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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net (loss) income attributable to shareholders $ (32,779) $ (132,381) $ (544,603)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 384,060 401,108 485,965
Net amortization of debt issuance costs, discounts and premiums as interest 25,710 19,375 21,036
Straight line rental income (13,165) 7,767 2,621
Loss on early extinguishment of debt 1,524 791 0
Loss on asset impairment, net 9,544 10,989 78,620
(Gains) losses on equity securities, net (48,837) 8,104 (22,535)
Equity in losses (earnings) of an investee 4,382 (2,856) 941
Gain on sale of real estate, net (43,239) (47,818) (11,522)
Deferred income taxes (1,291) (1,091) (1,688)
Other non-cash income expense, net (1,706) (2,427) (2,625)
Changes in assets and liabilities:      
Due from related persons 21,135 (8) (5,875)
Other assets 35,693 3,841 60,182
Accounts payable and other liabilities 144,079 (11,512) (5,061)
Due to related persons 439 (10,755) (5,552)
Net cash provided by operating activities 485,549 243,127 49,904
Cash flows from investing activities:      
Acquisition of real estate properties (165,866) (2,766) (7,709)
Proceeds from sale of TravelCenters of America Inc. common shares 101,892 0 0
Proceeds from sale of tradenames and trademarks 89,400 0 0
Real estate improvements (200,894) (103,646) (95,017)
Hotel managers’ purchases with restricted cash (5,407) (4,952) (24,565)
Net proceeds from sale of real estate 156,432 554,087 51,412
Investment in Sonesta (5,134) (45,470) (25,443)
Distributions in excess of earnings from Affiliates Insurance Company 0 0 12
Net cash (used in) provided by investing activities (29,577) 397,253 (101,310)
Cash flows from financing activities:      
Proceeds from mortgage notes payable, net of discounts 576,946 0 0
Repayment of mortgage notes payable (1,631) 0 0
Proceeds from senior secured notes, net of discounts 985,900 0 0
Repayment of senior unsecured notes (1,675,000) (500,000) 0
Borrowings under revolving credit facility 0 20,000 984,027
Repayments of revolving credit facility 0 (1,020,000) (62,451)
Payment of debt issuance costs (56,545) (3,864) (6,822)
Repurchase of common shares (802) (470) (790)
Distributions to common shareholders (132,430) (38,044) (6,596)
Net cash (used in) provided by financing activities (303,562) (1,542,378) 907,368
Increase (decrease) in cash and cash equivalents and restricted cash 152,410 (901,998) 855,962
Cash and cash equivalents and restricted cash at beginning of year 45,420 947,418 91,456
Cash and cash equivalents and restricted cash at end of year $ 197,830 $ 45,420 $ 947,418