v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
OPERATING ACTIVITIES:    
Net income $ 24,956,000 $ 22,221,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 11,979,000 9,162,000
Stock-based compensation expense 2,064,000 2,253,000
Loss (gain) on sale of real estate, net 10,000 (171,000)
Income tax provision 110,000  
Income from unconsolidated joint ventures (295,000) (3,665,000)
Income distributions from unconsolidated joint ventures 295,000 3,699,000
Straight-line rental adjustment 334,000 578,000
Adjustment for collectability of straight-line rental income   243,000
Adjustment for collectability of lease incentives   249,000
Amortization of lease incentives 131,000 199,000
(Recovery) provision for credit losses (684,000) 3,052,000
Amortization of debt issue costs 501,000 271,000
Other non-cash items, net 2,000 24,000
Change in operating assets and liabilities    
Increase in interest receivable (1,921,000) (2,951,000)
Decrease in accrued interest payable (76,000) (170,000)
Net change in other assets and liabilities (6,643,000) (5,423,000)
Net cash provided by operating activities 30,763,000 29,571,000
INVESTING ACTIVITIES:    
Investment in real estate properties (108,153,000)  
Investment in real estate capital improvements (2,665,000) (1,326,000)
Proceeds from sale of real estate, net (10,000) 1,512,000
Investment in financing receivables (314,000)  
Proceeds from the sale of properties accounted for as a financing receivable 62,220,000  
Investment in real estate mortgage loans receivable (8,005,000) (1,919,000)
Principal payments received on mortgage loans receivable 125,000 124,000
Investments in unconsolidated joint ventures (34,000)  
Proceeds from liquidation of investments in unconsolidated joint ventures   13,000,000
Principal payments received on notes receivable 58,000 238,000
Net cash (used in) provided by investing activities (56,778,000) 11,629,000
FINANCING ACTIVITIES:    
Net borrowings under revolving line of credit 30,100,000 4,500,000
Repayment of debt (5,000,000) (7,000,000)
Proceeds from common stock issued 43,412,000 8,485,000
Payments of common share issuance costs (118,000) (74,000)
Distributions paid to stockholders (29,171,000) (27,259,000)
Acquisition of and distributions paid to non-controlling interests   (1,188,000)
Financing costs paid (41,000)  
Cash paid for taxes in lieu of shares upon vesting of restricted stock (5,875,000) (4,772,000)
Other (12,000) (11,000)
Net cash provided by (used in) financing activities 33,295,000 (27,319,000)
Increase in cash and cash equivalents 7,280,000 13,881,000
Cash and cash equivalents, beginning of period 14,387,000 9,414,000
Cash and cash equivalents, end of period 21,667,000 23,295,000
Supplemental disclosure of cash flow information:    
Interest paid 10,357,000 7,812,000
Non-cash investing and financing transactions:    
Write-off of notes receivable   (2,693,000)
Increase (decrease) in fair value of interest rate swap agreements 1,074,000 (910,000)
Distributions paid to non-controlling interests (1,363,000) (2,448,000)
Transfer of joint venture partner's non-controlling interest to LTC   $ 2,883,000
Distributions to non-controlling interests related to sale of properties accounted for as a financing receivable $ (14,325,000)