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Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
REVENUE        
Rooms $ 184,966 $ 169,145 $ 553,702 $ 508,934
Food and beverage 35,034 33,486 121,151 113,135
Rental income from operating leases 0 1,304 0 4,008
Other 10,069 10,583 30,084 30,182
Total hotel revenue 230,069 214,518 704,937 656,259
Asset management fees and other 100 69 252 217
Total revenue 230,169 214,587 705,189 656,476
Hotel operating expenses:        
Rooms 42,677 39,863 125,268 116,114
Food and beverage 25,911 25,155 83,311 78,757
Other expenses 72,121 68,351 217,182 202,753
Management fees 9,378 8,466 28,576 26,509
Total hotel operating expenses 150,087 141,835 454,337 424,133
Property taxes, insurance and other 11,876 12,297 34,556 34,953
Depreciation and amortization 34,200 33,776 102,739 99,580
Impairment charges (5,066) (92) (1,133) (4,748)
Gain on insurance settlements 0 0 0 (1,905)
Transaction acquisition costs 0 27 0 (791)
Corporate general and administrative 10,851 9,094 33,027 33,982
Total Operating Expenses 201,948 196,937 623,526 585,204
OPERATING INCOME (LOSS) 28,221 17,650 81,663 71,272
Equity in earnings (loss) of unconsolidated joint ventures (7,373) (6,228) (17,654) 19,596
Interest income 30 11 84 70
Other income 8,671 17,349 22,988 83,509
Interest expense and amortization of loan costs (37,540) (34,530) (109,334) (103,916)
Write-off of premiums, loan costs, and exit fees 0 (729) 0 (729)
Unrealized gain (loss) on investments (48) [1] (352) [1] 3,365 (314)
Unrealized loss on derivatives (9,353) (16,727) (26,753) (51,276)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (17,392) (23,556) (45,641) 18,212
Income tax expense (639) (1,077) (2,884) (2,407)
INCOME (LOSS) FROM CONTINUING OPERATIONS (18,031) (24,633) (48,525) 15,805
Income from discontinued operations 0 (351) 0 (4,170)
NET INCOME (LOSS) (18,031) (24,984) (48,525) 11,635
(Income) loss from consolidated joint ventures attributable to noncontrolling interests 219 832 444 (537)
Net loss attributable to redeemable noncontrolling interests in operating partnership 2,665 2,935 6,902 1,207
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (15,147) (21,217) (41,179) 12,305
Preferred dividends (8,490) (7,415) (25,312) (38,741)
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS (23,637) (28,632) (66,491) (26,436)
Basic:        
Loss from continuing operations attributable to common shareholders $ (0.35) $ (0.43) $ (0.99) $ (0.37)
Loss from discontinued operations attributable to common shareholders (in dollars per share) $ 0.00 $ 0.00 $ 0.00 $ (0.07)
Loss attributable to common shareholders $ (0.35) $ (0.43) $ (0.99) $ (0.44)
Weighted average common shares outstanding – basic (in shares) 67,659 66,801 67,484 60,601
Diluted:        
Loss from continuing operations attributable to common shareholders $ (0.35) $ (0.43) $ (0.99) $ (0.37)
Loss from discontinued operations attributable to common shareholders (in dollars per share) $ 0.00 $ 0.00 $ 0.00 $ (0.07)
Loss attributable to common shareholders $ (0.35) $ (0.43) $ (0.99) $ (0.44)
Weighted average common shares outstanding – diluted (in shares) 67,659 66,801 67,484 60,601
Dividends declared per common share (in dollars per share) $ 0.11 $ 0.1 $ 0.33 $ 0.3
Amounts attributable to common shareholders:        
Income (loss) from continuing operations, net of tax (15,147) (20,906) (41,179) 16,862
Loss from discontinued operations, net of tax 0 (311) 0 (4,557)
Preferred dividends (8,490) (7,415) (25,312) (38,741)
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (23,637) $ (28,632) $ (66,491) $ (26,436)
[1] Reported as “Unrealized gain on investments” in the consolidated statements of operations.