XML 61 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income $ 985,006 $ 846,842 $ 554,494
Depreciation and amortization of real estate, in-place lease and other intangibles:      
Continuing operations 423,312 353,704 346,055
Discontinued operations 5,862 12,808 11,340
Amortization of above and below market lease intangibles, net (6,646) (2,232) (4,510)
Amortization of deferred compensation 39,980 23,277 20,034
Amortization of deferred financing costs, net 18,541 16,501 25,769
Straight-line rents (39,587) (47,311) (59,173)
Loan and direct financing lease interest accretion (86,314) (95,444) (93,003)
Deferred rental revenues (2,843) (1,655) (2,319)
Equity income from unconsolidated joint ventures (64,433) (54,455) (46,750)
Distributions of earnings from unconsolidated joint ventures 3,989 3,384 3,273
Gain upon consolidation of joint venture     (7,769)
Marketable securities (gains) losses, net (11,350)   5,396
Gain upon settlement of loans receivable     (22,812)
Gain on sales of real estate (69,866) (31,454) (3,107)
Foreign currency and derivative (gains) losses, net 533 43 (1,226)
Impairments 1,372 7,878 15,400
Changes in:      
Accounts receivable, net 6,656 (7,469) 2,590
Other assets (58,290) (3,814) 27,582
Accounts payable and other accrued liabilities 3,065 14,267 (47,103)
Net cash provided by operating activities 1,148,987 1,034,870 724,161
Cash flows from investing activities:      
Other acquisitions of real estate (64,678) (186,478) (113,324)
Cash used in the senior housing portfolio acquisition   (1,701,410)  
Cash used in the HCR ManorCare Acquisition, net of cash acquired     (4,026,556)
Cash used in the HCP Ventures II purchase, net of cash acquired     (135,550)
Development of real estate (130,317) (133,596) (85,061)
Leasing costs and tenant and capital improvements (64,557) (61,440) (52,903)
Proceeds from sales of real estate, net 95,816 150,943 19,183
Purchase of an interest in and contributions to unconsolidated joint ventures     (95,000)
Distributions in excess of earnings from unconsolidated joint ventures 14,102 2,915 2,408
Purchases of marketable securities (16,706) (214,859) (22,449)
Proceeds from sales of marketable securities 28,403    
Principal repayments on loans receivable 263,445 45,046 303,941
Investments in loans receivable (322,775) (218,978) (369,939)
(Increase) decrease in restricted cash 619 3,705 (5,234)
Net cash used in investing activities (196,648) (2,314,152) (4,580,484)
Cash flows from financing activities:      
Net borrowings (repayments) under bank line of credit   (454,000) 454,000
Borrowings under term loan   214,789  
Issuance of senior unsecured notes 800,000 1,550,000 2,400,000
Repayments of senior unsecured notes (550,000) (250,000) (292,265)
Repayments of mortgage and other secured debt (302,119) (155,565) (169,783)
Issuance of mortgage and other debt 6,798    
Deferred financing costs (7,300) (27,565) (43,716)
Preferred stock redemption   (295,500)  
Net proceeds from the issuance of common stock and exercise of options 114,082 1,792,786 1,327,813
Dividends paid on common and preferred stock (956,685) (865,306) (787,689)
Issuance of noncontrolling interests 12,472 1,584 14,028
Purchase of noncontrolling interests   (2,143) (34,104)
Distributions to noncontrolling interests (17,664) (15,631) (15,156)
Net cash provided by (used in) financing activities (900,416) 1,493,449 2,853,128
Effect of foreign exchange on cash and cash equivalents 960    
Net increase (decrease) in cash and cash equivalents 52,883 214,167 (1,003,195)
Cash and cash equivalents, beginning of year 247,673 33,506 1,036,701
Cash and cash equivalents, end of year $ 300,556 $ 247,673 $ 33,506