XML 16 R6.htm IDEA: XBRL DOCUMENT v3.19.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 34,019 $ 6,565
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 23,629 17,172
Net amortization of debt premiums, discounts and issuance costs 2,841 965
Gain on sale of real estate (22,092) 0
Loss on early extinguishment of debt 414 0
Straight line rental income (6,794) (3,091)
Amortization of acquired real estate leases 53,837 26,790
Amortization of deferred leasing costs 1,350 1,120
Other non-cash expenses, net 593 (334)
Loss on impairment of real estate 3,204 6,116
Unrealized gain on equity securities (22,128) (12,931)
Equity in net losses of investees 235 577
Equity in earnings of Select Income REIT included in discontinued operations 0 (10,289)
Distributions of earnings from Select Income REIT 0 10,289
Change in assets and liabilities:    
Deferred leasing costs (7,985) (2,091)
Rents receivable 14,390 (1,893)
Other assets 2,873 2,296
Accounts payable and other liabilities (30,387) (9,679)
Due to related persons (29,257) 3,685
Net cash provided by operating activities 18,742 35,267
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate improvements (12,969) (11,020)
Distributions in excess of earnings from Select Income REIT 0 2,419
Distributions in excess of earnings from unconsolidated joint ventures 521 823
Proceeds from sale of properties, net 262,779 18,797
Net cash provided by investing activities 250,331 11,019
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of mortgage notes payable (8,954) (899)
Repayment of unsecured term loans (153,000) 0
Borrowings on unsecured revolving credit facility 85,000 25,000
Repayments on unsecured revolving credit facility (180,000) (25,000)
Repurchase of common shares 0 (11)
Preferred units of limited partnership distributions 0 (278)
Distributions to common shareholders (26,445) (42,632)
Net cash used in financing activities (283,399) (43,820)
Increase (decrease) in cash, cash equivalents and restricted cash (14,326) 2,466
Cash, cash equivalents and restricted cash at beginning of period 38,943 19,680
Cash, cash equivalents and restricted cash at end of period $ 24,617 $ 22,146