XML 15 R5.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 65,610 $ 73,630
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 34,995 35,347
Amortization of debt issuance costs, debt discounts and prepaids 3,018 2,082
Amortization of commitment fees and note receivable discounts 191 (234)
Amortization of lease incentives 1,446 1,075
Straight-line rent adjustments (905) (4,972)
Non-cash rental income 0 (2,500)
Non-cash interest income on mortgage and other notes receivable (25) (784)
Gains on sales of real estate, net (1,617) (12,763)
Gains from equity method investment (402) 0
Loss on early retirement of debt 0 73
Loan and realty losses (gains) 1,116 (232)
Payment of lease incentive 0 (10,000)
Non-cash share-based compensation 2,842 2,874
Changes in operating assets and liabilities:    
Other assets, net (2,822) (2,632)
Accounts payable and accrued expenses (1,275) 776
Deferred income (606) (196)
Net cash provided by operating activities 101,566 81,544
Cash flows from investing activities:    
Investments in mortgage and other notes receivable (26,604) (12,174)
Collections of mortgage and other notes receivable 8,347 9,493
Fees received on mortgage note 82 0
Acquisitions of real estate (9,866) (38,081)
Proceeds from sales of real estate 4,658 48,619
Investments in renovations of existing real estate (5,039) (2,910)
Investments in equipment (1,524) (1,467)
Distributions from equity method investment 402 2,500
Net cash (used in) provided by investing activities (29,544) 5,980
Cash flows from financing activities:    
Proceeds from revolving credit facility 120,000 231,000
Payments on revolving credit facility (120,500) (77,000)
Borrowings on term loan 0 200,000
Payments on term loans (222) (365,203)
Debt issuance costs 0 (2,747)
Distributions to noncontrolling interests (533) (638)
Dividends paid to stockholders (78,151) (78,100)
Taxes related to net settlement of equity awards (400) 0
Proceeds from noncontrolling interest 70 2,922
Net cash used in financing activities (79,736) (89,766)
Decrease in cash and cash equivalents and restricted cash (7,714) (2,242)
Cash and cash equivalents and restricted cash, beginning of period 24,617 21,516
Cash and cash equivalents and restricted cash, end of period 16,903 19,274
Supplemental disclosure of cash flow information:    
Interest paid, net of amounts capitalized 28,322 25,971
Supplemental disclosure of non-cash investing and financing activities:    
Real estate acquired in exchange for mortgage note receivable 22,184 14,200
Increase in notes receivable from sales of real estate 0 699
Change in accounts payable related to renovations of existing real estate (87) 244
Change in accounts payable related to distributions to noncontrolling interests 18 75
Right of use asset in exchange for lease liability 115 0
Reclassification of prepaid equity issuance costs to capital in excess of par value $ 0 $ 275