XML 55 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 23, 2012
Mar. 25, 2011
Cash flows from operating activities:    
Net loss $ 2,615 $ (11,044)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Real estate depreciation 20,518 21,352
Corporate asset depreciation as corporate expenses 22 19
Gain on sale of properties (10,017) 0
Gain on early extinguishment of debt (144) 0
Non-cash ground rent 1,531 1,566
Non-cash financing costs and debt premium as interest 486 393
Amortization of unfavorable contract liabilities (432) (426)
Amortization of deferred income (210) (130)
Stock-based compensation 940 936
Changes in assets and liabilities:    
Prepaid expenses and other assets 902 666
Restricted cash (13) 75
Due to/from hotel managers (2,493) (57)
Accounts payable and accrued expenses (11,962) (5,694)
Net cash provided by operating activities 1,743 7,656
Cash flows from investing activities:    
Hotel capital expenditures (6,791) (7,882)
Net proceeds from sale of properties 92,631 0
Cash received from mortgage loan 0 100
Change in restricted cash (2,853) (21,460)
Purchase deposits (1,485) (20,000)
Receipt of deferred key money 62 0
Net cash used in investing activities 81,564 (49,242)
Cash flows from financing activities:    
Scheduled mortgage debt principal payments (2,746) (1,737)
Repurchase of common stock (2,946) (3,095)
Proceeds from sale of common stock, net 0 149,841
Deposit on mortgage loan financing 0 (1,125)
Proceeds from mortgage debt 170,368 0
Repayment of mortgage debt (26,963) 0
Draw on senior unsecured credit facility 40,000 0
Repayments of senior unsecured credit facility (140,000) 0
Payment of financing costs (4,350) 0
Purchase of interest rate cap (934) 0
Payment of cash dividends (13,457) (77)
Net cash provided by financing activities 18,972 143,807
Net decrease in cash and cash equivalents 102,279 102,221
Cash and cash equivalents, beginning of period 26,291 84,201
Cash and cash equivalents, end of period 128,570 186,422
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 15,595 11,725
Cash paid for income taxes 204 96
Capitalized interest 271 215
Non-cash Financing Activities:    
Unpaid dividends 13,600 0
Buyer assumption of mortgage debt on sale of hotels $ 180,000 $ 0