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SEC Filings

10-K
RLJ LODGING TRUST filed this Form 10-K on 03/01/2019
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Liquidity and Capital Resources
 
Our short-term liquidity requirements consist primarily of the funds necessary to pay for operating expenses and other expenditures directly associated with our hotel properties, including:
 
recurring maintenance and capital expenditures necessary to maintain our hotel properties in accordance with brand standards;
 
interest expense and scheduled principal payments on outstanding indebtedness;
 
distributions necessary to qualify for taxation as a REIT; and

corporate and other general and administrative expenses.
  
We expect to meet our short-term liquidity requirements generally through the net cash provided by operations, existing cash balances, short-term borrowings under our Revolver, of which $600.0 million was available at December 31, 2018, proceeds from the sale of hotel properties, and proceeds from public offerings of common shares. 
 
Our long-term liquidity requirements consist primarily of the funds necessary to pay for the costs of acquiring additional hotel properties, the redevelopments, renovations, expansions and other capital expenditures that need to be made periodically with respect to our hotel properties, and scheduled debt payments, at maturity or otherwise. We expect to meet our long-term liquidity requirements through various sources of capital, including our Revolver and future equity (including OP units) or debt offerings, existing working capital, the net cash provided by operations, long-term mortgage loans and other secured and unsecured borrowings, and the proceeds from the sale of hotel properties. 
 
Sources and Uses of Cash
 
As of December 31, 2018, we had $384.8 million of cash, cash equivalents, and restricted cash reserves as compared to $659.1 million at December 31, 2017.
 
Cash flows from Operating Activities
 
The net cash flow provided by operating activities totaled $394.8 million, $260.6 million, and $331.4 million for the years ended December 31, 2018, 2017 and 2016, respectively. Our cash flows provided by operating activities generally consist of the net cash generated by our hotel operations, partially offset by the cash paid for corporate expenses and other working capital changes. Refer to the "Results of Operations" section for further discussion of our operating results for the years ended December 31, 2018, 2017 and 2016.

Cash flows from Investing Activities
 
The net cash flow provided by investing activities totaled $277.1 million for the year ended December 31, 2018 primarily due to $475.1 million of net cash proceeds from the sale of hotel properties, partially offset by $197.3 million in routine capital improvements and additions to our hotel properties.

The net cash flow provided by investing activities totaled $65.0 million for the year ended December 31, 2017 primarily due to $180.3 million of net cash proceeds from the sale of hotel properties and $12.8 million in proceeds from the settlement of an investment in loan. The net cash flow provided by investing activities was partially offset by $103.0 million in routine capital improvements and additions to our hotel properties, and cash consideration, net of cash, cash equivalents, and restricted cash reserves acquired, of $24.9 million for the acquisition of FelCor.

The net cash flow provided by investing activities totaled $185.1 million for the year ended December 31, 2016 primarily due to $269.2 million of net cash proceeds from the sale of hotel properties. The net cash flow provided by investing activities was partially offset by $83.8 million in routine capital improvements and additions to our hotel properties.
 

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