| Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||
Net income | ||||||||
96,966 | 76,235 | 76,706 | 67,508 | 60,954 | 45,318 | 27,177 | 9,036 | -674 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | ||||||||
75,585 | 76,230 | 74,661 | 69,743 | 51,567 | 44,469 | 28,931 | 18,382 | 4,793 |
Air rights contract amortization | ||||||||
520 | 520 | 520 | 520 | 520 | 520 | 520 | 520 | 411 |
Write-off of Unfavorable Contract Liability | ||||||||
0 | 11,815 | 0 | 0 | - | - | - | - | - |
Ground lease asset amortization | ||||||||
- | - | - | - | - | - | - | - | 0 |
Deferred financing costs amortization | ||||||||
1,588 | 1,682 | 1,850 | 1,882 | 2,448 | 2,837 | 2,081 | 2,189 | 641 |
Gain (Loss) on Disposition of Property Plant Equipment | ||||||||
33,109 | 6,102 | 598 | 0 | 7,006 | 0 | 0 | - | - |
Premium on mortgage loan amortization | ||||||||
- | - | - | - | - | - | - | - | 0 |
Unfavorable contract liability amortization | ||||||||
- | - | - | - | - | - | - | - | 0 |
Loss on early extinguishment of debt | ||||||||
- | - | - | - | - | -372 | 0 | -208 | 0 |
Share-based compensation | ||||||||
7,562 | 7,497 | 9,507 | 7,644 | 5,803 | 4,612 | 3,165 | 3,094 | 1,689 |
Other | ||||||||
302 | 593 | 796 | 781 | -677 | 295 | 523 | 183 | - |
Changes in assets and liabilities: | ||||||||
Accounts receivable, net | ||||||||
-1,893 | 1,093 | 4,363 | 679 | -1,277 | 2,543 | 197 | -1,371 | 1,531 |
Prepaid expenses and other assets | ||||||||
-1,866 | 1,976 | -329 | 4,154 | 342 | 3,305 | -18 | 363 | 909 |
Accounts payable and accrued expenses | ||||||||
6,765 | 1,283 | 1,801 | 4,069 | 3,766 | 7,203 | 6,552 | 2,472 | 7,566 |
Other liabilities | ||||||||
-127 | 1,667 | -47 | 5,961 | -30 | 774 | 13 | -18 | 213 |
Net cash provided by operating activities | ||||||||
159,207 | 143,535 | 159,570 | 151,713 | 119,634 | 99,962 | 67,737 | 36,708 | 12,199 |
Cash flows from investing activities: | ||||||||
Acquisition of hotels, net of cash acquired | ||||||||
- | - | - | 255,249 | 152,292 | 331,058 | 231,051 | 483,702 | 404,197 |
Disposition of hotel, net of cash sold | ||||||||
89,821 | 45,991 | 2,028 | 0 | 31,822 | 0 | 0 | - | - |
Deposit on hotel acquisition | ||||||||
- | - | - | - | - | - | 700 | 0 | 2,000 |
Receipt of deposit on hotel acquisition | ||||||||
- | - | - | - | - | 700 | 0 | 2,000 | 0 |
Improvements and additions to hotels | ||||||||
41,898 | 55,051 | 32,015 | 36,782 | 87,182 | 28,235 | 23,847 | 3,389 | 2,414 |
Repayment of hotel construction loan | ||||||||
- | - | - | - | - | -7,810 | 7,810 | 0 | 0 |
Change in restricted cash | ||||||||
- | - | - | -3,026 | 2,164 | 10,775 | 7,051 | 6,900 | 2,588 |
Net cash used in investing activities | ||||||||
47,923 | -9,060 | -29,987 | -289,005 | -209,816 | -361,558 | -270,459 | -491,991 | -411,199 |
Cash flows from financing activities: | ||||||||
Proceeds from sale of common shares, net of underwriting fees | ||||||||
- | - | - | 153,962 | 144,320 | 189,862 | 132,756 | 230,291 | 312,158 |
Proceeds from sale of preferred shares, net of underwriting fees | ||||||||
- | - | - | - | - | - | 121,062 | 0 | 0 |
Payment of offering costs related to sale of common shares | ||||||||
- | - | - | 284 | 392 | 468 | 647 | 491 | 2,134 |
Redemption of preferred shares | ||||||||
0 | 125,000 | 0 | 0 | - | - | - | - | - |
Borrowings under revolving credit facility | ||||||||
55,000 | 315,000 | 185,000 | 330,000 | 100,000 | 105,000 | 198,000 | 292,000 | 150,000 |
Repayments under revolving credit facility | ||||||||
120,000 | 310,000 | 235,000 | 220,000 | 100,000 | 155,000 | 293,000 | 192,000 | 105,000 |
Proceeds from issuance of unsecured term loan | ||||||||
0 | 225,000 | 0 | 0 | - | - | - | - | - |
Proceeds from issuance of mortgage debt | ||||||||
0 | 0 | 150,000 | 0 | 90,000 | 312,500 | 95,000 | 225,000 | 60,000 |
Principal prepayments on mortgage debt | ||||||||
0 | 0 | 122,220 | 0 | 0 | 130,000 | 0 | 60,000 | 0 |
Scheduled principal payments on mortgage debt | ||||||||
13,188 | 137,657 | 10,940 | 10,271 | 69,837 | 5,726 | 2,317 | 781 | 0 |
Payment of deferred financing costs | ||||||||
1,563 | 1,783 | 952 | 2,311 | 2,011 | 3,080 | 3,445 | 4,920 | 3,384 |
Purchase of interest rate cap | ||||||||
- | - | - | - | - | - | - | 262 | 0 |
Payment of dividends to common shareholders | ||||||||
95,069 | 95,909 | 94,480 | 81,111 | 58,892 | 44,516 | 29,290 | 22,936 | 1,862 |
Payment of dividends to preferred shareholders | ||||||||
0 | 7,320 | 9,688 | 9,688 | 9,688 | 9,688 | 2,368 | 0 | 0 |
Repurchase of common shares | ||||||||
4,353 | 1,078 | 3,020 | 1,787 | 2,705 | 1,769 | 795 | 209 | 1 |
Repayment of related-party loan | ||||||||
- | - | - | - | - | - | - | - | 249 |
Net cash used in financing activities | ||||||||
-179,173 | -138,747 | -141,300 | 158,510 | 90,795 | 257,115 | 214,956 | 465,692 | 409,528 |
Net decrease in cash, cash equivalents, and restricted cash | ||||||||
27,957 | -4,272 | -11,717 | 21,218 | 613 | -4,481 | 12,234 | 10,409 | 10,528 |
Supplemental disclosure of cash flow information: | ||||||||
Cash paid for interest | ||||||||
32,894 | 31,828 | 30,620 | 29,668 | 24,976 | 22,421 | 18,830 | 9,629 | 1,269 |
Cash paid for income taxes | ||||||||
-170 | 2,927 | 1,995 | 4,479 | 1,126 | 1,590 | 597 | 18 | 103 |
Assumption of mortgage debt related to hotel acquisition | ||||||||
- | - | - | 125,000 | 0 | 0 | - | 38,622 | 0 |