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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
ASSETS    
Investments in hotel properties, gross $ 2,335,545 $ 2,325,093
Accumulated depreciation (455,279) (440,492)
Investments in hotel properties, net 1,880,266 1,884,601
Cash and cash equivalents 281,490 261,541
Restricted cash 63,063 54,155
Accounts receivable, net of allowance of $285 and $339, respectively 44,998 51,448
Inventories 5,243 5,238
Prepaid expenses 8,826 7,044
Investment in unconsolidated entity 1,715 1,689
Derivative assets 4,933 6,482
Operating lease right-of-use assets 79,189 79,449
Other assets 16,292 14,621
Intangible assets, net 3,788 3,883
Due from related parties, net 586 938
Due from third-party hotel managers 19,133 26,625
Total assets 2,409,522 2,397,714
Liabilities:    
Indebtedness, net 1,277,642 1,334,130
Accounts payable and accrued expenses 129,567 133,978
Dividends and distributions payable 8,756 8,184
Due to Ashford Inc. 3,759 10,005
Due to third-party hotel managers 1,463 2,096
Operating lease liabilities 60,620 60,692
Other liabilities 22,537 22,343
Derivative liabilities 181 284
Total liabilities 1,504,525 1,571,712
Commitments and contingencies (note 15)
Redeemable noncontrolling interests in operating partnership 34,820 40,555
Preferred stock, $0.01 par value, 80,000,000 shares authorized:    
8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at March 31, 2023 and December 31, 2022 16 16
Common stock, $0.01 par value, 250,000,000 shares authorized, 65,949,691 and 69,919,065 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively 659 699
Additional paid-in capital 715,729 734,134
Accumulated deficit (324,840) (324,740)
Total stockholders’ equity of the Company 391,564 410,109
Noncontrolling interest in consolidated entities (14,013) (16,346)
Total equity 377,551 393,763
Total liabilities and equity 2,409,522 2,397,714
Ashford Inc.    
Liabilities:    
Due to Ashford Inc. 343  
Series B Preferred Stock    
Liabilities:    
Series preferred stock 65,426 65,426
Series E Preferred Stock    
Liabilities:    
Series preferred stock 378,906 291,076
Series M Preferred Stock    
Liabilities:    
Series preferred stock $ 48,294 $ 35,182