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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES:      
Net income $ 91,462 $ 100,584 $ 56,224
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 37,416 37,496 38,296
Stock-based compensation expense 8,481 7,964 7,760
Impairment loss 15,775 3,422  
Gain on sale of real estate, net (37,296) (37,830) (7,462)
Income from unconsolidated joint ventures (1,504) (1,504) (1,417)
Income distributions from unconsolidated joint ventures 56 351  
Straight-line rental adjustment (income) 2,078 1,369 (467)
Exchange of prepayment fee for participating interest in mortgage loan (1,380)    
Adjustment for collectability of lease incentives and rental income 26 256 758
Amortization of lease incentives 773 877 608
Provision for credit losses 5,678 1,528 1,021
Application of interest reserve (1,939) (6,192) (150)
Amortization of debt issue costs 1,205 1,139 1,122
Other non-cash items, net 95 113  
Change in operating assets and liabilities      
Lease incentives funded (1,627) (418) (824)
Increase in interest receivable (9,283) (7,173) (6,776)
(Decrease) increase in accrued interest payable (1,369) 1,489 (471)
Net change in other assets and liabilities (4,244) 2,115 2,962
Net cash provided by operating activities 104,403 105,586 91,184
INVESTING ACTIVITIES:      
Investment in real estate properties (43,759) (51,817)  
Investment in real estate developments   (105)  
Investment in real estate capital improvements (9,686) (8,994) (6,298)
Proceeds from sale of real estate, net 66,274 72,620 43,627
Investment in financing receivables (112,712) (61,747)  
Investment in real estate mortgage loans receivable (72,230) (40,732) (88,955)
Principal payments received on mortgage loans receivable 10,351 1,175 1,175
Investments in unconsolidated joint ventures     (5,676)
Advances and originations under notes receivable (20,377) (37,192) (16,353)
Principal payments received on notes receivable 7,227 6,843 2,694
Net cash used in investing activities (174,912) (119,949) (69,786)
FINANCING ACTIVITIES:      
Borrowings from revolving line of credit 277,450 194,000 204,400
Borrowings from term loans     100,000
Repayment of revolving line of credit (105,200) (174,900) (183,400)
Proceeds from issuance of senior unsecured notes   75,000  
Principal payments on senior unsecured notes (49,160) (48,160) (47,160)
Proceeds from common stock issued 53,777 68,156  
Distributions paid to stockholders (94,764) (91,509) (90,494)
Contribution from non-controlling interests   50 9
Distributions paid to non-controlling interests   (487) (363)
Financing costs paid (68) (1,208) (3,358)
Cash paid for taxes in lieu of shares upon vesting of restricted stock (1,619) (1,355) (3,573)
Other   (6) (70)
Net cash provided by (used in) financing activities 80,416 19,581 (24,009)
Increase (decrease) in cash and cash equivalents 9,907 5,218 (2,611)
Cash and cash equivalents, beginning of period 10,379 5,161 7,772
Cash and cash equivalents, end of period 20,286 10,379 5,161
Supplemental disclosure of cash flow information:      
Interest paid $ 47,178 $ 28,809 $ 26,724