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Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues:        
Total revenues $ 384,343 $ 397,524 $ 690,062 $ 655,592
Hotel operating expenses:        
Total hotel operating expenses 246,029 228,396 460,339 402,756
Depreciation and amortization 57,957 60,274 116,326 119,374
Real estate taxes, personal property taxes, property insurance, and ground rent 29,571 33,020 58,475 63,477
General and administrative 11,202 9,686 21,190 19,394
Impairment 0 12,271 0 73,254
Gain on sale of hotel properties (23,584) 0 (30,219) 0
Business interruption insurance income (14,015) 0 (22,104) 0
Other operating expenses 2,377 1,933 6,047 3,056
Total operating expenses 309,537 345,580 610,054 681,311
Operating income (loss) 74,806 51,944 80,008 (25,719)
Interest expense (29,544) (23,161) (56,974) (45,733)
Other 952 14 1,135 33
Income (loss) before income taxes 46,214 28,797 24,169 (71,419)
Income tax (expense) benefit (31) 0 (31) 0
Net income (loss) 46,183 28,797 24,138 (71,419)
Net income (loss) attributable to non-controlling interests 1,458 808 2,341 122
Net income (loss) attributable to the Company 44,725 27,989 21,797 (71,541)
Distributions to preferred shareholders (10,987) (11,343) (21,975) (22,687)
Net income (loss) attributable to common shareholders $ 33,738 $ 16,646 $ (178) $ (94,228)
Net income (loss) per share available to common shareholders, basic (in usd per share) $ 0.27 $ 0.13 $ 0 $ (0.72)
Net income (loss) per share available to common shareholders, diluted (in usd per share) $ 0.24 $ 0.12 $ 0 $ (0.72)
Weighted-average number of common shares, basic (in shares) 121,696,400 130,904,876 123,581,926 130,904,589
Weighted-average number of common shares, diluted (in shares) 151,238,955 160,720,239 123,581,926 130,904,589
Comprehensive Income:        
Net income (loss) $ 46,183 $ 28,797 $ 24,138 $ (71,419)
Other comprehensive income (loss):        
Change in fair value of derivative instruments 21,120 9,330 21,074 36,697
Amounts reclassified from other comprehensive income (6,938) 2,404 (12,763) 6,778
Comprehensive income (loss) 60,365 40,531 32,449 (27,944)
Comprehensive income (loss) attributable to non-controlling interests 1,575 886 2,420 407
Comprehensive income (loss) attributable to the Company 58,790 39,645 30,029 (28,351)
Room        
Revenues:        
Total revenues 250,934 261,394 447,308 430,026
Hotel operating expenses:        
Total hotel operating expenses 64,690 58,002 121,114 100,465
Food and beverage        
Revenues:        
Total revenues 93,748 100,724 169,511 163,148
Hotel operating expenses:        
Total hotel operating expenses 68,985 64,513 127,657 110,563
Other        
Revenues:        
Total revenues 39,661 35,406 73,243 62,418
Hotel operating expenses:        
Total hotel operating expenses $ 112,354 $ 105,881 $ 211,568 $ 191,728