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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
shares in Thousands, $ in Thousands
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net income $ 185,912 $ 140,662
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 243,812 236,699
Amortization of deferred financing costs and debt discounts as interest 4,374 4,034
Straight line rental income (5,807) (1,659)
Security deposits replenished 20,098 9,382
FF&E reserve income and deposits (51,840) (41,462)
Loss on extinguishment of debt   855
Equity in earnings of an investee (71) (66)
Gain on sale of real estate (11,015) (130)
Other non-cash (income) expense, net 650 8,463
Changes in assets and liabilities:    
Increase in due from related persons (1,629) (922)
Increase in other assets (7,479) (2,283)
Decrease in accounts payable and other liabilities (19,838) (26,047)
Increase (decrease) in due to related persons 17,739 (972)
Net cash provided by operating activities 374,906 326,554
Cash flows from investing activities:    
Real estate acquisitions and deposits (380,926) (60,000)
Real estate improvements (172,627) (159,027)
FF&E reserve escrow fundings (6,505) (4,699)
Net proceeds from sale of real estate   4,288
Eminent domain proceeds   6,178
Investment in Affiliates Insurance Company   (825)
Investment in The RMR Group Inc. (15,196)  
Net cash used in investing activities (575,254) (214,085)
Cash flows from financing activities:    
Proceeds from issuance of senior unsecured notes, net of discount   690,071
Repayment of senior unsecured notes   (580,000)
Borrowings under usecured revolving credit facility 611,000 745,000
Repayments of unsecured revolving credit facility (175,000) (730,000)
Deferred financing costs (5) (6,881)
Repurchase of common shares (419)  
Distributions to preferred shareholders (15,497) (15,498)
Distributions to common shareholders (224,190) (218,579)
Net cash provided by (used in) financing activities 195,889 (115,887)
Decrease in cash and cash equivalents (4,459) (3,418)
Cash and cash equivalents at beginning of year 11,834 22,500
Cash and cash equivalents at end of year 7,375 19,082
Supplemental cash flow information:    
Cash paid for interest 119,885 121,731
Cash paid for income taxes 2,289 3,947
Non-cash investing activities:    
Hotel managers' deposits in FF&E reserve 49,774 38,328
Hotel managers' purchases with FF&E reserve $ (45,965) $ (43,278)
Investment in The RMR Group Inc. paid in common shares 43,285  
Real estate acquisitions $ (45,042)  
Sales of real estate $ 45,042