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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 24 Months Ended
Sep. 30, 2019
Mar. 31, 2019
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES                
Net income $ 33,545 $ 17,916 $ 91,586 $ 51,262 $ 38,455 $ 97,379 $ 181,303  
Adjustments to reconcile net income to net cash provided by operating activities:                
Bad debt expense           405 682  
Gain on sale of assets             (68,740)  
Noncash interest on derivatives and finance lease obligations, net 1,155   (818)     6,908 (4,995)  
Depreciation           110,416 108,744  
Amortization of franchise fees and other intangibles           68 1,468  
Amortization of right-of-use assets           (523)    
Amortization of deferred financing costs 698   748     2,094 2,240  
Amortization of deferred stock compensation           7,168 6,938  
Impairment loss             1,394  
Gain on hurricane-related damage             (1,100)  
Deferred income taxes, net           (246) (1,100)  
Changes in operating assets and liabilities:                
Accounts receivable           (10,700) (10,450)  
Prepaid expenses and other assets           (1,744) 823  
Accounts payable and other liabilities           2,449 6,928  
Accrued payroll and employee benefits           (3,045) (4,599)  
Net cash provided by operating activities           210,629 219,536  
CASH FLOWS FROM INVESTING ACTIVITIES                
Proceeds from sales of assets             231,083  
Disposition deposit             3,000  
Proceeds from property insurance             1,100  
Acquisitions of hotel property and other assets           (193) (15,147)  
Acquisitions of intangible assets             (18,516)  
Renovations and additions to hotel properties and other assets           (75,277) (125,854)  
Net cash (used in) provided by investing activities           (75,470) 75,666  
CASH FLOWS FROM FINANCING ACTIVITIES                
Proceeds from common stock offerings             45,125  
Payment of common stock offering costs             (784)  
Repurchases of outstanding common stock           (50,000)    
Repurchase of common stock for employee withholding obligations           (4,435) (4,232)  
Payments on notes payable           (5,770) (5,486)  
Payments of deferred financing costs             (5)  
Dividends and distributions paid           (155,715) (163,002)  
Distributions to noncontrolling interest           (5,363) (6,644)  
Net cash used in financing activities           (221,283) (135,028)  
Net (decrease) increase in cash and cash equivalents and restricted cash           (86,124) 160,174  
Cash and cash equivalents and restricted cash, beginning of period   $ 862,369 719,485   $ 559,311 862,369 559,311  
Cash and cash equivalents and restricted cash, end of period 776,245   719,485 719,485   776,245 719,485 $ 862,369
Supplemental Disclosure of Cash Flow Information                
Cash and cash equivalents 730,039   650,691     730,039 650,691 809,316
Restricted cash 46,206   68,794     46,206 68,794 53,053
Cash and cash equivalents and restricted cash, end of period 776,245   719,485 $ 719,485   776,245 719,485 $ 862,369
Cash paid for interest           36,703 36,396  
Cash paid for income taxes, net           354 571  
Supplemental Disclosure of Noncash Investing and Financing Activties                
Accrued renovations and additions to hotel properties and other assets           8,149 13,632  
Amortization of deferred stock compensation - construction activities           304 284  
Dividends and distributions payable $ 14,451   $ 14,620     $ 14,451 $ 14,620