XML 54 R33.htm IDEA: XBRL DOCUMENT v3.19.3
Investment in Unconsolidated Entity (Tables)
 9 Months Ended
Sep. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
The following table summarizes our carrying value and ownership interest in OpenKey:
 
September 30, 2019
 
December 31, 2018
Carrying value of the investment in OpenKey (in thousands)
$
1,949

 
$
1,766

Ownership interest in OpenKey
8.6
%
 
8.2
%
The following table summarizes our equity in earnings (loss) in OpenKey (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
Line Item
 
2019
 
2018
 
2019
 
2018
Equity in earnings (loss) of unconsolidated entity
 
$
(48
)
 
$
(81
)
 
$
(149
)
 
$
(146
)
Ashford Inc.
Condensed Consolidated Balance Sheets
(unaudited)
 
September 30, 2019
 
December 31, 2018
Total assets
$
421,837

 
$
379,005

Total liabilities
148,779

 
108,726

Series B Convertible Preferred Stock
202,185

 
200,847

Redeemable noncontrolling interests
3,641

 
3,531

Total stockholders’ equity of Ashford Inc.
66,467

 
65,443

Noncontrolling interests in consolidated entities
765

 
458

Total equity
67,232

 
65,901

Total liabilities and equity
$
421,837

 
$
379,005

Our investment in Ashford Inc., at fair value
$
4,724

 
$
10,114


Ashford Inc.
Condensed Consolidated Statements of Operations
(unaudited)
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Total revenue
 
$
56,889

 
$
41,565

 
$
183,675

 
$
144,544

Total operating expenses
 
(63,690
)
 
(53,069
)
 
(186,991
)
 
(150,214
)
Operating income (loss)
 
(6,801
)
 
(11,504
)
 
(3,316
)
 
(5,670
)
Equity in earnings (loss) of unconsolidated entities
 
464

 
—

 
(109
)
 
—

Interest expense and loan amortization cost
 
(531
)
 
(419
)
 
(1,412
)
 
(770
)
Other income (expense)
 
(20
)
 
25

 
(86
)
 
(50
)
Income tax (expense) benefit
 
297

 
13,904

 
(1,429
)
 
11,593

Net income (loss)
 
(6,591
)
 
2,006

 
(6,352
)
 
5,103

(Income) loss from consolidated entities attributable to noncontrolling interests
 
101

 
413

 
395

 
704

Net (income) loss attributable to redeemable noncontrolling interests
 
334

 
968

 
623

 
817

Net income (loss) attributable to Ashford Inc.
 
$
(6,156
)
 
$
3,387

 
$
(5,334
)
 
$
6,624

Preferred dividends
 
(2,909
)
 
(1,675
)
 
(8,492
)
 
(1,675
)
Amortization of preferred stock discount
 
(363
)
 
(303
)
 
(1,338
)
 
(303
)
Net income attributable to common stockholders
 
$
(9,428
)
 
$
1,409

 
$
(15,164
)
 
$
4,646

Our unrealized gain (loss) on investment in Ashford Inc.
 
$
(1,471
)
 
$
2,158

 
$
(5,390
)
 
$
(3,338
)