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Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 344,190,000 $ 2,571,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred rent and amortization of intangible assets, liabilities and lease inducements (999,000) (2,807,000)
Depreciation and amortization 16,815,000 26,473,000
Reclassification from AOCI to interest expense (1,806,000) 0
Reclassification from other assets to interest expense for swap termination 1,421,000 0
Change in fair value of swaps 209,000 0
Gain on sale of real estate (432,802,000) 0
Impairment of real estate 69,000,000 0
Loss on early extinguishment of debt 29,982,000 0
Straight-line rent expense 0 (18,000)
Amortization of deferred loan costs 590,000 386,000
Amortization of premiums and discounts on debt (10,000) (109,000)
Unrealized premium adjustment 1,007,000 1,436,000
Amortization and accretion on loans receivable, net (247,000) (168,000)
Bad debt (recovery) expense (63,000) 151,000
Deferred income taxes (9,000) 21,000
Stock-based compensation 82,000 86,000
Loans funded, held for sale to secondary market (13,892,000) (21,345,000)
Proceeds from sale of guaranteed loans 23,826,000 29,098,000
Principal collected on loans subject to secured borrowings 461,000 1,501,000
Other operating activity (386,000) (525,000)
Changes in operating assets and liabilities:    
Accounts receivable and interest receivable 817,000 4,340,000
Other assets 2,074,000 (2,283,000)
Accounts payable and accrued expenses (2,208,000) (861,000)
Deferred leasing costs (934,000) (1,341,000)
Other liabilities (7,142,000) (82,000)
Due to related parties (3,739,000) 389,000
Net cash provided by operating activities 26,237,000 36,913,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to investments in real estate (16,103,000) (8,053,000)
Acquisition of real estate 0 (112,048,000)
Proceeds from sale of real estate, net 765,116,000 0
Loans funded (4,631,000) (7,115,000)
Principal collected on loans 4,254,000 6,389,000
Other investing activity 319,000 76,000
Net cash provided by (used in) investing activities 748,955,000 (120,751,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of unsecured revolving lines of credit, revolving credit facility and term note (130,000,000) 0
Payment of mortgages payable (46,000,000) 0
Investments in marketable securities in connection with the legal defeasance of mortgages payable (268,194,000) 0
Payment of principal on SBA 7(a) loan-backed notes (6,397,000) (597,000)
Proceeds from SBA 7(a) loan-backed notes 0 38,200,000
Payment of principal on secured borrowings (461,000) (1,501,000)
Prepayment penalties and other payments for early extinguishment of debt (5,660,000) 0
Proceeds from secured borrowings 0 772,000
Payment of deferred preferred stock offering costs (336,000) (857,000)
Payment of deferred loan costs (34,000) (1,071,000)
Payment of other deferred costs (195,000) 0
Payment of common dividends (10,950,000) (10,947,000)
Payment of special cash dividends 0 (1,575,000)
Net proceeds from issuance of Series A Preferred Warrants 40,000 40,000
Net proceeds from issuance of Series A Preferred Stock 17,481,000 19,923,000
Payment of preferred stock dividends (15,945,000) (742,000)
Redemption of Series A Preferred Stock (153,000) (66,000)
Noncontrolling interests' distributions (47,000) (67,000)
Net cash (used in) provided by financing activities (466,851,000) 41,512,000
Change in cash balances included in assets held for sale (1,295,000) 0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 307,046,000 (42,326,000)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:    
Beginning of period 77,443,000 156,318,000
End of period 384,489,000 113,992,000
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:    
Total cash and cash equivalents and restricted cash 77,443,000 156,318,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid during the period for interest 8,499,000 13,124,000
Federal income taxes paid 700,000 247,000
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:    
Additions to investments in real estate included in accounts payable and accrued expenses 1,292,000 11,835,000
Net increase in fair value of derivatives applied to other comprehensive income 0 1,590,000
Additions to deferred costs included in accounts payable and accrued expenses 79,000 276,000
Additions to preferred stock offering costs included in accounts payable and accrued expenses 355,000 334,000
Preferred stock offering costs offset against redeemable preferred stock in temporary equity 122,000 140,000
Reclassification of Series A Preferred Stock from temporary equity to permanent equity 19,715,000 5,615,000
Reclassification of loans receivable, net to real estate owned 243,000 0
Establishment of right-of use asset and lease liability 362,000 0
Marketable securities transferred in connection with the legal defeasance of mortgages payable 268,194,000 0
Mortgage notes payable legally defeased 245,000,000 0
Mortgage note assumed in connection with our sale of real estate $ 28,200,000 $ 0