| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|---|---|---|---|---|---|---|---|---|
Operating activities: | |||||||||
Net income (loss) | |||||||||
115,725 | 13,385 | 100,262 | 73,962 | 94,995 | 73,543 | 43,192 | 26,508 | 15,199 | -6,642 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||
Depreciation and amortization | |||||||||
234,880 | 108,475 | 102,290 | 102,439 | 95,872 | 68,324 | 55,570 | 42,794 | 30,945 | 5,776 |
Share-based compensation | |||||||||
8,239 | 6,228 | 5,646 | 8,466 | 8,331 | 11,695 | 5,222 | 4,215 | 2,654 | 2,042 |
(Gain) loss on derivative instruments | |||||||||
- | - | 265 | 283 | 0 | 0 | - | - | - | - |
(Gain) loss on marketable securities | |||||||||
0 | -2,978 | 0 | 0 | - | - | - | - | - | - |
Amortization of deferred financing costs, non-cash interest and mortgage loan premiums | |||||||||
17,349 | 18,256 | 2,040 | 1,513 | -29 | -604 | -259 | 1,400 | 1,555 | 415 |
(Gain) loss on sale of hotel properties | |||||||||
2,819 | -2,147 | 14,877 | 40,690 | 0 | 0 | - | - | - | - |
Impairment and other losses | |||||||||
0 | 0 | 3,849 | 12,148 | 0 | 0 | - | - | - | - |
Non-cash ground rent | |||||||||
6,395 | 3,062 | 2,884 | 2,762 | 2,380 | 2,252 | 3,128 | 219 | 219 | 69 |
Equity in (earnings) loss from joint venture | |||||||||
- | - | - | -66,636 | 3,824 | 7,676 | 5,234 | 5,970 | 2,336 | 0 |
Other | |||||||||
-2,365 | -2,939 | -2,378 | -2,654 | -2,038 | -407 | -892 | -240 | -225 | -80 |
Changes in assets and liabilities: | |||||||||
Restricted cash, net | |||||||||
- | - | - | - | -1,635 | -71 | 1,266 | 1,547 | 408 | 1,886 |
Hotel receivables | |||||||||
-8,648 | -3,684 | 1,270 | -1,263 | 3,107 | 3,544 | 3,343 | 1,321 | 6,426 | 2,712 |
Prepaid expenses and other assets | |||||||||
-1,061 | -5,031 | 2,161 | -2,286 | 212 | 3,763 | 3,441 | -2,679 | 4,481 | 4,192 |
Distributions from joint venture | |||||||||
- | - | - | - | 13,858 | 9,152 | 1,617 | 0 | 0 | - |
Accounts payable and accrued expenses | |||||||||
-605 | -34,517 | -9,176 | 4,492 | 4,161 | 10,598 | 8,051 | 7,740 | 10,715 | 10,491 |
Deferred revenues | |||||||||
3,964 | 4,029 | 2,039 | 2,324 | 4,622 | 829 | 3,324 | 216 | 215 | 13 |
Net cash provided by (used in) operating activities | |||||||||
395,202 | 135,697 | 193,639 | 239,972 | 220,720 | 161,284 | 107,453 | 77,173 | 48,076 | 3,454 |
Investing activities: | |||||||||
Acquisition of LaSalle, net of cash acquired | |||||||||
0 | 1,372,584 | 0 | 0 | - | - | - | - | - | - |
Improvements and additions to hotel properties | |||||||||
169,632 | 89,605 | 80,825 | 121,899 | 99,785 | 52,553 | 38,753 | 53,156 | 40,468 | 3,307 |
Acquisition of hotel properties | |||||||||
- | - | - | - | 305,146 | 575,748 | 230,769 | 247,971 | 467,135 | 518,730 |
Proceeds from joint venture redemption | |||||||||
- | - | - | 2,530 | 0 | 0 | - | - | - | - |
Distribution from (investment in) joint venture, net | |||||||||
- | - | - | - | - | - | - | 105,277 | 169,430 | 0 |
Deposit received on hotel properties | |||||||||
0 | 0 | -2,000 | -3,000 | 3,000 | 0 | 0 | 4,000 | 0 | 5,000 |
Proceeds from sales of hotel properties | |||||||||
470,352 | 28,551 | 203,479 | 364,390 | 0 | 0 | - | - | - | - |
Deposit for joint venture redemption | |||||||||
- | - | - | - | - | - | -26,291 | - | - | - |
Receipt from (acquisition of) note receivable | |||||||||
- | - | - | -50,000 | -3,020 | 3,020 | 0 | - | - | - |
Investment in marketable securities | |||||||||
0 | 356,180 | 0 | 0 | - | - | - | - | - | - |
Sale of marketable securities | |||||||||
0 | 6,658 | 0 | 0 | - | - | - | - | - | - |
Acquisition of note receivable | |||||||||
- | - | - | - | - | - | - | 0 | - | - |
Redemption of certificates of deposits | |||||||||
- | - | - | - | - | - | - | - | - | -70,000 |
Purchase of corporate office equipment, software, and furniture | |||||||||
752 | 164 | 40 | 74 | 278 | 1,146 | 33 | 47 | 148 | 497 |
Restricted cash, net | |||||||||
- | - | - | - | -5,295 | -28 | 3,182 | -2,582 | 4,576 | 2,600 |
Property insurance proceeds | |||||||||
0 | 5,162 | 7,674 | 0 | 0 | 1,113 | 458 | 0 | 0 | - |
Net cash provided by (used in) investing activities | |||||||||
299,968 | -1,778,162 | 132,288 | 297,947 | -399,894 | -631,326 | -245,988 | -407,869 | -681,757 | -460,134 |
Financing activities: | |||||||||
Gross proceeds from issuance of common shares | |||||||||
- | - | - | - | - | 293,211 | 79,362 | 221,579 | 235,980 | 332,350 |
Gross proceeds from issuance of preferred shares | |||||||||
- | - | - | 125,000 | 0 | 25,000 | 100,000 | 0 | 225,150 | 0 |
Payment of offering costs — common and preferred shares | |||||||||
275 | 470 | 62 | 4,189 | 195 | 1,301 | 3,787 | 6,708 | 17,243 | 23,434 |
Payment of deferred financing costs | |||||||||
461 | 29,366 | 5,411 | 1,414 | 3,311 | 3,696 | 650 | 3,765 | 2,324 | 3,133 |
(Distributions) contributions from non-controlling interest | |||||||||
-125 | 0 | 106 | 0 | 0 | - | - | - | 95 | 0 |
Borrowings under revolving credit facilities | |||||||||
414,771 | 550,181 | 238,687 | 469,000 | 490,000 | 180,000 | 0 | 120,000 | 42,000 | 0 |
Repayments under revolving credit facilities | |||||||||
419,771 | 425,181 | 275,687 | 552,000 | 375,000 | 130,000 | 0 | 120,000 | 42,000 | 0 |
Proceeds from debt | |||||||||
0 | 1,850,000 | 0 | 150,000 | 225,000 | 200,000 | 0 | - | - | - |
Repayments of debt | |||||||||
518,207 | 102,366 | 72,317 | 365,583 | 171,488 | 9,123 | 8,099 | 136,704 | 1,031 | 0 |
Proceeds from senior unsecured notes | |||||||||
- | - | - | - | 100,000 | 0 | 0 | 100,000 | 0 | 0 |
Proceeds from mortgage debt | |||||||||
- | - | - | - | - | - | - | 224,000 | 67,000 | 52,500 |
Repurchases of common shares | |||||||||
4,009 | 2,507 | 95,982 | 2,496 | 4,094 | 632 | 523 | 321 | 140 | 0 |
Redemption of non-controlling interests | |||||||||
- | - | - | - | - | 5,231 | 0 | 2,342 | 0 | 0 |
Redemption of preferred shares | |||||||||
- | - | - | 225,050 | 0 | 0 | - | - | - | - |
Distributions — common shares/units | |||||||||
184,836 | 105,729 | 107,329 | 105,321 | 84,037 | 55,708 | 36,969 | 27,002 | 22,244 | 0 |
Distributions — preferred shares | |||||||||
32,556 | 16,094 | 16,094 | 21,770 | 25,950 | 24,731 | 21,563 | 17,825 | 6,600 | 0 |
Proceeds from refundable membership deposits | |||||||||
0 | 29 | 656 | 1,658 | 2,302 | 0 | 0 | - | - | - |
Repayments of refundable membership deposits | |||||||||
637 | 754 | 790 | 723 | 591 | 0 | 0 | - | - | - |
Net cash provided by (used in) financing activities | |||||||||
-746,106 | 1,717,743 | -334,223 | -532,888 | 152,636 | 467,789 | 107,771 | 350,912 | 478,643 | 358,283 |
Net change in cash and cash equivalents and restricted cash | |||||||||
-50,936 | 75,278 | -8,296 | 5,031 | -26,538 | -2,253 | -30,764 | 20,216 | -155,038 | -98,397 |