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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenue:        
Room $ 76,221 $ 74,736 $ 213,415 $ 211,438
Food and beverage 1,378 1,494 4,353 4,728
Other 3,052 2,699 8,465 7,689
Cost reimbursements from unconsolidated real estate entities 753 804 2,302 2,728
Total revenue 81,404 79,733 228,535 226,583
Hotel operating expenses:        
Room 15,618 15,068 44,147 43,453
Food and beverage 1,307 1,280 3,770 3,703
Telephone 410 449 1,205 1,300
Other hotel operating 737 563 2,047 1,790
General and administrative 5,906 5,652 17,534 16,848
Franchise and marketing fees 6,366 6,157 17,758 17,293
Advertising and promotions 1,353 1,203 3,955 3,899
Utilities 2,708 2,684 7,431 7,301
Repairs and maintenance 3,467 3,084 9,898 9,443
Management fees 2,693 2,558 7,511 7,171
Insurance 297 318 925 993
Total hotel operating expenses 40,862 39,016 116,181 113,194
Depreciation and amortization 10,944 11,997 34,662 36,753
Impairment loss 0 0 6,663 0
Property taxes, ground rent and insurance 5,349 5,417 15,710 15,454
General and administrative 3,151 2,992 9,706 9,076
Hotel property acquisition costs and other charges (15) 49 0 359
Reimbursed costs from unconsolidated real estate entities 753 804 2,302 2,728
Total operating expenses 61,044 60,275 185,224 177,564
Operating income 20,360 19,458 43,311 49,019
Interest and other income 9 7 27 43
Interest expense, including amortization of deferred fees (7,065) (7,082) (20,830) (21,211)
Loss on early extinguishment of debt 0 0 0 (4)
Income from unconsolidated real estate entities 1,189 1,051 2,031 1,346
Loss on sale from unconsolidated real estate entities 0 0 0 (8)
Income before income tax benefit (expense) 14,493 13,434 24,539 29,185
Income tax benefit (expense) 0 12 (317) (167)
Net income 14,493 13,446 24,222 29,018
Net income attributable to noncontrolling interests (101) (91) (167) (195)
Net income attributable to common shareholders $ 14,392 $ 13,355 $ 24,055 $ 28,823
Income per Common Share - Basic:        
Net income attributable to common shareholders (in dollars per share) $ 0.36 $ 0.35 $ 0.62 $ 0.75
Income per Common Share - Diluted:        
Net income attributable to common shareholders (in dollars per share) $ 0.36 $ 0.35 $ 0.61 $ 0.74
Weighted average number of common shares outstanding:        
Basic (in shares) 39,298,974 38,307,382 38,731,900 38,293,704
Diluted (in shares) 39,550,494 38,567,462 38,960,455 38,520,689
Distributions per common share: (in dollars per share) $ 0.33 $ 0.33 $ 0.99 $ 0.97