|
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
6 Months Ended |
|
Jun. 30, 2014
|
Jun. 30, 2013
|
| Operating activities |
|
|
| Net loss |
$ (75,582) |
$ (20,001) |
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
122,517 |
59,229 |
| Impairments |
29,334 |
3,704 |
| Amortization of deferred financing costs |
2,297 |
10,130 |
| Amortization of interest rate hedge losses and derivative net settlements |
(50) |
(32) |
| Amortization of debt (premiums) discounts |
(1,043) |
5,929 |
| Stock-based compensation expense |
5,484 |
4,102 |
| Loss (gain) on debt extinguishment |
64,708 |
(1,028) |
| Debt extinguishment costs |
(59,069) |
0 |
| Gains on dispositions of real estate and other assets, net |
(517) |
(207) |
| Non-cash revenue |
(8,344) |
(1,278) |
| Other |
242 |
192 |
| Changes in operating assets and liabilities: |
|
|
| Deferred costs and other assets |
(2,352) |
(2,284) |
| Accounts payable, accrued expenses and other liabilities |
(9,062) |
1,944 |
| Net cash provided by operating activities |
68,563 |
60,400 |
| Investing activities |
|
|
| Acquisitions/investments in real estate |
(345,109) |
(95,150) |
| Collections of principal on loans receivable and real estate assets under direct financing leases |
3,286 |
8,030 |
| Proceeds from dispositions of real estate and other assets |
14,218 |
4,947 |
| Transfers of sale proceeds and loan principal collections (to) from restricted account |
(13,054) |
10,589 |
| Net cash used in investing activities |
(340,659) |
(71,584) |
| Financing activities |
|
|
| Borrowings under lines of credit |
405,535 |
26,555 |
| Repayments under lines of credit |
(425,127) |
(63) |
| Borrowings under mortgages and notes payable |
757,500 |
35,140 |
| Repayments under mortgages and notes payable |
(553,882) |
(21,511) |
| Deferred financing costs |
(20,000) |
(8,123) |
| Proceeds from issuance of common stock, net of offering costs |
287,704 |
(293) |
| Proceeds from exercise of stock options |
183 |
0 |
| Offering costs paid on equity component of convertible debt |
(1,609) |
0 |
| Purchase of treasury stock |
(110) |
0 |
| Consent fees paid to lenders |
0 |
(1,586) |
| Dividends paid to stockholders |
(123,207) |
(54,757) |
| Transfers (to) from escrow deposits with lenders |
(503) |
285 |
| Net cash provided by (used in) financing activities |
326,484 |
(24,353) |
| Net increase (decrease) in cash and cash equivalents |
54,388 |
(35,537) |
| Cash and cash equivalents, beginning of period |
66,588 |
73,568 |
| Cash and cash equivalents, end of period |
$ 120,976 |
$ 38,031 |