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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 7,415 $ 17,387
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation 11,576 10,237
Net amortization of debt premiums and discounts and debt issuance costs 807 471
Gain on early extinguishment of debt 0 (104)
Straight line rental income (1,300) (149)
Amortization of acquired real estate leases 8,672 7,712
Amortization of deferred leasing costs 849 709
Other non-cash expenses (income), net 5 (105)
Equity in earnings of investees (2,739) (9,934)
Distributions of earnings from Select Income REIT 1,875 9,117
Change in assets and liabilities:    
Restricted cash (173) 309
Deferred leasing costs (1,075) (1,989)
Rents receivable (974) (1,215)
Other assets 2,215 1,849
Accounts payable and accrued expenses (1,989) (4,577)
Due to related persons 152 1,494
Net cash provided by operating activities 25,316 31,212
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate acquisitions and deposits (12,641) (79,244)
Real estate improvements (9,656) (4,964)
Distributions in excess of earnings from Select Income REIT 10,833 3,342
Net cash used in investing activities (11,464) (80,866)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of mortgage notes payable (379) (106,849)
Borrowings on unsecured revolving credit facility 30,000 204,000
Repayments on unsecured revolving credit facility (30,000) (10,000)
Distributions to common shareholders (30,606) (30,584)
Net cash (used in) provided by financing activities (30,985) 56,567
Increase (decrease) in cash and cash equivalents (17,133) 6,913
Cash and cash equivalents at beginning of period 29,941 8,785
Cash and cash equivalents at end of period 12,808 15,698
Supplemental cash flow information:    
Interest paid 15,854 12,319
Income taxes paid $ 0 $ 44