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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net income $ 183,598 $ 159,924
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 286,811 266,192
Amortization of debt issuance costs and debt discounts and premiums as interest 6,541 6,114
Straight line rental income (9,208) (10,377)
Security deposits received or replenished 37,239 34,945
FF&E reserve income and deposits (56,936) (57,890)
Loss on early extinguishment of debt 0 228
Equity in earnings of an investee (533) (107)
Gain on sale of real estate (9,348) 0
Other non-cash (income) expense, net (2,523) (2,298)
Changes in assets and liabilities:    
Due from related persons (992) (1,909)
Other assets (12,996) (8,284)
Accounts payable and other liabilities (21,979) (20,823)
Due to related persons (12,619) (5,637)
Net cash provided by operating activities 387,055 360,078
Cash flows from investing activities:    
Real estate acquisitions and deposits (594,927) (206,745)
Real estate improvements (89,955) (122,239)
FF&E reserve escrow fundings (22,011) (2,265)
Net proceeds from sale of real estate 23,438 0
Net cash used in investing activities (683,455) (331,249)
Cash flows from financing activities:    
Proceeds from issuance of common shares, net 0 371,956
Proceeds from issuance of senior unsecured notes, after discounts and premiums 598,246 737,612
Repayment of senior unsecured notes 0 (575,000)
Redemption of preferred shares (290,000) 0
Repurchase of convertible senior notes (8,478) 0
Borrowings under unsecured revolving credit facility 631,000 643,000
Repayments of unsecured revolving credit facility (364,000) (958,000)
Payment of debt issuance costs (5,018) (6,106)
Repurchase of common shares (533) (583)
Distributions to preferred shareholders (6,601) (15,498)
Distributions to common shareholders (254,623) (230,358)
Net cash provided by (used in) financing activities 299,993 (32,977)
Increase (decrease) in cash and cash equivalents 3,593 (4,148)
Cash and cash equivalents at beginning of period 10,896 13,682
Cash and cash equivalents at end of period 14,489 9,534
Supplemental cash flow information:    
Cash paid for interest 149,261 137,007
Cash paid for income taxes 2,588 2,464
Non-cash investing activities:    
Hotel managers’ deposits in FF&E reserve 55,222 55,518
Hotel managers’ purchases with FF&E reserve $ (64,574) $ (48,388)