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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenues:      
Total revenues $ 2,316,148 $ 2,294,536 $ 2,171,935
Expenses:      
Hotel operating expenses 1,410,927 1,387,065 1,274,642
Other operating expenses 8,357 5,290 4,905
Depreciation and amortization 428,448 403,077 386,659
General and administrative 54,639 104,862 125,402
Acquisition and transaction related costs 1,795 0 0
Loss on asset impairment 39,296 0 0
Total expenses 1,943,462 1,900,294 1,791,608
Gain on sale of real estate 159,535 0 9,348
Dividend income 1,752 2,754 2,504
Unrealized losses on equity securities (40,461) (16,737) 0
Interest income 2,215 1,528 798
Interest expense (including amortization of debt issuance costs and debt discounts and premiums of $11,117, $10,177 and $8,871, respectively) (225,126) (195,213) (181,579)
Loss on early extinguishment of debt (8,451) (160) (146)
Income before income taxes and equity in earnings of an investee 262,150 186,414 211,252
Income tax benefit (expense) (2,793) (1,195) 3,284
Equity in earnings of an investee 393 515 607
Net income 259,750 185,734 215,143
Other comprehensive income (loss):      
Unrealized gain on investment in available for sale securities 0 0 39,315
Equity interest in investee’s unrealized gains (losses) 91 (68) 460
Other comprehensive income (loss) 91 (68) 39,775
Comprehensive income 259,841 185,666 254,918
Preferred distributions 0 0 (1,435)
Excess of liquidation preference over carrying value of preferred shares redeemed 0 0 (9,893)
Net income available for common shareholders $ 259,750 $ 185,734 $ 203,815
Weighted average common shares outstanding (basic) (in shares) 164,312 164,229 164,146
Weighted average common shares outstanding (diluted) (in shares) 164,340 164,258 164,175
Net income available for common shareholders per common share: Basic and diluted (in dollars per share) $ 1.58 $ 1.13 $ 1.24
Hotel operating revenues      
Revenues:      
Total revenues $ 1,989,173 $ 1,958,598 $ 1,840,829
Rental income      
Revenues:      
Total revenues 322,236 330,806 326,436
FF&E reserve income      
Revenues:      
Total revenues $ 4,739 $ 5,132 $ 4,670