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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities:  
Net income$ 112,819$ 82,621
Adjustments to reconcile net income to cash provided by operating activities:  
Depreciation82,12067,139
Amortization of deferred financing fees and debt discounts3,5061,847
Amortization of acquired real estate leases(574)755
Loss on early extinguishment of debt4272,433
Impairment of assets1,1941,095
Gain on sale of properties(21,315)(109)
Equity in (earnings) losses of an investee(111)17
Change in assets and liabilities:  
Restricted cash(2,175)(1,141)
Other assets(34,670)(6,444)
Accrued interest940(335)
Other liabilities29,80913,533
Cash provided by operating activities171,970161,411
Cash flows from investing activities:  
Acquisitions(539,870)(68,136)
Loan receivable from Five Star Quality Care, Inc.(80,000) 
Principal repayments on loan receivable32,000 
Investment in Five Star Quality Care, Inc.(5,000) 
Investment in Affiliates Insurance Company (75)
Proceeds from sale of properties38,6631,450
Cash used for investing activities(554,207)(66,761)
Cash flows from financing activities:  
Proceeds from issuance of common shares, net247,499 
Proceeds from issuance of unsecured senior notes, net247,327197,852
Proceeds from borrowings on revolving credit facility590,00045,000
Repayments of borrowings on revolving credit facility(508,000)(93,000)
Redemption of senior notes (98,780)
Repayment of other debt(7,013)(6,293)
Payment of deferred financing fees(9,873)(3,821)
Distributions to shareholders(161,724)(137,589)
Cash provided by (used for) financing activities398,216(96,631)
Increase (decrease) in cash and cash equivalents15,979(1,981)
Cash and cash equivalents at beginning of period10,86610,494
Cash and cash equivalents at end of period26,8458,513
Supplemental cash flow information:  
Interest paid66,39157,643
Income taxes paid264246
Non-cash investing activities:  
Acquisitions funded by assumed debt(76,931)(2,458)
Non-cash financing activities:  
Assumption of mortgage notes payable76,9312,458
Issuance of common shares$ 1,814$ 2,048