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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 36,926 $ 12,955
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred rent and amortization of intangible assets, liabilities and lease inducements (4,263) (4,063)
Depreciation and amortization 54,262 54,567
Gain on sale of real estate (39,666) 0
Straight line rent, below-market ground lease and amortization of intangible assets 1,326 1,458
Amortization of deferred loan costs 2,508 2,400
Amortization of premiums and discounts on debt (773) (967)
Unrealized premium adjustment 1,240 899
Amortization and accretion on loans receivable, net (912) (4,977)
Bad debt (recovery) expense (36) 1,061
Deferred income taxes 138 62
Stock-based compensation 114 1,066
Loans funded, held for sale to secondary market (27,653) (22,187)
Proceeds from sale of guaranteed loans 30,152 21,451
Principal collected on loans subject to secured borrowings 3,520 3,212
Other operating activity 634 (201)
Changes in operating assets and liabilities:    
Accounts receivable and interest receivable 181 (2,546)
Other assets (419) (1,746)
Accounts payable and accrued expenses (237) (1,395)
Deferred leasing costs (8,114) (6,965)
Other liabilities 1,122 1,064
Due to related parties 192 (409)
Net cash provided by operating activities 50,242 54,739
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to investments in real estate (27,051) (19,819)
Acquisition of real estate properties 0 (11,143)
Proceeds from sale of real estate property, net 94,568 0
Loans funded (51,156) (27,132)
Principal collected on loans 31,979 29,319
Restricted cash (33,037) 189
Other investing activity 1,101 257
Net cash provided by (used in) investing activities 16,404 (28,329)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from (payment of) mortgage loans, net 388,766 (76,005)
(Payment of) proceeds from unsecured revolving lines of credit, revolving credit facilities and term notes, net (107,000) 132,000
Payment of principal on secured borrowings (13,600) (3,212)
Proceeds from secured borrowings 9,956 0
Payment of deferred preferred stock offering costs (733) 0
Payment of deferred loan costs (1,363) (3,442)
Payment of dividends (58,930) (64,042)
Repurchase of common stock (289,886) 0
Contributions from noncontrolling interests 0 110
Noncontrolling interests' distributions (36) (38)
Net cash used in financing activities (72,826) (14,629)
Change in cash balances included in assets held for sale 925 1,422
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (5,255) 13,203
CASH AND CASH EQUIVALENTS:    
Beginning of period 139,101 25,512
End of period 133,846 38,715
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid during the period for interest 22,651 15,983
Federal income taxes paid 500 705
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:    
Additions to investments in real estate included in accounts payable and accrued expenses 6,229 5,253
Additions to investments in real estate included in other assets 0 4,224
Net decrease in fair value of derivatives applied to other comprehensive income (loss) (7,098) (6,312)
Reduction of loans receivable and secured borrowings due to the SBA's repurchase of the guaranteed portion of loans 2,663 0
Additions to deferred loan costs included in accounts payable and accrued expenses 626 146
Expenses related to repurchase of common stock included in accounts payable and accrued expenses 248 0
Additions to other assets related to restricted cash receivable 0 2,269
Additions to deferred preferred stock offering costs included in accounts payable and accrued expenses $ 1,135 $ 0