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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income (loss) $ (544,603) $ (311,382) $ 259,750
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 485,965 498,908 428,448
Amortization of debt issuance costs and debt discounts and premiums as interest 21,036 14,870 11,117
Straight line rental income 2,621 714 10,719
Security deposits utilized or replenished 0 (109,162) (23,549)
Loss on early extinguishment of debt 0 9,394 8,451
Loss on asset impairment 78,620 55,756 39,296
Unrealized (gains) losses on equity securities, net (22,535) (19,882) 40,461
Equity in (earnings) losses of an investee 941 9,910 (393)
Distribution of earnings from Affiliates Insurance Company 0 0 2,423
Gain on sale of real estate, net (11,522) (2,261) (159,535)
Gain on insurance settlement 0 (62,386) 0
Deferred income taxes (1,688) 13,850 (127)
Other non-cash income expense, net (2,625) (2,558) (614)
Changes in assets and liabilities:      
Due from related persons (5,875) (33) 3,272
Other assets 60,182 (78,340) (11,385)
Accounts payable and other liabilities (5,061) 2,296 60,484
Due to related persons (5,552) 17,910 (51,096)
Net cash provided by operating activities 49,904 37,604 617,722
Cash flows from investing activities:      
Real estate acquisitions and deposits (7,709) (7,090) (2,713,191)
Real estate improvements (95,017) (69,082) (150,531)
Hotel managers’ purchases with restricted cash (24,565) (153,626) (208,241)
Hotel manager’s deposit of insurance proceeds into restricted cash 0 22,488 25,000
Net proceeds from sale of real estate 51,412 167,542 816,450
Net proceeds from sale of equity securities 0 0 93,892
Distributions in excess of earnings from Affiliates Insurance Company 12 286 6,577
Net cash used in investing activities (101,310) (51,807) (2,130,044)
Cash flows from financing activities:      
Proceeds from issuance of senior unsecured notes, net of discounts and premiums 0 1,250,000 1,693,879
Repayment of senior unsecured notes 0 (405,971) 0
Repayment of term loan 0 (400,000) 0
Borrowings under revolving credit facility 984,027 1,189,094 1,124,000
Repayments of revolving credit facility (62,451) (1,487,670) (924,000)
Debt issuance costs (6,822) (26,903) (21,882)
Repurchase of common shares (790) (346) (800)
Distributions to common shareholders (6,596) (93,804) (353,619)
Net cash provided by financing activities 907,368 24,400 1,517,578
Increase in cash and cash equivalents and restricted cash 855,962 10,197 5,256
Cash and cash equivalents and restricted cash at beginning of year 91,456 81,259 76,003
Cash and cash equivalents and restricted cash at end of year 947,418 91,456 81,259
Sonesta International Hotels Corporation      
Cash flows from investing activities:      
Investments (25,443) (5,314) 0
TravelCenters of America LLC      
Cash flows from investing activities:      
Investments $ 0 $ (7,011) $ 0