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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 12,955 $ 24,011
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred rent and amortization of intangible assets, liabilities and lease inducements (4,063) (3,141)
Depreciation and amortization 54,567 51,592
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 1,458 1,430
Amortization of deferred loan costs 2,400 1,427
Amortization of premiums and discounts on debt (967) (841)
Unrealized premium adjustment 899 1,356
Amortization and accretion on loans receivable, net (4,977) (3,153)
Bad debt expense 1,061 263
Deferred income taxes 62 (60)
Stock-based compensation 1,066 726
Loans funded, held for sale to secondary market (22,187) (25,288)
Proceeds from sale of guaranteed loans 21,451 16,700
Principal collected on loans 3,212 2,830
Other operating activity (201) (467)
Changes in operating assets and liabilities:    
Accounts receivable and interest receivable (2,546) (2,256)
Other assets (1,746) (1,573)
Accounts payable and accrued expenses (1,395) (2,015)
Deferred leasing costs (6,965) (6,836)
Other liabilities 1,064 1,031
Due to related parties (409) 2,711
Net cash provided by operating activities 54,739 52,363
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to investments in real estate (19,819) (19,192)
Acquisition of real estate properties (11,143) (44,936)
Loans funded (27,132) (11,269)
Cash and cash equivalents acquired in connection with the merger   3,185
Principal collected on loans 29,319 35,044
Restricted cash 189 (2,520)
Other investing activity 257 256
Net cash used in investing activities (28,329) (39,432)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of mortgages payable (76,005) (4,811)
Proceeds from unsecured revolving lines of credit, revolving credit facility and term note, net 132,000 131,300
Payment of principal on secured borrowings - government guaranteed loans (3,212) (2,830)
Proceeds from secured borrowings - government guaranteed loans   5,887
Payment of deferred loan costs (3,442) (5,736)
Payment of dividends (64,042) (47,602)
Payment of special dividend and dividend assumed in acquisition   (59,286)
Distributions pre-merger   (16,100)
Contributions from noncontrolling interests 110 10
Proceeds from issuance of stock   201
Retirement of fractional shares of common stock   (3)
Noncontrolling interests' distributions (38) (148)
Net cash (used in) provided by financing activities (14,629) 882
Change in cash balances included in assets held for sale 3,346 (8,797)
NET INCREASE IN CASH AND CASH EQUIVALENTS 15,127 5,016
CASH AND CASH EQUIVALENTS:    
Beginning of period 17,615 16,796
End of period 32,742 21,812
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid during the period for interest 15,983 14,191
Federal income taxes paid 705 487
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:    
Additions to investments in real estate included in accounts payable and accrued expenses 5,253 1,573
Additions to investments in real estate included in other assets 4,244  
Additions to deferred loan costs included in accounts payable and accrued expenses 146 $ 38
Decrease in fair value of derivatives applied to accumulated other comprehensive income (loss) (6,312)  
Additions to other assets related to restricted cash receivable $ 2,269