Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating activities:
Net income (loss)	$ 112,728	$ 88,330
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	74,229	77,456
Share-based compensation	4,237	3,717
(Gain) loss on derivative instruments	0	(132)
(Gain) loss on marketable securities	(24,369)	0
Amortization of deferred financing costs and mortgage loan premiums	2,889	1,200
Gain on sale of hotel properties	0	(14,877)
Impairment and other losses	0	3,849
Non-cash ground rent	2,027	2,200
Other	1,807	1,861
Changes in assets and liabilities:
Hotel receivables	(7,019)	(7,932)
Prepaid expenses and other assets	(4,582)	(2,963)
Accounts payable and accrued expenses	10,254	(626)
Deferred revenues	(1,387)	(1,002)
Net cash provided by (used in) operating activities	170,814	151,081
Investing activities:
Improvements and additions to hotel properties	(56,935)	(63,545)
Deposit received on hotel properties	0	2,000
Proceeds from sale of hotel properties	0	203,479
Investment in marketable securities	(356,180)	0
Sale of marketable securities	6,658	0
Payment for merger consideration	(112,000)	0
Purchase of corporate office equipment, software, and furniture	(34)	(39)
Property insurance proceeds	5,104	0
Net cash provided by (used in) investing activities	(513,387)	141,895
Financing activities:
Payment of offering costs — common and preferred shares	(470)	(62)
Payment of deferred financing costs	(15,724)	(145)
Contributions from non-controlling interest	0	106
Borrowings under revolving credit facilities	500,181	220,502
Repayments under revolving credit facilities	(151,181)	(272,502)
Proceeds from term loans	100,000	0
Repayments of mortgage debt	(1,764)	(71,737)
Repurchase of common shares	(2,507)	(95,981)
Distributions — common shares/units	(79,403)	(81,039)
Distributions — preferred shares	(12,070)	(12,070)
Proceeds from refundable membership deposits	30	402
Repayments of refundable membership deposits	(541)	(621)
Net cash provided by (used in) financing activities	336,551	(313,147)
Net change in cash and cash equivalents and restricted cash	(6,022)	(20,171)
Cash and cash equivalents and restricted cash, beginning of year	32,533	40,829
Cash and cash equivalents and restricted cash, end of period	$ 26,511	$ 20,658