XML 55 R4.htm IDEA: XBRL DOCUMENT v3.19.3
Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Total revenue $ 90,080 $ 88,897 $ 253,631 $ 247,187
Total hotel operating expenses 45,912 45,549 131,867 128,207
Depreciation and amortization 12,923 11,963 38,694 35,920
Property taxes, ground rent and insurance 6,255 5,919 18,664 17,874
General and administrative 3,486 3,649 10,611 10,818
Other charges 309 7 351 256
Reimbursed costs from unconsolidated real estate entities 1,301 1,435 4,225 4,335
Total operating expenses 70,186 68,522 204,412 197,410
Operating income before gain (loss) on sale of hotel property 19,894 20,375 49,219 49,777
Gain (loss) on sale of hotel property 4 0 (3,295) (18)
Operating income 19,898 20,375 45,924 49,759
Interest and other income 34 335 155 352
Interest expense, including amortization of deferred fees (7,050) (6,708) (21,378) (20,005)
Income (loss) from unconsolidated real estate entities (2,784) 689 (3,450) 938
Income before income tax expense 10,098 14,691 21,251 31,044
Income tax expense 0 0 0 0
Net income 10,098 14,691 21,251 31,044
Net income attributable to noncontrolling interests (96) (111) (199) (231)
Net income attributable to common shareholders $ 10,002 $ 14,580 $ 21,052 $ 30,813
Income per Common Share - Basic:        
Net income attributable to common shareholders (Note 11) (in dollars per share) $ 0.21 $ 0.31 $ 0.44 $ 0.67
Income per Common Share - Diluted:        
Net income attributable to common shareholders (Note 11) (in dollars per share) $ 0.21 $ 0.31 $ 0.44 $ 0.66
Weighted average number of common shares outstanding:        
Basic (in shares) 46,913,922 46,149,765 46,744,890 45,925,178
Diluted (in shares) 47,152,166 46,384,969 46,956,964 46,078,558
Distributions declared per common share (in dollars per share) $ 0.33 $ 0.33 $ 0.99 $ 0.99
Room        
Total revenue $ 81,807 $ 81,457 $ 229,862 $ 225,983
Total hotel operating expenses 17,288 17,261 49,231 47,759
Food and beverage        
Total revenue 2,436 2,274 7,398 6,584
Total hotel operating expenses 2,133 1,870 6,262 5,350
Other        
Total revenue 4,536 3,731 12,146 10,285
Cost reimbursements from unconsolidated real estate entities        
Total revenue 1,301 1,435 4,225 4,335
Telephone        
Total hotel operating expenses 409 442 1,252 1,316
Other hotel operating        
Total hotel operating expenses 1,130 886 3,039 2,403
General and administrative        
Total hotel operating expenses 6,369 6,498 19,109 19,318
Franchise and marketing fees        
Total hotel operating expenses 7,146 6,863 20,062 18,962
Advertising and promotions        
Total hotel operating expenses 1,483 1,627 4,502 4,677
Utilities        
Total hotel operating expenses 3,033 3,064 8,308 8,209
Repairs and maintenance        
Total hotel operating expenses 3,637 3,783 10,679 11,043
Management fees        
Total hotel operating expenses 2,950 2,915 8,386 8,158
Insurance        
Total hotel operating expenses $ 334 $ 340 $ 1,037 $ 1,012