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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net earnings     $ 48,769 $ 43,639  
Adjustments to reconcile net earnings to net cash flow provided by operating activities:          
Depreciation and amortization expense $ 13,960 $ 11,288 39,984 32,580  
Impairment charges 675 986 2,467 3,970  
Loss (gain) on dispositions of real estate     286 (1,486)  
Loss on extinguishment of debt       43  
Deferred rent receivable     (4,801) (4,057)  
Recovery for credit loss on direct financing leases     (206)    
Amortization of intangible market lease assets and liabilities and lease incentives     (263) (6)  
Amortization of investment in direct financing leases     4,519 4,444  
Amortization of debt issuance costs     1,690 752  
Accretion expense     299 422  
Stock-based compensation     4,491 4,162  
Changes in assets and liabilities:          
Accounts receivable     2,601 (2,419)  
Prepaid expenses and other assets     1,514 (2,944)  
Environmental remediation obligations     (3,970) (3,917)  
Accounts payable and accrued liabilities     (3,067) (706)  
Net cash flow provided by operating activities     94,313 74,477  
CASH FLOWS FROM INVESTING ACTIVITIES:          
Property acquisitions     (204,488) (192,988)  
Capital expenditures     (558) (185)  
Addition to construction in progress     (1,096) (204)  
Proceeds from dispositions of real estate     5,608 4,347  
Deposits for property acquisitions     2,159 6,438  
Issuance of notes and mortgages receivable     (21,300) (88,616)  
Collection of notes and mortgages receivable     93,670 18,311  
Net cash flow used in investing activities     (126,005) (252,897)  
CASH FLOWS FROM FINANCING ACTIVITIES:          
Borrowings under Revolving Credit Facility     140,000 180,500  
Repayments under Revolving Credit Facility     (137,500) (175,500)  
Proceeds from Senior Unsecured Notes       125,000  
Repayments under Senior Unsecured Notes       (75,043)  
Proceeds from Term Loan     75,000    
Payment of debt issuance costs       (414)  
Payment of finance lease obligations (68) (79) (191) (243)  
Security deposits received (refunded)     1,014 (1,154)  
Payments of cash dividends     (74,803) (63,768)  
Payments in settlement of restricted stock units     (1,030) (1,003)  
(Payments) proceeds from issuance of common stock, net - Common Stock Offerings     (159) 71,531  
Proceeds from issuance of common stock, net - ATM Program     31,097 114,127  
Net cash flow provided by financing activities     33,428 174,033  
Change in cash, cash equivalents and restricted cash     1,736 (4,387)  
Cash, cash equivalents and restricted cash at beginning of period     5,286 11,249 $ 11,249
Cash, cash equivalents and restricted cash at end of period $ 7,022 $ 6,862 7,022 6,862 $ 5,286
Supplemental disclosures of cash flow information Cash paid during the period for:          
Interest     28,291 22,069  
Income taxes     300 604  
Environmental remediation obligations     3,147 3,743  
Non-cash transactions:          
Dividends declared but not yet paid     $ 25,422 $ 23,209