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FelCor LP's Consolidating Financial Information (Tables)
 9 Months Ended
Sep. 30, 2019
Condensed Financial Information Disclosure [Abstract]  
Condensed Consolidating Balance Sheet

FelCor Lodging Limited Partnership
Condensed Consolidating Balance Sheet
September 30, 2019
(in thousands)


 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Equity investment in consolidated entities
$
1,731,751

 
$
—

 
$
—

 
$
(1,731,751
)
 
$
—

Investment in hotel properties, net
—

 
565,306

 
1,378,540

 
—

 
1,943,846

Investment in unconsolidated joint ventures
15,590

 
—

 
—

 
—

 
15,590

Cash and cash equivalents
1,533

 
—

 
11,162

 
—

 
12,695

Restricted cash reserves
446

 
—

 
5,610

 
—

 
6,056

Related party rent receivable
—

 
26,032

 
45,348

 
—

 
71,380

Lease right-of-use assets
4,556

 
67,525

 
9,633

 
—

 
81,714

Prepaid expense and other assets
2,040

 
1,126

 
1,760

 
—

 
4,926

Total assets
$
1,755,916

 
$
659,989

 
$
1,452,053

 
$
(1,731,751
)
 
$
2,136,207

 
 
 
 
 
 
 
 
 
 
Debt, net
$
501,778

 
$
24,694

 
$
222,014

 
$
(32,709
)
 
$
715,777

Related party debt
—

 
—

 
85,000

 
—

 
85,000

Accounts payable and other liabilities
6,642

 
15,782

 
12,363

 
—

 
34,787

Related party lease termination fee payable
—

 
344

 
368

 
—

 
712

Lease liabilities
4,760

 
25,883

 
17,944

 
—

 
48,587

Accrued interest
9,588

 
—

 
—

 
—

 
9,588

Related party accrued interest
—

 
—

 
190

 
—

 
190

Total liabilities
522,768

 
66,703

 
337,879

 
(32,709
)
 
894,641

 
 
 
 
 
 
 
 
 
 
Partnership interests
1,233,148

 
593,286

 
1,105,756

 
(1,699,042
)
 
1,233,148

Total partners' capital, excluding noncontrolling interest
1,233,148

 
593,286

 
1,105,756

 
(1,699,042
)
 
1,233,148

Noncontrolling interest in consolidated joint ventures
—

 
—

 
8,418

 
—

 
8,418

Total partners’ capital
1,233,148

 
593,286

 
1,114,174

 
(1,699,042
)
 
1,241,566

Total liabilities and partners’ capital
$
1,755,916

 
$
659,989

 
$
1,452,053

 
$
(1,731,751
)
 
$
2,136,207





FelCor Lodging Limited Partnership
Condensed Consolidating Balance Sheet
December 31, 2018
(in thousands)

 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Equity investment in consolidated entities
$
1,913,418

 
$
—

 
$
—

 
$
(1,913,418
)
 
$
—

Investment in hotel properties, net
—

 
656,570

 
1,466,853

 
—

 
2,123,423

Investment in unconsolidated joint ventures
15,716

 
—

 
—

 
—

 
15,716

Cash and cash equivalents
10,778

 
—

 
10,573

 
—

 
21,351

Restricted cash reserves
441

 
—

 
2,770

 
—

 
3,211

Related party rent receivable
—

 
3,666

 
12,835

 
—

 
16,501

Intangible assets, net
—

 
46,260

 
—

 
—

 
46,260

Prepaid expense and other assets
1,819

 
1,297

 
3,436

 
—

 
6,552

Related party prepaid interest
—

 
—

 
180

 
—

 
180

Total assets
$
1,942,172

 
$
707,793

 
$
1,496,647

 
$
(1,913,418
)
 
$
2,233,194

 
 
 
 
 
 
 
 
 
 
Debt, net
$
505,322

 
$
—

 
$
154,015

 
$
(32,709
)
 
$
626,628

Related party debt
—

 
—

 
85,000

 
—

 
85,000

Accounts payable and other liabilities
9,288

 
14,376

 
19,725

 
—

 
43,389

Accrued interest
2,463

 
—

 
—

 
—

 
2,463

Distributions payable
—

 
—

 
126

 
—

 
126

Total liabilities
517,073

 
14,376

 
258,866

 
(32,709
)
 
757,606

 
 
 
 
 
 
 
 
 
 
Partnership interests
1,425,099

 
693,417

 
1,187,292

 
(1,880,709
)
 
1,425,099

Total partners' capital, excluding noncontrolling interest
1,425,099

 
693,417

 
1,187,292

 
(1,880,709
)
 
1,425,099

Noncontrolling interest in consolidated joint ventures
—

 
—

 
6,059

 
—

 
6,059

Preferred capital in a consolidated joint venture
—

 
—

 
44,430

 
—

 
44,430

Total partners’ capital
1,425,099

 
693,417

 
1,237,781

 
(1,880,709
)
 
1,475,588

Total liabilities and partners’ capital
$
1,942,172

 
$
707,793

 
$
1,496,647

 
$
(1,913,418
)
 
$
2,233,194
Condensed Consolidating Statement of Operations and Comprehensive Loss
FelCor Lodging Limited Partnership
Condensed Consolidating Statement of Operations and Comprehensive Income
For the Three Months Ended September 30, 2019
(in thousands)

 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Revenues
 
 
 
 
 
 
 
 
 
Related party lease revenue
$
—

 
$
18,374

 
$
28,018

 
$
—

 
$
46,392

Total revenues
—

 
18,374

 
28,018

 
—

 
46,392

 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
Depreciation and amortization
138

 
6,507

 
11,051

 
—

 
17,696

Property tax, insurance and other
26

 
4,783

 
5,518

 
—

 
10,327

General and administrative
181

 
84

 
13

 
—

 
278

Transaction costs
74

 
—

 
31

 
—

 
105

Total operating expenses
419

 
11,374

 
16,613

 
—

 
28,406

Other income
—

 
—

 
8

 
—

 
8

Interest income
205

 
—

 
70

 
(196
)
 
79

Interest expense
(5,954
)
 
(245
)
 
(2,198
)
 
196

 
(8,201
)
Related party interest expense
—

 
—

 
(1,138
)
 
—

 
(1,138
)
Loss on sale of hotel properties, net
—

 
(29
)
 
(62
)
 
—

 
(91
)
Income before equity in income from unconsolidated joint ventures
(6,168
)
 
6,726

 
8,085

 
—

 
8,643

Equity in income from consolidated entities
14,729

 
—

 
—

 
(14,729
)
 
—

Equity in income from unconsolidated joint ventures
30

 
—

 
—

 
—

 
30

Net income and comprehensive income
8,591

 
6,726

 
8,085

 
(14,729
)
 
8,673

Noncontrolling interest in consolidated joint ventures
—

 
—

 
(82
)
 
—

 
(82
)
Net income and comprehensive income attributable to FelCor LP
$
8,591

 
$
6,726

 
$
8,003

 
$
(14,729
)
 
$
8,591






















FelCor Lodging Limited Partnership
Condensed Consolidating Statement of Operations and Comprehensive Income
For the Three Months Ended September 30, 2018
(in thousands)

 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Revenues
 
 
 
 
 
 
 
 
 
Related party lease revenue
$
—

 
$
27,360

 
$
30,451

 
$
—

 
$
57,811

Total revenues
—

 
27,360

 
30,451

 
—

 
57,811

 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
Depreciation and amortization
115

 
8,017

 
11,160

 
—

 
19,292

Property tax, insurance and other
(4
)
 
7,598

 
6,353

 
—

 
13,947

General and administrative
(491
)
 
29

 
(102
)
 
—

 
(564
)
Transaction costs
(4
)
 
261

 
(63
)
 
—

 
194

Total operating expenses
(384
)
 
15,905

 
17,348

 
—

 
32,869

Other income
1

 
—

 
—

 
—

 
1

Interest income
285

 
—

 
15

 
(230
)
 
70

Interest expense
(5,955
)
 
—

 
(2,742
)
 
230

 
(8,467
)
Gain on sale of hotel properties, net
—

 
(9,971
)
 
34,225

 
—

 
24,254

Loss on extinguishment of indebtedness
(4
)
 
—

 
(1,652
)
 
—

 
(1,656
)
Income before equity in income from unconsolidated joint ventures
(5,289
)
 
1,484

 
42,949

 
—

 
39,144

Equity in income from consolidated entities
44,007

 
—

 
—

 
(44,007
)
 
—

Equity in income from unconsolidated joint ventures
218

 
—

 
—

 
—

 
218

Net income and comprehensive income
38,936

 
1,484

 
42,949

 
(44,007
)
 
39,362

Noncontrolling interest in consolidated joint ventures
—

 
—

 
(52
)
 
—

 
(52
)
Preferred distributions - consolidated joint venture
—

 
—

 
(374
)
 
—

 
(374
)
Net income and comprehensive income attributable to FelCor LP
$
38,936

 
$
1,484

 
$
42,523

 
$
(44,007
)
 
$
38,936
Condensed Consolidating Statement of Cash Flows
FelCor Lodging Limited Partnership
Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2019
(in thousands)

 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Operating activities:
 
 
 
 
 
 
 
 
 
Cash flows from operating activities
$
(16,141
)
 
$
26,326

 
$
41,040

 
$
—

 
$
51,225

Investing activities:
 
 
 
 
 
 
 
 
 
Proceeds from the sale of hotel properties, net
—

 
82,287

 
62,872

 
—

 
145,159

Improvements and additions to hotel properties
(159
)
 
(20,023
)
 
(22,481
)
 
—

 
(42,663
)
Contributions to unconsolidated joint ventures
(603
)
 
—

 
—

 
—

 
(603
)
Intercompany financing
216,063

 
—

 
—

 
(216,063
)
 
—

Cash flows from investing activities
215,301

 
62,264

 
40,391

 
(216,063
)
 
101,893

Financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from borrowings
—

 
25,000

 
71,000

 
—

 
96,000

Repayments of borrowings
—

 
—

 
(1,925
)
 
—

 
(1,925
)
Contributions from partners
135,941

 
—

 
—

 
—

 
135,941

Distributions to partners
(344,341
)
 
—

 
—

 
—

 
(344,341
)
Payments of deferred financing costs
—

 
(340
)
 
(650
)
 
—

 
(990
)
Preferred distributions - consolidated joint venture
—

 
—

 
(312
)
 
—

 
(312
)
Redemption of preferred capital - consolidated joint venture
—

 
—

 
(45,583
)
 
—

 
(45,583
)
Contributions from consolidated joint venture partners
—

 
—

 
2,281

 
—

 
2,281

Intercompany financing
—

 
(113,250
)
 
(102,813
)
 
216,063

 
—

Cash flows from financing activities
(208,400
)
 
(88,590
)
 
(78,002
)
 
216,063

 
(158,929
)
Net change in cash, cash equivalents, and restricted cash reserves
(9,240
)
 
—

 
3,429

 
—

 
(5,811
)
Cash, cash equivalents, and restricted cash reserves, beginning of year
11,219

 
—

 
13,343

 
—

 
24,562

Cash, cash equivalents, and restricted cash reserves, end of period
$
1,979

 
$
—

 
$
16,772

 
$
—

 
$
18,751























FelCor Lodging Limited Partnership
Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2018
(in thousands)

 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Operating activities:
 
 
 
 
 
 
 
 
 
Cash flows from operating activities
$
(38,965
)
 
$
66,876

 
$
105,305

 
$
—

 
$
133,216

Investing activities:
 
 
 
 
 
 
 
 
 
Proceeds from the sale of hotel properties, net
—

 
151,466

 
282,895

 
—

 
434,361

Improvements and additions to hotel properties
(4
)
 
(21,751
)
 
(36,458
)
 
—

 
(58,213
)
Intercompany financing
515,209

 
—

 
—

 
(515,209
)
 
—

Cash flows from investing activities
515,205

 
129,715

 
246,437

 
(515,209
)
 
376,148

Financing activities:
 
 
 
 
 
 
 
 
 
Repayments of borrowings
(538,813
)
 
—

 
(30,220
)
 
—

 
(569,033
)
Contributions from partners
673,853

 
—

 
—

 
—

 
673,853

Distributions to partners
(610,132
)
 
—

 
—

 
—

 
(610,132
)
Payments of deferred financing costs
—

 
—

 
(10
)
 
—

 
(10
)
Preferred distributions - consolidated joint venture
—

 
—

 
(1,113
)
 
—

 
(1,113
)
Intercompany financing
—

 
(196,591
)
 
(318,618
)
 
515,209

 
—

Cash flows from financing activities
(475,092
)
 
(196,591
)
 
(349,961
)
 
515,209

 
(506,435
)
Net change in cash, cash equivalents, and restricted cash reserves
1,148

 
—

 
1,781

 
—

 
2,929

Cash, cash equivalents, and restricted cash reserves, beginning of year
9,637

 
—

 
8,394

 
—

 
18,031

Cash, cash equivalents, and restricted cash reserves, end of period
$
10,785

 
$
—

 
$
10,175

 
$
—

 
$
20,960