Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
3 Months Ended |
12 Months Ended |
Mar. 31, 2015 |
Mar. 31, 2014 |
Dec. 31, 2014 |
| Operating activities |
|
|
|
| Net income attributable to common stockholders |
$ 22,563
|
$ 13,848
|
|
| Adjustments to reconcile net income attributable to common stockholders to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
66,296
|
60,549
|
|
| Impairments |
2,234
|
1,911
|
|
| 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 |
(9,151)
|
(1,528)
|
|
| 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 shares of common 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
|
$ 66,588
|
| Cash and cash equivalents, end of period |
$ 108,134
|
$ 29,984
|
$ 176,181
|