FelCor LP's Consolidating Financial Information

9 Months Ended

Sep. 30, 2015

FelCor LP's Consolidating Financial Information

FelCor LP’s Consolidating Financial Information

Certain of FelCor LP’s 100% owned subsidiaries (FCH/PSH, L.P.; FelCor/CMB Buckhead Hotel, L.L.C.; FelCor/CMB Marlborough Hotel, L.L.C.; FelCor/CMB Orsouth Holdings, L.P.; FelCor/CMB SSF Holdings, L.P.; FelCor/CSS Holdings, L.P.; FelCor Dallas Love Field Owner, L.L.C.; FelCor Milpitas Owner, L.L.C.; FelCor TRS Borrower 4, L.L.C.; FelCor TRS Holdings, L.L.C.; FelCor Canada Co.; FelCor Hotel Asset Company, L.L.C.; FelCor St. Pete (SPE), L.L.C.; FelCor Esmeralda (SPE), L.L.C.; FelCor S-4 Hotels (SPE), L.L.C.; Madison 237 Hotel, L.L.C.; Myrtle Beach Owner, L.L.C.; and Royalton 44 Hotel, L.L.C., collectively, “Subsidiary Guarantors”), together with FelCor, guaranty, fully and unconditionally, except where subject to customary release provisions as described below, and jointly and severally, our senior debt.

The guaranties by the Subsidiary Guarantors may be automatically and unconditionally released upon (i) the sale or other disposition of all of the capital stock of the Subsidiary Guarantor or the sale or disposition of all or substantially all of the assets of the Subsidiary Guarantor, if, in each case, as a result of such sale or disposition, such Subsidiary Guarantor ceases to be a subsidiary of FelCor LP, (ii) the consolidation or merger of any such Subsidiary Guarantor with any person other than FelCor LP, or a subsidiary of FelCor LP, if, as a result of such consolidation or merger, such Subsidiary Guarantor ceases to be a subsidiary of FelCor LP, (iii) a legal defeasance or covenant defeasance of the indenture, (iv) the unconditional and complete release of such Subsidiary Guarantor in accordance with the modification and waiver provisions of the indenture, or (v) the designation of a restricted subsidiary that is a Subsidiary Guarantor as an unrestricted subsidiary under and in compliance with the indenture.


17.	FelCor LP’s Consolidating Financial Information — (continued)

The following tables present consolidating information for the Subsidiary Guarantors.

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING BALANCE SHEET

September 30, 2015

(in thousands)



	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Net investment in hotels	$	—		$	621,978		$	1,072,088	$	—		$	1,694,066
Hotel development	—			—			48,655		—			48,655
Equity investment in consolidated entities	1,292,813			—			—		(1,292,813		)	—
Investment in unconsolidated entities	4,544			5,118			1,276		—			10,938
Cash and cash equivalents	18,453			36,464			1,994		—			56,911
Restricted cash	—			14,163			10,538		—			24,701
Accounts receivable, net	440			33,459			3,186		—			37,085
Deferred expenses, net	16,163			—			9,077		—			25,240
Other assets	4,512			8,615			3,447		—			16,574

Total assets	$	1,336,925		$	719,797		$	1,150,261	$	(1,292,813	)	$	1,914,170

Debt	$	1,000,000		$	—		$	458,068	$	(39,436	)	$	1,418,632
Distributions payable	12,331			—			119		—			12,450
Accrued expenses and other liabilities	26,103			88,390			17,828		—			132,321

Total liabilities	1,038,434			88,390			476,015		(39,436		)	1,563,403

Redeemable units, at redemption value	4,323			—			—		—			4,323

Preferred units	309,337			—			—		—			309,337
Common units	(15,169		)	632,039			621,338		(1,253,377		)	(15,169		)
Total FelCor LP partners’ capital	294,168			632,039			621,338		(1,253,377		)	294,168
Noncontrolling interests	—			(632		)	9,722		—			9,090
Preferred capital in consolidated joint venture	—			—			43,186		—			43,186
Total partners’ capital	294,168			631,407			674,246		(1,253,377		)	346,444
Total liabilities and partners’ capital	$	1,336,925		$	719,797		$	1,150,261	$	(1,292,813	)	$	1,914,170

17. FelCor LP’s Consolidating Financial Information — (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2014

(in thousands)



	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Net investment in hotels	$	—		$	757,694		$	842,097	$	—		$	1,599,791
Hotel development	—			—			297,466		—			297,466
Equity investment in consolidated entities	1,364,470			—			—		(1,364,470		)	—
Investment in unconsolidated entities	7,270			6,514			1,311		—			15,095
Hotels held for sale	—			—			47,145		—			47,145
Cash and cash equivalents	5,717			32,923			8,507		—			47,147
Restricted cash	—			12,199			8,297		—			20,496
Accounts receivable, net	963			26,343			499		—			27,805
Deferred expenses, net	17,203			—			8,624		—			25,827
Other assets	4,866			11,510			7,510		—			23,886
Total assets	$	1,400,489		$	847,183		$	1,221,456	$	(1,364,470	)	$	2,104,658

Debt	$	1,050,000		$	—		$	576,654	$	(40,787	)	$	1,585,867
Distributions payable	13,709			—			118		—			13,827
Accrued expenses and other liabilities	27,174			93,690			14,617		—			135,481

Total liabilities	1,090,883			93,690			591,389		(40,787		)	1,735,175

Redeemable units, at redemption value	6,616			—			—		—			6,616

Preferred units	478,749			—			—		—			478,749
Common units	(175,759		)	753,646			570,037		(1,323,683		)	(175,759		)
Total FelCor LP partners’ capital	302,990			753,646			570,037		(1,323,683		)	302,990
Noncontrolling interests	—			(153		)	18,588		—			18,435
Preferred capital in consolidated joint venture	—			—			41,442		—			41,442
Total partners’ capital	302,990			753,493			630,067		(1,323,683		)	362,867
Total liabilities and partners’ capital	$	1,400,489		$	847,183		$	1,221,456	$	(1,364,470	)	$	2,104,658

. FelCor LP’s Consolidating Financial Information — (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

For the Three Months Ended September 30, 2015

(in thousands)



	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues:
Hotel operating revenue	$	—		$	223,474		$	—		$	—		$	223,474
Percentage lease revenue	—			—			44,523			(44,523		)	—
Other revenue	3			1,497			178			—			1,678
Total revenues	3			224,971			44,701			(44,523		)	225,152

Expenses:
Hotel operating expenses	—			143,545			—			—			143,545
Taxes, insurance and lease expense	533			53,272			3,434			(44,523		)	12,716
Corporate expenses	—			2,718			1,954			—			4,672
Depreciation and amortization	49			11,876			17,063			—			28,988
Impairment loss	—			20,861			—			—			20,861
Other expenses	3,626			1,311			870			—			5,807
Total operating expenses	4,208			233,583			23,321			(44,523		)	216,589
Operating income	(4,205		)	(8,612		)	21,380			—			8,563
Interest expense, net	(14,302		)	3			(5,303		)	—			(19,602		)
Debt extinguishment	(13		)	—			—			—			(13		)
Loss before equity in income from unconsolidated entities	(18,520		)	(8,609		)	16,077			—			(11,052		)
Equity in income from consolidated entities	10,069			—			—			(10,069		)	—
Equity in income from unconsolidated entities	417			(85		)	(11		)	—			321
Loss from continuing operations before income tax expense	(8,034		)	(8,694		)	16,066			(10,069		)	(10,731		)
Income tax expense	(194		)	(860		)	—			—			(1,054		)
Loss from continuing operations	(8,228		)	(9,554		)	16,066			(10,069		)	(11,785		)
Income from discontinued operations	—			(2		)	500			—			498
Loss before gain on sale of hotels	(8,228		)	(9,556		)	16,566			(10,069		)	(11,287		)
Gain on sale of hotels, net	(41		)	(31		)	3,226			—			3,154
Net loss	(8,269		)	(9,587		)	19,792			(10,069		)	(8,133		)
Loss attributable to noncontrolling interests	—			81			146			—			227
Preferred distributions - consolidated joint venture	—			—			(363		)	—			(363		)
Net loss attributable to FelCor LP	(8,269		)	(9,506		)	19,575			(10,069		)	(8,269		)
Preferred distributions	(6,279		)	—			—			—			(6,279		)
Net loss attributable to FelCor LP common unitholders	$	(14,548	)	$	(9,506	)	$	19,575		$	(10,069	)	$	(14,548	)

17. FelCor LP’s Consolidating Financial Information — (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

For the Three Months Ended September 30, 2014

(in thousands)



	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues:
Hotel operating revenue	$	—		$	232,449		$	—		$	—		$	232,449
Percentage lease revenue	2,537			—			36,131			(38,668		)	—
Other revenue	3			1,425			179			—			1,607
Total revenues	2,540			233,874			36,310			(38,668		)	234,056

Expenses:
Hotel operating expenses	—			151,804			—			—			151,804
Taxes, insurance and lease expense	492			52,036			5,193			(38,668		)	19,053
Corporate expenses	152			3,801			2,489			—			6,442
Depreciation and amortization	694			14,075			13,754			—			28,523
Other expenses	84			7,116			2,546			—			9,746
Total operating expenses	1,422			228,832			23,982			(38,668		)	215,568
Operating income	1,118			5,042			12,328			—			18,488
Interest expense, net	(16,850		)	(126		)	(4,946		)	—			(21,922		)
Debt extinguishment	(3,816		)	—			(914		)	—			(4,730		)
Gain on sale of investment in unconsolidated entities, net	30,184			—			—			—			30,184
Gain from remeasurement of unconsolidated entities, net	20,733			—			—			—			20,733
Income before equity in income from unconsolidated entities	31,369			4,916			6,468			—			42,753
Equity in income from consolidated entities	40,734			—			—			(40,734		)	—
Equity in income from unconsolidated entities	1,099			259			(11		)	—			1,347
Income from continuing operations before income tax expense	73,202			5,175			6,457			(40,734		)	44,100
Income tax expense	(14		)	(64		)	—			—			(78		)
Income from continuing operations	73,188			5,111			6,457			(40,734		)	44,022
Loss from discontinued operations	—			(8		)	—			—			(8		)
Income before gain on sale of hotels	73,188			5,103			6,457			(40,734		)	44,014
Gain on sale of hotels, net	(612		)	22,176			7,992			—			29,556
Net income	72,576			27,279			14,449			(40,734		)	73,570
Income attributable to noncontrolling interests	—			217			(863		)	—			(646		)
Preferred distributions - consolidated joint venture	—			—			(348		)	—			(348		)
Net income attributable to FelCor LP	72,576			27,496			13,238			(40,734		)	72,576
Preferred distributions	(9,678		)	—			—			—			(9,678		)
Net income attributable to FelCor LP common unitholders	$	62,898		$	27,496		$	13,238		$	(40,734	)	$	62,898

17. FelCor LP’s Consolidating Financial Information — (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

For the Nine Months Ended September 30, 2015

(in thousands)



	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues:
Hotel operating revenue	$	—		$	672,808		$	—		$	—		$	672,808
Percentage lease revenue	—			—			130,397			(130,397		)	—
Other revenue	111			6,645			386			—			7,142
Total revenues	111			679,453			130,783			(130,397		)	679,950

Expenses:
Hotel operating expenses	—			434,206			—			—			434,206
Taxes, insurance and lease expense	422			159,103			14,805			(130,397		)	43,933
Corporate expenses	—			11,010			8,765			—			19,775
Depreciation and amortization	138			37,770			47,602			—			85,510
Impairment loss	—			20,861			—			—			20,861
Other expenses	3,629			6,820			997			—			11,446
Total operating expenses	4,189			669,770			72,169			(130,397		)	615,731
Operating income	(4,078		)	9,683			58,614			—			64,219
Interest expense, net	(42,613		)	8			(16,756		)	—			(59,361		)
Debt extinguishment	(28,459		)	—			(2,450		)	—			(30,909		)
Other gains, net	—			—			166			—			166
Loss before equity in income from unconsolidated entities	(75,150		)	9,691			39,574			—			(25,885		)
Equity in income from consolidated entities	62,807			—			—			(62,807		)	—
Equity in income from unconsolidated entities	8,060			(43		)	(34		)	—			7,983
Loss from continuing operations before income tax expense	(4,283		)	9,648			39,540			(62,807		)	(17,902		)
Income tax expense	(256		)	(1,136		)	—			—			(1,392		)
Loss from continuing operations	(4,539		)	8,512			39,540			(62,807		)	(19,294		)
Income from discontinued operations	—			2			417			—			419
Loss before gain on sale of hotels	(4,539		)	8,514			39,957			(62,807		)	(18,875		)
Gain on sale of hotels, net	(320		)	(44		)	19,855			—			19,491
Net income	(4,859		)	8,470			59,812			(62,807		)	616
Income attributable to noncontrolling interests	—			591			(4,996		)	—			(4,405		)
Preferred distributions - consolidated joint venture	—			—			(1,070		)	—			(1,070		)
Net loss attributable to FelCor LP	(4,859		)	9,061			53,746			(62,807		)	(4,859		)
Preferred distributions	(23,860		)	—			—			—			(23,860		)
Redemption of preferred units	(6,096		)	—			—			—			(6,096		)
Net loss attributable to FelCor LP common unitholders	$	(34,815	)	$	9,061		$	53,746		$	(62,807	)	$	(34,815	)

17. FelCor LP’s Consolidating Financial Information — (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

For the Nine Months Ended September 30, 2014

(in thousands)



	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues:
Hotel operating revenue	$	—		$	711,750		$	—		$	—		$	711,750
Percentage lease revenue	5,846			—			100,719			(106,565		)	—
Other revenue	4			2,774			392			—			3,170
Total revenues	5,850			714,524			101,111			(106,565		)	714,920

Expenses:
Hotel operating expenses	—			468,618			—			—			468,618
Taxes, insurance and lease expense	1,287			160,081			14,473			(106,565		)	69,276
Corporate expenses	423			12,944			8,547			—			21,914
Depreciation and amortization	2,678			43,332			41,196			—			87,206
Other expenses	119			8,745			5,010			—			13,874
Total operating expenses	4,507			693,720			69,226			(106,565		)	660,888
Operating income	1,343			20,804			31,885			—			54,032
Interest expense, net	(57,634		)	(760		)	(13,250		)	—			(71,644		)
Debt extinguishment	(3,816		)	—			(947		)	—			(4,763		)
Gain on sale of investment in unconsolidated entities, net	30,184			—			—			—			30,184
Gain from remeasurement of unconsolidated entities, net	20,733			—			—			—			20,733
Other gains, net	—			100			—			—			100
Income before equity in income from unconsolidated entities	(9,190		)	20,144			17,688			—			28,642
Equity in income from consolidated entities	88,114			—			—			(88,114		)	—
Equity in income from unconsolidated entities	4,213			577			(34		)	—			4,756
Income from continuing operations	83,137			20,721			17,654			(88,114		)	33,398
Income tax expense	(88		)	(392		)	—			—			(480		)
Income from continuing operations	83,049			20,329			17,654			(88,114		)	32,918
Income from discontinued operations	—			26			106			—			132
Income before gain on sale of hotels	83,049			20,355			17,760			(88,114		)	33,050
Gain on sale of hotels, net	(1,060		)	22,147			29,552			—			50,639
Net income	81,989			42,502			47,312			(88,114		)	83,689
Income attributable to noncontrolling interests	—			238			(1,068		)	—			(830		)
Preferred distributions - consolidated joint venture	—			—			(870		)	—			(870		)
Net income attributable to FelCor LP	81,989			42,740			45,374			(88,114		)	81,989
Preferred distributions	(29,034		)	—			—			—			(29,034		)
Net income attributable to FelCor LP common unitholders	$	52,955		$	42,740		$	45,374		$	(88,114	)	$	52,955

17. FelCor LP’s Consolidating Financial Information — (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS

For the Three Months Ended September 30, 2015

(in thousands)



	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Net loss	$	(8,269	)	$	(9,587	)	$	19,792		$	(10,069	)	$	(8,133	)
Foreign currency translation adjustment	—			—			—			—			—
Comprehensive loss	(8,269		)	(9,587		)	19,792			(10,069		)	(8,133		)
Comprehensive loss attributable to noncontrolling interests	—			81			146			—			227
Preferred distributions - consolidated joint venture	—			—			(363		)	—			(363		)
Comprehensive loss attributable to FelCor LP	$	(8,269	)	$	(9,506	)	$	19,575		$	(10,069	)	$	(8,269	)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Three Months Ended September 30, 2014

(in thousands)



	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Net income	$	72,576		$	27,279		$	14,449		$	(40,734	)	$	73,570
Foreign currency translation adjustment	(445		)	(103		)	(342		)	445			(445		)
Reclassification of foreign currency translation to gain	(24,553		)	(4,448		)	(20,105		)	24,553			(24,553		)
Comprehensive income	47,578			22,728			(5,998		)	(15,736		)	48,572
Comprehensive income attributable to noncontrolling interests	—			217			(863		)	—			(646		)
Preferred distributions - consolidated joint venture	—			—			(348		)	—			(348		)
Comprehensive income attributable to FelCor LP	$	47,578		$	22,945		$	(7,209	)	$	(15,736	)	$	47,578

17. FelCor LP’s Consolidating Financial Information — (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS

For the Nine Months Ended September 30, 2015

(in thousands)



	FelCor LP			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Net income	$	(4,859	)	$	8,470	$	59,812		$	(62,807	)	$	616
Foreign currency translation adjustment	—			—		—			—			—
Comprehensive income	(4,859		)	8,470		59,812			(62,807		)	616
Comprehensive income attributable to noncontrolling interests	—			591		(4,996		)	—			(4,405		)
Preferred distributions - consolidated joint venture	—			—		(1,070		)	—			(1,070		)
Comprehensive loss attributable to FelCor LP	$	(4,859	)	$	9,061	$	53,746		$	(62,807	)	$	(4,859	)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Nine Months Ended September 30, 2014

(in thousands)



	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Net income	$	81,989		$	42,502		$	47,312		$	(88,114	)	$	83,689
Foreign currency translation adjustment	(490		)	(121		)	(369		)	490			(490		)
Reclassification of foreign currency translation to gain	(24,553		)	(4,448		)	(20,105		)	24,553			(24,553		)
Comprehensive income	56,946			37,933			26,838			(63,071		)	58,646
Comprehensive income attributable to noncontrolling interests	—			238			(1,068		)	—			(830		)
Preferred distributions - consolidated joint venture	—			—			(870		)	—			(870		)
Comprehensive income attributable to FelCor LP	$	56,946		$	38,171		$	24,900		$	(63,071	)	$	56,946

17. FelCor LP’s Consolidating Financial Information — (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended September 30, 2015

(in thousands)



	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Operating activities:
Cash flows from operating activities	$	(40,101	)	$	59,884		$	94,271		$	—		$	114,054
Investing activities:
Improvements and additions to hotels	(13		)	(21,664		)	(14,302		)	—			(35,979		)
Hotel development	—			—			(31,599		)	—			(31,599		)
Net proceeds from asset sales	(429		)	10			190,454			—			190,035
Insurance proceeds	274			—			—			—			274
Change in restricted cash - investing	—			(1,964		)	(2,240		)	—			(4,204		)
Distributions from unconsolidated entities	6,460			—			—			—			6,460
Intercompany financing	139,524			—			—			(139,524		)	—
Cash flows from investing activities	145,816			(23,618		)	142,313			(139,524		)	124,987
Financing activities:
Proceeds from borrowings	475,000			—			504,000			—			979,000
Repayment of borrowings	(545,453		)	—			(621,240		)	—			(1,166,693		)
Payment of deferred financing fees	(8,500		)	—			(5,848		)	—			(14,348		)
Distributions paid to noncontrolling interests	—			(401		)	(15,893		)	—			(16,294		)
Contributions from noncontrolling interests	—			513			2,031			—			2,544
Redemption of preferred units	(169,986		)	—			—			—			(169,986		)
Distributions paid to preferred unitholders	(26,125		)	—			—			—			(26,125		)
Distributions paid to common unitholders	(16,498		)	—			—			—			(16,498		)
Net proceeds from issuance of preferred capital - consolidated joint venture	—			—			1,744			—			1,744
Net proceeds from common stock issuance	198,651			—			—			—			198,651
Intercompany financing	—			(32,703		)	(106,821		)	139,524			—
Other	(68		)	—			(1,070		)	—			(1,138		)
Cash flows from financing activities	(92,979		)	(32,591		)	(243,097		)	139,524			(229,143		)
Effect of exchange rate changes on cash	—			(134		)	—			—			(134		)
Change in cash and cash equivalents	12,736			3,541			(6,513		)	—			9,764
Cash and cash equivalents at beginning of period	5,717			32,923			8,507			—			47,147
Cash and cash equivalents at end of period	$	18,453		$	36,464		$	1,994		$	—		$	56,911

17. FelCor LP’s Consolidating Financial Information — (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended September 30, 2014

(in thousands)



	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Operating activities:
Cash flows from operating activities	$	(50,911	)	$	71,441		$	67,135		$	—		$	87,665
Investing activities:
Improvements and additions to hotels	(409		)	(36,685		)	(28,453		)	—			(65,547		)
Hotel development	—			—			(63,381		)	—			(63,381		)
Net proceeds from asset sales	(1,091		)	13,998			107,084			—			119,991
Proceeds from unconsolidated joint venture transaction	3,154			—			878			—			4,032
Insurance proceeds	—			255			—			—			255
Change in restricted cash - investing	—			(1,783		)	44,747			—			42,964
Distributions from unconsolidated entities	6,052			4,606			—			—			10,658
Intercompany financing	328,666			—			—			(328,666		)	—
Cash flows from investing activities	336,372			(19,609		)	60,875			(328,666		)	48,972
Financing activities:
Proceeds from borrowings	—			—			439,607			—			439,607
Repayment of borrowings	(236,738		)	—			(317,129		)	—			(553,867		)
Payment of deferred financing fees	(4		)	—			(3,048		)	—			(3,052		)
Acquisition of noncontrolling interest	—			—			(5,850		)	—			(5,850		)
Distributions paid to preferred unitholders	(29,034		)	—			—			—			(29,034		)
Distributions paid to common unitholders	(7,453		)	—			—			—			(7,453		)
Distributions paid to noncontrolling interests	—			(684		)	(7,950		)	—			(8,634		)
Contributions from noncontrolling interests	—			901			4,607			—			5,508
Net proceeds from issuance of preferred capital- consolidated joint venture	—			—			41,443			—			41,443
Intercompany financing	—			(46,510		)	(282,156		)	328,666			—
Other	(31		)	—			(757		)	—			(788		)
Cash flows from financing activities	(273,260		)	(46,293		)	(131,233		)	328,666			(122,120		)
Effect of exchange rate changes on cash	—			(52		)	—			—			(52		)
Change in cash and cash equivalents	12,201			5,487			(3,223		)	—			14,465
Cash and cash equivalents at beginning of period	5,227			33,283			7,135			—			45,645
Cash and cash equivalents at end of period	$	17,428		$	38,770		$	3,912		$	—		$	60,110