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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities    
Net income $ 84,089 $ 104,512
Adjustments to reconcile net income to cash flow provided by operating activities:    
Loss (gain) on sale of hotel properties 150 (22,970)
Depreciation and amortization 81,579 74,981
Amortization of deferred financing costs 2,222 2,056
Amortization of deferred management fees 376 407
Accretion of interest income on investment in loan (270) (173)
Share grants to trustees 57 66
Amortization of share-based compensation 2,014 7,791
Deferred income taxes 3,028 (352)
Changes in assets and liabilities:    
Hotel and other receivables, net (8,531) (6,111)
Prepaid expense and other assets (732) 3,611
Accounts payable and other liabilities 1,669 (18,727)
Advance deposits and deferred revenue 234 870
Accrued interest (1,698) (40)
Net cash flow provided by operating activities 164,187 145,921
Cash flows from investing activities    
Proceeds from the sale of hotel properties, net 2,634 227,837
Payments for (Proceeds from) Deposits on Real Estate Acquisitions 0 (7,000)
Improvements and additions to hotel properties (41,346) (64,695)
Additions to property and equipment (157) (222)
(Increase) decrease in restricted cash reserves, net (5,815) 3,113
Net cash flow (used in) provided by investing activities (44,684) 159,033
Cash flows from financing activities    
Borrowings under Revolver 51,000 0
Repayments under Revolver (51,000) 0
Proceeds from mortgage loans 11,000 0
Payments of mortgage loans principal (1,872) (155,808)
Repurchase of common shares under a share repurchase program (13,271) (59,841)
Repurchase of common shares to satisfy employee withholding requirements (1,117) (3,800)
Distributions on common shares (82,316) (83,204)
Distributions on Operating Partnership units (475) (565)
Payments of deferred financing costs (5,331) (118)
Distribution to joint venture partner (259) (195)
Net cash flow used in financing activities (93,641) (303,531)
Net change in cash and cash equivalents 25,862 1,423
Cash and cash equivalents, beginning of period 134,192 262,458
Cash and cash equivalents, end of period $ 160,054 $ 263,881