XML 19 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash Flows from Operating Activities    
Net income (loss) $ 23,475 $ 1,417
Adjustments to reconcile net income to net cash flows provided by (used in) operating activities:    
Depreciation and amortization 34,342 32,384
Equity-based compensation 3,539 2,100
Bad debt expense 156 113
Amortization of loan costs 2,406 1,835
Write-off of loan costs and exit fees 2,595 54
Amortization of intangibles 71 (110)
Gain on sale of hotel property (26,359) 0
Realized and unrealized gain on marketable securities 0 (1,068)
Unrealized loss on investment in Ashford Inc. 1,091 5,621
Purchases of trading securities 0 (105,878)
Sales of trading securities 0 55,654
Realized and unrealized (gain) loss on derivatives (2,140) 2,101
Equity in loss of unconsolidated entity 2,587 4,219
Deferred tax (benefit) expense 357 (918)
Payments for derivatives (114) (3,853)
Changes in operating assets and liabilities, exclusive of the effect of acquisitions and dispositions of hotel properties:    
Restricted cash (13,912) (1,433)
Accounts receivable and inventories (4,082) (687)
Prepaid expenses and other assets (1,346) (1,036)
Accounts payable and accrued expenses 7,928 6,079
Due to/from related party, net (104) 6
Due to/from third-party hotel managers 4,027 (2,903)
Due to/from Ashford Trust OP, net (535) (757)
Due to Ashford Inc. (359) (105)
Other liabilities 173 (1)
Net cash provided by (used in) operating activities 33,796 (7,166)
Cash Flows from Investing Activities    
Proceeds from property insurance 0 24
Acquisition of hotel properties, net of cash acquired 0 (81,780)
Proceeds from liquidation of AQUA U.S. Fund 43,489 0
Investment in Ashford Inc. 0 (16,623)
Net proceeds from sales of hotel property 82,732 206
Change in restricted cash related to improvements and additions to hotel properties 5,158 (654)
Improvements and additions to hotel properties (16,615) (13,945)
Net cash provided by (used in) investing activities 114,764 (112,772)
Cash Flows from Financing Activities    
Borrowings on indebtedness 0 70,000
Repayments of indebtedness (71,283) (74,886)
Payments of loan costs and exit fees (2,664) (1,199)
Payments for derivatives (5) (8)
Repurchase of common stock (39,224) (8,875)
Payments for dividends and distributions (12,284) (7,725)
Issuance of preferred stock 4,233 62,597
Issuance of common stock 0 3,104
Forfeiture of restricted shares/units 0 (7)
Redemption of operating partnership units 0 (5,856)
Distributions to a noncontrolling interest in a consolidated entity (3,766) (2,938)
Other 19 0
Net cash provided by (used in) financing activities (124,974) 34,207
Net change in cash and cash equivalents 23,586 (85,731)
Cash and cash equivalents at beginning of period 105,039 171,439
Cash and cash equivalents at end of period 128,625 85,708
Supplemental Cash Flow Information    
Interest paid 29,039 25,830
Income taxes paid 379 1,788
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Investment in unconsolidated entity 0 51,292
Net other assets and liabilities acquired 0 (3,208)
Dividends and distributions declared but not paid 4,876 3,320
Capital expenditures accrued but not paid 1,181 613
Non-cash consideration from sale of property, plant and equipment 0 1,363
Investment in Ashford Inc. 0 1,363
Receivable related to liquidation of AQUA U.S. Fund 2,289 0
Accrued preferred stock offering expenses 0 258
Non-cash preferred stock offering expense $ 479 $ 0