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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 2,042 $ 357,698
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred rent and amortization of intangible assets, liabilities and lease inducements (3,246) (2,528)
Depreciation and amortization 39,783 45,464
Reclassification from AOCI to interest expense (320) 0
Change in fair value of swaps 70 0
Transfer of right to collect supplemental real estate tax reimbursements 0 (5,097)
Gain on sale of real estate 0 (378,732)
Impairment of real estate 0 13,100
Straight-line rent, below-market ground lease and amortization of intangible assets (18) 1,079
Straight-line lease termination income 0 (2,041)
Amortization of deferred loan costs 639 1,691
Amortization of premiums and discounts on debt (111) (586)
Unrealized premium adjustment 1,946 1,747
Amortization and accretion on loans receivable, net (228) 270
Bad debt expense 222 411
Deferred income taxes 62 1
Stock-based compensation 124 116
Loans funded, held for sale to secondary market (39,990) (37,149)
Proceeds from sale of guaranteed loans 41,408 36,701
Principal collected on loans subject to secured borrowings 1,642 6,966
Other operating activity (1,079) (1,079)
Changes in operating assets and liabilities:    
Accounts receivable and interest receivable 5,390 (1,414)
Other assets (1,820) (665)
Accounts payable and accrued expenses 2,137 (8,559)
Deferred leasing costs (1,922) (5,979)
Other liabilities 1,046 (3,031)
Due to related parties 2,024 (1,205)
Net cash provided by operating activities 49,801 17,179
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to investments in real estate (10,139) (19,075)
Acquisition of real estate (112,048) 0
Proceeds from sale of real estate, net 0 851,629
Loans funded (13,330) (12,383)
Principal collected on loans 8,501 7,686
Other investing activity 124 93
Net cash (used in) provided by investing activities (126,892) 827,950
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of mortgages payable 0 (65,722)
Payment of unsecured revolving lines of credit, revolving credit facilities and term notes 0 (65,000)
Payment of principal on SBA 7(a) loan-backed notes (3,239) 0
Proceeds from SBA 7(a) loan-backed notes 38,200 0
Payment of principal on secured borrowings (1,642) (6,966)
Proceeds from secured borrowings 772 0
Payment of deferred preferred stock offering costs (1,124) (1,462)
Payment of other deferred costs (22) 0
Payment of deferred loan costs (1,112) (304)
Payment of common dividends (16,421) (32,854)
Payment of special cash dividends (1,575) (4,872)
Repurchase of Common Stock 0 (576,000)
Payment of borrowing costs 0 (8)
Net proceeds from issuance of Series A Preferred Warrants 62 55
Net proceeds from issuance of Series A Preferred Stock 26,984 11,594
Payment of preferred stock dividends (1,404) (112)
Redemption of Series A Preferred Stock (75) 0
Noncontrolling interests' distributions (67) (37)
Net cash provided by (used in) financing activities 39,337 (741,688)
Change in cash balances included in assets held for sale 0 (1,720)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (37,754) 101,721
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:    
Beginning of period 156,318 176,609
End of period 118,564 278,330
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 20,240 28,104
Federal income taxes paid 622 1,090
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:    
Additions to investments in real estate included in accounts payable and accrued expenses 11,690 8,689
Net increase in fair value of derivatives applied to other comprehensive income 1,727 1,445
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 993 0
Additions to preferred stock offering costs included in accounts payable and accrued expenses 148 1,148
Accrual of dividends payable to preferred stockholders 769 138
Preferred stock offering costs offset against redeemable preferred stock in temporary equity 187 44
Reclassification of Series A Preferred Stock from temporary equity to permanent equity 11,517 0
Reclassification of Series A Preferred Stock from temporary equity to accounts payable and accrued expenses $ 4 $ 0