|
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2014
|
Mar. 31, 2013
|
| Operating activities |
|
|
| Net income (loss) |
$ 14,239 |
$ (8,332) |
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
60,549 |
28,316 |
| Impairments |
1,707 |
2,103 |
| Amortization of deferred financing costs |
973 |
3,901 |
| Amortization of interest rate hedge (gains) losses and other derivative losses |
(26) |
22 |
| Amortization of debt discounts |
(929) |
2,961 |
| Stock-based compensation expense |
2,452 |
1,772 |
| Gains on dispositions of real estate and other assets, net |
(1,715) |
(202) |
| Non-cash revenue |
(3,962) |
(521) |
| Other |
121 |
(14) |
| Changes in operating assets and liabilities: |
|
|
| Deferred costs and other assets |
(1,510) |
(3,103) |
| Deferred costs and other assets |
(6,055) |
1,329 |
| Net cash provided by operating activities |
65,844 |
28,232 |
| Investing activities |
|
|
| Acquisitions/improvements of real estate |
(137,188) |
(56,854) |
| Collections of principal on loans receivable and real estate assets under direct financing leases |
1,319 |
763 |
| Proceeds from dispositions of real estate and other assets |
6,243 |
2,829 |
| Transfers of sale proceeds and loan principal collections from (to) restricted account |
(6,345) |
14,081 |
| Net cash used in investing activities |
(135,971) |
(39,181) |
| Financing activities |
|
|
| Borrowings under lines of credit |
180,535 |
11,400 |
| Repayments under lines of credit |
(80,049) |
0 |
| Borrowings under mortgages and notes payable |
10,000 |
24,800 |
| Repayments under mortgages and notes payable |
(14,116) |
(10,839) |
| Deferred financing costs |
(503) |
(4,113) |
| Proceeds from exercise of stock options |
183 |
0 |
| Stock issuance costs |
0 |
(293) |
| Purchase of treasury stock |
(104) |
0 |
| Consent fees paid to lenders |
0 |
(222) |
| Dividends paid/distributions to equity owners |
(61,573) |
(28,247) |
| Transfers to escrow deposits with lenders |
(850) |
250 |
| Net cash used in financing activities |
33,523 |
(7,264) |
| Net decrease in cash and cash equivalents |
(36,604) |
(18,213) |
| Cash and cash equivalents, beginning of period |
66,588 |
73,568 |
| Cash and cash equivalents, end of period |
$ 29,984 |
$ 55,355 |