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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 $ 79,383 $ 46,909 $ 33,715
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 63,079 43,332 33,281
Non-cash interest income adjustments 626 325 79
Amortization of deferred financing costs 5,143 4,045 3,280
Stock-based compensation expense 6,123 9,851 7,819
Amortization of debt discount (premium) 103 (10) (671)
Loss on extinguishment of debt 0 1,576 859
Straight-line rental income adjustments (24,320) (19,821) (14,709)
Provision for doubtful accounts and loan losses 12,842 3,594 0
Change in fair value of contingent consideration (1,550) (1,560) 200
Gain on consolidation (710) 0 0
Net loss (gain) on sales of real estate 161 (3,914) 0
Changes in operating assets and liabilities:      
Prepaid expenses and other assets (22,794) (7,993) (3,459)
Accounts payable and accrued liabilities 6,977 12,635 5,430
Restricted cash (3,962) (3,632) (3,725)
Net cash provided by operating activities 121,101 85,337 62,099
Cash flows from investing activities:      
Acquisitions of real estate (461,330) (771,479) (125,955)
Origination and fundings of loans receivable (49,687) (66,397) (165,960)
Origination and fundings of preferred equity investments (12,804) (15,486) (7,038)
Additions to real estate (3,689) (1,471) (764)
Repayment of loans receivable 5,803 1,097 0
Release of contingent consideration held in escrow 5,240 0 0
Net proceeds from sale of real estate 27,241 27,264 2,208
Net cash (used in) provided by in investing activities (489,226) (826,472) (297,509)
Cash flows from financing activities:      
Proceeds from issuance of senior unsecured notes 0 499,250 200,000
Principal payments on senior unsecured notes 0 (211,250) (113,750)
Net proceeds from revolving credit facility 187,000 132,500 43,000
Proceeds from term loan 73,242 0 0
Proceeds from mortgage notes 28,735 57,703 0
Principal payments on mortgage notes (3,132) (89,110) (10,994)
Payments of deferred financing costs (1,452) (19,131) (8,954)
Payment of contingent consideration 0 0 (1,300)
Contributions by noncontrolling interests 179 0 0
Issuance of preferred stock 0 0 138,249
Issuance of common stock 139,403 510,147 34,517
Dividends paid on common and preferred stock (109,897) (81,489) (58,151)
Net cash provided by (used in) financing activities 314,078 798,620 222,617
Net (decrease) increase in cash and cash equivalents (54,047) 57,485 (12,793)
Effect of foreign currency translation on cash and cash equivalents (312) 0 0
Cash and cash equivalents, beginning of period 61,793 4,308 17,101
Cash and cash equivalents, end of period 7,434 61,793 4,308
Supplemental disclosure of cash flow information:      
Interest paid 53,875 34,468 38,541
Supplemental disclosure of non-cash transactions:      
Assumption of mortgage indebtedness 30,456 14,102 0
Increase in real estate investments due to variable interest consolidation 10,700 0 0
Decrease in loans receivable and preferred equity due to variable interest consolidation (8,615) 0 0
Repayment of preferred equity investments 0 6,949 0
Decrease in loans receivables/increase in real estate $ 0 $ 16,832 $ 0