v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
OPERATING ACTIVITIES:      
Net income $ 123,880,000 $ 94,879,000 $ 91,462,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 37,874,000 36,367,000 37,416,000
Stock-based compensation expense 9,329,000 9,052,000 8,481,000
Impairment loss   6,953,000 15,775,000
Gain on sale of real estate, net (77,822,000) (7,979,000) (37,296,000)
Income tax provision 179,000 0 0
Income from unconsolidated joint ventures (6,757,000) (2,442,000) (1,504,000)
Income distributions from unconsolidated joint ventures 6,839,000 1,278,000 56,000
Straight-line rental adjustment 1,631,000 (2,268,000) 2,078,000
Adjustment for collectability of straight-line rental income 1,514,000   (1,380,000)
Adjustment for collectability of lease incentives 249,000 321,000 26,000
Amortization of lease incentives 687,000 818,000 773,000
Write-off of effective interest receivable 41,455,000   0
Provision for credit losses 4,515,000 741,000 5,678,000
Application of interest reserve   (233,000) (1,939,000)
Amortization of debt issue costs 1,626,000 1,059,000 1,205,000
Other non-cash items, net 67,000 95,000 95,000
Change in operating assets and liabilities      
Lease incentives funded   (1,924,000) (1,627,000)
Increase in interest receivable (9,737,000) (10,390,000) (9,283,000)
Increase (decrease) in accrued interest payable 712,000 (771,000) (1,369,000)
Net change in other assets and liabilities (264,000) 319,000 (4,155,000)
Net cash provided by operating activities 135,977,000 125,875,000 104,492,000
INVESTING ACTIVITIES:      
Investment in real estate properties (354,587,000) (319,000) (43,759,000)
Investment in real estate capital improvements (7,270,000) (13,675,000) (9,686,000)
Proceeds from sale of real estate, net 126,701,000 38,867,000 66,274,000
Investment in financing receivables (1,664,000) (97,000) (112,712,000)
Investment in real estate mortgage loans receivable (107,632,000) (21,833,000) (72,230,000)
Principal payments received on mortgage loans receivable 38,237,000 85,905,000 10,351,000
Investments in unconsolidated joint ventures (1,262,000) (11,262,000)  
Proceeds from liquidation of investments in unconsolidated joint ventures 19,340,000    
Advances and originations under notes receivable (25,000) (340,000) (20,377,000)
Principal payments received on notes receivable 18,218,000 13,434,000 7,227,000
Net cash (used in) provided by investing activities (269,944,000) 90,680,000 (174,912,000)
FINANCING ACTIVITIES:      
Net borrowings (repayments) under revolving line of credit 108,513,000 (157,900,000) 172,250,000
Proceeds from debt 200,000,000    
Repayment of debt (149,500,000) (49,160,000) (49,160,000)
Proceeds from common stock issued 100,555,000 83,107,000 53,777,000
Payments of common share issuance costs (436,000) (703,000) (89,000)
Distributions paid to stockholders (107,394,000) (100,530,000) (94,764,000)
Acquisition of and distributions paid to non-controlling interests (1,188,000) (109,000)  
Financing costs paid (6,390,000) (569,000) (68,000)
Cash paid for taxes in lieu of shares upon vesting of restricted stock (5,209,000) (1,533,000) (1,619,000)
Other (11,000) (30,000)  
Net cash provided by (used in) financing activities 138,940,000 (227,427,000) 80,327,000
Increase (decrease) in cash and cash equivalents 4,973,000 (10,872,000) 9,907,000
Cash and cash equivalents, beginning of period 9,414,000 20,286,000 10,379,000
Cash and cash equivalents, end of period 14,387,000 9,414,000 20,286,000
Supplemental disclosure of cash flow information:      
Interest paid $ 32,968,000 $ 40,048,000 $ 47,178,000

Source

10-K XBRL Zip