XML 22 R8.htm IDEA: XBRL DOCUMENT v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 34,565 $ 24,403 $ 24,598
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred rent and amortization of intangible assets, liabilities and lease inducements (6,584) (6,835) (5,187)
Depreciation and amortization 71,968 72,361 69,047
Bargain purchase gain 0 0 (4,918)
Gain on settlement of a contractual obligation 0 0 (1,166)
Gain on sale of real estate (39,666) (3,092) 0
Gain on disposition of assets held for sale 0 (5,151) 0
Straight line rent, below-market ground lease and amortization of intangible assets 1,766 1,899 1,892
Amortization of deferred loan costs 2,803 3,229 2,168
Amortization of premiums and discounts on debt (870) (1,179) (1,192)
Unrealized premium adjustment 1,599 1,168 1,692
Amortization and accretion on loans receivable, net (1,039) (6,451) (5,095)
Bad debt expense 161 1,428 594
Deferred income taxes 164 132 (58)
Stock-based compensation 164 971 1,079
Loans funded, held for sale to secondary market (38,234) (29,619) (32,407)
Proceeds from sale of guaranteed loans 38,536 27,974 22,893
Principal collected on loans subject to secured borrowings 3,866 4,311 4,450
Other operating activity 136 (496) (460)
Changes in operating assets and liabilities:      
Accounts receivable and interest receivable (2,569) (350) (2,028)
Other assets 419 (4,036) (5,850)
Accounts payable and accrued expenses 630 3,678 1,728
Deferred leasing costs (19,885) (8,580) (9,753)
Other liabilities 3,219 984 2,400
Due to related parties 724 286 2,379
Net cash provided by operating activities 51,873 77,035 66,806
CASH FLOWS FROM INVESTING ACTIVITIES:      
Additions to investments in real estate (35,414) (26,614) (24,759)
Acquisition of real estate properties 0 (11,143) (63,436)
Proceeds from sale of real estate property, net 94,568 7,786 0
Proceeds from sale of assets held for sale, net 26,766 82,272 0
Loans funded (66,001) (29,848) (18,564)
Cash and cash equivalents acquired in connection with the merger 0 0 3,185
Principal collected on loans 33,470 39,950 44,924
Restricted cash (25,150) 1,691 (3,105)
Other investing activity 1,287 178 1,454
Net cash provided by (used in) investing activities 29,526 64,272 (60,301)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from mortgages payable 392,000 0 0
Payment of mortgages payable (4,354) (77,056) (6,472)
Proceeds from unsecured revolving lines of credit, revolving credit facilities and term notes 175,000 619,000 554,700
Payment of unsecured revolving lines of credit, revolving credit facilities and term notes (282,000) (487,000) (393,400)
Payment of principal on secured borrowings (13,946) (4,311) (4,450)
Proceeds from secured borrowings 25,791 10,000 5,887
Payment of deferred preferred stock offering costs (1,960) 0 0
Payment of deferred loan costs (1,994) (3,596) (5,774)
Payment of common dividends (77,316) (85,389) (68,948)
Payment of special dividend and dividend assumed in acquisition 0 0 (59,286)
Distributions pre-merger 0 0 (16,100)
Repurchase and retirement of common stock (290,134) 0 0
Contributions from noncontrolling interests 0 110 10
Redemption of class B shares of subsidiary REITs 0 0 (1,850)
Net proceeds from issuance of Warrants 5 0 201
Net proceeds from issuance of Series A Preferred Stock 1,429 0 0
Payments for Retirement of Common Stock 0 0 (3)
Noncontrolling interests' distributions (43) (45) (264)
Net cash (used in) provided by financing activities (77,522) (28,287) 4,251
Change in cash balances included in assets held for sale 1,471 569 (2,040)
NET INCREASE IN CASH AND CASH EQUIVALENTS 5,348 113,589 8,716
CASH AND CASH EQUIVALENTS:      
Beginning of period 139,101 25,512 16,796
End of period 144,449 139,101 25,512
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Cash paid during the period for interest 33,060 20,920 19,397
Federal income taxes paid 1,353 805 691
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:      
Additions to investments in real estate included in accounts payable and accrued expenses 4,527 8,097 7,613
Retirement of treasury stock 0 4,901 0
Stock issued in connection with the merger 0 0 44,610
Additions to investments in real estate included in other assets 0 4,244 0
Net increase (decrease) in fair value of derivatives applied to other comprehensive income (loss) 2,010 (2,519) 0
Foreclosure on a loan receivable included in other assets 0 708 0
Additions to deferred loan costs included in accounts payable and accrued expenses 0 0 34
Reduction of loans receivable and secured borrowings due to the SBA's repurchase of the guaranteed portion of loans 2,663 0 0
Additions to preferred stock offering costs included in accounts payable and accrued expenses 238 0 0
Accrual of dividends payable to preferred stockholders 9 0 0
Preferred stock offering costs offset against redeemable preferred stock $ 3 $ 0 $ 0