Financial Statements As Reported

As Reported Financials

Document Name As Of Date Currency Code (in thousands) 2015 Y 10-K 12/31/2015 USD 2016 Y 10-K 12/31/2016 USD 2017 Y 10-K 12/31/2017 USD 2018 Y 10-K 12/31/2018 USD 2019 Q3 YTD 10-Q 9/30/2019 USD
Document Name As Of Date Currency Code 2015 Y 10-K 12/31/2015 USD 2016 Y 10-K 12/31/2016 USD 2017 Y 10-K 12/31/2017 USD 2018 Y 10-K 12/31/2018 USD 2019 Q3 YTD 10-Q 9/30/2019 USD

OPERATING ACTIVITIES

Net income 125,256 108,261 99,521 91,126 73,595

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

Depreciation and amortization 64,052 72,406 85,927 101,013 72,517
Amortization of deferred financing costs 1,723 2,143 2,022 1,973 1,041
Loss on impairment of assets 1,115 577 0 1,075 1,685
Equity-based compensation 4,753 4,221 5,887 6,665 4,766
Deferred tax asset, net 64 (2,391) 887 (430) NA
Realization of deferred gain 0 (5,000) (15,000) 0 NA
Gain on disposal of assets, net (65,067) (44,855) (28,209) (41,474) (39,655)
Non-cash interest income 0 0 (284) (2,045) (1,713)
Debt transaction costs NA NA NA NA 1,847
Other 1,287 180 323 1,171 369

Changes in operating assets and liabilities

Restricted cash - operating 18 NA NA NA NA
Trade receivables, net (1,727) (2,655) (5,032) 2,787 (4,514)
Prepaid expenses and other 28 (626) (2,454) (1,127) 1,754
Accounts payable (4,324) 1,676 (491) (424) 126
Accrued expenses and other 5,038 2,803 4,595 1,341 7,796
NET CASH PROVIDED BY OPERATING ACTIVITIES 132,216 136,740 147,692 161,651 119,614

INVESTING ACTIVITIES

Acquisition of hotel properties and land under ground lease (236,518) (244,714) (588,822) (71,002) (32,277)
Investment in hotel properties under development (75) 0 (20,993) (13,430) 0
Improvements to hotel properties (43,197) (42,433) (37,191) (66,610) (46,708)
Proceeds from asset dispositions, net 150,054 145,347 120,733 104,030 143,962
Funding of real estate loans (2,634) (27,500) (17,935) (16,245) (7,228)
Proceeds from collection of real estate loans 0 7,814 32,500 200 NA
(Increase) decrease in restricted cash - FF&E reserve 11,304 NA NA NA NA
Proceeds from principal payments on real estate loans NA NA NA NA 2,050
Increase in escrow deposits for acquisitions (10,046) 10,046 0 0 (3,000)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (131,112) (151,440) (511,708) (63,057) 56,799

FINANCING ACTIVITIES

Proceeds from issuance of debt 600,407 405,000 667,640 815,000 135,000
Principal payments on debt (550,150) (424,545) (452,082) (723,098) (251,360)
Proceeds from equity offerings, net of issuance costs 0 161,347 318,307 0 NA
Redemption of preferred stock 0 (50,000) (75,025) (85,000) 0
Dividends paid (57,602) (66,713) (85,635) (92,245) (67,751)
Proceeds from contribution by joint venture partner NA NA NA NA 13,764
Financing fees on debt and other issuance costs (2,250) (1,948) (1,796) (3,978) (1,873)
Repurchase of common shares for withholding requirements (764) (1,265) (961) (2,724) (839)
NET CASH USED IN FINANCING ACTIVITIES (10,359) 21,876 370,448 (92,045) (173,059)
Net change in cash and cash equivalents (9,255) NA NA NA NA

CASH AND CASH EQUIVALENTS

Beginning of period 38,581 NA NA NA NA
End of period 29,326 NA NA NA NA
Net change in cash, cash equivalents and restricted cash NA 7,176 6,432 6,549 3,354

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Beginning of period NA 52,399 59,575 66,007 72,556
End of period NA 59,575 66,007 72,556 75,910

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Cash payments for interest 28,927 26,156 27,362 38,743 30,822
Accrued acquisition costs and improvements to hotel properties 1,063 3,071 7,074 6,084 6,272
Capitalized interest 75 0 301 446 0
Net cash (refunds) payments for income taxes 2,436 1,228 623 839 (369)
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.