XML 28 R8.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 232,894 $ 99,857 $ 24,012
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation 102,695 145,888 166,076
Net amortization of debt discounts, premiums and deferred financing fees 3,725 1,028 (552)
Straight line rental income (14,083) (5,255) (12,759)
Amortization of acquired real estate leases 21,129 34,277 51,140
Other amortization 14,513 21,309 20,931
Share-based compensation 18,530 15,425 5,733
Loss on asset impairment 58,476 17,162 187,305
Loss (gain) on early extinguishment of debt 2,680 (6,661) (1,564)
Equity in earnings of investees 0 0 (24,460)
Gain on sale of equity investments 0 0 (171,561)
Gain on issuance of shares by an equity investee 0 0 (17,020)
Distributions of earnings from investees 0 0 20,680
Foreign currency exchange loss 5 8,857 0
Net gain on sale of properties (250,886) (84,421) 0
Other non-cash expenses 0 0 2,402
Change in assets and liabilities:      
Restricted cash (687) (6,570) 3,486
Rents receivable and other assets (23,921) (47,472) (30,785)
Accounts payable and accrued expenses 4,663 (4,643) 10,389
Rent collected in advance (6,981) (8,462) (229)
Security deposits 264 1,225 433
Due to related persons 0 0 (9,277)
Cash provided by operating activities 163,016 181,544 224,380
CASH FLOWS FROM INVESTING ACTIVITIES:      
Real estate acquisitions (2,802) 0 0
Real estate improvements (121,450) (70,633) (99,651)
Insurance proceeds received 500 0 0
Principal payments received from direct financing lease 0 7,352 7,311
Proceeds from sale of properties, net 1,149,471 1,691,831 185,299
Purchase of securities 0 0 (23,988)
Proceeds from sale of securities 0 27,068 0
Proceeds from sale of equity investments, net 0 0 710,492
Decrease (increase) in restricted cash 26,400 (6,725) (8,225)
Cash provided by investing activities 1,052,119 1,648,893 771,238
CASH FLOWS FROM FINANCING ACTIVITIES:      
Purchase and retirement of common shares (69,987) (87,983) 0
Redemption of preferred shares (275,000) 0 0
Payments on borrowings (560,187) (259,672) (785,316)
Deferred financing fees (52) (7,143) 0
Distributions to common shareholders 0 0 (29,597)
Distributions to preferred shareholders (17,956) (27,924) (32,095)
Cash used in financing activities (923,182) (382,722) (847,008)
Effect of exchange rate changes on cash (8) (9,502) (1,126)
Increase in cash and cash equivalents 291,945 1,438,213 147,484
Cash and cash equivalents at beginning of period 1,802,729 364,516 217,032
Cash and cash equivalents at end of period 2,094,674 1,802,729 364,516
SUPPLEMENTAL CASH FLOW INFORMATION:      
Interest paid 85,310 111,324 146,265
Taxes paid 327 6,028 2,732
NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Increase (decrease) in capital expenditures recorded as liabilities 10,331 (13,528) 7,690
Mortgage note payable and interest payable transferred in consensual foreclosure $ 0 $ 43,255 $ 0