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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net (loss) income $ (15,921) $ 17,857
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization, net 39,886 61,149
Amortization of deferred financing costs 2,034 2,639
Amortization of fair value adjustment of mortgage notes payable assumed (45) (44)
Amortization and accretion on deferred loan fees (1,425) (1,529)
Amortization of premiums and discounts of broadly syndicated loans, net (206) 0
Amortization of premiums and discounts on real estate-related securities 12 0
Capitalized interest income (539) (2,643)
Equity-based compensation 80 64
Straight-line rental income (2,083) (3,338)
Write-offs for uncollectable lease-related receivables 5,870 330
Gain on disposition of real estate assets, net (16,901) (13,400)
Gain on sale of broadly syndicated loans (223) 0
Amortization of gain on swap termination (10) (10)
Impairment of real estate assets 15,507 33,155
Provision for credit losses 25,682 0
Write-off of deferred financing costs 544 0
Changes in assets and liabilities:    
Rents and tenant receivables (12,958) 1,769
Prepaid expenses and other assets 2,045 (6,059)
Accounts payable and accrued expenses 1,427 2,428
Deferred rental income and other liabilities (4,885) (5,336)
Due to affiliates (662) (2,971)
Net cash provided by operating activities 37,229 84,061
Cash flows from investing activities:    
Investment in real estate-related securities (16,450) 0
Investment in broadly syndicated loans (404,896) 0
Investment in real estate assets and capital expenditures (7,171) (2,866)
Origination and acquisition of loans held-for-investment, net (1,165) (62,761)
Principal payments received on loans held-for-investment 63,592 11,112
Principal payments received on real estate-related securities 355 0
Origination and exit fees received on loans held-for-investment 571 112
Net proceeds from disposition of real estate assets 157,198 159,052
Net proceeds from sale of broadly syndicated loans 19,842 0
Payment of property escrow deposits (250) 0
Refund of property escrow deposits 250 0
Proceeds from the settlement of insurance claims 0 20
Net cash (used in) provided by investing activities (188,124) 104,669
Cash flows from financing activities:    
Redemptions of common stock (38,705) (42,839)
Distributions to stockholders (44,150) (54,663)
Proceeds from notes payable and credit facility 320,992 239,500
Repayments of credit facilities and notes payable (218,814) (337,248)
Deferred financing costs paid (844) (48)
Distributions to noncontrolling interest 0 (150)
Net cash provided by (used in) financing activities 18,479 (195,448)
Net decrease in cash and cash equivalents and restricted cash (132,416) (6,718)
Cash and cash equivalents and restricted cash, beginning of period 473,355 19,674
Cash and cash equivalents and restricted cash, end of period 340,939 12,956
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:    
Cash and cash equivalents 336,142 3,399
Restricted cash $ 4,797 $ 9,557