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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 30,081 $ 45,778
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation 35,460 31,611
Net amortization of debt premiums and discounts and debt issuance costs 2,605 2,024
Gain on sale of property 0 (79)
Loss (gain) on early extinguishment of debt 1,715 (104)
Straight line rental income (3,115) (1,789)
Amortization of acquired real estate leases 25,592 21,948
Amortization of deferred leasing costs 2,790 2,343
Other non-cash expenses, net 352 500
Loss on impairment of real estate 230 0
Increase in carrying value of property included in discontinued operations (619) 0
Equity in earnings of investees (20,804) (28,002)
Gain on issuance of shares by Select Income REIT (72) (88)
Distributions of earnings from Select Income REIT 18,062 25,676
Change in assets and liabilities:    
Restricted cash 21 508
Deferred leasing costs (2,846) (7,998)
Rents receivable 3,839 (126)
Other assets (7,045) (1,466)
Accounts payable and accrued expenses 6,703 (150)
Due to related persons 777 1,088
Net cash provided by operating activities 93,726 91,674
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate acquisitions and deposits (666,202) (83,705)
Real estate improvements (29,377) (23,357)
Distributions in excess of earnings from Select Income REIT 20,063 11,951
Proceeds from sale of properties, net 13,198 263
Net cash used in investing activities (662,318) (94,848)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of mortgage notes payable (1,150) (107,562)
Proceeds from issuance of senior notes, after discounts 297,954 300,235
Proceeds from issuance of common shares, net 493,936 0
Borrowings on unsecured revolving credit facility 610,000 254,000
Repayments on unsecured revolving credit facility (205,000) (346,000)
Payment of debt issuance costs (2,551) (464)
Repurchase of common shares (255) (312)
Distributions to common shareholders (102,576) (91,759)
Net cash provided by financing activities 1,090,358 8,138
Increase in cash and cash equivalents 521,766 4,964
Cash and cash equivalents at beginning of period 29,941 8,785
Cash and cash equivalents at end of period 551,707 13,749
Supplemental cash flow information:    
Interest paid 42,019 32,599
Income taxes paid 100 94
Non-cash investing activities:    
Sale of property 0 3,600
Mortgage note receivable related to sale of property $ 0 $ (3,600)