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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net income $ 225,787 $ 80,206
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 99,365 99,617
Amortization of debt issuance costs and debt discounts and premiums as interest 2,570 2,478
Straight line rental income 1,132 (3,079)
Security deposits utilized (16,368) (6,724)
Unrealized gains and losses on equity securities, net (20,977) (24,955)
Equity in earnings of an investee (404) (44)
Gain on sale of real estate (159,535) 0
Other non-cash (income) expense, net (330) (1,399)
Changes in assets and liabilities:    
Due from related persons 2,895 (716)
Other assets (8,642) (4,058)
Accounts payable and other liabilities (28,233) (16,785)
Due to related persons (53,395) (74,856)
Net cash provided by operating activities 43,865 49,685
Cash flows from investing activities:    
Real estate acquisitions and deposits (148,011) 0
Real estate improvements (11,738) (26,483)
Hotel managers’ purchases with restricted cash (46,361) (33,226)
Net proceeds from sale of real estate 308,200 0
Net cash provided by (used in) investing activities 102,090 (59,709)
Cash flows from financing activities:    
Proceeds from issuance of senior unsecured notes, after discounts and premiums 0 389,976
Borrowings under unsecured revolving credit facility 94,000 155,000
Repayments of unsecured revolving credit facility (130,000) (467,000)
Deferred financing costs 0 (3,522)
Repurchase of common shares 0 (101)
Distributions to common shareholders (87,154) (85,460)
Net cash used in financing activities (123,154) (11,107)
Increase (decrease) in cash and cash equivalents and restricted cash 22,801 (21,131)
Cash and cash equivalents and restricted cash at beginning of period 76,003 97,496
Cash and cash equivalents and restricted cash at end of period 98,804 76,365
Supplemental disclosure of cash and cash equivalents and restricted cash:    
Total cash and cash equivalents and restricted cash 76,003 97,496
Supplemental cash flow information:    
Cash paid for interest 77,745 61,162
Cash paid for income taxes $ 320 $ 193