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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 8,342 $ (34,694)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation 62,570 68,095
Net amortization of debt premiums, discounts and issuance costs 7,162 8,264
Amortization of acquired real estate leases 126,409 157,108
Amortization of deferred leasing costs 5,208 4,329
Gain on sale of real estate (10,822) (33,538)
Loss on impairment of real estate 2,954 14,105
Loss on early extinguishment of debt 2,701 769
Straight line rental income (12,963) (19,365)
Other non-cash expenses, net 1,542 1,907
Loss on equity securities, net 0 44,007
Equity in net losses of investees 815 573
Change in assets and liabilities:    
Rents receivable (4,853) 17,185
Deferred leasing costs (10,722) (22,759)
Other assets (860) (32)
Accounts payable and other liabilities (11,593) (30,603)
Due to related persons 208 (27,213)
Net cash provided by operating activities 166,098 148,138
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate acquisitions (11,864) 0
Real estate improvements (55,135) (39,010)
Proceeds from sale of properties, net 81,528 572,131
Proceeds from repayment of mortgage note receivable 2,880 0
Proceeds from sale of RMR Inc. common shares, net 0 104,674
Net cash provided by investing activities 18,104 639,768
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of mortgage notes payable (154,734) (11,001)
Repayment of unsecured term loans 0 (388,000)
Repayment of senior unsecured notes (400,000) (350,000)
Proceeds from issuance of senior unsecured notes, net 408,932 0
Borrowings on unsecured revolving credit facility 561,467 420,000
Repayments on unsecured revolving credit facility (561,467) (385,000)
Payment of debt issuance costs (1,477) 0
Repurchase of common shares (434) (459)
Distributions to common shareholders (79,546) (79,356)
Net cash used in financing activities (227,259) (793,816)
Decrease in cash, cash equivalents and restricted cash (43,057) (5,910)
Cash, cash equivalents and restricted cash at beginning of period 100,696 38,943
Cash, cash equivalents and restricted cash at end of period 57,639 33,033
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest paid 83,116 114,226
Income taxes paid 1,097 491
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:    
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows 57,639 33,033
Unconsolidated Joint Ventures    
CASH FLOWS FROM INVESTING ACTIVITIES:    
Distributions in excess of earnings from unconsolidated joint ventures 408 1,973
AIC    
CASH FLOWS FROM INVESTING ACTIVITIES:    
Distributions in excess of earnings from unconsolidated joint ventures $ 287 $ 0