v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Cash flows from operating activities:          
Net income $ 5,499 $ 7,034 $ 7,017 $ 1,548  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization of investment in hotel properties     30,326 30,058  
Amortization of deferred franchise fees     101 114  
Amortization of deferred financing fees included in interest expense     663 645  
Loss (gain) on sale of hotel properties (350) (12) (7,468) 140  
Loss on early extinguishment of debt 0 17 0 17  
Gain (Loss) on write-off of deferred franchise fee     0 50  
Share-based compensation     3,164 3,259  
Changes in assets and liabilities:          
Right of use asset     312 292  
Hotel receivables     (1,742) 190  
Deferred costs     82 (166)  
Prepaid expenses and other assets     (5,040) (4,426)  
Accounts payable and accrued expenses     (904) 282  
Lease liability     (259) 66  
Net cash provided by operating activities     26,252 32,069  
Cash flows from investing activities:          
Improvements and additions to hotel properties     (16,437) (18,744)  
Acquisition of hotel properties     0 (43,730)  
Proceeds from sale of hotel properties, net     52,956 17,166  
Payments of franchise application costs     0 (700)  
Net cash provided by (used in) investing activities     36,519 (46,008)  
Cash flows from financing activities:          
Borrowings on revolving credit facility     15,000 121,000  
Repayments on revolving credit facility     (55,000) (1,000)  
Borrowings on unsecured term loan     0 50,000  
Repayments of mortgage debt     (15,957) (263,961)  
Proceeds from the issuance of mortgage debt     0 60,300  
Principal payments on finance lease     (26) (15)  
Payment of financing costs     0 (1,026)  
Payment of offering costs on common shares     0 (264)  
Proceeds from issuance of common shares     27 27  
In-substance repurchase of vested common shares     (5) 0  
Repurchases of common shares     (144) 0  
Distributions-common shares/units     (8,326) (7,200)  
Distributions-preferred shares     (3,975) (3,975)  
Net cash used in financing activities     (68,406) (46,114)  
Net change in cash, cash equivalents and restricted cash     (5,635) (60,053)  
Cash, cash equivalents and restricted cash, beginning of period     29,844 85,749 $ 85,749
Cash, cash equivalents and restricted cash, end of period $ 24,209 $ 25,696 24,209 25,696 $ 29,844
Supplemental disclosure of cash flow information:          
Cash paid for interest     12,419 14,441  
Cash paid for taxes     $ 859 $ 685