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Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:        
Total revenues $ 395,799 $ 416,693 $ 1,085,861 $ 1,072,285
Hotel operating expenses:        
Total hotel operating expenses 249,752 251,522 710,091 654,278
Depreciation and amortization 63,272 60,372 179,598 179,746
Real estate taxes, personal property taxes, property insurance, and ground rent 32,905 34,641 91,380 98,118
General and administrative 11,549 10,281 32,739 29,675
Impairment 71,416 12,865 71,416 86,119
Gain on sale of hotel properties 0 (6,194) (30,219) (6,194)
Business interruption insurance income (10,881) 0 (32,985) 0
Other operating expenses 3,829 989 9,876 4,045
Total operating expenses 421,842 364,476 1,031,896 1,045,787
Operating income (loss) (26,043) 52,217 53,965 26,498
Interest expense (31,022) (25,020) (87,996) (70,753)
Other 1,403 123 2,538 156
Income (loss) before income taxes (55,662) 27,320 (31,493) (44,099)
Income tax (expense) benefit (822) (1,015) (853) (1,015)
Net income (loss) (56,484) 26,305 (32,346) (45,114)
Net income (loss) attributable to non-controlling interests 658 1,237 2,999 1,359
Net income (loss) attributable to the Company (57,142) 25,068 (35,345) (46,473)
Distributions to preferred shareholders (10,988) (11,344) (32,963) (34,031)
Net income (loss) attributable to common shareholders $ (68,130) $ 13,724 $ (68,308) $ (80,504)
Net income (loss) per share available to common shareholders, basic (in usd per share) $ (0.57) $ 0.10 $ (0.56) $ (0.62)
Net income (loss) per share available to common shareholders, diluted (in usd per share) $ (0.57) $ 0.10 $ (0.56) $ (0.62)
Weighted-average number of common shares, basic (in shares) 120,057,744 130,905,132 122,394,293 130,904,772
Weighted-average number of common shares, diluted (in shares) 120,057,744 131,149,783 122,394,293 130,904,772
Comprehensive Income:        
Net income (loss) $ (56,484) $ 26,305 $ (32,346) $ (45,114)
Other comprehensive income (loss):        
Change in fair value of derivative instruments 9,897 16,487 30,971 53,184
Amounts reclassified from other comprehensive income (8,003) (1,337) (20,766) 5,441
Comprehensive income (loss) (54,590) 41,455 (22,141) 13,511
Comprehensive income (loss) attributable to non-controlling interests 674 1,339 3,094 1,746
Comprehensive income (loss) attributable to the Company (55,264) 40,116 (25,235) 11,765
Room        
Revenues:        
Total revenues 259,397 277,971 706,705 707,997
Hotel operating expenses:        
Total hotel operating expenses 68,065 66,637 189,179 167,102
Food and beverage        
Revenues:        
Total revenues 91,661 98,080 261,172 261,228
Hotel operating expenses:        
Total hotel operating expenses 69,091 69,296 196,748 179,859
Other        
Revenues:        
Total revenues 44,741 40,642 117,984 103,060
Hotel operating expenses:        
Total hotel operating expenses $ 112,596 $ 115,589 $ 324,164 $ 307,317