XML 16 R7.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Mar. 31, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Cash flows from operating activities:              
Net income (loss) $ 28,555 $ 10,060 $ (1,771) $ (171,567) $ 91,316 $ (192,457)  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:              
Depreciation and amortization 27,053   25,555   81,097 77,209  
Corporate asset depreciation as corporate expenses         167 169  
Loss on early extinguishment of debt 9,698   0   9,698 0  
Non-cash lease expense and other amortization         4,675 5,007  
Non-cash interest rate swap fair value adjustment         (14,002) 4,488  
Amortization of debt issuance costs         1,963 1,902  
Impairment losses         2,843 126,697  
Amortization of deferred income related to key money         (315) (255)  
Share-based compensation         5,852 6,652  
Changes in assets and liabilities:              
Prepaid expenses and other assets         (7,505) 3,461  
Due to/from hotel managers         (24,585) (49,952)  
Accounts payable and accrued expenses         6,821 (5,258)  
Net cash provided by (used in) operating activities         158,025 (22,337)  
Cash flows from investing activities:              
Capital expenditures         (44,588) (32,749)  
Extension of the Salt Lake City Marriott Downtown ground lease         0 (2,781)  
Property acquisitions         (106,184) (116,490)  
Net proceeds from sale of hotel properties         0 213,817  
Receipt of deferred key money         1,000 0  
Net cash (used in) provided by investing activities         (149,772) 61,797  
Cash flows from financing activities:              
Scheduled mortgage debt principal payments         (11,854) (11,361)  
Proceeds from senior unsecured term loan         800,000 0  
Repayments of senior unsecured term loans         (400,000) 0  
Draws on senior unsecured credit facility         110,000 115,500  
Repayments of senior unsecured credit facility         (200,000) (170,500)  
Payment of financing costs         (13,846) (1,150)  
Distributions on common stock and units         (10) (119)  
Distributions on preferred stock         (7,362) (7,362)  
Shares redeemed to satisfy tax withholdings on vested share-based compensation         (828) (1,482)  
Net cash provided by (used in) financing activities         276,100 (76,474)  
Net increase (decrease) in cash, cash equivalents, and restricted cash         284,353 (37,014)  
Cash, cash equivalents, and restricted cash at beginning of period   $ 75,507   $ 134,846 75,507 134,846 $ 134,846
Cash, cash equivalents, and restricted cash at end of period 359,860   97,832   359,860 97,832 75,507
Supplemental Disclosure of Cash Flow Information:              
Cash paid for interest         34,214 32,214  
Cash paid for income taxes, net         4,599 1,169  
Non-cash investing and financing activities:              
Unpaid dividends and distributions declared 6,489   19   6,489 19 0
Accrued capital expenditures         4,294 2,075 7,300
Transfer of land interest in consideration for extension of ground lease (see Note 4)         0 855  
Redemption of Operating Partnership units for common stock         214 2,370  
Cash and cash equivalents 313,871       313,871   38,620
Restricted cash 45,989       45,989   36,887
Total cash, cash equivalents and restricted cash $ 359,860   $ 97,832   $ 359,860 $ 97,832 $ 75,507