|
|
|
Q1 2013
|
|
|
|
Q2 2013
|
|
|
|
Q3 2013
|
|
|
|
Q4 2013
|
|
|
FY 2013
|
|
|
|
Q1 2014
|
|
|
|
Q2 2014
|
|
|
|
Q3 2014
|
|
Cash Flows from Operating Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
3,558
|
|
|
$
|
(5,200
|
)
|
|
$
|
(967
|
)
|
|
$
|
(975
|
)
|
|
$
|
(3,584
|
)
|
|
$
|
(2,299
|
)
|
|
$
|
(3,295
|
)
|
|
$
|
(37,036
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on extinguishment of debt
|
|
|
-
|
|
|
|
893
|
|
|
|
53
|
|
|
|
319
|
|
|
|
1,265
|
|
|
|
-
|
|
|
|
3,197
|
|
|
|
569
|
|
Depreciation and amortization, net
|
|
|
69,228
|
|
|
|
71,602
|
|
|
|
72,744
|
|
|
|
72,237
|
|
|
|
285,811
|
|
|
|
74,334
|
|
|
|
75,166
|
|
|
|
178,810
|
|
Asset impairment
|
|
|
-
|
|
|
|
2,154
|
|
|
|
504
|
|
|
|
10,233
|
|
|
|
12,891
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Equity in (earnings) loss of unconsolidated ventures
|
|
|
(115
|
)
|
|
|
(445
|
)
|
|
|
(431
|
)
|
|
|
(493
|
)
|
|
|
(1,484
|
)
|
|
|
(636
|
)
|
|
|
(1,523
|
)
|
|
|
1,246
|
|
Distributions from unconsolidated ventures from cumulative share of net earnings
|
|
|
668
|
|
|
|
773
|
|
|
|
648
|
|
|
|
602
|
|
|
|
2,691
|
|
|
|
245
|
|
|
|
370
|
|
|
|
595
|
|
Amortization of deferred gain
|
|
|
(1,093
|
)
|
|
|
(1,093
|
)
|
|
|
(1,093
|
)
|
|
|
(1,093
|
)
|
|
|
(4,372
|
)
|
|
|
(1,093
|
)
|
|
|
(1,093
|
)
|
|
|
(1,093
|
)
|
Amortization of entrance fees
|
|
|
(7,133
|
)
|
|
|
(7,032
|
)
|
|
|
(7,013
|
)
|
|
|
(7,831
|
)
|
|
|
(29,009
|
)
|
|
|
(7,202
|
)
|
|
|
(7,547
|
)
|
|
|
(5,757
|
)
|
Proceeds from deferred entrance fee revenue
|
|
|
9,237
|
|
|
|
12,124
|
|
|
|
9,223
|
|
|
|
13,607
|
|
|
|
44,191
|
|
|
|
9,035
|
|
|
|
14,906
|
|
|
|
6,188
|
|
Deferred income tax (benefit) provision
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(183
|
)
|
|
|
(183
|
)
|
|
|
598
|
|
|
|
(5
|
)
|
|
|
(116,757
|
)
|
Change in deferred lease liability
|
|
|
748
|
|
|
|
684
|
|
|
|
818
|
|
|
|
347
|
|
|
|
2,597
|
|
|
|
(223
|
)
|
|
|
(217
|
)
|
|
|
2,840
|
|
Change in fair value of derivatives
|
|
|
(135
|
)
|
|
|
(1,836
|
)
|
|
|
1,377
|
|
|
|
(386
|
)
|
|
|
(980
|
)
|
|
|
847
|
|
|
|
1,322
|
|
|
|
10
|
|
(Gain) loss on sale of assets
|
|
|
(926
|
)
|
|
|
24
|
|
|
|
26
|
|
|
|
(96
|
)
|
|
|
(972
|
)
|
|
|
76
|
|
|
|
39
|
|
|
|
200
|
|
Change in future service obligation
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,917
|
)
|
|
|
(1,917
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Non-cash stock-based compensation
|
|
|
6,894
|
|
|
|
6,988
|
|
|
|
6,894
|
|
|
|
5,202
|
|
|
|
25,978
|
|
|
|
7,572
|
|
|
|
7,729
|
|
|
|
7,869
|
|
Non-cash interest expense on financing leases
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
5,947
|
|
Amortization of (above) below market rents, net
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,377
|
)
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
(9,064
|
)
|
|
|
1,736
|
|
|
|
(2,154
|
)
|
|
|
4,033
|
|
|
|
(5,449
|
)
|
|
|
(2,499
|
)
|
|
|
3,914
|
|
|
|
23,671
|
|
Prepaid expenses and other assets, net
|
|
|
9,140
|
|
|
|
(12,679
|
)
|
|
|
734
|
|
|
|
10,288
|
|
|
|
7,483
|
|
|
|
(5,816
|
)
|
|
|
(8,369
|
)
|
|
|
(53,861
|
)
|
Accounts payable and accrued expenses
|
|
|
(10,871
|
)
|
|
|
12,926
|
|
|
|
18,540
|
|
|
|
13,242
|
|
|
|
33,837
|
|
|
|
(27,561
|
)
|
|
|
14,245
|
|
|
|
6,222
|
|
Tenant refundable fees and security deposits
|
|
|
(335
|
)
|
|
|
(258
|
)
|
|
|
(235
|
)
|
|
|
36
|
|
|
|
(792
|
)
|
|
|
(615
|
)
|
|
|
138
|
|
|
|
(674
|
)
|
Deferred revenue
|
|
|
(5,316
|
)
|
|
|
(1,018
|
)
|
|
|
4,579
|
|
|
|
(126
|
)
|
|
|
(1,881
|
)
|
|
|
7,933
|
|
|
|
(7,459
|
)
|
|
|
(4,978
|
)
|
Net cash provided by operating activities
|
|
|
64,485
|
|
|
|
80,343
|
|
|
|
104,247
|
|
|
|
117,046
|
|
|
|
366,121
|
|
|
|
52,696
|
|
|
|
91,518
|
|
|
|
12,634
|
|
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Increase) decrease in lease security deposits and lease acquisition deposits, net
|
|
|
(1,952
|
)
|
|
|
(1,066
|
)
|
|
|
972
|
|
|
|
(5
|
)
|
|
|
(2,051
|
)
|
|
|
7
|
|
|
|
(73
|
)
|
|
|
3,326
|
|
Decrease (increase) in cash and escrow deposits — restricted
|
|
|
826
|
|
|
|
2,195
|
|
|
|
(537
|
)
|
|
|
8,242
|
|
|
|
10,726
|
|
|
|
6,627
|
|
|
|
(6,039
|
)
|
|
|
14,052
|
|
Additions to property, plant and equipment and leasehold intangibles, net
|
|
|
(51,614
|
)
|
|
|
(48,677
|
)
|
|
|
(61,231
|
)
|
|
|
(96,005
|
)
|
|
|
(257,527
|
)
|
|
|
(59,717
|
)
|
|
|
(73,712
|
)
|
|
|
(79,104
|
)
|
Acquisition of assets, net of related payables and cash received
|
|
|
(2
|
)
|
|
|
(4,833
|
)
|
|
|
(2,559
|
)
|
|
|
(27,292
|
)
|
|
|
(34,686
|
)
|
|
|
(515
|
)
|
|
|
-
|
|
|
|
(39,303
|
)
|
Acquisition of Emeritus Corporation, cash acquired
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
28,429
|
|
(Issuance of) payment on notes receivable, net
|
|
|
(17
|
)
|
|
|
(47
|
)
|
|
|
159
|
|
|
|
73
|
|
|
|
168
|
|
|
|
76
|
|
|
|
2,564
|
|
|
|
73
|
|
Investment in unconsolidated ventures
|
|
|
(5,843
|
)
|
|
|
(2,149
|
)
|
|
|
(9,180
|
)
|
|
|
-
|
|
|
|
(17,172
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(25,532
|
)
|
Distributions received from unconsolidated ventures
|
|
|
-
|
|
|
|
-
|
|
|
|
100
|
|
|
|
1,500
|
|
|
|
1,600
|
|
|
|
-
|
|
|
|
2,643
|
|
|
|
9,414
|
|
Proceeds from sale of assets, net
|
|
|
440
|
|
|
|
7,114
|
|
|
|
-
|
|
|
|
26,582
|
|
|
|
34,136
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Net cash used in investing activities
|
|
|
(58,162
|
)
|
|
|
(47,463
|
)
|
|
|
(72,276
|
)
|
|
|
(86,905
|
)
|
|
|
(264,806
|
)
|
|
|
(53,522
|
)
|
|
|
(74,617
|
)
|
|
|
(88,645
|
)
|
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from debt
|
|
|
8,955
|
|
|
|
418,667
|
|
|
|
170,230
|
|
|
|
65,082
|
|
|
|
662,934
|
|
|
|
20,516
|
|
|
|
159,638
|
|
|
|
46,356
|
|
Repayment of debt and capital and financing lease obligations
|
|
|
(17,707
|
)
|
|
|
(470,825
|
)
|
|
|
(163,209
|
)
|
|
|
(72,392
|
)
|
|
|
(724,133
|
)
|
|
|
(22,401
|
)
|
|
|
(159,412
|
)
|
|
|
(92,568
|
)
|
Proceeds from line of credit
|
|
|
105,000
|
|
|
|
85,000
|
|
|
|
130,000
|
|
|
|
105,000
|
|
|
|
425,000
|
|
|
|
70,000
|
|
|
|
12,000
|
|
|
|
160,000
|
|
Repayment of line of credit
|
|
|
(140,000
|
)
|
|
|
(60,000
|
)
|
|
|
(155,000
|
)
|
|
|
(120,000
|
)
|
|
|
(475,000
|
)
|
|
|
(75,000
|
)
|
|
|
(25,000
|
)
|
|
|
(172,000
|
)
|
Proceeds from public equity offering, net
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
330,405
|
|
Payment of financing costs, net of related payables
|
|
|
(2,200
|
)
|
|
|
(5,695
|
)
|
|
|
(3,299
|
)
|
|
|
(382
|
)
|
|
|
(11,576
|
)
|
|
|
(2,905
|
)
|
|
|
2,087
|
|
|
|
(202
|
)
|
Refundable entrance fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from refundable entrance fees
|
|
|
7,636
|
|
|
|
11,754
|
|
|
|
9,875
|
|
|
|
18,875
|
|
|
|
48,140
|
|
|
|
5,924
|
|
|
|
11,018
|
|
|
|
3,388
|
|
Refunds of entrance fees
|
|
|
(9,320
|
)
|
|
|
(7,456
|
)
|
|
|
(7,728
|
)
|
|
|
(10,821
|
)
|
|
|
(35,325
|
)
|
|
|
(8,446
|
)
|
|
|
(9,213
|
)
|
|
|
(7,668
|
)
|
Cash portion of loss on extinguishment of debt, net
|
|
|
-
|
|
|
|
(453
|
)
|
|
|
(49
|
)
|
|
|
-
|
|
|
|
(502
|
)
|
|
|
-
|
|
|
|
(3,180
|
)
|
|
|
(921
|
)
|
Payment on lease termination
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3,875
|
)
|
Purchase of derivatives
|
|
|
-
|
|
|
|
(1,489
|
)
|
|
|
(1,374
|
)
|
|
|
-
|
|
|
|
(2,863
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Other
|
|
|
315
|
|
|
|
321
|
|
|
|
327
|
|
|
|
318
|
|
|
|
1,281
|
|
|
|
328
|
|
|
|
394
|
|
|
|
486
|
|
Net cash (used in) provided by financing activities
|
|
|
(47,321
|
)
|
|
|
(30,176
|
)
|
|
|
(20,227
|
)
|
|
|
(14,320
|
)
|
|
|
(112,044
|
)
|
|
|
(11,984
|
)
|
|
|
(11,668
|
)
|
|
|
263,401
|
|
Net (decrease) increase in cash and cash equivalents
|
|
|
(40,998
|
)
|
|
|
2,704
|
|
|
|
11,744
|
|
|
|
15,821
|
|
|
|
(10,729
|
)
|
|
|
(12,810
|
)
|
|
|
5,233
|
|
|
|
187,390
|
|
Cash and cash equivalents at beginning of period
|
|
|
69,240
|
|
|
|
28,242
|
|
|
|
30,946
|
|
|
|
42,690
|
|
|
|
69,240
|
|
|
|
58,511
|
|
|
|
45,701
|
|
|
|
50,934
|
|
Cash and cash equivalents at end of period
|
|
$
|
28,242
|
|
|
$
|
30,946
|
|
|
$
|
42,690
|
|
|
$
|
58,511
|
|
|
$
|
58,511
|
|
|
$
|
45,701
|
|
|
$
|
50,934
|
|
|
$
|
238,324
|
|