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SEC Filings

10-K
RLJ LODGING TRUST filed this Form 10-K on 03/01/2019
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The following table summarizes the components of the Company's investments in unconsolidated joint ventures (in thousands):
 
December 31, 2018
 
December 31, 2017
Equity basis of the joint venture investments
$
117

 
$
253

Cost of the joint venture investments in excess of the joint venture book value
22,162

 
23,632

Investment in unconsolidated joint ventures
$
22,279

 
$
23,885


The following table summarizes the components of the Company's equity in income from unconsolidated joint ventures (in thousands):
 
For the year ended December 31,
 
2018
 
2017
Unconsolidated joint ventures net income attributable to the Company
$
2,105

 
$
623

Depreciation of cost in excess of book value
(1,469
)
 
(490
)
Equity in income from unconsolidated joint ventures
$
636

 
$
133


6. Intangible Assets
 
The Company's intangible assets consisted of the following (in thousands):
 
 
 
 
December 31, 2018
 
December 31, 2017
 
 
Weighted Average Amortization Period
(in Years)
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
Below market ground leases
 
27
 
$
50,267

 
$
(3,495
)
 
$
46,772

 
$
118,609

 
$
(1,217
)
 
$
117,392

Advanced bookings
 
1
 
1,902

 
(1,268
)
 
634

 
11,360

 
(3,083
)
 
8,277

Other intangible assets
 
5
 
7,500

 
(2,458
)
 
5,042

 
9,511

 
(1,969
)
 
7,542

Intangible assets, net
 
25
 
$
59,669

 
$
(7,221
)
 
$
52,448

 
$
139,480

 
$
(6,269
)
 
$
133,211

 
For the years ended December 31, 2018, 2017 and 2016, the Company recognized amortization expense related to its intangible assets of approximately $10.2 million, $5.7 million and $0.2 million, respectively.

As of December 31, 2018, the estimated amortization expense for the intangible assets over the next five years is as follows (in thousands):
 
2019
 
2020
 
2021
 
2022
 
2023
Estimated amortization expense
$
4,357

 
$
3,659

 
$
3,659

 
$
3,659

 
$
3,303


7. Sale of Hotel Properties
 
During the year ended December 31, 2018, the Company sold seven hotel properties and a parcel of land for a total sale price of approximately $530.9 million. In connection with these transactions, the Company recorded an aggregate $30.3 million net gain on sales, which is included in gain on sale of hotel properties, net, in the accompanying consolidated statement of operations and comprehensive income. The gain on sale includes a gain on extinguishment of indebtedness of $5.1 million associated with two of the hotel properties that were sold.


F-22

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