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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 30,335 $ (21,884) $ 12,090
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation 89,400 66,685 52,427
Net amortization of debt premiums, discounts and issuance costs 10,740 3,626 3,420
Amortization of acquired real estate leases 197,978 94,375 56,174
Amortization of deferred leasing costs 5,973 4,833 3,802
Gain on sale of real estate (105,131) (20,661) 0
Loss on impairment of real estate 22,255 8,630 9,490
Loss on early extinguishment of debt 769 709 1,715
Straight line rental income (27,507) (10,164) (5,582)
Other non-cash expenses, net 2,011 250 300
Loss on equity securities, net 44,007 7,552 0
Increase in carrying value of property included in discontinued operations 0 0 (619)
Equity in net losses of investees 1,259 2,269 13
Distribution of earnings from Affiliates Insurance Company 2,438 0 0
Equity in earnings of Select Income REIT included in discontinued operations 0 (20,873) (21,584)
Net gain on issuance of shares by Select Income REIT included in discontinued operations 0 (29) (72)
Loss on sale of Select Income REIT shares included in discontinued operations 0 15,180 0
Distributions of earnings from Select Income REIT 0 20,873 21,584
Change in assets and liabilities:      
Rents receivable 12,586 5,021 (4,990)
Deferred leasing costs (27,971) (9,203) (5,017)
Other assets 3,266 1,127 1,368
Accounts payable and other liabilities (19,333) (3,303) 11,696
Due to related persons (27,746) (97) 1,339
Net cash provided by operating activities 215,329 144,916 137,554
CASH FLOWS FROM INVESTING ACTIVITIES:      
Real estate acquisitions (2,905) 25,221 (1,187,012)
Real estate improvements (62,676) (47,500) (45,940)
Distributions in excess of earnings from Select Income REIT 0 17,251 29,248
Distributions in excess of earnings from unconsolidated joint ventures 2,370 3,751 482
Distributions in excess of earnings from Affiliates Insurance Company 6,562 0 0
Proceeds from sale of properties, net 829,794 304,808 15,083
Proceeds from sale of Select Income REIT shares 0 435,125 0
Proceeds from sale of The RMR Group Inc. common shares, net 104,674 0 0
Net cash provided by (used in) investing activities 877,819 738,656 (1,188,139)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Repayment of mortgage notes payable (12,054) (3,708) (11,909)
Repayment of unsecured term loans (388,000) (162,000) 0
Repayment of senior unsecured notes (350,000) 0 0
Proceeds from issuance of senior notes, after discounts 0 0 297,954
Proceeds from issuance of common shares, net 0 0 493,866
Borrowings on unsecured revolving credit facility 430,000 238,000 645,000
Repayments on unsecured revolving credit facility (605,000) (741,000) (235,000)
Payment of debt issuance costs 0 (3,936) (4,644)
Repurchase of common shares (473) (232) (264)
Redemption of preferred units of limited partnership 0 (20,221) 0
Preferred units of limited partnership distributions 0 (646) 0
Distributions to common shareholders (105,868) (170,566) (145,209)
Net cash (used in) provided by financing activities (1,031,395) (864,309) 1,039,794
Increase (decrease) in cash, cash equivalents and restricted cash 61,753 19,263 (10,791)
Cash, cash equivalents and restricted cash at beginning of period 38,943 19,680 30,471
Cash, cash equivalents and restricted cash at end of period 100,696 38,943 19,680
SUPPLEMENTAL CASH FLOW INFORMATION:      
Interest paid 131,735 65,188 55,048
Income taxes paid 491 68 117
NON-CASH INVESTING ACTIVITIES:      
Assumed working capital 0 25,170 (1,596)
Real estate and investment acquired by issuance of common shares 0 (639,809) 0
Real estate and investment acquired by assumption of debt 0 (1,719,772) 0
NON-CASH FINANCING ACTIVITIES:      
Select Income REIT unsecured revolving credit facility 0 108,000 0
Assumption of mortgage notes payable 0 161,772 167,548
Assumption of senior unsecured notes 0 1,450,000 0
Preferred units of limited partnership issued 0 0 20,221
Issuance of common shares $ 0 $ 639,809 $ 0