XML 55 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 24,011 $ 12,389
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred rent, and amortization of intangible assets, liabilities and lease inducements (3,141) (6,911)
Depreciation and amortization 51,592 51,290
Bargain purchase gain (4,918)  
Gain on settlement of a contractual obligation (1,166)  
Straight line rent, below-market ground lease and amortization of intangible assets 1,430 1,400
Amortization of deferred loan costs 1,427 493
Amortization of premiums and discounts on debt (841) (621)
Unrealized premium adjustments 1,356  
Amortization and accretion on loans receivable, net (3,153)  
Bad debt expense 263 491
Deferred income taxes (60)  
Stock-based compensation 726  
Loans funded, held for sale (25,288)  
Proceeds from sale of guaranteed loans 16,700  
Principal collected on loans 2,830  
Other operating activity (467)  
Changes in operating assets and liabilities:    
Accounts receivable and interest receivable (2,256) (6,775)
Other assets (1,573) (1,475)
Accounts payable and accrued expenses (2,015) 3,121
Deferred leasing costs (6,836) (3,599)
Other liabilities 1,031 (302)
Due to related parties 2,711 116
Net cash provided by operating activities 52,363 49,617
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to investments in real estate (19,192) (15,767)
Acquisition of real estate properties (44,936)  
Loans funded (11,269)  
Cash and cash equivalents acquired in connection with the merger 3,185  
Principal collected on loans 35,044  
Restricted cash (2,520) 1,986
Other investing activity 256  
Net cash used in investing activities (39,432) (13,781)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of mortgages payable (4,811) (82,139)
Proceeds from unsecured credit facilities 524,700 115,500
Payment of unsecured credit facilities (393,400)  
Payment of principal on secured borrowings - government guaranteed loans (2,830)  
Proceeds from secured borrowings - government guaranteed loans 5,887  
Payment of deferred loan costs (5,736) (253)
Payment of dividends (47,602)  
Payment of special dividend and dividend assumed in acquisition (59,286)  
Distributions pre-merger (16,100) (83,035)
Contributions   32
Contributions from noncontrolling interests 10  
Proceeds from issuance of stock 201  
Retirement of fractional shares of common shares (3)  
Noncontrolling interests' distributions (148) (150)
Net cash provided by (used in) financing activities 882 (50,045)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 13,813 (14,209)
CASH AND CASH EQUIVALENTS:    
Beginning of period 16,796 31,514
End of period 30,609 17,305
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid during the period for interest 14,191 14,386
Federal income taxes paid 487  
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:    
Additions to investments in real estate included in accounts payable and accrued expenses 1,573 4,118
Additions to deferred loan costs included in accounts payable and accrued expenses $ 38