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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
OPERATING ACTIVITIES:    
Net income $ 44,427 $ 40,165
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 18,119 18,586
Stock-based compensation expense 4,522 4,226
Impairment loss   12,510
Gain on sale of real estate, net (3,219) (15,675)
Income from unconsolidated joint ventures (1,047) (752)
Income distributions from unconsolidated joint ventures 421  
Straight-line rental adjustment 598 888
Exchange of prepayment fee for participating interest in mortgage loan   (1,380)
Adjustment for collectability of lease incentives and rental income 321 26
Amortization of lease incentives 438 413
Provision for credit losses 727 1,918
Application of interest reserve (233) (1,609)
Amortization of debt issue costs 535 600
Other non-cash items, net 48 47
Change in operating assets and liabilities    
Lease incentives funded (1,594) (19)
Increase in interest receivable (4,135) (4,593)
Increase (decrease) in accrued interest payable 1,132 (1,364)
Net change in other assets and liabilities (3,150) (7,453)
Net cash provided by operating activities 57,910 46,534
INVESTING ACTIVITIES:    
Investment in real estate properties (319) (43,759)
Investment in real estate capital improvements (3,635) (3,230)
Proceeds from sale of real estate, net 25,664 37,553
Investment in financing receivables   (112,712)
Investment in real estate mortgage loans receivable (16,054) (70,603)
Principal payments received on mortgage loans receivable 2,393 251
Investments in unconsolidated joint ventures (11,164)  
Advances and originations under notes receivable (188) (866)
Principal payments received on notes receivable 2,294 5,965
Net cash used in investing activities (1,009) (187,401)
FINANCING ACTIVITIES:    
Borrowings from revolving line of credit 19,200 224,950
Repayment of revolving line of credit (39,700) (28,600)
Principal payments on senior unsecured notes (10,000) (11,000)
Proceeds from common stock issued 10,974 1,777
Distributions paid to stockholders (49,403) (47,162)
Distributions paid to non-controlling interests (109) (812)
Financing costs paid (411) (20)
Cash paid for taxes in lieu of shares upon vesting of restricted stock (1,533) (1,619)
Other (31)  
Net cash (used in) provided by financing activities (71,013) 137,514
Decrease in cash and cash equivalents (14,112) (3,353)
Cash and cash equivalents, beginning of period 20,286 10,379
Cash and cash equivalents, end of period 6,174 7,026
Supplemental disclosure of cash flow information:    
Interest paid 20,281 22,685
Non-cash investing and financing transactions:    
Contribution from non-controlling interest 61,025 12,964
Investment in financing receivables (163,460)  
Exchange of mezzanine loan and related prepayment fee for participating interest in mortgage loan   (8,841)
Exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables 102,435  
Reserves withheld at financing and mortgage loan receivable origination   (5,147)
Accretion of interest reserve recorded as mortgage loan receivable 233 1,609
Increase (decrease) in fair value of interest rate swap agreements 145 (151)
Distributions paid to non-controlling interests 817  
Distributions paid to non-controlling interests related to property sale $ 2,305  
Mortgage loan receivable reserve withheld at origination   $ 1,506