v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities:    
Net income (loss) $ (18,436) $ (32,180)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 51,979 57,543
Provision (benefit) for deferred income taxes (17) (3,105)
Share-based compensation 2,306 3,220
Amortization of deferred financing costs, non-cash interest and other amortization 4,255 2,985
Impairment 7,688 0
Non-cash ground rent 2,345 2,448
Other adjustments (212) 1,215
Changes in assets and liabilities:    
Hotel receivables (5,497) (3,966)
Prepaid expenses and other assets 6,472 4,077
Accounts payable and accrued expenses 23,243 5,227
Deferred revenues 9,925 12,877
Net cash provided by (used in) operating activities 84,051 50,341
Investing activities:    
Improvements and additions to hotel properties (11,946) (20,658)
Property insurance proceeds 3,175 0
Other investing activities (189) (206)
Net cash provided by (used in) investing activities (8,960) (20,864)
Financing activities:    
Payment of deferred financing costs (6,649) (48)
Proceeds from debt 360,000 0
Repayments of debt (400,761) (549)
Repurchases of common shares (5,900) (14,612)
Distributions — common shares/units (1,148) (1,215)
Distributions — preferred shares/units (11,592) (11,795)
Other financing activities (641) (663)
Net cash provided by (used in) financing activities (66,691) (28,882)
Net change in cash and cash equivalents and restricted cash 8,400 595
Cash and cash equivalents and restricted cash, beginning of year 196,203 217,591
Cash and cash equivalents and restricted cash, end of period $ 204,603 $ 218,186