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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating Activities:    
Net Income (Loss) $ 129,174 $ (29,251)
Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities:    
Gain on Disposition of Hotel Properties (167,800) (48,352)
Loss on Impairment of Assets 10,024 222
Insurance recoveries in excess of property loss (962) (711)
Junior Note PIK Interest Added to Principal 1,855 4,365
Deferred Taxes 0 (322)
Depreciation 50,965 63,046
Amortization 3,984 3,893
Loss on Debt Extinguishment 17,958 634
Equity in Loss of Unconsolidated Joint Ventures 101 1,858
Gain Recognized on Change in Fair Value of Derivative Instrument (875) (747)
Share Based Compensation Expense 8,608 7,017
(Increase) Decrease in:    
Hotel Accounts Receivable 1,726 (1,156)
Other Assets (4,152) (6,811)
Due from Related Parties 2,353 37
Increase (Decrease) in:    
Due to Related Parties (239) 834
Accounts Payable, Accrued Expenses and Other Liabilities 12,577 11,032
Net Cash Provided by Operating Activities 65,297 5,588
Investing Activities:    
Capital Expenditures (17,936) (7,992)
Proceeds from Disposition of Hotel Properties 382,699 163,583
Contributions to Unconsolidated Joint Ventures (485) (1,339)
Proceeds from Insurance Claims 1,294 0
Net Cash Provided by Investing Activities 365,572 154,252
Financing Activities:    
Repayments on Line of Credit (118,684) (14,369)
Payments on Term Loans (497,481) (187,024)
Proceeds from Mortgages and Notes Payable 0 167,750
Proceeds from Mortgages and Notes Payable 400,000 0
Principal Repayment of Mortgages (159,923) (23,582)
Deferred Financing Costs (4,052) (6,219)
Cash Paid for Debt Extinguishment (10,143) 0
Dividends Paid on Preferred Shares (18,131) (36,262)
Net Cash Used in Financing Activities (408,414) (99,706)
Net Increase in Cash, Cash Equivalents, and Restricted Cash 22,455 60,134
Cash, Cash Equivalents, and Restricted Cash - Beginning of Period 84,945 23,607
Cash, Cash Equivalents, and Restricted Cash - End of Period $ 107,400 $ 83,741