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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenues:    
Hotel operating revenues $ 407,587 $ 396,503
Rental income 79,788 76,259
FF&E reserve income 1,227 1,356
Total revenues 488,602 474,118
Expenses:    
Hotel operating expenses 282,723 276,305
Depreciation and amortization 93,451 87,271
General and administrative 32,346 16,023
Acquisition related costs 0 612
Total expenses 408,520 380,211
Operating income (loss) 80,082 93,907
Dividend income 626 0
Interest income 257 98
Interest expense (including amortization of debt issuance costs and debt discounts and premiums of $2,152 and $1,865, respectively) (43,566) (41,586)
Loss on early extinguishment of debt 0 (70)
Income before income taxes and equity in earnings of an investee 37,399 52,349
Income tax expense (356) (375)
Equity in earnings of an investee 128 77
Net income (loss) 37,171 52,051
Other comprehensive income (loss):    
Unrealized gain on investment securities 21,618 17,545
Equity interest in investee’s unrealized gains 121 52
Other comprehensive income 21,739 17,597
Comprehensive income 58,910 69,648
Net income 37,171 52,051
Preferred distributions (1,435) (5,166)
Excess of liquidation preference over carrying value of preferred shares redeemed (9,893) 0
Net income available for common shareholders $ 25,843 $ 46,885
Weighted average common shares outstanding (basic) (in shares) 164,120 151,402
Weighted average common shares outstanding (diluted) (in shares) 164,149 151,415
Net income available for common shareholders per common share (in dollars per share) $ 0.16 $ 0.31