Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
| Operating activities |
|
|
| Net income attributable to common stockholders |
$ 96,458
|
$ 86,911
|
| Adjustments to reconcile net income attributable to common stockholders to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
194,227
|
195,460
|
| Impairments |
41,396
|
57,032
|
| Amortization of deferred financing costs |
6,706
|
5,893
|
| Payment to terminate interest rate swaps |
(1,724)
|
(64)
|
| Derivative interest rate amortization and other interest rate swap losses (gains) |
1,809
|
(31)
|
| Amortization of debt discounts |
3,354
|
1,670
|
| Stock-based compensation expense |
7,190
|
10,757
|
| Gain on debt extinguishment |
(326)
|
(2,489)
|
| Debt extinguishment costs |
(25,344)
|
(3,760)
|
| Gains on dispositions of real estate and other assets, net |
(39,221)
|
(66,881)
|
| Non-cash revenue |
(16,155)
|
(15,947)
|
| Other |
(1,514)
|
165
|
| Changes in operating assets and liabilities: |
|
|
| Deferred costs and other assets, net |
(8,911)
|
(4,935)
|
| Accounts payable, accrued expenses and other liabilities |
1,346
|
7,433
|
| Net cash provided by operating activities |
259,291
|
271,214
|
| Investing activities |
|
|
| Acquisitions of real estate |
(424,468)
|
(703,106)
|
| Capitalized real estate expenditures |
(8,307)
|
(7,449)
|
| Investments in corporate leasehold improvements |
(2,839)
|
0
|
| Investments in loans receivable |
0
|
(4,020)
|
| Collections of principal on loans receivable and real estate assets under direct financing leases |
6,331
|
4,450
|
| Proceeds from dispositions of real estate and other assets |
245,921
|
397,325
|
| Transfers of net sales proceeds from (to) restricted accounts pursuant to 1031 Exchanges |
58,194
|
(2,489)
|
| Transfers of net sales proceeds (to) from Master Trust Release |
(3,953)
|
40,126
|
| Net cash used in investing activities |
(129,121)
|
(275,163)
|
| Financing activities |
|
|
| Borrowings under Revolving Credit Facilities |
828,000
|
535,000
|
| Repayments under Revolving Credit Facilities |
(723,000)
|
(475,181)
|
| Repayments under mortgages and notes payable |
(790,224)
|
(347,242)
|
| Borrowings under Term Loan |
746,000
|
0
|
| Repayments under Term Loan |
(701,000)
|
0
|
| Borrowings under Senior Unsecured Notes |
298,134
|
0
|
| Deferred financing costs |
(4,017)
|
(3,782)
|
| Proceeds from issuance of common stock, net of offering costs |
446,613
|
347,211
|
| Proceeds from exercise of stock options |
0
|
46
|
| Repurchase of shares of common stock |
(739)
|
(1,700)
|
| Dividends paid to equity owners |
(238,926)
|
(216,231)
|
| Transfers from reserve/escrow deposits with lenders |
383
|
17,857
|
| Net cash used in financing activities |
(138,776)
|
(144,022)
|
| Net decrease in cash and cash equivalents |
(8,606)
|
(147,971)
|
| Cash and cash equivalents, beginning of period |
21,790
|
176,181
|
| Cash and cash equivalents, end of period |
$ 13,184
|
$ 28,210
|