XML 40 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash Flows from Operating Activities      
Net loss $ (66,467) $ (69,050) $ (49,886)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Loss on extinguishment of debt 221 18,863 1,557
Depreciation and amortization 270,362 281,933 301,304
Asset impairment 27,677 16,892 13,075
Equity in loss (earnings) of unconsolidated ventures 3,488 (1,432) (168)
Distributions from unconsolidated ventures from cumulative share of net earnings 1,507 1,282 775
Amortization of deferred gain (4,372) (4,373) (4,343)
Amortization of entrance fees (25,362) (23,966) (22,782)
Proceeds from deferred entrance fee revenue 40,105 38,378 37,486
Deferred income tax provision (benefit) (525) 383 (33,925)
Change in deferred lease liability 6,668 8,608 10,521
Change in fair value of derivatives and amortization 364 3,878 4,118
Loss (gain) on sale of assets and unconsolidated ventures 332 (1,180) (2,509)
Loss (gain) on acquisition 636 (1,982) 0
Noncash gain on facility lease termination (11,584) 0 0
Lessor cash reimbursement for tenant incentive 0 1,251 0
Change in future service obligation 2,188 0 (1,064)
Non-cash stock-based compensation 25,520 19,856 20,759
Other (487) 0 0
Changes in operating assets and liabilities:      
Accounts receivable, net (3,415) (5,367) (7,956)
Prepaid expenses and other assets, net 8,687 (22,934) (22,050)
Accounts payable and accrued expenses 4,854 13,721 (11,775)
Tenant refundable fees and security deposits (1,547) (2,186) (3,158)
Deferred revenue 12,119 (4,148) (1,735)
Net cash provided by operating activities 290,969 268,427 228,244
Cash Flows from Investing Activities      
Increase in lease security deposits and lease acquisition deposits, net (7,999) (3,088) (2,175)
(Increase) decrease in cash and escrow deposits - restricted (4,810) 56,176 4,705
Purchase of marketable securities - restricted (1,557) (32,724) 0
Sale of marketable securities - restricted 35,124 1,431 0
Additions to property, plant and equipment, and leasehold intangibles, net of related payables (208,412) (160,131) (93,681)
Acquisition of assets, net of related payables and cash received (272,523) (88,682) (57,948)
Purchase of Horizon Bay Realty, L.L.C., net of cash acquired 0 5,516 0
Payments on notes receivable, net 131 1,484 1,079
Investment in unconsolidated ventures (5,368) (13,990) (660)
Distributions received from unconsolidated ventures 350 206 97
Proceeds from sale of unconsolidated venture 0 0 675
Proceeds from sale of assets, net 9,243 30,817 12,079
Other 487 (914) (676)
Net cash used in investing activities (455,334) (203,899) (136,505)
Cash Flows from Financing Activities      
Proceeds from debt 372,291 482,669 414,795
Repayment of debt and capital lease obligations (191,835) (898,565) (476,527)
Proceeds from line of credit 375,000 225,000 60,000
Repayment of line of credit (360,000) (160,000) (60,000)
Proceeds from issuance of convertible notes, net 0 308,212 0
Issuance of warrants 0 45,066 0
Purchase of bond hedge 0 (77,007) 0
Payment of financing costs, net of related payables (5,563) (8,712) (8,541)
Other (342) (1,287) (763)
Refundable entrance fees:      
Proceeds from refundable entrance fees 42,600 29,611 36,420
Refunds of entrance fees (27,356) (25,754) (21,060)
Cash portion of loss on extinguishment of debt (118) (17,040) (179)
Recouponing and payment of swap termination (1,908) (99) (20,427)
Purchase of treasury stock 0 (17,613) 0
Net cash provided by (used in) financing activities 202,769 (115,519) (76,282)
Net increase (decrease) in cash and cash equivalents 38,404 (50,991) 15,457
Cash and cash equivalents at beginning of year 30,836 81,827 66,370
Cash and cash equivalents at end of year $ 69,240 $ 30,836 $ 81,827