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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash Flows from Operating Activities      
Net income (loss) $ (458,155) $ (149,426) $ (3,584)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Loss on extinguishment of debt, net 121 6,387 1,265
Depreciation and amortization, net 736,516 544,512 285,811
Asset impairment 57,941 9,992 12,891
Equity in loss (earnings) of unconsolidated ventures 804 (171) (1,484)
Distributions from unconsolidated ventures from cumulative share of net earnings 7,825 1,840 2,691
Amortization of deferred gain (4,372) (4,372) (4,372)
Amortization of entrance fees (3,204) (21,220) (29,009)
Proceeds from deferred entrance fee revenue 11,113 32,704 44,191
Deferred income tax benefit (95,261) (182,371) (183)
Change in deferred lease liability 6,956 1,439 2,597
Change in fair value of derivatives 797 2,711 (980)
(Gain) on sale of assets (1,270) (446) (972)
Change in future service obligation (941) 670 (1,917)
Non-cash stock-based compensation 31,651 28,299 25,978
Non-cash interest expense on financing leases 23,472 12,647 0
Amortization of (above) below market rents, net (7,158) (3,444) 0
Other (3,157) 0 0
Changes in operating assets and liabilities:      
Accounts receivable, net 5,608 3,510 (5,449)
Prepaid expenses and other assets, net 51,079 (52,868) 7,483
Accounts payable and accrued expenses (60,564) 16,812 33,837
Tenant refundable fees and security deposits (524) (1,183) (792)
Deferred revenue (6,911) (3,370) (1,881)
Net cash provided by operating activities 292,366 242,652 366,121
Cash Flows from Investing Activities      
Decrease (increase) in lease security deposits and lease acquisition deposits, net 10,866 (48,944) (2,051)
Decrease in cash and escrow deposits - restricted 29,286 56,935 10,726
Additions to property, plant and equipment, and leasehold intangibles (411,051) (304,245) (257,527)
Acquisition of assets, net of related payables and cash received (191,216) (40,441) (34,686)
Acquisition of Emeritus Corporation, cash acquired 0 28,429 0
Investment in unconsolidated ventures (69,297) (26,499) (17,172)
Distributions received from unconsolidated ventures 9,054 12,275 1,600
Proceeds from sale of assets, net 49,226 4,339 34,136
Other 4,155 3,269 168
Net cash used in investing activities (568,977) (314,882) (264,806)
Cash Flows from Financing Activities      
Proceeds from debt 585,650 326,639 662,934
Repayment of debt and capital and financing lease obligations (485,762) (584,345) (724,133)
Proceeds from line of credit 1,175,000 442,000 425,000
Repayment of line of credit (965,000) (372,000) (475,000)
Proceeds from public equity offering, net 0 330,386 0
Payment of financing costs, net of related payables (32,622) (9,393) (11,576)
Refundable entrance fees:      
Proceeds from refundable entrance fees 1,939 20,342 48,140
Refunds of entrance fees (4,411) (25,865) (35,325)
Cash portion of loss on extinguishment of debt (44) (4,101) (502)
Payment on lease termination (17,000) (7,750) 0
Other 2,807 1,889 (1,582)
Net cash provided by (used in) financing activities 260,557 117,802 (112,044)
Net (decrease) increase in cash and cash equivalents (16,054) 45,572 (10,729)
Cash and cash equivalents at beginning of year 104,083 58,511 69,240
Cash and cash equivalents at end of year $ 88,029 $ 104,083 $ 58,511