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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES:      
Net income $ 100,584 $ 56,224 $ 95,677
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 37,496 38,296 39,071
Stock-based compensation expense 7,964 7,760 7,012
Impairment loss 3,422   3,977
Gain on sale of real estate, net (37,830) (7,462) (44,117)
Loss on unconsolidated joint ventures     758
Income from unconsolidated joint ventures (1,504) (1,417) (432)
Income distributions from unconsolidated joint ventures 351   432
Straight-line rental adjustment (income) 1,369 (467) (1,778)
Adjustment for collectability of lease incentives and rental income 256 758 23,214
Amortization of lease incentives 877 608 426
Provision (recovery) for credit losses 1,528 1,021 (3)
Application of interest reserve (6,192) (150)  
Amortization of debt issue costs 1,139 1,122 1,029
Other non-cash items, net 113   4
Change in operating assets and liabilities      
Lease incentives funded (418) (824) (220)
Increase in interest receivable (7,173) (6,776) (6,161)
Increase (decrease) in accrued interest payable 1,489 (471) (767)
Net change in other assets and liabilities 2,115 2,962 (2,021)
Net cash provided by operating activities 105,586 91,184 116,101
INVESTING ACTIVITIES:      
Investment in real estate properties (51,817)   (13,581)
Investment in real estate developments (105)   (16,699)
Investment in real estate capital improvements (8,994) (6,298) (6,913)
Capitalized interest     (354)
Proceeds from sale of real estate, net 72,620 43,627 72,141
Investment in financing receivable (61,747)    
Investment in real estate mortgage loans receivable (40,732) (88,955) (4,253)
Principal payments received on mortgage loans receivable 1,175 1,175 1,065
Investments in unconsolidated joint ventures   (5,676) (8,520)
Proceeds from liquidation of investments in unconsolidated joint ventures     17,848
Advances and originations under notes receivable (37,192) (16,353) (2,078)
Principal payments received on notes receivable 6,843 2,694 5,275
Net cash (used in) provided by investing activities (119,949) (69,786) 43,931
FINANCING ACTIVITIES:      
Borrowings from revolving line of credit 194,000 204,400 24,000
Borrowings from term loans   100,000  
Repayment of revolving line of credit (174,900) (183,400) (28,000)
Proceeds from issuance of senior unsecured notes 75,000    
Principal payments on senior unsecured notes (48,160) (47,160) (40,160)
Stock repurchase plan     (18,012)
Proceeds from common stock issued 68,156    
Distributions paid to stockholders (91,509) (90,494) (90,262)
Contribution from non-controlling interests 50 9  
Distributions paid to non-controlling interests (487) (363) (463)
Financing costs paid (1,208) (3,358) (35)
Cash paid for taxes in lieu of shares upon vesting of restricted stock and performance-based stock units (1,355) (3,573) (3,566)
Other (6) (70) (6)
Net cash provided by (used in) financing activities 19,581 (24,009) (156,504)
Increase (decrease) in cash and cash equivalents 5,218 (2,611) 3,528
Cash and cash equivalents, beginning of period 5,161 7,772 4,244
Cash and cash equivalents, end of period 10,379 5,161 7,772
Supplemental disclosure of cash flow information:      
Interest paid $ 28,809 $ 26,724 $ 29,443