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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ (15,015) $ 345,521 $ 1,142
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization, net 21,085 26,608 52,230
Reclassification from AOCI to interest expense 0 (1,806) (1,552)
Reclassification from other assets to interest expense for swap termination 0 1,421 0
Change in fair value of swaps 0 209 1,728
Gain on sale of real estate 0 (433,104) 0
Impairment of real estate 0 69,000 0
Loss on early extinguishment of debt 281 29,982 808
Amortization of deferred loan costs 1,192 1,133 896
Amortization of premiums and discounts on debt (84) (227) (444)
Unrealized premium adjustment 1,281 1,697 2,522
Amortization of deferred costs and accretion of fees on loans receivable, net (410) (501) (41)
Write-offs of uncollectible receivables 2,622 40 494
Deferred income taxes (995) (81) (3)
Stock-based compensation 222 194 162
Loans funded, held for sale to secondary market (28,131) (29,694) (55,655)
Proceeds from sale of guaranteed loans 25,722 40,033 54,142
Principal collected on loans subject to secured borrowings 3,695 3,613 5,698
Other operating activity (935) (822) (1,587)
Changes in operating assets and liabilities:      
Accounts receivable (419) 3,197 6,692
Other assets 1,233 1,019 (4,077)
Accounts payable and accrued expenses (1,080) (6,326) (365)
Deferred leasing costs (1,838) (1,695) (5,773)
Other liabilities (274) (6,825) 2,221
Due to related parties 4,675 (1,601) 2,218
Net cash provided by operating activities 12,827 40,985 61,456
CASH FLOWS FROM INVESTING ACTIVITIES:      
Additions to investments in real estate (14,731) (24,600) (12,055)
Acquisition of real estate (6,131) 0 (112,048)
Proceeds from sale of real estate, net 0 941,032 0
Loans funded (25,393) (9,898) (18,579)
Principal collected on loans 7,884 10,273 10,770
Other investing activity 51 386 178
Net cash (used in) provided by investing activities (38,320) 917,193 (131,734)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Payment of unsecured revolving lines of credit, revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes (57,584) (192,987) (186,231)
Proceeds from unsecured revolving lines of credit, revolving credit facilities and term notes 77,516 158,500 180,000
Investments in marketable securities in connection with the legal defeasance of mortgages payable 0 (268,194) 0
Prepayment penalties and other payments for early extinguishment of debt 0 (5,660) 0
Payment of principal on secured borrowings (3,695) (3,613) (5,698)
Proceeds from secured borrowings 0 0 772
Payment of deferred preferred stock offering costs (943) (1,320) (1,136)
Payment of deferred costs (983) (423) (4,469)
Payment of common dividends (4,431) (13,141) (21,895)
Payment of special cash dividends 0 (613,294) (1,575)
Net proceeds from issuance of Series A Preferred Warrants 28 385 73
Net proceeds from issuance of Preferred Stock 41,958 37,197 35,984
Repurchase of Preferred Stock 0 (75,155) 0
Payment of preferred stock dividends (16,536) (22,157) (2,173)
Redemption of Preferred Stock (2,084) (228) (113)
Noncontrolling interests’ distributions (51) (522) (74)
Noncontrolling interests’ contributions 0 455 0
Net cash provided by (used in) financing activities 33,195 (1,000,157) (6,535)
Change in cash balances included in assets held for sale 0 755 (755)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 7,702 (41,224) (77,568)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:      
Beginning of period 35,947 77,171 154,739
End of period 43,649 35,947 77,171
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:      
Total cash and cash equivalents and restricted cash 35,947 77,171 77,171
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Cash paid during the period for interest 10,315 13,674 27,473
Federal income taxes paid 273 1,000 622
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:      
Accrued capital expenditures, tenant improvements and real estate developments 267 5,663 11,875
Net increase in fair value of derivatives applied to other comprehensive income 0 0 1,727
Accrued deferred costs 125 35 206
Accrued preferred stock offering costs 675 264 172
Accrual of dividends payable to preferred stockholders 11,343 9,873 14,935
Preferred stock offering costs offset against redeemable preferred stock 583 350 229
Reclassification of Series A Preferred Stock from temporary equity to permanent equity 35,483 35,649 27,887
Reclassification of loans receivable, net to real estate owned 174 243 0
Reclassification of Series A Preferred Stock from permanent equity to accounts payable and accrued expenses 25 20 0
Establishment of right-of-use asset and lease liability 0 362 0
Marketable securities transferred in connection with the legal defeasance of mortgages payable 0 268,194 0
Mortgage notes payable legally defeased 0 245,000 0
Mortgage note assumed in connection with our sale of real estate 0 28,200 0
Redeemable preferred stock deemed dividends 377 0 0
Accrued Redeemable Preferred Stock fees 493 0 0
Equity-based payment for management fees and base service fee $ 7,400 $ 0 $ 0