Financial Statements

Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2013 Y 12/31/2015 USD 2014 Y 12/31/2016 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2016 USD 2017 Q2 YTD 6/30/2017 USD
Source Document Currency Code 2013 Y 12/31/2015 USD 2014 Y 12/31/2016 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2016 USD 2017 Q2 YTD 6/30/2017 USD

Cash flows from operating activities

Net income 107,182 103,052 150,314 152,716 82,475

Adjustments to reconcile net income to net cash provided by operating activities

Depreciation 20,658 38,078 53,163 59,565 32,983
Amortization 247 2,611 3,472 3,563 2,479
Straight-line rental income (6,560) (16,463) (24,623) (22,198) (12,005)
Non-cash interest income on construction loans 0 0 (411) (1,021) (470)
Unamortized debt premium written off 0 (1,655) 0 0 NA
Write-off of debt issuance costs 416 2,145 0 0 NA
Loan and realty losses (recoveries), net 1,976 0 (491) 15,856 NA
Gain on sale of real estate (22,258) 0 (1,126) (4,582) (50)
Gain on purchase liability settlement (3,256) NA NA NA NA
Gain on sale of equity-method investee NA 0 0 (1,657) NA
Loss on extinguishment of debt NA NA NA NA 96
Non-cash write-offs due to lease transition NA NA NA NA 0
Gain on sale of marketable securities 0 0 (23,529) (29,673) (10,038)
Non-cash share-based compensation 2,339 2,020 2,134 1,732 1,865
Amortization of commitment fees and note receivable discounts NA 0 0 (693) (349)
Loss from equity-method investee (324) 71 1,767 1,214 0
Change in operating assets and liabilities
Other assets (659) (2,334) 216 1,018 (2,321)
Accounts payable and accrued expenses 2,495 1,448 1,038 2,764 NA
Deferred income 1,937 (2,830) 2,501 (1,385) NA
Accounts payable, accrued expenses and other liabilities NA NA NA NA 283
Net cash provided by operating activities 104,193 126,143 164,425 177,219 94,948

Cash flows from investing activities

Investments in mortgage and other notes receivable (11,082) (4,447) (92,249) (92,051) (30,950)
Collections of mortgage and other notes receivable 18,976 1,456 21,495 84,228 24,155
Investments in real estate (635,971) (520,505) (106,315) (359,257) (128,411)
Investments in real estate development (11,926) (8,455) (14,641) (32,102) (8,446)
Investments in renovations of existing real estate (6,773) (4,211) (3,157) (3,378) (2,891)
Payments into facility repair escrows 0 (1,554) 0 0 NA
Payment of real estate purchase liability 0 (2,600) 0 0 NA
Payment allocated to lease purchase option NA 0 0 (6,400) 0
Long-term escrow deposit NA 0 0 (8,208) 0
Proceeds from disposition of real estate properties 20,952 0 9,593 27,723 450
Purchases of marketable securities 0 0 (8,458) 0 NA
Proceeds from sale of marketable securities 0 0 57,406 59,607 18,182
Net cash used in investing activities (625,824) (540,316) (136,326) (329,838) (127,911)

Cash flows from financing activities

Net change in borrowings under revolving credit facilities 103,000 207,000 (340,000) 124,000 30,000
Proceeds from convertible senior notes 0 200,000 0 0 NA
Proceeds from issuance of secured debt 0 38,007 78,084 0 NA
Proceeds from borrowings on term loans 330,000 130,000 325,000 75,000 NA
Payments on term loans (99,655) (328,515) (742) (767) (394)
Debt issuance costs (5,867) (8,443) (2,608) (258) NA
Taxes remitted in relation to employee stock options exercised NA 0 0 (1,133) (360)
Proceeds from equity offering, net 282,542 270,798 49,114 104,190 NA
Proceeds from issuance of common shares, net 146 0 1 1 79,772
Convertible bond redemption NA NA NA NA (2,766)
Distributions to noncontrolling interest (1,250) (2,049) (2,292) (1,565) 0
Distribution to acquire non-controlling interest NA 0 0 (17,000) NA
Dividends paid to stockholders (85,145) (100,650) (124,657) (138,303) (74,651)
Net cash provided by financing activities 523,771 406,148 (18,100) 144,165 31,601
Decrease in cash and cash equivalents 2,140 (8,025) 9,999 (8,454) (1,362)
Cash and cash equivalents, beginning of period 9,172 11,312 3,287 13,286 4,832
Cash and cash equivalents, end of period 11,312 3,287 13,286 4,832 3,470

Supplemental disclosure of cash flow information

Interest paid, net of amounts capitalized 7,964 22,172 31,289 39,539 21,763

Supplemental disclosure of non-cash investing and financing activities

Settlement of mortgage note by real estate acquisition 13,741 NA NA NA NA
Lease escrow deposits 22,775 NA NA NA NA
Escrow deposit for tax deferred exchange 23,813 NA NA NA NA
Tax deferred exchange funds applied to investment in real estate 0 23,813 0 0 NA
Settlement of contingent asset acquisition liability 0 0 (3,000) 0 NA
Conditional consideration in asset acquisition 1,600 3,000 750 0 NA
Change in accounts payable related to investments in real estate development 3,086 2,091 1,076 (430) 598
Accounts payable increase due to escrow deposits 0 2,062 0 0 NA
Reclass of note balance into real estate investment upon acquisition 0 0 255 9,753 NA
Assumption of debt in real estate acquisition (at fair value) 80,528 7,858 0 0 NA
Assignment of net assets in equity-method investee 817 NA NA NA NA
Unsettled marketable securities sales transactions NA 0 0 6,464 NA
Non-cash sale of equity-method investment NA 0 0 8,100 NA
Change in escrow deposit related to investment in real estate NA 0 0 (227) NA
Increase (decrease) in fair value of cash flow hedge NA (10,304) (6,062) (1,506) NA
Conversion of preferred stock to common 0 0 38,132 0 NA
Tenant investment in leased asset NA NA NA NA 1,250
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.