Select income reit (SIR)
CashFlow / Quarterly
Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income

35,080

17,464

37,679

2,075

31,442

26,661

6,728

24,222

28,568

30,752

32,812

10,917

30,801

29,188

4,018

26,887

23,742

30,208

25,058

24,079

23,594

22,787

22,632

17,169

15,719

15,332

17,655

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation

20,606

20,300

20,256

20,245

20,067

20,065

19,862

19,669

19,551

19,473

19,458

19,358

19,262

18,888

14,940

7,102

7,070

7,055

5,895

5,641

5,563

4,862

4,465

3,531

2,853

2,150

1,959

Net amortization of debt issuance costs, premiums and discounts

1,746

1,735

1,764

1,494

1,716

1,568

1,404

1,384

1,374

1,376

1,374

1,362

1,357

1,210

1,171

397

378

399

405

373

369

385

336

281

358

258

53

Amortization of acquired real estate leases and assumed real estate lease obligations

13,781

13,756

13,794

13,753

13,788

13,411

13,109

13,109

13,072

13,218

13,292

12,961

12,566

11,778

8,754

3,227

3,299

3,157

3,169

3,036

2,976

2,440

2,316

1,652

1,067

850

800

Amortization of deferred leasing costs

512

485

443

421

378

382

410

376

361

355

321

-118

477

460

239

245

247

236

228

233

223

234

168

239

140

144

130

Write-off of straight line rents and provision for losses on rents receivable

514

10,595

400

248

292

110

12,454

65

281

47

103

-10

-165

-387

99

488

191

-6

171

172

134

48

-2

-345

-18

242

98

Straight line rental income

3,505

2,933

3,556

4,608

5,581

5,389

5,391

5,690

6,483

6,269

6,302

6,975

7,922

6,646

5,827

3,281

20,814

-11,519

3,462

3,227

4,108

3,033

2,622

2,467

1,335

1,294

773

Impairment losses

9,706

0

0

0

0

229

4,047

5,484

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on early extinguishment of debt

0

0

-1,192

0

0

0

0

-

-

-

-

0

0

0

-6,845

0

0

0

243

-

-

-

-

-

-

-

-

Other non-cash expenses, net

-128

-529

502

198

94

48

311

392

-21

-49

285

402

-2,074

561

627

390

267

-995

2,399

421

369

394

352

-

-

-

-

Unrealized gain on equity securities

22,771

13,488

16,900

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity in earnings of an investee

831

7

44

75

31

374

128

30

13

17

77

-50

-25

23

72

28

38

118

-97

115

64

79

76

-

-

-

-

Change in assets and liabilities:
Restricted cash

-

-

-

-

-

-

-

-1,159

1,159

0

-1,127

8

892

-1,225

309

-

-

-

-

-

-

-

-

-

-

-

-

Rents receivable

5,857

-989

617

1,020

2,573

-2,537

-1,599

1,301

676

-2,678

1,235

783

1,409

-4,431

974

476

1,050

-3,506

-164

107

2,280

-1,699

3,124

-872

1,176

1,446

-3,781

Deferred leasing costs

404

825

448

2,648

586

659

1,346

691

386

-3

3,411

546

1,080

58

204

218

357

544

345

291

175

956

219

957

328

482

284

Other assets

5,752

-6,109

1,642

-4,313

7,085

-5,240

5,510

-3,744

5,860

-4,661

3,428

-4,573

6,043

-4,470

4,772

-3,509

4,299

-3,742

3,152

-3,534

3,241

-1,903

3,171

-3,917

3,939

-3,244

3,037

Due from related persons

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-141

-493

49

-

-

-

1,095

Accounts payable and other liabilities

841

6,784

-15,833

8,844

-2,037

14,646

-17,519

10,565

-7,164

11,028

-15,001

16,497

-7,081

10,512

8,359

-6,051

5,343

-1,109

223

-294

630

901

155

-1,600

1,710

-371

1,487

Rents collected in advance

2,262

-1,735

5,455

-4,483

3,691

-2,242

-137

-142

4,638

-1,120

-856

-837

2,610

-1,205

-4,155

-305

950

-1,022

1,428

-854

3,729

-636

-120

-1,374

2,327

-832

168

Security deposits

887

71

66

-65

79

-9

193

102

-39

-14

-7

126

129

255

-74

12

119

2,498

-640

-1,299

23

46

254

1,067

31

111

-155

Due to related persons

7,007

9,677

-19,941

21,825

-5,208

1,171

7,743

-281

452

-89

653

877

-1,267

-7,941

10,565

-183

24

250

-99

275

-233

-64

-166

-

-

-

-

Net cash provided by operating activities

49,875

69,506

21,566

60,121

48,258

77,299

37,207

71,352

46,538

76,131

38,538

80,759

41,066

66,718

39,230

31,715

31,070

42,662

31,296

31,577

27,650

31,424

21,129

21,836

18,901

18,971

20,787

CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions and deposits

51,752

43,326

0

-

37,253

74,228

5,977

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Real estate acquisitions

-

-

-

-

-

-

-

7,846

9,200

1,000

0

31,995

155,049

30,561

1,962,016

14,380

9

206,816

2,000

80,306

130,706

14,398

148,527

-

-

-

-

Real estate improvements

9,605

5,587

1,438

3,439

3,546

3,618

4,559

2,123

2,484

2,860

1,395

1,140

526

2,112

19

1,316

-577

917

519

1,800

1,335

981

1,553

1,707

368

519

76

Proceeds from sale of properties, net

-

-

-

-

-

-

-

-

-

-

-

-

0

0

509,045

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities

-51,963

-48,913

-1,438

-3,583

-40,799

-77,846

-10,536

-9,969

-11,684

-3,860

-1,395

-41,270

-155,575

-51,134

-1,452,990

-15,696

684

-208,558

-2,519

-82,106

-132,041

-15,379

-150,080

-184,779

-121,526

-121,234

-76

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common shares in subsidiary, net

0

0

444,309

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-8

283,606

-12

-84

182,843

0

-140

180,954

Proceeds from issuance of senior unsecured notes, after discounts

-

-

-

-

-

-

-

-

-

-

-

0

0

0

1,433,694

-

-

-

-

-

-

-

-

-

-

-

-

Repayments of mortgage notes payable

54

0

0

16,671

18

17,445

89

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Borrowings under revolving credit facilities

140,000

68,000

134,000

792,000

75,000

65,000

80,000

70,000

70,000

25,000

40,000

45,000

202,000

22,000

1,550,000

25,000

28,000

33,000

195,000

99,000

145,000

15,000

148,000

187,000

449,000

106,000

251,500

Repayments of revolving credit facilities

92,000

37,000

475,000

144,000

40,000

340,000

65,000

-

-

-

-

-

-

-

1,486,064

13,060

37,056

304,054

16,561

20,056

300,053

18,051

5,057

184,053

328,000

12,000

24,500

Payments of borrowings

-

-

-

-

-

-

-

-

53,080

73,063

15,064

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

400,000

Payment of debt issuance costs

0

0

4,183

1,724

10

3,187

0

-

-

-

-

0

0

-1,893

25,654

-

-

-

-

0

0

1

1,193

46

2,390

-38

4,169

Repayment of unsecured term loan

0

0

350,000

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayment of senior unsecured notes

0

0

350,000

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distributions to common shareholders

45,648

45,639

45,639

45,638

45,616

45,608

45,608

45,609

45,587

44,687

44,687

44,687

44,665

30,510

37,735

28,777

28,748

23,938

22,922

22,922

21,908

17,284

16,499

-

-

-

-

Repurchase of common shares

267

0

16

0

309

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of noncontrolling interest

-

-

-

-

-

-

-

0

0

0

3,908

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distributions to noncontrolling interest

-

-

-

-

-

-

-

0

0

0

66

110

98

115

70

-

-

-

-

-

-

-

-

-

-

-

-

Owner's net distributions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-6,138

Net cash used in financing activities

-

-

-

-

-

-

-

-

-

-

-23,725

-

117,047

-26,790

1,434,171

-17,225

-37,848

-17,619

155,517

56,014

106,645

-20,348

125,167

172,626

103,322

93,898

-2,353

Net Cash Provided by (Used in) Continuing Operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

184,294

5,485

2,254

-4,303

-3,784

9,683

697

-8,365

18,358

Net cash used in financing activities

-4,576

-20,040

-646,529

583,967

-10,953

4,154

-30,697

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Decrease in cash, cash equivalents and restricted cash

-6,664

553

-626,401

-

-3,494

3,607

-4,026

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SUPPLEMENTAL DISCLOSURES:
Interest paid

-

13,698

33,670

-

-

6,126

33,233

5,556

32,966

5,587

32,821

5,027

31,902

4,548

3,601

2,623

2,679

3,344

2,952

2,834

3,049

3,353

2,892

-

-

-

-

Income taxes paid

-4

425

0

-

0

343

30

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Increase in cash and cash equivalents

-

-

-

-

-

-

-

5,430

5,882

-20,479

13,418

-7,371

2,538

-11,206

20,411

-

-

-

-

-

-

-

-

-

-

-

-

Income taxes paid

-

-

-

-

-

-

-

19

18

308

83

-1

1

43

250

-1

0

168

-75

-166

20

56

249

-

-

-

-

Real estate and investment acquired by issuance of shares

-

-

-

-

-

-

-

-

-

-

-

-

-

-757,868

-716,666

-

-

-

-

-

-

-

-

-

-

-

-

Real estate acquired by assumption of mortgage notes payable

-

-

-

-

-

-

-

-

-

-

-

0

595,396

0

-297,698

-

-

-

-

-

-

-

-

-

-

-

-

Real estate sold by assumption of mortgage notes payable

-

-

-

-

-

-

-

-

-

-

-

0

0

0

29,955

-

-

-

-

-

-

-

-

-

-

-

-

Working capital assumed

-

-

-

-

-

-

-

-

-

-

-

-7,387

41,440

2,713

-23,433

-

-

-

-

-

-

-

-

0

0

0

-913,286

Issuance of demand note

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

400,000

Assumption of mortgage notes payable

-

-

-

-

-

-

-

-

-

-

-

0

0

0

297,698

-

-

-

-

-

-

-

-

-

-

-

-

Mortgage notes payable assumed in real estate sale

-

-

-

-

-

-

-

-

-

-

-

0

59,910

0

-29,955

-

-

-

-

-

-

-

-

-

-

-

-

Issuance of SIR common shares

-

-

-

-

-

-

-

-

-

-

-

0

-527

20,601

716,666

-

-

-

-

-

-

-

-

0

361

0

513,286