Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 22, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-11527 | ||
Entity Registrant Name | SERVICE PROPERTIES TRUST | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 04-3262075 | ||
Entity Address, Address Line One | Two Newton Place | ||
Entity Address, Address Line Two | 255 Washington Street | ||
Entity Address, Address Line Three | Suite 300 | ||
Entity Address, City or Town | Newton | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 02458-1634 | ||
City Area Code | 617 | ||
Local Phone Number | 964-8389 | ||
Title of Each Class | Common Shares of Beneficial Interest | ||
Trading Symbol | SVC | ||
Name of each Exchange on which Registered | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1.4 | ||
Entity Common Stock, Shares Outstanding | 165,768,058 | ||
Documents Incorporated by Reference | Certain information required by Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K is incorporated by reference to our definitive Proxy Statement for the 2024 Annual Meeting of Shareholders to be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended December 31, 2023. | ||
Entity Central Index Key | 0000945394 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Boston, Massachusetts |
Auditor Firm ID | 34 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Real estate properties: | ||
Land | $ 1,972,145 | $ 1,902,587 |
Buildings, improvements and equipment | 7,814,192 | 7,658,282 |
Total real estate properties, gross | 9,786,337 | 9,560,869 |
Accumulated depreciation | (3,181,797) | (2,970,133) |
Total real estate properties, net | 6,604,540 | 6,590,736 |
Acquired real estate leases and other intangibles, net | 130,622 | 252,357 |
Assets held for sale | 10,500 | 121,905 |
Cash and cash equivalents | 180,119 | 38,369 |
Restricted cash | 17,711 | 7,051 |
Equity method investment | 113,304 | 112,617 |
Investment in equity securities | 0 | 53,055 |
Due from related persons | 6,376 | 35,033 |
Other assets, net | 292,944 | 277,068 |
Total assets | 7,356,116 | 7,488,191 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Revolving credit facility | 0 | 0 |
Mortgage notes payable, net | 558,876 | 0 |
Total liabilities | 6,129,983 | 6,099,399 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Common shares of beneficial interest, $.01 par value; 200,000,000 shares authorized; 165,769,595 and 165,452,566 shares issued and outstanding, respectively | 1,658 | 1,655 |
Additional paid in capital | 4,557,473 | 4,554,861 |
Cumulative other comprehensive income | 2,318 | 2,383 |
Cumulative net income | 2,470,500 | 2,503,279 |
Cumulative common distributions | (5,805,816) | (5,673,386) |
Total shareholders’ equity | 1,226,133 | 1,388,792 |
Total liabilities and shareholders’ equity | 7,356,116 | 7,488,191 |
Senior Secured Notes | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Senior notes | 968,017 | 0 |
Senior Unsecured Notes | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Senior notes | 3,993,327 | 5,655,530 |
Nonrelated Party | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Accounts payable and other liabilities and due to related persons | 587,005 | 425,960 |
Related Party | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Accounts payable and other liabilities and due to related persons | $ 22,758 | $ 17,909 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Shareholders’ equity: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common shares, shares issued (in shares) | 165,769,595 | 165,452,566 |
Common shares, shares outstanding (in shares) | 165,769,595 | 165,452,566 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues: | |||
Hotel operating revenues | $ 1,478,034 | $ 1,467,344 | $ 1,104,678 |
Rental income | 395,829 | 395,667 | 390,902 |
Total revenues | 1,873,863 | 1,863,011 | 1,495,580 |
Expenses: | |||
Hotel operating expenses | 1,223,906 | 1,227,357 | 1,010,737 |
Net lease operating expenses | 17,663 | 13,176 | 15,658 |
Depreciation and amortization | 384,060 | 401,108 | 485,965 |
General and administrative | 45,397 | 44,404 | 53,439 |
Transaction related costs | (1,623) | 1,920 | 64,764 |
Loss on asset impairment, net | 9,544 | 10,989 | 78,620 |
Total expenses | 1,678,947 | 1,698,954 | 1,709,183 |
Gain on sale of real estate, net | 43,239 | 47,818 | 11,522 |
Gain (loss) on equity securities, net | 48,837 | (8,104) | 22,535 |
Interest income | 20,979 | 3,379 | 664 |
Interest expense (including amortization of debt issuance costs, discounts and premiums of $25,710, $19,375 and $21,036, respectively) | (336,342) | (341,795) | (365,721) |
Loss on early extinguishment of debt | (1,524) | (791) | 0 |
Loss before income tax benefit and equity in (losses) earnings of an investee | (29,895) | (135,436) | (544,603) |
Income tax benefit | 1,498 | 199 | 941 |
Equity in (losses) earnings of an investee | (4,382) | 2,856 | (941) |
Net loss | (32,779) | (132,381) | (544,603) |
Other comprehensive (loss) income: | |||
Equity interest in investee’s unrealized (losses) gains | (65) | 1,604 | 1,539 |
Other comprehensive (loss) income | (65) | 1,604 | 1,539 |
Comprehensive loss | $ (32,844) | $ (130,777) | $ (543,064) |
Weighted average common shares outstanding (basic) (in shares) | 164,988 | 164,738 | 164,566 |
Weighted average common shares outstanding (diluted) (in shares) | 164,988 | 164,738 | 164,566 |
Net loss per common share (basic) (in dollars per share) | $ (0.20) | $ (0.80) | $ (3.31) |
Net loss per common share (diluted) (in dollars per share) | $ (0.20) | $ (0.80) | $ (3.31) |
Revenue form contract with customer, produce and service extensible list | Hotels | Hotels | Hotels |
Product and service, extensible list | Hotels | Hotels | Hotels |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Interest expense, amortization of debt issuance costs and debt discounts and premiums | $ 25,710 | $ 19,375 | $ 21,036 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Shares | Cumulative Common Distributions | Additional Paid in Capital | Cumulative Net Income | Cumulative Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2020 | 164,823,833 | |||||
Beginning balance at Dec. 31, 2020 | $ 2,102,790 | $ 1,648 | $ (5,628,746) | $ 4,550,385 | $ 3,180,263 | $ (760) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income attributable to shareholders | (544,603) | (544,603) | ||||
Equity interest in investee’s unrealized losses | 1,539 | 1,539 | ||||
Common share grants (in shares) | 340,700 | |||||
Common share grants | $ 2,967 | $ 3 | 2,964 | |||
Common share repurchases (in shares) | (71,100) | (71,100) | ||||
Common share repurchases | $ (790) | (790) | ||||
Common share forfeitures (in shares) | (1,100) | |||||
Common share forfeitures | (1) | (1) | ||||
Distributions | (6,596) | (6,596) | ||||
Ending balance (in shares) at Dec. 31, 2021 | 165,092,333 | |||||
Ending balance at Dec. 31, 2021 | 1,555,306 | $ 1,651 | (5,635,342) | 4,552,558 | 2,635,660 | 779 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income attributable to shareholders | (132,381) | (132,381) | ||||
Equity interest in investee’s unrealized losses | 1,604 | 1,604 | ||||
Common share grants (in shares) | 433,500 | |||||
Common share grants | $ 2,788 | $ 4 | 2,784 | |||
Common share repurchases (in shares) | (69,867) | (69,867) | ||||
Common share repurchases | $ (470) | (470) | ||||
Common share forfeitures (in shares) | (3,400) | |||||
Common share forfeitures | (11) | (11) | ||||
Distributions | (38,044) | (38,044) | ||||
Ending balance (in shares) at Dec. 31, 2022 | 165,452,566 | |||||
Ending balance at Dec. 31, 2022 | 1,388,792 | $ 1,655 | (5,673,386) | 4,554,861 | 2,503,279 | 2,383 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income attributable to shareholders | (32,779) | (32,779) | ||||
Equity interest in investee’s unrealized losses | (65) | (65) | ||||
Common share grants (in shares) | 438,000 | |||||
Common share grants | $ 3,482 | $ 4 | 3,478 | |||
Common share repurchases (in shares) | (98,571) | (98,571) | ||||
Common share repurchases | $ (802) | $ (1) | (801) | |||
Common share forfeitures (in shares) | (22,400) | |||||
Common share forfeitures | (65) | (65) | ||||
Distributions | (132,430) | (132,430) | ||||
Ending balance (in shares) at Dec. 31, 2023 | 165,769,595 | |||||
Ending balance at Dec. 31, 2023 | $ 1,226,133 | $ 1,658 | $ (5,805,816) | $ 4,557,473 | $ 2,470,500 | $ 2,318 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net (loss) income attributable to shareholders | $ (32,779) | $ (132,381) | $ (544,603) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 384,060 | 401,108 | 485,965 |
Net amortization of debt issuance costs, discounts and premiums as interest | 25,710 | 19,375 | 21,036 |
Straight line rental income | (13,165) | 7,767 | 2,621 |
Loss on early extinguishment of debt | 1,524 | 791 | 0 |
Loss on asset impairment, net | 9,544 | 10,989 | 78,620 |
(Gains) losses on equity securities, net | (48,837) | 8,104 | (22,535) |
Equity in losses (earnings) of an investee | 4,382 | (2,856) | 941 |
Gain on sale of real estate, net | (43,239) | (47,818) | (11,522) |
Deferred income taxes | (1,291) | (1,091) | (1,688) |
Other non-cash income expense, net | (1,706) | (2,427) | (2,625) |
Changes in assets and liabilities: | |||
Due from related persons | 21,135 | (8) | (5,875) |
Other assets | 35,693 | 3,841 | 60,182 |
Accounts payable and other liabilities | 144,079 | (11,512) | (5,061) |
Due to related persons | 439 | (10,755) | (5,552) |
Net cash provided by operating activities | 485,549 | 243,127 | 49,904 |
Cash flows from investing activities: | |||
Acquisition of real estate properties | (165,866) | (2,766) | (7,709) |
Proceeds from sale of TravelCenters of America Inc. common shares | 101,892 | 0 | 0 |
Proceeds from sale of tradenames and trademarks | 89,400 | 0 | 0 |
Real estate improvements | (200,894) | (103,646) | (95,017) |
Hotel managers’ purchases with restricted cash | (5,407) | (4,952) | (24,565) |
Net proceeds from sale of real estate | 156,432 | 554,087 | 51,412 |
Investment in Sonesta | (5,134) | (45,470) | (25,443) |
Distributions in excess of earnings from Affiliates Insurance Company | 0 | 0 | 12 |
Net cash (used in) provided by investing activities | (29,577) | 397,253 | (101,310) |
Cash flows from financing activities: | |||
Proceeds from mortgage notes payable, net of discounts | 576,946 | 0 | 0 |
Repayment of mortgage notes payable | (1,631) | 0 | 0 |
Proceeds from senior secured notes, net of discounts | 985,900 | 0 | 0 |
Repayment of senior unsecured notes | (1,675,000) | (500,000) | 0 |
Borrowings under revolving credit facility | 0 | 20,000 | 984,027 |
Repayments of revolving credit facility | 0 | (1,020,000) | (62,451) |
Payment of debt issuance costs | (56,545) | (3,864) | (6,822) |
Repurchase of common shares | (802) | (470) | (790) |
Distributions to common shareholders | (132,430) | (38,044) | (6,596) |
Net cash (used in) provided by financing activities | (303,562) | (1,542,378) | 907,368 |
Increase (decrease) in cash and cash equivalents and restricted cash | 152,410 | (901,998) | 855,962 |
Cash and cash equivalents and restricted cash at beginning of year | 45,420 | 947,418 | 91,456 |
Cash and cash equivalents and restricted cash at end of year | $ 197,830 | $ 45,420 | $ 947,418 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Supplemental Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental disclosure of cash and cash equivalents and restricted cash: | |||
Cash and cash equivalents | $ 180,119 | $ 38,369 | $ 944,043 |
Restricted cash | 17,711 | 7,051 | 3,375 |
Total cash and cash equivalents and restricted cash | 197,830 | 45,420 | 947,418 |
Supplemental cash flow information: | |||
Cash paid for interest | 314,323 | 334,264 | 344,043 |
Cash paid for income taxes | 1,365 | 1,643 | 3,412 |
Non-cash investing activities: | |||
Real estate improvements accrued, not paid | $ 47,868 | $ 18,704 | $ 7,777 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Note 1. Organization Service Properties Trust, or we, us or our, is a real estate investment trust, or REIT, organized on February 7, 1995 under the laws of the State of Maryland, which invests in hotels and service-focused retail net lease properties. At December 31, 2023, we owned, directly and through our subsidiaries, 221 hotels and 752 service-focused retail net lease properties. At December 31, 2023, all 221 of our hotels were managed by subsidiaries of the following companies: Sonesta Holdco Corporation, or Sonesta, (195 hotels), Hyatt Hotels Corporation, or Hyatt (17 hotels), Radisson Hospitality, Inc., or Radisson (eight hotels), and InterContinental Hotels Group, plc, or IHG (one hotel). At December 31, 2023, we owned 752 service-focused retail net lease properties with 175 tenants, including 176 travel centers leased to TravelCenters of America Inc., or TA, our largest tenant. Hereinafter, these companies are sometimes referred to as our managers and/or tenants, or collectively, operators. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Basis of Presentation. These consolidated financial statements include our accounts and the accounts of our subsidiaries, all of which are 100% owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. We have determined that each of our wholly owned 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 the Codification. We have concluded that we must consolidate each of our wholly owned TRSs because we are the entity with the power to direct the activities that most significantly impact such VIEs’ performance and we have the obligation to absorb losses or 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 $142,789 and $142,542 as of December 31, 2023 and 2022, respectively, and consist primarily of our TRS’s investment in Sonesta’s common stock and amounts due from and working capital advances to certain of our hotel managers. The liabilities of our TRSs were $81,262 and $82,454 as of December 31, 2023 and 2022, respectively, and consist primarily of amounts payable to certain of our hotel managers. The assets of our TRSs are available to satisfy our TRSs’ obligations and we have guaranteed certain obligations of our TRSs. Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in our consolidated financial statements include the allowance for credit losses, purchase price allocations, useful lives of fixed assets and impairment of real estate and related intangibles. Real Estate Properties. We record real estate properties at cost less impairments, if any. We record the cost of real estate acquired at the relative fair value of building, land, furniture, fixtures and equipment, and, if applicable, acquired in place leases, above or below market leases and customer relationships. We determine the fair value of each property using methods similar to those used by independent appraisers, which may involve estimated cash flows that are based on a number of factors, including capitalization rates and discount rates, among others. For transactions that qualify as business combinations, we allocate the excess, if any, of the consideration over the fair value of the net assets acquired to goodwill. We depreciate real estate properties on a straight line basis over estimated useful lives of up to 40 years for buildings and improvements and up to 12 years for personal property and we amortize finite lived intangible assets over the shorter of their useful lives or the term of the associated lease. In some circumstances, we engage independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determination of useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives. We regularly evaluate whether events or changes in circumstances have occurred that could indicate an impairment in the value of our real estate properties. These indicators may include weak or declining operating profitability, cash flows or liquidity, our decision to dispose of an asset before the end of its estimated useful life or market or industry changes that could permanently reduce the value of our investments. If there is an indication that the carrying value of a property is not recoverable, we estimate the projected undiscounted cash flows of the asset to determine if an impairment loss should be recognized. We determine the amount of an impairment loss by comparing the historical carrying value of the property to its estimated fair value. We estimate fair value by evaluating recent financial performance and projecting discounted cash flows of properties using standard industry valuation techniques. In addition to consideration of impairment upon the events or changes in circumstances described above, we regularly evaluate the remaining lives of our real estate properties. If we change estimated lives, we depreciate or amortize the carrying values of affected assets over the revised remaining lives. During the years ended December 31, 2023, 2022 and 2021, we recorded $9,544, $10,989 and $78,620, respectively, of losses on asset impairment to reduce the carrying value of certain of our properties to their estimated fair values less costs to sell. Intangible Assets and Liabilities. Intangible assets consist primarily of trademarks and tradenames, acquired above market operating leases where we are the lessor and below market ground leases for which we are the tenant or lessee. Intangible liabilities consist of acquired below market operating leases where we are the lessor and acquired above market ground leases for which we are the tenant or lessee. We include intangible assets in acquired real estate leases and other intangibles, net and intangible liabilities in accounts payable and other liabilities in our consolidated balance sheets. At December 31, 2023 and 2022, our intangible assets and liabilities were as follows: December 31, 2023 2022 Assets: Tradenames and trademarks $ — $ 89,375 Above market operating leases, net of accumulated amortization of $95,275 and $82,515, respectively 126,890 155,320 Below market ground leases, net of accumulated amortization of $13,557 and $18,542, respectively 2,712 6,564 Other, net of accumulated amortization of $538 and $460, respectively 1,020 1,098 $ 130,622 $ 252,357 Liabilities: Below market operating leases, net of accumulated amortization of $784 and $597, respectively $ 746 $ 933 Above market ground leases, net of accumulated amortization of $293 and $296, respectively 7 25 $ 753 $ 958 See Note 4 for further information related to the tradenames and trademarks we sold to TA on May 15, 2023. We amortize above and below market leases on a straight line basis over the terms of the associated leases. For the years ended December 31, 2023, 2022 and 2021, amortization relating to intangible assets was $32,223, $30,775 and $41,648, respectively, and amortization relating to intangible liabilities was $205, $235 and $433, respectively. As of December 31, 2023, the weighted average amortization period for capitalized above market leases and below market lease values were 9.3 and 6.9, respectively. As of December 31, 2023, we estimate future amortization relating to intangible assets and liabilities as follows: Year Above Market Operating Leases Below Market Ground Leases Below Market Operating Leases Above Market Ground Leases & Other, Net 2024 $ 22,127 $ 735 $ (186) $ 71 2025 19,008 660 (127) 78 2026 14,645 658 (121) 78 2027 12,526 658 (89) 78 2028 9,723 1 (76) 78 Thereafter 48,861 — (147) 630 Total $ 126,890 $ 2,712 $ (746) $ 1,013 Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Restricted Cash. Restricted cash consists of amounts escrowed pursuant to the terms of our hotel management agreements to fund capital improvements at our hotels and amounts escrowed at certain of our mortgaged net lease properties. Debt Issuance Costs. Debt issuance costs consist of capitalized issuance costs related to borrowings, which are amortized to interest expense over the terms of the respective debt. Debt issuance costs, net of accumulated amortization, for our revolving credit facility are included in other assets, net in our consolidated balance sheets. As of December 31, 2023 and 2022, debt issuance costs for our revolving credit facility were $12,379 and $6,214, respectively, and accumulated amortization of debt issuance costs for our revolving credit facility were $1,502 and $3,925, respectively. Debt issuance costs, net of accumulated amortization, for our senior notes and our net lease mortgage notes, are presented as a direct deduction from the associated debt liability in our consolidated balance sheets. As of December 31, 2023 and 2022, debt issuance costs, net of accumulated amortization, were $35,016 and $25,545, respectively, for our senior notes, and $22,332 and zero, respectively, for our net lease mortgage notes. Future amortization of debt issuance costs to be recognized with respect to our revolving credit facility, our senior notes and our net lease mortgage notes as of December 31, 2023, are as follows: Year Amount 2024 $ 16,628 2025 15,718 2026 13,607 2027 11,207 2028 3,850 Thereafter 7,215 Total $ 68,225 Equity Method Investment. We account for our 34% non-controlling interest in Sonesta under the equity method of accounting. Sonesta is a private company and Adam D. Portnoy, one of our Managing Trustees who also serves as one of Sonesta’s directors, is the controlling shareholder. One of Sonesta’s other directors is our other Managing Trustee, and Sonesta’s other director serves as The RMR Group LLC, or RMR’s, and The RMR Group Inc., or RMR Inc.’s, executive vice president, general counsel and secretary and as our Secretary. Certain of Sonesta’s officers are officers of RMR. Certain other officers and employees of Sonesta are former employees of RMR. RMR also provides certain services to Sonesta. See Notes 4, 5 and 9 for a further discussion of our investment in and relationships with Sonesta. Equity Securities. We record equity securities at fair value based on their quoted market price at the end of each reporting period. Changes in the fair value of our equity securities are recorded through earnings in accordance with FASB Accounting Standards Update, or ASU, No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . Revenue Recognition. We report hotel operating revenues for managed hotels in our consolidated statements of comprehensive income (loss). 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 properties in our consolidated statements of comprehensive income (loss). We recognize rental income from operating leases on a straight line basis over the terms of the lease agreements. We increased rental income by $13,165 during the year ended December 31, 2023, and reduced rental income by $7,767 and $2,621 during the years ended December 31, 2022 and 2021, respectively, to record scheduled rent changes under certain of our leases on a straight line basis. Due from related persons included $7,522 of straight line rent receivables related to our TA leases at December 31, 2022. TA was no longer a related person as of May 15, 2023. Other assets, net, includes $56,833 and $32,247 of straight line rent receivables at December 31, 2023 and 2022, respectively. See Notes 4 and 9 for further information regarding our TA leases. Certain of our lease agreements require additional percentage rent if gross revenues of our properties exceed certain thresholds defined in our lease agreements. We may determine percentage rent due to us under our leases monthly, quarterly or annually, depending on the specific lease terms, and recognize it when all contingencies are met and the rent is earned. We recorded percentage rent of $6,600, $10,578 and $7,085 during the years ended December 31, 2023, 2022 and 2021, respectively. We own all the escrowed reserves established for the regular refurbishment of our hotels, or FF&E reserves. We do not report the FF&E reserves for our managed hotels as FF&E reserve income. Per Common Share Amounts. We calculate basic earnings per common share using the two class method. We calculate diluted earnings per share using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares, together with the related impact on earnings, are considered when calculating diluted earnings per share. For the years ended December 31, 2023, 2022, and 2021, there were no dilutive common shares and certain unvested common shares were not included in the calculation of diluted earnings per share because to do so would have been antidilutive. Segment Information. As of December 31, 2023, we had two reportable segments: hotel investments and net lease investments. Income Taxes. We have elected to be taxed as a REIT under the United States Internal Revenue Code of 1986, as amended, 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 (or benefit) includes the income tax provision (or benefit) 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. The Income Taxes Topic of the Codification prescribes how we should recognize, measure and present in our consolidated financial statements uncertain tax positions that have been taken or are expected to be taken in a tax return. Tax benefits are recognized to the extent that it is “more likely than not” that a particular tax position will be sustained upon examination or audit. To the extent the “more likely than not” standard has been satisfied, the benefit associated with a tax position is measured as the largest amount that has a greater than 50% likelihood of being realized upon settlement. Our tax returns filed for the 2020 through 2023 tax years are subject to examination by taxing authorities. We classify interest and penalties related to uncertain tax positions, if any, in our consolidated statements of comprehensive income (loss) as a component of general and administrative expense. New Accounting Pronouncements. On November 27, 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , or ASU No. 2023-07, which requires public entities to: (i) provide disclosures of significant segment expenses and other segment items if they are regularly provided to the Chief Operating Decision Maker, or the CODM, and included in each reported measure of segment profit or loss; (ii) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by ASC 280, Segment Reporting , or ASC 280, in interim periods; and (iii) disclose the CODM’s title and position, as well as an explanation of how the CODM uses the reported measures and other disclosures. The amendments in ASU No. 2023-07 are incremental to the requirements in ASC 280 and do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. ASU No. 2023-07 should be applied retrospectively to all prior periods presented in the financial statements and is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact ASU No. 2023-07 will have on our consolidated financial statements and disclosures. On December 14, 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , or ASU No. 2023-09, which requires public entities to enhance its annual income tax disclosures by requiring: (i) consistent categories and greater disaggregation of information in the rate reconciliation, and (ii) income taxes paid disaggregated by jurisdiction. ASU No. 2023-09 should be applied prospectively but entities have the option to apply it retrospectively to all prior periods presented in the financial statements. ASU No. 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact ASU No. 2023-09 will have on our consolidated financial statements and disclosures. |
Real Estate Properties
Real Estate Properties | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate [Abstract] | |
Real Estate Properties | Note 3. Real Estate Properties As of December 31, 2023, we owned 221 hotels with an aggregate of 37,777 rooms or suites and 752 service-focused retail net lease properties with an aggregate of 13,341,172 square feet that are primarily subject to “triple net” leases, or net leases where the tenant is generally responsible for payment of operating expenses and capital expenditures of the property during the lease term. Our properties had an aggregate undepreciated carrying value of $9,799,642, including $13,305 related to properties classified as held for sale as of December 31, 2023. Our real estate properties, at cost after impairments, consisted of land of $1,972,145, buildings and improvements of $7,443,750 and furniture, fixtures and equipment of $370,442, as of December 31, 2023; and land of $1,902,587, buildings and improvements of $7,271,864 and furniture, fixtures and equipment of $386,418, as of December 31, 2022. We funded capital improvements to certain of our properties of $235,530, $115,927 and $103,630 during 2023, 2022 and 2021, respectively. At December 31, 2023, eight of our hotels were on land we leased partially or entirely from unrelated third parties. The average remaining term of these ground leases (including renewal options) is approximately 39 years (range of 11 years to 64 years). Ground rent payable under three of these ground leases is generally calculated as a percentage of hotel revenues. Seven of the eight ground leases require annual minimum rents averaging $337 per year; future rent under one ground lease has been prepaid. 14 of our net lease properties are also on land we leased partially or entirely from unrelated third parties. The remaining terms on these leases range from three months to 41 years with rents averaging $420 per year. Generally, payments of ground lease obligations are made by our managers or tenants. However, if a manager or tenant does not perform obligations under a ground lease or does not renew any ground lease, we might have to perform obligations under the ground lease or renew the ground lease in order to protect our investment in the affected property. Any pledge, sale or transfer of our interests in a ground lease may require the consent of the applicable ground lessor and its lenders. Acquisitions Our allocation of the purchase price for each of our acquisitions in 2023, 2022 and 2021, based on the estimated fair value of the acquired assets and assumed liabilities, is presented in the table below. We accounted for these transactions as acquisitions of assets. Acquisition Date Location Property Type Rooms or Suites / Square Feet Purchase Price (1) Land Buildings and Improvements Furniture, Fixtures and Equipment Properties acquired during the year ended December 31, 2023: June 1, 2023 Miami Beach, FL Hotel 250 $ 165,866 $ 83,200 $ 77,987 $ 4,679 Properties acquired during the year ended December 31, 2022: September 12, 2022 Stoughton, MA Land — $ 2,766 $ 2,766 $ — $ — Properties acquired during the year ended December 31, 2021: March 9, 2021 Nashville, TN Land — $ 7,709 $ 7,709 $ — $ — (1) Includes acquisition related costs of $466, $51 and $109 for the years ended December 31, 2023, 2022 and 2021, respectively. Dispositions During the years ended December 31, 2023, 2022 and 2021, we sold 31, 86 and 18 properties, respectively, for an aggregate sales price of $170,325, $559,848 and $52,332, respectively, excluding closing costs. The sales of these properties as presented in the table below do not represent significant dispositions, individually or in the aggregate, nor do they represent a strategic shift in our business. As a result, the results of the operations of these properties are included in continuing operations through the date of sale in our consolidated statements of comprehensive income (loss). Property Type Number of Properties Rooms or Suites / Square Feet Gross Sales Price Gain / (Loss) on Sale of Real Estate, net Properties sold during the year ended December 31, 2023: Hotels 18 2,526 $ 157,230 $ 41,861 Net Lease 13 160,310 13,095 1,378 31 2,526 / 160,310 $ 170,325 $ 43,239 Properties sold during the year ended December 31, 2022: Hotels 65 8,296 $ 543,413 $ 48,202 Net Lease 21 138,638 16,435 (384) 86 8,296 / 138,638 $ 559,848 $ 47,818 Properties sold during the year ended December 31, 2021: Hotels 7 669 $ 40,552 $ 9,590 Net Lease 11 97,276 11,780 1,932 18 669 / 97,276 $ 52,332 $ 11,522 As of December 31, 2023, we had one hotel with 84 rooms and a carrying value of $4,060, and nine net lease properties with 128,159 square feet and an aggregate carrying value of $6,386 classified as held for sale. See Note 13 for further information on these properties. From January 1, 2024 through February 22, 2024, we sold one net lease property with 4,100 square feet for a sale price of $257, excluding closing costs. We have also entered into agreements to sell one hotel with 84 keys for a sales price of $3,315 and four net lease properties with an aggregate of 55,276 square feet for an aggregate sales price of $3,121. These pending sales are subject to conditions; accordingly, we cannot be sure that we will complete these sales, that these sales will not be delayed or that the terms will not change. We believe it is more likely than not that the sales of these properties will be completed by year end 2024. We continue to market five net lease properties with an aggregate of 98,422 square feet for sale. |
Management Agreements and Lease
Management Agreements and Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Management Agreements and Leases | Note 4. Management Agreements and Leases As of December 31, 2023, we owned 221 hotels included in four operating agreements and 752 service-focused retail properties net leased to 175 tenants. We do not operate any of our properties. As of December 31, 2023, all 221 of our hotels were managed by subsidiaries of the following companies: Sonesta (195 hotels), Hyatt (17 hotels), Radisson (eight hotels) and IHG (one hotel). As of December 31, 2023, we owned 752 service-focused retail net lease properties with 175 tenants, including 176 travel centers leased to TA, our largest tenant. Hereinafter, these companies are sometimes referred to as our managers and/or tenants, or collectively, operators. Hotel Agreements Sonesta Agreement. As of December 31, 2023, Sonesta managed 40 of our full-service hotels, 111 of our extended stay hotels and 44 of our select service hotels pursuant to management agreements for all of the hotels, which we collectively refer to as our Sonesta agreement. The hotels Sonesta managed for us comprised approximately 49.8% of our total historical real estate investments. We acquired one hotel in June 2023, and we and Sonesta added this hotel to our Sonesta agreement. We sold two Sonesta branded hotels and 65 Sonesta branded hotels during the years ended December 31, 2023 and 2022, respectively. See Note 3 for further information regarding our acquisition and disposition activities. Our Sonesta agreement, which expires on January 31, 2037 and includes two 15-year renewal options, provides that we are paid an annual owner’s priority return 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. The Sonesta agreement further provides that we are paid an additional return equal to 80% of the operating profits, as defined therein, after paying the owner’s priority return, reimbursing owner or manager advances, funding FF&E reserves and paying Sonesta’s incentive fee, if applicable. We do not have any security deposits or guarantees for our Sonesta hotels. We realized returns under our Sonesta agreement of $226,181, $196,721 and $53,853 during the years ended December 31, 2023, 2022 and 2021, respectively. Our Sonesta agreement requires us to fund capital expenditures that we approve at the hotels. We incurred capital expenditures for hotels included in our Sonesta agreement in an aggregate amount of $172,028 and $94,479 during the years ended December 31, 2023 and 2022, respectively, which resulted in increases in our contractual annual owner’s priority returns of $10,321 and $5,416, respectively. Our annual priority return under our Sonesta agreement as of December 31, 2023 was $353,953. We owed Sonesta $13,300 and $8,889 for capital expenditures and other reimbursements as of December 31, 2023 and 2022, respectively. Sonesta owed us $6,376 and $2,975 in owner’s priority returns and other amounts as of December 31, 2023 and 2022, respectively. Amounts due from Sonesta are included in due from related persons and amounts owed to Sonesta are included in due to related persons in our consolidated balance sheets. Our Sonesta agreement requires that 5% of the hotel gross revenues be escrowed for future capital expenditures as FF&E reserves, subject to available cash flows after payment of the owner’s priority returns due to us. No FF&E escrow deposits were required during any of the years ended December 31, 2023, 2022 or 2021. Pursuant to our Sonesta agreement, we incurred management, reservation and system fees and reimbursement costs for certain guest loyalty, marketing programs and third-party reservation transmission fees of $118,146, $114,563 and $84,926 for the years ended December 31, 2023, 2022 and 2021, respectively. These fees and costs are included in hotel operating expenses in our consolidated statements of comprehensive income (loss). In addition, we incurred procurement and construction supervision fees payable to Sonesta of $1,791 and $1,331 for the years ended December 31, 2023 and 2022, respectively, which amounts have been capitalized in our consolidated balance sheets and are depreciated over the estimated useful lives of the related capital assets. We are required to maintain working capital for each of our hotels managed by Sonesta and have advanced a fixed amount based on the number of rooms in each hotel to meet the cash needs for hotel operations. As of December 31, 2023 and 2022, we had advanced $48,490 and $48,580, respectively, of initial working capital to Sonesta net of any working capital returned to us on termination of the applicable management agreements in connection with hotels we have sold. These amounts are included in other assets in our consolidated balance sheets. Any remaining working capital would be returned to us upon termination in accordance with the terms of our Sonesta agreement. In general, we and Sonesta may terminate the management agreement for events of default, casualty and condemnation events, although Sonesta may not terminate for certain events of default. We also have the right to terminate the management agreement if minimum performance thresholds are not met for any three four See Notes 5 and 9 for further information regarding our relationship, agreements and transactions with Sonesta. Hyatt Agreement. As of December 31, 2023, Hyatt managed 17 of our select service hotels pursuant to a portfolio management agreement that expires on March 31, 2031, or our Hyatt agreement, and provides that, as of December 31, 2023, we are to be paid an annual owner’s priority return of $15,555. Any returns we receive from Hyatt are currently limited to the hotels’ available cash flows, if any, after payment of operating expenses. Hyatt has provided us with a $30,000 limited guarantee for 75% of the aggregate annual owner’s priority returns due to us that will become effective upon substantial completion of planned renovations of the hotels, which we currently expect to occur in 2024. We realized returns under our Hyatt agreement of $9,371, $12,281 and $9,388 during the years ended December 31, 2023, 2022 and 2021, respectively. During the year ended December 31, 2021, we expensed $3,700 of working capital we previously funded under our Hyatt agreement because the amount was no longer expected to be recoverable. This amount is included in transaction related costs in our consolidated statements of comprehensive income (loss). In February 2024, we funded $2,300 of additional working capital to Hyatt. We may recover this amount in the future, if cash flows are sufficient to pay our owner’s priority return and other amounts in accordance with our Hyatt agreement. During the years ended December 31, 2023 and 2022, we incurred capital expenditures for certain hotels included in our Hyatt agreement of $46,679 and $11,845, respectively, which resulted in an aggregate increase in our contractual annual owner’s priority returns of $2,801 and $754, respectively. Radisson Agreement . As of December 31, 2023, Radisson managed eight of our full service hotels pursuant to a portfolio management agreement that expires on July 31, 2031, or our Radisson agreement, and provides that we are to be paid an annual owner’s priority return of $10,866. Radisson has provided us with a $22,000 limited guarantee for 75% of the aggregate annual owner’s priority returns due to us that became effective on January 1, 2023, subject to adjustment for planned renovations of certain hotels, which we currently expect to be completed by the end of the second quarter of 2024. We realized returns under our Radisson agreement of $6,266, $6,387 and $11,364 for the years ended December 31, 2023, 2022 and 2021, respectively. During the year ended December 31, 2023, the hotels under this agreement generated cash flows that were less than the guaranteed owner’s priority level due to us for the period, and Radisson made $650 of guaranty payments to cover the shortfall. The available balance of the guaranty was $21,350 as of December 31, 2023. Radisson had previously provided us with a guaranty, which was limited to $47,253. During the year ended December 31, 2021, the hotels under this agreement generated cash flows that were less than the minimum returns due to us and Radisson made $13,238 of guaranty payments to cover the shortfall and the previous Radisson guaranty was exhausted. During the years ended December 31, 2023 and 2022, we incurred capital expenditures of $7,660 and $3,433, respectively, for the hotels included in our Radisson agreement, which resulted in an aggregate increase in our contractual owner’s priority returns of $460 and $206, respectively. Marriott Agreement . As of December 31, 2023, we sold all 16 hotels previously managed by Marriott International, Inc., or Marriott. We realized a net operating loss under our management agreement with Marriott of $2,762 during the year ended December 31, 2023 and returns of $8,942 and $2,830 during the years ended December 31, 2022 and 2021, respectively. We did not incur capital expenditures for any of the hotels included in our management agreement with Marriott during either of the years ended December 31, 2023 or 2022. IHG Agreement. Our management agreement with IHG for one hotel expires on January 31, 2026. We realized returns under our management agreement with IHG of $4,800, $3,561 and $337 for the years ended December 31, 2023, 2022 and 2021, respectively. Any returns we receive from IHG are limited to the hotel’s available cash flows, if any, after payment of operating expenses. During the year ended December 31, 2021, we expensed $16,711 of working capital we previously funded under our IHG agreement because the amount was no longer, at that time, expected to be recoverable. During the year ended December 31, 2023, we recovered $5,797 of the working capital that was previously expensed. Both amounts are included in transaction related costs in our consolidated statements of comprehensive income (loss). During the years ended December 31, 2023 and 2022, we incurred capital expenditures for our hotel in our IHG agreement of $542 and $451, respectively. Net Lease Portfolio As of December 31, 2023, we owned 752 service-focused retail net lease properties with an aggregate of 13,341,172 square feet with leases requiring annual minimum rents of $372,319 with a weighted (by annual minimum rents) average remaining lease term of 8.8 years. Our net lease properties were 97.1% occupied and leased by 175 tenants operating under 137 brands in 21 distinct industries. TA Leases. As of December 31, 2023, TA is our largest tenant, representing 28.8% of our total historical real estate investments. Pursuant to the A&R Leases, as defined and described below, we lease to TA a total of 176 travel centers under five master leases that expire in 2033, or our TA leases, subject to TA’s right to extend those leases, and require annual minimum rents of $254,000 as of December 31, 2023. As of December 31, 2023, the number of travel centers, the terms and the annual minimum rents owed to us by TA under our TA leases was as follows: Number of Travel Centers Initial Term End (1) Annualized Minimum Rent TA No. 1 Lease 35 May 14, 2033 $ 52,001 TA No. 2 Lease 36 May 14, 2033 46,111 TA No. 3 Lease 34 May 14, 2033 44,366 TA No. 4 Lease 36 May 14, 2033 47,023 TA No. 5 Lease 35 May 14, 2033 64,499 176 $ 254,000 (1) TA has five renewal options of 10 years each under each of our TA leases. Our TA leases are “triple net” leases that require TA to pay all costs incurred in the operation of the leased travel centers, including personnel, utility, inventory, customer service and insurance expenses, real estate and personal property taxes, environmental related expenses, underground storage tank maintenance costs and ground lease payments at those travel centers at which we lease the property and sublease it to TA. Our TA leases generally require TA to indemnify us for certain environmental matters and for liabilities that arise during the terms of the leases from ownership or operation of the leased travel centers. 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. We recognized rental income from our TA leases of $266,263, $259,093 and $248,291 for the years ended December 31, 2023, 2022 and 2021, respectively. Rental income was increased by $7,932 for the year ended December 31, 2023 and decreased by $13,143 and $13,237 for the years ended December 31, 2022 and 2021, respectively, to record the scheduled rent changes on a straight line basis. TA was required to pay us previously deferred rent obligations in quarterly installments of $4,404 through January 31, 2023. TA paid us the final quarterly installment owed to us in January 2023. As of December 31, 2023 and 2022, we had receivables for current rent amounts owed to us by TA and straight line rent adjustments of $19,816 and $30,764, respectively, included in other assets, net and due from related persons, respectively, in our consolidated balance sheets. Until May 15, 2023, our TA leases required TA to pay us percentage rent based upon increases in certain sales. We recognized percentage rent due under our TA leases as rental income when all contingencies were met. We recognized percentage rent of $3,507, $10,578 and $7,085 during the years ended December 31, 2023, 2022 and 2021, respectively, under our TA leases. We did not fund any improvements under these leases during either of the years ended December 31, 2023 or 2022. TA Merger On May 15, 2023, BP Products North America Inc. acquired TA pursuant to a merger, or the TA Merger, for $86.00 per common share in cash. At the effective time of the TA Merger, we entered into amended and restated lease agreements, or the A&R Leases, for 176 of our travel center properties. Under the A&R Leases, the aggregate annual minimum rent due to our applicable subsidiaries is $254,000, with annual 2% increases throughout the initial term of 10 years and any of the five 10-year extension options that may be exercised, and there is no percentage rent requirement. TA prepaid $188,000 of rent under the A&R Leases at the effective time of the TA Merger and TA will receive monthly rent credits totaling $25,000 per year over the 10-year initial term of the A&R Leases. In addition, we received $89,400 for certain tradenames and trademarks associated with TA’s business that we sold to TA in connection with the TA Merger, which amount equaled our net book value for those tradenames and trademarks. TA is required to maintain the leased travel centers, including structural and non-structural components. In addition, TA has a right of first offer with respect to certain potential sales of travel center properties included in the A&R Leases. Pursuant to the amended and restated guaranty amendments entered into at the effective time of the TA Merger, or the A&R Guarantees, BP Corporation North America Inc. guaranteed payment under each of the A&R Leases. BP Corporation North America Inc.’s obligations under the A&R Guarantees are limited by an aggregate cap which was approximately $3,037,475 as of December 31, 2023. Following the TA Merger, TA ceased being a related party. On February 2, 2024, TA acquired the leasehold interest of one of our travel centers from a third party landlord. The aggregate minimum rent due to us under our leases with TA for the remaining 175 travel centers is unchanged as a result of TA’s acquisition of this leasehold interest. For more information regarding our relationship with TA, including the TA Merger and related transactions, see Notes 5 and 9. Our other net lease agreements generally provide for minimum rent payments and in addition may include variable payments. Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight-line basis over the lease term when we have determined the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. We recognized rental income from our net lease properties (excluding TA) of $129,566, $135,522 and $140,803 for the years ended December 31, 2023, 2022 and 2021, respectively, which included $5,233, $5,367 and $10,616, respectively, of adjustments to record scheduled rent changes under certain of our leases on a straight line basis. We continually review receivables related to rent, straight-line rent and property operating expense reimbursements and determine collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. The review includes an assessment of whether substantially all of the amounts due under a tenant’s lease are probable of collection. For leases that are deemed probable of collection, revenue continues to be recorded on a straight-line basis over the lease term. For leases that are deemed not probable of collection, revenue is recorded as cash is received. We recognize all changes in the collectability assessment for an operating lease as an adjustment to rental income. We recorded reserves for uncollectable amounts and reduced rental income by $4,927 during the year ended December 31, 2023 and reduced our reserves for uncollectable amounts and increased rental income by $320 and $9 during the years ended December 31, 2022 and 2021, respectively, based on our assessment of the collectability of rents. We had reserves for uncollectable rents of $3,436 and $7,697 as of December 31, 2023 and 2022, respectively, included in other assets in our consolidated balance sheets. Additional lease information (as lessor). As of December 31, 2023, our leases with parties other than our TRSs, provide for contractual minimum rents to be paid to us during the remaining current terms as follows: Year Amount 2024 $ 377,775 2025 377,571 2026 371,649 2027 367,491 2028 362,288 Thereafter 1,799,925 Total $ 3,656,699 Additional lease information (as lessee). As of December 31, 2023, eight of our hotels were subject to ground leases where we are the lessee. In addition, our hotel operators enter various leases on our behalf in the normal course of business at our hotels, or our hotel operating leases. We calculated right of use assets and lease liabilities as the present value of the remaining lease payment obligations for our operating leases, which include the ground leases and hotel operating leases, over the remaining lease term using our estimated incremental borrowing rate. The right of use assets and related lease liabilities are included within other assets, net and accounts payable and other liabilities, respectively, in our consolidated balance sheets. At December 31, 2023 and 2022, our right of use assets and related lease liabilities each totaled $157,127 and $177,264, respectively, which represented our future obligations under our operating leases and are included in other assets, net accounts payable and other liabilities Year Amount 2024 $ 14,003 2025 14,076 2026 14,198 2027 14,087 2028 13,891 Thereafter 216,217 Total lease payments 286,472 Less: imputed interest (129,345) Present value of lease liabilities (1) $ 157,127 (1) The weighted average discount rate used to calculate the lease liability and the weighted average remaining term for our ground leases (assuming all extension options) and our hotel operating leases are approximately 5.4% and 20 years (range of three months to 64 years) and 6.7% and 33 years (range of four months to 50 years), respectively. Generally, payments of ground lease obligations are made by our managers or tenants. However, if a manager or tenant did not perform obligations under a ground lease or did not renew any ground lease, we might have to perform obligations under the ground lease or renew the ground lease in order to protect our investment in the affected property. |
Other Investments
Other Investments | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Other Investments | Note 5. Other Investments Equity Method Investment As of both December 31, 2023 and 2022, we owned 34% of Sonesta’s outstanding common stock. We account for our 34% non-controlling interest in Sonesta under the equity method of accounting. As of December 31, 2023 and 2022, our investment in Sonesta had a carrying value of $113,304 and $112,617, respectively. O n the date of acquisition of our initial equity interest in Sonesta ( February 27, 2020), t he cost basis of our investment in Sonesta exceeded our proportionate share of Sonesta’s total stockholders’ equity book value by an aggregate of $8,000. As required under GAAP, we are amortizing this difference to equity in earnings of an investee over 31 years, the weighted average remaining useful life of the real estate assets and intangible assets and liabilities owned by Sonesta as of the date of our acquisition. We recorded amortization of the basis difference of $260 in each of the years ended December 31, 2023, 2022 and 2021. We recognized (losses) earnings of ($4,382), $2,856, and ($941) related to our investment in Sonesta for the years ended December 31, 2023, 2022 and 2021, respectively. These amounts are included in equity in (losses) earnings of an investee in our consolidated statements of comprehensive income (loss). We recorded a liability of $42,000 for the fair value of our initial investment in Sonesta, as no cash consideration was exchanged related to the modification of our management agreement with, and investment in, Sonesta. This liability for our investment in Sonesta is included in accounts payable and other liabilities in our consolidated balance sheets and is being amortized on a straight-line basis through January 31, 2037 , as a reduction to hotel operating expenses in our consolidated statements of comprehensive income (loss). We reduced hotel operating expenses by $2,484 for each of the years ended December 31, 2023, 2022 and 2021, for amortization of this liability. As of December 31, 2023 and 2022, the unamortized balance of this liability was $32,479 and $34,963, respectively. In 2021, we funded a $25,443 capital contribution to Sonesta related to its acquisition of Red Lion Hotels Corporation to maintain our pro rata ownership. In 2022, we funded an aggregate of $45,470 of capital contributions to Sonesta related to Sonesta’s acquisition of a portfolio of four hotels located in New York, New York. In 2023, we funded a $5,134 capital contribution to Sonesta to support their growth initiatives, including their franchising efforts. We continue to maintain our 34% ownership in Sonesta after giving effect to these fundings. Summarized financial information for Sonesta as of December 31, 2023 and 2022, and for the years ended December 31, 2023, 2022 and 2021 is as follows: December 31, 2023 2022 Total current assets $ 171,265 $ 156,321 Total noncurrent assets $ 694,828 $ 580,856 Total current liabilities $ 155,935 $ 141,345 Total noncurrent liabilities $ 342,839 $ 232,357 Non-controlling interest $ 54,963 $ 54,657 Year Ended December 31, 2023 2022 2021 Total revenues $ 765,011 $ 681,434 $ 478,097 Operating income (loss) $ 5,013 $ 21,929 $ (1,526) Net (loss) income $ (10,823) $ 10,056 $ (2,009) Net (loss) income attributable to shareholders $ (11,404) $ 9,184 $ (2,009) See Notes 4 and 9 for further information regarding our relationship, agreements and transactions with Sonesta. Investment in Equity Securities As discussed in Note 4, the TA Merger occurred on May 15, 2023. We received $86.00 in cash for each share of TA common stock that we owned, or a total of $101,892, as a result of the TA Merger. As of May 15, 2023 and December 31, 2022, we owned 1,184,797 shares of TA common stock, representing approximately 7.8% of TA’s outstanding shares of common stock, and reported them at fair value based on quoted market prices (Level 1 inputs as defined in the fair value hierarchy under GAAP). Our TA shares had a carrying value of $101,893 and $53,055 as of May 15, 2023 and December 31, 2022, respectively. Our historical cost basis for these shares was $24,418 as of both May 15, 2023 and December 31, 2022. We recorded gains and losses of $48,837, ($8,104) and $22,535 for the years ended December 31, 2023, 2022 and 2021, respectively, to adjust the carrying value of our investment in shares of TA common stock to its fair value. |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Indebtedness | Note 6. Indebtedness Our principal debt obligations at December 31, 2023 were: (1) $4,025,000 aggregate outstanding principal amount of senior unsecured notes; (2) $1,000,000 aggregate outstanding principal amount of senior secured notes; and (3) $608,569 aggregate outstanding principal amount of net lease mortgage notes. We had no amounts outstanding under our revolving credit facility as of December 31, 2023. On June 29, 2023, we entered into an amended and restated credit agreement, or our credit agreement, governing our $650,000 secured revolving credit facility. This new facility replaced our prior $800,000 secured revolving credit facility, which had a maturity date of July 15, 2023, and is available for general business purposes, including acquisitions. We can borrow, repay and reborrow funds available under the new facility until maturity and no principal repayments are due until maturity. The maturity date of the new facility is June 29, 2027, and, subject to the payment of an extension fee and meeting certain other conditions, we have an option to further extend the stated maturity date of the new facility by two additional six-month periods. Interest payable on drawings under the new facility is based on the secured overnight financing rate plus a margin ranging from 1.50% to 3.00% based on our leverage ratio, as defined in our credit agreement, which was 2.50% as of December 31, 2023. As collateral for all loans and other obligations under the new facility, certain of our subsidiaries pledged all of their respective equity interests in certain of our direct and indirect property owning subsidiaries, and our pledged subsidiaries provided first mortgage liens on 69 properties, including 66 hotels and three net lease properties, with an undepreciated carrying value of $1,594,253 as of December 31, 2023. In addition, in order to maintain compliance with the minimum collateral property availability covenant as defined in the credit agreement, in February 2024, we added three hotels with an undepreciated carrying value of $114,635 as of December 31, 2023, as collateral under the agreement. We also pay unused commitment fees of 20 to 30 basis points per annum on the total amount of lending commitments under our revolving credit facility based on amounts outstanding. As of December 31, 2023 and 2022, the annual interest rate payable on borrowings under the new or prior revolving credit facility was 7.88% and 6.79%, respectively. We had no borrowings outstanding under either the new or prior revolving credit facility during the year ended December 31, 2023. The weighted average annual interest rate for borrowings under the prior revolving credit facility was 3.85% and 2.85% for the years ended December 31, 2022 and 2021, respectively. As a result of the amendment, we recorded a loss on early extinguishment of debt of $238 during the year ended December 31, 2023, which represented the write-off of certain unamortized issuance costs. Our debt agreements 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 ceasing to act as our business manager. Our debt agreements also contain covenants, including those 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 debt agreements as of December 31, 2023. Senior Secured Notes Issuance On November 16, 2023, we issued $1,000,000 principal amount of 8.625% senior secured notes due 2031. The aggregate net proceeds from this offering were $967,525, after initial purchaser discounts and other offering expenses. These notes are fully and unconditionally guaranteed on a joint and several basis by (i) newly formed wholly owned subsidiaries, or the TA Landlord Subsidiaries, that are the landlords with respect to a portion of our properties leased to TA and the immediate parent entity of the TA Landlord Subsidiaries, or the Pledgor, and (ii) all of our subsidiaries that guarantee our existing senior unsecured notes. The subsidiary guarantee provided by the Pledgor is secured by first-priority liens on the equity interests of the TA Landlord Subsidiaries. The Pledgor and the TA Landlord Subsidiaries have agreed not to guarantee any of our or our subsidiaries other indebtedness. These notes are secured by first-priority liens on the equity interests of subsidiaries that own and lease 70 of our travel center properties with an undepreciated carrying value of $785,876 as of December 31, 2023. Senior Unsecured Notes Redemptions On March 8, 2023, we redeemed at par all of our outstanding 4.50% senior notes due in 2023 for a redemption price equal to the principal amount of $500,000, plus accrued and unpaid interest. As a result of the redemption, we recorded a loss on early extinguishment of debt of $44 during the year ended December 31, 2023, which represented the unamortized discounts and issuance costs related to these notes. On December 9, 2023, we redeemed at par all of our outstanding 4.65% and 4.35% senior unsecured notes due in 2024 for redemption prices equal to the principal amounts of $350,000 and $825,000, respectively, plus accrued and unpaid interest. As a result of these redemptions, we recorded an aggregate loss on early extinguishment of debt of $1,242 during the year ended December 31, 2023, which represented the unamortized discounts and issuance costs related to these notes. All of our senior notes are prepayable at any time prior to their maturity date at par plus accrued interest plus a premium equal to a make whole amount, as defined, generally designed to preserve a stated yield to the noteholder. Interest on all of our senior notes is payable semi-annually in arrears. None of our unsecured debt obligations require sinking fund payments prior to their maturity dates. Net Lease Mortgage Notes Issuance On February 10, 2023, our wholly owned, special purpose bankruptcy remote, indirect subsidiary, SVC ABS LLC, or the Issuer, issued $610,200 in aggregate principal amount of net lease mortgage notes. Net proceeds from this issuance were $550,564 after initial purchaser discounts and offering costs. The Issuer is a separate legal entity and is the sole owner of its assets and liabilities. The assets of the Issuer are not available to pay or otherwise satisfy obligations to the creditors of any owners or affiliates of the Issuer. The Class A notes and the Class B notes noted in the table below require monthly principal repayments at an annualized rate of 0.50% and 0.25% of the balance outstanding, respectively, and the Class C notes noted in the table below require interest payments only, with balloon payments due at maturity. The notes mature in February 2028 and may be redeemed without penalty 24 months prior to the scheduled maturity date beginning in February 2026. The notes are non-recourse and are secured by 308 net lease retail properties owned by the Issuer. The current leases relating to those properties require annual minimum rents of $63,283 and the properties had an undepreciated carrying value of $755,116 as of December 31, 2023. Our net lease mortgage notes are summarized below: Note Class Principal Outstanding as of December 31, 2023 Coupon Rate Term (in years) Maturity Class A $ 303,729 5.15% 5 February 2028 Class B 172,640 5.55% 5 February 2028 Class C 132,200 6.70% 5 February 2028 Total / weighted average $ 608,569 5.60% The required principal payments due during the next five years and thereafter under all our outstanding debt at December 31, 2023 were as follows: Year Amount 2024 $ 1,958 2025 1,151,958 2026 801,958 2027 851,958 2028 1,000,737 Thereafter 1,825,000 Total $ 5,633,569 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Note 7. Shareholders’ Equity Share Awards We have common shares available for issuance under the terms of our Amended and Restated 2012 Equity Compensation Plan, or our Share Award Plan. During the years ended December 31, 2023, 2022 and 2021, we awarded shares to our Trustees, officers and other employees of RMR as follows: Year Number of Shares Weighted Average Grant Date Fair Value Weighted Average Value of Grants 2023 438,000 $ 7.88 $ 3,451 2022 433,500 $ 6.63 $ 2,874 2021 340,700 $ 11.26 $ 3,839 The value of the share awards were based upon the closing price of our common shares on The Nasdaq Stock Market LLC, or Nasdaq, on the date of the awards. The common shares awarded to our Trustees vest immediately. The common shares awarded to our officers and certain other employees of RMR (in those capacities) vest in five A summary of shares awarded, vested, forfeited and unvested under the terms of the Share Award Plan for the years ended December 31, 2023, 2022 and 2021 is as follows: 2023 2022 2021 Number Weighted Number Weighted Number Weighted Unvested shares, beginning of year 588,830 $ 8.81 425,030 $ 11.93 325,900 $ 14.71 Shares awarded 438,000 $ 7.88 433,500 $ 6.63 340,700 $ 11.26 Shares vested (394,470) $ 9.21 (266,300) $ 10.20 (240,470) $ 14.78 Shares forfeited (22,400) $ 8.91 (3,400) $ 12.08 (1,100) $ 12.96 Unvested shares, end of year 609,960 $ 7.88 588,830 $ 8.81 425,030 $ 11.93 The 609,960 unvested shares as of December 31, 2023 are scheduled to vest as follows: 212,820 shares in 2024, 181,340 shares in 2025, 139,800 shares in 2026 and 76,000 shares in 2027. As of December 31, 2023, the estimated future compensation expense for the unvested shares was $4,294. The weighted average period over which the compensation expense will be recorded is approximately 23 months. During the years ended December 31, 2023, 2022 and 2021, we recorded $3,417, $2,775 and $2,964, respectively, of compensation expense related to the Share Award Plan. At December 31, 2023, 1,084,131 of our common shares remain reserved for issuance under our Share Award Plan. Share Purchases During the years ended December 31, 2023, 2022 and 2021, we purchased our common shares from our officers and certain other current and former officers and employees of RMR in satisfaction of tax withholding and payment obligations in connection with the vesting of our common shares as follows: Year Aggregate Number Weighted Average Value 2023 98,571 $8.14 $802 2022 69,867 $6.72 $470 2021 71,100 $11.11 $790 Distributions During the years ended December 31, 2023, 2022 and 2021, we paid distributions on our common shares as follows: Annual Per Share Distribution Total Distributions Characterization of Distributions Year Ordinary Income Capital Gain Return of Capital Qualified Dividend (1) 2023 $0.80 $132,430 9.30% 86.15% 4.55% 6.25% 2022 $0.23 $38,044 —% —% 100.00% —% 2021 $0.04 $6,596 —% —% 100.00% —% (1) Qualified Dividends are a subset of, and included in, the Ordinary Income amount. On January 11, 2024, we declared a regular quarterly distribution of $0.20 per common share, or $33,154. This distribution was paid on February 15, 2024 to shareholders of record on January 22, 2024. Cumulative Other Comprehensive Income (Loss) Cumulative other comprehensive income (loss) represents our share of the comprehensive income (loss) of Sonesta. See Notes 4, 5 and 9 for further information regarding this investment. |
Business and Property Managemen
Business and Property Management Agreements with RMR | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate [Abstract] | |
Business and Property Management Agreements with RMR | Note 8. Business and Property Management Agreements with RMR We have no employees. The personnel and various services we require to operate our business are provided to us by RMR. We have two agreements with RMR 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 our net lease portfolio, the office building component of one of our hotels and major renovation or repositioning activities at our hotels that we may request RMR to manage from time to time. Effective as of the completion of the TA Merger, we and RMR agreed to include the properties we lease to TA in our property management agreement. See Note 9 for further information regarding our relationship, agreements and transactions with RMR. Management Agreements with RMR. Our management agreements with RMR provide for an annual base management fee, an annual incentive management fee and property management and construction supervision fees, payable in cash, among other terms: • Base Management Fee. The annual base management fee payable to RMR by us for each applicable period is equal to the lesser of: ◦ the sum of (a) 0.7% of the average aggregate historical cost of our real estate investments up to $250,000, plus (b) 0.5% of the average aggregate historical cost of our real estate investments exceeding $250,000; and ◦ the sum of (a) 0.7% of the average closing price per share of our common shares on the stock exchange on which such shares are principally traded, during such period, multiplied by the average number of our common shares outstanding during such period, plus the daily weighted average of the aggregate liquidation preference of each class of our preferred shares outstanding during such period, plus the daily weighted average of the aggregate principal amount of our consolidated indebtedness during such period, or, together, our Average Market Capitalization, up to $250,000, plus (b) 0.5% of our Average Market Capitalization exceeding $250,000. The average aggregate historical cost of our real estate investments includes our consolidated assets invested, directly or indirectly, in equity interests in or loans secured by real estate and personal property owned in connection with such real estate (including acquisition related costs and costs which may be allocated to intangibles or are unallocated), all before reserves for depreciation, amortization, impairment charges or bad debts or other similar non-cash reserves. • Incentive Management Fee . The incentive management fee which may be earned by RMR for an annual period is calculated as follows: ◦ An amount, subject to a cap based on the value of our common shares outstanding, equal to 12% of the product of: • our equity market capitalization on the last trading day of the year immediately prior to the relevant three year measurement period, and • the amount (expressed as a percentage) by which the total return per share, as defined in the business management agreement and further described below, of our common shareholders (i.e., share price appreciation plus dividends) exceeds the total shareholder return of the applicable market index, or the benchmark return per share, for the relevant measurement period. The MSCI U.S. REIT/Hotel & Resort REIT Index is the benchmark index for periods on and after August 1, 2021, and the SNL U.S. REIT Hotel Index is the benchmark index for periods prior to August 1, 2021. For purposes of the total return per share of our common shareholders, share price appreciation for a measurement period is determined by subtracting (1) the closing price of our common shares on Nasdaq on the last trading day of the year immediately before the first year of the applicable measurement period, or the initial share price, from (2) the average closing price of our common shares on the 10 consecutive trading days having the highest average closing prices during the final 30 trading days in the last year of the measurement period. ◦ The calculation of the incentive management fee (including the determinations of our equity market capitalization, initial share price and the total return per share of our common shareholders) is subject to adjustments if we issue or repurchase our common shares, or if our common shares are forfeited, during the measurement period. ◦ No incentive management fee is payable by us unless our total return per share during the measurement period is positive. ◦ The measurement periods are three year periods ending with the year for which the incentive management fee is being calculated. ◦ If our total return per share exceeds 12% per year in any measurement period, the benchmark return per share is adjusted to be the lesser of the total shareholder return of the applicable market index for such measurement period and 12% per year, or the adjusted benchmark return per share. In instances where the adjusted benchmark return per share applies, the incentive management fee will be reduced if our total return per share is between 200 basis points and 500 basis points below the applicable market index in any year, by a low return factor, as defined in the business management agreement, and there will be no incentive management fee paid if, in these instances, our total return per share is more than 500 basis points below the applicable market index in any year, determined on a cumulative basis (i.e., between 200 basis points and 500 basis points per year multiplied by the number of years in the measurement period and below the applicable market index). ◦ The incentive management fee is subject to a cap. The cap is equal to the value of the number of our common shares which would, after issuance, represent 1.5% of the number of our common shares then outstanding multiplied by the average closing price of our common shares during the 10 consecutive trading days having the highest average closing prices during the final 30 trading days of the relevant measurement period. ◦ Incentive management fees we paid to RMR for any period may be subject to “clawback” if our financial statements for that period are restated due to material non-compliance with any financial reporting requirements under the securities laws as a result of the bad faith, fraud, willful misconduct or gross negligence of RMR and the amount of the incentive management fee we paid was greater than the amount we would have paid based on the restated financial statements. Pursuant to our business management agreement with RMR, we recognized net business management fees of $33,352, $35,495 and $42,137 for the years ended December 31, 2023, 2022 and 2021, respectively. The net business management fees we recognized are included in general and administrative expense in our consolidated statements of comprehensive income (loss) for these periods. The net business management fees we recognized reflect a reduction of $3,585, $3,585 and $3,584 for the years ended December 31, 2023, 2022 and 2021, respectively, for the amortization of the liability we recorded in connection with our former investment in RMR Inc. • Property Management and Construction Supervision Fees. The property management fees payable to RMR by us for each applicable period are equal to 3.0% of gross collected rents and the construction supervision fees payable to RMR by us for each applicable period are equal to 5.0% of construction costs for our net lease portfolio, and the office building component of one of our hotels that are subject to our property management agreement with RMR. Effective as of the completion of the TA Merger, we and RMR agreed to include the properties we lease to TA in our property management agreement. The property management fees payable to RMR by us for the properties we lease to TA begin in 2024 and are equal to 1.0% of gross collected rents for the 2024 calendar year, 2.0% of gross collected rents for the 2025 calendar year and 3.0% of gross collected rents for the 2026 calendar year and thereafter. On June 22, 2021, we and RMR amended our property management agreement to, among other things, provide for RMR’s oversight of any major capital projects and repositioning activities at our hotels, including our hotels that are managed by Sonesta, as we may request from time to time. RMR will receive the same fee previously paid to Sonesta for these services, which is equal to 3% of the cost of any such major capital project or repositioning activity. Pursuant to our property management agreement with RMR, we recognized aggregate property management and construction supervision fees of $8,368, $6,128 and $4,489 for the years ended December 31, 2023, 2022 and 2021, respectively. These amounts are included in net lease operating expenses or have been capitalized as appropriate in our consolidated financial statements. For the years ended December 31, 2023, 2022 and 2021, $3,702, $3,998 and $3,674, respectively, of property management fees were recognized as net lease operating expenses in our consolidated statements of comprehensive income (loss) and $4,666, $2,130 and $815, respectively, were capitalized as building improvements in our consolidated balance sheets and are being depreciated over the estimated useful lives of the related capital assets. • Expense Reimbursement. We are generally responsible for all of our operating expenses, including certain expenses incurred or arranged by RMR on our behalf. We are generally not responsible for payment of RMR’s employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR employees assigned to work exclusively or partly at our net lease properties and the office building component of one of our hotels, our share of the wages, benefits and other related costs of RMR’s centralized accounting personnel, our share of RMR’s costs for providing our internal audit function, and as otherwise agreed. Our property level operating expenses are generally incorporated into rents charged to our tenants, including certain payroll and related costs incurred by RMR. We reimbursed RMR $4,648, $3,258 and $2,971 for these expenses and costs for the years ended December 31, 2023, 2022 and 2021, respectively. We included these amounts in net lease operating expenses and general and administrative expense, as applicable, for these periods. • Term. Our management agreements with RMR have terms that end on December 31, 2043, and automatically extend on December 31st of each year for an additional year, so that the terms of our management agreements thereafter end on the 20th anniversary of the date of the extension. • Termination Rights . We have the right to terminate one or both of our management agreements with RMR: (i) at any time on 60 days’ written notice for convenience, (ii) immediately on written notice for cause, as defined therein, (iii) on written notice given within 60 days after the end of an applicable calendar year for a performance reason, as defined therein, and (iv) by written notice during the 12 months following a change of control of RMR, as defined therein. RMR has the right to terminate the management agreements for good reason, as defined therein. • Termination Fee . If we terminate one or both of our management agreements with RMR for convenience, or if RMR terminates one or both of our management agreements for good reason, we have agreed to pay RMR a termination fee in an amount equal to the sum of the present values of the monthly future fees, as defined therein, for the terminated management agreement(s) for the term that was remaining prior to such termination, which, depending on the time of termination would be between 19 and 20 years. If we terminate one or both of our management agreements with RMR for a performance reason, we have agreed to pay RMR the termination fee calculated as described above, but assuming a 10 year term was remaining prior to the termination. We are not required to pay any termination fee if we terminate our management agreements with RMR for cause or as a result of a change of control of RMR. • Transition Services. RMR has agreed to provide certain transition services to us for 120 days following an applicable termination by us or notice of termination by RMR, including cooperating with us and using commercially reasonable efforts to facilitate the orderly transfer of the management and real estate investment services provided under our business management agreement and to facilitate the orderly transfer of the management of the managed properties under our property management agreement, as applicable. • Vendors. Pursuant to our management agreements with RMR, RMR may from time to time negotiate on our behalf with certain third party vendors and suppliers for the procurement of goods and services to us. As part of this arrangement, we may enter agreements with RMR and other companies to which RMR or its subsidiaries provides management services for the purpose of obtaining more favorable terms from such vendors and suppliers. • Investment Opportunities . Under our business management agreement with RMR, we acknowledge that RMR may engage in other activities or businesses and act as the manager to any other person or entity (including other REITs) even though such person or entity has investment policies and objectives similar to ours and we are not entitled to preferential treatment in receiving information, recommendations and other services from RMR. |
Related Person Transactions
Related Person Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Person Transactions | Note 9. Related Person Transactions We have relationships and historical and continuing transactions with TA, Sonesta, RMR, RMR Inc., and others related to them, including other companies to which RMR or its subsidiaries provide management services and some of which have trustees, directors or officers who are also our Trustees or officers. As of the effective time of the TA Merger on May 15, 2023, TA is no longer a related person to us. RMR is a majority owned subsidiary of RMR Inc. The Chair of our Board of Trustees and one of our Managing Trustees, Adam D. Portnoy, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., and is chair of the board of directors and a managing director and the president and chief executive officer of RMR Inc. and an officer and employee of RMR. John G. Murray, our other Managing Trustee and our former President and Chief Executive Officer, also serves as an officer and employee of RMR and as president and chief executive officer of Sonesta. In addition, each of our other officers serves as an officer of RMR. Some of our Independent Trustees also serve as independent trustees of other public companies to which RMR or its subsidiaries provide management services. Adam Portnoy serves as chair of the boards and as a managing trustee of these public companies. Other officers of RMR, including Mr. Murray and certain of our officers, serve as managing trustees or officers of certain of these companies. Our Manager, RMR . We have two agreements with RMR to provide management services to us. See Note 8 for further information regarding our management agreements with RMR. Share Awards to RMR Employees . As described in Note 7, we award shares to our officers and other employees of RMR annually. Generally, one fifth of these awards vest on the award date and one fifth vests on each of the next four TA . We lease 176 of our travel centers to TA under the TA leases. RMR provides management services to us and, until the TA Merger, provided services to TA, and Mr. Portnoy, until the TA Merger, also served as the chair of the board of directors and as a managing director of TA and, as of immediately prior to the TA Merger, beneficially owned 661,506 shares of TA common stock (including through RMR), representing approximately 4.4% of TA’s outstanding shares of common stock. See Notes 4 and 5 for further information regarding our relationships, agreements and transactions with TA. Sonesta . Sonesta is a private company of which Adam Portnoy, one of our Managing Trustees, is a director and the controlling stockholder. One of Sonesta’s other directors and president and chief executive officer is our other Managing Trustee and former President and Chief Executive Officer, and Sonesta’s other director serves as one of RMR Inc.’s managing directors, as RMR’s and RMR Inc.’s executive vice president, general counsel and secretary and as our Secretary. Certain other officers and employees of Sonesta are former officers and employees of RMR. RMR also provides certain services to Sonesta. As of December 31, 2023, we owned 34% of Sonesta’s outstanding shares of common stock and Sonesta managed 195 of our hotels. See Notes 4 and 5 for further information regarding our relationships, agreements and transactions with Sonesta. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10. Income Taxes Our provision (benefit) for income taxes consists of the following: Year Ended December 31, 2023 2022 2021 Current: Federal $ — $ — $ — State (106) 385 680 Foreign 503 233 350 397 618 1,030 Deferred: Foreign (1,895) (817) (1,971) (1,895) (817) (1,971) $ (1,498) $ (199) $ (941) A reconciliation of our effective tax rate and the current U.S. Federal statutory income tax rate is as follows: Year Ended December 31, 2023 2022 2021 Taxes at statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Nontaxable income of SVC (21.0) % (21.0) % (21.0) % State and local income taxes, net of federal tax benefit 0.3 % (0.3) % (0.1) % Foreign taxes (6.9) % 0.4 % 0.3 % Foreign tax rate change 11.0 % 0.0 % 0.0 % Effective tax rate 4.4 % 0.1 % 0.2 % Deferred income tax balances generally reflect the net tax effects of temporary differences between the carrying amounts of certain of our assets and liabilities in our consolidated balance sheets and the amounts used for income tax purposes and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. In December 2023, our subsidiary which operates in Puerto Rico elected to be taxed as a corporation for purposes of Puerto Rico tax law. This election increased the entity’s tax rate in Puerto Rico from 29.0% to 37.5%. The result of this change is primarily offset by available tax concessions in Puerto Rico. Significant components of our deferred tax assets and liabilities are as follows: As of December 31, 2023 2022 Deferred tax assets: Tax loss carryforwards $ 112,532 $ 109,650 Other 7,973 7,134 Deferred tax assets 120,505 116,784 Valuation allowance (120,505) (116,784) Net deferred tax assets $ — $ — Deferred tax liabilities: Property basis difference $ (7,970) $ (5,947) Puerto Rico deferred tax gain (8,162) (12,079) Net deferred tax liabilities $ (16,132) $ (18,026) Net deferred tax liabilities are included in accounts payable and other liabilities in our consolidated balance sheets. At December 31, 2023 and 2022, our consolidated TRS had a net deferred tax asset, prior to any valuation allowance, of $114,145 and $111,148, respectively, which consists primarily of the tax benefit of net operating loss carryforwards and tax credits. Because of the uncertainty surrounding our ability to realize the future benefit of these assets, we have provided a 100% valuation allowance as of December 31, 2023 and 2022. As of December 31, 2023 and 2022, our consolidated TRS had net operating loss carryforwards for federal income tax purposes of approximately $442,560 and $437,606, respectively, which partially expire starting in 2026. At December 31, 2023 and 2022, we recorded a deferred tax liability of $8,162 and $13,658, respectively, as a result of the book value to tax basis difference related to the accounting of an insurance settlement in 2020. At December 31, 2023 and 2022, we, excluding our subsidiaries, had net operating loss carryforwards for federal income tax purposes of approximately $514,568 and $545,828, respectively, of which certain losses incurred prior to 2018 partially expire starting in 2027. |
Concentration
Concentration | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentration | Note 11. Concentration Geographic Concentration At December 31, 2023, our 973 properties were located in 46 states in the United States, plus the District of Columbia, Ontario, Canada and Puerto Rico. Between 6% and 13% of our properties, by investment, were located in each of California, Texas, Illinois, Florida and Georgia. Our two hotels in Ontario, Canada and our hotel in Puerto Rico represent 3.1% of our hotels, by investment, in the aggregate at December 31, 2023. Credit Concentration As of December 31, 2023, Sonesta operated 195 of our hotels and TA leased 176 of our net lease properties, representing 49.8% and 28.8%, respectively, of our investment. See Notes 4 and 9 for a discussion of our Sonesta and TA agreements. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Note 12. Segment Information We aggregate our hotels and net lease portfolio into two reportable segments, hotel investments and net lease investments, based on their similar operating and economic characteristics. Year Ended December 31, 2023 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 1,478,034 $ — $ — $ 1,478,034 Rental income — 395,829 — 395,829 Total revenues 1,478,034 395,829 — 1,873,863 Expenses: Hotel operating expenses 1,223,906 — — 1,223,906 Net lease operating expenses — 17,663 — 17,663 Depreciation and amortization 216,235 167,825 — 384,060 General and administrative — — 45,397 45,397 Transaction related costs — — (1,623) (1,623) Loss on asset impairment, net 27 9,517 — 9,544 Total expenses 1,440,168 195,005 43,774 1,678,947 Gain on sale of real estate, net 41,861 1,378 — 43,239 Gain on equity securities, net — — 48,837 48,837 Interest income 169 118 20,692 20,979 Interest expense — (40,920) (295,422) (336,342) Loss on early extinguishment of debt — — (1,524) (1,524) Income (loss) before income tax benefit and equity in losses of an investee 79,896 161,400 (271,191) (29,895) Income tax benefit — — 1,498 1,498 Equity in losses of an investee — — (4,382) (4,382) Net income (loss) $ 79,896 $ 161,400 $ (274,075) $ (32,779) As of December 31, 2023 Hotels Net Lease Corporate Consolidated Total assets $ 3,943,213 $ 3,084,686 $ 328,217 $ 7,356,116 Year Ended December 31, 2022 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 1,467,344 $ — $ — $ 1,467,344 Rental income — 395,667 — 395,667 Total revenues 1,467,344 395,667 — 1,863,011 Expenses: Hotel operating expenses 1,227,357 — — 1,227,357 Net lease operating expenses — 13,176 — 13,176 Depreciation and amortization 221,416 179,692 — 401,108 General and administrative — — 44,404 44,404 Transaction related costs — — 1,920 1,920 Loss on asset impairment 10,537 452 — 10,989 Total expenses 1,459,310 193,320 46,324 1,698,954 Gain (loss) on sale of real estate, net 48,202 (384) — 47,818 Loss on equity securities, net — — (8,104) (8,104) Interest income 24 29 3,326 3,379 Interest expense — — (341,795) (341,795) Loss on early extinguishment of debt — — (791) (791) Income (loss) before income tax benefit and equity in earnings of an investee 56,260 201,992 (393,688) (135,436) Income tax benefit — — 199 199 Equity in earnings of an investee — — 2,856 2,856 Net income (loss) $ 56,260 $ 201,992 $ (390,633) $ (132,381) As of December 31, 2022 Hotels Net Lease Corporate Consolidated Total assets $ 3,882,701 $ 3,376,295 $ 229,195 $ 7,488,191 Year Ended December 31, 2021 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 1,104,678 $ — $ — $ 1,104,678 Rental income 1,808 389,094 — 390,902 Total revenues 1,106,486 389,094 — 1,495,580 Expenses: Hotel operating expenses 1,010,737 — — 1,010,737 Net lease operating expenses — 15,658 — 15,658 Depreciation and amortization 266,641 219,324 — 485,965 General and administrative — — 53,439 53,439 Transaction related costs 64,764 — — 64,764 Loss on asset impairment 60,980 17,640 — 78,620 Total expenses 1,403,122 252,622 53,439 1,709,183 Gain on sale of real estate, net 9,558 1,964 — 11,522 Gain on equity securities, net — — 22,535 22,535 Interest income 1 — 663 664 Interest expense — — (365,721) (365,721) (Loss) income before income tax benefit and equity in losses of an investee (287,077) 138,436 (395,962) (544,603) Income tax benefit — — 941 941 Equity in losses of an investee — — (941) (941) Net (loss) income $ (287,077) $ 138,436 $ (395,962) $ (544,603) As of December 31, 2021 Hotels Net Lease Corporate Consolidated Total assets $ 4,487,101 $ 3,580,095 $ 1,086,119 $ 9,153,315 |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | Note 13. Fair Value of Assets and Liabilities The table below presents certain of our assets carried at fair value at December 31, 2023, 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 Reporting Date Using Description Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Non-recurring Fair Value Measurements Assets of properties held for sale (1) $ 10,446 $ — $ — $ 10,446 (1) We recorded a loss on asset impairment, net of $3,206 during the year ended December 31, 2023, to reduce the carrying value of one hotel and nine net lease properties in our consolidated balance sheets to their estimated fair value less costs to sell based on brokers’ opinion of values (Level 3 inputs as defined in the fair value hierarchy under GAAP). In addition to the assets included in the table above, our financial instruments include our cash and cash equivalents, restricted cash, rents receivable, revolving credit facility, net lease mortgage notes, senior notes and security deposits. At December 31, 2023 and 2022, the fair values of these financial instruments approximated their carrying values in our consolidated balance sheets due to their short-term nature or floating interest rates, except as follows: December 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Value (1) Value Value (1) Value Senior Unsecured Notes, due 2023 at 4.50% $ — $ — $ 499,925 $ 491,345 Senior Unsecured Notes, due 2024 at 4.65% — — 349,510 334,292 Senior Unsecured Notes, due 2024 at 4.35% — — 822,487 749,983 Senior Unsecured Notes, due 2025 at 4.50% 349,181 341,688 348,493 301,893 Senior Unsecured Notes, due 2025 at 7.50% 796,007 808,888 793,673 762,344 Senior Unsecured Notes, due 2026 at 5.25% 347,601 339,780 346,472 292,282 Senior Unsecured Notes, due 2026 at 4.75% 448,347 419,909 447,736 354,128 Senior Unsecured Notes, due 2027 at 4.95% 397,672 362,108 396,916 315,040 Senior Unsecured Notes, due 2027 at 5.50% 445,631 412,002 444,505 387,522 Net Lease Mortgage Notes, due 2028 at 5.60% 558,876 585,784 — — Senior Unsecured Notes, due 2028 at 3.95% 395,355 327,708 394,206 283,996 Senior Unsecured Notes, due 2029 at 4.95% 420,477 351,726 419,684 293,718 Senior Unsecured Notes, due 2030 at 4.375% 393,056 310,524 391,923 264,280 Senior Secured Notes, due 2031 at 8.625% 968,017 1,047,430 — — Total financial liabilities $ 5,520,220 $ 5,307,547 $ 5,655,530 $ 4,830,823 (1) Carrying value includes unamortized discounts, premiums and certain debt issuance costs. At December 31, 2023 and 2022, 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). At December 31, 2023, we estimated the fair value of our net lease mortgage notes using discounted cash flow analyses and current prevailing market rates as of the measurement date (Level 3 inputs). As Level 3 inputs are unobservable, our estimated value may differ materially from the actual fair value. |
Schedule III_Real Estate and Ac
Schedule III—Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III—Real Estate and Accumulated Depreciation | Initial Cost to Costs Capitalized Gross Amount at which Carried Property Count Brand Encumbrances (1) Land Building & Improvements Impairment Cost Basis Adjustment (2) Land Building & Total (3) Accumulated Depreciation (4) Date of Date Hotel Properties 17 Royal Sonesta Hotels® (5) $ — $ 229 $ 1,118 $ 433 $ (9) $ (12) $ 229 $ 1,530 $ 1,759 $ (433) 1913 through 1987 2005 through 2017 23 Sonesta Hotels & Resorts® (5) — 219 666 378 (51) (14) 219 979 1,198 (310) 1924 through 1999 2005 through 2023 60 Sonesta ES Suites® (5) — 132 557 385 (35) (67) 132 840 972 (432) 1984 through 2000 1996 through 2017 44 Sonesta Select® (5) — 84 395 271 (8) (86) 84 572 656 (343) 1987 through 2000 1995 through 2003 51 Sonesta Simply Suites® (5) — 68 341 129 (17) (27) 68 426 494 (220) 1996 through 2000 1997 through 2003 17 Hyatt Place® (5) — 20 137 84 — (5) 20 216 236 (94) 1992 through 2000 1997 through 2002 5 Radisson® Hotels & Resorts — 9 93 56 — (1) 9 148 157 (77) 1987 through 1990 1996 through 2018 1 Crowne Plaza® — 17 69 30 — — 17 99 116 (18) 1971 through 1988 2006 and 2017 2 Country Inn & Suites® by Radisson — 3 24 10 — (5) 3 29 32 (17) 1989 through 1997 1996 and 2005 Net Lease Service Retail Properties 132 TravelCenters of America (6) — 564 936 452 — (410) 564 978 1,542 (529) 1962 through 2017 2007 through 2017 44 Petro Stopping Centers (6) — 260 522 195 — (229) 260 488 748 (246) 1975 through 2017 2008 through 2017 14 The Great Escape — 19 64 — — — 19 64 83 (10) 1986 through 2007 2019 3 Life Time Fitness — 17 56 — — — 17 56 73 (9) 1987 through 2012 2019 5 Buehler's Fresh Foods 52 10 49 — — — 10 49 59 (10) 1980 through 2000 2019 6 AMC Theatres — 18 38 2 — — 18 40 58 (7) 1995 through 2008 2019 59 Heartland Dental — 11 37 — — — 11 37 48 (6) 1920 through 2005 2019 10 Norms — 23 24 — — — 23 24 47 (5) 1957 through 2014 2019 13 Vacant 3 24 30 4 — — 24 34 58 (8) 1970 through 2007 2007 23 Express Oil Change 37 6 37 — — — 6 37 43 (6) 1965 through 2001 2019 40 Pizza Hut 25 12 28 — — — 12 28 40 (12) 1915 through 2006 2019 3 Flying J Travel Plaza (5) — 6 32 — — — 6 32 38 (4) 2001 2019 6 America's Auto Auction 28 7 23 6 — — 7 29 36 (5) 1960 through 2005 2019 4 Courthouse Athletic Club 20 5 28 — — — 5 28 33 (5) 1980 through 2001 2019 4 B&B Theatres — 12 15 5 — — 12 20 32 (4) 1998 through 2004 2019 2 Big Al's 18 3 28 — — — 3 28 31 (3) 2006 through 2010 2019 20 Burger King 16 9 22 — — — 9 22 31 (7) 1977 through 2004 2019 1 Fleet Farm — 3 27 — — — 3 27 30 (4) 1979 2019 16 Martin's 21 7 20 — — — 7 20 27 (5) 1962 through 2003 2019 5 Regal Cinemas — 5 21 — — — 5 21 26 (4) 2005 through 2010 2019 Initial Cost to Costs Capitalized Gross Amount at which Carried Property Count Brand Encumbrances (1) Land Building & Improvements Impairment Cost Basis Adjustment (2) Land Building & Total (3) Accumulated Depreciation (4) Date of Date 19 Arby's 18 7 19 — — — 7 19 26 (7) 1967 through 2005 2019 20 Popeye's Chicken & Biscuits 21 8 17 — — — 8 17 25 (5) 1968 through 2003 2019 4 Crème de la Crème 19 7 18 — — — 7 18 25 (2) 1999 through 2009 2019 32 Church's Chicken — 5 18 — — — 5 18 23 (4) 1968 through 1983 2019 15 Hardee's 16 4 18 — — — 4 18 22 (5) 1969 through 1997 2019 5 Mister Car Wash 20 2 19 — — — 2 19 21 (2) 1960 through 2005 2019 6 United Supermarkets 17 4 17 — — — 4 17 21 (5) 1979 through 1997 2019 2 Mesa Fitness 14 3 17 — — — 3 17 20 (3) 1983 through 2007 2019 13 Taco Bell 14 4 15 — — — 4 15 19 (3) 1982 through 2019 2019 - 2020 1 CarMax — 5 13 — — — 5 13 18 (2) 2005 2019 28 Uncle Ed's Oil Shoppe — 6 12 — — — 6 12 18 (4) 1959 through 1999 2019 2 Fusion Gyms — 3 10 2 — — 3 12 15 (2) 1987 through 1994 2019 1 Dave & Buster's 12 3 11 — — — 3 11 14 (1) 1972 2019 5 Pike Nursery 16 8 6 — — — 8 6 14 (1) 1970 through 1996 2019 2 HHI-Formtech 9 3 10 — — — 3 10 13 (4) 1952 2019 3 Golden Corral — 4 8 — — — 4 8 12 (2) 1989 through 2000 2019 2 Sanford's Grub & Pub — 1 10 — — — 1 10 11 (2) 1928 through 2003 2019 4 Rite Aid — 3 7 — — — 3 7 10 (2) 1993 through 2000 2019 5 Fuddruckers — 4 6 — — — 4 6 10 (2) 1994 through 1995 2019 1 Baptist Emergency Hospital 10 2 8 — — — 2 8 10 (1) 2013 2019 2 Eddie Merlot's 6 2 8 — — — 2 8 10 (2) 1997 through 2003 2019 1 Cermak Fresh Market 7 2 7 — — — 2 7 9 (3) 1989 2019 12 Core & Main 3 4 5 — — — 4 5 9 (1) 1972 through 1998 2019 5 Lerner and Rowe 9 1 8 — — — 1 8 9 (1) 1970 through 2007 2019 4 Meineke Car Care Center — 3 6 — — — 3 6 9 (1) 1999 through 2000 2019 1 Columbus Preparatory Academy 6 1 8 — — — 1 8 9 (1) 2004 2019 1 Kohl's 5 2 6 — — — 2 6 8 (1) 1986 2019 1 Austin's Park n' Pizza 5 — 8 — — — — 8 8 (1) 2003 2019 1 LA Fitness — 1 7 — — — 1 7 8 (1) 2012 2019 1 Marcus Theaters — 2 5 — — — 2 5 7 (2) 1999 2019 1 Academy Sports + Outdoors 5 1 6 — — — 1 6 7 (1) 2016 2019 3 Oregano's Pizza Bistro 5 1 6 — — — 1 6 7 (2) 1964 through 2006 2019 1 Columbus Arts & Tech Academy 6 1 6 — — — 1 6 7 (1) 1980 2019 2 Blue Rhino 15 3 4 — — — 3 4 7 (1) 2004 2019 3 Krispy Kreme 7 2 5 — — — 2 5 7 (1) 2000 through 2004 2019 2 Diagnostic Health — 1 6 — — — 1 6 7 (1) 1985 through 1997 2019 9 Sonic Drive-In 7 3 4 — — — 3 4 7 (1) 1987 through 2018 2019 3 Texas Roadhouse 6 3 6 — — (3) 3 3 6 (1) 1992 through 2003 2019 Initial Cost to Costs Capitalized Gross Amount at which Carried Property Count Brand Encumbrances (1) Land Building & Improvements Impairment Cost Basis Adjustment (2) Land Building & Total (3) Accumulated Depreciation (4) Date of Date 5 Brookshire Brothers 4 1 5 — — — 1 5 6 (2) 1992 through 1999 2019 2 Flying Star Cafe 4 1 5 — — — 1 5 6 (1) 1994 through 1999 2019 3 Jack's Family Restaurant 4 2 4 — — — 2 4 6 (1) 2008 through 2016 2019 2 Axels — — 6 — — — — 6 6 (2) 1953 through 1995 2019 3 Wendy's 6 1 5 — — — 1 5 6 (1) 1984 through 1996 2019 1 Jack Stack Barbeque 4 1 5 — — — 1 5 6 (1) 1983 2019 7 Hughes Supply 3 2 4 — — — 2 4 6 (1) 1976 through 1993 2019 1 Multi-Tenant — 2 20 5 (9) — 2 16 18 (4) 1991 2019 2 Bricktown Brewery 4 1 4 — — — 1 4 5 (2) 1904 through 1984 2019 2 Walgreens 3 — 5 — — — — 5 5 (1) 1993 through 1999 2019 2 10 Box 4 2 3 — — — 2 3 5 (1) 1994 2019 1 Mak Pack — 1 4 — — — 1 4 5 (1) 2007 2019 1 Angstrom 5 2 3 — — — 2 3 5 (1) 1987 2019 2 HD Supply White Cap 1 2 3 — — — 2 3 5 (1) 1990 through 2001 2019 1 Planet Fitness 4 1 4 — — — 1 4 5 (1) 2007 2019 1 RGB Eye Associates 5 1 4 — — — 1 4 5 (1) 2013 2019 2 Gerber Collision & Glass 4 1 4 — — — 1 4 5 (1) 2001 through 2002 2019 1 Discount Tire — 1 4 — — — 1 4 5 (1) 2009 2019 2 Famous Dave's 3 1 3 — — — 1 3 4 (1) 1997 through 1999 2019 1 Miller Waste Mills — — 4 — — — — 4 4 (2) 1960 2019 2 Focus Child Development Center — 1 3 — — — 1 3 4 — 1965 through 1998 2019 1 Ashley Furniture 2 1 3 — — — 1 3 4 — 2000 2019 1 Boozman-Hof — 2 2 — — — 2 2 4 — 1988 2019 1 Sportsman's Warehouse 3 1 3 — — — 1 3 4 (1) 1983 2019 1 Eriks Bike Shop — 1 3 — — — 1 3 4 (1) 1996 2019 1 Rainbow Kids Clinic 3 1 3 — — — 1 3 4 — 2011 2019 1 Applebee's — 1 2 — — — 1 2 3 — 1996 2019 1 Tractor Supply — — 3 — — — — 3 3 — 2007 2019 1 Spoons Place — 1 2 — — — 1 2 3 — 1996 2019 1 Southwest Stainless, LP 2 — 3 — — — — 3 3 — 1984 2019 2 Anixter 2 1 2 — — — 1 2 3 — 1984 through 1999 2019 1 What the Buck — — 3 — — — — 3 3 (1) 1958 2019 1 Kerry's Car Care 2 1 2 — — — 1 2 3 — 2015 2019 1 Ojos Locos Sports Cantina 2 1 2 — — — 1 2 3 (1) 1993 2019 1 Black Angus Steakhouse 2 1 2 — — — 1 2 3 — 1996 2019 1 Buffalo Wild Wings 2 1 2 — — — 1 2 3 — 2014 2019 1 Slim Chickens 2 1 2 — — — 1 2 3 — 2014 2019 2 Monterey's Tex Mex 1 1 2 — — — 1 2 3 — 1979 through 1997 2019 Initial Cost to Costs Capitalized Gross Amount at which Carried Property Count Brand Encumbrances (1) Land Building & Improvements Impairment Cost Basis Adjustment (2) Land Building & Total (3) Accumulated Depreciation (4) Date of Date 1 Nacarato Trucks — — 2 — — — — 2 2 (1) 1985 2019 1 Heytex USA — — 2 — — — — 2 2 (1) 1967 2019 2 Hooters 5 1 1 — — — 1 1 2 (1) 1977 through 1994 2019 1 Mind 24-7 — 1 3 2 (3) — 1 2 3 — 2008 2019 1 Bridgestone Tire 2 1 1 — — — 1 1 2 — 1998 2019 2 Taco Bueno 2 1 1 — — — 1 1 2 (1) 1991 through 2003 2019 2 Rally's 1 1 1 — — — 1 1 2 — 1990 through 1992 2019 1 Red Robin Gourmet Burgers — 1 1 — — — 1 1 2 — 1995 2019 1 Primanti Bros. 1 1 1 — — — 1 1 2 — 2014 2019 1 Orscheln Farm and Home 2 1 1 — — — 1 1 2 — 1977 2019 1 Cycle Gear 1 1 1 — — — 1 1 2 — 1989 2019 2 Dollar General 1 — 2 — — — — 2 2 — 2012 through 2015 2019 2 Affordable Care, Inc. — 1 1 — — — 1 1 2 — 2008 through 2010 2019 1 Long John Silver's 1 1 1 — — — 1 1 2 — 1987 2019 1 Captain Ds 1 — 1 — — — — 1 1 — 1995 2019 1 Clean Express Auto Wash — — 1 — — — — 1 1 (1) 1991 2019 1 Chicken Salad Chick 1 — 1 — — — — 1 1 — 1976 2019 1 Wings, Etc. 1 — 1 — — — — 1 1 — 2014 2019 1 SRS Distribution 1 — 1 — — — — 1 1 — 1975 2019 1 Bru Burger Bar 1 — 1 — — — — 1 1 — 1996 2019 1 ERA Capital — — 1 — — — — 1 1 — 1999 2019 1 Old Mexico Cantina 1 — 1 — — — — 1 1 — 2007 2019 1 KFC 1 — 1 — — — — 1 1 — 2002 2019 1 The Atlanta Center for Foot & Ankle Surgery 2 — 1 — — — — 1 1 — 1963 2019 1 O'Reilly Auto Parts 1 — 1 — — — — 1 1 — 2006 2019 1 Touchstone Imaging 1 — 1 — — — — 1 1 — 1992 2019 1 Howlin Concrete 1 1 — — — — 1 — 1 — 1922 2019 1 El Forastero 1 — 1 — — — — 1 1 — 1985 2019 1 Bechheit — — 1 — — — — 1 1 — 1986 2019 1 Little Caesars — — 1 — — — — 1 1 — 1996 2019 1 NAPA Auto Parts — — 1 — — — — 1 1 — 2001 2019 1 Robata — — 1 — — — — 1 1 — 1980 2019 1 Giliberto's Mexican Taco Shop — — — — — — — — — — N/A 2019 1 Dunkin Donuts — — — — — — — — — — 1977 2019 1 Off the Hook Seafood & More — — — — — — — — — — 2007 2019 1 Consolidated Pipe — — — — — — — — — — 1987 2019 1 Bigham Cable — — — — — — — — — — 1989 2019 Initial Cost to Costs Capitalized Gross Amount at which Carried Property Count Brand Encumbrances (1) Land Building & Improvements Impairment Cost Basis Adjustment (2) Land Building & Total (3) Accumulated Depreciation (4) Date of Date 1 Sharks Fish & Chicken — — — — — — — — — — 1985 2019 1 Kings Wings N Things — — — — — — — — — — 1977 2019 1 Family Dollar Stores — — — — — — — — — — 1988 2019 1 Del Taco — — — — — — — — — — N/A 2019 1 Scooters Coffee 1 — — — — — — — — — 1972 2019 963 Total Held and Used $ 609 $ 1,972 $ 5,986 $ 2,449 $ (132) $ (859) $ 1,972 $ 7,444 $ 9,416 $ (2,951) Assets Held for Sale 1 Country Inn & Suites® by Radisson $ — $ 1 $ 5 $ — $ — $ — $ 1 $ 5 $ 6 $ (3) 1987 through 1997 1996 and 2005 9 Vacant — 3 8 (2) (3) — 3 3 6 — 1970 through 2007 2007 973 Total Including Held for Sale $ 609 $ 1,976 $ 5,999 $ 2,447 $ (135) $ (859) $ 1,976 $ 7,452 $ 9,428 $ (2,954) (1) Represents the principal balance of our net lease mortgage debt, excluding unamortized discounts and debt issuance costs. (2) Represents reclassifications between accumulated depreciation and building & improvements made to record certain properties at fair value in accordance with GAAP. (3) Excludes $370 of personal property classified in our consolidated balance sheets as furniture, fixtures and equipment. (4) We depreciate buildings and improvements over periods ranging between 10 to 40 years. (5) 69 properties, including 66 hotels and three net lease properties secure our credit agreement, which has no amounts outstanding as of December 31, 2023. (6) 67 TravelCenters of America and 3 Petro Stopping Centers properties secure our $1.0 billion senior secured notes due 2031, excluding unamortized discounts and debt issuance costs. The change in total cost of properties for the period from January 1, 2021 to December 31, 2023 is as follows: 2023 2022 2021 Balance at beginning of year $ 9,174,451 $ 9,790,010 $ 10,630,560 Additions: acquisitions and capital expenditures 363,601 106,588 86,016 Dispositions (110,535) (624,057) (330,091) Reclassification of properties held for sale (11,621) (98,090) (596,475) Balance at close of year $ 9,415,896 $ 9,174,451 $ 9,790,010 (B) The change in accumulated depreciation for the period from January 1, 2021 to December 31, 2023 is as follows: 2023 2022 2021 Balance at beginning of year $ 2,749,862 $ 3,069,348 $ 3,047,016 Additions: depreciation expense 207,641 309,606 298,597 Dispositions (4,747) (618,132) (153,699) Reclassification of properties held for sale (2,071) (10,960) (122,566) Balance at close of year $ 2,950,685 $ 2,749,862 $ 3,069,348 (C) The aggregate cost tax basis for federal income tax purposes of our real estate properties was $6,838,701 on December 31, 2023. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net (loss) income attributable to shareholders | $ (32,779) | $ (132,381) | $ (544,603) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation. These consolidated financial statements include our accounts and the accounts of our subsidiaries, all of which are 100% owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. We have determined that each of our wholly owned 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 the Codification. We have concluded that we must consolidate each of our wholly owned TRSs because we are the entity with the power to direct the activities that most significantly impact such VIEs’ performance and we have the obligation to absorb losses or 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 $142,789 and $142,542 as of December 31, 2023 and 2022, respectively, and consist primarily of our TRS’s investment in Sonesta’s common stock and amounts due from and working capital advances to certain of our hotel managers. The liabilities of our TRSs were $81,262 and $82,454 as of December 31, 2023 and 2022, respectively, and consist primarily of amounts payable to certain of our hotel managers. The assets of our TRSs are available to satisfy our TRSs’ obligations and we have guaranteed certain obligations of our TRSs. |
Use of Estimates | Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in our consolidated financial statements include the allowance for credit losses, purchase price allocations, useful lives of fixed assets and impairment of real estate and related intangibles. |
Real Estate Properties | Real Estate Properties. We record real estate properties at cost less impairments, if any. We record the cost of real estate acquired at the relative fair value of building, land, furniture, fixtures and equipment, and, if applicable, acquired in place leases, above or below market leases and customer relationships. We determine the fair value of each property using methods similar to those used by independent appraisers, which may involve estimated cash flows that are based on a number of factors, including capitalization rates and discount rates, among others. For transactions that qualify as business combinations, we allocate the excess, if any, of the consideration over the fair value of the net assets acquired to goodwill. We depreciate real estate properties on a straight line basis over estimated useful lives of up to 40 years for buildings and improvements and up to 12 years for personal property and we amortize finite lived intangible assets over the shorter of their useful lives or the term of the associated lease. In some circumstances, we engage independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determination of useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives. We regularly evaluate whether events or changes in circumstances have occurred that could indicate an impairment in the value of our real estate properties. These indicators may include weak or declining operating profitability, cash flows or liquidity, our decision to dispose of an asset before the end of its estimated useful life or market or industry changes that could permanently reduce the value of our investments. If there is an indication that the carrying value of a property is not recoverable, we estimate the projected undiscounted cash flows of the asset to determine if an impairment loss should be recognized. We determine the amount of an impairment loss by comparing the historical carrying value of the property to its estimated fair value. We estimate fair value by evaluating recent financial performance and projecting discounted cash flows of properties using standard industry valuation techniques. In addition to consideration of impairment upon the events or changes in circumstances described above, we regularly evaluate the remaining lives of our real estate properties. If we change |
Intangible Assets and Liabilities | Intangible Assets and Liabilities. Intangible assets consist primarily of trademarks and tradenames, acquired above market operating leases where we are the lessor and below market ground leases for which we are the tenant or lessee. Intangible liabilities consist of acquired below market operating leases where we are the lessor and acquired above market ground leases for which we are the tenant or lessee. We include intangible assets in acquired real estate leases and other intangibles, net and intangible liabilities in accounts payable and other liabilities in our consolidated balance sheets. At December 31, 2023 and 2022, our intangible assets and liabilities were as follows: December 31, 2023 2022 Assets: Tradenames and trademarks $ — $ 89,375 Above market operating leases, net of accumulated amortization of $95,275 and $82,515, respectively 126,890 155,320 Below market ground leases, net of accumulated amortization of $13,557 and $18,542, respectively 2,712 6,564 Other, net of accumulated amortization of $538 and $460, respectively 1,020 1,098 $ 130,622 $ 252,357 Liabilities: Below market operating leases, net of accumulated amortization of $784 and $597, respectively $ 746 $ 933 Above market ground leases, net of accumulated amortization of $293 and $296, respectively 7 25 $ 753 $ 958 See Note 4 for further information related to the tradenames and trademarks we sold to TA on May 15, 2023. We amortize above and below market leases on a straight line basis over the terms of the associated leases. For the years ended December 31, 2023, 2022 and 2021, amortization relating to intangible assets was $32,223, $30,775 and $41,648, respectively, and amortization relating to intangible liabilities was $205, $235 and $433, respectively. As of December 31, 2023, the weighted average amortization period for capitalized above market leases and below market lease values were 9.3 and 6.9, respectively. As of December 31, 2023, we estimate future amortization relating to intangible assets and liabilities as follows: Year Above Market Operating Leases Below Market Ground Leases Below Market Operating Leases Above Market Ground Leases & Other, Net 2024 $ 22,127 $ 735 $ (186) $ 71 2025 19,008 660 (127) 78 2026 14,645 658 (121) 78 2027 12,526 658 (89) 78 2028 9,723 1 (76) 78 Thereafter 48,861 — (147) 630 Total $ 126,890 $ 2,712 $ (746) $ 1,013 |
Cash and Cash Equivalents | Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. |
Restricted Cash | Restricted Cash. Restricted cash consists of amounts escrowed pursuant to the terms of our hotel management agreements to fund capital improvements at our hotels and amounts escrowed at certain of our mortgaged net lease properties. |
Debt Issuance Costs | Debt Issuance Costs. |
Equity Method Investments | Equity Method Investment. We account for our 34% non-controlling interest in Sonesta under the equity method of accounting. Sonesta is a private company and Adam D. Portnoy, one of our Managing Trustees who also serves as one of Sonesta’s directors, is the controlling shareholder. One of Sonesta’s other directors is our other Managing Trustee, and Sonesta’s other director serves as The RMR Group LLC, or RMR’s, and The RMR Group Inc., or RMR Inc.’s, executive vice president, general counsel and secretary and as our Secretary. Certain of Sonesta’s officers are officers of RMR. Certain other officers and employees of Sonesta are former employees of RMR. RMR also provides certain services to Sonesta. |
Equity Securities | Equity Securities. We record equity securities at fair value based on their quoted market price at the end of each reporting period. Changes in the fair value of our equity securities are recorded through earnings in accordance with FASB Accounting Standards Update, or ASU, No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . |
Revenue Recognition | Revenue Recognition. We report hotel operating revenues for managed hotels in our consolidated statements of comprehensive income (loss). 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 properties in our consolidated statements of comprehensive income (loss). We recognize rental income from operating leases on a straight line basis over the terms of the lease agreements. We increased rental income by $13,165 during the year ended December 31, 2023, and reduced rental income by $7,767 and $2,621 during the years ended December 31, 2022 and 2021, respectively, to record scheduled rent changes under certain of our leases on a straight line basis. Due from related persons included $7,522 of straight line rent receivables related to our TA leases at December 31, 2022. TA was no longer a related person as of May 15, 2023. Other assets, net, includes $56,833 and $32,247 of straight line rent receivables at December 31, 2023 and 2022, respectively. See Notes 4 and 9 for further information regarding our TA leases. Certain of our lease agreements require additional percentage rent if gross revenues of our properties exceed certain thresholds defined in our lease agreements. We may determine percentage rent due to us under our leases monthly, quarterly or annually, depending on the specific lease terms, and recognize it when all contingencies are met and the rent is earned. We recorded percentage rent of $6,600, $10,578 and $7,085 during the years ended December 31, 2023, 2022 and 2021, respectively. We own all the escrowed reserves established for the regular refurbishment of our hotels, or FF&E reserves. We do not report the FF&E reserves for our managed hotels as FF&E reserve income. |
Per Common Share Amounts | Per Common Share Amounts. We calculate basic earnings per common share using the two class method. We calculate diluted earnings per share using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares, together with the related impact on earnings, are considered when calculating diluted earnings per share. For the years ended December 31, 2023, 2022, and 2021, there were no dilutive common shares and certain unvested common shares were not included in the calculation of diluted earnings per share because to do so would have been antidilutive. |
Segment Information | Segment Information. As of December 31, 2023, we had two reportable segments: hotel investments and net lease investments. |
Income Taxes | Income Taxes. We have elected to be taxed as a REIT under the United States Internal Revenue Code of 1986, as amended, 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 (or benefit) includes the income tax provision (or benefit) 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. The Income Taxes Topic of the Codification prescribes how we should recognize, measure and present in our consolidated financial statements uncertain tax positions that have been taken or are expected to be taken in a tax return. Tax benefits are recognized to the extent that it is “more likely than not” that a particular tax position will be sustained upon examination or audit. To the extent the “more likely than not” standard has been satisfied, the benefit associated with a tax position is measured as the largest amount that has a greater than 50% likelihood of being realized upon settlement. Our tax returns filed for the 2020 through 2023 tax years are subject to examination by taxing authorities. We classify interest and penalties related to uncertain tax positions, if any, in our consolidated statements of comprehensive income (loss) as a component of general and administrative expense. |
New Accounting Pronouncements | New Accounting Pronouncements. On November 27, 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , or ASU No. 2023-07, which requires public entities to: (i) provide disclosures of significant segment expenses and other segment items if they are regularly provided to the Chief Operating Decision Maker, or the CODM, and included in each reported measure of segment profit or loss; (ii) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by ASC 280, Segment Reporting , or ASC 280, in interim periods; and (iii) disclose the CODM’s title and position, as well as an explanation of how the CODM uses the reported measures and other disclosures. The amendments in ASU No. 2023-07 are incremental to the requirements in ASC 280 and do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. ASU No. 2023-07 should be applied retrospectively to all prior periods presented in the financial statements and is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact ASU No. 2023-07 will have on our consolidated financial statements and disclosures. On December 14, 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , or ASU No. 2023-09, which requires public entities to enhance its annual income tax disclosures by requiring: (i) consistent categories and greater disaggregation of information in the rate reconciliation, and (ii) income taxes paid disaggregated by jurisdiction. ASU No. 2023-09 should be applied prospectively but entities have the option to apply it retrospectively to all prior periods presented in the financial statements. ASU No. 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact ASU No. 2023-09 will have on our consolidated financial statements and disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of intangible assets and liabilities | At December 31, 2023 and 2022, our intangible assets and liabilities were as follows: December 31, 2023 2022 Assets: Tradenames and trademarks $ — $ 89,375 Above market operating leases, net of accumulated amortization of $95,275 and $82,515, respectively 126,890 155,320 Below market ground leases, net of accumulated amortization of $13,557 and $18,542, respectively 2,712 6,564 Other, net of accumulated amortization of $538 and $460, respectively 1,020 1,098 $ 130,622 $ 252,357 Liabilities: Below market operating leases, net of accumulated amortization of $784 and $597, respectively $ 746 $ 933 Above market ground leases, net of accumulated amortization of $293 and $296, respectively 7 25 $ 753 $ 958 |
Schedule of projected future amortization expense relating to intangible assets and liabilities | As of December 31, 2023, we estimate future amortization relating to intangible assets and liabilities as follows: Year Above Market Operating Leases Below Market Ground Leases Below Market Operating Leases Above Market Ground Leases & Other, Net 2024 $ 22,127 $ 735 $ (186) $ 71 2025 19,008 660 (127) 78 2026 14,645 658 (121) 78 2027 12,526 658 (89) 78 2028 9,723 1 (76) 78 Thereafter 48,861 — (147) 630 Total $ 126,890 $ 2,712 $ (746) $ 1,013 |
Schedule of future amortization of debt issuance costs | Future amortization of debt issuance costs to be recognized with respect to our revolving credit facility, our senior notes and our net lease mortgage notes as of December 31, 2023, are as follows: Year Amount 2024 $ 16,628 2025 15,718 2026 13,607 2027 11,207 2028 3,850 Thereafter 7,215 Total $ 68,225 |
Real Estate Properties (Tables)
Real Estate Properties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate [Abstract] | |
Schedule of allocation of purchase prices by location | Our allocation of the purchase price for each of our acquisitions in 2023, 2022 and 2021, based on the estimated fair value of the acquired assets and assumed liabilities, is presented in the table below. We accounted for these transactions as acquisitions of assets. Acquisition Date Location Property Type Rooms or Suites / Square Feet Purchase Price (1) Land Buildings and Improvements Furniture, Fixtures and Equipment Properties acquired during the year ended December 31, 2023: June 1, 2023 Miami Beach, FL Hotel 250 $ 165,866 $ 83,200 $ 77,987 $ 4,679 Properties acquired during the year ended December 31, 2022: September 12, 2022 Stoughton, MA Land — $ 2,766 $ 2,766 $ — $ — Properties acquired during the year ended December 31, 2021: March 9, 2021 Nashville, TN Land — $ 7,709 $ 7,709 $ — $ — (1) Includes acquisition related costs of $466, $51 and $109 for the years ended December 31, 2023, 2022 and 2021, respectively. |
Schedule of sale of properties | During the years ended December 31, 2023, 2022 and 2021, we sold 31, 86 and 18 properties, respectively, for an aggregate sales price of $170,325, $559,848 and $52,332, respectively, excluding closing costs. The sales of these properties as presented in the table below do not represent significant dispositions, individually or in the aggregate, nor do they represent a strategic shift in our business. As a result, the results of the operations of these properties are included in continuing operations through the date of sale in our consolidated statements of comprehensive income (loss). Property Type Number of Properties Rooms or Suites / Square Feet Gross Sales Price Gain / (Loss) on Sale of Real Estate, net Properties sold during the year ended December 31, 2023: Hotels 18 2,526 $ 157,230 $ 41,861 Net Lease 13 160,310 13,095 1,378 31 2,526 / 160,310 $ 170,325 $ 43,239 Properties sold during the year ended December 31, 2022: Hotels 65 8,296 $ 543,413 $ 48,202 Net Lease 21 138,638 16,435 (384) 86 8,296 / 138,638 $ 559,848 $ 47,818 Properties sold during the year ended December 31, 2021: Hotels 7 669 $ 40,552 $ 9,590 Net Lease 11 97,276 11,780 1,932 18 669 / 97,276 $ 52,332 $ 11,522 |
Management Agreements and Lea_2
Management Agreements and Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of minimum rents to be received | As of December 31, 2023, the number of travel centers, the terms and the annual minimum rents owed to us by TA under our TA leases was as follows: Number of Travel Centers Initial Term End (1) Annualized Minimum Rent TA No. 1 Lease 35 May 14, 2033 $ 52,001 TA No. 2 Lease 36 May 14, 2033 46,111 TA No. 3 Lease 34 May 14, 2033 44,366 TA No. 4 Lease 36 May 14, 2033 47,023 TA No. 5 Lease 35 May 14, 2033 64,499 176 $ 254,000 (1) TA has five renewal options of 10 years each under each of our TA leases. Year Amount 2024 $ 377,775 2025 377,571 2026 371,649 2027 367,491 2028 362,288 Thereafter 1,799,925 Total $ 3,656,699 |
Schedule of minimum rent payments | As of December 31, 2023, our operating leases provide for contractual minimum rent payments to third parties during the remaining lease terms, as follows: Year Amount 2024 $ 14,003 2025 14,076 2026 14,198 2027 14,087 2028 13,891 Thereafter 216,217 Total lease payments 286,472 Less: imputed interest (129,345) Present value of lease liabilities (1) $ 157,127 (1) The weighted average discount rate used to calculate the lease liability and the weighted average remaining term for our ground leases (assuming all extension options) and our hotel operating leases are approximately 5.4% and 20 years (range of three months to 64 years) and 6.7% and 33 years (range of four months to 50 years), respectively. |
Other Investments (Tables)
Other Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of financial information for Sonesta | Summarized financial information for Sonesta as of December 31, 2023 and 2022, and for the years ended December 31, 2023, 2022 and 2021 is as follows: December 31, 2023 2022 Total current assets $ 171,265 $ 156,321 Total noncurrent assets $ 694,828 $ 580,856 Total current liabilities $ 155,935 $ 141,345 Total noncurrent liabilities $ 342,839 $ 232,357 Non-controlling interest $ 54,963 $ 54,657 Year Ended December 31, 2023 2022 2021 Total revenues $ 765,011 $ 681,434 $ 478,097 Operating income (loss) $ 5,013 $ 21,929 $ (1,526) Net (loss) income $ (10,823) $ 10,056 $ (2,009) Net (loss) income attributable to shareholders $ (11,404) $ 9,184 $ (2,009) |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of principal balance and annual interest rates | Our net lease mortgage notes are summarized below: Note Class Principal Outstanding as of December 31, 2023 Coupon Rate Term (in years) Maturity Class A $ 303,729 5.15% 5 February 2028 Class B 172,640 5.55% 5 February 2028 Class C 132,200 6.70% 5 February 2028 Total / weighted average $ 608,569 5.60% |
Required principal payments during the next five years and thereafter | The required principal payments due during the next five years and thereafter under all our outstanding debt at December 31, 2023 were as follows: Year Amount 2024 $ 1,958 2025 1,151,958 2026 801,958 2027 851,958 2028 1,000,737 Thereafter 1,825,000 Total $ 5,633,569 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Summary of shares issued | During the years ended December 31, 2023, 2022 and 2021, we awarded shares to our Trustees, officers and other employees of RMR as follows: Year Number of Shares Weighted Average Grant Date Fair Value Weighted Average Value of Grants 2023 438,000 $ 7.88 $ 3,451 2022 433,500 $ 6.63 $ 2,874 2021 340,700 $ 11.26 $ 3,839 |
Summary of shares granted, vested, forfeited and unvested | A summary of shares awarded, vested, forfeited and unvested under the terms of the Share Award Plan for the years ended December 31, 2023, 2022 and 2021 is as follows: 2023 2022 2021 Number Weighted Number Weighted Number Weighted Unvested shares, beginning of year 588,830 $ 8.81 425,030 $ 11.93 325,900 $ 14.71 Shares awarded 438,000 $ 7.88 433,500 $ 6.63 340,700 $ 11.26 Shares vested (394,470) $ 9.21 (266,300) $ 10.20 (240,470) $ 14.78 Shares forfeited (22,400) $ 8.91 (3,400) $ 12.08 (1,100) $ 12.96 Unvested shares, end of year 609,960 $ 7.88 588,830 $ 8.81 425,030 $ 11.93 |
Schedule of stock repurchases | During the years ended December 31, 2023, 2022 and 2021, we purchased our common shares from our officers and certain other current and former officers and employees of RMR in satisfaction of tax withholding and payment obligations in connection with the vesting of our common shares as follows: Year Aggregate Number Weighted Average Value 2023 98,571 $8.14 $802 2022 69,867 $6.72 $470 2021 71,100 $11.11 $790 |
Schedule of distributions paid | During the years ended December 31, 2023, 2022 and 2021, we paid distributions on our common shares as follows: Annual Per Share Distribution Total Distributions Characterization of Distributions Year Ordinary Income Capital Gain Return of Capital Qualified Dividend (1) 2023 $0.80 $132,430 9.30% 86.15% 4.55% 6.25% 2022 $0.23 $38,044 —% —% 100.00% —% 2021 $0.04 $6,596 —% —% 100.00% —% (1) Qualified Dividends are a subset of, and included in, the Ordinary Income amount. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of provision for income taxes | Our provision (benefit) for income taxes consists of the following: Year Ended December 31, 2023 2022 2021 Current: Federal $ — $ — $ — State (106) 385 680 Foreign 503 233 350 397 618 1,030 Deferred: Foreign (1,895) (817) (1,971) (1,895) (817) (1,971) $ (1,498) $ (199) $ (941) |
Schedule of reconciliation of effective tax rate and the U.S. Federal statutory income tax rate | A reconciliation of our effective tax rate and the current U.S. Federal statutory income tax rate is as follows: Year Ended December 31, 2023 2022 2021 Taxes at statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Nontaxable income of SVC (21.0) % (21.0) % (21.0) % State and local income taxes, net of federal tax benefit 0.3 % (0.3) % (0.1) % Foreign taxes (6.9) % 0.4 % 0.3 % Foreign tax rate change 11.0 % 0.0 % 0.0 % Effective tax rate 4.4 % 0.1 % 0.2 % |
Schedule of significant components of deferred tax assets and liabilities | Significant components of our deferred tax assets and liabilities are as follows: As of December 31, 2023 2022 Deferred tax assets: Tax loss carryforwards $ 112,532 $ 109,650 Other 7,973 7,134 Deferred tax assets 120,505 116,784 Valuation allowance (120,505) (116,784) Net deferred tax assets $ — $ — Deferred tax liabilities: Property basis difference $ (7,970) $ (5,947) Puerto Rico deferred tax gain (8,162) (12,079) Net deferred tax liabilities $ (16,132) $ (18,026) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of segment information | Year Ended December 31, 2023 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 1,478,034 $ — $ — $ 1,478,034 Rental income — 395,829 — 395,829 Total revenues 1,478,034 395,829 — 1,873,863 Expenses: Hotel operating expenses 1,223,906 — — 1,223,906 Net lease operating expenses — 17,663 — 17,663 Depreciation and amortization 216,235 167,825 — 384,060 General and administrative — — 45,397 45,397 Transaction related costs — — (1,623) (1,623) Loss on asset impairment, net 27 9,517 — 9,544 Total expenses 1,440,168 195,005 43,774 1,678,947 Gain on sale of real estate, net 41,861 1,378 — 43,239 Gain on equity securities, net — — 48,837 48,837 Interest income 169 118 20,692 20,979 Interest expense — (40,920) (295,422) (336,342) Loss on early extinguishment of debt — — (1,524) (1,524) Income (loss) before income tax benefit and equity in losses of an investee 79,896 161,400 (271,191) (29,895) Income tax benefit — — 1,498 1,498 Equity in losses of an investee — — (4,382) (4,382) Net income (loss) $ 79,896 $ 161,400 $ (274,075) $ (32,779) As of December 31, 2023 Hotels Net Lease Corporate Consolidated Total assets $ 3,943,213 $ 3,084,686 $ 328,217 $ 7,356,116 Year Ended December 31, 2022 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 1,467,344 $ — $ — $ 1,467,344 Rental income — 395,667 — 395,667 Total revenues 1,467,344 395,667 — 1,863,011 Expenses: Hotel operating expenses 1,227,357 — — 1,227,357 Net lease operating expenses — 13,176 — 13,176 Depreciation and amortization 221,416 179,692 — 401,108 General and administrative — — 44,404 44,404 Transaction related costs — — 1,920 1,920 Loss on asset impairment 10,537 452 — 10,989 Total expenses 1,459,310 193,320 46,324 1,698,954 Gain (loss) on sale of real estate, net 48,202 (384) — 47,818 Loss on equity securities, net — — (8,104) (8,104) Interest income 24 29 3,326 3,379 Interest expense — — (341,795) (341,795) Loss on early extinguishment of debt — — (791) (791) Income (loss) before income tax benefit and equity in earnings of an investee 56,260 201,992 (393,688) (135,436) Income tax benefit — — 199 199 Equity in earnings of an investee — — 2,856 2,856 Net income (loss) $ 56,260 $ 201,992 $ (390,633) $ (132,381) As of December 31, 2022 Hotels Net Lease Corporate Consolidated Total assets $ 3,882,701 $ 3,376,295 $ 229,195 $ 7,488,191 Year Ended December 31, 2021 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 1,104,678 $ — $ — $ 1,104,678 Rental income 1,808 389,094 — 390,902 Total revenues 1,106,486 389,094 — 1,495,580 Expenses: Hotel operating expenses 1,010,737 — — 1,010,737 Net lease operating expenses — 15,658 — 15,658 Depreciation and amortization 266,641 219,324 — 485,965 General and administrative — — 53,439 53,439 Transaction related costs 64,764 — — 64,764 Loss on asset impairment 60,980 17,640 — 78,620 Total expenses 1,403,122 252,622 53,439 1,709,183 Gain on sale of real estate, net 9,558 1,964 — 11,522 Gain on equity securities, net — — 22,535 22,535 Interest income 1 — 663 664 Interest expense — — (365,721) (365,721) (Loss) income before income tax benefit and equity in losses of an investee (287,077) 138,436 (395,962) (544,603) Income tax benefit — — 941 941 Equity in losses of an investee — — (941) (941) Net (loss) income $ (287,077) $ 138,436 $ (395,962) $ (544,603) As of December 31, 2021 Hotels Net Lease Corporate Consolidated Total assets $ 4,487,101 $ 3,580,095 $ 1,086,119 $ 9,153,315 |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2023, 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 Reporting Date Using Description Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Non-recurring Fair Value Measurements Assets of properties held for sale (1) $ 10,446 $ — $ — $ 10,446 (1) We recorded a loss on asset impairment, net of $3,206 during the year ended December 31, 2023, to reduce the carrying value of one hotel and nine net lease properties in our consolidated balance sheets to their estimated fair value less costs to sell based on brokers’ opinion of values (Level 3 inputs as defined in the fair value hierarchy under GAAP). |
Schedule of fair value of additional financial instruments | At December 31, 2023 and 2022, the fair values of these financial instruments approximated their carrying values in our consolidated balance sheets due to their short-term nature or floating interest rates, except as follows: December 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Value (1) Value Value (1) Value Senior Unsecured Notes, due 2023 at 4.50% $ — $ — $ 499,925 $ 491,345 Senior Unsecured Notes, due 2024 at 4.65% — — 349,510 334,292 Senior Unsecured Notes, due 2024 at 4.35% — — 822,487 749,983 Senior Unsecured Notes, due 2025 at 4.50% 349,181 341,688 348,493 301,893 Senior Unsecured Notes, due 2025 at 7.50% 796,007 808,888 793,673 762,344 Senior Unsecured Notes, due 2026 at 5.25% 347,601 339,780 346,472 292,282 Senior Unsecured Notes, due 2026 at 4.75% 448,347 419,909 447,736 354,128 Senior Unsecured Notes, due 2027 at 4.95% 397,672 362,108 396,916 315,040 Senior Unsecured Notes, due 2027 at 5.50% 445,631 412,002 444,505 387,522 Net Lease Mortgage Notes, due 2028 at 5.60% 558,876 585,784 — — Senior Unsecured Notes, due 2028 at 3.95% 395,355 327,708 394,206 283,996 Senior Unsecured Notes, due 2029 at 4.95% 420,477 351,726 419,684 293,718 Senior Unsecured Notes, due 2030 at 4.375% 393,056 310,524 391,923 264,280 Senior Secured Notes, due 2031 at 8.625% 968,017 1,047,430 — — Total financial liabilities $ 5,520,220 $ 5,307,547 $ 5,655,530 $ 4,830,823 (1) Carrying value includes unamortized discounts, premiums and certain debt issuance costs. |
Organization (Details)
Organization (Details) | Dec. 31, 2023 tenant hotel property travelCenter |
Real Estate Properties [Line Items] | |
Number of properties | property | 973 |
Hotels | |
Real Estate Properties [Line Items] | |
Number of properties | 221 |
Net Lease | |
Real Estate Properties [Line Items] | |
Number of properties | property | 752 |
Number of tenants | tenant | 175 |
IHG Agreement | Hotels | Ravinia, GA | |
Real Estate Properties [Line Items] | |
Number of properties | 1 |
Related Party | Sonesta International Hotels Corporation | Hotels | |
Real Estate Properties [Line Items] | |
Number of properties | 195 |
Related Party | Hyatt Hotels Corporation | Hotels | |
Real Estate Properties [Line Items] | |
Number of properties | 17 |
Related Party | Radisson Hospitality, Inc | Hotels | |
Real Estate Properties [Line Items] | |
Number of properties | 8 |
Related Party | TravelCenters of America LLC | Net Lease | |
Real Estate Properties [Line Items] | |
Number of properties | travelCenter | 176 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Basis of Presentation and Real Estate Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Ownership interest in subsidiaries (as a percent) | 100% | ||
Total assets | $ 7,356,116 | $ 7,488,191 | $ 9,153,315 |
Liabilities | 6,129,983 | 6,099,399 | |
Loss on asset impairment, net | $ 9,544 | 10,989 | $ 78,620 |
Buildings and Improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 40 years | ||
Personal Property | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 12 years | ||
Consolidated | |||
Property, Plant and Equipment [Line Items] | |||
Total assets | $ 142,789 | 142,542 | |
Liabilities | $ 81,262 | $ 82,454 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Assets: | |||
Acquired real estate leases and other intangibles, net | $ 130,622 | $ 252,357 | |
Intangible assets, net | 130,622 | 252,357 | |
Liabilities: | |||
Intangible liabilities, net | 753 | 958 | |
Amortization relating to intangible assets | 32,223 | 30,775 | $ 41,648 |
Amortization relating to intangible liabilities | 205 | 235 | $ 433 |
Tradenames and trademarks | |||
Assets: | |||
Tradenames and trademarks | 0 | 89,375 | |
Above market operating leases, net of accumulated amortization of $95,275 and $82,515, respectively | |||
Assets: | |||
Acquired real estate leases and other intangibles, net | 126,890 | 155,320 | |
Intangible assets, accumulated amortization | 95,275 | 82,515 | |
Below market ground leases, net of accumulated amortization of $13,557 and $18,542, respectively | |||
Assets: | |||
Acquired real estate leases and other intangibles, net | 2,712 | 6,564 | |
Intangible assets, accumulated amortization | 13,557 | 18,542 | |
Other, net of accumulated amortization of $538 and $460, respectively | |||
Assets: | |||
Acquired real estate leases and other intangibles, net | 1,020 | 1,098 | |
Intangible assets, accumulated amortization | 538 | 460 | |
Below market operating leases, net of accumulated amortization of $784 and $597, respectively | |||
Liabilities: | |||
Intangible liabilities, net | 746 | 933 | |
Intangible liabilities, accumulated amortization | 784 | 597 | |
Above market ground leases, net of accumulated amortization of $293 and $296, respectively | |||
Liabilities: | |||
Intangible liabilities, net | 7 | 25 | |
Intangible liabilities, accumulated amortization | $ 293 | $ 296 | |
Above Market Leases | |||
Liabilities: | |||
Amortization period of above and below market leases | 9 years 3 months 18 days | ||
Below Market Leases | |||
Liabilities: | |||
Amortization period of above and below market leases | 6 years 10 months 24 days |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Future Amortization of Intangibles (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items] | ||
Total future amortization, intangible assets | $ 130,622 | $ 252,357 |
Total future amortization, intangible liabilities | 753 | 958 |
Above Market Operating Leases | ||
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items] | ||
2024, intangible assets | 22,127 | |
2025, intangible assets | 19,008 | |
2026, intangible assets | 14,645 | |
2027, intangible assets | 12,526 | |
2028, intangible assets | 9,723 | |
Thereafter, intangible assets | 48,861 | |
Total future amortization, intangible assets | 126,890 | 155,320 |
Below Market Ground Leases | ||
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items] | ||
2024, intangible assets | 735 | |
2025, intangible assets | 660 | |
2026, intangible assets | 658 | |
2027, intangible assets | 658 | |
2028, intangible assets | 1 | |
Thereafter, intangible assets | 0 | |
Total future amortization, intangible assets | 2,712 | |
Below Market Operating Leases | ||
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items] | ||
2024, intangible liabilities | 186 | |
2025, intangible liabilities | 127 | |
2026, intangible liabilities | 121 | |
2027, intangible liabilities | 89 | |
2028, intangible liabilities | 76 | |
Thereafter, intangible liabilities | 147 | |
Total future amortization, intangible liabilities | 746 | $ 933 |
Above Market Ground Leases & Other, Net | ||
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items] | ||
2024, intangible assets | 71 | |
2025, intangible assets | 78 | |
2026, intangible assets | 78 | |
2027, intangible assets | 78 | |
2028, intangible assets | 78 | |
Thereafter, intangible assets | 630 | |
Total future amortization, intangible assets | $ 1,013 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Debt Issuance Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt issuance costs for revolving credit facility | $ 12,379 | $ 6,214 |
Accumulated amortization of debt issuance costs for revolving credit facility | 1,502 | 3,925 |
Amount | ||
2024 | 16,628 | |
2025 | 15,718 | |
2026 | 13,607 | |
2027 | 11,207 | |
2028 | 3,850 | |
Thereafter | 7,215 | |
Future amortization of debt issuance costs, total | 68,225 | |
Senior notes | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt issuance costs, net | 35,016 | 25,545 |
Mortages | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt issuance costs, net | $ 22,332 | $ 0 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Equity Method Investments (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Sonesta International Hotels Corporation | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Noncontrolling interest, ownership percentage | 34% | 34% |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Revenue Recognition and Segment Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Related Party Transaction [Line Items] | |||
Straight line rent adjustments | $ 13,165 | $ (7,767) | $ (2,621) |
Straight line rent receivable | $ 56,833 | 32,247 | |
Number of reportable segments | segment | 2 | ||
Related Party | |||
Related Party Transaction [Line Items] | |||
Straight line rent receivables, due from related parties | 7,522 | ||
Deferred percentage rental income | $ 6,600 | $ 10,578 | $ 7,085 |
Real Estate Properties - Narrat
Real Estate Properties - Narrative (Details) $ in Thousands | 2 Months Ended | 12 Months Ended | |||||||
Feb. 22, 2024 USD ($) ft² property hotel key | Dec. 31, 2023 USD ($) ft² leaseAgreement unit hotel room property | Dec. 31, 2023 USD ($) ft² leaseAgreement unit hotel room property | Dec. 31, 2023 USD ($) ft² leaseAgreement unit hotel room property | Dec. 31, 2023 USD ($) ft² property unit hotel leaseAgreement room | Dec. 31, 2022 USD ($) ft² room | Dec. 31, 2022 USD ($) ft² room hotel | Dec. 31, 2022 USD ($) ft² property room | Dec. 31, 2021 USD ($) ft² property room | |
Real Estate Properties [Line Items] | |||||||||
Number of properties | property | 973 | 973 | 973 | 973 | |||||
Aggregate carrying value held-for-sale | $ 9,799,642 | $ 9,799,642 | $ 9,799,642 | $ 9,799,642 | |||||
Carrying value of net lease properties held for sale | 13,305 | 13,305 | 13,305 | 13,305 | |||||
Land | 1,972,145 | 1,972,145 | 1,972,145 | 1,972,145 | $ 1,902,587 | $ 1,902,587 | $ 1,902,587 | ||
Building and improvements | 7,443,750 | 7,443,750 | 7,443,750 | 7,443,750 | 7,271,864 | 7,271,864 | 7,271,864 | ||
Furniture, fixtures and equipment | 370,442 | 370,442 | 370,442 | 370,442 | 386,418 | 386,418 | 386,418 | ||
Capital improvements from leased facilities, funded | 200,894 | 103,646 | $ 95,017 | ||||||
Carrying value | $ 9,786,337 | 9,786,337 | $ 9,786,337 | $ 9,786,337 | 9,560,869 | $ 9,560,869 | $ 9,560,869 | ||
Net proceeds from sale of real estate | 156,432 | 554,087 | $ 51,412 | ||||||
Disposed of by sale | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of properties sold | property | 31 | 86 | 18 | ||||||
Aggregate sale price | $ 170,325 | 559,848 | $ 52,332 | ||||||
Hotels and Net Lease Properties | |||||||||
Real Estate Properties [Line Items] | |||||||||
Area of real estate (in sqft) | ft² | 13,341,172 | 13,341,172 | 13,341,172 | 13,341,172 | |||||
Capital improvements from leased facilities, funded | $ 235,530 | 115,927 | 103,630 | ||||||
Hotels | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of properties | hotel | 221 | 221 | 221 | 221 | |||||
Number of rooms/suites | unit | 37,777 | 37,777 | 37,777 | 37,777 | |||||
Number of properties on leased land | hotel | 8 | 8 | 8 | 8 | |||||
Ground lease remaining term | 39 years | ||||||||
Number of ground leases | leaseAgreement | 3 | 3 | 3 | 3 | |||||
Number of ground leases requiring specified minimum annual rents | leaseAgreement | 7 | 7 | 7 | 7 | |||||
Average ground lease annual rents | $ 337 | ||||||||
Number of ground leases with future rents prepaid | leaseAgreement | 1 | 1 | 1 | 1 | |||||
Rental expense related to operating leases | $ 9,618 | $ 11,148 | $ 12,182 | ||||||
Hotels | Subsequent event | |||||||||
Real Estate Properties [Line Items] | |||||||||
Properties to be sold | hotel | 1 | ||||||||
Rooms | key | 84 | ||||||||
Hotels | Disposed of by sale | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of rooms/suites | room | 2,526 | 2,526 | 2,526 | 2,526 | 8,296 | 8,296 | 8,296 | 669 | |
Number of properties sold | 2 | 18 | 65 | 65 | 7 | ||||
Aggregate sale price | $ 157,230 | $ 543,413 | $ 40,552 | ||||||
Hotels | Assets Held for Sale | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of properties | hotel | 1 | 1 | 1 | 1 | |||||
Number of rooms/suites | room | 84 | 84 | 84 | 84 | |||||
Carrying value | $ 4,060 | $ 4,060 | $ 4,060 | $ 4,060 | |||||
Hotels | Assets Held for Sale | Subsequent event | |||||||||
Real Estate Properties [Line Items] | |||||||||
Aggregate sale price | $ 3,315 | ||||||||
Hotels | Minimum | |||||||||
Real Estate Properties [Line Items] | |||||||||
Ground lease remaining term | 11 years | ||||||||
Hotels | Maximum | |||||||||
Real Estate Properties [Line Items] | |||||||||
Ground lease remaining term | 64 years | ||||||||
Net Lease | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of properties | property | 752 | 752 | 752 | 752 | |||||
Number of properties on leased land | property | 14 | 14 | 14 | 14 | |||||
Net Lease | Disposed of by sale | |||||||||
Real Estate Properties [Line Items] | |||||||||
Area of real estate (in sqft) | ft² | 160,310 | 160,310 | 160,310 | 160,310 | 138,638 | 138,638 | 138,638 | 97,276 | |
Number of properties sold | property | 13 | 21 | 11 | ||||||
Aggregate sale price | $ 13,095 | $ 16,435 | $ 11,780 | ||||||
Net Lease | Disposed of by sale | Subsequent event | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of properties | property | 1 | ||||||||
Area of real estate (in sqft) | ft² | 4,100 | ||||||||
Aggregate sale price | $ 257 | ||||||||
Net Lease | Assets Held for Sale | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of properties | property | 9 | 9 | 9 | 9 | |||||
Area of real estate (in sqft) | ft² | 128,159 | 128,159 | 128,159 | 128,159 | |||||
Carrying value | $ 6,386 | $ 6,386 | $ 6,386 | $ 6,386 | |||||
Properties to be sold | property | 5 | 5 | 5 | 5 | |||||
Area of real estate to be sold | ft² | 98,422 | 98,422 | 98,422 | 98,422 | |||||
Net Lease | Assets Held for Sale | Subsequent event | |||||||||
Real Estate Properties [Line Items] | |||||||||
Area of real estate (in sqft) | ft² | 55,276 | ||||||||
Properties to be sold | property | 4 | ||||||||
Net proceeds from sale of real estate | $ 3,121 | ||||||||
Net Lease | Land | |||||||||
Real Estate Properties [Line Items] | |||||||||
Rental expense related to operating leases | $ 420 | ||||||||
Net Lease | Minimum | |||||||||
Real Estate Properties [Line Items] | |||||||||
Ground lease remaining term | 3 months | ||||||||
Net Lease | Maximum | |||||||||
Real Estate Properties [Line Items] | |||||||||
Ground lease remaining term | 41 years |
Real Estate Properties - Alloca
Real Estate Properties - Allocation of Purchase Price (Details) $ in Thousands | 12 Months Ended | |||||
Jun. 01, 2023 USD ($) ft² | Sep. 12, 2022 USD ($) ft² | Mar. 09, 2021 USD ($) ft² | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Real Estate Properties [Line Items] | ||||||
Transaction related costs | $ 466 | $ 51 | $ 109 | |||
Miami Beach, FL | Hotels | ||||||
Real Estate Properties [Line Items] | ||||||
Square Feet | ft² | 250 | |||||
Purchase Price | $ 165,866 | |||||
Land | 83,200 | |||||
Buildings and Improvements | 77,987 | |||||
Furniture, Fixtures and Equipment | $ 4,679 | |||||
Stoughton, MA | Land | ||||||
Real Estate Properties [Line Items] | ||||||
Square Feet | ft² | 0 | |||||
Purchase Price | $ 2,766 | |||||
Land | 2,766 | |||||
Buildings and Improvements | 0 | |||||
Furniture, Fixtures and Equipment | $ 0 | |||||
Nashville, TN | Land | ||||||
Real Estate Properties [Line Items] | ||||||
Square Feet | ft² | 0 | |||||
Purchase Price | $ 7,709 | |||||
Land | 7,709 | |||||
Buildings and Improvements | 0 | |||||
Furniture, Fixtures and Equipment | $ 0 |
Real Estate Properties - Dispos
Real Estate Properties - Dispositions (Details) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023 ft² property unit room | Dec. 31, 2023 USD ($) ft² unit room | Dec. 31, 2023 ft² unit hotel room | Dec. 31, 2022 ft² property room | Dec. 31, 2022 USD ($) ft² room | Dec. 31, 2022 ft² room hotel | Dec. 31, 2021 USD ($) ft² property room | |
Hotels | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Rooms or Suites | unit | 37,777 | 37,777 | 37,777 | ||||
Disposed of by sale | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of Properties | property | 31 | 86 | 18 | ||||
Gross Sales Price | $ 170,325 | $ 559,848 | $ 52,332 | ||||
Gain / (Loss) on Sale of Real Estate, net | $ 43,239 | $ 47,818 | $ 11,522 | ||||
Disposed of by sale | Hotels | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of Properties | 18 | 2 | 65 | 65 | 7 | ||
Rooms or Suites | room | 2,526 | 2,526 | 2,526 | 8,296 | 8,296 | 8,296 | 669 |
Gross Sales Price | $ 157,230 | $ 543,413 | $ 40,552 | ||||
Gain / (Loss) on Sale of Real Estate, net | $ 41,861 | $ 48,202 | $ 9,590 | ||||
Disposed of by sale | Net Lease | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of Properties | property | 13 | 21 | 11 | ||||
Square Feet | ft² | 160,310 | 160,310 | 160,310 | 138,638 | 138,638 | 138,638 | 97,276 |
Gross Sales Price | $ 13,095 | $ 16,435 | $ 11,780 | ||||
Gain / (Loss) on Sale of Real Estate, net | $ 1,378 | $ (384) | $ 1,932 |
Management Agreements and Lea_3
Management Agreements and Leases - Narrative (Details) | Dec. 31, 2023 tenant hotel property agreement travelCenter |
Management Agreements and Leases [Line Items] | |
Number of properties | property | 973 |
Number of operating agreements | agreement | 4 |
Hotels | |
Management Agreements and Leases [Line Items] | |
Number of properties | 221 |
Net Lease | |
Management Agreements and Leases [Line Items] | |
Number of properties | property | 752 |
Number of tenants | tenant | 175 |
IHG Agreement | Ravinia, GA | Hotels | |
Management Agreements and Leases [Line Items] | |
Number of properties | 1 |
Related Party | Sonesta International Hotels Corporation | Hotels | |
Management Agreements and Leases [Line Items] | |
Number of properties | 195 |
Related Party | Hyatt Hotels Corporation | Hotels | |
Management Agreements and Leases [Line Items] | |
Number of properties | 17 |
Related Party | Radisson Hospitality, Inc | Hotels | |
Management Agreements and Leases [Line Items] | |
Number of properties | 8 |
Related Party | TravelCenters of America LLC | Net Lease | |
Management Agreements and Leases [Line Items] | |
Number of properties | travelCenter | 176 |
Management Agreements and Lea_4
Management Agreements and Leases - Sonesta (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||
Feb. 27, 2020 | Jun. 30, 2023 hotel | Dec. 31, 2023 USD ($) hotel renewalOption | Dec. 31, 2023 USD ($) hotel renewalOption | Dec. 31, 2023 USD ($) renewalOption property hotel | Dec. 31, 2023 USD ($) renewalOption hotel | Dec. 31, 2023 USD ($) hotel renewalOption | Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) property | Dec. 31, 2022 USD ($) hotel | Dec. 31, 2021 USD ($) property | |
Management Agreements and Leases [Line Items] | |||||||||||
Capital improvements from leased facilities, funded | $ 200,894 | $ 103,646 | $ 95,017 | ||||||||
Due from related persons | $ 6,376 | 6,376 | $ 6,376 | $ 6,376 | $ 6,376 | 35,033 | $ 35,033 | $ 35,033 | |||
Disposed of by sale | |||||||||||
Management Agreements and Leases [Line Items] | |||||||||||
Number of properties sold | property | 31 | 86 | 18 | ||||||||
Sonesta Agreement | |||||||||||
Management Agreements and Leases [Line Items] | |||||||||||
Percentage of gross revenues from hotel operations placed into escrow | 5% | ||||||||||
IHG Agreement | |||||||||||
Management Agreements and Leases [Line Items] | |||||||||||
Capital improvements from leased facilities, funded | 542 | 451 | |||||||||
Hotels | Disposed of by sale | |||||||||||
Management Agreements and Leases [Line Items] | |||||||||||
Number of properties sold | 18 | 2 | 65 | 65 | 7 | ||||||
Hotels | Sonesta International Hotels Corporation | |||||||||||
Management Agreements and Leases [Line Items] | |||||||||||
Due to related party, reimbursement of capital expenditures and other | 13,300 | 13,300 | $ 13,300 | $ 13,300 | $ 13,300 | 8,889 | $ 8,889 | $ 8,889 | |||
Hotels | Sonesta International Hotels Corporation | Real Estate Assets at Cost | Credit concentration | |||||||||||
Management Agreements and Leases [Line Items] | |||||||||||
Concentration risk percentage | 49.80% | ||||||||||
Hotels | Return Of Capital | Sonesta International Hotels Corporation | |||||||||||
Management Agreements and Leases [Line Items] | |||||||||||
Due from related persons | $ 6,376 | $ 6,376 | $ 6,376 | $ 6,376 | $ 6,376 | 2,975 | 2,975 | 2,975 | |||
Hotels | Full service hotels | Sonesta International Hotels Corporation | |||||||||||
Management Agreements and Leases [Line Items] | |||||||||||
Number of real estate properties leased or managed | hotel | 40 | 40 | 40 | 40 | 40 | ||||||
Hotels | Extended stay hotel | Sonesta International Hotels Corporation | |||||||||||
Management Agreements and Leases [Line Items] | |||||||||||
Number of real estate properties leased or managed | hotel | 111 | 111 | 111 | 111 | 111 | ||||||
Hotels | Select service hotels | Sonesta International Hotels Corporation | |||||||||||
Management Agreements and Leases [Line Items] | |||||||||||
Number of real estate properties leased or managed | hotel | 44 | 44 | 44 | 44 | 44 | ||||||
Hotels | Sonesta Agreement | |||||||||||
Management Agreements and Leases [Line Items] | |||||||||||
Number of renewal options | renewalOption | 2 | 2 | 2 | 2 | 2 | ||||||
Term of renewal options | 15 years | ||||||||||
Percent payment of hotel cash flows | 80% | 80% | 80% | 80% | 80% | ||||||
Hotel net income (loss) | $ 226,181 | 196,721 | $ 53,853 | ||||||||
Capital improvements from leased facilities, funded | 172,028 | 94,479 | |||||||||
Annual priority return amount | 353,953 | ||||||||||
Related party transaction, management, marketing and reservation system fees | 118,146 | 114,563 | $ 84,926 | ||||||||
Procurement and construction supervisory fees | 1,791 | 1,331 | |||||||||
Advanced working capital | $ 48,490 | 48,490 | $ 48,490 | $ 48,490 | $ 48,490 | 48,580 | 48,580 | 48,580 | |||
Option to terminate if not meeting performance thresholds | 3 years | ||||||||||
Option to terminate if not meeting performance thresholds, consecutive years | 4 years | ||||||||||
Hotels | Sonesta Agreement | Sonesta International Hotels Corporation | |||||||||||
Management Agreements and Leases [Line Items] | |||||||||||
Number of real estate properties acquired | hotel | 1 | ||||||||||
Hotels | Sonesta Agreement | Return Of Capital | Sonesta International Hotels Corporation | |||||||||||
Management Agreements and Leases [Line Items] | |||||||||||
Due from related persons | $ 10,321 | $ 10,321 | $ 10,321 | $ 10,321 | $ 10,321 | $ 5,416 | $ 5,416 | $ 5,416 |
Management Agreements and Lea_5
Management Agreements and Leases - Hyatt Agreement (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 29, 2024 USD ($) | Dec. 31, 2023 USD ($) hotel property | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Management Agreements and Leases [Line Items] | ||||
Number of properties | property | 973 | |||
Capital improvements from leased facilities, funded | $ 200,894 | $ 103,646 | $ 95,017 | |
Hotels | ||||
Management Agreements and Leases [Line Items] | ||||
Number of properties | hotel | 221 | |||
Hotels | Related Party | Hyatt Hotels Corporation | ||||
Management Agreements and Leases [Line Items] | ||||
Number of properties | hotel | 17 | |||
Hotels | Hyatt Hotels Corporation Contract | ||||
Management Agreements and Leases [Line Items] | ||||
Operating agreement annual rent and return | $ 15,555 | |||
Limited guarantee amount | $ 30,000 | |||
Limited guarantee, percentage of annual minimum returns | 75% | |||
Realized returns and rents | $ 9,371 | 12,281 | 9,388 | |
Working capital expensed (recovered) | $ 3,700 | |||
Capital improvements from leased facilities, funded | 46,679 | 11,845 | ||
Increase in annual owner's priority returns | $ 2,801 | $ 754 | ||
Hotels | Hyatt Hotels Corporation Contract | Subsequent event | ||||
Management Agreements and Leases [Line Items] | ||||
Working capital expensed (recovered) | $ 2,300 |
Management Agreements and Lea_6
Management Agreements and Leases - Radisson Agreement (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) property hotel | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Management Agreements and Leases [Line Items] | |||
Number of properties | property | 973 | ||
Capital improvements from leased facilities, funded | $ 200,894 | $ 103,646 | $ 95,017 |
Radisson Agreement | |||
Management Agreements and Leases [Line Items] | |||
Capital improvements from leased facilities, funded | $ 7,660 | 3,433 | |
Hotels | |||
Management Agreements and Leases [Line Items] | |||
Number of properties | hotel | 221 | ||
Hotels | Radisson Hospitality, Inc | Related Party | |||
Management Agreements and Leases [Line Items] | |||
Number of properties | hotel | 8 | ||
Hotels | Radisson Agreement | |||
Management Agreements and Leases [Line Items] | |||
Operating agreement annual rent and return | $ 10,866 | ||
Limited guarantee amount | $ 22,000 | ||
Limited guarantee, percentage of annual minimum returns | 75% | ||
Realized returns and rents | $ 6,266 | 6,387 | 11,364 |
Increase in guarantee | 650 | $ 13,238 | |
Guaranty amount | 21,350 | ||
Guarantee provided to the entity, maximum | 47,253 | ||
Increase in annual owner's priority returns | $ 460 | $ 206 |
Management Agreements and Lea_7
Management Agreements and Leases - Marriott Agreement (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) hotel | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Management Agreements and Leases [Line Items] | |||
Operating cash flow (deficit) | $ 485,549 | $ 243,127 | $ 49,904 |
Marriott contracts | Hotels | |||
Management Agreements and Leases [Line Items] | |||
Operating cash flow (deficit) | $ (2,762) | $ 8,942 | $ 2,830 |
Marriott contracts | Hotels | Marriott International, Inc. | |||
Management Agreements and Leases [Line Items] | |||
Number of properties sold | hotel | 16 |
Management Agreements and Lea_8
Management Agreements and Leases - IHG Agreement (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) hotel property | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Management Agreements and Leases [Line Items] | |||
Number of properties | property | 973 | ||
Cash (used in) provided by operating activities | $ 485,549 | $ 243,127 | $ 49,904 |
Capital improvements from leased facilities, funded | $ 200,894 | 103,646 | 95,017 |
Hotels | |||
Management Agreements and Leases [Line Items] | |||
Number of properties | hotel | 221 | ||
IHG Agreement | |||
Management Agreements and Leases [Line Items] | |||
Capital improvements from leased facilities, funded | $ 542 | 451 | |
IHG Agreement | Hotels | |||
Management Agreements and Leases [Line Items] | |||
Cash (used in) provided by operating activities | 4,800 | $ 3,561 | 337 |
Working capital expensed (recovered) | $ (5,797) | $ 16,711 | |
IHG Agreement | Hotels | Ravinia, GA | |||
Management Agreements and Leases [Line Items] | |||
Number of properties | hotel | 1 |
Management Agreements and Lea_9
Management Agreements and Leases - Net Lease Portfolio (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) ft² tenant industry property brand | |
Management Agreements and Leases [Line Items] | |
Number of properties | 973 |
Net Lease | |
Management Agreements and Leases [Line Items] | |
Number of properties | 752 |
Operating agreement annual rent and return | $ | $ 372,319 |
Weighted average lease term | 8 years 9 months 18 days |
Percentage of portfolio leased by tenants | 97.10% |
Number of tenants | tenant | 175 |
Number of brands | brand | 137 |
Number of industries | industry | 21 |
Hotels and Net Lease Properties | |
Management Agreements and Leases [Line Items] | |
Area of real estate (in sqft) | ft² | 13,341,172 |
Management Agreements and Le_10
Management Agreements and Leases - TA Leases (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
May 15, 2023 USD ($) $ / shares | Jan. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) travelCenter leaseOption property contract | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Feb. 02, 2024 travelCenter | |
Management Agreements and Leases [Line Items] | ||||||
Rental income | $ 395,829 | $ 395,667 | $ 390,902 | |||
Straight line rent adjustments | $ 13,165 | (7,767) | (2,621) | |||
Number of properties | property | 973 | |||||
Proceeds from sale of tradenames and trademarks | $ 89,400 | 0 | 0 | |||
Reduction (increase) of rental income | $ 4,927 | (320) | (9) | |||
TravelCenters of America Inc. | BP Products North America Inc. | ||||||
Management Agreements and Leases [Line Items] | ||||||
Business acquisition, share price (in dollars per share) | $ / shares | $ 86 | |||||
TravelCenters of America LLC | ||||||
Management Agreements and Leases [Line Items] | ||||||
Number of master leases | contract | 5 | |||||
Deferred percentage rental income | $ 3,507 | 10,578 | 7,085 | |||
BP Products North America Inc. | ||||||
Management Agreements and Leases [Line Items] | ||||||
Annual increase percentage | 2% | |||||
Lease term | 10 years | |||||
Business combination BP prepay amount | $ 188,000 | |||||
Monthly rent credit amount | 25,000 | |||||
Guarantee obligations | 3,037,475 | |||||
COVID-19 | ||||||
Management Agreements and Leases [Line Items] | ||||||
Reserves for uncollectible rents | 3,436 | 7,697 | ||||
SMTA Transaction | ||||||
Management Agreements and Leases [Line Items] | ||||||
Rental income | 129,566 | 135,522 | 140,803 | |||
Straight line rent adjustments | 5,233 | 5,367 | 10,616 | |||
Related Party | ||||||
Management Agreements and Leases [Line Items] | ||||||
Deferred percentage rental income | 6,600 | 10,578 | 7,085 | |||
Net Lease | ||||||
Management Agreements and Leases [Line Items] | ||||||
Operating agreement annual rent and return | $ 372,319 | |||||
Number of properties | property | 752 | |||||
Net Lease | Related Party | TravelCenters of America LLC | ||||||
Management Agreements and Leases [Line Items] | ||||||
Number of properties | travelCenter | 176 | |||||
Net Lease | Related Party | Real Estate Assets at Cost | Credit concentration | TravelCenters of America LLC | ||||||
Management Agreements and Leases [Line Items] | ||||||
Concentration risk percentage | 28.80% | |||||
Travel centers | TravelCenters of America LLC | ||||||
Management Agreements and Leases [Line Items] | ||||||
Number of travel centers | travelCenter | 176 | |||||
Operating agreement annual rent and return | 254,000 | $ 254,000 | ||||
Term of renewal options | 10 years | |||||
Rental income | $ 266,263 | 259,093 | 248,291 | |||
Straight line rent adjustments | 7,932 | (13,143) | $ (13,237) | |||
Quarterly payments to deferred rent receivable | $ 4,404 | |||||
Accruals for unpaid rent, including deferred rents | $ 19,816 | $ 30,764 | ||||
Number of renewal options | leaseOption | 5 | |||||
Proceeds from sale of tradenames and trademarks | $ 89,400 | |||||
Travel centers | TA No. 1 Lease | TravelCenters of America LLC | ||||||
Management Agreements and Leases [Line Items] | ||||||
Number of travel centers | travelCenter | 35 | |||||
Operating agreement annual rent and return | $ 52,001 | |||||
Travel centers | TA No. 2 Lease | TravelCenters of America LLC | ||||||
Management Agreements and Leases [Line Items] | ||||||
Number of travel centers | travelCenter | 36 | |||||
Operating agreement annual rent and return | $ 46,111 | |||||
Travel centers | TA No. 3 Lease | TravelCenters of America LLC | ||||||
Management Agreements and Leases [Line Items] | ||||||
Number of travel centers | travelCenter | 34 | |||||
Operating agreement annual rent and return | $ 44,366 | |||||
Travel centers | TA No. 4 Lease | TravelCenters of America LLC | ||||||
Management Agreements and Leases [Line Items] | ||||||
Number of travel centers | travelCenter | 36 | |||||
Operating agreement annual rent and return | $ 47,023 | |||||
Travel centers | TA No. 5 Lease | TravelCenters of America LLC | ||||||
Management Agreements and Leases [Line Items] | ||||||
Number of travel centers | travelCenter | 35 | |||||
Operating agreement annual rent and return | $ 64,499 | |||||
Travel centers | Related Party | Subsequent event | ||||||
Management Agreements and Leases [Line Items] | ||||||
Number of properties | travelCenter | 175 |
Management Agreements and Le_11
Management Agreements and Leases - Additional Lease Schedule (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 377,775 |
2025 | 377,571 |
2026 | 371,649 |
2027 | 367,491 |
2028 | 362,288 |
Thereafter | 1,799,925 |
Total | $ 3,656,699 |
Management Agreements and Le_12
Management Agreements and Leases - Additional Lease Information Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) hotel | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Right of use asset | $ 157,127 | $ 177,264 | |
Lease liability | $ 157,127 | $ 177,264 | |
Operating lease, right-of-use asset, statement of financial position, extensible list | Other assets, net | Other assets, net | |
Operating lease, liability, statement of financial position, extensible list | Accounts payable and other liabilities and due to related persons | Accounts payable and other liabilities and due to related persons | |
Hotels | |||
Lessee, Lease, Description [Line Items] | |||
Number of properties on leased land | hotel | 8 | ||
Rental expense related to operating leases | $ 9,618 | $ 11,148 | $ 12,182 |
Management Agreements and Le_13
Management Agreements and Leases - Schedule of Minimum Rent Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Lessee, Lease, Description [Line Items] | ||
2024 | $ 14,003 | |
2025 | 14,076 | |
2026 | 14,198 | |
2027 | 14,087 | |
2028 | 13,891 | |
Thereafter | 216,217 | |
Total lease payments | 286,472 | |
Less: imputed interest | (129,345) | |
Present value of lease liabilities | $ 157,127 | $ 177,264 |
Land | ||
Lessee, Lease, Description [Line Items] | ||
Weighted average discount rate used to calculate lease liability | 5.40% | |
Lease term | 20 years | |
Land | Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 3 months | |
Land | Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 64 years | |
Hotel Operating Leases | ||
Lessee, Lease, Description [Line Items] | ||
Weighted average discount rate used to calculate lease liability | 6.70% | |
Lease term | 33 years | |
Hotel Operating Leases | Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 4 months | |
Hotel Operating Leases | Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 50 years |
Other Investments - Narrative (
Other Investments - Narrative (Details) $ in Thousands | 12 Months Ended | ||||
Feb. 27, 2020 USD ($) | Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) hotel shares | Dec. 31, 2021 USD ($) | May 15, 2023 USD ($) shares | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment | $ 113,304 | $ 112,617 | |||
Equity in (losses) earnings of an investee | (4,382) | 2,856 | $ (941) | ||
Capital contribution funded | $ 5,134 | 45,470 | 25,443 | ||
Number of properties | property | 973 | ||||
(Gains) losses on equity securities | $ 48,837 | (8,104) | 22,535 | ||
TravelCenters of America LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment equity amount | $ 101,892 | ||||
Related Party | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Liability of the fair value of initial investment | 22,758 | $ 17,909 | |||
Percentage of total shares outstanding | 7.80% | 7.80% | |||
Sonesta International Hotels Corporation | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in (losses) earnings of an investee | (4,382) | $ 2,856 | (941) | ||
Decrease in hotel operating expense | 2,484 | 2,484 | 2,484 | ||
Capital contribution funded | 5,134 | $ 45,470 | 25,443 | ||
Number of properties | hotel | 4 | ||||
TravelCenters of America LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of common shares owned (in shares) | shares | 1,184,797 | 1,184,797 | |||
Carrying value | $ 53,055 | $ 101,893 | |||
TravelCenters of America LLC | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Historical cost of securities | 24,418 | $ 24,418 | |||
Sonesta Agreement | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment | 113,304 | 112,617 | |||
Amount of cost basis exceeding book value | $ 8,000 | ||||
Amortization period | 31 years | ||||
Amortization of basis difference | 260 | 260 | $ 260 | ||
Liability of the fair value of initial investment | 42,000 | ||||
Unamortized balance | $ 32,479 | $ 34,963 | |||
Sonesta International Hotels Corporation | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Noncontrolling interest, ownership percentage | 34% | 34% |
Other Investments - Financial I
Other Investments - Financial Information for Sonesta (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Total revenues | $ 1,873,863 | $ 1,863,011 | $ 1,495,580 |
Net (loss) income attributable to shareholders | (32,779) | (132,381) | (544,603) |
Sonesta International Hotels Corporation | |||
Schedule of Equity Method Investments [Line Items] | |||
Total current assets | 171,265 | 156,321 | |
Total noncurrent assets | 694,828 | 580,856 | |
Total current liabilities | 155,935 | 141,345 | |
Total noncurrent liabilities | 342,839 | 232,357 | |
Non-controlling interest | 54,963 | 54,657 | |
Total revenues | 765,011 | 681,434 | 478,097 |
Operating income (loss) | 5,013 | 21,929 | (1,526) |
Net (loss) income | (10,823) | 10,056 | (2,009) |
Net (loss) income attributable to shareholders | $ (11,404) | $ 9,184 | $ (2,009) |
Indebtedness - Narrative (Detai
Indebtedness - Narrative (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Nov. 16, 2023 USD ($) | Jun. 29, 2023 USD ($) extensionOption | Feb. 10, 2023 USD ($) property | Feb. 29, 2024 USD ($) hotel | Dec. 31, 2023 USD ($) hotel property travelCenter | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 09, 2023 USD ($) | Jun. 28, 2023 USD ($) | Mar. 08, 2023 USD ($) | |
Debt Instrument [Line Items] | ||||||||||
Revolving credit facility | $ 0 | $ 0 | ||||||||
Loss on early extinguishment of debt | 1,524 | 791 | $ 0 | |||||||
Proceeds from senior secured notes, net of discounts | 985,900 | 0 | $ 0 | |||||||
Net Lease | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Operating agreement annual rent and return | 372,319 | |||||||||
Senior Unsecured Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior notes | 3,993,327 | 5,655,530 | ||||||||
Senior Secured Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior notes | $ 968,017 | $ 0 | ||||||||
Senior Secured Notes, due 2031 at 8.625% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate stated percentage | 8.625% | |||||||||
Senior Notes, 4.50 Percent, Due 2023 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loss on early extinguishment of debt | $ 44 | |||||||||
Unsecured senior notes | $ 500,000 | |||||||||
Senior Unsecured Notes, due 2024 at 4.65% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate stated percentage | 4.65% | |||||||||
Senior Unsecured Notes, due 2024 at 4.35% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate stated percentage | 4.35% | |||||||||
Senior notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loss on early extinguishment of debt | $ 1,242 | |||||||||
Senior notes | Senior Unsecured Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior notes | 4,025,000 | |||||||||
Senior notes | Senior Secured Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior notes | $ 1,000,000 | |||||||||
Senior notes | Senior Secured Notes, due 2031 at 8.625% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 1,000,000 | |||||||||
Properties with first mortgage liens | travelCenter | 70 | |||||||||
Undepreciated book value | $ 785,876 | |||||||||
Interest rate stated percentage | 8.625% | |||||||||
Proceeds from senior secured notes, net of discounts | $ 967,525 | |||||||||
Senior notes | Senior Notes, 4.50 Percent, Due 2023 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate stated percentage | 4.50% | |||||||||
Senior notes | Senior Unsecured Notes, due 2024 at 4.65% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate stated percentage | 4.65% | |||||||||
Unsecured senior notes | $ 350,000 | |||||||||
Senior notes | Senior Unsecured Notes, due 2024 at 4.35% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate stated percentage | 4.35% | |||||||||
Unsecured senior notes | $ 825,000 | |||||||||
Mortages | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 610,200 | 608,569 | ||||||||
Proceeds from debt | $ 550,564 | |||||||||
Redemption period without penalty | 24 months | |||||||||
Debt instrument, collateral properties | property | 308 | |||||||||
Operating agreement annual rent and return | 63,283 | |||||||||
Gross book value | 755,116 | |||||||||
Mortages | Coupon Rate 5.15% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 303,729 | |||||||||
Interest rate stated percentage | 5.15% | |||||||||
Debt instrument, monthly redemption price, percentage | 0.50% | |||||||||
Mortages | Coupon Rate 5.55% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 172,640 | |||||||||
Interest rate stated percentage | 5.55% | |||||||||
Debt instrument, monthly redemption price, percentage | 0.25% | |||||||||
Revolving credit facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Revolving credit facility | $ 0 | |||||||||
Unsecured revolving credit facility maximum borrowing capacity | $ 650,000 | $ 800,000 | ||||||||
Number of extension options | extensionOption | 2 | |||||||||
Extension term | 6 months | |||||||||
Interest rate (as a percent) | 7.88% | 6.79% | ||||||||
Weighted average interest rate for borrowings (as a percent) | 3.85% | 2.85% | ||||||||
Loss on early extinguishment of debt | $ 238 | |||||||||
Revolving credit facility | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Facility fee | 0.30% | |||||||||
Revolving credit facility | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Facility fee | 0.20% | |||||||||
Revolving credit facility | Secured Overnight Financing Rate (SOFR) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Leverage ratio limit | 2.50% | |||||||||
Revolving credit facility | Secured Overnight Financing Rate (SOFR) | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis points | 3% | |||||||||
Revolving credit facility | Secured Overnight Financing Rate (SOFR) | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis points | 1.50% | |||||||||
Revolving Credit Facility and Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Properties with first mortgage liens | property | 69 | |||||||||
Undepreciated book value | $ 1,594,253 | |||||||||
Revolving Credit Facility and Term Loan | Hotels | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Properties with first mortgage liens | hotel | 66 | |||||||||
Revolving Credit Facility and Term Loan | Hotels | Subsequent event | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Undepreciated book value | $ 114,635 | |||||||||
Collateral properties added | hotel | 3 | |||||||||
Revolving Credit Facility and Term Loan | Net Lease | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Properties with first mortgage liens | property | 3 |
Indebtedness - Schedule of Init
Indebtedness - Schedule of Initial Principal Balance and Annual Interest Rates (Details) - Mortages - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Feb. 10, 2023 | |
Debt Instrument [Line Items] | ||
Principal amount | $ 608,569 | $ 610,200 |
Coupon Rate 5.15% | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 303,729 | |
Coupon Rate | 5.15% | |
Term (in years) | 5 years | |
Coupon Rate 5.55% | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 172,640 | |
Coupon Rate | 5.55% | |
Term (in years) | 5 years | |
Coupon Rate 6.70% | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 132,200 | |
Coupon Rate | 6.70% | |
Term (in years) | 5 years | |
Coupon Rate 5.60% | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 608,569 | |
Coupon Rate | 5.60% |
Indebtedness - Principal Repaym
Indebtedness - Principal Repayment (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Required principal payments under outstanding debt | |
2024 | $ 1,958 |
2025 | 1,151,958 |
2026 | 801,958 |
2027 | 851,958 |
2028 | 1,000,737 |
Thereafter | 1,825,000 |
Total | $ 5,633,569 |
Shareholders' Equity - Common S
Shareholders' Equity - Common Share Awards (Details) - Trustees, Officers and Other Employees - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares (in shares) | 438,000 | 433,500 | 340,700 |
Weighted Average Grant Date Fair Value (in dollars per share) | $ 7.88 | $ 6.63 | $ 11.26 |
Weighted Average Value of Grants | $ 3,451 | $ 2,874 | $ 3,839 |
Shareholders' Equity - Common_2
Shareholders' Equity - Common Share Awards Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Officers and employees of RMR | Common Shares | |
Distributions | |
Vesting period | 5 years |
Shareholders' Equity - Share-ba
Shareholders' Equity - Share-based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Award Plan | |||
Unvested shares, scheduled to vest | |||
Shares reserved for issuance (in shares) | 1,084,131 | ||
Award Plans | |||
Number of Shares | |||
Unvested shares, beginning of year (in shares) | 588,830 | 425,030 | 325,900 |
Shares awarded (in shares) | 438,000 | 433,500 | 340,700 |
Shares vested (in shares) | (394,470) | (266,300) | (240,470) |
Shares forfeited (in shares) | (22,400) | (3,400) | (1,100) |
Unvested shares, end of year (in shares) | 609,960 | 588,830 | 425,030 |
Weighted Average Grant Date Fair Value | |||
Unvested shares, beginning of year (in dollars per share) | $ 8.81 | $ 11.93 | $ 14.71 |
Shares awarded (in dollars per share) | 7.88 | 6.63 | 11.26 |
Shares vested (in dollars per share) | 9.21 | 10.20 | 14.78 |
Shares forfeited (in dollars per share) | 8.91 | 12.08 | 12.96 |
Unvested shares, end of year (in dollars per share) | $ 7.88 | $ 8.81 | $ 11.93 |
Unvested shares, scheduled to vest | |||
2024 (in shares) | 212,820 | ||
2025 (in shares) | 181,340 | ||
2026 (in shares) | 139,800 | ||
2027 (in shares) | 76,000 | ||
Estimated future compensation expense | $ 4,294 | ||
Weighted average period over which the compensation expense will be recorded | 23 months | ||
Compensation expense | $ 3,417 | $ 2,775 | $ 2,964 |
Stockholders' Equity - Stock Re
Stockholders' Equity - Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |||
Aggregate Number of Shares Repurchased (in shares) | 98,571 | 69,867 | 71,100 |
Weighted Average Repurchase Price (in dollars per share) | $ 8.14 | $ 6.72 | $ 11.11 |
Value | $ 802 | $ 470 | $ 790 |
Shareholders' Equity - Distribu
Shareholders' Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jan. 11, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Common Share Distributions | ||||
Annual Per Share Distribution (in dollars per share) | $ 0.80 | $ 0.23 | $ 0.04 | |
Total Distributions | $ 132,430 | $ 38,044 | $ 6,596 | |
Ordinary Income | 9.30% | 0% | 0% | |
Capital Gain | 86.15% | 0% | 0% | |
Return of Capital | 4.55% | 100% | 100% | |
Qualified Dividend | 6.25% | 0% | 0% | |
Subsequent event | ||||
Common Share Distributions | ||||
Total Distributions | $ 33,154 | |||
Cash distributions paid or payable (in dollars per share) | $ 0.20 |
Business and Property Managem_2
Business and Property Management Agreements with RMR (Details) $ in Thousands | 12 Months Ended | |||
Jun. 22, 2021 | Dec. 31, 2023 USD ($) employee agreement | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Real Estate Properties [Line Items] | ||||
Entity number of employees | employee | 0 | |||
Net lease operating expenses | $ 17,663 | $ 13,176 | $ 15,658 | |
RMR | ||||
Real Estate Properties [Line Items] | ||||
Property management fees percentage of gross collected rents | 3% | |||
Construction supervision fees as percentage of construction costs | 5% | |||
Property management fees percentage of gross collected rents for 2024 | 1% | |||
Property management fees percentage of gross collected rents for 2025 | 2% | |||
Property management fees percentage of gross collected rents for 2026 | 3% | |||
Up C Transaction | RMR | ||||
Real Estate Properties [Line Items] | ||||
Recognized amortization of liability | $ 3,585 | 3,585 | 3,584 | |
Property Management Fees | RMR | ||||
Real Estate Properties [Line Items] | ||||
Related party rate | 3% | |||
Net lease operating expenses | 3,702 | 3,998 | 3,674 | |
Construction And Supervision Fees Capitalized | RMR | ||||
Real Estate Properties [Line Items] | ||||
Amounts capitalized | $ 4,666 | 2,130 | 815 | |
Amended and restated business management agreement | ||||
Real Estate Properties [Line Items] | ||||
Incentive fee as percentage of product of weighted average common shares outstanding | 12% | |||
Amended and restated business management agreement | RMR | ||||
Real Estate Properties [Line Items] | ||||
Number of management agreements | agreement | 2 | |||
Base management fee payable as a percentage of average historical cost of the real estate investments, excluding transferred assets for investments up to a specific amount | 0.70% | |||
Base management fee payable as percentage of aggregate book value of real estate assets or transferred assets | $ 250,000 | |||
Base management fee payable as percentage of average historical cost of real estate investments excluding transferred assets for investments exceeding specified amount | 0.50% | |||
Base management fee payable as percentage of average closing stock price on stock exchange | 0.70% | |||
Base management fee payable as percentage of average market capitalization exceeding specified amount | 0.50% | |||
Incentive fee as percentage of product of weighted average common shares outstanding | 12% | |||
Measurement period | 3 years | |||
Incentive fee, consecutive trading days for share price multiplier | 10 days | |||
Incentive fee, final trading days of relevant measurement period | 30 days | |||
Percentage of shares issued in payment of incentive management fees | 1.50% | |||
Business management fees | $ 33,352 | 35,495 | 42,137 | |
Aggregate property management and construction supervision fees | 8,368 | 6,128 | 4,489 | |
Related party reimbursement expense | $ 4,648 | $ 3,258 | $ 2,971 | |
Amended and restated business management agreement | Up C Transaction | RMR | ||||
Real Estate Properties [Line Items] | ||||
Window for providing notice of termination of property management agreement for performance by the related party | 60 days | |||
Window providing notice of termination of property management agreement after change of control by related party | 12 months | |||
Termination fee remaining term assumption | 10 years | |||
Period over which transition services will be provided by the related party after termination of the agreement | 120 days | |||
Amended and restated business management agreement | Minimum | ||||
Real Estate Properties [Line Items] | ||||
Incentive management fee reduction | 0.0200 | |||
Amended and restated business management agreement | Minimum | RMR | ||||
Real Estate Properties [Line Items] | ||||
Incentive management fee reduction | 0.0200 | |||
Amended and restated business management agreement | Minimum | Up C Transaction | RMR | ||||
Real Estate Properties [Line Items] | ||||
Termination fee term | 19 years | |||
Amended and restated business management agreement | Maximum | ||||
Real Estate Properties [Line Items] | ||||
Incentive management fee reduction | 0.0500 | |||
Amended and restated business management agreement | Maximum | RMR | ||||
Real Estate Properties [Line Items] | ||||
Base management fee payable, average market capitalization | $ 250,000 | |||
Base management fee payable, threshold amount of other real estate investments | $ 250,000 | |||
Incentive management fee reduction | 0.0500 | |||
Amended and restated business management agreement | Maximum | Up C Transaction | RMR | ||||
Real Estate Properties [Line Items] | ||||
Termination fee term | 20 years |
Related Person Transactions (De
Related Person Transactions (Details) | 12 Months Ended | |
Dec. 31, 2023 agreement property hotel travelCenter shares | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | ||
Number of properties | property | 973 | |
RMR | Share-Based Payment Arrangement, Employee | ||
Related Party Transaction [Line Items] | ||
Vesting period | 4 years | |
RMR | First Anniversary Vesting Percentage | Share-Based Payment Arrangement, Employee | ||
Related Party Transaction [Line Items] | ||
Vesting percentage | 20% | |
RMR | Second Anniversary Vesting Percentage | Share-Based Payment Arrangement, Employee | ||
Related Party Transaction [Line Items] | ||
Vesting percentage | 20% | |
RMR | Third Anniversary Vesting Percentage | Share-Based Payment Arrangement, Employee | ||
Related Party Transaction [Line Items] | ||
Vesting percentage | 20% | |
RMR | Fourth Anniversary Vesting Percentage | Share-Based Payment Arrangement, Employee | ||
Related Party Transaction [Line Items] | ||
Vesting percentage | 20% | |
RMR | Fifth Anniversary Vesting Percentage | Share-Based Payment Arrangement, Employee | ||
Related Party Transaction [Line Items] | ||
Vesting percentage | 20% | |
TravelCenters of America LLC | RMR | ||
Related Party Transaction [Line Items] | ||
Number of common shares owned (in shares) | shares | 661,506 | |
Noncontrolling interest, ownership percentage | 4.40% | |
Sonesta International Hotels Corporation | ||
Related Party Transaction [Line Items] | ||
Noncontrolling interest, ownership percentage | 34% | 34% |
Net Lease | ||
Related Party Transaction [Line Items] | ||
Number of properties | property | 752 | |
Hotels | ||
Related Party Transaction [Line Items] | ||
Number of properties | hotel | 221 | |
RMR | Amended and restated business management agreement | ||
Related Party Transaction [Line Items] | ||
Number of management agreements | agreement | 2 | |
TravelCenters of America LLC | Net Lease | Related Party | ||
Related Party Transaction [Line Items] | ||
Number of properties | travelCenter | 176 | |
Sonesta International Hotels Corporation | Hotels | Related Party | ||
Related Party Transaction [Line Items] | ||
Number of properties | hotel | 195 |
Income Taxes - Provision and Re
Income Taxes - Provision and Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 0 | $ 0 | $ 0 |
State | (106) | 385 | 680 |
Foreign | 503 | 233 | 350 |
Current tax | 397 | 618 | 1,030 |
Deferred: | |||
Foreign | (1,895) | (817) | (1,971) |
Deferred tax | (1,895) | (817) | (1,971) |
Income tax provision (benefit) | $ (1,498) | $ (199) | $ (941) |
Effective Income Tax Rate Reconciliation, Percent | |||
Taxes at statutory U.S. federal income tax rate | 21% | 21% | 21% |
Nontaxable income of SVC | (21.00%) | (21.00%) | (21.00%) |
State and local income taxes, net of federal tax benefit | 0.30% | (0.30%) | (0.10%) |
Foreign taxes | (6.90%) | 0.40% | 0.30% |
Foreign tax rate change | 11% | 0% | 0% |
Effective tax rate | 4.40% | 0.10% | 0.20% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income taxes | |||
Effective tax rate | 4.40% | 0.10% | 0.20% |
Net deferred tax assets prior to valuation allowance | $ 120,505 | $ 116,784 | |
Deferred tax liability result of insurance settlement | 8,162 | 13,658 | |
Net operating loss carryforwards for federal income tax purposes | $ 514,568 | 545,828 | |
Puerto Rico | Minimum | |||
Income taxes | |||
Effective tax rate | 29% | ||
Puerto Rico | Maximum | |||
Income taxes | |||
Effective tax rate | 37.50% | ||
Consolidated | |||
Income taxes | |||
Net deferred tax assets prior to valuation allowance | $ 114,145 | $ 111,148 | |
Deferred tax assets valuation allowance percentage | 100% | 100% | |
Net operating loss carryforwards for federal income tax purpose, not subject to expiration | $ 442,560 | $ 437,606 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Tax loss carryforwards | $ 112,532 | $ 109,650 |
Other | 7,973 | 7,134 |
Deferred tax assets | 120,505 | 116,784 |
Valuation allowance | (120,505) | (116,784) |
Net deferred tax assets | 0 | 0 |
Deferred tax liabilities: | ||
Property basis difference | (7,970) | (5,947) |
Puerto Rico deferred tax gain | (8,162) | (12,079) |
Net deferred tax liabilities | $ (16,132) | $ (18,026) |
Concentration (Details)
Concentration (Details) | 12 Months Ended |
Dec. 31, 2023 travelCenter hotel state property | |
Concentration Risk | |
Number of properties | property | 973 |
Net Lease | |
Concentration Risk | |
Number of properties | property | 752 |
Net Lease | TravelCenters of America LLC | Related Party | |
Concentration Risk | |
Number of properties | travelCenter | 176 |
Hotels | |
Concentration Risk | |
Number of properties | hotel | 221 |
Hotels | Sonesta International Hotels Corporation | Related Party | |
Concentration Risk | |
Number of properties | hotel | 195 |
North America | |
Concentration Risk | |
Number of states in which properties are located | state | 46 |
North America | Net Lease | |
Concentration Risk | |
Number of properties | property | 973 |
Ontario, Canada | Hotels | |
Concentration Risk | |
Number of properties | hotel | 2 |
Geographic Concentration Risk | Geographic distribution, foreign | Hotels | Real Estate | |
Concentration Risk | |
Concentration risk percentage | 3.10% |
Geographic Concentration Risk | Various States, USA | Geographic distribution, domestic | Minimum | Real Estate | |
Concentration Risk | |
Concentration risk percentage | 6% |
Geographic Concentration Risk | Various States, USA | Geographic distribution, domestic | Maximum | Real Estate | |
Concentration Risk | |
Concentration risk percentage | 13% |
Credit concentration | Net Lease | Real Estate Assets at Cost | TravelCenters of America LLC | Related Party | |
Concentration Risk | |
Concentration risk percentage | 28.80% |
Credit concentration | Hotels | Real Estate Assets at Cost | Sonesta International Hotels Corporation | |
Concentration Risk | |
Concentration risk percentage | 49.80% |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Information | |||
Number of reportable segments | segment | 2 | ||
Revenues: | |||
Hotel operating revenues | $ 1,478,034 | $ 1,467,344 | $ 1,104,678 |
Rental income | 395,829 | 395,667 | 390,902 |
Total revenues | 1,873,863 | 1,863,011 | 1,495,580 |
Expenses: | |||
Hotel operating expenses | 1,223,906 | 1,227,357 | 1,010,737 |
Net lease operating expenses | 17,663 | 13,176 | 15,658 |
Depreciation and amortization | 384,060 | 401,108 | 485,965 |
General and administrative | 45,397 | 44,404 | 53,439 |
Transaction related costs | (1,623) | 1,920 | 64,764 |
Loss on asset impairment, net | 9,544 | 10,989 | 78,620 |
Total expenses | 1,678,947 | 1,698,954 | 1,709,183 |
Gain on sale of real estate, net | 43,239 | 47,818 | 11,522 |
Gain (loss) on equity securities, net | 48,837 | (8,104) | 22,535 |
Interest income | 20,979 | 3,379 | 664 |
Interest expense | (336,342) | (341,795) | (365,721) |
Loss on early extinguishment of debt | (1,524) | (791) | 0 |
Loss before income tax benefit and equity in (losses) earnings of an investee | (29,895) | (135,436) | (544,603) |
Income tax benefit | 1,498 | 199 | 941 |
Equity in losses of an investee | (4,382) | 2,856 | (941) |
Net loss | (32,779) | (132,381) | (544,603) |
Total assets | 7,356,116 | 7,488,191 | 9,153,315 |
Corporate | |||
Revenues: | |||
Hotel operating revenues | 0 | 0 | 0 |
Rental income | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 |
Expenses: | |||
Hotel operating expenses | 0 | 0 | 0 |
Net lease operating expenses | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
General and administrative | 45,397 | 44,404 | 53,439 |
Transaction related costs | (1,623) | 1,920 | 0 |
Loss on asset impairment, net | 0 | 0 | 0 |
Total expenses | 43,774 | 46,324 | 53,439 |
Gain on sale of real estate, net | 0 | 0 | 0 |
Gain (loss) on equity securities, net | 48,837 | (8,104) | 22,535 |
Interest income | 20,692 | 3,326 | 663 |
Interest expense | (295,422) | (341,795) | (365,721) |
Loss on early extinguishment of debt | (1,524) | (791) | |
Loss before income tax benefit and equity in (losses) earnings of an investee | (271,191) | (393,688) | (395,962) |
Income tax benefit | 1,498 | 199 | 941 |
Equity in losses of an investee | (4,382) | 2,856 | (941) |
Net loss | (274,075) | (390,633) | (395,962) |
Total assets | 328,217 | 229,195 | 1,086,119 |
Hotels | Operating segments | |||
Revenues: | |||
Hotel operating revenues | 1,478,034 | 1,467,344 | 1,104,678 |
Rental income | 0 | 0 | 1,808 |
Total revenues | 1,478,034 | 1,467,344 | 1,106,486 |
Expenses: | |||
Hotel operating expenses | 1,223,906 | 1,227,357 | 1,010,737 |
Net lease operating expenses | 0 | 0 | 0 |
Depreciation and amortization | 216,235 | 221,416 | 266,641 |
General and administrative | 0 | 0 | 0 |
Transaction related costs | 0 | 0 | 64,764 |
Loss on asset impairment, net | 27 | 10,537 | 60,980 |
Total expenses | 1,440,168 | 1,459,310 | 1,403,122 |
Gain on sale of real estate, net | 41,861 | 48,202 | 9,558 |
Gain (loss) on equity securities, net | 0 | 0 | 0 |
Interest income | 169 | 24 | 1 |
Interest expense | 0 | 0 | 0 |
Loss on early extinguishment of debt | 0 | 0 | |
Loss before income tax benefit and equity in (losses) earnings of an investee | 79,896 | 56,260 | (287,077) |
Income tax benefit | 0 | 0 | 0 |
Equity in losses of an investee | 0 | 0 | 0 |
Net loss | 79,896 | 56,260 | (287,077) |
Total assets | 3,943,213 | 3,882,701 | 4,487,101 |
Net Lease | Operating segments | |||
Revenues: | |||
Hotel operating revenues | 0 | 0 | 0 |
Rental income | 395,829 | 395,667 | 389,094 |
Total revenues | 395,829 | 395,667 | 389,094 |
Expenses: | |||
Hotel operating expenses | 0 | 0 | 0 |
Net lease operating expenses | 17,663 | 13,176 | 15,658 |
Depreciation and amortization | 167,825 | 179,692 | 219,324 |
General and administrative | 0 | 0 | 0 |
Transaction related costs | 0 | 0 | 0 |
Loss on asset impairment, net | 9,517 | 452 | 17,640 |
Total expenses | 195,005 | 193,320 | 252,622 |
Gain on sale of real estate, net | 1,378 | (384) | 1,964 |
Gain (loss) on equity securities, net | 0 | 0 | 0 |
Interest income | 118 | 29 | 0 |
Interest expense | (40,920) | 0 | 0 |
Loss on early extinguishment of debt | 0 | 0 | |
Loss before income tax benefit and equity in (losses) earnings of an investee | 161,400 | 201,992 | 138,436 |
Income tax benefit | 0 | 0 | 0 |
Equity in losses of an investee | 0 | 0 | 0 |
Net loss | 161,400 | 201,992 | 138,436 |
Total assets | $ 3,084,686 | $ 3,376,295 | $ 3,580,095 |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities - Assets Carried at Fair Value (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) hotel property | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Fair Value of Assets and Liabilities | |||
Loss on asset impairment, net | $ 9,544 | $ 10,989 | $ 78,620 |
Assets Held for Sale | |||
Fair Value of Assets and Liabilities | |||
Assets of properties held for sale | 10,446 | ||
Loss on asset impairment, net | $ 3,206 | ||
Assets Held for Sale | Hotels | |||
Fair Value of Assets and Liabilities | |||
Number of impaired properties | hotel | 1 | ||
Assets Held for Sale | Net Lease | |||
Fair Value of Assets and Liabilities | |||
Number of impaired properties | property | 9 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Assets Held for Sale | |||
Fair Value of Assets and Liabilities | |||
Assets of properties held for sale | $ 0 | ||
Significant Other Observable Inputs (Level 2) | Assets Held for Sale | |||
Fair Value of Assets and Liabilities | |||
Assets of properties held for sale | 0 | ||
Significant Unobservable Inputs (Level 3) | Assets Held for Sale | |||
Fair Value of Assets and Liabilities | |||
Assets of properties held for sale | $ 10,446 |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities - Fair Value of Additional Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
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 2024 at 4.35% | ||
Fair Value of Assets and Liabilities | ||
Interest rate stated percentage | 4.35% | |
Senior Unsecured Notes, due 2025 at 4.50% | ||
Fair Value of Assets and Liabilities | ||
Interest rate stated percentage | 4.50% | |
Senior Unsecured Notes, due 2025 at 7.50% | ||
Fair Value of Assets and Liabilities | ||
Interest rate stated percentage | 7.50% | |
Senior Unsecured Notes, due 2026 at 5.25% | ||
Fair Value of Assets and Liabilities | ||
Interest rate stated percentage | 5.25% | |
Senior Unsecured Notes, due 2026 at 4.75% | ||
Fair Value of Assets and Liabilities | ||
Interest rate stated percentage | 4.75% | |
Senior Unsecured Notes, due 2027 at 4.95% | ||
Fair Value of Assets and Liabilities | ||
Interest rate stated percentage | 4.95% | |
Senior Unsecured Notes, due 2027 at 5.50% | ||
Fair Value of Assets and Liabilities | ||
Interest rate stated percentage | 5.50% | |
Net Lease Mortgage Notes, due 2028 at 5.60% | ||
Fair Value of Assets and Liabilities | ||
Interest rate stated percentage | 5.60% | |
Senior Unsecured Notes, due 2028 at 3.95% | ||
Fair Value of Assets and Liabilities | ||
Interest rate stated percentage | 3.95% | |
Senior Unsecured Notes, due 2029 at 4.95% | ||
Fair Value of Assets and Liabilities | ||
Interest rate stated percentage | 4.95% | |
Senior Unsecured Notes, due 2030 at 4.375% | ||
Fair Value of Assets and Liabilities | ||
Interest rate stated percentage | 4.375% | |
Senior Secured Notes, due 2031 at 8.625% | ||
Fair Value of Assets and Liabilities | ||
Interest rate stated percentage | 8.625% | |
Carrying Value | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | $ 5,520,220 | $ 5,655,530 |
Carrying Value | Senior Unsecured Notes, due 2023 at 4.50% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 0 | 499,925 |
Carrying Value | Senior Unsecured Notes, due 2024 at 4.65% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 0 | 349,510 |
Carrying Value | Senior Unsecured Notes, due 2024 at 4.35% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 0 | 822,487 |
Carrying Value | Senior Unsecured Notes, due 2025 at 4.50% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 349,181 | 348,493 |
Carrying Value | Senior Unsecured Notes, due 2025 at 7.50% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 796,007 | 793,673 |
Carrying Value | Senior Unsecured Notes, due 2026 at 5.25% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 347,601 | 346,472 |
Carrying Value | Senior Unsecured Notes, due 2026 at 4.75% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 448,347 | 447,736 |
Carrying Value | Senior Unsecured Notes, due 2027 at 4.95% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 397,672 | 396,916 |
Carrying Value | Senior Unsecured Notes, due 2027 at 5.50% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 445,631 | 444,505 |
Carrying Value | Net Lease Mortgage Notes, due 2028 at 5.60% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 558,876 | 0 |
Carrying Value | Senior Unsecured Notes, due 2028 at 3.95% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 395,355 | 394,206 |
Carrying Value | Senior Unsecured Notes, due 2029 at 4.95% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 420,477 | 419,684 |
Carrying Value | Senior Unsecured Notes, due 2030 at 4.375% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 393,056 | 391,923 |
Carrying Value | Senior Secured Notes, due 2031 at 8.625% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 968,017 | 0 |
Fair Value | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 5,307,547 | 4,830,823 |
Fair Value | Senior Unsecured Notes, due 2023 at 4.50% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 0 | 491,345 |
Fair Value | Senior Unsecured Notes, due 2024 at 4.65% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 0 | 334,292 |
Fair Value | Senior Unsecured Notes, due 2024 at 4.35% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 0 | 749,983 |
Fair Value | Senior Unsecured Notes, due 2025 at 4.50% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 341,688 | 301,893 |
Fair Value | Senior Unsecured Notes, due 2025 at 7.50% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 808,888 | 762,344 |
Fair Value | Senior Unsecured Notes, due 2026 at 5.25% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 339,780 | 292,282 |
Fair Value | Senior Unsecured Notes, due 2026 at 4.75% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 419,909 | 354,128 |
Fair Value | Senior Unsecured Notes, due 2027 at 4.95% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 362,108 | 315,040 |
Fair Value | Senior Unsecured Notes, due 2027 at 5.50% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 412,002 | 387,522 |
Fair Value | Net Lease Mortgage Notes, due 2028 at 5.60% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 585,784 | 0 |
Fair Value | Senior Unsecured Notes, due 2028 at 3.95% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 327,708 | 283,996 |
Fair Value | Senior Unsecured Notes, due 2029 at 4.95% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 351,726 | 293,718 |
Fair Value | Senior Unsecured Notes, due 2030 at 4.375% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | 310,524 | 264,280 |
Fair Value | Senior Secured Notes, due 2031 at 8.625% | ||
Fair Value of Assets and Liabilities | ||
Total financial liabilities | $ 1,047,430 | $ 0 |
Schedule III_Real Estate and _2
Schedule III—Real Estate and Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) hotel property travelCenter | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 973 | |||
Encumbrances | $ 609,000 | |||
Initial Cost to Company | ||||
Land | 1,976,000 | |||
Building & Improvements | 5,999,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 2,447,000 | |||
Impairment | (135,000) | |||
Cost Basis Adjustment | (859,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,976,000 | |||
Building & Improvements | 7,452,000 | |||
Total | 9,428,000 | $ 9,174,451 | $ 9,790,010 | $ 10,630,560 |
Accumulated depreciation | (2,954,000) | (2,749,862) | (3,069,348) | $ (3,047,016) |
Furniture, fixtures and equipment | $ 370,442 | 386,418 | ||
Real Estate | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 69 | |||
Senior Secured Notes Due 2031 | ||||
Gross Amount at which Carried at Close of Period | ||||
Principal amount | $ 1,000,000 | |||
TravelCenters of America Inc. | Senior Secured Notes Due 2031 | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | travelCenter | 67 | |||
Total Held and Used | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 963 | |||
Encumbrances | $ 609,000 | |||
Initial Cost to Company | ||||
Land | 1,972,000 | |||
Building & Improvements | 5,986,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 2,449,000 | |||
Impairment | (132,000) | |||
Cost Basis Adjustment | (859,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,972,000 | |||
Building & Improvements | 7,444,000 | |||
Total | 9,415,896 | 9,174,451 | 9,790,010 | |
Accumulated depreciation | $ (2,950,685) | $ (2,749,862) | $ (3,069,348) | |
Hotels | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | hotel | 221 | |||
Hotels | Real Estate | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | hotel | 66 | |||
Net Lease | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 752 | |||
Net Lease | Real Estate | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 3 | |||
Minimum | Buildings and Improvements | ||||
Gross Amount at which Carried at Close of Period | ||||
Useful life | 10 years | |||
Maximum | Buildings and Improvements | ||||
Gross Amount at which Carried at Close of Period | ||||
Useful life | 40 years | |||
Assets Held for Sale | Hotels | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | hotel | 1 | |||
Assets Held for Sale | Net Lease | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 9 | |||
Royal Sonesta Hotels | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | hotel | 17 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 229,000 | |||
Building & Improvements | 1,118,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 433,000 | |||
Impairment | (9,000) | |||
Cost Basis Adjustment | (12,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 229,000 | |||
Building & Improvements | 1,530,000 | |||
Total | 1,759,000 | |||
Accumulated depreciation | $ (433,000) | |||
Sonesta Hotels & Resorts | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | hotel | 23 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 219,000 | |||
Building & Improvements | 666,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 378,000 | |||
Impairment | (51,000) | |||
Cost Basis Adjustment | (14,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 219,000 | |||
Building & Improvements | 979,000 | |||
Total | 1,198,000 | |||
Accumulated depreciation | $ (310,000) | |||
Sonesta ES Suites | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | hotel | 60 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 132,000 | |||
Building & Improvements | 557,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 385,000 | |||
Impairment | (35,000) | |||
Cost Basis Adjustment | (67,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 132,000 | |||
Building & Improvements | 840,000 | |||
Total | 972,000 | |||
Accumulated depreciation | $ (432,000) | |||
Sonesta Select | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | hotel | 44 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 84,000 | |||
Building & Improvements | 395,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 271,000 | |||
Impairment | (8,000) | |||
Cost Basis Adjustment | (86,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 84,000 | |||
Building & Improvements | 572,000 | |||
Total | 656,000 | |||
Accumulated depreciation | $ (343,000) | |||
Sonesta Simply Suites | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | hotel | 51 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 68,000 | |||
Building & Improvements | 341,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 129,000 | |||
Impairment | (17,000) | |||
Cost Basis Adjustment | (27,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 68,000 | |||
Building & Improvements | 426,000 | |||
Total | 494,000 | |||
Accumulated depreciation | $ (220,000) | |||
Hyatt Place | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | hotel | 17 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 20,000 | |||
Building & Improvements | 137,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 84,000 | |||
Impairment | 0 | |||
Cost Basis Adjustment | (5,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 20,000 | |||
Building & Improvements | 216,000 | |||
Total | 236,000 | |||
Accumulated depreciation | $ (94,000) | |||
Radisson Hotels & Resorts | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | hotel | 5 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 9,000 | |||
Building & Improvements | 93,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 56,000 | |||
Impairment | 0 | |||
Cost Basis Adjustment | (1,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 9,000 | |||
Building & Improvements | 148,000 | |||
Total | 157,000 | |||
Accumulated depreciation | $ (77,000) | |||
Crowne Plaza | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | hotel | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 17,000 | |||
Building & Improvements | 69,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 30,000 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 17,000 | |||
Building & Improvements | 99,000 | |||
Total | 116,000 | |||
Accumulated depreciation | $ (18,000) | |||
Country Inn & Suites by Radisson 1 | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | hotel | 2 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 3,000 | |||
Building & Improvements | 24,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 10,000 | |||
Impairment | 0 | |||
Cost Basis Adjustment | (5,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,000 | |||
Building & Improvements | 29,000 | |||
Total | 32,000 | |||
Accumulated depreciation | $ (17,000) | |||
Country Inn & Suites by Radisson 1 | Assets Held for Sale | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 5,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 5,000 | |||
Total | 6,000 | |||
Accumulated depreciation | $ (3,000) | |||
TravelCenters of America LLC | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 132 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 564,000 | |||
Building & Improvements | 936,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 452,000 | |||
Impairment | 0 | |||
Cost Basis Adjustment | (410,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 564,000 | |||
Building & Improvements | 978,000 | |||
Total | 1,542,000 | |||
Accumulated depreciation | $ (529,000) | |||
Petro Stopping Centers | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 44 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 260,000 | |||
Building & Improvements | 522,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 195,000 | |||
Impairment | 0 | |||
Cost Basis Adjustment | (229,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 260,000 | |||
Building & Improvements | 488,000 | |||
Total | 748,000 | |||
Accumulated depreciation | $ (246,000) | |||
Petro Stopping Centers | Senior Secured Notes Due 2031 | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 3 | |||
The Great Escape | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 14 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 19,000 | |||
Building & Improvements | 64,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 19,000 | |||
Building & Improvements | 64,000 | |||
Total | 83,000 | |||
Accumulated depreciation | $ (10,000) | |||
Life Time Fitness | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 3 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 17,000 | |||
Building & Improvements | 56,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 17,000 | |||
Building & Improvements | 56,000 | |||
Total | 73,000 | |||
Accumulated depreciation | $ (9,000) | |||
Buehler's Fresh Foods | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 5 | |||
Encumbrances | $ 52,000 | |||
Initial Cost to Company | ||||
Land | 10,000 | |||
Building & Improvements | 49,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 10,000 | |||
Building & Improvements | 49,000 | |||
Total | 59,000 | |||
Accumulated depreciation | $ (10,000) | |||
AMC Theatres | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 6 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 18,000 | |||
Building & Improvements | 38,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 2,000 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 18,000 | |||
Building & Improvements | 40,000 | |||
Total | 58,000 | |||
Accumulated depreciation | $ (7,000) | |||
Heartland Dental | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 59 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 11,000 | |||
Building & Improvements | 37,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 11,000 | |||
Building & Improvements | 37,000 | |||
Total | 48,000 | |||
Accumulated depreciation | $ (6,000) | |||
Norms | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 10 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 23,000 | |||
Building & Improvements | 24,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 23,000 | |||
Building & Improvements | 24,000 | |||
Total | 47,000 | |||
Accumulated depreciation | $ (5,000) | |||
Vacant | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 13 | |||
Encumbrances | $ 3,000 | |||
Initial Cost to Company | ||||
Land | 24,000 | |||
Building & Improvements | 30,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 4,000 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 24,000 | |||
Building & Improvements | 34,000 | |||
Total | 58,000 | |||
Accumulated depreciation | $ (8,000) | |||
Vacant | Assets Held for Sale | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 9 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 3,000 | |||
Building & Improvements | 8,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | (2,000) | |||
Impairment | (3,000) | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,000 | |||
Building & Improvements | 3,000 | |||
Total | 6,000 | |||
Accumulated depreciation | $ 0 | |||
Express Oil Change | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 23 | |||
Encumbrances | $ 37,000 | |||
Initial Cost to Company | ||||
Land | 6,000 | |||
Building & Improvements | 37,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,000 | |||
Building & Improvements | 37,000 | |||
Total | 43,000 | |||
Accumulated depreciation | $ (6,000) | |||
Pizza Hut | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 40 | |||
Encumbrances | $ 25,000 | |||
Initial Cost to Company | ||||
Land | 12,000 | |||
Building & Improvements | 28,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 12,000 | |||
Building & Improvements | 28,000 | |||
Total | 40,000 | |||
Accumulated depreciation | $ (12,000) | |||
Flying J Travel Pizza | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 3 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 6,000 | |||
Building & Improvements | 32,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,000 | |||
Building & Improvements | 32,000 | |||
Total | 38,000 | |||
Accumulated depreciation | $ (4,000) | |||
America's Auto Auction | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 6 | |||
Encumbrances | $ 28,000 | |||
Initial Cost to Company | ||||
Land | 7,000 | |||
Building & Improvements | 23,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 6,000 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,000 | |||
Building & Improvements | 29,000 | |||
Total | 36,000 | |||
Accumulated depreciation | $ (5,000) | |||
Courthouse Athletic Club | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 4 | |||
Encumbrances | $ 20,000 | |||
Initial Cost to Company | ||||
Land | 5,000 | |||
Building & Improvements | 28,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,000 | |||
Building & Improvements | 28,000 | |||
Total | 33,000 | |||
Accumulated depreciation | $ (5,000) | |||
B&B Theatres | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 4 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 12,000 | |||
Building & Improvements | 15,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 5,000 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 12,000 | |||
Building & Improvements | 20,000 | |||
Total | 32,000 | |||
Accumulated depreciation | $ (4,000) | |||
Big Al's | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 2 | |||
Encumbrances | $ 18,000 | |||
Initial Cost to Company | ||||
Land | 3,000 | |||
Building & Improvements | 28,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,000 | |||
Building & Improvements | 28,000 | |||
Total | 31,000 | |||
Accumulated depreciation | $ (3,000) | |||
Burger King | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 20 | |||
Encumbrances | $ 16,000 | |||
Initial Cost to Company | ||||
Land | 9,000 | |||
Building & Improvements | 22,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 9,000 | |||
Building & Improvements | 22,000 | |||
Total | 31,000 | |||
Accumulated depreciation | $ (7,000) | |||
Fleet Farm | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 3,000 | |||
Building & Improvements | 27,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,000 | |||
Building & Improvements | 27,000 | |||
Total | 30,000 | |||
Accumulated depreciation | $ (4,000) | |||
Martin's | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 16 | |||
Encumbrances | $ 21,000 | |||
Initial Cost to Company | ||||
Land | 7,000 | |||
Building & Improvements | 20,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,000 | |||
Building & Improvements | 20,000 | |||
Total | 27,000 | |||
Accumulated depreciation | $ (5,000) | |||
Regal Cinemas | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 5 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 5,000 | |||
Building & Improvements | 21,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,000 | |||
Building & Improvements | 21,000 | |||
Total | 26,000 | |||
Accumulated depreciation | $ (4,000) | |||
Arby's | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 19 | |||
Encumbrances | $ 18,000 | |||
Initial Cost to Company | ||||
Land | 7,000 | |||
Building & Improvements | 19,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,000 | |||
Building & Improvements | 19,000 | |||
Total | 26,000 | |||
Accumulated depreciation | $ (7,000) | |||
Popeye's Chicken & Biscuits | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 20 | |||
Encumbrances | $ 21,000 | |||
Initial Cost to Company | ||||
Land | 8,000 | |||
Building & Improvements | 17,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 8,000 | |||
Building & Improvements | 17,000 | |||
Total | 25,000 | |||
Accumulated depreciation | $ (5,000) | |||
Creme de la Creme | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 4 | |||
Encumbrances | $ 19,000 | |||
Initial Cost to Company | ||||
Land | 7,000 | |||
Building & Improvements | 18,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,000 | |||
Building & Improvements | 18,000 | |||
Total | 25,000 | |||
Accumulated depreciation | $ (2,000) | |||
Church's Chicken | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 32 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 5,000 | |||
Building & Improvements | 18,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,000 | |||
Building & Improvements | 18,000 | |||
Total | 23,000 | |||
Accumulated depreciation | $ (4,000) | |||
Hardee's | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 15 | |||
Encumbrances | $ 16,000 | |||
Initial Cost to Company | ||||
Land | 4,000 | |||
Building & Improvements | 18,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,000 | |||
Building & Improvements | 18,000 | |||
Total | 22,000 | |||
Accumulated depreciation | $ (5,000) | |||
Mister Car Wash | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 5 | |||
Encumbrances | $ 20,000 | |||
Initial Cost to Company | ||||
Land | 2,000 | |||
Building & Improvements | 19,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,000 | |||
Building & Improvements | 19,000 | |||
Total | 21,000 | |||
Accumulated depreciation | $ (2,000) | |||
United Supermarkets | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 6 | |||
Encumbrances | $ 17,000 | |||
Initial Cost to Company | ||||
Land | 4,000 | |||
Building & Improvements | 17,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,000 | |||
Building & Improvements | 17,000 | |||
Total | 21,000 | |||
Accumulated depreciation | $ (5,000) | |||
Mesa Fitness | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 2 | |||
Encumbrances | $ 14,000 | |||
Initial Cost to Company | ||||
Land | 3,000 | |||
Building & Improvements | 17,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,000 | |||
Building & Improvements | 17,000 | |||
Total | 20,000 | |||
Accumulated depreciation | $ (3,000) | |||
Taco Bell | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 13 | |||
Encumbrances | $ 14,000 | |||
Initial Cost to Company | ||||
Land | 4,000 | |||
Building & Improvements | 15,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,000 | |||
Building & Improvements | 15,000 | |||
Total | 19,000 | |||
Accumulated depreciation | $ (3,000) | |||
CarMax | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 5,000 | |||
Building & Improvements | 13,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,000 | |||
Building & Improvements | 13,000 | |||
Total | 18,000 | |||
Accumulated depreciation | $ (2,000) | |||
Uncle Ed's Oil Shoppe | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 28 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 6,000 | |||
Building & Improvements | 12,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,000 | |||
Building & Improvements | 12,000 | |||
Total | 18,000 | |||
Accumulated depreciation | $ (4,000) | |||
Fusion Gyms | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 2 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 3,000 | |||
Building & Improvements | 10,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 2,000 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,000 | |||
Building & Improvements | 12,000 | |||
Total | 15,000 | |||
Accumulated depreciation | $ (2,000) | |||
Dave & Buster's | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 12,000 | |||
Initial Cost to Company | ||||
Land | 3,000 | |||
Building & Improvements | 11,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,000 | |||
Building & Improvements | 11,000 | |||
Total | 14,000 | |||
Accumulated depreciation | $ (1,000) | |||
Pike Nursery | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 5 | |||
Encumbrances | $ 16,000 | |||
Initial Cost to Company | ||||
Land | 8,000 | |||
Building & Improvements | 6,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 8,000 | |||
Building & Improvements | 6,000 | |||
Total | 14,000 | |||
Accumulated depreciation | $ (1,000) | |||
HHI-Formtech | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 2 | |||
Encumbrances | $ 9,000 | |||
Initial Cost to Company | ||||
Land | 3,000 | |||
Building & Improvements | 10,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,000 | |||
Building & Improvements | 10,000 | |||
Total | 13,000 | |||
Accumulated depreciation | $ (4,000) | |||
Golden Corral | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 3 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 4,000 | |||
Building & Improvements | 8,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,000 | |||
Building & Improvements | 8,000 | |||
Total | 12,000 | |||
Accumulated depreciation | $ (2,000) | |||
Sanford's Grub & Pub | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 2 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 10,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 10,000 | |||
Total | 11,000 | |||
Accumulated depreciation | $ (2,000) | |||
Rite Aid | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 4 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 3,000 | |||
Building & Improvements | 7,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,000 | |||
Building & Improvements | 7,000 | |||
Total | 10,000 | |||
Accumulated depreciation | $ (2,000) | |||
Fuddruckers | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 5 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 4,000 | |||
Building & Improvements | 6,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,000 | |||
Building & Improvements | 6,000 | |||
Total | 10,000 | |||
Accumulated depreciation | $ (2,000) | |||
Baptist Emergency Hospital | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 10,000 | |||
Initial Cost to Company | ||||
Land | 2,000 | |||
Building & Improvements | 8,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,000 | |||
Building & Improvements | 8,000 | |||
Total | 10,000 | |||
Accumulated depreciation | $ (1,000) | |||
Eddie Merlot's | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 2 | |||
Encumbrances | $ 6,000 | |||
Initial Cost to Company | ||||
Land | 2,000 | |||
Building & Improvements | 8,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,000 | |||
Building & Improvements | 8,000 | |||
Total | 10,000 | |||
Accumulated depreciation | $ (2,000) | |||
Cermak Fresh Market | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 7,000 | |||
Initial Cost to Company | ||||
Land | 2,000 | |||
Building & Improvements | 7,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,000 | |||
Building & Improvements | 7,000 | |||
Total | 9,000 | |||
Accumulated depreciation | $ (3,000) | |||
Core & Main | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 12 | |||
Encumbrances | $ 3,000 | |||
Initial Cost to Company | ||||
Land | 4,000 | |||
Building & Improvements | 5,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,000 | |||
Building & Improvements | 5,000 | |||
Total | 9,000 | |||
Accumulated depreciation | $ (1,000) | |||
Lerner And Rowe | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 5 | |||
Encumbrances | $ 9,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 8,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 8,000 | |||
Total | 9,000 | |||
Accumulated depreciation | $ (1,000) | |||
Meineke Car Care Center | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 4 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 3,000 | |||
Building & Improvements | 6,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,000 | |||
Building & Improvements | 6,000 | |||
Total | 9,000 | |||
Accumulated depreciation | $ (1,000) | |||
Columbus Preparatory Academy | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 6,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 8,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 8,000 | |||
Total | 9,000 | |||
Accumulated depreciation | $ (1,000) | |||
Kohl's | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 5,000 | |||
Initial Cost to Company | ||||
Land | 2,000 | |||
Building & Improvements | 6,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,000 | |||
Building & Improvements | 6,000 | |||
Total | 8,000 | |||
Accumulated depreciation | $ (1,000) | |||
Austin's Park n' Pizza | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 5,000 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 8,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 8,000 | |||
Total | 8,000 | |||
Accumulated depreciation | $ (1,000) | |||
LA Fitness | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 7,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 7,000 | |||
Total | 8,000 | |||
Accumulated depreciation | $ (1,000) | |||
Marcus Theaters | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,000 | |||
Building & Improvements | 5,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,000 | |||
Building & Improvements | 5,000 | |||
Total | 7,000 | |||
Accumulated depreciation | $ (2,000) | |||
Academy Sports + Outdoors | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 5,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 6,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 6,000 | |||
Total | 7,000 | |||
Accumulated depreciation | $ (1,000) | |||
Oregano's Pizza Bistro | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 3 | |||
Encumbrances | $ 5,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 6,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 6,000 | |||
Total | 7,000 | |||
Accumulated depreciation | $ (2,000) | |||
Columbus Arts & Tech Academy | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 6,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 6,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 6,000 | |||
Total | 7,000 | |||
Accumulated depreciation | $ (1,000) | |||
Blue Rhino | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 2 | |||
Encumbrances | $ 15,000 | |||
Initial Cost to Company | ||||
Land | 3,000 | |||
Building & Improvements | 4,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,000 | |||
Building & Improvements | 4,000 | |||
Total | 7,000 | |||
Accumulated depreciation | $ (1,000) | |||
Krispy Kreme | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 3 | |||
Encumbrances | $ 7,000 | |||
Initial Cost to Company | ||||
Land | 2,000 | |||
Building & Improvements | 5,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,000 | |||
Building & Improvements | 5,000 | |||
Total | 7,000 | |||
Accumulated depreciation | $ (1,000) | |||
Diagnostic Health | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 2 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 6,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 6,000 | |||
Total | 7,000 | |||
Accumulated depreciation | $ (1,000) | |||
Sonic Drive-In | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 9 | |||
Encumbrances | $ 7,000 | |||
Initial Cost to Company | ||||
Land | 3,000 | |||
Building & Improvements | 4,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,000 | |||
Building & Improvements | 4,000 | |||
Total | 7,000 | |||
Accumulated depreciation | $ (1,000) | |||
Texas Roadhouse | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 3 | |||
Encumbrances | $ 6,000 | |||
Initial Cost to Company | ||||
Land | 3,000 | |||
Building & Improvements | 6,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | (3,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,000 | |||
Building & Improvements | 3,000 | |||
Total | 6,000 | |||
Accumulated depreciation | $ (1,000) | |||
Brookshire Brothers | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 5 | |||
Encumbrances | $ 4,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 5,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 5,000 | |||
Total | 6,000 | |||
Accumulated depreciation | $ (2,000) | |||
Flying Star Cafe | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 2 | |||
Encumbrances | $ 4,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 5,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 5,000 | |||
Total | 6,000 | |||
Accumulated depreciation | $ (1,000) | |||
Jack's Family Restaurant | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 3 | |||
Encumbrances | $ 4,000 | |||
Initial Cost to Company | ||||
Land | 2,000 | |||
Building & Improvements | 4,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,000 | |||
Building & Improvements | 4,000 | |||
Total | 6,000 | |||
Accumulated depreciation | $ (1,000) | |||
Axels | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 2 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 6,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 6,000 | |||
Total | 6,000 | |||
Accumulated depreciation | $ (2,000) | |||
Wendy's | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 3 | |||
Encumbrances | $ 6,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 5,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 5,000 | |||
Total | 6,000 | |||
Accumulated depreciation | $ (1,000) | |||
Jack Stack Barbeque | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 4,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 5,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 5,000 | |||
Total | 6,000 | |||
Accumulated depreciation | $ (1,000) | |||
Hughes Supply | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 7 | |||
Encumbrances | $ 3,000 | |||
Initial Cost to Company | ||||
Land | 2,000 | |||
Building & Improvements | 4,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,000 | |||
Building & Improvements | 4,000 | |||
Total | 6,000 | |||
Accumulated depreciation | $ (1,000) | |||
Multi-Tenant | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,000 | |||
Building & Improvements | 20,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 5,000 | |||
Impairment | (9,000) | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,000 | |||
Building & Improvements | 16,000 | |||
Total | 18,000 | |||
Accumulated depreciation | $ (4,000) | |||
Bricktown Brewery | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 2 | |||
Encumbrances | $ 4,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 4,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 4,000 | |||
Total | 5,000 | |||
Accumulated depreciation | $ (2,000) | |||
Walgreens | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 2 | |||
Encumbrances | $ 3,000 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 5,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 5,000 | |||
Total | 5,000 | |||
Accumulated depreciation | $ (1,000) | |||
10 Box | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 2 | |||
Encumbrances | $ 4,000 | |||
Initial Cost to Company | ||||
Land | 2,000 | |||
Building & Improvements | 3,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,000 | |||
Building & Improvements | 3,000 | |||
Total | 5,000 | |||
Accumulated depreciation | $ (1,000) | |||
Mak Pack | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 4,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 4,000 | |||
Total | 5,000 | |||
Accumulated depreciation | $ (1,000) | |||
Angstrom | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 5,000 | |||
Initial Cost to Company | ||||
Land | 2,000 | |||
Building & Improvements | 3,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,000 | |||
Building & Improvements | 3,000 | |||
Total | 5,000 | |||
Accumulated depreciation | $ (1,000) | |||
HD Supply White Cap | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 2 | |||
Encumbrances | $ 1,000 | |||
Initial Cost to Company | ||||
Land | 2,000 | |||
Building & Improvements | 3,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,000 | |||
Building & Improvements | 3,000 | |||
Total | 5,000 | |||
Accumulated depreciation | $ (1,000) | |||
Planet Fitness | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 4,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 4,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 4,000 | |||
Total | 5,000 | |||
Accumulated depreciation | $ (1,000) | |||
RGB Eye Associates | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 5,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 4,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 4,000 | |||
Total | 5,000 | |||
Accumulated depreciation | $ (1,000) | |||
Gerber Collision & Glass | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 2 | |||
Encumbrances | $ 4,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 4,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 4,000 | |||
Total | 5,000 | |||
Accumulated depreciation | $ (1,000) | |||
Discount Tire | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 4,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 4,000 | |||
Total | 5,000 | |||
Accumulated depreciation | $ (1,000) | |||
Famous Dave's | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 2 | |||
Encumbrances | $ 3,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 3,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 3,000 | |||
Total | 4,000 | |||
Accumulated depreciation | $ (1,000) | |||
Miller Waste Mills | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 4,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 4,000 | |||
Total | 4,000 | |||
Accumulated depreciation | $ (2,000) | |||
Focus Child Development Center | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 2 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 3,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 3,000 | |||
Total | 4,000 | |||
Accumulated depreciation | $ 0 | |||
Ashley Furniture | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 2,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 3,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 3,000 | |||
Total | 4,000 | |||
Accumulated depreciation | $ 0 | |||
Boozman-Hof | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,000 | |||
Building & Improvements | 2,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,000 | |||
Building & Improvements | 2,000 | |||
Total | 4,000 | |||
Accumulated depreciation | $ 0 | |||
Sportsman's Warehouse | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 3,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 3,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 3,000 | |||
Total | 4,000 | |||
Accumulated depreciation | $ (1,000) | |||
Eriks Bike Shop | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 3,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 3,000 | |||
Total | 4,000 | |||
Accumulated depreciation | $ (1,000) | |||
Rainbow Kids Clinic | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 3,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 3,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 3,000 | |||
Total | 4,000 | |||
Accumulated depreciation | $ 0 | |||
Applebee's | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 2,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 2,000 | |||
Total | 3,000 | |||
Accumulated depreciation | $ 0 | |||
Tractor Supply | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 3,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 3,000 | |||
Total | 3,000 | |||
Accumulated depreciation | $ 0 | |||
Spoons Place | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 2,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 2,000 | |||
Total | 3,000 | |||
Accumulated depreciation | $ 0 | |||
Southwest Stainless, LP | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 2,000 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 3,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 3,000 | |||
Total | 3,000 | |||
Accumulated depreciation | $ 0 | |||
Anixter | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 2 | |||
Encumbrances | $ 2,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 2,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 2,000 | |||
Total | 3,000 | |||
Accumulated depreciation | $ 0 | |||
What The Buck | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 3,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 3,000 | |||
Total | 3,000 | |||
Accumulated depreciation | $ (1,000) | |||
Kerry's Car Care | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 2,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 2,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 2,000 | |||
Total | 3,000 | |||
Accumulated depreciation | $ 0 | |||
Ojos Locos Sports Cantina | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 2,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 2,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 2,000 | |||
Total | 3,000 | |||
Accumulated depreciation | $ (1,000) | |||
Black Angus Steakhouse | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 2,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 2,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 2,000 | |||
Total | 3,000 | |||
Accumulated depreciation | $ 0 | |||
Buffalo Wild Wings | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 2,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 2,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 2,000 | |||
Total | 3,000 | |||
Accumulated depreciation | $ 0 | |||
Slim Chickens | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 2,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 2,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 2,000 | |||
Total | 3,000 | |||
Accumulated depreciation | $ 0 | |||
Monterey's Tex Mex | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 2 | |||
Encumbrances | $ 1,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 2,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 2,000 | |||
Total | 3,000 | |||
Accumulated depreciation | $ 0 | |||
Nacarato Trucks | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 2,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 2,000 | |||
Total | 2,000 | |||
Accumulated depreciation | $ (1,000) | |||
Heytex USA | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 2,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 2,000 | |||
Total | 2,000 | |||
Accumulated depreciation | $ (1,000) | |||
Hooters | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 2 | |||
Encumbrances | $ 5,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 1,000 | |||
Total | 2,000 | |||
Accumulated depreciation | $ (1,000) | |||
Mind 24-7 | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 3,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 2,000 | |||
Impairment | (3,000) | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 2,000 | |||
Total | 3,000 | |||
Accumulated depreciation | $ 0 | |||
Bridgestone Tire | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 2,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 1,000 | |||
Total | 2,000 | |||
Accumulated depreciation | $ 0 | |||
Taco Bueno | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 2 | |||
Encumbrances | $ 2,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 1,000 | |||
Total | 2,000 | |||
Accumulated depreciation | $ (1,000) | |||
Rally's | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 2 | |||
Encumbrances | $ 1,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 1,000 | |||
Total | 2,000 | |||
Accumulated depreciation | $ 0 | |||
Red Robin Gourmet Burgers | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 1,000 | |||
Total | 2,000 | |||
Accumulated depreciation | $ 0 | |||
Primanti Bros. | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 1,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 1,000 | |||
Total | 2,000 | |||
Accumulated depreciation | $ 0 | |||
Orscheln Farm And Home | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 2,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 1,000 | |||
Total | 2,000 | |||
Accumulated depreciation | $ 0 | |||
Cycle Gear | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 1,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 1,000 | |||
Total | 2,000 | |||
Accumulated depreciation | $ 0 | |||
Dollar General | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 2 | |||
Encumbrances | $ 1,000 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 2,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 2,000 | |||
Total | 2,000 | |||
Accumulated depreciation | $ 0 | |||
Affordable Care, Inc. | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 2 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 1,000 | |||
Total | 2,000 | |||
Accumulated depreciation | $ 0 | |||
Long John Silver's | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 1,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 1,000 | |||
Total | 2,000 | |||
Accumulated depreciation | $ 0 | |||
Captain Ds | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 1,000 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Total | 1,000 | |||
Accumulated depreciation | $ 0 | |||
Clean Express Auto Wash | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Total | 1,000 | |||
Accumulated depreciation | $ (1,000) | |||
Chicken Salad Chick | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 1,000 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Total | 1,000 | |||
Accumulated depreciation | $ 0 | |||
Wings, Etc. | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 1,000 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Total | 1,000 | |||
Accumulated depreciation | $ 0 | |||
SRS Distribution | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 1,000 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Total | 1,000 | |||
Accumulated depreciation | $ 0 | |||
Bru Burger Bar | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 1,000 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Total | 1,000 | |||
Accumulated depreciation | $ 0 | |||
ERA Capital | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Total | 1,000 | |||
Accumulated depreciation | $ 0 | |||
Old Mexico Cantina | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 1,000 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Total | 1,000 | |||
Accumulated depreciation | $ 0 | |||
KFC | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 1,000 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Total | 1,000 | |||
Accumulated depreciation | $ 0 | |||
The Atlanta Center For Foot & Ankle Surgery | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 2,000 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Total | 1,000 | |||
Accumulated depreciation | $ 0 | |||
O'Reilly Auto Parts | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 1,000 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Total | 1,000 | |||
Accumulated depreciation | $ 0 | |||
Touchstone Imaging | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 1,000 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Total | 1,000 | |||
Accumulated depreciation | $ 0 | |||
Howlin Concrete | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 1,000 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Building & Improvements | 0 | |||
Total | 1,000 | |||
Accumulated depreciation | $ 0 | |||
El Forastero | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 1,000 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Total | 1,000 | |||
Accumulated depreciation | $ 0 | |||
Bechheit | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Total | 1,000 | |||
Accumulated depreciation | $ 0 | |||
Little Caesars | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Total | 1,000 | |||
Accumulated depreciation | $ 0 | |||
NAPA Auto Parts | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Total | 1,000 | |||
Accumulated depreciation | $ 0 | |||
Robata | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 1,000 | |||
Total | 1,000 | |||
Accumulated depreciation | $ 0 | |||
Giliberto's Mexican Taco Shop | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 0 | |||
Total | 0 | |||
Accumulated depreciation | $ 0 | |||
Dunkin Donuts | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 0 | |||
Total | 0 | |||
Accumulated depreciation | $ 0 | |||
Off The Hook Seafood & More | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 0 | |||
Total | 0 | |||
Accumulated depreciation | $ 0 | |||
Consolidated Pipe | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 0 | |||
Total | 0 | |||
Accumulated depreciation | $ 0 | |||
Bigham Cable | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 0 | |||
Total | 0 | |||
Accumulated depreciation | $ 0 | |||
Sharks Fish & Chicken | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 0 | |||
Total | 0 | |||
Accumulated depreciation | $ 0 | |||
Kings Wings N Things | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 0 | |||
Total | 0 | |||
Accumulated depreciation | $ 0 | |||
Family Dollar Stores | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 0 | |||
Total | 0 | |||
Accumulated depreciation | $ 0 | |||
Del Taco | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 0 | |||
Total | 0 | |||
Accumulated depreciation | $ 0 | |||
Scooters Coffee | ||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||
Property Count | property | 1 | |||
Encumbrances | $ 1,000 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Impairment | 0 | |||
Cost Basis Adjustment | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements | 0 | |||
Total | 0 | |||
Accumulated depreciation | $ 0 |
Schedule III_Real Estate and _3
Schedule III—Real Estate and Accumulated Depreciation - Notes to Schedule III (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in total cost of properties | |||
Balance at beginning of year | $ 9,174,451 | $ 9,790,010 | $ 10,630,560 |
Additions: acquisitions and capital expenditures | 363,601 | 106,588 | 86,016 |
Dispositions | (110,535) | (624,057) | (330,091) |
Reclassification of properties held for sale | (11,621) | (98,090) | (596,475) |
Balance at close of year | 9,428,000 | 9,174,451 | 9,790,010 |
Change in accumulated depreciation | |||
Balance at beginning of year | 2,749,862 | 3,069,348 | 3,047,016 |
Additions: depreciation expense | 207,641 | 309,606 | 298,597 |
Dispositions | (4,747) | (618,132) | (153,699) |
Reclassification of properties held for sale | (2,071) | (10,960) | (122,566) |
Balance at close of year | 2,954,000 | 2,749,862 | 3,069,348 |
Tax basis for federal income tax purpose | 6,838,701 | ||
Total Held and Used | |||
Change in total cost of properties | |||
Balance at beginning of year | 9,174,451 | 9,790,010 | |
Balance at close of year | 9,415,896 | 9,174,451 | 9,790,010 |
Change in accumulated depreciation | |||
Balance at beginning of year | 2,749,862 | 3,069,348 | |
Balance at close of year | $ 2,950,685 | $ 2,749,862 | $ 3,069,348 |