v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES:    
Net income $ 38,769,000 $ 44,427,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 17,938,000 18,119,000
Stock-based compensation expense 5,048,000 4,522,000
Gain on sale of real estate, net (503,000) (3,219,000)
Provision for federal or state income taxes (81,000)  
Income from unconsolidated joint ventures (4,104,000) (1,047,000)
Income distributions from unconsolidated joint ventures 4,138,000 421,000
Straight-line rental adjustment 1,075,000 598,000
Adjustment for collectability of straight-line rental income 243,000 321,000
Adjustment for collectability of lease incentives and rental income 249,000  
Amortization of lease incentives 380,000 438,000
Provision for credit losses 3,439,000 727,000
Application of interest reserve   (233,000)
Amortization of debt issue costs 780,000 535,000
Other non-cash items, net 46,000 48,000
Change in operating assets and liabilities    
Lease incentives funded   (1,594,000)
Increase in interest receivable (7,107,000) (4,135,000)
(Decrease) increase in accrued interest payable (212,000) 1,132,000
Net change in other assets and liabilities (500,000) (3,034,000)
Net cash provided by operating activities 59,598,000 58,026,000
INVESTING ACTIVITIES:    
Investment in real estate properties   (319,000)
Investment in real estate capital improvements (2,495,000) (3,635,000)
Proceeds from sale of real estate, net 3,186,000 25,664,000
Investment in real estate mortgage loans receivable (41,535,000) (16,054,000)
Principal payments received on mortgage loans receivable 451,000 2,393,000
Investments in unconsolidated joint ventures (192,000) (11,164,000)
Proceeds from liquidation of investments in unconsolidated joint ventures 13,000,000  
Advances and originations under notes receivable   (188,000)
Principal payments received on notes receivable 888,000 2,294,000
Net cash used in investing activities (26,697,000) (1,009,000)
FINANCING ACTIVITIES:    
Borrowings from revolving line of credit 53,600,000 19,200,000
Repayment of revolving line of credit (29,400,000) (39,700,000)
Principal payments on senior unsecured notes (12,500,000) (10,000,000)
Proceeds from common stock issued 13,785,000 10,974,000
Payments of common share issuance costs (205,000) (116,000)
Distributions paid to stockholders (53,556,000) (49,403,000)
Acquisition of and distributions paid to non-controlling interests (1,188,000) (109,000)
Financing costs paid (22,000) (411,000)
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 used in financing activities (34,706,000) (71,129,000)
Decrease in cash and cash equivalents (1,805,000) (14,112,000)
Cash and cash equivalents, beginning of period 9,414,000 20,286,000
Cash and cash equivalents, end of period 7,609,000 6,174,000
Supplemental disclosure of cash flow information:    
Interest paid 15,359,000 20,281,000
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 (1,627,000) (145,000)
Distributions paid to non-controlling interests (3,904,000) (817,000)
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