XML 33 R7.htm IDEA: XBRL DOCUMENT v3.6.0.2
Consolidated Statement Of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net earnings (loss) $ 23,522 $ 14,322 $ (16,259)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:      
Depreciation and amortization expense 5,190 5,400 6,549
Net gain on disposition of assets (23,813) (7,794) (2,750)
Net (gain) loss on derivatives and convertible debt (6,377) (11,578) 14,430
Equity in loss of joint venture 244    
Amortization of deferred financing costs 597 714 1,292
Amortizaton of debt discount     38
Loss on extinguishment of debt 2,187 213 278
Gain on debt conversion     (88)
Impairment loss 1,477 3,708 2,921
Stock-based compensation and long term incentive plan expense 305 285 34
Amortization of warrant issuance cost 12 58 58
Changes in operating assets and liabilities:      
(Increase) decrease in assets (244) 442 (63)
Decrease in liabilities (432) (800) (933)
Net cash provided by operating activities 2,668 4,970 5,507
Cash flows from investing activities:      
Additions to hotel properties (3,446) (3,853) (3,034)
Investment in joint venture (9,280)    
Acquisitions of hotel properties (22,450) (42,592)  
Proceeds from sale of hotel assets 58,593 53,306 21,316
Net changes in capital expenditure escrows (1,475) (1,463) (340)
Net cash provided by investing activities 21,942 5,398 17,942
Cash flows from financing activities:      
Deferred financing costs (136) (865) (485)
Principal payments on long-term debt (39,965) (51,868) (22,207)
Proceeds from long-term debt 15,925 44,620  
Payments on revolving debt (10,305) (39,056) (30,843)
Proceeds from revolving debt 10,198 41,152 29,692
Debt early extinguishment penalties (1,752)   (120)
Series D Preferred Stock issuance 28,881    
Series A and B Preferred Stock redemption, including accumulated dividends (20,167)    
Cash dividends paid to common shareholders (198)    
Cash dividends paid to Series C and D Preferred Shareholders (3,598)    
Proceeds from common stock issued in rights offering   346 860
Rights offering issuance costs     (218)
Other items (37)    
Net cash used in financing activities (21,154) (5,671) (23,321)
Increase in cash and cash equivalents 3,456 4,697 128
Cash and cash equivalents, beginning of year 4,870 173 45
Cash and cash equivalents, end of year 8,326 4,870 173
Supplemental cash flow information:      
Interest paid, net of amounts capitalized 4,229 5,085 7,119
Income taxes paid 37    
Schedule of noncash investing and financing activities:      
Unamortized debt discount     113
Convertible loan embedded derivative     (151)
Debt converted to common stock     (2,000)
Common stock issued on conversion of debt     $ 1,950
Debt assumed in acquisitions   11,220  
Fair Value of CHLP operating units issued in acquisitions 50 $ 450  
In kind dividends deemed on preferred stock $ 20,218