| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|---|---|---|---|---|---|---|---|---|
OPERATING ACTIVITIES | |||||||||
Net (loss) income | |||||||||
82,348 | 91,126 | 99,521 | 108,261 | 125,256 | 20,923 | 5,897 | -2,270 | -4,177 | -20,920 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||
Depreciation and amortization | |||||||||
99,445 | 101,013 | 85,927 | 72,406 | 64,052 | 63,776 | 51,289 | 34,871 | 29,808 | 27,251 |
Amortization of deferred financing costs | |||||||||
1,485 | 1,973 | 2,022 | 2,143 | 1,723 | 1,549 | 1,854 | - | - | - |
Loss on impairment of assets | |||||||||
2,521 | 1,075 | 0 | 577 | 1,115 | 9,247 | 9,044 | 2,965 | - | 6,475 |
Amortization of prepaid lease | |||||||||
- | - | - | - | - | - | - | 73 | 47 | 47 |
Equity-based compensation | |||||||||
6,219 | 6,665 | 5,887 | 4,221 | 4,753 | 3,524 | 2,124 | 1,205 | 480 | - |
Deferred tax asset, net | |||||||||
-12 | -430 | 887 | -2,391 | 64 | -127 | 3,948 | -1,801 | -2,196 | - |
Realization of deferred gain | |||||||||
0 | 0 | 15,000 | 5,000 | 0 | - | - | - | - | - |
Loss (gain) on disposal of assets, net | |||||||||
45,418 | 41,474 | 28,209 | 44,855 | 65,067 | 446 | 4,308 | 2,811 | -36 | -43 |
Non-cash interest income | |||||||||
2,477 | 2,045 | 284 | 0 | 0 | - | - | - | - | - |
Debt transaction costs | |||||||||
1,892 | 401 | 195 | - | - | - | - | - | - | - |
Loss on derivative financial instruments | |||||||||
- | - | - | - | - | - | - | -2 | - | - |
Other | |||||||||
-469 | -770 | -285 | -180 | -1,287 | -48 | -45 | - | - | - |
Changes in operating assets and liabilities: | |||||||||
Restricted cash - operating | |||||||||
- | - | - | - | -18 | 631 | 1,309 | 69 | -785 | -563 |
Trade receivables, net | |||||||||
-511 | -2,787 | 5,032 | 2,655 | 1,727 | 419 | 1,753 | 1,424 | 394 | 57 |
Prepaid expenses and other | |||||||||
-552 | 1,127 | 2,454 | 626 | -28 | -3,618 | 3,654 | 1,043 | -1,637 | 4,942 |
Accounts payable | |||||||||
-314 | -424 | -491 | 1,676 | -4,324 | -312 | - | - | - | 1,963 |
Accrued expenses and other | |||||||||
1,257 | 1,341 | 4,595 | 2,803 | 5,038 | 1,389 | - | - | - | - |
Accounts payable and Accrued expenses and other | |||||||||
- | - | - | - | - | - | 9,259 | 5,005 | 4,327 | - |
NET CASH PROVIDED BY OPERATING ACTIVITIES | |||||||||
148,478 | 161,651 | 147,849 | 136,740 | 132,216 | 102,139 | 72,436 | 34,703 | 24,146 | 10,423 |
INVESTING ACTIVITIES | |||||||||
Acquisitions of hotel properties and land | |||||||||
282,557 | 71,002 | 588,822 | - | - | - | - | - | - | - |
Acquisition of land held for development | |||||||||
- | - | - | - | - | - | 2,800 | - | - | - |
Improvements to hotel properties | |||||||||
59,268 | 66,610 | 37,191 | 42,433 | 43,197 | 42,432 | 53,222 | 29,396 | 33,514 | 1,357 |
Payments to Acquire Real Estate | |||||||||
- | - | - | 244,714 | 236,518 | 177,820 | 441,573 | 216,892 | 50,017 | 1,413 |
Acquisition of non-controlling interest in joint venture | |||||||||
- | - | - | - | - | 8,232 | - | - | - | - |
Investment in hotel properties under development | |||||||||
0 | 13,430 | 20,993 | 0 | 75 | 253 | - | 10,303 | - | - |
Purchases of office furniture and equipment | |||||||||
- | - | - | - | - | - | 398 | 210 | - | - |
Proceeds from asset dispositions, net | |||||||||
165,724 | 104,030 | 120,733 | 145,347 | 150,054 | 19,280 | 52,850 | 25,887 | 361 | 15 |
Funding of real estate loans | |||||||||
8,363 | 16,245 | 17,935 | 27,500 | 2,634 | 7,366 | - | - | - | - |
Proceeds from principal payments on real estate loans | |||||||||
2,300 | 200 | 32,500 | 7,814 | 0 | 0 | - | - | - | - |
(Increase) decrease in restricted cash - FF&E reserve | |||||||||
- | - | - | - | -11,304 | -16,275 | 22,291 | 2,091 | 316 | 410 |
Decrease in escrow deposits for acquisitions | |||||||||
- | - | - | -10,046 | 10,046 | 0 | - | - | - | - |
NET CASH USED IN INVESTING ACTIVITIES | |||||||||
-182,164 | -63,057 | -511,708 | -151,440 | -131,112 | -200,548 | -467,434 | -233,005 | -83,486 | -3,165 |
Proceeds from issuance of debt | |||||||||
360,000 | 815,000 | 667,640 | 405,000 | 600,407 | 263,601 | 587,245 | 130,659 | 65,383 | 4,919 |
Repayments of Debt | |||||||||
302,287 | 723,098 | 452,082 | 424,545 | 550,150 | 115,829 | 497,801 | 82,312 | 268,716 | 10,665 |
Proceeds from equity offerings, net of issuance costs | |||||||||
0 | 0 | 318,307 | 161,347 | 0 | 0 | 381,795 | 178,858 | 288,716 | - |
Redemption of preferred stock | |||||||||
0 | -85,000 | -75,025 | -50,000 | 0 | 0 | - | - | - | - |
Dividends paid | |||||||||
90,783 | 92,245 | 85,635 | 66,713 | 57,602 | 56,550 | 47,594 | 23,066 | 19,207 | - |
Proceeds from contribution by non-controlling interests in joint venture | |||||||||
68,712 | 0 | 0 | - | - | - | 7,500 | - | - | - |
Financing fees on debt and other issuance costs | |||||||||
3,840 | 3,978 | 1,953 | 1,948 | 2,250 | 782 | 3,421 | 2,394 | 4,276 | 1,239 |
Repurchase of common shares for withholding requirements | |||||||||
839 | 2,724 | 961 | 1,265 | - | - | - | - | - | - |
Other | |||||||||
- | - | - | - | -764 | -156 | - | - | - | - |
Dividends paid and distributions to members | |||||||||
- | - | - | - | - | - | - | - | - | 535 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | |||||||||
30,963 | -92,045 | 370,291 | 21,876 | -10,359 | 90,284 | 427,724 | 201,745 | 61,900 | -7,520 |
Net change in cash, cash equivalents and restricted cash | |||||||||
-2,723 | 6,549 | 6,432 | 7,176 | -9,255 | -8,125 | 32,726 | 3,443 | 2,560 | -262 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||||||
Cash payments for interest | |||||||||
41,648 | 38,743 | 27,362 | 26,156 | 28,927 | 26,925 | 19,989 | 15,592 | 18,852 | 25,867 |
Accrued improvements to hotel properties | |||||||||
4,856 | 6,084 | 7,074 | 3,071 | 1,063 | - | - | - | - | - |
Capitalized interest | |||||||||
0 | 446 | 301 | 0 | 75 | 253 | 400 | 53 | - | - |
Cash payments for income taxes, net of refunds | |||||||||
-229 | 839 | 623 | 1,228 | 2,436 | 926 | 681 | 433 | 163 | -22 |
Mortgage debt assumed for acquisitions of hotel properties | |||||||||
- | - | - | - | - | 43,172 | 33,532 | 47,162 | - | - |
Fair value of common units issued for acquisition of hotel | |||||||||
- | - | - | - | - | 3,685 | - | - | - | - |