XML 15 R5.htm IDEA: XBRL DOCUMENT v3.24.3
Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 93,852 $ 102,662
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 52,763 52,862
Amortization of debt issuance costs, debt discounts and prepaids 4,522 3,392
Amortization of commitment fees and note receivable discounts (17) (323)
Amortization of lease incentives 2,168 1,798
Straight-line rent adjustments (2,066) (6,011)
Non-cash rental income 0 (2,500)
Non-cash interest income on mortgage and other notes receivable (39) (1,302)
Gains on sales of real estate, net (1,718) (13,500)
Gains from equity method investment (402) 0
Loss on early retirement of debt 0 73
Loan and realty losses 4,550 1,727
Payment of lease incentive 0 (10,000)
Non-cash share-based compensation 3,512 3,740
Changes in operating assets and liabilities:    
Other assets, net (2,494) (2,426)
Accounts payable and accrued expenses (3,483) 1,317
Deferred income (953) (262)
Net cash provided by operating activities 150,195 131,247
Cash flows from investing activities:    
Investments in mortgage and other notes receivable (27,816) (33,104)
Collections of mortgage and other notes receivable 14,692 11,231
Fees received on mortgage note 82 0
Acquisitions of real estate (9,866) (38,081)
Proceeds from sales of real estate 4,658 51,542
Investments in renovations of existing real estate (9,717) (5,475)
Investments in equipment (3,551) (2,579)
Distributions from equity method investment 402 2,500
Net cash used in investing activities (31,116) (13,966)
Cash flows from financing activities:    
Proceeds from revolving credit facility 244,000 283,000
Payments on revolving credit facility (170,000) (120,000)
Borrowings on term loan 0 200,000
Payments on term loans (75,327) (365,304)
Debt issuance costs 0 (2,747)
Forward equity costs (782) 0
Distributions to noncontrolling interests (821) (1,004)
Dividends paid to stockholders (117,250) (117,169)
Taxes related to net settlement of equity awards (5,819) 0
Proceeds from noncontrolling interest 70 2,922
Net cash used in financing activities (125,929) (120,302)
Decrease in cash and cash equivalents and restricted cash (6,850) (3,021)
Cash and cash equivalents and restricted cash, beginning of period 24,617 21,516
Cash and cash equivalents and restricted cash, end of period 17,767 18,495
Supplemental disclosure of cash flow information:    
Interest paid, net of amounts capitalized 45,250 41,222
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 (1,430) 80
Change in accounts payable related to distributions to noncontrolling interests (6) (61)
Right of use assets in exchange for lease liabilities 344 0
Reclassification of prepaid equity issuance costs to capital in excess of par value $ 0 $ 275