| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||||||
Net income | |||||||||||
-82,878 | 292,414 | 151,803 | 141,295 | 123,968 | 158,637 | 151,164 | 135,884 | 151,419 | 116,485 | 109,715 | 106,511 |
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
289,025 | 286,235 | 276,861 | 287,831 | 257,783 | 185,391 | 153,825 | 141,456 | 113,265 | 90,409 | 78,583 | 60,831 |
Amortization of debt issuance costs and debt discounts and premiums | |||||||||||
6,032 | 6,221 | 5,282 | 5,729 | 5,942 | 6,319 | 6,042 | 5,327 | 5,067 | 2,496 | 2,563 | 2,117 |
Straight line rental income | |||||||||||
4,508 | 10,227 | 13,958 | 17,604 | 18,039 | 9,672 | 7,080 | 13,849 | 11,457 | 6,093 | - | - |
Amortization of acquired real estate leases and other intangible assets | |||||||||||
-6,791 | -5,787 | -5,349 | -4,941 | -4,060 | -2,322 | 3,656 | 1,597 | -93 | 891 | 1,006 | 60 |
Gain (Loss) on Extinguishment of Debt | |||||||||||
-44 | -22 | -7,627 | -526 | -1,894 | -12 | -797 | -6,349 | -427 | -2,433 | - | - |
Asset Impairment Charges | |||||||||||
115,201 | 66,346 | 5,082 | 18,674 | 796 | 4,367 | 45,599 | 3,071 | 1,990 | 5,965 | 15,530 | 8,379 |
Lease termination fees | |||||||||||
- | - | - | - | - | - | - | 375 | - | - | - | - |
Gain (Loss) on Sale of Properties | |||||||||||
39,696 | 261,916 | 46,055 | 4,061 | 0 | 5,453 | 37,392 | -101 | 21,315 | 109 | 397 | 266 |
Gains and losses on equity securities, net | |||||||||||
-41,898 | -20,724 | 0 | - | - | - | - | - | - | - | - | - |
Loss on distribution to common shareholders of The RMR Group Inc. common stock | |||||||||||
- | - | - | - | 38,437 | 0 | - | - | - | - | - | - |
Other non-cash adjustments | |||||||||||
3,771 | 3,772 | 3,772 | 3,772 | 2,145 | 0 | - | - | - | - | - | - |
Unrealized losses on equity securities | |||||||||||
- | - | - | 0 | 71 | 0 | - | - | - | - | - | - |
Income (Loss) from Equity Method Investments | |||||||||||
400 | 516 | 608 | 137 | 20 | 87 | 334 | 316 | 139 | -1 | -134 | - |
Distribution of earnings from Affiliates Insurance Company | |||||||||||
2,574 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Change in assets and liabilities: | |||||||||||
Restricted cash | |||||||||||
- | - | - | - | -4,389 | -1,970 | 3,082 | 2,304 | 2,134 | 772 | -122 | 702 |
Other assets | |||||||||||
-1,794 | 3,586 | 5,197 | 1,548 | 19,917 | 1,102 | 11,051 | -991 | 7,341 | 4,639 | 7,842 | -295 |
Accrued interest | |||||||||||
-2,105 | 8,195 | -484 | 1,497 | -3,072 | 4,207 | 82 | -6,524 | 7,288 | 1,300 | 2,572 | 272 |
Other liabilities | |||||||||||
-50,574 | -1,513 | 48,072 | 992 | 19,636 | 8,634 | 4,477 | 11,894 | 17,259 | 5,432 | 7,406 | 6,963 |
Net cash provided by operating activities | |||||||||||
265,845 | 392,840 | 419,304 | 424,481 | 405,521 | 350,901 | 306,703 | 283,302 | 254,236 | 213,799 | 209,392 | 184,460 |
Cash flows from investing activities: | |||||||||||
Real estate acquisitions and deposits | |||||||||||
50,636 | 129,494 | 159,290 | 227,072 | 1,134,735 | 1,225,770 | 193,303 | 316,769 | 797,113 | 431,497 | 547,603 | 862,908 |
Real estate improvements | |||||||||||
222,417 | 103,804 | 117,213 | 99,663 | 70,427 | 64,754 | 52,270 | 50,131 | 39,309 | 34,438 | - | - |
Loan receivable | |||||||||||
- | - | - | - | - | - | - | - | 80,000 | - | - | - |
Principal payments on loan receivable | |||||||||||
- | - | - | - | - | - | - | 38,000 | 42,000 | - | - | - |
Investment in Affiliates Insurance Company | |||||||||||
- | - | - | - | - | 825 | - | - | - | 76 | 5,134 | - |
Investment in The RMR Group Inc. | |||||||||||
- | - | - | - | 17,286 | 0 | - | - | - | - | - | - |
Investment in Five Star Quality Care, Inc. | |||||||||||
- | - | - | - | - | - | - | - | 5,000 | - | 8,960 | - |
Proceeds from sale of properties, net | |||||||||||
254,241 | 332,389 | 55,068 | 33,866 | 2,782 | 27,325 | 92,550 | 1,041 | 38,663 | 1,450 | 4,898 | 21,336 |
Proceeds from sale of RMR Inc. common shares, net | |||||||||||
98,557 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Distributions in excess of earnings from equity investee | |||||||||||
6,426 | 0 | 0 | - | 6,571 | 0 | - | - | - | - | - | - |
Net cash used in investing activities | |||||||||||
86,171 | 99,091 | -221,435 | -292,869 | -1,213,095 | -1,264,024 | -153,023 | -327,859 | -840,759 | -464,561 | -556,799 | -841,572 |
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of common shares, net | |||||||||||
- | - | - | - | 659,496 | 322,807 | 261,813 | 287,052 | 432,233 | 281,986 | 223,973 | 522,907 |
Proceeds from issuance of senior unsecured notes, net | |||||||||||
0 | 491,560 | 0 | 250,000 | 0 | 648,915 | - | 350,000 | 541,984 | 197,852 | - | - |
Proceeds from unsecured term loan | |||||||||||
- | - | - | - | 200,000 | 350,000 | - | - | - | - | - | - |
Proceeds from borrowings on revolving credit facility | |||||||||||
994,500 | 727,000 | 764,000 | 662,000 | 1,640,243 | 570,000 | 275,000 | 669,000 | 690,000 | 461,000 | 204,000 | 510,000 |
Proceeds from issuance of secured debt | |||||||||||
- | - | - | 620,000 | 0 | 0 | - | - | - | - | 512,934 | - |
Repayments of borrowings on revolving credit facility | |||||||||||
596,000 | 1,184,000 | 495,000 | 1,110,000 | 945,243 | 590,000 | 365,000 | 479,000 | 818,000 | 393,000 | 401,000 | 253,000 |
Redemption of senior notes | |||||||||||
400,000 | 0 | 0 | - | 250,000 | 0 | - | 225,000 | - | 98,780 | - | - |
Repayments of Long-term Debt | |||||||||||
100,000 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Repayment of other debt | |||||||||||
46,345 | 107,116 | 313,964 | 178,418 | 125,879 | 86,432 | 36,371 | 266,528 | 9,711 | 8,506 | 4,291 | 14,845 |
Loss on early extinguishment of debt settled in cash | |||||||||||
0 | 150 | 5,485 | 470 | 1,448 | 0 | - | - | - | - | - | - |
Payment of debt issuance costs | |||||||||||
417 | 4,296 | 6,845 | 12,016 | 2,931 | 8,039 | 3,326 | 12,608 | 13,760 | 4,661 | 12,233 | 1,067 |
Repurchase of common shares | |||||||||||
299 | 411 | 341 | 452 | 212 | 0 | - | - | - | - | - | - |
Proceeds from noncontrolling interest, net | |||||||||||
0 | 0 | 255,931 | 0 | 0 | - | - | - | - | - | - | - |
Distributions to noncontrolling interest | |||||||||||
21,583 | 21,022 | 13,814 | 0 | 0 | - | - | - | - | - | - | - |
Distributions to shareholders | |||||||||||
199,719 | 370,746 | 370,608 | 370,489 | 356,390 | 305,767 | 288,945 | 259,537 | 223,529 | 184,757 | 171,472 | 144,414 |
Net cash provided by (used in) financing activities | |||||||||||
-369,863 | -469,181 | -186,126 | -139,845 | 817,636 | 901,484 | -156,829 | 63,379 | 599,217 | 251,134 | 351,911 | 619,581 |
Increase (decrease) in cash and cash equivalents and restricted cash | |||||||||||
-17,847 | 22,750 | 11,743 | -8,233 | 10,062 | -11,639 | -3,149 | 18,822 | 12,694 | 372 | 4,504 | -37,531 |
Supplemental cash flow information: | |||||||||||
Interest paid | |||||||||||
177,308 | 164,996 | 160,221 | 160,348 | 148,011 | 124,588 | 111,695 | 118,437 | 85,907 | 76,221 | 51,267 | 37,766 |
Income taxes paid | |||||||||||
452 | 474 | 441 | 435 | 477 | 155 | 600 | 389 | 264 | 259 | 230 | - |
Non-cash investing activities: | |||||||||||
Assumption of mortgage notes payable | |||||||||||
0 | 44,386 | 0 | 0 | 181,433 | - | - | - | - | - | - | 61,282 |
Real estate acquisitions | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | -61,282 |
Issuance of common shares | |||||||||||
- | - | - | - | 47,691 | 4,823 | 2,541 | 2,229 | 1,814 | 2,058 | 1,764 | 1,541 |
Five Star Senior Living Inc. common stock | |||||||||||
- | - | - | - | 31,335 | 0 | - | - | - | - | - | - |
Investment acquired by issuance of common shares | |||||||||||
- | - | - | - | 44,521 | 0 | - | - | - | - | - | - |
Acquisitions funded by assumed debt | |||||||||||
0 | 44,386 | 0 | 0 | 181,433 | 15,630 | 12,266 | 121,793 | 217,317 | 2,458 | - | - |
Capitalized interest | |||||||||||
1,124 | 124 | 0 | - | - | - | - | - | - | - | - | - |