7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31 2015-09-30 2015-06-30 2015-03-31 2014-12-31 2014-09-30 2014-06-30 2014-03-31 2013-09-30 2013-06-30 2013-03-31 2012-09-30 2012-06-30 2012-03-31 2011-09-30 2011-06-30 2011-03-31 2010-09-30 2010-06-30 2010-03-31 2009-09-30 2009-06-30 2009-03-31 2008-09-30 2008-06-30 2008-03-31 2007-09-30 2007-06-30 2007-03-31 2006-12-31 2006-09-30 2006-06-30 2006-03-31 2005-09-30 2005-06-30 2005-03-31 2004-09-30 2004-06-30 2004-03-31 2003-12-31 2003-09-30 2003-06-30 2003-03-31 2002-12-31 2002-09-30 2002-06-30 2002-03-31 
      
    		                                                                                      
      operating activities:
    		                                                                                      
      net income
    		-18,540,000 16,548,000 22,221,000 19,590,000 30,862,000 19,738,000 24,689,000 28,670,000 22,627,000 6,604,000 33,561,000 18,198,000 13,389,000 54,490,000 14,507,000 12,930,000 11,114,000 18,330,000 13,850,000 17,665,000 12,338,000 1,952,000 63,722,000 12,631,000 27,280,000 20,534,000 20,427,000 30,844,000 34,937,000 68,936,000 20,359,000  20,616,000 25,377,000 21,513,000  22,411,000 22,180,000 19,858,000 17,954,000 19,647,000 17,928,000 17,552,000 21,000,000 17,122,000 18,273,000 17,004,000 17,286,000 12,903,000 12,976,000 12,504,000 13,113,000 12,932,000 12,423,000 12,262,000 12,154,000 11,562,000 11,630,000 10,570,000 11,326,000 10,740,000 11,238,000 10,628,000 11,377,000 11,158,000 11,421,000 12,843,000 12,385,000 11,948,000 11,110,000 11,989,000 43,741,000 10,257,000 10,134,000 21,504,000 9,288,000 8,023,000 9,901,000 8,002,000 6,053,000 6,380,000 3,884,000 4,706,000 6,554,000 20,536,819 6,181 
      adjustments to reconcile net income to net cash from operating activities:
    		                                                                                      
      depreciation and amortization
    		8,987,000 8,776,000 9,162,000 9,194,000 9,054,000 9,024,000 9,095,000 9,331,000 9,499,000 9,376,000 9,210,000 9,294,000 9,385,000 9,379,000 9,438,000 9,449,000 9,462,000 9,508,000 9,877,000 9,839,000 9,766,000 9,797,000 9,669,000 9,817,000 9,932,000 9,860,000 9,607,000 9,396,000 9,447,000 9,268,000 9,444,000  9,519,000 9,308,000 9,359,000  9,155,000 8,907,000 8,561,000 8,310,000 7,365,000 6,977,000 6,779,000  6,335,000 6,302,000 6,298,000   6,136,000        4,014,000 3,860,000 3,694,000 3,694,000 3,701,000           3,513,000 3,317,000 3,253,000 3,270,000 3,250,000 3,179,000   3,275,000 3,232,000 3,462,000 3,554,000 7,380,287 3,713 
      stock-based compensation expense
    		2,140,000 2,795,000 2,253,000 2,261,000 2,269,000 2,320,000 2,202,000 2,132,000 2,123,000 2,138,000 2,088,000 2,013,000 2,014,000 2,012,000 1,925,000 1,975,000 1,975,000 1,958,000 1,852,000 1,781,000 1,692,000 1,762,000 1,777,000 1,628,000 1,626,000 1,623,000 1,689,000 1,486,000 1,487,000 1,521,000 1,376,000  1,283,000 1,425,000 1,259,000  1,130,000 1,029,000 990,000 913,000 1,012,000 1,099,000 982,000 927,000 877,000 783,000 666,000 542,000 523,000 985,000 445,000 458,000 452,000 374,000 363,000 358,000 261,000 355,000 366,000 360,000 351,000 314,000 306,000 306,000 311,000 631,000 635,000 344,000                   
      gain on sale of real estate
    		738,000 -332,000 -171,000 -1,097,000 -3,663,000 32,000 -3,251,000 -16,751,000 -4,870,000 -302,000 -15,373,000 -21,000 387,000   -70,000 -2,702,000 -5,463,000 773,000 -44,000 -30,000 -189,000 -43,854,000 4,630,000 -6,236,000   -7,984,000 -14,353,000    0                                                      
      income tax benefit
    		42,000                                                                                      
      income from unconsolidated joint ventures
    		-439,000 -439,000 -3,665,000 -703,000 -692,000 -671,000 -376,000 -377,000 -375,000 -376,000 -376,000 -377,000 -376,000 -376,000 -375,000 -376,000 -376,000 -376,000 -289,000 -145,000 -56,000 0 -231,000 -415,000 -760,000 -128,000 -1,085,000 -761,000 -746,000 -726,000 -631,000  -615,000 -575,000 -445,000  -289,000 -278,000 -272,000 -276,000 -674,000                                              
      income distributions from unconsolidated joint ventures
    		440,000 439,000 3,699,000 439,000 418,000 309,000 112,000     0       164,000 183,000 18,000 0 231,000 414,000 1,175,000 297,000 1,105,000 644,000 471,000 713,000 543,000  482,000 398,000 356,000  382,000 759,000 268,000                                                
      straight-line rental adjustment
    		372,000 497,000 578,000  -37,000 48,000 550,000 443,000 747,000 423,000 465,000 406,000 436,000 293,000 234,000                                                                        
      adjustment for collectability of straight-line rental income
    		1,271,000 0 243,000                                                                                    
      adjustment for collectability of lease incentives
    		0 0 249,000                                                                                    
      amortization of lease incentives
    		176,000 181,000 199,000 192,000 188,000 205,000 233,000 189,000 171,000 204,000 209,000 212,000 236,000 206,000 223,000 222,000 158,000 116,000 112,000 109,000 108,000 108,000 101,000 104,000 100,000 94,000 87,000 441,000 560,000 551,000 540,000                                                        
      write-off of effective interest receivable
    		                                                                                      
      benefit from credit losses
    		203,000 387,000 3,052,000 -201,000 215,000 703,000 24,000 3,571,000 189,000 187,000 1,731,000                                                                            
      application of interest reserve
    		   0 0 -181,000 -52,000 -151,000 -179,000 -460,000 -1,149,000 -1,844,000 -1,897,000                                                                          
      amortization of debt issue costs
    		411,000 509,000 271,000 268,000 256,000 268,000 267,000 305,000 300,000 300,000 300,000 298,000 294,000                                                                          
      other non-cash items
    		18,000 22,000 24,000 24,000 23,000 24,000 24,000 24,000 24,000 24,000 23,000 283,000 -174,000 961,000 -957,000 190,000 261,000 261,000 260,000 261,000 260,000 256,000 256,000 256,000 255,000 253,000 252,000 257,000 260,000 340,000 323,000  321,000 323,000 314,000  304,000 314,000 291,000 315,000 225,000 230,000 215,000 502,000 406,000 376,000 369,000 142,000 34,000 178,000 349,000 317,000 325,000 393,000 434,000 389,000 239,000 228,000 268,000 391,000 469,000 204,000 129,000 109,000 164,000                      
      change in operating assets and liabilities
    		                                                                                      
      lease incentives funded
    		   -130,000 -200,000 -199,000 -1,395,000 -604,000 -1,004,000   0 -410,000 0 -8,000 -174,000 -470,000   -170,000 -37,000 0 -13,000 -65,000 -39,000   0                                                           
      increase in interest receivable
    		10,000 -4,156,000 -2,951,000 -3,266,000 -2,989,000 -1,915,000 -2,220,000 -678,000 -4,012,000 -2,514,000 -2,079,000 -2,405,000 -1,577,000 -1,548,000 -1,643,000 -2,046,000 -1,499,000 -1,486,000 -1,745,000 -1,499,000 -1,547,000 -1,604,000 -1,511,000 -1,487,000 -1,459,000 -1,464,000 -1,444,000 -1,442,000 -1,426,000 -1,408,000 -1,406,000  -1,395,000 -1,387,000 -1,185,000  -1,347,000 -1,272,000 -1,279,000 -1,152,000 -1,255,000 -962,000 -570,000       -24,000                                     
      increase in accrued interest payable
    		1,127,000 -42,000 -170,000   136,000 996,000               1,084,000 -1,480,000   1,097,000 13,000                     -1,220,000 1,011,000 -994,000 1,164,000 -223,000 23,000 156,000        1,000                         
      net change in other assets and liabilities
    		29,000 4,923,000 -5,423,000 3,261,000 -495,000 6,798,000 -9,948,000 -3,926,000 7,135,000 1,060,000 -8,513,000 2,433,000 932,000 3,296,000 -4,546,000 -2,184,000 3,823,000 4,116,000 -2,793,000 -1,519,000 2,574,000 899,000 -3,975,000 -747,000 -1,061,000 4,693,000 -4,635,000 2,541,000 2,461,000 2,141,000 -4,107,000  1,318,000 -3,955,000 -7,553,000  1,287,000 2,074,000 -5,606,000 4,595,000 3,038,000 1,786,000 -4,029,000 1,180,000 973,000 309,000 -2,827,000 2,178,000 497,000 -1,061,000 946,000   -242,000   195,000   566,000             -288,000 194,000 923,000 -404,000 1,155,000 20,000   -563,000 -1,753,000  522,000 -1,741,111 -1,889 
      net cash from operating activities
    		38,440,000 30,027,000 29,571,000 33,293,000 33,969,000 36,960,000 20,950,000 25,471,000 32,398,000 28,495,000 18,039,000 32,814,000 24,328,000 29,876,000 18,568,000 21,603,000 20,937,000 27,385,000 21,259,000 30,472,000 29,982,000 31,793,000 23,854,000 32,377,000 28,420,000 34,885,000 26,787,000 32,097,000 27,967,000 33,878,000 21,593,000  28,796,000 26,288,000 21,050,000  28,811,000 31,229,000 19,605,000 31,807,000 26,575,000 26,095,000 17,864,000 26,477,000 24,048,000 25,408,000 19,829,000 21,431,000 21,353,000 17,384,000 20,581,000 19,992,000 16,838,000 17,366,000 18,703,000 15,818,000 16,274,000 16,683,000 14,973,000 15,422,000 15,655,000 13,865,000 13,484,000 15,286,000 13,768,000 15,043,000 16,357,000 13,278,000 14,982,000 14,260,000 13,939,000 13,394,000 13,821,000 14,082,000 19,315,000 12,675,000 13,070,000 12,492,000   9,828,000 7,424,000 10,721,000 11,796,000 20,376,937 9,063 
      investing activities:
    		                                                                                      
      investment in real estate properties
    		   0 0 -4,000 -315,000 0 0   -2,000 0       0 0 0 -13,581,000 -20,080,000 -22,222,000 -141,000 -15,971,000 0 -14,506,000    -64,000    -5,553,000 -51,896,000 -16,000,000 -35,155,000 -156,828,000 -1,326,000 -13,031,000 -11,200,000       -60,500,000                                    
      investment in real estate capital improvements
    		-4,178,000 -1,169,000 -1,326,000 -3,767,000 -6,273,000 -2,306,000 -1,329,000 -4,633,000 -1,823,000 -622,000 -2,608,000 -4,439,000 -1,650,000 -1,837,000 -1,068,000 -1,459,000 -2,793,000 -1,002,000 -1,044,000 -2,958,000 -902,000 -1,934,000 -1,119,000 -718,000 -1,053,000 -809,000 -259,000 -1,186,000 -300,000 -1,229,000 -534,000  -113,000 -1,453,000 -742,000  -1,479,000 -834,000 -3,253,000 -1,342,000 -243,000 -1,021,000 -4,928,000 -1,789,000 -730,000 -4,038,000 -7,410,000 -1,884,000 -2,148,000 -2,358,000 -1,951,000                                    
      proceeds from sale of real estate
    		2,528,000 1,674,000 1,512,000 5,226,000 7,977,000 358,000 25,306,000 14,864,000 13,857,000 5,937,000 31,616,000 -8,000 269,000   -1,000 7,096,000 34,767,000 1,765,000 0 0 236,000 71,905,000 5,941,000 7,837,000 6,000 225,000 10,409,000 17,954,000    0    8,895,000 6,724,000 1,750,000                                                
      investment in financing receivables
    		   0                                                                                   
      investment in real estate mortgage loans receivable
    		-57,665,000 -39,616,000 -1,919,000 -2,755,000 -3,024,000 -12,926,000 -3,128,000 30,000 -1,657,000 -17,377,000 -53,226,000 -5,498,000 -1,324,000 -32,884,000 -1,026,000 -86,874,000 -1,655,000 -268,000 -158,000 -77,000 -1,619,000 -2,191,000 -366,000 -1,423,000 -1,183,000 -8,282,000 -1,454,000 -834,000 -8,876,000 -2,044,000 -9,610,000  -1,504,000 -3,445,000 -4,384,000  -1,985,000 -10,529,000 -6,599,000                                                
      principal payments received on mortgage loans receivable
    		21,280,000 327,000 124,000 51,431,000 32,081,000 2,268,000 125,000 10,050,000 50,000 126,000 125,000 550,000 0 500,000 125,000 550,000 0 500,000 125,000 500,000 0 500,000 65,000 500,000 0 500,000 65,000 500,000 0 1,599,000 37,000  12,000 6,381,000 10,958,000  519,000 583,000 1,015,000 527,000 799,000 696,000 2,786,000 7,546,000 555,000 535,000 519,000 491,000 476,000 462,000 1,104,000 3,034,000 718,000 1,366,000 1,654,000 1,966,000 1,032,000 990,000 967,000 1,992,000 1,138,000 3,058,000 3,419,000 8,165,000 1,343,000 2,891,000 26,756,000 2,291,000                   
      investments in unconsolidated joint ventures
    		-548,000   0 -98,000           0 0 0 -5,676,000 -2,122,000 -6,340,000 0 -58,000 -78,000 -101,000 0 -293,000 -90,000 -83,000 -117,000 -380,000  -113,000 -2,820,000 -914,000  -1,000                                                  
      proceeds from liquidation of investments in unconsolidated joint ventures
    		0 0 13,000,000                 90,000 294,000                                                                  
      advances and originations under notes receivable
    		   0 -152,000   -1,119,000 -18,392,000 -261,000 -605,000 -184,000 -220,000 -1,997,000 -34,791,000 -9,900,000 -4,642,000 -155,000 -1,656,000 -712,000 -755,000 -470,000 -141,000 -436,000 -765,000 -813,000 -6,953,000 -74,000                                                           
      principal payments received on notes receivable
    		17,151,000 650,000 238,000 166,000 10,974,000 1,744,000 550,000 150,000 1,112,000 785,000 5,180,000 225,000 0 5,331,000 1,287,000 141,000 0 0 2,553,000 543,000 2,569,000   57,000 3,397,000 8,000 41,000 0 1,496,000    0 0 25,000  30,000 30,000 30,000     1,000 40,000   303,000 2,299,000 114,000 82,000 0 191,000 185,000 181,000 178,000 407,000 155,000 851,000 172,000 184,000 181,000 376,000 156,000 153,000 133,000 241,000 629,000 3,469,000 326,000 214,000 171,000 50,000 49,000 15,023,000            
      net cash from investing activities
    		-290,403,000 -38,326,000 11,629,000 50,301,000 41,388,000 -22,218,000 21,209,000 19,342,000 -6,853,000 -55,171,000 -132,230,000 -9,442,000 -64,691,000 -10,343,000 -35,473,000 -97,543,000 -1,994,000 33,842,000 -4,091,000 -8,051,000 -9,866,000 10,188,000 51,660,000 -21,876,000 -13,037,000 -15,659,000 -28,416,000 -1,235,000 -11,757,000 28,720,000 -19,337,000  -6,822,000 -47,884,000 891,000  -11,922,000 -71,006,000 -37,574,000 -63,749,000 -163,900,000 -46,417,000 -52,754,000 7,517,000 -13,318,000 -7,310,000 -15,923,000 -387,000 -5,180,000 -6,707,000 -61,707,000         1,347,000 176,000 2,313,000    1,149,000 29,711,000 1,516,000 -6,564,000 427,000 -2,909,000 68,616,000  -3,118,000 3,215,000 6,991,000 7,305,000 3,326,000   -1,960,000 549,000 1,495,000 2,611,000 15,209,608 4,392 
      financing activities:
    		                                                                                      
      borrowings from revolving line of credit
    		379,900,000 38,600,000 15,000,000 8,000,000 0 8,900,000 10,300,000 3,000,000 49,500,000 62,250,000 162,700,000 0 95,000,000 52,000,000 47,000,000                                                                        
      repayment of term loans
    		                                                                                      
      repayment of revolving line of credit
    		0 -18,900,000 -10,500,000 -103,800,000 -41,600,000 -4,200,000 -35,500,000 -63,000,000 -13,600,000 -6,000,000 -22,600,000 -21,000,000 0                                                                          
      principal payments on senior unsecured notes
    		-32,000,000 -5,500,000 -7,000,000 -5,000,000 -34,160,000 -4,000,000 -6,000,000 -5,000,000 -33,160,000 -4,000,000 -7,000,000 -5,000,000 -36,160,000 0 -7,000,000 -15,000,000 -25,160,000 0 -7,000,000 -15,000,000    -19,000,000 -10,500,000 0 -4,167,000 -18,000,000 -16,000,000 0 -4,166,000  -15,000,000 0 -4,167,000  -12,500,000 0 -4,167,000 0 -25,000,000 0 -4,167,000 0 0 0 -4,167,000                                        
      proceeds from common stock issued
    		45,531,000 5,300,000 8,485,000 16,775,000 54,655,000 6,521,000 4,453,000 52,000,000 0 0 1,777,000 29,199,000 4,754,000               0     0 0 14,578,000                                                    
      payments of common share issuance costs
    		-148,000 -131,000 -74,000                                                                                    
      distributions paid to stockholders
    		-26,456,000 -26,297,000 -27,259,000 -25,846,000 -25,281,000 -24,787,000 -24,616,000 -23,997,000 -23,605,000 -23,599,000 -23,563,000 -23,307,000 -23,087,000 -22,635,000 -22,480,000 -22,443,000 -22,443,000 -22,439,000 -23,169,000 -22,368,000 -22,368,000 -22,359,000 -23,167,000 -22,658,000 -22,658,000 -22,652,000 -22,931,000 -22,604,000 -22,600,000 -22,590,000 -22,578,000  -22,554,000 -22,558,000 -22,552,000  -21,180,000 -20,684,000 -20,347,000 -19,923,000 -18,959,000 -18,949,000 -18,934,000 -18,702,000 -18,589,000 -18,580,000 -18,560,000 -16,978,000 -16,350,000 -15,035,000 -14,681,000                                    
      acquisition of and distributions paid to non-controlling interests
    		0                                                                                      
      financing costs paid
    		-4,540,000   -53,000 -105,000 -9,000 -402,000 -49,000 1,000 0 -20,000 -46,000 -40,000 -1,095,000 -27,000 -3,323,000 0   0 0   -20,000 -6,000   0 -111,000    0 -62,000 -301,000  -18,000   -983,000 -30,000   -1,970,000 -116,000 -35,000 -11,000 -2,000                                       
      cash paid for taxes in lieu of shares upon vesting of restricted stock
    		0 -437,000 -4,772,000 0 0 -1,000 -1,532,000 0 0 -81,000 -1,538,000                                                                            
      other
    		0 0 -11,000 1,000 0 -2,000 -29,000     0 0 0 -6,000 0 -12,000 -46,000 -12,000 0 0 3,537,000 -3,545,000 0 -23,000 -6,000 -2,024,000 0 -21,000 -116,000 -1,064,000  0 -296,000 -1,658,000  -41,000 -858,000 -1,316,000 -939,000 -8,000 -9,000 -329,000     0 0 -23,000   151,000     0 66,000       31,000 0 160,000 162,000 421,000 348,000 306,000  576,000 350,000 1,095,000 2,065,000 -344,000 -99,000 -2,215,000 613,000 72,000 -220,000 -193,000 1,563,413 1,587 
      net cash from financing activities
    		262,287,000 -7,387,000 -27,319,000 -109,220,000 -46,491,000 -17,578,000 -53,435,000 -35,829,000 -21,269,000 28,164,000 109,350,000 -19,471,000 40,440,000 -17,525,000 16,137,000 35,642,000 20,802,000 -63,714,000 -16,739,000 -37,460,000 -47,675,000 -22,499,000 -48,870,000 -12,325,000 -14,630,000 -22,734,000 5,688,000 -48,669,000 -345,000 -59,676,000 -3,685,000  -27,431,000 22,163,000 -21,200,000  -31,032,000 33,253,000 29,307,000 33,155,000 141,003,000 24,956,000 13,070,000 -16,346,000 -11,205,000 -17,576,000 -3,142,000 -24,021,000 37,521,000 -8,247,000 39,087,000   -5,348,000 -37,344,000 52,717,000  -8,255,000 11,194,000                   -29,989,000   -13,523,000 -7,086,000 -27,183,000 -6,140,000 -27,204,440 -16,560 
      increase in cash and cash equivalents
    		  13,881,000 -25,626,000    8,984,000 4,276,000   3,901,000 77,000 2,008,000 -768,000                -1,429,000   567,000 741,000   -6,524,000 11,338,000 1,213,000 3,678,000 4,634,000 -21,820,000 17,648,000 -475,000 522,000 764,000 -2,977,000 53,694,000 2,430,000 -2,039,000     16,487,000   10,354,000   570,000    -14,402,000 32,589,000 1,086,000 -16,067,000 -5,408,000 -3,462,000 51,255,000  1,143,000 8,504,000   -14,171,000 6,443,000 8,243,000 -5,655,000 887,000 -14,967,000 8,267,000 8,382,105 -3,105 
      cash and cash equivalents, beginning of period
    		0 0 9,414,000 0 0 0 20,286,000 0 0 0 10,379,000 0 0 0 5,161,000                5,213,000 0 0 0 7,991,000 0 0 0 12,942,000 0 0    0 0 6,778,000 0 0 7,191,000 0 0 4,408,000 0 0 6,903,000 0 0 8,856,000 0 0 21,118,000 0 0 42,631,000 0 0 29,887,000  0 0 3,569,000 0 0 4,315,000 0 0 17,919,000  0 0 8,001,000  0 6,315,678 6,322 
      cash and cash equivalents, end of period
    		10,324,000 -15,686,000 23,295,000 -25,626,000 28,866,000 -2,836,000 9,010,000 8,984,000 4,276,000 1,488,000 5,538,000 3,901,000 77,000 2,008,000 4,393,000                3,784,000 1,371,000 -5,457,000 567,000 8,732,000 4,378,000 -14,143,000 -6,524,000 24,280,000 1,213,000 3,678,000    -475,000 522,000 7,542,000 -2,977,000 53,694,000 9,621,000 -2,039,000 7,016,000 3,297,000 -1,181,000 -16,995,000 23,390,000 6,995,000 -13,712,000 19,210,000 -9,032,000 -7,580,000 21,688,000 2,241,000 -11,959,000 25,868,000 -14,402,000 32,589,000 30,973,000  -5,408,000 -3,462,000 54,824,000 -10,021,000 1,143,000 12,819,000 42,104,000 -955,000 3,748,000  8,243,000 -5,655,000 8,888,000  8,267,000 14,697,783 3,217 
      ​
    		                                                                                      
      supplemental disclosure of cash flow information:
    		                                                                                      
      interest paid
    		7,253,000 7,547,000 7,812,000 8,760,000 11,007,000 10,499,000 9,782,000 12,142,000 12,351,000 11,264,000 11,421,000 6,418,000 8,473,000 6,384,000 7,534,000 6,016,000 7,271,000 5,855,000 7,582,000 5,912,000 8,389,000 6,207,000 8,935,000 6,336,000 8,867,000 6,362,000 7,202,000 6,247,000 8,875,000 6,325,000 8,669,000  7,758,000 6,545,000 7,574,000  6,957,000 5,240,000 6,807,000 3,848,000 5,085,000 2,371,000 4,774,000 2,617,000 4,476,000 2,226,000 4,375,000 3,830,000 1,922,000 4,118,000 1,642,000 2,063,000 1,855,000 1,491,000 1,006,000 1,031,000 216,000 332,000 308,000 328,000 795,000 796,000 808,000 1,106,000 1,109,000 2,426,000 -71,000 1,194,000 2,080,000 1,635,000 1,594,000 1,736,000 2,100,000 2,101,000 2,105,000 2,860,000 3,238,000 3,262,000 3,547,000 4,258,000 4,131,000 4,676,000 4,934,000 4,961,000 10,045,745 5,255 
      non-cash investing and financing transactions:
    		                                                                                      
      contribution from non-controlling interest
    		    0    1,000                                                                              
      exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables
    		    0                                                                                  
      accretion of interest reserve recorded as mortgage loan receivable
    		    0 181,000 52,000  179,000 460,000 1,149,000                                                                            
      write-off of notes receivable
    		0 0 -2,693,000                                                                                    
      decrease in fair value of interest rate swap agreements
    		-729,000                                                                                      
      distributions paid to non-controlling interests
    		-1,455,000 -1,456,000 -2,448,000 0 0 0 -109,000  -405,000 -406,000 -406,000 683,000 -77,000 -998,000 -95,000 -92,000 -92,000 -91,000 -88,000 -92,000 -128,000 -97,000 -146,000 -66,000 -66,000 -87,000 -90,000                     0   -10,000                                    
      transfer of joint venture partner's non-controlling interest to ltc
    		0 0 2,883,000                                                                                    
      distributions paid to non-controlling interests related to property sale
    		    0 0 2,305,000                                                                                
      decrease in cash and cash equivalents
    		     -2,836,000 -11,276,000    -4,841,000                     1,371,000                                                       
      acquisitions of and distributions paid to non-controlling interests
    		  -1,188,000                                                                                    
      decrease (increase) in fair value of interest rate swap agreements
    		  -910,000                                                                                    
      impairment loss
    		       3,265,000 0 12,076,000 434,000                                                                            
      straight-line rental (income) adjustment
    		                                                                                      
      exchange of prepayment fee for participating interest in mortgage loan
    		       0 0 0 -1,380,000                                                                            
      adjustment for collectability of lease incentives and rental income
    		   0 0   0 0   0                                                                           
      investment in real estate developments
    		           0        -3,315,000 -3,036,000 -5,494,000 -4,854,000 -5,472,000 -2,040,000 -6,055,000 -6,957,000 -9,562,000 -7,094,000 -10,032,000 -8,591,000  -4,784,000 -5,712,000 -3,443,000  -9,292,000 -12,892,000 -13,439,000 -11,469,000 -6,654,000 -2,765,000 -5,041,000                                            
      proceeds from issuance of senior unsecured notes
    		           0 0                    0 0 100,000,000  40,000,000   100,000,000    0                                           
      contribution from non-controlling interests
    		           0    0        919,000 0 -873,000 919,000 0 2,882,000                                                          
      decrease in accrued interest payable
    		          -1,112,000    -655,000  -921,000 746,000 -869,000          -1,637,000 991,000 -1,162,000    -416,000    -1,122,000  -1,020,000 1,102,000 -1,084,000    -1,074,000                                        
      exchange of mezzanine loan and related prepayment fee for participating interest in mortgage loan
    		        0 0 -8,841,000                                                                            
      reserves withheld at financing and mortgage loan receivable origination
    		        0 -10,294,000 5,147,000                                                                            
      mortgage loan receivable reserve withheld at origination
    		        0 756,000 750,000                                                                            
      increase in fair value of interest rate swap agreements
    		     -233,000 378,000  28,000 1,211,000 -1,362,000  3,306,000 1,435,000 4,876,000                                                                        
      borrowings from term loans
    		                                                                                      
      investment in financing receivable
    		        0 0 -112,712,000 -86,000                                                                           
      contribution of financing receivable from non-controlling interest
    		          3,831,000                                                                            
      loss on unconsolidated joint ventures
    		                   138,000 0                                                                  
      provision (recovery) for credit losses
    		             305,000 354,000 962,000                                                                       
      capitalized interest
    		                   0 -77,000 -86,000 -191,000 -167,000 -108,000 -73,000 -260,000 -398,000 -298,000 -293,000 -259,000  -256,000 -201,000 -170,000  -251,000 -256,000 -686,000 -346,000 -184,000 -150,000 -147,000 -290,000 -474,000 -435,000 -307,000                                        
      stock repurchase plan
    		                   0 0 0 -18,012,000                                                                
      cash paid for taxes in lieu of shares upon vesting of restricted stock and performance-based stock units
    		           0 0 -100,000 -1,255,000 0 0 -103,000 -3,470,000                                                                    
      impairment charges
    		                   3,036,000                                                                   
      preferred return reserve related to investments in unconsolidated joint ventures
    		                0                                                                      
      notes receivable reserve withheld at origination
    		                                                                                      
      adjustment for collectability of rental income and lease incentives
    		             0 173,000                                                                        
      application of interest reserve recorded as mortgage loan receivable
    		             1,230,000 1,221,000                                                                        
      (gain) loss on sale of real estate
    		              -102,000                                                                        
      straight-line rental income
    		               152,000 44,000 19,000 -682,000 -77,000 -228,000 -634,000 -839,000 -889,000 -1,085,000 -1,275,000 -1,238,000 -921,000 -3,189,000 -2,000,000 -3,440,000  -2,055,000 -2,440,000 -2,867,000  -2,747,000 -2,619,000 -2,835,000 -3,076,000 -2,607,000 -2,178,000 -2,275,000  -674,000 -608,000 -639,000   -937,000                            -281,000         
      adjustment for collectibility of rental income and lease incentives
    		               0 0 0 758,000 0                                                                   
      stock option exercises
    		                       0    0 0 0 123,000  123,000    0   0 0   794,000 0 39,000 238,000 0 0 523,000 1,180,000                                    
      increase in cash, cash equivalents and restricted cash
    		               -40,298,000 39,745,000 -2,487,000 429,000 -15,039,000 -27,559,000 19,482,000 26,644,000  753,000 -3,508,000 4,059,000  15,865,000                                                          
      cash, cash equivalents and restricted cash, beginning of period
    		               0 0 0 7,772,000 0 0 0 4,244,000 0 0 0 4,764,000 0 0                                                          
      cash, cash equivalents and restricted cash, end of period
    		               -40,298,000 39,745,000 -2,487,000 8,201,000 -15,039,000 -27,559,000 19,482,000 30,888,000 -1,824,000 753,000 -3,508,000 8,823,000 -17,807,000 15,865,000                                                          
      bank borrowings
    		                75,500,000 0 17,000,000 0 0 0 24,000,000 34,500,000 36,500,000 0 36,900,000 19,700,000 42,500,000 30,000,000 24,000,000  16,000,000 45,000,000 3,500,000  6,000,000 37,000,000 40,500,000 24,000,000 185,000,000 45,500,000 36,500,000 9,000,000 7,500,000 1,000,000 20,000,000 0 0 2,000,000 29,500,000 6,000,000 17,000,000 19,000,000 70,000,000 49,000,000 0 20,500,000 17,000,000 0                           
      repayment of bank borrowings
    		                -7,000,000   0 0 0 -28,000,000 -106,000,000 -18,000,000 0 -2,000,000 -27,700,000 -8,000,000    -6,000,000 0 -110,600,000  -51,000,000   -69,000,000 -100,000,000   -28,500,000    0   -62,000,000                                    
      reclassification of notes receivable to lease incentives
    		                    0 0 300,000  0                                                              
      (recovery) benefit from credit losses
    		                 0 -9,000                                                                    
      preferred return reserve related to investments in unconsolidated joint venture
    		                  2,324,000                                                                    
      insurance proceeds for damaged property
    		                           0 0                                                          
      payment for remediation of damaged property
    		                           -53,000 -282,000                                                          
      (recovery) benefit from doubtful accounts
    		                   -2,000                                                                   
      non-cash interest related to contingent liabilities
    		                           0 126,000 125,000 126,000  125,000 125,000 226,000  223,000 166,000 149,000                                                
      non-cash income related to earn-out and related lease incentive write-off
    		                                                                                      
      withheld vested restricted stock and performance-based stock units
    		                   0                                                                   
      right of use asset
    		                          1,445,000                                                            
      lease liability
    		                          1,445,000                                                            
      change in straight-line rent receivable and lease incentives due to collectibility
    		                                                                                      
      benefit from doubtful accounts
    		                     0 1,000    83,000 11,000 106,000 -38,000 8,000  -96,000 -5,000 -38,000  43,000 118,000 84,000 156,000 31,000 429,000 3,000  39,000 11,000 27,000   15,000                                     
      withheld vested restricted stock and performance-based stock units to satisfy tax payments
    		                                                                                      
      adjustment for collectibility of rental income
    		                       0 0                                                              
      proceeds from dissolution of unconsolidated joint ventures
    		                       0 3,201,000                                                              
      benefit from (recovery of) doubtful accounts
    		                                                                                      
      payment of working capital reserve
    		                                0 0 -439,000  -891,000 -1,135,000 -299,000                                                
      decrease in cash, cash equivalents and restricted cash
    		                                                                                      
      provision (recovery) for doubtful accounts
    		                                                                                      
      adjustment for collectibility
    		                          1,926,000                                                            
      proceeds from payoff of joint venture agreements
    		                          3,400,000                                                            
      non-cash income related to earn-out and related lease inducement write-off
    		                                                                                      
      lease incentives funding
    		                             -637,000 -380,000                                                        
      operating activities
    		                                                                                      
      investing activities
    		                                                                                      
      financing activities
    		                                                                                      
      impairment on receivables
    		                                0                                                      
      effect of earn-out and related lease inducement write-off
    		                                                                                      
      contingent liabilities related to real estate investments
    		                                    0                                                  
      amortization of lease incentive
    		                                 584,000 527,000  469,000 459,000 518,000                                                
      gain on sale of assets
    		                                    -1,780,000           -2,619,000   0                                    
      advances under notes receivable
    		                                    -1,914,000 -321,000 -93,000 -90,000 -210,000 -362,000 -892,000 -599,000 -575,000   -285,000 -447,000 -63,000 -442,000                                    
      mortgage loan receivable applied against purchase price to acquire real estate
    		                                        0 0 10,600,000                                            
      reclassification of pre-development loans
    		                                        400,000                                              
      proceeds from common stock offering
    		                                               -41,000 171,406,000 4,895,000    -36,000 -162,000 103,829,000                               
      proceeds from issuance of common stock
    		                                      14,637,000                                                
      impairment on real estate
    		                                                                                      
      principal payments on bonds payable
    		                                            0 0 -635,000 0 0 -600,000 0                                    
      payment of earn-out liabilities
    		                                                                                      
      see note 4: supplemental cash flow information for further discussion.
    		                                                                                      
      distribution from unconsolidated joint ventures
    		                                                                                      
      amortization of lease inducement
    		                                        428,000 383,000 352,000                                            
      non-cash interest related to earn-out liabilities
    		                                        96,000 54,000 55,000     36,000 110,000 110,000 110,000 110,000 110,000 177,000                                 
      proceeds from sale of real estate investments
    		                                           25,886,000 0   11,000,000   0 0 1,248,000          0 0 555,000 0 0 158,000 0 -7,000 0 54,042,000               
      advances under mortgage loans receivable
    		                                        39,420,000 -41,489,000 -1,858,000  -3,842,000 -1,139,000 -2,568,000 -1,903,000 -3,000 -910,000                                     
      origination of real estate mortgages
    		                                                                                      
      investment in unconsolidated joint ventures
    		                                        0 0 -20,143,000                                            
      land conveyance applied to a mortgage and construction loan receivable
    		                                                                                      
      investment in real estate mortgages
    		                                         0 -9,500,000                                   -3,661,000 0 0       
      income from unconsolidated joint venture
    		                                          -116,000                                            
      cash and cash equivalents, beginning of year
    		                                          25,237,000                                            
      cash and cash equivalents, end of year
    		                                          3,417,000                                            
      depreciation and amortization—continuing and discontinued operations
    		                                               6,202,000                                       
      straight-line rental income—continuing and discontinued operations
    		                                               -1,140,000                                       
      decrease in interest receivable
    		                                           69,000 -4,000   1,000   6,000 219,000 172,000 190,000 -159,000 192,000 174,000 -128,000 173,000 188,000 -161,000 204,000 179,000 -117,000 184,000                      
      proceeds from redemption of marketable securities
    		                                                  0                                    
      principal payments on mortgage loan payable and bonds payable
    		                                                                                      
      redemption of non-controlling interests
    		                                                  0                                    
      investment in real estate properties under development
    		                                            -7,842,000 -9,923,000 -6,157,000 -6,059,000 -5,358,000 -3,952,000                                     
      proceeds from common stock offerings
    		                                                                                      
      supplemental cash flow information:
    		                                                                                      
      decrease (increase) in interest receivable
    		                                              5,000                   396,000 6,000 238,000                   
      provision (recovery) for doubtful accounts—continuing and discontinued operations
    		                                                                                      
      depreciation and amortization — continuing and discontinued operations
    		                                                    5,167,000 4,974,000 4,987,000 4,521,000                               
      recovery from doubtful accounts
    		                                                                                      
      debt issue costs
    		                                                  -702,000                                    
      redemption of preferred stock
    		                                                                             -126,305,000         
      depreciation and amortization – continuing and discontinued operations
    		                                                                                      
      straight-line rental income – continuing and discontinued operations
    		                                                                                      
      recovery from doubtful accounts – continuing and discontinued operations
    		                                                                                      
      straight-line rental income — continuing and discontinued operations
    		                                                                                      
      provision (recovery) for doubtful accounts — continuing and discontinued operations
    		                                                    1,000                                  
      investment in real estate properties and capital improvements
    		                                                                             -3,461,000  11,000 -1,579,000 -86,000  -174,000 -1,090,347 -653 
      (recovery) benefit from doubtful accounts — continuing and discontinued operations
    		                                                                                      
      conversion of preferred stock to common stock
    		                                                           0 0 23,000 174,000 462,000 2,283,000 376,000 244,000 85,000  225,000 -593,000 1,524,000 537,000              
      conversion of mortgage loan to owned property
    		                                                                                      
      provisions for doubtful accounts
    		                                                        217,000 194,000 1,061,000                            
      repurchase of common stock
    		                                                                                      
      repurchase of preferred stock
    		                                                                                      
      advance under notes receivable
    		                                                                                      
      proceeds from stock offering
    		                                                         0 9,654,000                            
      principal payments on mortgage loans payable and bonds payable
    		                                                                                      
      gain on sale of real estate assets
    		                                                                                      
      preferred stock buyback
    		                                                                                      
      redemption of noncontrolling interests
    		                                                                                      
      distributions paid to noncontrolling interests
    		                                                                                      
      redemption of noncontrolling interest
    		                                                                                      
      distributions paid to noncontrolling interest
    		                                                                                      
      depreciation and amortization – continuing operations
    		                                                              3,745,000 3,730,000 3,692,000 3,618,000 3,575,000 3,541,000  3,472,000 3,431,000 3,485,000               
      depreciation and amortization – discontinued operations
    		                                                                                      
      minority interest
    		                                                              76,000 77,000 77,000 86,000 86,000 86,000 86,000 85,000 86,000 86,000               
      proceeds from redemption of marketable debt securities
    		                                                                 -164,000                     
      redemption of minority interests
    		                                                                                      
      distributions paid to minority interests
    		                                                                                      
      depreciation and amortization – discontinuing operations
    		                                                                                      
      gain on sale of real estate investments
    		                                                                             -975,000      -819,000 -13,120,072 72 
      investment in marketable equity securities
    		                                                                                      
      borrowings under the line of credit
    		                                                                     0 0 2,000,000 8,700,000 0 2,000,000 0 3,500,000 33,000,000  3,000,000       
      repayments of borrowings under the line of credit
    		                                                                                      
      mortgage principal payments on the senior mortgage participation
    		                                                                             -204,000         
      property exchange
    		                                                                                      
      reclassification of previously issued restricted stock
    		                                                                      0 3,123,000               
      depreciation and amortization—continuing operations
    		                                                                                      
      depreciation and amortization—discontinued operations
    		                                                                                      
      (gain) loss on sale of real estate and other investments
    		                                                                                      
      realization of reserve on note receivable
    		                                                                                      
      realization of deferred gain on note receivable
    		                                                                                      
      non-cash impairment charge
    		                                                                                      
      decrease (increase) in prepaid, other assets and allowance
    		                                                                                      
      decrease in accrued interest
    		                                                                             -71,000    -176,000    -108 
      increase in accrued expenses and other liabilities
    		                                                                                      
      conversion of mortgage loans to owned properties
    		                                                                                      
      payment of deferred lease cost
    		                                                                                      
      principal payments on mortgage loans receivable and remic certificates
    		                                                                                      
      conversion of remic certificates to mortgage loans
    		                                                                                      
      investment in marketable debt and equity securities
    		                                                                                      
      proceeds from the sale of marketable equity securities
    		                                                                                      
      investment in remic certificates
    		                                                                             -3,898,000         
      proceeds from redemption of investment in debt securities
    		                                                                                      
      repayment of senior mortgage participation
    		                                                                              -10,767,000 -222,000 -216,000 -212,000     
      principal payments on mortgage loans, bonds payable and capital leases
    		                                                                                      
      proceeds from common and preferred stock offerings
    		                                                                                      
      repayment of stockholder loans
    		                                                                                      
      preferred stock redemption
    		                                                                                      
      conversion of minority interests
    		                                                                                      
      income from investments in marketable debt and equity securities
    		                                                                     348,000                 
      other non-cash charges
    		                                                                       33,000 391,000 518,000 1,345,000 816,000 698,000 719,000   1,244,000 977,000 1,222,000 975,000 2,276,906 1,094 
      (gain)/loss on sale of real estate investments
    		                                                                                      
      increase in accrued interest
    		                                                                         140,000 1,000            
      conversion of mortgage loans into owned properties
    		                                                                                   1,500,000 2,329,668 2,332 
      principal payments received on mortgage loans receivable and remic certificates
    		                                                                     8,469,000 5,271,000 16,029,000 5,893,000 3,242,000 5,308,000            
      principal payments on mortgage loans payable, bonds and capital lease obligations
    		                                                                                      
      net proceeds from issuance of common stock
    		                                                                                      
      exchange of mortgage loans for owned properties
    		                                                                        0   0           
      exchange of remic certificates for mortgage loans receivable
    		                                                                           0           
      elimination of loans payable resulting from repurchase of remic certificates
    		                                                                                      
      restricted stock issued, net of cancellations
    		                                                                                      
      proceeds from sale of real estate investments and other assets
    		                                                                        1,000   4,523,000 4,000 208,000  1,553,000 2,595,000 220,000  2,537,000 9,520,458 -458 
      redemption of investment in senior secured notes
    		                                                                           0 0 12,281,000         
      net proceeds from issuance of preferred stock
    		                                                                           61,121,000 -116,000 98,578,000         
      principal payments on mortgage loans payable and capital lease obligations
    		                                                                             -5,498,000  -1,952,000 -6,969,000 -1,018,000  -8,838,000 -5,057,051 -949 
      distributions paid
    		                                                                             -9,841,000 -8,388,000 -6,371,000 -7,245,000 -4,759,000 -5,572,000 -5,601,000 -12,020,578 -6,422 
      exchange of limited partnership units for common stock
    		                                                                           727,000           
      transfer of remic certificates to mortgage loans receivable
    		                                                                                      
      refinance of notes receivable into a mortgage loan receivable
    		                                                                                      
      assumption of mortgage loans payable for acquisitions of real estate assets
    		                                                                                      
      impairment charge
    		                                                                                0 1,260,000  925,000   
      investment in marketable debt securities
    		                                                                                      
      advances under line of credit to clc healthcare, inc.
    		                                                                               -2,000 -500,000 -950,000  0 -791,296 -704 
      payments from clc healthcare, inc. on line of credit
    		                                                                               1,200,000 0 946,000     
      repayments of bank borrowings under the line of credit
    		                                                                             -21,000,000         
      repurchase of common and preferred stock
    		                                                                              18,000 0 -1,368,000 -2,093,000     
      assumption of mortgage loans payable on acquisitions of real estate assets
    		                                                                                      
      principal payments on mortgage loans receivable
    		                                                                            10,451,000 2,201,000 8,640,000 3,537,000 362,000 347,000 336,000 330,000 5,351,991 4,009 
      conversion of limited partnership units into common stock
    		                                                                             2,575,000         
      gain on sale of real estate and other investments
    		                                                                                      
      write-off of debt issue costs related to early retirement of bank debt
    		                                                                                      
      adjustment to stockholder notes receivable
    		                                                                                      
      increase in prepaid, other assets and allowance
    		                                                                                      
      acquisition of real estate properties and capital improvements
    		                                                                                      
      investment in debt securities
    		                                                                                  0    
      advances to clc healthcare, inc.
    		                                                                                      
      repayment of advances to clc healthcare, inc.
    		                                                                                      
      proceeds from issuance of senior mortgage participation
    		                                                                                      
      mortgage loan borrowings
    		                                                                                      
      principal payments on mortgage loans, notes payable and capital leases
    		                                                                                      
      redemption of convertible subordinated debentures
    		                                                                                  0 0 -2,405,592 -2,408 
      repayments of bank borrowings under line of credit
    		                                                                               -52,557,000    -31,610,000 -7,993,000 -7,000 
      net proceeds from preferred stock offering
    		                                                                                      
      increase in short term notes receivable related to the disposition of real estate assets
    		                                                                                      
      loss on sale of real estate investments
    		                                                                                      
      loss on the sale of other assets
    		                                                                                      
      proceeds from issuance of senior mortgage participation, net of repayments
    		                                                                                      
      payments on line of credit to clc healthcare, inc.
    		                                                                                    655,389 611 
      increase in short term notes receivable related to the disposition of real estate properties
    		                                                                                      
      assumption of mortgage loans payable related to acquisitions of real estate properties
    		                                                                                    1,355,643 1,357 
      
    		                                                                                      
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.