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 Q2 YTD 6/30/2018 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 Q2 YTD 6/30/2018 USD

OPERATING ACTIVITIES

Net income 20,923 125,256 108,261 99,521 47,368

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

Depreciation and amortization 63,776 64,052 72,406 85,927 50,200
Amortization of deferred financing costs 1,549 1,723 2,143 2,022 998
Loss on impairment of assets 9,247 1,115 577 0 NA
Equity-based compensation 3,524 4,753 4,221 5,887 4,048
Deferred tax asset, net (127) 64 (2,391) 887 NA
Realization of deferred gain NA 0 (5,000) (15,000) 0
Gain on disposal of assets, net (446) (65,067) (44,855) (28,209) (17,288)
Non-cash interest income NA 0 0 (284) NA
Other 48 1,287 180 323 (408)

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) (4,057)
Prepaid expenses and other 3,618 28 (626) (2,454) 1,545
Accounts payable (312) (4,324) 1,676 (491) (33)
Accrued expenses and other 1,389 5,038 2,803 4,595 2,041
NET CASH PROVIDED BY OPERATING ACTIVITIES 102,139 132,216 137,935 146,923 84,414

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) (10,828)
Improvements to hotel properties (42,432) (43,197) (42,433) (37,191) (30,648)
Proceeds from asset dispositions, net of closing costs 19,280 150,054 145,347 120,733 41,735
Funding of real estate loans (7,366) (2,634) (27,500) (17,935) (15,245)
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
Increase in escrow deposits for acquisitions 0 (10,046) 10,046 0 0
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) (14,986)

FINANCING ACTIVITIES

Proceeds from issuance of debt 263,601 600,407 405,000 667,640 420,000
Principal payments on debt (115,829) (550,150) (424,545) (452,082) (337,297)
Proceeds from equity offerings, net of issuance costs 0 0 161,347 318,307 0
Redemption of preferred stock 0 0 (50,000) (75,025) (85,000)
Dividends paid (56,550) (57,602) (66,713) (85,635) (47,265)
Financing fees on debt and other issuance costs (782) (2,250) (1,948) (1,796) (1,785)
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 (54,071)
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 15,357

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Beginning of period NA NA NA NA 66,007
End of period NA NA NA NA 81,364

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Cash payments for interest 26,925 28,927 26,156 27,362 18,638
Accrued acquisition costs and improvements to hotel properties NA 1,063 3,071 7,074 5,765
Capitalized interest 253 75 0 301 446
Cash payments for income taxes, net of refunds 926 2,436 1,228 623 622
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
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