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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Revenues:      
Total revenues $ 2,294,536 $ 2,171,935 $ 2,047,211
Expenses:      
Hotel operating expenses 1,392,355 1,279,547 1,202,538
Depreciation and amortization 403,077 386,659 357,342
General and administrative 104,862 125,402 99,105
Acquisition related costs 0 0 1,367
Total expenses 1,900,294 1,791,608 1,660,352
Gain on sale of real estate 0 9,348 0
Dividend income 2,754 2,504 2,001
Unrealized losses on equity securities (16,737) 0 0
Interest income 1,528 798 274
Interest expense (including amortization of debt issuance costs and debt discounts and premiums of $10,177, $8,871 and $8,151, respectively) (195,213) (181,579) (161,913)
Loss on early extinguishment of debt (160) (146) (228)
Income before income taxes and equity in earnings of an investee 186,414 211,252 226,993
Income tax benefit (expense) (1,195) 3,284 (4,020)
Equity in earnings of an investee 515 607 137
Net income 185,734 215,143 223,110
Other comprehensive income (loss):      
Unrealized gain on investment in available for sale securities 0 39,315 54,954
Equity interest in investee’s unrealized gains (losses) (68) 460 152
Other comprehensive income (loss) (68) 39,775 55,106
Comprehensive income 185,666 254,918 278,216
Preferred distributions 0 (1,435) (20,664)
Excess of liquidation preference over carrying value of preferred shares redeemed 0 (9,893) 0
Net income available for common shareholders $ 185,734 $ 203,815 $ 202,446
Weighted average common shares outstanding (basic) (in shares) 164,229 164,146 156,062
Weighted average common shares outstanding (diluted) (in shares) 164,258 164,175 156,088
Net income available for common shareholders per common share: Basic and diluted (in dollars per share) $ 1.13 $ 1.24 $ 1.30
Hotel operating revenues      
Revenues:      
Total revenues $ 1,960,958 $ 1,843,501 $ 1,733,103
Rental income      
Revenues:      
Total revenues 328,446 323,764 309,600
FF&E reserve income      
Revenues:      
Total revenues $ 5,132 $ 4,670 $ 4,508