XML 43 R8.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net income $ 36,265 $ 7,475
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 28,647 19,105
Non-cash interest income adjustments 212 140
Amortization of deferred financing costs 2,529 1,872
Stock-based compensation expense 4,672 4,792
Amortization of debt discount (premium) 51 (33)
Loss on extinguishment of debt 0 1,418
Straight-line rental income adjustments (11,834) (8,433)
Provision for doubtful accounts and write-offs 4,116 2,994
Change in fair value of contingent consideration 200 (960)
Gain on sale of real estate (1,723) 0
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (11,292) (1,171)
Accounts payable and accrued liabilities 1,014 3,312
Restricted cash (1,550) (1,590)
Net cash (used in) provided by operating activities 51,307 28,921
Cash flows from investing activities:    
Acquisitions of real estate (301,851) (118,389)
Origination and fundings of loans receivable (21,737) (38,373)
Preferred equity investments (5,131) (6,458)
Additions to real estate (1,033) (783)
Repayment of loans receivable 2,052 0
Release of contingent consideration held in escrow 5,240 0
Net proceeds from the sale of real estate 1,800 0
Net cash used in investing activities (320,660) (164,003)
Cash flows from financing activities:    
Proceeds from issuance of senior unsecured notes 0 350,000
Principal payments on senior unsecured notes 0 (211,250)
Net proceeds (repayments) from revolving credit facility 54,000 (135,500)
Proceeds from term loan 73,242 0
Proceeds from mortgage notes 0 57,703
Principal payments on mortgage notes (1,340) (87,733)
Payments of deferred financing costs (834) (10,135)
Issuance of common stock 140,062 219,899
Dividends paid on common and preferred stock (51,343) (37,125)
Net cash provided by (used in) financing activities 213,787 145,859
Net (decrease) increase in cash and cash equivalents (55,566) 10,777
Effect of foreign currency translation on cash and cash equivalents (185) 0
Cash and cash equivalents, beginning of period 61,793 4,308
Cash and cash equivalents, end of period 6,042 15,085
Supplemental disclosure of cash flow information:    
Interest paid 25,441 15,298
Supplemental disclosure of non-cash investing and financing activities:    
Assumption of mortgage indebtedness $ 19,677 $ 14,102