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
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

Cash flows from operating activities

Net loss (507,815) (1,010,912) (323,492) (200,824)

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

Issuance of OP Units 107,771 92,884 0 0
Depreciation and amortization 238,307 1,007,164 866,549 806,548
(Gain) loss on real estate assets and joint venture, net 0 277,031 65,582 (55,722)
Impairments 3,346 409,991 305,094 303,751
Reserve for loan loss 0 0 15,300 0
Equity­based compensation 100,261 31,861 14,500 10,728
Equity in income of unconsolidated entities 0 77 (2,361) 415
Distributions from unconsolidated entities 0 8,335 11,352 4,013
Loss on derivative instruments (1,739) 10,570 1,460 1,191
(Gain) on investment securities 2,206 (6,357) (65) 0
Loss (gain) on extinguishment and forgiveness of debt, net 0 (14,012) (4,812) 771
Loss on extinguishment of Series C Stock 13,749 NA NA NA
Note receivable issued in legal settlement 0 (15,300) 0 0
Changes in assets and liabilities
Investment in direct financing leases 2,505 1,597 2,035 3,976
Rent and tenant receivables and other assets, net (19,851) (97,125) (62,356) (52,626)
Due from affiliates 0 (32,821) 25,489 (416)
Accounts payable and accrued expenses 20,789 (16,279) (999) (3,323)
Deferred rent, derivative and other liabilities 8,555 (99,930) (45,934) (17,740)
Due to affiliates 43,834 (43,887) (329) (214)
Net cash provided by operating activities 11,918 502,887 867,013 800,528

Cash flows from investing activities

Investments in real estate assets (3,520,412) (3,539,906) (36,319) (100,194)
Acquisition of real estate businesses, net of cash acquired (878,898) (756,232) 0 0
Investment in direct financing leases (68,617) NA NA NA
Capital expenditures and leasing costs (9,755) (34,687) (18,569) (16,568)
Real estate developments 0 (72,515) (57,682) (17,411)
Principal repayments received from borrowers 442 77,614 6,921 5,417
Investments in unconsolidated entities 0 (2,500) 0 (25,777)
Proceeds from disposition of real estate and joint ventures 0 1,598,767 1,009,107 1,000,700
Investment in leasehold improvements and other assets (543) (11,890) (1,911) (2,259)
Proceeds from sale of investments and other assets 119,542 159,752 392 0
Deposits for real estate assets (101,887) (265,372) (16,542) (17,856)
Uses and refunds of deposits for real estate assets 0 347,971 48,702 13,305
Purchases of investment securities (81,590) NA NA NA
Line of credit advances to affiliates 0 (125,000) (10,000) (10,300)
Line of credit repayments from affiliates 0 81,100 10,000 50,000
Investment in mortgage notes receivable 0 (2,952) 0 0
Change in restricted cash 0 (8,606) (1,504) 11,136
Net cash provided by (used in) investing activities (4,541,718) (2,554,456) 932,595 890,193

Cash flows from financing activities

Proceeds from mortgage notes payable 6,924 1,010,219 1,445 3,112
Payments on mortgage notes payable and other debt, including extinguishment costs (15,079) (1,255,506) (184,504) (333,409)
Proceeds from credit facility 2,678,800 5,824,000 60,000 1,033,000
Payments on credit facility (954,604) (5,918,800) (1,784,000) (1,993,000)
Proceeds from corporate bonds 0 2,545,760 0 1,000,000
Payments on corporate bonds, including extinguishment costs NA 0 0 (1,311,203)
Payments of deferred financing costs (101,196) (116,373) (2,436) (19,872)
Proceeds from 2016 Term Loan NA 0 0 300,000
Repayment of 2016 Term Loan NA 0 0 (300,000)
Redemption of Series D Preferred Stock 0 (316,126) 0 0
Repurchases of common stock to settle tax obligations (359,193) (7,690) (2,227) (4,652)
Proceeds from issuance of convertible debt 967,786 NA NA NA
Proceeds from issuance of Series C Stock 445,000 NA NA NA
Cash payment on settlement of Series C Stock (441,353) NA NA NA
Proceeds from issuance of Series D Preferred Stock 287,991 NA NA NA
Proceeds from the issuance of Common Stock, net of underwriters' discount 1,993,159 1,656,000 0 702,765
Payments of equity issuance costs NA (60,955) 0 (280)
Contributions from non­controlling interest holders 30,861 982 0 675
Distributions paid (243,116) (950,414) (235,494) (580,508)
Windfall tax benefits related to equity­based compensation 0 4,458 0 0
Payments from affiliates, net (376) NA NA NA
Change in restricted cash (5,654) NA NA NA
Net cash (used in) provided by financing activities 4,289,950 2,415,555 (2,147,216) (1,503,372)
Net change in cash and cash equivalents (239,850) 363,986 (347,608) 187,349
Cash and cash equivalents, beginning of period 292,575 52,725 416,711 69,103
Cash and cash equivalents, end of period 52,725 416,711 69,103 256,452
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.
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