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Segment Information
6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Segment Information
Note 12. Segment Information
We aggregate our hotels and net lease portfolio into two reportable segments, hotel investments and net lease investments, based on their similar operating and economic characteristics.
 
 
For the Three Months Ended June 30, 2020
 
 
Hotels
 
Net Lease
 
Corporate
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
Hotel operating revenues
 
$
117,356

 
$

 
$

 
$
117,356

Rental income
 
1,992

 
95,592

 

 
97,584

FF&E reserve income 
 

 

 

 

Total revenues
 
119,348

 
95,592

 

 
214,940

 
 
 
 
 
 
 
 
 
Expenses:
 
 

 
 

 
 

 
 

Hotel operating expenses 
 
46,957

 

 

 
46,957

Other operating expenses
 

 
3,565

 

 
3,565

Depreciation and amortization 
 
67,898

 
59,529

 

 
127,427

General and administrative 
 

 

 
11,302

 
11,302

Loss on asset impairment
 
22,361

 
6,153

 

 
28,514

Total expenses 
 
137,216

 
69,247

 
11,302

 
217,765

 
 
 
 
 
 
 
 
 
Loss on sale of real estate
 

 
(2,853
)
 

 
(2,853
)
Gain on insurance settlement
 
62,386

 

 

 
62,386

Unrealized gain on equity securities
 

 

 
3,848

 
3,848

Interest income 
 
15

 

 

 
15

Interest expense 
 

 

 
(72,072
)
 
(72,072
)
Loss on early extinguishment of debt
 

 

 
(6,970
)
 
(6,970
)
Income (loss) before income taxes and equity in earnings of an investee
 
44,533

 
23,492

 
(86,496
)
 
(18,471
)
Income tax expense
 

 

 
(16,660
)
 
(16,660
)
Equity in losses of an investee 
 
(2,218
)
 

 

 
(2,218
)
Net income (loss)
 
$
42,315

 
$
23,492

 
$
(103,156
)
 
$
(37,349
)
 
 
 
 
 
 
 
 
 
 
 
For the Six Months Ended June 30, 2020
 
 
Hotels
 
Net Lease
 
Corporate
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
Hotel operating revenues 
 
$
500,859

 
$

 
$

 
$
500,859

Rental income
 
2,372

 
195,284

 

 
197,656

FF&E reserve income 
 
201

 

 

 
201

Total revenues 
 
503,432

 
195,284

 

 
698,716

 
 
 
 
 
 
 
 
 
Expenses:
 
 

 
 

 
 

 
 

Hotel operating expenses 
 
318,105

 

 

 
318,105

Other operating expenses
 

 
7,324

 

 
7,324

Depreciation and amortization 
 
135,438

 
119,915

 

 
255,353

General and administrative 
 

 

 
25,326

 
25,326

Loss on asset impairment
 
22,361

 
22,893

 

 
45,254

Total expenses 
 
475,904

 
150,132

 
25,326

 
651,362

 
 
 
 
 
 
 
 
 
Loss on sale of real estate
 

 
(9,764
)
 

 
(9,764
)
Gain on insurance settlement
 
62,386

 

 

 
62,386

Unrealized losses on equity securities
 

 

 
(1,197
)
 
(1,197
)
Interest income 
 
162

 

 
115

 
277

Interest expense 
 

 

 
(143,147
)
 
(143,147
)
Loss on early extinguishment of debt
 

 

 
(6,970
)
 
(6,970
)
Income (loss) before income taxes and equity in earnings of an investee
 
90,076

 
35,388

 
(176,525
)
 
(51,061
)
Income tax expense 
 

 

 
(17,002
)
 
(17,002
)
Equity in losses of an investee 
 
(2,936
)
 

 

 
(2,936
)
Net income (loss)
 
$
87,140

 
$
35,388

 
$
(193,527
)
 
$
(70,999
)
 
 
 
 
 
 
 
 
 
 
 
As of June 30, 2020
 
 
Hotels
 
Net Lease
 
Corporate
 
Consolidated
Total assets
 
$
4,972,731

 
$
3,869,686

 
$
37,128

 
$
8,879,545

 
 
For the Three Months Ended June 30, 2019
 
 
Hotels
 
Net Lease
 
Corporate
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
Hotel operating revenues 
 
$
541,215

 
$

 
$

 
$
541,215

Rental income
 
5,074

 
63,143

 

 
68,217

FF&E reserve income 
 
1,130

 

 

 
1,130

Total revenues 
 
547,419

 
63,143

 

 
610,562

 
 
 
 
 
 
 
 
 
Expenses:
 
 

 
 

 
 

 
 

Hotel operating expenses 
 
380,431

 

 

 
380,431

Other operating expenses
 

 
1,272

 

 
1,272

Depreciation and amortization 
 
66,900

 
32,296

 

 
99,196

General and administrative 
 

 

 
12,207

 
12,207

Total expenses 
 
447,331

 
33,568

 
12,207

 
493,106

 
 
 
 
 
 
 
 
 
Dividend income
 

 

 
876

 
876

Unrealized loss on equity securities
 

 

 
(60,788
)
 
(60,788
)
Interest income 
 
216

 

 
233

 
449

Interest expense 
 

 

 
(49,601
)
 
(49,601
)
Income (loss) before income taxes and equity in earnings of an investee
 
100,304

 
29,575

 
(121,487
)
 
8,392

Income tax benefit
 

 

 
260

 
260

Equity in earnings of an investee 
 

 

 
130

 
130

Net income (loss)
 
$
100,304

 
$
29,575

 
$
(121,097
)
 
$
8,782

 
 
 
 
 
 
 
 
 
 
 
For the Six Months Ended June 30, 2019
 
 
Hotels
 
Net Lease
 
Corporate
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
Hotel operating revenues 
 
$
996,078

 
$

 
$

 
$
996,078

Rental income
 
10,148

 
126,742

 

 
136,890

FF&E reserve income 
 
2,502

 

 

 
2,502

Total revenues 
 
1,008,728

 
126,742

 

 
1,135,470

 
 
 
 
 
 
 
 
 
Expenses:
 
 

 
 

 
 

 
 

Hotel operating expenses 
 
698,116

 

 

 
698,116

Other operating expenses
 

 
2,712

 

 
2,712

Depreciation and amortization 
 
133,365

 
65,196

 

 
198,561

General and administrative 
 

 

 
24,442

 
24,442

Total expenses 
 
831,481

 
67,908

 
24,442

 
923,831

 
 
 
 
 
 
 
 
 
Gain on sale of real estate
 

 
159,535

 

 
159,535

Dividend income
 

 

 
1,752

 
1,752

Unrealized loss on equity securities
 

 

 
(39,811
)
 
(39,811
)
Interest income 
 
427

 

 
659

 
1,086

Interest expense 
 

 

 
(99,367
)
 
(99,367
)
Income (loss) before income taxes and equity in earnings of an investee
 
177,674

 
218,369

 
(161,209
)
 
234,834

Income tax expense
 

 

 
(799
)
 
(799
)
Equity in earnings of an investee 
 

 

 
534

 
534

Net income (loss)
 
$
177,674

 
$
218,369

 
$
(161,474
)
 
$
234,569

 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2019
 
 
Hotels
 
Net Lease
 
Corporate
 
Consolidated
Total assets
 
$
4,866,549

 
$
4,042,831

 
$
124,587

 
$
9,033,967