
Income from unconsolidated joint ventures (1,417) (432) (2,388)
Income distributions from unconsolidated joint ventures   432 2,991
Straight-line rental income (467) (1,778) (4,487)
Adjustment for collectibility of rental income and lease incentives 758 23,214 1,926
Lease incentives funded (824) (220) (387)
Operating Lease Amortization of Lease Incentives 608 426 385
Provision (recovery) for credit losses 1,021 (3) 166
Other non-cash items, net 972 1,033 1,016
Increase in interest receivable (6,776) (6,161) (5,854)
(Decrease) increase in accrued interest payable (471) (767) 803
Net change in other assets and liabilities 2,962 (2,021) (1,750)
Net cash provided by operating activities 91,184 116,101 122,469
INVESTING ACTIVITIES:      
Investment in real estate properties   (13,581) (58,414)
Investment in real estate developments   (16,699) (20,524)
Investment in real estate capital improvements (6,298) (6,913) (2,839)
Capitalized interest   (354) (608)
Proceeds from sale of real estate, net 43,627 72,141 14,009
Investment in real estate mortgage loans receivable (88,955) (4,253) (12,342)
Principal payments received on mortgage loans receivable 1,175 1,065 1,065
Investments in unconsolidated joint ventures (5,676) (8,520) (472)
Proceeds from liquidation of investments in unconsolidated joint ventures   17,848 6,601
Advances and originations under notes receivable (16,353) (2,078) (8,967)
Principal payments received on notes receivable 2,694 5,275 3,503
Net cash (used in) provided by investing activities (69,786) 43,931 (78,988)
FINANCING ACTIVITIES:      
Borrowings from revolving line of credit 204,400 24,000 107,900
Borrowings from term loans 100,000    
Repayment of revolving line of credit (183,400) (28,000) (126,000)
Proceeds from issuance of senior unsecured notes     100,000
Principal payments on senior unsecured notes (47,160) (40,160) (33,667)
Stock repurchase plan   (18,012)  
Stock option exercises     123
Distributions paid to stockholders (90,494) (90,262) (90,899)
Contribution from non-controlling interests 9   965
Distributions paid to non-controlling interests (363) (463) (309)
Financing costs paid (3,358) (35) (61)
Cash paid for taxes in lieu of shares upon vesting of restricted stock and performance-based stock units (3,573) (3,564) (2,047)
Other (70) (8) (6)
Net cash used in financing activities (24,009) (156,504) (44,001)
(Decrease) increase in cash, cash equivalents and restricted cash (2,611) 3,528 (520)
Cash, cash equivalents and restricted cash, beginning of period 7,772 4,244 4,764
Cash, cash equivalents and restricted cash, end of period 5,161 7,772 4,244
Supplemental disclosure of cash flow information:      
Interest paid $ 26,724 $ 29,443 $ 28,767