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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenues:        
Total revenues $ 603,153 $ 577,588 $ 1,743,737 $ 1,636,793
Expenses:        
Hotel operating expenses 366,994 343,274 1,056,057 965,546
Depreciation and amortization 101,007 98,205 300,308 286,811
General and administrative 13,425 13,404 38,280 76,097
Total expenses 481,426 454,883 1,394,645 1,328,454
Gain on sale of real estate 0 9,348 0 9,348
Dividend income 626 626 1,878 1,878
Unrealized gains on equity securities 43,453 0 89,348 0
Interest income 478 211 1,093 590
Interest expense (including amortization of debt issuance costs and debt discounts and premiums of $2,570, $2,194, $7,607 and $6,541, respectively) (49,308) (46,574) (145,589) (135,329)
Loss on early extinguishment of debt 0 0 (160) 0
Income (loss) before income taxes and equity in earnings of an investee 116,976 86,316 295,662 184,826
Income tax expense (707) (619) (1,949) (1,761)
Equity in earnings of an investee 830 31 881 533
Net income (loss) 117,099 85,728 294,594 183,598
Other comprehensive income:        
Unrealized gain on investment securities 0 7,273 0 19,923
Equity interest in investee’s unrealized gains 173 116 90 295
Other comprehensive income 173 7,389 90 20,218
Comprehensive income 117,272 93,117 294,684 203,816
Net income 117,099 85,728 294,594 183,598
Preferred distributions 0 0 0 (1,435)
Excess of liquidation preference over carrying value of preferred shares redeemed 0 0 0 (9,893)
Net income available for common shareholders $ 117,099 $ 85,728 $ 294,594 $ 172,270
Weighted average common shares outstanding (basic) (in shares) 164,232 164,149 164,212 164,131
Weighted average common shares outstanding (diluted) (in shares) 164,274 164,188 164,242 164,168
Net income available for common shareholders per common share (basic and diluted) (in dollars per share) $ 0.71 $ 0.52 $ 1.79 $ 1.05
Hotel operating revenues        
Revenues:        
Total revenues $ 521,250 $ 495,550 $ 1,496,125 $ 1,392,995
Rental income        
Revenues:        
Total revenues 80,690 80,896 243,701 240,274
FF&E reserve income        
Revenues:        
Total revenues $ 1,213 $ 1,142 $ 3,911 $ 3,524