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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 134,381 $ 65,501 $ 111,967
Adjustments to reconcile net income to net cash provided by      
Depreciation 69,973 70,880 80,798
Amortization of deferred loan costs, debt discounts and prepaids 4,685 4,283 4,354
Amortization of commitment fees and note receivable discounts (412) (872) (729)
Amortization of lease incentives 2,521 7,555 1,026
Straight-line lease revenue (6,961) 16,681 (14,603)
Non-cash rental income (2,500) (3,000) 0
Non-cash interest income on mortgage and other notes receivable (1,302) (4,314) (2,614)
Non-cash lease deposit liability recognized as rental income 0 (8,838) 0
Gains on sales of real estate, net (14,721) (28,342) (32,498)
Gain on note receivable payoff 0 (1,113) 0
Loss on operations transfer, net (20) 710 0
Loss on early retirement of debt 73 151 1,912
Gains from equity method investment (555) (569) 1,545
Loan and realty losses, net 1,376 61,911 52,766
Payment of lease incentives (10,000) (1,200) (1,042)
Non-cash share-based compensation 4,605 8,613 8,415
Changes in operating assets and liabilities:      
Other assets, net (2,743) (3,534) (4,050)
Accounts payable and accrued expenses 5,929 425 3,352
Deferred income 101 412 260
Net cash provided by operating activities 184,450 185,340 210,859
Cash flows from investing activities:      
Investment in mortgage and other notes receivable (35,625) (79,801) (72,236)
Collection of mortgage and other notes receivable 13,465 119,212 67,790
Acquisition of real estate (38,081) (6,364) (46,817)
Proceeds from sales of real estate 57,031 168,958 238,864
Investments in renovations of existing real estate (7,732) (4,629) (3,465)
Investments in equipment (3,743) 0 (64)
Distributions from equity method investment 3,055 569 1,205
Net cash (used in) provided by investing activities (11,630) 197,945 185,277
Cash flows from financing activities:      
Proceeds from revolving credit facility 364,000 225,000 95,000
Payments on revolving credit facility (161,000) (183,000) (393,000)
Borrowings on term loans 200,000 0 0
Payments on term loans and private placement notes (415,427) (135,388) (293,316)
Proceeds from issuance of senior notes 0 0 396,784
Prepayment fee for early retirement of debt 0 0 (1,462)
Deferred loan costs (2,747) (4,612) (5,018)
Distributions to noncontrolling interests (1,280) (916) (910)
Proceeds from noncontrolling interests 2,973 11,738 0
Taxes remitted on employee stock awards 0 (288) 0
Proceeds from equity offering, net 0 0 47,904
Equity issuance costs 0 (66) 0
Convertible bond redemption 0 0 (66,076)
Dividends paid to stockholders (156,238) (161,771) (182,900)
Payments to repurchase shares of common stock 0 (151,951) 0
Net cash used in financing activities (169,719) (401,254) (402,994)
Increase (decrease) in cash and cash equivalents and restricted cash 3,101 (17,969) (6,858)
Cash and cash equivalents and restricted cash, beginning of year 21,516 39,485 46,343
Cash and cash equivalents and restricted cash, end of year 24,617 21,516 39,485
Supplemental disclosure of cash flow information:      
Interest paid, net of amounts capitalized 51,897 42,659 43,680
Supplemental disclosure of non-cash investing and financing activities:      
Real estate acquired in exchange for mortgage notes receivable 14,200 23,071 0
Increase in mortgage note receivable from sale of real estate 2,249 0 0
Change in other assets related to sales of real estate 0 102 (33)
Change in accounts payable related to investments in real estate construction 325 20 (62)
Right of use asset in exchange for lease liability 101 0 0
Change in accounts payable related to renovations of existing real estate 0 (37) 0
Change in accounts payable related to distributions to noncontrolling interests 6 139 64
Operating equipment received in lease termination 0 1,287 0
Increase in accounts payable related to transfer of operations 0 300 0
Reclassification of prepaid equity issuance costs to capital in excess of par value $ 275 $ 0 $ 0