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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 2,571 $ 285,307
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred rent and amortization of intangible assets, liabilities and lease inducements (2,807) (2,662)
Depreciation and amortization 26,473 31,992
Transfer of right to collect supplemental real estate tax reimbursements 0 (5,097)
Gain on sale of real estate 0 (304,017)
Impairment of real estate (Note 2) 0 13,100
Straight-line rent, below-market ground lease and amortization of intangible assets (18) 881
Amortization of deferred loan costs 386 808
Amortization of premiums and discounts on debt (109) (458)
Unrealized premium adjustment 1,436 722
Amortization and accretion on loans receivable, net (168) 140
Bad debt expense 151 187
Deferred income taxes 21 459
Stock-based compensation 86 78
Loans funded, held for sale to secondary market (21,345) (17,906)
Proceeds from sale of guaranteed loans 29,098 16,737
Principal collected on loans subject to secured borrowings 1,501 4,935
Other operating activity (525) (441)
Changes in operating assets and liabilities:    
Accounts receivable and interest receivable 4,340 (2,682)
Other assets (2,283) (1,653)
Accounts payable and accrued expenses (861) 5,631
Deferred leasing costs (1,341) (2,557)
Other liabilities (82) (1,748)
Due to related parties 389 4
Net cash provided by operating activities 36,913 21,760
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to investments in real estate (8,053) (9,915)
Acquisition of real estate (112,048) 0
Proceeds from sale of real estate, net 0 642,886
Loans funded (7,115) (5,969)
Principal collected on loans 6,389 5,496
Other investing activity 76 67
Net cash (used in) provided by investing activities (120,751) 632,565
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of mortgages payable 0 (65,569)
Payment of principal on SBA 7(a) loan-backed notes (597) 0
Proceeds from SBA 7(a) loan-backed notes 38,200 0
Payment of principal on secured borrowings (1,501) (4,935)
Proceeds from secured borrowings 772 0
Payment of deferred preferred stock offering costs (857) (862)
Payment of deferred loan costs (1,071) (4)
Payment of common dividends (10,947) (25,620)
Payment of special cash dividends (1,575) (4,872)
Repurchase of Common Stock 0 (576,000)
Net proceeds from issuance of Series A Preferred Warrants 40 27
Net proceeds from issuance of Series A Preferred Stock 19,923 5,645
Payment of preferred stock dividends (742) (40)
Redemption of Series A Preferred Stock (66) 0
Noncontrolling interests' distributions (67) (37)
Net cash provided by (used in) financing activities 41,512 (672,267)
Change in cash balances included in assets held for sale 0 (2,955)
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (42,326) (20,897)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:    
Beginning of period 156,318 176,609
End of period 113,992 155,712
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:    
Total cash and cash equivalents and restricted cash 156,318 176,609
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid during the period for interest 13,124 19,303
Federal income taxes paid 247 259
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:    
Additions to investments in real estate included in accounts payable and accrued expenses 11,835 6,883
Net increase in fair value of derivatives applied to other comprehensive income 1,590 1,112
Reduction of loans receivable and secured borrowings due to the SBA's repurchase of the guaranteed portion of a loan 0 534
Additions to deferred costs included in accounts payable and accrued expenses 276 0
Additions to preferred stock offering costs included in accounts payable and accrued expenses 334 1,387
Accrual of dividends payable to preferred stockholders 662 72
Preferred stock offering costs offset against redeemable preferred stock in temporary equity 140 21
Reclassification of Series A Preferred Stock from temporary equity to permanent equity $ 5,615 $ 0