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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
OPERATING ACTIVITIES    
Net income (loss) $ (3,794,000) $ 2,003,000
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Loss of non-controlling interest (20,000) 0
Equity method loss from unconsolidated entities 0 119,000
Stock-based compensation and option amortization 100,000 152,000
Stock-based compensation related to purchase of treasury stock 0 116,000
Gain on disposal of assets (253,000) (6,840,000)
Amortization of deferred financing costs 41,000 447,000
Depreciation and amortization expense 341,000 322,000
Accretion of mortgage income (129,000) 0
Accretion of discount on notes payable 224,000 194,000
Non-cash interest expense funded by loan draw 258,000 0
Changes in operating assets and liabilities:    
Accrued interest receivable (1,000) (7,000)
Other receivables (28,000) (600,000)
Other assets (96,000) (154,000)
Accrued property taxes 68,000 (161,000)
Accounts payable and accrued expenses (2,307,000) (699,000)
Customer deposits and funds held for others 59,000 4,594,000
Accrued interest 115,000 (428,000)
Total adjustments, net (1,628,000) (2,945,000)
Net cash used in operating activities (5,422,000) (942,000)
INVESTING ACTIVITIES    
Proceeds from sale of real estate owned, operating properties, and other assets 342,000 91,648,000
Purchases of property and equipment (16,000) (4,000)
Mortgage loan investment and fundings 70,000 0
Investment in unconsolidated entities 0 (839,000)
Investment in real estate owned and other operating properties (1,147,000) (856,000)
Net cash provided by (used in) investing activities (751,000) 89,949,000
FINANCING ACTIVITIES    
Proceeds from issuance of preferred equity 8,000,000 0
Equity issuance costs paid (125,000) 0
Purchase of interest rate cap (548,000) 0
Debt issuance costs paid 0 (100,000)
Repayments of notes payable 0 (50,000,000)
Repayments of capital leases 0 (2,000)
Dividends paid (539,000) (539,000)
Purchase of treasury stock 0 (338,000)
Contributions from (distributions to) noncontrolling interests 3,434,000 (8,000)
Net cash provided by (used in) financing activities 10,222,000 (50,987,000)
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 4,049,000 38,020,000
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH OF DISCONTINUED OPERATIONS, END OF PERIOD 11,932,000 13,689,000
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD 15,981,000 51,709,000
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 0 87,000
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH OF CONTINUING OPERATIONS, END OF PERIOD 15,981,000 51,622,000
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest 104,000 1,284,000
Cash paid for taxes 5,000 5,000
Non-Cash Investing and Financing Transactions:    
Capital expenditures in accounts payable and accrued expenses 835,000 481,000
Capital lease and other liabilities assumed by buyer in sale of property $ 0 $ 4,132,000