Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2012 Y 12/31/2014 USD 2013 Y 12/31/2015 USD 2014 Y 12/31/2015 USD 2015 Y 12/31/2015 USD 2016 Q3 YTD 9/30/2016 USD
Source Document Currency Code 2012 Y 12/31/2014 USD 2013 Y 12/31/2015 USD 2014 Y 12/31/2015 USD 2015 Y 12/31/2015 USD 2016 Q3 YTD 9/30/2016 USD

Cash flows from operating activities

Net loss (42,237) (507,815) (1,010,912) (323,492) (82,601)

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

Issuance of OP Units 0 107,771 92,884 0 NA
Depreciation and amortization 43,152 238,307 1,007,164 866,549 610,291
(Gain) loss on real estate assets and joint venture, net 600 0 277,031 65,582 (55,921)
Impairments 0 3,346 409,991 305,094 176,214
Reserve for loan loss NA 0 0 15,300 NA
Equity-based compensation 1,230 100,261 31,861 14,500 7,097
Equity in income of unconsolidated entities 0 0 77 (2,361) (488)
Distributions from unconsolidated entities 0 0 8,335 11,352 3,007
Loss on derivative instruments 0 (1,739) 10,570 1,460 3,286
(Gain) on investment securities 0 2,206 (6,357) (65) 0
Loss (gain) on extinguishment and forgiveness of debt, net 0 0 (14,012) (4,812) 1,751
Loss on extinguishment of Series C Stock 0 13,749 0 0 NA
Note receivable issued in legal settlement 0 0 (15,300) 0 NA
Changes in assets and liabilities
Investment in direct financing leases 0 2,505 1,597 2,035 1,861
Rent and tenant receivables and other assets, net (5,089) (19,851) (97,125) (62,356) (51,702)
Due from affiliates 0 0 (32,821) 25,489 50
Accounts payable and accrued expenses 8,277 20,789 (16,279) (999) (6,726)
Deferred rent, derivative and other liabilities 3,507 8,555 (99,930) (45,934) (1,235)
Due to affiliates 0 43,834 (43,887) (329) (230)
Net cash provided by operating activities 9,440 11,918 502,887 867,013 604,654

Cash flows from investing activities

Investments in real estate assets (1,659,536) (3,520,412) (3,539,906) (36,319) (19,952)
Acquisition of real estate businesses, net of cash acquired 0 (878,898) (756,232) 0 NA
Investment in direct financing leases 0 (68,617) 0 0 NA
Capital expenditures and leasing costs (54) (9,755) (34,687) (18,569) (15,892)
Real estate developments 0 0 (72,515) (57,682) (6,288)
Principal repayments received from borrowers 0 442 77,614 6,921 4,906
Investments in unconsolidated entities 0 0 (2,500) 0 (2,500)
Proceeds from disposition of properties 553 NA NA NA NA
Proceeds from disposition of real estate and joint venture NA 0 1,598,767 1,009,107 615,246
Investment in leasehold improvements and other assets 0 (543) (11,890) (1,911) (726)
Proceeds from sale of investments and other assets 0 119,542 159,752 392 0
Deposits for real estate assets (638) (101,887) (265,372) (16,542) (11,686)
Uses and refunds of deposits for real estate assets 0 0 347,971 48,702 9,753
Purchases of investment securities (41,747) (81,590) 0 0 NA
Line of credit advances to affiliates 0 0 (125,000) (10,000) (10,300)
Line of credit repayments from affiliates 0 0 81,100 10,000 50,000
Investment in loans held for investment 0 0 (2,952) 0 NA
Change in restricted cash 0 0 (8,606) (1,504) (5,674)
Net cash provided by investing activities (1,701,422) (4,541,718) (2,554,456) 932,595 606,887

Cash flows from financing activities

Proceeds from mortgage notes payable 229,798 6,924 1,010,219 1,445 1,450
Payments on mortgage notes payable and other debt, including extinguishment costs 0 (15,079) (1,255,506) (184,504) (145,802)
Payments on other debt 0 NA NA NA NA
Proceeds from credit facility 82,319 2,678,800 5,824,000 60,000 783,000
Payments on credit facility (122) (954,604) (5,918,800) (1,784,000) (1,743,000)
Proceeds from corporate bonds 0 0 2,545,760 0 1,000,000
Payments on corporate bonds, including extinguishment costs NA NA NA NA (1,311,208)
Payments of deferred financing costs (13,974) (101,196) (116,373) (2,436) (19,056)
Proceeds from 2016 Term Loan NA NA NA NA 300,000
Repayment of 2016 Term Loan NA NA NA NA (300,000)
Repurchases of common stock to settle tax obligations (1,534) (359,193) (7,690) (2,227) (4,148)
Proceeds from issuances of preferred shares 9,000 NA NA NA NA
Proceeds from issuance of convertible debt 0 967,786 0 0 NA
Proceeds from issuance of Series C Stock 0 445,000 0 0 NA
Cash payment on settlement of Series C Stock 0 (441,353) 0 0 NA
Proceeds from issuance of Series D Preferred Stock 0 287,991 0 0 NA
Proceeds from the issuance of Common Stock, net of underwriters' discount 1,691,412 1,993,159 1,595,045 0 702,765
Redemption of Series D Preferred Stock 0 0 (316,126) 0 NA
Payments of equity issuance costs NA NA NA NA (274)
Contributions from non-controlling interest holders 7,375 30,861 982 0 675
Distributions to non-controlling interest holders (663) NA NA NA NA
Distributions paid (37,673) (243,116) (950,414) (235,494) (428,428)
Windfall tax benefits related to equity-based compensation 0 0 4,458 0 NA
Payments from affiliates, net 396 (376) 0 0 NA
Change in restricted cash (1,108) (5,654) 0 0 NA
Net cash used in financing activities 1,965,226 4,289,950 2,415,555 (2,147,216) (1,164,026)
Net change in cash and cash equivalents 273,244 (239,850) 363,986 (347,608) 47,515
Cash and cash equivalents, beginning of period 19,331 292,575 52,725 416,711 69,103
Cash and cash equivalents, end of period 292,575 52,725 416,711 69,103 116,618

Supplemental Disclosures

Cash paid for interest 8,983 NA NA NA NA
Cash paid for income taxes 173 NA NA NA NA

Non-cash investing and financing activities

OP units issued to acquire real estate investments 6,352 NA NA NA NA
Accrued capital expenditures and real estate developments 0 NA NA NA NA
Common stock issued through distribution reinvestment plan 27,136 NA NA NA NA
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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