XML 23 R9.htm IDEA: XBRL DOCUMENT v3.20.2
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net (loss) income $ (16,464,000) $ (4,415,000)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation 5,147,000 4,348,000
Amortization of deferred financing costs 210,000 228,000
Amortization of restricted stock and restricted stock units 1,360,000 1,110,000
Equity in loss of unconsolidated joint ventures 4,731,000 6,676,000
Impairment charge 3,642,000 0
Gain on sale of real estate 0 (9,938,000)
Loss on extinguishment of debt 0 1,387,000
Increases and decreases from changes in other assets and liabilities:    
Decrease (increase) in other assets (1,108,000) (2,166,000)
Increase in accounts payable and accrued liabilities 757,000 5,834,000
Net cash (used in) provided by operating activities (1,725,000) 3,064,000
Cash flows from investing activities:    
Collections from real estate loan 150,000 450,000
Improvements to real estate properties (694,000) (1,169,000)
Distributions from unconsolidated joint ventures 10,556,000 12,034,000
Proceeds from the sale of real estate owned 0 32,801,000
Contributions to unconsolidated joint ventures (13,700,000) (29,069,000)
Net cash (used in) provided by investing activities (3,688,000) 15,047,000
Cash flows from financing activities:    
Mortgage payoffs 0 (20,635,000)
Mortgage principal payments (2,262,000) (2,189,000)
Proceeds from credit facility 5,000,000 13,500,000
Repayment of credit facility (5,000,000) (9,900,000)
Increase in deferred financing costs 0 (83,000)
Dividends paid (11,336,000) (9,871,000)
Distributions to non-controlling interests (89,000) (1,220,000)
Proceeds from the sale of common stock 12,077,000 774,000
Repurchase of shares of common stock (616,000) (46,000)
Net cash used in financing activities (2,226,000) (29,670,000)
Net decrease in cash, cash equivalents and restricted cash (7,639,000) (11,559,000)
Cash, cash equivalents and restricted cash at beginning of period 32,418,000 31,719,000
Cash, cash equivalents and restricted cash at end of period 24,779,000 20,160,000
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 5,261,000 5,616,000
Cash paid for income taxes 297,000 44,000
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows.    
Total cash, cash equivalents and restricted cash, shown in consolidated statement of cash flows $ 24,779,000 $ 20,160,000