XML 27 R6.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 141,295 $ 123,968 $ 158,637
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 287,831 257,783 185,391
Net amortization of debt discounts, premiums and deferred financing fees 5,729 5,942 6,319
Straight line rental income (17,604) (18,039) (9,672)
Amortization of acquired real estate leases and other intangible assets (4,941) (4,060) (2,322)
Loss on early extinguishment of debt 526 1,894 12
Impairment of assets 18,674 796 4,367
Loss on distribution to common shareholders of The RMR Group Inc. common stock 0 38,437 0
Other non-cash adjustments (3,772) (2,145) 0
Gain on sale of properties (4,061) 0 (5,453)
Gain on sale of investments 0 (71) 0
Equity in earnings of an investee (137) (20) (87)
Change in assets and liabilities:      
Restricted cash 2,326 4,389 1,970
Other assets (1,548) (19,917) (1,102)
Accrued interest 1,497 (3,072) 4,207
Other liabilities 992 19,636 8,634
Net cash provided by operating activities 426,807 405,521 350,901
CASH FLOWS FROM INVESTING ACTIVITIES:      
Real estate acquisitions and deposits (227,072) (1,134,735) (1,225,770)
Real estate improvements (99,663) (70,427) (64,754)
Investment in Affiliates Insurance Company 0 0 (825)
Investment in The RMR Group Inc. 0 (17,286) 0
Proceeds from sale of properties 33,866 2,782 27,325
Proceeds from sale of investments 0 6,571 0
Net cash used for investing activities (292,869) (1,213,095) (1,264,024)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of common shares, net 0 659,496 322,807
Proceeds from issuance of unsecured senior notes, net of discount 250,000 0 648,915
Proceeds from unsecured term loan 0 200,000 350,000
Proceeds from borrowings on revolving credit facility 662,000 1,640,243 570,000
Proceeds from issuance of secured debt 620,000 0 0
Redemption of senior notes 0 (250,000) 0
Repayments of borrowings on revolving credit facility (1,110,000) (945,243) (590,000)
Repayment of other debt (178,418) (125,879) (86,432)
Loss on early extinguishment of debt settled in cash (470) (1,448) 0
Payment of debt issuance costs (12,016) (2,931) (8,039)
Repurchase of common shares (452) (212) 0
Distributions to shareholders (370,489) (356,390) (305,767)
Net cash (used for) provided by financing activities (139,845) 817,636 901,484
(Decrease) increase in cash and cash equivalents (5,907) 10,062 (11,639)
Cash and cash equivalents at beginning of period 37,656 27,594 39,233
Cash and cash equivalents at end of period 31,749 37,656 27,594
SUPPLEMENTAL CASH FLOW INFORMATION:      
Interest paid 160,348 148,011 124,588
Income taxes paid 435 477 155
NON-CASH INVESTING ACTIVITIES:      
Investment acquired by issuance of common shares 0 44,521 0
Acquisitions funded by assumed debt 0 (181,433) (15,630)
NON-CASH FINANCING ACTIVITIES:      
Assumption of mortgage notes payable 0 181,433 15,630
Issuance of common shares 0 47,691 4,823
Distribution to common shareholders of The RMR Group Inc. common stock $ 0 $ (31,335) $ 0