XML 20 R7.htm IDEA: XBRL DOCUMENT v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net (loss) income $ (119,387) $ (32,258)
Adjustments to reconcile net loss to cash provided by operating activities:    
Depreciation and amortization 204,466 219,522
Amortization of debt issuance costs and debt discounts and premiums 5,574 4,592
Straight line rental income (3,029) (3,550)
Amortization of acquired real estate leases and other intangible assets (5,559) (4,922)
Loss on early extinguishment of debt 51 17
Gain on lease termination (22,896) 0
Impairment of assets 106,611 41,518
Gain on sale of properties (2,403) (21,893)
Gains and losses on equity securities, net (14,541) 41,476
Other non-cash adjustments, net (1,662) (2,828)
Equity in earnings of an investee 0 (617)
Change in assets and liabilities:    
Other assets (39,358) (6,139)
Accrued interest 29,604 4,126
Other liabilities 21,508 (43,374)
Net cash provided by operating activities 158,979 195,670
Cash flows from investing activities:    
Real estate acquisitions and deposits (2,526) 0
Real estate improvements (118,141) (175,146)
Proceeds from sale of properties, net 78,244 50,355
Proceeds from sale of RMR Inc. common shares, net 0 98,557
Distributions in excess of earnings from Affiliates Insurance Company 287 0
Net cash used in investing activities (42,136) (26,234)
Cash flows from financing activities:    
Proceeds from issuance of senior unsecured notes, net 985,000 0
Proceeds from borrowings on revolving credit facility 430,500 803,000
Repayments of borrowings on revolving credit facility (968,000) (353,000)
Repayment of senior unsecured notes (200,000) (400,000)
Repayment of unsecured term loan (250,000) 0
Repayment of other debt (5,189) (45,438)
Loss on early extinguishment of debt settled in cash (376) 0
Payment of debt issuance costs (5,306) 0
Repurchase of common shares (171) (292)
Distributions to noncontrolling interest (16,707) (16,294)
Distributions to shareholders (40,443) (164,034)
Net cash used in financing activities (70,692) (176,058)
Increase (decrease) in cash and cash equivalents and restricted cash 46,151 (6,622)
Cash and cash equivalents and restricted cash at beginning of period 52,224 70,071
Cash and cash equivalents and restricted cash at end of period 98,375 63,449
Supplemental cash flow information:    
Interest paid 109,689 129,010
Income taxes paid 381 452
Non-cash investing activities:    
Capitalized interest 1,152 $ 888
Five Star    
Non-cash investing activities:    
Transaction Agreement additional consideration (75,000)  
Five Star    
Non-cash investing activities:    
Five Star Senior Living Inc. common stock 97,896  
Shareholders | Five Star    
Non-cash financing activities:    
Distribution to common shareholders of the right to receive Five Star Senior Living Inc. common stock $ (59,801)