| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||||
Net income (loss) | ||||||||||
171,917 | 206,086 | 182,492 | 144,652 | 117,288 | 6,833 | 115,222 | 75,476 | 69,988 | 16,257 | 16,854 |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | ||||||||||
Depreciation and amortization | ||||||||||
193,240 | 183,482 | 176,499 | 148,163 | 127,449 | 113,112 | 54,827 | 52,748 | - | - | - |
Loss on impairment of depreciable real estate assets | ||||||||||
6,500 | 3,100 | 45,900 | 5,471 | 45,000 | 10,988 | 0 | 0 | - | - | - |
Gain on sale of real estate | ||||||||||
5,021 | 152 | 16,295 | -153 | 15,286 | 0 | 33,306 | 0 | 0 | - | - |
Series B convertible preferred share expense | ||||||||||
- | - | - | - | - | 117,133 | 0 | 0 | - | - | - |
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net | ||||||||||
- | - | - | - | - | - | - | - | - | 304 | 206 |
Straight-line rental income | ||||||||||
- | - | - | - | - | - | - | - | 6,158 | 6,104 | 4,618 |
Depreciation, including discontinued operations | ||||||||||
- | - | - | - | - | - | - | - | 49,815 | 30,749 | 15,936 |
Other non-cash expenses, net | ||||||||||
-4,520 | -7,972 | -7,120 | -6,747 | -6,015 | -1,117 | -314 | 1,671 | -354 | - | - |
Changes in operating assets and liabilities: | ||||||||||
Decrease (increase) in due from third party managers, net | ||||||||||
-2,221 | -2,027 | -17 | -5,164 | 1,827 | -1,931 | -330 | 1,146 | 1,326 | 5,944 | 574 |
Decrease (increase) in other assets, net | ||||||||||
821 | 772 | -11,235 | 10,775 | 644 | 1,486 | -369 | 588 | -612 | -1,911 | 1,317 |
Decrease in accounts payable and other liabilities | ||||||||||
9,151 | 3,034 | -22,872 | 31,596 | 3,057 | 2,559 | -310 | -1,853 | 2,759 | 1,585 | 2,650 |
Net cash provided by operating activities | ||||||||||
381,674 | 404,812 | 384,071 | 331,171 | 281,052 | 252,187 | 137,446 | 122,966 | 116,044 | 38,758 | 29,137 |
Cash flows from investing activities: | ||||||||||
Cash consideration in Apple Ten merger | ||||||||||
- | - | - | - | 0 | 0 | - | - | - | - | - |
Acquisition of hotel properties, net | ||||||||||
59,424 | 150,746 | 162,903 | 23,994 | 233,078 | 0 | 7,225 | 18,017 | 161,645 | 740,735 | 325,085 |
Deposits and other disbursements for potential acquisitions | ||||||||||
1,229 | 537 | 1,359 | 510 | 563 | 0 | 0 | - | 760 | 12,345 | 238 |
Capital improvements | ||||||||||
74,896 | 74,293 | 63,305 | 65,128 | 62,260 | 67,990 | 22,505 | 16,526 | 15,734 | 22,736 | 11,736 |
Decrease (increase) in capital improvement reserves | ||||||||||
- | - | - | - | -8,451 | -3,938 | -68 | -569 | 126 | -3,558 | 832 |
Net proceeds from sale of real estate | ||||||||||
121,225 | 15,416 | 69,311 | 9,760 | 205,165 | 5,648 | -377 | 135,410 | 1,396 | 2,606 | - |
Payments received on note receivable | ||||||||||
- | - | - | - | - | - | 55,485 | 4,515 | 0 | 0 | - |
Repayment in other assets | ||||||||||
- | - | - | - | - | - | - | - | -10,784 | -16,451 | 3,240 |
Net cash provided by investing activities | ||||||||||
-14,324 | -210,160 | -158,256 | -162,200 | -82,285 | -58,404 | 25,446 | 105,951 | -166,085 | -786,103 | -341,131 |
Cash flows from financing activities: | ||||||||||
Equity issuance costs | ||||||||||
- | - | - | - | - | 0 | - | - | - | - | - |
Net proceeds (disbursements) related to issuance of common shares | ||||||||||
0 | 4,677 | 132,993 | -1,207 | 0 | - | 21,919 | 50,007 | 58,843 | 825,857 | 570,703 |
Repurchases of common shares | ||||||||||
4,335 | 104,304 | 0 | 7,869 | 237,567 | 2,349 | 19,992 | 51,987 | - | - | - |
Repurchases of common shares to satisfy employee withholding requirements | ||||||||||
577 | 1,525 | 692 | 1,459 | 0 | 0 | - | - | - | - | - |
Redemptions of Units | ||||||||||
- | - | - | - | - | - | - | - | 39,168 | 7,462 | 2,605 |
Distributions paid to common shareholders | ||||||||||
268,672 | 275,892 | 267,917 | 229,056 | 229,127 | 233,412 | 151,586 | 154,980 | 160,399 | 118,126 | 57,330 |
Proceeds from term loans | ||||||||||
- | - | - | - | - | 27,000 | 0 | 77,690 | 0 | 0 | - |
Net proceeds from existing revolving credit facility | ||||||||||
- | - | - | 0 | - | - | - | - | - | - | - |
Net proceeds from (payments on) revolving credit facility | ||||||||||
-217,900 | 268,800 | 0 | 44,100 | 23,200 | 91,600 | 0 | 0 | - | - | - |
Special distribution paid to common shareholders | ||||||||||
- | - | - | - | - | - | - | 136,113 | 0 | 0 | - |
Net payments on extinguished revolving credit facility | ||||||||||
0 | 106,900 | 163,100 | - | 0 | 129,490 | 0 | 0 | - | - | - |
Proceeds from term loans and senior notes | ||||||||||
160,000 | 575,000 | 85,000 | 150,000 | 425,000 | 100,000 | - | - | - | - | - |
Repayment of term loans | ||||||||||
0 | 575,000 | 0 | 0 | 100,000 | 0 | - | - | - | - | - |
Proceeds from mortgage debt | ||||||||||
0 | 44,000 | 30,000 | 94,000 | 38,000 | - | - | - | - | - | - |
Payments of mortgage debt | ||||||||||
33,806 | 12,663 | 39,920 | 207,694 | 111,218 | 60,331 | 3,713 | 34,512 | - | - | - |
Payments of notes payable | ||||||||||
- | - | - | - | - | - | - | - | 2,200 | 1,135 | -754 |
Financing costs | ||||||||||
1,031 | 7,004 | 1,813 | 3,012 | 7,055 | 4,903 | 445 | 728 | 410 | 594 | 300 |
Net cash provided by (used in) financing activities | ||||||||||
-366,321 | -190,811 | -225,449 | -162,197 | -198,767 | -211,885 | -153,817 | -250,623 | -143,334 | 698,540 | 509,714 |
Net change in cash, cash equivalents and restricted cash | ||||||||||
1,029 | 3,841 | 366 | 6,774 | 0 | -18,102 | 9,075 | -21,706 | -193,375 | -48,805 | 197,720 |
Supplemental cash flow information: | ||||||||||
Interest paid | ||||||||||
59,877 | 50,312 | 46,885 | 41,884 | 35,019 | 29,671 | 9,721 | 7,973 | 6,545 | 3,571 | 2,835 |
Income taxes paid | ||||||||||
790 | 887 | 877 | 1,104 | 1,021 | 1,860 | 1,522 | 1,236 | 1,028 | - | - |
Supplemental disclosure of noncash investing and financing activities: | ||||||||||
Conversion of Series B convertible preferred shares to common shares | ||||||||||
- | - | - | - | - | 117,133 | 0 | 0 | - | - | - |
Other assets assumed in acquisitions | ||||||||||
- | - | - | - | - | - | - | - | 550 | 293 | 210 |
Other liabilities assumed in acquisitions | ||||||||||
- | - | - | - | - | - | - | - | 1,243 | 2,912 | 2,209 |
Note receivable issued from sale of assets | ||||||||||
- | - | - | - | - | - | - | 60,000 | 0 | 0 | - |
Mortgage debt assumed in acquisition of hotel properties | ||||||||||
- | - | - | - | 22,399 | 0 | 0 | - | 25,942 | 42,715 | -19,284 |
Mortgage debt assumed by buyer upon sale of real estate | ||||||||||
0 | 0 | 27,073 | 0 | 0 | - | - | - | - | - | - |
Stock consideration in Apple Ten merger (see note 2) | ||||||||||
- | - | - | 956,086 | 0 | - | 0 | 0 | - | - | - |