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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities:    
Net income $ 207,899 $ 171,922
Amounts to reconcile net income to net cash flows provided by operating activities:    
Provision for deferred income taxes 10,715 4,894
Depreciation and amortization 174,806 154,700
Amortization of deferred financing costs 7,995 7,989
(Income) loss from unconsolidated joint ventures (224) 17,525
Stock-based compensation expense 10,724 11,480
Changes in:    
Trade receivables 2,727 13,233
Accounts payable and accrued liabilities 20,102 11,721
Other assets and liabilities (24,864) (23,535)
Net cash flows provided by operating activities 409,880 369,929
Cash Flows from Investing Activities:    
Purchases of property and equipment (317,323) (122,150)
Collection of notes receivable 4,060 5,903
Other investing activities, net (161) (9,998)
Net cash flows used in investing activities (313,424) (928,211)
Cash Flows from Financing Activities:    
Issuance of senior notes 1,000,000 400,000
Deferred financing costs paid (23,134) (23,400)
Issuance of common stock, net   395,444
Payment of distributions (199,759) (115,861)
Payment of tax withholdings for share-based compensation (12,131) (4,249)
Other financing activities, net (64) (198)
Net cash flows provided by (used in) financing activities (225,966) 769,932
Net change in cash, cash equivalents, and restricted cash (129,510) 211,650
Cash, cash equivalents, and restricted cash, beginning of period 700,441 444,330
Cash, cash equivalents, and restricted cash, end of period 570,931 655,980
JW Marriott Hill Country [Member]    
Cash Flows from Investing Activities:    
Purchase of JW Marriott Hill Country, net of cash acquired   (791,466)
$500 Million Term Loan B [Member]    
Cash Flows from Financing Activities:    
Borrowings under term loan 18,861 500,000
Repayments under term loan (221,586) (377,500)
$300 Million OEG Term Loan [Member]    
Cash Flows from Financing Activities:    
Borrowings under term loan 299,250  
Repayments under term loan (296,250) (2,250)
Block 21 CMBS Loan [Member]    
Cash Flows from Financing Activities:    
Repayments under loan (2,153) (2,054)
$800M Gaylord Rockies Term Loan [Member]    
Cash Flows from Financing Activities:    
Repayments under term loan (800,000)  
$80M OEG Revolver [Member]    
Cash Flows from Financing Activities:    
Borrowings under revolving credit facility 43,000 7,000
Repayments under revolving credit facility $ (32,000) (7,000)
Circle [Member]    
Cash Flows from Investing Activities:    
Investment in Circle   $ (10,500)