|
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
9 Months Ended |
|
Sep. 30, 2014
|
Sep. 30, 2013
|
| Operating activities |
|
|
| Net loss |
$ (67,912) |
$ (41,909) |
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
184,586 |
108,336 |
| Impairments |
42,061 |
5,668 |
| Amortization of deferred financing costs |
4,084 |
12,457 |
| Amortization of interest rate hedge losses and derivative net settlements |
(83) |
(101) |
| Amortization of debt (premiums) discounts |
(821) |
5,588 |
| Stock-based compensation expense |
8,503 |
6,901 |
| Loss (gain) on debt extinguishment |
64,496 |
(1,028) |
| Debt extinguishment costs |
(59,069) |
0 |
| Gains on dispositions of real estate and other assets, net |
(2,171) |
(1,467) |
| Non-cash revenue |
(12,877) |
(15,191) |
| Other |
274 |
(41) |
| Changes in operating assets and liabilities: |
|
|
| Deferred costs and other assets |
(3,111) |
(8,262) |
| Accounts payable, accrued expenses and other liabilities |
(3,248) |
(1,826) |
| Net cash provided by operating activities |
154,712 |
69,125 |
| Investing activities |
|
|
| Acquisitions/investments in real estate |
(546,373) |
(176,080) |
| Collections of principal on loans receivable and real estate assets under direct financing leases |
4,641 |
13,878 |
| Proceeds from dispositions of real estate and other assets |
31,993 |
135,270 |
| Cash acquired in connection with merger |
0 |
9,400 |
| Transfers of sale proceeds and loan principal collections (to) from restricted account |
(20,240) |
7,018 |
| Net cash used in investing activities |
(529,979) |
(10,514) |
| Financing activities |
|
|
| Borrowings under lines of credit |
515,535 |
266,705 |
| Repayments under lines of credit |
(425,219) |
(115,197) |
| Borrowings under Convertible Notes and mortgages and notes payable |
757,500 |
238,140 |
| Repayments under mortgages and notes payable |
(562,104) |
(33,339) |
| Deferred financing costs |
(20,011) |
(20,041) |
| Proceeds from issuance of common stock, net of offering costs |
287,454 |
(518) |
| Proceeds from exercise of stock options |
183 |
0 |
| Offering costs paid on equity component of convertible debt |
(1,609) |
0 |
| Purchase of treasury stock |
(2,920) |
(1,942) |
| Consent fees paid to lenders |
0 |
(5,449) |
| Dividends paid to stockholders |
(189,510) |
(85,897) |
| Transfers to escrow deposits with lenders |
(490) |
(8,155) |
| Net cash provided by (used in) financing activities |
358,809 |
(89,804) |
| Net decrease in cash and cash equivalents |
(16,458) |
(31,193) |
| Cash and cash equivalents, beginning of period |
66,588 |
73,568 |
| Cash and cash equivalents, end of period |
50,130 |
42,375 |
|
Cole II
|
|
|
| Financing activities |
|
|
| Repayments under lines of credit |
$ 0 |
$ (324,111) |