Chesapeake lodging trust (CHSP)
CashFlow / Quarterly
Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities:
Net income

18,241

8,251

13,228

53,379

23,810

6,549

27,602

18,953

21,661

8,019

12,147

25,947

28,542

10,070

14,731

27,180

24,045

1,552

8,839

28,688

21,249

2,178

11,528

19,243

17,057

-2,510

9,887

9,033

9,053

-796

2,941

5,727

2,037

-1,669

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

18,782

18,637

18,651

18,621

19,105

19,208

18,978

19,369

19,096

18,787

18,864

18,703

18,610

18,484

18,581

18,306

17,929

14,927

14,079

12,466

12,524

12,498

12,457

12,335

10,838

8,839

8,509

7,215

6,677

6,530

6,312

5,319

3,767

2,984

Air rights contract amortization

130

130

130

130

130

130

130

130

130

130

130

130

130

130

130

130

130

130

130

130

130

130

130

130

130

130

130

130

130

130

130

130

130

130

Deferred financing costs amortization

374

368

377

377

410

424

434

433

408

407

441

473

470

466

472

471

465

474

498

504

727

719

735

730

753

619

593

606

443

439

478

637

548

526

Share-based compensation

1,864

1,933

1,887

1,891

1,836

1,948

1,826

1,825

1,856

1,990

2,357

2,386

2,390

2,374

2,004

1,897

1,951

1,792

1,492

1,492

1,493

1,326

1,154

1,181

1,144

1,133

817

783

783

782

808

827

801

658

Other

73

71

76

76

75

75

128

155

155

155

154

200

234

208

168

221

246

146

94

-1,053

141

141

140

-120

144

131

131

131

130

131

-

-

-

-

Changes in assets and liabilities:
Accounts receivable, net

3,997

6,006

-13,678

-1,508

8,697

4,596

-7,732

2,971

6,061

-207

-6,846

1,505

3,720

5,984

-10,911

-1,719

9,598

3,711

-10,235

846

3,062

5,050

-7,085

-2,830

7,748

4,710

-6,980

1,663

2,307

3,207

-4,173

974

1,716

112

Prepaid expenses and other assets

292

2,937

-654

-3,448

-1,074

3,310

69

-2,270

-252

4,429

256

-3,711

551

2,575

-667

-1,763

611

5,973

368

-2,795

-652

3,421

2,111

-464

-1,039

2,697

-363

-369

-2,137

2,851

-1,023

1,114

-1,015

1,287

Accounts payable and accrued expenses

1,092

-4,416

-2,036

6,378

2,215

208

-3,806

4,114

2,223

-1,248

-2,804

198

2,084

2,323

-4,242

1,908

8,934

-2,531

-863

-449

2,943

2,135

-3,264

-856

8,302

3,021

-3,505

4,118

4,860

1,079

-4,124

2,328

4,840

-572

Other liabilities

0

0

-23

-8

-8

-88

1,494

4

182

-13

-14

-11

-11

-11

-11

-9

5,991

-10

-8

-8

-7

-7

-8

-6

794

-6

-6

-4

-42

65

-9

-3

-3

-3

Net cash provided by operating activities

36,121

15,889

46,470

52,539

39,800

20,398

36,276

43,972

39,592

23,695

37,557

49,832

47,112

25,069

43,075

53,144

48,990

6,504

33,940

38,819

36,508

10,367

27,566

36,543

32,165

3,688

23,637

20,456

21,604

2,040

11,602

13,032

11,419

655

Cash flows from investing activities:
Acquisition of hotels, net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

101,657

153,592

152,292

0

0

0

0

0

229,117

101,941

46,349

184,702

0

0

-

-

-

-

Deposit on hotel acquisition

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,150

-

-

-

0

-

-

-

-

-1,300

0

0

2,000

-

-

-

3,500

Receipt of deposit on hotel acquisition

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

700

0

0

0

0

-

-

-

-

Improvements and additions to hotels

7,215

8,961

11,832

11,160

8,741

10,165

13,099

13,011

12,552

16,389

14,453

8,345

5,367

3,850

6,738

5,683

11,444

12,917

19,682

24,069

21,783

21,648

8,725

9,531

5,407

4,572

6,317

5,851

6,935

4,744

1,916

454

848

171

Repayment of hotel construction loan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-7,810

1,332

1,655

2,555

2,268

-

-

-

-

Change in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-3,060

1,102

2,768

-2,187

4,002

-2,210

-2,631

-3,516

3,602

2,472

-394

2,709

4,194

2,815

1,057

1,891

2,529

1,687

944

-977

4,805

2,157

915

Net cash used in investing activities

-7,215

-8,961

-11,832

78,661

-8,741

-10,165

32,892

-13,011

-12,552

-16,389

-13,643

-5,285

-4,441

-6,618

-4,551

-9,685

-104,741

-170,028

-126,427

-37,880

-24,255

-21,254

-11,434

-13,725

-237,339

-99,060

-54,589

-194,737

-11,177

-9,956

-167,025

-51,285

-269,095

-4,586

Cash flows from financing activities:
Proceeds from sale of common shares, net of underwriting fees

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

153,962

0

144,320

0

0

20,007

3,772

0

166,083

0

132,756

0

0

0

0

0

230,291

Payment of offering costs related to sale of common shares

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8

22

70

184

14

378

0

0

62

191

46

169

10

637

0

0

10

0

63

418

Borrowings under revolving credit facility

5,000

5,000

0

15,000

20,000

20,000

15,000

125,000

20,000

155,000

10,000

45,000

105,000

25,000

15,000

5,000

120,000

190,000

15,000

35,000

15,000

35,000

0

0

100,000

5,000

50,000

135,000

3,000

10,000

237,000

90,000

10,000

-45,000

Repayments under revolving credit facility

5,000

5,000

0

90,000

15,000

15,000

60,000

15,000

225,000

10,000

20,000

25,000

175,000

15,000

20,000

25,000

20,000

155,000

50,000

50,000

0

0

30,000

70,000

0

55,000

0

293,000

0

0

-

-

-

-

Proceeds from issuance of mortgage debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

185,500

60,000

67,000

0

95,000

0

0

-

-

-

-

Scheduled principal payments on mortgage debt

3,389

3,195

3,584

3,059

3,253

3,292

3,222

3,153

3,120

128,162

3,093

2,970

2,228

2,649

2,621

2,547

2,519

2,584

2,511

62,437

2,410

2,479

2,405

1,620

901

800

772

572

480

493

-

-

-

-

Payment of deferred financing costs

-

-

-

-

-

-

12

22

1,713

36

17

91

844

0

0

9

-19

2,321

31

1,857

123

0

5

1,306

721

1,048

1,607

1,743

85

10

1,883

1,381

1,231

425

Deposit on loan application

-

-

-

-

-

-

-

-

-

-

-

-

-

3,200

-

-

-

0

-

-

-

-

-

-

2,642

390

-

-

0

1,400

-

-

-

-

Payment of dividends to common shareholders

23,875

25,098

23,778

23,778

23,772

23,741

23,741

23,741

23,734

24,693

23,638

23,637

23,630

23,575

23,575

20,630

20,625

16,281

16,437

14,824

14,820

12,811

12,617

11,577

11,574

8,748

8,761

7,055

7,054

6,420

6,420

6,419

6,418

3,679

Payment of dividends to preferred shareholders

-

-

-

-

-

-

0

2,476

2,422

2,422

2,422

2,422

2,422

2,422

2,422

2,422

2,422

2,422

2,422

2,422

2,422

2,422

2,422

2,422

2,422

2,422

2,368

0

0

0

-

-

-

-

Repurchase of common shares

0

1,163

3,207

0

0

1,146

13

0

13

1,052

2,826

0

0

194

89

8

0

1,690

2,267

8

0

430

671

10

0

1,088

174

0

0

621

0

0

0

209

Net cash used in financing activities

-27,264

-29,456

-30,572

-101,841

-23,581

-23,179

-71,988

-44,392

-11,002

-11,365

-41,996

-43,150

-34,114

-22,040

-33,715

-45,638

74,383

163,480

-58,682

139,509

-6,890

16,858

-28,175

-24,822

141,694

168,418

36,308

182,211

-4,619

1,056

36,201

151,643

97,288

180,560

Net decrease in cash, cash equivalents, and restricted cash

1,642

-22,528

4,066

29,359

7,478

-12,946

-2,820

-13,431

16,038

-4,059

-18,082

1,397

8,557

-3,589

4,809

-2,179

18,632

-44

-151,169

140,448

5,363

5,971

-12,043

-2,004

-63,480

73,046

5,356

7,930

5,808

-6,860

-119,222

113,390

-160,388

176,629

Supplemental disclosure of cash flow information:
Cash paid for interest

7,738

7,067

8,227

7,779

8,532

8,356

8,488

8,348

7,465

7,527

7,463

7,906

7,496

7,755

7,706

7,897

7,738

6,327

6,359

6,453

6,173

5,991

6,058

6,209

5,406

4,748

4,825

4,664

4,742

4,599

4,175

2,845

1,182

1,427

Cash paid for income taxes

1,514

0

-1,030

115

661

84

1,277

56

1,487

107

100

290

1,514

91

1,272

1,067

2,123

17

591

275

245

15

349

415

823

3

127

417

35

18

-

-

-

-

Assumption of mortgage debt related to hotel acquisition

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

125,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-