XML 63 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:      
Net loss $ (16,592) $ (7,678) $ (9,172)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Real estate depreciation 101,498 99,224 88,464
Corporate asset depreciation as corporate expenses 95 85 204
Gain on sale of hotel properties, net (9,479) 0 0
Gain on early extinguishment of debt (144) 0 0
Non-cash ground rent 6,694 6,996 7,092
Non-cash financing costs, debt premium, and interest rate cap as interest 3,538 1,449 1,370
Impairment losses 45,534 0 0
Non-cash reversal of penalty interest 0 0 (3,134)
Amortization of favorable and unfavorable contracts, net (1,872) (1,860) (1,771)
Amortization of deferred income (999) (653) (564)
Stock-based compensation 4,529 4,496 3,967
Payment of Los Angeles Airport Marriott litigation settlement (1,709) 0 0
Deferred income tax expense (benefit) (6,510) 1,564 2,043
Changes in assets and liabilities:      
Prepaid expenses and other assets (4,999) (206) 788
Restricted cash (16,830) (3,393) (3,835)
Due to/from hotel managers (10,607) 2,999 (2,844)
Accounts payable and accrued expenses 991 1,208 2,464
Net cash provided by operating activities 93,138 104,231 85,072
Cash flows from investing activities:      
Hotel capital expenditures (49,262) (54,752) (31,532)
Hotel acquisitions (444,709) (385,472) (265,999)
Net proceeds from sale of properties 131,073 0 0
Cash received from mortgage loan 996 3,163 2,650
Change in restricted cash (6,072) (5,128) (15,040)
Purchase deposits (1,898) (20,000) 0
Purchase of mortgage loan 0 0 (60,601)
Receipt of deferred key money 767 6,047 0
Net cash used in investing activities (369,105) (456,142) (370,522)
Cash flows from financing activities:      
Scheduled mortgage debt principal payments (11,072) (8,960) (5,897)
Repurchase of common stock (2,967) (3,849) (3,961)
Proceeds from sale of common stock, net 199,790 149,632 209,690
Proceeds from mortgage debt 244,368 100,000 0
Repayments of mortgage debt (26,963) 0 0
Draw on senior unsecured credit facility 200,000 130,000 0
Repayments of credit facility (280,000) (30,000) 0
Payment of financing costs (6,912) (2,457) (3,238)
Purchase of interest rate cap (934) 0 0
Payment of cash dividends (56,011) (40,365) (4,323)
Net cash provided by financing activities 259,299 294,001 192,271
Net decrease in cash and cash equivalents (16,668) (57,910) (93,179)
Cash and cash equivalents, beginning of year 26,291 84,201 177,380
Cash and cash equivalents, end of year 9,623 26,291 84,201
Supplemental Disclosure of Cash Flow Information:      
Cash paid for interest 55,294 54,618 47,119
Cash paid for income taxes 1,723 1,382 846
Capitalized interest 1,164 1,527 112
Non-cash Financing Activities:      
Assumption of mortgage debt 0 71,421 0
Unpaid dividends 15,911 13,594 0
Buyer assumption of mortgage debt on sale of hotels 180,000 0 0
Issuance of common stock in connection with acquisition of hotel portfolio $ 66,523 $ 0 $ 0