Financial Statements As Reported

As Reported Financials

Source Document Currency Code (in thousands) 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q1 YTD 3/31/2018 USD
Source Document Currency Code 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q1 YTD 3/31/2018 USD

OPERATING ACTIVITIES

Net income 20,923 125,256 108,261 99,521 9,691

Adjustments to reconcile net income to net cash provided by operating activities

Depreciation and amortization 63,776 64,052 72,406 85,927 25,246
Amortization of deferred financing costs 1,549 1,723 2,143 2,022 494
Loss on impairment of assets 9,247 1,115 577 0 NA
Equity-based compensation 3,524 4,753 4,221 5,887 2,227
Deferred tax asset, net (127) 64 (2,391) 887 NA
Realization of deferred gain NA 0 (5,000) (15,000) 0
Loss (gain) on disposal of assets, net (446) (65,067) (44,855) (28,209) 43
Non-cash interest income NA 0 0 (284) NA
Other 48 1,287 180 323 (227)

Changes in operating assets and liabilities

Restricted cash - operating (631) 18 1,195 (769) NA
Trade receivables, net (419) (1,727) (2,655) (5,032) (3,953)
Prepaid expenses and other 3,618 28 (626) (2,454) 499
Accounts payable (312) (4,324) 1,676 (491) (448)
Accrued expenses and other 1,389 5,038 2,803 4,595 4,174
NET CASH PROVIDED BY OPERATING ACTIVITIES 102,139 132,216 137,935 146,923 37,746

INVESTING ACTIVITIES

Acquisitions of hotel properties (177,820) (236,518) (244,714) (588,822) 0
Investment in hotel properties under development (253) (75) 0 (20,993) (4,474)
Improvements to hotel properties (42,432) (43,197) (42,433) (37,191) (12,958)
Proceeds from asset dispositions, net of closing costs 19,280 150,054 145,347 120,733 0
Funding of real estate loans (7,366) (2,634) (27,500) (17,935) (5,334)
Proceeds from collection of real estate loans 0 0 7,814 32,500 0
(Increase) decrease in restricted cash - FF&E reserve 16,275 11,304 (3,003) (3,812) NA
Decrease (increase) in escrow deposits for acquisitions 0 (10,046) 10,046 0 NA
Acquisition of non-controlling interest in joint venture (8,232) NA NA NA NA
NET CASH USED IN INVESTING ACTIVITIES (200,548) (131,112) (154,443) (515,520) (22,766)

FINANCING ACTIVITIES

Proceeds from issuance of debt 263,601 600,407 405,000 667,640 270,000
Principal payments on debt (115,829) (550,150) (424,545) (452,082) (162,034)
Proceeds from equity offerings, net of offering costs 0 0 161,347 318,307 NA
Redemption of preferred stock 0 0 (50,000) (75,025) (85,000)
Dividends paid (56,550) (57,602) (66,713) (85,635) (24,782)
Financing fees on debt and other issuance costs (782) (2,250) (1,948) (1,796) (1,529)
Repurchase of common shares for withholding requirements (156) (764) (1,265) (961) (2,724)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES 90,284 (10,359) 21,876 370,448 (6,069)
Net change in cash and cash equivalents (8,125) (9,255) 5,368 1,851 NA

CASH AND CASH EQUIVALENTS

Beginning of period 46,706 38,581 29,326 34,694 NA
End of period 38,581 29,326 34,694 36,545 NA
Net change in cash, cash equivalents and restricted cash NA NA NA NA 8,911

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Beginning of period NA NA NA NA 66,007
End of period NA NA NA NA 74,918

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Cash payments for interest 26,925 28,927 26,156 27,362 8,422
Accrued acquisition costs and improvements to hotel properties NA 1,063 3,071 7,074 5,423
Capitalized interest 253 75 0 301 187
Cash payments for income taxes, net of refunds 926 2,436 1,228 623 212
Mortgage debt assumed for acquisitions of hotel properties 43,172 NA NA NA NA
Fair value of common units issued for acquisition of hotel 3,685 NA NA NA NA
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.