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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
OPERATING ACTIVITIES:    
Net income $ 33,561 $ 14,507
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 9,210 9,438
Stock-based compensation expense 2,088 1,925
Impairment loss 434  
Gain on sale of real estate, net (15,373) (102)
Income from unconsolidated joint ventures (376) (375)
Straight-line rental adjustment 465 234
Exchange of prepayment fee for participating interest in mortgage loan (1,380)  
Adjustment for collectability of lease incentives and rental income   173
Amortization of lease incentives 209 223
Provision for credit losses 1,731 354
Application of interest reserve (1,149) (1,221)
Amortization of debt issue costs 300 264
Other non-cash items, net 23  
Change in operating assets and liabilities    
Lease incentives funded   (8)
Increase in interest receivable (2,079) (1,643)
Decrease in accrued interest payable (1,112) (655)
Net change in other assets and liabilities (8,513) (4,546)
Net cash provided by operating activities 18,039 18,568
INVESTING ACTIVITIES:    
Investment in real estate capital improvements (2,608) (1,068)
Proceeds from sale of real estate, net 31,616  
Investment in financing receivable (112,712)  
Investment in real estate mortgage loans receivable (53,226) (1,026)
Principal payments received on mortgage loans receivable 125 125
Advances and originations under notes receivable (605) (34,791)
Principal payments received on notes receivable 5,180 1,287
Net cash used in investing activities (132,230) (35,473)
FINANCING ACTIVITIES:    
Borrowings from revolving line of credit 162,700 47,000
Repayment of revolving line of credit (22,600)  
Principal payments on senior unsecured notes (7,000) (7,000)
Proceeds from common stock issued 1,777  
Distributions paid to stockholders (23,563) (22,480)
Distributions paid to non-controlling interests (406) (95)
Financing costs paid (20) (27)
Cash paid for taxes in lieu of shares upon vesting of restricted stock (1,538) (1,255)
Other   (6)
Net cash provided by financing activities 109,350 16,137
Decrease in cash and cash equivalents (4,841) (768)
Cash and cash equivalents, beginning of period 10,379 5,161
Cash and cash equivalents, end of period 5,538 4,393
Supplemental disclosure of cash flow information:    
Interest paid 11,421 7,534
Non-cash investing and financing transactions:    
Contribution of financing receivable from non-controlling interest 3,831  
Exchange of mezzanine loan and related prepayment fee for participating interest in mortgage loan (8,841)  
Reserves withheld at financing and mortgage loan receivable origination 5,147  
Accretion of interest reserve recorded as mortgage loan receivable 1,149 1,221
(Decrease) increase in fair value of interest rate swap agreements (1,362) $ 4,876
Mortgage loan receivable reserve withheld at origination $ 750