XML 18 R7.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
OPERATING ACTIVITIES    
Net (loss) income $ (68,762) $ 61,969
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Depreciation and amortization 54,644 49,315
Amortization of deferred financing costs 1,012 714
Loss on impairment of assets 782 1,685
Provision for credit losses 2,530 0
Equity-based compensation 3,441 3,316
Deferred tax asset, net 2,058 0
Loss (gain) on disposal of assets, net 35 (39,686)
Non-cash interest income (1,540) (1,019)
Debt transaction costs 271 1,835
Other 209 261
Changes in operating assets and liabilities:    
Trade receivables, net 2,774 (7,301)
Prepaid expenses and other 1,459 2,596
Accounts payable (950) (169)
Accrued expenses and other (18,794) 1,784
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES (20,831) 75,300
INVESTING ACTIVITIES    
Acquisition of hotel properties and land 0 (4,178)
Improvements to hotel properties (15,852) (32,576)
Proceeds from asset dispositions, net 0 143,957
Contract termination payment for asset dispositions (2,200) 0
Funding of real estate loans (3,233) (500)
Proceeds from principal payments on real estate loans 250 550
Increase in escrow deposits for acquisitions 0 (825)
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (21,035) 106,428
FINANCING ACTIVITIES    
Borrowings on revolving credit facilities 191,500 100,000
Principal payments on debt (46,857) (230,562)
Dividends paid (26,785) (45,210)
Proceeds from contribution by non-controlling interests in joint venture 577 0
Financing fees on debt and other issuance costs (2,721) (1,811)
Repurchase of common shares for withholding requirements (469) (839)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 115,245 (178,422)
Net change in cash, cash equivalents and restricted cash 73,379 3,306
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 69,833 72,556
End of period 143,212 75,862
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash payments for interest (20,525) (21,463)
Accrued improvements to hotel properties (1,381) (5,018)
Cash receipts from income tax refunds $ 614 $ 802