v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash Flows from Operating Activities:    
Net income $ 211,158 $ 172,848
Amounts to reconcile net income to net cash flows provided by operating activities:    
Provision for deferred income taxes 9,099 5,079
Depreciation and amortization 235,948 203,882
Amortization of deferred financing costs 9,654 8,762
Impairment charges 4,858  
(Income) loss from unconsolidated joint ventures (4) 66
Equity-based compensation expense 11,742 10,777
Changes in:    
Trade receivables 5,994 (3,083)
Accounts payable and accrued liabilities 51,148 36,242
Other assets and liabilities (23,995) (8,611)
Net cash flows provided by operating activities 515,602 425,962
Cash Flows from Investing Activities:    
Purchases of property and equipment (362,860) (252,103)
Collection of notes receivable 4,735 4,385
Other investing activities, net (1,066) (18,121)
Net cash flows used in investing activities (1,707,191) (1,127,797)
Cash Flows from Financing Activities:    
Issuance of senior notes 1,400,000 625,000
Redemption of senior notes (700,000)  
Deferred financing costs paid (30,610) (13,064)
Issuance of common stock, net 659,170 275,532
Payment of distributions (229,984) (212,641)
Payment of tax withholdings for equity-based compensation (5,545) (5,537)
Other financing activities, net (564) (185)
Net cash flows provided by (used in) financing activities 1,087,036 642,162
Net change in cash, cash equivalents, and restricted cash (104,553) (59,673)
Cash, cash equivalents, and restricted cash, beginning of period 500,180 576,228
Cash, cash equivalents, and restricted cash, end of period 395,627 516,555
JW Marriott Desert Ridge [Member]    
Cash Flows from Investing Activities:    
Purchase of business, net of cash acquired   (861,958)
Grande Lakes Orlando [Member]    
Cash Flows from Investing Activities:    
Purchase of business, net of cash acquired (1,348,000)  
$500 Million Term Loan B [Member]    
Cash Flows from Financing Activities:    
Repayments under term loan (2,201) (2,201)
$80M OEG Revolver [Member]    
Cash Flows from Financing Activities:    
Borrowings under revolving credit facility   5,000
Repayments under revolving credit facility   (26,000)
OEG Term Loan [Member]    
Cash Flows from Financing Activities:    
Repayments under term loan $ (3,230) (2,903)
Block 21 CMBS Loan [Member]    
Cash Flows from Financing Activities:    
Repayments under loan   (128,967)
$300 Million OEG Term Loan [Member]    
Cash Flows from Financing Activities:    
Borrowings under term loan   $ 128,128