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SEC Filings

10-K
RLJ LODGING TRUST filed this Form 10-K on 03/01/2019
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RLJ Lodging Trust
Consolidated Statements of Cash Flows
(Amounts in thousands)
 
For the year ended December 31,
 
2018
 
2017
 
2016
Cash flows from operating activities
 

 
 

 
 

Net income
$
190,862

 
$
75,739

 
$
201,314

Adjustments to reconcile net income to cash flow provided by operating activities:
 

 
 

 
 

Gain on sale of hotel properties, net
(30,941
)
 
(8,980
)
 
(45,929
)
Gain on extinguishment of indebtedness, net
(5,996
)
 

 

Gain on settlement of an investment in loan

 
(2,670
)
 

Depreciation and amortization
241,641

 
186,993

 
162,500

Amortization of deferred financing costs
3,504

 
3,499

 
3,965

Other amortization
(3,081
)
 
(2,098
)
 
751

Equity in income from unconsolidated joint ventures
(636
)
 
(133
)
 

Distributions of income from unconsolidated joint ventures
2,591

 
1,900

 

Accretion of interest income on an investment in loan

 
(664
)
 
(613
)
Share grants to trustees

 

 
57

Amortization of share-based compensation
12,251

 
10,607

 
5,990

Deferred income taxes
8,384

 
40,140

 
6,994

Changes in assets and liabilities:
 

 
 

 
 

Hotel and other receivables, net
5,580

 
(5,686
)
 
(263
)
Prepaid expense and other assets
351

 
3,805

 
(5,162
)
Accounts payable and other liabilities
(20,590
)
 
(27,575
)
 
2,870

Advance deposits and deferred revenue
82

 
(5,307
)
 
328

Accrued interest
(9,168
)
 
(8,975
)
 
(1,439
)
Net cash flow provided by operating activities
394,834

 
260,595

 
331,363

Cash flows from investing activities
 

 
 

 
 

Acquisition of FelCor, net of cash acquired

 
(24,883
)
 

Proceeds from the sale of hotel properties, net
475,063

 
180,279

 
269,185

Improvements and additions to hotel properties
(197,320
)
 
(102,989
)
 
(83,780
)
Additions to property and equipment
(279
)
 
(219
)
 
(283
)
Contributions to unconsolidated joint ventures
(350
)
 

 

Proceeds from the settlement of an investment in loan

 
12,792

 

Net cash flow provided by investing activities
277,114

 
64,980

 
185,122

Cash flows from financing activities
 

 
 

 
 

Borrowings under Revolver
300,000

 

 
51,000

Repayments under Revolver
(300,000
)
 

 
(51,000
)
Redemption of senior notes
(539,026
)
 
(990
)
 

Proceeds from mortgage loans

 

 
11,000

Scheduled mortgage loan principal payments
(6,335
)
 
(4,770
)
 
(3,651
)
Repayments of mortgage loans
(113,137
)
 

 

Repurchase of common shares under a share repurchase program
(21,814
)
 
(2,610
)
 
(13,271
)
Repurchase of common shares to satisfy employee tax withholding requirements
(3,585
)
 
(3,050
)
 
(5,502
)
Distributions on preferred shares
(25,115
)
 
(6,279
)
 

Distributions on common shares
(231,188
)
 
(169,942
)
 
(164,364
)
Distributions on Operating Partnership units
(1,036
)
 
(775
)
 
(838
)
Redemption of Operating Partnership units
(14
)
 

 

Payments of deferred financing costs
(3,640
)
 
(1,582
)
 
(5,369
)
Preferred distributions - consolidated joint venture
(1,483
)
 
(496
)
 

Contributions from joint venture partners
191

 
117

 

Distributions to joint venture partners

 

 
(259
)
Net cash flow used in financing activities
(946,182
)
 
(190,377
)
 
(182,254
)
Net change in cash, cash equivalents, and restricted cash reserves
(274,234
)
 
135,198

 
334,231

Cash, cash equivalents, and restricted cash reserves, beginning of year
659,076

 
523,878

 
189,647

Cash, cash equivalents, and restricted cash reserves, end of year
$
384,842

 
$
659,076

 
$
523,878

 The accompanying notes are an integral part of these consolidated financial statements.

F-9

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