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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
OPERATING ACTIVITIES    
Net income $ 73,595 $ 85,369
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 72,517 75,141
Amortization of deferred financing costs 1,041 1,495
Loss on impairment of assets 1,685 0
Equity-based compensation 4,766 5,367
Gain on disposal of assets, net (39,655) (42,114)
Non-cash interest income (1,713) (1,528)
Debt transaction costs 1,847 265
Other 369 (123)
Changes in operating assets and liabilities:    
Trade receivables, net (4,514) (7,054)
Prepaid expenses and other 1,754 2,729
Accounts payable 126 (627)
Accrued expenses and other 7,796 10,040
NET CASH PROVIDED BY OPERATING ACTIVITIES 119,614 128,960
INVESTING ACTIVITIES    
Acquisition of hotel properties and land under ground lease (32,277) (71,002)
Investment in hotel properties under development 0 (12,208)
Improvements to hotel properties (46,708) (49,523)
Proceeds from asset dispositions, net 143,962 103,587
Funding of real estate loans (7,228) (15,245)
Proceeds from principal payments on real estate loans 2,050 0
Increase in escrow deposits for acquisitions (3,000) 0
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 56,799 (44,391)
FINANCING ACTIVITIES    
Proceeds from issuance of debt 135,000 470,000
Principal payments on debt (251,360) (369,147)
Redemption of preferred stock 0 (85,000)
Dividends paid (67,751) (69,755)
Proceeds from contribution by joint venture partner 13,764 0
Financing fees on debt and other issuance costs (1,873) (1,850)
Repurchase of common shares for withholding requirements (839) (2,724)
NET CASH USED IN FINANCING ACTIVITIES (173,059) (58,476)
Net change in cash, cash equivalents and restricted cash 3,354 26,093
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 72,556 66,007
End of period 75,910 92,100
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash payments for interest 30,822 29,038
Accrued acquisition costs and improvements to hotel properties 6,272 7,853
Capitalized interest 0 446
Net cash (refunds) payments for income taxes $ (369) $ 749