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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash Flows from Operating Activities      
Net income (loss) $ (404,636) $ (458,155) $ (149,426)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Loss on extinguishment of debt, net 1,251 121 6,387
Depreciation and amortization, net 529,802 736,516 544,512
Asset impairment 248,515 57,941 9,992
Equity in (loss) earnings of unconsolidated ventures (1,660) 804 (171)
Distributions from unconsolidated ventures from cumulative share of net earnings 23,544 7,825 1,840
Amortization of deferred gain (4,372) (4,372) (4,372)
Amortization of entrance fee revenue (4,195) (3,204) (21,220)
Proceeds from deferred entrance fee revenue 13,980 11,113 32,704
Deferred income tax provision (benefit) 3,248 (95,261) (182,371)
Change in deferred lease liability 767 6,956 1,439
Change in fair value of derivatives 178 797 2,711
Gain on sale of assets (7,218) (1,270) (446)
Change in future service obligation 0 (941) 670
Non-cash stock-based compensation 32,285 31,651 28,299
Non-cash interest expense on financing lease obligations 26,496 23,472 12,647
Amortization of (above) below market lease, net (6,864) (7,158) (3,444)
Other (9,137) (3,157) 0
Changes in operating assets and liabilities:      
Accounts receivable, net 1,581 5,608 3,510
Prepaid expenses and other assets, net 2,954 51,079 (52,868)
Accounts payable and accrued expenses (83,248) (60,564) 16,812
Tenant refundable fees and security deposits (839) (524) (1,183)
Deferred revenue 3,300 (6,911) (3,370)
Net cash provided by operating activities 365,732 292,366 242,652
Cash Flows from Investing Activities      
(Increase) decrease in lease security deposits and lease acquisition deposits, net (2,225) 10,866 (48,944)
(Increase) decrease in cash and escrow deposits - restricted 5,027 29,286 56,935
Additions to property, plant and equipment, and leasehold intangibles (333,647) (411,051) (304,245)
Acquisition of assets, net of related payables (12,157) (191,216) (40,441)
Acquisition of Emeritus Corporation, cash acquired 0 0 28,429
Investment in unconsolidated ventures (13,377) (69,297) (26,499)
Distributions received from unconsolidated ventures 218,973 9,054 12,275
Proceeds from sale of assets, net 297,932 49,226 4,339
Proceeds from Insurance Settlement, Investing Activities 9,137 3,157 0
Other 7,162 998 3,269
Net cash provided by (used in) investing activities 176,825 (568,977) (314,882)
Cash Flows from Financing Activities      
Proceeds from debt 387,348 585,650 326,639
Repayment of debt and capital and financing lease obligations (469,309) (485,762) (584,345)
Proceeds from line of credit 1,276,500 1,175,000 442,000
Repayment of line of credit (1,586,500) (965,000) (372,000)
Proceeds from public equity offering, net 0 0 330,386
Payment of financing costs, net of related payables (2,938) (32,622) (9,393)
Refundable entrance fees:      
Proceeds from refundable entrance fees 3,083 1,939 20,342
Refunds of entrance fees (3,984) (4,411) (25,865)
Cash portion of loss on extinguishment of debt 0 (44) (4,101)
Payment on lease termination (9,250) (17,000) (7,750)
Purchase of treasury stock (9,640) 0 0
Other 501 2,807 1,889
Net cash (used in) provided by financing activities (414,189) 260,557 117,802
Net (decrease) increase in cash and cash equivalents 128,368 (16,054) 45,572
Cash and cash equivalents at beginning of year 88,029 104,083 58,511
Cash and cash equivalents at end of year $ 216,397 $ 88,029 $ 104,083