XML 16 R6.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows from Operating Activities:    
Net income $ 171,922 $ 73,578
Amounts to reconcile net income to net cash flows provided by operating activities:    
Provision for deferred income taxes 4,894 4,545
Depreciation and amortization 154,700 160,712
Amortization of deferred financing costs 7,989 7,178
Loss from unconsolidated joint ventures 17,525 8,348
Stock-based compensation expense 11,480 11,134
Changes in:    
Trade receivables 13,233 (55,346)
Accounts payable and accrued liabilities 11,721 44,094
Other assets and liabilities (23,535) (8,273)
Net cash flows provided by operating activities 369,929 245,970
Cash Flows from Investing Activities:    
Purchases of property and equipment (122,150) (48,219)
Collection of notes receivable 5,903 3,718
Other investing activities, net (9,998) 838
Net cash flows used in investing activities (928,211) (147,862)
Cash Flows from Financing Activities:    
Net repayments under revolving credit facility   (190,000)
Issuance of senior notes 400,000  
Deferred financing costs paid (23,400) (15,212)
Issuance of common stock, net 395,444  
Sale of noncontrolling interest in OEG   286,218
Payment of dividends (115,861) (296)
Payment of tax withholdings for share-based compensation (4,249) (4,361)
Other financing activities, net (198) (157)
Net cash flows provided by financing activities 769,932 59,595
Net change in cash, cash equivalents, and restricted cash 211,650 157,703
Cash, cash equivalents, and restricted cash, beginning of period 444,330 163,000
Cash, cash equivalents, and restricted cash, end of period 655,980 320,703
JW Marriott Hill Country [Member]    
Cash Flows from Investing Activities:    
Purchase, net of cash acquired (791,466)  
Block 21 [Member]    
Cash Flows from Investing Activities:    
Purchase, net of cash acquired   (93,992)
$300 Million Term Loan A [Member]    
Cash Flows from Financing Activities:    
Repayments under loan   (300,000)
$500 Million Term Loan B [Member]    
Cash Flows from Financing Activities:    
Borrowings under term loan 500,000  
Repayments under loan (377,500) (3,750)
$300M OEG Term Loan [Member]    
Cash Flows from Financing Activities:    
Borrowings under term loan   288,000
Repayments under loan (2,250)  
Block 21 CMBS Loan [Member]    
Cash Flows from Financing Activities:    
Repayments under loan (2,054) (847)
Circle [Member]    
Cash Flows from Investing Activities:    
Purchase of additional interest / Investment $ (10,500) $ (10,207)