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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
OPERATING ACTIVITIES:    
Net income $ 82,386,000 $ 43,294,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 28,202,000 28,847,000
Stock-based compensation expense 5,951,000 5,785,000
Impairment charges 1,286,000  
Gain on sale of real estate, net (37,809,000) (7,392,000)
Income from unconsolidated joint ventures (1,127,000) (1,041,000)
Income distributions from unconsolidated joint ventures 351,000  
Straight-line rental adjustment (income) 963,000 (619,000)
Adjustment for collectability of lease incentives and rental income 256,000 758,000
Amortization of lease incentives 665,000 386,000
Provision for credit losses 1,454,000 59,000
Application of interest reserve (4,348,000)  
Amortization of debt issue costs 841,000 778,000
Non-cash interest related to contingent liabilities 841,000 778,000
Other non-cash items, net (170,000) 4,000
Change in operating assets and liabilities    
Lease incentives funded (418,000) (650,000)
Increase in interest receivable (4,768,000) (4,730,000)
Decrease in accrued interest payable (625,000) (1,044,000)
Net change in other assets and liabilities (318,000) 5,146,000
Net cash provided by operating activities 72,772,000 69,581,000
INVESTING ACTIVITIES:    
Investment in real estate properties (51,815,000)  
Investment in real estate developments (105,000)  
Investment in real estate capital improvements (4,555,000) (4,839,000)
Proceeds from sale of real estate, net 72,628,000 43,628,000
Investment in financing receivable (61,661,000)  
Investment in real estate mortgage loans receivable (35,234,000) (2,081,000)
Principal payments received on mortgage loans receivable 625,000 625,000
Investments in unconsolidated joint ventures   (5,676,000)
Advances and originations under notes receivable (37,008,000) (6,453,000)
Principal payments received on notes receivable 6,618,000 2,553,000
Net cash (used in) provided by investing activities (110,507,000) 27,757,000
FINANCING ACTIVITIES:    
Borrowings from revolving line of credit 194,000,000 92,500,000
Repayment of revolving line of credit (153,900,000) (48,000,000)
Proceeds from issuance of senior unsecured notes 75,000,000  
Principal payments on senior unsecured notes (43,160,000) (32,160,000)
Proceeds from common stock issued 38,957,000  
Distributions paid to stockholders (68,202,000) (68,051,000)
Contribution from non-controlling interests 50,000 9,000
Distributions paid to non-controlling interests (1,170,000) (271,000)
Financing costs paid (1,162,000) (35,000)
Cash paid for taxes in lieu of shares upon vesting of restricted stock and performance-based stock units (1,355,000) (3,573,000)
Other (6,000) (70,000)
Net cash provided by (used in) financing activities 39,052,000 (59,651,000)
Increase (decrease) in cash and cash equivalents 1,317,000 37,687,000
Cash and cash equivalents, beginning of period 5,161,000 7,772,000
Cash and cash equivalents, end of period 6,478,000 45,459,000
Supplemental disclosure of cash flow information:    
Interest paid 22,391,000 20,708,000
Non-cash investing and financing transactions:    
Contribution of financing receivable from non-controlling interest 14,325,000  
Mortgage loan receivable reserve withheld at origination (See Footnote 2. Real Estate Investments) 102,000 142,000
Preferred return reserve related to investments in unconsolidated joint ventures (See Footnote 3. Investment in Unconsolidated Joint Ventures)   2,324,000
Accretion of interest reserve recorded as mortgage loan receivable (See Note 2. Real Estate Investments) 4,348,000  
Increase in fair value of interest rate swap agreements (See Footnote 6. Debt Obligations) $ 9,617,000  
Notes receivable reserve withheld at origination (See Footnote 4. Notes Receivable)   $ 353,000