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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 6,565 $ 7,415
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation 17,172 11,576
Net amortization of debt premiums and discounts and debt issuance costs 965 807
Straight line rental income (3,091) (1,300)
Amortization of acquired real estate leases 26,790 8,672
Amortization of deferred leasing costs 1,120 849
Other non-cash (income) expenses, net (334) 5
Loss on impairment of real estate 6,116 0
Unrealized gain on equity securities (12,931) 0
Equity in earnings (losses) of investees, net (9,712) (2,739)
Distributions of earnings from Select Income REIT 10,289 2,611
Change in assets and liabilities:    
Deferred leasing costs (2,091) (1,075)
Rents receivable (1,893) (974)
Other assets 2,296 2,215
Accounts payable and accrued expenses (9,679) (1,989)
Due to related persons 3,685 152
Net cash provided by operating activities 35,267 26,225
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate acquisitions and deposits 0 (12,641)
Real estate improvements (11,020) (9,656)
Distributions in excess of earnings from Select Income REIT 2,419 10,097
Distributions in excess of earnings from unconsolidated joint ventures 823 0
Proceeds from sale of properties, net 18,797 0
Net cash provided by (used in) investing activities 11,019 (12,200)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of mortgage notes payable (899) (379)
Borrowings on unsecured revolving credit facility 25,000 30,000
Repayments on unsecured revolving credit facility (25,000) (30,000)
Repurchase of common shares (11) 0
Preferred units of limited partnership distributions (278) 0
Distributions to common shareholders (42,632) (30,606)
Net cash used in financing activities (43,820) (30,985)
Increase (decrease) in cash and cash equivalents and restricted cash 2,466 (16,960)
Cash and cash equivalents and restricted cash at beginning of period 19,680 30,471
Cash and cash equivalents and restricted cash at end of period $ 22,146 $ 13,511