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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Total revenue $ 87,874 $ 85,374 $ 163,553 $ 158,289
Total hotel operating expenses 44,129 42,967 85,954 82,655
Depreciation and amortization 12,999 11,921 25,771 23,958
Property taxes, ground rent and insurance 6,242 6,180 12,409 11,955
General and administrative 3,611 3,547 7,125 7,169
Other charges 25 264 42 250
Reimbursed costs from unconsolidated real estate entities 1,435 1,361 2,926 2,900
Total operating expenses 68,441 66,240 134,227 128,887
Operating income before loss on sale of hotel property 19,433 19,134 29,326 29,402
Loss on sale of hotel property (3,300) (1) (3,300) (18)
Operating income 16,133 19,133 26,026 29,384
Interest and other income 66 15 121 17
Interest expense, including amortization of deferred fees (7,131) (6,667) (14,328) (13,298)
Income (loss) from unconsolidated real estate entities (457) (1,004) 666 (250)
Income before income tax expense 9,525 13,485 11,153 16,353
Income tax expense 0 0 0 0
Net income 9,525 13,485 11,153 16,353
Net income attributable to noncontrolling interests (88) (100) (103) (120)
Net income attributable to common shareholders $ 9,437 $ 13,385 $ 11,050 $ 16,233
Income per Common Share - Basic:        
Net income attributable to common shareholders (in dollars per share) $ 0.20 $ 0.29 $ 0.23 $ 0.35
Income per Common Share - Diluted:        
Net income attributable to common shareholders (in dollars per share) $ 0.20 $ 0.29 $ 0.23 $ 0.35
Weighted average number of common shares outstanding:        
Basic (in shares) 46,760,016 45,867,625 46,658,973 45,811,023
Diluted (in shares) 46,976,999 46,084,688 46,855,916 46,006,561
Distributions declared per common share (in dollars per share) $ 0.33 $ 0.33 $ 0.66 $ 0.66
Room        
Total revenue $ 79,970 $ 78,274 $ 148,055 $ 144,525
Total hotel operating expenses 16,372 15,945 31,942 30,499
Food and beverage        
Total revenue 2,535 2,212 4,962 4,310
Total hotel operating expenses 2,120 1,739 4,129 3,479
Other        
Total revenue 3,934 3,527 7,610 6,554
Cost reimbursements from unconsolidated real estate entities        
Total revenue 1,435 1,361 2,926 2,900
Telephone        
Total hotel operating expenses 410 415 843 874
Other hotel operating        
Total hotel operating expenses 971 796 1,910 1,517
General and administrative        
Total hotel operating expenses 6,574 6,783 12,741 12,814
Franchise and marketing fees        
Total hotel operating expenses 6,984 6,575 12,916 12,100
Advertising and promotions        
Total hotel operating expenses 1,485 1,485 3,018 3,050
Utilities        
Total hotel operating expenses 2,525 2,446 5,275 5,146
Repairs and maintenance        
Total hotel operating expenses 3,431 3,637 7,042 7,261
Management fees        
Total hotel operating expenses 2,892 2,807 5,436 5,243
Insurance        
Total hotel operating expenses $ 365 $ 339 $ 702 $ 672