| Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|
Revenues: | |||||||||
Hotel operating revenues (Note 8): | |||||||||
Room | |||||||||
791,287 | 867,882 | 849,523 | 773,801 | 667,444 | 595,330 | 471,023 | 388,108 | 346,604 | 390,001 |
Food and beverage | |||||||||
214,280 | 259,658 | 274,286 | 253,656 | 238,682 | 210,306 | 193,332 | 162,831 | 147,252 | 154,175 |
Other operating department | |||||||||
87,315 | 93,072 | 84,782 | 74,000 | 63,230 | 56,510 | 49,650 | 43,703 | 42,088 | 43,273 |
Total hotel operating revenues | |||||||||
1,092,882 | 1,220,612 | 1,208,591 | 1,101,457 | 969,356 | 862,146 | 714,005 | 594,642 | 535,944 | 587,449 |
Participating lease revenue (Note 9) | |||||||||
- | - | - | - | - | - | - | - | - | 12,799 |
Other income | |||||||||
11,933 | 7,007 | 7,993 | 8,321 | 7,937 | 4,929 | 5,002 | 5,715 | 6,702 | 7,504 |
Total revenues | |||||||||
1,104,815 | 1,227,619 | 1,216,584 | 1,109,778 | 977,293 | 867,075 | 719,007 | 600,357 | 542,646 | 607,752 |
Expenses: | |||||||||
Hotel operating expenses: | |||||||||
Room | |||||||||
214,843 | 226,349 | 215,944 | 196,952 | 170,555 | 150,564 | 115,839 | 95,271 | 84,008 | 89,648 |
Food and beverage | |||||||||
154,371 | 179,637 | 190,069 | 183,530 | 165,855 | 149,894 | 133,838 | 112,757 | 99,551 | 102,116 |
Other direct | |||||||||
11,920 | 16,978 | 17,514 | 23,800 | 22,445 | 20,778 | 20,390 | 18,753 | 17,620 | 18,725 |
Other indirect (Note 9) | |||||||||
278,076 | 305,265 | 301,004 | 264,508 | 237,386 | 212,001 | 182,771 | 153,678 | 137,360 | 156,029 |
Total hotel operating expenses | |||||||||
659,210 | 728,229 | 724,531 | 668,790 | 596,241 | 533,237 | 452,838 | 380,459 | 338,539 | 366,518 |
Depreciation and amortization | |||||||||
178,374 | 192,322 | 180,855 | 155,035 | 143,991 | 124,363 | 111,282 | 105,587 | 102,856 | 99,365 |
Real estate taxes, personal property taxes and insurance | |||||||||
62,238 | 63,406 | 65,438 | 57,805 | 53,374 | 44,551 | 35,425 | 30,897 | 29,460 | 31,664 |
Ground rent (Note 5) | |||||||||
15,718 | 16,187 | 16,076 | 14,667 | 11,117 | 8,588 | 7,720 | 5,825 | 5,706 | 7,091 |
General and administrative | |||||||||
26,751 | 26,529 | 25,197 | 23,832 | 22,001 | 19,769 | 17,120 | 18,802 | 15,033 | 17,361 |
Lease termination expense (Note 6) | |||||||||
- | - | - | - | - | - | - | - | - | -4,296 |
Acquisition transaction costs (Note 3) | |||||||||
0 | 0 | 499 | 2,379 | 2,646 | 4,498 | 2,571 | 3,003 | 0 | 0 |
Impairment of development property (Note 3) | |||||||||
- | - | - | - | - | - | - | 8,427 | 0 | 0 |
Other expenses | |||||||||
12,550 | 6,283 | 17,225 | 7,369 | 9,361 | 3,017 | 2,527 | 3,287 | 3,016 | 3,504 |
Total operating expenses | |||||||||
954,841 | 1,032,956 | 1,029,821 | 929,877 | 838,731 | 738,023 | 629,483 | 556,287 | 494,610 | 529,799 |
Operating income | |||||||||
149,974 | 194,663 | 186,763 | 179,901 | 138,562 | 129,052 | 89,524 | 44,070 | 48,036 | 77,953 |
Interest income | |||||||||
2,568 | 3,553 | 2,938 | 1,812 | 9,679 | 4,483 | 48 | 126 | 63 | 159 |
Interest expense | |||||||||
39,366 | 43,775 | 54,333 | 56,628 | 57,516 | 52,896 | 39,704 | 36,500 | 37,951 | 48,207 |
Loss from extinguishment of debt (Note 4) | |||||||||
-1,706 | 0 | -831 | 2,487 | 0 | 0 | - | - | - | - |
(Loss) income before income tax expense | |||||||||
111,470 | 154,441 | 134,537 | 122,598 | 90,725 | 80,639 | 49,868 | 7,696 | 10,148 | 29,905 |
Income tax expense (Note 10) | |||||||||
1,699 | 5,784 | -1,292 | 2,306 | 470 | 9,062 | 7,048 | 5,075 | 4,590 | -1,017 |
(Loss) income before gain on sale of properties | |||||||||
109,771 | 148,657 | 135,829 | 120,292 | 90,255 | 71,577 | - | - | - | - |
Gain on sale of properties (Note 3) | |||||||||
85,545 | 104,478 | 0 | 93,205 | 0 | 0 | - | - | - | - |
Income from continuing operations | |||||||||
- | - | - | - | - | - | 42,820 | 2,621 | 5,558 | 30,922 |
Income from operations of properties disposed of | |||||||||
- | - | - | - | - | - | 829 | -2,502 | 2,079 | 7,145 |
Income tax expense (Note 9) | |||||||||
- | - | - | - | - | - | 33 | -1,651 | -333 | -299 |
Net income from discontinued operations | |||||||||
- | - | - | - | - | - | 796 | -851 | 2,412 | 7,444 |
Net (loss) income | |||||||||
195,316 | 253,135 | 135,829 | 213,497 | 90,255 | 71,577 | 43,616 | 1,770 | 7,970 | 38,366 |
Net income attributable to noncontrolling interests: | |||||||||
Redeemable noncontrolling interest in loss of consolidated entity (Note 3) | |||||||||
- | - | - | - | - | - | -2 | -191 | -30 | -39 |
Noncontrolling interests in consolidated entities | |||||||||
16 | 17 | 16 | 16 | 17 | 0 | 0 | - | - | - |
Noncontrolling interests of common units in Operating Partnership (Note 6) | |||||||||
266 | 337 | 261 | 636 | 303 | 281 | 1 | 0 | 15 | 100 |
Noncontrolling interests of preferred units in Operating Partnership (Notes 2 and 6) | |||||||||
- | - | - | - | - | - | - | - | 367 | 5,178 |
Net income attributable to noncontrolling interests | |||||||||
282 | 354 | 277 | 652 | 320 | 281 | -1 | -191 | 352 | 5,239 |
Net (loss) income attributable to the Company | |||||||||
195,034 | 252,781 | 135,552 | 212,845 | 89,935 | 71,296 | 43,617 | 1,961 | 7,618 | 33,127 |
Distributions to preferred shareholders | |||||||||
18,024 | 18,206 | 12,169 | 14,333 | 17,385 | 21,733 | 29,952 | 26,754 | 26,388 | 22,497 |
Issuance costs of redeemed preferred shares (Note 6) | |||||||||
2,401 | 0 | 0 | 951 | 1,566 | 4,417 | 731 | 0 | 0 | - |
Net (loss) income attributable to common shareholders | |||||||||
174,609 | 234,575 | 123,383 | 197,561 | 70,984 | 45,146 | 12,934 | -24,793 | -18,770 | 10,630 |
Earnings per Common Share - Basic (Note 12): | |||||||||
Net income attributable to common shareholders before discontinued operations and excluding amounts attributable to unvested restricted shares, Basic (in dollars per share) | |||||||||
- | - | - | - | - | - | 0.15 | -0.35 | -0.39 | 0.06 |
Discontinued operations, Basic (in dollars per share) | |||||||||
- | - | - | - | - | - | 0.01 | -0.01 | 0.05 | 0.19 |
Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | |||||||||
1.54 | 2.07 | 1.09 | 1.89 | 0.73 | 0.52 | 0.16 | -0.36 | -0.34 | 0.25 |
Earnings per Common Share - Diluted (Note 12): | |||||||||
Net income attributable to common shareholders before discontinued operations and excluding amounts attributable to unvested restricted shares, Diluted (in dollars per share) | |||||||||
- | - | - | - | - | - | 0.15 | -0.35 | -0.39 | 0.06 |
Discontinued operations, Diluted (in dollars per share) | |||||||||
- | - | - | - | - | - | 0.01 | -0.01 | 0.05 | 0.19 |
Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | |||||||||
1.54 | 2.07 | 1.09 | 1.88 | 0.73 | 0.52 | 0.16 | -0.36 | -0.34 | 0.25 |
Weighted average number of common shares outstanding: | |||||||||
Basic (in shares) | |||||||||
112,975 | 112,791 | 112,685 | 104,188 | 97,041 | 85,757 | 81,155 | 69,549 | 54,477 | 40,158 |
Diluted (in shares) | |||||||||
113,364 | 113,164 | 113,096 | 104,545 | 97,228 | 85,897 | 81,326 | 69,549 | 54,477 | 40,257 |
Comprehensive (Loss) Income: | |||||||||
Net (loss) income | |||||||||
195,316 | 253,135 | 135,829 | 213,497 | 90,255 | 71,577 | 43,616 | 1,770 | 7,970 | 38,366 |
Other comprehensive income: | |||||||||
Unrealized gain (loss) on interest rate derivative instruments (Note 4) | |||||||||
5,815 | -4,160 | -5,682 | -8,276 | 8,127 | -9,833 | 0 | 0 | - | - |
Reclassification adjustment for amounts recognized in net (loss) income (Note 4) | |||||||||
-2,710 | -6,625 | -4,835 | -4,410 | -4,248 | -2,074 | - | - | - | - |
Comprehensive (loss) income | |||||||||
203,841 | 255,600 | 134,982 | 209,631 | 102,630 | 63,818 | 43,616 | 1,770 | - | - |
Comprehensive income attributable to noncontrolling interests: | |||||||||
Redeemable noncontrolling interest in loss of consolidated entity (Note 3) | |||||||||
- | - | - | - | - | - | -2 | -191 | - | - |
Noncontrolling interests in consolidated entities | |||||||||
16 | 17 | 16 | 16 | 17 | 0 | 0 | - | - | - |
Noncontrolling interests of common units in Operating Partnership (Note 6) | |||||||||
276 | 340 | 259 | 625 | 340 | 257 | 1 | 0 | - | - |
Comprehensive income attributable to noncontrolling interests | |||||||||
292 | 357 | 275 | 641 | 357 | 257 | -1 | -191 | - | - |
Comprehensive (loss) income attributable to the Company | |||||||||
203,549 | 255,243 | 134,707 | 208,990 | 102,273 | 63,561 | 43,617 | 1,961 | - | - |