XML 37 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Cash flows from operating activities:    
Net income (loss) $ (14,177) $ (32,253)
Adjustments to reconcile net income (loss) to cash flows from operating activities:    
Provision for (recovery of) loan losses (3,400) [1] 10,206 [1]
Impairment of assets 2,979 0
Depreciation and amortization 18,613 17,354
Land cost of sales 3,654 0
Payments for withholding taxes upon vesting of stock-based compensation (13,456) (9,894)
Non-cash expense for stock-based compensation 2,075 5,202
Amortization of discounts/premiums and deferred financing costs on debt 4,668 5,000
Amortization of discounts/premiums and deferred interest on loans (12,527) (6,853)
Earnings from equity method investments (3,177) (21,678)
Distributions from operations of equity method investments 8,630 6,109
Deferred operating lease income (2,691) (3,592)
Income from sales of residential property (16,494) (23,697)
Gain from discontinued operations 0 (5,044)
Loss on early extinguishment of debt, net 1,180 9,541
Repayments and repurchases of debt—debt discount and prepayment penalty (660) (20,057)
Other operating activities, net 1,205 1,537
Changes in assets and liabilities:    
Changes in accrued interest and operating lease income receivable, net (804) 973
Changes in deferred expenses and other assets, net 6,418 (12,420)
Changes in accounts payable, accrued expenses and other liabilities (42,714) (4,125)
Cash flows from operating activities (60,678) (83,691)
Cash flows from investing activities:    
Investment originations and fundings (193,943) (13,321)
Acquisitions of and capital expenditures on real estate assets (30,314) (25,104)
Repayments of and principal collections on loans 102,928 193,288
Net proceeds from sales of loans 0 37,703
Net proceeds from sales of real estate 157,090 107,192
Distributions from other investments 19,558 13,024
Contributions to other investments (22,978) (1,448)
Other investing activities, net (1,023) 143
Cash flows from investing activities 31,318 311,477
Cash flows from financing activities:    
Borrowings from debt obligations 2,067 658,700
Repayments of debt obligations (60,863) (846,562)
Preferred dividends paid (12,830) (10,580)
Proceeds from issuance of preferred stock 0 193,510
Other financing activities, net (2,984) (10,804)
Cash flows from financing activities (74,610) (15,736)
Changes in cash and cash equivalents (103,970) 212,050
Cash and cash equivalents at beginning of period 513,568 256,344
Cash and cash equivalents at end of period $ 409,598 $ 468,394
[1] For the three months ended March 31, 2014 and 2013, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $5.2 million and $4.6 million, respectively.