Note 12. 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 June 30, 2019 Hotels Travel Centers Corporate Consolidated Revenues: Hotel operating revenues $ 541,668 $  $  $ 541,668 Rental income 5,084 62,680  67,764 FF&amp;E reserve income 1,130   1,130 Total revenues 547,882 62,680  610,562 Expenses: Hotel operating expenses 381,703   381,703 Depreciation and amortization 67,021 32,175  99,196 General and administrative   12,207 12,207 Total expenses 448,724 32,175 12,207 493,106 Dividend income   876 876 Unrealized losses on equity securities   (60,788 ) (60,788 ) Interest income 216  233 449 Interest expense   (49,601 ) (49,601 ) Income (loss) before income taxes and equity in earnings of an investee 99,374 30,505 (121,487 ) 8,392 Income tax benefit   260 260 Equity in earnings of an investee   130 130 Net income (loss) $ 99,374 $ 30,505 $ (121,097 ) $ 8,782 For the Six Months Ended June 30, 2019 Hotels Travel Centers Corporate Consolidated Revenues: Hotel operating revenues $ 997,053 $  $  $ 997,053 Rental income 10,159 125,756  135,915 FF&amp;E reserve income 2,502   2,502 Total revenues 1,009,714 125,756  1,135,470 Expenses: Hotel operating expenses 700,828   700,828 Depreciation and amortization 133,604 64,957  198,561 General and administrative   24,442 24,442 Total expenses 834,432 64,957 24,442 923,831 Gain on sale of real estate  159,535  159,535 Dividend income   1,752 1,752 Unrealized losses on equity securities   (39,811 ) (39,811 ) Interest income 427  659 1,086 Interest expense   (99,367 ) (99,367 ) Income (loss) before income taxes and equity in earnings of an investee 175,709 220,334 (161,209 ) 234,834 Income tax expense   (799 ) (799 ) Equity in earnings of an investee   534 534 Net income (loss) $ 175,709 $ 220,334 $ (161,474 ) $ 234,569 As of June 30, 2019 Hotels Travel Centers Corporate Consolidated Total assets $ 4,806,796 $ 2,192,789 $ 178,161 $ 7,177,746 For the Three Months Ended June 30, 2018 Hotels Travel Centers Corporate Consolidated Revenues: Hotel operating revenues $ 529,599 $  $  $ 529,599 Rental income 6,550 74,468  81,018 FF&amp;E reserve income 1,334   1,334 Total revenues 537,483 74,468  611,951 Expenses: Hotel operating expenses 374,081   374,081 Depreciation and amortization 62,953 36,731  99,684 General and administrative   13,121 13,121 Total expenses 437,034 36,731 13,121 486,886 Dividend income   626 626 Unrealized gains and losses on equity securities, net   20,940 20,940 Interest income 210  113 323 Interest expense   (48,741 ) (48,741 ) Loss on early extinguishment of debt   (160 ) (160 ) Income (loss) before income taxes and equity in earnings of an investee 100,659 37,737 (40,343 ) 98,053 Income tax expense   (771 ) (771 ) Equity in earnings of an investee   7 7 Net income (loss) $ 100,659 $ 37,737 $ (41,107 ) $ 97,289 For the Six Months Ended June 30, 2018 Hotels Travel Centers Corporate Consolidated Revenues: Hotel operating revenues $ 974,875 $  $  $ 974,875 Rental income 14,350 148,661  163,011 FF&amp;E reserve income 2,698   2,698 Total revenues 991,923 148,661  1,140,584 Expenses: Hotel operating expenses 689,063   689,063 Depreciation and amortization 125,399 73,902  199,301 General and administrative   24,855 24,855 Total expenses 814,462 73,902 24,855 913,219 Dividend income   1,252 1,252 Unrealized gains and losses on equity securities, net   45,895 45,895 Interest income 403  212 615 Interest expense   (96,281 ) (96,281 ) Loss on early extinguishment of debt   (160 ) (160 ) Income (loss) before income taxes and equity in earnings of an investee 177,864 74,759 (73,937 ) 178,686 Income tax expense   (1,242 ) (1,242 ) Equity in earnings of an investee   51 51 Net income (loss) $ 177,864 $ 74,759 $ (75,128 ) $ 177,495 As of December 31, 2018 Hotels Travel Centers Corporate Consolidated Total assets $ 4,586,709 $ 2,398,118 $ 192,252 $ 7,177,079