XML 11 R4.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Consolidated Statements of Operations and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:        
Total revenue $ 390,077 $ 361,630 $ 719,589 $ 673,084
Expenses:        
Total hotel operating expense 216,291 200,513 413,555 385,678
Property taxes, insurance and other 21,940 19,994 42,932 39,669
General and administrative 11,065 12,100 21,649 23,561
Depreciation and amortization 47,715 45,994 94,538 91,900
Total expense 297,011 278,601 572,674 540,808
Gain on sale of real estate 449 0 18,215 0
Operating income 93,515 83,029 165,130 132,276
Interest and other expense, net (19,370) (17,499) (36,679) (33,503)
Income before income taxes 74,145 65,530 128,451 98,773
Income tax expense (214) (241) (470) (561)
Net income 73,931 65,289 127,981 98,212
Other comprehensive income (loss):        
Interest rate derivatives (2,732) 7,224 976 (882)
Comprehensive income $ 71,199 $ 72,513 $ 128,957 $ 97,330
Basic net income per common share $ 0.31 $ 0.29 $ 0.53 $ 0.43
Diluted net income per common share $ 0.31 $ 0.29 $ 0.53 $ 0.43
Weighted average common shares outstanding - basic (in Shares) 242,174 229,041 242,291 229,218
Weighted average common shares outstanding - diluted (in Shares) 242,174 229,041 242,291 229,218
Room [Member]        
Revenues:        
Total revenue $ 353,689 $ 331,043 $ 652,435 $ 616,563
Food and Beverage [Member]        
Revenues:        
Total revenue 17,857 15,507 32,919 28,456
Other [Member]        
Revenues:        
Total revenue 18,531 15,080 34,235 28,065
Direct Operating [Member]        
Expenses:        
Total hotel operating expense 91,523 84,911 175,319 163,574
Hotel Administrative [Member]        
Expenses:        
Total hotel operating expense 31,453 29,442 61,205 56,761
Sales and Marketing [Member]        
Expenses:        
Total hotel operating expense 33,649 30,936 63,488 58,636
Utilities [Member]        
Expenses:        
Total hotel operating expense 11,665 10,776 23,184 22,474
Repair and Maintenance [Member]        
Expenses:        
Total hotel operating expense 17,626 16,451 34,468 32,116
Royalty [Member]        
Expenses:        
Total hotel operating expense 17,527 15,868 32,281 29,512
Management Service [Member]        
Expenses:        
Total hotel operating expense $ 12,848 $ 12,129 $ 23,610 $ 22,605