RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENT |
RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTSSet forth below are the Company's audited restated consolidated financial statements at December 31, 2018 and for the year ended December 31, 2018. BRT has also restated the footnotes accompanying these consolidated financial statements included in this Annual Report on Form 10-K. See note 16 for additional information. The Company transitioned from a September 30, to a December 31 year end effective with the filing of a Quarterly Report on Form 10-QT for the quarter ended December 31, 2018. Accordingly, the "As Previously Reported" amounts are presented on a calendar year basis rather than a fiscal year basis so that such amounts will be comparable to the amounts presented for 2019. The effect of the restatement on the previously filed consolidated financial statements is as follows: CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share data) | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2018 | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | ASSETS | | | | | | | Real estate properties, net of accumulated depreciation | | $ | 1,029,239 | | | $ | (852,297) | | | | $ | 176,942 | | Real estate loan | | 4,750 | | | — | | | | 4,750 | | Cash and cash equivalents | | 32,428 | | | (8,889) | | | | 23,539 | | Restricted cash | | 8,180 | | | — | | | | 8,180 | | Deposits and escrows | | 21,268 | | | (17,969) | | | | 3,299 | | Investment in unconsolidated joint ventures | | 19,758 | | | 156,926 | | | | 176,684 | | Other assets | | 8,084 | | | (6,488) | | | | 1,596 | | Total Assets | | $ | 1,123,707 | | | $ | (728,717) | | | | $ | 394,990 | | LIABILITIES AND EQUITY | | | | | | | | | | | Liabilities: | | | | | | | Mortgages payable, net of deferred costs | | 771,817 | | | (633,871) | | | 137,946 | | Junior subordinated notes, net of deferred costs | | 37,043 | | | — | | | | 37,043 | | Accounts payable and accrued liabilities | | 24,487 | | | (8,305) | | | | 16,182 | | Total Liabilities | | 833,347 | | | (642,176) | | | | 191,171 | | Commitments and contingencies | | | | | | | | | | | Equity: | | | | | | | | | | BRT Apartments Corp. stockholders' equity: | | | | | | | Preferred shares, $.01 par value: Authorized 2,000 shares, none issued | | — | | | — | | | — | | Common stock, $.01 par value, 300,000 shares authorized, | | | | | | | | | | | 15,038 shares issued | | 150 | | — | | | 150 | Additional paid-in capital | | 216,981 | | | 6,392 | | | | 223,373 | | Accumulated other comprehensive income | | 1,688 | | | (1,679) | | | | 9 | | Accumulated deficit | | (20,044) | | | — | | | | (20,044) | | Total BRT Apartments Corp. stockholders' equity | | 198,775 | | | 4,713 | | | | 203,488 | | Non-controlling interests | | 91,585 | | | (91,254) | | | | 331 | | Total Equity | | 290,360 | | | (86,541) | | | | 203,819 | | Total Liabilities and Equity | | $ | 1,123,707 | | | $ | (728,717) | | | | $ | 394,990 | |
CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except share data
| | | | | | | | | | | | | | | | | | | | | | | For Year Ended December 31, 2018 | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | Revenues: | | | | | | | Rental and other revenue from real estate properties | | $ | 121,926 | | | $ | (99,296) | | | | $ | 22,630 | | Other income | | 799 | | | — | | | | 799 | | Total revenues | | 122,725 | | | (99,296) | | | | 23,429 | | Expenses: | | | | | | | Real estate operating expenses | | 59,542 | | | (48,847) | | | | 10,695 | | Interest expense | | 35,356 | | | (28,917) | | | | 6,439 | | General and administrative | | 9,383 | | | — | | | | 9,383 | | Depreciation | | 40,048 | | | (35,121) | | | | 4,927 | | Total expenses | | 144,329 | | | (112,885) | | | | 31,444 | | Total revenues less total expenses | | (21,604) | | | 13,589 | | | | (8,015) | | Equity in (loss) income from unconsolidated joint ventures | | (488) | | | (4,600) | | | | (5,088) | | Equity in earnings from sale of unconsolidated joint venture properties | | — | | | 37,869 | | | | 37,869 | | Gain on sale of real estate | | 71,919 | | | (71,058) | | | | 861 | | Gain on insurance recovery | | 6,084 | | | (6,084) | | | | — | | | | | | | | | Loss on extinguishment of debt | | (800) | | | 800 | | | | — | | Income from continuing operations | | 55,111 | | | (29,484) | | | | 25,627 | | Provision for taxes | | 2 | | | — | | | | 2 | | Income from continuing operations, net of taxes | | 55,109 | | | (29,484) | | | | 25,625 | | (Income) attributable to non-controlling interests | | (29,614) | | | 29,484 | | | | (130) | | Net income attributable to common stockholders | | $ | 25,495 | | | $ | — | | | | $ | 25,495 | | | | | | | | | Weighted average number of shares of common stock outstanding: | | | | | | | Basic | | 15,014,385 | | | | | 15,014,385 | | Diluted | | 15,214,385 | | | | | 15,214,385 | | | | | | | | | Per share amounts attributable to common stockholders | | | | | | | Basic | | $ | 1.70 | | | | | | | $ | 1.70 | | Diluted | | $ | 1.68 | | | | | | | 1.68 | | | | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Dollars in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2018 | | | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | | | Net income | | $ | 55,109 | | | $ | (29,484) | | | $ | 25,625 | | | | Other comprehensive (loss) income: | | | | | | | | | Unrealized (loss) gain on derivative instruments | | 486 | | | (473) | | | 13 | | | | Other comprehensive (loss) income | | 486 | | | (473) | | | 13 | | | | Comprehensive income | | 55,595 | | | (29,957) | | | 25,638 | | | | Comprehensive (income) attributable to non-controlling interests | | (29,757) | | | 29,625 | | | (132) | | | | Comprehensive income attributable to common stockholders | | $ | 25,838 | | | $ | (332) | | | $ | 25,506 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY Year Ended December 31, 2018 (Dollars in thousands, except share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Shares of Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | | (Accumulated Deficit) | | Non Controlling Interests | | Total | As Previously Reported | | | | | | | | | | | | | Balances, December 31, 2017 | | $ | 133 | | | | $ | 202,225 | | | | $ | 1,346 | | | | (33,292) | | | | $ | 72,935 | | | | $ | 243,347 | | Distributions - Common Stock - $0.80 per share | | — | | | | — | | | | — | | | | (12,247) | | | | — | | | | (12,247) | | Restricted stock vesting | | 1 | | | | (1) | | | | — | | | | — | | | | — | | | | — | | Compensation expense—restricted stock and restricted stock units | | — | | | | 995 | | | | — | | | | — | | | | — | | | | 995 | | Contributions from non-controlling interests | | — | | | | — | | | | — | | | | — | | | | 41,824 | | | | 41,824 | | Distributions to non-controlling interests | | — | | | | — | | | | — | | | | — | | | | (50,777) | | | | (50,777) | | Purchase of non-controlling interest | | — | | | | (6,473) | | | | — | | | | — | | | | (2,155) | | | | (8,628) | | Shares issued through equity offering program, net | | 16 | | | | 20,396 | | | | — | | | | — | | | | — | | | | 20,412 | | Shares repurchased | | — | | | | (161) | | | | — | | | | — | | | | — | | | | (161) | | Net income | | — | | | | — | | | | — | | | | 25,495 | | | | 29,614 | | | | 55,109 | | Other comprehensive income | | — | | | | — | | | | 342 | | | | — | | | | 144 | | | | 486 | | Comprehensive income | | — | | | | — | | | | — | | | | — | | | | — | | | | 55,595 | | Balances, December 31, 2018 | | $ | 150 | | | $ | 216,981 | | | $ | 1,688 | | | | $ | (20,044) | | | | $ | 91,585 | | | | $ | 290,360 | | | | | | | | | | | | | | | Restatement Impact | | | | | | | | | | | | | Balances, December 31, 2017 | | $ | — | | | $ | — | | | | $ | (1,348) | | | | $ | — | | | | $ | (72,458) | | | | $ | (73,806) | | Distributions - Common Stock - $0.80 per share | | — | | | — | | | — | | | — | | | — | | | — | | Restricted stock vesting | | — | | | — | | | — | | | — | | | — | | | — | | Compensation expense—restricted stock and restricted stock units | | — | | | — | | | — | | | — | | | — | | | — | | Contributions from non-controlling interests | | — | | | — | | | — | | | — | | | (41,824) | | | (41,824) | | Distributions to non-controlling interests | | — | | | — | | | — | | | — | | | 50,670 | | | 50,670 | | Purchase of non-controlling interest | | — | | | 6,392 | | | — | | | — | | | 1,984 | | | 8,376 | | Shares issued through equity offering program, net | | — | | | — | | | — | | | — | | | — | | | — | | Shares repurchased | | — | | | — | | | — | | | — | | | — | | | — | | Net income | | — | | | — | | | — | | | — | | | (29,484) | | | (29,484) | | Other comprehensive income | | — | | | — | | | (331) | | | — | | | (142) | | | (473) | | Comprehensive income | | — | | | — | | | — | | | — | | | — | | | (29,957) | | Restatement Impact Balances, December 31, 2018 | | $ | — | | | $ | 6,392 | | | $ | (1,679) | | | $ | — | | | $ | (91,254) | | | $ | (86,541) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Shares of Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | | (Accumulated Deficit) | | Non Controlling Interests | | Total | As Restated | | | | | | | | | | | | | | | | | | | Balances, December 31, 2017 | | 133 | | | 202,225 | | | (2) | | | (33,292) | | | 477 | | | 169,541 | | Distributions - Common Stock - $0.80 per share | | — | | | — | | | — | | | (12,247) | | | — | | | (12,247) | | Restricted stock vesting | | 1 | | | (1) | | | — | | | — | | | — | | | — | | Compensation expense—restricted stock and restricted stock units | | — | | | 995 | | | — | | | — | | | — | | | 995 | | Contributions from non-controlling interests | | — | | | — | | | — | | | — | | | — | | | — | | Distributions to non-controlling interests | | — | | | — | | | — | | | — | | | (107) | | | (107) | | Purchase of non-controlling interest | | — | | | (80) | | | — | | — | | — | | | (171) | | | (251) | | Shares issued through equity offering program, net | | 16 | | | 20,396 | | | — | | — | | — | | | — | | | 20,412 | | Shares repurchased | | — | | | (162) | | | — | | | — | | | | | (162) | | Net income | | — | | | — | | | — | | | 25,495 | | | 130 | | | 25,625 | | Other comprehensive income | | — | | | — | | | 11 | | | — | | | 2 | | | 13 | | Comprehensive income | | — | | | — | | | — | | | — | | | — | | | 25,638 | | Balances, December 31, 2018 | | $ | 150 | | | $ | 223,373 | | | $ | 9 | | | $ | (20,044) | | | $ | 331 | | | $ | 203,819 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | CONSOLIDATED STATEMENTS OF CASH FLOWS | | | | | | | | | (Dollars in Thousands) | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2018 | | | | | | | | | As Previously Reported | | Adjustments | | As Restated | | | Cash flows from operating activities: | | | | | | | | | Net income | | $ | 55,109 | | | | $ | (29,484) | | | $ | 25,625 | | | | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | Depreciation | | 40,048 | | | | (35,121) | | | 4,927 | | | | Amortization of deferred financing fees | | 1,246 | | | | (1,054) | | | 192 | | | | Amortization of restricted stock | | 996 | | | | (1) | | | 995 | | | | Equity in earnings (loss) of unconsolidated joint ventures | | 488 | | | | 4,600 | | | 5,088 | | | | Equity in earnings on sale of real estate of unconsolidated joint ventures | | — | | | | (37,869) | | | (37,869) | | | | Gain on sale of real estate | | (71,919) | | | | 71,058 | | | (861) | | | | Gain on insurance recovery | | (6,083) | | | | 6,083 | | | — | | | | Loss on extinguishment of debt | | 800 | | | | (800) | | | — | | | | Distributions from equity in earnings of unconsolidated joint ventures | | — | | | | 23,030 | | | 23,030 | | | | | | | | | | | | | | | | | | | | | | Decrease in deposits and escrows | | 5,922 | | | | (746) | | | 5,176 | | | | (Increase) decrease in accounts payable and accrued liabilities | | 3,861 | | | | (2,859) | | | 1,002 | | | | Decrease (increase) in other assets | | 7,431 | | | | (7,734) | | | (303) | | | | | | | | | | | | | Net cash provided by operating activities | | 37,899 | | | | (10,897) | | | 27,002 | | | | Cash flows from investing activities: | | | | | | | | | | | Collections from real estate loans | | 600 | | | | — | | | 600 | | | | Additions to real estate properties | | (199,786) | | | | 199,786 | | | — | | | | Net costs capitalized to real estate owned | | (18,252) | | | | 17,722 | | | (530) | | | | Investment in joint venture | | (12,370) | | | | 12,370 | | | — | | | | Purchase of partner interests | | — | | | | (7,923) | | | (7,923) | | | | Purchase of non-controlling interest | | (8,616) | | | | 8,365 | | | (251) | | | | Consolidation of investment in joint venture | | 1,279 | | | | (1,279) | | | — | | | | Proceeds from the sale of real estate owned | | 239,212 | | | | (238,351) | | | 861 | | | | Distributions from unconsolidated joint ventures | | 868 | | | | 51,495 | | | 52,363 | | | | Contributions to unconsolidated joint ventures | | — | | | | (59,930) | | | (59,930) | | | | | | | | | | | | | Net cash (used in) provided by investing activities | | 2,935 | | | | (17,745) | | | (14,810) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | CONSOLIDATED STATEMENTS OF CASH FLOWS | | | | | | | | | (Dollars in Thousands) | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2018 | | | | | | | | | As Previously Reported | | Adjustments | | As Restated | | | Cash flows from financing activities: | | | | | | | | | | | Proceeds from mortgages payable | | $ | 129,542 | | | | $ | (129,542) | | | $ | — | | | | | | | | | | | | | Mortgage payoffs | | (132,016) | | | | 132,016 | | | — | | | | Mortgage principal payments | | (5,169) | | | | 2,818 | | | (2,351) | | | | | | | | | | | | | | | | | | | | | | Increase in deferred financing costs | | (1,182) | | | | 1,182 | | | — | | | | Dividends paid | | (12,088) | | | | — | | | (12,088) | | | | Contributions from non-controlling interests | | 29,453 | | | | (29,453) | | | — | | | | Distributions to non-controlling interests | | (50,777) | | | | 50,670 | | | (107) | | | | Proceeds from the sale of common stock | | 20,411 | | | | 1 | | | 20,412 | | | | Repurchase of shares of common stock | | (161) | | | | (1) | | | (162) | | | | Net cash provided by (used in) financing activities | | $ | (21,987) | | | | $ | 27,691 | | | $ | 5,704 | | | | Net increase in cash, cash equivalents and restricted cash | | 18,847 | | | | (951) | | | 17,896 | | | | Cash, cash equivalents and restricted cash at beginning of year | | 21,761 | | | | (7,938) | | | 13,823 | | | | Cash, cash equivalents and restricted cash at end of year | | $ | 40,608 | | | | $ | (8,889) | | | $ | 31,719 | | | | | | | | | | | | | Supplemental disclosures of cash flow information: | | | | | | | | | | | | | Cash paid during the year for interest expense | | $ | 34,521 | | | | $ | (28,336) | | | | 6,185 | | | | Cash paid during the year for income and excise taxes | | $ | 255 | | | | $ | — | | | | 255 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENT On April 21, 2020 and May 15, 2020 BRT filed Current Reports on Form 8-K stating that investors should not rely upon its (i) Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K and earnings press releases and similar information filed or furnished on or after February 8, 2017 through November 7, 2019 (collectively, the “Previously Reported Information”) because it had included therein the accounts and operations of an aggregate of 27 of our joint ventures (the "Previously Consolidated Ventures") in a manner inconsistent with Accounting Standards Codification ("ASC") 810 (the "Consolidation Standard")-the information regarding the Previously Consolidated Ventures should have been presented in accordance with the equity method of accounting. Although the Previously Reported Information correctly stated (i) net income, funds from operations and adjusted funds from operations on an absolute and per share and (ii) correctly stated or understated total BRT Apartments stockholders’ equity, the presentation of the accounts and operations of the Previously Consolidated Ventures in the consolidated financial statements included herein is significantly different than that presented in the Previously Reported Information. Specifically, the equity method of accounting for the Previously Consolidated Ventures results in significant reductions in BRT's revenues, operating expenses, assets and liabilities from that presented in the Previously Reported Information. BRT believes that the restated and other information provided herein will facilitate the ability of the reader of its financial statements to easily and fully understand the impact of the restatement.
Accordingly this Annual Report on Form 10-K contains BRT's audited consolidated financial statements for the years ended December 31, 2019 and 2018, and restatements of the following previously filed consolidated financial statements: (i) our audited consolidated balance sheet as of December 31, 2018, and (ii) our unaudited consolidated financial statements for the quarter ended March 31, 2018 and all subsequent quarters through the quarter ended December 31, 2019. See note 2 to the consolidated financial statements.
The following tables represent BRT's restated unaudited condensed consolidated financial statements for each quarter-to-date beginning with March 31, 2018 through the quarter ended December 31, 2019.
The amounts reflected in the following tables "as previously reported" for all periods presented in both the 2018 and 2019 were derived from BRT's Quarterly Reports on Form 10-Q filed in the calendar year 2019. ONSOLIDATED BALANCE SHEETS(Amounts in thousands, except share data)
| | | | | | | | | | | | | | | | | | | | | | | Unaudited March 31, 2018 | | | | | | | As Previously reported | | Restatement Impact | | As Restated | ASSETS | | | | | | | Real estate properties, net of accumulated depreciation | | $ | 993,250 | | | $ | (871,725) | | | | $ | 121,525 | | Real estate loan | | 5,200 | | | — | | | | 5,200 | | Cash and cash equivalents | | 30,974 | | | (11,158) | | | | 19,816 | | Restricted cash | | 7,702 | | | — | | | | 7,702 | | Deposits and escrows | | 23,655 | | | (21,930) | | | | 1,725 | | Investment in unconsolidated joint ventures | | 20,845 | | | 162,646 | | | | 183,491 | | Other assets | | 7,005 | | | (5,746) | | | | 1,259 | | | | | | | | | Total Assets | | $ | 1,088,631 | | | $ | (747,913) | | | | $ | 340,718 | | LIABILITIES AND EQUITY | | | | | | | Liabilities: | | | | | | | Mortgages payable, net of deferred costs | | $ | 743,225 | | | $ | (647,134) | | | | $ | 96,091 | | Junior subordinated notes, net of deferred costs | | 37,028 | | | — | | | | 37,028 | | Accounts payable and accrued liabilities | | 17,002 | | | (2,764) | | | | 14,238 | | Total Liabilities | | 797,255 | | | (649,898) | | | | 147,357 | | Commitments and contingencies | | | | | | | | | | Equity: | | | | | | | BRT Apartments Corp. stockholders' equity: | | | | | | | Preferred shares, $.01 par value: Authorized 2,000 shares, none issued | | — | | | — | | | | — | | Common stock, $.01 par value, 300,000 shares authorized, | | | | | | | 13,575 shares issued | | 136 | | | — | | | | 136 | | Additional paid-in capital | | 203,838 | | | — | | | | 203,838 | | Accumulated other comprehensive income | | 2,132 | | | (2,118) | | | | 14 | | Accumulated deficit | | (10,967) | | | — | | | | (10,967) | | Total BRT Apartments Corp. stockholders' equity | | 195,139 | | | (2,118) | | | | 193,021 | | Non-controlling interests | | 96,237 | | | (95,897) | | | | 340 | | Total Equity | | 291,376 | | | (98,015) | | | | 193,361 | | Total Liabilities and Equity | | $ | 1,088,631 | | | $ | (747,913) | | | | $ | 340,718 | |
CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unaudited June 30, 2018 | | | | | | | | | | | | | As Previously reported | | Restatement Impact | | As Restated | | | | | | | ASSETS | | | | | | | | | | | | | Real estate properties, net of accumulated depreciation | | $ | 1,054,484 | | | $ | (933,945) | | | | $ | 120,539 | | | | | | | | Real estate loan | | 5,050 | | | — | | | | 5,050 | | | | | | | | Cash and cash equivalents | | 25,061 | | | (9,825) | | | | 15,236 | | | | | | | | Restricted cash | | 7,630 | | | — | | | | 7,630 | | | | | | | | Deposits and escrows | | 23,265 | | | (20,979) | | | | 2,286 | | | | | | | | Investment in unconsolidated joint ventures | | 20,542 | | | 171,200 | | | | 191,742 | | | | | | | | Other assets | | 8,573 | | | (7,190) | | | | 1,383 | | | | | | | | Total Assets | | $ | 1,144,605 | | | $ | (800,739) | | | | $ | 343,866 | | | | | | | | LIABILITIES AND EQUITY | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | | Mortgages payable, net of deferred costs | | $ | 783,532 | | | $ | (687,909) | | | | $ | 95,623 | | | | | | | | Junior subordinated notes, net of deferred costs | | 37,033 | | | — | | | | 37,033 | | | | | | | | Accounts payable and accrued liabilities | | 22,554 | | | (7,967) | | | | 14,587 | | | | | | | | Total Liabilities | | 843,119 | | | (695,876) | | | | 147,243 | | | | | | | | Commitments and contingencies | | | | | | | | | | | | | | | | Equity: | | | | | | | | | | | | | BRT Apartments Corp. stockholders' equity: | | | | | | | | | | | | | Preferred shares, $.01 par value: Authorized 2,000 shares, none issued | | — | | | — | | | | — | | | | | | | | Common stock, $.01 par value, 300,000 shares authorized, | | | | | | | | | | | | | 14,410 shares issued | | 144 | | | — | | | | 144 | | | | | | | | Additional paid-in capital | | 214,716 | | | — | | | | 214,716 | | | | | | | | Accumulated other comprehensive income | | 2,408 | | | (2,388) | | | | 20 | | | | | | | | Accumulated deficit | | (18,626) | | | — | | | | (18,626) | | | | | | | | Total BRT Apartments Corp. stockholders' equity | | 198,642 | | | (2,388) | | | | 196,254 | | | | | | | | Non-controlling interests | | 102,844 | | | (102,475) | | | | 369 | | | | | | | | Total Equity | | 301,486 | | | (104,863) | | | | 196,623 | | | | | | | | Total Liabilities and Equity | | $ | 1,144,605 | | | $ | (800,739) | | | | $ | 343,866 | | | | | | | |
CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share data)
| | | | | | | | | | | | | | | | | | | | | | | Unaudited September 30, 2018 | | | | | | | As previously reported | | Adjustments | | Proposed restatement | ASSETS | | | | | | | Real estate properties, net of accumulated depreciation | | $ | 1,020,874 | | | $ | (860,855) | | | | $ | 160,019 | | Real estate loan | | 4,900 | | | — | | | | 4,900 | | Cash and cash equivalents | | 27,360 | | | (9,175) | | | | 18,185 | | Restricted cash | | 6,686 | | | — | | | | 6,686 | | Deposits and escrows | | 24,458 | | | (20,989) | | | | 3,469 | | Investment in unconsolidated joint ventures | | 20,078 | | | 159,510 | | | | 179,588 | | Other assets | | 10,080 | | | (8,398) | | | | 1,682 | | Real estate properties held for sale | | 38,928 | | | (38,928) | | | | — | | Total Assets | | $ | 1,153,364 | | | $ | (778,835) | | | | $ | 374,529 | | LIABILITIES AND EQUITY | | | | | | | Liabilities: | | | | | | | Mortgages payable, net of deferred costs | | $ | 792,432 | | | $ | (668,615) | | | | $ | 123,817 | | Junior subordinated notes, net of deferred costs | | 37,038 | | | — | | | | 37,038 | | Accounts payable and accrued liabilities | | 27,409 | | | (12,497) | | | | 14,912 | | Total Liabilities | | 856,879 | | | (681,112) | | | | 175,767 | | Commitments and contingencies | | | | | | | | | | Equity: | | | | | | | BRT Apartments Corp. stockholders' equity: | | | | | | | Preferred shares, $.01 par value: Authorized 2,000 shares, none issued | | — | | | — | | | | — | | Common stock, $.01 par value, 300,000 shares authorized, | | | | | | | 15,048 shares issued | | 150 | | | — | | | | 150 | | Additional paid-in capital | | 220,135 | | | 3,038 | | | | 223,173 | | Accumulated other comprehensive income | | 2,629 | | | (2,605) | | | | 24 | | Accumulated deficit | | (24,927) | | | — | | | | (24,927) | | Total BRT Apartments Corp. stockholders' equity | | 197,987 | | | 433 | | | | 198,420 | | Non-controlling interests | | 98,498 | | | (98,156) | | | | 342 | | Total Equity | | 296,485 | | | (97,723) | | | | 198,762 | | Total Liabilities and Equity | | $ | 1,153,364 | | | $ | (778,835) | | | | $ | 374,529 | |
CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share data)
| | | | | | | | | | | | | | | | | | | | | | | Unaudited March 31, 2019 | | | | | | | As Previously reported | | Restatement Impact | | As Restated | ASSETS | | | | | | | Real estate properties, net of accumulated depreciation | | $ | 1,077,326 | | | $ | (901,541) | | | | $ | 175,785 | | Real estate loan | | 4,600 | | | — | | | | 4,600 | | Cash and cash equivalents | | 21,062 | | | (9,268) | | | | 11,794 | | Restricted cash | | 7,813 | | | — | | | | 7,813 | | Deposits and escrows | | 14,902 | | | (12,293) | | | | 2,609 | | Investment in unconsolidated joint ventures | | 19,125 | | | 163,677 | | | | 182,802 | | Other assets | | 9,087 | | | (5,582) | | | | 3,505 | | | | | | | | | Total Assets | | $ | 1,153,915 | | | $ | (765,007) | | | | $ | 388,908 | | LIABILITIES AND EQUITY | | | | | | | Liabilities: | | | | | | | Mortgages payable, net of deferred costs | | $ | 808,729 | | | $ | (671,490) | | | | $ | 137,239 | | Junior subordinated notes, net of deferred costs | | 37,048 | | | — | | | | 37,048 | | | | | | | | | Accounts payable and accrued liabilities | | 22,620 | | | (4,694) | | | | 17,926 | | Total Liabilities | | 868,397 | | | (676,184) | | | | 192,213 | | Commitments and contingencies | | | | | | | | | | Equity: | | | | | | | BRT Apartments Corp. stockholders' equity: | | | | | | | Preferred shares, $.01 par value: Authorized 2,000 shares, none issued | | — | | | — | | | | — | | Common stock, $.01 par value, 300,000 shares authorized, | | | | | | | 15,175 shares issued | | 152 | | | — | | | | 152 | | Additional paid-in capital | | 217,344 | | | 6,392 | | | | 223,736 | | Accumulated other comprehensive income | | 1,082 | | | (1,080) | | | | 2 | | Accumulated deficit | | (27,512) | | | — | | | | (27,512) | | Total BRT Apartments Corp. stockholders' equity | | 191,066 | | | 5,312 | | | | 196,378 | | Non-controlling interests | | 94,452 | | | (94,135) | | | | 317 | | Total Equity | | 285,518 | | | (88,823) | | | | 196,695 | | Total Liabilities and Equity | | $ | 1,153,915 | | | $ | (765,007) | | | | $ | 388,908 | | | | | | | | |
CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share data) | | | | | | | | | | | | | | | | | | | | | | | Unaudited June 30, 2019 | | | | | | | As Previously reported | | Restatement Impact | | As Restated | ASSETS | | | | | | | Real estate properties, net of accumulated depreciation | | $ | 1,098,932 | | | $ | (946,826) | | | | $ | 152,106 | | Real estate loan | | 4,450 | | | — | | | | 4,450 | | Cash and cash equivalents | | 17,336 | | | (9,031) | | | | 8,305 | | Restricted cash | | 9,962 | | | — | | | | 9,962 | | Deposits and escrows | | 17,103 | | | (14,109) | | | | 2,994 | | Investment in unconsolidated joint ventures | | 18,474 | | | 169,750 | | | | 188,224 | | Other assets | | 8,929 | | | (4,625) | | | | 4,304 | | Real estate properties held for sale | | 22,722 | | | — | | | | 22,722 | | Total Assets | | $ | 1,197,908 | | | $ | (804,841) | | | | $ | 393,067 | | LIABILITIES AND EQUITY | | | | | | | Liabilities: | | | | | | | Mortgages payable, net of deferred costs | | $ | 846,409 | | | $ | (709,850) | | | | $ | 136,559 | | Junior subordinated notes, net of deferred costs | | 37,053 | | | — | | | | 37,053 | | Credit facility, net of deferred costs | | 8,923 | | | — | | | | 8,923 | | Accounts payable and accrued liabilities | | 28,738 | | | (7,681) | | | | 21,057 | | Total Liabilities | | 921,123 | | | (717,531) | | | | 203,592 | | Commitments and contingencies | | | | | | | | | | Equity: | | | | | | | BRT Apartments Corp. stockholders' equity: | | | | | | | Preferred shares, $.01 par value: Authorized 2,000 shares, none issued | | — | | | — | | | | — | | Common stock, $.01 par value, 300,000 shares authorized, | | | | | | | 15,172 shares issued | | 152 | | | — | | | | 152 | | Additional paid-in capital | | 217,671 | | | 6,392 | | | | 224,063 | | Accumulated other comprehensive income | | 143 | | | (154) | | | | (11) | | Accumulated deficit | | (35,049) | | | — | | | | (35,049) | | Total BRT Apartments Corp. stockholders' equity | | 182,917 | | | 6,238 | | | | 189,155 | | Non-controlling interests | | 93,868 | | | (93,548) | | | | 320 | | Total Equity | | 276,785 | | | (87,310) | | | | 189,475 | | Total Liabilities and Equity | | $ | 1,197,908 | | | $ | (804,841) | | | | $ | 393,067 | |
CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share data)
| | | | | | | | | | | | | | | | | | | | | | | Unaudited September 30, 2019 | | | | | | | As Previously reported | | Restatement Impact | | As Restated | ASSETS | | | | | | | Real estate properties, net of accumulated depreciation | | $ | 1,112,896 | | | $ | (961,850) | | | | $ | 151,046 | | Real estate loan | | 4,300 | | | — | | | | 4,300 | | Cash and cash equivalents | | 18,466 | | | (9,095) | | | | 9,371 | | Restricted cash | | 10,789 | | | — | | | | 10,789 | | Deposits and escrows | | 19,916 | | | (17,039) | | | | 2,877 | | Investment in unconsolidated joint ventures | | 18,020 | | | 169,024 | | | | 187,044 | | Other assets | | 8,210 | | | (4,027) | | | | 4,183 | | | | | | | | | Total Assets | | $ | 1,192,597 | | | $ | (822,987) | | | | $ | 369,610 | | LIABILITIES AND EQUITY | | | | | | | Liabilities: | | | | | | | Mortgages payable, net of deferred costs | | $ | 844,597 | | | $ | (727,742) | | | | $ | 116,855 | | Junior subordinated notes, net of deferred costs | | 37,058 | | | — | | | | 37,058 | | Credit facility, net of deferred costs | | 3,530 | | | — | | | | 3,530 | | Accounts payable and accrued liabilities | | 32,285 | | | (10,119) | | | | 22,166 | | Total Liabilities | | 917,470 | | | (737,861) | | | | 179,609 | | Commitments and contingencies | | | | | | | | | | Equity: | | | | | | | BRT Apartments Corp. stockholders' equity: | | | | | | | Preferred shares, $.01 par value: Authorized 2,000 shares, none issued | | — | | | — | | | | — | | Common stock, $.01 par value, 300,000 shares authorized, | | | | | | | 15,227 shares issued | | 152 | | | — | | | | 152 | | Additional paid-in capital | | 218,817 | | | 6,392 | | | | 225,209 | | Accumulated other comprehensive income | | (75) | | | 61 | | | | (14) | | Accumulated deficit | | (35,331) | | | — | | | | (35,331) | | Total BRT Apartments Corp. stockholders' equity | | 183,563 | | | 6,453 | | | | 190,016 | | Non-controlling interests | | 91,564 | | | (91,579) | | | | (15) | | Total Equity | | 275,127 | | | (85,126) | | | | 190,001 | | Total Liabilities and Equity | | $ | 1,192,597 | | | $ | (822,987) | | | | $ | 369,610 | |
CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except share data)
| | | | | | | | | | | | | | | | | | | | | | | Unaudited Three Months Ended March 31, 2018 | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | Revenues: | | | | | | | Rental and other revenue from real estate properties | | $ | 29,476 | | | $ | (24,389) | | | | $ | 5,087 | | Other income | | 175 | | | — | | | | 175 | | Total revenues | | 29,651 | | | (24,389) | | | | 5,262 | | Expenses: | | | | | | | Real estate operating expenses | | 14,198 | | | (11,814) | | | | 2,384 | | Interest expense | | 8,657 | | | (7,215) | | | | 1,442 | | General and administrative | | 2,453 | | | — | | | | 2,453 | | Depreciation | | 9,240 | | | (8,166) | | | | 1,074 | | Total expenses | | 34,548 | | | (27,195) | | | | 7,353 | | Total revenues less total expenses | | (4,897) | | | 2,806 | | | | (2,091) | | Equity in (loss) earnings from unconsolidated joint venture properties | | (63) | | | 316 | | | | 253 | | Equity in earnings from sale of unconsolidated joint venture properties | | — | | | 26,402 | | | | 26,402 | | Gain on sale of real estate | | 51,981 | | | (51,544) | | | | 437 | | Gain on insurance recovery | | 3,227 | | | (3,227) | | | | — | | | | | | | | | Loss on extinguishment of debt | | (593) | | | 593 | | | | — | | Income from continuing operations | | 49,655 | | | (24,654) | | | | 25,001 | | (Benefit) provision for taxes | | (253) | | | — | | | | (253) | | Income from continuing operations, net of taxes | | 49,908 | | | (24,654) | | | | 25,254 | | Income attributable to non-controlling interests | | (24,686) | | | 24,654 | | | | (32) | | Net income attributable to common stockholders | | $ | 25,222 | | | $ | — | | | | $ | 25,222 | | | | | | | | | Weighted average number of shares of common stock outstanding: | | | | | | | Basic | | 14,242,076 | | | | | 14,242,076 | | Diluted | | 14,442,076 | | | | | 14,442,076 | | | | | | | | | Per share amounts attributable to common stockholders: | | | | | | | Basic | | $ | 1.77 | | | | | | | $ | 1.77 | | Diluted | | $ | 1.75 | | | | | | | $ | 1.75 | |
CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except share data)
| | | | | | | | | | | | | | | | | | | | | | | Unaudited Three Months Ended June 30, 2018 | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | Revenues: | | | | | | | Rental and other revenue from real estate properties | | $ | 29,951 | | | $ | (24,746) | | | | $ | 5,205 | | Other income | | 203 | | | — | | | | 203 | | Total revenues | | 30,154 | | | (24,746) | | | | 5,408 | | Expenses: | | | | | | | Real estate operating expenses | | 14,459 | | | (12,066) | | | | 2,393 | | Interest expense | | 8,786 | | | (7,315) | | | | 1,471 | | General and administrative | | 2,452 | | | — | | | | 2,452 | | Depreciation | | 10,200 | | | (9,124) | | | | 1,076 | | Total expenses | | 35,897 | | | (28,505) | | | | 7,392 | | Total revenues less total expenses | | (5,743) | | | 3,759 | | | | (1,984) | | Equity in loss from unconsolidated joint venture properties | | (127) | | | (2,439) | | | | (2,566) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Loss from continuing operations | | (5,870) | | | 1,320 | | | | (4,550) | | Provision for taxes | | 101 | | | — | | | | 101 | | Loss from continuing operations, net of taxes | | (5,971) | | | 1,320 | | | | (4,651) | | Loss (Income) attributable to non-controlling interests | | 1,282 | | | (1,320) | | | | (38) | | Net loss attributable to common stockholders | | $ | (4,689) | | | $ | — | | | | $ | (4,689) | | | | | | | | | Weighted average number of shares of common stock outstanding: | | | | | | | | Basic | | 14,411,940 | | | | | 14,411,940 | | Diluted | | 14,411,940 | | | | | 14,411,940 | | | | | | | | | Per share amounts attributable to common stockholders: | | | | | | | Basic | | $ | (0.33) | | | | | | | $ | (0.33) | | Diluted | | $ | (0.33) | | | | | | | $ | (0.33) | |
CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except share data)
| | | | | | | | | | | | | | | | | | | | | | | Unaudited Six Months Ended June 30, 2018 | | | | | | | Previously Reported | | Restatement Impact | | Restated | Revenues: | | | | | | | Rental and other revenue from real estate properties | | $ | 59,427 | | | $ | (49,135) | | | | $ | 10,292 | | Other income | | 378 | | | — | | | | 378 | | Total revenues | | 59,805 | | | (49,135) | | | | 10,670 | | Expenses: | | | | | | | Real estate operating expenses | | 28,657 | | | (23,880) | | | | 4,777 | | Interest expense | | 17,443 | | | (14,530) | | | | 2,913 | | General and administrative | | 4,905 | | | — | | | | 4,905 | | Depreciation | | 19,440 | | | (17,290) | | | | 2,150 | | Total expenses | | 70,445 | | | (55,700) | | | | 14,745 | | Total revenues less total expenses | | (10,640) | | | 6,565 | | | | (4,075) | | Equity in (loss) income from unconsolidated joint venture properties | | (190) | | | (2,123) | | | | (2,313) | | Equity in earnings from sale of unconsolidated joint venture properties | | — | | | 26,402 | | | | 26,402 | | Gain on sale of real estate | | 51,981 | | | (51,544) | | | | 437 | | Gain on insurance recovery | | 3,227 | | | (3,227) | | | | — | | | | | | | | | Loss on extinguishment of debt | | (593) | | | 593 | | | | — | | Income from continuing operations | | 43,785 | | | (23,334) | | | | 20,451 | | Benefit for taxes | | (152) | | | — | | | | (152) | | Income from continuing operations, net of taxes | | 43,937 | | | (23,334) | | | | 20,603 | | Income attributable to non-controlling interests | | (23,404) | | | 23,334 | | | | (70) | | Net income (loss) attributable to common stockholders | | $ | 20,533 | | | $ | — | | | | $ | 20,533 | | | | | | | | | Weighted average number of shares of common stock outstanding: | | | | | | | | Basic | | 14,327,477 | | | | | 14,327,477 | | Diluted | | 14,527,477 | | | | | 14,527,477 | | | | | | | | | Per share amounts attributable to common stockholders: | | | | | | | Basic | | $ | 1.43 | | | | | | | $ | 1.43 | | Diluted | | $ | 1.41 | | | | | | | $ | 1.41 | |
CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except share data)
| | | | | | | | | | | | | | | | | | | | | | | Unaudited Three Months Ended September 30, 2018 | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | Revenues: | | | | | | | Rental and other revenue from real estate properties | | $ | 31,283 | | | $ | (25,156) | | | | $ | 6,127 | | Other income | | 198 | | | — | | | | 198 | | Total revenues | | 31,481 | | | (25,156) | | | | 6,325 | | Expenses: | | | | | | | Real estate operating expenses | | 15,661 | | | (12,709) | | | | 2,952 | | Interest expense | | 8,965 | | | (7,186) | | | | 1,779 | | General and administrative | | 2,002 | | | — | | | | 2,002 | | Depreciation | | 10,416 | | | (9,047) | | | | 1,369 | | Total expenses | | 37,044 | | | (28,942) | | | | 8,102 | | Total revenues less total expenses | | (5,563) | | | 3,786 | | | | (1,777) | | Equity in (loss) from unconsolidated joint venture properties | | (174) | | | (1,453) | | | | (1,627) | | | | | | | | | Gain on sale of real estate | | 424 | | | — | | | | 424 | | Gain on insurance recovery | | 1,272 | | | (1,272) | | | | — | | | | | | | | | | | | | | | | Loss from continuing operations | | (4,041) | | | 1,061 | | | | (2,980) | | Provision for taxes | | 97 | | | — | | | | 97 | | Loss from continuing operations, net of taxes | | (4,138) | | | 1,061 | | | | (3,077) | | Loss (income) attributable to non-controlling interests | | 1,027 | | | (1,061) | | | | (34) | | Net loss attributable to common stockholders | | $ | (3,111) | | | $ | — | | | | $ | (3,111) | | | | | | | | | Weighted average number of shares of common stock outstanding: | | | | | | | | Basic | | 15,635,953 | | | | | 15,635,953 | | Diluted | | 15,635,953 | | | | | 15,635,953 | | | | | | | | | Per share amounts attributable to common stockholders: | | | | | | | Basic | | $ | (0.20) | | | | | | | $ | (0.20) | | Diluted | | $ | (0.20) | | | | | | | $ | (0.20) | | | | | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except share data)
| | | | | | | | | | | | | | | | | | | | | | | Unaudited Nine Months Ended September 30, 2018 | | | | | | | Previously Reported | | Restatement Impact | | Restated | Revenues: | | | | | | | Rental and other revenue from real estate properties | | $ | 90,710 | | | $ | (74,291) | | | | $ | 16,419 | | Other income | | $ | 576 | | | — | | | | 576 | | Total revenues | | 91,286 | | | (74,291) | | | | 16,995 | | Expenses: | | | | | | | Real estate operating expenses | | 44,318 | | | (36,589) | | | | 7,729 | | Interest expense | | 26,408 | | | (21,716) | | | | 4,692 | | General and administrative | | 6,907 | | | — | | | | 6,907 | | Depreciation | | 29,856 | | | (26,337) | | | | 3,519 | | Total expenses | | 107,489 | | | (84,642) | | | | 22,847 | | Total revenues less total expenses | | (16,203) | | | 10,351 | | | | (5,852) | | Equity in (loss) from unconsolidated joint venture properties | | (364) | | | (3,576) | | | | (3,940) | | Equity in earnings from sale of unconsolidated joint venture properties | | — | | | 26,402 | | | | 26,402 | | Gain on sale of real estate | | 52,405 | | | (51,544) | | | | 861 | | Gain on insurance recovery | | 4,499 | | | (4,499) | | | | — | | | | | | | | | Loss on extinguishment of debt | | (593) | | | 593 | | | | — | | Income from continuing operations | | 39,744 | | | (22,273) | | | | 17,471 | | Benefit for taxes | | (55) | | | — | | | | (55) | | Income from continuing operations, net of taxes | | 39,799 | | | (22,273) | | | | 17,526 | | Income attributable to non-controlling interests | | (22,377) | | | 22,273 | | | | (104) | | Net income attributable to common stockholders | | $ | 17,422 | | | $ | — | | | | $ | 17,422 | | | | | | | | | Weighted average number of shares of common stock outstanding: | | | | | | | | Basic | | 14,768,429 | | | | | 14,768,429 | | Diluted | | 14,968,429 | | | | | 14,968,429 | | | | | | | | | Per share amounts attributable to common stockholders: | | | | | | | Basic | | $ | 1.18 | | | | | | | $ | 1.18 | | Diluted | | $ | 1.16 | | | | | | | $ | 1.16 | | | | | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except share data)
| | | | | | | | | | | | | | | | | | | | | | | Unaudited Three Months Ended December 31, 2018 | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | Revenues: | | | | | | | Rental and other revenue from real estate properties | | $ | 31,216 | | | $ | (25,005) | | | | $ | 6,211 | | Other income | | 223 | | | — | | | | 223 | | Total revenues | | 31,439 | | | (25,005) | | | | 6,434 | | Expenses: | | | | | | | Real estate operating expenses | | 15,224 | | | (12,258) | | | | 2,966 | | Interest expense | | 8,946 | | | (7,199) | | | | 1,747 | | General and administrative | | 2,476 | | | — | | | | 2,476 | | Depreciation | | 10,192 | | | (8,784) | | | | 1,408 | | Total expenses | | 36,838 | | | (28,241) | | | | 8,597 | | Total revenues less total expenses | | (5,399) | | | 3,236 | | | | (2,163) | | Equity in (loss) income from unconsolidated joint venture properties | | (125) | | | (1,023) | | | | (1,148) | | Equity in earnings from sale of unconsolidated joint venture properties | | — | | | 11,467 | | | | 11,467 | | Gain on sale of real estate | | 19,514 | | | (19,514) | | | | — | | Gain on insurance recovery | | 1,585 | | | (1,585) | | | | — | | | | | | | | | Loss on extinguishment of debt | | (207) | | | 207 | | | | — | | Income from continuing operations | | 15,368 | | | (7,212) | | | | 8,156 | | Provision for taxes | | 58 | | | (1) | | | | 57 | | Income from continuing operations, net of taxes | | 15,310 | | | (7,211) | | | | 8,099 | | Income attributable to non-controlling interests | | (7,237) | | | 7,211 | | | | (26) | | Net income attributable to common stockholders | | $ | 8,073 | | | $ | — | | | | $ | 8,073 | | | | | | | | | Weighted average number of shares of common stock outstanding: | | | | | | | | Basic | | 15,744,233 | | | | | 15,744,233 | | Diluted | | 15,944,233 | | | | | 15,944,233 | | | | | | | | | Per share amounts attributable to common stockholders: | | | | | | | Basic | | $ | 0.51 | | | | | | | $ | 0.51 | | Diluted | | $ | 0.51 | | | | | | | $ | 0.51 | | | | | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except share data)
| | | | | | | | | | | | | | | | | | | | | | | Unaudited Three Months Ended March 31, 2019 | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | Revenues: | | | | | | | Rental and other revenue from real estate properties | | $ | 30,702 | | | $ | (23,816) | | | | $ | 6,886 | | Other income | | 244 | | | — | | | | 244 | | Total revenues | | 30,946 | | | (23,816) | | | | 7,130 | | Expenses: | | | | | | | Real estate operating expenses | | 14,814 | | | (11,638) | | | | 3,176 | | Interest expense | | 8,769 | | | (6,823) | | | | 1,946 | | General and administrative | | 2,544 | | | — | | | | 2,544 | | Depreciation | | 9,617 | | | (8,070) | | | | 1,547 | | Total expenses | | 35,744 | | | (26,531) | | | | 9,213 | | Total revenues less total expenses | | (4,798) | | | 2,715 | | | | (2,083) | | Equity in loss from unconsolidated joint ventures | | (223) | | | (1,845) | | | | (2,068) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Loss from continuing operations | | (5,021) | | | 870 | | | | (4,151) | | Provision for taxes | | 62 | | | — | | | | 62 | | Loss from continuing operations, net of taxes | | (5,083) | | | 870 | | | | (4,213) | | Loss (income) attributable to non-controlling interests | | 836 | | | (870) | | | | (34) | | Net loss attributable to common stockholders | | $ | (4,247) | | | $ | — | | | | $ | (4,247) | | | | | | | | | Weighted average number of shares of common stock outstanding: | | | | | | | | Basic | | 15,886,493 | | | | | 15,886,493 | | Diluted | | 15,886,493 | | | | | 15,886,493 | | | | | | | | | Per share amounts attributable to common stockholders: | | | | | | | Basic | | $ | (0.27) | | | | | | | $ | (0.27) | | Diluted | | $ | (0.27) | | | | | | | $ | (0.27) | |
CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except share data) | | | | | | | | | | | | | | | | | | | | | | | Unaudited Three Months Ended June 30, 2019 | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | Revenues: | | | | | | | Rental and other revenue from real estate properties | | $ | 32,930 | | | $ | (25,833) | | | | $ | 7,097 | | Other income | | 190 | | | — | | | | 190 | | Total revenues | | 33,120 | | | (25,833) | | | | 7,287 | | Expenses: | | | | | | | Real estate operating expenses | | 16,100 | | | (12,775) | | | | 3,325 | | Interest expense | | 9,739 | | | (7,690) | | | | 2,049 | | General and administrative | | 2,481 | | | — | | | | 2,481 | | Depreciation | | 10,347 | | | (8,919) | | | | 1,428 | | Total expenses | | 38,667 | | | (29,384) | | | | 9,283 | | Total revenues less total expenses | | (5,547) | | | 3,551 | | | | (1,996) | | Equity in loss from unconsolidated joint ventures | | (161) | | | (2,057) | | | | (2,218) | | | | | | | | | | | | | | | | Gain on insurance recovery | | 517 | | | (517) | | | | — | | | | | | | | | | | | | | | | Loss from continuing operations | | (5,191) | | | 977 | | | | (4,214) | | Provision for taxes | | 59 | | | — | | | | 59 | | Loss from continuing operations, net of taxes | | (5,250) | | | 977 | | | | (4,273) | | Loss (income) attributable to non-controlling interests | | 933 | | | (977) | | | | (44) | | Net loss attributable to common stockholders | | $ | (4,317) | | | $ | — | | | | $ | (4,317) | | | | | | | | | Weighted average number of shares of common stock outstanding: | | | | | | | | Basic | | 15,900,316 | | | | | 15,900,316 | | Diluted | | 15,900,316 | | | | | 15,900,316 | | | | | | | | | Per share amounts attributable to common stockholders: | | | | | | | Basic | | $ | (0.27) | | | | | | | $ | (0.27) | | Diluted | | $ | (0.27) | | | | | | | $ | (0.27) | |
CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except share data) | | | | | | | | | | | | | | | | | | | | | | | Unaudited Six Months Ended June 30, 2019 | | | | | | | Previously Reported | | Restatement Impact | | Restated | Revenues: | | | | | | | Rental and other revenue from real estate properties | | $ | 63,632 | | | $ | (49,649) | | | | $ | 13,983 | | Other income | | 434 | | | — | | | | 434 | | Total revenues | | 64,066 | | | (49,649) | | | | 14,417 | | Expenses: | | | | | | | Real estate operating expenses | | 30,914 | | | (24,413) | | | | 6,501 | | Interest expense | | 18,508 | | | (14,513) | | | | 3,995 | | General and administrative | | 5,025 | | | — | | | | 5,025 | | Depreciation | | 19,964 | | | (16,989) | | | | 2,975 | | Total expenses | | 74,411 | | | (55,915) | | | | 18,496 | | Total revenues less total expenses | | (10,345) | | | 6,266 | | | | (4,079) | | Equity in (loss) income from unconsolidated joint venture properties | | (384) | | | (3,902) | | | | (4,286) | | | | | | | | | | | | | | | | Gain on insurance recovery | | 517 | | | (517) | | | | — | | | | | | | | | | | | | | | | Income from continuing operations | | (10,212) | | | 1,847 | | | | (8,365) | | Provision for taxes | | 121 | | | — | | | | 121 | | Income from continuing operations, net of taxes | | (10,333) | | | 1,847 | | | | (8,486) | | Loss (income) attributable to non-controlling interests | | 1,769 | | | (1,847) | | | | (78) | | Net loss attributable to common stockholders | | $ | (8,564) | | | $ | — | | | | $ | (8,564) | | | | | | | | | Weighted average number of shares of common stock outstanding: | | | | | | | | Basic | | 15,893,443 | | | | | 15,893,443 | | Diluted | | 15,893,443 | | | | | 15,893,443 | | | | | | | | | Per share amounts attributable to common stockholders: | | | | | | | Basic | | $ | (0.54) | | | | | | | $ | (0.54) | | Diluted | | $ | (0.54) | | | | | | | $ | (0.54) | | | | | | | | |
CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except share data) | | | | | | | | | | | | | | | | | | | | | | | Unaudited Three Months Ended September 30, 2019 | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | Revenues: | | | | | | | Rental and other revenue from real estate properties | | $ | 33,875 | | | $ | (27,614) | | | | $ | 6,261 | | Other income | | 161 | | | — | | | | 161 | | Total revenues | | 34,036 | | | (27,614) | | | | 6,422 | | Expenses: | | | | | | | Real estate operating expenses | | 16,281 | | | (13,540) | | | | 2,741 | | Interest expense | | 9,845 | | | (7,975) | | | | 1,870 | | General and administrative | | 2,430 | | | — | | | | 2,430 | | Depreciation | | 9,950 | | | (8,577) | | | | 1,373 | | Total expenses | | 38,506 | | | (30,092) | | | | 8,414 | | Total revenues less total expenses | | (4,470) | | | 2,478 | | | | (1,992) | | Equity in loss from unconsolidated joint ventures | | (259) | | | (2,131) | | | | (2,390) | | | | | | | | | Gain on sale of real estate | | 9,938 | | | — | | | | 9,938 | | | | | | | | | | | | | | | | Loss on extinguishment of debt | | (1,766) | | | 379 | | | | (1,387) | | Income from continuing operations | | 3,443 | | | 726 | | | | 4,169 | | Provision for taxes | | 98 | | | — | | | | 98 | | Income from continuing operations, net of taxes | | 3,345 | | | 726 | | | | 4,071 | | (Income) attributable to non-controlling interests | | (73) | | | (726) | | | | (799) | | Net income attributable to common stockholders | | $ | 3,272 | | | $ | — | | | | $ | 3,272 | | | | | | | | | Weighted average number of shares of common stock outstanding: | | | | | | | | Basic | | 15,913,975 | | | | | 15,913,975 | | Diluted | | 16,113,975 | | | | | 16,113,975 | | | | | | | | | Per share amounts attributable to common stockholders: | | | | | | | Basic | | $ | 0.21 | | | | | | | $ | 0.21 | | Diluted | | $ | 0.20 | | | | | | | $ | 0.20 | |
CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except share data) | | | | | | | | | | | | | | | | | | | | | | | Unaudited Nine Months Ended September 30, 2019 | | | | | | | Previously Reported | | Restatement Impact | | Restated | Revenues: | | | | | | | Rental and other revenue from real estate properties | | $ | 97,507 | | | $ | (77,263) | | | | $ | 20,244 | | Other income | | $ | 595 | | | — | | | | 595 | | Total revenues | | 98,102 | | | (77,263) | | | | 20,839 | | Expenses: | | | | | | | Real estate operating expenses | | 47,195 | | | (37,953) | | | | 9,242 | | Interest expense | | 28,353 | | | (22,488) | | | | 5,865 | | General and administrative | | 7,455 | | | — | | | | 7,455 | | Depreciation | | 29,914 | | | (25,566) | | | | 4,348 | | Total expenses | | 112,917 | | | (86,007) | | | | 26,910 | | Total revenues less total expenses | | (14,815) | | | 8,744 | | | | (6,071) | | Equity in (loss) from unconsolidated joint venture properties | | (643) | | | (6,033) | | | | (6,676) | | | | | | | | | Gain on sale of real estate | | 9,938 | | | — | | | | 9,938 | | Gain on insurance recovery | | 517 | | | (517) | | | | — | | | | | | | | | Loss on extinguishment of debt | | (1,766) | | | 379 | | | | (1,387) | | Income from continuing operations | | (6,769) | | | 2,573 | | | | (4,196) | | Provision for taxes | | 219 | | | — | | | | 219 | | Loss from continuing operations, net of taxes | | (6,988) | | | 2,573 | | | | (4,415) | | Loss (income) attributable to non-controlling interests | | 1,696 | | | (2,573) | | | | (877) | | Net loss attributable to common stockholders | | $ | (5,292) | | | $ | — | | | | $ | (5,292) | | | | | | | | | Weighted average number of shares of common stock outstanding: | | | | | | | | Basic | | 15,900,362 | | | | | 15,900,362 | | Diluted | | 15,900,362 | | | | | 15,900,362 | | | | | | | | | Per share amounts attributable to common stockholders: | | | | | | | Basic | | $ | (0.33) | | | | | | | $ | (0.33) | | Diluted | | $ | (0.33) | | | | | | | $ | (0.33) | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | Unaudited Three Months Ended March 31, 2018 | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | Net income | | $ | 49,908 | | | $ | (24,654) | | | $ | 25,254 | | Other comprehensive income: | | | | | | | Unrealized gain on derivative instruments | | 1,132 | | | (1,115) | | | 17 | | Other comprehensive income | | 1,132 | | | (1,115) | | | 17 | | Comprehensive income | | 51,040 | | | (25,769) | | | 25,271 | | Comprehensive income attributable to non-controlling interests | | $ | (25,032) | | | 24,997 | | | (35) | | Comprehensive income attributable to common stockholders | | $ | 26,008 | | | $ | (772) | | | $ | 25,236 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | Unaudited Three Months Ended June 30, 2018 | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | Net loss | | $ | (5,971) | | | $ | 1,320 | | | $ | (4,651) | | Other comprehensive (loss) income: | | | | | | | Unrealized gain on derivative instruments | | 398 | | | (391) | | | 7 | | Other comprehensive income | | 398 | | | (391) | | | 7 | | Comprehensive loss | | (5,573) | | | 929 | | | (4,644) | | Comprehensive loss (income) attributable to non-controlling interests | | $ | 1,160 | | | (1,199) | | | (39) | | Comprehensive loss attributable to common stockholders | | $ | (4,413) | | | $ | (270) | | | $ | (4,683) | |
| | | | | | | | | | | | | | | | | | | | | | | Unaudited Six Months Ended June 30, 2018 | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | Net loss | | $ | 43,937 | | | $ | (23,334) | | | $ | 20,603 | | Other comprehensive (loss) income: | | | | | | | Unrealized gain on derivative instruments | | 1,530 | | | (1,506) | | | 24 | | Other comprehensive income | | 1,530 | | | (1,506) | | | 24 | | Comprehensive income | | 45,467 | | | (24,840) | | | 20,627 | | Comprehensive income attributable to non-controlling interests | | $ | (23,872) | | | 23,798 | | | (74) | | Comprehensive income attributable to common stockholders | | $ | 21,595 | | | $ | (1,042) | | | $ | 20,553 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | Unaudited Three Months Ended September 30, 2018 | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | Net loss | | $ | (4,138) | | | $ | 1,061 | | | $ | (3,077) | | Other comprehensive income: | | | | | | | Unrealized gain on derivative instruments | | 316 | | | (311) | | | 5 | | Other comprehensive income | | 316 | | | (311) | | | 5 | | Comprehensive loss | | (3,822) | | | 750 | | | (3,072) | | Comprehensive loss (income) attributable to non-controlling interests | | $ | 934 | | | (969) | | | (35) | | Comprehensive loss attributable to common stockholders | | $ | (2,888) | | | $ | (219) | | | $ | (3,107) | |
| | | | | | | | | | | | | | | | | | | | | | | Unaudited Nine Months Ended September 30, 2018 | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | Net income | | $ | 39,799 | | | $ | (22,273) | | | $ | 17,526 | | Other comprehensive income: | | | | | | | Unrealized gain on derivative instruments | | 1,846 | | | (1,817) | | | 29 | | Other comprehensive income | | 1,846 | | | (1,817) | | | 29 | | Comprehensive income | | 41,645 | | | (24,090) | | | 17,555 | | Comprehensive (income) attributable to non-controlling interests | | $ | (22,938) | | | 22,829 | | | (109) | | Comprehensive income attributable to common stockholders | | $ | 18,707 | | | $ | (1,261) | | | $ | 17,446 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | Unaudited Three Months Ended December 31, 2018 | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | Net income | | $ | 15,310 | | | $ | (7,211) | | | $ | 8,099 | | Other comprehensive loss: | | | | | | | Unrealized loss on derivative instruments | | (1,359) | | | 1,342 | | | (17) | | Other comprehensive loss | | (1,359) | | | 1,342 | | | (17) | | Comprehensive income | | 13,951 | | | (5,869) | | | 8,082 | | Comprehensive income attributable to non-controlling interests | | $ | (6,819) | | | 6,796 | | | (23) | | Comprehensive income attributable to common stockholders | | $ | 7,132 | | | $ | 927 | | | $ | 8,059 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | Unaudited Three Months Ended March 31, 2019 | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | Net loss | | $ | (5,083) | | | $ | 870 | | | $ | (4,213) | | Other comprehensive loss: | | | | | | | Unrealized loss on derivative instruments | | (869) | | | 860 | | | (9) | | Other comprehensive loss | | (869) | | | 860 | | | (9) | | Comprehensive loss | | (5,952) | | | 1,730 | | | (4,222) | | Comprehensive loss (income) attributable to non-controlling interests | | $ | 1,100 | | | (1,132) | | | (32) | | Comprehensive loss attributable to common stockholders | | $ | (4,852) | | | $ | 598 | | | $ | (4,254) | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | Unaudited Three Months Ended June 30, 2019 | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | Net loss | | $ | (5,250) | | | $ | 977 | | | $ | (4,273) | | Other comprehensive (loss) income: | | | | | | | Unrealized loss on derivative instruments | | (1,353) | | | 1,338 | | | (15) | | Other comprehensive loss | | (1,353) | | | 1,338 | | | (15) | | Comprehensive income | | (6,603) | | | 2,315 | | | (4,288) | | Comprehensive loss (income) attributable to non-controlling interests | | $ | 1,346 | | | (1,388) | | | (42) | | Comprehensive loss attributable to common stockholders | | $ | (5,257) | | | $ | 927 | | | $ | (4,330) | |
| | | | | | | | | | | | | | | | | | | | | | | Unaudited Six Months Ended June 30, 2019 | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | Net loss | | $ | (10,333) | | | $ | 1,847 | | | $ | (8,486) | | Other comprehensive (loss) income: | | | | | | | Unrealized loss on derivative instruments | | (2,222) | | | 2,198 | | | (24) | | Other comprehensive loss | | (2,222) | | | 2,198 | | | (24) | | Comprehensive income | | (12,555) | | | 4,045 | | | (8,510) | | Comprehensive loss (income) attributable to non-controlling interests | | $ | 2,446 | | | (2,520) | | | (74) | | Comprehensive loss attributable to common stockholders | | $ | (10,109) | | | $ | 1,525 | | | $ | (8,584) | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | Unaudited Three Months Ended September 30, 2019 | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | Net income | | $ | 3,345 | | | $ | 726 | | | $ | 4,071 | | Other comprehensive (loss) income: | | | | | | | Unrealized loss on derivative instruments | | (322) | | | 319 | | | (3) | | Other comprehensive loss | | (322) | | | 319 | | | (3) | | Comprehensive income | | 3,023 | | | 1,045 | | | 4,068 | | Comprehensive loss (income) attributable to non-controlling interests | | 31 | | | (830) | | | (799) | | Comprehensive income attributable to common stockholders | | $ | 3,054 | | | $ | 215 | | | $ | 3,269 | |
| | | | | | | | | | | | | | | | | | | | | | | Unaudited Nine Months Ended September 30, 2019 | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | Net loss | | $ | (6,988) | | | $ | 2,573 | | | $ | (4,415) | | Other comprehensive loss: | | | | | | | Unrealized loss on derivative instruments | | (2,544) | | | 2,517 | | | (27) | | Other comprehensive loss | | (2,544) | | | 2,517 | | | (27) | | Comprehensive loss | | (9,532) | | | 5,090 | | | (4,442) | | Comprehensive loss (income) attributable to non-controlling interests | | 2,477 | | | (3,350) | | | (873) | | Comprehensive loss attributable to common stockholders | | $ | (7,055) | | | $ | 1,740 | | | $ | (5,315) | |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY For the Three Months Ended March 31, 2018 (Dollars in thousands, except share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Shares of Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | | (Accumulated Deficit) | | Non Controlling Interests | | Total | As Previously Reported | | | | | | | | | | | | | Balances, December 31, 2017 | | $ | 133 | | | | $ | 202,225 | | | | $ | 1,346 | | | | (33,292) | | | | $ | 72,935 | | | | $ | 243,347 | | Distributions - Common Stock - $0.20 per share | | — | | | | — | | | | — | | | | (2,897) | | | | — | | | | (2,897) | | Restricted stock vesting | | 1 | | | | (1) | | | | — | | | | — | | | | — | | | | — | | Compensation expense—restricted stock and restricted stock units | | — | | | | 297 | | | | — | | | | — | | | | — | | | | 297 | | Consolidation of investment in limited partnership | | — | | | | — | | | | — | | | | — | | | | 12,370 | | | | 12,370 | | Contributions from non-controlling interests | | — | | | | — | | | | — | | | | — | | | | 18,088 | | | | 18,088 | | Distributions to non-controlling interests | | — | | | | — | | | | — | | | | — | | | | (32,020) | | | | (32,020) | | Purchase of non-controlling interest | | — | | | | (82) | | | | — | | | | — | | | | (168) | | | | (250) | | Shares issued through equity offering program, net | | 2 | | | | 1,399 | | | | — | | | | — | | | | — | | | | 1,401 | | Shares repurchased | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | Net income | | — | | | | — | | | | — | | | | 25,222 | | | | 24,686 | | | | 49,908 | | Other comprehensive income | | — | | | | — | | | | 786 | | | | — | | | | 346 | | | | 1,132 | | Comprehensive income | | — | | | | — | | | | — | | | | — | | | | — | | | | 51,040 | | Balances, March 31, 2018 | | $ | 136 | | | $ | 203,838 | | | $ | 2,132 | | | | $ | (10,967) | | | | $ | 96,237 | | | | $ | 291,376 | | | | | | | | | | | | | | | | | | | | | Restatement Impact | | | | | | | | | | | | | Balances, December 31, 2017 | | $ | — | | | $ | — | | | | $ | (1,348) | | | | $ | — | | | | $ | (72,458) | | | | $ | (73,806) | | Distributions - Common Stock - $0.20 per share | | — | | | — | | | — | | | — | | | — | | | — | | Restricted stock vesting | | — | | | — | | | — | | | — | | | — | | | — | | Compensation expense—restricted stock and restricted stock units | | — | | | — | | | — | | | — | | | — | | | — | | Consolidation of investment in limited partnership | | — | | | — | | | — | | | — | | | (12,370) | | | (12,370) | | Contributions from non-controlling interests | | — | | | — | | | — | | | — | | | (18,088) | | | (18,088) | | Distributions to non-controlling interests | | — | | | — | | | — | | | — | | | 32,018 | | | 32,018 | | Purchase of non-controlling interest | | — | | | — | | | — | | | — | | | — | | | — | | Shares issued through equity offering program, net | | — | | | — | | | — | | | — | | | — | | | — | | Shares repurchased | | — | | | — | | | — | | | — | | | — | | | — | | Net income | | — | | | — | | | — | | | — | | | (24,654) | | | (24,654) | | Other comprehensive income | | — | | | — | | | (770) | | | — | | | (345) | | | (1,115) | | Comprehensive income | | — | | | — | | | — | | | — | | | — | | | (25,769) | | Restatement Impact Balances, March 31, 2018 | | $ | — | | | $ | — | | | $ | (2,118) | | | $ | — | | | $ | (95,897) | | | $ | (98,015) | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Shares of Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | | (Accumulated Deficit) | | Non Controlling Interests | | Total | | | | | | | | | | | | | | As Restated | | | | | | | | | | | | | | | | | | | Balances, December 31, 2017 | | 133 | | | 202,225 | | | (2) | | | (33,292) | | | 477 | | | 169,541 | | Distributions - Common Stock - $0.20 per share | | — | | | — | | | — | | | (2,897) | | | — | | | (2,897) | | Restricted stock vesting | | 1 | | | (1) | | | — | | | — | | | — | | | — | | Compensation expense—restricted stock and restricted stock units | | — | | | 297 | | | — | | | — | | | — | | | 297 | | Consolidation of investment in limited partnership | | — | | | — | | | — | | | — | | | — | | | — | | Contributions from non-controlling interests | | — | | | — | | | — | | | — | | | — | | | — | | Distributions to non-controlling interests | | — | | | — | | | — | | | — | | | (2) | | | (2) | | Purchase of non-controlling interest | | — | | | (82) | | | — | | | | — | | | (168) | | | (250) | | Shares issued through equity offering program, net | | 2 | | | 1,399 | | | — | | | | — | | | — | | | 1,401 | | Shares repurchased | | — | | | — | | | — | | | — | | | — | | | — | | Net income | | — | | | — | | | — | | | 25,222 | | | 32 | | | 25,254 | | Other comprehensive income | | — | | | — | | | 16 | | | — | | | 1 | | | 17 | | Comprehensive income | | — | | | — | | | — | | | — | | | — | | | 25,271 | | Impact Balances, March 31, 2018 | | $ | 136 | | | $ | 203,838 | | | $ | 14 | | | $ | (10,967) | | | $ | 340 | | | $ | 193,361 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY For the Three Months Ended June 30, 2018 (Dollars in thousands, except share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Shares of Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | | (Accumulated Deficit) | | Non Controlling Interests | | Total | As Previously Reported | | | | | | | | | | | | | Balances, March 31, 2018 | | $ | 136 | | | | $ | 203,838 | | | | $ | 2,132 | | | | (10,967) | | | | $ | 96,237 | | | | $ | 291,376 | | Distributions - Common Stock - $0.20 per share | | — | | | | — | | | | — | | | | (2,970) | | | | — | | | | (2,970) | | | | | | | | | | | | | | | Compensation expense—restricted stock and restricted stock units | | — | | | | 361 | | | | — | | | | — | | | | — | | | | 361 | | Consolidation of investment in limited partnership | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | Contributions from non-controlling interests | | — | | | | — | | | | — | | | | — | | | | 9,930 | | | | 9,930 | | Distributions to non-controlling interests | | — | | | | — | | | | — | | | | — | | | | (2,163) | | | | (2,163) | | Purchase of non-controlling interest | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | Shares issued through equity offering program, net | | 8 | | | | 10,517 | | | | — | | | | — | | | | — | | | | 10,525 | | Shares repurchased | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | Net income | | — | | | | — | | | | — | | | | (4,689) | | | | (1,282) | | | | (5,971) | | Other comprehensive income | | — | | | | — | | | | 276 | | | | — | | | | 122 | | | | 398 | | Comprehensive income | | — | | | | — | | | | — | | | | — | | | | — | | | | (5,573) | | Balances, June 30, 2018 | | $ | 144 | | | $ | 214,716 | | | $ | 2,408 | | | | $ | (18,626) | | | | $ | 102,844 | | | | $ | 301,486 | | | | | | | | | | | | | | | | | | | | | Restatement Impact | | | | | | | | | | | | | Balances, March 31, 2018 | | $ | — | | | $ | — | | | | $ | (2,118) | | | | $ | — | | | | $ | (95,897) | | | | $ | (98,015) | | Distributions - Common Stock - $0.20 per share | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | Compensation expense—restricted stock and restricted stock units | | — | | | — | | | — | | | — | | | — | | | — | | Consolidation of investment in limited partnership | | — | | | — | | | — | | | — | | | — | | | — | | Contributions from non-controlling interests | | — | | | — | | | — | | | — | | | (9,930) | | | (9,930) | | Distributions to non-controlling interests | | — | | | — | | | — | | | — | | | 2,153 | | | 2,153 | | Purchase of non-controlling interest | | — | | | — | | | — | | | — | | | — | | | — | | Shares issued through equity offering program, net | | — | | | — | | | — | | | — | | | — | | | — | | Shares repurchased | | — | | | — | | | — | | | — | | | — | | | — | | Net income | | — | | | — | | | — | | | — | | | 1,320 | | | 1,320 | | Other comprehensive income | | — | | | — | | | (270) | | | — | | | (121) | | | (391) | | Comprehensive income | | — | | | — | | | — | | | — | | | — | | | 929 | | Restatement Impact Balances, June 30, 2018 | | $ | — | | | $ | — | | | $ | (2,388) | | | $ | — | | | $ | (102,475) | | | $ | (104,863) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Shares of Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | | (Accumulated Deficit) | | Non Controlling Interests | | Total | As Restated | | | | | | | | | | | | | | | | | | | Balances, March 31, 2018 | | 136 | | | 203,838 | | | 14 | | | (10,967) | | | 340 | | | 193,361 | | Distributions - Common Stock - $0.20 per share | | — | | | — | | | — | | | (2,970) | | | — | | | (2,970) | | | | | | | | | | | | | | | Compensation expense—restricted stock and restricted stock units | | — | | | 361 | | | — | | | — | | | — | | | 361 | | Consolidation of investment in limited partnership | | — | | | — | | | — | | | — | | | — | | | — | | Contributions from non-controlling interests | | — | | | — | | | — | | | — | | | — | | | — | | Distributions to non-controlling interests | | — | | | — | | | — | | | — | | | (10) | | | (10) | | Purchase of non-controlling interest | | — | | | — | | | — | | | | — | | | — | | | — | | Shares issued through equity offering program, net | | 8 | | | 10,517 | | | — | | | | — | | | — | | | 10,525 | | Shares repurchased | | — | | | — | | | — | | | — | | | — | | | — | | Net income | | — | | | — | | | — | | | (4,689) | | | 38 | | | (4,651) | | Other comprehensive income | | — | | | — | | | 6 | | | — | | | 1 | | | 7 | | Comprehensive income | | — | | | — | | | — | | | — | | | — | | | (4,644) | | Impact Balances, June 30, 2018 | | $ | 144 | | | $ | 214,716 | | | $ | 20 | | | $ | (18,626) | | | $ | 369 | | | $ | 196,623 | |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY For the Three Months Ended September 30, 2018 (Dollars in thousands, except share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Shares of Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | | (Accumulated Deficit) | | Non Controlling Interests | | Total | As Previously Reported | | | | | | | | | | | | | Balances, June 30, 2018 | | $ | 144 | | | | $ | 214,716 | | | | $ | 2,408 | | | | (18,626) | | | | $ | 102,844 | | | | $ | 301,486 | | Distributions - Common Stock - $0.20 per share | | — | | | | — | | | | — | | | | (3,190) | | | | — | | | | (3,190) | | Restricted stock vesting | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | Compensation expense—restricted stock and restricted stock units | | — | | | | 15 | | | | — | | | | — | | | | — | | | | 15 | | Consolidation of investment in limited partnership | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | Contributions from non-controlling interests | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | Distributions to non-controlling interests | | — | | | | — | | | | — | | | | — | | | | (1,525) | | | | (1,525) | | Purchase of non-controlling interest | | — | | | | (3,035) | | | | — | | | | — | | | | (1,889) | | | | (4,924) | | Shares issued through equity offering program, net | | 6 | | | | 8,480 | | | | — | | | | — | | | | — | | | | 8,486 | | Shares repurchased | | — | | | | (41) | | | | — | | | | — | | | | — | | | | (41) | | Net income | | — | | | | — | | | | — | | | | (3,111) | | | | (1,027) | | | | (4,138) | | Other comprehensive income | | — | | | | — | | | | 221 | | | | — | | | | 95 | | | | 316 | | Comprehensive income | | — | | | | — | | | | — | | | | — | | | | — | | | | (3,822) | | Balances, September 30, 2018 | | $ | 150 | | | $ | 220,135 | | | $ | 2,629 | | | | $ | (24,927) | | | | $ | 98,498 | | | | $ | 296,485 | | | | | | | | | | | | | | | | | | | | | Restatement Impact | | | | | | | | | | | | | Balances, June 30, 2018 | | $ | — | | | $ | — | | | | $ | (2,388) | | | | $ | — | | | | $ | (102,475) | | | | $ | (104,863) | | Distributions - Common Stock - $0.20 per share | | — | | | — | | | — | | | — | | | — | | | — | | Restricted stock vesting | | — | | | — | | | — | | | — | | | — | | | — | | Compensation expense—restricted stock and restricted stock units | | — | | | — | | | — | | | — | | | — | | | — | | Consolidation of investment in limited partnership | | — | | | — | | | — | | | — | | | — | | | — | | Contributions from non-controlling interests | | — | | | — | | | — | | | — | | | — | | | — | | Distributions to non-controlling interests | | — | | | — | | | — | | | — | | | 1,463 | | | 1,463 | | Purchase of non-controlling interest | | — | | | 3,035 | | | — | | | — | | | 1,889 | | | 4,924 | | Shares issued through equity offering program, net | | — | | | 3 | | | — | | | — | | | — | | | 3 | | Shares repurchased | | — | | | — | | | — | | | — | | | — | | | — | | Net income | | — | | | — | | | — | | | — | | | 1,061 | | | 1,061 | | Other comprehensive income | | — | | | — | | | (217) | | | — | | | (94) | | | (311) | | Comprehensive income | | — | | | — | | | — | | | — | | | — | | | 750 | | Restatement Impact Balances, September 30, 2018 | | $ | — | | | $ | 3,038 | | | $ | (2,605) | | | $ | — | | | $ | (98,156) | | | $ | (97,723) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Shares of Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | | (Accumulated Deficit) | | Non Controlling Interests | | Total | | | | | | | | | | | | | | As Restated | | | | | | | | | | | | | | | | | | | Balances, June 30, 2018 | | 144 | | | 214,716 | | | 20 | | | (18,626) | | | 369 | | | 196,623 | | Distributions - Common Stock - $0.20 per share | | — | | | — | | | — | | | (3,190) | | | — | | | (3,190) | | Restricted stock vesting | | — | | | — | | | — | | | — | | | — | | | — | | Compensation expense—restricted stock and restricted stock units | | — | | | 15 | | | — | | | — | | | — | | | 15 | | Consolidation of investment in limited partnership | | — | | | — | | | — | | | — | | | — | | | — | | Contributions from non-controlling interests | | — | | | — | | | — | | | — | | | — | | | — | | Distributions to non-controlling interests | | — | | | — | | | — | | | — | | | (62) | | | (62) | | Purchase of non-controlling interest | | — | | | — | | | — | | | | — | | | — | | | — | | Shares issued through equity offering program, net | | 6 | | | 8,483 | | | — | | | | — | | | — | | | 8,489 | | Shares repurchased | | — | | | (41) | | | — | | | — | | | 0 | | (41) | | Net income | | — | | | — | | | — | | | (3,111) | | | 34 | | | (3,077) | | Other comprehensive income | | — | | | — | | | 4 | | | — | | | 1 | | | 5 | | Comprehensive income | | — | | | — | | | — | | | — | | | — | | | (3,072) | | Balances, September 30, 2018 | | $ | 150 | | | $ | 223,173 | | | $ | 24 | | | $ | (24,927) | | | $ | 342 | | | $ | 198,762 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY For the Three Months Ended December 31, 2018 (Dollars in thousands, except share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Shares of Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | | (Accumulated Deficit) | | Non Controlling Interests | | Total | As Previously Reported | | | | | | | | | | | | | Balances, September 30, 2018 | | $ | 150 | | | | $ | 220,135 | | | | $ | 2,629 | | | | (24,927) | | | | $ | 98,498 | | | | $ | 296,485 | | Distributions - Common Stock - $0.20 per share | | — | | | | — | | | | — | | | | (3,190) | | | | — | | | | (3,190) | | Restricted stock vesting | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | Compensation expense—restricted stock and restricted stock units | | — | | | | 323 | | | | — | | | | — | | | | — | | | | 323 | | Consolidation of investment in limited partnership | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | Contributions from non-controlling interests | | — | | | | — | | | | — | | | | — | | | | 1,435 | | | | 1,435 | | Distributions to non-controlling interests | | — | | | | — | | | | — | | | | — | | | | (15,070) | | | | (15,070) | | Purchase of non-controlling interest | | — | | | | (3,357) | | | | — | | | | — | | | | (97) | | | | (3,454) | | Shares issued through equity offering program, net | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | Shares repurchased | | — | | | | (120) | | | | — | | | | — | | | | — | | | | (120) | | Net income | | — | | | | — | | | | — | | | | 8,073 | | | | 7,237 | | | | 15,310 | | Other comprehensive income | | — | | | | — | | | | (941) | | | | — | | | | (418) | | | | (1,359) | | Comprehensive income | | — | | | | — | | | | — | | | | — | | | | — | | | | 13,951 | | Balances, December 31, 2018 | | $ | 150 | | | $ | 216,981 | | | $ | 1,688 | | | | $ | (20,044) | | | | $ | 91,585 | | | | $ | 290,360 | | | | | | | | | | | | | | | | | | | | | Restatement Impact | | | | | | | | | | | | | Balances, September 30, 2018 | | $ | — | | | $ | 3,038 | | | | $ | (2,605) | | | | $ | — | | | | $ | (98,156) | | | | $ | (97,723) | | Distributions - Common Stock - $0.20 per share | | — | | | — | | | — | | | — | | | — | | | — | | Restricted stock vesting | | — | | | — | | | — | | | — | | | — | | | — | | Compensation expense—restricted stock and restricted stock units * | | — | | | (3) | | | — | | | — | | | — | | | (3) | | Consolidation of investment in limited partnership | | — | | | — | | | — | | | — | | | — | | | — | | Contributions from non-controlling interests | | — | | | — | | | — | | | — | | | (1,435) | | | (1,435) | | Distributions to non-controlling interests | | — | | | — | | | — | | | — | | | 15,035 | | | 15,035 | | Purchase of non-controlling interest | | — | | | 3,357 | | | — | | | — | | | 97 | | | 3,454 | | Shares issued through equity offering program, net | | — | | | — | | | — | | | — | | | — | | | — | | Shares repurchased | | — | | | — | | | — | | | — | | | — | | | — | | Net income | | — | | | — | | | — | | | — | | | (7,211) | | | (7,211) | | Other comprehensive income | | — | | | — | | | 926 | | | — | | | 416 | | | 1,342 | | Comprehensive income | | — | | | — | | | — | | | — | | | — | | | (5,869) | | Restatement Impact Balances, December 31, 2018 | | $ | — | | | $ | 6,392 | | | $ | (1,679) | | | $ | — | | | $ | (91,254) | | | $ | (86,541) | | *denotes rounding difference | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Shares of Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | | (Accumulated Deficit) | | Non Controlling Interests | | Total | As Restated | | | | | | | | | | | | | | | | | | | Balances, September 30, 2018 | | 150 | | | 223,173 | | | 24 | | | (24,927) | | | 342 | | | 198,762 | | Distributions - Common Stock - $0.20 per share | | — | | | — | | | — | | | (3,190) | | | — | | | (3,190) | | Restricted stock vesting | | — | | | — | | | — | | | — | | | — | | | — | | Compensation expense—restricted stock and restricted stock units | | — | | | 320 | | | — | | | — | | | — | | | 320 | | Consolidation of investment in limited partnership | | — | | | — | | | — | | | — | | | — | | | — | | Contributions from non-controlling interests | | — | | | — | | | — | | | — | | | — | | | — | | Distributions to non-controlling interests | | — | | | — | | | — | | | — | | | (35) | | | (35) | | Purchase of non-controlling interest | | — | | | — | | | — | | | | — | | | — | | | — | | Shares issued through equity offering program, net | | — | | | — | | | — | | | | — | | | — | | | — | | Shares repurchased | | — | | | (120) | | | — | | | — | | | 0 | | (120) | | Net income | | — | | | — | | | — | | | 8,073 | | | 26 | | | 8,099 | | Other comprehensive income | | — | | | — | | | (15) | | | — | | | (2) | | | (17) | | Comprehensive income | | — | | | — | | | — | | | — | | | — | | | 8,082 | | Balances, December 31, 2018 | | $ | 150 | | | $ | 223,373 | | | $ | 9 | | | $ | (20,044) | | | $ | 331 | | | $ | 203,819 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY For the Three Months March 31, 2019 (Dollars in thousands, except share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Shares of Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | | (Accumulated Deficit) | | Non Controlling Interests | | Total | As Previously Reported | | | | | | | | | | | | | Balances, December 31, 2018 | | $ | 150 | | | | $ | 216,981 | | | | $ | 1,688 | | | | (20,044) | | | | $ | 91,585 | | | | $ | 290,360 | | Distributions - Common Stock - $0.20 per share | | — | | | | — | | | | — | | | | (3,221) | | | | — | | | | (3,221) | | Restricted stock vesting | | 2 | | | | (2) | | | | — | | | | — | | | | — | | | | — | | Compensation expense—restricted stock and restricted stock units | | — | | | | 365 | | | | — | | | | — | | | | — | | | | 365 | | Consolidation of investment in limited partnership | | — | | | | — | | | | — | | | | — | | | | 6,047 | | | | 6,047 | | Contributions from non-controlling interests | | — | | | | — | | | | — | | | | — | | | | 264 | | | | 264 | | Distributions to non-controlling interests | | — | | | | — | | | | — | | | | — | | | | (2,345) | | | | (2,345) | | Purchase of non-controlling interest | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | Shares issued through equity offering program, net | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | Shares repurchased | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | Net income | | — | | | | — | | | | — | | | | (4,247) | | | | (836) | | | | (5,083) | | Other comprehensive income | | — | | | | — | | | | (606) | | | | — | | | | (263) | | | | (869) | | Comprehensive income | | — | | | | — | | | | — | | | | — | | | | — | | | | (5,952) | | Balances, March 31, 2019 | | $ | 152 | | | $ | 217,344 | | | $ | 1,082 | | | | $ | (27,512) | | | | $ | 94,452 | | | | $ | 285,518 | | | | | | | | | | | | | | | | | | | | | Restatement Impact | | | | | | | | | | | | | Balances, December 31, 2018 | | $ | — | | | $ | 6,392 | | | | $ | (1,679) | | | | $ | — | | | | $ | (91,254) | | | | $ | (86,541) | | Distributions - Common Stock - $0.20 per share | | — | | | — | | | — | | | — | | | — | | | — | | Restricted stock vesting | | — | | | — | | | — | | | — | | | — | | | — | | Compensation expense—restricted stock and restricted stock units | | — | | | — | | | — | | | — | | | — | | | — | | Consolidation of investment in limited partnership | | — | | | — | | | — | | | — | | | (6,047) | | | (6,047) | | Contributions from non-controlling interests | | — | | | — | | | — | | | — | | | (264) | | | (264) | | Distributions to non-controlling interests | | — | | | — | | | — | | | — | | | 2,299 | | | 2,299 | | Purchase of non-controlling interest | | — | | | — | | | — | | | — | | | — | | | — | | Shares issued through equity offering program, net | | — | | | — | | | — | | | — | | | — | | | — | | Shares repurchased | | — | | | — | | | — | | | — | | | — | | | — | | Net income | | — | | | — | | | — | | | — | | | 870 | | | 870 | | Other comprehensive income | | — | | | — | | | 599 | | | — | | | 261 | | | 860 | | Comprehensive income | | — | | | — | | | — | | | — | | | — | | | 1,730 | | Restatement Impact Balances, March 31, 2019 | | $ | — | | | $ | 6,392 | | | $ | (1,080) | | | $ | — | | | $ | (94,135) | | | $ | (88,823) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Shares of Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | | (Accumulated Deficit) | | Non Controlling Interests | | Total | | | | | | | | | | | | | | As Restated | | | | | | | | | | | | | | | | | | | Balances, December 31, 2018 | | 150 | | | 223,373 | | | 9 | | | (20,044) | | | 331 | | | 203,819 | | Distributions - Common Stock - $0.20 per share | | — | | | — | | | — | | | (3,221) | | | — | | | (3,221) | | Restricted stock vesting | | 2 | | | (2) | | | — | | | — | | | — | | | — | | Compensation expense—restricted stock and restricted stock units | | — | | | 365 | | | — | | | — | | | — | | | 365 | | Consolidation of investment in limited partnership | | — | | | — | | | — | | | — | | | — | | | — | | Contributions from non-controlling interests | | — | | | — | | | — | | | — | | | — | | | — | | Distributions to non-controlling interests | | — | | | — | | | — | | | — | | | (46) | | | (46) | | Purchase of non-controlling interest | | — | | | — | | | — | | | | — | | | — | | | — | | Shares issued through equity offering program, net | | — | | | — | | | — | | | | — | | | — | | | — | | Shares repurchased | | — | | | — | | | — | | | — | | | — | | | — | | Net income | | — | | | — | | | — | | | (4,247) | | | 34 | | | (4,213) | | Other comprehensive income | | — | | | — | | | (7) | | | — | | | (2) | | | (9) | | Comprehensive income | | — | | | — | | | — | | | — | | | — | | | (4,222) | | Balances, March 31, 2019 | | $ | 152 | | | $ | 223,736 | | | $ | 2 | | | $ | (27,512) | | | $ | 317 | | | $ | 196,695 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY For the Three Months June 30, 2019 (Dollars in thousands, except share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Shares of Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | | (Accumulated Deficit) | | Non Controlling Interests | | Total | As Previously Reported | | | | | | | | | | | | | Balances, March 31, 2019 | | $ | 152 | | | | $ | 217,344 | | | | $ | 1,082 | | | | (27,512) | | | | $ | 94,452 | | | | $ | 285,518 | | Distributions - Common Stock - $0.20 per share | | — | | | | — | | | | — | | | | (3,220) | | | | — | | | | (3,220) | | Restricted stock vesting | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | Compensation expense—restricted stock and restricted stock units | | — | | | | 373 | | | | — | | | | — | | | | — | | | | 373 | | Consolidation of investment in limited partnership | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | Contributions from non-controlling interests | | — | | | | — | | | | — | | | | — | | | | 3,027 | | | | 3,027 | | Distributions to non-controlling interests | | — | | | | — | | | | — | | | | — | | | | (2,264) | | | | (2,264) | | Purchase of non-controlling interest | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | Shares issued through equity offering program, net | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | Shares repurchased - 3,590 shares | | — | | | | (46) | | | | — | | | | — | | | | — | | | | (46) | | Net income | | — | | | | — | | | | — | | | | (4,317) | | | | (933) | | | | (5,250) | | Other comprehensive income | | — | | | | — | | | | (939) | | | | — | | | | (414) | | | | (1,353) | | Comprehensive income | | — | | | | — | | | | — | | | | — | | | | — | | | | (6,603) | | Balances, June 30, 2019 | | $ | 152 | | | $ | 217,671 | | | $ | 143 | | | | $ | (35,049) | | | | $ | 93,868 | | | | $ | 276,785 | | | | | | | | | | | | | | | | | | | | | Restatement Impact | | | | | | | | | | | | | Balances, March 31, 2019 | | $ | — | | | $ | 6,392 | | | | $ | (1,080) | | | | $ | — | | | | $ | (94,135) | | | | $ | (88,823) | | Distributions - Common Stock - $0.20 per share | | — | | | — | | | — | | | — | | | — | | | — | | Restricted stock vesting | | — | | | — | | | — | | | — | | | — | | | — | | Compensation expense—restricted stock and restricted stock units | | — | | | — | | | — | | | — | | | — | | | — | | Consolidation of investment in limited partnership | | — | | | — | | | — | | | — | | | — | | | — | | Contributions from non-controlling interests | | — | | | — | | | — | | | — | | | (3,027) | | | (3,027) | | Distributions to non-controlling interests | | — | | | — | | | — | | | — | | | 2,225 | | | 2,225 | | Purchase of non-controlling interest | | — | | | — | | | — | | | — | | | — | | | — | | Shares issued through equity offering program, net | | — | | | — | | | — | | | — | | | — | | | — | | Shares repurchased | | — | | | — | | | — | | | — | | | — | | | — | | Net income | | — | | | — | | | — | | | — | | | 977 | | | 977 | | Other comprehensive income | | — | | | — | | | 926 | | | — | | | 412 | | | 1,338 | | Comprehensive income | | — | | | — | | | — | | | — | | | — | | | 2,315 | | Restatement Impact Balances, June 30, 2019 | | $ | — | | | $ | 6,392 | | | $ | (154) | | | $ | — | | | $ | (93,548) | | | $ | (87,310) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Shares of Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | | (Accumulated Deficit) | | Non Controlling Interests | | Total | | | | | | | | | | | | | | As Restated | | | | | | | | | | | | | | | | | | | Balances, March 31, 2019 | | 152 | | | 223,736 | | | 2 | | | (27,512) | | | 317 | | | 196,695 | | Distributions - Common Stock - $0.20 per share | | — | | | — | | | — | | | (3,220) | | | — | | | (3,220) | | Restricted stock vesting | | — | | | — | | | — | | | — | | | — | | | — | | Compensation expense—restricted stock and restricted stock units | | — | | | 373 | | | — | | | — | | | — | | | 373 | | Consolidation of investment in limited partnership | | — | | | — | | | — | | | — | | | — | | | — | | Contributions from non-controlling interests | | — | | | — | | | — | | | — | | | — | | | — | | Distributions to non-controlling interests | | — | | | — | | | — | | | — | | | (39) | | | (39) | | Purchase of non-controlling interest | | — | | | — | | | — | | | | — | | | — | | | — | | Shares issued through equity offering program, net | | — | | | — | | | — | | | | — | | | — | | | — | | Shares repurchased | | — | | | (46) | | | — | | | — | | | — | | | (46) | | Net income | | — | | | — | | | — | | | (4,317) | | | 44 | | | (4,273) | | Other comprehensive income | | — | | | — | | | (13) | | | — | | | (2) | | | (15) | | Comprehensive income | | — | | | — | | | — | | | — | | | — | | | (4,288) | | Balances, June 30, 2019 | | $ | 152 | | | $ | 224,063 | | | $ | (11) | | | $ | (35,049) | | | $ | 320 | | | $ | 189,475 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY For the Three Months September 30, 2019 (Dollars in thousands, except share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Shares of Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | | (Accumulated Deficit) | | Non Controlling Interests | | Total | As Previously Reported | | | | | | | | | | | | | Balances, June 30, 2019 | | $ | 152 | | | | $ | 217,671 | | | | $ | 143 | | | | (35,049) | | | | $ | 93,868 | | | | $ | 276,785 | | Distributions - Common Stock - $0.20 per share | | — | | | | — | | | | — | | | | (3,554) | | | | — | | | | (3,554) | | Restricted stock vesting | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | Compensation expense—restricted stock and restricted stock units | | — | | | | 372 | | | | — | | | | — | | | | — | | | | 372 | | Consolidation of investment in limited partnership | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | Contributions from non-controlling interests | | — | | | | — | | | | — | | | | — | | | | 1,237 | | | | 1,237 | | Distributions to non-controlling interests | | — | | | | — | | | | — | | | | — | | | | (3,510) | | | | (3,510) | | Purchase of non-controlling interest | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | Shares issued through equity offering program, net | | — | | | | 774 | | | | — | | | | — | | | | — | | | | 774 | | Shares repurchased - 3,590 shares | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | Net income | | — | | | | — | | | | — | | | | 3,272 | | | | 73 | | | | 3,345 | | Other comprehensive income | | — | | | | — | | | | (218) | | | | — | | | | (104) | | | | (322) | | Comprehensive income | | — | | | | — | | | | — | | | | — | | | | — | | | | 3,023 | | Balances, September 30, 2019 | | $ | 152 | | | $ | 218,817 | | | $ | (75) | | | | $ | (35,331) | | | | $ | 91,564 | | | | $ | 275,127 | | | | | | | | | | | | | | | | | | | | | Restatement Impact | | | | | | | | | | | | | Balances, June 30, 2019 | | $ | — | | | $ | 6,392 | | | | $ | (154) | | | | $ | — | | | | $ | (93,548) | | | | $ | (87,310) | | Distributions - Common Stock - $0.20 per share | | — | | | — | | | — | | | — | | | — | | | — | | Restricted stock vesting | | — | | | — | | | — | | | — | | | — | | | — | | Compensation expense—restricted stock and restricted stock units | | — | | | — | | | — | | | — | | | — | | | — | | Consolidation of investment in limited partnership | | — | | | — | | | — | | | — | | | — | | | — | | Contributions from non-controlling interests | | — | | | — | | | — | | | — | | | (1,237) | | | (1,237) | | Distributions to non-controlling interests | | — | | | — | | | — | | | — | | | 2,376 | | | 2,376 | | Purchase of non-controlling interest | | — | | | — | | | — | | | — | | | — | | | — | | Shares issued through equity offering program, net | | — | | | — | | | — | | | — | | | — | | | — | | Shares repurchased | | — | | | — | | | — | | | — | | | — | | | — | | Net income | | — | | | — | | | — | | | — | | | 726 | | | 726 | | Other comprehensive income | | — | | | — | | | 215 | | | — | | | 104 | | | 319 | | Comprehensive income | | — | | | — | | | — | | | — | | | — | | | 1,045 | | Restatement Impact Balances, September 30, 2019 | | $ | — | | | $ | 6,392 | | | $ | 61 | | | $ | — | | | $ | (91,579) | | | $ | (85,126) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Shares of Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | | (Accumulated Deficit) | | Non Controlling Interests | | Total | | | | | | | | | | | | | | As Restated | | | | | | | | | | | | | | | | | | | Balances, June 30, 2019 | | 152 | | | 224,063 | | | (11) | | | (35,049) | | | 320 | | | 189,475 | | Distributions - Common Stock - $0.20 per share | | — | | | — | | | — | | | (3,554) | | | — | | | (3,554) | | Restricted stock vesting | | — | | | — | | | — | | | — | | | — | | | — | | Compensation expense—restricted stock and restricted stock units | | — | | | 372 | | | — | | | — | | | — | | | 372 | | Consolidation of investment in limited partnership | | — | | | — | | | — | | | — | | | — | | | — | | Contributions from non-controlling interests | | — | | | — | | | — | | | — | | | — | | | — | | Distributions to non-controlling interests | | — | | | — | | | — | | | — | | | (1,134) | | | (1,134) | | Purchase of non-controlling interest | | — | | | — | | | — | | | | — | | | — | | | — | | Shares issued through equity offering program, net | | — | | | 774 | | | — | | | | — | | | — | | | 774 | | Shares repurchased | | — | | | — | | | — | | | — | | | — | | | — | | Net income | | — | | | — | | | — | | | 3,272 | | | 799 | | | 4,071 | | Other comprehensive income | | — | | | — | | | (3) | | | — | | | — | | | (3) | | Comprehensive income | | — | | | — | | | — | | | — | | | — | | | 4,068 | | Balances, September 30, 2019 | | $ | 152 | | | $ | 225,209 | | | $ | (14) | | | $ | (35,331) | | | $ | (15) | | | $ | 190,001 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | CONSOLIDATED STATEMENTS OF CASH FLOWS | | | | | | | | | (Dollars in Thousands) | | | | | | | | | | | Unaudited Three Months Ended March 31, 2018 | | | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | | | Cash flows from operating activities: | | | | | | | | | | Net income | | $ | 49,908 | | | | (24,654) | | | 25,254 | | | | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | Depreciation | | 9,240 | | | | (8,166) | | | 1,074 | | | | Amortization of deferred financing fees | | 378 | | | | (319) | | | 59 | | | | Amortization of restricted stock | | 298 | | | | — | | | 298 | | | | Equity in earnings (loss) of unconsolidated joint ventures | | 63 | | | | (316) | | | (253) | | | | Equity in earnings on sale of real estate of unconsolidated joint ventures | | — | | | | (26,402) | | | (26,402) | | | | Gain on sale of real estate | | (51,981) | | | | 51,544 | | | (437) | | | | Gain on insurance recovery | | (3,227) | | | | 3,227 | | | — | | | | Loss on extinguishment of debt | | 593 | | | | (593) | | | — | | | | Distributions from equity in earnings of unconsolidated joint ventures | | — | | | | 15,180 | | | 15,180 | | | | | | | | | | | | | Increases and decreases from changes in other assets and liabilities: | | | | | | | | | | | | | Decrease in deposits and escrows | | 3,536 | | | | 2,017 | | | 5,553 | | | | (Increase) decrease in accounts payable and accrued liabilities | | (3,499) | | | | 3,558 | | | 59 | | | | Decrease (increase) in other assets | | 6,300 | | | | (6,400) | | | (100) | | | | Other | | — | | | | — | | | — | | | | Net cash provided by operating activities | | 11,609 | | | | 8,676 | | | 20,285 | | | | Cash flows from investing activities: | | | | | | | | | | Collections from real estate loans | | 150 | | | | — | | | 150 | | | | Additions to real estate properties | | (88,991) | | | | 88,991 | | | — | | | | Net costs capitalized to real estate owned | | (3,637) | | | | 3,562 | | | (75) | | | | | | | | | | | | | | | | | | | | | | Purchase of non-controlling interest | | (250) | | | | — | | | (250) | | | | Consolidation of investment in joint venture | | 1,279 | | | | (1,279) | | | — | | | | Proceeds from the sale of real estate owned | | 146,901 | | | | (146,464) | | | 437 | | | | Distributions from unconsolidated joint ventures | | 207 | | | | 27,741 | | | 27,948 | | | | Contributions to unconsolidated joint ventures | | (12,370) | | | | (20,440) | | | (32,810) | | | | | | | | | | | | | Net cash (used in) provided by investing activities | | 43,289 | | | | (47,889) | | | (4,600) | | | | Cash flows from financing activities: | | | | | | | | | | Proceeds from mortgages payable | | 54,475 | | | | (54,475) | | | — | | | | | | | | | | | | | Mortgage payoffs | | (75,437) | | | | 75,437 | | | — | | | | Mortgage principal payments | | (1,197) | | | | 664 | | | (533) | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | CONSOLIDATED STATEMENTS OF CASH FLOWS | | | | | | | | | (Dollars in Thousands) | | | | | | | | | | | Unaudited Three Months Ended March 31, 2018 | | | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | | | Increase in deferred financing costs | | (437) | | | | 437 | | | — | | | | Dividends paid | | (2,856) | | | | — | | | (2,856) | | | | Contributions from non-controlling interests | | 18,088 | | | | (18,088) | | | — | | | | Distributions to non-controlling interests | | (32,020) | | | | 32,018 | | | (2) | | | | Proceeds from the sale of common stock | | 1,401 | | | | — | | | 1,401 | | | | | | | | | | | | | Net cash provided by (used in) financing activities | | (37,983) | | | | 35,993 | | | (1,990) | | | | Net increase in cash, cash equivalents and restricted cash | | 16,915 | | | | (3,220) | | | 13,695 | | | | Cash, cash equivalents and restricted cash at beginning of year | | 21,761 | | | | (7,938) | | | 13,823 | | | | Cash, cash equivalents and restricted cash at end of year | | $ | 38,676 | | | | (11,158) | | | $ | 27,518 | | | | | | | | | | | | | Supplemental disclosures of cash flow information: | | | | | | | | | | | | | Cash paid during the year for interest expense | | $ | 8,254 | | | | $ | (6,902) | | | | $ | 1,352 | | | | Cash paid during the year for income and excise taxes | | $ | 14 | | | | $ | — | | | | $ | 14 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | CONSOLIDATED STATEMENTS OF CASH FLOWS | | | | | | | | | (Dollars in Thousands) | | | | | | | | | | | Unaudited Six Months Ended June 30, 2018 | | | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | | | Cash flows from operating activities: | | | | | | | | | | Net income | | $ | 43,937 | | | | (23,334) | | | | $ | 20,603 | | | | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | Depreciation | | 19,440 | | | | (17,290) | | | | 2,150 | | | | Amortization of deferred financing fees | | 766 | | | | (652) | | | | 114 | | | | Amortization of restricted stock | | 658 | | | | — | | | | 658 | | | | Equity in earnings (loss) of unconsolidated joint ventures | | 190 | | | | 2,123 | | | | 2,313 | | | | Equity in earnings on sale of real estate of unconsolidated joint ventures | | — | | | | (26,402) | | | | (26,402) | | | | Gain on sale of real estate | | (51,981) | | | | 51,544 | | | | (437) | | | | Gain on insurance recovery | | (3,227) | | | | 3,227 | | | | — | | | | Loss on extinguishment of debt | | 593 | | | | (593) | | | | — | | | | Distributions from equity in earnings of unconsolidated joint ventures | | — | | | | 15,180 | | | | 15,180 | | | | | | | | | | | | | Increases and decreases from changes in other assets and liabilities: | | | | | | | | | | Decrease in deposits and escrows | | 3,926 | | | | 1,066 | | | | 4,992 | | | | (Increase) decrease in accounts payable and accrued liabilities | | 2,007 | | | | (1,640) | | | | 367 | | | | Decrease (increase) in other assets | | 5,138 | | | | (5,350) | | | | (212) | | | | | | | | | | | | | Net cash provided by operating activities | | 21,447 | | | | (2,121) | | | | 19,326 | | | | Cash flows from investing activities: | | | | | | | | | | Collections from real estate loans | | 300 | | | | — | | | | 300 | | | | Additions to real estate properties | | (140,433) | | | | 140,433 | | | | — | | | | Net costs capitalized to real estate owned | | (10,019) | | | | 9,854 | | | | (165) | | | | Investment in joint venture | | (12,370) | | | | 12,370 | | | | | | | | | | | | | | | | | Purchase of non-controlling interest | | (250) | | | | — | | | | (250) | | | | Consolidation of investment in joint venture | | 1,279 | | | | (1,279) | | | | — | | | | Proceeds from the sale of real estate owned | | 146,901 | | | | (146,464) | | | | 437 | | | | Distributions from unconsolidated joint ventures | | 381 | | | | 30,950 | | | | 31,331 | | | | Contributions to unconsolidated joint ventures | | — | | | | (47,010) | | | | (47,010) | | | | | | | | | | | | | Net cash (used in) provided by investing activities | | (14,211) | | | | (1,146) | | | | (15,357) | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | CONSOLIDATED STATEMENTS OF CASH FLOWS | | | | | | | | | (Dollars in Thousands) | | | | | | | | | | | Unaudited Six Months Ended June 30, 2018 | | | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | | | Cash flows from financing activities: | | | | | | | | | | Proceeds from mortgages payable | | 82,524 | | | | (82,524) | | | | — | | | | | | | | | | | | | Mortgage payoffs | | (75,436) | | | | 75,436 | | | | — | | | | Mortgage principal payments | | (2,424) | | | | 1,373 | | | | (1,051) | | | | | | | | | | | | | | | | | | | | | | Increase in deferred financing costs | | (943) | | | | 943 | | | | — | | | | Dividends paid | | (5,788) | | | | — | | | | (5,788) | | | | Contributions from non-controlling interests | | 28,018 | | | | (28,018) | | | | — | | | | Distributions to non-controlling interests | | (34,183) | | | | 34,170 | | | | (13) | | | | Proceeds from the sale of common stock | | 11,926 | | | | — | | | | 11,926 | | | | | | | | | | | | | Net cash provided by (used in) financing activities | | 3,694 | | | | 1,380 | | | | 5,074 | | | | Net increase in cash, cash equivalents and restricted cash | | 10,930 | | | | (1,887) | | | | 9,043 | | | | Cash, cash equivalents and restricted cash at beginning of year | | 21,761 | | | | (7,938) | | | | 13,823 | | | | Cash, cash equivalents and restricted cash at end of year | | $ | 32,691 | | | | (9,825) | | | | $ | 22,866 | | | | | | | | | | | | | Supplemental disclosures of cash flow information: | | | | | | | | | | | | | | Cash paid during the year for interest expense | | $ | 15,859 | | | | $ | (13,153) | | | | $ | 2,706 | | | | Cash paid during the year for income and excise taxes | | $ | 114 | | | | $ | — | | | | $ | 114 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | CONSOLIDATED STATEMENTS OF CASH FLOWS | | | | | | | | | (Dollars in Thousands) | | | | | | | | | | | Unaudited Nine Months September 30, 2018 | | | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | | | Cash flows from operating activities: | | | | | | | | | | Net income | | $ | 39,799 | | | | (22,273) | | | | $ | 17,526 | | | | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | Depreciation | | 29,856 | | | | (26,337) | | | | 3,519 | | | | Amortization of deferred financing fees | | 1,068 | | | | (884) | | | | 184 | | | | Amortization of restricted stock | | 673 | | | | — | | | | 673 | | | | Equity in earnings (loss) of unconsolidated joint ventures | | 364 | | | | 3,576 | | | | 3,940 | | | | Equity in earnings on sale of real estate of unconsolidated joint ventures | | — | | | | (26,402) | | | | (26,402) | | | | Gain on sale of real estate | | (52,405) | | | | 51,544 | | | | (861) | | | | Gain on insurance recovery | | (4,499) | | | | 4,499 | | | | — | | | | Loss on extinguishment of debt | | 593 | | | | (593) | | | | — | | | | Distributions from equity in earnings of unconsolidated joint ventures | | — | | | | 15,180 | | | | 15,180 | | | | | | | | | | | | | Increases and decreases from changes in other assets and liabilities: | | | | | | | | | | Decrease in deposits and escrows | | 2,732 | | | | 1,520 | | | | 4,252 | | | | (Increase) decrease in accounts payable and accrued liabilities | | 6,823 | | | | (6,502) | | | | 321 | | | | Decrease (increase) in other assets | | 5,219 | | | | (5,650) | | | | (431) | | | | Other | | — | | | | (4) | | | | (4) | | | | Net cash provided by operating activities | | 30,223 | | | | (12,326) | | | | 17,897 | | | | Cash flows from investing activities: | | | | | | | | | | Collections from real estate loans | | 450 | | | | — | | | | 450 | | | | Additions to real estate properties | | (151,030) | | | | 151,030 | | | | — | | | | Net costs capitalized to real estate owned | | (15,159) | | | | 14,881 | | | | (278) | | | | Investment in joint venture | | (12,370) | | | | 12,370 | | | | | | | | Purchase of partner interests | | — | | | | (4,667) | | | | (4,667) | | | | Purchase of non-controlling interest | | (5,172) | | | | 4,922 | | | | (250) | | | | Consolidation of investment in joint venture | | 1,279 | | | | (1,279) | | | | — | | | | Proceeds from the sale of real estate owned | | 147,325 | | | | (146,464) | | | | 861 | | | | Distributions from unconsolidated joint ventures | | 673 | | | | 33,682 | | | | 34,355 | | | | Contributions to unconsolidated joint ventures | | — | | | | (47,010) | | | | (47,010) | | | | | | | | | | | | | Net cash (used in) provided by investing activities | | (34,004) | | | | 17,465 | | | | (16,539) | | | | | | | | | | | | | | | | | | | | | | Cash flows from financing activities: | | | | | | | | | | Proceeds from mortgages payable | | 92,502 | | | | (92,502) | | | | — | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | CONSOLIDATED STATEMENTS OF CASH FLOWS | | | | | | | | | (Dollars in Thousands) | | | | | | | | | | | Unaudited Nine Months September 30, 2018 | | | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | | | Mortgage payoffs | | (75,436) | | | | 75,436 | | | | — | | | | Mortgage principal payments | | (3,802) | | | | 2,136 | | | | (1,666) | | | | | | | | | | | | | | | | | | | | | | Increase in deferred financing costs | | (940) | | | | 940 | | | | — | | | | Dividends paid | | (8,939) | | | | — | | | | (8,939) | | | | Contributions from non-controlling interests | | 28,018 | | | | (28,018) | | | | — | | | | Distributions to non-controlling interests | | (35,707) | | | | 35,632 | | | | (75) | | | | Proceeds from the sale of common stock | | 20,411 | | | | — | | | | 20,411 | | | | Repurchase of shares of common stock | | (41) | | | | — | | | | (41) | | | | Net cash provided by (used in) financing activities | | 16,066 | | | | (6,376) | | | | 9,690 | | | | Net increase in cash, cash equivalents and restricted cash | | 12,285 | | | | (1,237) | | | | 11,048 | | | | Cash, cash equivalents and restricted cash at beginning of year | | 21,761 | | | | (7,938) | | | | 13,823 | | | | Cash, cash equivalents and restricted cash at end of year | | $ | 34,046 | | | | (9,175) | | | | $ | 24,871 | | | | | | | | | | | | | Supplemental disclosures of cash flow information: | | | | | | | | | Cash paid during the year for interest expense | | $ | 25,284 | | | | $ | (20,974) | | | | $ | 4,310 | | | | Cash paid during the year for income and excise taxes | | $ | 216 | | | | $ | — | | | | $ | 216 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | CONSOLIDATED STATEMENTS OF CASH FLOWS | | | | | | | | | (Dollars in Thousands) | | | | | | | | | | | Unaudited Three Months Ended March 31, 2019 | | | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | | | Cash flows from operating activities: | | | | | | | | | | Net loss | | $ | (5,083) | | | | $ | 870 | | | $ | (4,213) | | | | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | Depreciation | | 9,617 | | | | (8,070) | | | 1,547 | | | | Amortization of deferred financing fees | | 379 | | | | (306) | | | 73 | | | | Amortization of restricted stock | | 365 | | | | — | | | 365 | | | | Equity in loss of unconsolidated joint ventures | | 223 | | | | 1,845 | | | 2,068 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Increases and decreases from changes in other assets and liabilities: | | | | | | | | | | | | | Decrease (increase) in deposits and escrows | | 7,062 | | | | (6,372) | | | 690 | | | | (Decrease) increase in accounts payable and accrued liabilities | | (2,314) | | | | 4,018 | | | 1,704 | | | | Increase in other assets | | (1,757) | | | | (161) | | | (1,918) | | | | Other | | — | | | | — | | | — | | | | Net cash provided by operating activities | | 8,492 | | | | (8,176) | | | 316 | | | | Cash flows from investing activities: | | | | | | | | | | Collections from real estate loans | | 150 | | | | — | | | 150 | | | | Additions to real estate properties | | (6,903) | | | | 6,903 | | | — | | | | Net costs capitalized to real estate owned | | (2,177) | | | | 1,787 | | | (390) | | | | Investment in joint venture | | (11,231) | | | | 11,231 | | | — | | | | | | | | | | | | | | | | | | | | | | Consolidation of investment in joint venture | | 1,458 | | | | (1,458) | | | — | | | | | | | | | | | | | Distributions from unconsolidated joint ventures | | 484 | | | | 3,617 | | | 4,101 | | | | Contributions to unconsolidated joint ventures | | — | | | | (12,287) | | | (12,287) | | | | | | | | | | | | | Net cash (used in) provided by investing activities | | (18,219) | | | | 9,793 | | | (8,426) | | | | | | | | | | | | | Cash flows from financing activities: | | | | | | | | | | Proceeds from mortgages payable | | 13,880 | | | | (13,880) | | | — | | | | | | | | | | | | | Mortgage payoffs | | (9,200) | | | | 9,200 | | | — | | | | Mortgage principal payments | | (1,304) | | | | 529 | | | (775) | | | | | | | | | | | | | | | | | | | | | | Increase in deferred financing costs | | (120) | | | | 120 | | | — | | | | Dividends paid | | (3,181) | | | | — | | | (3,181) | | | | Contributions from non-controlling interests | | 264 | | | | (264) | | | — | | | | Distributions to non-controlling interests | | (2,345) | | | | 2,299 | | | (46) | | | | (Increase) decrease in deferred costs - credit line/mortgage | | — | | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | CONSOLIDATED STATEMENTS OF CASH FLOWS | | | | | | | | | (Dollars in Thousands) | | | | | | | | | | | Unaudited Three Months Ended March 31, 2019 | | | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | | | Net cash provided by (used in) financing activities | | (2,006) | | | | (1,996) | | | (4,002) | | | | Net increase in cash, cash equivalents and restricted cash | | (11,733) | | | | (379) | | | (12,112) | | | | Cash, cash equivalents and restricted cash at beginning of year | | 40,608 | | | | (8,889) | | | 31,719 | | | | Cash, cash equivalents and restricted cash at end of year | | $ | 28,875 | | | | (9,268) | | | $ | 19,607 | | | | | | | | | | | | | Supplemental disclosures of cash flow information: | | | | | | | | | | | | | | Cash paid during the year for interest expense | | $ | 8,769 | | | | $ | (6,906) | | | | $ | 1,863 | | | | Cash paid during the year for income and excise taxes | | $ | 10 | | | | $ | — | | | | $ | 10 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | CONSOLIDATED STATEMENTS OF CASH FLOWS | | | | | | | | | (Dollars in Thousands) | | | | | | | | | | | Unaudited Six Months Ended June 30, 2019 | | | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | | | Cash flows from operating activities: | | | | | | | | | | Net loss | | $ | (10,333) | | | | 1,847 | | | | $ | (8,486) | | | | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | Depreciation | | 19,964 | | | | (16,989) | | | | 2,975 | | | | Amortization of deferred financing fees | | 937 | | | | (780) | | | | 157 | | | | Amortization of restricted stock | | 738 | | | | — | | | | 738 | | | | Equity in loss of unconsolidated joint ventures | | 384 | | | | 3,902 | | | | 4,286 | | | | | | | | | | | | | | | | | | | | | | Gain on insurance recovery | | (517) | | | | 517 | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Increases and decreases from changes in other assets and liabilities: | | | | | | | | | | | Decrease (increase) in deposits and escrows | | 4,861 | | | | (4,556) | | | | 305 | | | | (Decrease) increase in accounts payable and accrued liabilities | | 1,604 | | | | 3,168 | | | | 4,772 | | | | Increase in other assets | | (2,358) | | | | (351) | | | | (2,709) | | | | | | | | | | | | | Net cash provided by operating activities | | 15,280 | | | | (13,242) | | | | 2,038 | | | | Cash flows from investing activities: | | | | | | | | | | Collections from real estate loans | | 300 | | | | — | | | | 300 | | | | Additions to real estate properties | | (56,840) | | | | 56,840 | | | | — | | | | Net costs capitalized to real estate owned | | (4,755) | | | | 3,894 | | | | (861) | | | | Investment in joint venture | | (11,231) | | | | 11,231 | | | | — | | | | | | | | | | | | | | | | | | | | | | Consolidation of investment in joint venture | | 1,458 | | | | (1,458) | | | | — | | | | | | | | | | | | | Distributions from unconsolidated joint ventures | | 898 | | | | 7,625 | | | | 8,523 | | | | Contributions to unconsolidated joint ventures | | — | | | | (24,348) | | | | (24,348) | | | | | | | | | | | | | Net cash (used in) provided by investing activities | | (70,170) | | | | 53,784 | | | | (16,386) | | | | | | | | | | | | | Cash flows from financing activities: | | | | | | | | | | Proceeds from mortgages payable | | 82,325 | | | | (82,325) | | | | — | | | | Increase in other borrowed funds | | — | | | | — | | | | — | | | | Mortgage payoffs | | (38,200) | | | | 38,200 | | | | — | | | | Mortgage principal payments | | (2,721) | | | | 1,193 | | | | (1,528) | | | | Proceeds from credit facility | | 9,000 | | | | — | | | | 9,000 | | | | | | | | | | | | | Increase in deferred financing costs | | (1,098) | | | | 1,015 | | | | (83) | | | | Dividends paid | | (6,361) | | | | — | | | | (6,361) | | | | Contributions from non-controlling interests | | 3,291 | | | | (3,291) | | | | — | | | | Distributions to non-controlling interests | | (4,610) | | | | 4,524 | | | | (86) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | CONSOLIDATED STATEMENTS OF CASH FLOWS | | | | | | | | | (Dollars in Thousands) | | | | | | | | | | | Unaudited Six Months Ended June 30, 2019 | | | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | | | Repurchase of shares of common stock | | (46) | | | | — | | | | (46) | | | | Net cash provided by (used in) financing activities | | 41,580 | | | | (40,684) | | | | 896 | | | | Net increase in cash, cash equivalents and restricted cash | | (13,310) | | | | (142) | | | | (13,452) | | | | Cash, cash equivalents and restricted cash at beginning of year | | 40,608 | | | | (8,889) | | | | 31,719 | | | | Cash, cash equivalents and restricted cash at end of year | | $ | 27,298 | | | | (9,031) | | | | $ | 18,267 | | | | | | | | | | | | | Supplemental disclosures of cash flow information: | | | | | | | | | Cash paid during the year for interest expense | | $ | 18,218 | | | | $ | (14,429) | | | | $ | 3,789 | | | | Cash paid during the year for income and excise taxes | | $ | 44 | | | | $ | — | | | | $ | 44 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | CONSOLIDATED STATEMENTS OF CASH FLOWS | | | | | | | | | (Dollars in Thousands) | | | | | | | | | | | Unaudited Nine Months September 30, 2019 | | | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | | | Cash flows from operating activities: | | | | | | | | | | Net loss | | $ | (6,988) | | | | 2,573 | | | | (4,415) | | | | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | Depreciation | | 29,914 | | | | (25,566) | | | | 4,348 | | | | Amortization of deferred financing fees | | 1,345 | | | | (1,117) | | | | 228 | | | | Amortization of restricted stock | | 1,110 | | | | — | | | | 1,110 | | | | Equity in loss of unconsolidated joint ventures | | 643 | | | | 6,033 | | | | 6,676 | | | | | | | | | | | | | Gain on sale of real estate | | (9,938) | | | | — | | | | (9,938) | | | | Gain on insurance recovery | | (517) | | | | 517 | | | | — | | | | Loss on extinguishment of debt | | 1,766 | | | | (379) | | | | 1,387 | | | | | | | | | | | | | | | | | | | | | | Increases and decreases from changes in other assets and liabilities: | | | | | | | | | | | Decrease (increase) in deposits and escrows | | 2,048 | | | | (1,626) | | | | 422 | | | | (Decrease) increase in accounts payable and accrued liabilities | | 5,107 | | | | 727 | | | | 5,834 | | | | Increase in other assets | | (1,967) | | | | (621) | | | | (2,588) | | | | Other | | — | | | | — | | | | — | | | | Net cash provided by operating activities | | 22,523 | | | | (19,459) | | | | 3,064 | | | | Cash flows from investing activities: | | | | | | | | | | | Collections from real estate loans | | 450 | | | | — | | | | 450 | | | | Additions to real estate properties | | (78,196) | | | | 78,196 | | | | — | | | | Net costs capitalized to real estate owned | | (7,313) | | | | 6,144 | | | | (1,169) | | | | Investment in joint venture | | (11,231) | | | | 11,231 | | | | — | | | | | | | | | | | | | | | | | | | | | | Consolidation of investment in joint venture | | 1,458 | | | | (1,458) | | | | — | | | | Proceeds from the sale of real estate owned | | 32,807 | | | | (6) | | | | 32,801 | | | | Distributions from unconsolidated joint ventures | | 1,096 | | | | 10,938 | | | | 12,034 | | | | Contributions to unconsolidated joint ventures | | — | | | | (29,069) | | | | (29,069) | | | | | | | | | | | | | Net cash (used in) provided by investing activities | | (60,929) | | | | 75,976 | | | | 15,047 | | | | Cash flows from financing activities: | | | | | | | | | | | Proceeds from mortgages payable | | 128,193 | | | | (128,193) | | | | — | | | | | | | | | | | | | Mortgage payoffs | | (86,214) | | | | 65,579 | | | | (20,635) | | | | Mortgage principal payments | | (4,051) | | | | 1,862 | | | | (2,189) | | | | Proceeds from credit facility | | 13,500 | | | | — | | | | 13,500 | | | | Repayment of credit facility | | (9,900) | | | | — | | | | (9,900) | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | CONSOLIDATED STATEMENTS OF CASH FLOWS | | | | | | | | | (Dollars in Thousands) | | | | | | | | | | | Unaudited Nine Months September 30, 2019 | | | | | | | | | As Previously Reported | | Restatement Impact | | As Restated | | | Increase in deferred financing costs | | (1,742) | | | | 1,659 | | | | (83) | | | | Dividends paid | | (9,871) | | | | — | | | | (9,871) | | | | Contributions from non-controlling interests | | 4,528 | | | | (4,528) | | | | — | | | | Distributions to non-controlling interests | | (8,118) | | | | 6,898 | | | | (1,220) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Proceeds from the sale of common stock | | 774 | | | | — | | | | 774 | | | | Repurchase of shares of common stock | | (46) | | | | — | | | | (46) | | | | Net cash provided by (used in) financing activities | | 27,053 | | | | (56,723) | | | | (29,670) | | | | Net increase in cash, cash equivalents and restricted cash | | (11,353) | | | | (206) | | | | (11,559) | | | | Cash, cash equivalents and restricted cash at beginning of year | | 40,608 | | | | (8,889) | | | | 31,719 | | | | Cash, cash equivalents and restricted cash at end of year | | $ | 29,255 | | | | (9,095) | | | | 20,160 | | | | | | | | | | | | | Supplemental disclosures of cash flow information: | | | | | | | | | Cash paid during the year for interest expense | | $ | 26,991 | | | | $ | (21,375) | | | | $ | 5,616 | | | | Cash paid during the year for income and excise taxes | | $ | 44 | | | | $ | — | | | | $ | 44 | | | |
|