2016 Q1 Form 10-Q Financial Statement

#000123258216000201 Filed on May 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $367.8M $250.2M
YoY Change 46.97% 28.42%
Cost Of Revenue $251.6M $165.5M
YoY Change 52.02% 27.6%
Gross Profit $116.1M $84.80M
YoY Change 36.91% 30.06%
Gross Profit Margin 31.57% 33.89%
Selling, General & Admin $12.60M $14.40M
YoY Change -12.5% 13.39%
% of Gross Profit 10.85% 16.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $62.16M $37.86M
YoY Change 64.17% 44.36%
% of Gross Profit 53.54% 44.65%
Operating Expenses $74.80M $52.20M
YoY Change 43.3% 34.19%
Operating Profit $41.40M $32.11M
YoY Change 28.96% 21.64%
Interest Expense -$52.50M -$44.70M
YoY Change 17.45% 38.82%
% of Operating Profit -126.8% -139.23%
Other Income/Expense, Net -$252.0K $4.330M
YoY Change -105.82% 233.08%
Pretax Income -$11.51M $367.6M
YoY Change -103.13% -5694.76%
Income Tax $629.0K $825.0K
% Of Pretax Income 0.22%
Net Earnings -$9.989M $321.5M
YoY Change -103.11% -13562.98%
Net Earnings / Revenue -2.72% 128.48%
Basic Earnings Per Share -$0.20 $3.25
Diluted Earnings Per Share -$0.20 $3.13
COMMON SHARES
Basic Shares Outstanding 94.14M shares 95.54M shares
Diluted Shares Outstanding 94.14M shares 113.9M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $226.9M $355.7M
YoY Change -36.21% 90.0%
Cash & Equivalents $226.9M $355.7M
Short-Term Investments
Other Short-Term Assets $22.70M $22.80M
YoY Change -0.44% 96.55%
Inventory $4.785M $4.188M
Prepaid Expenses
Receivables $75.00M $93.80M
Other Receivables $0.00 $0.00
Total Short-Term Assets $329.4M $476.5M
YoY Change -30.87% 100.55%
LONG-TERM ASSETS
Property, Plant & Equipment $4.394B $3.954B
YoY Change 11.12% 90.45%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $60.98M $58.97M
YoY Change 3.41% -69.16%
Other Assets $165.8M $179.6M
YoY Change -7.68% 146.7%
Total Long-Term Assets $4.659B $4.292B
YoY Change 8.53% 80.22%
TOTAL ASSETS
Total Short-Term Assets $329.4M $476.5M
Total Long-Term Assets $4.659B $4.292B
Total Assets $4.988B $4.769B
YoY Change 4.59% 82.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.60M $10.60M
YoY Change 28.3% 657.14%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $39.40M $38.80M
YoY Change 1.55% 33.33%
LONG-TERM LIABILITIES
Long-Term Debt $3.879B $3.388B
YoY Change 14.51% 90.27%
Other Long-Term Liabilities $33.40M $47.00M
YoY Change -28.94% 552.78%
Total Long-Term Liabilities $3.913B $3.435B
YoY Change 13.92% 92.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.40M $38.80M
Total Long-Term Liabilities $3.913B $3.435B
Total Liabilities $4.093B $3.605B
YoY Change 13.51% 91.2%
SHAREHOLDERS EQUITY
Retained Earnings -$828.5M -$696.8M
YoY Change 18.9% -28.09%
Common Stock $957.0K $1.249M
YoY Change -23.38% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $109.0M
YoY Change -21.78%
Treasury Stock Shares 23.82M shares
Shareholders Equity $769.7M $997.3M
YoY Change
Total Liabilities & Shareholders Equity $4.988B $4.769B
YoY Change 4.59% 82.06%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$9.989M $321.5M
YoY Change -103.11% -13562.98%
Depreciation, Depletion And Amortization $62.16M $37.86M
YoY Change 64.17% 44.36%
Cash From Operating Activities $49.98M $30.33M
YoY Change 64.82% 173.68%
INVESTING ACTIVITIES
Capital Expenditures -$40.70M -$316.4M
YoY Change -87.14% 1071.85%
Acquisitions $0.00 $287.6M
YoY Change -100.0%
Other Investing Activities $500.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$40.14M -$259.1M
YoY Change -84.51% -2858.58%
FINANCING ACTIVITIES
Cash Dividend Paid $22.68M $21.89M
YoY Change 3.6% 5.57%
Common Stock Issuance & Retirement, Net $1.000K -$110.5M
YoY Change -100.0% -47932.47%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $10.42M $369.4M
YoY Change -97.18% 7503.85%
NET CHANGE
Cash From Operating Activities $49.98M $30.33M
Cash From Investing Activities -$40.14M -$259.1M
Cash From Financing Activities $10.42M $369.4M
Net Change In Cash $20.27M $140.7M
YoY Change -85.59% 455.33%
FREE CASH FLOW
Cash From Operating Activities $49.98M $30.33M
Capital Expenditures -$40.70M -$316.4M
Free Cash Flow $90.68M $346.7M
YoY Change -73.85% 810.5%

Facts In Submission

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CY2015Q1 us-gaap Depreciation Depletion And Amortization
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CY2016Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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249000 USD
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0 USD
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CY2016Q1 us-gaap Food And Beverage Revenue
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406893000 USD
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FurnitureAndFixturesGross
419181000 USD
CY2015Q1 us-gaap Gain Loss On Sale Of Properties
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380705000 USD
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CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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197000 USD
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CY2015Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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0 USD
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CY2015Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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Land
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CY2015Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2016Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2015Q1 us-gaap Noncontrolling Interest In Net Income Loss Joint Venture Partners Nonredeemable
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-25000 USD
CY2016Q1 us-gaap Noncontrolling Interest In Net Income Loss Joint Venture Partners Nonredeemable
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-38000 USD
CY2015Q4 us-gaap Notes Receivable Net
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3746000 USD
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CY2016Q1 us-gaap Number Of Operating Segments
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1 segment
CY2016Q1 us-gaap Number Of Units In Real Estate Property
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CY2015Q1 us-gaap Occupancy Costs
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43153000 USD
CY2016Q1 us-gaap Occupancy Costs
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CY2015Q1 us-gaap Occupancy Revenue
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CY2016Q1 us-gaap Occupancy Revenue
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CY2015Q1 us-gaap Operating Income Loss
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CY2016Q1 us-gaap Operating Income Loss
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CY2015Q4 us-gaap Other Assets
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10647000 USD
CY2016Q1 us-gaap Other Assets
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12303000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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0 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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0 USD
CY2015Q1 us-gaap Other Direct Costs Of Hotels
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74782000 USD
CY2016Q1 us-gaap Other Direct Costs Of Hotels
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CY2015Q1 us-gaap Other Hotel Operating Revenue
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CY2016Q1 us-gaap Other Hotel Operating Revenue
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CY2015Q4 us-gaap Other Liabilities
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14539000 USD
CY2016Q1 us-gaap Other Liabilities
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17020000 USD
CY2015Q1 us-gaap Other Nonoperating Income Expense
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4330000 USD
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-252000 USD
CY2015Q1 us-gaap Other Sales Revenue Net
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860000 USD
CY2016Q1 us-gaap Other Sales Revenue Net
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393000 USD
CY2015Q1 us-gaap Owned Property Management Costs
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9657000 USD
CY2016Q1 us-gaap Owned Property Management Costs
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13695000 USD
CY2015Q1 us-gaap Payments For Capital Improvements
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28812000 USD
CY2016Q1 us-gaap Payments For Capital Improvements
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40688000 USD
CY2015Q1 us-gaap Payments For Derivative Instrument Financing Activities
PaymentsForDerivativeInstrumentFinancingActivities
1250000 USD
CY2016Q1 us-gaap Payments For Derivative Instrument Financing Activities
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73000 USD
CY2015Q1 us-gaap Payments For Fees
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175000 USD
CY2016Q1 us-gaap Payments For Fees
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30000 USD
CY2015Q1 us-gaap Payments For Purchase Of Securities Operating Activities
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64346000 USD
CY2016Q1 us-gaap Payments For Purchase Of Securities Operating Activities
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0 USD
CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
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446000 USD
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
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1000 USD
CY2015Q1 us-gaap Payments Of Debt Issuance Costs
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31558000 USD
CY2016Q1 us-gaap Payments Of Debt Issuance Costs
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764000 USD
CY2015Q1 us-gaap Payments Of Dividends
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21888000 USD
CY2016Q1 us-gaap Payments Of Dividends
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22676000 USD
CY2015Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2016Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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0 USD
CY2015Q1 us-gaap Payments To Acquire Equity Method Investments
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0 USD
CY2016Q1 us-gaap Payments To Acquire Equity Method Investments
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2000000 USD
CY2015Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
8490000 USD
CY2016Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
8490000 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2016Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2015Q4 us-gaap Preferred Stock Shares Authorized
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CY2016Q1 us-gaap Preferred Stock Shares Authorized
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CY2015Q4 us-gaap Prepaid Expense Current And Noncurrent
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12458000 USD
CY2016Q1 us-gaap Prepaid Expense Current And Noncurrent
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22693000 USD
CY2015Q1 us-gaap Proceeds From Collection Of Notes Receivable
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CY2016Q1 us-gaap Proceeds From Collection Of Notes Receivable
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CY2015Q1 us-gaap Proceeds From Insurance Settlement Investing Activities
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CY2016Q1 us-gaap Proceeds From Insurance Settlement Investing Activities
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CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
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CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
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0 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Long Term Debt
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1581032000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Long Term Debt
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37500000 USD
CY2015Q1 us-gaap Proceeds From Payments For Other Financing Activities
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CY2016Q1 us-gaap Proceeds From Payments For Other Financing Activities
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61000 USD
CY2015Q1 us-gaap Proceeds From Sale Of Productive Assets
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7502000 USD
CY2016Q1 us-gaap Proceeds From Sale Of Productive Assets
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2484000 USD
CY2015Q1 us-gaap Proceeds From Sale Of Securities Operating Activities
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64036000 USD
CY2016Q1 us-gaap Proceeds From Sale Of Securities Operating Activities
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0 USD
CY2015Q1 us-gaap Profit Loss
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366807000 USD
CY2016Q1 us-gaap Profit Loss
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-12139000 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
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CY2016Q1 us-gaap Property Plant And Equipment Gross
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CY2015Q4 us-gaap Property Plant And Equipment Net
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CY2016Q1 us-gaap Property Plant And Equipment Net
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CY2015Q4 us-gaap Property Subject To Or Available For Operating Lease Gross
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11947000 USD
CY2016Q1 us-gaap Property Subject To Or Available For Operating Lease Gross
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11703000 USD
CY2015Q1 us-gaap Provision For Doubtful Accounts
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152000 USD
CY2016Q1 us-gaap Provision For Doubtful Accounts
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183000 USD
CY2015Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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CY2016Q1 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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125162000 USD
CY2015Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
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1267467000 USD
CY2016Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
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3625000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2016Q1 us-gaap Restricted Cash And Cash Equivalents
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CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2015Q1 us-gaap Revenue From Leased And Owned Hotels
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249375000 USD
CY2016Q1 us-gaap Revenue From Leased And Owned Hotels
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367379000 USD
CY2015Q1 us-gaap Revenues
Revenues
250235000 USD
CY2016Q1 us-gaap Revenues
Revenues
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CY2015Q1 us-gaap Share Based Compensation
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171000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
984000 USD
CY2016Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
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0 USD
CY2016Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
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0 USD
CY2016Q1 us-gaap Stock Repurchased And Retired During Period Value
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741000 USD
CY2015Q4 us-gaap Stockholders Equity
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811086000 USD
CY2016Q1 us-gaap Stockholders Equity
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769688000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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811856000 USD
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
770420000 USD
CY2015Q1 us-gaap Temporary Equity Net Income
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-45336000 USD
CY2016Q1 us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
2112000 USD
CY2015Q1 us-gaap Trading Gains Losses
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1367000 USD
CY2016Q1 us-gaap Trading Gains Losses
TradingGainsLosses
176000 USD
CY2015Q1 us-gaap Undistributed Earnings
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298842000 USD
CY2016Q1 us-gaap Undistributed Earnings
UndistributedEarnings
-30000000 USD
CY2015Q1 us-gaap Unrealized Gain Loss On Derivatives
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-1698000 USD
CY2016Q1 us-gaap Unrealized Gain Loss On Derivatives
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6918000 USD
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2015Q1 us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
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18373000 shares
CY2016Q1 us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment
0 shares
CY2015Q1 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
4767000 USD
CY2016Q1 us-gaap Write Off Of Deferred Debt Issuance Cost
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0 USD
CY2016Q1 us-gaap Revenue Recognition Sales Of Services
RevenueRecognitionSalesOfServices
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;text-decoration:underline;">Revenue Recognition</font><font style="font-family:inherit;font-size:10pt;">&#8212;Hotel revenues, including room, food, beverage, and ancillary revenues such as long-distance telephone service, laundry, parking and space rentals, are recognized when services have been rendered. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income (including accretion of discounts on the mezzanine loan using the effective interest method) is recognized when earned. We discontinue recording interest and amortizing discounts/premiums when the contractual payment of interest and/or principal is not received when contractually due. We were reimbursed by PIM Highland JV for costs associated with managing its day-to-day operations and providing corporate administrative services such as accounting, insurance, marketing support, asset management and other services. These reimbursements were recorded as &#8220;other&#8221; revenue. As of March 6, 2015, we acquired the remaining approximate </font><font style="font-family:inherit;font-size:10pt;">28.26%</font><font style="font-family:inherit;font-size:10pt;"> of the PIM Highland JV which discontinued the aforementioned reimbursements. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;text-decoration:underline;"></font></div></div>
CY2016Q1 us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;text-decoration:underline;">Use of Estimates</font><font style="font-family:inherit;font-size:10pt;">&#8212;The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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