XML 44 R7.htm IDEA: XBRL DOCUMENT v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
OPERATING ACTIVITIES    
Net (loss) income $ (16,214) $ 12,900
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 27,079 25,536
Amortization of deferred financing costs 457 381
Loss on impairment of assets 782 0
Provision for credit losses 2,530 0
Equity-based compensation 1,475 1,352
Deferred tax asset, net 2,058 0
Loss (gain) on disposal of assets, net 3 (4,166)
Non-cash interest income (791) (507)
Debt transaction costs 1 713
Other 108 149
Changes in operating assets and liabilities:    
Trade receivables, net 1,925 (9,645)
Prepaid expenses and other 411 746
Accounts payable 1,334 (510)
Accrued expenses and other (13,852) 3,291
NET CASH PROVIDED BY OPERATING ACTIVITIES 7,306 30,240
INVESTING ACTIVITIES    
Acquisition of hotel properties and land 0 (4,178)
Improvements to hotel properties (11,050) (17,248)
Proceeds from asset dispositions, net 0 11,310
Funding of real estate loans (1,670) (500)
Proceeds from principal payments on real estate loans 0 300
NET CASH USED IN INVESTING ACTIVITIES (12,720) (10,316)
FINANCING ACTIVITIES    
Proceeds from issuance of debt 165,000 45,000
Principal payments on debt (45,931) (42,326)
Dividends paid (23,031) (22,668)
Proceeds from contribution by non-controlling interests in joint venture 577 0
Financing fees on debt and other issuance costs (701) (713)
Repurchase of common shares for withholding requirements (469) (834)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 95,445 (21,541)
Net change in cash, cash equivalents and restricted cash 90,031 (1,617)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 69,833 72,556
End of period 159,864 70,939
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash payments for interest 9,977 11,879
Accrued improvements to hotel properties 3,924 5,306
Cash payments for income taxes, net of refunds $ 27 $ (1,049)