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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 9 Months Ended 15 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net income $ 72,391,000 $ 9,085,000 $ 357,698,000 $ 36,926,000  
Adjustments to reconcile net income to net cash provided by operating activities:          
Deferred rent and amortization of intangible assets, liabilities and lease inducements     (2,528,000) (4,263,000)  
Depreciation and amortization 13,472,000 17,724,000 45,464,000 54,262,000  
Transfer of right to collect supplemental real estate tax reimbursements     (5,097,000) 0  
Gain on sale of real estate (74,715,000) (14,927,000) (378,732,000) (39,666,000)  
Impairment of real estate 0 0 13,100,000 0  
Straight line rent, below-market ground lease and amortization of intangible assets     1,079,000 1,326,000  
Straight line lease termination income     (2,041,000) 0  
Amortization of deferred loan costs     1,691,000 2,508,000  
Amortization of premiums and discounts on debt     (586,000) (773,000)  
Unrealized premium adjustment     1,747,000 1,240,000  
Amortization and accretion on loans receivable, net     270,000 (912,000)  
Bad debt expense (recovery)     411,000 (36,000)  
Deferred income taxes     1,000 138,000  
Stock-based compensation     116,000 114,000  
Loans funded, held for sale to secondary market     (37,149,000) (27,653,000)  
Proceeds from sale of guaranteed loans     36,701,000 30,152,000  
Principal collected on loans subject to secured borrowings     6,966,000 3,520,000  
Other operating activity     (1,079,000) 634,000  
Changes in operating assets and liabilities:          
Accounts receivable and interest receivable     (1,414,000) 181,000  
Other assets     (665,000) (419,000)  
Accounts payable and accrued expenses     (8,559,000) (237,000)  
Deferred leasing costs     (5,979,000) (8,114,000)  
Other liabilities     (3,031,000) 1,122,000  
Due to related parties     (1,205,000) 192,000  
Net cash provided by operating activities     17,179,000 50,242,000  
CASH FLOWS FROM INVESTING ACTIVITIES:          
Additions to investments in real estate     (19,075,000) (27,051,000)  
Proceeds from sale of real estate property, net     851,629,000 94,568,000  
Loans funded     (12,383,000) (51,156,000)  
Principal collected on loans     7,686,000 31,979,000  
Restricted cash     6,785,000 (33,037,000)  
Other investing activity     93,000 1,101,000  
Net cash provided by investing activities     834,735,000 16,404,000  
CASH FLOWS FROM FINANCING ACTIVITIES:          
(Payment of) proceeds from mortgages payable     (65,722,000) 388,766,000  
Payment of unsecured revolving lines of credit, revolving credit facilities and term notes     (65,000,000) (107,000,000)  
Payment of principal on secured borrowings     (6,966,000) (13,600,000)  
Proceeds from secured borrowings     0 9,956,000  
Payment of deferred preferred stock offering costs     (1,462,000) (733,000)  
Payment of deferred loan costs     (304,000) (1,363,000)  
Payment of common dividends     (32,854,000) (58,930,000)  
Payment of special cash dividends     (4,872,000) 0  
Repurchase of Common Stock     (576,000,000) (289,886,000)  
Payment of borrowing costs     (8,000) 0  
Net proceeds from issuance of Warrants     55,000 0 $ 60,000
Net proceeds from issuance of Series A Preferred Stock     11,594,000 0  
Payment of preferred stock dividends     (112,000) 0  
Noncontrolling interests' distributions     (37,000) (36,000)  
Net cash used in financing activities     (741,688,000) (72,826,000)  
Change in cash balances included in assets held for sale     (1,720,000) 925,000  
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS     108,506,000 (5,255,000)  
CASH AND CASH EQUIVALENTS:          
Beginning of period     144,449,000 139,101,000  
End of period 252,955,000 133,846,000 252,955,000 133,846,000 252,955,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:          
Cash paid during the period for interest     28,104,000 22,651,000  
Federal income taxes paid     1,090,000 500,000  
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:          
Additions to investments in real estate included in accounts payable and accrued expenses     8,689,000 6,229,000  
Net increase (decrease) in fair value of derivatives applied to other comprehensive income (loss) 333,000 3,272,000 1,445,000 (7,098,000)  
Reduction of loans receivable and secured borrowings due to the SBA's repurchase of the guaranteed portion of a loan     534,000 2,663,000  
Additions to deferred loan costs included in accounts payable and accrued expenses     0 626,000  
Expenses related to repurchase of common stock included in accounts payable and accrued expenses     0 248,000  
Additions to preferred stock offering costs included in accounts payable and accrued expenses     1,148,000 1,135,000  
Accrual of dividends payable to preferred stockholders $ 138,000 $ 0 138,000 0 $ 138,000
Preferred stock offering costs offset against redeemable preferred stock     $ 44,000 $ 0