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Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Total revenues $ 287,579 $ 272,904 $ 576,506 $ 540,392
Expenses:        
Total hotel operating expenses 190,950 185,819 386,497 368,845
Depreciation and amortization 32,631 31,823 65,823 63,787
Real estate taxes, personal property taxes and insurance 11,928 13,340 25,657 26,833
Ground lease expense 527 837 1,358 1,623
General and administrative expenses 10,822 10,341 19,733 20,599
Gain on business interruption insurance 0 0 0 (745)
Other operating expenses 224 377 1,077 1,207
Impairment and other losses 279 100 279 350
Total expenses 247,361 242,637 500,424 482,499
Operating income 40,218 30,267 76,082 57,893
Gain on sale of investment properties 39,953 0 39,953 0
Other income 1,695 1,945 4,259 4,372
Interest expense (21,926) (20,245) (42,977) (40,603)
Net income before income taxes 59,940 11,967 77,317 21,662
Income tax (expense) benefit (1,379) 4,146 (2,249) 3,418
Net income 58,561 16,113 75,068 25,080
Net income attributable to non-controlling interests (Note 1) (3,404) (775) (4,326) (1,208)
Net income attributable to common stockholders $ 55,157 $ 15,338 $ 70,742 $ 23,872
Basic and diluted income per share:        
Net income per share available to common stockholders - basic (in dollars per share) $ 0.56 $ 0.15 $ 0.71 $ 0.23
Net income per share available to common stockholders - diluted (in dollars per share) $ 0.56 $ 0.15 $ 0.71 $ 0.23
Weighted-average number of common shares (basic) (in shares) 97,690,231 101,963,677 99,171,413 101,961,559
Weighted-average number of common shares (diluted) (in shares) 98,082,028 102,348,982 99,592,741 102,357,116
Comprehensive income:        
Net income $ 58,561 $ 16,113 $ 75,068 $ 25,080
Other comprehensive income:        
Unrealized gain (loss) on interest rate derivative instruments (14) 694 (238) 2,953
Reclassification adjustment for amounts recognized in net income (interest expense) (153) (1,128) (438) (2,260)
Comprehensive (loss) income including portion attributable to noncontrolling interest 58,394 15,679 74,392 25,773
Comprehensive income attributable to non-controlling interests (Note 1) (3,395) (754) (4,301) (1,272)
Comprehensive income attributable to the Company 54,999 14,925 70,091 24,501
Rooms expenses        
Revenues:        
Total revenues 158,497 160,786 318,363 313,910
Expenses:        
Expenses 39,156 39,028 78,478 77,221
Food and beverage expenses        
Revenues:        
Total revenues 102,186 89,080 206,885 181,853
Expenses:        
Expenses 65,626 60,634 132,153 121,114
Other revenues        
Revenues:        
Total revenues 26,896 23,038 51,258 44,629
Other direct expenses        
Expenses:        
Other expenses 7,338 6,757 14,059 12,844
Other indirect expenses        
Expenses:        
Other expenses 68,674 69,749 139,687 137,382
Management and franchise fees        
Expenses:        
Expenses $ 10,156 $ 9,651 $ 22,120 $ 20,284