XML 25 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
NET INCOME (LOSS) $ (289) $ (139)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:    
Depreciation and amortization 11,971 11,904
Equity-based compensation (1,668) (613)
Bad debt expense 36 61
Amortization of loan costs 1,049 881
Write-off of loan costs and exit fees 1,963 0
Amortization of intangibles 50 5
Unrealized (gain) loss on investment in Ashford Inc. (3,091) 1,493
Realized and unrealized (gain) loss on derivatives 1,054 (3,533)
Equity in (earnings) loss of unconsolidated entity 0 2,650
Deferred tax expense (benefit) (693) 53
Payments for derivatives 0 (114)
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions:    
Accounts receivable and inventories (2,733) (1,849)
Prepaid expenses and other assets (2,833) (2,952)
Accounts payable and accrued expenses 1,927 8,103
Due to/from related party, net (221) (290)
Due to/from affiliate, net (2,500) 0
Due to/from third-party hotel managers 1,677 (1,874)
Other liabilities 33 58
Net cash provided by (used in) operating activities 4,554 12,143
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from property insurance 0 673
Acquisition of hotel properties, net of cash and restricted cash acquired (154,028) 0
Proceeds from liquidation of AQUA U.S. Fund 2,289 0
Improvements and additions to hotel properties (9,273) (3,357)
Net cash provided by (used in) investing activities (161,012) (2,684)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings on indebtedness 432,500 0
Repayments of indebtedness (334,774) (2,143)
Payments of loan costs and exit fees (9,097) (15)
Payments for derivatives (319) (4)
Purchase of common stock (6) 0
Payments for dividends and distributions (4,625) (3,405)
Issuance of preferred stock 38,577 (54)
Issuance of common stock 66,650 0
Distributions to a noncontrolling interest in a consolidated entity 0 (3,766)
Other 0 19
Net cash provided by (used in) financing activities 188,906 (9,368)
Net change in cash, cash equivalents and restricted cash 32,448 91
Cash, cash equivalents and restricted cash at beginning of period 164,645 138,174
Cash, cash equivalents and restricted cash at end of period 197,093 138,265
SUPPLEMENTAL CASH FLOW INFORMATION    
Interest paid 7,981 9,682
Income taxes paid 716 144
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Common stock purchases accrued but not paid 112 103
Dividends and distributions declared but not paid 8,025 4,325
Capital expenditures accrued but not paid 1,697 479
Accrued common stock offering expense 133 0
Accrued preferred stock offering expenses 216 0
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents at beginning of period 126,790 105,039
Restricted cash at beginning of period 37,855 33,135
Cash and cash equivalents at end of period 161,314 101,891
Restricted cash at end of period 35,779 36,374
Cash, cash equivalents and restricted cash at end of period 164,645 138,174
Ashford Trust OP [Member]    
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions:    
Due to/from affiliate, net 494 (515)
Ashford Inc. [Member]    
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions:    
Due to/from affiliate, net $ (1,672) $ (1,186)