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 loss $ (462,956) $ (201,539)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 225,078 238,583
Net amortization of debt issuance costs, discounts and premiums as interest 56,635 27,672
Straight line rental income (4,318) (8,818)
Loss on early extinguishment of debt, net 61,589 529
Loss on asset impairment 270,883 81,788
Equity in losses of an investee 3,009 2,873
Loss (gain) on sale of real estate, net 131 (25,846)
Other non-cash income, net (1,183) (1,095)
Changes in assets and liabilities:    
Due from related persons (11,950) (8,769)
Other assets 2,776 7,260
Accounts payable and other liabilities (3,023) 22,067
Due to related persons (4,445) 1,600
Net cash provided by operating activities 132,226 136,305
Cash flows from investing activities:    
Real estate improvements (110,062) (148,154)
Hotel managers’ purchases with restricted cash (4,949) (3,570)
Real estate acquisitions and deposits (15,708) (56,260)
Net proceeds from sale of real estate 84,500 331,202
Net cash (used in) provided by investing activities (46,219) 123,218
Cash flows from financing activities:    
Proceeds from mortgage notes payable, net of discounts 744,980 0
Repayment of mortgage notes payable (2,487) (1,468)
Proceeds from senior unsecured notes, net of discounts 0 492,499
Repayments of senior unsecured notes (1,596,104) (350,000)
Borrowings under variable funding note 0 45,000
Repayments of variable funding note (45,000) 0
Borrowings under revolving credit facility 50,000 600,000
Repayments of revolving credit facility (50,000) (750,000)
Payment of debt issuance costs (23,452) (6,070)
Repurchase of common shares (711) (636)
Issuance of common shares, net 541,798 0
Distributions to common shareholders (14,627) (5,002)
Net cash (used in) provided by financing activities (395,603) 24,323
(Decrease) increase in cash and cash equivalents and restricted cash (309,596) 283,846
Cash and cash equivalents and restricted cash at beginning of period 372,088 157,386
Cash and cash equivalents and restricted cash at end of period $ 62,492 $ 441,232