| Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | |
|---|---|---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||
Net income | ||||||
66,906 | 116,354 | 74,924 | 105,895 | 93,092 | 65,875 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation | ||||||
80,239 | 78,151 | 72,448 | 27,122 | 20,531 | 10,493 | |
Net amortization of debt issuance costs, premiums and discounts | ||||||
6,182 | 5,508 | 5,100 | 1,579 | 1,463 | 950 | |
Amortization of acquired real estate leases and assumed real estate lease obligations | ||||||
54,061 | 52,691 | 46,059 | 12,852 | 10,768 | 4,369 | |
Amortization of deferred leasing costs | ||||||
1,591 | 1,413 | 1,058 | 956 | 858 | 653 | |
Write-off of straight line rents and provision for losses on rents receivable | ||||||
13,104 | 496 | -463 | 844 | 352 | -23 | |
Straight line rental income | ||||||
20,969 | 24,744 | 27,370 | 16,038 | 12,990 | 5,869 | |
Impairment losses | ||||||
4,276 | 5,484 | 0 | 0 | - | - | |
Loss on early extinguishment of debt | ||||||
0 | 0 | -6,845 | 243 | - | - | |
Loss on distribution to common shareholders of The RMR Group Inc. common stock | ||||||
0 | 0 | 23,717 | 0 | - | - | |
Gain on sale of property | ||||||
- | - | - | 116 | - | - | |
Other non-cash expenses, net | ||||||
651 | 607 | -484 | 2,061 | 1,536 | 508 | |
Equity in earnings of an investee | ||||||
608 | 137 | 20 | 87 | 334 | 269 | |
Change in assets and liabilities: | ||||||
Restricted cash | ||||||
0 | -1,127 | -16 | 0 | - | 42 | |
Rents receivable | ||||||
-543 | 534 | -1,265 | -2,144 | 3,812 | -2,031 | |
Deferred leasing costs | ||||||
5,239 | 4,485 | 1,888 | 1,464 | 1,641 | 2,051 | |
Other assets | ||||||
3,042 | 883 | 1,772 | 200 | 975 | -185 | |
Due from related persons | ||||||
- | - | - | - | -585 | 585 | |
Accounts payable and other liabilities | ||||||
3,934 | -572 | 28,287 | -1,594 | 1,392 | 1,226 | |
Rents collected in advance | ||||||
-3,171 | 2,520 | -3,587 | 1,051 | 2,119 | 289 | |
Security deposits | ||||||
198 | 42 | 436 | 1,989 | -976 | 1,054 | |
Due to related persons | ||||||
25,531 | 735 | 2,234 | -8 | -188 | 1,701 | |
Net cash provided by operating activities | ||||||
222,885 | 232,559 | 227,773 | 136,743 | 111,780 | 80,495 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||
Real estate acquisitions | ||||||
117,468 | 18,046 | 2,179,621 | 223,205 | 373,937 | 419,610 | |
Proceeds from sale of properties, net | ||||||
0 | 0 | 501,668 | 116 | - | - | |
Real estate improvements | ||||||
15,162 | 8,862 | 3,797 | 2,175 | 5,669 | 2,670 | |
Cash placed in escrow for investing activities | ||||||
134 | 0 | 0 | - | - | - | |
Investment in The RMR Group Inc. | ||||||
0 | 0 | 19,219 | 825 | - | 5,335 | |
Net cash used in investing activities | ||||||
-132,764 | -26,908 | -1,700,969 | -226,089 | -379,606 | -427,615 | |
Investment in The RMR Group Inc. | ||||||
- | - | - | 0 | - | - | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||
Proceeds from issuance of common shares in subsidiary, net | ||||||
- | - | - | 277,329 | 283,502 | 363,657 | |
Proceeds from issuance of senior unsecured notes, after discounts | ||||||
345,394 | 0 | 1,433,694 | 0 | - | - | |
Repayments of mortgage notes payable | ||||||
34,223 | 40,525 | 245 | - | - | - | |
Borrowings under revolving credit facilities | ||||||
1,012,000 | 205,000 | 1,819,000 | 281,000 | 407,000 | 993,500 | |
Repayments of revolving credit facilities | ||||||
589,000 | 181,000 | 1,593,000 | 370,731 | 343,217 | 548,553 | |
Payments of borrowings | ||||||
- | - | - | - | - | 400,000 | |
Payment of debt issuance costs | ||||||
4,921 | 0 | 23,761 | 388 | 1,194 | 6,567 | |
Distributions to common shareholders | ||||||
182,470 | 180,570 | 157,597 | 104,385 | 78,613 | 28,406 | |
Repurchase of common shares | ||||||
309 | 331 | 130 | 0 | - | - | |
Purchase of noncontrolling interest | ||||||
0 | 3,908 | 0 | 0 | - | - | |
Distributions to noncontrolling interest | ||||||
0 | 66 | 393 | 0 | - | - | |
Owner's net distributions | ||||||
- | - | - | - | - | -6,138 | |
Net cash used in financing activities | ||||||
- | - | - | 82,825 | 267,478 | 367,493 | |
Net Cash Provided by (Used in) Continuing Operations | ||||||
- | - | - | - | -348 | 20,373 | |
Net cash used in financing activities | ||||||
546,471 | -201,400 | 1,477,568 | - | - | - | |
SUPPLEMENTAL DISCLOSURES: | ||||||
Interest paid | ||||||
84,589 | 76,930 | 45,078 | 11,598 | 12,128 | 5,407 | |
Increase in cash and cash equivalents | ||||||
636,592 | 4,251 | 4,372 | -6,521 | - | - | |
Income taxes paid | ||||||
348 | 428 | 293 | 92 | 159 | - | |
Real estate and investment acquired by issuance of shares | ||||||
0 | 0 | 736,740 | 0 | - | - | |
Real estate acquired by assumption of mortgage notes payable | ||||||
0 | 0 | 297,698 | 0 | - | -26,000 | |
Additions to real estate included in accounts payable and other liabilities | ||||||
- | - | - | - | -1,095 | -2,782 | |
Real estate sold by assumption of mortgage notes payable | ||||||
0 | 0 | 29,955 | 0 | - | - | |
Working capital assumed | ||||||
0 | 0 | 13,333 | 0 | - | -913,286 | |
Issuance of demand note | ||||||
- | - | - | - | - | 400,000 | |
Assumption of mortgage notes payable | ||||||
0 | 0 | 297,698 | 0 | - | 26,000 | |
Mortgage notes payable assumed in real estate sale | ||||||
0 | 0 | 29,955 | 0 | - | - | |
Issuance of SIR common shares | ||||||
0 | 0 | 736,740 | 0 | 577 | 513,647 | |
Distribution to common shareholders of The RMR Group Inc. common stock | ||||||
0 | 0 | 18,809 | 0 | - | - | |