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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Jun. 30, 2021
Mar. 31, 2021
OPERATING ACTIVITIES:        
Net income $ 14,507 $ 12,930 $ 18,330 $ 13,850
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 9,438     9,877
Stock-based compensation expense 1,925     1,852
(Gain) loss on sale of real estate, net (102)     773
Income from unconsolidated joint ventures (375)     (289)
Income distributions from unconsolidated joint ventures       164
Straight-line rental adjustment (income) 234     (682)
Adjustment for collectability of rental income and lease incentives 173     758
Amortization of lease incentives 223     112
Provision (recovery) for credit losses 354     (9)
Other non-cash items, net (957)     260
Change in operating assets and liabilities        
Lease incentives funded (8)      
Increase in interest receivable (1,643)     (1,745)
Decrease in accrued interest payable (655)     (869)
Net change in other assets and liabilities (4,546)     (2,793)
Net cash provided by operating activities 18,568     21,259
INVESTING ACTIVITIES:        
Investment in real estate capital improvements (1,068)     (1,044)
Proceeds from sale of real estate, net       1,765
Investment in real estate mortgage loans receivable (1,026)     (158)
Principal payments received on mortgage loans receivable 125     125
Investments in unconsolidated joint ventures       (5,676)
Advances and originations under notes receivable (34,791)     (1,656)
Principal payments received on notes receivable 1,287     2,553
Net cash used in investing activities (35,473)     (4,091)
FINANCING ACTIVITIES:        
Borrowings from revolving line of credit 47,000     17,000
Principal payments on senior unsecured notes (7,000)     (7,000)
Distributions paid to stockholders (22,480)     (23,169)
Distributions paid to non-controlling interests (95)     (88)
Financing costs paid (27)      
Cash paid for taxes in lieu of shares upon vesting of restricted stock and performance-based stock units (1,255)     (3,470)
Other (6)     (12)
Net cash provided by (used in) financing activities 16,137     (16,739)
(Decrease) increase in cash and cash equivalents (768)     429
Cash and cash equivalents, beginning of period 5,161   $ 8,201 7,772
Cash and cash equivalents, end of period 4,393 $ 5,161   8,201
Supplemental disclosure of cash flow information:        
Interest paid 7,534     7,582
Non-cash investing and financing transactions:        
Preferred return reserve related to investments in unconsolidated joint ventures (See Footnote 3)       $ 2,324
Application of interest reserve recorded as mortgage loan receivable 1,221      
Increase in fair value of interest rate swap agreements (See Footnote 6) $ 4,876