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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2019
Dec. 31, 2018
[1]
Sep. 30, 2018
Sep. 30, 2017
[1]
Cash flows from operating activities:                                
Net income   $ 4,071 $ (4,273) $ (4,213) $ 8,099 $ (3,077) $ (4,651) $ 25,254 $ (8,486) $ 20,603 $ (4,415) $ 17,526 $ 1,693 $ 25,625    
Adjustments to reconcile net income to net cash provided by operating activities:                                
Depreciation       1,547       1,074 2,975 2,150 4,348 3,519 5,916 4,927    
Amortization of deferred financing fees       73       59 157 114 228 184 311 192    
Amortization of restricted stock       365       298 738 658 1,110 673 1,492 995    
Equity in loss of unconsolidated joint ventures $ 2,150 2,390 2,218 2,068 1,148 1,627 2,566 (253) 4,286 2,313 6,676 3,940 8,826 5,088    
Equity in earnings on sale of real estate of unconsolidated ventures               (26,402)   (26,402)   (26,402)     $ (9,932) $ (37,869)
Gain on sale of real estate               (437)   (437) (9,938) (861) (10,618) (861)    
Loss on extinguishment of debt 0 1,387 0 0 0 0 0 0   0 1,387 0 1,387 0    
Distributions from equity in earnings of unconsolidated joint ventures                         7,442 23,030    
Increases and decreases from changes in other assets and liabilities:                                
Decrease (increase) in deposits and escrows       690       5,553 305 4,992 422 4,252 1,975 5,176    
Increase in accounts payable and accrued liabilities       1,704       59 4,772 367 5,834 321 3,766 1,002    
Decrease (increase) in other assets       (1,918)       (100) (2,709) (212) (2,588) (431) (3,610) (303)    
Net cash provided by operating activities       316       20,285 2,038 19,326 3,064 17,897 8,648 27,002    
Cash flows from investing activities:                                
Collections from real estate loans       150       150 300 300 450 450 600 600    
Net costs capitalized to real estate owned       (390)       (75) (861) (165) (1,169) (278) (1,580) (530)    
Purchase of partner interests                       (4,667) (1,316) (7,923)    
Purchase of non-controlling interest               (250)   (250)   (250) 0 (251)    
Proceeds from the sale of real estate owned               437   437 32,801 861 33,588 861    
Distributions from unconsolidated joint ventures       4,101       27,948 8,523 31,331 12,034 34,355 20,713 52,363    
Contributions to unconsolidated joint ventures       (12,287)       (32,810) (24,348) (47,010) (29,069) (47,010)   (59,930) (29,069)  
Net cash (used in) provided by investing activities       (8,426)       (4,600) (16,386) (15,357) 15,047 (16,539) 22,936 (14,810)    
Cash flows from financing activities:                                
Mortgage payoffs       0       0 0 0 (20,635) 0 (20,635) 0    
Mortgage principal payments       (775)       (533) (1,528) (1,051) (2,189) (1,666) (2,912) (2,351)    
Proceeds from credit facility                 9,000   13,500   15,200 0    
Repayment of credit facility                     (9,900)   (15,200) 0    
Increase in deferred financing costs       0       0 (83) 0 (83) 0 (84) 0    
Dividends paid       (3,181)       (2,856) (6,361) (5,788) (9,871) (8,939) (13,468) (12,088)    
Distributions to non-controlling interests       (46)       (2) (86) (13) (1,220) (75) (1,257) (107)    
Proceeds from the sale of common stock               1,401   11,926 774 20,411 7,517 20,412    
Repurchase of shares of common stock                 (46)   (46) (41) (46) (162)    
Net cash provided by (used in) financing activities       (4,002)       (1,990) 896 5,074 (29,670) 9,690 (30,885) 5,704    
Net increase in cash, cash equivalents and restricted cash       (12,112)       13,695 (13,452) 9,043 (11,559) 11,048 699 17,896    
Cash, cash equivalents and restricted cash at beginning of year 20,160 18,267 19,607 31,719 [1] 24,871 22,866 27,518 13,823 [1] 31,719 [1] 13,823 [1] 31,719 [1] 13,823 [1] 31,719 [1] 13,823    
Cash, cash equivalents and restricted cash at end of year $ 32,418 $ 20,160 $ 18,267 19,607 $ 31,719 [1] $ 24,871 $ 22,866 27,518 18,267 22,866 20,160 24,871 32,418 31,719 $ 24,871  
Supplemental disclosures of cash flow information:                                
Cash paid during the year for interest expense       1,863       1,352 3,789 2,706 5,616 4,310 7,511 6,185    
Cash paid during the year for income and excise taxes       $ 10       $ 14 $ 44 $ 114 $ 44 $ 216 $ 324 $ 255    
[1] * Amounts restated See footnotes 2 and 16 for more information.