XML 14 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenue:        
Room $ 72,801 $ 72,768 $ 137,194 $ 136,702
Food and beverage 1,473 1,726 2,975 3,234
Other 2,967 2,637 5,413 4,990
Cost reimbursements from unconsolidated real estate entities 668 870 1,549 1,924
Total revenue 77,909 78,001 147,131 146,850
Hotel operating expenses:        
Room 15,024 14,574 28,529 28,385
Food and beverage 1,212 1,245 2,464 2,423
Telephone 387 430 795 851
Other hotel operating 710 638 1,310 1,227
General and administrative 5,974 5,700 11,628 11,196
Franchise and marketing fees 6,089 5,948 11,391 11,136
Advertising and promotions 1,270 1,344 2,602 2,696
Utilities 2,352 2,235 4,722 4,617
Repairs and maintenance 3,179 3,158 6,431 6,359
Management fees 2,588 2,384 4,835 4,613
Insurance 295 338 628 675
Total hotel operating expenses 39,080 37,994 75,335 74,178
Depreciation and amortization 11,714 12,281 23,718 24,756
Impairment loss 6,663 0 6,663 0
Property taxes, ground rent and insurance 5,573 5,014 10,361 10,037
General and administrative 3,287 2,972 6,555 6,084
Hotel property acquisition costs and other charges 15 298 15 310
Reimbursed costs from unconsolidated real estate entities 668 870 1,549 1,924
Total operating expenses 67,000 59,429 124,196 117,289
Operating income 10,909 18,572 22,935 29,561
Interest and other income 6 15 18 36
Interest expense, including amortization of deferred fees (6,773) (7,092) (13,765) (14,129)
Loss on early extinguishment of debt 0 0 0 (4)
Income from unconsolidated real estate entities 927 942 842 295
Loss on sale from unconsolidated real estate entities 0 (8) 0 (8)
Income before income tax expense 5,069 12,429 10,030 15,751
Income tax expense 0 (179) (317) (179)
Net income 5,069 12,250 9,713 15,572
Net income attributable to noncontrolling interests (35) (82) (66) (104)
Net income attributable to common shareholders $ 5,034 $ 12,168 $ 9,647 $ 15,468
Income per Common Share - Basic:        
Net income attributable to common shareholders (in dollars per share) $ 0.13 $ 0.32 $ 0.25 $ 0.40
Income per Common Share - Diluted:        
Net income attributable to common shareholders (in dollars per share) $ 0.13 $ 0.31 $ 0.25 $ 0.40
Weighted average number of common shares outstanding:        
Basic (in shares) 38,525,306 38,299,132 38,443,663 38,286,790
Diluted (in shares) 38,749,661 38,477,212 38,659,189 38,446,918
Distributions per common share: (in dollars per share) $ 0.33 $ 0.33 $ 0.66 $ 0.64