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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net income (loss) $ 16 $ (74,276) $ (84,981)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 229,531 240,645 239,583
Benefit for deferred income taxes (28,483) 0 0
Share-based compensation 13,602 12,545 11,350
Gain on insurance settlement (24,824) 0 0
Amortization of deferred financing costs, non-cash interest and other amortization 14,329 12,124 13,453
Gain on sale of hotel properties 0 (30,375) (6,194)
Impairment 48,146 81,788 89,633
Non-cash ground rent 9,843 9,898 9,952
Other adjustments (5,331) (7,801) (4,713)
Changes in assets and liabilities:      
Hotel receivables 5,037 1,171 (7,974)
Prepaid expenses and other assets 8,889 (11,190) (10,018)
Accounts payable and accrued expenses (14,471) (5,860) 24,808
Deferred revenues 18,718 7,528 3,846
Net cash provided by (used in) operating activities 275,002 236,197 278,745
Investing activities:      
Improvements and additions to hotel properties (128,750) (200,634) (116,743)
Proceeds from sales of hotel properties 0 314,941 248,908
Acquisition of hotel properties 0 0 (247,163)
Property insurance proceeds 36,802 30,210 5,638
Other investing activities (885) (2,495) (25)
Net cash provided by (used in) investing activities (92,833) 142,022 (109,385)
Financing activities:      
Payment of deferred financing costs (22,104) (2,710) (12,415)
Borrowings under revolving credit facilities 0 10,000 190,151
Repayments under revolving credit facilities 0 (10,000) (190,151)
Proceeds from debt 400,000 140,000 1,380,000
Repayments of debt (465,432) (211,088) (1,434,956)
Repurchases of common shares (16,851) (92,753) (70,724)
Redemption of preferred shares 0 (15,790) (16,000)
Distributions — common shares/units (4,866) (4,971) (5,291)
Distributions — preferred shares/units (47,182) (48,607) (47,367)
Other financing activities (1,784) (928) (2,585)
Net cash provided by (used in) financing activities (158,219) (236,847) (209,338)
Net change in cash and cash equivalents and restricted cash 23,950 141,372 (39,978)
Cash and cash equivalents and restricted cash, beginning of year 193,641 52,269 92,247
Cash and cash equivalents and restricted cash, end of year $ 217,591 $ 193,641 $ 52,269