Select income reit (SIR)
CashFlow / TTM
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

92,298

88,660

97,857

66,906

89,053

86,179

90,270

116,354

103,049

105,282

103,718

74,924

90,894

83,835

84,855

105,895

103,087

102,939

95,518

93,092

86,182

78,307

70,852

65,875

0

0

0

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

81,407

80,868

80,633

80,239

79,663

79,147

78,555

78,151

77,840

77,551

76,966

72,448

60,192

48,000

36,167

27,122

25,661

24,154

21,961

20,531

18,421

15,711

12,999

10,493

0

0

0

Net amortization of debt issuance costs, premiums and discounts

6,739

6,709

6,542

6,182

6,072

5,730

5,538

5,508

5,486

5,469

5,303

5,100

4,135

3,156

2,345

1,579

1,555

1,546

1,532

1,463

1,371

1,360

1,233

950

0

0

0

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

55,084

55,091

54,746

54,061

53,417

52,701

52,508

52,691

52,543

52,037

50,597

46,059

36,325

27,058

18,437

12,852

12,661

12,338

11,621

10,768

9,384

7,475

5,885

4,369

0

0

0

Amortization of deferred leasing costs

1,861

1,727

1,624

1,591

1,546

1,529

1,502

1,413

919

1,035

1,140

1,058

1,421

1,191

967

956

944

920

918

858

864

781

691

653

0

0

0

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

11,757

11,535

1,050

13,104

12,921

12,910

12,847

496

421

-25

-459

-463

35

391

772

844

528

471

525

352

-165

-317

-123

-23

0

0

0

Straight line rental income

14,602

16,678

19,134

20,969

22,051

22,953

23,833

24,744

26,029

27,468

27,845

27,370

23,676

36,568

18,403

16,038

15,984

-722

13,830

12,990

12,230

9,457

7,718

5,869

0

0

0

Impairment losses

9,706

0

229

4,276

9,760

9,760

9,531

5,484

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on early extinguishment of debt

-1,192

-1,192

-1,192

0

0

0

0

-

-

-

-

-6,845

-6,845

-6,845

-6,845

243

0

0

0

-

-

-

-

-

-

-

-

Other non-cash expenses, net

43

265

842

651

845

730

633

607

617

-1,436

-826

-484

-496

1,845

289

2,061

2,092

2,194

3,583

1,536

0

0

0

-

-

-

-

Unrealized gain on equity securities

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity in earnings of an investee

957

157

524

608

563

545

188

137

57

19

25

20

98

161

256

87

174

200

161

334

0

0

0

-

-

-

-

Change in assets and liabilities:
Restricted cash

-

-

-

-

-

-

-

-1,127

40

-227

-1,452

-16

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Rents receivable

6,505

3,221

1,673

-543

-262

-2,159

-2,300

534

16

749

-1,004

-1,265

-1,572

-1,931

-1,006

-2,144

-2,513

-1,283

524

3,812

2,833

1,729

4,874

-2,031

0

0

0

Deferred leasing costs

4,325

4,507

4,341

5,239

3,282

3,082

2,420

4,485

4,340

5,034

5,095

1,888

1,560

837

1,323

1,464

1,537

1,355

1,767

1,641

2,307

2,460

1,986

2,051

0

0

0

Other assets

-3,028

-1,695

-826

3,042

3,611

2,386

2,965

883

54

237

428

1,772

2,836

1,092

1,820

200

175

-883

956

975

592

1,290

-51

-185

0

0

0

Due from related persons

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-585

0

0

0

-

-

-

0

Accounts payable and other liabilities

636

-2,242

5,620

3,934

5,655

528

-3,090

-572

5,360

5,443

4,927

28,287

5,739

18,163

6,542

-1,594

4,163

-550

1,460

1,392

86

1,166

-106

1,226

0

0

0

Rents collected in advance

1,499

2,928

2,421

-3,171

1,170

2,117

3,239

2,520

1,825

-203

-288

-3,587

-3,055

-4,715

-4,532

1,051

502

3,281

3,667

2,119

1,599

197

1

289

0

0

0

Security deposits

959

151

71

198

365

247

242

42

66

234

503

436

322

312

2,555

1,989

678

582

-1,870

-976

1,390

1,398

1,463

1,054

0

0

0

Due to related persons

18,568

6,353

-2,153

25,531

3,425

9,085

7,825

735

1,893

174

-7,678

2,234

1,174

2,465

10,656

-8

450

193

-121

-188

0

0

0

-

-

-

-

Net cash provided by operating activities

201,068

199,451

207,244

222,885

234,116

232,396

231,228

232,559

241,966

236,494

227,081

227,773

178,729

168,733

144,677

136,743

136,605

133,185

121,947

111,780

102,039

93,290

80,837

80,495

0

0

0

CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions and deposits

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Real estate acquisitions

-

-

-

-

-

-

-

18,046

42,195

188,044

217,605

2,179,621

2,162,006

2,006,966

2,183,221

223,205

289,131

419,828

227,410

373,937

0

0

0

-

-

-

-

Real estate improvements

20,069

14,010

12,041

15,162

13,846

12,784

12,026

8,862

7,879

5,921

5,173

3,797

3,973

2,870

1,675

2,175

2,659

4,571

4,635

5,669

5,576

4,609

4,147

2,670

0

0

0

Proceeds from sale of properties, net

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities

-105,897

-94,733

-123,666

-132,764

-139,150

-110,035

-36,049

-26,908

-58,209

-202,100

-249,374

-1,700,969

-1,675,395

-1,519,136

-1,676,560

-226,089

-292,499

-425,224

-232,045

-379,606

-482,279

-471,764

-577,619

-427,615

0

0

0

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

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

283,502

466,353

182,747

182,619

363,657

0

0

0

Proceeds from issuance of senior unsecured notes, after discounts

-

-

-

-

-

-

-

-

-

-

-

1,433,694

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Repayments of mortgage notes payable

16,725

16,689

34,134

34,223

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Borrowings under revolving credit facilities

1,134,000

1,069,000

1,066,000

1,012,000

290,000

285,000

245,000

205,000

180,000

312,000

309,000

1,819,000

1,799,000

1,625,000

1,636,000

281,000

355,000

472,000

454,000

407,000

495,000

799,000

890,000

993,500

0

0

0

Repayments of revolving credit facilities

748,000

696,000

999,000

589,000

0

0

0

-

-

-

-

-

-

-

1,840,234

370,731

377,727

640,724

354,721

343,217

507,214

535,161

529,110

548,553

0

0

0

Payments of borrowings

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

400,000

0

0

0

Payment of debt issuance costs

5,907

5,917

9,104

4,921

0

0

0

-

-

-

-

23,761

0

0

0

-

-

-

-

1,194

1,240

3,630

3,591

6,567

0

0

0

Repayment of unsecured term loan

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayment of senior unsecured notes

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distributions to common shareholders

182,564

182,532

182,501

182,470

182,441

182,412

181,491

180,570

179,648

178,726

164,549

157,597

141,687

125,770

119,198

104,385

98,530

91,690

85,036

78,613

0

0

0

-

-

-

-

Repurchase of common shares

283

325

325

309

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of noncontrolling interest

-

-

-

-

-

-

-

3,908

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distributions to noncontrolling interest

-

-

-

-

-

-

-

66

176

274

389

393

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Owner's net distributions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-6,138

0

0

0

Net cash used in financing activities

-

-

-

-

-

-

-

-

-

-

19,672

-

1,507,203

1,352,308

1,361,479

82,825

156,064

300,557

297,828

267,478

384,090

380,767

495,013

367,493

0

0

0

Net Cash Provided by (Used in) Continuing Operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

187,730

-348

3,850

2,293

-1,769

20,373

0

0

0

Net cash used in financing activities

-87,178

-93,555

-69,361

546,471

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Decrease in cash, cash equivalents and restricted cash

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SUPPLEMENTAL DISCLOSURES:
Interest paid

-

0

85,026

-

-

77,881

77,342

76,930

76,401

75,337

74,298

45,078

42,674

13,451

12,247

11,598

11,809

12,179

12,188

12,128

0

0

0

-

-

-

-

Income taxes paid

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Increase in cash and cash equivalents

-

-

-

-

-

-

-

4,251

-8,550

-11,894

-2,621

4,372

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Income taxes paid

-

-

-

-

-

-

-

428

408

391

126

293

293

292

417

92

-73

-53

-165

159

0

0

0

-

-

-

-

Real estate and investment acquired by issuance of shares

-

-

-

-

-

-

-

-

-

-

-

-

-

-757,868

-716,666

-

-

-

-

-

-

-

-

-

-

-

-

Real estate acquired by assumption of mortgage notes payable

-

-

-

-

-

-

-

-

-

-

-

297,698

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Real estate sold by assumption of mortgage notes payable

-

-

-

-

-

-

-

-

-

-

-

29,955

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Working capital assumed

-

-

-

-

-

-

-

-

-

-

-

13,333

0

0

0

-

-

-

-

-

-

-

-

-913,286

0

0

0

Issuance of demand note

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

400,000

0

0

0

Assumption of mortgage notes payable

-

-

-

-

-

-

-

-

-

-

-

297,698

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Mortgage notes payable assumed in real estate sale

-

-

-

-

-

-

-

-

-

-

-

29,955

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Issuance of SIR common shares

-

-

-

-

-

-

-

-

-

-

-

736,740

0

0

0

-

-

-

-

-

-

-

-

513,647

0

0

0