Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating Activities
Net loss	$ (11,205)	$ (14,466)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	26,263	21,767
Amortization of deferred financing charges	582	646
Amortization of deferred lease costs and lease intangibles	651	615
Deferred income	(131)	(109)
Write-off of deferred loan costs and prepayment premiums	871	6,979
Joint venture equity investment valuation gain		(1,519)
Loss on disposition of assets, net	171	10
Equity in earnings of unconsolidated joint ventures, net		(105)
Provision for bad debts	544	372
Stock-based compensation expense	4,444	4,077
Changes in operating assets and liabilities:
Accounts receivable	(2,090)	(1,554)
Accounts receivable from affiliates	2	4
Property tax and insurance deposits	1,500	1,931
Prepaid expenses and other	1,379	2,143
Other assets	208	(46)
Accounts payable	(492)	(2,790)
Accrued expenses	(2,220)	(2,726)
Federal and state income taxes receivable/payable	(529)	(278)
Customer deposits	(48)	136
Deferred resident revenue	(1,581)	153
Net cash provided by operating activities	18,319	15,240
Investing Activities
Capital expenditures	(13,540)	(7,887)
Cash paid for acquisitions	(74,710)	(98,180)
Proceeds from disposition of assets	35,807	4
Proceeds from SHPIII/CSL Transaction		2,532
Distributions from unconsolidated joint ventures		102
Net cash used in investing activities	(52,443)	(103,429)
Financing Activities
Proceeds from notes payable	102,332	231,122
Repayments of notes payable	(66,315)	(125,917)
Increase in restricted cash	(10)	(12)
Cash payments for capital lease and financing obligations	(433)	(391)
Cash proceeds from the issuance of common stock	42	169
Excess tax benefits on stock option exercised	49	(82)
Deferred financing charges paid	(1,347)	(2,377)
Net cash provided by financing activities	34,318	102,512
Increase in cash and cash equivalents	194	14,323
Cash and cash equivalents at beginning of period	39,209	13,611
Cash and cash equivalents at end of period	39,403	27,934
Cash paid during the period for:
Interest	16,112	13,980
Income taxes	$ 1,020	$ 695