| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Cash Flows from Operating Activities | |||||||||||
Net income (loss) | |||||||||||
-268,492 | -528,352 | -571,606 | -404,636 | -458,155 | -149,426 | -3,584 | -66,467 | -69,050 | -49,886 | -66,255 | -373,241 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Gain (Loss) on Extinguishment of Debt | |||||||||||
-5,200 | -11,677 | -12,409 | -9,170 | 121 | 6,387 | 1,265 | -221 | -18,863 | -1,557 | -1,292 | -3,052 |
Depreciation and amortization, net | |||||||||||
383,490 | 455,212 | 494,758 | 529,802 | 736,516 | 544,512 | 285,811 | 270,362 | 281,933 | 301,304 | 281,440 | 285,909 |
Asset Impairment Charges | |||||||||||
49,266 | 489,893 | 409,782 | 248,515 | 57,941 | 9,992 | 12,891 | 27,677 | 16,892 | 13,075 | 10,073 | -220,026 |
Income (Loss) from Equity Method Investments | |||||||||||
-4,544 | -8,804 | -14,827 | 1,660 | -804 | 171 | 1,484 | -3,488 | 1,432 | 168 | 440 | -861 |
Distributions from unconsolidated ventures from cumulative share of net earnings | |||||||||||
3,472 | 2,896 | 8,258 | 23,544 | 7,825 | 1,840 | 2,691 | 1,507 | 1,282 | 775 | 405 | 3,752 |
Amortization of deferred gain | |||||||||||
0 | 4,358 | 4,366 | 4,372 | 4,372 | 4,372 | 4,372 | 4,372 | 4,373 | 4,343 | 4,345 | -4,342 |
Amortization of entrance fees | |||||||||||
1,634 | 1,670 | 2,901 | 4,195 | 3,204 | 21,220 | 29,009 | 25,362 | 23,966 | 22,782 | 21,661 | -22,025 |
Proceeds from deferred entrance fee revenue | |||||||||||
3,544 | 3,218 | 5,712 | 13,980 | 11,113 | -32,704 | -44,191 | -40,105 | -38,378 | -37,486 | -38,489 | 22,601 |
Deferred income tax (benefit) provision | |||||||||||
-2,654 | -52,367 | -15,309 | 3,248 | -95,261 | -182,371 | -183 | -525 | 383 | -33,925 | -31,684 | -89,498 |
Operating lease expense adjustment | |||||||||||
-19,453 | -17,218 | -20,990 | - | - | - | - | - | - | - | - | - |
Straight-line lease (income) expense | |||||||||||
- | - | - | -6,097 | 6,956 | - | - | - | - | - | - | - |
Change in deferred lease liability | |||||||||||
- | - | - | - | - | 1,439 | 2,597 | 6,668 | 8,608 | 10,521 | 15,851 | 20,585 |
Unrealized Gain (Loss) on Derivatives | |||||||||||
-213 | -403 | -174 | -178 | -797 | -2,711 | 980 | -364 | -3,878 | -4,118 | 3,765 | -68,146 |
Gain (Loss) on Disposition of Assets | |||||||||||
7,245 | 293,246 | 19,273 | 7,218 | 1,270 | - | - | - | - | - | - | -2,131 |
Loss (gain) on facility lease termination and modification, net | |||||||||||
-3,388 | -140,957 | -14,276 | 0 | 0 | - | - | 11,584 | 0 | 0 | - | - |
Non-cash stock-based compensation expense | |||||||||||
23,026 | 26,067 | 27,832 | 32,285 | 31,651 | 28,299 | 25,978 | 25,520 | 19,856 | 20,759 | 26,935 | 28,937 |
Non-cash interest expense on financing lease obligations | |||||||||||
0 | 10,894 | 17,744 | 26,496 | 23,472 | 12,647 | 0 | 0 | - | - | - | - |
Amortization of (above) below market lease, net | |||||||||||
- | - | - | - | -7,158 | -3,444 | 0 | 0 | - | - | - | - |
Loss (gain) on sale of assets, net | |||||||||||
- | - | - | - | - | 446 | 972 | -332 | 1,180 | 2,509 | 2,241 | - |
Loss on acquisition | |||||||||||
- | - | - | - | - | - | - | -636 | 1,982 | 0 | 0 | - |
Lessor cash reimbursement for tenant incentive | |||||||||||
- | - | - | - | - | - | - | - | -1,251 | 0 | 0 | - |
Change in future service obligation | |||||||||||
- | - | - | - | - | 670 | -1,917 | 2,188 | 0 | -1,064 | -2,342 | 0 |
Non-cash management contract termination gain | |||||||||||
969 | 8,724 | 0 | 0 | - | - | - | - | - | - | - | - |
Other | |||||||||||
8,700 | 1,292 | 8,819 | 9,137 | 4,098 | 0 | 0 | 487 | 0 | 0 | - | - |
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable, net | |||||||||||
-292 | 4,964 | -12,747 | -1,581 | -5,608 | -3,510 | 5,449 | 3,415 | 5,367 | 7,956 | -11,784 | -25,150 |
Prepaid expenses and other assets, net | |||||||||||
-55,873 | -26,762 | -21,970 | -2,954 | -51,079 | 52,868 | -7,483 | -8,687 | 22,934 | 22,050 | 28,426 | -12,664 |
Trade accounts payable and accrued expenses | |||||||||||
-12,984 | -37,307 | -4,527 | -83,248 | -60,564 | 16,812 | 33,837 | 4,854 | 13,721 | -11,775 | 21,287 | 15,428 |
Refundable fees and deferred revenue | |||||||||||
-25,117 | -128 | -14,339 | - | - | - | - | - | - | - | - | - |
Operating lease assets and liabilities for lessor capital expenditure reimbursements | |||||||||||
-31,305 | -10,400 | 0 | - | - | - | - | - | - | - | - | - |
Payments (Proceeds) For Termination Of Operating Leases | |||||||||||
0 | 33,596 | 0 | - | - | - | - | - | - | - | - | - |
Tenant refundable fees and security deposits | |||||||||||
- | - | - | -839 | -524 | -1,183 | -792 | -1,547 | -2,186 | -3,158 | -16,770 | -1,293 |
Deferred revenue | |||||||||||
- | - | - | 3,300 | -6,911 | -3,370 | -1,881 | 12,119 | -4,148 | -1,735 | 7,593 | -2,186 |
Net cash provided by (used in) operating activities | |||||||||||
216,412 | 203,961 | 378,359 | 373,651 | 292,366 | 242,652 | 366,121 | 290,969 | 268,427 | 228,244 | 237,220 | 136,767 |
Cash Flows from Investing Activities | |||||||||||
Change in lease security deposits and lease acquisition deposits, net | |||||||||||
-859 | 1,163 | -2,113 | -2,225 | 10,866 | -48,944 | -2,051 | -7,999 | -3,088 | -2,175 | -2,441 | 3,481 |
Change in cash and escrow deposits restricted | |||||||||||
- | - | - | - | -29,286 | -56,935 | -10,726 | 4,810 | -56,176 | -4,705 | 64,540 | 21,760 |
Purchase of marketable securities | |||||||||||
186,224 | 14,823 | 341,187 | 0 | 0 | - | - | 1,557 | 32,724 | 0 | 0 | - |
Sale and maturities of marketable securities | |||||||||||
134,000 | 293,273 | 50,000 | 0 | - | - | - | 35,124 | 1,431 | 0 | 0 | - |
Capital expenditures, net of related payables | |||||||||||
304,092 | 225,473 | 213,887 | 333,647 | 411,051 | 304,245 | 257,527 | 208,412 | 160,131 | 93,681 | 117,453 | 189,028 |
Acquisition of assets, net of related payables and cash received | |||||||||||
497 | 271,771 | 5,196 | 12,157 | 191,216 | 40,441 | 34,686 | 272,523 | 88,682 | 57,948 | 204,137 | 6,731 |
Acquisition of Emeritus Corporation, cash acquired | |||||||||||
- | - | - | - | - | 28,429 | 0 | 0 | 5,516 | 0 | 0 | - |
Payments on notes receivable, net | |||||||||||
- | - | - | - | - | - | - | -131 | -1,484 | -1,079 | 508 | -39,362 |
Investment in unconsolidated ventures | |||||||||||
4,346 | 9,124 | 199,017 | 13,377 | 69,297 | 26,499 | 17,172 | 5,368 | 13,990 | 660 | 1,246 | 2,779 |
Distributions received from unconsolidated ventures | |||||||||||
9,635 | 12,850 | 29,035 | 218,973 | 9,054 | 12,275 | 1,600 | 350 | 206 | 97 | 1,061 | 3,916 |
Proceeds from sale of unconsolidated venture | |||||||||||
- | - | - | - | - | - | - | - | - | 675 | 8,843 | 4,165 |
Proceeds from sale leaseback transaction | |||||||||||
- | - | - | - | - | - | - | - | - | - | 9,166 | 0 |
Proceeds from sale of assets, net | |||||||||||
92,735 | 499,807 | 70,507 | 297,932 | 49,226 | 4,339 | 34,136 | 9,243 | 30,817 | 12,079 | 14,941 | 2,935 |
Proceeds from notes receivable | |||||||||||
34,109 | 1,580 | 975 | - | - | - | - | - | - | - | - | - |
Property insurance proceeds | |||||||||||
0 | 1,292 | 8,550 | 9,137 | 3,157 | 0 | - | - | - | - | - | - |
Other | |||||||||||
- | - | - | -7,162 | -998 | -3,269 | -168 | -487 | 914 | 676 | 0 | 0 |
Net cash provided by (used in) investing activities | |||||||||||
-225,539 | 288,774 | -602,333 | 171,798 | -568,977 | -314,882 | -264,806 | -455,334 | -203,899 | -136,505 | -351,432 | -166,439 |
Cash Flows from Financing Activities | |||||||||||
Proceeds from debt | |||||||||||
321,996 | 606,921 | 1,307,205 | 387,348 | 585,650 | 326,639 | 662,934 | 372,291 | 482,669 | 414,795 | 157,039 | 511,344 |
Repayment of debt and financing lease obligations | |||||||||||
427,923 | 896,744 | 1,054,161 | 469,309 | 485,762 | 584,345 | 724,133 | 191,835 | 898,565 | 476,527 | 32,587 | 255,489 |
Proceeds from line of credit | |||||||||||
0 | 200,000 | 100,000 | 1,276,500 | 1,175,000 | 442,000 | 425,000 | 375,000 | 225,000 | 60,000 | 60,446 | 339,453 |
Repayment of line of credit | |||||||||||
0 | 200,000 | 100,000 | 1,586,500 | 965,000 | 372,000 | 475,000 | 360,000 | 160,000 | 60,000 | 219,899 | 378,000 |
Payment of dividends | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 129,455 |
Purchase of treasury stock, net of related payables | |||||||||||
23,955 | 4,256 | 0 | 9,640 | 0 | 0 | - | - | 17,613 | 0 | 0 | 29,187 |
Proceeds from public equity offering, net | |||||||||||
- | - | - | - | - | 330,386 | 0 | 0 | - | - | 163,771 | 0 |
Proceeds from issuance of convertible notes, net | |||||||||||
- | - | - | - | - | - | - | - | 308,212 | 0 | 0 | - |
Issuance of warrants | |||||||||||
- | - | - | - | - | - | - | - | 45,066 | 0 | 0 | - |
Purchase of bond hedge | |||||||||||
- | - | - | - | - | - | - | - | 77,007 | 0 | 0 | - |
Payment of financing costs, net of related payables | |||||||||||
7,309 | 16,317 | 17,269 | 10,857 | 32,622 | 9,393 | 11,576 | 5,563 | 8,712 | 8,541 | 8,700 | 14,292 |
Proceeds from refundable entrance fees, net of refunds | |||||||||||
0 | -422 | -2,179 | -901 | 2,472 | -20,342 | -48,140 | -42,600 | -29,611 | -36,420 | 30,386 | 19,871 |
Payments (Proceeds) For Lease Termination | |||||||||||
0 | 12,548 | 552 | 9,250 | 17,000 | 7,750 | 0 | 0 | - | - | - | - |
Refunds of entrance fees | |||||||||||
- | - | - | - | - | 25,865 | 35,325 | 27,356 | 25,754 | 21,060 | -22,916 | -19,150 |
Cash portion of loss on extinguishment of debt | |||||||||||
- | - | - | - | 44 | 4,101 | 502 | 118 | 17,040 | 179 | 0 | -1,240 |
Payments of employee taxes for withheld shares | |||||||||||
3,313 | 3,061 | 5,889 | 1,640 | 0 | - | - | - | - | - | - | - |
Purchase of derivatives and payment of swap termination | |||||||||||
- | - | - | - | - | - | - | 1,908 | 99 | 20,427 | 0 | - |
Other | |||||||||||
1,110 | 1,364 | 2,043 | 2,141 | 2,807 | 1,889 | -1,582 | -342 | -1,287 | -763 | -931 | -2,974 |
Recouponing and payment of swap termination | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 58,140 |
Net cash provided by (used in) financing activities | |||||||||||
-139,394 | -325,063 | 229,198 | -422,108 | 260,557 | 117,802 | -112,044 | 202,769 | -115,519 | -76,282 | 126,609 | -17,259 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | |||||||||||
-148,521 | 167,672 | 5,224 | 123,341 | -16,054 | 45,572 | -10,729 | 38,404 | -50,991 | 15,457 | 12,397 | -46,931 |