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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
OPERATING ACTIVITIES:    
Net income $ 68,997 $ 32,180
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 18,817 19,385
Stock-based compensation expense 3,937 3,810
Gain on sale of real estate, net (38,196) (4,690)
Income from unconsolidated joint ventures (751) (665)
Straight-line rental adjustment (income) 527 (663)
Adjustment for collectability of rental income and lease incentives 173 758
Amortization of lease incentives 429 228
Provision (recovery) for credit losses 659 (9)
Application of interest reserve (2,451)  
Amortization of debt issue costs 547 518
Non-cash interest related to contingent liabilities 547 518
Other non-cash items, net 4 3
Change in operating assets and liabilities    
Lease incentives funded (8) (180)
Increase in interest receivable (3,191) (3,231)
Increase (decrease) in accrued interest payable 201 (123)
Net change in other assets and liabilities (1,250) 1,323
Net cash provided by operating activities 48,444 48,644
INVESTING ACTIVITIES:    
Investment in real estate properties (51,815)  
Investment in real estate capital improvements (2,905) (2,046)
Proceeds from sale of real estate, net 72,359 36,532
Investment in real estate mortgage loans receivable (33,910) (426)
Principal payments received on mortgage loans receivable 625 625
Investments in unconsolidated joint ventures   (5,676)
Advances and originations under notes receivable (36,788) (1,811)
Principal payments received on notes receivable 6,618 2,553
Net cash (used in) provided by investing activities (45,816) 29,751
FINANCING ACTIVITIES:    
Borrowings from revolving line of credit 99,000 17,000
Repayment of revolving line of credit (153,900) (41,000)
Proceeds from issuance of senior unsecured notes 75,000  
Principal payments on senior unsecured notes (7,000) (7,000)
Proceeds from common stock issued 34,203  
Distributions paid to stockholders (45,115) (45,608)
Distributions paid to non-controlling interests (1,093) (179)
Financing costs paid (1,122) (35)
Cash paid for taxes in lieu of shares upon vesting of restricted stock and performance-based stock units (1,355) (3,573)
Other (6) (58)
Net cash used in financing activities (1,388) (80,453)
Increase (decrease) in cash and cash equivalents 1,240 (2,058)
Cash and cash equivalents, beginning of period 5,161 7,772
Cash and cash equivalents, end of period 6,401 5,714
Supplemental disclosure of cash flow information:    
Interest paid 13,918 13,437
Non-cash investing and financing transactions:    
Preferred return reserve related to investments in unconsolidated joint ventures (See Footnote 3)   $ 2,324
Application of interest reserve recorded as mortgage loan receivable 2,451  
Increase in fair value of interest rate swap agreements (See Footnote 6) $ 6,311