v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES:    
Net income $ 55,771,000 $ 38,769,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 24,350,000 17,938,000
Stock-based compensation expense 4,390,000 5,048,000
Gain on sale of real estate, net (7,552,000) (503,000)
Income tax provision (benefit) 276,000 (81,000)
Income from unconsolidated joint ventures (396,000) (4,104,000)
Income distributions from unconsolidated joint ventures 494,000 4,138,000
Straight-line rental adjustment 598,000 1,075,000
Adjustment for collectability of straight-line rental income   243,000
Adjustment for collectability of lease incentives 13,000 249,000
Effective interest income (1,118,000) (2,930,000)
Amortization of lease incentives 247,000 380,000
(Recovery) provision for credit losses (657,000) 3,439,000
Amortization of debt issue costs 1,003,000 780,000
Other non-cash items, net 5,000 46,000
Change in operating assets and liabilities    
Increase in interest receivable (3,324,000) (4,177,000)
Decrease in accrued interest payable (2,013,000) (212,000)
Net change in other assets and liabilities (6,945,000) (500,000)
Net cash provided by operating activities 65,142,000 59,598,000
INVESTING ACTIVITIES:    
Investment in real estate properties (171,623,000)  
Investment in real estate capital improvements (6,448,000) (2,495,000)
Proceeds from sale of real estate, net 9,496,000 3,186,000
Investment in financing receivables (373,000)  
Proceeds from the sale of properties accounted for as a financing receivable 62,220,000  
Investment in real estate mortgage loans receivable (10,766,000) (41,535,000)
Principal payments received on mortgage loans receivable 180,000 451,000
Investments in unconsolidated joint ventures (34,000) (192,000)
Proceeds from liquidation of investments in unconsolidated joint ventures 12,558,000 13,000,000
Principal payments received on notes receivable 146,000 888,000
Net cash used in investing activities (104,644,000) (26,697,000)
FINANCING ACTIVITIES:    
Net (repayments) borrowings under revolving line of credit (52,863,000) 24,200,000
Repayment of debt (12,500,000) (12,500,000)
Proceeds from common stock issued 198,064,000 13,785,000
Payments of common share issuance costs (200,000) (205,000)
Distributions paid to stockholders (58,952,000) (53,556,000)
Acquisition of and distributions paid to non-controlling interests   (1,188,000)
Financing costs paid (2,112,000) (22,000)
Cash paid for taxes in lieu of shares upon vesting of long-term equity incentives (5,875,000) (5,209,000)
Other (12,000) (11,000)
Net cash provided by (used in) financing activities 65,550,000 (34,706,000)
Increase (decrease) in cash and cash equivalents 26,048,000 (1,805,000)
Cash and cash equivalents, beginning of period 14,387,000 9,414,000
Cash and cash equivalents, end of period 40,435,000 7,609,000
Supplemental disclosure of cash flow information:    
Interest paid 21,276,000 15,359,000
Non-cash investing and financing transactions:    
Write-off of notes receivable   (2,693,000)
Increase (decrease) in fair value of interest rate swap agreements 2,927,000 (1,627,000)
Distributions paid to non-controlling interests (2,541,000) (3,904,000)
Transfer of joint venture partner's non-controlling interest to LTC   $ 2,883,000
Distributions to non-controlling interests related to sale of properties accounted for as a financing receivable $ (14,325,000)  

Source

10-Q XBRL Zip