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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 (loss) $ 99,857 $ 24,012 $ (156,967)
Adjustments to reconcile net income (loss) to cash provided by operating activities:      
Depreciation 145,888 166,076 178,353
Net amortization of debt discounts, premiums and deferred financing fees 1,028 (552) 81
Straight line rental income (5,255) (12,759) (31,229)
Amortization of acquired real estate leases 34,277 51,140 59,274
Other amortization 21,309 20,931 18,850
Share-based compensation 15,425 5,733 0
Loss on asset impairment 17,162 187,305 227,122
(Gain) loss on early extinguishment of debt (6,661) (1,564) 61,063
Equity in earnings of investees 0 (24,460) (25,754)
Gain on sale of equity investments 0 (171,561) (66,293)
Gain on issuance of shares by an equity investee 0 (17,020) 0
Distributions of earnings from investees 0 20,680 23,911
Foreign currency exchange loss 8,857 0 0
Net (gain) loss on sale of properties (84,421) 0 20,566
Other non-cash expenses 0 2,402 0
Change in assets and liabilities:      
Restricted cash (6,570) 3,486 (1,832)
Rents receivable and other assets (47,472) (30,785) (57,039)
Accounts payable and accrued expenses (4,643) 10,389 (14,333)
Rent collected in advance (8,462) (229) 125
Security deposits 1,225 433 611
Due to related persons 0 (9,277) (1,858)
Cash provided by operating activities 181,544 224,380 234,651
CASH FLOWS FROM INVESTING ACTIVITIES:      
Real estate acquisitions 0 0 (154,370)
Real estate improvements (70,633) (99,651) (114,451)
Principal payments received from direct financing lease 7,352 7,311 6,970
Principal payments received from real estate mortgages receivable 0 0 1,000
Proceeds from sale of properties, net 1,691,831 185,299 224,976
Purchase of securities 0 23,988 0
Proceeds from sale of securities 27,068 0 0
Proceeds from sale of equity investments, net 0 710,492 239,576
Distributions in excess of earnings from investees 0 0 168
Increase in restricted cash (6,725) (8,225) (9,102)
Deconsolidation of a subsidiary 0 0 (12,286)
Cash provided by investing activities 1,648,893 771,238 182,481
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of common shares, net 0 0 626,809
Purchase and retirement of common shares (87,983) 0 0
Repurchase and retirement of outstanding debt securities 0 0 (728,021)
Proceeds from borrowings 0 0 1,036,000
Payments on borrowings (259,672) (785,316) (1,065,432)
Deferred financing fees (7,143) 0 (1,204)
Distributions to common shareholders 0 (29,597) (109,702)
Distributions to preferred shareholders (27,924) (32,095) (44,604)
Distributions to noncontrolling interest in consolidated subsidiary 0 0 (14,863)
Cash used in financing activities (382,722) (847,008) (301,017)
Effect of exchange rate changes on cash (9,502) (1,126) (1,302)
Increase in cash and cash equivalents 1,438,213 147,484 114,813
Cash and cash equivalents at beginning of period 364,516 217,032 102,219
Cash and cash equivalents at end of period 1,802,729 364,516 217,032
SUPPLEMENTAL CASH FLOW INFORMATION:      
Interest paid 111,324 146,265 192,010
Taxes paid 6,028 2,732 1,303
NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Investment in real estate mortgage receivable 0 0 (7,688)
Net assets transferred to Select Income REIT 0 0 492,736
(Decrease) increase in capital expenditures recorded as liabilities (13,528) 7,690 (8,475)
Mortgage note payable and interest payable transferred in consensual foreclosure $ 43,255 $ 0 $ 0