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Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues:        
Total revenues $ 397,524 $ 163,314 $ 655,592 $ 246,957
Hotel operating expenses:        
Total hotel operating expenses 228,396 107,235 402,756 179,916
Depreciation and amortization 60,274 54,701 119,374 110,144
Real estate taxes, personal property taxes, property insurance, and ground rent 33,020 29,436 63,477 58,026
General and administrative 9,686 9,724 19,394 17,370
Impairment loss 12,271 0 73,254 14,856
Gain on sale of hotel properties 0 (64,558) 0 (64,558)
Other operating expenses 1,933 521 3,056 1,083
Total operating expenses 345,580 137,059 681,311 316,837
Operating income (loss) 51,944 26,255 (25,719) (69,880)
Interest expense (23,161) (24,804) (45,733) (50,135)
Other 14 29 33 58
Income (loss) before income taxes 28,797 1,480 (71,419) (119,957)
Income tax (expense) benefit 0 (52) 0 (55)
Net income (loss) 28,797 1,428 (71,419) (120,012)
Net income (loss) attributable to non-controlling interests 808 (102) 122 (960)
Net income (loss) attributable to the Company 27,989 1,530 (71,541) (119,052)
Distributions to preferred shareholders (11,343) (10,094) (22,687) (18,233)
Net income (loss) attributable to common shareholders $ 16,646 $ (8,564) $ (94,228) $ (137,285)
Net income (loss) per share available to common shareholders, basic (in usd per share) $ 0.13 $ (0.07) $ (0.72) $ (1.05)
Net income (loss) per share available to common shareholders, diluted (in usd per share) $ 0.12 $ (0.07) $ (0.72) $ (1.05)
Weighted-average number of common shares, basic (in shares) 130,904,876 130,813,521 130,904,589 130,794,801
Weighted-average number of common shares, diluted (in shares) 160,720,239 130,813,521 130,904,589 130,794,801
Comprehensive Income:        
Net income (loss) $ 28,797 $ 1,428 $ (71,419) $ (120,012)
Other comprehensive income (loss):        
Change in fair value of derivative instruments 9,330 (2,310) 36,697 7,426
Amounts reclassified from other comprehensive income 2,404 6,407 6,778 12,825
Comprehensive income (loss) 40,531 5,525 (27,944) (99,761)
Comprehensive income (loss) attributable to non-controlling interests 886 (76) 407 (828)
Comprehensive income (loss) attributable to the Company 39,645 5,601 (28,351) (98,933)
Room        
Revenues:        
Total revenues 261,394 108,603 430,026 162,066
Hotel operating expenses:        
Total hotel operating expenses 58,002 28,563 100,465 45,273
Food and beverage        
Revenues:        
Total revenues 100,724 31,514 163,148 46,323
Hotel operating expenses:        
Total hotel operating expenses 64,513 22,453 110,563 33,196
Other        
Revenues:        
Total revenues 35,406 23,197 62,418 38,568
Hotel operating expenses:        
Total hotel operating expenses $ 105,881 $ 56,219 $ 191,728 $ 101,447