| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|---|---|---|---|---|---|---|---|
Operating activities | ||||||||
Net income | ||||||||
390,881 | 339,516 | 380,598 | 289,305 | 128,122 | 138,807 | 14,853 | 22,919 | 26,684 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | ||||||||
258,971 | 148,365 | 123,835 | 115,717 | 109,783 | 106,843 | 28,923 | 14,090 | 14,568 |
Amortization of debt issuance costs, bond premiums and original issuance discounts | ||||||||
11,455 | 12,167 | 13,026 | 15,146 | 14,016 | 8,057 | 1,270 | 0 | - |
Losses on dispositions of property | ||||||||
-92 | -309 | -530 | 455 | -185 | -10 | 39 | 142 | 75 |
Deferred income taxes | ||||||||
-755 | -522 | -561 | -1,535 | -813 | -3,305 | -5,646 | -88 | -6,514 |
Stock-based compensation | ||||||||
16,198 | 11,152 | 15,636 | 18,312 | 16,811 | 12,258 | 1,566 | 0 | - |
Straight-line rent adjustments | ||||||||
34,574 | 61,888 | 65,971 | 58,673 | 55,825 | 44,877 | 6,677 | 0 | - |
Losses on debt extinguishment | ||||||||
-21,014 | -3,473 | 0 | 0 | - | - | - | - | - |
Loan impairment charges | ||||||||
13,000 | 0 | 0 | - | - | - | - | - | - |
Goodwill, Impairment Loss | ||||||||
0 | 59,454 | 0 | 0 | - | - | - | - | - |
(Increase), decrease | ||||||||
Prepaid expenses and other assets | ||||||||
6,070 | 673 | 5,332 | -7,565 | 9,712 | 12,261 | 885 | -1,513 | 1,248 |
Other assets | ||||||||
- | - | - | - | - | - | 662 | 0 | 2 |
Increase, (decrease) | ||||||||
Accounts payable | ||||||||
-1,505 | 1,796 | -421 | 506 | -946 | -1,650 | 2,638 | -260 | -288 |
Accrued expenses | ||||||||
-270 | -126 | 411 | -4,672 | 4,241 | -8,444 | 7,996 | -456 | -180 |
Accrued interest | ||||||||
15,434 | 12,020 | -502 | 16,120 | 95 | -527 | 17,216 | 0 | -4 |
Accrued salaries and wages | ||||||||
-3,189 | 6,201 | 190 | -3,100 | 1,138 | 2,244 | 2,131 | -394 | 313 |
Gaming, property and other taxes | ||||||||
-120 | -149 | -517 | 913 | -956 | 527 | -7 | -250 | 146 |
Income taxes | ||||||||
- | - | - | - | - | -17,054 | 4,018 | -10,162 | 23,396 |
Other liabilities | ||||||||
592 | -438 | 5,847 | 1,875 | 1,899 | 2,877 | 583 | -26 | 44 |
Net cash provided by operating activities | ||||||||
750,302 | 654,433 | 598,711 | 514,370 | 319,688 | 273,259 | 80,632 | 26,744 | 56,840 |
Investing activities | ||||||||
Capital project expenditures | ||||||||
0 | 20 | 78 | 330 | 16,149 | 139,231 | 12,198 | 1,930 | 5,131 |
Capital maintenance expenditures | ||||||||
3,017 | 4,284 | 3,178 | 3,111 | 2,953 | 3,538 | 4,230 | 3,260 | 3,157 |
Proceeds from sale of property and equipment | ||||||||
200 | 3,211 | 934 | 1,134 | 310 | 180 | 153 | 380 | 117 |
Funding of loan receivable | ||||||||
- | - | - | - | - | 43,000 | 0 | 0 | - |
Principal payments on loan receivable | ||||||||
0 | 0 | 13,200 | 3,150 | 4,650 | 9,000 | 0 | 0 | - |
Acquisition of real estate assets | ||||||||
0 | 1,243,466 | 83,252 | 3,267,992 | 0 | 140,730 | 0 | 0 | - |
Originations of real estate loans | ||||||||
0 | 303,684 | 0 | 0 | - | - | - | - | - |
Collections of principal payments on investment in direct financing lease | ||||||||
0 | 38,459 | 73,072 | 48,533 | 0 | 0 | - | - | - |
Net cash used in investing activities | ||||||||
-2,817 | -1,509,784 | 698 | -3,218,616 | -14,142 | -317,319 | -16,275 | -4,810 | -8,171 |
Financing activities | ||||||||
Net advances to Penn National Gaming, Inc. | ||||||||
- | - | - | - | - | - | 6,982 | 24,518 | 27,375 |
Cash contributions to Penn National Gaming, Inc. in connection with Spin-Off | ||||||||
- | - | - | - | - | - | 2,090,000 | 0 | 22,161 |
Dividends paid | ||||||||
589,128 | 550,435 | 529,370 | 428,352 | 251,732 | 494,104 | 0 | 0 | - |
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options | ||||||||
-9,058 | 7,537 | 18,157 | 113,484 | 29,686 | 29,931 | 1,431 | 0 | - |
Principal payments on debt obligation to Penn National Gaming, Inc. | ||||||||
- | - | - | - | - | - | - | - | 900 |
Proceeds from issuance of common stock, net of issuance costs | ||||||||
- | - | 139,414 | 870,810 | 0 | 0 | - | - | - |
ATM Program offering costs | ||||||||
255 | 0 | - | - | - | - | - | - | - |
Proceeds from issuance of long-term debt | ||||||||
1,358,853 | 2,593,405 | 100,000 | 2,552,000 | 0 | 291,950 | 2,350,000 | 0 | - |
Financing costs | ||||||||
10,029 | 32,426 | 0 | 31,911 | 9,500 | 306 | 48,147 | 0 | - |
Repayments of long-term debt | ||||||||
1,477,949 | 1,164,117 | 335,112 | 377,104 | 68,098 | 32,024 | 0 | 0 | - |
Premium and related costs paid on tender of senior unsecured notes | ||||||||
18,879 | 1,884 | 0 | 0 | - | - | - | - | - |
Net cash provided by (used in) financing activities | ||||||||
-746,445 | 852,080 | -606,911 | 2,698,927 | -299,644 | -205,188 | 206,302 | -24,518 | -50,436 |
Net increase in cash and cash equivalents | ||||||||
1,040 | -3,271 | -7,502 | -5,319 | 5,902 | -249,248 | 270,659 | -2,584 | -1,767 |
Distribution in connection with 2013 Pre-Spin tax matter agreement | ||||||||
- | - | - | - | - | 635 | 0 | 0 | - |