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Consolidated Statements of Operations and Other Comprehensive Income (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Income:        
Rental income $ 93,905 $ 93,383 $ 286,300 $ 282,462
Tenant recovery income 15,055 16,669 50,396 53,459
Other property income 1,819 2,114 6,766 5,501
Lodging income 231,044 156,670 696,587 446,791
Total income 341,823 268,836 1,040,049 788,213
Expenses:        
General and administrative expenses 25,833 14,292 62,603 37,220
Property operating expenses 24,883 20,978 69,127 61,065
Lodging operating expenses 151,375 104,439 454,386 295,106
Real estate taxes 21,117 18,296 61,880 55,515
Depreciation and amortization 74,730 64,449 222,795 198,651
Business management fee 0 9,648 2,605 29,127
Provision for asset impairment 2,337 [1] 39,942 [2] 80,281 [3] 225,009 [4]
Total expenses 300,275 272,044 953,677 901,693
Operating income (loss) 41,548 (3,208) 86,372 (113,480)
Interest and dividend income 2,534 4,566 10,621 14,756
Gain (loss) on Sale of Properties 6,533 787 19,118 14,001
Other income (loss) 12,527 290 15,464 429
Interest expense (45,753) (45,400) (138,597) (139,584)
Equity in earnings (loss) of unconsolidated entities (2,089) 3,000 334 11,044
Gain (Loss) and (Impairment) of Investment in Unconsolidated Entities, Net 0 (5,471) 4,509 (6,039)
Realized gain on sale of marketable securities, net 27,852 14,222 42,998 31,866
Income (loss) before income taxes 43,152 (31,214) 40,819 (187,007)
Income tax expense (2,275) (4,212) (6,857) (6,848)
Net income (loss) from continuing operations 40,877 (35,426) 33,962 (193,855)
Net income from discontinued operations 11,683 272,967 158,577 403,136
Net income 52,560 237,541 192,539 209,281
Less: Net income attributable to noncontrolling interests (8) (8) (16) (16)
Net income attributable to Company 52,552 237,533 192,523 209,265
Net loss per common share, from continuing operations (in dollars per share) $ 0.05 $ (0.04) $ 0.04 $ (0.22)
Net income (loss) per common share, from discontinued operations (in dollars per share) $ 0.01 $ 0.31 $ 0.18 $ 0.45
Net income (loss) per common share, basic and diluted (in dollars per share) $ 0.06 $ 0.27 $ 0.22 $ 0.23
Weighted Average Number of Shares Outstanding, Basic and Diluted 861,627,855 902,456,636 883,537,865 897,300,455
Comprehensive income:        
Unrealized gain (loss) on investment securities (6,927) (11,823) 13,508 13,993
Unrealized gain (loss) on derivatives 60 (49) (1,659) (53)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax (27,495) (14,138) (42,068) (31,251)
Comprehensive income attributable to the Company $ 18,190 $ 211,523 $ 162,304 $ 191,954
[1] Total provision for asset impairment included $1,667 related to one lodging property and $670 related to one non-core property.
[2] Total provision for asset impairment included $26,175 related to two lodging properties, $11,723 related to three retail properties and $2,044 related to four non-core properties.
[3] Total provision for asset impairment included $4,665 related to two lodging properties and $75,616 related to five non-core properties.
[4] Total provision for asset impairment included $26,175 related to two lodging properties, $21,179 related to four retail properties and $177,655 related to eleven non-core properties.