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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 70,506 $ 65,610
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 39,075 34,995
Amortization of debt issuance costs, debt discount and prepaids 3,354 3,018
Amortization of commitment fees and notes receivable discounts (316) 191
Amortization of lease incentives 1,450 1,446
Straight-line rent adjustments (2,444) (905)
Non-cash interest income on mortgage and other notes receivable (655) (25)
Gains on sales of real estate properties, net (224) (1,617)
Gains from equity method investment (1,939) (402)
Loan and realty (gains) losses, net (1,407) 1,116
Non-cash share-based compensation expense 3,629 2,842
Changes in operating assets and liabilities:    
Other assets, net (327) (2,822)
Accounts payable and accrued expenses (4,414) (1,275)
Deferred income 7 (606)
Net cash provided by operating activities 106,295 101,566
Cash flows from investing activities:    
Investments in mortgage and other notes receivable (25,688) (26,604)
Collections on mortgage and other notes receivable 35,365 8,347
Fees received on mortgage notes receivable 389 82
Acquisitions of real estate properties (130,984) (9,866)
Proceeds from sales of real estate properties 0 4,658
Investments in renovations of existing real estate properties and equipment (4,806) (6,563)
Distributions received from equity method investment 1,939 402
Net cash used in investing activities (123,785) (29,544)
Cash flows from financing activities:    
Proceeds from revolving credit facility 329,000 120,000
Payments on revolving credit facility (282,200) (120,500)
Payments on term loans (75,815) (222)
Payments of debt issuance costs (185) 0
Payments of equity issuance costs (153) 0
Proceeds from issuance of common shares, net 123,484 0
Noncontrolling interest capital contribution 56 70
Distributions paid to noncontrolling interests (542) (533)
Dividends paid to stockholders (83,143) (78,151)
Payments of employee income taxes related to net settlement of equity awards (191) (400)
Net cash provided by (used in) financing activities 10,311 (79,736)
Decrease in cash, cash equivalents and restricted cash (7,179) (7,714)
Cash, cash equivalents and restricted cash at the beginning of the period 26,502 24,617
Cash, cash equivalents and restricted cash at the end of the period 19,323 16,903
Supplemental disclosure of cash flow information:    
Interest paid, net of amounts capitalized 27,042 28,322
Supplemental disclosure of non-cash investing and financing activities:    
Real estate acquired in exchange for mortgage note receivable 0 22,184
Real estate acquired in deed in lieu of foreclosure of mortgage note receivable 8,600 0
Change in accounts payable related to renovations of existing real estate properties (95) (87)
Change in accounts payable related to distributions payable to noncontrolling interests (80) 18
Right of use asset acquired in exchange for operating lease liability $ 0 $ 115