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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES:      
Net income $ 94,879 $ 91,462 $ 100,584
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 36,367 37,416 37,496
Stock-based compensation expense 9,052 8,481 7,964
Impairment loss 6,953 15,775 3,422
Gain on sale of real estate, net (7,979) (37,296) (37,830)
Income from unconsolidated joint ventures (2,442) (1,504) (1,504)
Income distributions from unconsolidated joint ventures 1,278 56 351
Straight-line rental (income) adjustment (2,268) 2,078 1,369
Exchange of prepayment fee for participating interest in mortgage loan   (1,380)  
Adjustment for collectability of lease incentives and rental income 321 26 256
Amortization of lease incentives 818 773 877
Provision for credit losses 741 5,678 1,528
Application of interest reserve (233) (1,939) (6,192)
Amortization of debt issue costs 1,059 1,205 1,139
Other non-cash items, net 95 95 113
Change in operating assets and liabilities      
Lease incentives funded (1,924) (1,627) (418)
Increase in interest receivable (10,390) (9,283) (7,173)
(Decrease) increase in accrued interest payable (771) (1,369) 1,489
Net change in other assets and liabilities (384) (4,244) 2,115
Net cash provided by operating activities 125,172 104,403 105,586
INVESTING ACTIVITIES:      
Investment in real estate properties (319) (43,759) (51,817)
Investment in real estate developments     (105)
Investment in real estate capital improvements (13,675) (9,686) (8,994)
Proceeds from sale of real estate, net 38,867 66,274 72,620
Investment in financing receivables (97) (112,712) (61,747)
Investment in real estate mortgage loans receivable (21,833) (72,230) (40,732)
Principal payments received on mortgage loans receivable 85,905 10,351 1,175
Investments in unconsolidated joint ventures (11,262)    
Advances and originations under notes receivable (340) (20,377) (37,192)
Principal payments received on notes receivable 13,434 7,227 6,843
Net cash provided by (used in) investing activities 90,680 (174,912) (119,949)
FINANCING ACTIVITIES:      
Borrowings from revolving line of credit 27,200 277,450 194,000
Repayment of revolving line of credit (185,100) (105,200) (174,900)
Proceeds from issuance of senior unsecured notes     75,000
Principal payments on senior unsecured notes (49,160) (49,160) (48,160)
Proceeds from common stock issued 82,404 53,688 67,643
Payments of common share issuance costs 703 89 513
Distributions paid to stockholders (100,530) (94,764) (91,509)
Contribution from non-controlling interests     50
Distributions paid to non-controlling interests (109)   (487)
Financing costs paid (569) (68) (1,208)
Cash paid for taxes in lieu of shares upon vesting of restricted stock (1,533) (1,619) (1,355)
Other (30)   (6)
Net cash (used in) provided by financing activities (226,724) 80,416 19,581
(Decrease) increase in cash and cash equivalents (10,872) 9,907 5,218
Cash and cash equivalents, beginning of period 20,286 10,379 5,161
Cash and cash equivalents, end of period 9,414 20,286 10,379
Supplemental disclosure of cash flow information:      
Interest paid $ 40,048 47,178 $ 28,809
Non-cash investing and financing transactions:      
Exchange of mezzanine loan and related prepayment fee for participating interest in mortgage loan   $ (8,841)