|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| Operating activities |
|
|
| Net income |
$ 25,324 |
$ 14,239 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
66,296 |
60,549 |
| Impairments |
1,658 |
1,707 |
| Amortization of deferred financing costs |
2,072 |
973 |
| Derivative net settlements, amortization and other interest rate hedge losses |
(28) |
(26) |
| Amortization of debt discounts (premiums) |
476 |
(929) |
| Stock-based compensation expense |
3,827 |
2,452 |
| Loss on debt extinguishment |
1,230 |
0 |
| Debt extinguishment costs |
(2,733) |
0 |
| Gains on dispositions of real estate and other assets, net |
(11,336) |
(1,715) |
| Non-cash revenue |
(4,809) |
(3,962) |
| Other |
(14) |
121 |
| Changes in operating assets and liabilities: |
|
|
| Deferred costs and other assets, net |
(1,938) |
(1,510) |
| Accounts payable, accrued expenses and other liabilities |
(420) |
(6,055) |
| Net cash provided by operating activities |
79,605 |
65,844 |
| Investing activities |
|
|
| Acquisitions/investments of real estate |
(265,740) |
(157,972) |
| Collections of principal on loans receivable and real estate assets under direct financing leases |
1,452 |
1,319 |
| Proceeds from dispositions of real estate and other assets |
71,547 |
6,243 |
| Transfers of net sales proceeds (to) from restricted accounts under 1031 Exchanges |
(6,937) |
20,784 |
| Transfers of net sales proceeds from (to) Master Trust Release |
43,412 |
(6,345) |
| Net cash used in investing activities |
(156,266) |
(135,971) |
| Financing activities |
|
|
| Borrowings under Revolving Credit Facilities |
345,000 |
180,535 |
| Repayments under Revolving Credit Facilities |
(175,101) |
(80,049) |
| Borrowings under Convertible Notes |
0 |
10,000 |
| Repayments under mortgages and notes payable |
(167,102) |
(14,116) |
| Deferred financing costs |
(3,562) |
(503) |
| Proceeds from issuance of common stock, net of offering costs |
78,552 |
0 |
| Proceeds from exercise of stock options |
0 |
183 |
| Purchase of treasury stock |
(720) |
(104) |
| Dividends paid/distributions to equity owners |
(70,046) |
(61,573) |
| Transfers from (to) escrow deposits with lenders |
1,593 |
(850) |
| Net cash provided by financing activities |
8,614 |
33,523 |
| Net decrease in cash and cash equivalents |
(68,047) |
(36,604) |
| Cash and cash equivalents, beginning of period |
176,181 |
66,588 |
| Cash and cash equivalents, end of period |
$ 108,134 |
$ 29,984 |