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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES      
Net income (loss) $ (68,584) $ (149,245) $ 82,348
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:      
Depreciation and amortization 105,955 109,619 99,445
Amortization of deferred financing costs 4,353 2,267 1,485
Loss on impairment and write-off of assets 4,361 1,759 2,521
(Reversal of) provision for credit losses (2,632) 4,821 0
Equity-based compensation 10,681 6,476 6,219
Deferred tax asset, net (19) 2,056 (12)
(Gain) loss on disposal of assets, net (240) 16 (45,418)
Non-cash interest income (1,042) (2,848) (2,477)
Debt transaction costs 220 365 1,892
Other 412 384 469
Changes in operating assets and liabilities:      
Trade receivables, net (2,701) 1,286 511
Prepaid expenses and other (1,362) (997) 552
Accounts payable 1,854 (1,422) (314)
Accrued expenses and other 14,795 (16,589) 1,257
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 66,051 (42,052) 148,478
INVESTING ACTIVITIES      
Acquisitions of hotel properties and land (59,036) 0 (282,557)
Improvements to hotel properties (20,356) (22,632) (59,268)
Proceeds from asset dispositions, net 0 0 165,724
Contract termination payment for asset disposition 0 (2,200) 0
Funding of real estate loans and related expenses (10,045) (9,909) (8,363)
Proceeds from principal payments on real estate loans 25,800 4,031 2,300
Increase in escrow deposits and deferred acquisition costs (10,607) 0 0
NET CASH USED IN INVESTING ACTIVITIES (74,244) (30,710) (182,164)
FINANCING ACTIVITIES      
Proceeds from issuance of debt 331,767 202,500 360,000
Principal payments on debt (351,932) (123,748) (302,287)
Proceeds from equity offerings, net of issuance costs 96,617 0 0
Redemption of preferred stock (75,000) 0 0
Purchases of capped call options (21,131) 0 0
Dividends paid (15,521) (34,248) (90,783)
Proceeds from contribution by non-controlling interests in joint venture 115,546 622 68,712
Financing fees on debt and other issuance costs (11,411) (2,832) (3,840)
Repurchase of common shares for withholding requirements (2,694) (469) (839)
NET CASH PROVIDED BY FINANCING ACTIVITIES 66,241 41,825 30,963
Net change in cash, cash equivalents and restricted cash 58,048 (30,937) (2,723)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Beginning of period 38,896 69,833 72,556
End of period 96,944 38,896 69,833
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Cash payments for interest 37,509 40,927 41,648
Accrued improvements to hotel properties (3,399) (2,142) (4,856)
Cash payments for income taxes, net of refunds (557) (463) (229)
Mortgage debt assumed for acquisitions of hotel properties $ 13,267 $ 0 $ 0