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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ (8,180) $ 6,678 $ 30,335
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation 92,266 83,828 89,400
Net amortization of debt premiums, discounts and issuance costs 9,771 9,593 10,740
Amortization of acquired real estate leases 144,826 167,192 197,978
Amortization of deferred leasing costs 7,878 6,887 5,973
Gain on sale of real estate (78,354) (10,855) (105,131)
Loss on impairment of real estate 62,420 2,954 22,255
Loss on early extinguishment of debt 9,694 2,701 769
Straight line rental income (15,368) (16,079) (27,507)
Other non-cash expenses, net 1,782 2,229 2,011
Loss on equity securities, net 0 0 44,007
Equity in net losses of investees 2,501 1,193 1,259
Change in assets and liabilities:      
Rents receivable 2,663 (3,962) 12,586
Deferred leasing costs (19,769) (12,128) (27,971)
Other assets 1,538 2,505 3,266
Accounts payable and other liabilities 7,151 (8,081) (19,333)
Due to related persons 673 (1,027) (27,746)
Net cash provided by operating activities 221,492 233,628 215,329
CASH FLOWS FROM INVESTING ACTIVITIES:      
Real estate acquisitions (563,447) (47,215) (2,905)
Real estate improvements (100,141) (81,762) (62,676)
Proceeds from sale of properties, net 219,980 102,211 829,794
Proceeds from repayment of mortgage note receivable 0 2,880 0
Net cash (used in) provided by investing activities (442,985) (22,987) 877,819
CASH FLOWS FROM FINANCING ACTIVITIES:      
Repayment of mortgage notes payable (72,541) (155,367) (12,054)
Repayment of unsecured term loans 0 0 (388,000)
Repayment of senior unsecured notes (610,000) (400,000) (350,000)
Proceeds from issuance of senior unsecured notes, net 1,041,809 408,932 0
Borrowings on unsecured revolving credit facility 755,000 561,467 430,000
Repayments on unsecured revolving credit facility (755,000) (561,467) (605,000)
Payment of debt issuance costs (2,744) (1,492) 0
Repurchase of common shares (1,003) (434) (473)
Distributions to common shareholders (106,368) (106,121) (105,868)
Net cash provided by (used in) financing activities 249,153 (254,482) (1,031,395)
Increase (decrease) in cash, cash equivalents and restricted cash 27,660 (43,841) 61,753
Cash, cash equivalents and restricted cash at beginning of period 56,855 100,696 38,943
Cash, cash equivalents and restricted cash at end of period 84,515 56,855 100,696
SUPPLEMENTAL CASH FLOW INFORMATION:      
Interest paid 103,200 100,083 131,735
Income taxes paid 299 1,377 491
NON-CASH INVESTING ACTIVITIES:      
Real estate improvements accrued, not paid 18,492 11,981 11,457
Real estate acquisition (13,031) 0 0
Capitalized interest 795 199 26
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:      
Cash and cash equivalents 83,026 42,045 93,744
Restricted cash 1,489 14,810 6,952
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows 84,515 56,855 100,696
AIC      
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Distribution of earnings from Affiliates Insurance Company 0 0 2,438
CASH FLOWS FROM INVESTING ACTIVITIES:      
Distributions in excess of earnings 11 287 6,562
Unconsolidated Joint Ventures      
CASH FLOWS FROM INVESTING ACTIVITIES:      
Distributions in excess of earnings 612 612 2,370
RMR Inc      
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from sale of The RMR Group Inc. common shares, net $ 0 $ 0 $ 104,674