Service Properties Trust (SVC) 10-K 1 Mar 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2020	Feb. 26, 2021	Jun. 28, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
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 12(b) Security	Common Shares of Beneficial Interest
Trading Symbol	SVC
Security Exchange Name	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
Entity Shell Company	false
Entity Public Float			$ 1.2
Entity Common Stock, Shares Outstanding		164,823,833
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 2021 Annual Meeting of Shareholders to be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended December 31, 2020.
Entity Central Index Key	0000945394
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real estate properties:
Land	$ 2,030,440	$ 2,066,602
Buildings, improvements and equipment	9,131,832	9,318,434
Total real estate properties, gross	11,162,272	11,385,036
Accumulated depreciation	(3,280,110)	(3,120,761)
Total real estate properties, net	7,882,162	8,264,275
Acquired real estate leases and other intangibles, net	325,845	378,218
Assets held for sale	13,543	87,493
Cash and cash equivalents	73,332	27,633
Restricted cash	18,124	53,626
Due from related persons	55,530	68,653
Other assets, net	318,783	154,069
Total assets	8,687,319	9,033,967
LIABILITIES AND SHAREHOLDERS’ EQUITY
Revolving credit facility	78,424	377,000
Term loan, net	0	397,889
Senior unsecured notes, net	6,130,166	5,287,658
Security deposits	294	109,403
Accounts payable and other liabilities	345,079	335,696
Due to related persons	30,566	20,443
Total liabilities	6,584,529	6,528,089
Commitments and contingencies
Shareholders’ equity:
Common shares of beneficial interest, $.01 par value; 200,000,000 shares authorized; 164,823,833 and 164,563,034 shares issued and outstanding, respectively	1,648	1,646
Additional paid in capital	4,550,385	4,547,529
Cumulative other comprehensive loss	(760)	0
Cumulative net income available for common shareholders	3,180,263	3,491,645
Cumulative common distributions	(5,628,746)	(5,534,942)
Total shareholders’ equity	2,102,790	2,505,878
Total liabilities and shareholders’ equity	$ 8,687,319	$ 9,033,967

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
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)	164,823,833	164,563,034
Common shares, shares outstanding (in shares)	164,823,833	164,563,034

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Hotel operating revenues	$ 875,098	$ 1,989,173	$ 1,958,598
Rental income	389,955	322,236	330,806
FF&E reserve income	201	4,739	5,132
Total revenues	1,265,254	2,316,148	2,294,536
Expenses:
Hotel operating expenses	697,904	1,410,927	1,387,065
Other operating expenses	15,208	8,357	5,290
Depreciation and amortization	498,908	428,448	403,077
General and administrative	50,668	54,639	104,862
Transaction related costs	0	1,795	0
Loss on asset impairment	55,756	39,296	0
Total expenses	1,318,444	1,943,462	1,900,294
Gain on sale of real estate, net	2,261	159,535	0
Dividend income	0	1,752	2,754
Gain on insurance settlement	62,386	0	0
Unrealized gains (losses) on equity securities, net	19,882	(40,461)	(16,737)
Interest income	284	2,215	1,528
Interest expense (including amortization of debt issuance costs and debt discounts and premiums of $14,870, $11,117 and $10,177, respectively)	(306,490)	(225,126)	(195,213)
Loss on early extinguishment of debt	(9,394)	(8,451)	(160)
Income (loss) before income taxes and equity in earnings (losses) of an investee	(284,261)	262,150	186,414
Income tax expense	(17,211)	(2,793)	(1,195)
Equity in earnings (losses) of an investee	(9,910)	393	515
Net income	(311,382)	259,750	185,734
Other comprehensive income (loss):
Equity interest in investee’s unrealized gains (losses)	(760)	91	(68)
Other comprehensive income (loss)	(760)	91	(68)
Comprehensive income	$ (312,142)	$ 259,841	$ 185,666
Weighted average common shares outstanding (basic) (in shares)	164,422	164,312	164,229
Weighted average common shares outstanding (diluted) (in shares)	164,422	164,340	164,258
Net income available for common shareholders per common share (basic and diluted) (in dollars per share)	$ (1.89)	$ 1.58	$ 1.13
Revenue form contract with customer, produce and service extensible list	srt:HotelMember	srt:HotelMember	srt:HotelMember
Product and service, extensible list	srt:HotelMember	srt:HotelMember	srt:HotelMember

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Interest expense, amortization of debt issuance costs and debt discounts and premiums	$ 14,870	$ 11,117	$ 10,177

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative effect of an accounting change	Common Shares	Cumulative Common Distributions	Additional Paid in Capital	Cumulative Net Income	Cumulative Net IncomeCumulative effect of an accounting change	Cumulative Other Comprehensive Income (Loss)	Cumulative Other Comprehensive Income (Loss)Cumulative effect of an accounting change
Beginning balance (in shares) at Dec. 31, 2017			164,349,141
Beginning balance at Dec. 31, 2017	$ 2,755,422	$ 0	$ 1,643	$ (4,834,491)	$ 4,542,307	$ 2,966,605	$ 79,556	$ 79,358	$ (79,556)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	185,734					185,734
Equity in unrealized losses of investees	(68)							(68)
Common share grants (in shares)			115,000
Common share grants	$ 3,781		$ 1		3,780
Common share repurchases (in shares)	(21,202)		(22,432)
Common share repurchases	$ (606)				(606)
Distributions	(346,832)			(346,832)
Ending balance (in shares) at Dec. 31, 2018			164,441,709
Ending balance at Dec. 31, 2018	2,597,431		$ 1,644	(5,181,323)	4,545,481	3,231,895		(266)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	259,750					259,750
Amounts reclassified from cumulative other comprehensive income to net income	175							175
Equity in unrealized losses of investees	91							91
Common share grants (in shares)			155,100
Common share grants	$ 2,857		$ 2		2,855
Common share repurchases (in shares)	(31,225)		(33,775)
Common share repurchases	$ (807)				(807)
Distributions	(353,619)			(353,619)
Ending balance (in shares) at Dec. 31, 2019			164,563,034
Ending balance at Dec. 31, 2019	2,505,878		$ 1,646	(5,534,942)	4,547,529	3,491,645		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(311,382)					(311,382)
Amounts reclassified from cumulative other comprehensive income to net income	0
Equity in unrealized losses of investees	(760)							(760)
Common share grants (in shares)			305,400
Common share grants	$ 3,211		$ 2		3,209
Common share repurchases (in shares)	(43,751)		(44,601)
Common share repurchases					(353)
Common share repurchases and forfeitures	$ (353)
Distributions	(93,804)			(93,804)
Ending balance (in shares) at Dec. 31, 2020			164,823,833
Ending balance at Dec. 31, 2020	$ 2,102,790		$ 1,648	$ (5,628,746)	$ 4,550,385	$ 3,180,263		$ (760)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ (311,382)	$ 259,750	$ 185,734
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	498,908	428,448	403,077
Amortization of debt issuance costs and debt discounts and premiums as interest	14,870	11,117	10,177
Straight line rental income	714	10,719	(12,509)
Security deposits utilized or replenished	(109,162)	(23,549)	6,740
Loss on early extinguishment of debt	9,394	8,451	160
Loss on asset impairment	55,756	39,296	0
Unrealized (gains) losses on equity securities, net	(19,882)	40,461	16,737
Equity in losses (earnings) of an investee	9,910	(393)	(515)
Distribution of earnings from Affiliates Insurance Company	0	2,423	0
Gain on sale of real estate, net	(2,261)	(159,535)	0
Gain on insurance settlement	(62,386)	0	0
Deferred income taxes	13,850	(127)	(1,047)
Other non-cash (income) expense, net	(2,558)	(614)	(2,713)
Changes in assets and liabilities:
Due from related persons	(33)	3,272	(572)
Other assets	(78,340)	(11,385)	6,200
Accounts payable and other liabilities	2,296	60,484	5,824
Due to related persons	17,910	(51,096)	(20,340)
Net cash provided by operating activities	37,604	617,722	596,953
Cash flows from investing activities:
Real estate acquisitions and deposits	(7,090)	(2,713,191)	(127,703)
Real estate improvements	(69,082)	(150,531)	(182,862)
Hotel managers’ purchases with restricted cash	(153,626)	(208,241)	(135,177)
Hotel manager’s deposit of insurance proceeds into restricted cash	22,488	25,000	18,000
Net proceeds from sale of real estate	167,542	816,450	0
Net proceeds from sale of equity securities	0	93,892	0
Distributions in excess of earnings from Affiliates Insurance Company	286	6,577	0
Net cash used in investing activities	(51,807)	(2,130,044)	(427,742)
Cash flows from financing activities:
Proceeds from issuance of senior unsecured notes, net of discounts and premiums	1,250,000	1,693,879	389,976
Repayment of senior unsecured notes	(405,971)	0	0
Repayment of term loan	(400,000)	0	0
Borrowings under revolving credit facility	1,189,094	1,124,000	517,000
Repayments of revolving credit facility	(1,487,670)	(924,000)	(738,000)
Debt issuance costs	(26,903)	(21,882)	(12,242)
Repurchase of common shares	(346)	(800)	(606)
Distributions to common shareholders	(93,804)	(353,619)	(346,832)
Net cash provided by (used in) financing activities	24,400	1,517,578	(190,704)
Increase (decrease) in cash and cash equivalents and restricted cash	10,197	5,256	(21,493)
Cash and cash equivalents and restricted cash at beginning of year	81,259	76,003	97,496
Cash and cash equivalents and restricted cash at end of year	91,456	81,259	76,003
Sonesta International Hotels Corporation
Cash flows from investing activities:
Investments	(5,314)	0	0
Travel Centers of America LLC
Cash flows from investing activities:
Investments	$ (7,011)	$ 0	$ 0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Supplemental Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental disclosure of cash and cash equivalents and restricted cash:
Cash and cash equivalents	$ 73,332	$ 27,633	$ 25,966
Restricted cash	18,124	53,626	50,037
Total cash and cash equivalents and restricted cash	91,456	81,259	76,003
Supplemental cash flow information:
Cash paid for interest	281,097	191,155	174,158
Cash paid for income taxes	2,117	2,927	3,218
Non-cash investing activities:
Real estate improvements accrued, not paid	5,684	13,595	5,549
Investment in Sonesta	$ 42,000	$ 0	$ 0

Organization

Organization	12 Months Ended
	Dec. 31, 2020
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 net lease service-oriented retail properties. At December 31, 2020, we owned, directly and through subsidiaries, 310 hotels and 799 net lease properties. At December 31, 2020, 305 of our 310 hotels were managed or operated by subsidiaries of the following companies: Sonesta Holdco Corporation, or Sonesta, (168 hotels), Marriott International, Inc., or Marriott (105 hotels), Hyatt Hotels Corporation, or Hyatt (22 hotels), Radisson Hospitality, Inc., or Radisson (nine hotels) and InterContinental Hotels Group, plc, or IHG (one hotel). We have entered into an agreement to sell five hotels and we have entered into a short term lease with the buyer in anticipation of the sale. At December 31, 2020, we owned 799 net lease properties with 170 tenants, including 179 travel centers leased to TravelCenters of America Inc., or TA, our largest tenant. Hereinafter, these companies are sometimes referred to as managers and/or tenants, or collectively, operators. Recent Events The novel coronavirus, or COVID-19, global pandemic, along with federal, state and local government mandates have disrupted and are expected to continue to have a significant negative impact on our results of operations, financial position and cash flow. In the United States, individuals are being encouraged to practice social distancing, are restricted from gathering in large groups, and in some areas, either have been or are subject to mandatory stay-at-home restrictions, which have restricted or prohibited large social gatherings, travel and non-essential activities outside of their homes. As a result, the lodging industry and other industries in which our managers and tenants operate have been adversely impacted. Our results of operations and cash flows from our hotels are heavily dependent on our operators’ ability to generate returns to us and their willingness to fund shortfalls in our minimum returns from their own resources. IHG defaulted on its agreement with us and Marriott did not fund shortfalls in the payment of our minimum returns in accordance with its agreement with us. We have terminated our agreements with both IHG and Marriott and have transitioned the branding and managem ent of 193 hotels previously managed by IHG, Marriott and Wyndham to Sonesta between September 2020 and February 2021. As a result of the disruption caused by the COVID-19 pandemic, we have taken steps to preserve liquidity by reducing our quarterly distribution to our shareholders beginning in the second quarter of 2020 to $0.01 per share and we expect our quarterly distribution to continue at that rate for the foreseeable future, subject to applicable REIT tax requirements, by reducing expected capital expenditures, and by working with our hotel operators to reduce hotel operating expenses, raising $1,229,950 of debt proceeds, repaying $800,000 of debt, selling assets for an aggregate sales price of $174,172, excluding closing costs, and entering into an agreement to sell additional properties for an aggregate sales price of $24,313, excluding sales costs. We and our lenders amended our credit agreement governing our $1,000,000 revolving credit facility and $400,000 term loan on May 8, 2020. Among other things, the amendment waived certain existing financial covenants through the end of the first quarter of 2021. Based on the prolonged effect of the pandemic and our expectations of not being able to meet the financial covenants under our amended credit agreement, we entered into an additional amendment on November 5, 2020. Among other things, the amendment waives all of the existing financial covenants through the end of the agreement term, or July 15, 2022, or the New Waiver Period. On January 19, 2021, we borrowed $972,793 under our revolving credit facility as a precautionary measure to preserve financial flexibility. As of February 26, 2021, we are fully drawn under our revolving credit facility. Based on these actions, the cash flows we receive from our net lease portfolio, the financing activities we have completed, and asset dispositions we have completed or expect to complete, we believe we will have sufficient liquidity to meet our obligations for at least the next twelve months. See Notes 5 and 6 for additional information regarding the transactions and other actions described above.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
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 $118,862 and $31,920 as of December 31, 2020 and 2019, respectively, and consist primarily of amounts due from and working capital advances to certain of our hotel managers. The liabilities of our TRSs were $70,240 and $138,708 as of December 31, 2020 and 2019, 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. 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 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, 2020 and 2019, we recorded $55,756 and $39,296, 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 and intangible liabilities in accounts payable and other liabilities in our consolidated balance sheets. At December 31, 2020 and 2019, our intangible assets and liabilities were as follows: As of December 31, 2020 2019 Assets: Tradenames and trademarks $ 89,375 $ 89,375 Above market operating leases, net of accumulated amortization of $55,220 and $15,748, respectively 224,510 275,814 Below market ground leases, net of accumulated amortization of $16,226 and $21,125, respectively 8,934 10,034 Other, net of accumulated amortization of $1,188 and $1,803, respectively 3,026 3,323 $ 325,845 $ 378,546 Liabilities: Below market operating leases, net of accumulated amortization of $559 and $367, respectively $ 1,691 $ 3,653 Above market ground leases, net of accumulated amortization of $6,180 and $5,886, respectively 416 856 $ 2,107 $ 4,509 We amortize above and below market leases on a straight line basis over the term of the associated lease ( three Above Market Operating Leases Below Market Ground Leases & Other Below Market Operating Leases Above Market Ground Leases & Other 2021 $ 41,196 $ 1,375 $ (458) $ (369) 2022 30,272 1,367 (309) (21) 2023 27,120 1,355 (193) (18) 2024 24,637 1,137 (186) (8) 2025 21,311 983 (130) — Thereafter 79,974 5,743 (415) — $ 224,510 $ 11,960 $ (1,691) $ (416) We do not amortize our indefinite lived trademarks and tradenames, but we review the assets at least annually for impairment and reassess their classification as indefinite lived assets. In addition, we regularly evaluate whether events or changes in circumstances have occurred that could indicate impairment in value. We determine the amount of an impairment loss, if any, by comparing the carrying value of the intangible asset to its estimated fair value. Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at date of purchase to be cash equivalents. Restricted Cash. Restricted cash, or FF&E reserve escrows, consists of amounts escrowed pursuant to the terms of our management agreements and leases to fund periodic renovations and improvements at our hotels. 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, 2020 and 2019, debt issuance costs for our revolving credit facility were $8,163 and $4,212, respectively, and accumulated amortization of debt issuance costs for our revolving credit facility were $722 and $2,610, respectively. Debt issuance costs, net of accumulated amortization, for our senior notes, and our historical term loan, are presented as a direct deduction from the associated debt liability in our consolidated balance sheets. As of December 31, 2020 and 2019, debt issuance costs, net of accumulated amortization, for our senior notes were $41,974 and $31,065, respectively. Future amortization of debt issuance costs to be recognized with respect to our revolving credit facility and senior notes as of December 31, 2020, are as follows: Future Amortization of Debt Issuance Costs 2021 $ 12,933 2022 11,106 2023 7,692 2024 6,854 2025 4,774 Thereafter 6,056 $ 49,415 Equity Method Investments. 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, President and Chief Executive Officer and Sonesta’s other director serves as The RMR Group LLC, or RMR LLC’s, and The RMR Group Inc., or RMR Inc.’s, executive vice president, general counsel and secretary and as our Secretary. Sonesta’s chief executive officer and chief financial officer are officers of RMR LLC. Certain other officers and employees of Sonesta are former employees of RMR LLC. RMR LLC also provides certain services to Sonesta. See Notes 5 and 9 for a further discussion of our investment in and relationships with Sonesta. Equity Securities. We record our 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 . As of December 31, 2020, we owned 1,184,797 common shares of TA. On July 1, 2019, we sold all the shares of class A common stock of RMR Inc. that we previously owned. See Notes 9 and 13 for further information on these investments. 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 term of the lease agreements. We reduced rental income by $714 and $10,719 during the years ended December 31, 2020 and 2019, respectively, and increased rental income by $12,509 during the year ended December 31, 2018, to record scheduled rent changes under certain of our leases, the deferred rent obligations payable to us under our leases with TA and the estimated future payments to us under our TA leases for the cost of removing underground storage tanks at our travel centers on a straight line basis. See Notes 4, 5 and 9 for further information regarding our TA leases. Due from related persons includes $33,902 and $47,057 and other assets, net, includes $16,264 and $1,897 of straight line rent receivables at December 31, 2020 and 2019, respectively. 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 earned percentage rental income of $3,277, $4,238 and $3,695 during the years ended December 31, 2020, 2019 and 2018, respectively. We own all the FF&E reserve escrows for our hotels. We report deposits by our third party tenants into the escrow accounts as FF&E reserve income. We do not report the amounts which are escrowed as reserves established for the regular refurbishment of our hotels, or FF&E reserves, for our managed hotels as FF&E reserve income. Per Common Share Amounts. We calculate basic earnings per common share by dividing allocable net income available for common shareholders by the weighted average number of common shares outstanding during the period. 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 and the related impact on earnings are considered when calculating diluted earnings per share. 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 doubtful accounts, purchase price allocations, useful lives of real estate and impairment of long lived assets. Segment Information. As of December 31, 2020, 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 2017 through 2020 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 January 1, 2020, we adopted FASB ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires that entities use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. Lease related receivables are governed by the lease accounting under GAAP and are not subject to ASU No. 2016-13. We adopted this standard using the modified retrospective approach. The implementation of this standard did not have a material impact in our consolidated financial statements.

Weighted Average Common Shares

Weighted Average Common Shares	12 Months Ended
	Dec. 31, 2020
Earnings Per Share, Basic and Diluted [Abstract]
Weighted Average Common Shares	Note 3. Weighted Average Common Shares The following table provides a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per share: For the Year Ended December 31, 2020 2019 2018 (in thousands) Weighted average common shares for basic earnings per share 164,422 164,312 164,229 Effect of dilutive securities: Unvested share awards — 28 29 Weighted average common shares for diluted earnings per share 164,422 164,340 164,258

Real Estate Properties

Real Estate Properties	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Real Estate Properties	Note 4. Real Estate Properties As of December 31, 2020, we owned 310 hotels with 49,014 rooms or suites and 799 service-oriented retail properties with 13,455,405 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 $11,175,815, including $13,543 classified as held for sale as of December 31, 2020. Our real estate properties, at cost after impairments, consisted of land of $2,030,440, buildings and improvements of $8,600,239 and furniture, fixtures and equipment of $531,593, as of December 31, 2020; and land of $2,066,602, buildings and improvements of $8,731,002 and furniture, fixtures and equipment of $587,432, as of December 31, 2019. During 2020, 2019 and 2018, we funded $136,155, $242,571 and $200,044, respectively, for improvements to certain of our properties. During 2020, we completed a comprehensive rebuilding project of our San Juan, PR hotel as a result of damage sustained during Hurricane Maria in 2017. We recorded a $62,386 gain on insurance settlement during the year ended December 31, 2020 for insurance proceeds received for this damage. Under GAAP, we were required to increase the building basis of our San Juan hotel for the amount of the insurance proceeds. At December 31, 2020, 14 of our hotels were on land we leased partially or entirely from unrelated third parties. The average remaining term of the ground leases (including renewal options) is approximately 36 years (range of 14 to 67 years). Ground rent payable under nine of the ground leases is generally calculated as a percentage of hotel revenues. Twelve (12) of the 14 ground leases require annual minimum rents averaging $260 per year; future rents under two ground leases have been prepaid. Seventeen (17) of our net lease properties are on land we leased partially or entirely from unrelated third parties. The remaining terms on the leases range from one year to 30 years with rents averaging $485 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 of each of our acquisitions 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 Type Rooms or Square feet Purchase Price (1) Land Land Improvements Building and Improvements Furniture, Fixtures and Equipment Held For Sale Intangible Assets Properties acquired during the year ended December 31, 2020 3/12/2020 Two states Net Lease 6,696 $ 7,071 $ 880 $ — $ 5,363 $ — $ — $ 828 Properties acquired during the year ended December 31, 2019 2/22/2019 Washington, D.C. Hotel 335 $ 143,742 $ 44,972 $ 151 $ 93,412 $ 5,207 $ — $ — 5/7/2019 Milwaukee, WI Hotel 198 30,235 3,442 1,053 25,132 608 — — 8/1/2019 Southington, CT Land N.A. 66 66 — — — — — 9/20/2019 Various (2) Net Lease 12,372,762 2,482,382 388,057 — 1,201,922 — 604,989 287,414 10/9/2019 Chicago, IL Hotel 261 55,560 7,723 — 45,059 2,778 — — $ 2,711,985 $ 444,260 $ 1,204 $ 1,365,525 $ 8,593 $ 604,989 $ 287,414 Properties acquired during the year ended December 31, 2018 6/15/2018 Minneapolis, MN Hotel 360 $ 75,576 $ 2,196 $ — $ 68,388 $ 4,992 $ — $ — 6/15/2018 Baton Rouge, LA Hotel 117 16,022 2,242 173 12,842 765 — — 10/30/2018 Scottsdale, AZ Hotel 164 35,999 6,450 833 25,898 2,818 — — $ 127,597 $ 10,888 $ 1,006 $ 107,128 $ 8,575 $ — $ — (1) Includes acquisition related costs. (2) On September 20, 2019, we acquired a 767 property net lease portfolio with 12.4 million rentable square feet from Spirit MTA REIT, a Maryland REIT, (NYSE: SMTA), or SMTA, located in 45 states, or the SMTA Transaction. The aggregate transaction value of the SMTA Transaction was $2,482,382, including $2,384,577 in cash consideration, $82,069 of prepayment penalties related to SMTA’s extinguishment of the mortgage debt on the portfolio and $15,736 of other capitalized acquisition costs. The properties included in the portfolio were net leased to 279 tenants operating in 23 distinct industries and 163 brands that include quick service and casual dining restaurants, movie theaters, health and fitness, grocery, automotive parts and services and other service-oriented and necessity-based industries across 45 states. We financed the SMTA Transaction with borrowings under our revolving credit facility and with cash on hand, including net proceeds from our public offerings of senior unsecured notes, as described further in Note 6. As of December 31, 2020, we had $4,399 of unspent leasing related obligations assumed as a part of the SMTA Transaction. In January 2021, we entered into an agreement to acquire a property adjacent to one of our travel centers in Nashville, TN for $7,600, excluding closing costs. We expect to complete this transaction in the first quarter of 2021. Dispositions During the years ended December 31, 2020 and 2019, we sold 39 and 150 properties, respectively, for an aggregate sales price of $174,172 and $821,212, respectively, excluding closing costs, as presented in the table below. The sales of these properties do not represent significant dispositions individually or in the aggregate nor do they represent a strategic shift. 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). Date of Sale Number of Properties Location Tenant/Operator Rooms or Suites/Square Feet Gross Sales Price Gain/ (Loss) on Sale Properties sold during the year ended December 31, 2020 01/28/2020 1 Gothenburg, NE Vacant 31,978 $ 585 $ 7 02/06/2020 1 Rochester, MN Vacant 90,503 2,600 (68) 02/13/2020 1 Ainsworth, NE Vacant 32,901 775 7 02/14/2020 1 Dekalb, IL Vacant 5,052 1,050 21 03/02/2020 1 Eau Claire, MI HOM Furniture, Inc. 98,824 2,600 (6,947) 03/28/2020 1 Stillwater, OK Vacant 33,018 400 70 05/26/2020 1 Pawtucket, RI Vacant 22,027 1,610 (1,751) 05/28/2020 1 Canton, MA Destination XL Group, Inc. 755,992 51,000 (1,049) 05/28/2020 1 Phoenix, AZ Vacant 29,434 2,900 (81) 06/25/2020 1 Bellefontaine, OH Vacant 2,267 440 20 07/17/2020 1 Clinton, MD ADF Midatlantic LLC 2,935 700 (5) 08/20/2020 1 Lancaster, PA Chaac Pizza Northeast, LLC 3,014 775 74 08/26/2020 1 Baton Rouge, LA Vacant 2,334 750 39 08/26/2020 1 Winston-Salem, NC Vacant 32,816 1,300 23 09/17/2020 1 Hillard, OH Vacant 5,316 2,350 5 10/6/2020 1 Cabot, AR Vacant 18,165 550 25 10/8/2020 1 Lander, WY The Forge Bar and Grill 8,900 350 2 11/2/2020 1 Raleigh, NC Vacant 55,558 3,900 41 11/18/2020 8 8 states Marriott 834 44,800 8,375 12/15/2020 1 Fredrick, MD Chaac Pizza 3,000 800 18 12/22/2020 1 O'Neill, NE Vacant 31,374 850 (136) 12/29/2020 10 10 states Wyndham 1,212 40,987 9,175 12/30/2020 1 Morrisville, PA Vacant 110,075 12,100 (5,604) 39 2,046 /1,375,483 $ 174,172 $ 2,261 Properties sold during the year ended December 31, 2019 01/16/2019 20 15 states (1) TravelCenters of America, Inc. 541,483 $ 308,200 $ 159,535 10/22/2019 1 Hermantown, MN (2) HOM Furniture, Inc. 103,631 6,250 — 10/29/2019 1 Las Vegas, NV (2) Station Casino 138,558 57,000 — 11/14/2019 1 Colby, KS (2) Vacant 6,900 590 — 11/25/2019 123 Various (2) Various 2,429,333 435,104 — 12/16/2019 1 Naples, FL (2) Rick Johnson Auto & Tire 4,480 1,112 — 12/16/2019 1 Naples, FL (2) Rick Johnson Auto & Tire 4,500 706 — 12/30/2019 2 Dallas, TX (2) Pine Creek Medical Center 85,839 12,250 — 150 3,314,724 $ 821,212 $ 159,535 (1) See Note 5 to these consolidated financial statements for further information on this transaction. (2) In the fourth quarter of 2019, we sold 130 net lease properties with an aggregate of approximately $2.8 million square feet in 28 states for an aggregate sales price of $513,012, excluding closing costs. We have entered into an agreement to sell five hotels with 430 rooms in four states with an aggregate carrying value of $10,699 for an aggregate sales price of $22,263, excluding closing costs. We currently expect the sales of these hotels to be completed in the first quarter of 2021. We have also entered into agreements to sell three net lease properties with approximately 38,942 square feet with a carrying value of $1,746 for an aggregate sales price of $2,050, excluding closing costs. We currently expect the sale of these net lease properties to be completed by the end of the second quarter of 2021.The sales of these properties are subject to conditions and may be delayed, may not occur, or their terms may change. In January 2021, the landlord for a hotel subject to a ground lease exercised its purchase option to acquire our leasehold interest for our net book value, which was $9,753 as of December 31, 2020. We expect this transaction to close in April 2021.

Management Agreements and Lease

Management Agreements and Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Management Agreements and Leases	Note 5. Management Agreements and Leases As of December 31, 2020, we owned 310 hotels included in seven operating agreements and 799 service-oriented retail properties net leased to 170 tenants. We do not operate any of our properties. Hotel agreements As of December 31, 2020, 305 of our hotels were leased to our TRSs and managed by independent hotel operating companies. As of December 31, 2020, our hotel properties were managed by separate subsidiaries of Sonesta, Marriott, Hyatt, Radisson and IHG under six agreements. We have entered into an agreement to sell five hotels and we have entered a short term lease of these properties with the buyer in anticipation of the sale. These hotel agreements had initial terms expiring between 2021 and 2037. Each of these agreements is for between one and 168 of our hotels. In general, the agreements contain renewal options for all, but not less than all, of the affected properties included in each agreement, and the renewal terms range between one Sonesta agreement. As of December 31, 2020, Sonesta managed 38 of our full-service hotels, 121 extended stay hotels, and nine select service hotels pursuant to management agreements for each of the hotels. We are also party to pooling agreements that combine certain of our management agreements with Sonesta for purposes of calculating gross revenues, payment of hotel operating expenses, payment of fees and distributions and minimum returns due to us. See Notes 4 and 9 for further information regarding our relationship, agreements and transactions with Sonesta. On February 27, 2020, we entered into a transaction agreement with Sonesta pursuant to which we and Sonesta restructured our business arrangements with respect to our hotels then managed by Sonesta as follows: • we and Sonesta had agreed to sell, rebrand or repurpose our 39 extended stay hotels then managed by Sonesta. We have since decided not to pursue the sale of these 39 hotels based on market conditions and the improved performance of these hotels during the pandemic; • the annual minimum returns due for the 14 full-service hotels that Sonesta then managed, and which it continues to manage, were reduced from $99,013 to $69,013 as of that date; • Sonesta issued to us a number of its shares of common stock representing approximately (but not more than) 34% of its outstanding shares of common stock (post-issuance) and we entered into a stockholders agreement with Sonesta, Adam Portnoy and the other stockholder of Sonesta, and a registration rights agreement with Sonesta; • we and Sonesta modified our then existing management agreements and pooling agreement so that up to 5% of the hotel gross revenues of each of our 14 full-service hotels then managed, and which it continues to manage, by Sonesta will be escrowed for future capital expenditures as FF&E reserves, subject to available cash flows after payment of the annual minimum returns due to us under the management agreements; • we and Sonesta modified the termination provisions of our then existing management agreements and pooling agreement and removed the provisions in our pooling agreement that allowed either us or Sonesta to require the marketing for sale of non-economic hotels; and • we and Sonesta extended the initial expiration date of the then existing management agreements for our full-service hotels managed by Sonesta located in Chicago, IL and Irvine, CA to January 2037 to align with the initial expiration date for our other full-service hotels then managed by Sonesta. We refer to the amended and restated management agreements in effect as of February 27, 2020, as the legacy management agreements and we refer to the amended and restated pooling agreement that includes those legacy management agreements as the legacy pooling agreement. We previously leased 48 vacation units to Wyndham Destinations, Inc. (NYSE: WYND) at our full service hotel located in Chicago, IL, which Sonesta began managing in November 2019 and which had previously been managed by Wyndham. Effective March 1, 2020, Sonesta commenced managing those units and those units were added to our legacy management agreement with respect to that Chicago hotel. Between September 18, 2020 and December 15, 2020, we transferred the branding and management of 115 hotels previously managed by IHG, Marriott and Wyndham to Sonesta. In February 2021, we transferred the branding and management of 78 Marriott branded hotels to Sonesta and we expect to transition the branding and management of 10 additional Marriott hotels to Sonesta in March 2021. In addition, if our discussions with Hyatt do not result in a mutually acceptable agreement, we expect to transition management of the 22 hotels currently managed by Hyatt to Sonesta in April 2021. We entered into management agreements with Sonesta with respect to these hotels on terms substantially consistent with our legacy management agreements, except that the management agreements for these transitioned hotels expire on December 31, 2021 and automatically renew for successive one-year terms unless terminated earlier. We refer to these management agreements as the conversion hotel management agreements and we refer to the conversion hotel management agreements and the legacy management agreements collectively as our Sonesta agreements. We also entered into a separate pooling agreement with Sonesta with respect to the conversion hotel management agreements on substantially the same terms as the existing Sonesta pooling agreement. Our Sonesta agreements provide that we are paid a fixed annual minimum return equal to 8% of our invested capital, as defined therein, 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. Our fixed annual minimum return under our Sonesta agreements was $349,456 as of December 31, 2020. Our Sonesta agreements further provide that we are paid an additional return equal to 80% of the operating profits, as defined therein, after reimbursement of owner or manager advances, FF&E reserve escrows and Sonesta’s incentive fee, if applicable. Our Sonesta hotels generated net operating losses of $65,277 during the year ended December 31, 2020. Our funding of these losses is considered an owner advance, as defined, and is reimbursable to us from a share of future cash flows from the hotel operations in excess of the minimum returns due to us, if any, pursuant to the terms of our Sonesta agreements. We realized returns of $67,592 and $78,076 during the years ended December 31, 2019 and 2018, respectively, under our Sonesta agreements. We do not have any security deposits or guarantees for our Sonesta hotels. Accordingly, the returns we receive from our Sonesta hotels are limited to the hotels’ available cash flows, if any, after payment of operating expenses, including management and related fees. Our Sonesta agreements provide that Sonesta is entitled to receive, after payment of hotel operating expenses, a base management fee equal to 3.0% of gross revenues for our full-service hotels and 5.0% of gross revenues for our extended stay and select service hotels. Additionally, Sonesta is entitled to a reservation fee equal to 1.5% of gross room revenues, as defined in our Sonesta agreements, a system fee for centralized services of 1.5% of gross revenues, a procurement and construction supervision fee equal to 3.0% of third party costs of capital expenditures and an incentive management fee equal to 20.0% of operating profits remaining after reimbursement to us and to Sonesta of certain advances and payment of our minimum returns. Sonesta’s incentive management fee, but not its other fees, is earned only after our minimum returns are paid. Our Sonesta agreements also provide that the costs incurred by Sonesta for advertising, marketing, promotional and public relations programs and campaigns, including “frequent stay” rewards programs, for the benefit of our Sonesta hotels are subject to reimbursement by us or are otherwise treated as hotel operating expenses, subject to our approval. Pursuant to our Sonesta agreements, we incurred management, reservation and system fees and reimbursement costs for certain guest loyalty, marketing program and third-party reservation transmission fees of $17,734 , $36,169 and $34,821 for the years ended December 31, 2020, 2019 and 2018, respectively, under our Sonesta agreements. These fees and costs are included in hotel operating expenses in our consolidated statements of comprehensive income (loss). In addition, we recognized procurement and construction supervision fees of $1,571, $3,320 and $2,374 for the years ended December 31, 2020, 2019 and 2018, respectively, under our Sonesta agreements. These amounts have been capitalized in our consolidated balance sheets and are depreciated over the estimated useful lives of the related capital assets. Our Sonesta agreements require us to fund capital expenditures that we approve or approved at our Sonesta hotels. Commencing February 27, 2020, each of our 14 full-service hotels operated under the legacy management agreements and all the hotels operated under the conversion hotel management agreements managed by Sonesta require 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 annual minimum returns due to us. Our legacy management agreements do not require FF&E escrow deposits for 39 extended stay hotels. No FF&E escrow deposits were required during the year ended December 31, 2020 under our Sonesta agreements. We funded $62,963, $114,082 and $82,329 for renovations and other capital improvements to certain hotels included in our Sonesta agreements during the years ended December 31, 2020, 2019 and 2018, respectively. We owed Sonesta $26,096, $15,537 and $5,703 for 2020 operating losses generated by our Sonesta hotels, capital expenditure and other reimbursements or for previous overpayments of estimated minimum returns advanced at December 31, 2020, 2019 and 2018, 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, respectively. Our legacy management agreements with Sonesta expire in January 2037, and will be extended automatically for up to two successive 15 years renewal terms unless Sonesta elects not to renew any such agreement. Under the legacy pooling agreement, if Sonesta elects not to renew a legacy management agreement, that will be deemed to be a notice of non-renewal for all our legacy management agreements with Sonesta. The legacy pooling agreement includes only legacy management agreements with Sonesta. In general, we may terminate any legacy management agreement with respect to a full-service hotel or an extended stay hotel for cause, casualty and condemnation events. We may terminate any legacy management agreement with respect to an extended stay hotel without cause upon 60 days’ notice. We also have the right to terminate a legacy management agreement with respect to a full-service hotel if our minimum return is less than 6% of our invested capital during any three of four applicable consecutive years; however, under the legacy pooling agreement, this termination right is subject to a portfolio wide performance test such that we may only terminate the legacy management agreement with respect to a full-service hotel if our aggregate minimum returns for all of our full-service hotels in the portfolio covered by the legacy pooling agreement are less than 6% of our aggregate invested capital during the applicable testing period. A termination fee may be payable under certain circumstances if a legacy management agreement with respect to a full-service hotel is terminated. The termination fee would be an amount equal to the present value of the payments that would have been made to Sonesta as a base management fee, reservation fee, system fee and incentive management fee between the date of termination of the applicable legacy management agreement and the scheduled expiration date of the term that was remaining prior to such termination, which present value is calculated based upon the average of each of such fees earned in each of the three years ended prior to the date of termination, discounted at an annual rate equal to 8%. No termination fee is payable if a legacy management agreement with respect to an extended stay hotel is terminated. We or Sonesta may terminate any conversion hotel management agreement upon 30 days’ notice (if by us) or 60 days’ notice (if by Sonesta) or as otherwise provided in such agreement. No termination fee is payable if a conversion hotel management agreement is terminated. Accounting for Investment in Sonesta: We account for our 34% non-controlling interest in Sonesta under the equity method of accounting. As of December 31, 2020, our investment in Sonesta had a carrying value of $36,646. This amount is included in other assets in our consolidated balance sheets. The cost basis of our investment in Sonesta exceeded our proportionate share of Sonesta’s total shareholders’ equity book value on the date of acquisition, February 27, 2020, 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 $216 in the year ended December 31, 2020. We recognized losses of $9,910 related to our investment in Sonesta for the year ended December 31, 2020. These amounts are included in equity in earnings (losses) 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 sheet 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 $2,070 for the year ended December 31, 2020 for amortization of this liability. As of December 31, 2020, the unamortized balance of this liability was $39,931. See Note 9 for further information regarding our relationship, agreements and transactions with Sonesta. IHG agreement. Our historical management for 102 hotels and lease agreement for one hotel with IHG, or the IHG agreement, had provided that we were to be paid annual minimum returns and rents of $216,551. Pursuant to the IHG agreement, IHG had provided us with a security deposit to cover minimum payment shortfalls, if any. Under this agreement, IHG was required to maintain a minimum security deposit of $37,000 and this security deposit could be replenished and increased up to $100,000 from a share of cash flows from the hotels in excess of our minimum returns and rents, working capital advances and certain management fees, if any. During the year ended December 31, 2020, we had fully utilized the $75,717 security deposit we held to cover shortfalls in hotel cash flows available to pay the minimum returns due to us for the period. We terminated our agreement with IHG for failure to pay minimum returns and rents due to us during 2020 upon exhausting the security deposit. We transferred the branding and management of 102 of our 103 IHG hotels to Sonesta in December 2020 as described above. On December 1, 2020 we entered into an agreement with IHG for one hotel located in Ravinia, GA. This agreement expires on January 31, 2026 and IHG has an option to acquire the hotel for the greater of $128,500, our historical investment in the property, and an amount based on the operating results of the hotel for the 24 months period prior to the option notice date, divided by 8%. IHG is paid a base management fee of 3% of gross revenues to operate this property. We realized returns and rents of $107,888, $205,941 and $189,981 during the years ended December 31, 2020, 2019 and 2018 respectively, under our IHG agreement and the December 2020 agreement with IHG. The IHG agreement required 5% of gross revenues from hotel operations be placed in an FF&E reserve. As a result of market conditions, we and IHG agreed to suspend contributions to the FF&E reserve under the IHG agreement beginning in March 2020 through the end of 2020. In April 2020, we funded $37,000 of working capital advances under the IHG agreement to cover projected operating losses at our hotels managed by IHG. Marriott agreement . Our management agreement with Marriott for 105 hotels, or the Marriott agreement, provides that, as of December 31, 2020, we were to be paid annual minimum returns of $176,416. Pursuant to the Marriott agreement, Marriott had provided us with a security deposit to cover minimum return payment shortfalls, if any. Under this agreement, this security deposit, if utilized, would be replenished and increased up to $64,700 from 60% of the cash flows realized from operations of the 122 hotels after payment of the aggregate annual minimum returns, Marriott’s base management fees and working capital advances, if any. Marriott had also provided us with a $30,000 limited guaranty to cover payment shortfalls up to 85% of our minimum returns after the available security deposit balance has been depleted. During the year ended December 31, 2020, we fully utilized the $33,445 security deposit we then held and exhausted the $30,000 limited guaranty to cover shortfalls in hotel cash flows available to pay the minimum returns due to us for the period. The Marriott agreement required 5.5% to 6.5% of gross revenues from hotel operations be placed in an FF&E reserve. As a result of current market conditions, we and Marriott agreed to suspend contributions to the FF&E reserve under the Marriott agreement from March through December 2020. We sent notices to Marriott terminating our agreement in October 2020 for its failure to cover the cumulative shortfall between the payments we had received to date and 80% of the cumulative priority returns due to us. We and Marriott identified 33 of the 105 hotels covered by the Marriott agreement that will be sold or rebranded. On November 18, 2020, we sold eight of these hotels and on December 15, 2020, we transferred the branding and management of nine of these hotels to Sonesta. We had entered an agreement to sell the remaining 16 hotels, which were to be sold by December 15, 2020 under the terms we agreed to with Marriott but we did not reach acceptable terms with the buyer and terminated the agreement to sell these hotels. See Note 4 for further information on our disposition activity. We are in dispute with Marriott and have submitted various claims for arbitration regarding the timing and characterization of certain payments made to us, including Marriott’s assertion we are required to refund $19,120 of minimum return advances made to us in 2020, and the validity of the timing of the termination of the Marriott agreements. We are also seeking repayment of certain working capital advances we made to Marriott during 2020. Despite the arbitration claims, we and Marriott agreed to an orderly transition and we transferred the branding and management of 78 Marriott hotels to Sonesta in February 2021 and expect to transfer the branding and management of 10 additional Marriott hotels to Sonesta in March 2021. We have also entered an agreement with Marriott regarding 16 hotels we previously agreed to sell, pursuant to which we agreed to have these hotels remain Marriott branded hotels until the arbitration is resolved. We realized returns of $93,593, $190,492 and $186,822 during the years ended December 31, 2020, 2019 and 2018, respectively, under our Marriott agreement. In April 2020, we funded $30,000 of working capital advances under the Marriott agreement to cover projected operating losses at our hotels managed by Marriott. We expect Marriott to disburse to us any remaining working capital and FF&E upon resolution of the arbitration described above. Hyatt agreement. Our management agreement with Hyatt for 22 hotels, or our Hyatt agreement, which expires in 2030, provides that, as of December 31, 2020 we are to be paid an annual minimum return of $22,037. We realized minimum returns of $22,037 during each of the years ended December 31, 2020, 2019 and 2018, respectively, under this agreement. Pursuant to our Hyatt agreement, Hyatt has provided us with a guaranty, which is limited to $50,000. During the year ended December 31, 2020, the hotels under this agreement generated cash flows that were less than the minimum rents due to us for the period and we exhausted the remaining $19,120 limited guaranty available to us to cover the shortfall. In January 2021, we received a notice of termination from Hyatt with respect to our management agreement with it for 22 hotels as a result of Hyatt’s guaranty being exhausted. We and Hyatt are currently in discussions regarding possible changes to the management agreement that may enable some or all of the hotels to continue to be managed by Hyatt. However, if such discussions do not result in a mutually acceptable agreement, we expect to transition management of the 22 hotels to Sonesta in April 2021. During the year ended December 31, 2020, we funded $3,700 of working capital advances under our Hyatt agreement to cover projected operating losses at our hotels managed by Hyatt. Working capital advances are reimbursable to us from a share of future cash flows from the hotel operations in excess of the minimum returns due to us, if any, pursuant to the terms of the Hyatt agreement. Our Hyatt agreement requires 5% of gross revenues from hotel operations be placed in an FF&E reserve, subject to available cash flow. Radisson agreement . Our management agreement with Radisson for nine hotels, or our Radisson agreement, which expires in 2035, provides that, as of December 31, 2020, we are to be paid an annual minimum return of $20,601. We realized minimum returns of $20,456, $20,056 and $16,183 during the years ended December 31, 2020, 2019 and 2018, respectively, under this agreement. Pursuant to our Radisson agreement, Radisson has provided us with a guaranty, which is limited to $47,523. During the year ended December 31, 2020, the hotels under this agreement generated cash flows that were less than the minimum returns due to us for the period and Radisson made $27,978 of guaranty payments to cover the shortfall. The available balance of the guaranty was $13,238 as of December 31, 2020. In addition to our minimum returns, our Radisson agreement provides for payment to us of 50% of the hotels’ available cash flows after payment of operating expenses, funding the required FF&E reserve, payment of our minimum returns, our working capital advances and reimbursement to Radisson of working capital and guaranty advances, if any. Our Radisson agreement requires 5% of gross revenues from hotel operations be placed in an FF&E reserve. As a result of market conditions, we and Radisson agreed to suspend contributions to the FF&E reserve under our Radisson agreement for the period of April 2020 through December 2020. Wyndham agreements . Our Wyndham hotels generated net operating losses of $9,295 during the year ended December 31, 2020. We realized returns of $20,023 and $23,562 during the years ended December 31, 2019 and 2018, respectively. In September and October 2020, we rebranded four hotels previously managed by Wyndham to Sonesta. In September 2020, we amended our management agreement with Wyndham with respect to 15 hotels so that it would remain as the manager for a limited period. Under the amended terms of this agreement, we paid Wyndham a management fee of 7% of hotel revenues, subject to certain minimums. On December 29, 2020, we sold ten Wyndham branded hotels and entered a short-term lease and revised purchase agreement for our five remaining Hawthorn Suites branded hotels with the same buyer. See Note 4 for further information regarding these sales. One Wyndham branded hotel we previously were marketing for sale ceased operations as a hotel on September 30, 2020. We are reviewing alternatives regarding this hotel including possibly remarketing it for sale or repurposing it. As of December 31, 2020, we no longer have any relationships with Wyndham. Certain managers of our hotels are required to fund the shortfalls of minimum returns under the terms of our management agreements or their guarantees. We reflect such fundings (including security deposit applications) in our consolidated statements of comprehensive income (loss) as a reduction of hotel operating expenses. The net reduction to hotel operating expenses was $235,521, $29,162 and $5,569 for the years ended December 31, 2020, 2019 and 2018, respectively. Net lease portfolio As of December 31, 2020, we owned 799 net lease service-oriented retail properties with 13,455,405 square feet with annual minimum rent of $369,593 with a weighted (by annual minimum rents) average lease term of 10.9 years. The portfolio was 98.7% leased by 170 tenants operating under 127 brands in 22 distinct industries. TA Leases TA is our largest tenant, leasing 26.7% of our gross carrying value of real estate properties as of December 31, 2020. The number of travel centers, the terms, the annual minimum rent and the deferred rent balances owed to us by TA under our TA leases as of December 31, 2020, were as follows: Number of Travel Centers Initial Term End (1) Annual Minimum Rent Deferred Rent (2) (3) TA No. 1 Lease 36 December 31, 2032 $ 49,707 $ 10,487 TA No. 2 Lease 36 December 31, 2031 44,077 9,740 TA No. 3 Lease 35 December 31, 2029 42,409 9,602 TA No. 4 Lease 37 December 31, 2033 48,263 9,803 TA No. 5 Lease 35 June 30, 2035 61,654 — 179 $ 246,110 $ 39,632 (1) TA has two renewal options of 15 years each under each of our TA leases. (2) Commencing April 1, 2019, TA is required to pay us $70,458 in 16 quarterly installments of $4,404 for deferred rent TA owes us. (3) Represents the balance as of December 31, 2020. 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 removal 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. In addition, TA is obligated to pay us at lease expiration an amount equal to an estimate of the cost of removing underground storage tanks on the leased properties. 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. Under our TA leases, TA generally cannot own, franchise, finance, operate, lease or manage any travel center or similar property that is not owned by us within 75 miles in either direction along the primary interstate on which a travel center owned by us is located without our consent. We recognized rental income from TA of $250,573, $262,038 and $302,309 for the years ended December 31, 2020, 2019 and 2018, respectively. Rental income for the years ended December 31, 2020, 2019 and 2018 includes $13,156, $11,894 and $12,127, respectively, of adjustments to record the deferred rent obligations under our TA leases and the estimated future payments to us by TA for the cost of removing underground storage tanks on a straight line basis. As of December 31, 2020 and 2019, we had receivables for current rent amounts owed to us by TA and straight line rent adjustments of $55,530 and $68,653, respectively. These amounts are included in due from related persons in our consolidated balance sheets. For the year ended December 31, 2018, we recognized the deferred rent obligations under our TA leases as rental income on a straight line basis over the then in-place lease terms. Beginning in January 2019, our recognition of the amended deferred rent obligations are recorded on a straight line basis over the new lease terms of our TA leases. Commencing on April 1, 2019, TA paid us the first of the 16 quarterly installments of approximately $4,404 each (an aggregate of $70,458) to fully satisfy and discharge its $150,000 deferred rent obligation to us that otherwise would have become due in five installments between 2024 and 2030. TA paid to us $17,616 and $13,200 in respect of such obligation for the years ended December 31, 2020 and 2019, respectively. On January 16, 2019, we sold to TA 20 travel center properties that TA previously leased from us for a total purchase price of $308,200. We recorded a gain of $159,535 as a result of these sales. Upon completing these sales, these travel center properties were removed from the TA leases and TA’s annual minimum rent payable to us decreased by $43,148 In addition to the payment of annual minimum rent, our TA Nos. 1, 2, 3 and 4 leases provide for payment to us of percentage rent based on increases in total non-fuel revenues over base year levels (3% of non-fuel revenues above 2015 non-fuel revenues, and, beginning with the year ending December 31, 2020, an additional half percent (0.5%) of non-fuel revenues above 2019 non-fuel revenues) and our TA No. 5 lease provides for payment to us of percentage rent based on increases in total non-fuel revenues over base year levels (3% of non-fuel revenues above 2012 non-fuel revenues, and, beginning with the year ending December 31, 2020, an additional 0.5% of non-fuel revenues above 2019 non-fuel revenues). The total amount of percentage rent from TA that we recognized was $2,764, $4,075 and $3,548 during the years ended December 31, 2020, 2019 and 2018, respectively. Under our TA leases, TA may request that we fund capital improvements in return for increases in TA’s annual minimum rent according to the following formula: the annual minimum rent is increased by an amount equal to the amount funded by us multiplied by the greater of 8.5% or a benchmark U.S. Treasury interest rate plus 3.5%. TA is not obligated to request and we are not obligated to fund any such improvements. We funded $56,346 during the year ended December 31, 2018 for capital improvements to our travel center properties and, as a result, TA’s annual minimum rent payable to us increased by $4,789. We did not fund any improvements under these leases during the years ended December 31, 2020 or 2019. See Notes 4 and 9 for further information regarding our relationship with TA. Our 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 that 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 other net lease properties (excluding TA) of $137,111 and $46,861 for the years ended December 31, 2020 and 2019, respectively, which included $14,345 and $2,160, respectively, of adjustments to record scheduled rent changes under certain of our leases on a straight-line basis. As a result of the COVID-19 pandemic, some of our tenants have requested rent assistance. During the year ended December 31, 2020, we collected 94.0% of rents due to us from our net lease tenants. In January 2021, we collected 89.3% of rents due to us from our net lease tenants. We have entered into rent deferral agreements with 46 net lease retail tenants with leases requiring an aggregate of $46,370 of annual minimum rents. These amounts do not include tenants that have withdrawn previously approved deferral

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Indebtedness	Note 6. Indebtedness Our principal debt obligations at December 31, 2020 were: (1) $78,424 of outstanding borrowings under our $1,000,000 revolving credit facility; and (2) $6,200,000 aggregate outstanding principal amount of senior unsecured notes. Our revolving credit facility is governed by a credit agreement with a syndicate of institutional lenders. Our $1,000,000 revolving credit facility is available for general business purposes, including acquisitions. The maturity date of our revolving credit facility is July 15, 2022, and, subject to the payment of an extension fee and meeting certain other conditions, we have an option to extend the maturity date of the facility by two additional six-month periods. We can borrow, repay and reborrow funds available under our revolving credit facility until maturity, and no principal repayment is due until maturity. We are required to pay interest on borrowings under our revolving credit facility at the rate of LIBOR plus a premium, which was 235 basis points per annum, subject to a LIBOR floor of 0.50%, as of December 31, 2020. We also pay a facility fee, which was 30 basis points per annum at December 31, 2020, on the total amount of lending commitments under our revolving credit facility. Both the interest rate premium and the facility fee are subject to adjustment based upon changes to our credit ratings. As of December 31, 2020 and 2019, the annual interest rate payable on borrowings under our revolving credit facility was 2.85% and 2.80%, respectively. The weighted average annual interest rate for borrowings under our revolving credit facility was 2.36%, 3.21% and 3.06% for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, we had $78,424 outstanding and $921,576 available under our revolving credit facility. On January 19, 2021, we borrowed $972,793 under our revolving credit facility as a precautionary measure to preserve financial flexibility. As of February 26, 2021, we had fully drawn our $1,000,000 revolving credit facility. We repaid our $400,000 term loan, which was scheduled to mature on July 15, 2023, without penalty on November 5, 2020. The weighted average annual interest rate for borrowings under our term loan was 2.74%, 3.43% and 3.12% during the years ended December 31, 2020, 2019 and 2018, respectively. As a result of the repayment, we recorded a loss on early extinguishment of debt of $2,391, which represents unamortized debt issuance costs of the term loan. We may not, during the New Waiver Period and until we demonstrate compliance with certain covenants, utilize the feature in our credit agreement pursuant to which maximum aggregate borrowings may be increased to up to $2,300,000 on a combined basis in certain circumstances. Our credit agreement and our unsecured senior notes indentures and their supplements 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 LLC ceasing to act as our business manager. Our credit agreement and our unsecured senior notes indentures and their supplements 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 credit agreement and our unsecured senior notes indentures and their supplements at December 31, 2020. The November 2020 amendment to our credit agreement waives all of the then existing financial covenants through the New Waiver Period. We and our lenders amended our credit agreement governing our $1,000,000 revolving credit facility and $400,000 term loan on May 8, 2020 and we amended our credit agreement governing our $1,000,000 revolving credit facility again on November 5, 2020. The May 2020 amendment provided a waiver of certain of the financial covenants under our credit agreement through March 31, 2021, or the Waiver Period, during which, subject to certain conditions, we continued to have access to undrawn amounts under the credit facility. During the Waiver Period, and continuing thereafter until such time as we had demonstrated compliance with certain of our financial covenants as of June 30, 2021: • we were required to maintain unrestricted liquidity (unrestricted cash or undrawn availability under our $1,000,000 revolving credit facility) of not less than $125,000; • our interest rate premium over LIBOR under our revolving credit facility and term loan was increased by 50 basis points; • our ability to pay distributions on our common shares was limited to amounts required to maintain our qualification for taxation as a REIT and to avoid the payment of certain income and excise taxes, and to pay a cash dividend of $0.01 per common share per quarter; • we were subject to certain additional covenants, including additional restrictions on our ability to incur indebtedness (with exceptions for borrowings under our revolving credit facility and certain other categories of secured and unsecured indebtedness), and to acquire real property or make other investments (with exceptions for, among other things, certain categories of capital expenditures and costs, and certain share purchases); • we were generally required to apply the net cash proceeds from the disposition of assets, capital markets transactions, and any debt refinancing or a COVID-19 government stimulus program to reduce the principal balance under the revolving credit facility; and • we pledged equity interests in certain of our property owning subsidiaries to secure our obligations under the credit agreement. These subsidiaries owned properties with $1,027,334 of undepreciated book value as of December 31, 2020. As a result of the November 5, 2020 amendment: • all existing financial covenants have been waived through the New Waiver Period; • we repaid our $400,000 term loan on November 5, 2020 using undrawn amounts under our revolving credit facility; • we pledged certain additional equity interests of subsidiaries owning properties and we are providing first mortgage liens on 74 properties owned by the pledging subsidiaries with an undepreciated book value of $1,834,748 as of December 31, 2020 to secure our obligations under the credit agreement; • we have the ability to fund up to $250,000 of capital expenditures per year and up to $50,000 of certain other investments per year as defined in the credit agreement; • the interest rate premium over LIBOR under our revolving credit facility increased by 30 basis points; • certain covenants and restrictions on distributions to common shareholders, share repurchases, incurring indebtedness, and acquiring real property (in each case subject to various exceptions), and the minimum liquidity requirement of $125,000 will remain in place during the New Waiver Period; and • we are generally required to apply the net cash proceeds from the disposition of assets, capital markets transactions and debt refinancings to repay outstanding amounts under the credit agreement, and then to other debt maturities. On February 2, 2018, we issued $400,000 principal amount of 4.375% senior notes due 2030 in a public offering. Net proceeds from this offering were $386,400 after discounts and expenses. On September 18, 2019, we issued $825,000 aggregate principal amount of our 4.35% unsecured senior notes due 2024, $450,000 aggregate principal amount of our 4.75% unsecured senior notes due 2026 and $425,000 aggregate principal amount of our 4.95% unsecured senior notes due 2029. The aggregate net proceeds from these offerings were $1,680,461, after underwriting discounts and other offering expenses. In connection with the SMTA Transaction, a syndicate of lenders committed to provide us with a one year unsecured term loan facility, under which we would be able to borrow up to $2,000,000. We terminated these commitments in September 2019 and recorded a loss on early extinguishment of debt of $8,451 during the year ended December 31, 2019 to write off unamortized debt issuance costs. See Note 4 for further information about the SMTA Transaction. On June 17, 2020, we issued $800,000 principal amount of our 7.50% unsecured senior notes due 2025, or the 2025 Notes. The aggregate net proceeds from this offering were $787,718, after underwriting discounts and other offering expenses. These notes are fully and unconditionally guaranteed by certain of our subsidiaries. On June 17, 2020, we repurchased $350,000 principal amount of our $400,000 of 4.25% senior notes due 2021 at a total cost of $355,971, excluding accrued interest pursuant to a cash tender offer. We recorded a loss of $6,970, net of discount and debt issuance costs, on early extinguishment of debt during the year ended December 31, 2020. On November 20, 2020, we issued $450,000 principal amount of our 5.5% senior notes due in 2027, or the 2027 Notes. The aggregate net proceeds from this offering were $442,232, after underwriting discounts and other offering expenses. These notes are fully and unconditionally guaranteed by certain of our subsidiaries. The subsidiaries in the guarantee pool for the 2025 Notes and the 2027 Notes may change from time to time as subsidiaries are allocated to or from the pledge pool for our credit agreement or for certain other reasons. Each subsidiary guarantor’s guarantee will automatically terminate and each subsidiary guarantor will automatically be released from all of its obligations under its guarantee and the indenture under certain circumstances, including on or after the date on which (a) the notes have received a rating equal to or higher than Baa2 (or the equivalent) by Moody’s Investors Service, or Moody’s, or BBB (or the equivalent) by Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, or S&P, or if Moody’s or S&P ceases to rate the notes for reasons outside of our control, the equivalent investment grade rating from any other rating agency and (b) no default or event of default has occurred and is continuing under the indenture governing the notes. On December 18, 2020, we redeemed the remaining $50,000 of the 4.25% senior notes due 2021 for a redemption price equal to the principal amount, plus accrued and unpaid interest. We recorded a loss of $33, net of discounts and debt issuance costs, on extinguishment of this debt during the year ended December 31, 2020. 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 debt obligations require sinking fund payments prior to their maturity dates. The required principal payments due during the next five years and thereafter under all our outstanding debt at December 31, 2020 are as follows: 2021 $ — 2022 578,424 2023 500,000 2024 1,175,000 2025 1,150,000 Thereafter 2,875,000 $ 6,278,424

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Note 7. Shareholders' Equity Common Share Awards We have common shares available for issuance under the terms of our 2012 Equity Compensation Plan, or our Share Award Plan. During the years ended December 31, 2020, 2019 and 2018, we awarded 264,400 of our common shares with an aggregate market value of $2,232, 140,100 of our common shares with an aggregate market value of $3,507 and 97,000 of our common shares with an aggregate market value of $2,810, respectively, to our officers and certain other employees of our manager, RMR LLC, pursuant to the Share Award Plan. The value of the share awards was based upon the closing price of our common shares on The Nasdaq Stock Market LLC, or Nasdaq, on the date of the award. See Note 9 for a further discussion of the awards we made to our officers and certain other employees of RMR LLC. On February 27, 2020, we awarded 3,000 of our common shares each to two new Trustees who were elected to our Board of Trustees with an aggregate market value of $112. In addition, we awarded each of our Trustees 5,000 of our common shares with an aggregate market value of $378 ($54 per trustee) during the year ended December 31, 2020. On April 12, 2018, we awarded 3,000 of our common shares with an aggregate market value of $75 to one of our Managing Trustees who was elected as a Managing Trustee that day. In addition, we awarded each of our then Trustees 3,000 of our common shares in each of 2019 and 2018 with an aggregate market value of $370 ($74 per trustee) and $427 ($85 per trustee), respectively, as part of their annual compensation. The values of the share awards were based upon the closing price of our common shares on Nasdaq on the dates of the awards. The shares awarded to our Trustees vest immediately. The shares awarded to our officers and certain other employees of RMR LLC 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, 2020, 2019 and 2018 is as follows: 2020 2019 2018 Number Weighted Number Weighted Number Weighted Unvested shares, beginning of year 194,540 $ 26.59 164,000 $ 28.39 146,605 $ 27.93 Shares granted 305,400 8.91 155,100 25.00 115,000 28.80 Shares vested (173,190) 17.76 (122,010) 25.09 (96,375) 28.73 Shares forfeited (850) 26.93 (2,550) 27.49 (1,230) — Unvested shares, end of year 325,900 $ 14.71 194,540 $ 26.59 164,000 $ 28.39 The 325,900 unvested shares as of December 31, 2020 are scheduled to vest as follows: 131,660 shares in 2021, 79,760 shares in 2022, 67,600 shares in 2023 and 46,880 shares in 2024. As of December 31, 2020, the estimated future compensation expense for the unvested shares was $3,664. The weighted average period over which the compensation expense will be recorded is approximately 22 months. During the years ended December 31, 2020, 2019 and 2018, we recorded $3,206, $2,849 and $3,187, respectively, of compensation expense related to the Share Award Plan. At December 31, 2020, 2,029,893 of our common shares remain reserved for issuance under our current Share Award Plan. Share Repurchases During the years ended December 31, 2020, 2019 and 2018, we repurchased our common shares from certain of our officers and certain current or former employees of RMR LLC, 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 2020 43,751 $7.90 $346 2019 31,225 $25.61 $800 2018 21,202 $28.59 $606 Distributions During the years ended December 31, 2020, 2019 and 2018, we paid distributions on our common shares as follows: Annual Per Share Distribution Total Distribution Characterization of Distribution Year Ordinary Income Capital Gain Return of Capital Qualified Dividend 2020 $0.57 $93,804 —% — 100.00% —% 2019 $2.15 $353,620 44.50% 37.93% 17.57% 0.50% 2018 $2.11 $346,832 100.00% — — — On January 14, 2021, we declared a distribution of $0.01 per common share, or $1,648, which we paid on February 18, 2021, to shareholders of record on January 25, 2021. Cumulative Other Comprehensive Income (Loss) Cumulative other comprehensive income (loss) represents our share of the comprehensive loss of Sonesta and AIC. See Notes 5 and 9 for further information regarding these investments. The following table presents changes in the amounts we recognized in cumulative other comprehensive income (loss) by component for the year ended December 31, 2020: Equity in Unrealized Gain (Loss) of Investees Total Balance at December 31, 2018 $ (266) $ (266) Amounts reclassified from cumulative other comprehensive income to retained earnings 91 91 Amounts reclassified from cumulative other comprehensive income to net income 175 175 Balance at December 31, 2019 — — Current year other comprehensive loss (760) (760) Amounts reclassified from cumulative other comprehensive income to net income — — Balance at December 31, 2020 $ (760) $ (760)

Business and Property Managemen

Business and Property Management Agreements with RMR LLC	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Business and Property Management Agreements with RMR LLC	Note 8. Business and Property Management Agreements with RMR LLC We have no employees. The personnel and various services we require to operate our business are provided to us by RMR LLC. We have two agreements with RMR LLC 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, excluding properties leased to TA, and the office building component of one of our hotels. See Note 9 for further information regarding our relationship, agreements and transactions with RMR LLC. Management Agreements with RMR LLC. Our management agreements with RMR LLC 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 LLC 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 LLC 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 SNL U.S. REIT Hotel Index, or the benchmark return per share, for the relevant measurement period. 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 SNL U.S. REIT Hotel 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 SNL U.S. REIT Hotel Index 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 SNL U.S. REIT Hotel 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 LLC 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 LLC 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 LLC, we recognized net business management fees of $36,830, $41,607 and $39,942 for the years ended December 31, 2020, 2019 and 2018, respectively. The net business management fees we recognized are included in general and administrative expenses in our consolidated statements of comprehensive income (loss) for these periods. The net business management fees we recognized for each of the years ended December 31, 2020, 2019 and 2018 reflect a reduction of $3,585 for each of those years for the amortization of the liability we recorded in connection with our former investment in RMR Inc. Pursuant to our business management agreement, in January 2019, we paid RMR LLC an incentive management fee of $53,635 for the year ended December 31, 2018. We did not incur an incentive management fee payable to RMR LLC for the years ended December 31, 2020 or 2019. In calculating the incentive management fee payable by us, our total shareholder return per share was adjusted in accordance with the business management agreement to reflect aggregate net increases in the number of our common shares outstanding as a result of certain share issuances and repurchases by us during the three year measurement period. In addition, the calculation of our benchmark return per share was also adjusted for these issuances and repurchases in accordance with the business management agreement. We include business management fee amounts in general and administrative expenses in our consolidated statements of comprehensive income (loss). • Property Management and Construction Supervision Fees. The property management fees payable to RMR LLC by us for each applicable period are equal to 3.0% of gross collected rents and the construction supervision fees payable to RMR LLC by us for each applicable period are equal to 5.0% of construction costs for our net lease portfolio, excluding properties leased to TA, and the office building component of one of our hotels that are subject to our property management agreement with RMR LLC. Pursuant to our property management agreement with RMR LLC, we recognized aggregate property management and construction supervision fees of $3,575, $1,399 and $64 for the years ended December 31, 2020, 2019 and 2018, respectively. These amounts are included in other operating expenses or have been capitalized as appropriate in our consolidated financial statements. • Expense Reimbursement. We are generally responsible for all of our operating expenses, including certain expenses incurred or arranged by RMR LLC on our behalf. We are generally not responsible for payment of RMR LLC’s employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR LLC employees assigned to work exclusively or partly at our net lease properties (excluding properties leased to TA) and the office building component of one of our hotels, our share of the wages, benefits and other related costs of RMR LLC’s centralized accounting personnel, our share of RMR LLC’s costs for providing our internal audit function, and as otherwise agreed. Our Audit Committee appoints our Director of Internal Audit and our Compensation Committee approves the costs of our internal audit function. Our property level operating expenses are generally incorporated into rents charged to our tenants, including certain payroll and related costs incurred by RMR LLC. We reimbursed RMR LLC $425, $620 and $399 for these expenses and costs for the years ended December 31, 2020, 2019 and 2018, respectively. We included these amounts in other operating expenses and general and administrative expense, as applicable, for these periods. • Term. Our management agreements with RMR LLC have terms that end on December 31, 2040, 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 LLC: (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 LLC, as defined therein. RMR LLC 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 LLC for convenience, or if RMR LLC terminates one or both of our management agreements for good reason, we have agreed to pay RMR LLC 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 LLC for a performance reason, we have agreed to pay RMR LLC 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 LLC for cause or as a result of a change of control of RMR LLC. • Transition Services. RMR LLC has agreed to provide certain transition services to us for 120 days following an applicable termination by us or notice of termination by RMR LLC, 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 LLC, RMR LLC 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 LLC and other companies to which RMR LLC 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 LLC, we acknowledge that RMR LLC 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 LLC.

Related Person Transactions

Related Person Transactions	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Person Transactions	Note 9. Related Person Transactions We have relationships and historical and continuing transactions with TA, Sonesta, RMR LLC, RMR Inc., and others related to them, including other companies to which RMR LLC or its subsidiaries provide management services and some of which have trustees, directors or officers who are also our Trustees or officers. RMR LLC 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., a managing director and the president and chief executive officer of RMR Inc. and an officer and employee of RMR LLC. John G. Murray, our other Managing Trustee and our President and Chief Executive Officer, also serves as an officer and employee of RMR LLC. In addition, each of our other officers serves as an officer of RMR LLC, including, until his resignation on December 31, 2020, Ethan S. Bornstein, our former Senior Vice President. Some of our Independent Trustees also serve as independent trustees or independent directors of other public companies to which RMR LLC or its subsidiaries provide management services. Adam Portnoy serves as chair of the boards of trustees or boards of directors of several of these public companies and as a managing director or managing trustee of these public companies. Other officers of RMR LLC, including Mr. Murray and certain of our other officers, serve as managing trustees, managing directors or officers of certain of these companies. Our Manager, RMR LLC . We have two agreements with RMR LLC 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 certain net lease properties and the office building component of one of our hotels. See Note 8 for further information regarding our management agreements with RMR LLC. Share Awards to RMR LLC Employees . As described in Note 7, we award shares to our officers and other employees of RMR LLC annually. Generally, one fifth of these awards vest on the award date and one fifth vests on each of the next four anniversaries of the award dates. In certain instances, we may accelerate the vesting of an award, such as in connection with the award holder’s retirement as an officer of us or an officer or employee of RMR LLC. These awards to RMR LLC employees are in addition to the share awards to our Managing Trustees, as Trustee compensation, and the fees we paid to RMR LLC. See Note 7 for information regarding our share awards and activity as well as certain share purchases we made in connection with share award recipients satisfying tax withholding obligations on the vesting of share awards. RMR Inc. On July 1, 2019, we sold all the 2,503,777 shares of class A common stock of RMR Inc. we owned in an underwritten public offering at a price to the public of $40.00 per share pursuant to an underwriting agreement among us, RMR Inc., certain other REITs managed by RMR LLC that also sold their class A common stock of RMR Inc. in the offering, and the underwriters named therein. We received net proceeds of $93,568 from this sale, after deducting the underwriting discounts and commissions and before other offering expenses. TA . We lease 179 of our travel centers to TA under the TA leases. As of December 31, 2020, we owned 1,184,797 shares of common stock, representing approximately 8.1% of TA’s outstanding shares of common stock, which amount includes 500,797 shares of TA common stock that we purchased in an underwritten public equity offering in July 2020 at the public offering price of $14.00 per share. RMR LLC provides management services to both us and TA, and Adam D. Portnoy also serves as the chair of the board of directors and as a managing director of TA and, as of December 31, 2020, beneficially owned 655,505 shares of TA common stock (including through RMR LLC), representing approximately 4.5% of TA’s outstanding shares of common stock. Spin-Off of TA . In connection with TA’s spin-off, we entered a transaction agreement with TA and RMR LLC, pursuant to which TA granted us a right of first refusal to purchase, lease, mortgage or otherwise finance any interest TA owns in a travel center before it sells, leases, mortgages or otherwise finances that travel center to or with another party, and TA also granted us and any other company managed by RMR LLC a right of first refusal to acquire or finance any real estate of the types in which we or they invest before TA does. TA also agreed that for so long as TA is a tenant of ours it will not permit: the acquisition by any person or group of beneficial ownership of 9.8% or more of the voting shares or the power to direct the management and policies of TA or any of its subsidiary tenants or guarantors under its leases with us; the sale of a material part of the assets of TA or any such tenant or guarantor; or the cessation of certain continuing directors constituting a majority of the board of directors of TA or any such tenant or guarantor. TA also agreed not to take any action that might reasonably be expected to have a material adverse impact on our ability to qualify as a REIT and to indemnify us for any liabilities we may incur relating to TA’s assets and business. See Notes 4 and 5 for further information regarding our relationships, agreements and transactions with TA. Sonesta . Sonesta is a private company that is controlled by one of our Managing Trustees, Adam D. Portnoy. Mr. Portnoy is the largest owner and a director of Sonesta. One of Sonesta’s other directors is our other Managing Trustee, President and Chief Executive Officer and Sonesta’s other director serves as RMR LLC’s and RMR Inc.’s executive vice president, general counsel and secretary and as our Secretary. Sonesta’s chief executive officer and chief financial officer are officers of RMR LLC. Certain other officers and employees of Sonesta are former employees of RMR LLC. RMR LLC also provides certain services to Sonesta. As of December 31, 2020, we owned approximately 34% of Sonesta which managed 168 of our hotels. See Notes 4 and 5 for further information regarding our relationships, agreements and transactions with Sonesta. AIC . Until its dissolution on February 13, 2020, we, ABP Trust, TA and four other companies to which RMR LLC provides management services owned AIC, an Indiana insurance company, in equal portions. We and the other AIC shareholders historically participated in a combined property insurance program arranged and insured or reinsured in part by AIC until June 30, 2019. We paid aggregate annual premiums, including taxes and fees, of $5,738 and $6,387 in connection with this insurance program for the policy years ending June 30, 2019 and 2018, respectively. In connection with AIC’s dissolution, we and each other AIC shareholder received an initial liquidating distribution of $9,000 from AIC in December 2019 and an additional liquidating distribution of approximately $286 in June 2020.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 10. Income Taxes Our provision (benefit) for income taxes consists of the following: For the Year Ended December 31, 2020 2019 2018 Current: Federal $ — $ — $ — State 3,361 2,327 1,575 Foreign — 593 667 3,361 2,920 2,242 Deferred: Foreign 13,850 (127) (1,047) 13,850 (127) (1,047) $ 17,211 $ 2,793 $ 1,195 A reconciliation of our effective tax rate and the current U.S. Federal statutory income tax rate is as follows: For the Year Ended December 31, 2020 2019 2018 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 (1.1) % 0.7 % 0.8 % Foreign taxes (4.4) % 0.1 % (0.2) % Effective tax rate (5.5) % 0.8 % 0.6 % 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. Significant components of our deferred tax assets and liabilities are as follows: As of December 31, 2020 2019 Deferred tax assets: Tax loss carryforwards $ 42,940 $ 44,285 Other 3,175 3,612 46,115 47,897 Valuation allowance (46,115) (47,897) — — Deferred tax liabilities: Property basis difference (6,682) (6,996) Puerto Rico deferred tax gain $ (13,850) $ — Net deferred tax liabilities $ (20,532) $ (6,996) Net deferred tax liabilities are included in accounts payable and other liabilities in our consolidated balance sheets. The following table provides a reconciliation of the beginning and ending balances of gross unrecognized tax benefits from uncertain tax positions in accordance with ASC 740-10-50: Gross Unrecognized Tax Benefits As of December 31, 2019 Current Period Increase As of December 31, 2020 $— $2,531 $2,531

Concentration

Concentration	12 Months Ended
	Dec. 31, 2020
Risks and Uncertainties [Abstract]
Concentration	Note 11. Concentration Geographic Concentration At December 31, 2020, our 1,109 properties were located in 47 states in the United States, plus Washington, DC, Ontario, Canada and Puerto Rico. Between 6% and 12% of our properties, by investment, were located in each of California, Texas, Georgia and Illinois. Our two hotels in Ontario, Canada and our hotel in Puerto Rico represent 2% of our hotels, by investment, in the aggregate at December 31, 2020. Credit Concentration As of December 31, 2020, Sonesta operated 168 of our hotels and TA leased 179 of our net lease properties, representing 28.3% and 26.8%, respectively, of our gross real estate assets at cost. Marriott operated 105 of our hotels as of December 31, 2020, representing 8.9% of our gross real estate assets, at cost, as of December 31, 2020. We transitioned the branding and management of 78 Marriott hotels to Sonesta in February 2021 and expect to transition the branding and management of 10 additional Marriott hotels to Sonesta in March 2021. See Notes 5 and 9 for a discussion of our Sonesta, TA and Marriott agreements.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2020
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 (previously named travel centers), based on their similar operating and economic characteristics. For the Year Ended December 31, 2020 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 875,098 $ — $ — $ 875,098 Rental income 2,271 387,684 — 389,955 FF&E reserve income 201 — — 201 Total revenues 877,570 387,684 — 1,265,254 Expenses: Hotel operating expenses 697,904 — — 697,904 Other operating expenses — 15,208 — 15,208 Depreciation and amortization 263,673 235,235 — 498,908 General and administrative — — 50,668 50,668 Loss on asset impairment 17,131 38,625 — 55,756 Total expenses 978,708 289,068 50,668 1,318,444 Gain (loss) on sale of real estate, net 14,927 (12,666) — 2,261 Gain on insurance settlement 62,386 — — 62,386 Unrealized gains on equity securities — — 19,882 19,882 Interest income 6 — 278 284 Interest expense — — (306,490) (306,490) Loss on early extinguishment of debt — — (9,394) (9,394) Income (loss) before income taxes and equity in losses of an investee (23,819) 85,950 (346,392) (284,261) Income tax expense — — (17,211) (17,211) Equity in losses of an investee — — (9,910) (9,910) Net income (loss) $ (23,819) $ 85,950 $ (373,513) $ (311,382) As of December 31, 2020 Hotels Net Lease Corporate Consolidated Total assets $ 4,846,410 $ 3,721,418 $ 119,491 $ 8,687,319 For the Year Ended December 31, 2019 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 1,989,173 $ — $ — $ 1,989,173 Rental income 20,985 301,251 — 322,236 FF&E reserve income 4,739 — — 4,739 Total revenues 2,014,897 301,251 — 2,316,148 Expenses: Hotel operating expenses 1,410,927 — — 1,410,927 Other operating expenses — 8,357 — 8,357 Depreciation and amortization 268,088 160,360 — 428,448 General and administrative — — 54,639 54,639 Transaction related costs — — 1,795 1,795 Loss on asset impairment 28,371 10,925 — 39,296 Total expenses 1,707,386 179,642 56,434 1,943,462 Gain on sale of real estate, net — 159,535 — 159,535 Dividend income — — 1,752 1,752 Unrealized losses on equity securities, net — — (40,461) (40,461) Interest income 795 — 1,420 2,215 Interest expense — — (225,126) (225,126) Loss on early extinguishment of debt — — (8,451) (8,451) Income (loss) before income taxes and equity in earnings of an investee 308,306 281,144 (327,300) 262,150 Income tax expense — — (2,793) (2,793) Equity in earnings of an investee — — 393 393 Net income (loss) $ 308,306 $ 281,144 $ (329,700) $ 259,750 As of December 31, 2019 Hotels Net Lease Corporate Consolidated Total assets $ 4,866,549 $ 4,042,831 $ 124,587 $ 9,033,967 For the Year Ended December 31, 2018 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 1,958,598 $ — $ — $ 1,958,598 Rental income 28,644 302,162 — 330,806 FF&E reserve income 5,132 — — 5,132 Total revenues 1,992,374 302,162 — 2,294,536 Expenses: Hotel operating expenses 1,387,065 — — 1,387,065 Other operating expenses — 5,290 — 5,290 Depreciation and amortization 255,759 147,318 — 403,077 General and administrative — — 104,862 104,862 Total expenses 1,642,824 152,608 104,862 1,900,294 Dividend income — — 2,754 2,754 Unrealized losses on equity securities, net — — (16,737) (16,737) Interest income 990 — 538 1,528 Interest expense — — (195,213) (195,213) Loss on early extinguishment of debt — — (160) (160) Income (loss) before income taxes and equity in earnings of an investee 350,540 149,554 (313,680) 186,414 Income tax expense — — (1,195) (1,195) Equity in earnings of an investee — — 515 515 Net income (loss) $ 350,540 $ 149,554 $ (314,360) $ 185,734 As of December 31, 2018 Hotels Net Lease Corporate Consolidated Total assets $ 4,586,709 $ 2,398,118 $ 192,252 $ 7,177,079

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	12 Months Ended
	Dec. 31, 2020
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, 2020, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset. As of December 31, 2020 As of December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Investment in TA (Level 1) (1) $ 38,624 $ 38,624 $ 11,731 $ 11,731 Assets of properties held for sale (Level 3) (2) $ 13,543 $ 13,543 $ 87,493 $ 90,122 Assets of properties held and used (Level 3) (3) $ — $ — $ 38,000 $ 38,000 (1) As of December 31, 2020, and 2019, we owned 1,184,797 and 684,000 common shares of TA, respectively, which are included in other assets in our consolidated balance sheets and reported at fair value based on quoted market prices (Level 1 inputs). Our historical cost basis for these shares was $24,418 and $17,407, as of December 31, 2020 and 2019, respectively. During the year ended December 31, 2020 and 2019, we recorded unrealized gains of $19,883 and unrealized losses of $1,129, respectively, to adjust the carrying value of our investment in TA shares to their fair values. (2) As of December 31, 2020, we owned five hotels in four states with a carrying value of $10,699 and six net lease properties located in six states with a carrying value of $2,844 classified as held for sale. These properties are recorded at their estimated fair value less costs to sell based on information derived from third party appraisals (Level 3 inputs as defined in the fair value hierarchy under GAAP). We recorded a $55,756 loss on asset impairment in 2020 to reduce the carrying value of certain of these properties to their estimated fair value less costs to sell. As of December 31, 2019 we owned 19 net lease properties located in 12 states with a carrying value of $87,493 classified as held for sale. These properties were recorded at their estimated fair value less costs to sell based on information derived from third party appraisals (Level 3 inputs as defined in the fair value hierarchy under GAAP). We recorded a $10,925 loss on asset impairment in 2019 to reduce the carrying value of these properties to their estimated fair value less costs to sell. (3) As of December 31, 2019, we recorded a $28,371 loss on asset impairment to reduce the carrying value of two hotels to their estimated fair value of $38,000 based on discounted cash flow analyses (Level 3 inputs). 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, term loan, senior notes and security deposits. At December 31, 2020 and 2019, the fair values of these additional 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, 2020 December 31, 2019 Carrying Fair Carrying Fair Amount (1) Value Amount (1) Value Senior Unsecured Notes, due 2021 at 4.25% $ — $ — $ 398,379 $ 406,838 Senior Unsecured Notes, due 2022 at 5.00% 498,032 510,285 496,821 526,500 Senior Unsecured Notes, due 2023 at 4.50% 499,596 505,280 499,432 520,478 Senior Unsecured Notes, due 2024 at 4.65% 348,700 347,893 348,295 364,277 Senior Unsecured Notes, due 2024 at 4.35% 819,546 819,328 818,075 848,847 Senior Unsecured Notes, due 2025 at 4.50% 347,118 346,462 346,431 361,783 Senior Unsecured Notes, due 2025 at 7.50% 789,006 926,404 — — Senior Unsecured Notes, due 2026 at 5.25% 344,212 354,996 343,083 369,185 Senior Unsecured Notes, due 2026 at 4.75% 446,515 448,506 445,905 464,315 Senior Unsecured Notes, due 2027 at 4.95% 395,405 404,328 394,649 414,012 Senior Unsecured Notes, due 2027 at 5.25% 442,370 491,918 — — Senior Unsecured Notes, due 2028 at 3.95% 391,908 388,146 390,759 393,940 Senior Unsecured Notes, due 2029 at 4.95% 418,102 430,064 417,307 434,248 Senior Unsecured Notes, due 2030 at 4.375% 389,656 388,292 388,522 394,788 Total financial liabilities $ 6,130,166 $ 6,361,902 $ 5,287,658 $ 5,499,211 (1) Carrying value includes unamortized discounts and premiums and certain debt issuance costs. At December 31, 2020 and 2019, 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).

SCHEDULE III_REAL ESTATE AND AC

SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION	Service Properties Trust SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2020 (dollars in millions) Initial Cost to Costs Capitalized Gross Amount at which Carried Land Building & Improvements Impairment Cost Basis Adjustment (1) Land Building & Total (2) Hotel Properties 15 Royal Sonesta $ 218 $ 1,307 $ 35 $ (16) $ (9) $ 218 $ 1,317 $ 1,535 23 Sonesta 138 292 582 (56) (5) 138 813 951 62 Courtyard 108 599 216 (14) (97) 108 704 812 60 Sonesta ES Suites 135 523 242 (38) (27) 135 700 835 35 Residence 68 326 160 (6) (22) 68 458 526 61 Simply Suites 71 383 59 — — 71 442 513 22 Hyatt Place 24 185 17 — — 24 202 226 6 Radisson Hotel 10 165 44 — — 10 209 219 2 Marriott Hotel 10 69 55 — — 10 124 134 1 Crowne Plaza 16 32 67 — — 16 99 115 9 Sonesta Select 17 44 36 — — 17 80 97 3 Country Inn and Suites by Radisson 3 35 5 — — 3 40 43 2 SpringHill Suites 3 15 11 — — 3 26 29 4 TownePlace Suites 6 24 33 (3) (18) 6 36 42 Net Lease Properties 134 TravelCenters of America 568 939 480 — — 568 1,419 1,987 45 Petro Stopping Centers 260 522 210 — — 260 732 992 11 AMC Theatres 30 55 — — — 30 55 85 14 The Great Escape 19 64 — — — 19 64 83 3 Life Time Fitness 17 56 — — — 17 56 73 5 Buehler's Fresh Foods 10 49 — — — 10 49 59 53 Pizza Hut 14 33 — — — 14 33 47 59 Heartland Dental 11 37 — — — 11 37 48 10 Norms 23 24 — — — 23 24 47 23 Express Oil Change 6 37 — — — 6 37 43 6 America's Auto Auction 7 23 4 — — 7 27 34 3 Flying J Travel Plaza 6 32 — — — 6 32 38 6 Regal Cinemas 9 25 — — — 9 25 34 4 Courthouse Athletic Club 5 28 — — — 5 28 33 45 Church's Chicken 7 25 — — — 7 25 32 2 Big Al's 3 28 — — — 3 28 31 21 Burger King 9 22 — — — 9 22 31 1 Fleet Farm 3 27 — — — 3 27 30 19 Hardee's 4 24 — — — 4 24 28 4 B&B Theatres 12 15 — — — 12 15 27 16 Martin's 7 20 — — — 7 20 27 19 Arby's 7 19 — — — 7 19 26 4 Creme de la Creme 7 18 — — — 7 18 25 20 Popeye's Chicken & Biscuits 8 17 — — — 8 17 25 6 Golden Corral 6 16 — — — 6 16 22 5 Mister Car Wash 2 19 — — — 2 19 21 6 United Supermarkets 4 17 — — — 4 17 21 16 Vacant 1 27 7 — — 1 34 35 2 Mesa Fitness 3 17 — — — 3 17 20 13 Taco Bell 4 15 — — — 4 15 19 1 CarMax 5 13 — — — 5 13 18 28 Uncle Ed's Oil Shoppe 6 12 — — — 6 12 18 4 Bonfire and Axels 2 12 — — — 2 12 14 1 Dave & Buster's 3 11 — — — 3 11 14 Initial Cost to Costs Capitalized Gross Amount at which Carried Land Building & Improvements Impairment Cost Basis Adjustment (1) Land Building & Total (2) 5 Pike Nursery 8 6 — — — 8 6 14 2 HHI-Formtech 3 10 — — — 3 10 13 2 Mealey's Furniture 3 10 — — — 3 10 13 5 Rite Aid 3 9 — — — 3 9 12 2 Sanford's Grub & Pub 1 10 — — — 1 10 11 1 Baptist Emergency Hospital 2 8 — — — 2 8 10 2 Eddie Merlot's 2 8 — — — 2 8 10 5 Fuddruckers 4 6 — — — 4 6 10 2 YouFit 3 7 — — — 3 7 10 1 Cermak Fresh Market 2 7 — — — 2 7 9 1 Columbus Preparatory Academy 1 8 — — — 1 8 9 12 Core & Main 4 5 — — — 4 5 9 5 Lerner and Rowe 1 8 — — — 1 8 9 4 Meineke Car Care Center 3 6 — — — 3 6 9 3 Walgreens 1 8 — — — 1 8 9 1 Austin's Park n' Pizza — 8 — — — — 8 8 1 Kohl's 2 6 — — — 2 6 8 1 LA Fitness 1 7 — — — 1 7 8 1 Marcus Theaters 3 5 — — — 3 5 8 1 Academy Sports + Outdoors 1 6 — — — 1 6 7 2 Blue Rhino 3 4 — — — 3 4 7 1 Columbus Arts & Tech Academy 1 6 — — — 1 6 7 2 Diagnostic Health 1 6 — — — 1 6 7 3 Krispy Kreme 2 5 — — — 2 5 7 2 Max & Erma's 1 6 — — — 1 6 7 3 Oregano's Pizza Bistro 1 6 — — — 1 6 7 9 Sonic Drive-In 3 4 — — — 3 4 7 2 Texas Roadhouse 3 4 — — — 3 4 7 5 Brookshire Brothers 1 5 — — — 1 5 6 2 Flying Star Cafe 1 5 — — — 1 5 6 2 Heytex USA 1 5 — — — 1 5 6 7 Hughes Supply 2 4 — — — 2 4 6 1 Jack Stack Barbeque 1 5 — — — 1 5 6 3 Jack's Family Restaurant 2 4 — — — 2 4 6 3 Wendy's 1 5 — — — 1 5 6 2 10 Box 2 3 — — — 2 3 5 1 Adult & Pediatric Orthopedics 1 4 — — — 1 4 5 2 Bricktown Brewery 1 4 — — — 1 4 5 1 ConForm Automotive 2 3 — — — 2 3 5 2 Gerber Collision & Glass 1 4 — — — 1 4 5 2 HD Supply White Cap 2 3 — — — 2 3 5 1 Multi-Tenant 1 4 — — — 1 4 5 1 Planet Fitness 1 4 — — — 1 4 5 1 RGB Eye Associates 1 4 — — — 1 4 5 1 Ashley Furniture 1 3 — — — 1 3 4 1 Boozman-Hof 2 2 — — — 2 2 4 1 Caldwell Country Chevrolet — 4 — — — — 4 4 2 Famous Dave's 1 3 — — — 1 3 4 3 Focus Child Development Center 1 3 — — — 1 3 4 1 Joe's Crab Shack 1 3 — — — 1 3 4 1 Metaldyne BSM — 4 — — — — 4 4 2 Primanti Bros. 1 3 — — — 1 3 4 1 Rainbow Kids Clinic 1 3 — — — 1 3 4 1 Renn Kirby Chevrolet Buick 1 3 — — — 1 3 4 1 Sportsman's Warehouse 1 3 — — — 1 3 4 Initial Cost to Costs Capitalized Gross Amount at which Carried Land Building & Improvements Impairment Cost Basis Adjustment (1) Land Building & Total (2) 2 Anixter 1 2 — — — 1 2 3 1 Applebee's 1 2 — — — 1 2 3 1 Black Angus Steakhouse 1 2 — — — 1 2 3 1 Buffalo Wild Wings 1 2 — — — 1 2 3 1 Kerry's Car Care 1 2 — — — 1 2 3 2 Long John Silver's 1 2 — — — 1 2 3 2 Monterey's Tex Mex 1 2 — — — 1 2 3 1 Ojos Locos Sports Cantina 1 2 — — — 1 2 3 2 Orscheln Farm and Home 1 2 — — — 1 2 3 2 Rick Johnson Auto & Tire 1 2 — — — 1 2 3 1 Slim Chickens 1 2 — — — 1 2 3 1 Southwest Stainless, LP — 3 — — — — 3 3 1 Spoons Place 1 2 — — — 1 2 3 1 Tractor Supply — 3 — — — — 3 3 1 What the Buck — 3 — — — — 3 3 2 Affordable Care, Inc. 1 1 — — — 1 1 2 1 Bridgestone Tire 1 1 — — — 1 1 2 2 Dollar General — 2 — — — — 2 2 2 Hooters 1 1 — — — 1 1 2 2 KFC — 2 — — — — 2 2 3 Rally's 1 1 — — — 1 1 2 1 Red Robin Gourmet Burgers 1 1 — — — 1 1 2 2 Taco Bueno 1 1 — — — 1 1 2 1 Bru Burger Bar — 1 — — — — 1 1 1 Haus Energy — 1 — — — — 1 1 1 Howlin Concrete 1 — — — — 1 — 1 1 Jack in the Box — 1 — — — — 1 1 1 Little Caesars — 1 — — — — 1 1 1 NAPA Auto Parts — 1 — — — — 1 1 1 Old Mexico Cantina — 1 — — — — 1 1 1 O'Reilly Auto Parts — 1 — — — — 1 1 1 SRS Distribution — 1 — — — — 1 1 1 The Atlanta Center for Foot & Ankle Surgery — 1 — — — — 1 1 1 Touchstone Imaging — 1 — — — — 1 1 1 Consolidated Pipe — — — — — — — — 1 Del Taco — — — — — — — — 1 Family Dollar Stores — — — — — — — — 1 Fazoli's — — — — — — — — 1 Off the Hook Seafood & More — — — — — — — — 1 Bigham Cable — — — — — — — — Other 2 8 2 — — 2 10 12 2,030 6,647 2,265 (133) (178) 2,030 8,601 10,631 Assets Held for Sale 5 Hotels (3) 3 13 2 (9) — 3 6 9 6 Net lease properties 3 5 — (4) — 3 1 4 Total (1,109 properties) $ 2,036 $ 6,665 $ 2,267 $ (146) $ (178) $ 2,036 $ 8,608 $ 10,644 (1) Represents reclassifications between accumulated depreciation and building & improvements made to record certain properties at fair value in accordance with GAAP. (2) Excludes $531 of personal property classified in our consolidated balance sheets as furniture, fixtures and equipment. (3) We have entered into an agreement to sell five hotels and we have entered into a short term lease with the buyer in anticipation of the sale. Service Properties Trust SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2020 (dollars in millions) Accumulated Depreciation (1) Date of Date Life on which Hotel Properties 15 Royal Sonesta $ (256) 1913 through 1987 2005 through 2017 10 - 40 Years 23 Sonesta (191) 1924 through 1999 2005 through 2018 10 - 40 Years 62 Courtyard (346) 1987 through 2000 1995 through 2003 10 - 40 Years 60 Sonesta ES Suites (227) 1984 through 2000 1996 through 2017 10 - 40 Years 35 Residence (224) 1989 through 2002 1996 through 2005 10 - 40 Years 61 Simply Suites (219) 1996 through 2000 1997 through 2003 10 - 40 Years 22 Hyatt Place (111) 1992 through 2000 1997 through 2002 10 - 40 Years 6 Radisson Hotel (65) 1987 through 1990 1996 through 2018 10 - 40 Years 2 Marriott Hotel (67) 1972 through 1995 1998 through 2001 10 - 40 Years 1 Crowne Plaza (8) 1971 through 1988 2006 and 2017 10 - 40 Years 9 Sonesta Select (42) 1987 through 2000 1995 through 2003 10 - 40 Years 3 Country Inn and Suites by Radisson (19) 1987 through 1997 1996 and 2005 10 - 40 Years 2 SpringHill Suites (10) 1997 through 2000 2000 through 2001 10 - 40 Years 4 TownePlace Suites (15) 1997 through 2000 1998 through 2001 10 - 40 Years Net Lease Properties 134 TravelCenters of America (779) 1962 through 2017 2007 through 2017 10 - 40 Years 45 Petro Stopping Centers (391) 1975 through 2017 2007 through 2017 10 - 40 Years 11 AMC Theatres (4) 1993 through 2008 2019 10 - 40 Years 14 The Great Escape (3) 1986 through 2007 2019 10 - 40 Years 3 Life Time Fitness (3) 1987 through 2012 2019 10 - 40 Years 5 Buehler's Fresh Foods (4) 1985 through 2000 2019 10 - 40 Years 57 Pizza Hut (5) 1972 through 2006 2019 10 - 40 Years 59 Heartland Dental (2) 1920 through 2005 2019 10 -40 Years 10 Norms (2) 1957 through 2014 2019 10 - 40 Years 23 Express Oil Change (2) 1970 through 2001 2019 10 - 40 Years 6 America's Auto Auction (2) 1965 through 2005 2019 10 - 40 Years 3 Flying J Travel Plaza (2) 2001 2019 10 - 40 Years 6 Regal Cinemas (2) 2005 through 2010 2019 10 - 40 Years 4 Courthouse Athletic Club (2) 1997 through 2001 2019 10 - 40 Years 45 Church's Chicken (2) 1968 through 1985 2019 10 - 40 Years 2 Big Al's (1) 2006 through 2010 2019 10 - 40 Years 21 Burger King (2) 1998 through 2004 2019 10 - 40 Years 1 Fleet Farm (2) 1979 2019 10 - 40 Years 19 Hardee's (2) 1969 through 1994 2019 10 - 40 Years 4 B&B Theatres (2) 1998 through 2004 2019 10 - 40 Years 16 Martin's (2) 1962 through 2003 2019 10 - 40 Years 19 Arby's (2) 1969 through 2005 2019 10 - 40 Years 4 Creme de la Creme (1) 1999 through 2008 2019 10 - 40 Years 20 Popeye's Chicken & Biscuits (2) 1968 through 2004 2019 10 - 40 Years 6 Golden Corral (2) 1993 through 2000 2019 10 - 40 Years 5 Mister Car Wash (1) 1960 through 2002 2019 10 - 40 Years Accumulated Depreciation (1) Date of Date Life on which 6 United Supermarkets (2) 1979 through 1997 2019 10 - 40 Years 18 Vacant (2) 1962 through 2007 2019 10 - 40 Years 2 Mesa Fitness (1) 1983 through 2007 2019 10 - 40 Years 13 Taco Bell (1) 1982 through 2010 2019 10 - 40 Years 1 CarMax (1) 2005 2019 10 - 40 Years 28 Uncle Ed's Oil Shoppe (2) 1959 through 1999 2019 10 - 40 Years 4 Bonfire and Axels (2) 1995 through 1996 2019 10 - 40 Years 1 Dave & Buster's (1) 1992 2019 10 - 40 Years 5 Pike Nursery (1) 1970 through 1996 2019 10 - 40 Years 2 HHI-Formtech (2) 1952 2019 10 - 40 Years 2 Mealey's Furniture (1) 1997 through 2004 2019 10 - 40 Years 5 Rite Aid (1) 1901 through 2000 2019 10 - 40 Years 2 Sanford's Grub & Pub (1) 1928 through 2003 2019 10 - 40 Years 1 Baptist Emergency Hospital (1) 2013 2019 10 - 40 Years 2 Eddie Merlot's (1) 1997 through 2003 2019 10 - 40 Years 5 Fuddruckers (1) 1994 through 1995 2019 10 - 40 Years 2 YouFit (1) 2007 through 2008 2019 10 - 40 Years 1 Cermak Fresh Market (1) 1989 2019 10 - 40 Years 1 Columbus Preparatory Academy — 2004 2019 10 - 40 Years 12 Core & Main — 1972 through 2001 2019 10 - 40 Years 5 Lerner and Rowe — 1973 through 2007 2019 10 - 40 Years 4 Meineke Car Care Center — 1999 through 2000 2019 10 - 40 Years 3 Walgreens — 1999 through 2000 2019 10 - 40 Years 1 Austin's Park n' Pizza — 2003 2019 10 - 40 Years 1 Kohl's — 1986 2019 10 - 40 Years 1 LA Fitness — 2012 2019 10 - 40 Years 1 Marcus Theaters — 1999 2019 10 - 40 Years 1 Academy Sports + Outdoors — 2016 2019 10 - 40 Years 2 Blue Rhino — 2004 2019 10 - 40 Years 1 Columbus Arts & Tech Academy — 1980 2019 10 - 40 Years 2 Diagnostic Health — 1985 through 1997 2019 10 - 40 Years 3 Krispy Kreme — 2000 through 2004 2019 10 - 40 Years 2 Max & Erma's — 1990 through 2007 2019 10 - 40 Years 3 Oregano's Pizza Bistro — 1964 through 2006 2019 10 - 40 Years 9 Sonic Drive-In — 1987 through 2010 2019 10 - 40 Years 2 Texas Roadhouse — 2003 through 2005 2019 10 - 40 Years 5 Brookshire Brothers — 1990 through 1999 2019 10 - 40 Years 2 Flying Star Cafe — 1994 through 1999 2019 10 - 40 Years 2 Heytex USA — 2008 through 2016 2019 10 - 40 Years 7 Hughes Supply — 1993 2019 10 - 40 Years 1 Jack Stack Barbeque — 1983 2019 10 - 40 Years 3 Jack's Family Restaurant — 2008 through 2016 2019 10 - 40 Years 3 Wendy's — 1984 through 1989 2019 10 - 40 Years 2 10 Box — 1994 2019 10 - 40 Years 1 Adult & Pediatric Orthopedics — 1991 2019 10 - 40 Years 2 Bricktown Brewery — 1904 through 1984 2019 10 - 40 Years Accumulated Depreciation (1) Date of Date Life on which 1 ConForm Automotive — 1987 2019 10 - 40 Years 2 Gerber Collision & Glass — 2001 through 2002 2019 10 - 40 Years 2 HD Supply White Cap — 1990 through 2001 2019 10 - 40 Years 1 Multi-Tenant — 2001 2019 10 - 40 Years 1 Planet Fitness — 2007 2019 10 - 40 Years 1 RGB Eye Associates — 2013 2019 10 - 40 Years 1 Ashley Furniture — 1973 2019 10 - 40 Years 1 Boozman-Hof — 1988 2019 10 - 40 Years 1 Caldwell Country Chevrolet — 2000 2019 10 - 40 Years 2 Famous Dave's — 1997 through 1999 2019 10 - 40 Years 3 Focus Child Development Center — 1965 through 1998 2019 10 - 40 Years 1 Joe's Crab Shack — 1997 2019 10 - 40 Years 1 Metaldyne BSM — 1960 2019 10 - 40 Years 2 Primanti Bros. — 2014 2019 10 - 40 Years 1 Rainbow Kids Clinic — 2011 2019 10 - 40 Years 1 Renn Kirby Chevrolet Buick — 2005 2019 10 - 40 Years 1 Sportsman's Warehouse — 1983 2019 10 - 40 Years 2 Anixter — 1984 through 1999 2019 10 - 40 Years 1 Applebee's — 1996 2019 10 - 40 Years 1 Black Angus Steakhouse — 1996 2019 10 - 40 Years 1 Buffalo Wild Wings — 2014 2019 10 - 40 Years 1 Kerry's Car Care — 2015 2019 10 - 40 Years 2 Long John Silver's — 1972 through 1987 2019 10 - 40 Years 2 Monterey's Tex Mex — 1979 through 1997 2019 10 - 40 Years 1 Ojos Locos Sports Cantina — 1993 2019 10 - 40 Years 2 Orscheln Farm and Home — 1977 through 1986 2019 10 - 40 Years 2 Rick Johnson Auto & Tire — 1993 2019 10 -40 Years 1 Slim Chickens — 2013 2019 10 - 40 Years 1 Southwest Stainless, LP — 1977 through1994 2019 10 - 40 Years 1 Spoons Place — 1998 2019 10 - 40 Years 1 Tractor Supply — 2007 2019 10 - 40 Years 1 What the Buck — 1958 2019 10 - 40 Years 2 Affordable Care, Inc. — 2008 through 2010 2019 10 - 40 Years 1 Bridgestone Tire — 1998 2019 10 - 40 Years 2 Dollar General — 2012 through 2015 2019 10 - 40 Years 2 Hooters — 1997 through 1994 2019 10 - 40 Years 2 KFC — 1977 through 2006 2019 10 - 40 Years 3 Rally's — 1990 through 1992 2019 10 - 40 Years 1 Red Robin Gourmet Burgers — 1995 2019 10 - 40 Years 2 Taco Bueno — 1991 through 2003 2019 10 - 40 Years 1 Bru Burger Bar — 1996 2019 10 - 40 Years 1 Haus Energy — 1996 2019 10 - 40 Years 1 Howlin Concrete — 1975 2019 10 - 40 Years 1 Jack in the Box — 1992 2019 10 - 40 Years 1 Little Caesars — 1996 2019 10 - 40 Years 1 NAPA Auto Parts — 2001 2019 10 - 40 Years Accumulated Depreciation (1) Date of Date Life on which 1 Old Mexico Cantina — 2007 2019 10 - 40 Years 1 O'Reilly Auto Parts — 2006 2019 10 - 40 Years 1 SRS Distribution — 1975 2019 10 - 40 Years 1 The Atlanta Center for Foot & Ankle Surgery — 1963 2019 10 - 40 Years 1 Touchstone Imaging — 1992 2019 10 - 40 Years 1 Consolidated Pipe — 1987 2019 10 - 40 Years 1 Del Taco — 1992 2019 10 - 40 Years 1 Family Dollar Stores — 1988 2019 10 - 40 Years 1 Fazoli's — 1982 2019 10 - 40 Years 1 Off the Hook Seafood & More — 2007 2019 10 - 40 Years 1 Bigham Cable — 1982 2019 10 - 40 Years Total (1,109 properties) (3,047) (1) Excludes accumulated depreciation of $232 related to personal property classified in our consolidated balance sheets as furniture, fixtures and equipment. SERVICE PROPERTIES TRUST NOTES TO SCHEDULE III December 31, 2020 (dollars in thousands) (A) The change in total cost of properties for the period from January 1, 2018 to December 31, 2020 is as follows: 2020 2019 2018 Balance at beginning of year $ 10,716,233 $ 8,820,346 $ 8,778,907 Additions: acquisitions and capital expenditures 99,141 1,983,380 324,227 Dispositions (145,836) — (62,923) Reclassification of properties held for sale (38,978) (87,493) (219,865) Balance at close of year $ 10,630,560 $ 10,716,233 $ 8,820,346 (B) The change in accumulated depreciation for the period from January 1, 2018 to December 31, 2020 is as follows: 2020 2019 2018 Balance at beginning of year $ 2,851,121 $ 2,574,297 $ 2,409,416 Additions: depreciation expense 364,636 305,441 304,224 Dispositions (143,814) (28,617) (62,923) Reclassification of properties held for sale (24,927) — (76,420) Balance at close of year $ 3,047,016 $ 2,851,121 $ 2,574,297 (C) The aggregate cost tax basis for federal income tax purposes of our real estate properties was $8,316,892 on December 31, 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
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 $118,862 and $31,920 as of December 31, 2020 and 2019, respectively, and consist primarily of amounts due from and working capital advances to certain of our hotel managers. The liabilities of our TRSs were $70,240 and $138,708 as of December 31, 2020 and 2019, 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.
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 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.
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 and intangible liabilities in accounts payable and other liabilities in our consolidated balance sheets. At December 31, 2020 and 2019, our intangible assets and liabilities were as follows: As of December 31, 2020 2019 Assets: Tradenames and trademarks $ 89,375 $ 89,375 Above market operating leases, net of accumulated amortization of $55,220 and $15,748, respectively 224,510 275,814 Below market ground leases, net of accumulated amortization of $16,226 and $21,125, respectively 8,934 10,034 Other, net of accumulated amortization of $1,188 and $1,803, respectively 3,026 3,323 $ 325,845 $ 378,546 Liabilities: Below market operating leases, net of accumulated amortization of $559 and $367, respectively $ 1,691 $ 3,653 Above market ground leases, net of accumulated amortization of $6,180 and $5,886, respectively 416 856 $ 2,107 $ 4,509 We amortize above and below market leases on a straight line basis over the term of the associated lease ( three Above Market Operating Leases Below Market Ground Leases & Other Below Market Operating Leases Above Market Ground Leases & Other 2021 $ 41,196 $ 1,375 $ (458) $ (369) 2022 30,272 1,367 (309) (21) 2023 27,120 1,355 (193) (18) 2024 24,637 1,137 (186) (8) 2025 21,311 983 (130) — Thereafter 79,974 5,743 (415) — $ 224,510 $ 11,960 $ (1,691) $ (416) We do not amortize our indefinite lived trademarks and tradenames, but we review the assets at least annually for impairment and reassess their classification as indefinite lived assets. In addition, we regularly evaluate whether events or changes in circumstances have occurred that could indicate impairment in value. We determine the amount of an impairment loss, if any, by comparing the carrying value of the intangible asset to its estimated fair value.
Cash and Cash Equivalents	Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at date of purchase to be cash equivalents.
Restricted Cash	Restricted Cash. Restricted cash, or FF&E reserve escrows, consists of amounts escrowed pursuant to the terms of our management agreements and leases to fund periodic renovations and improvements at our hotels.
Debt Issuance Costs	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, 2020 and 2019, debt issuance costs for our revolving credit facility were $8,163 and $4,212, respectively, and accumulated amortization of debt issuance costs for our revolving credit facility were $722 and $2,610, respectively. Debt issuance costs, net of accumulated amortization, for our senior notes, and our historical term loan, are presented as a direct deduction from the associated debt liability in our consolidated balance sheets.
Equity Method Investments	Equity Method Investments. 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, President and Chief Executive Officer and Sonesta’s other director serves as The RMR Group LLC, or RMR LLC’s, and The RMR Group Inc., or RMR Inc.’s, executive vice president, general counsel and secretary and as our Secretary. Sonesta’s chief executive officer and chief financial officer are officers of RMR LLC. Certain other officers and employees of Sonesta are former employees of RMR LLC. RMR LLC also provides certain services to Sonesta.
Equity Securities	Equity Securities. We record our 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 term of the lease agreements. We reduced rental income by $714 and $10,719 during the years ended December 31, 2020 and 2019, respectively, and increased rental income by $12,509 during the year ended December 31, 2018, to record scheduled rent changes under certain of our leases, the deferred rent obligations payable to us under our leases with TA and the estimated future payments to us under our TA leases for the cost of removing underground storage tanks at our travel centers on a straight line basis. See Notes 4, 5 and 9 for further information regarding our TA leases. Due from related persons includes $33,902 and $47,057 and other assets, net, includes $16,264 and $1,897 of straight line rent receivables at December 31, 2020 and 2019, respectively. 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 earned percentage rental income of $3,277, $4,238 and $3,695 during the years ended December 31, 2020, 2019 and 2018, respectively. We own all the FF&E reserve escrows for our hotels. We report deposits by our third party tenants into the escrow accounts as FF&E reserve income. We do not report the amounts which are escrowed as reserves established for the regular refurbishment of our hotels, or 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 by dividing allocable net income available for common shareholders by the weighted average number of common shares outstanding during the period. 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 and the related impact on earnings are considered when calculating diluted earnings per share.
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 doubtful accounts, purchase price allocations, useful lives of real estate and impairment of long lived assets.
Segment Information	Segment Information. As of December 31, 2020, 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 2017 through 2020 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 January 1, 2020, we adopted FASB ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires that entities use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. Lease related receivables are governed by the lease accounting under GAAP and are not subject to ASU No. 2016-13. We adopted this standard using the modified retrospective approach. The implementation of this standard did not have a material impact in our consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Schedule of intangible assets and liabilities	At December 31, 2020 and 2019, our intangible assets and liabilities were as follows: As of December 31, 2020 2019 Assets: Tradenames and trademarks $ 89,375 $ 89,375 Above market operating leases, net of accumulated amortization of $55,220 and $15,748, respectively 224,510 275,814 Below market ground leases, net of accumulated amortization of $16,226 and $21,125, respectively 8,934 10,034 Other, net of accumulated amortization of $1,188 and $1,803, respectively 3,026 3,323 $ 325,845 $ 378,546 Liabilities: Below market operating leases, net of accumulated amortization of $559 and $367, respectively $ 1,691 $ 3,653 Above market ground leases, net of accumulated amortization of $6,180 and $5,886, respectively 416 856 $ 2,107 $ 4,509
Schedule of projected future amortization expense relating to intangible assets and liabilities	As of December 31, 2020, we estimate future amortization relating to intangible assets and liabilities as follows: Above Market Operating Leases Below Market Ground Leases & Other Below Market Operating Leases Above Market Ground Leases & Other 2021 $ 41,196 $ 1,375 $ (458) $ (369) 2022 30,272 1,367 (309) (21) 2023 27,120 1,355 (193) (18) 2024 24,637 1,137 (186) (8) 2025 21,311 983 (130) — Thereafter 79,974 5,743 (415) — $ 224,510 $ 11,960 $ (1,691) $ (416)
Schedule of future amortization of debt issuance costs to be recognized	Future amortization of debt issuance costs to be recognized with respect to our revolving credit facility and senior notes as of December 31, 2020, are as follows: Future Amortization of Debt Issuance Costs 2021 $ 12,933 2022 11,106 2023 7,692 2024 6,854 2025 4,774 Thereafter 6,056 $ 49,415

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share, Basic and Diluted [Abstract]
Schedule of reconciliation weighted average common shares to calculate basic and diluted earnings per share	The following table provides a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per share: For the Year Ended December 31, 2020 2019 2018 (in thousands) Weighted average common shares for basic earnings per share 164,422 164,312 164,229 Effect of dilutive securities: Unvested share awards — 28 29 Weighted average common shares for diluted earnings per share 164,422 164,340 164,258

Real Estate Properties (Tables)

Real Estate Properties (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Schedule of allocation of purchase prices by location	Our allocation of the purchase price of each of our acquisitions 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 Type Rooms or Square feet Purchase Price (1) Land Land Improvements Building and Improvements Furniture, Fixtures and Equipment Held For Sale Intangible Assets Properties acquired during the year ended December 31, 2020 3/12/2020 Two states Net Lease 6,696 $ 7,071 $ 880 $ — $ 5,363 $ — $ — $ 828 Properties acquired during the year ended December 31, 2019 2/22/2019 Washington, D.C. Hotel 335 $ 143,742 $ 44,972 $ 151 $ 93,412 $ 5,207 $ — $ — 5/7/2019 Milwaukee, WI Hotel 198 30,235 3,442 1,053 25,132 608 — — 8/1/2019 Southington, CT Land N.A. 66 66 — — — — — 9/20/2019 Various (2) Net Lease 12,372,762 2,482,382 388,057 — 1,201,922 — 604,989 287,414 10/9/2019 Chicago, IL Hotel 261 55,560 7,723 — 45,059 2,778 — — $ 2,711,985 $ 444,260 $ 1,204 $ 1,365,525 $ 8,593 $ 604,989 $ 287,414 Properties acquired during the year ended December 31, 2018 6/15/2018 Minneapolis, MN Hotel 360 $ 75,576 $ 2,196 $ — $ 68,388 $ 4,992 $ — $ — 6/15/2018 Baton Rouge, LA Hotel 117 16,022 2,242 173 12,842 765 — — 10/30/2018 Scottsdale, AZ Hotel 164 35,999 6,450 833 25,898 2,818 — — $ 127,597 $ 10,888 $ 1,006 $ 107,128 $ 8,575 $ — $ —
Schedule of sale of properties	During the years ended December 31, 2020 and 2019, we sold 39 and 150 properties, respectively, for an aggregate sales price of $174,172 and $821,212, respectively, excluding closing costs, as presented in the table below. The sales of these properties do not represent significant dispositions individually or in the aggregate nor do they represent a strategic shift. 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). Date of Sale Number of Properties Location Tenant/Operator Rooms or Suites/Square Feet Gross Sales Price Gain/ (Loss) on Sale Properties sold during the year ended December 31, 2020 01/28/2020 1 Gothenburg, NE Vacant 31,978 $ 585 $ 7 02/06/2020 1 Rochester, MN Vacant 90,503 2,600 (68) 02/13/2020 1 Ainsworth, NE Vacant 32,901 775 7 02/14/2020 1 Dekalb, IL Vacant 5,052 1,050 21 03/02/2020 1 Eau Claire, MI HOM Furniture, Inc. 98,824 2,600 (6,947) 03/28/2020 1 Stillwater, OK Vacant 33,018 400 70 05/26/2020 1 Pawtucket, RI Vacant 22,027 1,610 (1,751) 05/28/2020 1 Canton, MA Destination XL Group, Inc. 755,992 51,000 (1,049) 05/28/2020 1 Phoenix, AZ Vacant 29,434 2,900 (81) 06/25/2020 1 Bellefontaine, OH Vacant 2,267 440 20 07/17/2020 1 Clinton, MD ADF Midatlantic LLC 2,935 700 (5) 08/20/2020 1 Lancaster, PA Chaac Pizza Northeast, LLC 3,014 775 74 08/26/2020 1 Baton Rouge, LA Vacant 2,334 750 39 08/26/2020 1 Winston-Salem, NC Vacant 32,816 1,300 23 09/17/2020 1 Hillard, OH Vacant 5,316 2,350 5 10/6/2020 1 Cabot, AR Vacant 18,165 550 25 10/8/2020 1 Lander, WY The Forge Bar and Grill 8,900 350 2 11/2/2020 1 Raleigh, NC Vacant 55,558 3,900 41 11/18/2020 8 8 states Marriott 834 44,800 8,375 12/15/2020 1 Fredrick, MD Chaac Pizza 3,000 800 18 12/22/2020 1 O'Neill, NE Vacant 31,374 850 (136) 12/29/2020 10 10 states Wyndham 1,212 40,987 9,175 12/30/2020 1 Morrisville, PA Vacant 110,075 12,100 (5,604) 39 2,046 /1,375,483 $ 174,172 $ 2,261 Properties sold during the year ended December 31, 2019 01/16/2019 20 15 states (1) TravelCenters of America, Inc. 541,483 $ 308,200 $ 159,535 10/22/2019 1 Hermantown, MN (2) HOM Furniture, Inc. 103,631 6,250 — 10/29/2019 1 Las Vegas, NV (2) Station Casino 138,558 57,000 — 11/14/2019 1 Colby, KS (2) Vacant 6,900 590 — 11/25/2019 123 Various (2) Various 2,429,333 435,104 — 12/16/2019 1 Naples, FL (2) Rick Johnson Auto & Tire 4,480 1,112 — 12/16/2019 1 Naples, FL (2) Rick Johnson Auto & Tire 4,500 706 — 12/30/2019 2 Dallas, TX (2) Pine Creek Medical Center 85,839 12,250 — 150 3,314,724 $ 821,212 $ 159,535 (1) See Note 5 to these consolidated financial statements for further information on this transaction. (2) In the fourth quarter of 2019, we sold 130 net lease properties with an aggregate of approximately $2.8 million square feet in 28 states for an aggregate sales price of $513,012, excluding closing costs.

Management Agreements and Lea_2

Management Agreements and Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of minimum rents to be received	The number of travel centers, the terms, the annual minimum rent and the deferred rent balances owed to us by TA under our TA leases as of December 31, 2020, were as follows: Number of Travel Centers Initial Term End (1) Annual Minimum Rent Deferred Rent (2) (3) TA No. 1 Lease 36 December 31, 2032 $ 49,707 $ 10,487 TA No. 2 Lease 36 December 31, 2031 44,077 9,740 TA No. 3 Lease 35 December 31, 2029 42,409 9,602 TA No. 4 Lease 37 December 31, 2033 48,263 9,803 TA No. 5 Lease 35 June 30, 2035 61,654 — 179 $ 246,110 $ 39,632 (1) TA has two renewal options of 15 years each under each of our TA leases. (2) Commencing April 1, 2019, TA is required to pay us $70,458 in 16 quarterly installments of $4,404 for deferred rent TA owes us. (3) Represents the balance as of December 31, 2020. 2021 $ 391,108 2022 386,145 2023 367,587 2024 359,875 2025 351,209 Thereafter 2,442,524 Total $ 4,298,448
Schedule of minimum rent payments	As of December 31, 2020, our operating leases provide for contractual minimum rent payments to third parties during the remaining lease terms, as follows: 2021 $ 7,334 2022 6,691 2023 6,384 2024 6,282 2025 5,949 Thereafter 163,045 Total lease payments 195,685 Less: imputed interest (110,761) Present value of lease liabilities (1) $ 84,924 (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 5.49% and 30 years (range of 11 years to 66 years) and 5.96% and 36 years (range of 1 month to 46 years), respectively.

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
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, 2020 are as follows: 2021 $ — 2022 578,424 2023 500,000 2024 1,175,000 2025 1,150,000 Thereafter 2,875,000 $ 6,278,424

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
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, 2020, 2019 and 2018 is as follows: 2020 2019 2018 Number Weighted Number Weighted Number Weighted Unvested shares, beginning of year 194,540 $ 26.59 164,000 $ 28.39 146,605 $ 27.93 Shares granted 305,400 8.91 155,100 25.00 115,000 28.80 Shares vested (173,190) 17.76 (122,010) 25.09 (96,375) 28.73 Shares forfeited (850) 26.93 (2,550) 27.49 (1,230) — Unvested shares, end of year 325,900 $ 14.71 194,540 $ 26.59 164,000 $ 28.39
Schedule of stock repurchases	During the years ended December 31, 2020, 2019 and 2018, we repurchased our common shares from certain of our officers and certain current or former employees of RMR LLC, 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 2020 43,751 $7.90 $346 2019 31,225 $25.61 $800 2018 21,202 $28.59 $606
Schedule of distributions paid	During the years ended December 31, 2020, 2019 and 2018, we paid distributions on our common shares as follows: Annual Per Share Distribution Total Distribution Characterization of Distribution Year Ordinary Income Capital Gain Return of Capital Qualified Dividend 2020 $0.57 $93,804 —% — 100.00% —% 2019 $2.15 $353,620 44.50% 37.93% 17.57% 0.50% 2018 $2.11 $346,832 100.00% — — —
Schedule of amounts recognized in cumulative other comprehensive income (loss)	The following table presents changes in the amounts we recognized in cumulative other comprehensive income (loss) by component for the year ended December 31, 2020: Equity in Unrealized Gain (Loss) of Investees Total Balance at December 31, 2018 $ (266) $ (266) Amounts reclassified from cumulative other comprehensive income to retained earnings 91 91 Amounts reclassified from cumulative other comprehensive income to net income 175 175 Balance at December 31, 2019 — — Current year other comprehensive loss (760) (760) Amounts reclassified from cumulative other comprehensive income to net income — — Balance at December 31, 2020 $ (760) $ (760)

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of components of provision for income taxes	Our provision (benefit) for income taxes consists of the following: For the Year Ended December 31, 2020 2019 2018 Current: Federal $ — $ — $ — State 3,361 2,327 1,575 Foreign — 593 667 3,361 2,920 2,242 Deferred: Foreign 13,850 (127) (1,047) 13,850 (127) (1,047) $ 17,211 $ 2,793 $ 1,195
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: For the Year Ended December 31, 2020 2019 2018 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 (1.1) % 0.7 % 0.8 % Foreign taxes (4.4) % 0.1 % (0.2) % Effective tax rate (5.5) % 0.8 % 0.6 %
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, 2020 2019 Deferred tax assets: Tax loss carryforwards $ 42,940 $ 44,285 Other 3,175 3,612 46,115 47,897 Valuation allowance (46,115) (47,897) — — Deferred tax liabilities: Property basis difference (6,682) (6,996) Puerto Rico deferred tax gain $ (13,850) $ — Net deferred tax liabilities $ (20,532) $ (6,996)
Schedule of reconciliation of gross unrecognized tax benefits from uncertain tax positions	The following table provides a reconciliation of the beginning and ending balances of gross unrecognized tax benefits from uncertain tax positions in accordance with ASC 740-10-50: Gross Unrecognized Tax Benefits As of December 31, 2019 Current Period Increase As of December 31, 2020 $— $2,531 $2,531

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Schedule of segment information	For the Year Ended December 31, 2020 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 875,098 $ — $ — $ 875,098 Rental income 2,271 387,684 — 389,955 FF&E reserve income 201 — — 201 Total revenues 877,570 387,684 — 1,265,254 Expenses: Hotel operating expenses 697,904 — — 697,904 Other operating expenses — 15,208 — 15,208 Depreciation and amortization 263,673 235,235 — 498,908 General and administrative — — 50,668 50,668 Loss on asset impairment 17,131 38,625 — 55,756 Total expenses 978,708 289,068 50,668 1,318,444 Gain (loss) on sale of real estate, net 14,927 (12,666) — 2,261 Gain on insurance settlement 62,386 — — 62,386 Unrealized gains on equity securities — — 19,882 19,882 Interest income 6 — 278 284 Interest expense — — (306,490) (306,490) Loss on early extinguishment of debt — — (9,394) (9,394) Income (loss) before income taxes and equity in losses of an investee (23,819) 85,950 (346,392) (284,261) Income tax expense — — (17,211) (17,211) Equity in losses of an investee — — (9,910) (9,910) Net income (loss) $ (23,819) $ 85,950 $ (373,513) $ (311,382) As of December 31, 2020 Hotels Net Lease Corporate Consolidated Total assets $ 4,846,410 $ 3,721,418 $ 119,491 $ 8,687,319 For the Year Ended December 31, 2019 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 1,989,173 $ — $ — $ 1,989,173 Rental income 20,985 301,251 — 322,236 FF&E reserve income 4,739 — — 4,739 Total revenues 2,014,897 301,251 — 2,316,148 Expenses: Hotel operating expenses 1,410,927 — — 1,410,927 Other operating expenses — 8,357 — 8,357 Depreciation and amortization 268,088 160,360 — 428,448 General and administrative — — 54,639 54,639 Transaction related costs — — 1,795 1,795 Loss on asset impairment 28,371 10,925 — 39,296 Total expenses 1,707,386 179,642 56,434 1,943,462 Gain on sale of real estate, net — 159,535 — 159,535 Dividend income — — 1,752 1,752 Unrealized losses on equity securities, net — — (40,461) (40,461) Interest income 795 — 1,420 2,215 Interest expense — — (225,126) (225,126) Loss on early extinguishment of debt — — (8,451) (8,451) Income (loss) before income taxes and equity in earnings of an investee 308,306 281,144 (327,300) 262,150 Income tax expense — — (2,793) (2,793) Equity in earnings of an investee — — 393 393 Net income (loss) $ 308,306 $ 281,144 $ (329,700) $ 259,750 As of December 31, 2019 Hotels Net Lease Corporate Consolidated Total assets $ 4,866,549 $ 4,042,831 $ 124,587 $ 9,033,967 For the Year Ended December 31, 2018 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 1,958,598 $ — $ — $ 1,958,598 Rental income 28,644 302,162 — 330,806 FF&E reserve income 5,132 — — 5,132 Total revenues 1,992,374 302,162 — 2,294,536 Expenses: Hotel operating expenses 1,387,065 — — 1,387,065 Other operating expenses — 5,290 — 5,290 Depreciation and amortization 255,759 147,318 — 403,077 General and administrative — — 104,862 104,862 Total expenses 1,642,824 152,608 104,862 1,900,294 Dividend income — — 2,754 2,754 Unrealized losses on equity securities, net — — (16,737) (16,737) Interest income 990 — 538 1,528 Interest expense — — (195,213) (195,213) Loss on early extinguishment of debt — — (160) (160) Income (loss) before income taxes and equity in earnings of an investee 350,540 149,554 (313,680) 186,414 Income tax expense — — (1,195) (1,195) Equity in earnings of an investee — — 515 515 Net income (loss) $ 350,540 $ 149,554 $ (314,360) $ 185,734 As of December 31, 2018 Hotels Net Lease Corporate Consolidated Total assets $ 4,586,709 $ 2,398,118 $ 192,252 $ 7,177,079

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset. As of December 31, 2020 As of December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Investment in TA (Level 1) (1) $ 38,624 $ 38,624 $ 11,731 $ 11,731 Assets of properties held for sale (Level 3) (2) $ 13,543 $ 13,543 $ 87,493 $ 90,122 Assets of properties held and used (Level 3) (3) $ — $ — $ 38,000 $ 38,000 (1) As of December 31, 2020, and 2019, we owned 1,184,797 and 684,000 common shares of TA, respectively, which are included in other assets in our consolidated balance sheets and reported at fair value based on quoted market prices (Level 1 inputs). Our historical cost basis for these shares was $24,418 and $17,407, as of December 31, 2020 and 2019, respectively. During the year ended December 31, 2020 and 2019, we recorded unrealized gains of $19,883 and unrealized losses of $1,129, respectively, to adjust the carrying value of our investment in TA shares to their fair values. (2) As of December 31, 2020, we owned five hotels in four states with a carrying value of $10,699 and six net lease properties located in six states with a carrying value of $2,844 classified as held for sale. These properties are recorded at their estimated fair value less costs to sell based on information derived from third party appraisals (Level 3 inputs as defined in the fair value hierarchy under GAAP). We recorded a $55,756 loss on asset impairment in 2020 to reduce the carrying value of certain of these properties to their estimated fair value less costs to sell. As of December 31, 2019 we owned 19 net lease properties located in 12 states with a carrying value of $87,493 classified as held for sale. These properties were recorded at their estimated fair value less costs to sell based on information derived from third party appraisals (Level 3 inputs as defined in the fair value hierarchy under GAAP). We recorded a $10,925 loss on asset impairment in 2019 to reduce the carrying value of these properties to their estimated fair value less costs to sell. (3) As of December 31, 2019, we recorded a $28,371 loss on asset impairment to reduce the carrying value of two hotels to their estimated fair value of $38,000 based on discounted cash flow analyses (Level 3 inputs).
Schedule of fair value of additional financial instruments	At December 31, 2020 and 2019, the fair values of these additional 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, 2020 December 31, 2019 Carrying Fair Carrying Fair Amount (1) Value Amount (1) Value Senior Unsecured Notes, due 2021 at 4.25% $ — $ — $ 398,379 $ 406,838 Senior Unsecured Notes, due 2022 at 5.00% 498,032 510,285 496,821 526,500 Senior Unsecured Notes, due 2023 at 4.50% 499,596 505,280 499,432 520,478 Senior Unsecured Notes, due 2024 at 4.65% 348,700 347,893 348,295 364,277 Senior Unsecured Notes, due 2024 at 4.35% 819,546 819,328 818,075 848,847 Senior Unsecured Notes, due 2025 at 4.50% 347,118 346,462 346,431 361,783 Senior Unsecured Notes, due 2025 at 7.50% 789,006 926,404 — — Senior Unsecured Notes, due 2026 at 5.25% 344,212 354,996 343,083 369,185 Senior Unsecured Notes, due 2026 at 4.75% 446,515 448,506 445,905 464,315 Senior Unsecured Notes, due 2027 at 4.95% 395,405 404,328 394,649 414,012 Senior Unsecured Notes, due 2027 at 5.25% 442,370 491,918 — — Senior Unsecured Notes, due 2028 at 3.95% 391,908 388,146 390,759 393,940 Senior Unsecured Notes, due 2029 at 4.95% 418,102 430,064 417,307 434,248 Senior Unsecured Notes, due 2030 at 4.375% 389,656 388,292 388,522 394,788 Total financial liabilities $ 6,130,166 $ 6,361,902 $ 5,287,658 $ 5,499,211 (1) Carrying value includes unamortized discounts and premiums and certain debt issuance costs.

Organization (Details)

Organization (Details)	Jun. 17, 2020USD ($)	Mar. 31, 2021USD ($)	Jun. 30, 2020$ / shares	Dec. 31, 2020USD ($)hoteltravelCenterpropertytenant$ / shares	Dec. 31, 2019USD ($)	Feb. 28, 2021hotel	Sep. 20, 2019tenant
Real Estate Properties [Line Items]
Number of properties | travelCenter				1,109
Number of properties for sale | hotel				5
Number of tenants | tenant							279
Revolving credit facility
Real Estate Properties [Line Items]
Quarterly cash dividend (in dollars per share) | $ / shares				$ 0.01
Unsecured revolving credit facility maximum borrowing capacity | $				$ 1,000,000,000
Senior Unsecured Notes, due 2025 at 7.50% | Senior notes
Real Estate Properties [Line Items]
Principal amount | $	$ 800,000,000
COVID-19
Real Estate Properties [Line Items]
Quarterly cash dividend (in dollars per share) | $ / shares			$ 0.01
Debt redeemed | $				800,000,000
Aggregate sale price | $				174,172,000	$ 821,212,000
COVID-19 | Forecast
Real Estate Properties [Line Items]
Aggregate sale price | $		$ 24,313,000
COVID-19 | Senior notes
Real Estate Properties [Line Items]
Debt proceeds | $				1,229,950,000
COVID-19 | Revolving credit facility
Real Estate Properties [Line Items]
Unsecured revolving credit facility maximum borrowing capacity | $				$ 2,300,000,000
COVID-19 | Senior Unsecured Notes, due 2025 at 7.50% | Senior notes
Real Estate Properties [Line Items]
Debt proceeds | $	$ 787,718,000
Hotel
Real Estate Properties [Line Items]
Number of properties | hotel				310
Hotel | Subsidiaries
Real Estate Properties [Line Items]
Number of properties | hotel				305
Hotel | Sonesta Agreement | Subsequent event
Real Estate Properties [Line Items]
Number of properties | hotel						193
Hotel | Marriott contracts
Real Estate Properties [Line Items]
Number of properties | hotel				105
Hotel | Hyatt Hotels Corporation Contract
Real Estate Properties [Line Items]
Number of properties | hotel				22
Hotel | Radisson Agreement
Real Estate Properties [Line Items]
Number of properties | hotel				9
Hotel | IHG Agreement | Maximum
Real Estate Properties [Line Items]
Number of properties | hotel				1
Net Lease Property
Real Estate Properties [Line Items]
Number of properties | property				799
Number of tenants | tenant				170
Net Lease Property | TravelCenters of America Inc.
Real Estate Properties [Line Items]
Number of properties | travelCenter				179

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Ownership interest in subsidiaries (as a percent)	100.00%
Total assets	$ 8,687,319	$ 9,033,967	$ 7,177,079
Liabilities	6,584,529	6,528,089
Loss on asset impairment	$ 55,756	39,296	$ 0
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	$ 118,862	31,920
Liabilities	$ 70,240	$ 138,708

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets:
Acquired real estate leases and other intangibles, net	$ 325,845	$ 378,218
Intangible assets, net	325,845	378,546
Liabilities:
Intangible liabilities, net	$ 2,107	4,509
Amortization period of intangible liabilities	3 years
Amortization period of intangible assets	6 years
Amortization relating to intangible assets	$ 52,264	1,757	$ 2,542
Amortization relating to intangible liabilities	2,403	441	$ 455
Tradenames and trademarks
Assets:
Tradenames and trademarks	89,375	89,375
Above market operating leases, net of accumulated amortization of $55,220 and $15,748, respectively
Assets:
Acquired real estate leases and other intangibles, net	224,510	275,814
Intangible assets, accumulated amortization	55,220	15,748
Below market ground leases, net of accumulated amortization of $16,226 and $21,125, respectively
Assets:
Acquired real estate leases and other intangibles, net	8,934	10,034
Intangible assets, accumulated amortization	16,226	21,125
Other, net of accumulated amortization of $1,188 and $1,803, respectively
Assets:
Acquired real estate leases and other intangibles, net	3,026	3,323
Intangible assets, accumulated amortization	1,188	1,803
Below market operating leases, net of accumulated amortization of $559 and $367, respectively
Liabilities:
Intangible liabilities, net	1,691	3,653
Intangible liabilities, accumulated amortization	559	367
Above market ground leases, net of accumulated amortization of $6,180 and $5,886, respectively
Liabilities:
Intangible liabilities, net	416	856
Intangible liabilities, accumulated amortization	$ 6,180	$ 5,886
Above Market Leases
Liabilities:
Amortization period of above and below market leases	7 years
Below Market Leases
Liabilities:
Amortization period of above and below market leases	5 years 1 month 6 days

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Future Amortization of Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
Total future amortization, intangible assets	$ 325,845	$ 378,218
Total future amortization, intangible liabilities	(2,107)	(4,509)
Above Market Operating Leases
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
2021, intangible assets	41,196
2022, intangible assets	30,272
2023, intangible assets	27,120
2024, intangible assets	24,637
2025, intangible assets	21,311
Thereafter, intangible assets	79,974
Total future amortization, intangible assets	224,510	275,814
Below Market Ground Leases & Other
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
2021, intangible assets	1,375
2022, intangible assets	1,367
2023, intangible assets	1,355
2024, intangible assets	1,137
2025, intangible assets	983
Thereafter, intangible assets	5,743
Total future amortization, intangible assets	11,960
Below Market Operating Leases
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
2021, intangible liabilities	(458)
2022, intangible liabilities	(309)
2023, intangible liabilities	(193)
2024, intangible liabilities	(186)
2025, intangible liabilities	(130)
Thereafter, intangible liabilities	(415)
Total future amortization, intangible liabilities	(1,691)	(3,653)
Above Market Ground Leases & Other
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
2021, intangible liabilities	(369)
2022, intangible liabilities	(21)
2023, intangible liabilities	(18)
2024, intangible liabilities	(8)
2025, intangible liabilities	0
Thereafter, intangible liabilities	0
Total future amortization, intangible liabilities	$ (416)	$ (856)

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Debt Issuance Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Debt issuance costs for revolving credit facility	$ 8,163	$ 4,212
Accumulated amortization of debt issuance costs for revolving credit facility	722	2,610
Debt issuance costs, net	41,974	$ 31,065
Future Amortization of Debt Issuance Costs
2021	12,933
2022	11,106
2023	7,692
2024	6,854
2025	4,774
Thereafter	6,056
Future amortization of debt issuance costs, total	$ 49,415

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Equity Securities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)shares
Debt and Equity Securities, FV-NI [Line Items]
Distributions in excess of earnings from Affiliates Insurance Company | $	$ 9,000
Travel Centers of America LLC
Debt and Equity Securities, FV-NI [Line Items]
Number of common shares owned (in shares) | shares	1,184,797

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Revenue Recognition and Segment Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Accounting Policies [Abstract]
Straight line rent adjustments	$ (714)	$ (10,719)	$ 12,509
Straight line rent receivable	$ 16,264	1,897
Number of reportable segments | segment	2
Affiliated Entity
Related Party Transaction [Line Items]
Straight line rent receivables, due from related parties	$ 33,902	47,057
Deferred percentage rental income	$ 3,277	$ 4,238	$ 3,695

Weighted Average Common Share_2

Weighted Average Common Shares (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share, Basic and Diluted [Abstract]
Weighted average common shares for basic earnings per share (in shares)	164,422	164,312	164,229
Effect of dilutive securities: Unvested share awards (in shares)	0	28	29
Weighted average common shares for diluted earnings per share (in shares)	164,422	164,340	164,258

Real Estate Properties - Narrat

Real Estate Properties - Narrative (Details) $ in Thousands	Mar. 12, 2020USD ($)ft²	Sep. 20, 2019USD ($)state	Jan. 31, 2021USD ($)	Jun. 30, 2021USD ($)ft²property	Mar. 31, 2021USD ($)stateroomhotel	Dec. 31, 2020USD ($)ft²travelCenterpropertyroomhotelleaseAgreementstateunitretailProperty	Dec. 31, 2019USD ($)ft²propertystate	Dec. 31, 2018USD ($)
Real Estate Properties [Line Items]
Number of properties | travelCenter						1,109
Area of real estate | ft²						46,799
Aggregate undepreciated carrying value of real estate						$ 11,175,815
Carrying value of net lease properties held for sale						13,543
Land						2,030,440	$ 2,066,602
Building and improvements						8,600,239	8,731,002
Furniture, fixtures and equipment						531,593	587,432
Capital improvements from leased facilities, funded						69,082	150,531	$ 182,862
Gain on insurance settlement						$ 62,386	$ 0	0
Number of properties sold | property						39	150
Number of states in which property is located | state		45					12
Net proceeds from sale of real estate						$ 167,542	$ 816,450	0
Properties to be sold | property							19
Transaction value		$ 2,482,382						127,597
COVID-19
Real Estate Properties [Line Items]
Aggregate sale price						$ 174,172	$ 821,212
COVID-19 | Forecast
Real Estate Properties [Line Items]
Aggregate sale price					$ 24,313
Hotel
Real Estate Properties [Line Items]
Number of properties | hotel						310
Net Lease Property
Real Estate Properties [Line Items]
Number of properties | property						799
Assets Held for Sale
Real Estate Properties [Line Items]
Ground lease book value sold						$ 9,753
Disposed of by sale
Real Estate Properties [Line Items]
Number of rooms/suites | room						2,046
Area of real estate | ft²						1,375,483	3,314,724
Net proceeds from sale of real estate						$ 174,172	$ 821,212
Hurricane
Real Estate Properties [Line Items]
Gain on insurance settlement						$ 62,386
Hotel
Real Estate Properties [Line Items]
Number of rooms/suites | unit						49,014
Area of real estate | ft²	6,696
Carrying value of net lease properties held for sale						$ 10,699
Number of properties on leased land | hotel						14
Ground lease remaining term						36 years
Number of ground leases | leaseAgreement						9
Number of ground leases requiring specified minimum annual rents | leaseAgreement						12
Average ground lease annual rents						$ 260
Number of ground leases with future rents prepaid | leaseAgreement						2
Rental expense related to operating leases						$ 13,396
Rooms | room						430
Transaction value	$ 7,071						2,711,985
Hotel | Nashville, TN | Subsequent event | Forecast
Real Estate Properties [Line Items]
Transaction value			$ 7,600
Hotel | Assets Held for Sale
Real Estate Properties [Line Items]
Number of properties | property						5
Number of states in which property is located | state						4
Properties to be sold | hotel						5
Hotel | Assets Held for Sale | Forecast
Real Estate Properties [Line Items]
Number of properties | hotel					5
Rooms | room					430
Number of states in which property is located | state					4
Aggregate carrying value held-for-sale					$ 10,699
Net proceeds from sale of real estate					$ 22,263
Hotel | Minimum
Real Estate Properties [Line Items]
Ground lease remaining term						14 years
Hotel | Maximum
Real Estate Properties [Line Items]
Ground lease remaining term						67 years
Hotels and Net Lease Properties
Real Estate Properties [Line Items]
Area of real estate | ft²						13,455,405
Capital improvements from leased facilities, funded						$ 136,155	$ 242,571	$ 200,044
Travel centers
Real Estate Properties [Line Items]
Number of properties on leased land | property						17
Travel centers | Land
Real Estate Properties [Line Items]
Rental expense related to operating leases						$ 485
Travel centers | Minimum
Real Estate Properties [Line Items]
Ground lease remaining term						1 year
Travel centers | Maximum
Real Estate Properties [Line Items]
Ground lease remaining term						30 years
Net Lease Property
Real Estate Properties [Line Items]
Number of properties | retailProperty						1,109
Properties to be sold | property						6
Annual minimum returns and rents						$ 369,593
Net Lease Property | Assets Held for Sale
Real Estate Properties [Line Items]
Number of properties | property						6
Number of states in which property is located | state						6
Aggregate carrying value held-for-sale						$ 2,844
Annual minimum returns and rents						$ 121
Net Lease Property | Assets Held for Sale | Forecast
Real Estate Properties [Line Items]
Number of properties | property				3
Area of real estate | ft²				38,942
Carrying value of net lease properties held for sale				$ 1,746
Proceeds from sale of property held-for-sale				$ 2,050
Net Lease Property | Disposed of by sale
Real Estate Properties [Line Items]
Number of properties sold | property						39	150

Real Estate Properties - Alloca

Real Estate Properties - Allocation of Purchase Price (Details) $ in Thousands	Mar. 12, 2020USD ($)ft²	Oct. 09, 2019USD ($)room	Sep. 20, 2019USD ($)ft²industrybrandstateretailPropertytenant	Aug. 01, 2019USD ($)	May 07, 2019USD ($)room	Feb. 22, 2019USD ($)room	Oct. 30, 2018USD ($)room	Jun. 15, 2018USD ($)room	Dec. 31, 2020USD ($)ft²room	Dec. 31, 2019USD ($)state	Dec. 31, 2018USD ($)
Real Estate Properties [Line Items]
Square Feet | ft²									46,799
Purchase Price			$ 2,482,382								$ 127,597
Land											10,888
Land Improvements											1,006
Building and Improvements											107,128
Furniture, Fixtures and Equipment											8,575
Held For Sale											0
Intangible Assets											$ 0
Number of properties acquired | retailProperty			767
Rentable square feet | ft²			12,400,000
Number of states in which property is located | state			45							12
Cash consideration			$ 2,384,577
Prepayment penalties			82,069
Acquisition costs capitalized			$ 15,736
Number of tenants | tenant			279
Number of industries | industry			23
Number of brands | brand			163
Unspent leasing related obligations assumed									$ 4,399
Hotel
Real Estate Properties [Line Items]
Rooms | room									430
Square Feet | ft²	6,696
Purchase Price	$ 7,071									$ 2,711,985
Land	880									444,260
Land Improvements	0									1,204
Building and Improvements	5,363									1,365,525
Furniture, Fixtures and Equipment	0									8,593
Held For Sale	0									604,989
Intangible Assets	$ 828									$ 287,414
Washington, DC | Hotel
Real Estate Properties [Line Items]
Rooms | room						335
Purchase Price						$ 143,742
Land						44,972
Land Improvements						151
Building and Improvements						93,412
Furniture, Fixtures and Equipment						5,207
Held For Sale						0
Intangible Assets						$ 0
Milwaukee, WI | Hotel
Real Estate Properties [Line Items]
Rooms | room					198
Purchase Price					$ 30,235
Land					3,442
Land Improvements					1,053
Building and Improvements					25,132
Furniture, Fixtures and Equipment					608
Held For Sale					0
Intangible Assets					$ 0
Southington, CT | Hotel
Real Estate Properties [Line Items]
Purchase Price				$ 66
Land				66
Land Improvements				0
Building and Improvements				0
Furniture, Fixtures and Equipment				0
Held For Sale				0
Intangible Assets				$ 0
Various | Hotel
Real Estate Properties [Line Items]
Square Feet | ft²			12,372,762
Purchase Price			$ 2,482,382
Land			388,057
Land Improvements			0
Building and Improvements			1,201,922
Furniture, Fixtures and Equipment			0
Held For Sale			604,989
Intangible Assets			$ 287,414
Chicago, IL | Hotel
Real Estate Properties [Line Items]
Rooms | room		261
Purchase Price		$ 55,560
Land		7,723
Land Improvements		0
Building and Improvements		45,059
Furniture, Fixtures and Equipment		2,778
Held For Sale		0
Intangible Assets		$ 0
Minneapolis, MN | Hotel
Real Estate Properties [Line Items]
Rooms | room								360
Purchase Price								$ 75,576
Land								2,196
Land Improvements								0
Building and Improvements								68,388
Furniture, Fixtures and Equipment								4,992
Held For Sale								0
Intangible Assets								$ 0
Baton Rouge, LA | Hotel
Real Estate Properties [Line Items]
Rooms | room								117
Purchase Price								$ 16,022
Land								2,242
Land Improvements								173
Building and Improvements								12,842
Furniture, Fixtures and Equipment								765
Held For Sale								0
Intangible Assets								$ 0
Scottsdale, AZ | Hotel
Real Estate Properties [Line Items]
Rooms | room							164
Purchase Price							$ 35,999
Land							6,450
Land Improvements							833
Building and Improvements							25,898
Furniture, Fixtures and Equipment							2,818
Held For Sale							0
Intangible Assets							$ 0

Real Estate Properties - Sale o

Real Estate Properties - Sale of Properties (Details) $ in Thousands

Dec. 30, 2020USD ($)ft²property

Dec. 29, 2020USD ($)roomproperty

Dec. 22, 2020USD ($)ft²property

Dec. 15, 2020USD ($)ft²property

Nov. 19, 2020USD ($)room

Nov. 18, 2020hotel

Nov. 02, 2020USD ($)ft²property

Oct. 08, 2020USD ($)ft²property

Oct. 06, 2020USD ($)ft²property

Sep. 17, 2020USD ($)ft²property

Aug. 26, 2020USD ($)ft²property

Aug. 20, 2020USD ($)ft²property

Jul. 17, 2020USD ($)ft²property

Jun. 25, 2020USD ($)ft²property

May 28, 2020USD ($)ft²property

May 26, 2020USD ($)ft²property

Mar. 28, 2020USD ($)ft²property

Mar. 02, 2020USD ($)ft²property

Feb. 14, 2020USD ($)ft²property

Feb. 13, 2020USD ($)ft²property

Feb. 06, 2020USD ($)ft²property

Jan. 28, 2020USD ($)ft²property

Dec. 30, 2019USD ($)ft²property

Dec. 16, 2019USD ($)ft²property

Nov. 25, 2019USD ($)ft²property

Nov. 14, 2019USD ($)ft²property

Oct. 29, 2019USD ($)ft²property

Oct. 22, 2019USD ($)ft²property

Jan. 16, 2019USD ($)ft²travelCenterproperty

Dec. 31, 2019USD ($)ft²stateproperty

Dec. 31, 2020USD ($)ft²travelCenterpropertyroom

Dec. 31, 2019USD ($)ft²propertystate

Dec. 31, 2018USD ($)

Sep. 20, 2019state

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

39

150

Square Feet | ft²

46,799

Gross Sales Price

$ 167,542

$ 816,450

$ 0

Number of states in which property is located | state

12

12

45

Number of properties | travelCenter

1,109

Gain on sale of real estate, net

$ 2,261

$ 159,535

$ 0

Travel centers | Travel Centers of America LLC

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | travelCenter

20

Gross Sales Price

$ 308,200

Gain/ (Loss) on Sale

$ 159,535

Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

3,314,724

1,375,483

3,314,724

Rooms or Suites | room

2,046

Gross Sales Price

$ 174,172

$ 821,212

Gain/ (Loss) on Sale

$ 2,261

$ 159,535

Disposed of by sale | Sale of 130 Net Lease Properties

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

130

Square Feet | ft²

2,800,000

2,800,000

Gross Sales Price

$ 513,012

Number of states in which property is located | state

28

28

Gothenburg, NE

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

1

Gothenburg, NE | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

31,978

Gross Sales Price

$ 585

Gain/ (Loss) on Sale

$ 7

Rochester, MN

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

1

Rochester, MN | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

90,503

Gross Sales Price

$ 2,600

Gain/ (Loss) on Sale

$ (68)

Ainsworth, NE

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

1

Ainsworth, NE | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

32,901

Gross Sales Price

$ 775

Gain/ (Loss) on Sale

$ 7

Dekalb, IL

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

1

Dekalb, IL | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

5,052

Gross Sales Price

$ 1,050

Gain/ (Loss) on Sale

$ 21

Eau Claire, MI

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

1

Eau Claire, MI | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

98,824

Gross Sales Price

$ 2,600

Gain/ (Loss) on Sale

$ (6,947)

Stillwater, OK

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

1

Stillwater, OK | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

33,018

Gross Sales Price

$ 400

Gain/ (Loss) on Sale

$ 70

Pawtucket, RI

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

1

Pawtucket, RI | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

22,027

Gross Sales Price

$ 1,610

Gain/ (Loss) on Sale

$ (1,751)

Canton, MA

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

1

Canton, MA | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

755,992

Gross Sales Price

$ 51,000

Gain/ (Loss) on Sale

$ (1,049)

Phoenix, AZ

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

1

Phoenix, AZ | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

29,434

Gross Sales Price

$ 2,900

Gain/ (Loss) on Sale

$ (81)

Bellefontaine, OH

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

1

Bellefontaine, OH | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

2,267

Gross Sales Price

$ 440

Gain/ (Loss) on Sale

$ 20

Clinton, MD

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

1

Clinton, MD | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

2,935

Gross Sales Price

$ 700

Gain/ (Loss) on Sale

$ (5)

Lancaster, PA

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

1

Lancaster, PA | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

3,014

Gross Sales Price

$ 775

Gain/ (Loss) on Sale

$ 74

Baton Rouge, LA

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

1

Baton Rouge, LA | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

2,334

Gross Sales Price

$ 750

Gain/ (Loss) on Sale

$ 39

Winston-Salem, NC

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

1

Winston-Salem, NC | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

32,816

Gross Sales Price

$ 1,300

Gain/ (Loss) on Sale

$ 23

Hillard, OH

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

1

Hillard, OH | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

5,316

Gross Sales Price

$ 2,350

Gain/ (Loss) on Sale

$ 5

Cabot, AR

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

1

Cabot, AR | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

18,165

Gross Sales Price

$ 550

Gain/ (Loss) on Sale

$ 25

Lander, WY

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

1

Lander, WY | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

8,900

Gross Sales Price

$ 350

Gain/ (Loss) on Sale

$ 2

Raleigh, NC

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

1

Raleigh, NC | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

55,558

Gross Sales Price

$ 3,900

Gain/ (Loss) on Sale

$ 41

Various States

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties

10

8

Various States | Travel centers | Travel Centers of America LLC

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

20

Various States | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Rooms or Suites | room

1,212

834

Gross Sales Price

$ 40,987

$ 44,800

Gain/ (Loss) on Sale

$ 9,175

$ 8,375

Various States | Disposed of by sale | Travel centers | Travel Centers of America LLC

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

541,483

Gross Sales Price

$ 308,200

Gain/ (Loss) on Sale

$ 159,535

Fredrick, MD

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

1

Fredrick, MD | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

3,000

Gross Sales Price

$ 800

Gain/ (Loss) on Sale

$ 18

O'Neill, NE

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

1

O'Neill, NE | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

31,374

Gross Sales Price

$ 850

Gain/ (Loss) on Sale

$ (136)

Morrisville, PA

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

1

Morrisville, PA | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

110,075

Gross Sales Price

$ 12,100

Gain/ (Loss) on Sale

$ (5,604)

Hermantown, MN

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

1

Hermantown, MN | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

103,631

Gross Sales Price

$ 6,250

Gain/ (Loss) on Sale

$ 0

Las Vegas, NV

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

1

Las Vegas, NV | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

138,558

Gross Sales Price

$ 57,000

Gain/ (Loss) on Sale

$ 0

Colby, KS

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

1

Colby, KS | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

6,900

Gross Sales Price

$ 590

Gain/ (Loss) on Sale

$ 0

Various

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

123

Various | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

2,429,333

Gross Sales Price

$ 435,104

Gain/ (Loss) on Sale

$ 0

Naples, FL 34110

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

1

Naples, FL 34110 | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

4,480

Gross Sales Price

$ 1,112

Gain/ (Loss) on Sale

$ 0

Naples, FL 34102

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

1

Naples, FL 34102 | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

4,500

Gross Sales Price

$ 706

Gain/ (Loss) on Sale

$ 0

Dallas, TX

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of Properties | property

2

Dallas, TX | Disposed of by sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Square Feet | ft²

85,839

Gross Sales Price

$ 12,250

Gain/ (Loss) on Sale

$ 0

Management Agreements and Lea_3

Management Agreements and Leases (Details)	12 Months Ended
	Dec. 31, 2020travelCenterpropertyhoteltenantagreement	Dec. 31, 2019hotel	Sep. 20, 2019tenant
Management Agreements and Leases [Line Items]
Number of properties | travelCenter	1,109
Number of operating agreements | agreement	7
Number of tenants | tenant			279
Net Lease Property
Management Agreements and Leases [Line Items]
Number of properties | property	799
Number of tenants | tenant	170
Hotel
Management Agreements and Leases [Line Items]
Number of operating agreements | agreement	6
Number of properties leased to taxable REIT subsidiaries | hotel	305
Number of real estate properties to be sold or rebranded | hotel	5	2
Hotel | Minimum
Management Agreements and Leases [Line Items]
Number of real estate properties leased or managed | property	1
Hotel management agreements and leases, renewal period	1 year
Hotel | Maximum
Management Agreements and Leases [Line Items]
Hotel management agreements and leases, renewal period	60 years

Management Agreements and Lea_4

Management Agreements and Leases - Sonesta (Details) $ in Thousands	Feb. 27, 2020USD ($)hotel	Feb. 26, 2020USD ($)	Mar. 31, 2021hotel	Feb. 28, 2021hotel	Dec. 15, 2020hotel	Dec. 31, 2020USD ($)dtravelCenterhotelunitrenewalOption	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Management Agreements and Leases [Line Items]
Number of properties | travelCenter						1,109
Capital improvements from leased facilities, funded						$ 69,082	$ 150,531	$ 182,862
Equity in earnings (losses) of an investee						$ (9,910)	393	515
Hotel
Management Agreements and Leases [Line Items]
Number of properties | hotel						310
Sonesta International Hotels Corporation
Management Agreements and Leases [Line Items]
Noncontrolling interest, ownership percentage						34.00%
Sonesta Agreement
Management Agreements and Leases [Line Items]
Percentage of gross revenues from hotel operations placed into escrow	5.00%
Percent of gross revenues	5.00%
Equity method investments, carrying value						$ 36,646
Amount of cost basis exceeding book value	$ 8,000
Amortization period	31 years
Amortization of basis difference						216
Equity in earnings (losses) of an investee						(9,910)
Liability of the fair value of initial investment						42,000
Decrease in hotel operating expense						2,070
Unamortized balance						$ 39,931
Sonesta Agreement | Hotel | Subsequent event
Management Agreements and Leases [Line Items]
Number of properties | hotel				193
IHG Agreement | Sonesta | Subsequent event
Management Agreements and Leases [Line Items]
Number of properties with transferred branding and management | hotel				78
IHG Agreement | Forecast | Sonesta
Management Agreements and Leases [Line Items]
Number of properties with transferred branding and management | hotel			10
Hyatt Hotels Corporation Contract | Hotel
Management Agreements and Leases [Line Items]
Number of properties | hotel						22
Automatic renewal term						1 year
Hotel | Sonesta
Management Agreements and Leases [Line Items]
Number of properties with transferred branding and management | hotel						9
Hotel | Sonesta Agreement
Management Agreements and Leases [Line Items]
Annual minimum returns and rents						$ 349,456
Number of properties | hotel						168
Percentage increase in minimum returns						8.00%
Percent payment of hotel cash flows						80.00%
Hotel net income (loss)						$ (65,277)
Realized returns and rents							67,592	78,076
Percentage of reservation fee						0.015%
Percentage of system fee for centralized services						0.015%
Percentage of incentive fee						0.20%
Percentage of procurement and construction supervision fee						0.03%
Related party transaction, management, marketing and reservation system fees						$ 17,734	36,169	34,821
Procurement and construction supervisory fees						1,571	3,320	2,374
Capital improvements from leased facilities, funded						$ 62,963	114,082	82,329
Number of renewal options available | renewalOption						2
Renewal period						15 years
Days' notice to terminate agreement without cause | d						60
Minimum return or termination						6.00%
Minimum agreement period before right to terminate agreement without cause						30 days
Maximum agreement period before right to terminate agreement without cause						60 days
Hotel | IHG Agreement
Management Agreements and Leases [Line Items]
Annual minimum returns and rents						$ 216,551
Realized returns and rents						$ 107,888	205,941	189,981
Percent of gross revenues						5.00%
Hotel | IHG Agreement | Sonesta
Management Agreements and Leases [Line Items]
Number of properties with transferred branding and management | hotel					115
Hotel | Hyatt Hotels Corporation Contract
Management Agreements and Leases [Line Items]
Annual minimum returns and rents						$ 22,037
Number of properties | hotel						22
Realized returns and rents						$ 22,037	22,037	22,037
Percent of gross revenues						5.00%
Hotel | Full service hotels | Sonesta
Management Agreements and Leases [Line Items]
Number of properties with transferred branding and management | hotel						102
Hotel | Full service hotels | Sonesta Agreement
Management Agreements and Leases [Line Items]
Annual minimum returns and rents	$ 69,013	$ 99,013
Property management fees, percentage of gross revenue						3.00%
Hotel | Limited services hotels | Sonesta Agreement
Management Agreements and Leases [Line Items]
Property management fees, percentage of gross revenue						0.05%
Hotel | Sonesta International Hotels Corporation
Management Agreements and Leases [Line Items]
Number of properties | hotel						168
Due to related party, reimbursement of capital expenditures and other						$ 26,096	$ 15,537	$ 5,703
Hotel | Sonesta International Hotels Corporation | Full service hotels
Management Agreements and Leases [Line Items]
Number of real estate properties leased or managed | hotel	14					38
Hotel | Sonesta International Hotels Corporation | Limited services hotels
Management Agreements and Leases [Line Items]
Number of real estate properties leased or managed | hotel	39					121
Hotel | Sonesta International Hotels Corporation | Select service hotels
Management Agreements and Leases [Line Items]
Number of real estate properties leased or managed | hotel						9
Vacation units | Wyndham destinations agreement
Management Agreements and Leases [Line Items]
Number of units leased | unit						48

Management Agreements and Lea_5

Management Agreements and Leases - IHG Agreement (Details) $ in Thousands	Dec. 01, 2020USD ($)hotel	Mar. 12, 2020USD ($)	Sep. 20, 2019USD ($)	Jul. 31, 2020USD ($)	Apr. 30, 2020USD ($)	Dec. 15, 2020hotel	Dec. 31, 2020USD ($)travelCenterhotel	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Management Agreements and Leases [Line Items]
Number of properties | travelCenter							1,109
Transaction value			$ 2,482,382						$ 127,597
Hotel
Management Agreements and Leases [Line Items]
Transaction value		$ 7,071						$ 2,711,985
Hotel | IHG
Management Agreements and Leases [Line Items]
Number of properties | hotel							103
Hotel | Sonesta
Management Agreements and Leases [Line Items]
Number of properties with transferred branding and management | hotel							9
Hotel | IHG Agreement
Management Agreements and Leases [Line Items]
Annual minimum returns and rents							$ 216,551
Security deposit balance required to be maintained with entity							37,000
Amount by which the cash flow available to pay the entity's minimum rent or return was more than the minimum amount							100,000
Replenishment (utilization) of security deposit				$ (75,717)
Realized returns and rents							$ 107,888	$ 205,941	$ 189,981
Percent of gross revenues							5.00%
Working capital advances					$ 37,000
Hotel | IHG Agreement | Ravinia, GA
Management Agreements and Leases [Line Items]
Number of properties | hotel	1
Transaction value	$ 128,500
Period prior to option notice date	24 months
Percent used to divide acquisition price	8.00%
Property management fees, percentage of gross revenue	3.00%
Hotel | IHG Agreement | Sonesta
Management Agreements and Leases [Line Items]
Number of properties with transferred branding and management | hotel						115

Management Agreements and Lea_6

Management Agreements and Leases - Marriott Agreement (Details) $ in Thousands	Nov. 25, 2019property	Mar. 31, 2021hotel	Feb. 28, 2021hotel	Apr. 30, 2020USD ($)	Dec. 15, 2020hotel	Dec. 31, 2020USD ($)hoteltravelCenterproperty	Dec. 31, 2019USD ($)hotelproperty	Dec. 31, 2018USD ($)
Management Agreements and Leases [Line Items]
Number of properties | travelCenter						1,109
Security deposits | $						$ 294	$ 109,403
Number of properties sold | property						39	150
Properties to be sold | property							19
Capital improvements from leased facilities, funded | $						$ 69,082	$ 150,531	$ 182,862
Various
Management Agreements and Leases [Line Items]
Number of properties sold | property	123
Hotel
Management Agreements and Leases [Line Items]
Number of properties | hotel						310
Hotel
Management Agreements and Leases [Line Items]
Number of real estate properties to be sold or rebranded | hotel						5	2
Hotel | Sonesta
Management Agreements and Leases [Line Items]
Number of properties with transferred branding and management | hotel						9
Marriott contracts | Hotel
Management Agreements and Leases [Line Items]
Number of properties | hotel						105
Marriott contracts | Minimum
Management Agreements and Leases [Line Items]
Percentage of gross revenues from hotel operations placed into escrow						5.50%
Marriott contracts | Maximum
Management Agreements and Leases [Line Items]
Percentage of gross revenues from hotel operations placed into escrow						6.50%
Marriott contracts | Hotel
Management Agreements and Leases [Line Items]
Number of properties | hotel						122
Annual minimum returns and rents | $						$ 176,416
Security deposits replenished and increased | $						$ 64,700
Percent of cash flows realized from operations						60.00%
Guarantee provided to the entity, maximum | $						$ 30,000
Percentage of aggregate minimum return due						85.00%
Security deposits | $						$ 33,445
Percent of cumulative priority returns due						80.00%
Number of real estate properties to be sold or rebranded | hotel						33
Refund amount | $						$ 19,120
Realized returns and rents | $						$ 93,593	$ 190,492	186,822
Capital improvements from leased facilities, funded | $				$ 30,000
Marriott contracts | Hotel | Held-for-sale
Management Agreements and Leases [Line Items]
Properties to be sold | hotel						16
IHG Agreement | Sonesta | Subsequent event
Management Agreements and Leases [Line Items]
Number of properties with transferred branding and management | hotel			78
IHG Agreement | Sonesta | Forecast
Management Agreements and Leases [Line Items]
Number of properties with transferred branding and management | hotel		10
IHG Agreement | Maximum | Hotel
Management Agreements and Leases [Line Items]
Number of properties | hotel						1
IHG Agreement | Hotel
Management Agreements and Leases [Line Items]
Annual minimum returns and rents | $						$ 216,551
Realized returns and rents | $						$ 107,888	$ 205,941	$ 189,981
IHG Agreement | Hotel | Sonesta
Management Agreements and Leases [Line Items]
Number of properties with transferred branding and management | hotel					115

Management Agreements and Lea_7

Management Agreements and Leases - Hyatt Agreement (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)travelCenterhotel	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Management Agreements and Leases [Line Items]
Number of properties | travelCenter	1,109
Hyatt Hotels Corporation Contract
Management Agreements and Leases [Line Items]
Working capital advances	$ 3,700
Hyatt Hotels Corporation Contract | Hotel
Management Agreements and Leases [Line Items]
Number of properties | hotel	22
Annual minimum returns and rents	$ 22,037
Realized returns and rents	22,037	$ 22,037	$ 22,037
Guarantee provided to the entity, maximum	$ 50,000
Percent of gross revenues	5.00%

Management Agreements and Lea_8

Management Agreements and Leases - Radisson Agreement (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)travelCenterhotel	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Management Agreements and Leases [Line Items]
Number of properties | travelCenter	1,109
Hotel
Management Agreements and Leases [Line Items]
Number of properties | hotel	310
Radisson Agreement | Hotel
Management Agreements and Leases [Line Items]
Number of properties | hotel	9
Radisson Agreement | Hotel
Management Agreements and Leases [Line Items]
Annual minimum returns and rents	$ 20,601
Realized returns and rents	20,456	$ 20,056	$ 16,183
Guarantee provided to the entity, maximum	47,523
Increase in guarantee	27,978
Guarantee provided to the entity, remaining amount	$ 13,238
Percent payment of hotel cash flows	50.00%
Percent of gross revenues	5.00%

Management Agreements and Lea_9

Management Agreements and Leases - Wyndham Agreements (Details) $ in Thousands	Oct. 01, 2020hotel	Oct. 31, 2020hotel	Dec. 31, 2020USD ($)travelCenterproperty	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)	Dec. 29, 2020hotel	Sep. 30, 2020hotel
Management Agreements and Leases [Line Items]
Number of properties | travelCenter			1,109
Number of properties sold | property			39	150
Hotel | Minimum
Management Agreements and Leases [Line Items]
Amount by which the cash flow available to pay the entity's minimum rent or return was less than the minimum amount | $			$ 235,521	$ 29,162	$ 5,569
Wyndham agreement | Hotel
Management Agreements and Leases [Line Items]
Hotel net income (loss) | $			$ (9,295)
Realized returns and rents | $				$ 20,023	$ 23,562
Number of rebranded properties | hotel	1	4
Number of properties | hotel						5	15
Management fee percentage		7.00%
Number of properties sold | hotel		10

Management Agreements and Le_10

Management Agreements and Leases - Net Lease Portfolio (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)ft²travelCenterpropertyretailPropertybrandtenantindustry	Sep. 20, 2019industrytenantbrand
Management Agreements and Leases [Line Items]
Number of properties | travelCenter	1,109
Area of real estate | ft²	46,799
Number of tenants | tenant		279
Number of brands | brand		163
Number of industries | industry		23
Net Lease Property
Management Agreements and Leases [Line Items]
Number of properties | retailProperty	1,109
Annual minimum returns and rents | $	$ 369,593
Weighted average lease term	10 years 10 months 24 days
Percentage of portfolio leased by tenants	98.70%
Number of brands | brand	127
Number of industries | industry	22
Net Lease Property
Management Agreements and Leases [Line Items]
Number of properties | property	799
Number of tenants | tenant	170

Management Agreements and Le_11

Management Agreements and Leases - TA Leases (Details) $ in Thousands	Apr. 01, 2019USD ($)installmentquarterlyInstallment	Jan. 16, 2019USD ($)travelCenter	Dec. 31, 2020USD ($)travelCenterleaseOptionpropertymi	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)
Management Agreements and Leases [Line Items]
Rental income			$ 389,955	$ 322,236	$ 330,806
Straight line rent adjustments			$ (714)	$ (10,719)	12,509
Number of properties sold | property			39	150
Net proceeds from sale of real estate			$ 167,542	$ 816,450	0
Capital improvements from leased facilities, funded			69,082	150,531	182,862
Other Assets | COVID-19
Management Agreements and Leases [Line Items]
Reserves for uncollectible rents			$ 15,873	5,981
Travel Centers of America LLC | TA No. 5 Lease
Management Agreements and Leases [Line Items]
Percentage increase in non-fuel gross revenue to be paid by lessee			3.00%
Travel Centers of America LLC | Travel Center Nos 1, 2, 3, and 4
Management Agreements and Leases [Line Items]
Percentage increase in non-fuel gross revenue to be paid by lessee			3.00%
Travel centers | Travel Centers of America LLC
Management Agreements and Leases [Line Items]
Number of Travel Centers | travelCenter			179
Annual Minimum Rent			$ 246,110
Number of renewal options available | leaseOption			2
Term of renewal options			15 years
Aggregate payment to deferred rent receivable	$ 70,458
Number of quarterly installments | quarterlyInstallment	16
Quarterly payments to deferred rent receivable	$ 4,404		$ 17,616	13,200
Area of distance away to own property | mi			75
Rental income			$ 250,573	262,038	302,309
Straight line rent adjustments			(13,156)	(11,894)	12,127
Accruals for unpaid rent, including deferred rents			55,530	68,653
Deferred rent	$ 150,000		$ 39,632
Number of installments | installment	5
Number of properties sold | travelCenter		20
Net proceeds from sale of real estate		$ 308,200
Gain from sale		159,535
Decrease in annual minimum returns		$ 43,148
Additional percentage			0.50%
Amount of percentage rent from TA that was recognized			$ 2,764	$ 4,075	3,548
Increase (decrease) operating leases annual rent fixed interest rate			8.50%
Increase (decrease) operating leases annual rent basis spread on variable rate			3.50%
Capital improvements from leased facilities, funded					56,346
Increase (decrease) in annual minimum returns and rents					$ 4,789
Travel centers | Travel Centers of America LLC | Operating Lease, Expense | Customer Concentration Risk
Management Agreements and Leases [Line Items]
Concentration risk percentage			26.70%
Travel centers | Travel Centers of America LLC | TA No. 1 Lease
Management Agreements and Leases [Line Items]
Number of Travel Centers | travelCenter			36
Annual Minimum Rent			$ 49,707
Deferred rent			$ 10,487
Travel centers | Travel Centers of America LLC | TA No. 2 Lease
Management Agreements and Leases [Line Items]
Number of Travel Centers | travelCenter			36
Annual Minimum Rent			$ 44,077
Deferred rent			$ 9,740
Travel centers | Travel Centers of America LLC | TA No. 3 Lease
Management Agreements and Leases [Line Items]
Number of Travel Centers | travelCenter			35
Annual Minimum Rent			$ 42,409
Deferred rent			$ 9,602
Travel centers | Travel Centers of America LLC | Travel Centers No4 [Member]
Management Agreements and Leases [Line Items]
Number of Travel Centers | travelCenter			37
Annual Minimum Rent			$ 48,263
Deferred rent			$ 9,803
Travel centers | Travel Centers of America LLC | TA No. 5 Lease
Management Agreements and Leases [Line Items]
Number of Travel Centers | travelCenter			35
Annual Minimum Rent			$ 61,654
Deferred rent			$ 0

Management Agreements and Le_12

Management Agreements and Leases - Other Net Lease Agreements (Details) $ in Thousands	Feb. 26, 2021USD ($)	Jan. 31, 2021	Dec. 31, 2020USD ($)travelCentertenant	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Management Agreements and Leases [Line Items]
Number of properties | travelCenter			1,109
Rental income			$ 389,955	$ 322,236	$ 330,806
Straight line rent adjustments			$ (714)	(10,719)	$ 12,509
COVID-19
Management Agreements and Leases [Line Items]
Percent of collected rents			94.00%
Number of rent deferral agreements | tenant			46,000
Amount of deferred annual minimum rents			$ 46,370
Reserves for uncollectible amounts against rental income			9,892	5,981
COVID-19 | Other, net of accumulated amortization of $1,188 and $1,803, respectively
Management Agreements and Leases [Line Items]
Reserves for uncollectible rents			$ 15,873	5,981
COVID-19 | Subsequent event
Management Agreements and Leases [Line Items]
Percent of collected rents		89.30%
Amount of deferred annual minimum rents	$ 12,115
COVID-19 | Minimum
Management Agreements and Leases [Line Items]
Rent deferrals			1 month
Deferred rent repayment period			12 months
COVID-19 | Maximum
Management Agreements and Leases [Line Items]
Rent deferrals			4 months
Deferred rent repayment period			24 months
SMTA Transaction
Management Agreements and Leases [Line Items]
Rental income			$ 137,111	46,861
Straight line rent adjustments			$ (14,345)	$ 2,160

Management Agreements and Le_13

Management Agreements and Leases - Additional Lease Schedule (Details) $ in Thousands	Dec. 31, 2020USD ($)
Leases [Abstract]
2021	$ 391,108
2022	386,145
2023	367,587
2024	359,875
2025	351,209
Thereafter	2,442,524
Total	$ 4,298,448

Management Agreements and Le_14

Management Agreements and Leases - Additional Lease Information Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)hotelproperty	Dec. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Right of use asset	$ 84,924	$ 75,040
Lease liability	$ 84,924	$ 75,040
Operating lease, right-of-use asset, statement of financial position, extensible list	us-gaap:OtherAssets	us-gaap:OtherAssets
Operating lease, liability, statement of financial position, extensible list	us-gaap:OtherLiabilities	us-gaap:OtherLiabilities
Hotel
Lessee, Lease, Description [Line Items]
Number of properties on leased land | hotel	14
Rental expense related to operating leases	$ 13,396
Travel centers
Lessee, Lease, Description [Line Items]
Number of properties on leased land | property	17
Travel centers | Land
Lessee, Lease, Description [Line Items]
Rental expense related to operating leases	$ 485
Lease term	11 years
Travel centers | Minimum | Land
Lessee, Lease, Description [Line Items]
Lease term	1 year
Travel centers | Maximum | Land
Lessee, Lease, Description [Line Items]
Lease term	30 years

Management Agreements and Le_15

Management Agreements and Leases Management Agreements and Leases - Schedule of Minimum Rent Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
2021	$ 7,334
2022	6,691
2023	6,384
2024	6,282
2025	5,949
Thereafter	163,045
Total lease payments	195,685
Less: imputed interest	(110,761)
Present value of lease liabilities	$ 84,924	$ 75,040
Land
Lessee, Lease, Description [Line Items]
Weighted average discount rate used to calculate lease liability	5.49%
Lease term	30 years
Land | Minimum
Lessee, Lease, Description [Line Items]
Lease term	11 years
Land | Maximum
Lessee, Lease, Description [Line Items]
Lease term	66 years
Hotel Operating Leases
Lessee, Lease, Description [Line Items]
Weighted average discount rate used to calculate lease liability	5.96%
Lease term	36 years
Hotel Operating Leases | Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 month
Hotel Operating Leases | Maximum
Lessee, Lease, Description [Line Items]
Lease term	46 years

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details)

Jan. 19, 2021USD ($)

Dec. 18, 2020USD ($)

Nov. 20, 2020USD ($)

Nov. 05, 2020USD ($)hotel

Jun. 17, 2020USD ($)

Sep. 30, 2019

Sep. 18, 2019USD ($)

Feb. 02, 2018USD ($)

Jun. 30, 2020$ / shares

Dec. 31, 2020USD ($)extension$ / shares

Dec. 31, 2019USD ($)

Dec. 31, 2018USD ($)

Sep. 20, 2019USD ($)

Debt Instrument [Line Items]

Revolving credit facility

$ 78,424,000

$ 377,000,000

Senior unsecured notes, net

6,130,166,000

5,287,658,000

Amount borrowed under line of credit

1,189,094,000

1,124,000,000

$ 517,000,000

Loss on early extinguishment of debt

(9,394,000)

(8,451,000)

(160,000)

Net proceeds

1,250,000,000

1,693,879,000

$ 389,976,000

Unsecured debt

Debt Instrument [Line Items]

Loss on early extinguishment of debt

$ (8,451,000)

Debt Instrument, Term

1 year

Unsecured term loan facility, borrowing capacity

$ 2,000,000,000

COVID-19

Debt Instrument [Line Items]

Quarterly cash dividend (in dollars per share) | $ / shares

$ 0.01

Debt redeemed

800,000,000

Subsidiaries

Debt Instrument [Line Items]

Undepreciated book value

$ 1,027,334,000

Senior Unsecured Notes, due 2030 at 4.375%

Debt Instrument [Line Items]

Interest rate stated percentage

4.375%

Senior Unsecured Notes, due 2025 at 7.50%

Debt Instrument [Line Items]

Interest rate stated percentage

7.50%

7.50%

Senior Unsecured Notes, due 2021 at 4.25%

Debt Instrument [Line Items]

Interest rate stated percentage

4.25%

Revolving credit facility

Debt Instrument [Line Items]

Revolving credit facility

$ 78,424,000

Unsecured revolving credit facility maximum borrowing capacity

$ 1,000,000,000

Number of extension options | extension

2

Extension term

6 months

Facility fee

0.30%

Interest rate (as a percent)

2.85%

2.80%

Weighted average interest rate for borrowings (as a percent)

2.36%

3.21%

3.06%

Remaining borrowing capacity

$ 921,576,000

Minimum restricted liquidity

$ 125,000,000

Interest rate increase

0.50%

Quarterly cash dividend (in dollars per share) | $ / shares

$ 0.01

Revolving credit facility | COVID-19

Debt Instrument [Line Items]

Unsecured revolving credit facility maximum borrowing capacity

$ 2,300,000,000

Revolving credit facility | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Basis points

2.35%

LIBOR floor rate

0.50%

Revolving credit facility | Subsequent event | COVID-19

Debt Instrument [Line Items]

Amount borrowed under line of credit

$ 972,793,000

Senior notes

Debt Instrument [Line Items]

Senior unsecured notes, net

$ 6,200,000,000

Proceeds from debt

$ 1,680,461,000

Senior notes | COVID-19

Debt Instrument [Line Items]

Debt proceeds

1,229,950,000

Senior notes | Senior Unsecured Notes, due 2030 at 4.375%

Debt Instrument [Line Items]

Principal amount

$ 400,000,000

Interest rate stated percentage

4.375%

Net proceeds

$ 386,400,000

Senior notes | Unsecured senior notes due 2024

Debt Instrument [Line Items]

Principal amount

$ 825,000,000

Interest rate stated percentage

4.35%

Senior notes | Unsecured senior notes due 2026

Debt Instrument [Line Items]

Principal amount

$ 450,000,000

Interest rate stated percentage

4.75%

Senior notes | Unsecured senior notes due 2029

Debt Instrument [Line Items]

Principal amount

$ 425,000,000

Interest rate stated percentage

4.95%

Senior notes | Senior Unsecured Notes, due 2025 at 7.50%

Debt Instrument [Line Items]

Principal amount

$ 800,000,000

Senior notes | Senior Unsecured Notes, due 2025 at 7.50% | COVID-19

Debt Instrument [Line Items]

Debt proceeds

787,718,000

Senior notes | Senior Unsecured Notes, due 2021 at 4.25% | Debt Instrument, Redemption, Period One

Debt Instrument [Line Items]

Principal amount

400,000,000

Loss on early extinguishment of debt

$ (6,970,000)

Interest rate stated percentage

4.25%

Total repurchase amount

355,971,000

Senior notes | Senior Unsecured Notes, due 2021 at 4.25% | Debt Instrument, Redemption, Period Two

Debt Instrument [Line Items]

Loss on early extinguishment of debt

$ (33,000)

Debt redeemed

$ 50,000,000

Senior notes | Senior Unsecured Notes, due 2021 at 4.25% | COVID-19 | Debt Instrument, Redemption, Period One

Debt Instrument [Line Items]

Debt redeemed

$ 350,000,000

Senior notes | Senior Notes, 5.50 Percent, Due 2027

Debt Instrument [Line Items]

Principal amount

$ 450,000,000

Interest rate stated percentage

5.50%

Debt proceeds

$ 442,232,000

Medium-term Notes

Debt Instrument [Line Items]

Weighted average interest rate for borrowings (as a percent)

2.74%

3.43%

3.12%

Principal amount

$ 400,000,000

Loss on early extinguishment of debt

$ 2,391,000

Revolving Credit Facility and Term Loan

Debt Instrument [Line Items]

Undepreciated book value

$ 1,834,748,000

Properties with first mortgage liens | hotel

74

Revolving Credit Facility and Term Loan | Maximum

Debt Instrument [Line Items]

Capital expenditures

$ 250,000,000

Investment funding

$ 50,000,000

Revolving Credit Facility and Term Loan | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Interest rate increase

0.30%

Indebtedness - Principal Repaym

Indebtedness - Principal Repayment (Details) $ in Thousands	Dec. 31, 2020USD ($)
Required principal payments under outstanding debt
2021	$ 0
2022	578,424
2023	500,000
2024	1,175,000
2025	1,150,000
Thereafter	2,875,000
Total principal payments	$ 6,278,424

Shareholders' Equity - Common S

Shareholders' Equity - Common Share Awards Narrative (Details) $ in Thousands	Feb. 27, 2020USD ($)trusteeshares	Apr. 12, 2018USD ($)shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares
Common Share Issuances
Number of new trustees | trustee	2
Officers and employees of RMR
Common Share Issuances
Common shares granted under equity compensation plan (in shares) | shares			264,400	140,100	97,000
Stock granted value			$ 2,232	$ 3,507	$ 2,810
Vesting period			5 years
Trustee One | Common Shares
Common Share Issuances
Common shares granted under equity compensation plan (in shares) | shares	3,000		5,000
Stock granted value	$ 112		$ 378
Stock granted value per trustee			$ 54
Trustee Two | Common Shares
Common Share Issuances
Common shares granted under equity compensation plan (in shares) | shares	3,000		5,000
Stock granted value	$ 112		$ 378
Stock granted value per trustee			$ 54
Trustees | Common Shares
Common Share Issuances
Common shares granted under equity compensation plan (in shares) | shares		3,000	3,000	3,000	3,000
Stock granted value		$ 75	$ 370	$ 427
Stock granted value per trustee			$ 74	$ 85

Shareholders' Equity - Share-ba

Shareholders' Equity - Share-based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share Award Plan
Unvested shares, scheduled to vest
Shares reserved for issuance (in shares)	2,029,893
Award Plans
Number of Shares
Unvested shares, beginning of year (in shares)	194,540	164,000	146,605
Shares granted (in shares)	305,400	155,100	115,000
Shares vested (in shares)	(173,190)	(122,010)	(96,375)
Shares forfeited (in shares)	(850)	(2,550)	(1,230)
Unvested shares, end of year (in shares)	325,900	194,540	164,000
Weighted Average Grant Date Fair Value
Unvested shares, beginning of year (in dollars per share)	$ 26.59	$ 28.39	$ 27.93
Shares granted (in dollars per share)	8.91	25	28.80
Shares vested (in dollars per share)	17.76	25.09	28.73
Shares forfeited (in dollars per share)	26.93	27.49	0
Unvested shares, end of year (in dollars per share)	$ 14.71	$ 26.59	$ 28.39
Unvested shares, scheduled to vest
2021 (in shares)	131,660
2022 (in shares)	79,760
2023 (in shares)	67,600
2024 (in shares)	46,880
Estimated future compensation expense	$ 3,664
Weighted average period over which the compensation expense will be recorded	22 months
Compensation expense	$ 3,206	$ 2,849	$ 3,187

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
Aggregate Number of Shares Repurchased (in shares)	43,751	31,225	21,202
Weighted Average Repurchase Price (in dollars per share)	$ 7.90	$ 25.61	$ 28.59
Value	$ 346	$ 800	$ 606

Shareholders' Equity - Distribu

Shareholders' Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 14, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Common Share Distributions
Annual Per Share Distribution (in dollars per share)		$ 0.57	$ 2.15	$ 2.11
Total Distribution		$ 93,804	$ 353,620	$ 346,832
Ordinary Income		0.00%	44.50%	100.00%
Capital Gain		0.00%	37.93%	0.00%
Return of Capital		100.00%	17.57%	0.00%
Qualified Dividend		0.00%	0.50%	0.00%
Subsequent event
Common Share Distributions
Total Distribution	$ 1,648
Cash distributions paid or payable (in dollars per share)	$ 0.01

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Rollforward]
Beginning balance	$ 2,505,878	$ 2,597,431	$ 2,755,422
Current year other comprehensive loss	(760)	91	(68)
Equity interest in investee’s unrealized gains (losses)	(760)	91	(68)
Amounts reclassified from cumulative other comprehensive income to net income	0	175
Ending balance	2,102,790	2,505,878	2,597,431
Equity in Unrealized Gain (Loss) of Investees
Accumulated Other Comprehensive Income (Loss) [Rollforward]
Beginning balance	0	(266)
Current year other comprehensive loss	(760)
Equity interest in investee’s unrealized gains (losses)		91
Amounts reclassified from cumulative other comprehensive income to net income	0	175
Ending balance	(760)	0	(266)
Cumulative Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Rollforward]
Beginning balance	0	(266)	79,358
Equity interest in investee’s unrealized gains (losses)	(760)	91	(68)
Amounts reclassified from cumulative other comprehensive income to net income		175
Ending balance	$ (760)	$ 0	$ (266)

Business and Property Managem_2

Business and Property Management Agreements with RMR LLC (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)employeeagreement	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Real Estate Properties [Line Items]
Entity number of employees | employee	0
RMR LLC
Real Estate Properties [Line Items]
Property management fees percentage of gross collected rents	3.00%
Construction supervision fees as percentage of construction costs	5.00%
RMR LLC | Up C Transaction
Real Estate Properties [Line Items]
Recognized amortization of liability		$ 3,585	$ 3,585
RMR LLC | RMR Inc.
Real Estate Properties [Line Items]
Recognized amortization of liability	$ 3,585
Amended and restated business management agreement | RMR LLC
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	12.00%
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	$ 36,830	41,607	39,942
Incentive fee paid	0	0	53,635
Aggregate property management and construction supervision fees	3,575	1,399	64
Related party reimbursement expense	$ 425	$ 620	$ 399
Amended and restated business management agreement | RMR LLC | Up C Transaction
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 | RMR LLC | Maximum
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 | RMR LLC | Maximum | Up C Transaction
Real Estate Properties [Line Items]
Termination fee term	20 years
Amended and restated business management agreement | RMR LLC | Minimum
Real Estate Properties [Line Items]
Incentive management fee reduction	0.0200
Amended and restated business management agreement | RMR LLC | Minimum | Up C Transaction
Real Estate Properties [Line Items]
Termination fee term	19 years

Related Person Transactions - M

Related Person Transactions - Management Agreements (Details) $ / shares in Units, $ in Thousands	Jul. 01, 2019USD ($)$ / shares	Dec. 31, 2020agreement	Jun. 05, 2015shares
First Anniversary Vesting Percentage
Related Party Transaction [Line Items]
Vesting percentage		20.00%
Second Anniversary Vesting Percentage
Related Party Transaction [Line Items]
Vesting percentage		20.00%
Third Anniversary Vesting Percentage
Related Party Transaction [Line Items]
Vesting percentage		20.00%
Fourth Anniversary Vesting Percentage
Related Party Transaction [Line Items]
Vesting percentage		20.00%
Fifth Anniversary Vesting Percentage
Related Party Transaction [Line Items]
Vesting percentage		20.00%
Amended and restated business management agreement | RMR LLC
Related Party Transaction [Line Items]
Number of management agreements | agreement		2
Class A common shares | RMR Inc.
Related Party Transaction [Line Items]
Public offering price (in dollars per share) | $ / shares	$ 40
Proceeds from sale | $	$ 93,568
Class A common shares | RMR LLC | RMR Inc.
Related Party Transaction [Line Items]
Number of common shares owned (in shares) | shares			2,503,777

Related Person Transactions - T

Related Person Transactions - TA Transaction Agreement (Details)	Dec. 31, 2020travelCenterpropertyshares	Jul. 31, 2020$ / sharesshares
Related Party Transaction [Line Items]
Number of properties | travelCenter	1,109
Net Lease Property
Related Party Transaction [Line Items]
Number of properties | property	799
TravelCenters of America Inc. | Net Lease Property
Related Party Transaction [Line Items]
Number of properties | travelCenter	179
Travel Centers of America LLC | RMR LLC
Related Party Transaction [Line Items]
Number of common shares owned (in shares)	655,505
Noncontrolling interest, ownership percentage	4.50%
Travel Centers of America LLC
Related Party Transaction [Line Items]
Number of common shares owned (in shares)	1,184,797
Percentage of total shares outstanding	8.10%
Share ownership restrictions maximum percentage of equity shares that can be acquired without approval	9.80%
Travel Centers of America LLC | Public Stock Offering
Related Party Transaction [Line Items]
Number of common shares owned (in shares)		500,797
Offering price (in dollars per share) | $ / shares		$ 14

Related Person Transactions - S

Related Person Transactions - Sonesta and AIC (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)travelCenterhotel	Dec. 31, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Jun. 30, 2018USD ($)
Related Party Transaction [Line Items]
Number of properties | travelCenter		1,109
Distributions in excess of earnings from Affiliates Insurance Company		$ 9,000
Distribution of earnings from Affiliates Insurance Company		0	$ 2,423		$ 0
Earnings (losses) recognized related to equity investments		$ (9,910)	393		515
Sonesta International Hotels Corporation
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage		34.00%
Affiliates Insurance Company
Related Party Transaction [Line Items]
Aggregate annual premium				$ 5,738		$ 6,387
Distribution of earnings from Affiliates Insurance Company	$ 286
Equity method investments, carrying value		$ 12	298
Earnings (losses) recognized related to equity investments			393		515
Other comprehensive income, other, net of tax			$ (175)		$ (68)
Hotel | Sonesta International Hotels Corporation
Related Party Transaction [Line Items]
Number of properties | hotel		168

Income Taxes - Provision and Re

Income Taxes - Provision and Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	$ 0	$ 0	$ 0
State	3,361	2,327	1,575
Foreign	0	593	667
Current tax	3,361	2,920	2,242
Deferred:
Foreign	13,850	(127)	(1,047)
Deferred tax	13,850	(127)	(1,047)
Income tax provision (benefit)	$ 17,211	$ 2,793	$ 1,195
Effective Income Tax Rate Reconciliation, Percent
Taxes at statutory U.S. federal income tax rate	21.00%	21.00%	21.00%
Nontaxable income of SVC	(21.00%)	(21.00%)	(21.00%)
State and local income taxes, net of federal tax benefit	(1.10%)	0.70%	0.80%
Foreign taxes	(4.40%)	0.10%	(0.20%)
Effective tax rate	(5.50%)	0.80%	0.60%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Tax loss carryforwards	$ 42,940	$ 44,285
Other	3,175	3,612
Deferred tax assets, gross	46,115	47,897
Valuation allowance	(46,115)	(47,897)
Deferred income tax assets, net	0	0
Deferred tax liabilities:
Property basis difference	(6,682)	(6,996)
Puerto Rico deferred tax gain	(13,850)	0
Net deferred tax liabilities	$ (20,532)	$ (6,996)

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Gross Unrecognized Tax Benefits, Beginning Balance	$ 0
Gross Unrecognized Tax Benefits, Current Period Increase	2,531
Gross Unrecognized Tax Benefits, Ending Balance	$ 2,531

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Income taxes
Net deferred tax assets prior to valuation allowance	$ 46,115	$ 47,897
Deferred tax liability result of insurance settlement	13,850
Consolidated
Income taxes
Net deferred tax assets prior to valuation allowance	$ 40,879	$ 42,434
Deferred tax assets valuation allowance percentage	100.00%	100.00%
Net operating loss carryforwards for federal income tax purpose, not subject to expiration	$ 161,702

Concentration - Narrative (Deta

Concentration - Narrative (Details)	1 Months Ended		3 Months Ended	12 Months Ended
	Mar. 31, 2021hotel	Feb. 28, 2021hotel	Dec. 15, 2020hotel	Dec. 31, 2020statetravelCenterhotelpropertyretailProperty
Concentration Risk
Number of properties | travelCenter				1,109
Hotel
Concentration Risk
Number of properties				310
Sonesta Agreement | Hotel | Subsequent event
Concentration Risk
Number of properties		193
Marriott contracts | Hotel
Concentration Risk
Number of properties				105
Marriott contracts | Marriott International, Inc. | Hotel
Concentration Risk
Number of properties				105
IHG Agreement | Sonesta | Subsequent event
Concentration Risk
Number of properties with transferred branding and management		78
IHG Agreement | Forecast | Sonesta
Concentration Risk
Number of properties with transferred branding and management	10
Net Lease Property
Concentration Risk
Number of properties | retailProperty				1,109
Hotel | Sonesta
Concentration Risk
Number of properties with transferred branding and management				9
Hotel | Sonesta Agreement
Concentration Risk
Number of properties				168
Hotel | Marriott contracts
Concentration Risk
Number of properties				122
Hotel | IHG Agreement | Sonesta
Concentration Risk
Number of properties with transferred branding and management			115
Maximum | IHG Agreement | Hotel
Concentration Risk
Number of properties				1
Geographic distribution, foreign | Hotel
Concentration Risk
Concentration risk percentage				2.00%
North America
Concentration Risk
Number of states in which properties are located | state				47
Various States, USA | Geographic distribution, domestic | Minimum
Concentration Risk
Concentration risk percentage				6.00%
Various States, USA | Geographic distribution, domestic | Maximum
Concentration Risk
Concentration risk percentage				12.00%
Ontario, Canada | Hotel
Concentration Risk
Number of properties | property				2
Credit concentration | Marriott contracts | Real Estate Assets at Cost | Marriott International, Inc.
Concentration Risk
Concentration risk percentage				8.90%
Credit concentration | Net Lease Property | Real Estate Assets at Cost | Travel Centers of America LLC
Concentration Risk
Concentration risk percentage				26.80%
Credit concentration | Hotel | Sonesta Agreement | Real Estate Assets at Cost
Concentration Risk
Concentration risk percentage				28.30%

Segment Information (Details)

Segment Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Segment Information
Number of reportable segments | segment	2
Revenues:
Hotel operating revenues	$ 875,098	$ 1,989,173	$ 1,958,598
Rental income	389,955	322,236	330,806
FF&E reserve income	201	4,739	5,132
Total revenues	1,265,254	2,316,148	2,294,536
Expenses:
Hotel operating expenses	697,904	1,410,927	1,387,065
Other operating expenses	15,208	8,357	5,290
Depreciation and amortization	498,908	428,448	403,077
General and administrative	50,668	54,639	104,862
Transaction related costs	0	1,795	0
Loss on asset impairment	55,756	39,296	0
Total expenses	1,318,444	1,943,462	1,900,294
Gain (loss) on sale of real estate, net	2,261	159,535	0
Dividend income	0	1,752	2,754
Gain on insurance settlement	62,386	0	0
Unrealized gains (losses) on equity securities, net	19,882	(40,461)	(16,737)
Interest income	284	2,215	1,528
Interest expense	(306,490)	(225,126)	(195,213)
Loss on early extinguishment of debt	(9,394)	(8,451)	(160)
Income (loss) before income taxes and equity in earnings (losses) of an investee	(284,261)	262,150	186,414
Income tax expense	(17,211)	(2,793)	(1,195)
Equity in earnings (losses) of an investee	(9,910)	393	515
Net income	(311,382)	259,750	185,734
Total assets	8,687,319	9,033,967	7,177,079
Corporate
Revenues:
Hotel operating revenues	0	0	0
Rental income	0	0	0
FF&E reserve income	0	0	0
Total revenues	0	0	0
Expenses:
Hotel operating expenses	0	0	0
Other operating expenses	0	0	0
Depreciation and amortization	0	0	0
General and administrative	50,668	54,639	104,862
Transaction related costs		1,795
Loss on asset impairment	0	0
Total expenses	50,668	56,434	104,862
Gain (loss) on sale of real estate, net	0	0
Dividend income		1,752	2,754
Gain on insurance settlement	0
Unrealized gains (losses) on equity securities, net	19,882	(40,461)	(16,737)
Interest income	278	1,420	538
Interest expense	(306,490)	(225,126)	(195,213)
Loss on early extinguishment of debt	(9,394)	(8,451)	(160)
Income (loss) before income taxes and equity in earnings (losses) of an investee	(346,392)	(327,300)	(313,680)
Income tax expense	(17,211)	(2,793)	(1,195)
Equity in earnings (losses) of an investee	(9,910)	393	515
Net income	(373,513)	(329,700)	(314,360)
Total assets	119,491	124,587	192,252
Hotels | Operating segments
Revenues:
Hotel operating revenues	875,098	1,989,173	1,958,598
Rental income	2,271	20,985	28,644
FF&E reserve income	201	4,739	5,132
Total revenues	877,570	2,014,897	1,992,374
Expenses:
Hotel operating expenses	697,904	1,410,927	1,387,065
Other operating expenses	0	0	0
Depreciation and amortization	263,673	268,088	255,759
General and administrative	0	0	0
Transaction related costs		0
Loss on asset impairment	17,131	28,371
Total expenses	978,708	1,707,386	1,642,824
Gain (loss) on sale of real estate, net	14,927	0
Dividend income		0	0
Gain on insurance settlement	62,386
Unrealized gains (losses) on equity securities, net	0	0	0
Interest income	6	795	990
Interest expense	0	0
Loss on early extinguishment of debt	0	0	0
Income (loss) before income taxes and equity in earnings (losses) of an investee	(23,819)	308,306	350,540
Income tax expense	0	0	0
Equity in earnings (losses) of an investee	0	0	0
Net income	(23,819)	308,306	350,540
Total assets	4,846,410	4,866,549	4,586,709
Net Lease | Operating segments
Revenues:
Hotel operating revenues	0	0	0
Rental income	387,684	301,251	302,162
FF&E reserve income	0	0	0
Total revenues	387,684	301,251	302,162
Expenses:
Hotel operating expenses	0	0	0
Other operating expenses	15,208	8,357	5,290
Depreciation and amortization	235,235	160,360	147,318
General and administrative	0		0
Transaction related costs		0
Loss on asset impairment	38,625	10,925
Total expenses	289,068	179,642	152,608
Gain (loss) on sale of real estate, net	(12,666)	159,535
Dividend income		0	0
Gain on insurance settlement	0
Unrealized gains (losses) on equity securities, net	0	0	0
Interest income	0	0	0
Interest expense	0	0	0
Loss on early extinguishment of debt	0	0	0
Income (loss) before income taxes and equity in earnings (losses) of an investee	85,950	281,144	149,554
Income tax expense	0	0	0
Equity in earnings (losses) of an investee	0	0	0
Net income	85,950	281,144	149,554
Total assets	$ 3,721,418	$ 4,042,831	$ 2,398,118

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, 2020USD ($)statehotelpropertyshares	Dec. 31, 2019USD ($)hotelstatepropertyshares	Dec. 31, 2018USD ($)	Sep. 20, 2019state
Fair Value of Assets and Liabilities
Carrying Value	$ 13,543	$ 87,493
Number of states in which property is located | state		12		45
Carrying value of net lease properties held for sale	13,543
Loss on asset impairment	$ 55,756	$ 39,296	$ 0
Properties to be sold | property		19
Held and used
Fair Value of Assets and Liabilities
Loss on asset impairment		$ 28,371
Hotel
Fair Value of Assets and Liabilities
Number of real estate properties to be sold or rebranded | hotel	5	2
Carrying value of net lease properties held for sale	$ 10,699
Net Lease Property
Fair Value of Assets and Liabilities
Number of real estate properties to be sold or rebranded | property	6
Properties to be sold | property	6
Assets Held for Sale
Fair Value of Assets and Liabilities
Loss on asset impairment	$ 55,756
Assets Held for Sale | Hotel
Fair Value of Assets and Liabilities
Number of states in which property is located | state	4
Properties to be sold | hotel	5
Assets Held for Sale | Net Lease Property
Fair Value of Assets and Liabilities
Number of states in which property is located | state	6
Aggregate carrying value held-for-sale	$ 2,844
Investment in TA
Fair Value of Assets and Liabilities
Unrealized gain (loss) on equity securities	$ 19,883	$ (1,129)
Fair Value, Inputs, Level 1 | Investment in TA
Fair Value of Assets and Liabilities
Shares included in investment securities (in shares) | shares	1,184,797	684,000
Historical cost of securities	$ 24,418	$ 17,407
Fair Value, Inputs, Level 1 | Carrying amount | Investment in TA
Fair Value of Assets and Liabilities
Carrying Value	38,624	11,731
Fair Value, Inputs, Level 1 | Fair value | Investment in TA
Fair Value of Assets and Liabilities
Fair Value	38,624	11,731
Fair Value, Inputs, Level 3 | Carrying amount | Held and used
Fair Value of Assets and Liabilities
Carrying Value	0	38,000
Fair Value, Inputs, Level 3 | Carrying amount | Assets Held for Sale
Fair Value of Assets and Liabilities
Carrying Value	13,543	87,493
Loss on asset impairment		10,925
Fair Value, Inputs, Level 3 | Fair value | Held and used
Fair Value of Assets and Liabilities
Fair Value	0	38,000
Fair Value, Inputs, Level 3 | Fair value | Assets Held for Sale
Fair Value of Assets and Liabilities
Fair Value	$ 13,543	$ 90,122

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, 2020	Jun. 17, 2020	Dec. 31, 2019
Senior Unsecured Notes, due 2021 at 4.25%
Fair Value of Assets and Liabilities
Interest rate stated percentage	4.25%
Senior Unsecured Notes, due 2022 at 5.00%
Fair Value of Assets and Liabilities
Interest rate stated percentage	5.00%
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%	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 5.25%
Fair Value of Assets and Liabilities
Interest rate stated percentage	5.25%
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%
Carrying amount
Fair Value of Assets and Liabilities
Total financial liabilities	$ 6,130,166		$ 5,287,658
Carrying amount | Senior Unsecured Notes, due 2021 at 4.25%
Fair Value of Assets and Liabilities
Total financial liabilities	0		398,379
Carrying amount | Senior Unsecured Notes, due 2022 at 5.00%
Fair Value of Assets and Liabilities
Total financial liabilities	498,032		496,821
Carrying amount | Senior Unsecured Notes, due 2023 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	499,596		499,432
Carrying amount | Senior Unsecured Notes, due 2024 at 4.65%
Fair Value of Assets and Liabilities
Total financial liabilities	348,700		348,295
Carrying amount | Senior Unsecured Notes, due 2024 at 4.35%
Fair Value of Assets and Liabilities
Total financial liabilities	819,546		818,075
Carrying amount | Senior Unsecured Notes, due 2025 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	347,118		346,431
Carrying amount | Senior Unsecured Notes, due 2025 at 7.50%
Fair Value of Assets and Liabilities
Total financial liabilities	789,006		0
Carrying amount | Senior Unsecured Notes, due 2026 at 5.25%
Fair Value of Assets and Liabilities
Total financial liabilities	344,212		343,083
Carrying amount | Senior Unsecured Notes, due 2026 at 4.75%
Fair Value of Assets and Liabilities
Total financial liabilities	446,515		445,905
Carrying amount | Senior Unsecured Notes, due 2027 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	395,405		394,649
Carrying amount | Senior Unsecured Notes, due 2027 at 5.25%
Fair Value of Assets and Liabilities
Total financial liabilities	442,370		0
Carrying amount | Senior Unsecured Notes, due 2028 at 3.95%
Fair Value of Assets and Liabilities
Total financial liabilities	391,908		390,759
Carrying amount | Senior Unsecured Notes, due 2029 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	418,102		417,307
Carrying amount | Senior Unsecured Notes, due 2030 at 4.375%
Fair Value of Assets and Liabilities
Total financial liabilities	389,656		388,522
Fair value
Fair Value of Assets and Liabilities
Total financial liabilities	6,361,902		5,499,211
Fair value | Senior Unsecured Notes, due 2021 at 4.25%
Fair Value of Assets and Liabilities
Total financial liabilities	0		406,838
Fair value | Senior Unsecured Notes, due 2022 at 5.00%
Fair Value of Assets and Liabilities
Total financial liabilities	510,285		526,500
Fair value | Senior Unsecured Notes, due 2023 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	505,280		520,478
Fair value | Senior Unsecured Notes, due 2024 at 4.65%
Fair Value of Assets and Liabilities
Total financial liabilities	347,893		364,277
Fair value | Senior Unsecured Notes, due 2024 at 4.35%
Fair Value of Assets and Liabilities
Total financial liabilities	819,328		848,847
Fair value | Senior Unsecured Notes, due 2025 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	346,462		361,783
Fair value | Senior Unsecured Notes, due 2025 at 7.50%
Fair Value of Assets and Liabilities
Total financial liabilities	926,404		0
Fair value | Senior Unsecured Notes, due 2026 at 5.25%
Fair Value of Assets and Liabilities
Total financial liabilities	354,996		369,185
Fair value | Senior Unsecured Notes, due 2026 at 4.75%
Fair Value of Assets and Liabilities
Total financial liabilities	448,506		464,315
Fair value | Senior Unsecured Notes, due 2027 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	404,328		414,012
Fair value | Senior Unsecured Notes, due 2027 at 5.25%
Fair Value of Assets and Liabilities
Total financial liabilities	491,918		0
Fair value | Senior Unsecured Notes, due 2028 at 3.95%
Fair Value of Assets and Liabilities
Total financial liabilities	388,146		393,940
Fair value | Senior Unsecured Notes, due 2029 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	430,064		434,248
Fair value | Senior Unsecured Notes, due 2030 at 4.375%
Fair Value of Assets and Liabilities
Total financial liabilities	$ 388,292		$ 394,788

SCHEDULE III_REAL ESTATE AND _2

SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)hotel	Dec. 31, 2020property	Dec. 31, 2020travelCenter	Dec. 31, 2020retailProperty	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Initial Cost to Company
Land					$ 2,036,000
Building & Improvements					6,665,000
Costs Capitalized Subsequent to Acquisition
Improvements					2,267,000
Impairment	$ (146,000)
Cost Basis Adjustment	(178,000)
Gross Amount at which Carried at Close of Period
Land					2,036,000
Building & Improvements					8,608,000
Total					10,644,000	$ 10,716,233	$ 8,820,346	$ 8,778,907
Accumulated depreciation					(3,047,016)	(2,851,121)	(2,574,297)	$ (2,409,416)
Personal property excluded from real estate gross	531
Accumulated depreciation related to personal property excluded from real estate gross	(232)
Number of properties | travelCenter			1,109
Net Lease Property
Gross Amount at which Carried at Close of Period
Number of properties | retailProperty				1,109
Assets Held for Sale | Hotel
Initial Cost to Company
Land					3,000
Building & Improvements					13,000
Costs Capitalized Subsequent to Acquisition
Improvements					2,000
Impairment	(9,000)
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land					3,000
Building & Improvements					6,000
Total					9,000
Number of properties | property		5
Assets Held for Sale | Net Lease Property
Initial Cost to Company
Land					3,000
Building & Improvements					5,000
Costs Capitalized Subsequent to Acquisition
Improvements					0
Impairment	(4,000)
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land					3,000
Building & Improvements					1,000
Total					4,000
Number of properties | property		6
Royal Sonesta
Initial Cost to Company
Land					218,000
Building & Improvements					1,307,000
Costs Capitalized Subsequent to Acquisition
Improvements					35,000
Impairment	(16,000)
Cost Basis Adjustment	$ (9,000)
Gross Amount at which Carried at Close of Period
Land					218,000
Building & Improvements					1,317,000
Total					1,535,000
Accumulated depreciation					(256,000)
Number of properties | hotel	15
Royal Sonesta | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Royal Sonesta | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Sonesta
Initial Cost to Company
Land					138,000
Building & Improvements					292,000
Costs Capitalized Subsequent to Acquisition
Improvements					582,000
Impairment	$ (56,000)
Cost Basis Adjustment	$ (5,000)
Gross Amount at which Carried at Close of Period
Land					138,000
Building & Improvements					813,000
Total					951,000
Accumulated depreciation					(191,000)
Number of properties | hotel	23
Sonesta | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Sonesta | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Courtyard Hotels
Initial Cost to Company
Land					108,000
Building & Improvements					599,000
Costs Capitalized Subsequent to Acquisition
Improvements					216,000
Impairment	$ (14,000)
Cost Basis Adjustment	$ (97,000)
Gross Amount at which Carried at Close of Period
Land					108,000
Building & Improvements					704,000
Total					812,000
Accumulated depreciation					(346,000)
Number of properties | hotel	62
Courtyard Hotels | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Courtyard Hotels | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Sonesta ES Suites
Initial Cost to Company
Land					135,000
Building & Improvements					523,000
Costs Capitalized Subsequent to Acquisition
Improvements					242,000
Impairment	$ (38,000)
Cost Basis Adjustment	$ (27,000)
Gross Amount at which Carried at Close of Period
Land					135,000
Building & Improvements					700,000
Total					835,000
Accumulated depreciation					(227,000)
Number of properties | hotel	60
Residence Inns
Initial Cost to Company
Land					68,000
Building & Improvements					326,000
Costs Capitalized Subsequent to Acquisition
Improvements					160,000
Impairment	$ (6,000)
Cost Basis Adjustment	$ (22,000)
Gross Amount at which Carried at Close of Period
Land					68,000
Building & Improvements					458,000
Total					526,000
Accumulated depreciation					(224,000)
Number of properties | hotel	35
Residence Inns | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Residence Inns | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Simply Suites
Initial Cost to Company
Land					71,000
Building & Improvements					383,000
Costs Capitalized Subsequent to Acquisition
Improvements					59,000
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land					71,000
Building & Improvements					442,000
Total					513,000
Accumulated depreciation					(219,000)
Number of properties | hotel	61
Simply Suites | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Simply Suites | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Hyatt Place
Initial Cost to Company
Land					24,000
Building & Improvements					185,000
Costs Capitalized Subsequent to Acquisition
Improvements					17,000
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land					24,000
Building & Improvements					202,000
Total					226,000
Accumulated depreciation					(111,000)
Number of properties | hotel	22
Hyatt Place | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Hyatt Place | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Radisson Hotels
Initial Cost to Company
Land					10,000
Building & Improvements					165,000
Costs Capitalized Subsequent to Acquisition
Improvements					44,000
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land					10,000
Building & Improvements					209,000
Total					219,000
Accumulated depreciation					(65,000)
Number of properties | hotel	6
Radisson Hotels | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Radisson Hotels | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Marriott Hotel
Initial Cost to Company
Land					10,000
Building & Improvements					69,000
Costs Capitalized Subsequent to Acquisition
Improvements					55,000
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land					10,000
Building & Improvements					124,000
Total					134,000
Accumulated depreciation					(67,000)
Number of properties | hotel	2
Marriott Hotel | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Marriott Hotel | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Crowne Plaza Hotels
Initial Cost to Company
Land					16,000
Building & Improvements					32,000
Costs Capitalized Subsequent to Acquisition
Improvements					67,000
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land					16,000
Building & Improvements					99,000
Total					115,000
Accumulated depreciation					(8,000)
Number of properties | hotel	1
Crowne Plaza Hotels | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Crowne Plaza Hotels | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Sonesta Select
Initial Cost to Company
Land					17,000
Building & Improvements					44,000
Costs Capitalized Subsequent to Acquisition
Improvements					36,000
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land					17,000
Building & Improvements					80,000
Total					97,000
Accumulated depreciation					(42,000)
Number of properties | hotel	9
Sonesta Select | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Sonesta Select | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Country Inn & Suites
Initial Cost to Company
Land					3,000
Building & Improvements					35,000
Costs Capitalized Subsequent to Acquisition
Improvements					5,000
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land					3,000
Building & Improvements					40,000
Total					43,000
Accumulated depreciation					(19,000)
Number of properties | hotel	3
Country Inn & Suites | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Country Inn & Suites | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
SpringHill Suites
Initial Cost to Company
Land					3,000
Building & Improvements					15,000
Costs Capitalized Subsequent to Acquisition
Improvements					11,000
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land					3,000
Building & Improvements					26,000
Total					29,000
Accumulated depreciation					(10,000)
Number of properties | hotel	2
SpringHill Suites | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
SpringHill Suites | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Towne Place Suites
Initial Cost to Company
Land					6,000
Building & Improvements					24,000
Costs Capitalized Subsequent to Acquisition
Improvements					33,000
Impairment	$ (3,000)
Cost Basis Adjustment	$ (18,000)
Gross Amount at which Carried at Close of Period
Land					6,000
Building & Improvements					36,000
Total					42,000
Accumulated depreciation					(15,000)
Number of properties | hotel	4
Towne Place Suites | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Towne Place Suites | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Travel Centers of America LLC
Initial Cost to Company
Land					568,000
Building & Improvements					939,000
Costs Capitalized Subsequent to Acquisition
Improvements					480,000
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land					568,000
Building & Improvements					1,419,000
Total					1,987,000
Accumulated depreciation					(779,000)
Number of properties		134	134
Travel Centers of America LLC | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Travel Centers of America LLC | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Petro Stopping Centers
Initial Cost to Company
Land					260,000
Building & Improvements					522,000
Costs Capitalized Subsequent to Acquisition
Improvements					210,000
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land					260,000
Building & Improvements					732,000
Total					992,000
Accumulated depreciation					(391,000)
Number of properties		45	45
Petro Stopping Centers | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Petro Stopping Centers | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
AMC Theatres
Initial Cost to Company
Land					30,000
Building & Improvements					55,000
Costs Capitalized Subsequent to Acquisition
Improvements					0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land					30,000
Building & Improvements					55,000
Total					85,000
Accumulated depreciation					(4,000)
Number of properties		11	11
AMC Theatres | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
AMC Theatres | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
The Great Escape
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					(3,000)
Number of properties		14	14
The Great Escape | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
The Great Escape | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Life Time Fitness
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					(3,000)
Number of properties		3	3
Life Time Fitness | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Life Time Fitness | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Buehler's Fresh Foods
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					(4,000)
Number of properties		5	5
Buehler's Fresh Foods | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Buehler's Fresh Foods | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Pizza Hut
Initial Cost to Company
Land					14,000
Building & Improvements					33,000
Costs Capitalized Subsequent to Acquisition
Improvements					0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land					14,000
Building & Improvements					33,000
Total					47,000
Accumulated depreciation					(5,000)
Number of properties		53	57
Pizza Hut | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Pizza Hut | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Heartland Dental
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					(2,000)
Number of properties		59	59
Heartland Dental | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Heartland Dental | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Norms
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					(2,000)
Number of properties		10	10
Norms | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Norms | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Express Oil Change
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					(2,000)
Number of properties		23	23
Express Oil Change | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Express Oil Change | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
America's Auto Auction
Initial Cost to Company
Land					7,000
Building & Improvements					23,000
Costs Capitalized Subsequent to Acquisition
Improvements					4,000
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land					7,000
Building & Improvements					27,000
Total					34,000
Accumulated depreciation					(2,000)
Number of properties		6	6
America's Auto Auction | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
America's Auto Auction | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Flying J Travel Pizza
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					(2,000)
Number of properties		3	3
Flying J Travel Pizza | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Flying J Travel Pizza | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Regal Cinemas
Initial Cost to Company
Land					9,000
Building & Improvements					25,000
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					25,000
Total					34,000
Accumulated depreciation					(2,000)
Number of properties		6	6
Regal Cinemas | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Regal Cinemas | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Courthouse Athletic Club
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					(2,000)
Number of properties		4	4
Courthouse Athletic Club | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Courthouse Athletic Club | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Church's Chicken
Initial Cost to Company
Land					7,000
Building & Improvements					25,000
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					25,000
Total					32,000
Accumulated depreciation					(2,000)
Number of properties		45	45
Church's Chicken | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Church's Chicken | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Big Al's
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					(1,000)
Number of properties		2	2
Big Al's | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Big Al's | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Burger King
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					(2,000)
Number of properties		21	21
Burger King | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Burger King | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Mills Fleet Farm
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					(2,000)
Number of properties		1	1
Mills Fleet Farm | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Mills Fleet Farm | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Hardee's
Initial Cost to Company
Land					4,000
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					4,000
Building & Improvements					24,000
Total					28,000
Accumulated depreciation					(2,000)
Number of properties		19	19
Hardee's | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Hardee's | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
B&B Theatres
Initial Cost to Company
Land					12,000
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					12,000
Building & Improvements					15,000
Total					27,000
Accumulated depreciation					(2,000)
Number of properties		4	4
B&B Theatres | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
B&B Theatres | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Martin's
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					(2,000)
Number of properties		16	16
Martin's | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Martin's | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Arby's
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					(2,000)
Number of properties		19	19
Arby's | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Arby's | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Creme de la Creme
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					(1,000)
Number of properties		4	4
Creme de la Creme | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Creme de la Creme | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Popeye's Chicken & Biscuits
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					(2,000)
Number of properties		20	20
Popeye's Chicken & Biscuits | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Popeye's Chicken & Biscuits | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Golden Corral
Initial Cost to Company
Land					6,000
Building & Improvements					16,000
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					16,000
Total					22,000
Accumulated depreciation					(2,000)
Number of properties		6	6
Golden Corral | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Golden Corral | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Mister Car Wash
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					(1,000)
Number of properties		5	5
Mister Car Wash | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Mister Car Wash | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
United Supermarkets
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					(2,000)
Number of properties		6	6
United Supermarkets | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
United Supermarkets | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Vacant
Initial Cost to Company
Land					1,000
Building & Improvements					27,000
Costs Capitalized Subsequent to Acquisition
Improvements					7,000
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land					1,000
Building & Improvements					34,000
Total					35,000
Accumulated depreciation					(2,000)
Number of properties		16	18
Vacant | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Vacant | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Mesa Fitness
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					(1,000)
Number of properties		2	2
Mesa Fitness | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Mesa Fitness | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Taco Bell
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					(1,000)
Number of properties		13	13
Taco Bell | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Taco Bell | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
CarMax
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					(1,000)
Number of properties		1	1
CarMax | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
CarMax | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Uncle Ed's Oil Shoppe
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					(2,000)
Number of properties		28	28
Uncle Ed's Oil Shoppe | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Uncle Ed's Oil Shoppe | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Bonfire And Axels
Initial Cost to Company
Land					2,000
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					2,000
Building & Improvements					12,000
Total					14,000
Accumulated depreciation					(2,000)
Number of properties		4	4
Bonfire And Axels | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Bonfire And Axels | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Dave & Buster's
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)
Number of properties		1	1
Dave & Buster's | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Dave & Buster's | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Pike Nursery
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)
Number of properties | travelCenter			5
Pike Nursery | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Pike Nursery | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
HHI-Formtech
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					(2,000)
Number of properties | travelCenter			2
HHI-Formtech | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
HHI-Formtech | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Mealey's Furniture
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					(1,000)
Number of properties | travelCenter			2
Mealey's Furniture | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Mealey's Furniture | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Rite Aid
Initial Cost to Company
Land					3,000
Building & Improvements					9,000
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					9,000
Total					12,000
Accumulated depreciation					(1,000)
Number of properties | travelCenter			5
Rite Aid | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Rite Aid | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Sandford's Grub & Pub
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					(1,000)
Number of properties | travelCenter			2
Sandford's Grub & Pub | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Sandford's Grub & Pub | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Baptist Emergency Hospital
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)
Number of properties | travelCenter			1
Baptist Emergency Hospital | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Baptist Emergency Hospital | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Eddie Merlot's
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)
Number of properties | travelCenter			2
Eddie Merlot's | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Eddie Merlot's | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Fuddruckers
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					(1,000)
Number of properties | travelCenter			5
Fuddruckers | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Fuddruckers | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
YouFit
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					(1,000)
Number of properties | travelCenter			2
YouFit | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
YouFit | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Cermak Fresh Market
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					(1,000)
Number of properties | travelCenter			1
Cermak Fresh Market | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Cermak Fresh Market | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Columbus Preparatory Academy
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					0
Number of properties | travelCenter			1
Columbus Preparatory Academy | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Columbus Preparatory Academy | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Core & Main
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					0
Number of properties | travelCenter			12
Core & Main | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Core & Main | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Lerner And Rowe
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					0
Number of properties | travelCenter			5
Lerner And Rowe | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Lerner And Rowe | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Meineke Car Care Center
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					0
Number of properties | travelCenter			4
Meineke Car Care Center | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Meineke Car Care Center | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Walgreens
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					0
Number of properties | travelCenter			3
Walgreens | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Walgreens | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Austin's Park n' Pizza
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					0
Number of properties | travelCenter			1
Austin's Park n' Pizza | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Austin's Park n' Pizza | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Kohl's
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					0
Number of properties | travelCenter			1
Kohl's | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Kohl's | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
LA Fitness
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					0
Number of properties | travelCenter			1
LA Fitness | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
LA Fitness | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Marcus Theaters
Initial Cost to Company
Land					3,000
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					3,000
Building & Improvements					5,000
Total					8,000
Accumulated depreciation					0
Number of properties | travelCenter			1
Marcus Theaters | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Marcus Theaters | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Academy Sports Plus Outdoors
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					0
Number of properties | travelCenter			1
Academy Sports Plus Outdoors | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Academy Sports Plus Outdoors | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Blue Rhino
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					0
Number of properties | travelCenter			2
Blue Rhino | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Blue Rhino | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Columbus Arts & Tech Academy
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					0
Number of properties | travelCenter			1
Columbus Arts & Tech Academy | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Columbus Arts & Tech Academy | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Diagnostic Health
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					0
Number of properties | travelCenter			2
Diagnostic Health | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Diagnostic Health | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Krispy Kreme
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					0
Number of properties | travelCenter			3
Krispy Kreme | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Krispy Kreme | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Max & Erma's
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					0
Number of properties | travelCenter			2
Max & Erma's | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Max & Erma's | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Oregano's Pizza Bistro
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					0
Number of properties | travelCenter			3
Oregano's Pizza Bistro | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Oregano's Pizza Bistro | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Sonic Drive-In
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					0
Number of properties | travelCenter			9
Sonic Drive-In | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Sonic Drive-In | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Texas Roadhouse
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					0
Number of properties | travelCenter			2
Texas Roadhouse | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Texas Roadhouse | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Brookshire Brothers
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					0
Number of properties | travelCenter			5
Brookshire Brothers | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Brookshire Brothers | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Flying Star Cafe
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					0
Number of properties | travelCenter			2
Flying Star Cafe | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Flying Star Cafe | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Heytex USA
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					0
Number of properties | travelCenter			2
Heytex USA | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Heytex USA | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Hughes Supply
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					0
Number of properties | travelCenter			7
Hughes Supply | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Hughes Supply | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Jack Stack Barbeque
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					0
Number of properties | travelCenter			1
Jack Stack Barbeque | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Jack Stack Barbeque | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Jack's Family Restaurant
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					0
Number of properties | travelCenter			3
Jack's Family Restaurant | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Jack's Family Restaurant | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Wendy's
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					0
Number of properties | travelCenter			3
Wendy's | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Wendy's | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Ten Box
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					0
Number of properties | travelCenter			2
Ten Box | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Ten Box | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Adult & Pediatric Orthopedics
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					0
Number of properties | travelCenter			1
Adult & Pediatric Orthopedics | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Adult & Pediatric Orthopedics | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Bricktown Brewery
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					0
Number of properties | travelCenter			2
Bricktown Brewery | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Bricktown Brewery | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
ConForm Automotive
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					0
Number of properties | travelCenter			1
ConForm Automotive | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
ConForm Automotive | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Gerber Collision & Glass
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					0
Number of properties | travelCenter			2
Gerber Collision & Glass | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Gerber Collision & Glass | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
HD Supply White Cap
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					0
Number of properties | travelCenter			2
HD Supply White Cap | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
HD Supply White Cap | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Multi-Tenant
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					0
Number of properties | travelCenter			1
Multi-Tenant | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Multi-Tenant | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Planet Fitness
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					0
Number of properties | travelCenter			1
Planet Fitness | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Planet Fitness | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
RGB Eye Associates
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					0
Number of properties | travelCenter			1
RGB Eye Associates | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
RGB Eye Associates | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Ashley Furniture
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
Number of properties | travelCenter			1
Ashley Furniture | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Ashley Furniture | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Boozman-Hof
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
Number of properties | travelCenter			1
Boozman-Hof | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Boozman-Hof | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Caldwell Country Chevrolet
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					0
Number of properties | travelCenter			1
Caldwell Country Chevrolet | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Caldwell Country Chevrolet | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Famous Dave's
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
Number of properties | travelCenter			2
Famous Dave's | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Famous Dave's | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Focus Child Development Center
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
Number of properties | travelCenter			3
Focus Child Development Center | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Focus Child Development Center | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Joe's Crab Shack
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
Number of properties | travelCenter			1
Joe's Crab Shack | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Joe's Crab Shack | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Metaldyne BSM
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					0
Number of properties | travelCenter			1
Metaldyne BSM | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Metaldyne BSM | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Primanti Bros.
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
Number of properties | travelCenter			2
Primanti Bros. | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Primanti Bros. | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Rainbow Kids Clinic
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
Number of properties | travelCenter			1
Rainbow Kids Clinic | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Rainbow Kids Clinic | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Renn Kirby Chevrolet Bank
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
Number of properties | travelCenter			1
Renn Kirby Chevrolet Bank | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Renn Kirby Chevrolet Bank | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Sportsman's Warehouse
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
Number of properties | travelCenter			1
Sportsman's Warehouse | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Sportsman's Warehouse | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Anixter
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
Number of properties		2	2
Anixter | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Anixter | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Applebee's
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
Number of properties		1	1
Applebee's | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Applebee's | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Black Angus Steakhouse
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
Number of properties		1	1
Black Angus Steakhouse | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Black Angus Steakhouse | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Buffalo Wild Wings
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
Number of properties		1	1
Buffalo Wild Wings | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Buffalo Wild Wings | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Kerry's Car Care
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
Number of properties		1	1
Kerry's Car Care | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Kerry's Car Care | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Long John Silver's
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
Number of properties		2	2
Long John Silver's | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Long John Silver's | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Monterey's Tex Mex
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
Number of properties		2	2
Monterey's Tex Mex | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Monterey's Tex Mex | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Ojos Locos Sports Cantina
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
Number of properties		1	1
Ojos Locos Sports Cantina | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Ojos Locos Sports Cantina | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Orscheln Farm And Home
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
Number of properties		2	2
Orscheln Farm And Home | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Orscheln Farm And Home | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Rick Johnson Auto & Tire
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
Number of properties		2	2
Rick Johnson Auto & Tire | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Rick Johnson Auto & Tire | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Slim Chickens
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
Number of properties		1	1
Slim Chickens | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Slim Chickens | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Southwest Stainless, LP
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
Number of properties		1	1
Southwest Stainless, LP | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Southwest Stainless, LP | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Spoons Place
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
Number of properties		1	1
Spoons Place | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Spoons Place | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Tractor Supply
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
Number of properties		1	1
Tractor Supply | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Tractor Supply | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
What The Buck
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
Number of properties		1	1
What The Buck | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
What The Buck | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Affordable Care, Inc.
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
Number of properties		2	2
Affordable Care, Inc. | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Affordable Care, Inc. | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Bridgestone Tire
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
Number of properties		1	1
Bridgestone Tire | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Bridgestone Tire | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Dollar General
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
Number of properties		2	2
Dollar General | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Dollar General | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Hooters
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
Number of properties		2	2
Hooters | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Hooters | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
KFC
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
Number of properties		2	2
KFC | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
KFC | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Rally's
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
Number of properties		3	3
Rally's | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Rally's | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Red Robin Gourmet Burgers
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
Number of properties		1	1
Red Robin Gourmet Burgers | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Red Robin Gourmet Burgers | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Taco Bueno
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
Number of properties		2	2
Taco Bueno | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Taco Bueno | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Bru Burger Bar
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
Number of properties		1	1
Bru Burger Bar | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Bru Burger Bar | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Haus Energy
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
Number of properties		1	1
Haus Energy | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Haus Energy | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Howlin Concrete
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
Number of properties		1	1
Howlin Concrete | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Howlin Concrete | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Jack In The Box
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
Number of properties		1	1
Jack In The Box | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Jack In The Box | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Little Caesars
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
Number of properties		1	1
Little Caesars | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Little Caesars | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
NAPA Auto Parts
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
Number of properties		1	1
NAPA Auto Parts | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
NAPA Auto Parts | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Old Mexico Cantina
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
Number of properties		1	1
Old Mexico Cantina | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Old Mexico Cantina | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
O'Reilly Auto Parts
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
Number of properties		1	1
O'Reilly Auto Parts | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
O'Reilly Auto Parts | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
SRS Distribution
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
Number of properties		1	1
SRS Distribution | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
SRS Distribution | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
The Atlanta Center For Foot & Ankle Surgery
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
Number of properties		1	1
The Atlanta Center For Foot & Ankle Surgery | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
The Atlanta Center For Foot & Ankle Surgery | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Touchstone Imaging
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
Number of properties		1	1
Touchstone Imaging | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Touchstone Imaging | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Consolidated Pipe
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
Number of properties		1	1
Consolidated Pipe | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Consolidated Pipe | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Del Taco
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
Number of properties		1	1
Del Taco | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Del Taco | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Family Dollar Stores
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
Number of properties		1	1
Family Dollar Stores | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Family Dollar Stores | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Fazoli's
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
Number of properties		1	1
Fazoli's | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Fazoli's | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Off The Hook Seafood & More
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
Number of properties		1	1
Off The Hook Seafood & More | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Off The Hook Seafood & More | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Bigham Cable
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
Number of properties		1	1
Bigham Cable | Minimum
Gross Amount at which Carried at Close of Period
Life used for depreciation	10 years
Bigham Cable | Maximum
Gross Amount at which Carried at Close of Period
Life used for depreciation	40 years
Other
Initial Cost to Company
Land					2,000
Building & Improvements					8,000
Costs Capitalized Subsequent to Acquisition
Improvements					2,000
Impairment	$ 0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land					2,000
Building & Improvements					10,000
Total					12,000
All Properties Excluding Properties Held For Sale
Initial Cost to Company
Land					2,030,000
Building & Improvements					6,647,000
Costs Capitalized Subsequent to Acquisition
Improvements					2,265,000
Impairment	(133,000)
Cost Basis Adjustment	$ (178,000)
Gross Amount at which Carried at Close of Period
Land					2,030,000
Building & Improvements					8,601,000
Total					$ 10,630,560	$ 10,716,233	$ 8,820,346

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in total cost of properties
Balance at beginning of year	$ 10,716,233	$ 8,820,346	$ 8,778,907
Additions: acquisitions and capital expenditures	99,141	1,983,380	324,227
Dispositions	(145,836)	0	(62,923)
Reclassification of properties held for sale	(38,978)	(87,493)	(219,865)
Balance at close of year	10,644,000	10,716,233	8,820,346
Change in accumulated depreciation
Balance at beginning of year	2,851,121	2,574,297	2,409,416
Additions: depreciation expense	364,636	305,441	304,224
Dispositions	(143,814)	(28,617)	(62,923)
Reclassification of properties held for sale	(24,927)	0	(76,420)
Balance at close of year	3,047,016	2,851,121	2,574,297
Tax basis for federal income tax purpose	8,316,892
All Properties Excluding Properties Held For Sale
Change in total cost of properties
Balance at beginning of year	10,716,233	8,820,346
Balance at close of year	$ 10,630,560	$ 10,716,233	$ 8,820,346

Uncategorized Items - svc-20201

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201601Member