v3.26.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income $ 11,370 $ 10,604
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of investment in hotel properties 46,370 44,983
Amortization of deferred franchise fees 188 150
Amortization of deferred financing fees included in interest expense 1,390 1,008
Gain on sale of hotel properties (49) (7,507)
Loss on early extinguishment of debt 0 174
Share-based compensation 4,559 4,710
Changes in assets and liabilities:    
Right of use asset 462 472
Hotel receivables (656) (989)
Deferred costs 100 58
Prepaid expenses and other assets (3,424) (4,036)
Accounts payable and accrued expenses 7,895 2,596
Lease liability (393) (397)
Net cash provided by operating activities 67,812 51,826
Cash flows from investing activities:    
Improvements and additions to hotel properties (16,797) (20,427)
Investment in hotel properties under development (3,762) 0
Acquisition of hotel properties (92,458) 0
Proceeds from sale of hotel properties, net 0 52,956
Payments of franchise application costs (68) (110)
Net cash (used in) provided by investing activities (113,085) 32,419
Cash flows from financing activities:    
Borrowings on revolving credit facility 100,000 15,000
Repayments on revolving credit facility (35,000) (125,000)
Borrowings on unsecured term loan 0 200,000
Repayments on unsecured term loan 0 (140,000)
Repayments of mortgage debt 0 (15,957)
Principal payments on finance lease (41) (26)
Payment of financing costs 0 (5,854)
Proceeds from issuance of common shares 36 43
In-substance repurchase of vested common shares 0 (5)
Repurchases of common shares (9,476) (1,976)
Distributions-common shares/units (14,485) (12,982)
Distributions-preferred shares (5,962) (5,962)
Net cash provided by (used in) financing activities 35,072 (92,719)
Net change in cash, cash equivalents and restricted cash (10,201) (8,474)
Cash, cash equivalents and restricted cash, beginning of period 32,638 29,844
Cash, cash equivalents and restricted cash, end of period 22,437 21,370
Supplemental disclosure of cash flow information:    
Cash paid for interest 17,717 18,619
Capitalized interest 61 0
Cash paid for taxes $ 737 $ 955