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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net income (loss) $ (83,790) $ (55,828)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Equity in (earnings) losses of unconsolidated ventures (47,073) (29,534)
Depreciation and amortization 35,930 16,714
Straight-line rental income (1,538) (2,488)
Amortization of premium/accretion of discount on investments (28) 99
Amortization of deferred financing costs 1,628 1,135
Amortization of equity-based compensation 117 81
Deferred income tax (benefit) expense, net 7,026 (6,140)
Realized (gain) loss on investments and other (411) 786
(Gain) loss on consolidation of unconsolidated joint venture (6,408) 0
Distributions from unconsolidated ventures 0 249
Changes in assets and liabilities:    
Restricted cash (2,276) (2,735)
Receivables, net (530) (2,813)
Other assets (1,099) (213)
Due to related party (384) (748)
Escrow deposits payable 1,467 2,108
Accounts payable and accrued expenses 2,138 8,256
Other liabilities (396) 479
Net cash provided by (used in) operating activities (1,481) (11,524)
Cash flows from investing activities:    
Acquisition of operating real estate investments, net (139,618) (587,413)
Improvement of operating real estate investments (22,476) (4,479)
Deferred costs and intangible assets 0 (43,798)
Origination of real estate debt investments 0 (74,438)
Acquisition of real estate debt investments 0 188
Repayment on real estate debt investments 487 17,868
Investment in unconsolidated ventures (20,591) (184,730)
Distributions from unconsolidated ventures 16,470 17,875
Change in restricted cash (2,344) (7,833)
Other assets 798 (5,396)
Net cash provided by (used in) investing activities (167,274) (872,156)
Cash flows from financing activities:    
Borrowing from mortgage notes 18,760 503,750
Repayment of mortgage notes (10,500) 0
Payment of deferred financing costs (4,016) (8,328)
Change in restricted cash 2,132 (196)
Net proceeds from issuance of common stock 405 398,740
Net proceeds from issuance of common stock, related party 0 2,594
Shares redeemed for cash (9,931) (2,013)
Distributions paid on common stock (91,658) (57,894)
Proceeds from distribution reinvestment plan 50,877 32,299
Contributions from non-controlling interests 264 4,472
Distributions to non-controlling interests (278) 0
Net cash provided by (used in) financing activities (43,945) 873,424
Net increase (decrease) in cash (212,700) (10,256)
Cash - beginning of period 354,229 267,672
Cash - end of period 141,529 257,416
Supplemental disclosure of non-cash investing and financing activities:    
Accrued cost of capital 0 809
Subscriptions receivable, gross 0 3,818
Escrow deposits related to real estate debt investments 25 208
Distribution payable 10,168 7,839
Other liabilities 0 2,532
Transfer of non-controlling interest in joint venture for controlling interest in consolidated real estate investment 103,005 0
Assumption of mortgage notes payable upon acquisition of operating real estate 648,211 0
Accrued capital expenditures 0 1,592
Accrued acquisition fees - unconsolidated ventures $ 0 $ 3,304