v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net income (loss) $ 6,477 $ (12,895)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 104,078 115,188
Provision (benefit) for deferred income taxes 5,224 3,334
Share-based compensation 4,869 6,742
Amortization of deferred financing costs, non-cash interest and other amortization 7,803 5,889
Impairment 8,800 0
Non-cash ground rent 4,690 4,881
Other adjustments (1,373) (230)
Changes in assets and liabilities:    
Hotel receivables (10,155) (10,438)
Prepaid expenses and other assets 13,118 10,552
Accounts payable and accrued expenses 23,206 9,242
Deferred revenues 3,633 8,618
Net cash provided by (used in) operating activities 170,370 140,883
Investing activities:    
Improvements and additions to hotel properties (24,426) (49,508)
Proceeds from sales of hotel properties 16,108 0
Property insurance proceeds 3,175 2,386
Other investing activities (233) (382)
Net cash provided by (used in) investing activities (5,376) (47,504)
Financing activities:    
Payment of deferred financing costs (6,649) (78)
Proceeds from debt 360,000 0
Repayments of debt (401,339) (1,098)
Repurchases of common shares (13,860) (15,612)
Repurchases of preferred shares (2,466) 0
Distributions — common shares/units (2,295) (2,412)
Distributions — preferred shares/units (23,183) (23,591)
Other financing activities (995) (1,041)
Net cash provided by (used in) financing activities (90,787) (43,832)
Net change in cash and cash equivalents and restricted cash 74,207 49,547
Cash and cash equivalents and restricted cash, beginning of year 196,203 217,591
Cash and cash equivalents and restricted cash, end of period $ 270,410 $ 267,138