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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
ASSETS    
Investments in hotel properties, gross $ 1,780,556 $ 1,791,174
Accumulated depreciation (343,877) (309,752)
Investments in hotel properties, net 1,436,679 1,481,422
Cash and cash equivalents 88,227 71,995
Restricted cash 34,658 58,388
Accounts receivable, net of allowance of $196 and $153, respectively 17,335 19,053
Inventories 2,396 2,794
Prepaid expenses 4,298 4,992
Investment in unconsolidated entity 1,787 1,899
Derivative assets 777 582
Operating lease right-of-use assets 81,588 82,596
Other assets 14,356 13,018
Intangible assets, net 4,735 5,019
Due from related parties, net 993 551
Due from third-party hotel managers 14,315 16,638
Total assets 1,702,144 1,758,947
Liabilities:    
Indebtedness, net 1,132,987 1,058,486
Accounts payable and accrued expenses 64,931 94,919
Dividends and distributions payable 3,208 9,143
Due to Ashford Inc. 1,662 4,344
Due to third-party hotel managers 1,439 1,685
Operating lease liabilities 60,956 61,118
Other liabilities 17,314 17,508
Total liabilities 1,282,497 1,247,203
Commitments and contingencies (note 15)
5.50% Series B cumulative convertible preferred stock, $0.01 par value, 5,031,473 and 5,008,421 shares issued and outstanding at September 30, 2020 and December 31, 2019 107,352 106,920
Redeemable noncontrolling interests in operating partnership 29,713 41,570
Preferred stock, $0.01 value, 80,000,000 shares authorized:    
Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at September 30, 2020 and December 31, 2019 16 16
Common stock, $0.01 par value, 250,000,000 shares authorized, 36,599,843 and 32,885,217 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively 365 329
Additional paid-in capital 533,641 519,551
Accumulated deficit (237,813) (150,629)
Total stockholders’ equity of the Company 296,209 369,267
Noncontrolling interest in consolidated entities (13,627) (6,013)
Total equity 282,582 363,254
Total liabilities and equity $ 1,702,144 $ 1,758,947