XML 17 R7.htm IDEA: XBRL DOCUMENT v3.19.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net income $ 1,628 $ 2,868
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 12,710 11,978
Amortization of deferred franchise fees 62 58
Amortization of deferred financing fees included in interest expense 231 239
Share based compensation 1,059 918
Loss from unconsolidated real estate entities 1,123 754
Changes in assets and liabilities:    
Right of use assets 155 0
Hotel receivables (723) (1,244)
Deferred costs 0 (117)
Prepaid expenses and other assets (3,082) (3,041)
Accounts payable and accrued expenses 240 1,013
Lease liability (92) 0
Net cash provided by operating activities 13,311 13,426
Cash flows from investing activities:    
Improvements and additions to hotel properties (11,741) (6,947)
Investment in unconsolidated real estate entities 0 1,019
Net cash used in investing activities (11,741) (5,928)
Cash flows from financing activities:    
Borrowings on revolving credit facility 25,500 53,000
Repayments on revolving credit facility (10,000) (51,000)
Payments on mortgage debt (1,308) (1,227)
Payment of financing costs (48) (931)
Payment of offering costs (26) (255)
Proceeds from issuance of common shares 119 10,537
Distributions-common shares/units (15,603) (15,320)
Net cash used in financing activities (1,366) (5,196)
Net change in cash, cash equivalents and restricted cash 204 2,302
Cash, cash equivalents and restricted cash, beginning of period 32,337 36,499
Cash, cash equivalents and restricted cash, end of period 32,541 38,801
Supplemental disclosure of cash flow information:    
Cash paid for interest 6,789 6,195
Cash paid for income taxes $ 8 $ 2