Rangers Sub I 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	333-220497
Entity Registrant Name	RANGERS SUB I, LLC
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	30-1001580
Entity Address, Address Description	3 Bethesda Metro Center, Suite 1000
Entity Address, City or Town	Bethesda,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	301
Local Phone Number	280-7777
Title of 12(b) Security	Not applicable (1)
No Trading Symbol Flag
Security Exchange Name
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001715629
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
FelCor Lodging LP
Document Information [Line Items]
Entity File Number	333-39595-01
Entity Registrant Name	FELCOR LODGING LIMITED PARTNERSHIP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-2544994
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001048789

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Investment in hotel properties, net	$ 1,890,465	$ 1,901,644
Investment in unconsolidated joint ventures	6,665	6,798
Cash and cash equivalents	58,376	61,766
Restricted cash reserves	5,623	3,882
Related party rent receivable	17,512	0
Advance to Lessee - related party	4,709	2,709
Lease right-of-use assets	75,145	76,256
Prepaid expense and other assets	8,140	8,609
Total assets	2,066,635	2,061,664
Liabilities and Equity
Debt, net	703,852	705,863
Related party debt	85,000	85,000
Accounts payable and other liabilities	29,591	29,609
Lease liabilities	46,147	46,575
Related party rent payable	0	493
Accrued interest	9,498	2,374
Accrued Interest, Related Party	125	127
Total liabilities	874,213	870,041
Commitments and Contingencies (Note 8)
Member's equity:
Members' Capital	1,216,134	1,201,428
Accumulated deficit	(43,695)	(29,878)
Member's equity	1,172,439	1,171,550
Noncontrolling interest:
Noncontrolling interest in consolidated joint ventures	8,140	8,239
Noncontrolling interest in FelCor LP	11,843	11,834
Total noncontrolling interest	19,983	20,073
Total equity	1,192,422	1,191,623
Total liabilities and equity	2,066,635	2,061,664
FelCor Lodging LP
Assets
Investment in hotel properties, net	1,890,465	1,901,644
Investment in unconsolidated joint ventures	6,665	6,798
Cash and cash equivalents	58,376	61,766
Restricted cash reserves	5,623	3,882
Related party rent receivable	17,512	0
Advance to Lessee - related party	4,709	2,709
Lease right-of-use assets	75,145	76,256
Prepaid expense and other assets	8,140	8,609
Total assets	2,066,635	2,061,664
Liabilities and Equity
Debt, net	703,852	705,863
Related party debt	85,000	85,000
Accounts payable and other liabilities	29,591	29,609
Lease liabilities	46,147	46,575
Related party rent payable	0	493
Accrued interest	9,498	2,374
Accrued Interest, Related Party	125	127
Total liabilities	874,213	870,041
Commitments and Contingencies (Note 8)
Member's equity:
Partners’ capital	1,228,419	1,213,564
Accumulated deficit	(44,137)	(30,180)
Partners’ capital	1,184,282	1,183,384
Noncontrolling interest:
Noncontrolling interest in consolidated joint ventures	8,140	8,239
Total equity	1,192,422	1,191,623
Total liabilities and equity	$ 2,066,635	$ 2,061,664

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues
Related party lease revenue	$ 17,939	$ 25,619
Total revenues	17,939	25,619
Expenses
Depreciation and amortization	19,127	18,528
Property tax, insurance and other	4,117	10,371
General and administrative	141	367
Transaction costs	0	11
Total operating expenses	23,385	29,277
Other expense	(27)	0
Interest income	24	95
Interest expense	(7,645)	(8,033)
Related party interest expense	(664)	(967)
Income (loss) before equity in income from unconsolidated joint ventures	(13,758)	(12,563)
Equity in (loss) income from unconsolidated joint ventures	(298)	549
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(14,056)	(12,014)
Net loss attributable to noncontrolling interests:
Noncontrolling interest in consolidated joint ventures	99	50
Noncontrolling interest in FelCor LP	140	120
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(13,817)	(11,844)
FelCor Lodging LP
Revenues
Related party lease revenue	17,939	25,619
Total revenues	17,939	25,619
Expenses
Depreciation and amortization	19,127	18,528
Property tax, insurance and other	4,117	10,371
General and administrative	141	367
Transaction costs	0	11
Total operating expenses	23,385	29,277
Other expense	(27)	0
Interest income	24	95
Interest expense	(7,645)	(8,033)
Related party interest expense	(664)	(967)
Income (loss) before equity in income from unconsolidated joint ventures	(13,758)	(12,563)
Equity in (loss) income from unconsolidated joint ventures	(298)	549
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(14,056)	(12,014)
Net loss attributable to noncontrolling interests:
Noncontrolling interest in consolidated joint ventures	99	50
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ (13,957)	$ (11,964)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Additional Paid-in Capital	Retained Earnings	Noncontrolling Interest, Operating Partnerships	Consolidated Joint Ventures	FelCor Lodging LP	FelCor Lodging LPAdditional Paid-in Capital	FelCor Lodging LPRetained Earnings	FelCor Lodging LPConsolidated Joint Ventures
Balance at Dec. 31, 2019	$ 1,240,819	$ 1,119,913	$ 99,996	$ 12,322	$ 8,588	$ 1,240,819	$ 1,131,226	$ 101,005	$ 8,588
Increase (Decrease) in Owners' Equity
Net income (loss) and comprehensive income (loss)	(12,014)		(11,844)	(120)	(50)	(12,014)	0	(11,964)	(50)
Contributions	24,641	24,394		247		24,641	24,641
Distributions	(69,968)	(69,268)		(700)		(69,968)	(69,968)
Balance at Mar. 31, 2020	1,183,478	1,075,039	88,152	11,749	8,538	1,183,478	1,085,899	89,041	8,538
Balance at Dec. 31, 2020	1,191,623	1,201,428	(29,878)	11,834	8,239	1,191,623	1,213,564	(30,180)	8,239
Increase (Decrease) in Owners' Equity
Net income (loss) and comprehensive income (loss)	(14,056)		(13,817)	(140)	(99)	(14,056)		(13,957)	(99)
Contributions	16,051	15,890		161		16,051	16,051
Distributions	(1,196)	(1,184)		(12)		(1,196)	(1,196)
Balance at Mar. 31, 2021	$ 1,192,422	$ 1,216,134	$ (43,695)	$ 11,843	$ 8,140	$ 1,192,422	$ 1,228,419	$ (44,137)	$ 8,140

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net loss	$ (14,056)	$ (12,014)
Adjustments to reconcile net loss to cash flow (used in) provided by operating activities:
Depreciation and amortization	19,127	18,528
Amortization of deferred financing costs	49	49
Other amortization	(694)	(687)
Equity in loss (income) from unconsolidated joint ventures	298	(549)
Changes in assets and liabilities:
Related party rent receivable	(17,512)	42,473
Advance to Lessee - related party	(2,000)	0
Prepaid expense and other assets	348	(104)
Related party rent payable	(493)	0
Accounts payable and other liabilities	(3,481)	1,830
Accrued interest	7,124	7,698
Related party accrued interest	(2)	(42)
Net cash flow (used in) provided by operating activities	(9,292)	57,182
Cash flows from investing activities
Improvements and additions to hotel properties	(4,332)	(12,621)
Contributions to unconsolidated joint ventures	(165)	(100)
Net cash flow used in investing activities	(6,497)	(12,721)
Cash flows from financing activities
Repayments of borrowings	(715)	(516)
Contributions from members	16,051	24,641
Distributions to members	(1,196)	(69,968)
Net cash flow provided by (used in) financing activities	14,140	(45,843)
Net change in cash, cash equivalents, and restricted cash reserves	(1,649)	(1,382)
Cash, cash equivalents, and restricted cash reserves, beginning of year	65,648	23,719
Cash, cash equivalents, and restricted cash reserves, end of period	63,999	22,337
FelCor Lodging LP
Cash flows from operating activities
Net loss	(14,056)	(12,014)
Adjustments to reconcile net loss to cash flow (used in) provided by operating activities:
Depreciation and amortization	19,127	18,528
Amortization of deferred financing costs	49	49
Other amortization	(694)	(687)
Equity in loss (income) from unconsolidated joint ventures	298	(549)
Changes in assets and liabilities:
Related party rent receivable	(17,512)	42,473
Advance to Lessee - related party	(2,000)	0
Prepaid expense and other assets	348	(104)
Related party rent payable	(493)	0
Accounts payable and other liabilities	(3,481)	1,830
Accrued interest	7,124	7,698
Related party accrued interest	(2)	(42)
Net cash flow (used in) provided by operating activities	(9,292)	57,182
Cash flows from investing activities
Improvements and additions to hotel properties	(4,332)	(12,621)
Contributions to unconsolidated joint ventures	(165)	(100)
Net cash flow used in investing activities	(6,497)	(12,721)
Cash flows from financing activities
Repayments of borrowings	(715)	(516)
Contributions from members	16,051	24,641
Distributions to members	(1,196)	(69,968)
Net cash flow provided by (used in) financing activities	14,140	(45,843)
Net change in cash, cash equivalents, and restricted cash reserves	(1,649)	(1,382)
Cash, cash equivalents, and restricted cash reserves, beginning of year	65,648	23,719
Cash, cash equivalents, and restricted cash reserves, end of period	$ 63,999	$ 22,337

Organization

Organization	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	General Organization Rangers Sub I, LLC ("Rangers") is a Maryland limited liability company and a wholly-owned subsidiary of RLJ Lodging Trust, L.P. ("RLJ LP"). Rangers owns an indirect 99% partnership interest in FelCor Lodging Limited Partnership ("FelCor LP"). Rangers General Partner, LLC, also a wholly-owned subsidiary of RLJ LP, owns the remaining 1% partnership interest and is the sole general partner of FelCor LP. Rangers and FelCor LP are collectively referred to as the "Company." Substantially all of the Company’s assets and liabilities are held by, and all of its operations are conducted through FelCor LP. The Company owns primarily premium-branded, compact full-service hotels located in major markets and resort locations. As of March 31, 2021, the Company owned 28 hotel properties with approximately 8,100 rooms, located in 13 states. The Company, through wholly-owned subsidiaries, owned a 100% interest in 25 hotel properties, a 95% controlling interest in The Knickerbocker, and 50% interests in entities owning two hotel properties. The Company consolidates its real estate interests in the 26 hotel properties in which it holds a controlling financial interest, and the Company records the real estate interests in the two hotels in which it holds an indirect 50% interest using the equity method of accounting. The Company leases 27 of its 28 hotel properties to subsidiaries of RLJ LP. COVID-19 The Company's hotel property-owning subsidiaries (the “Lessors”) lease the hotel properties to property-operating lessees owned by TRS subsidiaries of RLJ (the “Lessees”). The Company receives related party lease revenue from these lease agreements, including percentage rent. The percentage rent amounts are calculated based on a percentage of room revenues, food and beverage revenues and other revenues at the hotel properties. As a result, the global outbreak of the novel coronavirus, or COVID-19, and the public health measures that have been undertaken in response have had, and will likely continue to have, a material adverse impact on the Company's financial results and liquidity, and such adverse impact may continue well beyond the containment of such outbreak and vaccination distribution. Since the extent to which the COVID-19 pandemic will continue to impact the Company's operations will depend on future developments that are highly uncertain, the Company cannot estimate the impact on its business, financial condition or near- or longer-term financial or operational results with reasonable certainty. As of March 31, 2021, operations at two hotels remained suspended. The remaining suspended hotel properties are located in New York City and San Francisco and RLJ will continue to evaluate reopening these hotels based on market conditions and other factors.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The combined Annual Report on Form 10-K for the year ended December 31, 2020 of Rangers and FelCor LP contains a discussion of the Company's significant accounting policies. Other than noted below, there have been no significant changes to the Company's significant accounting policies since December 31, 2020. Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to financial information. The unaudited financial statements include all adjustments that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive loss, statements of changes in equity (partners' capital) and statements of cash flows. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2020, included in the combined Annual Report on Form 10-K of Rangers and FelCor LP filed with the SEC on February 26, 2021. The consolidated financial statements include the accounts of Rangers, FelCor LP and its wholly-owned subsidiaries, and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interests in two joint ventures in which it holds an indirect 50% interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Given the additional and unforeseen effects from the COVID-19 pandemic, these estimates have become more challenging, and actual results could differ from those estimates. Leases On April 10, 2020, the Financial Accounting Standards Board (the "FASB") issued a Staff Q&A to respond to frequently asked questions about accounting for lease concessions related to the effects of the COVID-19 pandemic. Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance to those contracts. Entities may make the elections for any lessor-provided concessions related to the effects of the COVID-19 pandemic (e.g., deferrals of lease payments, cash payments made to the lessee, reduced future lease payments) as long as the concession does not result in a substantial increase in the rights of the lessor or the obligations of the lessee. As a result of the impact of the COVID-19 pandemic on the Lessees, the Company made the determination to abate base rent of $2.8 million for two of its Lessees for the three months ended March 31, 2021. The Company did not abate base rent for any of the Lessees for the three months ended March 31, 2020. The Company has elected to not evaluate whether these rent abatements are lease modifications. The Company has elected to not apply the lease modification guidance to the rent abatements, and, as such, the Company has recognized the rent abatements as negative variable lease revenue of $2.8 million during the three months ended March 31, 2021. The Company will continue to evaluate the impact of lease concessions and/or abatements and the appropriate accounting. Recently Issued Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The guidance enhances and simplifies various aspects of the current income tax guidance and reduces complexity by removing certain exceptions to the general framework. The Company adopted this new standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.

Investment in Hotel Properties

Investment in Hotel Properties	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties consisted of the following (in thousands): March 31, 2021 December 31, 2020 Land and improvements $ 501,502 $ 501,448 Buildings and improvements 1,487,032 1,481,983 Furniture, fixtures and equipment 146,270 143,546 2,134,804 2,126,977 Accumulated depreciation (244,339) (225,333) Investment in hotel properties, net $ 1,890,465 $ 1,901,644

Investment in Unconsolidated En

Investment in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2021
Investment in Unconsolidated Entities [Abstract]
Investment in Unconsolidated Entities	Investment in Unconsolidated Joint Ventures As of March 31, 2021 and December 31, 2020, the Company owned 50% interests in joint ventures that owned two hotel properties. During the year ended December 31, 2020, one of the unconsolidated joint ventures determined the property ground lease will terminate on October 31, 2021 and the property will revert to the ground lessor at that time. The Company accounts for the investments in these unconsolidated joint ventures under the equity method of accounting. The Company makes adjustments to the equity in (loss) income from unconsolidated joint ventures related to the difference between the Company's basis in the investment in the unconsolidated joint ventures as compared to the historical basis of the assets and liabilities of the joint ventures. As of March 31, 2021 and December 31, 2020, the unconsolidated entities' debt consisted entirely of non-recourse mortgage debt. The following table summarizes the components of the Company's investments in unconsolidated joint ventures (in thousands): March 31, 2021 December 31, 2020 Equity basis of the joint venture investments $ (6,664) $ (6,687) Cost of the joint venture investments in excess of the joint venture book value 13,329 13,485 Investment in unconsolidated joint ventures $ 6,665 $ 6,798 The following table summarizes the components of the Company's equity in (loss) income from unconsolidated joint ventures (in thousands): For the three months ended March 31, 2021 2020 Unconsolidated joint ventures net (loss) income attributable to the Company $ (142) $ 829 Depreciation of cost in excess of book value (156) (280) Equity in (loss) income from unconsolidated joint ventures $ (298) $ 549

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt The Company's debt consisted of the following (in thousands): Outstanding Borrowings at Number of Assets Encumbered Interest Rate Maturity Date March 31, 2021 December 31, 2020 Senior Notes (1)(2)(3) — 6.00% June 2025 $ 494,578 $ 495,759 Mortgage loan (4) 3 4.95% October 2022 86,110 86,775 Mortgage loan (5) 1 4.94% October 2022 27,759 27,972 Mortgage loan (1)(6) 3 1.71% April 2024 (7) 96,000 96,000 7 704,447 706,506 Deferred financing costs, net (595) (643) Debt, net $ 703,852 $ 705,863 (1) Requires payments of interest only through maturity. (2) The Senior Notes (as defined below) include $19.7 million and $20.9 million at March 31, 2021 and December 31, 2020, respectively, related to fair value adjustments that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (3) The Company has the option to redeem the Senior Notes at a price of 103.0% of face value. (4) Includes $0.7 million and $0.9 million at March 31, 2021 and December 31, 2020, respectively, related to fair value adjustments on the mortgage loans that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (5) Includes $0.2 million and $0.3 million at March 31, 2021 and December 31, 2020, respectively, related to a fair value adjustment on the mortgage loan that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (6) The hotels encumbered by the mortgage loan are cross-collateralized. (7) The mortgage loan provides two one year extension options. The 6.000% Senior Notes due 2025 (the "Senior Notes") are subject to a maximum unsecured leverage maintenance covenant, which is based on asset value that is calculated at historical cost. In addition, the Senior Notes are subject to various incurrence covenants that limit the ability of the Company to incur additional debt if these covenants are violated. Failure to meet these incurrence covenant thresholds does not, in and of itself, constitute an event of default under the Senior Notes indenture. As of March 31, 2021, the Company was in compliance with all maintenance and incurrence covenants except the interest coverage ratio. As a result, the Company is currently prohibited from incurring additional debt until such ratio becomes compliant. Certain mortgage agreements are subject to various maintenance covenants requiring the Company to maintain a minimum debt yield or debt service coverage ratio ("DSCR"). Failure to meet the debt yield or DSCR thresholds is not an event of default, but instead triggers a cash trap event. During the cash trap event, the lender or servicer of the mortgage loan controls cash outflows until the loan is covenant compliant. In addition, certain mortgage loans have other requirements including continued operation and maintenance of the hotel property. At March 31, 2021, all three mortgage loans were below the DSCR threshold and were in cash trap events. At March 31, 2021, there was approximately $1.4 million held by lenders due to the cash trap events.

Related Party Debt (Notes)

Related Party Debt (Notes)	3 Months Ended
	Mar. 31, 2020
Related Party Debt [Abstract]
Related Party Debt	Related Party DebtIn November 2018, the Company's consolidated joint venture entered into an $85.0 million related party mortgage loan with RLJ LP, which is included in related party debt in the accompanying consolidated balance sheets. The related party mortgage loan has an interest rate of LIBOR + 3.00% and a maturity date of November 9, 2023. The related party mortgage loan requires payments of interest only through maturity. The hotel property owned by the Company's consolidated joint venture is encumbered by the related party mortgage loan.During the three months ended March 31, 2021 and 2020, the Company recognized $0.7 million and $1.0 million of interest expense, respectively, related to its related party loan with RLJ LP.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair Value Measurement Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The fair value hierarchy has three levels of inputs, both observable and unobservable: • Level 1 — Inputs include quoted market prices in an active market for identical assets or liabilities. • Level 2 — Inputs are market data, other than Level 1, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data. • Level 3 — Inputs are unobservable and corroborated by little or no market data. Fair Value of Financial Instruments The Company used the following market assumptions and/or estimation methods: • Cash and cash equivalents, restricted cash reserves, accounts payable and other liabilities — The carrying amounts reported in the consolidated balance sheets for these financial instruments approximate fair value because of their short term maturities. • Debt — The Senior Notes had an estimated fair value of approximately $487.8 million and $484.2 million at March 31, 2021 and December 31, 2020, respectively. The Company estimated the fair value of the Senior Notes by using publicly available trading prices, which are Level 2 inputs in the fair value hierarchy. The mortgage loans had an estimated fair value of approximately $204.3 million and $204.7 million at March 31, 2021 and December 31, 2020, respectively. The Company estimated the fair value of the mortgage loans by using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms and the loan to estimated fair value of the collateral, which are Level 3 inputs in the fair value hierarchy. The total estimated fair value of the Company's debt was $692.1 million and $688.9 million at March 31, 2021 and December 31, 2020, respectively. The total carrying value of the Company's debt was $703.9 million and $705.9 million at March 31, 2021 and December 31, 2020, respectively. • Related Party Debt — The Company's related party mortgage loan with RLJ LP had an estimated fair value of approximately $84.0 million at both March 31, 2021 and December 31, 2020. The Company estimated the fair value of the mortgage loan by using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms and the loan to estimated fair value of the collateral, which are Level 3 inputs in the fair value hierarchy. The total carrying value of the Company's related party debt was $85.0 million at both March 31, 2021 and December 31, 2020.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Leases - Lessors As a lessor, the Company will receive lease revenue from the Lessees under its lease contracts. The lease contracts contain a specific base rent amount and a percentage rent amount, which is dependent upon the hotel properties reaching certain revenue thresholds and, if earned, is calculated based on a percentage of room revenues, food and beverage revenues, and other revenues at the hotel properties. The lease contracts will expire in 2021 (one hotel), 2022 (24 hotels) and thereafter (one hotel). The Company had a receivable due from the Lessees of $17.5 million as of March 31, 2021, which is included in related party rent receivable on the consolidated balance sheet. The Company owed the Lessees $0.5 million for reimbursement of rent as of December 31, 2020, which is included in related party rent payable on the consolidated balance sheet. As a result of the COVID-19 pandemic, two of the Lessees negotiated for and were granted an abatement on base rent of $2.8 million for the three months ended March 31, 2021. The Company has recognized the rent abatement as negative variable lease revenue during the three months ended March 31, 2021. None of the Lessees received rent abatements during the three months ended March 31, 2020. The lease revenue recognized during the three months ended March 31, 2021 and 2020 consisted of the following (in thousands): For the three months ended March 31, 2021 2020 Lease revenue relating to lease payments (1) $ 15,240 $ 17,839 Lease revenue relating to percentage rent lease payments 2,699 7,780 Total related party lease revenue $ 17,939 $ 25,619 (1) Reflects the impact of base rent abatement of $2.8 million for the three months ended March 31, 2021. The future lease payments to the Company under the noncancelable operating leases were as follows (in thousands): March 31, 2021 2021 $ 51,446 2022 51,750 2023 — 2024 — 2025 — Thereafter — Total $ 103,196 Advance to Lessee - Related Party The Company's consolidated joint venture has provided advances to its Lessee as a result of the impact of the COVID-19 pandemic on the Lessee's operations. The total advance of $4.7 million and $2.7 million as of March 31, 2021 and December 31, 2020, respectively, is included in advance to Lessee - related party in the accompanying consolidated balance sheets. Restricted Cash Reserves The Company is obligated to maintain cash reserve funds for future capital expenditures at the hotels (including the periodic replacement or refurbishment of furniture, fixtures and equipment ("FF&E")) as determined pursuant to the management agreements, franchise agreements and/or mortgage loan documents. The management agreements, franchise agreements and/or mortgage loan documents require the Company to reserve cash ranging typically from 4.0% to 5.0% of the individual hotel’s revenues and maintain the reserves in restricted cash reserve escrows. Any unexpended amounts will remain the property of the Company upon termination of the management agreements, franchise agreements or mortgage loan documents. As of March 31, 2021 and December 31, 2020, approximately $5.6 million and $3.9 million, respectively, was available in the restricted cash reserves for future capital expenditures, real estate taxes and insurance. The restricted cash reserves at March 31, 2021 of $5.6 million also includes $1.4 million held by lenders due to cash trap events. Litigation Neither the Company nor any of its subsidiaries is currently involved in any regulatory or legal proceedings that management believes will have a material and adverse effect on the Company's financial position, results of operations or cash flows.

Equity

Equity	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Equity	Equity Rangers Ownership Interests/FelCor LP Partnership Interests As of March 31, 2021, RLJ LP owned 100% of the ownership interests and was the sole managing member of Rangers. In addition, Rangers owned, through indirect interests, 99.0% of the partnership interests in FelCor LP. Rangers consolidates FelCor LP for financial reporting purposes as a result of its controlling financial interest. Rangers General Partner, LLC's 1.0% partnership interest in FelCor LP is recognized as a noncontrolling interest in FelCor LP on the consolidated balance sheets of Rangers. Noncontrolling Interest in Consolidated Joint Ventures The Company consolidates the joint venture that owns The Knickerbocker, which has a third-party partner that owns a noncontrolling 5% ownership interest in the joint venture. The third-party ownership interest is included in the noncontrolling interest in consolidated joint ventures on the consolidated balance sheets.

Supplemental Information to Sta

Supplemental Information to Statements of Cash Flows	3 Months Ended
	Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to the Statements of Cash Flows The following supplemental information to the Statements of Cash Flows is for both Rangers and FelCor LP (in thousands): For the three months ended March 31, 2021 2020 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 58,376 $ 16,995 Restricted cash reserves 5,623 5,342 Cash, cash equivalents, and restricted cash reserves $ 63,999 $ 22,337 Interest paid $ 1,818 $ 1,631 Interest paid to a related party $ 666 $ 1,008 Income taxes refunded $ (2) $ (39) Operating cash flow lease payments for operating leases $ 1,309 $ 1,949 Supplemental non-cash transactions Accrued capital expenditures $ 6,298 $ 2,751

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to financial information. The unaudited financial statements include all adjustments that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive loss, statements of changes in equity (partners' capital) and statements of cash flows. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2020, included in the combined Annual Report on Form 10-K of Rangers and FelCor LP filed with the SEC on February 26, 2021.
Use of Estimates	Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Given the additional and unforeseen effects from the COVID-19 pandemic, these estimates have become more challenging, and actual results could differ from those estimates.
Lessor, Leases	Leases On April 10, 2020, the Financial Accounting Standards Board (the "FASB") issued a Staff Q&A to respond to frequently asked questions about accounting for lease concessions related to the effects of the COVID-19 pandemic. Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance to those contracts. Entities may make the elections for any lessor-provided concessions related to the effects of the COVID-19 pandemic (e.g., deferrals of lease payments, cash payments made to the lessee, reduced future lease payments) as long as the concession does not result in a substantial increase in the rights of the lessor or the obligations of the lessee. As a result of the impact of the COVID-19 pandemic on the Lessees, the Company made the determination to abate base rent of $2.8 million for two of its Lessees for the three months ended March 31, 2021. The Company did not abate base rent for any of the Lessees for the three months ended March 31, 2020. The Company has elected to not evaluate whether these rent abatements are lease modifications. The Company has elected to not apply the lease modification guidance to the rent abatements, and, as such, the Company has recognized the rent abatements as negative variable lease revenue of $2.8 million during the three months ended March 31, 2021. The Company will continue to evaluate the impact of lease concessions and/or abatements and the appropriate accounting.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The guidance enhances and simplifies various aspects of the current income tax guidance and reduces complexity by removing certain exceptions to the general framework. The Company adopted this new standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of investment in hotel properties	Investment in hotel properties consisted of the following (in thousands): March 31, 2021 December 31, 2020 Land and improvements $ 501,502 $ 501,448 Buildings and improvements 1,487,032 1,481,983 Furniture, fixtures and equipment 146,270 143,546 2,134,804 2,126,977 Accumulated depreciation (244,339) (225,333) Investment in hotel properties, net $ 1,890,465 $ 1,901,644

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2021
Investment in Unconsolidated Entities [Abstract]
Schedule of Components of Investment In Unconsolidated Entities	The following table summarizes the components of the Company's investments in unconsolidated joint ventures (in thousands): March 31, 2021 December 31, 2020 Equity basis of the joint venture investments $ (6,664) $ (6,687) Cost of the joint venture investments in excess of the joint venture book value 13,329 13,485 Investment in unconsolidated joint ventures $ 6,665 $ 6,798
Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities	The following table summarizes the components of the Company's equity in (loss) income from unconsolidated joint ventures (in thousands): For the three months ended March 31, 2021 2020 Unconsolidated joint ventures net (loss) income attributable to the Company $ (142) $ 829 Depreciation of cost in excess of book value (156) (280) Equity in (loss) income from unconsolidated joint ventures $ (298) $ 549

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt consisted of the following (in thousands): Outstanding Borrowings at Number of Assets Encumbered Interest Rate Maturity Date March 31, 2021 December 31, 2020 Senior Notes (1)(2)(3) — 6.00% June 2025 $ 494,578 $ 495,759 Mortgage loan (4) 3 4.95% October 2022 86,110 86,775 Mortgage loan (5) 1 4.94% October 2022 27,759 27,972 Mortgage loan (1)(6) 3 1.71% April 2024 (7) 96,000 96,000 7 704,447 706,506 Deferred financing costs, net (595) (643) Debt, net $ 703,852 $ 705,863 (1) Requires payments of interest only through maturity. (2) The Senior Notes (as defined below) include $19.7 million and $20.9 million at March 31, 2021 and December 31, 2020, respectively, related to fair value adjustments that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (3) The Company has the option to redeem the Senior Notes at a price of 103.0% of face value. (4) Includes $0.7 million and $0.9 million at March 31, 2021 and December 31, 2020, respectively, related to fair value adjustments on the mortgage loans that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (5) Includes $0.2 million and $0.3 million at March 31, 2021 and December 31, 2020, respectively, related to a fair value adjustment on the mortgage loan that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (6) The hotels encumbered by the mortgage loan are cross-collateralized. (7) The mortgage loan provides two one year extension options.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating Lease, Lease Income	The lease revenue recognized during the three months ended March 31, 2021 and 2020 consisted of the following (in thousands): For the three months ended March 31, 2021 2020 Lease revenue relating to lease payments (1) $ 15,240 $ 17,839 Lease revenue relating to percentage rent lease payments 2,699 7,780 Total related party lease revenue $ 17,939 $ 25,619 (1) Reflects the impact of base rent abatement of $2.8 million for the three months ended March 31, 2021.
Schedule of Future Minimum Rental Payments for Operating Leases	The future lease payments to the Company under the noncancelable operating leases were as follows (in thousands): March 31, 2021 2021 $ 51,446 2022 51,750 2023 — 2024 — 2025 — Thereafter — Total $ 103,196

Supplemental Information to S_2

Supplemental Information to Statements of Cash Flows (Tables)	3 Months Ended
	Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Information to Statements of Cash Flows	The following supplemental information to the Statements of Cash Flows is for both Rangers and FelCor LP (in thousands): For the three months ended March 31, 2021 2020 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 58,376 $ 16,995 Restricted cash reserves 5,623 5,342 Cash, cash equivalents, and restricted cash reserves $ 63,999 $ 22,337 Interest paid $ 1,818 $ 1,631 Interest paid to a related party $ 666 $ 1,008 Income taxes refunded $ (2) $ (39) Operating cash flow lease payments for operating leases $ 1,309 $ 1,949 Supplemental non-cash transactions Accrued capital expenditures $ 6,298 $ 2,751

Organization Real Estate Proper

Organization Real Estate Properties (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021propertyhotelroomstate	Dec. 31, 2020USD ($)property
Real Estate Properties [Line Items]
Number of real estate properties	28
Number of hotel rooms owned | room	8,100
Number of states in which hotels owned by the entity are located | state	13
Equity method investment, ownership percentage	50.00%
Real estate properties, number of properties with operations suspended | hotel	2
Rent abatement | $		$ 2.8
Wholly Owned Properties
Real Estate Properties [Line Items]
Number of real estate properties	25
Hotel property ownership interest (as a percent)	100.00%
Consolidated Properties
Real Estate Properties [Line Items]
Number of real estate properties	26
Number of leased real estate properties	27
Unconsolidated Properties
Real Estate Properties [Line Items]
Number of real estate properties	2	2
Equity method investment, ownership percentage	50.00%	50.00%
95% owned | Partially Owned Properties
Real Estate Properties [Line Items]
Hotel property ownership interest (as a percent)	95.00%
50% owned | Partially Owned Properties
Real Estate Properties [Line Items]
Number of real estate properties	2
Hotel property ownership interest (as a percent)	50.00%
Rangers Sub I, LLC
Real Estate Properties [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest	99.00%
Rangers General Partner, LLC
Real Estate Properties [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest	1.00%

Organization Limited Liability

Organization Limited Liability Companies (LLCs) and Limited Partnerships (LPs) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Real Estate Properties [Line Items]
Contributions	$ 16,051	$ 24,641

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	Mar. 31, 2021joint_venture
Accounting Policies [Abstract]
Real estate interests, number of joint ventures	2
Equity method investment, ownership percentage	50.00%

Investment in Hotel Propertie_2

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Land and improvements	$ 501,502		$ 501,448
Buildings and improvements	1,487,032		1,481,983
Furniture, fixtures and equipment	146,270		143,546
Total	2,134,804		2,126,977
Accumulated depreciation	(244,339)		(225,333)
Investment in hotel properties, net	1,890,465		$ 1,901,644
Real estate depreciation expense, excluding discontinued operations expense	$ 19,000	$ 18,400

Investment in Unconsolidated _3

Investment in Unconsolidated Entities - Narrative (Details) - property	Mar. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Number of real estate properties	28
Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%	50.00%
Number of real estate properties	2	2

Investment in Unconsolidated _4

Investment in Unconsolidated Entities - Schedule of Components of Investment In Unconsolidated Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 6,665	$ 6,798
Equity basis of the joint venture investments
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	(6,664)	(6,687)
Cost of the joint venture investments in excess of the joint venture book value
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 13,329	$ 13,485

Investment in Unconsolidated _5

Investment in Unconsolidated Entities - Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity in (loss) income from unconsolidated joint ventures	$ (298)	$ 549
Unconsolidated joint ventures net (loss) income attributable to the Company
Schedule of Equity Method Investments [Line Items]
Equity in (loss) income from unconsolidated joint ventures	(142)	829
Depreciation of cost in excess of book value
Schedule of Equity Method Investments [Line Items]
Equity in (loss) income from unconsolidated joint ventures	$ (156)	$ (280)

Debt (Details)

Debt (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2019increment	Mar. 31, 2021USD ($)loanasset	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Debt
Number of Assets Encumbered | asset		7
Long-term debt, gross		$ 704,447		$ 706,506
Deferred financing costs, net		(595)		(643)
Debt, net		703,852		705,863
Interest expense		$ 7,600	$ 8,000
Mortgage Loan in Cash Trap Event | loan		3
Lender
Debt
Restricted Cash		$ 1,400
Senior Unsecured Notes
Debt
Debt Instrument, Redemption Price, Percentage		103.00%
Unsecured Debt | 6.00% Percent, Due June 2025
Debt
Number of Assets Encumbered | asset		0
Interest rate		6.00%
Long-term debt, gross		$ 494,578		495,759
Mortgage loans | 4.95 Percent, Due October 2022
Debt
Number of Assets Encumbered | asset		3
Interest rate		4.95%
Long-term debt, gross		$ 86,110		86,775
Mortgage loans | 4.94 Percent, Due October 2022
Debt
Number of Assets Encumbered | asset		1
Interest rate		4.94%
Long-term debt, gross		$ 27,759		27,972
Mortgage loans | 2.59 Percent Due April 2024
Debt
Number of Assets Encumbered | asset		3
Interest rate		1.71%
Long-term debt, gross		$ 96,000		96,000
Secured Debt | 4.95 Percent, Due October 2022
Debt
Debt Instrument, Fair Value Adjustment, Net		700		900
Secured Debt | 4.94 Percent, Due October 2022
Debt
Debt Instrument, Fair Value Adjustment, Net		200		300
Secured Debt | LIBOR Plus 1.60%
Debt
Debt Instrument, Number of Additional Maturity Terms | increment	2
Debt Instrument, Additional Maturity Term	1 year
Senior Unsecured Notes | Unsecured Debt
Debt
Debt Instrument, Fair Value Adjustment, Net		$ 19,700		$ 20,900

Related Party Debt (Details)

Related Party Debt (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Nov. 30, 2018	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Related party debt		$ 85,000		$ 85,000
Related party interest expense		664	$ 967
LIBOR Plus 3.00 Percent, Due November 2023
Related Party Transaction [Line Items]
Related party debt	$ 85,000
LIBOR | LIBOR Plus 3.00 Percent, Due November 2023
Related Party Transaction [Line Items]
Description of variable rate basis	LIBOR
Basis spread	3.00%
FelCor Lodging LP
Related Party Transaction [Line Items]
Related party debt		85,000		$ 85,000
Related party interest expense		$ 664	$ 967

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term debt, carrying value	$ 703,852	$ 705,863
Related Party Debt	85,000	85,000
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term debt fair value	692,100	688,900
Related Party Debt, Fair Value	84,000
Senior notes | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term debt fair value	487,800	484,200
Mortgage loans | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term debt fair value	$ 204,300	$ 204,700

Commitments and Contingencies F

Commitments and Contingencies Future Lease Payments To the Company Under Noncancelable Operating Leases (Lessor) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)hotel	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)
Loss Contingencies [Line Items]
Number of TRS Leases Expiring in 2021 | hotel	1
Number of TRS Leases Expiring in 2022 | hotel	24
Number of TRS Leases expiring Thereafter | hotel	1
Rent reimbursement		$ 500
Rent abatement		2,800
Lease revenue relating to lease payments	$ 15,240		$ 17,839
Lease revenue relating to percentage rent lease payments	2,699		7,780
Total related party lease revenue	17,939		$ 25,619
2020	51,446
2021	51,750
2022	0
2023	0
2024	0
Thereafter	0
Total	103,196
Advance to Lessee - related party	4,709	2,709
Related party rent receivable	17,512	0
Rangers Sub I, LLC
Loss Contingencies [Line Items]
Advance to Lessee - related party	4,700	$ 2,700
Related party rent receivable	$ 17,500

Commitments and Contingencies -

Commitments and Contingencies - Restricted Cash Reserves (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Minimum restricted cash reserve escrows to be maintained as a percentage of the hotel's revenue	4.00%
Maximum restricted cash reserve escrows to be maintained as percentage of hotel's revenue	5.00%
Restricted cash reserves for future capital expenditures, real estate taxes and insurance	$ 5,623	$ 3,882
Lender
Loss Contingencies [Line Items]
Restricted Cash	$ 1,400

Equity (Details)

Equity (Details)	3 Months Ended
	Mar. 31, 2021
RLJ Lodging Trust Limited Partnership | General Partner
Equity, Class of Treasury Stock
Company's ownership interest in OP units through a combination of direct and indirect interests (as a percent)	100.00%
Rangers Sub I, LLC | Limited Partners
Equity, Class of Treasury Stock
Company's ownership interest in OP units through a combination of direct and indirect interests (as a percent)	99.00%
Rangers General Partner, LLC | General Partner
Equity, Class of Treasury Stock
Company's ownership interest in OP units through a combination of direct and indirect interests (as a percent)	1.00%

Equity Noncontrolling Interest

Equity Noncontrolling Interest (Details)	Mar. 31, 2021
The Knickerbocker New York
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	5.00%

Supplemental Information to S_3

Supplemental Information to Statements of Cash Flows - Schedule of Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Supplemental Cash Flows [Line Items]
Cash and cash equivalents	$ 58,376		$ 61,766
Restricted cash reserves	5,623		3,882
Cash, cash equivalents, and restricted cash reserves	63,999	$ 22,337	$ 65,648	$ 23,719
Rangers Sub I, LLC
Supplemental Cash Flows [Line Items]
Cash and cash equivalents		16,995
Restricted cash reserves		5,342
Cash, cash equivalents, and restricted cash reserves	63,999	22,337
Interest paid	1,818	1,631
Interest paid to a related party	666	1,008
Income taxes refunded	(2)	(39)
Operating Lease, Payments	1,309	1,949
Accrued capital expenditures	$ 6,298	$ 2,751