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Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:        
Total revenues $ 397,110 $ 384,343 $ 711,179 $ 690,062
Hotel operating expenses:        
Total hotel operating expenses 247,657 246,029 463,713 460,339
Depreciation and amortization 57,296 57,957 114,505 116,326
Real estate taxes, personal property taxes, property insurance, and ground rent 25,002 29,571 57,407 58,475
General and administrative 11,946 11,202 24,123 21,190
Gain on sale of hotel properties 0 (23,584) 0 (30,219)
Business interruption insurance income (7,301) (14,015) (11,281) (22,104)
Other operating expenses 1,539 2,377 3,120 6,047
Total operating expenses 336,139 309,537 651,587 610,054
Operating income (loss) 60,971 74,806 59,592 80,008
Interest expense (27,939) (29,544) (54,360) (56,974)
Other 217 952 543 1,135
Income (loss) before income taxes 33,249 46,214 5,775 24,169
Income tax (expense) benefit (1,010) (31) (1,056) (31)
Net income (loss) 32,239 46,183 4,719 24,138
Net income (loss) attributable to non-controlling interests 1,303 1,458 2,133 2,341
Net income (loss) attributable to the Company 30,936 44,725 2,586 21,797
Distributions to preferred shareholders (10,632) (10,987) (21,263) (21,975)
Net income (loss) attributable to common shareholders $ 20,304 $ 33,738 $ (18,677) $ (178)
Net income (loss) per share available to common shareholders, basic (in usd per share) $ 0.17 $ 0.27 $ (0.16) $ 0
Net income (loss) per share available to common shareholders, diluted (in usd per share) $ 0.16 $ 0.24 $ (0.16) $ 0
Weighted-average number of common shares, basic (in shares) 120,094,380 121,696,400 120,089,803 123,581,926
Weighted-average number of common shares, diluted (in shares) 149,744,864 151,238,955 120,089,803 123,581,926
Room        
Revenues:        
Total revenues $ 253,778 $ 250,934 $ 451,878 $ 447,308
Hotel operating expenses:        
Total hotel operating expenses 65,003 64,690 120,026 121,114
Food and beverage        
Revenues:        
Total revenues 101,520 93,748 182,615 169,511
Hotel operating expenses:        
Total hotel operating expenses 70,921 68,985 131,935 127,657
Other        
Revenues:        
Total revenues 41,812 39,661 76,686 73,243
Hotel operating expenses:        
Total hotel operating expenses $ 111,733 $ 112,354 $ 211,752 $ 211,568