XML 24 R9.htm IDEA: XBRL DOCUMENT v3.19.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net (loss) income $ (5,083) $ 49,908
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation 9,617 9,240
Amortization of deferred financing costs 379 378
Amortization of restricted stock and restricted stock units 365 298
Equity in loss of unconsolidated joint ventures 223 63
Gain on sale of real estate 0 (51,981)
Gain on insurance recovery 0 (3,227)
Loss on extinguishment of debt 0 593
Increases and decreases from changes in other assets and liabilities:    
Decrease in deposits and escrows 7,062 3,536
(Increase) decrease in other assets (1,757) 6,300
Decrease in accounts payable and accrued liabilities (2,314) (3,499)
Net cash provided by operating activities 8,492 11,609
Cash flows from investing activities:    
Collections from real estate loan 150 150
Additions to real estate properties (6,903) (88,991)
Improvements to real estate properties (2,177) (3,637)
Investment in joint venture (11,231) (12,370)
Purchase of non-controlling interests 0 (250)
Consolidation of investment in joint venture 1,458 1,279
Net proceeds from the sale of real estate properties 0 146,901
Distributions from unconsolidated joint ventures 484 207
Net cash (used in) provided by investing activities (18,219) 43,289
Cash flows from financing activities:    
Proceeds from mortgages payable 13,880 54,475
Mortgage payoffs (9,200) (75,437)
Mortgage principal payments (1,304) (1,197)
Increase in deferred financing costs (120) (437)
Dividends paid (3,181) (2,856)
Contributions from non-controlling interests 264 18,088
Distributions to non-controlling interests (2,345) (32,020)
Proceeds from the sale of common stock 0 1,401
Net cash used in financing activities (2,006) (37,983)
Net (decrease) increase in cash, cash equivalents and restricted cash (11,733) 16,915
Cash, cash equivalents and restricted cash at beginning of period 40,608 21,761
Cash, cash equivalents and restricted cash at end of period 28,875 38,676
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest, net of capitalized interest of $391 and $0, respectively 8,769 8,254
Taxes paid 10 14
Consolidation of investment in joint venture:    
Increase in other assets (1,757) 6,300
Decrease in accounts payable and accrued liabilities (2,314) (3,499)
Increase in cash upon consolidation of joint venture 1,458 1,279
Partnership Interest    
Increases and decreases from changes in other assets and liabilities:    
(Increase) decrease in other assets (189) (20)
Decrease in accounts payable and accrued liabilities 407 112
Cash flows from investing activities:    
Consolidation of investment in joint venture 1,458 1,279
Consolidation of investment in joint venture:    
Increase in real estate assets (48,624) (72,395)
Increase in deposits and escrows (696) (3,561)
Increase in other assets (189) (20)
Increase in mortgage payable 33,347 53,060
Increase in deferred financing costs (65) (657)
Decrease in accounts payable and accrued liabilities 407 112
Increase in non controlling interest 6,047 12,370
Decrease in investment in joint venture 11,231 12,370
Increase in cash upon consolidation of joint venture $ 1,458 $ 1,279