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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Cash flows from operating activities:          
Net income $ 14,691 $ 14,493 $ 31,044 $ 24,222  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation     35,744 34,501  
Amortization of deferred franchise fees     176 161  
Amortization of deferred financing fees included in interest expense     680 394  
Impairment loss 0 0 0 6,663 $ 6,700
Share based compensation     3,162 2,785  
Income from unconsolidated real estate entities (689) (1,189) (938) (2,031)  
Distributions from unconsolidated entities     354 0  
Changes in assets and liabilities:          
Hotel receivables     (2,368) (3,285)  
Deferred tax asset     0 426  
Deferred costs     (109) (878)  
Prepaid expenses and other assets     (1,262) (1,596)  
Accounts payable and accrued expenses     4,948 5,246  
Net cash provided by operating activities     71,431 66,608  
Cash flows from investing activities:          
Improvements and additions to hotel properties     (23,309) (21,524)  
Acquisition of hotel properties, net of cash acquired     21,046 49,864  
Distributions from unconsolidated entities     3,871 2,001  
Investment in unconsolidated real estate entities     0 (5,037)  
Net cash used in investing activities     (40,484) (74,424)  
Cash flows from financing activities:          
Borrowings on revolving credit facility     83,000 82,000  
Repayments on revolving credit facility     (85,000) (59,500)  
Payments on mortgage debt     (3,638) (3,094)  
Payment of financing costs     (954) 0  
Payment of offering costs     (515) (812)  
Proceeds from issuance of common shares     24,361 29,736  
Distributions-common shares/units     (46,047) (38,740)  
Net cash used in financing activities     (28,793) 9,590  
Net change in cash, cash equivalents and restricted cash     2,154 1,774  
Cash, cash equivalents and restricted cash, beginning of period     36,499 37,201 37,201
Cash, cash equivalents and restricted cash, end of period $ 38,653 $ 38,975 38,653 38,975 $ 36,499
Supplemental disclosure of cash flow information:          
Cash paid for interest     18,897 19,878  
Cash paid for income taxes     $ 856 $ 684