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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net income $ 25.6 $ 113.6
Adjustments to reconcile net income to net cash provided by operating activities:    
Net gain from sale of real estate (40.8) (3.9)
Acquisition-related gain (57.3) (170.3)
Depreciation and amortization 74.6 32.6
Provision for deferred income taxes 0.9 34.2
Amortization of deferred loan costs 3.2 1.6
Amortization of discount and accretion of premium on issuance of the senior notes and investment debt (9.2) (1.2)
Unrealized net gains on derivatives (1.8) 0.0
Income from unconsolidated investments and loan purchases and originations (32.0) (34.1)
Operating distributions from unconsolidated investments 33.1 57.7
Operating distributions from loan purchases and originations 4.1 0.0
Stock-based compensation 14.1 3.4
Change in assets and liabilities:    
Accounts receivable (4.2) (15.8)
Other assets 0.9 (4.4)
Accounts payable, accrued expenses and other liabilities 26.1 51.7
Net cash provided by operating activities 37.3 65.1
Cash flows from investing activities:    
Additions to loans (233.5) (373.3)
Collections of loans 4.6 18.7
Net proceeds from sale of real estate 504.0 15.0
Purchases of and additions to real estate (986.7) (1,289.8)
Additions to nonrefundable escrow deposits (3.4) 0.0
Proceeds from settlement of foreign derivative contracts 35.8 0.0
Purchases of foreign derivative contracts (5.2) 0.0
Investment in marketable securities 0.0 (6.9)
Proceeds from sale of marketable securities 6.2 0.0
Distributions from unconsolidated investments 33.9 55.6
Contributions to unconsolidated investments (128.6) (106.0)
Net cash used in investing activities (772.9) (1,686.7)
Cash flows from financing activities:    
Borrowings under senior notes payable 0.0 297.2
Borrowings under line of credit 75.0 90.0
Repayment of line of credit (200.0) (90.0)
Borrowings under investment debt 1,574.4 295.2
Repayment of investment debt (605.0) (14.0)
Debt issue costs (13.1) (11.3)
Issuance of common stock 215.0 190.7
Repurchase and retirement of common stock (11.3) (2.6)
Proceeds from the issuance of KWE shares, net 0.0 1,351.1
Dividends paid (23.6) (18.1)
Change in restricted cash 0.0 (42.6)
Acquisition of KWE shares from noncontrolling interest holders (24.4) (16.8)
Contributions from noncontrolling interests, excluding KWE 6.4 8.6
Distributions to noncontrolling interests (183.1) (13.5)
Net cash provided by financing activities 810.3 2,023.9
Effect of currency exchange rate changes on cash and cash equivalents (19.8) 19.2
Net change in cash and cash equivalents [1] 54.9 421.5
Cash and cash equivalents, beginning of period 937.7 178.2
Cash and cash equivalents, end of period 992.6 599.7
Supplemental cash flow information:    
Interest 59.7 34.7
Income taxes 2.7 0.1
Supplemental disclosure of non-cash investing and financing activities:    
Accrued capital expenditures 5.0 0.0
Dividends declared but not paid on common stock $ 13.5 $ 8.2
[1] See discussion of non-cash effects in notes to statement of cash flows.