XML 22 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
3 Months Ended 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:        
Net income $ 8,202,000 $ 32,302,000    
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation 8,648,000 6,297,000    
Amortization of deferred borrowing fees 364,000 306,000    
Amortization of restricted stock and restricted stock units 315,000 324,000    
Equity in loss of unconsolidated joint ventures 25,000 0    
Gain on sale of real estate (12,519,000) (35,838,000)    
Loss on extinguishment of debt 257,000 799,000    
Increases and decreases from changes in other assets and liabilities:        
Decrease in interest receivable 0 2,362,000    
Decrease in deposits and escrows 4,209,000 688,000    
Decrease in other assets 930,000 850,000    
Decrease in accounts payable and accrued liabilities (2,066,000) (282,000)    
Net cash provided by operating activities 8,365,000 7,808,000    
Cash flows from investing activities:        
Collections from real estate loan 150,000 13,600,000    
Additions to real estate properties (36,910,000) (20,335,000)    
Net costs capitalized to real estate properties (1,610,000) (2,971,000)    
Increase (Decrease) in Restricted Cash (1,923,000) 700,000    
Proceeds from the sale of real estate properties 21,790,000 127,859,000    
Distributions from unconsolidated joint ventures 275,000 0    
Contributions to unconsolidated joint ventures 0 (14,335,000)    
Net cash (used in) provided by investing activities (18,228,000) 104,518,000    
Cash flows from financing activities:        
Proceeds from mortgages payable 24,470,000 9,369,000    
Mortgage payoffs (9,290,000) (78,417,000)    
Mortgage principal payments (1,328,000) (1,206,000)    
Increase in deferred financing costs (380,000) (291,000)    
Dividends paid (2,524,000) 0    
Contributions from non-controlling interests 4,535,000 3,786,000    
Distributions to non-controlling interests (4,316,000) (21,726,000)    
Repurchase of shares of beneficial interest/common stock 0 (9,000)    
Net cash provided by (used in) financing activities 11,167,000 (88,494,000)    
Net increase in cash and cash equivalents and restricted cash 1,304,000 23,832,000    
Cash and cash equivalents and restricted cash at end of period 13,687,000   $ 12,383,000  
Supplemental disclosure of cash flow information:        
Cash paid during the period for interest, net of capitalized interest of $0 and $84 respectively 7,605,000 6,372,000    
Taxes paid 25,000 0    
Acquisition of real estate through assumption of debt 0 27,638,000    
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents $ 13,687,000 $ 51,231,000 $ 12,383,000 $ 27,399,000