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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net income $ 29,680 $ 31,695 $ 33,178
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 46,060 48,562 48,784
Amortization of deferred franchise fees 217 214 197
Amortization of deferred financing fees included in interest expense 648 1,076 1,606
Gain on sale of hotel property (3,327) 0 0
Income (loss) on sale from unconsolidated real estate entities 0 10 (3,576)
Impairment loss 6,663 0 0
Loss on early extinguishment of debt 0 4 412
Loss on write-off of deferred franchise fee 16 0 0
Deferred tax expense (benefit) 396 (426) 0
Share based compensation 3,784 3,013 2,835
Income from unconsolidated real estate entities (1,582) (718) (2,411)
Distributions from unconsolidated entities 667 0 0
Changes in assets and liabilities:      
Hotel receivables 353 47 (318)
Deferred costs (935) (94) (580)
Prepaid expenses and other assets 356 2,288 (2,277)
Accounts payable and accrued expenses 3,693 1,998 3,992
Net cash provided by operating activities 86,689 87,669 81,842
Cash flows from investing activities:      
Improvements and additions to hotel properties (30,233) (22,496) (20,331)
Acquisition of hotel properties, net of cash acquired (138,248) 0 (169,447)
Proceeds from sale of hotel properties 12,555 0 0
Distributions from unconsolidated entities 2,551 7,228 12,903
Investment in unconsolidated real estate entities (5,036) 0 0
Restricted cash (2,234) (5,810) (5,488)
Net cash used in investing activities (160,645) (21,078) (182,363)
Cash flows from financing activities:      
Borrowings on revolving credit facility 129,000 43,450 131,580
Repayments on revolving credit facility (149,500) (56,530) (88,500)
Payments on debt (4,160) (3,775) (3,239)
Principal prepayment of mortgage debt 0 (5,954) (4,760)
Payments of financing costs 0 (50) (2,112)
Payment of offering costs (2,149) (75) (2,042)
Proceeds from issuance of common shares 150,691 482 120,839
In-substance repurchase of vested common shares 0 0 (22)
Forfeited distributions - non vested shares (94) (91) 0
Distributions-common shares/units (52,617) (52,966) (45,264)
Net cash provided by (used in) financing activities 71,171 (75,509) 106,480
Net change in cash and cash equivalents (2,785) (8,918) 5,959
Cash and cash equivalents, beginning of period 12,118 21,036 15,077
Cash and cash equivalents, end of period 9,333 12,118 21,036
Supplemental disclosure of cash flow information:      
Cash paid for interest 26,541 26,836 25,508
Cash paid for income taxes $ 710 $ 742 $ 160