| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | ||
|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||
Net Income | ||||||
44,406 | 54,366 | 14,559 | 16,017 | -2,943 | ||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||
Interest capitalized on outstanding loans | ||||||
28,884 | 22,814 | 8,575 | 3,856 | - | ||
Realized gain and net unrealized gain on investments | ||||||
36,402 | 43,564 | 10,804 | 18,370 | - | ||
Interest capitalized on outstanding loans | ||||||
- | - | - | - | -973 | ||
Net unrealized gain on investments | ||||||
- | - | - | - | 872 | ||
Stock-based compensation | ||||||
2,148 | 1,929 | 1,295 | 1,080 | 305 | ||
Equity in (earnings) losses from unconsolidated self-storage real estate venture | ||||||
556 | 1,473 | 2,253 | 1,224 | 0 | ||
Return on investment from unconsolidated self-storage real estate venture | ||||||
-443 | -857 | -700 | -995 | 0 | ||
Deferred termination fee to Manager | ||||||
- | - | - | 239 | 464 | ||
Depreciation and amortization | ||||||
6,262 | 3,489 | 534 | 112 | - | ||
Depreciation and amortization | ||||||
- | - | - | - | 21 | ||
Amortization of deferred financing costs | ||||||
1,981 | 877 | 373 | 16 | 0 | ||
Loss on disposal of assets | ||||||
- | - | - | - | -33 | ||
Loss on modification of debt | ||||||
- | - | -232 | - | - | ||
Accretion of origination fees | ||||||
1,169 | 986 | 629 | 740 | 100 | ||
Unrealized loss on mark-to-market interest rate cap | ||||||
100 | - | - | - | - | ||
Other | ||||||
- | - | - | - | 215 | ||
Changes in operating assets and liabilities: | ||||||
Prepaid expenses and other assets | ||||||
1,876 | 1,095 | -26 | 377 | - | ||
Other assets | ||||||
- | - | - | - | 294 | ||
Due to Manager | ||||||
-170 | 1,850 | 476 | 310 | 698 | ||
Accounts payable, accrued expenses, and other liabilities | ||||||
83 | 259 | 495 | -111 | 793 | ||
Net cash used in operating activities | ||||||
-13,634 | -6,305 | -3,571 | -5,909 | - | ||
Net cash provided by (used in) operating activities | ||||||
- | - | - | - | -3,039 | ||
Cash flows from investing activities: | ||||||
Purchase of corporate fixed assets | ||||||
38 | 115 | 46 | - | - | ||
Purchase of corporate fixed assets | ||||||
- | - | - | 50 | 315 | ||
Purchase of self-storage real estate owned | ||||||
10,469 | 16,383 | 2,856 | - | - | ||
Capital additions to self-storage real estate owned | ||||||
2,120 | 481 | - | - | - | ||
Capital contributions to unconsolidated self-storage real estate venture | ||||||
892 | 2,487 | 6,013 | 2,137 | 0 | ||
Return of capital from unconsolidated self-storage real estate venture | ||||||
3,833 | - | - | 7,291 | 0 | ||
Advances to unconsolidated self-storage real estate venture | ||||||
12,733 | 16,242 | 50,396 | 18,293 | 0 | ||
Repayment of advances to unconsolidated self-storage real estate venture | ||||||
-12,811 | -19,045 | -49,479 | -15,998 | 0 | ||
Proceeds received from settlement of profits interest | ||||||
- | 619 | - | - | - | ||
Capitalized unconsolidated real estate venture costs | ||||||
- | - | - | 226 | 0 | ||
Advances to future development property investments | ||||||
- | 1,800 | - | - | - | ||
Origination fees received in cash | ||||||
-1,207 | -1,999 | -4,566 | - | - | ||
Origination fees received in cash | ||||||
- | - | - | 441 | 44 | ||
Development property and bridge investments | ||||||
156,107 | 258,604 | 152,681 | 45,094 | 40,707 | ||
Operating property loans | ||||||
- | - | - | 429 | 23,004 | ||
Funding of other loans | ||||||
483 | 4,602 | 10,504 | 15,978 | 1,191 | ||
Repayments of investment portfolio investments | ||||||
362 | 33,047 | 27,513 | 15,037 | 6,019 | ||
Repayments of other loans | ||||||
207 | 1,174 | 19,332 | 5,369 | 0 | ||
Net cash used in investing activities | ||||||
-164,422 | -244,830 | -121,606 | -38,071 | - | ||
Net cash used in investing activities | ||||||
- | - | - | - | -59,198 | ||
Cash flows from financing activities: | ||||||
Cash received from Credit Facility, net of issuance costs | ||||||
160,802 | 31,005 | 285 | - | - | ||
Cash received from term loans, net of issuance costs | ||||||
15,990 | 24,567 | - | - | - | ||
Borrowings on senior loan participations | ||||||
- | - | 1,755 | 21,845 | - | ||
Senior loan participations | ||||||
- | - | - | - | 0 | ||
Repurchase of senior loan participation | ||||||
- | - | - | - | 0 | ||
Repurchase of senior loan participations | ||||||
- | 732 | 1,854 | 3,229 | - | ||
Repayment of Credit Facility | ||||||
- | 35,000 | 20,000 | - | - | ||
Costs incurred upon the issuance of the credit facility | ||||||
- | - | - | - | 0 | ||
Deferred financing costs | ||||||
- | - | - | 2,357 | 0 | ||
Stock repurchase | ||||||
469 | 333 | 177 | 3,185 | 0 | ||
Net proceeds from issuance of common stock | ||||||
38,122 | 101,625 | 111,761 | 53,460 | 110,391 | ||
Net proceeds (offering costs) from issuance of preferred stock | ||||||
- | - | - | - | 0 | ||
Dividends paid on common stock | ||||||
29,891 | 23,623 | 16,249 | 8,488 | - | ||
Net cash provided by financing activities | ||||||
172,619 | 212,873 | 104,781 | 67,494 | - | ||
Net change in cash and cash equivalents | ||||||
-5,437 | -38,262 | -20,396 | - | - | ||
Dividends paid on common stock | ||||||
- | - | - | - | 4,296 | ||
Net cash provided by (used in) financing activities | ||||||
- | - | - | - | 106,095 | ||
Net change in cash and cash equivalents | ||||||
- | - | - | 23,514 | 43,858 | ||
Series A Preferred Stock [Member] | ||||||
Net proceeds (offering costs) from issuance of preferred stock | ||||||
- | 84,931 | 29,964 | 9,448 | - | ||
Dividends paid on preferred stock | ||||||
9,080 | 5,032 | 704 | - | - | ||
Series B Preferred Stock [Member] | ||||||
Net proceeds (offering costs) from issuance of preferred stock | ||||||
-103 | 37,402 | - | - | - | ||
Dividends paid on preferred stock | ||||||
2,752 | 1,937 | - | - | - | ||