| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||
Net income | ||||||
46,359 | 57,923 | 25,874 | 29,353 | 10,034 | -8,143 | -395 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization (including below-market ground leases) | ||||||
51,866 | 45,783 | 39,176 | 31,980 | 24,133 | 23,000 | 23,418 |
Amortization of deferred financing costs | ||||||
2,003 | 1,938 | 2,100 | 2,239 | 2,200 | 1,603 | 821 |
Loss on the extinguishment of debt | ||||||
0 | 0 | -11,883 | -326 | -1,208 | -1,998 | 0 |
Write-off of deferred financing costs | ||||||
- | - | - | - | - | 0 | 0 |
Amortization of stock-based compensation | ||||||
4,104 | 3,848 | 2,416 | 1,546 | 1,522 | 154 | 0 |
Straight-line rental income | ||||||
1,385 | 2,333 | 344 | 200 | 0 | 0 | - |
Adjustment for collectibility of rental income | ||||||
11,774 | 0 | 0 | - | - | - | - |
Noncash interest income | ||||||
797 | 238 | 686 | 737 | 945 | 32 | 0 |
Loss on settlement of interest rate swap | ||||||
- | - | - | - | - | 1,661 | 0 |
Loss on sale of real estate | ||||||
1,777 | 2,051 | 0 | -265 | 0 | 0 | - |
Interest income distribution from other real estate investment | ||||||
463 | 0 | 1,500 | 0 | 0 | - | - |
Reserve for advances and deferred rent | ||||||
0 | 0 | 10,414 | 0 | 0 | - | - |
Impairment of real estate investments | ||||||
16,692 | 0 | 890 | 0 | 0 | - | - |
Provision for loan losses | ||||||
1,076 | 0 | 0 | - | - | - | - |
Loss on disposition of equipment, furniture and fixtures | ||||||
- | - | - | - | - | - | -206 |
Change in operating assets and liabilities: | ||||||
Accounts and other receivables, net | ||||||
6,283 | 3,800 | 9,428 | 3,404 | 2,326 | -4 | -5 |
Accounts receivable due from related party | ||||||
- | - | - | - | -2,275 | 2,275 | 0 |
Prepaid expenses and other assets | ||||||
495 | 270 | 273 | -84 | 86 | -445 | -266 |
Interest rate swap | ||||||
- | - | - | - | - | 1,661 | 0 |
Accounts payable and accrued liabilities | ||||||
2,695 | -1,443 | 5,278 | 2,929 | 2,239 | 5,152 | 2,311 |
Net cash provided by operating activities | ||||||
126,295 | 99,357 | 88,800 | 64,431 | 40,254 | 21,906 | 26,632 |
Cash flows from investing activities: | ||||||
Acquisitions of real estate, net of deposits applied | ||||||
321,458 | 111,640 | 296,517 | - | - | - | - |
Payments to Acquire Real Estate | ||||||
- | - | - | 281,228 | 232,466 | 25,742 | 35,656 |
Improvements to real estate | ||||||
3,352 | 7,230 | 748 | 762 | 187 | 579 | 0 |
Purchases of equipment, furniture and fixtures | ||||||
2,937 | 1,782 | 403 | 151 | 276 | 19,275 | 19,931 |
Preferred equity investments | ||||||
- | - | - | 4,656 | 0 | 7,500 | 0 |
Investment in real estate mortgage and other loans receivable | ||||||
18,246 | 5,648 | 12,416 | 0 | 0 | - | - |
Principal payments received on real estate mortgage and other loans receivable | ||||||
24,283 | 3,227 | 25 | 0 | 0 | - | - |
Repayment of other real estate investment | ||||||
2,204 | 0 | 7,500 | - | - | - | - |
Sale of other real estate investment | ||||||
- | - | - | 0 | 0 | - | - |
Escrow deposits for potential acquisitions of real estate | ||||||
0 | 5,000 | 0 | 700 | 1,750 | 500 | 0 |
Net proceeds from sales of real estate | ||||||
3,499 | 13,004 | 0 | 2,855 | 30 | 0 | 0 |
Cash proceeds from sale of equipment, furniture and fixtures | ||||||
- | - | - | - | - | - | 854 |
Net cash used in investing activities | ||||||
-316,007 | -115,069 | -302,559 | -284,642 | -234,649 | -53,596 | -54,733 |
Proceeds from (costs paid for) the issuance of common stock, net | ||||||
195,924 | 179,882 | 170,323 | 200,402 | 162,963 | 0 | 0 |
Proceeds from the issuance of senior unsecured notes payable | ||||||
0 | 0 | 300,000 | 0 | 0 | 260,000 | 0 |
Proceeds from the issuance of senior unsecured term loan | ||||||
200,000 | 0 | 0 | 100,000 | 0 | - | - |
Payments on unsecured revolving credit facility | ||||||
- | - | - | - | - | 0 | - |
Borrowings under senior secured revolving credit facility | ||||||
- | - | - | - | 35,000 | 10,000 | 58,700 |
Borrowings under unsecured revolving credit facility | ||||||
243,000 | 65,000 | 238,000 | - | - | - | - |
Payments on unsecured revolving credit facility | ||||||
278,000 | 135,000 | 168,000 | 205,000 | 0 | 88,701 | 0 |
Payments on senior unsecured notes payable | ||||||
0 | 0 | 267,639 | - | - | - | - |
Borrowings under unsecured revolving credit facility | ||||||
- | - | - | 255,000 | 45,000 | - | 0 |
Payments on senior unsecured term loan | ||||||
100,000 | 0 | 0 | 0 | 0 | - | - |
Repayments of borrowings under senior secured revolving credit facility | ||||||
- | - | - | - | 35,000 | 65,624 | 3,750 |
Proceeds from the issuance of mortgage notes payable | ||||||
- | - | - | - | - | 50,676 | 0 |
Payments on the mortgage notes payable | ||||||
- | - | - | 95,022 | 3,183 | 68,155 | 3,457 |
Payments of deferred financing costs | ||||||
4,534 | 0 | 6,063 | 1,352 | 2,303 | 13,436 | 730 |
Net-settle adjustment on restricted stock | ||||||
2,524 | 1,288 | 866 | 515 | 145 | 0 | 0 |
Dividends paid on common stock | ||||||
80,619 | 62,999 | 52,587 | 37,269 | 21,790 | 33,001 | 0 |
Net contribution from (distribution to) Ensign | ||||||
- | - | - | - | - | 4,356 | -22,502 |
Net cash (used in) provided by financing activities | ||||||
173,247 | 45,595 | 213,168 | 216,244 | 180,542 | 56,115 | 28,261 |
Net increase in cash and cash equivalents | ||||||
-16,465 | 29,883 | -591 | -3,967 | -13,853 | 24,425 | 160 |
Supplemental disclosures of cash flow information: | ||||||
Interest paid | ||||||
26,005 | 25,941 | 29,619 | 21,238 | 21,687 | 17,243 | 12,657 |
Supplemental schedule of noncash investing and financing activities: | ||||||
Income taxes paid | ||||||
- | - | - | - | - | 104 | 100 |
Increase in dividends payable | ||||||
3,900 | 3,739 | 2,970 | 3,371 | 3,758 | 3,946 | 0 |
Right-of-use asset obtained in exchange for new operating lease obligation | ||||||
1,010 | - | - | - | - | - | - |
Application of escrow deposit to acquisition real estate | ||||||
0 | 0 | 700 | 1,250 | 500 | 0 | 0 |
Transfer of pre-acquisition costs to acquired assets | ||||||
242 | 0 | 0 | - | - | - | - |
Sale of real estate settled with note receivable | ||||||
27,500 | 0 | 0 | - | - | - | - |
Distributions paid to common stockholders through common stock issuances | ||||||
- | - | - | - | - | 98,998 | 0 |
Holdback of purchase price to acquire real estate | ||||||
- | - | - | - | - | 300 | 0 |
Operating assets and liabilities that were not transferred to CareTrust | ||||||
- | - | - | - | - | 1,042 | 0 |
Equipment, furniture and fixtures that were not transferred to CareTrust | ||||||
- | - | - | - | - | 11,684 | 0 |
Net capital distribution to Ensign | ||||||
- | - | - | - | - | 10,475 | 0 |