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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
shares in Thousands, $ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net income $ 98,409 $ 114,425
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 214,938 186,234
Amortization of deferred financing fees and debt discounts and premiums 4,272 4,541
Straight line rental income (13,598) (13,739)
Amortization of acquired real estate leases and other intangible assets (3,795) (3,461)
Loss on early extinguishment of debt 90 1,469
Impairment of assets 16,930 504
Gain on sale of properties (4,061) 0
Gain on sale of investments 0 (71)
Other non-cash adjustments (2,828) (1,714)
Equity in earnings of an investee (107) (70)
Change in assets and liabilities:    
Restricted cash (170) 2,365
Other assets 2,990 (9,561)
Accrued interest 16,156 13,616
Other liabilities 13,170 26,303
Cash provided by operating activities 342,396 320,841
Cash flows from investing activities:    
Real estate acquisitions and deposits (188,523) (1,132,760)
Real estate improvements (72,455) (55,983)
Investment in The RMR Group Inc. 0 (16,588)
Proceeds from sale of properties 29,179 2,755
Proceeds from sale of investments 0 6,571
Cash used for investing activities (231,799) (1,196,005)
Cash flows from financing activities:    
Proceeds from issuance of common shares, net 0 659,496
Proceeds from issuance of senior unsecured notes 250,000 0
Proceeds from unsecured term loans 0 200,000
Proceeds from borrowings on revolving credit facility 505,000 1,308,000
Proceeds from issuance of secured debt 620,000 0
Repayments of borrowings on revolving credit facility (1,065,000) (920,243)
Repayment of other debt (127,202) (70,087)
Loss on early extinguishment of debt settled in cash 0 (1,448)
Payment of debt issuance costs (12,016) (2,758)
Repurchase of common shares (416) (212)
Distributions to shareholders (277,846) (263,770)
Cash (used for) provided by financing activities (107,480) 908,978
Increase in cash and cash equivalents 3,117 33,814
Cash and cash equivalents at beginning of period 37,656 27,594
Cash and cash equivalents at end of period 40,773 61,408
Supplemental cash flows information:    
Interest paid 103,409 94,681
Income taxes paid $ 363 $ 477
Non-cash investing activities:    
Investment funded by issuance of common shares (in shares) 0 (44,461)
Acquisitions funded by assumed debt $ 0 $ (181,432)
Non-cash financing activities:    
Assumption of mortgage notes payable 0 181,432
Issuance of common shares $ 0 $ 47,691