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Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
NET INCOME (LOSS) $ 347,046,000 $ 2,042,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred rent and amortization of intangible assets, liabilities and lease inducements (2,019,000) (3,246,000)
Depreciation and amortization 21,995,000 39,783,000
Reclassification from AOCI to interest expense (1,806,000) (320,000)
Reclassification from other assets to interest expense for swap termination 1,421,000 0
Change in fair value of swaps 209,000 70,000
Gain on sale of real estate (433,104,000) 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 864,000 639,000
Amortization of premiums and discounts on debt (150,000) (111,000)
Unrealized premium adjustment 1,293,000 1,946,000
Amortization and accretion on loans receivable, net (250,000) (228,000)
Bad debt expense 73,000 222,000
Deferred income taxes (76,000) 62,000
Stock-based compensation 138,000 124,000
Loans funded, held for sale to secondary market (20,566,000) (39,990,000)
Proceeds from sale of guaranteed loans 29,716,000 41,408,000
Principal collected on loans subject to secured borrowings 2,477,000 1,642,000
Other operating activity (581,000) (1,079,000)
Changes in operating assets and liabilities:    
Accounts receivable and interest receivable 1,604,000 5,390,000
Other assets 3,101,000 (1,820,000)
Accounts payable and accrued expenses (3,224,000) 2,137,000
Deferred leasing costs (1,296,000) (1,922,000)
Other liabilities (7,956,000) 1,046,000
Due to related parties (4,292,000) 2,024,000
Net cash provided by operating activities 33,599,000 49,801,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to investments in real estate (19,946,000) (10,139,000)
Acquisition of real estate 0 (112,048,000)
Proceeds from sale of real estate, net 941,032,000 0
Loans funded (6,855,000) (13,330,000)
Principal collected on loans 5,916,000 8,501,000
Other investing activity 354,000 124,000
Net cash provided by (used in) investing activities 920,501,000 (126,892,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of unsecured revolving lines of credit, revolving credit facility and or term note (135,500,000) 0
Proceeds from unsecured revolving lines of credit, revolving credit facility and or term note 74,000,000 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
Prepayment penalties and other payments for early extinguishment of debt (5,660,000) 0
Payment of principal on SBA 7(a) loan-backed notes (7,625,000) (3,239,000)
Proceeds from SBA 7(a) loan-backed notes 0 38,200,000
Payment of principal on secured borrowings (2,477,000) (1,642,000)
Proceeds from secured borrowings 0 772,000
Payment of deferred preferred stock offering costs (497,000) (1,124,000)
Payment of deferred loan costs (34,000) (1,112,000)
Payment of other deferred costs (383,000) (22,000)
Payment of common dividends (12,045,000) (16,421,000)
Payment of special cash dividends (613,294,000) (1,575,000)
Net proceeds from issuance of Series A Preferred Warrants 295,000 62,000
Net proceeds from issuance of Series A Preferred Stock 28,535,000 26,984,000
Payment of preferred stock dividends (17,095,000) (1,404,000)
Redemption of Series A Preferred Stock (156,000) (75,000)
Retirement of fractional shares of Common Stock (1,000) 0
Noncontrolling interests' distributions (515,000) (67,000)
Noncontrolling interests' contributions 455,000 0
Net cash (used in) provided by financing activities (1,006,191,000) 39,337,000
Change in cash balances included in assets held for sale 755,000 0
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (51,336,000) (37,754,000)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:    
Beginning of period 77,443,000 156,318,000
End of period 26,107,000 118,564,000
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 10,788,000 20,240,000
Federal income taxes paid 850,000 622,000
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:    
Additions to investments in real estate included in accounts payable and accrued expenses 3,275,000 11,690,000
Net increase in fair value of derivatives applied to other comprehensive income 0 1,727,000
Additions to deferred costs included in accounts payable and accrued expenses 344,000 993,000
Additions to preferred stock offering costs included in accounts payable and accrued expenses 467,000 148,000
Preferred stock offering costs offset against redeemable preferred stock in temporary equity 249,000 187,000
Preferred stock offering costs offset against redeemable preferred stock in permanent equity 3,000 0
Reclassification of Series A Preferred Stock from temporary equity to permanent equity 26,729,000 11,517,000
Reclassification of loans receivable, net to real estate owned 243,000 0
Reclassification of Series A Preferred Stock from temporary equity to accounts payable and accrued expenses 0 4,000
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