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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash Flows from Operating Activities  
Net loss$ (53,300)$ (40,765)
Adjustments to reconcile net loss to net cash provided by operating activities:  
Loss on extinguishment of debt18,8631,557
Depreciation and amortization215,454228,430
Asset impairment14,8460
Equity in earnings of unconsolidated ventures(295)(788)
Distributions from unconsolidated ventures from cumulative share of net earnings700375
Amortization of deferred gain(3,280)(3,258)
Amortization of entrance fees(18,865)(18,160)
Proceeds from deferred entrance fee revenue26,47527,716
Deferred income tax benefit0(26,544)
Change in deferred lease liability5,0068,109
Change in fair value of derivatives and amortization4,1515,023
(Gain) loss on sale of assets(1,180)1,548
Gain on acquisition(3,520)0
Change in future service obligation0(1,064)
Non-cash stock-based compensation expense14,31615,799
Changes in operating assets and liabilities:  
Accounts receivable, net(2,375)(6,480)
Prepaid expenses and other assets, net(17,065)(4,007)
Accounts payable and accrued expenses2,8265,721
Tenant refundable fees and security deposits(1,941)(2,720)
Deferred revenue3,609(5)
Other7,577(11,332)
Net cash provided by operating activities212,002179,155
Cash Flows from Investing Activities  
(Increase) decrease in lease security deposits and lease acquisition deposits, net(1,591)2,067
Decrease (increase) in cash and escrow deposits - restricted56,244(2,567)
Net proceeds from the sale of assets30,8171,487
Additions to property, plant and equipment and leasehold intangibles, net of related payables(114,588)(70,604)
Purchase of marketable securities - restricted(32,724)0
Sale of marketable securities - restricted1,4150
Acquisition of assets, net of related payables and cash received(54,597)(26,116)
Purchase of Horizon Bay Realty, L.L.C., net of cash acquired5,5160
Receipt of notes receivable, net1,6741,013
Investment in unconsolidated ventures(13,711)(659)
Distributions received from unconsolidated ventures15677
Proceeds from sale of unconsolidated venture0675
Other(821)(638)
Net cash used in investing activities(122,210)(95,265)
Cash Flows from Financing Activities  
Proceeds from debt477,525382,076
Proceeds from issuance of convertible notes, net308,2330
Issuance of warrants45,0660
Purchase of bond hedge(77,007)0
Repayment of debt and capital lease obligations(879,573)(444,940)
Proceeds from line of credit120,00060,000
Repayment of line of credit(85,000)(60,000)
Payment of financing costs, net of related payables(8,170)(8,436)
Other(454)(590)
Refundable entrance fees:  
Proceeds from refundable entrance fees18,59427,303
Refunds of entrance fees(16,886)(16,106)
Cash portion of loss on extinguishment of debt(17,040)(179)
Recouponing and payment of swap termination(99)(20,427)
Purchase of treasury stock(17,613)0
Net cash used in financing activities(132,424)(81,299)
Net (decrease) increase in cash and cash equivalents(42,632)2,591
Cash and cash equivalents at beginning of period81,82766,370
Cash and cash equivalents at end of period$ 39,195$ 68,961