v3.25.1
Condensed Consolidated Statements Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
OPERATING ACTIVITIES    
Net income $ 623 $ 2,833
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 37,230 36,799
Amortization of debt issuance costs 1,673 1,619
Equity-based compensation 1,916 1,848
Deferred tax expense 325 0
Gain on disposal of assets, net (1) (75)
Non-cash interest income 0 (133)
Debt transaction costs 0 564
Other 160 60
Changes in operating assets and liabilities:    
Trade receivables, net (4,943) (6,637)
Prepaid expenses and other (6,149) (8,318)
Accounts payable (760) 2,059
Accrued expenses and other (4,224) (2,469)
NET CASH PROVIDED BY OPERATING ACTIVITIES 25,850 28,150
INVESTING ACTIVITIES    
Improvements to lodging properties (15,724) (18,116)
Investment in lodging property under development (2,390) (913)
Proceeds from asset dispositions, net 1,242 9,043
NET CASH USED IN INVESTING ACTIVITIES (16,872) (9,986)
FINANCING ACTIVITIES    
Proceeds from borrowings on revolving line of credit 30,000 60,000
Repayments of revolving line of credit borrowings (10,000) (5,000)
Principal payments on debt (648) (33,490)
Common dividends and distributions paid (9,957) (7,349)
Preferred dividends and distributions paid (4,627) (4,627)
Contributions by non-controlling interests in joint venture 411 76
Distributions to joint venture partners (431) 0
Financing fees, debt transaction costs and other issuance costs (4,166) (2,358)
Repurchase of common stock for tax withholding requirements (1,586) (833)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (1,004) 6,419
Net change in cash, cash equivalents and restricted cash 7,974 24,583
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 48,358 47,768
End of period 56,332 72,351
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEET TO THE AMOUNTS SHOWN IN THE STATEMENT OF CASH FLOWS ABOVE:    
Cash and cash equivalents 48,194 63,435
Restricted cash 8,138 8,916
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH $ 56,332 $ 72,351