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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
OPERATING ACTIVITIES      
Net (loss) income $ (149,245) $ 82,348 $ 91,126
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:      
Depreciation and amortization 109,619 99,445 101,013
Amortization of deferred financing costs 2,267 1,485 1,973
Loss on impairment and write-off of assets 1,759 2,521 1,075
Provision for credit losses 4,821 0 0
Equity-based compensation 6,476 6,219 6,665
Deferred tax asset, net 2,056 (12) (430)
Loss (gain) on disposal of assets, net 16 (45,418) (41,474)
Non-cash interest income (2,848) (2,477) (2,045)
Debt transaction costs 365 1,892 401
Other 384 469 770
Changes in operating assets and liabilities:      
Trade receivables, net 1,286 511 2,787
Prepaid expenses and other (997) 552 (1,127)
Accounts payable (1,422) (314) (424)
Accrued expenses and other (16,589) 1,257 1,341
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES (42,052) 148,478 161,651
INVESTING ACTIVITIES      
Acquisitions of hotel properties and land 0 (282,557) (71,002)
Improvements to hotel properties (22,632) (59,268) (66,610)
Investment in hotel properties under development 0 0 (13,430)
Proceeds from asset dispositions, net 0 165,724 104,030
Contract termination payment for asset disposition (2,200) 0 0
Funding of real estate loans and related expenses (9,909) (8,363) (16,245)
Proceeds from principal payments on real estate loans 4,031 2,300 200
NET CASH USED IN INVESTING ACTIVITIES (30,710) (182,164) (63,057)
FINANCING ACTIVITIES      
Proceeds from issuance of debt 202,500 360,000 815,000
Principal payments on debt (123,748) (302,287) (723,098)
Redemption of preferred stock 0 0 (85,000)
Dividends paid (34,248) (90,783) (92,245)
Proceeds from contribution by non-controlling interests in joint venture 622 68,712 0
Financing fees on debt and other issuance costs (2,832) (3,840) (3,978)
Repurchase of common shares for withholding requirements (469) (839) (2,724)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 41,825 30,963 (92,045)
Net change in cash, cash equivalents and restricted cash (30,937) (2,723) 6,549
CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Beginning of period 69,833 72,556 66,007
End of period 38,896 69,833 72,556
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Cash payments for interest 40,927 41,648 38,743
Accrued improvements to hotel properties (2,142) (4,856) (6,084)
Capitalized interest 0 0 446
Cash payments for income taxes, net of refunds $ (463) $ (229) $ 839