v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operating activities:              
Net income $ 90,758 $ 14,533 $ 41,039 $ 11,915 $ 105,291 $ 52,954  
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation and amortization         57,381 56,117  
Gain on sale of hotel property, net (31,591)   0   (31,591) 0  
Non-cash lease expense and other amortization         2,575 2,583  
Amortization of debt issuance costs         851 1,056  
Amortization of deferred income related to key money         (158) (178)  
Share-based compensation         4,804 3,882  
Changes in assets and liabilities:              
Prepaid expenses and other assets         (8,341) (3,843)  
Due to/from hotel managers         (21,927) (14,683)  
Accounts payable and accrued expenses         (7,372) 3,286  
Net cash provided by operating activities         101,513 101,174  
Cash flows from investing activities:              
Capital expenditures         (40,254) (41,270)  
Net proceeds from sale of hotel property         29,871 89,023  
Net cash (used in) provided by investing activities         (10,383) 47,753  
Cash flows from financing activities:              
Mortgage debt principal payments         0 (3,844)  
Repayment of mortgage debt         0 (71,089)  
Payment of financing costs         0 (450)  
Distributions on common stock and units         (43,716) (65,276)  
Distributions on preferred stock         0 (4,908)  
Repurchases of common stock         (1,856) (23,704)  
Shares redeemed to satisfy tax withholdings on vested share-based compensation         (2,915) (4,888)  
Net cash used in financing activities         (48,487) (174,159)  
Net increase (decrease) in cash, cash equivalents, and restricted cash         42,643 (25,232)  
Cash, cash equivalents, and restricted cash at beginning of period   $ 103,221   $ 128,789 103,221 128,789 $ 128,789
Cash, cash equivalents, and restricted cash at end of period 145,864   103,557   145,864 103,557 103,221
Supplemental Disclosure of Cash Flow Information:              
Cash paid for interest         27,905 28,533  
Cash paid for income taxes, net         1,598 651  
Non-cash investing and financing activities:              
Unpaid dividends and distributions declared 19,678   17,394   19,678 17,394 25,903
Accrued capital expenditures         1,940 3,607 2,500
Right-of-use asset upon lease commencement         6,651 0  
Lease liability upon lease commencement         9,353 0  
Redemption of Operating Partnership units for common stock         4,114 0  
Cash and cash equivalents 105,980       105,980   68,084
Restricted cash 39,884       39,884   35,137
Total cash, cash equivalents and restricted cash $ 145,864   $ 103,557   $ 145,864 $ 103,557 $ 103,221