v3.26.1
Condensed Consolidated Statements Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES    
Net income $ 3,822 $ 2,660
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 73,187 74,489
Amortization of debt issuance costs 3,916 3,350
Loss on write-down of assets 3,641 0
Equity-based compensation 3,427 4,705
Debt transaction costs 0 15
Deferred tax (benefit) expense (963) 1,168
(Gain) loss on disposal of assets, net (94) 79
Other 659 445
Changes in operating assets and liabilities:    
Trade receivables, net (5,147) (4,054)
Prepaid expenses and other (7,119) (4,669)
Accounts payable (326) (1,441)
Accrued expenses and other 8,435 (2,061)
NET CASH PROVIDED BY OPERATING ACTIVITIES 83,438 74,686
INVESTING ACTIVITIES    
Improvements to lodging properties (23,618) (34,570)
Investment in lodging property under development 0 (5,647)
Proceeds from asset dispositions, net 12,011 1,243
Purchase of undeveloped land parcel (1,412) 0
Other 0 (128)
NET CASH USED IN INVESTING ACTIVITIES (13,019) (39,102)
FINANCING ACTIVITIES    
Proceeds from borrowings on revolving line of credit 55,000 55,000
Repayments of revolving line of credit borrowings (50,000) (40,000)
Proceeds from mortgage loan 0 58,000
Repayment of mortgage loan 0 (45,433)
Scheduled principal payments on mortgage debt (259) (872)
Repurchases of common shares (6,181) (15,402)
Proceeds from term loan 275,000 0
Repayment on Convertible Notes (287,500) 0
Repayment of term loan (7,300) 0
Common dividends and distributions paid (19,181) (19,740)
Preferred dividends and distributions paid (9,365) (9,402)
Contributions by non-controlling interests in joint venture 0 754
Distributions to joint venture partners (10,499) (11,605)
Financing fees, debt transaction costs and other issuance costs (7,988) (5,432)
Repurchase of common stock for tax withholding requirements (894) (1,586)
NET CASH USED IN FINANCING ACTIVITIES (69,167) (35,718)
Net change in cash, cash equivalents and restricted cash 1,252 (134)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 41,212 48,358
End of period 42,464 48,224
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 36,933 39,490
Restricted cash 5,531 8,734
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH $ 42,464 $ 48,224