XML 41 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash Flows from Operating Activities    
Net loss $ (42,630) $ (2,609)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Loss on extinguishment of debt 3,766 946
Depreciation and amortization, net 328,310 213,574
Asset impairment 0 2,658
Equity in earnings of unconsolidated ventures (913) (991)
Distributions from unconsolidated ventures from cumulative share of net earnings 1,210 2,089
Amortization of deferred gain (3,279) (3,279)
Amortization of entrance fees (20,506) (21,178)
Proceeds from deferred entrance fee revenue 30,129 30,584
Deferred income tax benefit (116,164) 0
Change in deferred lease liability 2,400 2,250
Change in fair value of derivatives 2,179 (594)
Loss (gain) on sale of assets 315 (876)
Non-cash stock-based compensation 23,170 20,776
Non-cash interest expense on financing leases 5,947 0
Amortization of (above) below market rents, net (1,377) 0
Changes in operating assets and liabilities:    
Accounts receivable, net 25,086 (9,482)
Prepaid expenses and other assets, net (68,046) (2,805)
Accounts payable and accrued expenses (7,094) 20,595
Tenant refundable fees and security deposits (1,151) (828)
Deferred revenue (4,504) (1,755)
Net cash provided by operating activities 156,848 249,075
Cash Flows from Investing Activities    
Decrease (increase) in lease security deposits and lease acquisition deposits, net 3,260 (2,046)
Decrease in cash and escrow deposits - restricted 14,640 2,484
Additions to property, plant and equipment and leasehold intangibles, net (212,533) (161,522)
Acquisition of assets, net of related payables and cash received (39,818) (7,394)
Acquisition of Emeritus Corporation, net of cash acquired 28,429 0
Payments on notes receivable, net 2,713 95
Investment in unconsolidated ventures (25,532) (17,172)
Distributions received from unconsolidated ventures 12,057 100
Proceeds from sale of assets, net 0 7,554
Net cash used in investing activities (216,784) (177,901)
Cash Flows from Financing Activities    
Proceeds from debt 226,510 597,852
Repayment of debt and capital lease obligations (274,381) (651,741)
Proceeds from line of credit 242,000 320,000
Repayment of line of credit (272,000) (355,000)
Proceeds from public equity offering, net 330,405 0
Payment of financing costs, net of related payables (1,020) (11,194)
Refundable entrance fees:    
Proceeds from refundable entrance fees 20,330 29,265
Refunds of entrance fees (25,327) (24,504)
Cash portion of loss on extinguishment of debt, net (4,101) (502)
Payment on lease termination (3,875) 0
Purchase of derivatives 0 (2,863)
Other 1,208 963
Net cash provided by (used in) in financing activities 239,749 (97,724)
Net increase (decrease) in cash and cash equivalents 179,813 (26,550)
Cash and cash equivalents at beginning of period 58,511 69,240
Cash and cash equivalents at end of period $ 238,324 $ 42,690