Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 07, 2017 | |
Document and Entity Information | ||
Entity Registrant Name | HOSPITALITY PROPERTIES TRUST | |
Entity Central Index Key | 945,394 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity filer Category | Large Accelerated Filer | |
Entity common Stock, Shares Outstanding | 164,349,141 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Real estate properties: | ||
Land | $ 1,668,493 | $ 1,566,630 |
Buildings, improvements and equipment | 7,719,367 | 7,156,759 |
Total real estate properties, gross | 9,387,860 | 8,723,389 |
Accumulated depreciation | (2,719,738) | (2,513,996) |
Total real estate properties, net | 6,668,122 | 6,209,393 |
Cash and cash equivalents | 14,489 | 10,896 |
Restricted cash (FF&E reserve escrow) | 73,115 | 60,456 |
Due from related persons | 75,231 | 65,332 |
Other assets, net | 313,510 | 288,151 |
Total assets | 7,144,467 | 6,634,228 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Unsecured revolving credit facility | 458,000 | 191,000 |
Unsecured term loan, net | 398,920 | 398,421 |
Senior unsecured notes, net | 3,163,865 | 2,565,908 |
Convertible senior unsecured notes | 0 | 8,478 |
Security deposits | 126,574 | 89,338 |
Accounts payable and other liabilities | 160,144 | 188,053 |
Due to related persons | 47,509 | 58,475 |
Dividends payable | 0 | 5,166 |
Total liabilities | 4,355,012 | 3,504,839 |
Commitments and contingencies | ||
Preferred shares of beneficial interest, no par value; 100,000,000 shares authorized: | ||
Series D preferred shares; 7 1/8% cumulative redeemable; zero and 11,600,000 shares issued and outstanding, respectively, aggregate liquidation preference of zero and $290,000, respectively | 0 | 280,107 |
Common shares of beneficial interest, $.01 par value; 200,000,000 shares authorized; 164,349,141 and 164,268,199 shares issued and outstanding, respectively | 1,643 | 1,643 |
Additional paid in capital | 4,541,978 | 4,539,673 |
Cumulative net income | 3,278,475 | 3,104,767 |
Cumulative other comprehensive income | 59,801 | 39,583 |
Cumulative preferred distributions | (343,412) | (341,977) |
Cumulative common distributions | (4,749,030) | (4,494,407) |
Total shareholders’ equity | 2,789,455 | 3,129,389 |
Total liabilities and shareholders’ equity | $ 7,144,467 | $ 6,634,228 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares, shares authorized | 200,000,000 | 200,000,000 |
Common shares, shares issued | 164,349,141 | 164,268,199 |
Common shares, shares outstanding | 164,349,141 | 164,268,199 |
Series D preferred shareholders' | ||
Preferred shares, par value (in dollars per share) | $ 0 | $ 0 |
Preferred shares, shares authorized | 100,000,000 | 100,000,000 |
Preferred shares, shares issued | 0 | 11,600,000 |
Preferred shares, shares outstanding | 0 | 11,600,000 |
Preferred shares, aggregate liquidation preference | $ 0 | $ 290,000 |
Dividend rate | 7.125% | 7.125% |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues: | ||||
Hotel operating revenues | $ 495,550 | $ 464,981 | $ 1,392,995 | $ 1,334,656 |
Rental income | 80,896 | 77,470 | 240,274 | 229,760 |
FF&E reserve income | 1,142 | 1,065 | 3,524 | 3,517 |
Total revenues | 577,588 | 543,516 | 1,636,793 | 1,567,933 |
Expenses: | ||||
Hotel operating expenses | 343,274 | 322,012 | 965,546 | 923,239 |
Depreciation and amortization | 98,205 | 90,139 | 286,811 | 266,192 |
General and administrative | 13,404 | 37,739 | 76,097 | 91,127 |
Acquisition related costs | 0 | 156 | 0 | 885 |
Total expenses | 454,883 | 450,046 | 1,328,454 | 1,281,443 |
Operating income | 122,705 | 93,470 | 308,339 | 286,490 |
Dividend income | 626 | 626 | 1,878 | 1,375 |
Interest income | 211 | 89 | 590 | 227 |
Interest expense (including amortization of debt issuance costs and debt discounts and premiums of $2,194 and $2,122 and $6,541 and $6,114, respectively) | (46,574) | (41,280) | (135,329) | (124,564) |
Loss on early extinguishment of debt | 0 | (158) | 0 | (228) |
Income before income taxes, equity in earnings of an investee and gain on sale of real estate | 76,968 | 52,747 | 175,478 | 163,300 |
Income tax expense | (619) | (948) | (1,761) | (3,483) |
Equity in earnings of an investee | 31 | 13 | 533 | 107 |
Income before gain on sale of real estate | 76,380 | 51,812 | 174,250 | 159,924 |
Gain on sale of real estate | 9,348 | 0 | 9,348 | 0 |
Net income | 85,728 | 51,812 | 183,598 | 159,924 |
Other comprehensive income: | ||||
Unrealized gain on investment securities | 7,273 | 14,032 | 19,923 | 51,253 |
Equity interest in investee’s unrealized gains | 116 | 80 | 295 | 175 |
Other comprehensive income | 7,389 | 14,112 | 20,218 | 51,428 |
Comprehensive income | 93,117 | 65,924 | 203,816 | 211,352 |
Preferred distributions | 0 | (5,166) | (1,435) | (15,498) |
Excess of liquidation preference over carrying value of preferred shares redeemed | 0 | 0 | (9,893) | 0 |
Net income available for common shareholders | $ 85,728 | $ 46,646 | $ 172,270 | $ 144,426 |
Weighted average common shares outstanding (basic) (in shares) | 164,149 | 157,217 | 164,131 | 153,357 |
Weighted average common shares outstanding (diluted) (in shares) | 164,188 | 157,263 | 164,168 | 153,390 |
Net income available for common shareholders per common share (basic and diluted) (in dollars per share) | $ 0.52 | $ 0.30 | $ 1.05 | $ 0.94 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
Interest expense, amortization of debt issuance costs and and debt discounts and premiums | $ 2,194 | $ 2,122 | $ 6,541 | $ 6,114 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 183,598 | $ 159,924 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 286,811 | 266,192 |
Amortization of debt issuance costs and debt discounts and premiums as interest | 6,541 | 6,114 |
Straight line rental income | (9,208) | (10,377) |
Security deposits received or replenished | 37,239 | 34,945 |
FF&E reserve income and deposits | (56,936) | (57,890) |
Loss on early extinguishment of debt | 0 | 228 |
Equity in earnings of an investee | (533) | (107) |
Gain on sale of real estate | (9,348) | 0 |
Other non-cash (income) expense, net | (2,523) | (2,298) |
Changes in assets and liabilities: | ||
Due from related persons | (992) | (1,909) |
Other assets | (12,996) | (8,284) |
Accounts payable and other liabilities | (21,979) | (20,823) |
Due to related persons | (12,619) | (5,637) |
Net cash provided by operating activities | 387,055 | 360,078 |
Cash flows from investing activities: | ||
Real estate acquisitions and deposits | (594,927) | (206,745) |
Real estate improvements | (89,955) | (122,239) |
FF&E reserve escrow fundings | (22,011) | (2,265) |
Net proceeds from sale of real estate | 23,438 | 0 |
Net cash used in investing activities | (683,455) | (331,249) |
Cash flows from financing activities: | ||
Proceeds from issuance of common shares, net | 0 | 371,956 |
Proceeds from issuance of senior unsecured notes, after discounts and premiums | 598,246 | 737,612 |
Repayment of senior unsecured notes | 0 | (575,000) |
Redemption of preferred shares | (290,000) | 0 |
Repurchase of convertible senior notes | (8,478) | 0 |
Borrowings under unsecured revolving credit facility | 631,000 | 643,000 |
Repayments of unsecured revolving credit facility | (364,000) | (958,000) |
Payment of debt issuance costs | (5,018) | (6,106) |
Repurchase of common shares | (533) | (583) |
Distributions to preferred shareholders | (6,601) | (15,498) |
Distributions to common shareholders | (254,623) | (230,358) |
Net cash provided by (used in) financing activities | 299,993 | (32,977) |
Increase (decrease) in cash and cash equivalents | 3,593 | (4,148) |
Cash and cash equivalents at beginning of period | 10,896 | 13,682 |
Cash and cash equivalents at end of period | 14,489 | 9,534 |
Supplemental cash flow information: | ||
Cash paid for interest | 149,261 | 137,007 |
Cash paid for income taxes | 2,588 | 2,464 |
Non-cash investing activities: | ||
Hotel managers’ deposits in FF&E reserve | 55,222 | 55,518 |
Hotel managers’ purchases with FF&E reserve | $ (64,574) | $ (48,388) |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements of Hospitality Properties Trust and its subsidiaries, or HPT, we, our or us, are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2016 , or our 2016 Annual Report. In the opinion of our management, all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation, have been included in these condensed consolidated financial statements. These condensed consolidated financial statements include the accounts of HPT and our subsidiaries, all of which are 100% owned directly or indirectly by HPT. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods and those of our managers and tenants are not necessarily indicative of the results that may be expected for the full year. Reclassifications have been made to the prior years’ condensed consolidated financial statements to conform to the current year’s presentation. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in our condensed consolidated financial statements include the allowance for doubtful accounts, purchase price allocations, useful lives of fixed assets, impairment of real estate and the valuation of intangible assets. We have determined that each of our taxable REIT subsidiaries, or TRSs, is a variable interest entity, or VIE, as defined under the Consolidation Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification™, or ASC. We have concluded that we must consolidate each of our TRSs because we are the entity with the power to direct the activities that most significantly impact the VIEs’ economic performance and we have the obligation to absorb losses and the right to receive benefits from each VIE that could be significant to the VIE, and are, therefore, the primary beneficiary of each VIE. The assets of our TRSs were $40,150 and $26,676 as of September 30, 2017 and December 31, 2016 , respectively, and consist primarily of amounts due from, and working capital advances to, certain of their hotel managers. The liabilities of our TRSs were $139,276 and $101,602 as of September 30, 2017 and December 31, 2016 , respectively, and consist primarily of security deposits they hold from and amounts payable to certain of their hotel managers. The assets of our TRSs are available to satisfy our TRSs’ obligations and we have guaranteed certain obligations of our TRSs. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements On January 1, 2017, we adopted FASB Accounting Standards Update, or ASU, No. 2017-01, Clarifying the Definition of a Business , which provides additional guidance on evaluating whether a transaction should be accounted for as an acquisition (or disposal) of assets or of a business. The update defines three requirements for a set of assets and activities (collectively referred to as a “set”) to be considered a business: inputs, processes and outputs. As a result of the implementation of this update, certain property acquisitions, which under previous guidance were accounted for as business combinations, are now accounted for as acquisitions of assets. In an acquisition of assets, certain acquisition costs are capitalized as opposed to expensed under the previous guidance. On January 1, 2017, we adopted FASB ASU No. 2016-09, Compensation - Stock Compensation , which identifies areas for simplification involving several aspects of accounting for share based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. The adoption of ASU No. 2016-09 did not have a material impact in our condensed consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue From Contracts With Customers , which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU No. 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU No. 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In August 2015, the FASB provided for a one-year deferral of the effective date for ASU No. 2014-09, which is now effective for us beginning January 1, 2018. The majority of our revenue is from hotels managed under TRS structures. We do not believe the standard will materially affect the amount or timing of revenue recognition for revenues from room, food and beverage, and other hotel level sales of our managed hotels. A lesser portion of our revenue consists of rental income from leasing arrangements, which are specifically excluded from ASU No. 2014-09. We are continuing to evaluate ASU No. 2014-09 (and related clarifying guidance issued by the FASB); however, we do not expect its adoption to have a significant impact on the amount or timing of our revenue recognition in our condensed consolidated financial statements. We currently expect to adopt the standard using the modified retrospective approach. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which changes how entities measure certain equity investments and present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. This update is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted subject to certain conditions. Currently, changes in fair value of these investments are recorded through other comprehensive income. ASU No. 2016-01 states that these changes will be recorded through earnings. We are continuing to evaluate this guidance, but we expect the implementation of this guidance will affect how changes in the fair value of available for sale equity investments we hold are presented in our condensed consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASU No. 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. A lessee is also required to record a right of use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales type leases, direct financing leases and operating leases. ASU No. 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. We are currently assessing the potential impact the adoption of ASU No. 2016-02 will have in our condensed consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are currently assessing the potential impact the adoption of ASU No. 2016-13 will have in our condensed consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. ASU No. 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We do not expect adoption of this guidance to have a material impact in our condensed consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash , which clarifies how companies should present restricted cash and restricted cash equivalents. Companies will show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The new standard requires a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheets. ASU No. 2016-18 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Upon the adoption of ASU No. 2016-18, we will reconcile both cash and cash equivalents and restricted cash and restricted cash equivalents, whereas under the current guidance we explain the changes during the period for cash and cash equivalents only. In May 2017, the FASB issued ASU No. 2017-09, Scope of Modification Accounting , which clarifies which changes to the terms or conditions of a share based payment award are subject to the guidance on modification accounting under ASC 718. Entities would apply the modification accounting guidance unless the value, vesting requirements and classification of a share based payment award are the same immediately before and after a change to the terms or conditions of the award. ASU No. 2017-09 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are continuing to evaluate ASU No. 2017-09; however, we do not expect its adoption to have a material impact in our condensed consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2017 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Revenue Recognition We report hotel operating revenues for managed hotels in our condensed consolidated statements of comprehensive income. We generally recognize hotel operating revenues, consisting primarily of room and food and beverage sales, when goods and services are provided. We report rental income for leased hotels and travel centers in our condensed consolidated statements of comprehensive income. We recognize rental income from operating leases on a straight line basis over the term of the lease agreements except for one lease in which there is uncertainty regarding the collection of scheduled future rent increases; see Note 8 for further information regarding this lease with Morgans Hotel Group, or Morgans. Rental income includes $3,087 and $9,208 for the three and nine months ended September 30, 2017 , respectively, and $2,932 and $10,377 for the three and nine months ended September 30, 2016 , respectively, of adjustments necessary to record scheduled rent increases under certain of our leases, the deferred rent obligations payable to us under our leases with TravelCenters of America LLC, or TA, and the estimated future payments to us under our TA leases for the cost of removing underground storage tanks at our travel centers on a straight line basis. See Notes 8 and 10 for further information regarding our TA leases. Due from related persons includes $51,161 and $42,254 and other assets includes $2,580 and $2,279 of straight line rent receivables at September 30, 2017 and December 31, 2016 , respectively. We determine percentage rent due to us under our leases annually and recognize it when all contingencies have been met and the rent is earned, which is generally at year end. We had deferred estimated percentage rent of $435 and $1,384 for the three and nine months ended September 30, 2017 , respectively, and $408 and $937 for the three and nine months ended September 30, 2016 , respectively. We own all the FF&E reserve (as defined in Note 8) escrows for our hotels. We report deposits by our third party tenants into the escrow accounts as FF&E reserve income. We do not report the amounts which are escrowed as FF&E reserves for our managed hotels as FF&E reserve income. |
Weighted Average Common Shares
Weighted Average Common Shares | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Weighted Average Common Shares | Weighted Average Common Shares The following table provides a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per share: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands) Weighted average common shares for basic earnings per share 164,149 157,217 164,131 153,357 Effect of dilutive securities: Unvested share awards 39 46 37 33 Weighted average common shares for diluted earnings per share 164,188 157,263 164,168 153,390 |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Distributions On January 17, 2017 , we paid a $0.4453 per share distribution, or $5,166 , to our Series D preferred shareholders. On February 21, 2017 , we paid a regular quarterly distribution to common shareholders of record on January 23, 2017 of $0.51 per share, or $83,777 . On May 18, 2017 , we paid a regular quarterly distribution to common shareholders of record on April 21, 2017 of $0.52 per share, or $85,419 . On August 17, 2017 , we paid a regular quarterly distribution to common shareholders of record on July 24, 2017 of $0.52 per share, or $85,427 . On October 12, 2017 , we declared a regular quarterly dividend to common shareholders of record on October 23, 2017 of $0.52 per share, or $85,462 . We expect to pay this amount on or about November 16, 2017 . Preferred Shares On February 10, 2017 , we redeemed all 11,600,000 of our outstanding 7.125% Series D cumulative redeemable preferred shares at the stated liquidation preference of $25.00 per share plus accrued and unpaid distributions to the date of redemption (an aggregate of $291,435 ). We reduced net income available for common shareholders for the nine months ended September 30, 2017 by $9,893 , which represents the amount by which the liquidation preference for our 7.125% Series D cumulative redeemable preferred shares that were redeemed during the period exceeded our carrying amount for those preferred shares as of the date of redemption. Common Share Grants and Purchases On June 15, 2017, we granted 3,000 of our common shares, valued at $30.12 per share, the closing price of our common shares on The Nasdaq Stock Market LLC, or Nasdaq, on that day, to each of our five Trustees as part of their annual compensation. On June 30, 2017, we purchased an aggregate of 499 of our common shares valued at $29.15 per common share, the closing price of our common shares on Nasdaq on that day, from two former employees of The RMR Group LLC, or RMR LLC, in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. On September 14, 2017, we granted an aggregate of 85,000 of our common shares to our officers and certain other employees of RMR LLC valued at $28.08 per share, the closing price of our common shares on Nasdaq on that day. On September 19, 2017, we purchased an aggregate of 18,559 of our common shares for $27.98 per common share, the closing price of our common shares on Nasdaq on that day, from certain of our officers and other employees of RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. Cumulative Other Comprehensive Income Cumulative other comprehensive income represents the unrealized net gain on our available for sale equity investments and our share of the comprehensive income of Affiliates Insurance Company, or AIC. See Notes 10 and 13 for further information regarding these investments. |
Indebtedness
Indebtedness | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness Our principal debt obligations at September 30, 2017 were: (1) our $458,000 of outstanding borrowings under our $1,000,000 unsecured revolving credit facility; (2) our $400,000 unsecured term loan; and (3) an aggregate outstanding principal amount of $3,200,000 of public issuances of unsecured senior notes. Our $1,000,000 revolving credit facility is available for general business purposes, including acquisitions. The maturity date of our revolving credit facility is July 15, 2018 and, subject to our payment of an extension fee and meeting other conditions, we have the option to extend the stated maturity date of our revolving credit facility by one year to July 15, 2019 . We can borrow, repay and reborrow funds available under our revolving credit facility until maturity, and no principal repayment is due until maturity. We are required to pay interest on borrowings under our revolving credit facility at the rate of LIBOR plus a premium, which was 110 basis points as of September 30, 2017 . We also pay a facility fee, which was 20 basis points per annum at September 30, 2017 , on the total amount of lending commitments under our revolving credit facility. Both the interest rate premium and the facility fee are subject to adjustment based upon changes to our credit ratings. As of September 30, 2017 , the annual interest rate for the amount outstanding under our revolving credit facility was 2.34% . The weighted average annual interest rate for borrowings under our revolving credit facility was 2.33% and 2.17% for the three and nine months ended September 30, 2017 , respectively, and 1.60% and 1.55% for the three and nine months ended September 30, 2016 , respectively. As of September 30, 2017 and November 7, 2017 , we had $458,000 and $330,000 outstanding and $542,000 and $670,000 available under our revolving credit facility, respectively. Our revolving credit facility is governed by a credit agreement with a syndicate of institutional lenders, which also governs our term loan. Our $400,000 term loan, which matures on April 15, 2019 , is prepayable without penalty at any time. We are required to pay interest on the amounts under our term loan at the rate of LIBOR plus a premium, which was 120 basis points as of September 30, 2017 . The interest rate premium is subject to adjustment based on changes to our credit ratings. As of September 30, 2017 , the annual interest rate for the amount outstanding under our term loan was 2.44% . The weighted average annual interest rate for borrowings under our term loan was 2.43% and 2.20% for the three and nine months ended September 30, 2017 , respectively, and 1.69% and 1.65% for the three and nine months ended September 30, 2016 , respectively. Our credit agreement also includes a feature under which maximum aggregate borrowings may be increased up to $2,300,000 on a combined basis in certain circumstances. Our credit agreement and our notes indentures and their supplements provide for acceleration of payment of all amounts outstanding upon the occurrence and continuation of certain events of default, such as, in the case of our credit agreement, a change of control of us, which includes RMR LLC ceasing to act as our business manager. Our credit agreement and our senior notes indentures and their supplements also contain a number of covenants, including covenants that restrict our ability to incur debts or to make distributions under certain circumstances and generally require us to maintain certain financial ratios. We believe we were in compliance with the terms and conditions of our credit agreement and our senior notes indentures and their supplements at September 30, 2017 . On January 13, 2017 , we issued $600,000 aggregate principal amount of senior notes in public offerings, which included $200,000 principal amount of 4.500% senior notes due 2023 and $400,000 principal amount of 4.950% senior notes due 2027. Net proceeds from these offerings were $593,228 after discounts, premiums and expenses. On March 15, 2017 , we repurchased at par plus accrued interest $8,431 of the outstanding principal amount of our 3.80% convertible senior notes due 2027, which were tendered by the holders of these notes for repurchase by us. On April 24, 2017, we redeemed at par plus accrued interest the remaining $47 of the outstanding principal amount of these notes. On October 26, 2017, we issued $400,000 principal amount of 3.950% senior notes due 2028 in a public offering. Net proceeds from this offering were $388,244 after discounts and expenses. On October 29, 2017 , we redeemed at par all of our outstanding 6.70% senior notes due 2018 for a redemption price equal to the principal amount of $350,000 , plus accrued and unpaid interest. |
Real Estate Properties
Real Estate Properties | 9 Months Ended |
Sep. 30, 2017 | |
Real Estate [Abstract] | |
Real Estate Properties | Real Estate Properties At September 30, 2017 , we owned 323 hotels and 199 travel centers. During the nine months ended September 30, 2017 , we funded $111,966 for improvements to certain of our properties which, pursuant to the terms of our management and lease agreements with our hotel managers and tenants, resulted in increases in our contractual annual minimum returns and rents of $7,132 . See Notes 8 and 10 for further information about our management and lease agreements and our fundings of improvements to certain of our properties. Acquisitions During the nine months ended September 30, 2017 , we acquired 20 hotels, one travel center, a land parcel adjacent to one of our hotels and land and certain improvements at a travel center we leased from a third party and subleased to TA. We accounted for these transactions as acquisitions of assets. Our allocation of the purchase price of each of these acquisitions based on the estimated fair value of the acquired assets and assumed liabilities is presented in the table below. Acquisition Date Location Purchase Price Land Land Improvements Building and Improvements Furniture, Fixtures and Equipment Intangible Assets 2/1/2017 Chicago, IL (1) $ 86,201 $ 13,609 $ 40 $ 58,929 $ 11,926 $ 1,697 3/31/2017 Seattle, WA (2) 71,795 24,143 30 46,337 844 441 5/3/2017 Columbia, SC (3) 27,604 4,040 7,172 16,392 — — 6/2/2017 St. Louis, MO (4) 88,076 4,250 161 79,733 3,394 538 6/29/2017 Atlanta, GA (5) 88,744 16,611 483 68,861 2,789 — 8/1/2017 Columbus, OH (6) 49,188 6,100 49 40,678 2,361 — 8/23/2017 Charlotte, NC (7) 43,972 2,682 1,011 35,266 5,013 — 9/8/2017 Atlanta, GA (8) 940 940 — — — — 9/26/2017 Various (9) 139,954 30,731 6,393 93,914 8,916 — 9/28/2017 Sayre, OK (10) 8,664 1,030 — 7,634 — — $ 605,138 $ 104,136 $ 15,339 $ 447,744 $ 35,243 $ 2,676 (1) On February 1, 2017, we acquired the 483 room Hotel Allegro in Chicago, IL for a purchase price of $86,201 , including capitalized acquisition costs of $707 . We added this Kimpton ® branded hotel to our management agreement with InterContinental Hotels Group, plc, or InterContinental. See Note 8 for further information regarding our InterContinental agreement. (2) On March 31, 2017, we acquired the 121 room Hotel Alexis in Seattle, WA for a purchase price of $71,795 , including capitalized acquisition costs of $170 . We added this Kimpton ® branded hotel to our management agreement with InterContinental. See Note 8 for further information regarding our InterContinental agreement. (3) On May 3, 2017, pursuant to the terms of our June 2015 transaction agreement with TA, as amended, we acquired from, and leased back to, TA a newly developed travel center located in Columbia, SC for a purchase price of $27,604 , including capitalized acquisition costs of $2 . This property was added to our TA No. 4 lease and our minimum annual rent under the lease increased by $2,346 as a result. See Notes 8 and 10 for further information regarding our TA leases. (4) On June 2, 2017, we acquired the 389 room Chase Park Plaza Hotel in St. Louis, MO for a purchase price of $88,076 , including capitalized acquisition costs of $462 . We converted this hotel to the Royal Sonesta ® hotel brand and added it to our management agreement with Sonesta International Hotels Corporation, or Sonesta. See Notes 8 and 10 for further information regarding our Sonesta agreement. (5) On June 29, 2017, we acquired the 495 room Crowne Plaza Ravinia hotel located in Atlanta, GA for a purchase price of $88,744 , including capitalized acquisition costs of $140 . We added this Crowne Plaza ® branded hotel to our management agreement with InterContinental. See Note 8 for further information regarding our InterContinental agreement. (6) On August 1, 2017, we acquired the 419 room Crowne Plaza & Lofts hotel in Columbus, OH for a purchase price of $49,188 , including capitalized acquisition costs of $198 . We added this Crowne Plaza ® branded hotel to our management agreement with InterContinental. See Note 8 for further information regarding our InterContinental agreement. (7) On August 23, 2017, we acquired the 300 room Crowne Plaza hotel in Charlotte, NC for a purchase price of $43,972 , including capitalized acquisition costs of $115 . We added this Crowne Plaza ® branded hotel to our management agreement with InterContinental. See Note 8 for further information regarding our InterContinental agreement. (8) On September 8, 2017, we acquired a land parcel adjacent to our Crowne Plaza hotel located in Atlanta, GA for a purchase price of $940 , including capitalized acquisition costs of $40 . (9) On September 26, 2017, we acquired 14 extended stay hotels with 1,653 suites located in 12 states for a purchase price of $139,954 , including capitalized acquisition costs of $1,954 . In connection with this acquisition, we converted these hotels to the Sonesta ES Suites ® brand and added them to our management agreement with Sonesta. See Notes 8 and 10 for further information regarding our Sonesta agreement. (10) On September 28, 2017, we acquired land and certain improvements at a travel center that we previously leased from a third party and subleased to TA for a purchase price of $8,664 , including capitalized acquisition costs of $64 . Effective as of that date, rent due to that third party and TA’s sublease rental obligations to pay the third party rent ceased, and we amended our lease with TA to document a direct lease to TA of that land and those improvements and to increase the annual minimum rent payable by TA to us by $731 , which was 8.5% of our purchase price. Dispositions During the three months ended September 30, 2017, we sold three of our Carlson Hotels Worldwide, or Carlson, branded hotels. On August 1, 2017, we sold our 159 room Radisson hotel located in Chandler, AZ for net proceeds of $9,085 ; and we recorded a gain on this sale of $4,336 during the three months ended September 30, 2017. On August 31, 2017, we sold our 143 room Country Inn & Suites hotel located in Naperville, IL for net proceeds of $6,313 ; and we recorded a gain on this sale of $2,303 during the three months ended September 30, 2017. On September 22, 2017, we sold our 209 room Park Plaza hotel located in Bloomington, MN for net proceeds of $8,030 ; and we recorded a gain on this sale of $2,709 during the three months ended September 30, 2017. See Note 8 for further information regarding our Carlson agreement. |
Hotel Management Agreements and
Hotel Management Agreements and Leases | 9 Months Ended |
Sep. 30, 2017 | |
Leases [Abstract] | |
Hotel Management Agreements and Leases | Hotel Management Agreements and Leases As of September 30, 2017 , we owned 323 hotels and 199 travel centers, which are included in 14 operating agreements. We do not operate any of our properties. As of September 30, 2017 , 320 of our hotels are leased to our TRSs and managed by independent hotel operating companies and three hotels are leased to third parties. As of September 30, 2017 , our hotel properties are managed by or leased to separate subsidiaries of Marriott International, Inc., or Marriott, InterContinental, Sonesta, Wyndham Hotel Group, or Wyndham, Hyatt Hotels Corporation, or Hyatt, Carlson and Morgans, under nine agreements. These hotel agreements have initial terms expiring between 2019 and 2103. Each of these agreements is for between one and 99 of our hotels. In general, the agreements contain renewal options for all, but not less than all, of the affected properties included in each agreement, and the renewal terms range between 20 to 60 years. Most of these agreements require the third party manager or tenant to: (1) make payments to us of minimum returns or minimum rents; (2) deposit a percentage of total hotel sales into reserves established for the regular refurbishment of our hotels, or FF&E reserves; and (3) for our managed hotels, make payments to our TRSs of additional returns to the extent of available cash flows after payment of operating expenses, funding of the FF&E reserves, payment of our minimum returns, payment of certain management fees and replenishment of security deposits or guarantees. Some of our managers or tenants or their affiliates have provided deposits or guarantees to secure their obligations to pay us. Marriott No. 1 agreement . Our management agreement with Marriott for 53 hotels, or our Marriott No. 1 agreement, provides that, as of September 30, 2017 , we are to be paid an annual minimum return of $69,100 to the extent that gross revenues of the hotels, after payment of hotel operating expenses and funding of the FF&E reserve, are sufficient to do so. Marriott’s base and incentive management fees are only earned after we receive our minimum returns. We realized minimum returns of $17,247 and $17,126 during the three months ended September 30, 2017 and 2016 , respectively, and minimum returns of $51,657 and $51,361 during the nine months ended September 30, 2017 and 2016 , respectively, under this agreement. We also realized additional returns of $3,603 and $6,807 during the three and nine months ended September 30, 2017 and $4,372 and $10,621 during the three and nine months ended September 30, 2016 , respectively, which represents our share of hotel cash flows in excess of the minimum returns due to us for the period. We do not have any security deposits or guarantees for our minimum returns from the 53 hotels included in our Marriott No. 1 agreement. Accordingly, the minimum returns we receive from these hotels managed by Marriott are limited to the hotels' available cash flows after payment of operating expenses and funding of the FF&E reserve. We funded $4,638 for capital improvements at certain of the hotels included in our Marriott No. 1 agreement during the nine months ended September 30, 2017 . We currently expect to fund approximately $1,000 for capital improvements under our Marriott No. 1 agreement during the remainder of 2017 . As we fund these improvements, the annual minimum returns payable to us increase by 10% of the amounts funded. Marriott No. 234 agreement. Our management agreement with Marriott for 68 hotels, or our Marriott No. 234 agreement, provides that, as of September 30, 2017 , we are to be paid an annual minimum return of $106,538 . We realized minimum returns of $26,591 and $26,571 during the three months ended September 30, 2017 and 2016 , respectively, and minimum returns of $79,771 and $79,682 during the nine months ended September 30, 2017 and 2016 , respectively, under this agreement. Pursuant to our Marriott No. 234 agreement, Marriott has provided us with a security deposit to cover minimum return payment shortfalls, if any. Under this agreement, this security deposit may be replenished and increased up to $64,700 from a share of hotel cash flows in excess of the minimum returns due to us. Marriott’s base and incentive management fees are only earned after we receive our minimum returns. During the nine months ended September 30, 2017 , our available security deposit was replenished by $9,986 from a share of hotel cash flows in excess of the minimum returns due to us for the period. The available balance of this security deposit was $26,466 as of September 30, 2017 . Pursuant to our Marriott No. 234 agreement, Marriott has also provided us with a limited guarantee which expires in 2019 for shortfalls up to 90% of our minimum returns, if and after the available security deposit has been depleted. The available balance of the guarantee was $30,672 as of September 30, 2017 . We funded $1,975 of capital improvements to hotels under our Marriott No. 234 agreement during the nine months ended September 30, 2017 . We currently expect to fund approximately $3,025 for capital improvements to certain hotels under our Marriott No. 234 agreement during the remainder of 2017 . As we fund these improvements, the annual minimum returns payable to us increase by 9% of the amounts funded. Marriott No. 5 agreement . We lease one hotel in Kauai, HI to Marriott which requires that, as of September 30, 2017, we are paid annual minimum rents of $10,159 . This lease is guaranteed by Marriott and we realized $2,540 and $2,529 of rent for this hotel during the three months ended September 30, 2017 and 2016 , respectively, and $7,620 and $7,587 during the nine months ended September 30, 2017 and 2016 , respectively. The guarantee provided by Marriott with respect to this leased hotel is unlimited. Marriott has four renewal options for 15 years each. On August 31, 2016, Marriott notified us that it will not exercise its renewal option at the expiration of the current lease term ending on December 31, 2019. InterContinental agreement. Our management agreement with InterContinental for 99 hotels, or our InterContinental agreement, provides that, as of September 30, 2017 , we are to be paid annual minimum returns and rents of $188,920 . We realized minimum returns and rents of $46,404 and $40,084 during the three months ended September 30, 2017 and 2016 , respectively, and minimum returns and rents of $131,649 and $118,372 during the nine months ended September 30, 2017 and 2016 , respectively, under this agreement. We also realized additional returns under this agreement of $8,264 and $3,563 during the three months ended September 30, 2017 and 2016, respectively, and $11,836 and $7,467 during the nine months ended September 30, 2017 and 2016 , respectively, from our share of hotel cash flows in excess of the minimum returns and rents due to us for those periods. Pursuant to our InterContinental agreement, InterContinental has provided us with a security deposit to cover minimum payment shortfalls, if any. Under this agreement, InterContinental is required to maintain a minimum security deposit of $37,000 and this security deposit may be replenished and increased up to $100,000 from a share of future cash flows from the hotels in excess of our minimum returns and rents. During the nine months ended September 30, 2017 , the available security deposit was replenished by $7,557 from the hotels’ cash flows in excess of the minimum payments due to us for the period. During the nine months ended September 30, 2017 , we amended our InterContinental agreement in connection with each of the five hotel acquisitions we made during that period. See Note 7 for further information regarding these acquisitions. As a result of the amendments, the annual minimum returns and rents due to us increased and InterContinental provided us an aggregate of $19,696 to supplement the existing security deposit. The available balance of the InterContinental security deposit was at the contractually capped amount of $100,000 as of September 30, 2017 . We did not fund any capital improvements to our InterContinental hotels during the nine months ended September 30, 2017 . We currently expect to fund approximately $10,950 for capital improvements under our InterContinental agreement during the remainder of 2017 , approximately $28,000 during 2018 and approximately $20,000 during 2019. As we fund these improvements, the annual minimum returns and rents payable to us increase by 8% of the amounts funded. Sonesta agreement. As of September 30, 2017 , Sonesta managed 10 of our full service hotels and 39 of our limited service hotels pursuant to management agreements for each of the hotels, which we refer to collectively as our Sonesta agreement, and a pooling agreement, which combines those management agreements for purposes of calculating gross revenues, payment of hotel operating expenses, payment of fees and distributions and minimum returns due to us. Our Sonesta agreement provides that we are paid a fixed annual minimum return equal to 8% of our invested capital, as defined therein, if gross revenues of the hotels, after payment of hotel operating expenses and management and related fees (other than Sonesta’s incentive fee, if applicable), are sufficient to do so. As of September 30, 2017 , the annual minimum return was $108,973 . Our Sonesta agreement further provides that we are paid an additional return based upon operating profits, as defined therein, after payment of Sonesta’s incentive fee, if applicable. We do not have any security deposits or guarantees for the hotels managed by Sonesta. Accordingly, the returns we receive from our hotels managed by Sonesta are limited to the available hotels’ cash flows after payment of operating expenses. We realized returns of $18,741 and $19,133 during the three months ended September 30, 2017 and 2016 , respectively, and returns of $53,808 and $51,279 during the nine months ended September 30, 2017 and 2016 , respectively, under our Sonesta agreement. Pursuant to our Sonesta agreement, we recognized management, reservation and system fees and reimbursement costs for certain guest loyalty, marketing program and third party reservation transmission fees aggregating $7,432 and $6,712 for the three months ended September 30, 2017 and 2016 , respectively, and $20,719 and $19,007 for the nine months ended September 30, 2017 and 2016 , respectively. In addition, we recognized procurement and construction supervision fees of $479 and $344 for the three months ended September 30, 2017 and 2016 , respectively, and $673 and $1,268 for the nine months ended September 30, 2017 and 2016 , respectively, pursuant to our Sonesta agreement. These amounts are included in hotel operating expenses or have been capitalized, as appropriate, in our condensed consolidated financial statements. Our Sonesta agreement does not require FF&E escrow deposits, but does require us to fund capital expenditures that we approve at our hotels managed by Sonesta. We funded $21,892 for renovations and other capital improvements to hotels included in our Sonesta agreement during the nine months ended September 30, 2017 . We currently expect to fund approximately $7,692 for renovations and other capital improvements during the remainder of 2017, approximately $86,000 during 2018 and approximately $5,000 during 2019. The annual minimum returns due to us under our Sonesta agreement increase by 8% of the amounts funded in excess of threshold amounts, as defined therein. We owed Sonesta $5,685 and $4,467 for capital expenditure and other reimbursements at September 30, 2017 and 2016 , respectively. Amounts due to Sonesta are included in due to related persons in our condensed consolidated balance sheets. See Note 10 for further information regarding our relationship with Sonesta and Note 7 for further information regarding the effects of certain of our property acquisitions on our agreements with Sonesta. Wyndham agreements . Our management agreement with Wyndham for 22 hotels, or our Wyndham agreement, provides that, as of September 30, 2017 , we are to be paid annual minimum returns of $27,401 . We realized returns of $6,847 and $6,687 during the three months ended September 30, 2017 and 2016 , respectively, and returns of $20,489 and $20,009 during the nine months ended September 30, 2017 and 2016 , respectively, under this agreement. Pursuant to our Wyndham agreement, Wyndham has provided us with a guarantee, which is limited to $35,656 , subject to an annual payment limit of $17,828 and expires on July 28, 2020. As of December 31, 2016, $1,090 remained available to cover payment shortfalls of our minimum returns due under the management agreement. During the nine months ended September 30, 2017 , the hotels under this agreement generated cash flows that were less than the minimum returns due to us and the remaining guarantee was depleted. This guarantee may be replenished from a share of future cash flows from these hotels in excess of our minimum returns. As of November 7, 2017 , Wyndham has paid all of the minimum returns due to us under our Wyndham agreement. We also lease 48 vacation units in one of our hotels to Wyndham Vacation Resorts, Inc., a subsidiary of Wyndham, or Wyndham Vacation, which requires that, as of September 30, 2017, we are paid annual minimum rents of $1,407 . The guarantee provided by Wyndham with respect to the Wyndham Vacation lease for part of one hotel is unlimited. We recognized rents of $454 during both the three months ended September 30, 2017 and 2016 and $1,361 during both the nine months ended September 30, 2017 and 2016 under our Wyndham Vacation lease agreement. Rental income for the three months ended September 30, 2017 and 2016 for this lease includes $102 and $112 , respectively, and $306 and $336 for the nine months ended September 30, 2017 and 2016 , respectively, of adjustments necessary to record rent on a straight line basis. Our Wyndham agreement requires FF&E escrow deposits equal to 5% of total hotel sales for all hotels included in the agreement subject to available cash flows after payment of our minimum return. No FF&E escrow deposits were made during the nine months ended September 30, 2017 due to insufficient available cash flows generated at these hotels. We funded $5,045 for capital improvements to certain hotels included in our Wyndham agreement during the nine months ended September 30, 2017 . We currently expect to fund approximately $1,800 for capital improvements under this agreement during the remainder of 2017 . As we fund these improvements, the annual minimum returns payable to us increase by 8% of the amounts funded. Hyatt agreement. Our management agreement with Hyatt for 22 hotels, or our Hyatt agreement, provides that, as of September 30, 2017 , we are to be paid an annual minimum return of $22,037 . We realized minimum returns of $5,509 during each of the three months ended September 30, 2017 and 2016 and minimum returns of $16,528 during each of the nine months ended September 30, 2017 and 2016 under this agreement. Pursuant to our Hyatt agreement, Hyatt has provided us with a guarantee, which is limited to $50,000 . During the nine months ended September 30, 2017 , our available guarantee was replenished by $3,517 from a share of hotel cash flows in excess of the minimum returns due to us. The available balance of the guarantee was $21,826 as of September 30, 2017 . Carlson agreement. Our management agreement with Carlson for 8 hotels, or our Carlson agreement, provides that, as of September 30, 2017 , we are to be paid an annual minimum return of $12,920 . We realized minimum returns of $3,230 during each of the three months ended September 30, 2017 and 2016 and minimum returns of $9,690 during each of the nine months ended September 30, 2017 and 2016 under this agreement. Pursuant to our Carlson agreement, Carlson has provided us with a guarantee, which is limited to $40,000 . During the nine months ended September 30, 2017 , our available guarantee was replenished by $4,716 from a share of hotel cash flows in excess of the minimum returns due to us. The available balance of the guarantee was $33,545 as of September 30, 2017 . In June 2017, we amended our Carlson agreement and agreed to sell three hotels. During the three months ended September 30, 2017, we completed the sale of these three hotels and deposited $15,398 of the net sales proceeds into the FF&E reserve escrow account for our Carlson agreement. The remaining net sales proceeds of $8,030 were deposited into the FF&E reserve escrow account in October 2017. See Note 7 for further information regarding these sales. The net proceeds from these sales will be used to fund certain renovations to the remaining hotels operated under our Carlson agreement and we have agreed to fund up to $35,000 for renovation costs in excess of the net sales proceeds and available FF&E reserves. We currently expect to fund approximately $6,400 during 2018 and approximately $28,600 during 2019 for these renovations. Our annual minimum returns and the limited guaranty cap under our Carlson agreement will increase by 8% of any amounts we fund (excluding the net sales proceeds described above). In addition, in June 2017, the initial term of the management agreement and the limited guarantee provided by Carlson were extended to December 31, 2035. Morgans agreement. We lease The Clift Hotel in San Francisco, CA to a subsidiary of Morgans. This lease is scheduled to expire in 2103 and requires annual rent to us of $7,595 , which amount is scheduled to increase on October 14, 2019 and every five years thereafter based upon consumer price index increases, but no less than 10% and no more than 20% at the time of each increase. Although the terms of this lease might have qualified this lease as a direct financing lease under GAAP, we recognize the rental income we receive from Morgans on a cash basis because of uncertainty regarding our collection of future rent increases. In December 2016, we notified Morgans that the closing of its merger with SBE Entertainment Group LLC, or SBE, without our consent was a breach of its lease obligations and shortly thereafter we commenced an unlawful detainer action in the California state courts to compel Morgans and SBE to surrender possession of this hotel to us. We are pursuing this litigation and are in discussions with Morgans and SBE regarding this hotel. The outcome of this pending litigation and our discussions with Morgans and SBE is not assured, but we believe Morgans may surrender to us possession of this hotel or that the court will determine that Morgans and SBE have breached the lease. We also believe that this hotel may require substantial capital investment to remain competitive in its market. The continuation of our dispute with Morgans and SBE is causing us to incur legal fees. Despite the continuation of this dispute, Morgans has paid the rents due to us through November 7, 2017 ; however, we believe that we may suffer some loss of future rent from this hotel, at least until this hotel is renovated and operations improve. TA leases. As of September 30, 2017 , we leased to TA a total of 199 travel centers under five leases. We recognized rental income from TA of $73,279 and $69,866 for the three months ended September 30, 2017 and 2016 , respectively, and $217,420 and $206,950 for the nine months ended September 30, 2017 and 2016 , respectively. Rental income for the three months ended September 30, 2017 and 2016 includes $2,988 and $2,823 , respectively, and $8,907 and $10,053 for the nine months ended September 30, 2017 and 2016 , respectively, of adjustments necessary to record the deferred rent obligations under our TA leases and the estimated future payments to us by TA for the cost of removing underground storage tanks on a straight line basis. As of September 30, 2017 and December 31, 2016, we had receivables for current rent amounts owed to us by TA and straight line rent adjustments of $75,231 and $65,332 , respectively. These amounts are included in due from related persons in our condensed consolidated balance sheets. In addition, as of September 30, 2017 , TA owed us deferred rent of $150,000 , which is due and payable on various dates from 2024 through 2032. Our TA leases do not require FF&E escrow deposits. However, TA is required to maintain the leased travel centers, including structural and non-structural components. Under our TA leases, TA may request that we fund capital improvements in return for increases in TA’s annual minimum rent. We funded $62,888 and $75,314 for the nine months ended September 30, 2017 and 2016, respectively, of qualifying capital improvements to our TA leases. As a result, TA’s annual minimum rent payable to us increased by $5,345 and $6,402 , respectively. We currently expect to fund approximately $16,090 for renovations and other capital improvements to our travel centers during the remainder of 2017. TA is not obligated to request and we are not obligated to fund any such improvements. In addition to the rental income we recognized from TA during the three and nine months ended September 30, 2017 and 2016 as described above, our TA leases require TA to pay us percentage rent based upon increases in certain sales. We determine percentage rent due under our TA leases annually and recognize any resulting amount as rental income when all contingencies are met. We had aggregate deferred percentage rent under our TA leases of $435 and $408 for the three months ended September 30, 2017 and 2016, respectively, and $1,384 and $937 for the nine months ended September 30, 2017 and 2016 , respectively. See Note 10 for further information regarding our relationship with TA and Note 7 for further information regarding the effects of certain 2017 property acquisitions on our leases with TA. Guarantees and security deposits generally. When we reduce the amounts of the security deposits we hold for payment deficiencies at our managed and leased hotels, we record income equal to the amounts by which this deposit is reduced up to the minimum return or minimum rent due to us. However, reducing the security deposits does not result in additional cash flows to us of the deficiency amounts, but reducing amounts of security deposits may reduce the refunds due to the respective lessees or managers who have provided us with these deposits upon expiration of the respective lease or management agreement. The security deposits are non-interest bearing and are not held in escrow. Under these agreements, any amount of the security deposits which are applied to payment deficits may be replenished from a share of future cash flows from the applicable hotel operations pursuant to the terms of the respective agreements. The net operating results of our managed hotel portfolios exceeded, in the aggregate, the minimum returns due to us in both the three months ended September 30, 2017 and 2016 . Certain of our managed hotel portfolios had net operating results that were, in the aggregate, $5,699 and $2,248 less than the minimum returns due to us in the three months ended September 30, 2017 and 2016 , respectively, and $18,971 and $12,618 less than the minimum returns due to us in the nine months ended September 30, 2017 and 2016 , respectively. When the managers of these hotels fund these shortfalls under the terms of our operating agreements or their guarantees, we reflect such fundings (including security deposit applications) in our condensed consolidated statements of comprehensive income as a reduction of hotel operating expenses. There was no reduction to hotel operating expenses in the three months ended September 30, 2017 or 2016 and reductions of $2,689 and $592 in the nine months ended September 30, 2017 and 2016 , respectively, as a result of such fundings. We had shortfalls at certain of our managed hotel portfolios not funded by the managers of these hotels under the terms of our operating agreements of $5,699 and $2,248 in the three months ended September 30, 2017 and 2016 , respectively, and $16,282 and $12,026 in the nine months ended September 30, 2017 and 2016 , respectively, which represent the unguaranteed portions of our minimum returns from Sonesta. Certain of our managed hotel portfolios had net operating results that were, in the aggregate, $31,355 and $35,123 more than the minimum returns due to us in the three months ended September 30, 2017 and 2016 , respectively, and $67,052 and $80,867 more than the minimum returns due to us in the nine months ended September 30, 2017 and 2016 , respectively. Like the security deposits we hold, certain guarantees held by us may be replenished by a share of future cash flows from the applicable hotels' operations in excess of the minimum returns due to us pursuant to the terms of the respective operating agreements. When our guarantees and our security deposits are replenished by cash flows from hotel operations, we reflect such replenishments in our condensed consolidated statements of comprehensive income as an increase to hotel operating expenses. We had $10,099 and $15,103 of guarantee and security deposit replenishments in the three months ended September 30, 2017 and 2016 , respectively, and $26,319 and $33,897 of guarantee and security deposit replenishments in the nine months ended September 30, 2017 and 2016 , respectively. |
Business and Property Managemen
Business and Property Management Agreements with RMR LLC | 9 Months Ended |
Sep. 30, 2017 | |
Real Estate [Abstract] | |
Business and Property Management Agreements with RMR LLC | Business and Property Management Agreements with RMR LLC We have no employees. The personnel and various services we require to operate our business are provided to us by RMR LLC. We have two agreements with RMR LLC to provide management services to us: (1) a business management agreement, which relates to our business generally, and (2) a property management agreement, which relates to our property level operations of the office building component of one of our hotels. Pursuant to our business management agreement with RMR LLC, we recognized net business management fees of $10,865 and $34,942 for the three months ended September 30, 2017 and 2016, respectively, and $68,526 and $83,547 for the nine months ended September 30, 2017 and 2016 , respectively. The business management fees for the three and nine months ended September 30, 2017 include estimated annual incentive fees for 2017 of $873 and $38,243 , respectively, based on our common share total return, as defined, as of September 30, 2017 . Although we recognized estimated incentive fees in accordance with GAAP, the actual amount of annual incentive fees payable to RMR LLC for 2017, if any, will be calculated based on our common share total return, as defined, for the three year period ending December 31, 2017, and will be payable in 2018. The net business management fees we recognized for the three months ended September 30, 2016 and nine months ended September 30, 2016 included $25,036 and $56,272 , respectively, of then estimated 2016 incentive fees; in January 2017, we paid RMR LLC an incentive fee of $52,407 for 2016. The net business management fees we recognized for the 2017 and 2016 periods are included in general and administrative expenses in our condensed consolidated statements of comprehensive income. Pursuant to our property management agreement with RMR LLC, we recognized property management fees of $12 and $16 for the three months ended September 30, 2017 and 2016, respectively, and $33 and $42 for the nine months ended September 30, 2017 and 2016 , respectively. These fees are payable to RMR LLC in connection with the management of the office building component of one of our hotels. These amounts are included in hotel operating expenses in our condensed consolidated statements of comprehensive income. We are generally responsible for all of our operating expenses, including certain expenses incurred by RMR LLC on our behalf. We recognized $40 and $45 for property management related expenses related to the office building component of one of our hotels for the three months ended September 30, 2017 and 2016, respectively, and $131 and $129 for the nine months ended September 30, 2017 and 2016 , respectively. These amounts are included in hotel operating expenses in our condensed consolidated statements of comprehensive income. In addition, we are responsible for our share of RMR LLC’s costs for providing our internal audit function. The amounts recognized as expense for internal audit costs were $67 and $34 for the three months ended September 30, 2017 and 2016, respectively, and $202 and $168 for the nine months ended September 30, 2017 and 2016, respectively. These amounts are included in general and administrative expenses in our condensed consolidated statements of comprehensive income for these periods. |
Related Person Transactions
Related Person Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Person Transactions | Related Person Transactions We have relationships and historical and continuing transactions with TA, Sonesta, RMR LLC, The RMR Group Inc., or RMR Inc., AIC and others related to them, including other companies to which RMR LLC provides management services and which have trustees, directors and officers who are also our Trustees or officers. TA . TA is our largest tenant and property operator, leasing 35% of our gross carrying value of real estate properties as of September 30, 2017 . We lease all of our travel centers to TA. We are also TA’s largest shareholder; as of September 30, 2017 , we owned 3,420,000 common shares of TA, representing approximately 8.6% of TA’s outstanding common shares. RMR LLC provides management services to both us and TA. See Notes 7 and 8 for further information regarding our relationships, agreements and transactions with TA and Note 13 for further information regarding our investment in TA. Sonesta. Sonesta is a private company owned by our Managing Trustees. As of September 30, 2017 , Sonesta managed 49 of our hotels pursuant to management and pooling agreements. See Notes 7 and 8 for further information regarding our relationships, agreements and transactions with Sonesta. Our Manager, RMR LLC. See Note 9 for further information regarding our management agreements with RMR LLC. We have historically granted share awards to certain RMR LLC employees under our equity compensation plans. In September 2017 and 2016, we granted annual share awards of 85,000 and 79,100 of our common shares, respectively, to our officers and to other employees of RMR LLC. In September 2017 and 2016, we purchased 18,559 and 19,677 of our common shares, respectively, at the closing price of our common shares on Nasdaq on the date of purchase, from certain employees of RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. We include the amounts recognized as expense for share awards in general and administrative expenses in our condensed consolidated statements of comprehensive income. RMR Inc. RMR LLC is a subsidiary of RMR Inc. and RMR Inc. is the managing member of RMR LLC. The controlling shareholder of RMR Inc., ABP Trust, is owned by our Managing Trustees. As of September 30, 2017 , we hold 2,503,777 shares of class A common stock of RMR Inc. See Note 13 for further information regarding our investment in RMR Inc. In June 2017, we and our manager, RMR LLC, became aware that we had been a victim of a criminal fraud that law enforcement authorities refer to as business email compromise fraud. This fraud involved a person pretending to be the representative of the seller in one of our property acquisition transactions and such imposter providing fraudulent wire instructions to one of our senior officers. As a result, funds were sent by wire transfer to an account that was believed to be, but in fact was not, the seller’s account. RMR LLC reimbursed us during the second quarter of 2017 for this fraudulent wire payment. As a result of the reimbursement, this matter had no effect on our condensed consolidated financial statements. AIC . We, ABP Trust, TA and four other companies to which RMR LLC provides management services currently own AIC, an Indiana insurance company, in equal amounts. We and the other AIC shareholders participate in a combined property insurance program arranged and reinsured in part by AIC. We paid aggregate annual premiums, including taxes and fees, of approximately $6,352 in connection with this insurance program for the policy year ending June 30, 2018, which amount may be adjusted from time to time as we acquire and dispose of properties that are included in this insurance program. As of September 30, 2017 and December 31, 2016, our investment in AIC had a carrying value of $7,952 and $7,123 , respectively. These amounts are included in other assets in our condensed consolidated balance sheets. We recognized income related to our investment in AIC, which amounts are presented as equity in earnings of an investee in our condensed consolidated statements of comprehensive income. Our other comprehensive income includes our proportionate part of unrealized gains on securities which are owned and held for sale by AIC. For further information about these and certain other related person relationships and transactions, please refer to our 2016 Annual Report. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We have elected to be taxed as a real estate investment trust, or REIT, under the United States Internal Revenue Code of 1986, as amended, or the IRC, and, as such, are generally not subject to federal and most state income taxation on our operating income provided we distribute our taxable income to our shareholders and meet certain organization and operating requirements. We are subject to income tax in Canada, Puerto Rico and certain states despite our qualification for taxation as a REIT. Further, we lease our managed hotels to our wholly owned TRSs that, unlike most of our subsidiaries, file a separate consolidated tax return and are subject to federal, state and foreign income taxes. Our consolidated income tax provision includes the income tax provision related to the operations of our TRSs and certain state and foreign income taxes incurred by us despite our qualification for taxation as a REIT. During the three and nine months ended September 30, 2017 , we recognized income tax expense of $619 and $1,761 , respectively, which includes $125 and $486 , respectively, of foreign taxes, ($6) and $30 , respectively, of federal taxes and $500 and $1,245 , respectively, of state taxes. During the three and nine months ended September 30, 2016 , we recognized income tax expense of $948 and $3,483 , respectively, which includes $415 and $2,018 , respectively, of foreign taxes, ($59) and $32 , respectively, of federal taxes and $592 and $1,433 , respectively, of state taxes. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We aggregate our hotels and travel centers into two reportable segments, hotel investments and travel center investments, based on their similar operating and economic characteristics. For the Three Months Ended September 30, 2017 Hotels Travel Centers Corporate Consolidated Revenues: Hotel operating revenues $ 495,550 $ — $ — $ 495,550 Rental income 7,617 73,279 — 80,896 FF&E reserve income 1,142 — — 1,142 Total revenues 504,309 73,279 — 577,588 Expenses: Hotel operating expenses 343,274 — — 343,274 Depreciation and amortization 61,996 36,209 — 98,205 General and administrative — — 13,404 13,404 Total expenses 405,270 36,209 13,404 454,883 Operating income (loss) 99,039 37,070 (13,404 ) 122,705 Dividend income — — 626 626 Interest income — — 211 211 Interest expense — — (46,574 ) (46,574 ) Income (loss) before income taxes, equity in earnings of an investee and gain on sale of real estate 99,039 37,070 (59,141 ) 76,968 Income tax expense — — (619 ) (619 ) Equity in earnings of an investee — — 31 31 Income (loss) before gain on sale of real estate 99,039 37,070 (59,729 ) 76,380 Gain on sale of real estate 9,348 — — 9,348 Net income (loss) $ 108,387 $ 37,070 $ (59,729 ) $ 85,728 For the Nine Months Ended September 30, 2017 Hotels Travel Centers Corporate Consolidated Revenues: Hotel operating revenues $ 1,392,995 $ — $ — $ 1,392,995 Rental income 22,854 217,420 — 240,274 FF&E reserve income 3,524 — — 3,524 Total revenues 1,419,373 217,420 — 1,636,793 Expenses: Hotel operating expenses 965,546 — — 965,546 Depreciation and amortization 179,503 107,308 — 286,811 General and administrative — — 76,097 76,097 Total expenses 1,145,049 107,308 76,097 1,328,454 Operating income (loss) 274,324 110,112 (76,097 ) 308,339 Dividend income — — 1,878 1,878 Interest income — — 590 590 Interest expense — — (135,329 ) (135,329 ) Income (loss) before income taxes, equity in earnings of an investee and gain on sale of real estate 274,324 110,112 (208,958 ) 175,478 Income tax expense — — (1,761 ) (1,761 ) Equity in earnings of an investee — — 533 533 Income (loss) before gain on sale of real estate 274,324 110,112 (210,186 ) 174,250 Gain on sale of real estate 9,348 — — 9,348 Net income (loss) $ 283,672 $ 110,112 $ (210,186 ) $ 183,598 As of September 30, 2017 Hotels Travel Centers Corporate Consolidated Total assets $ 4,490,298 $ 2,486,179 $ 167,990 $ 7,144,467 For the Three Months Ended September 30, 2016 Hotels Travel Centers Corporate Consolidated Revenues: Hotel operating revenues $ 464,981 $ — $ — $ 464,981 Rental income 7,604 69,866 — 77,470 FF&E reserve income 1,065 — — 1,065 Total revenues 473,650 69,866 — 543,516 Expenses: Hotel operating expenses 322,012 — — 322,012 Depreciation and amortization 56,397 33,742 — 90,139 General and administrative — — 37,739 37,739 Acquisition related costs 156 — — 156 Total expenses 378,565 33,742 37,739 450,046 Operating income (loss) 95,085 36,124 (37,739 ) 93,470 Dividend income 626 626 Interest income — — 89 89 Interest expense — — (41,280 ) (41,280 ) Loss on early extinguishment of debt (158 ) (158 ) Income (loss) before income taxes and equity in earnings of an investee 95,085 36,124 (78,462 ) 52,747 Income tax expense — — (948 ) (948 ) Equity in earnings of an investee — — 13 13 Net income (loss) $ 95,085 $ 36,124 $ (79,397 ) $ 51,812 For the Nine Months Ended September 30, 2016 Hotels Travel Centers Corporate Consolidated Revenues: Hotel operating revenues $ 1,334,656 $ — $ — $ 1,334,656 Rental income 22,810 206,950 — 229,760 FF&E reserve income 3,517 — — 3,517 Total revenues 1,360,983 206,950 — 1,567,933 Expenses: Hotel operating expenses 923,239 — — 923,239 Depreciation and amortization 167,485 98,707 — 266,192 General and administrative — — 91,127 91,127 Acquisition related costs 885 — — 885 Total expenses 1,091,609 98,707 91,127 1,281,443 Operating income (loss) 269,374 108,243 (91,127 ) 286,490 Dividend income 1,375 1,375 Interest income — — 227 227 Interest expense — — (124,564 ) (124,564 ) Loss on early extinguishment of debt (228 ) (228 ) Income (loss) before income taxes and equity in earnings of an investee 269,374 108,243 (214,317 ) 163,300 Income tax expense — — (3,483 ) (3,483 ) Equity in earnings of an investee — — 107 107 Net income (loss) $ 269,374 $ 108,243 $ (217,693 ) $ 159,924 As of December 31, 2016 Hotels Travel Centers Corporate Consolidated Total assets $ 4,005,481 $ 2,483,718 $ 145,029 $ 6,634,228 |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | Fair Value of Assets and Liabilities The table below presents certain of our assets carried at fair value at September 30, 2017 , categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset. Fair Value at September 30, 2017 Using Quoted Prices in Active Markets for Significant Other Significant Carrying Value at Identical Assets Observable Inputs Unobservable Inputs Description September 30, 2017 (Level 1) (Level 2) (Level 3) Recurring Fair Value Measurement Assets: Investment in TA (1) $ 14,535 $ 14,535 $ — $ — Investment in RMR Inc. (2) $ 128,569 $ 128,569 $ — $ — (1) Our 3,420,000 common shares of TA, which are included in other assets in our condensed consolidated balance sheets, are reported at fair value which is based on quoted market prices (Level 1 inputs). Our historical cost basis for these shares is $17,407 as of September 30, 2017 . The unrealized loss of ($2,872) for these shares as of September 30, 2017 is included in cumulative other comprehensive income in our condensed consolidated balance sheets. We evaluated the decline in the fair value of the TA shares and determined that based on the severity and duration of the decline, and our ability and intent to hold the investment for a reasonable period of time sufficient for a recovery of fair value, we do not consider this investment to be other-than-temporarily impaired at September 30, 2017 . (2) Our 2,503,777 shares of class A common stock of RMR Inc., which are included in other assets in our condensed consolidated balance sheets, are reported at fair value which is based on quoted market prices (Level 1 inputs). Our historical cost basis for these shares is $66,374 as of September 30, 2017 . The unrealized gain of $62,195 for these shares as of September 30, 2017 is included in cumulative other comprehensive income in our condensed consolidated balance sheets. In addition to the investment securities included in the table above, our financial instruments include our cash and cash equivalents, restricted cash, rents receivable, revolving credit facility, term loan, senior notes and security deposits. At September 30, 2017 and December 31, 2016 , the fair values of these additional financial instruments approximated their carrying values in our condensed consolidated balance sheets due to their short term nature or variable interest rates, except as follows: September 30, 2017 December 31, 2016 Carrying Fair Carrying Fair Value (1) Value Value (1) Value Senior Unsecured Notes, due 2018 at 6.70% (2) $ 349,812 $ 351,253 $ 349,387 $ 358,740 Senior Unsecured Notes, due 2021 at 4.25% 395,137 417,246 394,056 413,790 Senior Unsecured Notes, due 2022 at 5.00% 494,095 537,360 493,187 527,945 Senior Unsecured Notes, due 2023 at 4.50% 499,063 530,825 298,134 298,845 Senior Unsecured Notes, due 2024 at 4.65% 347,383 367,026 347,079 348,523 Senior Unsecured Notes, due 2025 at 4.50% 344,883 360,227 344,368 341,439 Senior Unsecured Notes, due 2026 at 5.25% 340,544 375,799 339,697 354,772 Senior Unsecured Notes, due 2027 at 4.95% 392,948 421,316 — — Convertible Unsecured Senior Notes, due 2027 at 3.8% (3) — — 8,478 8,599 Total financial liabilities $ 3,163,865 $ 3,361,052 $ 2,574,386 $ 2,652,653 (1) Carrying value includes unamortized discounts and premiums and certain issuance costs. (2) These senior notes were redeemed at par plus accrued interest in October 2017. (3) These convertible senior notes were redeemed at par plus accrued interest in April 2017. At September 30, 2017 and December 31, 2016 , we estimated the fair values of our senior notes using an average of the bid and ask price of our then outstanding issuances of senior notes (Level 2 inputs). We estimated the fair value of our convertible senior notes at December 31, 2016 using discounted cash flow analyses and currently prevailing market interest rates (Level 3 inputs) because no market quotes or other observable inputs for these notes were available at December 31, 2016 . |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Basis of Accounting | The accompanying condensed consolidated financial statements of Hospitality Properties Trust and its subsidiaries, or HPT, we, our or us, are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2016 , or our 2016 Annual Report. In the opinion of our management, all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation, have been included in these condensed consolidated financial statements. These condensed consolidated financial statements include the accounts of HPT and our subsidiaries, all of which are 100% owned directly or indirectly by HPT. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods and those of our managers and tenants are not necessarily indicative of the results that may be expected for the full year. Reclassifications have been made to the prior years’ condensed consolidated financial statements to conform to the current year’s presentation. |
Use of Estimates | The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in our condensed consolidated financial statements include the allowance for doubtful accounts, purchase price allocations, useful lives of fixed assets, impairment of real estate and the valuation of intangible assets. |
Variable Interest Entity | We have determined that each of our taxable REIT subsidiaries, or TRSs, is a variable interest entity, or VIE, as defined under the Consolidation Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification™, or ASC. We have concluded that we must consolidate each of our TRSs because we are the entity with the power to direct the activities that most significantly impact the VIEs’ economic performance and we have the obligation to absorb losses and the right to receive benefits from each VIE that could be significant to the VIE, and are, therefore, the primary beneficiary of each VIE. |
New Accounting Pronouncements | On January 1, 2017, we adopted FASB Accounting Standards Update, or ASU, No. 2017-01, Clarifying the Definition of a Business , which provides additional guidance on evaluating whether a transaction should be accounted for as an acquisition (or disposal) of assets or of a business. The update defines three requirements for a set of assets and activities (collectively referred to as a “set”) to be considered a business: inputs, processes and outputs. As a result of the implementation of this update, certain property acquisitions, which under previous guidance were accounted for as business combinations, are now accounted for as acquisitions of assets. In an acquisition of assets, certain acquisition costs are capitalized as opposed to expensed under the previous guidance. On January 1, 2017, we adopted FASB ASU No. 2016-09, Compensation - Stock Compensation , which identifies areas for simplification involving several aspects of accounting for share based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. The adoption of ASU No. 2016-09 did not have a material impact in our condensed consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue From Contracts With Customers , which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU No. 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU No. 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In August 2015, the FASB provided for a one-year deferral of the effective date for ASU No. 2014-09, which is now effective for us beginning January 1, 2018. The majority of our revenue is from hotels managed under TRS structures. We do not believe the standard will materially affect the amount or timing of revenue recognition for revenues from room, food and beverage, and other hotel level sales of our managed hotels. A lesser portion of our revenue consists of rental income from leasing arrangements, which are specifically excluded from ASU No. 2014-09. We are continuing to evaluate ASU No. 2014-09 (and related clarifying guidance issued by the FASB); however, we do not expect its adoption to have a significant impact on the amount or timing of our revenue recognition in our condensed consolidated financial statements. We currently expect to adopt the standard using the modified retrospective approach. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which changes how entities measure certain equity investments and present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. This update is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted subject to certain conditions. Currently, changes in fair value of these investments are recorded through other comprehensive income. ASU No. 2016-01 states that these changes will be recorded through earnings. We are continuing to evaluate this guidance, but we expect the implementation of this guidance will affect how changes in the fair value of available for sale equity investments we hold are presented in our condensed consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASU No. 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. A lessee is also required to record a right of use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales type leases, direct financing leases and operating leases. ASU No. 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. We are currently assessing the potential impact the adoption of ASU No. 2016-02 will have in our condensed consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are currently assessing the potential impact the adoption of ASU No. 2016-13 will have in our condensed consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. ASU No. 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We do not expect adoption of this guidance to have a material impact in our condensed consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash , which clarifies how companies should present restricted cash and restricted cash equivalents. Companies will show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The new standard requires a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheets. ASU No. 2016-18 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Upon the adoption of ASU No. 2016-18, we will reconcile both cash and cash equivalents and restricted cash and restricted cash equivalents, whereas under the current guidance we explain the changes during the period for cash and cash equivalents only. In May 2017, the FASB issued ASU No. 2017-09, Scope of Modification Accounting , which clarifies which changes to the terms or conditions of a share based payment award are subject to the guidance on modification accounting under ASC 718. Entities would apply the modification accounting guidance unless the value, vesting requirements and classification of a share based payment award are the same immediately before and after a change to the terms or conditions of the award. ASU No. 2017-09 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are continuing to evaluate ASU No. 2017-09; however, we do not expect its adoption to have a material impact in our condensed consolidated financial statements. |
Weighted Average Common Shares
Weighted Average Common Shares (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of reconciliation weighted average common shares to calculate basic and diluted earnings per share | The following table provides a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per share: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands) Weighted average common shares for basic earnings per share 164,149 157,217 164,131 153,357 Effect of dilutive securities: Unvested share awards 39 46 37 33 Weighted average common shares for diluted earnings per share 164,188 157,263 164,168 153,390 |
Real Estate Properties (Tables)
Real Estate Properties (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Real Estate [Abstract] | |
Schedule of allocation of the acquisition cost to the estimated fair value of assets acquired | Our allocation of the purchase price of each of these acquisitions based on the estimated fair value of the acquired assets and assumed liabilities is presented in the table below. Acquisition Date Location Purchase Price Land Land Improvements Building and Improvements Furniture, Fixtures and Equipment Intangible Assets 2/1/2017 Chicago, IL (1) $ 86,201 $ 13,609 $ 40 $ 58,929 $ 11,926 $ 1,697 3/31/2017 Seattle, WA (2) 71,795 24,143 30 46,337 844 441 5/3/2017 Columbia, SC (3) 27,604 4,040 7,172 16,392 — — 6/2/2017 St. Louis, MO (4) 88,076 4,250 161 79,733 3,394 538 6/29/2017 Atlanta, GA (5) 88,744 16,611 483 68,861 2,789 — 8/1/2017 Columbus, OH (6) 49,188 6,100 49 40,678 2,361 — 8/23/2017 Charlotte, NC (7) 43,972 2,682 1,011 35,266 5,013 — 9/8/2017 Atlanta, GA (8) 940 940 — — — — 9/26/2017 Various (9) 139,954 30,731 6,393 93,914 8,916 — 9/28/2017 Sayre, OK (10) 8,664 1,030 — 7,634 — — $ 605,138 $ 104,136 $ 15,339 $ 447,744 $ 35,243 $ 2,676 (1) On February 1, 2017, we acquired the 483 room Hotel Allegro in Chicago, IL for a purchase price of $86,201 , including capitalized acquisition costs of $707 . We added this Kimpton ® branded hotel to our management agreement with InterContinental Hotels Group, plc, or InterContinental. See Note 8 for further information regarding our InterContinental agreement. (2) On March 31, 2017, we acquired the 121 room Hotel Alexis in Seattle, WA for a purchase price of $71,795 , including capitalized acquisition costs of $170 . We added this Kimpton ® branded hotel to our management agreement with InterContinental. See Note 8 for further information regarding our InterContinental agreement. (3) On May 3, 2017, pursuant to the terms of our June 2015 transaction agreement with TA, as amended, we acquired from, and leased back to, TA a newly developed travel center located in Columbia, SC for a purchase price of $27,604 , including capitalized acquisition costs of $2 . This property was added to our TA No. 4 lease and our minimum annual rent under the lease increased by $2,346 as a result. See Notes 8 and 10 for further information regarding our TA leases. (4) On June 2, 2017, we acquired the 389 room Chase Park Plaza Hotel in St. Louis, MO for a purchase price of $88,076 , including capitalized acquisition costs of $462 . We converted this hotel to the Royal Sonesta ® hotel brand and added it to our management agreement with Sonesta International Hotels Corporation, or Sonesta. See Notes 8 and 10 for further information regarding our Sonesta agreement. (5) On June 29, 2017, we acquired the 495 room Crowne Plaza Ravinia hotel located in Atlanta, GA for a purchase price of $88,744 , including capitalized acquisition costs of $140 . We added this Crowne Plaza ® branded hotel to our management agreement with InterContinental. See Note 8 for further information regarding our InterContinental agreement. (6) On August 1, 2017, we acquired the 419 room Crowne Plaza & Lofts hotel in Columbus, OH for a purchase price of $49,188 , including capitalized acquisition costs of $198 . We added this Crowne Plaza ® branded hotel to our management agreement with InterContinental. See Note 8 for further information regarding our InterContinental agreement. (7) On August 23, 2017, we acquired the 300 room Crowne Plaza hotel in Charlotte, NC for a purchase price of $43,972 , including capitalized acquisition costs of $115 . We added this Crowne Plaza ® branded hotel to our management agreement with InterContinental. See Note 8 for further information regarding our InterContinental agreement. (8) On September 8, 2017, we acquired a land parcel adjacent to our Crowne Plaza hotel located in Atlanta, GA for a purchase price of $940 , including capitalized acquisition costs of $40 . (9) On September 26, 2017, we acquired 14 extended stay hotels with 1,653 suites located in 12 states for a purchase price of $139,954 , including capitalized acquisition costs of $1,954 . In connection with this acquisition, we converted these hotels to the Sonesta ES Suites ® brand and added them to our management agreement with Sonesta. See Notes 8 and 10 for further information regarding our Sonesta agreement. (10) On September 28, 2017, we acquired land and certain improvements at a travel center that we previously leased from a third party and subleased to TA for a purchase price of $8,664 , including capitalized acquisition costs of $64 . Effective as of that date, rent due to that third party and TA’s sublease rental obligations to pay the third party rent ceased, and we amended our lease with TA to document a direct lease to TA of that land and those improvements and to increase the annual minimum rent payable by TA to us by $731 , which was 8.5% of our purchase price. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of segment information | For the Three Months Ended September 30, 2017 Hotels Travel Centers Corporate Consolidated Revenues: Hotel operating revenues $ 495,550 $ — $ — $ 495,550 Rental income 7,617 73,279 — 80,896 FF&E reserve income 1,142 — — 1,142 Total revenues 504,309 73,279 — 577,588 Expenses: Hotel operating expenses 343,274 — — 343,274 Depreciation and amortization 61,996 36,209 — 98,205 General and administrative — — 13,404 13,404 Total expenses 405,270 36,209 13,404 454,883 Operating income (loss) 99,039 37,070 (13,404 ) 122,705 Dividend income — — 626 626 Interest income — — 211 211 Interest expense — — (46,574 ) (46,574 ) Income (loss) before income taxes, equity in earnings of an investee and gain on sale of real estate 99,039 37,070 (59,141 ) 76,968 Income tax expense — — (619 ) (619 ) Equity in earnings of an investee — — 31 31 Income (loss) before gain on sale of real estate 99,039 37,070 (59,729 ) 76,380 Gain on sale of real estate 9,348 — — 9,348 Net income (loss) $ 108,387 $ 37,070 $ (59,729 ) $ 85,728 For the Nine Months Ended September 30, 2017 Hotels Travel Centers Corporate Consolidated Revenues: Hotel operating revenues $ 1,392,995 $ — $ — $ 1,392,995 Rental income 22,854 217,420 — 240,274 FF&E reserve income 3,524 — — 3,524 Total revenues 1,419,373 217,420 — 1,636,793 Expenses: Hotel operating expenses 965,546 — — 965,546 Depreciation and amortization 179,503 107,308 — 286,811 General and administrative — — 76,097 76,097 Total expenses 1,145,049 107,308 76,097 1,328,454 Operating income (loss) 274,324 110,112 (76,097 ) 308,339 Dividend income — — 1,878 1,878 Interest income — — 590 590 Interest expense — — (135,329 ) (135,329 ) Income (loss) before income taxes, equity in earnings of an investee and gain on sale of real estate 274,324 110,112 (208,958 ) 175,478 Income tax expense — — (1,761 ) (1,761 ) Equity in earnings of an investee — — 533 533 Income (loss) before gain on sale of real estate 274,324 110,112 (210,186 ) 174,250 Gain on sale of real estate 9,348 — — 9,348 Net income (loss) $ 283,672 $ 110,112 $ (210,186 ) $ 183,598 As of September 30, 2017 Hotels Travel Centers Corporate Consolidated Total assets $ 4,490,298 $ 2,486,179 $ 167,990 $ 7,144,467 For the Three Months Ended September 30, 2016 Hotels Travel Centers Corporate Consolidated Revenues: Hotel operating revenues $ 464,981 $ — $ — $ 464,981 Rental income 7,604 69,866 — 77,470 FF&E reserve income 1,065 — — 1,065 Total revenues 473,650 69,866 — 543,516 Expenses: Hotel operating expenses 322,012 — — 322,012 Depreciation and amortization 56,397 33,742 — 90,139 General and administrative — — 37,739 37,739 Acquisition related costs 156 — — 156 Total expenses 378,565 33,742 37,739 450,046 Operating income (loss) 95,085 36,124 (37,739 ) 93,470 Dividend income 626 626 Interest income — — 89 89 Interest expense — — (41,280 ) (41,280 ) Loss on early extinguishment of debt (158 ) (158 ) Income (loss) before income taxes and equity in earnings of an investee 95,085 36,124 (78,462 ) 52,747 Income tax expense — — (948 ) (948 ) Equity in earnings of an investee — — 13 13 Net income (loss) $ 95,085 $ 36,124 $ (79,397 ) $ 51,812 For the Nine Months Ended September 30, 2016 Hotels Travel Centers Corporate Consolidated Revenues: Hotel operating revenues $ 1,334,656 $ — $ — $ 1,334,656 Rental income 22,810 206,950 — 229,760 FF&E reserve income 3,517 — — 3,517 Total revenues 1,360,983 206,950 — 1,567,933 Expenses: Hotel operating expenses 923,239 — — 923,239 Depreciation and amortization 167,485 98,707 — 266,192 General and administrative — — 91,127 91,127 Acquisition related costs 885 — — 885 Total expenses 1,091,609 98,707 91,127 1,281,443 Operating income (loss) 269,374 108,243 (91,127 ) 286,490 Dividend income 1,375 1,375 Interest income — — 227 227 Interest expense — — (124,564 ) (124,564 ) Loss on early extinguishment of debt (228 ) (228 ) Income (loss) before income taxes and equity in earnings of an investee 269,374 108,243 (214,317 ) 163,300 Income tax expense — — (3,483 ) (3,483 ) Equity in earnings of an investee — — 107 107 Net income (loss) $ 269,374 $ 108,243 $ (217,693 ) $ 159,924 As of December 31, 2016 Hotels Travel Centers Corporate Consolidated Total assets $ 4,005,481 $ 2,483,718 $ 145,029 $ 6,634,228 |
Fair Value of Assets and Liab24
Fair Value of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of certain of the entity's assets carried at fair value, categorized by the level of inputs used in the valuation of each asset | The table below presents certain of our assets carried at fair value at September 30, 2017 , categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset. Fair Value at September 30, 2017 Using Quoted Prices in Active Markets for Significant Other Significant Carrying Value at Identical Assets Observable Inputs Unobservable Inputs Description September 30, 2017 (Level 1) (Level 2) (Level 3) Recurring Fair Value Measurement Assets: Investment in TA (1) $ 14,535 $ 14,535 $ — $ — Investment in RMR Inc. (2) $ 128,569 $ 128,569 $ — $ — (1) Our 3,420,000 common shares of TA, which are included in other assets in our condensed consolidated balance sheets, are reported at fair value which is based on quoted market prices (Level 1 inputs). Our historical cost basis for these shares is $17,407 as of September 30, 2017 . The unrealized loss of ($2,872) for these shares as of September 30, 2017 is included in cumulative other comprehensive income in our condensed consolidated balance sheets. We evaluated the decline in the fair value of the TA shares and determined that based on the severity and duration of the decline, and our ability and intent to hold the investment for a reasonable period of time sufficient for a recovery of fair value, we do not consider this investment to be other-than-temporarily impaired at September 30, 2017 . (2) Our 2,503,777 shares of class A common stock of RMR Inc., which are included in other assets in our condensed consolidated balance sheets, are reported at fair value which is based on quoted market prices (Level 1 inputs). Our historical cost basis for these shares is $66,374 as of September 30, 2017 . The unrealized gain of $62,195 for these shares as of September 30, 2017 is included in cumulative other comprehensive income in our condensed consolidated balance sheets. |
Schedule of fair value of additional financial instruments | At September 30, 2017 and December 31, 2016 , the fair values of these additional financial instruments approximated their carrying values in our condensed consolidated balance sheets due to their short term nature or variable interest rates, except as follows: September 30, 2017 December 31, 2016 Carrying Fair Carrying Fair Value (1) Value Value (1) Value Senior Unsecured Notes, due 2018 at 6.70% (2) $ 349,812 $ 351,253 $ 349,387 $ 358,740 Senior Unsecured Notes, due 2021 at 4.25% 395,137 417,246 394,056 413,790 Senior Unsecured Notes, due 2022 at 5.00% 494,095 537,360 493,187 527,945 Senior Unsecured Notes, due 2023 at 4.50% 499,063 530,825 298,134 298,845 Senior Unsecured Notes, due 2024 at 4.65% 347,383 367,026 347,079 348,523 Senior Unsecured Notes, due 2025 at 4.50% 344,883 360,227 344,368 341,439 Senior Unsecured Notes, due 2026 at 5.25% 340,544 375,799 339,697 354,772 Senior Unsecured Notes, due 2027 at 4.95% 392,948 421,316 — — Convertible Unsecured Senior Notes, due 2027 at 3.8% (3) — — 8,478 8,599 Total financial liabilities $ 3,163,865 $ 3,361,052 $ 2,574,386 $ 2,652,653 (1) Carrying value includes unamortized discounts and premiums and certain issuance costs. (2) These senior notes were redeemed at par plus accrued interest in October 2017. (3) These convertible senior notes were redeemed at par plus accrued interest in April 2017. |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Ownership interest in subsidiaries | 100.00% | |
Assets of TRSs | $ 40,150 | $ 26,676 |
Liabilities of TRSs | $ 139,276 | $ 101,602 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)agreement | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Revenue Recognition [Abstract] | |||||
Number of operating leases for which rental income is not recognized on straight line basis over the term of the lease agreements | agreement | 1 | ||||
Adjustments necessary to record rent on straight line basis | $ 3,087 | $ 2,932 | $ 9,208 | $ 10,377 | |
Straight line rent receivables | 2,580 | 2,580 | $ 2,279 | ||
TA | |||||
Related Party Transaction [Line Items] | |||||
Straight line rent receivable, due from related persons | 51,161 | 51,161 | $ 42,254 | ||
Deferred percentage rent | $ 435 | $ 408 | $ 1,384 | $ 937 |
Weighted Average Common Share27
Weighted Average Common Shares - Reconciliation of Weighted Average Common Shares (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares outstanding (basic) (in shares) | 164,149 | 157,217 | 164,131 | 153,357 |
Effect of dilutive share awards: Unvested share awards (in shares) | 39 | 46 | 37 | 33 |
Weighted average common shares outstanding (diluted) (in shares) | 164,188 | 157,263 | 164,168 | 153,390 |
Shareholders' Equity - Distribu
Shareholders' Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 12, 2017 | Aug. 17, 2017 | May 18, 2017 | Feb. 21, 2017 | Jan. 17, 2017 |
Distributions | |||||
Common stock, quarterly per share distribution (in dollars per share) | $ 0.52 | $ 0.52 | $ 0.51 | ||
Common stock dividend | $ 85,427 | $ 85,419 | $ 83,777 | ||
Series D preferred shareholders' | |||||
Distributions | |||||
Preferred stock, per share distribution (in dollars per share) | $ 0.4453 | ||||
Preferred stock dividend | $ 5,166 | ||||
Subsequent event | |||||
Distributions | |||||
Common stock dividend | $ 85,462 | ||||
Quarterly distribution declared (in dollars per share) | $ 0.52 |
Shareholders' Equity - Share Is
Shareholders' Equity - Share Issuances and Purchases (Details) $ / shares in Units, $ in Thousands | Sep. 19, 2017$ / sharesshares | Sep. 14, 2017$ / sharesshares | Jun. 30, 2017employee$ / sharesshares | Jun. 15, 2017trustee$ / sharesshares | Feb. 10, 2017USD ($)$ / sharesshares | Sep. 30, 2017shares | Sep. 30, 2016shares | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) |
Share-based Compensation Arragement by Chare-based Payment Award [Line Items] | |||||||||||
Reduction to net income available to common share holders | $ | $ 0 | $ 0 | $ 9,893 | $ 0 | |||||||
Series D preferred shareholders' | |||||||||||
Share-based Compensation Arragement by Chare-based Payment Award [Line Items] | |||||||||||
Shares redeemed (in shares) | shares | 11,600,000 | ||||||||||
Preferred stock, dividend rate, percentage | 7.125% | 7.125% | |||||||||
Preferred stock, liquidation preference (in dollars per share) | $ / shares | $ 25 | ||||||||||
Dividends payable at redemption | $ | $ 291,435 | ||||||||||
Reduction to net income available to common share holders | $ | $ 9,893 | ||||||||||
Five trustees | Common Stock | |||||||||||
Share-based Compensation Arragement by Chare-based Payment Award [Line Items] | |||||||||||
Share granted in period (in shares) | shares | 3,000 | ||||||||||
Value of grants in period (in dollars per share) | $ / shares | $ 30.12 | ||||||||||
Number of trustees | trustee | 5 | ||||||||||
Former employees | Common Stock | |||||||||||
Share-based Compensation Arragement by Chare-based Payment Award [Line Items] | |||||||||||
Shares repurchased (in shares) | shares | 499 | ||||||||||
Share price of shares repurchased (in dollars per share) | $ / shares | $ 29.15 | ||||||||||
Number of employees who sold stock repurchased | employee | 2 | ||||||||||
Officers and other employees | Common Stock | |||||||||||
Share-based Compensation Arragement by Chare-based Payment Award [Line Items] | |||||||||||
Share granted in period (in shares) | shares | 85,000 | ||||||||||
Value of grants in period (in dollars per share) | $ / shares | $ 28.08 | ||||||||||
Shares repurchased (in shares) | shares | 18,559 | 18,559 | 19,677 | ||||||||
Share price of shares repurchased (in dollars per share) | $ / shares | $ 27.98 |
Indebtedness - Activity (Detail
Indebtedness - Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Nov. 07, 2017 | Dec. 31, 2016 | |
Indebtedness | ||||||
Unsecured revolving credit facility, outstanding borrowings | $ 458,000 | $ 458,000 | $ 191,000 | |||
Unsecured term loan outstanding | 398,920 | 398,920 | 398,421 | |||
Senior unsecured notes, net | 3,163,865 | 3,163,865 | $ 2,565,908 | |||
Revolving credit facility and term loan | ||||||
Indebtedness | ||||||
Maximum borrowing capacity that may be increased | 2,300,000 | 2,300,000 | ||||
Unsecured revolving credit facility | ||||||
Indebtedness | ||||||
Unsecured revolving credit facility, outstanding borrowings | 458,000 | 458,000 | ||||
Unsecured revolving credit facility, maximum borrowing capacity | $ 1,000,000 | $ 1,000,000 | ||||
Extendable term of credit facility | 1 year | |||||
Credit facility fee percentage | 0.20% | |||||
Annual interest rate | 2.34% | 2.34% | ||||
Weighted average interest rate | 2.33% | 1.60% | 2.17% | 1.55% | ||
Remaining borrowing capacity | $ 542,000 | $ 542,000 | ||||
Unsecured revolving credit facility | LIBOR | ||||||
Indebtedness | ||||||
Margin over base rate, in basis points (as a percent) | 1.10% | |||||
Unsecured term loan | ||||||
Indebtedness | ||||||
Unsecured term loan outstanding | $ 400,000 | $ 400,000 | ||||
Annual interest rate | 2.44% | 2.44% | ||||
Weighted average interest rate | 2.43% | 1.69% | 2.20% | 1.65% | ||
Unsecured term loan | LIBOR | ||||||
Indebtedness | ||||||
Margin over base rate, in basis points (as a percent) | 1.20% | |||||
Senior unsecured notes | ||||||
Indebtedness | ||||||
Senior unsecured notes, net | $ 3,200,000 | $ 3,200,000 | ||||
Subsequent event | Unsecured revolving credit facility | ||||||
Indebtedness | ||||||
Unsecured revolving credit facility, outstanding borrowings | $ 330,000 | |||||
Remaining borrowing capacity | $ 670,000 |
Indebtedness - Issuances and Pr
Indebtedness - Issuances and Principal Repayment (Details) - USD ($) $ in Thousands | Oct. 26, 2017 | Apr. 24, 2017 | Mar. 15, 2017 | Jan. 13, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Oct. 29, 2017 |
Indebtedness | |||||||
Proceeds from issuance of senior notes, net of underwriting discounts and other offering expenses | $ 598,246 | $ 737,612 | |||||
Repurchase of convertible senior notes | $ 8,478 | $ 0 | |||||
Senior unsecured notes, due 2027 at 4.95% | |||||||
Indebtedness | |||||||
Interest rate, stated percentage | 4.95% | ||||||
Senior unsecured notes, due 2018 at 6.70% | |||||||
Indebtedness | |||||||
Interest rate, stated percentage | 6.70% | ||||||
Senior unsecured notes | |||||||
Indebtedness | |||||||
Issuance of senior notes | $ 600,000 | ||||||
Proceeds from issuance of senior notes, net of underwriting discounts and other offering expenses | 593,228 | ||||||
Senior unsecured notes | Senior unsecured notes, due 2023 at 4.5% | |||||||
Indebtedness | |||||||
Issuance of senior notes | $ 200,000 | ||||||
Interest rate, stated percentage | 4.50% | ||||||
Senior unsecured notes | Senior unsecured notes, due 2027 at 4.95% | |||||||
Indebtedness | |||||||
Issuance of senior notes | $ 400,000 | ||||||
Interest rate, stated percentage | 4.95% | ||||||
Senior unsecured notes | Senior unsecured notes, due 2027 at 3.8% | |||||||
Indebtedness | |||||||
Interest rate, stated percentage | 3.80% | ||||||
Repurchase of convertible senior notes | $ 47 | $ 8,431 | |||||
Subsequent event | Senior unsecured notes | Senior unsecured notes, due 2028 at 3.950% | |||||||
Indebtedness | |||||||
Issuance of senior notes | $ 400,000 | ||||||
Interest rate, stated percentage | 3.95% | ||||||
Proceeds from issuance of senior notes, net of underwriting discounts and other offering expenses | $ 388,244 | ||||||
Subsequent event | Senior unsecured notes | Senior unsecured notes, due 2018 at 6.70% | |||||||
Indebtedness | |||||||
Interest rate, stated percentage | 6.70% | ||||||
Repurchased face amount | $ 350,000 |
Real Estate Properties - Narrat
Real Estate Properties - Narrative (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017USD ($)hoteltravelcenter | Sep. 30, 2016USD ($) | |
Real Estate Properties [Line Items] | ||
Improvements to certain properties | $ 89,955 | $ 122,239 |
Hotels and travel centers | ||
Real Estate Properties [Line Items] | ||
Improvements to certain properties | 111,966 | |
Increase (decrease) in annual minimum returns and rents | $ 7,132 | |
Hotel | ||
Real Estate Properties [Line Items] | ||
Number of properties owned | hotel | 323 | |
Number of properties acquired | hotel | 20 | |
Travel centers | ||
Real Estate Properties [Line Items] | ||
Number of properties owned | travelcenter | 199 | |
Number of properties acquired | travelcenter | 1 |
Real Estate Properties - Schedu
Real Estate Properties - Schedule of Acquisitions (Details) $ in Thousands | Sep. 28, 2017USD ($) | Sep. 26, 2017USD ($)hotelstateroom | Sep. 08, 2017USD ($) | Aug. 23, 2017USD ($)room | Aug. 01, 2017USD ($)room | Jun. 29, 2017USD ($)room | Jun. 02, 2017USD ($)room | May 03, 2017USD ($) | Mar. 31, 2017USD ($)room | Feb. 01, 2017USD ($)room | Sep. 30, 2017USD ($)hoteltravelcenter |
Real Estate Properties [Line Items] | |||||||||||
Purchase price | $ 605,138 | ||||||||||
Land | 104,136 | ||||||||||
Land Improvements | 15,339 | ||||||||||
Building and Improvements | 447,744 | ||||||||||
Furniture, fixtures and equipment | 35,243 | ||||||||||
Intangible Assets | $ 2,676 | ||||||||||
Hotel | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Number of properties acquired | hotel | 20 | ||||||||||
Hotel | Hotel Allegro, Chicago, IL | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Purchase price | $ 86,201 | ||||||||||
Land | 13,609 | ||||||||||
Land Improvements | 40 | ||||||||||
Building and Improvements | 58,929 | ||||||||||
Furniture, fixtures and equipment | 11,926 | ||||||||||
Intangible Assets | $ 1,697 | ||||||||||
Number of rooms | room | 483 | ||||||||||
Capitalized acquisition costs | $ 707 | ||||||||||
Hotel | Hotel Alexis, Seattle, WA | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Purchase price | $ 71,795 | ||||||||||
Land | 24,143 | ||||||||||
Land Improvements | 30 | ||||||||||
Building and Improvements | 46,337 | ||||||||||
Furniture, fixtures and equipment | 844 | ||||||||||
Intangible Assets | $ 441 | ||||||||||
Number of rooms | room | 121 | ||||||||||
Capitalized acquisition costs | $ 170 | ||||||||||
Hotel | Crowne Plaza Ravinia, Atlanta, GA | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Purchase price | $ 88,744 | ||||||||||
Land | 16,611 | ||||||||||
Land Improvements | 483 | ||||||||||
Building and Improvements | 68,861 | ||||||||||
Furniture, fixtures and equipment | 2,789 | ||||||||||
Intangible Assets | $ 0 | ||||||||||
Number of rooms | room | 495 | ||||||||||
Capitalized acquisition costs | $ 140 | ||||||||||
Hotel | Crowne Plaza & Lofts, Columbus, OH | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Purchase price | $ 49,188 | ||||||||||
Land | 6,100 | ||||||||||
Land Improvements | 49 | ||||||||||
Building and Improvements | 40,678 | ||||||||||
Furniture, fixtures and equipment | 2,361 | ||||||||||
Intangible Assets | $ 0 | ||||||||||
Number of rooms | room | 419 | ||||||||||
Capitalized acquisition costs | $ 198 | ||||||||||
Hotel | Crowne Plaza Hotels, Charlotte, NC | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Purchase price | $ 43,972 | ||||||||||
Land | 2,682 | ||||||||||
Land Improvements | 1,011 | ||||||||||
Building and Improvements | 35,266 | ||||||||||
Furniture, fixtures and equipment | 5,013 | ||||||||||
Intangible Assets | $ 0 | ||||||||||
Number of rooms | room | 300 | ||||||||||
Capitalized acquisition costs | $ 115 | ||||||||||
Hotel | Crowne Plaza, Atlanta Airport | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Purchase price | $ 940 | ||||||||||
Land | 940 | ||||||||||
Land Improvements | 0 | ||||||||||
Building and Improvements | 0 | ||||||||||
Furniture, fixtures and equipment | 0 | ||||||||||
Intangible Assets | 0 | ||||||||||
Capitalized acquisition costs | $ 40 | ||||||||||
Hotel | Various locations acquired for Sonesta conversion | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Purchase price | $ 139,954 | ||||||||||
Land | 30,731 | ||||||||||
Land Improvements | 6,393 | ||||||||||
Building and Improvements | 93,914 | ||||||||||
Furniture, fixtures and equipment | 8,916 | ||||||||||
Intangible Assets | $ 0 | ||||||||||
Number of rooms | room | 1,653 | ||||||||||
Capitalized acquisition costs | $ 1,954 | ||||||||||
Number of properties acquired | hotel | 14 | ||||||||||
Number of states acquired hotels located | state | 12 | ||||||||||
Travel centers | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Number of properties acquired | travelcenter | 1 | ||||||||||
Sonesta agreements | Hotel | Chase Park PLaza Hotel, St. Louis, MO | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Purchase price | $ 88,076 | ||||||||||
Land | 4,250 | ||||||||||
Land Improvements | 161 | ||||||||||
Building and Improvements | 79,733 | ||||||||||
Furniture, fixtures and equipment | 3,394 | ||||||||||
Intangible Assets | $ 538 | ||||||||||
Number of rooms | room | 389 | ||||||||||
Capitalized acquisition costs | $ 462 | ||||||||||
Travel Centers of America LLC | Travel centers | Columbia, SC | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Purchase price | $ 27,604 | ||||||||||
Land | 4,040 | ||||||||||
Land Improvements | 7,172 | ||||||||||
Building and Improvements | 16,392 | ||||||||||
Furniture, fixtures and equipment | 0 | ||||||||||
Intangible Assets | 0 | ||||||||||
Capitalized acquisition costs | 2 | ||||||||||
Increase (decrease) in annual minimum returns and rents | $ 2,346 | ||||||||||
Travel Centers of America LLC | Travel centers | Sayre, OK | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Purchase price | $ 8,664 | ||||||||||
Land | 1,030 | ||||||||||
Land Improvements | 0 | ||||||||||
Building and Improvements | 7,634 | ||||||||||
Furniture, fixtures and equipment | 0 | ||||||||||
Intangible Assets | 0 | ||||||||||
Capitalized acquisition costs | 64 | ||||||||||
Increase (decrease) in annual minimum returns and rents | $ 731 | ||||||||||
Annual minimum returns and rents, percentage of purchase price | 8.50% |
Real Estate Properties - Dispos
Real Estate Properties - Dispositions (Details) $ in Thousands | Sep. 22, 2017USD ($)room | Aug. 31, 2017USD ($)room | Aug. 01, 2017USD ($)room | Sep. 30, 2017USD ($)hotel | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) |
Real Estate [Line Items] | |||||||
Gain on sale of real estate | $ 9,348 | $ 0 | $ 9,348 | $ 0 | |||
Chandler, AZ | Hotel | |||||||
Real Estate [Line Items] | |||||||
Number of rooms sold | room | 159 | ||||||
Proceeds from sale of property held-for-sale | $ 9,085 | ||||||
Gain on sale of real estate | 4,336 | ||||||
Naperville, IL | Hotel | |||||||
Real Estate [Line Items] | |||||||
Number of rooms sold | room | 143 | ||||||
Proceeds from sale of property held-for-sale | $ 6,313 | ||||||
Gain on sale of real estate | $ 2,303 | ||||||
Carlson | Chandler, AZ, Bloomington, MN, and Naperville, IL | Hotel | |||||||
Real Estate [Line Items] | |||||||
Number of properties sold | hotel | 3 | ||||||
Carlson | Bloomington, MN | Hotel | |||||||
Real Estate [Line Items] | |||||||
Number of rooms sold | room | 209 | ||||||
Proceeds from sale of property held-for-sale | $ 8,030 | ||||||
Gain on sale of real estate | $ 2,709 |
Hotel Management Agreements a35
Hotel Management Agreements and Leases - Narrative and Marriott No. 1 (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($)agreementhoteltravelcenterlease_agreement | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)agreementhoteltravelcenterlease_agreement | Sep. 30, 2016USD ($) | |
Management Agreements and Leases [Line Items] | |||||
Number of operating agreements | agreement | 14 | 14 | |||
Capital improvements from leased facilities, funded | $ | $ 89,955 | $ 122,239 | |||
Hotel | |||||
Management Agreements and Leases [Line Items] | |||||
Number of properties owned | hotel | 323 | 323 | |||
Number of operating agreements | lease_agreement | 9 | 9 | |||
Number of properties leased to taxable REIT subsidiaries | hotel | 320 | 320 | |||
Number of properties leased to third parties | hotel | 3 | 3 | |||
Hotel | Marriott No. 1 agreement | |||||
Management Agreements and Leases [Line Items] | |||||
Number of properties owned | hotel | 53 | 53 | |||
Operating agreement annual rent and return | $ | $ 69,100 | ||||
Realized returns and rents | $ | $ 17,247 | $ 17,126 | 51,657 | 51,361 | |
Additional returns realized | $ | $ 3,603 | $ 4,372 | 6,807 | $ 10,621 | |
Capital improvements from leased facilities, funded | $ | $ 4,638 | ||||
Percentage increase In minimum returns after funding for capital improvements | 10.00% | ||||
Travel centers | |||||
Management Agreements and Leases [Line Items] | |||||
Number of properties owned | travelcenter | 199 | 199 | |||
Travel centers | TA agreements | |||||
Management Agreements and Leases [Line Items] | |||||
Number of properties owned | travelcenter | 199 | 199 | |||
Number of operating agreements | agreement | 5 | 5 | |||
Forecast | Hotel | Marriott No. 1 agreement | |||||
Management Agreements and Leases [Line Items] | |||||
Capital improvements from leased facilities, funded | $ | $ 1,000 | ||||
Minimum | Hotel | |||||
Management Agreements and Leases [Line Items] | |||||
Number of real estate properties leased or managed | hotel | 1 | 1 | |||
Hotel management agreements and leases, renewal period | 20 years | ||||
Maximum | Hotel | |||||
Management Agreements and Leases [Line Items] | |||||
Number of real estate properties leased or managed | hotel | 99 | 99 | |||
Hotel management agreements and leases, renewal period | 60 years |
Hotel Management Agreements a36
Hotel Management Agreements and Leases - Marriott No. 234 (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($)hotel | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)hotel | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Management Agreements and Leases [Line Items] | ||||||
Security deposit balance | $ 126,574 | $ 126,574 | $ 89,338 | |||
Capital improvements from leased facilities, funded | $ 89,955 | $ 122,239 | ||||
Hotel | ||||||
Management Agreements and Leases [Line Items] | ||||||
Number of properties owned | hotel | 323 | 323 | ||||
Marriott No. 234 agreement | Hotel | ||||||
Management Agreements and Leases [Line Items] | ||||||
Number of properties owned | hotel | 68 | 68 | ||||
Operating agreement annual rent and return | $ 106,538 | |||||
Realized returns and rents | $ 26,591 | $ 26,571 | 79,771 | $ 79,682 | ||
Security deposits replenished and increased | 64,700 | |||||
Replenishment (utilization) of security deposit | 9,986 | |||||
Security deposit balance | 26,466 | $ 26,466 | ||||
Guaranty payments threshold as percentage of minimum returns | 90.00% | |||||
Guarantee provided to the entity, remaining amount | $ 30,672 | $ 30,672 | ||||
Capital improvements from leased facilities, funded | $ 1,975 | |||||
Percentage increase in minimum returns | 9.00% | |||||
Forecast | Marriott No. 234 agreement | Hotel | ||||||
Management Agreements and Leases [Line Items] | ||||||
Capital improvements from leased facilities, funded | $ 3,025 |
Hotel Management Agreements a37
Hotel Management Agreements and Leases - Marriott No. 5 (Details) - Hotel $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($)hotel | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)agreementhotel | Sep. 30, 2016USD ($) | |
Management Agreements and Leases [Line Items] | ||||
Number of properties owned | hotel | 323 | 323 | ||
Marriott No 5 contract | ||||
Management Agreements and Leases [Line Items] | ||||
Number of properties owned | hotel | 1 | 1 | ||
Operating agreement annual rent and return | $ | $ 10,159 | |||
Realized returns and rents | $ | $ 2,540 | $ 2,529 | $ 7,620 | $ 7,587 |
Number of renewal options | agreement | 4 | |||
Term of renewal options | 15 years |
Hotel Management Agreements a38
Hotel Management Agreements and Leases - InterContinental (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($)hotel | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)hotel | Sep. 30, 2016USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2016USD ($) | |
Management Agreements and Leases [Line Items] | ||||||||
Security deposit balance | $ 126,574 | $ 126,574 | $ 89,338 | |||||
Capital improvements from leased facilities, funded | 89,955 | $ 122,239 | ||||||
Hotel | ||||||||
Management Agreements and Leases [Line Items] | ||||||||
Amount by which the cash flow available to pay the entity's minimum rent or return was more than the minimum amount | $ 31,355 | $ 35,123 | $ 67,052 | 80,867 | ||||
Number of properties acquired | hotel | 20 | |||||||
InterContinental agreement | Hotel | ||||||||
Management Agreements and Leases [Line Items] | ||||||||
Number of real estate properties leased or managed | hotel | 99 | 99 | ||||||
Operating agreement annual rent and return | $ 188,920 | |||||||
Realized returns and rents | $ 46,404 | 40,084 | 131,649 | 118,372 | ||||
Additional returns realized | 8,264 | $ 3,563 | 11,836 | $ 7,467 | ||||
Security deposit balance required to be maintained with entity | 37,000 | 37,000 | ||||||
Replenishment (utilization) of security deposit | $ 7,557 | |||||||
Number of properties acquired | hotel | 5 | |||||||
Supplement on existing security deposit | $ 19,696 | |||||||
Security deposit balance | $ 100,000 | $ 100,000 | ||||||
Percentage increase in minimum returns | 8.00% | |||||||
Minimum | Hotel | ||||||||
Management Agreements and Leases [Line Items] | ||||||||
Number of real estate properties leased or managed | hotel | 1 | 1 | ||||||
Maximum | Hotel | ||||||||
Management Agreements and Leases [Line Items] | ||||||||
Number of real estate properties leased or managed | hotel | 99 | 99 | ||||||
Maximum | InterContinental agreement | Hotel | ||||||||
Management Agreements and Leases [Line Items] | ||||||||
Amount by which the cash flow available to pay the entity's minimum rent or return was more than the minimum amount | $ 100,000 | |||||||
Forecast | InterContinental agreement | Hotel | ||||||||
Management Agreements and Leases [Line Items] | ||||||||
Capital improvements from leased facilities, funded | $ 10,950 | $ 20,000 | $ 28,000 |
Hotel Management Agreements a39
Hotel Management Agreements and Leases - Sonesta (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($)hotel | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)hotel | Sep. 30, 2016USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Management Agreements and Leases [Line Items] | |||||||
Hotel managers’ deposits in FF&E reserve | $ 55,222 | $ 55,518 | |||||
Capital improvements from leased facilities, funded | $ 89,955 | 122,239 | |||||
Hotel | Sonesta agreements | |||||||
Management Agreements and Leases [Line Items] | |||||||
Fixed minimum return as a percentage of invested capital | 8.00% | ||||||
Operating agreement annual rent and return | $ 108,973 | ||||||
Realized returns and rents | $ 18,741 | $ 19,133 | 53,808 | 51,279 | |||
Related party transaction, management marketing and reservation system fees | 7,432 | 6,712 | 20,719 | 19,007 | |||
Procurement and construction supervision fees | 479 | 344 | 673 | 1,268 | |||
Capital improvements from leased facilities, funded | $ 21,892 | ||||||
Percentage increase in minimum returns | 8.00% | ||||||
Forecast | Hotel | Sonesta agreements | |||||||
Management Agreements and Leases [Line Items] | |||||||
Capital improvements from leased facilities, funded | $ 7,692 | $ 5,000 | $ 86,000 | ||||
Sonesta Int'l Hotels Corp | |||||||
Management Agreements and Leases [Line Items] | |||||||
Due to related party, reimbursement of capital expenditures and other | $ 5,685 | $ 4,467 | $ 5,685 | $ 4,467 | |||
Sonesta Int'l Hotels Corp | Full service hotel | |||||||
Management Agreements and Leases [Line Items] | |||||||
Number of real estate properties leased or managed | hotel | 10 | 10 | |||||
Sonesta Int'l Hotels Corp | Limited services hotel | |||||||
Management Agreements and Leases [Line Items] | |||||||
Number of real estate properties leased or managed | hotel | 39 | 39 |
Hotel Management Agreements a40
Hotel Management Agreements and Leases - Wyndham (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($)hotel | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)hotelunit | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Management Agreements and Leases [Line Items] | ||||||
Rental income | $ 80,896 | $ 77,470 | $ 240,274 | $ 229,760 | ||
Adjustments necessary to record rent on straight line basis | $ 3,087 | 2,932 | 9,208 | 10,377 | ||
Hotel managers’ deposits in FF&E reserve | 55,222 | 55,518 | ||||
Capital improvements from leased facilities, funded | $ 89,955 | 122,239 | ||||
Vacation units | Wyndham agreement | ||||||
Management Agreements and Leases [Line Items] | ||||||
Number of properties owned | hotel | 1 | 1 | ||||
Operating agreement annual rent and return | $ 1,407 | |||||
Number of units leased | unit | 48 | |||||
Rental income | $ 454 | 454 | $ 1,361 | 1,361 | ||
Adjustments necessary to record rent on straight line basis | $ 102 | 112 | $ 306 | 336 | ||
Hotel | ||||||
Management Agreements and Leases [Line Items] | ||||||
Number of properties owned | hotel | 323 | 323 | ||||
Hotel | Wyndham agreement | ||||||
Management Agreements and Leases [Line Items] | ||||||
Number of properties owned | hotel | 22 | 22 | ||||
Operating agreement annual rent and return | $ 27,401 | |||||
Realized returns and rents | $ 6,847 | $ 6,687 | 20,489 | $ 20,009 | ||
Guarantee provided to the entity, maximum | 35,656 | 35,656 | ||||
Annual guarantee provided to the entity, maximum | $ 17,828 | $ 17,828 | ||||
Guarantee provided to the entity, remaining amount | $ 1,090 | |||||
FF&E reserve funding requirements as a percentage of total sales | 5.00% | |||||
Hotel managers’ deposits in FF&E reserve | $ 0 | |||||
Capital improvements from leased facilities, funded | $ 5,045 | |||||
Percentage increase in minimum returns | 8.00% | |||||
Forecast | Hotel | Wyndham agreement | ||||||
Management Agreements and Leases [Line Items] | ||||||
Capital improvements from leased facilities, funded | $ 1,800 |
Hotel Management Agreements a41
Hotel Management Agreements and Leases - Hyatt Agreement (Details) - Hotel $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($)hotel | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)hotel | Sep. 30, 2016USD ($) | |
Management Agreements and Leases [Line Items] | ||||
Number of properties owned | hotel | 323 | 323 | ||
Hyatt Hotels Corporation | ||||
Management Agreements and Leases [Line Items] | ||||
Number of properties owned | hotel | 22 | 22 | ||
Operating agreement annual rent and return | $ 22,037 | |||
Realized returns and rents | $ 5,509 | $ 5,509 | 16,528 | $ 16,528 |
Guarantee provided to the entity, maximum | 50,000 | 50,000 | ||
Increase in guarantee | 3,517 | |||
Guarantee provided to the entity, remaining amount | $ 21,826 | $ 21,826 |
Hotel Management Agreements a42
Hotel Management Agreements and Leases - Carlson Agreement (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 31 Months Ended | ||||
Oct. 31, 2017USD ($) | Jun. 30, 2017hotel | Sep. 30, 2017USD ($)hotel | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)hotel | Sep. 30, 2016USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | |
Management Agreements and Leases [Line Items] | |||||||||
Capital improvements from leased facilities, funded | $ 89,955 | $ 122,239 | |||||||
Hotel | |||||||||
Management Agreements and Leases [Line Items] | |||||||||
Number of properties owned | hotel | 323 | 323 | |||||||
Hotel | Carlson | |||||||||
Management Agreements and Leases [Line Items] | |||||||||
Number of properties owned | hotel | 8 | 8 | |||||||
Operating agreement annual rent and return | $ 12,920 | ||||||||
Realized returns and rents | $ 3,230 | $ 3,230 | 9,690 | $ 9,690 | |||||
Guarantee provided to the entity, maximum | 40,000 | 40,000 | |||||||
Increase in guarantee | 4,716 | ||||||||
Guarantee provided to the entity, remaining amount | 33,545 | $ 33,545 | |||||||
Chandler, AZ, Bloomington, MN, and Naperville, IL | Hotel | Carlson | |||||||||
Management Agreements and Leases [Line Items] | |||||||||
Number of properties agreed to sell | hotel | 3 | ||||||||
Owner deposits In FF&E reserve | $ 15,398 | ||||||||
Percentage increase in minimum returns | 8.00% | ||||||||
Forecast | Chandler, AZ, Bloomington, MN, and Naperville, IL | Hotel | Carlson | |||||||||
Management Agreements and Leases [Line Items] | |||||||||
Capital improvements from leased facilities, funded | $ 28,600 | $ 6,400 | $ 35,000 | ||||||
Subsequent event | Chandler, AZ, Bloomington, MN, and Naperville, IL | Hotel | Carlson | |||||||||
Management Agreements and Leases [Line Items] | |||||||||
Owner deposits In FF&E reserve | $ 8,030 |
Hotel Management Agreements a43
Hotel Management Agreements and Leases - Morgan Agreements (Details) - Morgans agreement - Hotel $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Management Agreements and Leases [Line Items] | |
Operating agreement annual rent and return | $ 7,595 |
Minimum | |
Management Agreements and Leases [Line Items] | |
Percentage increase in current rent based on changes In CPI index after specified period | 10.00% |
Maximum | |
Management Agreements and Leases [Line Items] | |
Percentage increase in current rent based on changes In CPI index after specified period | 20.00% |
Hotel Management Agreements a44
Hotel Management Agreements and Leases - TA (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($)agreementtravelcenter | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)agreementtravelcenter | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Management Agreements and Leases [Line Items] | ||||||
Number of operating agreements | agreement | 14 | 14 | ||||
Rental income | $ 80,896 | $ 77,470 | $ 240,274 | $ 229,760 | ||
Adjustments necessary to record rent on straight line basis | $ 3,087 | 2,932 | 9,208 | 10,377 | ||
Capital improvements from leased facilities, funded | $ 89,955 | 122,239 | ||||
Travel centers | ||||||
Management Agreements and Leases [Line Items] | ||||||
Number of properties owned | travelcenter | 199 | 199 | ||||
TA agreements | Travel centers | ||||||
Management Agreements and Leases [Line Items] | ||||||
Number of properties owned | travelcenter | 199 | 199 | ||||
Number of operating agreements | agreement | 5 | 5 | ||||
Travel Centers of America LLC | Travel centers | ||||||
Management Agreements and Leases [Line Items] | ||||||
Rental income | $ 73,279 | 69,866 | $ 217,420 | 206,950 | ||
Adjustments necessary to record rent on straight line basis | 2,988 | 2,823 | 8,907 | 10,053 | ||
Accruals for unpaid rent, excluding any deferred rents | 75,231 | 75,231 | $ 65,332 | |||
Deferred rent | 150,000 | 150,000 | ||||
Capital improvements from leased facilities, funded | 62,888 | 75,314 | ||||
Increase (decrease) in minimum annual rent | 5,345 | 6,402 | ||||
Deferred rent receivable from TA agreement, during the period | $ 435 | $ 408 | $ 1,384 | $ 937 | ||
Travel Centers of America LLC | Forecast | Travel centers | ||||||
Management Agreements and Leases [Line Items] | ||||||
Capital improvements from leased facilities, funded | $ 16,090 |
Hotel Management Agreements a45
Hotel Management Agreements and Leases - Guarantees and Security Deposits Generally (Details) - Hotel - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Management Agreements and Leases [Line Items] | ||||
Amount by which the cash flow available to pay the entity's minimum rent or return was less than the minimum amount | $ 5,699 | $ 2,248 | $ 18,971 | $ 12,618 |
Reduction of hotel operating expenses | 0 | 0 | 2,689 | 592 |
Shortfalls due to unguaranteed portions of minimum returns | 5,699 | 2,248 | 16,282 | 12,026 |
Amount by which the cash flow available to pay the entity's minimum rent or return was more than the minimum amount | 31,355 | 35,123 | 67,052 | 80,867 |
Increase in guarantee provided and security deposit to the entity | $ 10,099 | $ 15,103 | $ 26,319 | $ 33,897 |
Business and Property Managem46
Business and Property Management Agreements with RMR LLC - Net Business Management Fees (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2017USD ($) | Sep. 30, 2017USD ($)employeeagreement | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)employeeagreement | Sep. 30, 2016USD ($) | |
Real Estate Properties [Line Items] | |||||
Number of employees | employee | 0 | 0 | |||
RMR LLC | Internal audit expense | |||||
Real Estate Properties [Line Items] | |||||
Related party costs and expenses | $ 67 | $ 34 | $ 202 | $ 168 | |
RMR LLC | Amended and restate business management agreement | |||||
Real Estate Properties [Line Items] | |||||
Number of management service agreements | agreement | 2 | 2 | |||
Business management fees incurred | $ 10,865 | 34,942 | $ 68,526 | 83,547 | |
Estimated incentive fees recorded | 873 | 25,036 | $ 38,243 | 56,272 | |
Related Party Transaction, Estimated Incentive Fee Calculation Period | 3 years | ||||
Incentive fees paid | $ 52,407 | ||||
Related party property management and construction management fee | 12 | 16 | $ 33 | 42 | |
Related party reimbursement expenses | $ 40 | $ 45 | $ 131 | $ 129 |
Related Person Transactions - N
Related Person Transactions - Narrative (Details) $ in Thousands | Sep. 19, 2017shares | Sep. 30, 2017USD ($)hotelshares | Sep. 30, 2016shares | Jun. 30, 2018USD ($) | Dec. 31, 2016USD ($) |
Travel Centers of America LLC | |||||
Related Party Transaction [Line Items] | |||||
Lessee as percentage of gross carrying value of real estate | 35.00% | ||||
Shares included in investment securities (in shares) | 3,420,000 | ||||
Percentage of total shares outstanding | 8.60% | ||||
AIC | |||||
Related Party Transaction [Line Items] | |||||
Carrying value of investments | $ | $ 7,952 | $ 7,123 | |||
Hotel | |||||
Related Party Transaction [Line Items] | |||||
Number of properties owned | hotel | 323 | ||||
Sonesta agreements | Hotel | Sonesta Int'l Hotels Corp | |||||
Related Party Transaction [Line Items] | |||||
Number of properties owned | hotel | 49 | ||||
Common Class A | RMR Inc | |||||
Related Party Transaction [Line Items] | |||||
Shares included in investment securities (in shares) | 2,503,777 | ||||
Forecast | AIC | |||||
Related Party Transaction [Line Items] | |||||
Real estate insurance | $ | $ 6,352 | ||||
Officers and other employees | Common Stock | |||||
Related Party Transaction [Line Items] | |||||
Shares granted in period (in shares) | 85,000 | 79,100 | |||
Shares repurchased (in shares) | 18,559 | 18,559 | 19,677 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Components of provision for income taxes | ||||
Income tax expense | $ 619 | $ 948 | $ 1,761 | $ 3,483 |
Current foreign tax expense | 125 | 415 | 486 | 2,018 |
Current federal tax expense | (6) | (59) | 30 | 32 |
Current state tax expense | $ 500 | $ 592 | $ 1,245 | $ 1,433 |
Segment Information - Schedule
Segment Information - Schedule of Segment Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)segment | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Segment Information | |||||
Number of reportable segments | segment | 2 | ||||
Hotel operating revenues | $ 495,550 | $ 464,981 | $ 1,392,995 | $ 1,334,656 | |
Rental income | 80,896 | 77,470 | 240,274 | 229,760 | |
FF&E reserve income | 1,142 | 1,065 | 3,524 | 3,517 | |
Total revenues | 577,588 | 543,516 | 1,636,793 | 1,567,933 | |
Hotel operating expenses | 343,274 | 322,012 | 965,546 | 923,239 | |
Depreciation and amortization | 98,205 | 90,139 | 286,811 | 266,192 | |
General and administrative | 13,404 | 37,739 | 76,097 | 91,127 | |
Acquisition related costs | 0 | 156 | 0 | 885 | |
Total expenses | 454,883 | 450,046 | 1,328,454 | 1,281,443 | |
Operating income | 122,705 | 93,470 | 308,339 | 286,490 | |
Dividend income | 626 | 626 | 1,878 | 1,375 | |
Interest income | 211 | 89 | 590 | 227 | |
Interest expense | (46,574) | (41,280) | (135,329) | (124,564) | |
Loss on early extinguishment of debt | 0 | (158) | 0 | (228) | |
Income before income taxes, equity in earnings of an investee and gain on sale of real estate | 76,968 | 52,747 | 175,478 | 163,300 | |
Income tax expense | (619) | (948) | (1,761) | (3,483) | |
Equity in earnings of an investee | 31 | 13 | 533 | 107 | |
Income before gain on sale of real estate | 76,380 | 51,812 | 174,250 | 159,924 | |
Gain on sale of real estate | 9,348 | 0 | 9,348 | 0 | |
Net income | 85,728 | 51,812 | 183,598 | 159,924 | |
Total assets | 7,144,467 | 7,144,467 | $ 6,634,228 | ||
Corporate | |||||
Segment Information | |||||
General and administrative | 13,404 | 37,739 | 76,097 | 91,127 | |
Total expenses | 13,404 | 37,739 | 76,097 | 91,127 | |
Operating income | (13,404) | (37,739) | (76,097) | (91,127) | |
Dividend income | 626 | 626 | 1,878 | 1,375 | |
Interest income | 211 | 89 | 590 | 227 | |
Interest expense | (46,574) | (41,280) | (135,329) | (124,564) | |
Loss on early extinguishment of debt | (158) | (228) | |||
Income before income taxes, equity in earnings of an investee and gain on sale of real estate | (59,141) | (78,462) | (208,958) | (214,317) | |
Income tax expense | (619) | (948) | (1,761) | (3,483) | |
Equity in earnings of an investee | 31 | 13 | 533 | 107 | |
Income before gain on sale of real estate | (59,729) | (210,186) | |||
Gain on sale of real estate | 0 | 0 | |||
Net income | (59,729) | (79,397) | (210,186) | (217,693) | |
Total assets | 167,990 | 167,990 | 145,029 | ||
Hotels | Operating segments | |||||
Segment Information | |||||
Hotel operating revenues | 495,550 | 464,981 | 1,392,995 | 1,334,656 | |
Rental income | 7,617 | 7,604 | 22,854 | 22,810 | |
FF&E reserve income | 1,142 | 1,065 | 3,524 | 3,517 | |
Total revenues | 504,309 | 473,650 | 1,419,373 | 1,360,983 | |
Hotel operating expenses | 343,274 | 322,012 | 965,546 | 923,239 | |
Depreciation and amortization | 61,996 | 56,397 | 179,503 | 167,485 | |
Acquisition related costs | 156 | 885 | |||
Total expenses | 405,270 | 378,565 | 1,145,049 | 1,091,609 | |
Operating income | 99,039 | 95,085 | 274,324 | 269,374 | |
Dividend income | |||||
Loss on early extinguishment of debt | |||||
Income before income taxes, equity in earnings of an investee and gain on sale of real estate | 99,039 | 95,085 | 274,324 | 269,374 | |
Income before gain on sale of real estate | 99,039 | 274,324 | |||
Gain on sale of real estate | 9,348 | 9,348 | |||
Net income | 108,387 | 95,085 | 283,672 | 269,374 | |
Total assets | 4,490,298 | 4,490,298 | 4,005,481 | ||
Travel Centers | Operating segments | |||||
Segment Information | |||||
Rental income | 73,279 | 69,866 | 217,420 | 206,950 | |
Total revenues | 73,279 | 69,866 | 217,420 | 206,950 | |
Depreciation and amortization | 36,209 | 33,742 | 107,308 | 98,707 | |
Total expenses | 36,209 | 33,742 | 107,308 | 98,707 | |
Operating income | 37,070 | 36,124 | 110,112 | 108,243 | |
Dividend income | |||||
Loss on early extinguishment of debt | |||||
Income before income taxes, equity in earnings of an investee and gain on sale of real estate | 37,070 | 36,124 | 110,112 | 108,243 | |
Income before gain on sale of real estate | 37,070 | 110,112 | |||
Gain on sale of real estate | 0 | 0 | |||
Net income | 37,070 | $ 36,124 | 110,112 | $ 108,243 | |
Total assets | $ 2,486,179 | $ 2,486,179 | $ 2,483,718 |
Fair Value of Assets and Liab50
Fair Value of Assets and Liabilities - Recurring and Non-Recurring (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($)shares | |
Travel Centers of America LLC | |
Fair Value of Assets and Liabilities | |
Unrealized gain (loss) on securities included in cumulative other comprehensive income | $ (2,872) |
RMR Inc | |
Fair Value of Assets and Liabilities | |
Unrealized gain (loss) on securities included in cumulative other comprehensive income | $ 62,195 |
Quoted prices in active markets for identical assets (Level 1) | Travel Centers of America LLC | |
Fair Value of Assets and Liabilities | |
Shares included in investment securities (in shares) | shares | 3,420,000 |
Historical cost of securities | $ 17,407 |
Quoted prices in active markets for identical assets (Level 1) | RMR Inc | |
Fair Value of Assets and Liabilities | |
Shares included in investment securities (in shares) | shares | 2,503,777 |
Historical cost of securities | $ 66,374 |
Recurring | Quoted prices in active markets for identical assets (Level 1) | Travel Centers of America LLC | |
Fair Value of Assets and Liabilities | |
Investment securities | 14,535 |
Recurring | Quoted prices in active markets for identical assets (Level 1) | RMR Inc | |
Fair Value of Assets and Liabilities | |
Investment securities | 128,569 |
Recurring | Significant other observable inputs (Level 2) | Travel Centers of America LLC | |
Fair Value of Assets and Liabilities | |
Investment securities | 0 |
Recurring | Significant other observable inputs (Level 2) | RMR Inc | |
Fair Value of Assets and Liabilities | |
Investment securities | 0 |
Recurring | Significant unobservable inputs (Level 3) | Travel Centers of America LLC | |
Fair Value of Assets and Liabilities | |
Investment securities | 0 |
Recurring | Significant unobservable inputs (Level 3) | RMR Inc | |
Fair Value of Assets and Liabilities | |
Investment securities | 0 |
Carrying amount | Recurring | Travel Centers of America LLC | |
Fair Value of Assets and Liabilities | |
Investment securities | 14,535 |
Carrying amount | Recurring | RMR Inc | |
Fair Value of Assets and Liabilities | |
Investment securities | $ 128,569 |
Fair Value of Assets and Liab51
Fair Value of Assets and Liabilities - Debt Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Senior unsecured notes, due 2018 at 6.70% | ||
Fair Value of Assets and Liabilities | ||
Interest rate, stated percentage | 6.70% | |
Senior Unsecured Notes, due 2021 at 4.25% | ||
Fair Value of Assets and Liabilities | ||
Interest rate, stated percentage | 4.25% | |
Senior Unsecured Notes, due 2022 at 5.00% | ||
Fair Value of Assets and Liabilities | ||
Interest rate, stated percentage | 5.00% | |
Senior Unsecured Notes, due 2023 at 4.50% | ||
Fair Value of Assets and Liabilities | ||
Interest rate, stated percentage | 4.50% | |
Senior Unsecured Notes, due 2024 at 4.65% | ||
Fair Value of Assets and Liabilities | ||
Interest rate, stated percentage | 4.65% | |
Senior Unsecured Notes, due 2025 at 4.50% | ||
Fair Value of Assets and Liabilities | ||
Interest rate, stated percentage | 4.50% | |
Senior Unsecured Notes, due 2026 at 5.25% | ||
Fair Value of Assets and Liabilities | ||
Interest rate, stated percentage | 5.25% | |
Senior Unsecured Notes, due 2027 at 4.95% | ||
Fair Value of Assets and Liabilities | ||
Interest rate, stated percentage | 4.95% | |
Convertible Unsecured Senior Notes, due 2027 at 3.8% | ||
Fair Value of Assets and Liabilities | ||
Interest rate, stated percentage | 3.80% | |
Carrying amount | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities, fair value | $ 3,163,865 | $ 2,574,386 |
Carrying amount | Senior unsecured notes, due 2018 at 6.70% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities, fair value | 349,812 | 349,387 |
Carrying amount | Senior Unsecured Notes, due 2021 at 4.25% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities, fair value | 395,137 | 394,056 |
Carrying amount | Senior Unsecured Notes, due 2022 at 5.00% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities, fair value | 494,095 | 493,187 |
Carrying amount | Senior Unsecured Notes, due 2023 at 4.50% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities, fair value | 499,063 | 298,134 |
Carrying amount | Senior Unsecured Notes, due 2024 at 4.65% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities, fair value | 347,383 | 347,079 |
Carrying amount | Senior Unsecured Notes, due 2025 at 4.50% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities, fair value | 344,883 | 344,368 |
Carrying amount | Senior Unsecured Notes, due 2026 at 5.25% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities, fair value | 340,544 | 339,697 |
Carrying amount | Senior Unsecured Notes, due 2027 at 4.95% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities, fair value | 392,948 | 0 |
Carrying amount | Convertible Unsecured Senior Notes, due 2027 at 3.8% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities, fair value | 0 | 8,478 |
Fair value | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities, fair value | 3,361,052 | 2,652,653 |
Fair value | Senior unsecured notes, due 2018 at 6.70% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities, fair value | 351,253 | 358,740 |
Fair value | Senior Unsecured Notes, due 2021 at 4.25% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities, fair value | 417,246 | 413,790 |
Fair value | Senior Unsecured Notes, due 2022 at 5.00% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities, fair value | 537,360 | 527,945 |
Fair value | Senior Unsecured Notes, due 2023 at 4.50% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities, fair value | 530,825 | 298,845 |
Fair value | Senior Unsecured Notes, due 2024 at 4.65% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities, fair value | 367,026 | 348,523 |
Fair value | Senior Unsecured Notes, due 2025 at 4.50% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities, fair value | 360,227 | 341,439 |
Fair value | Senior Unsecured Notes, due 2026 at 5.25% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities, fair value | 375,799 | 354,772 |
Fair value | Senior Unsecured Notes, due 2027 at 4.95% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities, fair value | 421,316 | 0 |
Fair value | Convertible Unsecured Senior Notes, due 2027 at 3.8% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities, fair value | $ 0 | $ 8,599 |