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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
OPERATING ACTIVITIES:    
Net income $ 75,289 $ 62,792
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 27,173 28,085
Stock-based compensation expense 6,791 6,349
Impairment loss   12,510
Gain on sale of real estate, net (6,882) (20,545)
Income from unconsolidated joint ventures (1,739) (1,127)
Income distributions from unconsolidated joint ventures 839  
Straight-line rental adjustment 561 1,635
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 626 584
Provision for credit losses 942 2,107
Application of interest reserve (233) (1,788)
Amortization of debt issue costs 791 900
Other non-cash items, net 71 71
Change in operating assets and liabilities    
Lease incentives funded (1,794) (1,023)
Increase in interest receivable (7,124) (8,605)
Decrease in accrued interest payable (108) (1,341)
Net change in other assets and liabilities (3,645) (318)
Net cash provided by operating activities 91,879 78,932
INVESTING ACTIVITIES:    
Investment in real estate properties (319) (43,759)
Investment in real estate capital improvements (9,908) (5,053)
Proceeds from sale of real estate, net 33,641 51,410
Investment in financing receivables (97) (112,712)
Investment in real estate mortgage loans receivable (19,078) (72,260)
Principal payments received on mortgage loans receivable 34,474 301
Investments in unconsolidated joint ventures (11,262)  
Advances and originations under notes receivable (340) (19,258)
Principal payments received on notes receivable 13,268 7,077
Net cash provided by (used in) investing activities 40,379 (194,254)
FINANCING ACTIVITIES:    
Borrowings from revolving line of credit 19,200 274,450
Repayment of revolving line of credit (81,300) (42,200)
Principal payments on senior unsecured notes (44,160) (44,160)
Proceeds from common stock issued 65,629 1,777
Distributions paid to stockholders (74,684) (70,767)
Distributions paid to non-controlling interests (109) (1,217)
Financing costs paid (516) (19)
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 (117,504) 116,245
Increase in cash and cash equivalents 14,754 923
Cash and cash equivalents, beginning of period 20,286 10,379
Cash and cash equivalents, end of period 35,040 11,302
Supplemental disclosure of cash flow information:    
Interest paid 31,288 35,036
Non-cash investing and financing transactions:    
Contribution from non-controlling interest 61,025 12,965
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 1,788
Decrease in fair value of interest rate swap agreements (2,471) (123)
Distributions paid to non-controlling interests 2,313  
Distributions paid to non-controlling interests related to property sale $ 2,305  
Mortgage loan receivable reserve withheld at origination   $ 1,506