v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
OPERATING ACTIVITIES:    
Net income $ 22,221 $ 24,689
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 9,162 9,095
Stock-based compensation expense 2,253 2,202
Gain on sale of real estate, net (171) (3,251)
Income from unconsolidated joint ventures (3,665) (376)
Income distributions from unconsolidated joint ventures 3,699 112
Straight-line rental adjustment 578 550
Adjustment for collectability of straight-line rental income 243  
Adjustment for collectability of lease incentives 249  
Amortization of lease incentives 199 233
Provision for credit losses 3,052 24
Application of interest reserve   (52)
Amortization of debt issue costs 271 267
Other non-cash items, net 24 24
Change in operating assets and liabilities    
Lease incentives funded   (1,395)
Increase in interest receivable (2,951) (2,220)
(Decrease) increase in accrued interest payable (170) 996
Net change in other assets and liabilities (5,423) (9,832)
Net cash provided by operating activities 29,571 21,066
INVESTING ACTIVITIES:    
Investment in real estate properties   (315)
Investment in real estate capital improvements (1,326) (1,329)
Proceeds from sale of real estate, net 1,512 25,306
Investment in real estate mortgage loans receivable (1,919) (3,128)
Principal payments received on mortgage loans receivable 124 125
Proceeds from liquidation of investments in unconsolidated joint ventures 13,000  
Principal payments received on notes receivable 238 550
Net cash provided by investing activities 11,629 21,209
FINANCING ACTIVITIES:    
Borrowings from revolving line of credit 15,000 10,300
Repayment of revolving line of credit (10,500) (35,500)
Principal payments on senior unsecured notes (7,000) (6,000)
Proceeds from common stock issued 8,485 4,453
Payments of common share issuance costs (74) (116)
Distributions paid to stockholders (27,259) (24,616)
Distributions paid to non-controlling interests (1,188) (109)
Financing costs paid   (402)
Cash paid for taxes in lieu of shares upon vesting of restricted stock (4,772) (1,532)
Other (11) (29)
Net cash used in financing activities (27,319) (53,551)
Increase (decrease) in cash and cash equivalents 13,881 (11,276)
Cash and cash equivalents, beginning of period 9,414 20,286
Cash and cash equivalents, end of period 23,295 9,010
Supplemental disclosure of cash flow information:    
Interest paid 7,812 9,782
Non-cash investing and financing transactions:    
Accretion of interest reserve recorded as mortgage loan receivable   52
Write-off of notes receivable (2,693)  
Decrease (increase) in fair value of interest rate swap agreements (910) 378
Distributions paid to non-controlling interests (2,448) (439)
Transfer of joint venture partner's non-controlling interest to LTC $ 2,883  
Distributions paid to non-controlling interests related to property sale   $ (2,305)

Source

10-Q XBRL Zip