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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net income $ 166,418 $ 197,185 $ 133,178
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 329,776 315,878 299,323
Amortization of deferred financing costs and debt discounts as interest 5,849 5,491 6,204
Straight line rental income (9,568) (2,111) (2,428)
Security deposits replenished 20,501 5,204 1,297
FF&E reserve income and deposits (67,967) (54,265) (28,525)
Loss on extinguishment of debt   855  
Loss on asset impairment     8,008
Loss on distribution to common shareholders of The RMR Group Inc. common stock 36,773    
Equity in earnings of an investee (21) (94) (334)
Gain on sale of real estate (11,015) (130)  
Deferred income taxes (69) 143 (7,069)
Other non-cash (income) expense, net (364) 2,020 37
Changes in assets and liabilities:      
Due from related persons (2,106) (609) (2,038)
Other assets 246 (569) (11,030)
Accounts payable and other liabilities 362 (7,117) 1,842
Due to related persons 62,078 (136) (5,878)
Dividends payable     (1,498)
Net cash provided by operating activities 530,893 461,745 391,089
Cash flows from investing activities:      
Real estate acquisitions and deposits (449,882) (60,000) (215,854)
Real estate improvements (180,703) (224,621) (300,018)
FF&E reserve escrow fundings (7,299) (5,910) (46,302)
Net proceeds from sale of real estate   4,288  
Eminent domain proceeds   6,178  
Investment in TravelCenters of America LLC common shares     (8,140)
Investment in Affiliates Insurance Company   (825)  
Investment in The RMR Group Inc. (15,955)    
Net cash used in investing activities (653,839) (280,890) (570,314)
Cash flows from financing activities:      
Proceeds from issuance of comon shares, net     655,211
Proceeds from issuance of senior unsecured notes, net of discount   690,071 299,661
Redemption of preferred shares     (167,500)
Repayment of senior unsecured notes   (580,000)  
Borrowings under usecured revolving credit facility 702,000 783,000 418,000
Repayments of unsecured revolving credit facility (255,000) (765,000) (738,000)
Deferred financing costs (1,157) (6,899) (2,550)
Repurchase of common shares (418)    
Distributions to preferred shareholders (20,664) (20,664) (26,559)
Distributions to common shareholders (299,967) (292,029) (256,587)
Net cash provided by (used in) financing activities 124,794 (191,521) 181,676
Increase (decrease) in cash and cash equivalents 1,848 (10,666) 2,451
Cash and cash equivalents at beginning of year 11,834 22,500 20,049
Cash and cash equivalents at end of year 13,682 11,834 22,500
Supplemental cash flow information:      
Cash paid for interest 138,892 139,029 139,324
Cash paid for income taxes 2,444 4,116 2,063
Non-cash investing activities:      
Hotel managers' deposits in FF&E reserve 67,381 52,762 29,723
Hotel managers' purchases with FF&E reserve $ (57,451) $ (55,562) $ (85,895)
Investment in The RMR Group Inc. paid in common shares 43,285    
Real estate acquisitions $ (45,042)    
Sales of real estate 45,042    
Distribution to common shareholders of the RMR Inc. common stock $ (29,911)