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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net loss $ (132,381) $ (544,603) $ (311,382)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 401,108 485,965 498,908
Amortization of debt issuance costs and debt discounts and premiums as interest 19,375 21,036 14,870
Straight line rental income 7,767 2,621 714
Security deposits utilized or replenished 0 0 (109,162)
Loss on early extinguishment of debt 791 0 9,394
Loss on asset impairment 10,989 78,620 55,756
Unrealized losses (gains) on equity securities, net 8,104 (22,535) (19,882)
Equity in (earnings) losses of an investee (2,856) 941 9,910
Gain on sale of real estate, net (47,818) (11,522) (2,261)
Gain on insurance settlement 0 0 (62,386)
Deferred income taxes (1,091) (1,688) 13,850
Other non-cash income expense, net (2,427) (2,625) (2,558)
Changes in assets and liabilities:      
Due from related persons (8) (5,875) (33)
Other assets 3,841 60,182 (78,340)
Accounts payable and other liabilities (11,512) (5,061) 2,296
Due to related persons (10,755) (5,552) 17,910
Net cash provided by operating activities 243,127 49,904 37,604
Cash flows from investing activities:      
Real estate acquisitions and deposits (2,766) (7,709) (7,090)
Real estate improvements (103,646) (95,017) (69,082)
Hotel managers’ purchases with restricted cash (4,952) (24,565) (153,626)
Hotel manager’s deposit of insurance proceeds into restricted cash 0 0 22,488
Net proceeds from sale of real estate 554,087 51,412 167,542
Distributions in excess of earnings from Affiliates Insurance Company 0 12 286
Net cash provided by (used in) investing activities 397,253 (101,310) (51,807)
Cash flows from financing activities:      
Proceeds from issuance of senior unsecured notes, net of discounts and premiums 0 0 1,250,000
Repayment of senior unsecured notes (500,000) 0 (405,971)
Repayment of term loan 0 0 (400,000)
Borrowings under revolving credit facility 20,000 984,027 1,189,094
Repayments of revolving credit facility (1,020,000) (62,451) (1,487,670)
Debt issuance costs (3,864) (6,822) (26,903)
Repurchase of common shares (470) (790) (346)
Distributions to common shareholders (38,044) (6,596) (93,804)
Net cash (used in) provided by financing activities (1,542,378) 907,368 24,400
(Decrease) increase in cash and cash equivalents and restricted cash (901,998) 855,962 10,197
Cash and cash equivalents and restricted cash at beginning of year 947,418 91,456 81,259
Cash and cash equivalents and restricted cash at end of year 45,420 947,418 91,456
Cash paid for interest 334,264 344,043 281,097
Cash paid for income taxes 1,643 3,412 2,117
Restricted cash 7,051 3,375 18,124
Sonesta International Hotels Corporation      
Cash flows from investing activities:      
Investments (45,470) (25,443) (5,314)
TravelCenters of America LLC      
Cash flows from investing activities:      
Investments $ 0 $ 0 $ (7,011)