Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2015 |
Jun. 30, 2014 |
| Operating activities |
|
|
| Net income (loss) attributable to common stockholders |
$ 86,215
|
$ (75,582)
|
| Adjustments to reconcile net income (loss) attributable to common stockholders to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
130,967
|
122,517
|
| Impairments |
35,424
|
29,334
|
| Amortization of deferred financing costs |
3,973
|
2,297
|
| Derivative net settlements, amortization and other interest rate hedge losses |
(85)
|
(50)
|
| Amortization of debt discounts (premiums) |
1,139
|
(1,043)
|
| Stock-based compensation expense |
7,288
|
5,484
|
| (Gain) loss on debt extinguishment |
(2,147)
|
64,708
|
| Debt extinguishment costs |
(3,623)
|
(59,069)
|
| Gains on dispositions of real estate and other assets, net |
(74,616)
|
(517)
|
| Non-cash revenue |
(10,551)
|
(8,344)
|
| Other |
(27)
|
242
|
| Changes in operating assets and liabilities: |
|
|
| Deferred costs and other assets, net |
(1,641)
|
(2,352)
|
| Accounts payable, accrued expenses and other liabilities |
(4,677)
|
(9,062)
|
| Net cash provided by operating activities |
167,639
|
68,563
|
| Investing activities |
|
|
| Acquisitions of real estate |
(547,487)
|
(363,643)
|
| Capitalized real estate expenditures |
(3,175)
|
(2,250)
|
| Investments in loans receivable |
(4,000)
|
0
|
| Collections of principal on loans receivable and real estate assets under direct financing leases |
2,924
|
3,286
|
| Proceeds from dispositions of real estate and other assets |
340,971
|
14,218
|
| Transfers of net sales proceeds (to) from restricted accounts pursuant to 1031 Exchanges |
(40,034)
|
20,784
|
| Transfers of net sales proceeds from (to) Master Trust Release |
43,442
|
(13,054)
|
| Net cash used in investing activities |
(207,359)
|
(340,659)
|
| Financing activities |
|
|
| Borrowings under Revolving Credit Facilities |
405,000
|
405,535
|
| Repayments under Revolving Credit Facilities |
(400,181)
|
(425,127)
|
| Borrowings under Convertible Notes |
0
|
757,500
|
| Repayments under mortgages and notes payable |
(321,884)
|
(553,882)
|
| Deferred financing costs |
(3,782)
|
(20,000)
|
| Proceeds from issuance of common stock, net of offering costs |
347,255
|
287,704
|
| Proceeds from exercise of stock options |
46
|
183
|
| Offering costs paid on equity component of Convertible Notes |
0
|
(1,609)
|
| Purchase of treasury stock |
(720)
|
(110)
|
| Dividends paid/distributions to equity owners |
(141,174)
|
(123,207)
|
| Transfers from (to) reserve/escrow deposits with lenders |
18,653
|
(503)
|
| Net cash (used in) provided by financing activities |
(96,787)
|
326,484
|
| Net (decrease) increase in cash and cash equivalents |
(136,507)
|
54,388
|
| Cash and cash equivalents, beginning of period |
176,181
|
66,588
|
| Cash and cash equivalents, end of period |
$ 39,674
|
$ 120,976
|