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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 18,880 $ 30,870 $ 29,680
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 51,258 47,932 46,060
Amortization of deferred franchise fees 247 237 217
Amortization of deferred financing fees included in interest expense 912 902 648
Loss (gain) on sale of hotel property 3,282 18 (3,327)
Impairment loss 0 0 6,663
Loss on write-off of deferred franchise fee 0 0 16
Deferred tax expense (benefit) 29 (28) 396
Share based compensation 4,719 4,210 3,784
Loss (income) from unconsolidated real estate entities 6,448 876 (1,582)
Distributions from unconsolidated entities 0 0 667
Changes in assets and liabilities:      
Right of use asset 613    
Hotel receivables (102) (437) 353
Deferred costs (17) (243) (935)
Prepaid expenses and other assets (308) 64 356
Accounts payable and accrued expenses 664 1,814 3,693
Lease liability (391)    
Net cash provided by operating activities 86,234 86,215 86,689
Cash flows from investing activities:      
Improvements and additions to hotel properties (35,859) (31,417) (30,233)
Investment in hotel properties under development (12,224) 0 0
Acquisition of hotel properties, net of cash acquired (8,171) (70,020) (138,248)
Proceeds from sale of hotel properties, net 8,987 0 12,555
Distributions from unconsolidated entities 2,692 5,036 2,551
Investment in unconsolidated real estate entities 0 0 (5,036)
Net cash used in investing activities (44,575) (96,401) (158,411)
Cash flows from financing activities:      
Borrowings on revolving credit facility 74,500 149,000 129,000
Repayments on revolving credit facility (66,000) (99,500) (149,500)
Payments on mortgage debt (6,695) (4,899) (4,160)
Payments of financing costs (48) (955) 0
Payment of offering costs (209) (518) (2,149)
Proceeds from issuance of common shares 7,298 24,486 150,691
Forfeited distributions - non vested shares 0 0 (94)
Distributions - common shares/units (62,660) (61,590) (52,617)
Net cash provided by (used in) financing activities (53,814) 6,024 71,171
Net change in cash, cash equivalents and restricted cash (12,155) (4,162) (551)
Cash, cash equivalents and restricted cash, beginning of period 32,337 36,499 37,050
Cash, cash equivalents and restricted cash, end of period 20,182 32,337 36,499
Supplemental disclosure of cash flow information:      
Cash paid for interest 27,274 25,328 26,541
Capitalized interest 445 0 0
Cash paid for income taxes $ 748 $ 887 $ 710