v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Cash flows from operating activities:              
Net income $ 33,409 $ 14,533 $ 22,638 $ 11,915 $ 138,700 $ 75,592  
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation and amortization         85,911 84,492  
Gain on sale of hotel property, net 239   0   (31,352) 0  
Loss on debt extinguishment 0   5,850   0 5,850  
Non-cash lease expense and other amortization         3,906 3,862  
Amortization of debt issuance costs         1,277 1,550  
Impairment losses 0   1,076   0 1,076  
Amortization of deferred income related to key money         (232) (259)  
Share-based compensation         7,432 5,737  
Changes in assets and liabilities:              
Prepaid expenses and other assets         (7,027) (1,274)  
Due to/from hotel managers         (23,708) (15,915)  
Accounts payable and accrued expenses         (652) 15,019  
Net cash provided by operating activities         174,255 175,730  
Cash flows from investing activities:              
Capital expenditures         (59,240) (60,941)  
Net proceeds from sale of hotel property         29,871 89,023  
Payment of ground lease extension         (630) 0  
Net cash (used in) provided by investing activities         (29,999) 28,082  
Cash flows from financing activities:              
Mortgage debt principal payments         0 (295,808)  
Proceeds from senior unsecured term loan         0 300,000  
Draws on senior unsecured credit facility         0 60,000  
Repayments of senior unsecured credit facility         0 (60,000)  
Payment of financing costs         0 (11,574)  
Distributions on common stock and units         (62,241) (81,868)  
Distributions on preferred stock         0 (7,362)  
Repurchases of common stock         (1,856) (35,519)  
Shares redeemed to satisfy tax withholdings on vested share-based compensation         (2,952) (5,053)  
Net cash used in financing activities         (67,049) (137,184)  
Net increase in cash, cash equivalents, and restricted cash         77,207 66,628  
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 180,428   195,417   180,428 195,417 103,221
Supplemental Disclosure of Cash Flow Information:              
Cash paid for interest         41,945 43,972  
Cash paid for income taxes, net         4,827 726  
Non-cash investing and financing activities:              
Unpaid dividends and distributions declared 24,061   17,430   24,061 17,430 25,903
Accrued capital expenditures         2,733 3,934 2,500
Right-of-use asset upon lease commencement         10,384 0  
Lease liability upon lease commencement         13,086 0  
Redemption of Operating Partnership units for common stock         5,090 0  
Cash and cash equivalents 139,963       139,963   68,084
Restricted cash 40,465       40,465   35,137
Total cash, cash equivalents and restricted cash $ 180,428   $ 195,417   $ 180,428 $ 195,417 $ 103,221