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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 151,803 $ 141,295 $ 123,968
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 276,861 287,831 257,783
Net amortization of debt discounts, premiums and deferred financing fees 5,282 5,729 5,942
Straight line rental income (13,958) (17,604) (18,039)
Amortization of acquired real estate leases and other intangible assets (5,349) (4,941) (4,060)
Loss on early extinguishment of debt 7,627 526 1,894
Impairment of assets 5,082 18,674 796
Loss on distribution to common shareholders of The RMR Group Inc. common stock 0 0 38,437
Other non-cash adjustments (3,772) (3,772) (2,145)
Gain on sale of properties (46,055) (4,061) 0
Gain on sale of investments 0 0 (71)
Equity in earnings of an investee (608) (137) (20)
Change in assets and liabilities:      
Restricted cash (12,254) 2,326 4,389
Other assets (5,197) (1,548) (19,917)
Accrued interest (484) 1,497 (3,072)
Other liabilities 48,072 992 19,636
Net cash provided by operating activities 407,050 426,807 405,521
CASH FLOWS FROM INVESTING ACTIVITIES:      
Real estate acquisitions and deposits (159,290) (227,072) (1,134,735)
Real estate improvements (117,213) (99,663) (70,427)
Investment in The RMR Group Inc. 0 0 (17,286)
Proceeds from sale of properties 55,068 33,866 2,782
Proceeds from sale of investments 0 0 6,571
Net cash used for investing activities (221,435) (292,869) (1,213,095)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of common shares, net 0 0 659,496
Proceeds from issuance of unsecured senior notes, net of discount 0 250,000 0
Proceeds from unsecured term loan 0 0 200,000
Proceeds from borrowings on revolving credit facility 764,000 662,000 1,640,243
Proceeds from issuance of secured debt 0 620,000 0
Redemption of senior notes 0 0 (250,000)
Repayments of borrowings on revolving credit facility (495,000) (1,110,000) (945,243)
Repayment of other debt (313,964) (178,418) (125,879)
Loss on early extinguishment of debt settled in cash (5,485) (470) (1,448)
Payment of debt issuance costs (6,845) (12,016) (2,931)
Repurchase of common shares (341) (452) (212)
Proceeds from noncontrolling interest, net 255,931 0 0
Distributions to noncontrolling interest (13,814) 0 0
Distributions to shareholders (370,608) (370,489) (356,390)
Net cash (used for) provided by financing activities (186,126) (139,845) 817,636
(Decrease) increase in cash and cash equivalents (511) (5,907) 10,062
Cash and cash equivalents at beginning of period 31,749 37,656 27,594
Cash and cash equivalents at end of period 31,238 31,749 37,656
SUPPLEMENTAL CASH FLOW INFORMATION:      
Interest paid 160,221 160,348 148,011
Income taxes paid 441 435 477
NON-CASH INVESTING ACTIVITIES:      
Investment acquired by issuance of common shares 0 0 (44,521)
Acquisitions funded by assumed debt 0 0 (181,433)
NON-CASH FINANCING ACTIVITIES:      
Assumption of mortgage notes payable 0 0 181,433
Issuance of common shares 0 0 47,691
Distribution to common shareholders of The RMR Group Inc. common stock $ 0 $ 0 $ (31,335)