XML 16 R6.htm IDEA: XBRL DOCUMENT v3.19.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities    
Net income $ 28,331 $ 23,894
Adjustments to reconcile net income to cash flow provided by operating activities:    
Loss on sale of hotel properties, net 0 3,734
Gain (Loss) on Extinguishment of Debt 0 (7,659)
Depreciation and amortization 58,403 61,408
Amortization of deferred financing costs 792 929
Amortization of Debt Discount (Premium) (483) (1,391)
Unrealized Gain (Loss) on Cash Flow Hedging Instruments (2,250) 0
Income (Loss) from Equity Method Investments 381 381
Proceeds from Equity Method Investment, Distribution 550 250
Amortization of share-based compensation 2,725 2,514
Deferred income taxes 1,281 1,103
Changes in assets and liabilities:    
Hotel and other receivables, net (15,490) (16,822)
Prepaid expense and other assets 77 289
Accounts payable and other liabilities (11,206) (22,507)
Advance deposits and deferred revenue 4,722 6,874
Accrued interest 7,211 (2,022)
Net cash flow provided by operating activities 75,044 50,975
Cash flows from investing activities    
Proceeds from the sale of hotel properties, net 0 116,076
Improvements and additions to hotel properties (43,447) (38,583)
Additions to property and equipment (52) (27)
Cash Paid to Equity Method Investment, Contribution (603) 0
Net cash flow (used in) provided by investing activities (44,102) 77,466
Cash flows from financing activities    
Borrowings under Revolver 140,000 300,000
Repayments of Senior Notes 0 (539,028)
Scheduled mortgage loan principal payments (1,568) (1,663)
Proceeds from (Repayments of) Secured Debt (139,500) 0
Repurchase of common shares under a share repurchase program (10,561) 0
Repurchase of common shares to satisfy employee tax withholding requirements (366) (462)
Payments of Ordinary Dividends, Preferred Stock and Preference Stock (6,279) (6,279)
Distributions on common shares (57,426) (57,707)
Distributions on Operating Partnership units (224) (248)
Stock Redeemed or Called During Period, Value (9) 0
Payments of deferred financing costs (564) (3,515)
Payments of Distributions to Affiliates (312) (366)
Stock Redeemed or Called During Period, Value (45,583) 0
Cash received from a noncontrolling interest 2,306 74
Net cash flow used in financing activities (120,086) (309,194)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect (89,144) (180,753)
Cash, cash equivalents, and restricted cash reserves, beginning of year 384,842 659,076
Cash, cash equivalents, and restricted cash reserves, end of period $ 295,698 $ 478,323