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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 35,811 $ 30,081
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation 51,121 35,460
Net amortization of debt premiums and discounts and debt issuance costs 2,749 2,605
Gain on sale of real estate (17,329) 0
Loss on early extinguishment of debt 0 1,715
Straight line rental income (7,825) (3,115)
Amortization of acquired real estate leases 77,434 25,592
Amortization of deferred leasing costs 3,524 2,790
Other non-cash expenses, net 189 352
Loss on impairment of real estate 5,800 230
Unrealized gain on equity securities (40,677) 0
Increase in carrying value of asset held for sale 0 (619)
Equity in net (earnings) losses of investees 1,112 (533)
Equity in earnings of Select Income REIT included in discontinued operations (23,843) (20,271)
Net gain on issuance of shares by Select Income REIT included in discontinued operations (29) (72)
Distributions of earnings from Select Income REIT 23,843 20,271
Change in assets and liabilities:    
Deferred leasing costs (5,937) (2,846)
Rents receivable 7,535 3,839
Other assets (1,393) (7,045)
Accounts payable and other liabilities (10,361) 6,703
Due to related persons 18,441 777
Net cash provided by operating activities 120,165 95,914
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate acquisitions and deposits 0 (666,202)
Real estate improvements (32,625) (29,377)
Distributions in excess of earnings from Select Income REIT 14,281 17,854
Distributions in excess of earnings from unconsolidated joint ventures 3,046 0
Proceeds from sale of properties, net 142,189 13,198
Net cash provided by (used in) investing activities 126,891 (664,527)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of mortgage notes payable (2,732) (1,150)
Proceeds from issuance of senior notes, after discounts 0 297,954
Proceeds from issuance of common shares, net 0 493,936
Borrowings on unsecured revolving credit facility 95,000 610,000
Repayments on unsecured revolving credit facility (198,000) (205,000)
Payment of debt issuance costs 0 (2,551)
Repurchase of common shares (232) (255)
Redemption of preferred units of limited partnership (20,221) 0
Preferred units of limited partnership distributions (646) 0
Distributions to common shareholders (127,907) (102,576)
Net cash (used in) provided by financing activities (254,738) 1,090,358
Increase (decrease) in cash and cash equivalents and restricted cash (7,682) 521,745
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 $ 11,998 $ 552,216