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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net income $ 52,051 $ 41,581
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 87,271 78,969
Amortization of debt issuance costs and debt discounts as interest 1,865 1,458
Straight line rental income (3,752) (545)
Security deposits received or replenished 10,252 3,582
FF&E reserve income and deposits (17,746) (15,728)
Loss on early extinguishment of debt 70  
Equity in earnings of an investee (77) (72)
Other non-cash (income) expense, net (1,142) 10,103
Changes in assets and liabilities:    
Due from related persons (886) (1,107)
Other assets (6,174) (2,954)
Accounts payable and other liabilities (26,819) (18,901)
Due to related persons (56,522) (329)
Net cash provided by operating activities 38,391 96,057
Cash flows from investing activities:    
Real estate acquisitions and deposits (143,683) (45,500)
Real estate improvements (32,716) (35,009)
FF&E reserve escrow fundings (441) (4,175)
Net cash used in investing activities (176,840) (84,684)
Cash flows from financing activities:    
Proceeds from issuance of senior unsecured notes, net of discounts 737,612  
Repayment of senior unsecured notes (275,000)  
Borrowings under unsecured revolving credit facility 275,000 106,000
Repayments of unsecured revolving credit facility (510,000) (35,000)
Debt issuance costs (6,089) (5)
Distributions to preferred shareholders (5,166) (5,166)
Distributions to common shareholders (75,774) (73,466)
Net cash provided by (used in) financing activities 140,583 (7,637)
Increase in cash and cash equivalents 2,134 3,736
Cash and cash equivalents at beginning of period 13,682  
Cash and cash equivalents at end of period 15,816 15,570
Supplemental cash flow information:    
Cash paid for interest 56,278 50,775
Cash paid for income taxes 227 562
Non-cash investing activities:    
Hotel managers' deposits in FF&E reserve 15,542 13,430
Hotel managers' purchases with FF&E reserve $ (11,303) $ (15,038)