v3.25.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
OPERATING ACTIVITIES:              
Net (loss) income $ (18,540,000) $ 22,221,000 $ 30,862,000 $ 24,689,000 $ 20,229,000 $ 75,289,000  
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation and amortization         26,925,000 27,173,000  
Stock-based compensation expense         7,188,000 6,791,000  
(Loss) gain on sale of real estate, net 738,000   (3,663,000)   235,000 (6,882,000)  
Income tax benefit 42,000       (39,000)    
Income from unconsolidated joint ventures (439,000)   (692,000)   (4,543,000) (1,739,000)  
Income distributions from unconsolidated joint ventures         4,578,000 839,000  
Straight-line rental adjustment         1,447,000 561,000  
Adjustment for collectability of straight-line rental income         1,514,000 321,000  
Adjustment for collectability of lease incentives         249,000    
Amortization of lease incentives 176,000   188,000   556,000 626,000  
Write-off of effective interest receivable 41,455,000       41,455,000    
Provision for credit losses 203,000   215,000   3,642,000 942,000  
Application of interest reserve           (233,000)  
Amortization of debt issue costs         1,191,000 791,000  
Other non-cash items, net         64,000 71,000  
Change in operating assets and liabilities              
Lease incentives funded           (1,794,000)  
Increase in interest receivable         (7,097,000) (7,124,000)  
Increase (decrease) in accrued interest payable         915,000 (108,000)  
Net change in other assets and liabilities         (471,000) (3,526,000)  
Net cash provided by operating activities         98,038,000 91,998,000  
INVESTING ACTIVITIES:              
Investment in real estate properties         (268,169,000) (319,000)  
Investment in real estate capital improvements         (6,673,000) (9,908,000)  
Proceeds from sale of real estate, net         5,714,000 33,641,000  
Investment in financing receivables         (777,000) (97,000)  
Investment in real estate mortgage loans receivable         (99,200,000) (19,078,000)  
Principal payments received on mortgage loans receivable         21,731,000 34,474,000  
Investments in unconsolidated joint ventures         (740,000) (11,262,000)  
Proceeds from liquidation of investments in unconsolidated joint ventures         13,000,000    
Advances and originations under notes receivable         (25,000) (340,000)  
Principal payments received on notes receivable         18,039,000 13,268,000  
Net cash (used in) provided by investing activities         (317,100,000) 40,379,000  
FINANCING ACTIVITIES:              
Borrowings from revolving line of credit         433,500,000 19,200,000  
Repayment of term loans         (100,000,000)    
Repayment of revolving line of credit         (29,400,000) (81,300,000)  
Principal payments on senior unsecured notes         (44,500,000) (44,160,000)  
Proceeds from common stock issued         59,316,000 65,629,000  
Payments of common share issuance costs         (353,000) (119,000)  
Distributions paid to stockholders         (80,012,000) (74,684,000)  
Acquisition of and distributions paid to non-controlling interests         (1,188,000) (109,000)  
Financing costs paid         (4,562,000) (516,000)  
Cash paid for taxes in lieu of shares upon vesting of restricted stock         (5,209,000) (1,533,000)  
Other         (11,000) (31,000)  
Net cash provided by (used in) financing activities         227,581,000 (117,623,000)  
Increase in cash and cash equivalents         8,519,000 14,754,000  
Cash and cash equivalents, beginning of period   $ 9,414,000   $ 20,286,000 9,414,000 20,286,000 $ 20,286,000
Cash and cash equivalents, end of period $ 17,933,000   $ 35,040,000   17,933,000 35,040,000 $ 9,414,000
Supplemental disclosure of cash flow information:              
Interest paid         22,612,000 31,288,000  
Non-cash investing and financing transactions:              
Contribution from non-controlling interest           61,025,000  
Investment in financing receivables           (163,460,000)  
Exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables           102,435,000  
Accretion of interest reserve recorded as mortgage loan receivable           233,000  
Write-off of notes receivable         (2,693,000)    
Decrease in fair value of interest rate swap agreements         (2,356,000) (2,471,000)  
Distributions paid to non-controlling interests         (5,359,000) 2,313,000  
Transfer of joint venture partner's non-controlling interest to LTC         $ 2,883,000    
Distributions paid to non-controlling interests related to property sale           $ 2,305,000  

Source

10-Q XBRL Zip