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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating activities:    
Net income (loss) $ 96,153 $ 112,728
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 177,376 74,229
Share-based compensation 6,100 4,237
(Gain) loss on marketable securities 0 (24,369)
Amortization of deferred financing costs, non-cash interest and mortgage loan premiums 13,547 2,889
Non-cash ground rent 4,921 2,027
Other 2,301 1,807
Changes in assets and liabilities:    
Hotel receivables (12,504) (7,019)
Prepaid expenses and other assets 1,147 (4,582)
Accounts payable and accrued expenses 23,791 10,254
Deferred revenues 3,269 (1,387)
Net cash provided by (used in) operating activities 316,101 170,814
Investing activities:    
Improvements and additions to hotel properties (117,989) (56,935)
Proceeds from sales of hotel properties 437,871 0
Investment in marketable securities 0 (356,180)
Sale of marketable securities 0 6,658
Payment for merger consideration 0 (112,000)
Purchase of corporate office equipment, software, and furniture (560) (34)
Property insurance proceeds 0 5,104
Net cash provided by (used in) investing activities 319,322 (513,387)
Financing activities:    
Payment of offering costs — common and preferred shares (275) (470)
Payment of deferred financing costs (318) (15,724)
Borrowings under revolving credit facilities 211,893 500,181
Repayments under revolving credit facilities (281,893) (151,181)
Proceeds from debt 0 100,000
Repayments of debt (451,831) (1,764)
Repurchases of common shares (4,009) (2,507)
Distributions — common shares/units (135,054) (79,403)
Distributions — preferred shares (24,417) (12,070)
Proceeds from refundable membership deposits 0 30
Repayments of refundable membership deposits (524) (541)
Net cash provided by (used in) financing activities (686,428) 336,551
Net change in cash and cash equivalents and restricted cash (51,005) (6,022)
Cash and cash equivalents and restricted cash, beginning of year 107,811 32,533
Cash and cash equivalents and restricted cash, end of period $ 56,806 $ 26,511