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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
OPERATING ACTIVITIES:    
Net income $ 62,792 $ 82,386
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 28,085 28,202
Stock-based compensation expense 6,349 5,951
Impairment loss 12,510 1,286
Gain on sale of real estate, net (20,545) (37,809)
Income from unconsolidated joint ventures (1,127) (1,127)
Income distributions from unconsolidated joint ventures   351
Straight-line rental adjustment 1,635 963
Exchange of prepayment fee for participating interest in mortgage loan (1,380)  
Adjustment for collectability of lease incentives and rental income 26 256
Amortization of lease incentives 584 665
Provision for credit losses 2,107 1,454
Application of interest reserve (1,788) (4,348)
Amortization of debt issue costs 900 841
Other non-cash items, net 71 (170)
Change in operating assets and liabilities    
Lease incentives funded (1,023) (418)
Increase in interest receivable (8,605) (4,768)
Decrease in accrued interest payable (1,341) (625)
Net change in other assets and liabilities (318) (318)
Net cash provided by operating activities 78,932 72,772
INVESTING ACTIVITIES:    
Investment in real estate properties (43,759) (51,815)
Investment in real estate developments   (105)
Investment in real estate capital improvements (5,053) (4,555)
Proceeds from sale of real estate, net 51,410 72,628
Investment in financing receivable (112,712) (61,661)
Investment in real estate mortgage loans receivable (72,260) (35,234)
Principal payments received on mortgage loans receivable 301 625
Advances and originations under notes receivable (19,258) (37,008)
Principal payments received on notes receivable 7,077 6,618
Net cash used in investing activities (194,254) (110,507)
FINANCING ACTIVITIES:    
Borrowings from revolving line of credit 274,450 194,000
Repayment of revolving line of credit (42,200) (153,900)
Proceeds from issuance of senior unsecured notes   75,000
Principal payments on senior unsecured notes (44,160) (43,160)
Proceeds from common stock issued 1,777 38,957
Distributions paid to stockholders (70,767) (68,202)
Contribution from non-controlling interests   50
Distributions paid to non-controlling interests (1,217) (1,170)
Financing costs paid (19) (1,162)
Cash paid for taxes in lieu of shares upon vesting of restricted stock (1,619) (1,355)
Other   (6)
Net cash provided by financing activities 116,245 39,052
Increase in cash and cash equivalents 923 1,317
Cash and cash equivalents, beginning of period 10,379 5,161
Cash and cash equivalents, end of period 11,302 6,478
Supplemental disclosure of cash flow information:    
Interest paid 35,036 22,391
Non-cash investing and financing transactions:    
Contribution from non-controlling interest 12,965 14,325
Exchange of mezzanine loan and related prepayment fee for participating interest in mortgage loan (8,841)  
Reserves withheld at financing and mortgage loan receivable origination (5,147)  
Accretion of interest reserve recorded as mortgage loan receivable 1,788 4,348
(Decrease) increase in fair value of interest rate swap agreements (123) 9,617
Mortgage loan receivable reserve withheld at origination $ 1,506 $ 102