XML 18 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Revenue:      
Total revenue $ 324,230,000 $ 301,844,000 $ 295,871,000
Hotel operating expenses:      
Total hotel operating expenses 170,562,000 155,679,000 148,777,000
Depreciation and amortization 48,169,000 46,292,000 48,775,000
Impairment loss 0 6,663,000 0
Property taxes, ground rent and insurance 23,678,000 20,916,000 21,564,000
General and administrative 14,120,000 12,825,000 11,119,000
Other charges 3,806,000 523,000 510,000
Reimbursable costs from unconsolidated real estate entities 5,743,000 5,908,000 6,190,000
Total operating expenses 266,078,000 248,806,000 236,935,000
Operating income before gain (loss) on sale of hotel property 58,152,000 53,038,000 58,936,000
Operating income 58,134,000 56,365,000 58,936,000
Interest and other income 462,000 30,000 51,000
Interest expense, including amortization of deferred fees (26,878,000) (27,901,000) (28,297,000)
Loss on early extinguishment of debt 0 0 (4,000)
Gain (loss) on sale of hotel property (18,000) 3,327,000 0
Income (loss) from unconsolidated real estate entities (876,000) 1,582,000 718,000
Loss on sale from unconsolidated real estate entities 0 0 (10,000)
Income before income tax benefit (expense) 30,842,000 30,076,000 31,394,000
Income tax benefit (expense) 28,000 (396,000) 301,000
Net income 30,870,000 29,680,000 31,695,000
Net income attributable to non-controlling interest (229,000) (202,000) (212,000)
Net income attributable to common shareholders $ 30,641,000 $ 29,478,000 $ 31,483,000
Income per Common Share - Basic:      
Net income attributable to common shareholders (in dollars per share) $ 0.66 $ 0.73 $ 0.82
Income per Common Share - Diluted:      
Net income attributable to common shareholders (in dollars per share) $ 0.66 $ 0.73 $ 0.81
Weighted average number of common shares outstanding:      
Basic (in shares) 46,073,515 39,859,143 38,299,067
Diluted (in shares) 46,243,660 40,112,266 38,482,875
Distributions per common share (in dollars per share) $ 1.32 $ 1.32 $ 1.38
Room      
Revenue:      
Total revenue $ 295,897,000 $ 278,466,000 $ 273,345,000
Hotel operating expenses:      
Total hotel operating expenses 63,877,000 59,151,000 57,209,000
Food and beverage      
Revenue:      
Total revenue 8,880,000 6,255,000 6,221,000
Hotel operating expenses:      
Total hotel operating expenses 7,312,000 5,342,000 4,928,000
Other      
Revenue:      
Total revenue 13,710,000 11,215,000 10,115,000
Cost reimbursements from unconsolidated real estate entities      
Revenue:      
Total revenue 5,743,000 5,908,000 6,190,000
Telephone      
Hotel operating expenses:      
Total hotel operating expenses 1,766,000 1,647,000 1,712,000
Other hotel operating      
Hotel operating expenses:      
Total hotel operating expenses 3,296,000 2,886,000 2,358,000
General and administrative      
Hotel operating expenses:      
Total hotel operating expenses 25,567,000 23,639,000 22,274,000
Franchise and marketing fees      
Hotel operating expenses:      
Total hotel operating expenses 24,864,000 23,247,000 22,412,000
Advertising and promotions      
Hotel operating expenses:      
Total hotel operating expenses 6,227,000 5,380,000 5,147,000
Utilities      
Hotel operating expenses:      
Total hotel operating expenses 10,835,000 9,944,000 9,545,000
Repairs and maintenance      
Hotel operating expenses:      
Total hotel operating expenses 14,710,000 13,317,000 12,444,000
Management fees      
Hotel operating expenses:      
Total hotel operating expenses 10,754,000 9,898,000 9,389,000
Insurance      
Hotel operating expenses:      
Total hotel operating expenses $ 1,354,000 $ 1,228,000 $ 1,359,000