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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended 18 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:            
Net income $ 22,060 $ (2,361) $ 379,758 $ 34,565 $ 24,403  
Adjustments to reconcile net income to net cash (used in) provided by operating activities:            
Deferred rent and amortization of intangible assets, liabilities and lease inducements     (2,172) (6,584) (6,835)  
Depreciation and amortization     58,364 71,968 72,361  
Transfer of right to collect supplemental real estate tax reimbursements     (5,097) 0 0  
Gain on sale of real estate (23,005) 0 (401,737) (39,666) (3,092)  
Impairment of real estate     13,100 0 0  
Gain on disposition of assets held for sale     0 0 (5,151)  
Straight line rent, below-market ground lease and amortization of intangible assets     1,069 1,766 1,899  
Straight line lease termination income     (362) 0 0  
Amortization of deferred loan costs     2,870 2,803 3,229  
Amortization of premiums and discounts on debt     (590) (870) (1,179)  
Unrealized premium adjustment     2,447 1,599 1,168  
Amortization and accretion on loans receivable, net     96 (1,039) (6,451)  
Bad debt expense     677 161 1,428  
Deferred income taxes     271 164 132  
Stock-based compensation     154 164 971  
Loans funded, held for sale to secondary market     (57,237) (38,234) (29,619)  
Proceeds from sale of guaranteed loans     51,312 38,536 27,974  
Principal collected on loans subject to secured borrowings     6,674 3,866 4,311  
Other operating activity     (1,718) 136 (496)  
Changes in operating assets and liabilities:            
Accounts receivable and interest receivable     (977) (2,569) (350)  
Other assets     (19,762) 419 (4,036)  
Accounts payable and accrued expenses     (14,139) 630 3,678  
Deferred leasing costs     (6,973) (19,885) (8,580)  
Other liabilities     (5,589) 3,219 984  
Due to related parties     (1,584) 724 286  
Net cash (used in) provided by operating activities     (1,145) 51,873 77,035  
CASH FLOWS FROM INVESTING ACTIVITIES:            
Additions to investments in real estate     (21,101) (35,414) (26,614)  
Acquisition of real estate properties     (19,631) 0 (11,143)  
Proceeds from sale of real estate property, net     1,012,115 94,568 7,786  
Proceeds from sale of assets held for sale, net     0 26,766 82,272  
Loans funded     (19,079) (66,001) (29,848)  
Principal collected on loans     10,883 33,470 39,950  
Restricted cash     5,152 (25,150) 1,691  
Other investing activity     317 1,287 178  
Net cash provided by investing activities     968,656 29,526 64,272  
CASH FLOWS FROM FINANCING ACTIVITIES:            
Proceeds from mortgages payable     0 392,000 0  
Payment of mortgages payable     (65,877) (4,354) (77,056)  
Proceeds from unsecured revolving lines of credit, revolving credit facilities and term notes     120,000 175,000 619,000  
Payment of unsecured revolving lines of credit, revolving credit facilities and term notes     (335,000) (282,000) (487,000)  
Payment of principal on secured borrowings     (6,674) (13,946) (4,311)  
Proceeds from secured borrowings     0 25,791 10,000  
Payment of deferred preferred stock offering costs     (3,832) (1,960) 0  
Payment of deferred loan costs     (304) (1,994) (3,596)  
Payment of common dividends     (38,327) (77,316) (85,389)  
Payment of special cash dividends     (4,872) 0 0  
Repurchase of Common Stock     (886,010) (290,134) 0  
Contributions from noncontrolling interests     0 0 110  
Payment of borrowing costs     (8) 0 0  
Net proceeds from issuance of Series A Preferred Warrants     127 5 0 $ 131
Payment of preferred stock dividends     (250) 0 0  
Redemption of Series A Preferred Stock     (27) 0 0  
Noncontrolling interests' distributions     (43) (43) (45)  
Net cash used in financing activities     (982,650) (77,522) (28,287)  
Change in cash balances included in assets held for sale     0 1,471 569  
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS     (15,139) 5,348 113,589  
CASH AND CASH EQUIVALENTS:            
Beginning of period     144,449 139,101 25,512  
End of period 129,310 144,449 129,310 144,449 139,101 129,310
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:            
Cash paid during the period for interest     35,092 33,060 20,920  
Federal income taxes paid     1,595 1,353 805  
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:            
Additions to investments in real estate included in accounts payable and accrued expenses     9,024 4,527 8,097  
Retirement of treasury stock     0 0 4,901  
Additions to investments in real estate included in other assets     0 0 4,244  
Net increase (decrease) in fair value of derivatives applied to other comprehensive income (loss)     2,140 2,010 (2,519)  
Foreclosure on a loan receivable included in other assets     0 0 708  
Reduction of loans receivable and secured borrowings due to the SBA's repurchase of the guaranteed portion of loans     534 2,663 0  
Additions to preferred stock offering costs included in accounts payable and accrued expenses     388 238 0  
Accrual of dividends payable to preferred stockholders 249 9 249 9 0 249
Preferred stock offering costs offset against redeemable preferred stock in temporary equity     122 3 0  
Preferred stock offering costs offset against redeemable preferred stock in permanent equity     2,532 0 0  
Reclassification of Series A Preferred Stock from temporary equity to permanent equity     1,417 0 0  
Reclassification of Series A Preferred Stock from temporary equity to accounts payable and accrued expenses     13 0 0  
Accrual of special cash dividends 1,575 0 1,575 0 0 1,575
Accrual reversed to lease termination income     480 0 0  
Payable to related parties included in net proceeds from disposition of real estate $ 202 $ 0 202 0 0 $ 202
Series A Preferred Stock            
CASH FLOWS FROM FINANCING ACTIVITIES:            
Net proceeds from issuance of Preferred Stock     28,070 1,429 0  
Series L Preferred Stock            
CASH FLOWS FROM FINANCING ACTIVITIES:            
Net proceeds from issuance of Preferred Stock     $ 210,377 $ 0 $ 0