Service Properties Trust (SVC) 10-K 24 Feb 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2021	Feb. 22, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-11527
Entity Registrant Name	SERVICE PROPERTIES TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	04-3262075
Entity Address, Address Line One	Two Newton Place
Entity Address, Address Line Two	255 Washington Street
Entity Address, Address Line Three	Suite 300
Entity Address, City or Town	Newton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02458-1634
City Area Code	617
Local Phone Number	964-8389
Title of Each Class	Common Shares of Beneficial Interest
Trading Symbol	SVC
Name of each Exchange on which Registered	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 2.1
Entity Common Stock, Shares Outstanding		165,092,333
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 2022 Annual Meeting of Shareholders to be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended December 31, 2021.
Entity Central Index Key	0000945394
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP		Ernst & Young LLP
Auditor Location	Boston, Massachusetts		Boston, Massachusetts
Auditor Firm ID	34	42

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real estate properties:
Land	$ 1,918,385	$ 2,030,440
Buildings, improvements and equipment	8,307,248	9,131,832
Total real estate properties, gross	10,225,633	11,162,272
Accumulated depreciation	(3,281,659)	(3,280,110)
Total real estate properties, net	6,943,974	7,882,162
Acquired real estate leases and other intangibles, net	283,241	325,845
Assets held for sale	515,518	13,543
Cash and cash equivalents	944,043	73,332
Restricted cash	3,375	18,124
Due from related persons	48,168	55,530
Other assets, net	414,996	318,783
Total assets	9,153,315	8,687,319
LIABILITIES AND SHAREHOLDERS’ EQUITY
Revolving credit facility	1,000,000	78,424
Senior unsecured notes, net	6,143,022	6,130,166
Accounts payable and other liabilities	433,448	345,373
Due to related persons	21,539	30,566
Total liabilities	7,598,009	6,584,529
Commitments and contingencies
Shareholders’ equity:
Common shares of beneficial interest, $.01 par value; 200,000,000 shares authorized; 165,092,333 and 164,823,833 shares issued and outstanding, respectively	1,651	1,648
Additional paid in capital	4,552,558	4,550,385
Cumulative other comprehensive income (loss)	779	(760)
Cumulative net income available for common shareholders	2,635,660	3,180,263
Cumulative common distributions	(5,635,342)	(5,628,746)
Total shareholders’ equity	1,555,306	2,102,790
Total liabilities and shareholders’ equity	$ 9,153,315	$ 8,687,319

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Shareholders’ equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	200,000,000	200,000,000
Common shares, shares issued (in shares)	165,092,333	164,823,833
Common shares, shares outstanding (in shares)	165,092,333	164,823,833

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Hotel operating revenues	$ 1,104,678	$ 875,098	$ 1,989,173
Rental income	390,902	390,156	326,975
Total revenues	1,495,580	1,265,254	2,316,148
Expenses:
Hotel operating expenses	1,010,737	682,804	1,410,927
Other operating expenses	15,658	15,208	8,357
Depreciation and amortization	485,965	498,908	428,448
General and administrative	53,439	50,668	54,639
Transaction related costs	64,764	15,100	1,795
Loss on asset impairment	78,620	55,756	39,296
Total expenses	1,709,183	1,318,444	1,943,462
Gain on sale of real estate, net	11,522	2,261	159,535
Dividend income	0	0	1,752
Gain on insurance settlement	0	62,386	0
Unrealized gains (losses) on equity securities, net	22,535	19,882	(40,461)
Interest income	664	284	2,215
Interest expense (including amortization of debt issuance costs and debt discounts and premiums of $21,036, $14,870 and $11,117, respectively)	(365,721)	(306,490)	(225,126)
Loss on early extinguishment of debt	0	(9,394)	(8,451)
Income (loss) before income taxes and equity in earnings (losses) of an investee	(544,603)	(284,261)	262,150
Income tax benefit (expense)	941	(17,211)	(2,793)
Equity in earnings (losses) of an investee	(941)	(9,910)	393
Net income	(544,603)	(311,382)	259,750
Other comprehensive income (loss):
Equity interest in investee’s unrealized gains (losses)	1,539	(760)	91
Other comprehensive income (loss)	1,539	(760)	91
Comprehensive income	$ (543,064)	$ (312,142)	$ 259,841
Weighted average common shares outstanding (basic) (in shares)	164,566	164,422	164,312
Weighted average common shares outstanding (diluted) (in shares)	164,566	164,422	164,340
Net income available for common shareholders per common share (diluted) (in dollars per share)	$ (3.31)	$ (1.89)	$ 1.58
Net income available for common shareholders per common share (basic) (in dollars per share)	$ (3.31)	$ (1.89)	$ 1.58
Revenue form contract with customer, produce and service extensible list	Hotel	Hotel	Hotel
Product and service, extensible list	Hotel	Hotel	Hotel

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Interest expense, amortization of debt issuance costs and debt discounts and premiums	$ 21,036	$ 14,870	$ 11,117

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Shares	Cumulative Common Distributions	Additional Paid in Capital	Cumulative Net Income	Cumulative Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2018		164,441,709
Beginning 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 (loss)	259,750				259,750
Amounts reclassified from cumulative other comprehensive income to net income	175					175
Equity in unrealized gains (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 (loss)	(311,382)				(311,382)
Amounts reclassified from cumulative other comprehensive income to net income	0
Equity in unrealized gains (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)
Common share repurchases and forfeitures (in shares)		(44,601)
Common share repurchases and forfeitures	$ (353)			(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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(544,603)				(544,603)
Amounts reclassified from cumulative other comprehensive income to net income	0
Equity in unrealized gains (losses) of investees	1,539					1,539
Common share grants (in shares)		340,700
Common share grants	$ 2,967	$ 3		2,964
Common share repurchases (in shares)	(71,100)
Common share repurchases and forfeitures (in shares)		(72,200)
Common share repurchases and forfeitures	$ (791)			(791)
Distributions	(6,596)		(6,596)
Ending balance (in shares) at Dec. 31, 2021		165,092,333
Ending balance at Dec. 31, 2021	$ 1,555,306	$ 1,651	$ (5,635,342)	$ 4,552,558	$ 2,635,660	$ 779

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ (544,603)	$ (311,382)	$ 259,750
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	485,965	498,908	428,448
Amortization of debt issuance costs and debt discounts and premiums as interest	21,036	14,870	11,117
Straight line rental income	2,621	714	10,719
Security deposits utilized or replenished	0	(109,162)	(23,549)
Loss on early extinguishment of debt	0	9,394	8,451
Loss on asset impairment	78,620	55,756	39,296
Unrealized (gains) losses on equity securities, net	(22,535)	(19,882)	40,461
Equity in (earnings) losses of an investee	941	9,910	(393)
Distribution of earnings from Affiliates Insurance Company	0	0	2,423
Gain on sale of real estate, net	(11,522)	(2,261)	(159,535)
Gain on insurance settlement	0	(62,386)	0
Deferred income taxes	(1,688)	13,850	(127)
Other non-cash income expense, net	(2,625)	(2,558)	(614)
Changes in assets and liabilities:
Due from related persons	(5,875)	(33)	3,272
Other assets	60,182	(78,340)	(11,385)
Accounts payable and other liabilities	(5,061)	2,296	60,484
Due to related persons	(5,552)	17,910	(51,096)
Net cash provided by operating activities	49,904	37,604	617,722
Cash flows from investing activities:
Real estate acquisitions and deposits	(7,709)	(7,090)	(2,713,191)
Real estate improvements	(95,017)	(69,082)	(150,531)
Hotel managers’ purchases with restricted cash	(24,565)	(153,626)	(208,241)
Hotel manager’s deposit of insurance proceeds into restricted cash	0	22,488	25,000
Net proceeds from sale of real estate	51,412	167,542	816,450
Net proceeds from sale of equity securities	0	0	93,892
Distributions in excess of earnings from Affiliates Insurance Company	12	286	6,577
Net cash used in investing activities	(101,310)	(51,807)	(2,130,044)
Cash flows from financing activities:
Proceeds from issuance of senior unsecured notes, net of discounts and premiums	0	1,250,000	1,693,879
Repayment of senior unsecured notes	0	(405,971)	0
Repayment of term loan	0	(400,000)	0
Borrowings under revolving credit facility	984,027	1,189,094	1,124,000
Repayments of revolving credit facility	(62,451)	(1,487,670)	(924,000)
Debt issuance costs	(6,822)	(26,903)	(21,882)
Repurchase of common shares	(790)	(346)	(800)
Distributions to common shareholders	(6,596)	(93,804)	(353,619)
Net cash provided by financing activities	907,368	24,400	1,517,578
Increase in cash and cash equivalents and restricted cash	855,962	10,197	5,256
Cash and cash equivalents and restricted cash at beginning of year	91,456	81,259	76,003
Cash and cash equivalents and restricted cash at end of year	947,418	91,456	81,259
Sonesta International Hotels Corporation
Cash flows from investing activities:
Investments	(25,443)	(5,314)	0
TravelCenters of America LLC
Cash flows from investing activities:
Investments	$ 0	$ (7,011)	$ 0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Supplemental Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental disclosure of cash and cash equivalents and restricted cash:
Cash and cash equivalents	$ 944,043	$ 73,332	$ 27,633
Restricted cash	3,375	18,124	53,626
Total cash and cash equivalents and restricted cash	947,418	91,456	81,259
Supplemental cash flow information:
Cash paid for interest	344,043	281,097	191,155
Cash paid for income taxes	3,412	2,117	2,927
Non-cash investing activities:
Real estate improvements accrued, not paid	7,777	5,684	13,595
Investment in Sonesta	0	42,000	0
Hotel manager’s deposit of insurance proceeds into restricted cash	0	22,488	25,000
Net proceeds from sale of equity securities	0	0	93,892
Real estate acquisitions and deposits	(7,709)	(7,090)	(2,713,191)
Payments for Capital Improvements	(95,017)	(69,082)	(150,531)
Property Managers Purchases With Restricted Cash	(24,565)	(153,626)	(208,241)
Net proceeds from sale of real estate	51,412	167,542	816,450
Distributions in excess of earnings from Affiliates Insurance Company	12	286	6,577
Security deposits utilized or replenished	0	(109,162)	(23,549)
Loss on early extinguishment of debt	0	9,394	8,451
Distribution of earnings from Affiliates Insurance Company	0	0	2,423
Gain on insurance settlement	0	(62,386)	0
Deferred income taxes	(1,688)	13,850	(127)
Cash (used in) provided by operating activities	49,904	37,604	617,722
Net Cash Provided by (Used in) Investing Activities	(101,310)	(51,807)	(2,130,044)
Net income (loss)	(544,603)	(311,382)	259,750
Depreciation and amortization	485,965	498,908	428,448
Interest expense, amortization of debt issuance costs and debt discounts and premiums	21,036	14,870	11,117
Straight Line Rent	2,621	714	10,719
Loss on asset impairment	78,620	55,756	39,296
Equity Securities, FV-NI, Unrealized Gain (Loss)	(22,535)	(19,882)	40,461
Income (Loss) from Equity Method Investments	941	9,910	(393)
Gain (Loss) on Sale of Properties	(11,522)	(2,261)	(159,535)
Other Noncash Income (Expense)	(2,625)	(2,558)	(614)
Increase (Decrease) in Due from Related Parties	(5,875)	(33)	3,272
Increase (Decrease) in Other Operating Assets	60,182	(78,340)	(11,385)
Accounts payable and other liabilities	(5,061)	2,296	60,484
Due to related persons	(5,552)	17,910	(51,096)
Proceeds from issuance of senior unsecured notes, net of discounts and premiums	0	1,250,000	1,693,879
Repayments of Senior Debt	0	(405,971)	0
Repayments of Medium-term Notes	0	(400,000)	0
Borrowings under revolving credit facility	984,027	1,189,094	1,124,000
Repayments of Lines of Credit	(62,451)	(1,487,670)	(924,000)
Payments of Debt Issuance Costs	(6,822)	(26,903)	(21,882)
Payments for Repurchase of Common Stock	(790)	(346)	(800)
Payments of Ordinary Dividends, Common Stock	(6,596)	(93,804)	(353,619)
Net cash provided by financing activities	907,368	24,400	1,517,578
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$ 855,962	$ 10,197	$ 5,256

Organization

Organization	12 Months Ended
	Dec. 31, 2021
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, 2021, we owned, directly and through subsidiaries, 303 hotels and 788 net lease properties. At December 31, 2021, our 303 hotels were managed by subsidiaries of the following companies: Sonesta Holdco Corporation, or Sonesta, (261 hotels), Hyatt Hotels Corporation, or Hyatt (17 hotels), Radisson Hospitality, Inc., or Radisson (eight hotels), Marriott International, Inc., or Marriott (16 hotels) and InterContinental Hotels Group, plc, or IHG (one hotel). At December 31, 2021, we owned 788 net lease properties with 174 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. Impact of COVID-19 Since March 2020, the lodging industry and certain other industries in which our managers and certain tenants operate have been adversely impacted by the COVID-19 global pandemic, along with federal, state and local government mandates intended to contain and mitigate the spread of COVID-19 and market reactions to the pandemic. The effects of COVID-19 continue to have a significant negative impact on our results of operations, financial position and cash flow. Although lodging demand improved during the year ended December 31, 2021 when compared to 2020 levels, we do not know when or if lodging business levels will return to historical pre-pandemic levels. To mitigate the effects of the pandemic and the increased variability in operating cashflows from our hotels, we continue to work with our hotel managers to contain costs where possible. We are prioritizing, deferring, or strategically planning capital improvements to mitigate potential disruptions to hotel results. We also continue to pay only a nominal quarterly dividend of $0.01 per common share to preserve our liquidity. As of February 22, 2022, we have $959,467 of cash or cash equivalents. We also have entered agreements to sell 45 properties for an aggregate sales price of $402,365 and have letters of intent or are in the process of marketing 43 additional properties with an aggregate carrying value of $150,962. Our $1,000,000 revolving credit facility matures on July 15, 2022 and we have $500,000 of unsecured senior notes due on August 15, 2022. We currently expect we will be able to either repay or extend the maturity of our debt coming due in 2022. We believe that our current financial resources, actions we have taken and are in the process of taking and our expectations as to the future performance of the lodging industry and the industries in which our net lease retail tenants operate and our fully collateralized revolving credit facility will provide us sufficient liquidity and enable us to withstand the COVID-19 pandemic and its aftermath. See Notes 4 and 6 for additional information regarding our asset sales and debt.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
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 $113,705 and $118,862 as of December 31, 2021 and 2020, respectively, and consist primarily of amounts due from and working capital advances to certain of our hotel managers. The liabilities of our TRSs were $42,432 and $70,240 as of December 31, 2021 and 2020, 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, 2021 and 2020, we recorded $78,620 and $55,756, 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, 2021 and 2020, our intangible assets and liabilities were as follows: As of December 31, 2021 2020 Assets: Tradenames and trademarks $ 89,375 $ 89,375 Above market operating leases, net of accumulated amortization of $64,471 and $55,220, respectively 184,943 224,510 Below market ground leases, net of accumulated amortization of $17,367 and $16,226, respectively 7,746 8,934 Other, net of accumulated amortization of $382 and $1,188, respectively 1,177 3,026 $ 283,241 $ 325,845 Liabilities: Below market operating leases, net of accumulated amortization of $473 and $559, respectively $ 1,147 $ 1,691 Above market ground leases, net of accumulated amortization of $317 and $6,180, respectively 46 416 $ 1,193 $ 2,107 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 2022 $ 28,478 $ 1,256 $ (216) $ 53 2023 25,695 1,234 (189) 57 2024 22,151 812 (189) 78 2025 20,032 798 (129) 78 2026 14,246 796 (125) 78 Thereafter 74,341 2,850 (299) 787 $ 184,943 $ 7,746 $ (1,147) $ 1,131 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 consists of amounts escrowed pursuant to the terms of our hotel management agreements to fund capital improvements at our hotels and proceeds from the sale of certain of our assets to be used for general business purposes pursuant to our credit agreement. 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, 2021 and 2020, debt issuance costs for our revolving credit facility were $14,879 and $8,163, respectively, and accumulated amortization of debt issuance costs for our revolving credit facility were $8,796 and $722, 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, 2021 and 2020, debt issuance costs, net of accumulated amortization, for our senior notes were $33,736 and $41,974, respectively. Future amortization of debt issuance costs to be recognized with respect to our revolving credit facility and senior notes as of December 31, 2021, are as follows: Future Amortization of Debt Issuance Costs 2022 $ 14,280 2023 7,667 2024 6,828 2025 4,957 2026 2,842 Thereafter 3,245 $ 39,819 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. Certain of Sonesta’s officers 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, 2021, we owned 1,184,797 common shares of TA. 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 $2,621, $714 and $10,719 during the years ended December 31, 2021, 2020 and 2019, respectively, 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 $20,655 and $33,902 and other assets, net, includes $26,881 and $16,264 of straight line rent receivables at December 31, 2021 and 2020, 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 $7,085, $3,277 and $4,238 during the years ended December 31, 2021, 2020 and 2019, 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, 2021, we had two reportable segments: hotel investments and net lease investments. Reclassifications. Reclassifications have been made to the prior years’ consolidated financial statements to conform to the current year’s presentation. 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 2018 through 2021 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.

Weighted Average Common Shares

Weighted Average Common Shares	12 Months Ended
	Dec. 31, 2021
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, 2021 2020 2019 (in thousands) Weighted average common shares for basic earnings per share 164,566 164,422 164,312 Effect of dilutive securities: Unvested share awards — — 28 Weighted average common shares for diluted earnings per share 164,566 164,422 164,340

Real Estate Properties

Real Estate Properties	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Real Estate Properties	Note 4. Real Estate Properties As of December 31, 2021, we owned 303 hotels with 48,346 rooms or suites and 788 service-oriented retail properties with 13,522,060 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 $10,741,151, including $515,518 classified as held for sale as of December 31, 2021. Our real estate properties, at cost after impairments, consisted of land of $1,918,385, buildings and improvements of $7,871,626 and furniture, fixtures and equipment of $435,622, as of December 31, 2021; and 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. We funded capital improvements to certain of our properties of $103,630, $136,155 and $242,571, during 2021, 2020 and 2019, respectively. 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, 2021, 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 34 years (range of 13 to 66 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 $319 per year; future rents under two ground leases have been prepaid. Sixteen (16) 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 29 years with rents averaging $424 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 Property 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, 2021 3/9/2021 Nashville, TN Net Lease — $ 7,709 $ 7,709 $ — $ — $ — $ — $ — 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 (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, 2021, we had $4,310 of unspent leasing related obligations assumed as a part of the SMTA Transaction. Dispositions During the years ended December 31, 2021, 2020 and 2019 we sold 18, 39 and 150 properties, respectively, for an aggregate sales price of $52,332, $174,172, and $821,212 respectively, excluding closing costs, as presented in the table below. The sales of these properties in the table below 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). Year of Sale Property Type Number of Properties Rooms or Suites/Square Feet Gross Sales Price Gain/ (Loss) on Sale Properties sold during the year ended December 31, 2021 2021 Hotels 7 669 $ 40,552 $ 9,590 2021 Net Lease 11 97,276 11,780 1,932 18 669 /97,276 $ 52,332 $ 11,522 Properties sold during the year ended December 31, 2020 2020 Hotels 18 2,046 $ 85,787 $ 17,550 2020 Net Lease 21 1,375,483 88,385 (15,289) 39 2,046/1,375,483 $ 174,172 $ 2,261 Properties sold during the year ended December 31, 2019 2019 Net Lease 150 3,314,724 $ 821,212 $ 159,535 In January 2022, we sold one hotel with 295 rooms and a carrying value of $12,016 for a sales price of $19,000, excluding closing costs. We have also entered into agreements to sell 45 hotels with 5,680 rooms and an aggregate carrying value of $352,540 for an aggregate sales price of $402,365, excluding closing costs and have letters of intent or are in the process of marketing 43 additional properties with an aggregate carrying value of $150,962. We currently expect the sale of these properties to be completed by the end of the second quarter of 2022.

Management Agreements and Lease

Management Agreements and Leases	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Management Agreements and Leases	Note 5. Management Agreements and Leases As of December 31, 2021, we owned 303 hotels included in six operating agreements and 788 service-oriented retail properties net leased to 174 tenants. We do not operate any of our properties. Hotel agreements Sonesta agreement. As of December 31, 2021, Sonesta operated 261 of the 303 hotels we then owned, which comprised approximately 50.9% of our total historical real estate investments, including 42 of our full-service hotels, 156 extended stay hotels, and 63 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 owner's priority 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 agreed to sell, rebrand or repurpose our 39 extended stay hotels then managed by Sonesta. We subsequently decided to suspend pursuing the sale of these 39 hotels based on market conditions; however, as noted below, we and Sonesta decided to sell 68 of our hotels managed by Sonesta, which includes many of these 39 hotels we had previously targeted for sale, rebranding or repurposing; we subsequently sold one of the 68 hotels in December 2021; see Note 4 for further information regarding that sale; • The annual owner’s priority returns due for the 14 full-service hotels that Sonesta then managed and 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 5% of the hotel gross revenues of each of our 14 full-service hotels then managed by Sonesta will be escrowed for future capital expenditures as FF&E reserves, subject to available cash flows after payment of the annual owner’s priority 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), or Destinations, 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 and March 2021, we transitioned the branding and management of 88 hotels to Sonesta from Marriott. 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 were scheduled to 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 and pooling agreements and together with the legacy management agreements and legacy pooling agreements, as applicable, the Sonesta agreements. In June 2021, we transitioned the branding and management of five hotels to Sonesta from Hyatt and on November 1, 2021, we transitioned the branding and management of one additional hotel to Sonesta from Radisson. We added these hotels to our conversion hotel management and pooling agreements with Sonesta. Our Sonesta agreements provided that we be paid a fixed annual owner’s priority 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 Sonesta agreements further provide that we are paid an additional return equal to 80% of the remaining operating profits, as defined therein, after reimbursement of owner or manager advances, FF&E reserve escrows and Sonesta’s incentive fee, if applicable. We realized returns from our Sonesta hotels of $53,853 during the year ended December 31, 2021. Our Sonesta hotels generated net operating losses of $65,277 during the year ended December 31, 2020. We realized returns from our Sonesta hotels of $67,592 during the year ended December 31, 2019. 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 managed by Sonesta and an incentive management fee equal to 20.0% of operating profits remaining after reimbursement to us and to Sonesta of certain advances, payment of our owner's priority returns and funding of FF&E reserve escrows. Sonesta’s incentive management fee, but not its other fees, is earned only after our owner's priority 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 $84,926, $17,734 and $36,169 for the years ended December 31, 2021, 2020 and 2019, respectively. 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 $2,196, $1,571 and $3,320 for the years ended December 31, 2021, 2020 and 2019, 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 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 owner's priority 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 years ended December 31, 2021, 2020 and 2019 under our Sonesta agreements. We incurred capital expenditures for certain hotels included in our Sonesta agreements of $93,472, $62,963 and $114,081 during the years ended December 31, 2021, 2020 and 2019, respectively. We owed Sonesta $17,248, $26,096 and $15,537 for 2021 capital expenditure and reimbursements or for a previous overpayment of estimated owner's priority returns advanced at December 31, 2021, 2020 and 2019, respectively. Sonesta owed us $4,592 for 2021 owner’s priority returns as of December 31, 2021. 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. We are required to maintain working capital for each of our hotels managed by Sonesta and have advanced a fixed amount based on the number of rooms in each hotel to meet the cash needs for hotel operations. We had advanced $56,697 and $41,514 of initial working capital to Sonesta as of December 31, 2021 and 2020, respectively. These amounts are included in other assets in our consolidated balance sheets. Any remaining working capital would be returned to us upon termination in accordance with the terms of our Sonesta agreement. Amended and Restated Management and Pooling Agreements with Sonesta On January 7, 2022, we and Sonesta amended and restated our management agreements effective January 1, 2022. As of that date, we owned 261 hotels managed by Sonesta and 67 of these hotels are expected to be sold, or the sale hotels. Among other things, the amendments to the agreements between us and Sonesta for 194 hotels, or the retained hotels, are as follows: • The term for the retained hotels expires on January 31, 2037 and includes two 15-year renewal options. • All retained hotels are subject to a pooling agreement that combines the management agreements for the retained hotels for purposes of calculating gross revenues, hotel operating expenses, fees and distributions and the owner’s priority return due to us. • The owner’s priority return for the retained hotels is initially set at $325,200 annually. We have the right to terminate Sonesta’s management of specific hotels that we own if minimum performance thresholds are not met starting in 2023. • We will renovate the retained hotels to comply with agreed upon brand standards. As we advance such funding or fund other capital expenditures, the aggregate annual owner’s priority return due to us will increase by 6% of the amounts funded. • Trade area restrictions by hotel brand have been added to define boundaries to protect our owned hotels in response to Sonesta increasing its franchising and third-party management activities. In general, we and Sonesta may terminate a management agreement for a retained hotel for events of default, casualty and condemnation events, although Sonesta may not terminate for certain events of default. We also have the right to terminate a management agreement for a retained hotel if minimum performance thresholds are not met starting in 2023 for any three of four applicable consecutive years. We and Sonesta can terminate a management agreement due to an event of default of the other party, although Sonesta may not terminate for certain events of default. Pursuant to the management agreement, we or Sonesta may be obligated to pay the other party damages if the terminating party terminates a management agreement due to the other party’s event of default. For the sale hotels, the term was extended to the earlier of December 31, 2022 (or until the applicable hotel has been sold) and the FF&E reserve funding requirement was removed. We can terminate a management agreement due to a Sonesta event of default. Pursuant to the management agreement, Sonesta may be obligated to pay us damages if we terminate a management agreement for a sale hotel due to Sonesta’s event of default. Our owner’s priority return will be reduced by the current owner’s priority return for a sale hotel once sold. The total owner’s priority for all the sale hotels is $84,653. The sale hotels are subject to a pooling agreement that combines the management agreements for the sale hotels for purposes of calculating gross revenues, hotel operating expenses, fees and distributions and the owner’s priority return due to us. Accounting for Investment in Sonesta: We account for our 34.0% non-controlling interest in Sonesta under the equity method of accounting. Our investment in Sonesta had a carrying value of $62,687 and $36,646 as of December 31, 2021 and 2020, respectively. 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 $260 and $217 in the years ended December 31, 2021 and 2020, respectively. In March 2021, we funded a $25,443 capital contribution to Sonesta related to its acquisition of Red Lion Hotels Corporation to maintain our pro rata ownership. We recognized losses of $941 and $9,910 related to our investment in Sonesta for the years ended December 31, 2021 and 2020, respectively. These amounts are included in equity in earnings (losses) of an investee in our consolidated statements of comprehensive income. 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 $2,484 and $2,070 for the year ended December 31, 2021 and 2020, respectively, for amortization of this liability. As of December 31, 2021 and 2020, the unamortized balance of this liability was $37,447 and $39,930, respectively. See Note 9 for further information regarding our relationship, agreements and transactions with Sonesta. Hyatt agreement. On June 7, 2021, we and Hyatt amended our Hyatt agreement. Under our Hyatt agreement, as amended, Hyatt will continue to manage 17 of the hotels we own for a 10 year term effective April 1, 2021. Our amended Hyatt agreement sets our annual owner's priority return at $12,000 and Hyatt provided us with a new $30,000 limited guarantee for 75% of the aggregate annual owner's priority returns due to us beginning in 2023. Under our amended Hyatt agreement, a management fee of 5% of gross room revenues payable to Hyatt will be an operating cost paid senior to our owner's priority return. Hyatt may also earn a 20% incentive management fee after payment of our annual owner's priority returns and reimbursement of certain advances, if any. We also agreed to fund approximately $50,000 of renovations that are expected to be completed by the end of 2022. As described above, we transitioned the branding and management of the remaining five hotels that Hyatt previously managed to Sonesta in June 2021. We realized returns of $9,388 during the year ended December 31, 2021 and $22,037 for each of the years ended December 31, 2020 and 2019, respectively, under this agreement. Hyatt had previously provided us with a guaranty, which was limited to $50,000 under the previous agreement. 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. Any returns we receive from Hyatt are currently limited to the hotels’ available cash flows, if any, after payment of operating expenses. During the year ended December 31, 2021, we expensed $3,700 of working capital we previously funded under our Hyatt agreement because the amount is no longer expected to be recoverable. This amount is included in transaction related costs in our consolidated statement of income (loss). Radisson agreement . On November 1, 2021, we amended our Radisson agreement. Under our Radisson agreement, as amended, Radisson will continue to manage eight of the hotels we own for a 10 year term effective August 1, 2021. Our amended Radisson agreement sets our annual owner's priority returns at $10,200 and Radisson provided us with a new $22,000 limited guarantee for 75% of the aggregate annual owner's priority returns due to us beginning in 2023. Under our amended Radisson agreement, a management fee of 5% of gross room revenues for each hotel operated under the Country Inn & Suites brand and a management fee of 3% of gross room revenues for each hotel managed under the Radisson Hotel brand payable to Radisson will be an operating cost paid senior to our owner's priority returns. Radisson may also earn a 20% incentive management fee after payment of our annual owner's priority returns and reimbursement of certain advances, if any. We also agreed to fund approximately $12,000 of renovations that are expected to be completed by the end of 2022. As described above, we transitioned the management and branding of the ninth hotel that Radisson previously managed to Sonesta on November 1, 2021. We realized returns of $11,364, $20,456 and $20,056 during the years ended December 31, 2021, 2020 and 2019, respectively, under this agreement. Radisson had previously provided us with a guaranty, which was limited to $47,523. During the year ended December 31, 2021, the hotels under our Radisson agreement generated cash flows that were less than the minimum returns due to us and Radisson made $13,238 of guaranty payments to cover part of the shortfall and the Radisson guaranty was exhausted. Marriott agreement . As of January 1, 2021, Marriott managed 105 of our hotels under agreements we had terminated in 2020 for Marriott’s failure to pay the cumulative shortfall between the payments we had received and 80% of the cumulative priority returns due to us in accordance with the agreement. We transitioned the branding and management of 88 Marriott managed hotels to Sonesta in February and March 2021. We sold one hotel that Marriott managed in April 2021 (see Note 4 for further information regarding this sale). As of December 31, 2021, Marriott managed 16 of our hotels. We were previously in arbitration proceedings with Marriott regarding, among other things, the timing and characterization of certain payments made to us, and the validity of the timing of the termination of the Marriott agreements, including an exit hotel agreement which, if not terminated, would require us to sell the 16 hotels encumbered with a Marriott brand. We were also seeking repayment of certain working capital advances we made to Marriott during 2020. We entered an agreement with Marriott regarding the 16 hotels noted above, pursuant to which we agreed to have these hotels remain Marriott branded hotels until the arbitration was resolved. On January 18, 2022, the arbitration panel declined to award us the $19,920 we had sought relating to certain working capital advances we made to Marriott under the applicable management agreements, but awarded us approximately $1,084 in connection with a related claim and determined we would own the remaining 16 hotels unencumbered by Marriott contracts. As a result, during the year ended December 31, 2021, we expensed $18,035 of working capital we previously funded under our Marriott agreement because the amount is no longer expected to be recoverable. This amount is included in transaction related costs in our consolidated statement of income (loss). We expect to sell or transition the branding and management of the remaining 16 Marriott branded hotels to Sonesta in the second quarter of 2022. We realized returns of $2,830 during the year ended December 31, 2021 under our Marriott agreement. Any returns we receive from Marriott are limited to the hotels’ available cash flows, if any, after payment of operating expenses. Marriott managed 122 of our hotels during years ended December 31, 2020 and 2019. We realized returns of $93,593 and $190,492 during the years ended December 31, 2020 and 2019, respectively, under our agreement with Marriott. Marriott had previously provided a limited guaranty and security deposit, which were both exhausted in 2020 to cover shortfalls between cash flows from our hotels and our minimum returns. We incurred capital expenditures for certain hotels included in our Marriott agreement of $7,394, $65,840 and $51,056 during the years ended December 31, 2021, 2020 and 2019, respectively. Other. Our management agreement with IHG for one hotel expires on January 31, 2026. Our IHG hotel generated net operating cash flow of $337 during the year ended December 31, 2021. Any returns we receive from IHG are limited to the hotels’ available cash flows, if any, after payment of operating expenses. IHG managed or leased 103 of our hotels during most of 2020. 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 held to cover shortfalls between cash flow from our hotels and our minimum returns. We transferred the branding and management of 102 of our 103 IHG hotels to Sonesta in December 2020. We realized returns and rents of $107,888 and $205,941 during the years ended December 31, 2020 and 2019, respectively, under our then agreement with IHG. During the year ended December 31, 2021, we expensed $16,711 of working capital we previously funded under our IHG agreement because the amount is no longer expected to be recoverable. This amount is included in transaction related costs in our consolidated statement of income (loss). Net lease portfolio As of December 31, 2021, we owned 788 net lease service-oriented retail properties with 13,522,060 square feet with annual minimum rent of $369,733 with a weighted (by annual minimum rents) average lease term of 10.2 years. The portfolio was 98.1% leased by 174 tenants operating under 134 brands in 21 distinct industries. As a result of the COVID-19 pandemic, some of our tenants requested rent assistance. During the year ended December 31, 2021, we entered into a rent deferral agreement for $2,792 of rent with four net lease tenants. As of December 31, 2021, we had $7,554 of deferred rents outstanding related to seven tenants we granted rent relief to pursuant to such requests who represented approximately 2.0% of our annualized rental income of our net lease retail portfolio as of December 31, 2021. These deferred rents are included in other assets, net in our consolidated balance sheets. These tenants are obligated to pay, in most cases, the deferred rent over a 24 month period. We have elected to use the FASB relief package regarding the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic and account for lease concessions resulting from the COVID-19 pandemic outside of the existing lease modification guidance as the resulting cash flows from the modified lease are substantially the same as or less than the original lease. The deferred amounts did not impact our operating results for the year ended December 31, 2021. We continually review receivables related to rent, straight-line rent and property operating expense reimbursements and determine collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. The review includes an assessment of whether substantially all of the amounts due under a tenant’s lease are probable of collection. For leases that are deemed probable of collection, revenue continues to be recorded on a straight-line basis over the lease term. For leases that are deemed not probable of collection, revenue is recorded as cash is received. We recognize all changes in the collectability assessment for an operating lease as an adjustment to rental income. We reduced reserves for uncollectible amounts by $9 during the year ended December 31, 2021 and recorded reserves for uncollectible amounts of $9,892 during the year ended December 31, 2020, We had reserves for uncollectible rents of $15,519 and $18,230 as of December 31, 2021 and 2020, respectively, included in other assets in our consolidated balance sheets. TA Leases TA is our largest tenant, leasing 27.5% of our gross carrying value of real estate properties as of December 31, 2021. 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, 2021, 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 $ 5,826 TA No. 2 Lease 36 December 31, 2031 44,077 5,411 TA No. 3 Lease 35 December 31, 2029 42,409 5,335 TA No. 4 Lease 37 December 31, 2033 48,263 5,446 TA No. 5 Lease 35 June 30, 2035 61,654 — 179 $ 246,110 $ 22,018 (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, 2021. 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 $248,291, $250,573 and $262,038 for the years ended December 31, 2021, 2020 and 2019, respectively. Rental income for the years ended December 31, 2021, 2020 and 2019 includes $13,237, $13,156 and $11,894, 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, 2021 and 2020, we had receivables for current rent amounts owed to us by TA and straight line rent adjustments of $48,168 and $55,530, respectively. These amounts are included in due from related persons in our consolidated balance sheets. Beginning in January 2019, our recognition of the 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 in respect of such obligation for each of the years ended December 31, 2021 and 2020, respectively and $13,200 for the year ended December 31, 2019. 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, 2021, 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 $7,085, $2,764 and $4,075 during the years ended December 31, 2021, 2020 and 2019, 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 did not fund any improvements under these leases during the years ended December 31, 2021, 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 $140,803, $137,111 and $46,861 for the years ended December 31, 2021, 2020 and 2019 respectively, which included $10,616, $14,345 and $2,160 respectively, of adjustments to record scheduled rent changes under certain of our leases on a straight-line basis. Additional lease information (as lessor) . As of December 31, 2021, our leases with parties other than our TRSs provide for contractual minimum rents to be paid to us during the remaining current terms as follows: 2022 $ 390,580 2023 376,064 2024 365,787 2025 356,248 2026 344,503 Thereafter 2,114,800 Total $ 3,947,982 Additional lease information (as lessee). As of December 31, 2021, 14 of our hotels were subject to ground leases where we are the lessee. In addition, our hotel operators enter various leases on our behalf in the normal course of business at our hotels, or our hotel operating leases. We calcul

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Indebtedness	Note 6. Indebtedness Our principal debt obligations at December 31, 2021 were: (1) $1,000,000 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. 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 noted below, we have an option to extend the maturity date of the facility for 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, 2021. We also pay a facility fee, which was 30 basis points per annum at December 31, 2021, 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, 2021, the annual interest rate payable on borrowings under our revolving credit facility was 2.85%. The weighted average annual interest rate for borrowings under our revolving credit facility was 2.85%, 2.36% and 3.21% for the years ended December 31, 2021, 2020 and 2019, respectively. On January 19, 2021, we borrowed $972,793 under our revolving credit facility as a precautionary measure to preserve financial flexibility. As of each of December 31, 2021 and February 22, 2022, our $1,000,000 revolving credit facility was fully drawn. We and our lenders amended our credit agreement governing our $1,000,000 revolving credit facility in 2020. Among other things, the amendments waived all of the then existing financial covenants through the end of the current agreement term, or July 15, 2022. As a result of the amendments, among other things: • we pledged certain equity interests of subsidiaries owning properties and provided first mortgage liens on 74 properties owned by the pledged subsidiaries with an undepreciated book value of $1,834,420 as of December 31, 2021 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; • we agreed to certain covenants and restrictions on distributions to common shareholders, share repurchases, incurring indebtedness, and acquiring real property (in each case subject to various exceptions); • we agreed to maintain minimum liquidity of $125,000; • 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; • in order to exercise the first six month extension option under the credit agreement, we would need to be in compliance with the financial covenants under the agreement calculated using pro forma projections as defined in the agreement for the quarter ending June 30, 2022, annualized, and have repaid or refinanced our $500,000 of 5.00% senior notes due in August 2022; • we may not 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 until we demonstrate compliance with certain covenants; and As noted above, our revolving credit facility matures on July 15, 2022 and we may be unable to meet the conditions required to exercise the extension option provided for in our credit agreement. We are in discussions with our lenders regarding a potential extension of the existing waivers or additional covenant waivers, but we cannot assure that we will be granted any such relief. We currently expect we will have enough cash to repay the amounts outstanding on our revolving credit facility using existing cash balances and proceeds we expect to receive from asset sales or other capital transactions we may complete prior to its maturity. 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. As of December 31, 2021, we were not in compliance with one of our debt covenants necessary to incur additional debt, and as a result, we will not be able to incur additional debt until we satisfy that covenant. 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. We repaid our $400,000 term loan, which was scheduled to mature on July 15, 2023, without penalty on November 5, 2020. 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. The weighted average annual interest rates for borrowings under our term loan were 2.74% and 3.43% during the years ended December 31, 2020 and 2019, 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. On November 20, 2020, we issued $450,000 principal amount of our 5.50% 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, 2021 are as follows: 2022 $ 1,500,000 2023 500,000 2024 1,175,000 2025 1,150,000 2026 800,000 Thereafter 2,075,000 $ 7,200,000

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2021
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, 2021, 2020 and 2019, we awarded 340,700 of our common shares with an aggregate market value of $3,839, 264,400 of our common shares with an aggregate market value of $2,232 and 140,100 of our common shares with an aggregate market value of $3,507, respectively, to our officers and certain other employees of our manager, RMR LLC, pursuant to our 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 June 16, 2021, in accordance with our Trustee compensation arrangements, we awarded under our Share Award Plan 7,000 of our common shares to each of our seven Trustees, valued at $13.94 per common share, the closing price of our common shares on Nasdaq, on that day. On September 15, 2021, we awarded under our Share Award Plan an aggregate of 291,700 of our common shares, valued at $10.82 per common share, the closing price of our common shares on Nasdaq on that day, to our officers and certain other current and former officers and employees of RMR LLC. On February 27, 2020, in accordance with our Trustee compensation arrangements we awarded under our Share Award Plan 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 June 14, 2019, in accordance with our Trustee compensation arrangements, we awarded under our Share Award Plan each of our then Trustees 3,000 of our common shares in 2019 with an aggregate market value of $370 ($74 per trustee) as part of their annual compensation. The value of the share awards were based upon the closing price of our common shares on Nasdaq on the date of the awards. The shares awarded to our Trustees vest immediately. The shares awarded to our officers and certain other employees of RMR LLC (in those capacities) vest in five A summary of shares awarded, vested, forfeited and unvested under the terms of the Share Award Plan for the years ended December 31, 2021, 2020 and 2019 is as follows: 2021 2020 2019 Number Weighted Number Weighted Number Weighted Unvested shares, beginning of year 325,900 $ 14.71 194,540 $ 26.59 164,000 $ 28.39 Shares granted 340,700 $ 11.26 305,400 $ 8.91 155,100 $ 25.00 Shares vested (240,470) $ 14.78 (173,190) $ 17.76 (122,010) $ 25.09 Shares forfeited (1,100) $ 12.96 (850) $ 26.93 (2,550) $ 27.49 Unvested shares, end of year 425,030 $ 11.93 325,900 $ 14.71 194,540 $ 26.59 The 425,030 unvested shares as of December 31, 2021 are scheduled to vest as follows: 137,030 shares in 2022, 125,040 shares in 2023, 104,620 shares in 2024 and 58,340 shares in 2025. As of December 31, 2021, the estimated future compensation expense for the unvested shares was $4,518. The weighted average period over which the compensation expense will be recorded is approximately 22 months. During the years ended December 31, 2021, 2020 and 2019, we recorded $2,964, $3,206 and $2,849, respectively, of compensation expense related to the Share Award Plan. At December 31, 2021, 1,761,393 of our common shares remain reserved for issuance under our current Share Award Plan. Share Repurchases During the years ended December 31, 2021, 2020 and 2019, 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 2021 71,100 $11.11 $790 2020 43,751 $7.90 $346 2019 31,225 $25.61 $800 Distributions During the years ended December 31, 2021, 2020 and 2019, 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 2021 $0.04 $6,596 —% — 100.00% —% 2020 $0.57 $93,804 —% — 100.00% —% 2019 $2.15 $353,620 44.50% 37.93% 17.57% 0.50% On January 13, 2022, we declared a distribution of $0.01 per common share, or $1,652, which we paid on February 17, 2022, to shareholders of record on January 24, 2022. Cumulative Other Comprehensive Income (Loss) Cumulative other comprehensive income (loss) represents our share of the comprehensive loss of Sonesta. 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, 2021: Equity in Unrealized Gain (Loss) of Investees Total Balance at December 31, 2019 $ — $ — Other comprehensive loss (760) (760) Amounts reclassified from cumulative other comprehensive income to net income — — Balance at December 31, 2020 (760) (760) Other comprehensive income 1,539 1,539 Amounts reclassified from cumulative other comprehensive income to net income — — Balance at December 31, 2021 $ 779 $ 779

Business and Property Managemen

Business and Property Management Agreements with RMR LLC	12 Months Ended
	Dec. 31, 2021
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), the office building component of one of our hotels and major renovation or repositioning activities at our hotels that we may request RMR LLC to manage from time to time. 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 applicable market index, or the benchmark return per share, for the relevant measurement period. Effective August 1, 2021, we and RMR LLC amended our business management agreement to replace the benchmark index used in the calculation of incentive management fees. Pursuant to the amendment, for periods beginning on and after August 1, 2021, the MSCI U.S. REIT/Hotel & Resort REIT Index replaced the discontinued SNL U.S. REIT Hotel Index and will be used to calculate benchmark returns per share for purposes of determining any incentive management fee payable by us to RMR LLC. For periods prior to August 1, 2021, the SNL U.S. REIT Hotel Index will continue to be used. Accordingly, the calculation of incentive management fees for the next two measurement periods will continue to use the SNL U.S. REIT Hotel Index in calculating the benchmark returns for periods through July 31, 2021.This change of index was due to S&P Global, Inc. ceasing to publish the SNL U.S. REIT Hotel Index and we refer to the changed index as the benchmark index. For purposes of the total return per share of our common shareholders, share price appreciation for a measurement period is determined by subtracting (1) the closing price of our common shares on Nasdaq on the last trading day of the year immediately before the first year of the applicable measurement period, or the initial share price, from (2) the average closing price of our common shares on the 10 consecutive trading days having the highest average closing prices during the final 30 trading days in the last year of the measurement period. ◦ The calculation of the incentive management fee (including the determinations of our equity market capitalization, initial share price and the total return per share of our common shareholders) is subject to adjustments if we issue or repurchase our common shares, or if our common shares are forfeited, during the measurement period. ◦ No incentive management fee is payable by us unless our total return per share during the measurement period is positive. ◦ The measurement periods are three year periods ending with the year for which the incentive management fee is being calculated. ◦ If our total return per share exceeds 12% per year in any measurement period, the benchmark return per share is adjusted to be the lesser of the total shareholder return of the applicable market index for such measurement period and 12% per year, or the adjusted benchmark return per share. In instances where the adjusted benchmark return per share applies, the incentive management fee will be reduced if our total return per share is between 200 basis points and 500 basis points below the applicable market index in any year, by a low return factor, as defined in the business management agreement, and there will be no incentive management fee paid if, in these instances, our total return per share is more than 500 basis points below the applicable market index in any year, determined on a cumulative basis (i.e., between 200 basis points and 500 basis point per year multiplied by the number of years in the measurement period and below the applicable market index). ◦ The incentive management fee is subject to a cap. The cap is equal to the value of the number of our common shares which would, after issuance, represent 1.5% of the number of our common shares then outstanding multiplied by the average closing price of our common shares during the 10 consecutive trading days having the highest average closing prices during the final 30 trading days of the relevant measurement period. ◦ Incentive management fees we paid to RMR 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 $42,137, $36,830 and $41,607 for the years ended December 31, 2021, 2020 and 2019, 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, 2021, 2020 and 2019 reflect a reduction of $3,584 for each of those years for the amortization of the liability we recorded in connection with our former investment in RMR Inc. • Property Management and Construction Supervision Fees. The property management fees payable to RMR 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. On June 22, 2021, we and RMR LLC amended our property management agreement to, among other things, provide for RMR LLC’s oversight of any major capital projects and repositioning activities at our hotels, including our hotels that are managed by Sonesta, as we may request from time to time. RMR LLC will receive the same fee previously paid to Sonesta for these services, which is equal to 3% of the cost of any such major capital project or repositioning activity. Pursuant to our property management agreement with RMR LLC, we recognized aggregate property management and construction supervision fees of $4,489, $3,575 and $1,399 for the years ended December 31, 2021, 2020 and 2019, respectively. These amounts are included in other operating expenses or have been capitalized as appropriate in our consolidated financial statements. For the fiscal years ended December 31, 2021, 2020 and 2019, $3,674, $3,283 and $1,370, respectively, of property management fees were recognized as operating expenses in our consolidated statements of comprehensive income (loss) and $815, $292 and $29, respectively, were capitalized as building improvements in our consolidated balance sheets and are being depreciated over the estimated useful lives of the related capital assets. • Expense Reimbursement. We are generally responsible for all of our operating expenses, including certain expenses incurred or arranged by RMR 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 $2,971, $2,618 and $620 for these expenses and costs for the years ended December 31, 2021, 2020 and 2019, 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, 2041, 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, 2021
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 of ABP Trust, which is the controlling shareholder of RMR Inc., and is 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. 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 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 and major renovation or repositioning activities at our hotels that we may request RMR LLC to manage from time to time. 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, 2021, we owned 1,184,797 shares of common stock, representing approximately 8.0% 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, 2021, beneficially owned 658,505 shares of TA common stock (including through RMR LLC), representing approximately 4.4% 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 of which Adam Portnoy, one of our Managing Trustees, is a director and the controlling stockholder. One of Sonesta’s other directors is our other Managing Trustee, President and Chief Executive Officer and Sonesta’s other director serves as one of RMR Inc.’s managing directors, as RMR LLC’s and RMR Inc.’s executive vice president, general counsel and secretary and as our Secretary. Certain of Sonesta’s officers 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, 2021, we owned approximately 34% of Sonesta’s outstanding shares of common stock and Sonesta managed 261 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 Affiliates Insurance Company, an Indiana insurance company, or AIC, 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 in connection with this insurance program for the policy year ended June 30, 2019. 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. We received the final distribution of $12 in December 2021. As of December 31, 2020 and 2019, our investment in AIC had a carrying value of $12 and $298, respectively. These amounts are included in other assets in our consolidated balance sheets. We did not recognize any income in the year ended December 31, 2021 and 2020 and recognized income of $393 related to our investment in AIC for the year ended December 31, 2019. These amounts are presented as equity in earnings of an investee in our consolidated statements of comprehensive income (loss). Our other comprehensive income (loss) includes our proportionate part of unrealized losses on securities which were owned and held for sale by AIC of $175 related to our investment in AIC for the year ended December 31, 2019.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
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, 2021 2020 2019 Current: Federal $ — $ — $ — State 680 3,361 2,327 Foreign 350 — 593 1,030 3,361 2,920 Deferred: Foreign (1,971) 13,850 (127) (1,971) 13,850 (127) $ (941) $ 17,211 $ 2,793 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, 2021 2020 2019 Taxes at statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Nontaxable income of SVC (21.0) % (21.0) % (21.0) % State and local income taxes, net of federal tax benefit (0.1) % (1.1) % 0.7 % Foreign taxes 0.3 % (4.4) % 0.1 % Effective tax rate 0.2 % (5.5) % 0.8 % 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, 2021 2020 Deferred tax assets: Tax loss carryforwards $ 84,551 $ 42,940 Other 4,844 3,175 89,395 46,115 Valuation allowance (89,395) (46,115) — — Deferred tax liabilities: Property basis difference (6,263) (6,682) Puerto Rico deferred tax gain (12,581) (13,850) Net deferred tax liabilities $ (18,844) $ (20,532) 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, 2020 Current Period Increase As of December 31, 2021 $2,531 $— $2,531 At December 31, 2021 and 2020, our consolidated TRS had a net deferred tax asset, prior to any valuation allowance, of $84,973 and $40,879, respectively, which consists primarily of the tax benefit of net operating loss carryforwards and tax credits. Because of the uncertainty surrounding our ability to realize the future benefit of these assets, we have provided a 100% valuation allowance as of December 31, 2021 and 2020. As of December 31, 2021 and 2020, our consolidated TRS had net operating loss carryforwards for federal income tax purposes of approximately $334,686 and $159,727, respectively, which partially expire starting in 2025. At December 31, 2021 and 2020, we recorded a deferred tax liability of $12,581 and $13,843, respectively, as a result of the book value to tax basis difference related to the accounting of an insurance settlement in 2020. See Note 4 for further information regarding this insurance settlement. At December 31, 2021 and 2020, we, excluding our subsidiaries, had net operating loss carryforwards for federal income tax purposes of approximately $423,852 and $333,533, respectively, of which certain losses incurred prior to 2017 partially expire starting 2027.

Concentration

Concentration	12 Months Ended
	Dec. 31, 2021
Risks and Uncertainties [Abstract]
Concentration	Note 11. Concentration Geographic Concentration At December 31, 2021, our 1,091 properties were located in 47 states in the United States, plus Washington, DC, Ontario, Canada and Puerto Rico. Between 6% and 11% 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 1.6% of our hotels, by investment, in the aggregate at December 31, 2021. Credit Concentration As of December 31, 2021, Sonesta operated 261 of our hotels and TA leased 179 of our net lease properties, representing 50.9% and 27.5%, respectively, of our gross real estate assets at cost. See Notes 5 and 9 for a discussion of our Sonesta and TA agreements.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2021
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, 2021 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 1,104,678 $ — $ — $ 1,104,678 Rental income 1,808 389,094 — 390,902 Total revenues 1,106,486 389,094 — 1,495,580 Expenses: Hotel operating expenses 1,010,737 — — 1,010,737 Other operating expenses — 15,658 15,658 Depreciation and amortization 266,641 219,324 — 485,965 General and administrative — — 53,439 53,439 Transaction related costs 64,764 — — 64,764 Loss on asset impairment 60,980 17,640 — 78,620 Total expenses 1,403,122 252,622 53,439 1,709,183 Gain on sale of real estate, net 9,558 1,964 — 11,522 Unrealized gains on equity securities — — 22,535 22,535 Interest income 1 — 663 664 Interest expense — — (365,721) (365,721) Income (loss) before income taxes and equity in losses of an investee (287,077) 138,436 (395,962) (544,603) Income tax benefit — — 941 941 Equity in losses of an investee — — (941) (941) Net income (loss) $ (287,077) $ 138,436 $ (395,962) $ (544,603) As of December 31, 2021 Hotels Net Lease Corporate Consolidated Total assets 4,487,101 3,580,095 1,086,119 9,153,315 For the Year Ended December 31, 2020 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 875,098 $ — $ — $ 875,098 Rental income 2,472 387,684 — 390,156 Total revenues 877,570 387,684 — 1,265,254 Expenses: Hotel operating expenses 682,804 — — 682,804 Other operating expenses — 15,208 — 15,208 Depreciation and amortization 263,673 235,235 — 498,908 General and administrative — — 50,668 50,668 Transaction related costs 15,100 — — 15,100 Loss on asset impairment 17,131 38,625 — 55,756 Total expenses 978,708 289,068 50,668 1,318,444 Gain on sale of real estate, net 14,927 (12,666) — 2,261 Gain on insurance settlement 62,386 — — 62,386 Unrealized losses on equity securities, net — — 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 earnings of an investee (23,819) 85,950 (346,392) (284,261) Income tax expense — — (17,211) (17,211) Equity in earnings 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 25,724 301,251 — 326,975 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 — 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

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	12 Months Ended
	Dec. 31, 2021
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, 2021, categorized by the level of inputs, as defined in the fair values hierarchy under GAAP, used in the valuation of each asset. As of December 31, 2021 As of December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Investment in TA (Level 1) (1) $ 61,159 $ 61,159 $ 38,624 $ 38,624 Assets of properties held for sale (Level 3) (2) $ 515,518 $ 515,518 $ 13,543 $ 13,543 (1) As of both December 31, 2021 and 2020, we owned 1,184,797 shares of TA common stock, 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 as of December 31, 2021 and 2020. During the years ended December 31, 2021, 2020 and 2019, we recorded unrealized gains of $20,367 and $19,883 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, 2021, we owned 67 hotels with 8,667 rooms with an aggregate carrying value of $503,078 classified as held for sale and 22 net lease properties lease properties with 154,206 square feet with an aggregate carrying value of $12,440 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 $78,620 loss on asset impairment in 2021 to reduce the carrying value of certain of these properties to their estimated fair value less costs to sell. 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 these properties to their estimated fair value less costs to sell. 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, 2021 and 2020, 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, 2021 December 31, 2020 Carrying Fair Carrying Fair Amount (1) Value Amount (1) Value Senior Unsecured Notes, due 2022 at 5.00% $ 499,244 $ 501,033 $ 498,032 $ 510,285 Senior Unsecured Notes, due 2023 at 4.50% 499,761 505,378 499,596 505,280 Senior Unsecured Notes, due 2024 at 4.65% 349,105 347,039 348,700 347,893 Senior Unsecured Notes, due 2024 at 4.35% 821,017 821,184 819,546 819,328 Senior Unsecured Notes, due 2025 at 4.50% 347,806 342,493 347,118 346,462 Senior Unsecured Notes, due 2025 at 7.50% 791,340 867,712 789,006 926,404 Senior Unsecured Notes, due 2026 at 5.25% 345,342 348,537 344,212 354,996 Senior Unsecured Notes, due 2026 at 4.75% 447,126 439,889 446,515 448,506 Senior Unsecured Notes, due 2027 at 4.95% 396,160 395,862 395,405 404,328 Senior Unsecured Notes, due 2027 at 5.50% 443,383 461,522 442,370 491,918 Senior Unsecured Notes, due 2028 at 3.95% 393,057 370,562 391,908 388,146 Senior Unsecured Notes, due 2029 at 4.95% 418,895 407,448 418,102 430,064 Senior Unsecured Notes, due 2030 at 4.375% 390,786 370,836 389,656 388,292 Total financial liabilities $ 6,143,022 $ 6,179,495 $ 6,130,166 $ 6,361,902 (1) Carrying value includes unamortized discounts and premiums and certain debt issuance costs. At December 31, 2021 and 2020, 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, 2021
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, 2021 (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 17 Royal Sonesta 227 1,118 405 (9) (9) 227 1,496 1,723 22 Sonesta 136 588 321 (51) (5) 136 848 984 60 Sonesta ES Suites 132 557 368 (35) (48) 132 794 926 44 Sonesta Select 84 395 308 (8) (71) 89 548 637 51 Simply Suites 68 341 105 (17) (18) 66 395 461 17 Hyatt Place 20 137 21 — — 20 158 178 5 Radisson Hotel 9 93 45 — — 9 138 147 1 Crowne Plaza 17 69 30 — — 17 99 116 13 Courtyard 13 64 63 (14) (23) 12 68 80 3 Country Inn and Suites 4 29 10 — — 4 39 43 3 Residence Inn 4 9 12 (3) (1) 3 17 20 Net Lease Properties 134 TravelCenters of America 568 939 463 — — 575 1,393 1,968 45 Petro Stopping Centers 260 522 210 — — 259 717 976 11 AMC Theatres 30 55 1 — — 30 56 86 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 59 Heartland Dental 11 37 — — — 11 37 48 10 Norms 23 24 — — — 23 24 47 23 Express Oil Change 6 37 — — — 6 37 43 39 Pizza Hut 12 27 — — — 12 27 39 3 Flying J Travel Plaza 6 32 — — — 6 32 38 6 America's Auto Auction 7 23 4 — — 7 27 34 6 Regal Cinemas 9 25 — — — 9 25 34 4 Courthouse Athletic Club 5 28 — — — 5 28 33 44 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 5 Mister Car Wash 2 19 — — — 2 19 21 6 United Supermarkets 4 17 — — — 4 17 21 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 1 Dave & Buster's 3 11 — — — 3 11 14 2 Fusion Gyms 3 10 1 — — 3 11 14 5 Pike Nursery 8 6 — — — 8 6 14 2 HHI-Formtech 3 10 — — — 3 10 13 3 Golden Corral 4 8 — — — 4 8 12 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 Initial Cost to Costs Capitalized Gross Amount at which Carried Land Building & Improvements Impairment Cost Basis Adjustment (1) Land Building & Total (2) 2 Eddie Merlot's 2 8 — — — 2 8 10 5 Fuddruckers 4 6 — — — 4 6 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 Texas Roadhouse 3 6 — — — 3 6 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 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 1 Marcus Theaters 2 5 — — — 2 5 7 3 Oregano's Pizza Bistro 1 6 — — — 1 6 7 9 Sonic Drive-In 3 4 — — — 3 4 7 2 Axels — 6 — — — — 6 6 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 11 — — 3 13 16 1 Planet Fitness 1 4 — — — 1 4 5 1 RGB Eye Associates 1 4 — — — 1 4 5 2 Walgreens — 5 — — — — 5 5 1 Ashley Furniture 1 3 — — — 1 3 4 1 Boozman-Hof 2 2 — — — 2 2 4 1 Caldwell Country Chevrolet — 4 — — — — 4 4 1 Eriks Bike Shop 1 3 — — — 1 3 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 Max & Erma's 1 3 — — — 1 3 4 1 Metaldyne BSM — 4 — — — — 4 4 1 Rainbow Kids Clinic 1 3 — — — 1 3 4 1 Sportsman's Warehouse 1 3 — — — 1 3 4 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 Monterey's Tex Mex 1 2 — — — 1 2 3 1 Ojos Locos Sports Cantina 1 2 — — — 1 2 3 Initial Cost to Costs Capitalized Gross Amount at which Carried Land Building & Improvements Impairment Cost Basis Adjustment (1) Land Building & Total (2) 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 1 Cycle Gear 1 1 — — — 1 1 2 2 Dollar General — 2 — — — — 2 2 2 Hooters 1 1 — — — 1 1 2 2 KFC — 2 — — — — 2 2 1 Long John Silver's 1 1 — — — 1 1 2 3 Rally's 1 1 — — — 1 1 2 1 Red Robin Gourmet Burgers 1 1 — — — 1 1 2 1 Schumacher Homes 1 1 — — — 1 1 2 2 Taco Bueno 1 1 — — — 1 1 2 1 Bru Burger Bar — 1 — — — — 1 1 1 Chicken Salad Chick — 1 — — — — 1 1 1 El Forastero — 1 — — — — 1 1 1 ERA Capital — 1 — — — — 1 1 1 Howlin Concrete 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 Wings, Etc — 1 — — — — 1 1 1 Bigham Cable — 1 — — — — — — 1 Consolidated Pipe — — — — — — — — 1 Del Taco — — — — — — — — 1 Dunkin Donuts — — — — — — — — 1 Family Dollar Stores — — — — — — — — 1 Fazoli's — — — — — — — — 1 Kings Wings N Things — — — — — — — — 1 Off the Hook Seafood & More — — — — — — — — 1 Sharks Fish & Chicken — — — — — — — — 8 Vacant 4 15 — — — 4 15 19 Other 2 8 2 — — 2 10 12 $ 1,910 $ 6,006 $ 2,380 $ (137) $ (175) $ 1,919 $ 7,871 $ 9,790 Assets Held for Sale 67 Hotels $ 110 $ 541 $ 84 $ (64) $ (3) $ 95 $ 506 $ 601 22 Net lease properties 7 23 — (18) — 7 6 12 Total (1091 properties) $ 2,027 $ 6,570 $ 2,464 $ (219) $ (178) $ 2,021 $ 8,383 $ 10,403 (1) Represents reclassifications between accumulated depreciation and building & improvements made to record certain properties at fair value in accordance with GAAP. (2) Excludes $436 of personal property classified in our consolidated balance sheets as furniture, fixtures and equipment. SERVICE PROPERTIES TRUST SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2021 (dollars in millions) Accumulated Depreciation (1) Date of Date Life on which Hotel Properties 60 Sonesta ES Suites (391) 1984 through 2000 1996 through 2017 10 - 40 Years 17 Royal Sonesta (340) 1913 through 1987 2005 through 2017 10 - 40 Years 44 Sonesta Select (312) 1987 through 2000 1995 through 2003 10 - 40 Years 22 Sonesta (253) 1924 through 1999 2005 through 2018 10 - 40 Years 51 Simply Suites (203) 1996 through 2000 1997 through 2003 10 - 40 Years 17 Hyatt Place (89) 1992 through 2000 1997 through 2002 10 - 40 Years 5 Radisson Hotel (70) 1987 through 1990 1996 through 2018 10 - 40 Years 3 Country Inn and Suites by Radisson (20) 1987 through 1997 1996 and 2005 10 - 40 Years 1 Crowne Plaza (12) 1971 through 1988 2006 and 2017 10 - 40 Years 13 Courtyard (4) 1987 through 2000 1995 through 2003 10 - 40 Years 3 Residence (1) 1989 through 2002 1996 through 2005 10 - 40 Years Net Lease Properties 134 TravelCenters of America (834) 1962 through 2017 2007 through 2017 10 - 40 Years 45 Petro Stopping Centers (418) 1975 through 2017 2007 through 2017 10 - 40 Years 11 AMC Theatres (6) 1993 through 2008 2019 10 - 40 Years 5 Buehler's Fresh Foods (6) 1985 through 2000 2019 10 - 40 Years 39 Pizza Hut (6) 1972 through 2006 2019 10 - 40 Years 3 Life Time Fitness (5) 1987 through 2012 2019 10 - 40 Years 14 The Great Escape (5) 1986 through 2007 2019 10 - 40 Years 19 Arby's (4) 1969 through 2005 2019 10 - 40 Years 21 Burger King (4) 1968 through 1985 2019 10 - 40 Years 44 Church's Chicken (3) 1668 to 1985 2019 10 - 40 Years 4 Courthouse Athletic Club (3) 1997 through 2001 2019 10 - 40 Years 23 Express Oil Change (3) 1970 through 2001 2019 10 - 40 Years 19 Hardee's (3) 1969 through 1994 2019 10 - 40 Years 59 Heartland Dental (3) 1920 through 2005 2019 10 - 40 Years 1 Multi-Tenant (3) 2001 2019 10 - 40 Years 20 Popeye's Chicken & Biscuits (3) 1968 through 2004 2019 10 - 40 Years 6 America's Auto Auction (2) 1965 through 2005 2019 10 - 40 Years 4 B&B Theatres (2) 1998 through 2004 2019 10 - 40 Years 2 Big Al’s (2) 2006 through 2010 2019 10 - 40 Years 1 Cermak Fresh Market (2) 1989 2019 10 - 40 Years 1 Fleet Farm (2) 1979 2019 10 - 40 Years 3 Flying J Travel Plaza (2) 2001 2019 10 - 40 Years 2 HHI-Formtech (2) 1952 2019 10 - 40 Years 16 Martin's (2) 1962 through 2003 2019 10 - 40 Years 2 Mesa Fitness (2) 1983 through 2007 2019 10 - 40 Years 10 Norms (2) 1957 through 2014 2019 10 - 40 Years 6 Regal Cinemas (2) 2005 through 2010 2019 10 - 40 Years 13 Taco Bell (2) 1982 through 2010 2019 10 - 40 Years 28 Uncle Ed's Oil Shoppe (2) 1959 through 1999 2019 10 - 40 Years Accumulated Depreciation (1) Date of Date Life on which 6 United Supermarkets (2) 1979 through 1997 2019 10 - 40 Years 2 10 Box (1) 1991 2019 10 - 40 Years 1 Adult & Pediatric Orthopedics (1) 1991 2019 10 - 40 Years 1 Austin's Park n' Pizza (1) 2003 2019 10 - 40 Years 2 Axels (1) 1995 through 1996 2019 10 - 40 Years 2 Bricktown Brewery (1) 1904 through 1984 2019 10 - 40 Years 5 Brookshire Brothers (1) 1990 through 1999 2019 10 - 40 Years 1 CarMax (1) 2005 2019 10 - 40 Years 1 Columbus Preparatory Academy (1) 2004 2019 10 - 40 Years 1 ConForm Automotive (1) 1987 2019 10 - 40 Years 12 Core & Main (1) 1972 through 2001 2019 10 - 40 Years 4 Creme de la Creme (1) 1999 through 2008 2019 10 - 40 Years 1 Dave & Buster's (1) 1992 2019 10 - 40 Years 2 Diagnostic Health (1) 1985 through 1997 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 Fusion Gyms (1) 1987 through 1984 2019 10 - 40 Years 3 Golden Corral (1) 1993 through 2000 2019 10 - 40 Years 2 Heytex USA (1) 2008 through 2016 2019 10 - 40 Years 7 Hughes Supply (1) 1993 2019 10 - 40 Years 1 Jack Stack Barbeque (1) 1983 2019 10 - 40 Years 1 Joe's Crab Shack (1) 1997 2019 10 - 40 Years 1 Kohl's (1) 1986 2019 10 - 40 Years 3 Krispy Kreme (1) 2000 through 2004 2019 10 - 40 Years 5 Lerner and Rowe (1) 1973 through 2007 2019 10 - 40 Years 1 Marcus Theaters (1) 1999 2019 10 - 40 Years 4 Meineke Car Care Center (1) 1999 through 2000 2019 10 - 40 Years 1 Metaldyne BSM (1) 1960 2019 10 - 40 Years 5 Mister Car Wash (1) 1960 through 2002 2019 10 - 40 Years 3 Oregano's Pizza Bistro (1) 1964 through 2006 2019 10 - 40 Years 5 Pike Nursery (1) 1970 through 1996 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 9 Sonic Drive-In (1) 1987 through 2010 2019 10 - 40 Years 1 Sportsman's Warehouse (1) 1983 2019 10 - 40 Years 3 Texas Roadhouse (1) 2003 to 2005 2019 10 - 40 Years 2 Walgreens (1) 1999 through 2000 2019 10 - 40 Years 3 Wendy's (1) 1984 through 1989 2019 10 - 40 Years 1 Academy Sports + Outdoors — 2016 2019 10 - 40 Years 2 Affordable Care, Inc. — 2008 through 2010 2019 10 - 40 Years 2 Anixter — 1984 through 1999 2019 10 - 40 Years 1 Applebee's — 1996 2019 10 - 40 Years 1 Ashley Furniture — 1973 2019 10 - 40 Years 1 Baptist Emergency Hospital — 2013 2019 10 - 40 Years 1 Bigham Cable — 1982 2019 10 - 40 Years 1 Black Angus Steakhouse — 1996 2019 10 - 40 Years Accumulated Depreciation (1) Date of Date Life on which 2 Blue Rhino — 2004 2019 10 - 40 Years 1 Boozman-Hof — 1988 2019 10 - 40 Years 1 Bridgestone Tire — 1998 2019 10 - 40 Years 1 Bru Burger Bar — 1996 2019 10 - 40 Years 1 Buffalo Wild Wings — 2014 2019 10 - 40 Years 1 Caldwell Country Chevrolet — 2000 2019 10 - 40 Years 1 Chicken Salad Chick — 1976 2019 10 - 40 Years 1 Columbus Arts & Tech Academy — 1980 2019 10 - 40 Years 1 Consolidated Pipe — 1987 2019 10 - 40 Years 1 Cycle Gear — 1996 2019 10 - 40 Years 1 Del Taco — 1992 2019 10 - 40 Years 2 Dollar General — 2012 through 2015 2019 10 - 40 Years 1 Dunkin Donuts — 1977 2019 10 - 40 Years 1 El Forastero — 1992 2019 10 - 40 Years 1 ERA Capital — 1999 2019 10 - 40 Years 1 Eriks Bike Shop — 1996 2019 10 - 40 Years 1 Family Dollar Stores — 1988 2019 10 - 40 Years 2 Famous Dave's — 1997 through 1999 2019 10 - 40 Years 1 Fazoli's — 1982 2019 10 - 40 Years 2 Flying Star Cafe — 1994 through 1999 2019 10 - 40 Years 3 Focus Child Development Center — 1965 through 1998 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 2 Hooters — 1997 through 1994 2019 10 - 40 Years 1 Howlin Concrete — 1975 2019 10 - 40 Years 3 Jack's Family Restaurant — 2008 through 2016 2019 10 - 40 Years 1 Kerry's Car Care — 2015 2019 10 - 40 Years 2 KFC — 1977 through 2006 2019 10 - 40 Years 1 Kings Wings N Things — 1997 2019 10 - 40 Years 1 LA Fitness — 2012 2019 10 - 40 Years 1 Little Caesars — 1996 2019 10 - 40 Years 1 Long John Silver's — 1972 through 1987 2019 10 - 40 Years 1 Max & Erma's — 1990 through 2007 2019 10 - 40 Years 2 Monterey's Tex Mex — 1979 through 1997 2019 10 - 40 Years 1 NAPA Auto Parts — 2001 2019 10 - 40 Years 1 Off the Hook Seafood & More — 2007 2019 10 - 40 Years 1 Ojos Locos Sports Cantina — 1993 2019 10 - 40 Years 1 Old Mexico Cantina — 2007 2019 10 - 40 Years 1 O'Reilly Auto Parts — 2006 2019 10 - 40 Years 2 Orscheln Farm and Home — 1977 through 1986 2019 10 - 40 Years 1 Planet Fitness — 2007 2019 10 - 40 Years 1 Rainbow Kids Clinic — 2011 2019 10 - 40 Years 3 Rally's — 1990 through 1992 2019 10 - 40 Years 1 Red Robin Gourmet Burgers — 1995 2019 10 - 40 Years 1 RGB Eye Associates — 2013 2019 10 - 40 Years 2 Rick Johnson Auto & Tire — 1993 2019 10 - 40 Years Accumulated Depreciation (1) Date of Date Life on which 1 Schumacher Homes — 2014 2019 10 - 40 Years 1 Sharks Fish & Chicken — 2014 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 SRS Distribution — 1975 2019 10 - 40 Years 2 Taco Bueno — 1991 through 2003 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 Tractor Supply — 2007 2019 10 - 40 Years 1 What the Buck — 1958 2019 10 - 40 Years 1 Wings, Etc — 2014 2019 10 - 40 Years 8 Vacant — 1977 through 2006 2019 10 - 40 Years Other — $ (3,069) (1) Excludes accumulated depreciation of $213 related to personal property classified in our consolidated balance sheets as furniture, fixtures and equipment. SERVICE PROPERTIES TRUST NOTES TO SCHEDULE III December 31, 2021 (dollars in thousands) (A) The change in total cost of properties for the period from January 1, 2019 to December 31, 2021 is as follows: 2021 2020 2019 Balance at beginning of year $ 10,630,560 $ 10,716,233 $ 8,820,346 Additions: acquisitions and capital expenditures 86,016 99,141 1,983,380 Dispositions (330,091) (145,836) — Reclassification of properties held for sale (596,475) (38,978) (87,493) Balance at close of year $ 9,790,010 $ 10,630,560 $ 10,716,233 (B) The change in accumulated depreciation for the period from January 1, 2019 to December 31, 2021 is as follows: 2021 2020 2019 Balance at beginning of year $ 3,047,016 $ 2,851,121 $ 2,574,297 Additions: depreciation expense 298,597 364,636 305,441 Dispositions (153,699) (143,814) (28,617) Reclassification of properties held for sale (122,566) (24,927) — Balance at close of year $ 3,069,348 $ 3,047,016 $ 2,851,121 (C) The aggregate cost tax basis for federal income tax purposes of our real estate properties was $8,056,671 on December 31, 2021.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
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 $113,705 and $118,862 as of December 31, 2021 and 2020, respectively, and consist primarily of amounts due from and working capital advances to certain of our hotel managers. The liabilities of our TRSs were $42,432 and $70,240 as of December 31, 2021 and 2020, 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
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, 2021 and 2020, our intangible assets and liabilities were as follows: As of December 31, 2021 2020 Assets: Tradenames and trademarks $ 89,375 $ 89,375 Above market operating leases, net of accumulated amortization of $64,471 and $55,220, respectively 184,943 224,510 Below market ground leases, net of accumulated amortization of $17,367 and $16,226, respectively 7,746 8,934 Other, net of accumulated amortization of $382 and $1,188, respectively 1,177 3,026 $ 283,241 $ 325,845 Liabilities: Below market operating leases, net of accumulated amortization of $473 and $559, respectively $ 1,147 $ 1,691 Above market ground leases, net of accumulated amortization of $317 and $6,180, respectively 46 416 $ 1,193 $ 2,107 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 2022 $ 28,478 $ 1,256 $ (216) $ 53 2023 25,695 1,234 (189) 57 2024 22,151 812 (189) 78 2025 20,032 798 (129) 78 2026 14,246 796 (125) 78 Thereafter 74,341 2,850 (299) 787 $ 184,943 $ 7,746 $ (1,147) $ 1,131
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 consists of amounts escrowed pursuant to the terms of our hotel management agreements to fund capital improvements at our hotels and proceeds from the sale of certain of our assets to be used for general business purposes pursuant to our credit agreement.
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, 2021 and 2020, debt issuance costs for our revolving credit facility were $14,879 and $8,163, respectively, and accumulated amortization of debt issuance costs for our revolving credit facility were $8,796 and $722, 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. Certain of Sonesta’s officers 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 $2,621, $714 and $10,719 during the years ended December 31, 2021, 2020 and 2019, respectively, 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 $20,655 and $33,902 and other assets, net, includes $26,881 and $16,264 of straight line rent receivables at December 31, 2021 and 2020, 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 $7,085, $3,277 and $4,238 during the years ended December 31, 2021, 2020 and 2019, 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, 2021, we had two reportable segments: hotel investments and net lease investments.
Reclassifications	Reclassifications. Reclassifications have been made to the prior years’ consolidated financial statements to conform to the current year’s presentation.
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 2018 through 2021 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of intangible assets and liabilities	At December 31, 2021 and 2020, our intangible assets and liabilities were as follows: As of December 31, 2021 2020 Assets: Tradenames and trademarks $ 89,375 $ 89,375 Above market operating leases, net of accumulated amortization of $64,471 and $55,220, respectively 184,943 224,510 Below market ground leases, net of accumulated amortization of $17,367 and $16,226, respectively 7,746 8,934 Other, net of accumulated amortization of $382 and $1,188, respectively 1,177 3,026 $ 283,241 $ 325,845 Liabilities: Below market operating leases, net of accumulated amortization of $473 and $559, respectively $ 1,147 $ 1,691 Above market ground leases, net of accumulated amortization of $317 and $6,180, respectively 46 416 $ 1,193 $ 2,107
Schedule of projected future amortization expense relating to intangible assets and liabilities	As of December 31, 2021, 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 2022 $ 28,478 $ 1,256 $ (216) $ 53 2023 25,695 1,234 (189) 57 2024 22,151 812 (189) 78 2025 20,032 798 (129) 78 2026 14,246 796 (125) 78 Thereafter 74,341 2,850 (299) 787 $ 184,943 $ 7,746 $ (1,147) $ 1,131
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, 2021, are as follows: Future Amortization of Debt Issuance Costs 2022 $ 14,280 2023 7,667 2024 6,828 2025 4,957 2026 2,842 Thereafter 3,245 $ 39,819

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 2020 2019 (in thousands) Weighted average common shares for basic earnings per share 164,566 164,422 164,312 Effect of dilutive securities: Unvested share awards — — 28 Weighted average common shares for diluted earnings per share 164,566 164,422 164,340

Real Estate Properties (Tables)

Real Estate Properties (Tables)	12 Months Ended
	Dec. 31, 2021
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 Property 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, 2021 3/9/2021 Nashville, TN Net Lease — $ 7,709 $ 7,709 $ — $ — $ — $ — $ — 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 (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, 2021, we had $4,310 of unspent leasing related obligations assumed as a part of the SMTA Transaction.
Schedule of sale of properties	During the years ended December 31, 2021, 2020 and 2019 we sold 18, 39 and 150 properties, respectively, for an aggregate sales price of $52,332, $174,172, and $821,212 respectively, excluding closing costs, as presented in the table below. The sales of these properties in the table below 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). Year of Sale Property Type Number of Properties Rooms or Suites/Square Feet Gross Sales Price Gain/ (Loss) on Sale Properties sold during the year ended December 31, 2021 2021 Hotels 7 669 $ 40,552 $ 9,590 2021 Net Lease 11 97,276 11,780 1,932 18 669 /97,276 $ 52,332 $ 11,522 Properties sold during the year ended December 31, 2020 2020 Hotels 18 2,046 $ 85,787 $ 17,550 2020 Net Lease 21 1,375,483 88,385 (15,289) 39 2,046/1,375,483 $ 174,172 $ 2,261 Properties sold during the year ended December 31, 2019 2019 Net Lease 150 3,314,724 $ 821,212 $ 159,535

Management Agreements and Lea_2

Management Agreements and Leases (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021, 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 $ 5,826 TA No. 2 Lease 36 December 31, 2031 44,077 5,411 TA No. 3 Lease 35 December 31, 2029 42,409 5,335 TA No. 4 Lease 37 December 31, 2033 48,263 5,446 TA No. 5 Lease 35 June 30, 2035 61,654 — 179 $ 246,110 $ 22,018 (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, 2021. 2022 $ 390,580 2023 376,064 2024 365,787 2025 356,248 2026 344,503 Thereafter 2,114,800 Total $ 3,947,982
Schedule of minimum rent payments	As of December 31, 2021, our operating leases provide for contractual minimum rent payments to third parties during the remaining lease terms, as follows: 2022 $ 15,024 2023 14,575 2024 14,794 2025 14,831 2026 14,948 Thereafter 263,314 Total lease payments 337,486 Less: imputed interest (160,140) Present value of lease liabilities (1) $ 177,346 (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 5.27% and 22 years (range of 8 months to 66 years) and 5.67% and 42 years (range of 1 month to 52 years), respectively.

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 are as follows: 2022 $ 1,500,000 2023 500,000 2024 1,175,000 2025 1,150,000 2026 800,000 Thereafter 2,075,000 $ 7,200,000

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021, 2020 and 2019 is as follows: 2021 2020 2019 Number Weighted Number Weighted Number Weighted Unvested shares, beginning of year 325,900 $ 14.71 194,540 $ 26.59 164,000 $ 28.39 Shares granted 340,700 $ 11.26 305,400 $ 8.91 155,100 $ 25.00 Shares vested (240,470) $ 14.78 (173,190) $ 17.76 (122,010) $ 25.09 Shares forfeited (1,100) $ 12.96 (850) $ 26.93 (2,550) $ 27.49 Unvested shares, end of year 425,030 $ 11.93 325,900 $ 14.71 194,540 $ 26.59
Schedule of stock repurchases	During the years ended December 31, 2021, 2020 and 2019, 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 2021 71,100 $11.11 $790 2020 43,751 $7.90 $346 2019 31,225 $25.61 $800
Schedule of distributions paid	During the years ended December 31, 2021, 2020 and 2019, 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 2021 $0.04 $6,596 —% — 100.00% —% 2020 $0.57 $93,804 —% — 100.00% —% 2019 $2.15 $353,620 44.50% 37.93% 17.57% 0.50%
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, 2021: Equity in Unrealized Gain (Loss) of Investees Total Balance at December 31, 2019 $ — $ — Other comprehensive loss (760) (760) Amounts reclassified from cumulative other comprehensive income to net income — — Balance at December 31, 2020 (760) (760) Other comprehensive income 1,539 1,539 Amounts reclassified from cumulative other comprehensive income to net income — — Balance at December 31, 2021 $ 779 $ 779

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 2020 2019 Current: Federal $ — $ — $ — State 680 3,361 2,327 Foreign 350 — 593 1,030 3,361 2,920 Deferred: Foreign (1,971) 13,850 (127) (1,971) 13,850 (127) $ (941) $ 17,211 $ 2,793
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, 2021 2020 2019 Taxes at statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Nontaxable income of SVC (21.0) % (21.0) % (21.0) % State and local income taxes, net of federal tax benefit (0.1) % (1.1) % 0.7 % Foreign taxes 0.3 % (4.4) % 0.1 % Effective tax rate 0.2 % (5.5) % 0.8 %
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, 2021 2020 Deferred tax assets: Tax loss carryforwards $ 84,551 $ 42,940 Other 4,844 3,175 89,395 46,115 Valuation allowance (89,395) (46,115) — — Deferred tax liabilities: Property basis difference (6,263) (6,682) Puerto Rico deferred tax gain (12,581) (13,850) Net deferred tax liabilities $ (18,844) $ (20,532)
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, 2020 Current Period Increase As of December 31, 2021 $2,531 $— $2,531

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Schedule of segment information	For the Year Ended December 31, 2021 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 1,104,678 $ — $ — $ 1,104,678 Rental income 1,808 389,094 — 390,902 Total revenues 1,106,486 389,094 — 1,495,580 Expenses: Hotel operating expenses 1,010,737 — — 1,010,737 Other operating expenses — 15,658 15,658 Depreciation and amortization 266,641 219,324 — 485,965 General and administrative — — 53,439 53,439 Transaction related costs 64,764 — — 64,764 Loss on asset impairment 60,980 17,640 — 78,620 Total expenses 1,403,122 252,622 53,439 1,709,183 Gain on sale of real estate, net 9,558 1,964 — 11,522 Unrealized gains on equity securities — — 22,535 22,535 Interest income 1 — 663 664 Interest expense — — (365,721) (365,721) Income (loss) before income taxes and equity in losses of an investee (287,077) 138,436 (395,962) (544,603) Income tax benefit — — 941 941 Equity in losses of an investee — — (941) (941) Net income (loss) $ (287,077) $ 138,436 $ (395,962) $ (544,603) As of December 31, 2021 Hotels Net Lease Corporate Consolidated Total assets 4,487,101 3,580,095 1,086,119 9,153,315 For the Year Ended December 31, 2020 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 875,098 $ — $ — $ 875,098 Rental income 2,472 387,684 — 390,156 Total revenues 877,570 387,684 — 1,265,254 Expenses: Hotel operating expenses 682,804 — — 682,804 Other operating expenses — 15,208 — 15,208 Depreciation and amortization 263,673 235,235 — 498,908 General and administrative — — 50,668 50,668 Transaction related costs 15,100 — — 15,100 Loss on asset impairment 17,131 38,625 — 55,756 Total expenses 978,708 289,068 50,668 1,318,444 Gain on sale of real estate, net 14,927 (12,666) — 2,261 Gain on insurance settlement 62,386 — — 62,386 Unrealized losses on equity securities, net — — 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 earnings of an investee (23,819) 85,950 (346,392) (284,261) Income tax expense — — (17,211) (17,211) Equity in earnings 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 25,724 301,251 — 326,975 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 — 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

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021, categorized by the level of inputs, as defined in the fair values hierarchy under GAAP, used in the valuation of each asset. As of December 31, 2021 As of December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Investment in TA (Level 1) (1) $ 61,159 $ 61,159 $ 38,624 $ 38,624 Assets of properties held for sale (Level 3) (2) $ 515,518 $ 515,518 $ 13,543 $ 13,543 (1) As of both December 31, 2021 and 2020, we owned 1,184,797 shares of TA common stock, 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 as of December 31, 2021 and 2020. During the years ended December 31, 2021, 2020 and 2019, we recorded unrealized gains of $20,367 and $19,883 unrealized losses of $1,129, respectively, to adjust the carrying value of our investment in TA shares to their fair values.
Schedule of fair value of additional financial instruments	At December 31, 2021 and 2020, 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, 2021 December 31, 2020 Carrying Fair Carrying Fair Amount (1) Value Amount (1) Value Senior Unsecured Notes, due 2022 at 5.00% $ 499,244 $ 501,033 $ 498,032 $ 510,285 Senior Unsecured Notes, due 2023 at 4.50% 499,761 505,378 499,596 505,280 Senior Unsecured Notes, due 2024 at 4.65% 349,105 347,039 348,700 347,893 Senior Unsecured Notes, due 2024 at 4.35% 821,017 821,184 819,546 819,328 Senior Unsecured Notes, due 2025 at 4.50% 347,806 342,493 347,118 346,462 Senior Unsecured Notes, due 2025 at 7.50% 791,340 867,712 789,006 926,404 Senior Unsecured Notes, due 2026 at 5.25% 345,342 348,537 344,212 354,996 Senior Unsecured Notes, due 2026 at 4.75% 447,126 439,889 446,515 448,506 Senior Unsecured Notes, due 2027 at 4.95% 396,160 395,862 395,405 404,328 Senior Unsecured Notes, due 2027 at 5.50% 443,383 461,522 442,370 491,918 Senior Unsecured Notes, due 2028 at 3.95% 393,057 370,562 391,908 388,146 Senior Unsecured Notes, due 2029 at 4.95% 418,895 407,448 418,102 430,064 Senior Unsecured Notes, due 2030 at 4.375% 390,786 370,836 389,656 388,292 Total financial liabilities $ 6,143,022 $ 6,179,495 $ 6,130,166 $ 6,361,902 (1) Carrying value includes unamortized discounts and premiums and certain debt issuance costs.

Organization (Details)

Organization (Details) $ / shares in Units, $ in Thousands	Feb. 22, 2022USD ($)property	Jan. 31, 2022USD ($)property	Dec. 31, 2021USD ($)hoteltenantpropertytravelCenterretailProperty$ / shares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Aug. 01, 2021hotel	Sep. 20, 2019tenant
Real Estate Properties [Line Items]
Number of properties | property			1,091
Number of tenants | tenant							279
Cash and cash equivalents | $			$ 944,043	$ 73,332	$ 27,633
Net proceeds from sale of real estate | $			51,412	167,542	$ 816,450
Revolving credit facility | $			$ 1,000,000	$ 78,424
Hotel
Real Estate Properties [Line Items]
Number of properties			303
Hotel | Assets Held for Sale
Real Estate Properties [Line Items]
Number of properties | property			67
Net Lease Property
Real Estate Properties [Line Items]
Number of properties | retailProperty			1,091
Net Lease Property | Assets Held for Sale
Real Estate Properties [Line Items]
Number of properties | property			22
Subsequent event
Real Estate Properties [Line Items]
Cash and cash equivalents | $	$ 959,467
Subsequent event | Hotel | Assets Held for Sale
Real Estate Properties [Line Items]
Number of properties | property	45	45
Net proceeds from sale of real estate | $	$ 402,365	$ 402,365
Subsequent event | Net Lease Property | Assets Held for Sale
Real Estate Properties [Line Items]
Number of properties | property		43
Proceeds from sale of property held-for-sale | $		$ 150,962
COVID-19
Real Estate Properties [Line Items]
Quarterly cash dividend (in dollars per share) | $ / shares			$ 0.01
COVID-19 | Revolving credit facility | Subsequent event
Real Estate Properties [Line Items]
Revolving credit facility | $	1,000,000
COVID-19 | Senior Notes, 5.00 Percent, Due 2022 | Subsequent event
Real Estate Properties [Line Items]
Unsecured senior notes | $	$ 500,000
Radisson Agreement | Hotel
Real Estate Properties [Line Items]
Number of properties						8
Marriott contracts | Hotel
Real Estate Properties [Line Items]
Number of properties			122
Hotel
Real Estate Properties [Line Items]
Number of properties			303
Hotel | Hyatt Hotels Corporation Contract
Real Estate Properties [Line Items]
Number of properties			17
Hotel | Radisson Agreement
Real Estate Properties [Line Items]
Number of properties			8
Hotel | Marriott contracts
Real Estate Properties [Line Items]
Number of properties			16
Hotel | IHG Agreement | Maximum
Real Estate Properties [Line Items]
Number of properties			1
Net Lease Property
Real Estate Properties [Line Items]
Number of properties | property			788
Number of tenants | tenant			174
Sonesta International Hotels Corporation | Hotel
Real Estate Properties [Line Items]
Number of properties			261
TravelCenters of America Inc. | Net Lease Property
Real Estate Properties [Line Items]
Number of properties | travelCenter			179

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Basis of Presentation and Real Estate Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Ownership interest in subsidiaries (as a percent)	100.00%
Total assets	$ 9,153,315	$ 8,687,319	$ 9,033,967
Liabilities	7,598,009	6,584,529
Loss on asset impairment	$ 78,620	55,756	$ 39,296
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	$ 113,705	118,862
Liabilities	$ 42,432	$ 70,240

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets:
Acquired real estate leases and other intangibles, net	$ 283,241	$ 325,845
Intangible assets, net	283,241	325,845
Liabilities:
Intangible liabilities, net	$ 1,193	2,107
Amortization period of intangible liabilities	3 years
Amortization period of intangible assets	6 years
Amortization relating to intangible assets	$ 41,648	52,264	$ 1,757
Amortization relating to intangible liabilities	433	2,403	$ 441
Tradenames and trademarks
Assets:
Tradenames and trademarks	89,375	89,375
Above market operating leases, net of accumulated amortization of $64,471 and $55,220, respectively
Assets:
Acquired real estate leases and other intangibles, net	184,943	224,510
Intangible assets, accumulated amortization	64,471	55,220
Below market ground leases, net of accumulated amortization of $17,367 and $16,226, respectively
Assets:
Acquired real estate leases and other intangibles, net	7,746	8,934
Intangible assets, accumulated amortization	17,367	16,226
Other, net of accumulated amortization of $382 and $1,188, respectively
Assets:
Acquired real estate leases and other intangibles, net	1,177	3,026
Intangible assets, accumulated amortization	382	1,188
Below market operating leases, net of accumulated amortization of $473 and $559, respectively
Liabilities:
Intangible liabilities, net	1,147	1,691
Intangible liabilities, accumulated amortization	473	559
Above market ground leases, net of accumulated amortization of $317 and $6,180, respectively
Liabilities:
Intangible liabilities, net	46	416
Intangible liabilities, accumulated amortization	$ 317	$ 6,180
Above Market Leases
Liabilities:
Amortization period of above and below market leases	7 years 2 months 12 days
Below Market Leases
Liabilities:
Amortization period of above and below market leases	4 years 6 months

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Future Amortization of Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
Total future amortization, intangible assets	$ 283,241	$ 325,845
Total future amortization, intangible liabilities	(1,193)	(2,107)
Above Market Operating Leases
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
2022, intangible assets	28,478
2023, intangible assets	25,695
2024, intangible assets	22,151
2025, intangible assets	20,032
2026, intangible assets	14,246
Thereafter, intangible assets	74,341
Total future amortization, intangible assets	184,943	224,510
Below Market Ground Leases & Other
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
2022, intangible assets	1,256
2023, intangible assets	1,234
2024, intangible assets	812
2025, intangible assets	798
2026, intangible assets	796
Thereafter, intangible assets	2,850
Total future amortization, intangible assets	7,746
Below Market Operating Leases
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
2022, intangible liabilities	(216)
2023, intangible liabilities	(189)
2024, intangible liabilities	(189)
2025, intangible liabilities	(129)
2026, intangible liabilities	(125)
Thereafter, intangible liabilities	(299)
Total future amortization, intangible liabilities	(1,147)	$ (1,691)
Above Market Ground Leases & Other
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
2022, intangible liabilities	53
2023, intangible liabilities	57
2024, intangible liabilities	78
2025, intangible liabilities	78
2026, intangible liabilities	78
Thereafter, intangible liabilities	787
Total future amortization, intangible liabilities	$ 1,131

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Debt Issuance Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Debt issuance costs for revolving credit facility	$ 14,879	$ 8,163
Accumulated amortization of debt issuance costs for revolving credit facility	8,796	722
Debt issuance costs, net	33,736	$ 41,974
Future Amortization of Debt Issuance Costs
2022	14,280
2023	7,667
2024	6,828
2025	4,957
2026	2,842
Thereafter	3,245
Future amortization of debt issuance costs, total	$ 39,819

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Equity Method Investments and Equity Securities (Details)	Dec. 31, 2021shares
Sonesta International Hotels Corporation
Debt and Equity Securities, FV-NI [Line Items]
Noncontrolling interest, ownership percentage	34.00%
TravelCenters of America LLC
Debt and Equity Securities, FV-NI [Line Items]
Number of common shares owned (in 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, 2021USD ($)segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Accounting Policies [Abstract]
Straight line rent adjustments	$ 2,621	$ 714	$ 10,719
Straight line rent receivable	$ 26,881	16,264
Number of reportable segments | segment	2
Affiliated Entity
Related Party Transaction [Line Items]
Straight line rent receivables, due from related parties	$ 20,655	33,902
Deferred percentage rental income	$ 7,085	$ 3,277	$ 4,238

Weighted Average Common Share_2

Weighted Average Common Shares (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share, Basic and Diluted [Abstract]
Weighted average common shares for basic earnings per share (in shares)	164,566	164,422	164,312
Effect of dilutive securities: Unvested share awards (in shares)	0	0	28
Weighted average common shares for diluted earnings per share (in shares)	164,566	164,422	164,340

Real Estate Properties - Narrat

Real Estate Properties - Narrative (Details) $ in Thousands	Feb. 22, 2022USD ($)property	Jan. 31, 2022USD ($)propertyhotelunit	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)ft²propertyroom	Dec. 31, 2019USD ($)ft²property	Dec. 31, 2021hotel	Dec. 31, 2021property	Dec. 31, 2021unit	Dec. 31, 2021ft²	Dec. 31, 2021leaseAgreement	Dec. 31, 2021room	Dec. 31, 2021retailProperty	Mar. 12, 2020ft²
Real Estate Properties [Line Items]
Number of properties | property							1,091
Aggregate undepreciated carrying value of real estate			$ 10,741,151
Carrying value of net lease properties held for sale			515,518
Land			1,918,385	$ 2,030,440
Building and improvements			7,871,626	8,600,239
Furniture, fixtures and equipment			435,622	531,593
Capital improvements from leased facilities, funded			95,017	69,082	$ 150,531
Gain on insurance settlement			0	62,386	0
Carrying value			10,225,633	11,162,272
Net proceeds from sale of real estate			$ 51,412	$ 167,542	$ 816,450
Properties to be sold | property				5
Disposed of by sale
Real Estate Properties [Line Items]
Area of real estate (in sqft) | ft²									97,276
Number of properties sold | property			18	39	150
Aggregate sale price			$ 52,332	$ 174,172	$ 821,212
Hurricane
Real Estate Properties [Line Items]
Gain on insurance settlement				62,386
Hotels and Net Lease Properties
Real Estate Properties [Line Items]
Area of real estate (in sqft) | ft²									13,522,060
Capital improvements from leased facilities, funded			$ 103,630	136,155	$ 242,571
Hotel
Real Estate Properties [Line Items]
Number of properties | hotel						303
Number of rooms/suites | unit								48,346
Carrying value of net lease properties held for sale				$ 10,699
Number of properties on leased land | hotel						14
Ground lease remaining term			34 years
Number of ground leases | leaseAgreement										9
Number of ground leases requiring specified minimum annual rents | leaseAgreement										12
Average ground lease annual rents			$ 319
Number of ground leases with future rents prepaid | leaseAgreement										2
Rental expense related to operating leases			$ 12,182
Properties to be sold | hotel						67
Rooms | room											8,667
Hotel | Disposed of by sale
Real Estate Properties [Line Items]
Number of rooms/suites				2,046		669					669
Number of properties sold | property			7	18
Aggregate sale price			$ 40,552	$ 85,787
Hotel | Disposed of by sale | Subsequent event
Real Estate Properties [Line Items]
Number of rooms/suites | hotel		295
Number of properties sold | property		1
Carrying value		$ 12,016
Net proceeds from sale of real estate		$ 19,000
Hotel | Assets Held for Sale
Real Estate Properties [Line Items]
Number of properties | property							67
Aggregate carrying value held-for-sale			$ 503,078
Hotel | Assets Held for Sale | Subsequent event
Real Estate Properties [Line Items]
Number of properties | property	45	45
Number of rooms/suites | unit		5,680
Net proceeds from sale of real estate	$ 402,365	$ 402,365
Aggregate carrying value held-for-sale		$ 352,540
Hotel | Minimum
Real Estate Properties [Line Items]
Ground lease remaining term			13 years
Hotel | Maximum
Real Estate Properties [Line Items]
Ground lease remaining term			66 years
Net Lease Property
Real Estate Properties [Line Items]
Number of properties | retailProperty												1,091
Area of real estate (in sqft) | ft²									154,206				6,696
Properties to be sold | property				6			22
Net Lease Property | Disposed of by sale
Real Estate Properties [Line Items]
Area of real estate (in sqft) | ft²				1,375,483	3,314,724				97,276
Number of properties sold | property			11	21	150
Aggregate sale price			$ 11,780	$ 88,385	$ 821,212
Net Lease Property | Assets Held for Sale
Real Estate Properties [Line Items]
Number of properties | property							22
Carrying value of net lease properties held for sale			12,440
Aggregate carrying value held-for-sale				$ 2,844
Net Lease Property | Assets Held for Sale | Subsequent event
Real Estate Properties [Line Items]
Number of properties | property		43
Proceeds from sale of property held-for-sale		$ 150,962
Travel centers
Real Estate Properties [Line Items]
Number of properties on leased land | property							16
Travel centers | Land
Real Estate Properties [Line Items]
Rental expense related to operating leases			$ 424
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			29 years

Real Estate Properties - Alloca

Real Estate Properties - Allocation of Purchase Price (Details) $ in Thousands	Mar. 09, 2021USD ($)ft²	Mar. 12, 2020USD ($)ft²	Oct. 09, 2019USD ($)room	Sep. 20, 2019USD ($)ft²tenantstateindustrybrandretailProperty	Aug. 01, 2019USD ($)	May 07, 2019USD ($)room	Feb. 22, 2019USD ($)room	Dec. 31, 2021USD ($)ft²roomindustrybrand	Dec. 31, 2019USD ($)
Real Estate Properties [Line Items]
Purchase Price				$ 2,482,382
Number of properties acquired | retailProperty				767
Rentable square feet | ft²				12,400,000
Number of states in which property is located | state				45
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								$ 4,310
Net Lease Property
Real Estate Properties [Line Items]
Square Feet | ft²		6,696						154,206
Purchase Price		$ 7,071
Land		880
Land Improvements		0
Building and Improvements		5,363
Furniture, Fixtures and Equipment		0
Held For Sale		0
Intangible Assets		$ 828
Number of industries | industry								21
Number of brands | brand								134
Hotel
Real Estate Properties [Line Items]
Rooms | room								8,667
Purchase Price									$ 2,711,985
Land									444,260
Land Improvements									1,204
Building and Improvements									1,365,525
Furniture, Fixtures and Equipment									8,593
Held For Sale									604,989
Intangible Assets									$ 287,414
Nashville, TN | Net Lease Property
Real Estate Properties [Line Items]
Square Feet | ft²	0
Purchase Price	$ 7,709
Land	7,709
Land Improvements	0
Building and Improvements	0
Furniture, Fixtures and Equipment	0
Held For Sale	0
Intangible Assets	$ 0
Washington, D.C. | 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 | Land
Real Estate Properties [Line Items]
Purchase Price					$ 66
Land					66
Land Improvements					0
Held For Sale					$ 0
Various | Net Lease Property
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

Real Estate Properties - Dispos

Real Estate Properties - Dispositions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)propertyunit	Dec. 31, 2020USD ($)ft²propertyroom	Dec. 31, 2019USD ($)ft²property	Dec. 31, 2021ft²	Dec. 31, 2021room	Dec. 31, 2021hotel	Mar. 12, 2020ft²
Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rooms or Suites | unit	48,346
Net Lease Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square Feet | ft²				154,206			6,696
Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties | property	18	39	150
Square Feet | ft²				97,276
Gross Sales Price	$ 52,332	$ 174,172	$ 821,212
Gain/ (Loss) on Sale	$ 11,522	$ 2,261
Disposed of by sale | Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties | property	7	18
Rooms or Suites		2,046			669	669
Gross Sales Price	$ 40,552	$ 85,787
Gain/ (Loss) on Sale	$ 9,590	$ 17,550
Disposed of by sale | Net Lease Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties | property	11	21	150
Square Feet | ft²		1,375,483	3,314,724	97,276
Gross Sales Price	$ 11,780	$ 88,385	$ 821,212
Gain/ (Loss) on Sale	$ 1,932	$ (15,289)	$ 159,535

Management Agreements and Lea_3

Management Agreements and Leases (Details)	Dec. 31, 2021agreementtenanthotelproperty	Sep. 20, 2019tenant
Management Agreements and Leases [Line Items]
Number of properties | property	1,091
Number of operating agreements | agreement	6
Number of tenants | tenant		279
Hotel
Management Agreements and Leases [Line Items]
Number of properties | hotel	303
Net Lease Property
Management Agreements and Leases [Line Items]
Number of properties | property	788
Number of tenants | tenant	174

Management Agreements and Lea_4

Management Agreements and Leases - Sonesta (Details) $ in Thousands	Jan. 01, 2022USD ($)renewalOptionhotel	Nov. 01, 2021hotel	Aug. 01, 2021USD ($)hotel	Feb. 27, 2020USD ($)hotel	Feb. 26, 2020USD ($)	Jan. 31, 2022property	Mar. 31, 2021USD ($)	Dec. 15, 2020hotel	Dec. 31, 2021USD ($)hotelpropertyunit	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property
Management Agreements and Leases [Line Items]
Number of properties | property									1,091
Properties to be sold | property										5
Capital improvements from leased facilities, funded									$ 95,017	$ 69,082	$ 150,531
Due from related persons									48,168	55,530
Equity in earnings (losses) of an investee									$ (941)	$ (9,910)	$ 393
Disposed of by sale
Management Agreements and Leases [Line Items]
Number of properties sold | property									18	39	150
Sonesta International Hotels Corporation
Management Agreements and Leases [Line Items]
Capital contribution							$ 25,443
Sonesta
Management Agreements and Leases [Line Items]
Number of properties with transferred branding and management | hotel		1
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 historical real estate investments									50.90%
Percentage of gross revenues from hotel operations placed into escrow				5.00%
Equity method investments, carrying value									$ 62,687	$ 36,646
Amount of cost basis exceeding book value				$ 8,000
Amortization period				31 years
Amortization of basis difference									260	217
Equity in earnings (losses) of an investee										(9,910)
Liability of the fair value of initial investment									42,000
Decrease in hotel operating expense									2,484	2,070
Unamortized balance									$ 37,447	$ 39,930
IHG Agreement | Sonesta
Management Agreements and Leases [Line Items]
Number of properties with transferred branding and management | hotel		5
Hyatt Hotels Corporation Contract | Hotel
Management Agreements and Leases [Line Items]
Automatic renewal term									1 year
Hotel
Management Agreements and Leases [Line Items]
Number of properties | hotel									303
Hotel | Hyatt Hotels Corporation Contract
Management Agreements and Leases [Line Items]
Number of properties | hotel									17
Hotel | Radisson Agreement
Management Agreements and Leases [Line Items]
Number of properties | hotel									8
Hotel
Management Agreements and Leases [Line Items]
Number of properties | hotel									303
Properties to be sold | hotel									67
Hotel | Disposed of by sale
Management Agreements and Leases [Line Items]
Number of properties sold | property									7	18
Hotel | Subsequent event | Disposed of by sale
Management Agreements and Leases [Line Items]
Number of properties sold | property						1
Hotel | Sonesta Agreement
Management Agreements and Leases [Line Items]
Number of properties | hotel									261
Percentage increase in minimum returns									8.00%
Percent payment of hotel cash flows									80.00%
Hotel net income (loss)									$ 53,853
Realized returns and rents										$ (65,277)	$ 67,592
Percentage of reservation fee									0.015%
Percentage of system fee for centralized services									0.015%
Percentage of procurement and construction supervision fee									0.03%
Percentage of incentive fee									0.20%
Related party transaction, management, marketing and reservation system fees									$ 84,926	17,734	36,169
Procurement and construction supervisory fees									2,196	1,571	3,320
Capital improvements from leased facilities, funded									93,472	62,963	114,081
Advanced working capital									56,697	41,514
Hotel | IHG Agreement
Management Agreements and Leases [Line Items]
Realized returns and rents									$ 107,888	205,941
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]
Properties to be sold | hotel									5
Operating agreement annual rent and return									$ 12,000
Realized returns and rents									9,388	22,037	22,037
Hotel | Radisson Agreement
Management Agreements and Leases [Line Items]
Number of properties | hotel			8
Operating agreement annual rent and return			$ 10,200
Realized returns and rents									$ 11,364	20,456	20,056
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]
Operating agreement annual rent and return				$ 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									261
Properties to be sold | hotel									68
Due to related party, reimbursement of capital expenditures and other									$ 17,248	$ 26,096	$ 15,537
Hotel | Sonesta International Hotels Corporation | Return Of Capital
Management Agreements and Leases [Line Items]
Due from related persons									$ 4,592
Hotel | Sonesta International Hotels Corporation | Subsequent event
Management Agreements and Leases [Line Items]
Properties to be sold | hotel	67
Properties to be retained | hotel	194
Number of renewal options | renewalOption	2
Term of renewal options	15 years
Annual priority return amount	$ 325,200
Annual priority return percentage	6.00%
Owner priority sale amount	$ 84,653
Hotel | Sonesta International Hotels Corporation | Full service hotels
Management Agreements and Leases [Line Items]
Number of real estate properties leased or managed | hotel				14					42
Hotel | Sonesta International Hotels Corporation | Limited services hotels
Management Agreements and Leases [Line Items]
Number of real estate properties leased or managed | hotel				39					156
Hotel | Sonesta International Hotels Corporation | Select service hotels
Management Agreements and Leases [Line Items]
Number of real estate properties leased or managed | hotel									63
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 - Hyatt Agreement (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)hotelproperty	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)
Management Agreements and Leases [Line Items]
Number of properties | property	1,091
Properties to be sold | property		5
Hotel
Management Agreements and Leases [Line Items]
Number of properties | hotel	303
Properties to be sold | hotel	67
Hotel | Hyatt Hotels Corporation Contract
Management Agreements and Leases [Line Items]
Management agreement term	10 years
Operating agreement annual rent and return	$ 12,000
Limited guarantee amount	$ 30,000
Limited guarantee, percentage of annual minimum returns	75.00%
Management fee percentage	5.00%
Incentive management fee percentage	20.00%
Expected renovation payments	$ 50
Properties to be sold | hotel	5
Realized returns and rents	$ 9,388	$ 22,037	$ 22,037
Guarantee provided to the entity, maximum	50,000
Guarantee provided to the entity, remaining amount		$ 19,120
Working capital expensed	$ 3,700

Management Agreements and Lea_6

Management Agreements and Leases - Radisson Agreement (Details) $ in Thousands	Aug. 01, 2021USD ($)hotel	Dec. 31, 2021USD ($)hotelproperty	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Management Agreements and Leases [Line Items]
Number of properties | property		1,091
Hotel
Management Agreements and Leases [Line Items]
Number of properties | hotel		303
Hotel | Radisson Agreement
Management Agreements and Leases [Line Items]
Number of properties | hotel	8
Management agreement term	10 years
Operating agreement annual rent and return	$ 10,200
Limited guarantee amount	$ 22,000
Limited guarantee, percentage of annual minimum returns	75.00%
Incentive management fee percentage	20.00%
Expected renovation payments	$ 12,000
Realized returns and rents		$ 11,364	$ 20,456	$ 20,056
Guarantee provided to the entity, maximum		47,523
Increase in guarantee		$ 13,238
Hotel | Radisson Agreement | Country Inn & Suites
Management Agreements and Leases [Line Items]
Management fee percentage	5.00%
Hotel | Radisson Agreement | Radisson Hotel
Management Agreements and Leases [Line Items]
Management fee percentage	3.00%

Management Agreements and Lea_7

Management Agreements and Leases - Marriott Agreement and Other (Details) $ in Thousands	Jan. 18, 2022USD ($)	Nov. 01, 2021hotel	Apr. 30, 2021property	Mar. 31, 2021hotel	Dec. 15, 2020hotel	Dec. 31, 2021USD ($)hotelproperty	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jan. 01, 2021hotel	Dec. 01, 2020hotel
Management Agreements and Leases [Line Items]
Number of properties | property						1,091
Cash (used in) provided by operating activities						$ 49,904	$ 37,604	$ 617,722
Capital improvements from leased facilities, funded						$ 95,017	69,082	150,531
Sonesta
Management Agreements and Leases [Line Items]
Number of properties with transferred branding and management | hotel		1
Hotel
Management Agreements and Leases [Line Items]
Number of properties | hotel						303
Hotel | IHG
Management Agreements and Leases [Line Items]
Number of properties | hotel						103
Hotel | Sonesta | Full service hotels
Management Agreements and Leases [Line Items]
Number of properties with transferred branding and management | hotel						102
Marriott contracts | Canton, MA
Management Agreements and Leases [Line Items]
Number of properties sold | property			1
Marriott contracts | Sonesta
Management Agreements and Leases [Line Items]
Number of properties with transferred branding and management | hotel				88
Marriott contracts | Hotel
Management Agreements and Leases [Line Items]
Number of properties | hotel						122
Percent of minimum returns threshold to terminate agreement						80.00%
Working capital expensed						$ 18,035
Cash (used in) provided by operating activities						2,830
Realized returns and rents							93,593	190,492
Capital improvements from leased facilities, funded						$ 7,394	65,840	$ 51,056
Marriott contracts | Hotel | Subsequent event
Management Agreements and Leases [Line Items]
Refund amount	$ 19,920
Awarded amount related to claim	$ 1,084
Marriott contracts | Hotel | Marriott International, Inc.
Management Agreements and Leases [Line Items]
Number of properties | hotel						16			105
IHG Agreement | Sonesta
Management Agreements and Leases [Line Items]
Number of properties with transferred branding and management | hotel		5
IHG Agreement | Hotel
Management Agreements and Leases [Line Items]
Working capital expensed						$ 16,711
Cash (used in) provided by operating activities						337
Realized returns and rents						$ 107,888	$ 205,941
IHG Agreement | Hotel | Ravinia, GA
Management Agreements and Leases [Line Items]
Number of properties | hotel										1
IHG Agreement | Hotel | Sonesta
Management Agreements and Leases [Line Items]
Number of properties with transferred branding and management | hotel					115

Management Agreements and Lea_8

Management Agreements and Leases - Net Lease Portfolio (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)ft²tenantbrandindustryretailPropertyproperty	Dec. 31, 2020USD ($)	Mar. 12, 2020ft²	Sep. 20, 2019tenantbrandindustry
Management Agreements and Leases [Line Items]
Number of properties | property	1,091
Number of tenants | tenant				279
Number of brands | brand				163
Number of industries | industry				23
COVID-19
Management Agreements and Leases [Line Items]
Deferred rent agreement amount	$ 2,792
Number of additional rent deferral agreements | tenant	4,000
Amount of deferred annual minimum rents	$ 7,554
Number of rent deferral agreements | tenant	7
Percentage of rental income	2.00%
Reserves for uncollectible amounts against rental income	$ 9	$ 9,892
COVID-19 | Other, net of accumulated amortization of $382 and $1,188, respectively
Management Agreements and Leases [Line Items]
Reserves for uncollectible amounts against rental income	$ 15,519
Reserves for uncollectible rents		$ 18,230
COVID-19 | Maximum
Management Agreements and Leases [Line Items]
Deferred rent repayment period	24 months
Net Lease Property
Management Agreements and Leases [Line Items]
Number of properties | retailProperty	1,091
Area of real estate (in sqft) | ft²	154,206		6,696
Annual minimum returns and rents	$ 369,733
Weighted average lease term	10 years 2 months 12 days
Percentage of portfolio leased by tenants	98.10%
Number of brands | brand	134
Number of industries | industry	21

Management Agreements and Lea_9

Management Agreements and Leases - TA Leases (Details) $ in Thousands	Apr. 01, 2019USD ($)installmentquarterlyInstallment	Jan. 16, 2019USD ($)travelCenter	Dec. 31, 2021USD ($)travelCenterleaseOptionmi	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Management Agreements and Leases [Line Items]
Rental income			$ 390,902	$ 390,156	$ 326,975
Straight line rent adjustments			2,621	714	10,719
Net proceeds from sale of real estate			51,412	167,542	816,450
SMTA Transaction
Management Agreements and Leases [Line Items]
Rental income			140,803	137,111	46,861
Straight line rent adjustments			$ 10,616	14,345	2,160
TravelCenters 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%
TravelCenters 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 | TravelCenters of America LLC
Management Agreements and Leases [Line Items]
Number of Travel Centers | travelCenter			179
Annual Minimum Rent			$ 246,110
Deferred Rent	$ 150,000		$ 22,018
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	17,616	13,200
Area of distance away to own property | mi			75
Rental income			$ 248,291	250,573	262,038
Straight line rent adjustments			13,237	13,156	11,894
Accruals for unpaid rent, including deferred rents			$ 48,168	55,530
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			$ 7,085	$ 2,764	$ 4,075
Increase (decrease) operating leases annual rent fixed interest rate			8.50%
Increase (decrease) operating leases annual rent basis spread on variable rate			3.50%
Travel centers | TravelCenters 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			$ 5,826
Travel centers | TravelCenters 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			$ 5,411
Travel centers | TravelCenters 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			$ 5,335
Travel centers | TravelCenters of America LLC | TA No. 4 Lease
Management Agreements and Leases [Line Items]
Number of Travel Centers | travelCenter			37
Annual Minimum Rent			$ 48,263
Deferred Rent			$ 5,446
Travel centers | TravelCenters 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
Net Lease Property
Management Agreements and Leases [Line Items]
Annual Minimum Rent			$ 369,733
Net Lease Property | TravelCenters of America LLC | Real Estate Assets at Cost | Credit concentration
Management Agreements and Leases [Line Items]
Concentration risk percentage			27.50%

Management Agreements and Le_10

Management Agreements and Leases - Additional Lease Schedule (Details) $ in Thousands	Dec. 31, 2021USD ($)
Leases [Abstract]
2022	$ 390,580
2023	376,064
2024	365,787
2025	356,248
2026	344,503
Thereafter	2,114,800
Total	$ 3,947,982

Management Agreements and Le_11

Management Agreements and Leases - Additional Lease Information Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)hotelproperty	Dec. 31, 2020USD ($)
Lessee, Lease, Description [Line Items]
Right of use asset	$ 177,346	$ 84,924
Lease liability	$ 177,346	$ 84,924
Operating lease, right-of-use asset, statement of financial position, extensible list	Other assets, net	Other assets, net
Operating lease, liability, statement of financial position, extensible list	Accounts payable and other liabilities	Accounts payable and other liabilities
Hotel
Lessee, Lease, Description [Line Items]
Number of properties on leased land | hotel	14
Rental expense related to operating leases	$ 12,182
Travel centers
Lessee, Lease, Description [Line Items]
Number of properties on leased land | property	16
Travel centers | Land
Lessee, Lease, Description [Line Items]
Rental expense related to operating leases	$ 424
Lease term	10 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	20 years

Management Agreements and Le_12

Management Agreements and Leases - Schedule of Minimum Rent Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
2022	$ 15,024
2023	14,575
2024	14,794
2025	14,831
2026	14,948
Thereafter	263,314
Total lease payments	337,486
Less: imputed interest	(160,140)
Present value of lease liabilities	$ 177,346	$ 84,924
Land
Lessee, Lease, Description [Line Items]
Weighted average discount rate used to calculate lease liability	5.27%
Lease term	22 years
Land | Minimum
Lessee, Lease, Description [Line Items]
Lease term	8 months
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	5.67%
Lease term	42 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	52 years

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details) $ in Thousands	Jan. 19, 2021USD ($)	Dec. 18, 2020USD ($)	Nov. 20, 2020USD ($)	Jun. 17, 2020USD ($)	Sep. 20, 2019USD ($)	Sep. 18, 2019USD ($)	Dec. 31, 2021USD ($)extensionhotel	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Feb. 22, 2022USD ($)
Debt Instrument [Line Items]
Revolving credit facility							$ 1,000,000	$ 78,424
Senior unsecured notes, net							6,143,022	6,130,166
Amount borrowed under line of credit							984,027	1,189,094	$ 1,124,000
Loss on early extinguishment of debt							$ 0	(9,394)	(8,451)
Unsecured debt
Debt Instrument [Line Items]
Debt term					1 year
Unsecured term loan facility, borrowing capacity					$ 2,000,000
Loss on early extinguishment of debt									$ (8,451)
Senior Notes, 5.00 Percent, Due 2022
Debt Instrument [Line Items]
Debt redeemed								$ 500,000
Interest rate stated percentage								5.00%
Senior Unsecured Notes, due 2025 at 7.50%
Debt Instrument [Line Items]
Interest rate stated percentage				7.50%			7.50%
Revolving credit facility
Debt Instrument [Line Items]
Unsecured revolving credit facility maximum borrowing capacity							$ 1,000,000
Number of extension options | extension							2
Extension term							6 months
Facility fee							0.30%
Interest rate (as a percent)							2.85%
Weighted average interest rate for borrowings (as a percent)							2.85%	2.36%	3.21%
Minimum restricted liquidity								$ 125,000
Revolving credit facility | COVID-19
Debt Instrument [Line Items]
Unsecured revolving credit facility maximum borrowing capacity								2,300,000
Amount borrowed under line of credit	$ 972,793
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]
Revolving credit facility										$ 1,000,000
Senior notes
Debt Instrument [Line Items]
Senior unsecured notes, net							$ 6,200,000
Proceeds from debt						$ 1,680,461
Senior notes | Unsecured senior notes due 2024
Debt Instrument [Line Items]
Interest rate stated percentage						4.35%
Principal amount						$ 825,000
Senior notes | Unsecured senior notes due 2026
Debt Instrument [Line Items]
Interest rate stated percentage						4.75%
Principal amount						$ 450,000
Senior notes | Unsecured senior notes due 2029
Debt Instrument [Line Items]
Interest rate stated percentage						4.95%
Principal amount						$ 425,000
Senior notes | Senior Unsecured Notes, due 2025 at 7.50%
Debt Instrument [Line Items]
Principal amount				$ 800,000
Senior notes | Senior Unsecured Notes, due 2025 at 7.50% | COVID-19
Debt Instrument [Line Items]
Debt proceeds				787,718
Senior notes | Senior Notes, 4.25 Percent, Due 2021 | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Interest rate stated percentage							4.25%
Principal amount							$ 400,000
Loss on early extinguishment of debt								(6,970)
Total repurchase amount				355,971
Senior notes | Senior Notes, 4.25 Percent, Due 2021 | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt redeemed		$ 50,000
Loss on early extinguishment of debt							$ (33)
Senior notes | Senior Notes, 4.25 Percent, Due 2021 | COVID-19 | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt redeemed				$ 350,000
Senior notes | Senior Notes, 5.50 Percent, Due 2027
Debt Instrument [Line Items]
Interest rate stated percentage							5.50%
Principal amount			$ 450,000
Debt proceeds			$ 442,232
Revolving Credit Facility and Term Loan
Debt Instrument [Line Items]
Properties with first mortgage liens | hotel							74
Undepreciated book value							$ 1,834,420
Revolving Credit Facility and Term Loan | Maximum
Debt Instrument [Line Items]
Capital expenditures								250,000
Investment funding								$ 50,000
Medium-term Notes
Debt Instrument [Line Items]
Weighted average interest rate for borrowings (as a percent)								2.74%	3.43%
Principal amount							400,000
Loss on early extinguishment of debt							$ (2,391)

Indebtedness - Principal Repaym

Indebtedness - Principal Repayment (Details) $ in Thousands	Dec. 31, 2021USD ($)
Required principal payments under outstanding debt
2022	$ 1,500,000
2023	500,000
2024	1,175,000
2025	1,150,000
2026	800,000
Thereafter	2,075,000
Total principal payments	$ 7,200,000

Shareholders' Equity - Common S

Shareholders' Equity - Common Share Awards Narrative (Details) $ / shares in Units, $ in Thousands	Sep. 15, 2021$ / sharesshares	Jun. 16, 2021trustee$ / sharesshares	Feb. 27, 2020USD ($)trusteeshares	Dec. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares
Common Share Issuances
Number of new trustees | trustee		7	2
Common Shares
Common Share Issuances
Common shares granted under equity compensation plan (in shares)	291,700
Shares granted (in dollars per share) | $ / shares	$ 10.82
Officers and employees of RMR
Common Share Issuances
Common shares granted under equity compensation plan (in shares)				340,700	264,400	140,100
Stock granted value | $				$ 3,839	$ 2,232	$ 3,507
Vesting period				5 years
Trustees | Common Shares
Common Share Issuances
Common shares granted under equity compensation plan (in shares)						3,000
Stock granted value | $						$ 370
Stock granted value per trustee | $						$ 74
Trustee One | Common Shares
Common Share Issuances
Common shares granted under equity compensation plan (in shares)		7,000	3,000	5,000
Stock granted value | $			$ 112	$ 378
Shares granted (in dollars per share) | $ / shares		$ 13.94
Stock granted value per trustee | $				$ 54
Trustee Two | Common Shares
Common Share Issuances
Common shares granted under equity compensation plan (in shares)		7,000	3,000	5,000
Stock granted value | $			$ 112	$ 378
Shares granted (in dollars per share) | $ / shares		$ 13.94
Stock granted value per trustee | $				$ 54
Trustee Three | Common Shares
Common Share Issuances
Common shares granted under equity compensation plan (in shares)		7,000
Shares granted (in dollars per share) | $ / shares		$ 13.94
Trustee Four | Common Shares
Common Share Issuances
Common shares granted under equity compensation plan (in shares)		7,000
Shares granted (in dollars per share) | $ / shares		$ 13.94
Trustee Five | Common Shares
Common Share Issuances
Common shares granted under equity compensation plan (in shares)		7,000
Shares granted (in dollars per share) | $ / shares		$ 13.94
Trustee Six | Common Shares
Common Share Issuances
Common shares granted under equity compensation plan (in shares)		7,000
Shares granted (in dollars per share) | $ / shares		$ 13.94
Trustee Seven | Common Shares
Common Share Issuances
Common shares granted under equity compensation plan (in shares)		7,000
Shares granted (in dollars per share) | $ / shares		$ 13.94

Shareholders' Equity - Share-ba

Shareholders' Equity - Share-based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Award Plan
Unvested shares, scheduled to vest
Shares reserved for issuance (in shares)	1,761,393
Award Plans
Number of Shares
Unvested shares, beginning of year (in shares)	325,900	194,540	164,000
Shares granted (in shares)	340,700	305,400	155,100
Shares vested (in shares)	(240,470)	(173,190)	(122,010)
Shares forfeited (in shares)	(1,100)	(850)	(2,550)
Unvested shares, end of year (in shares)	425,030	325,900	194,540
Weighted Average Grant Date Fair Value
Unvested shares, beginning of year (in dollars per share)	$ 14.71	$ 26.59	$ 28.39
Shares granted (in dollars per share)	11.26	8.91	25
Shares vested (in dollars per share)	14.78	17.76	25.09
Shares forfeited (in dollars per share)	12.96	26.93	27.49
Unvested shares, end of year (in dollars per share)	$ 11.93	$ 14.71	$ 26.59
Unvested shares, scheduled to vest
2022 (in shares)	137,030
2023 (in shares)	125,040
2024 (in shares)	104,620
2025 (in shares)	58,340
Estimated future compensation expense	$ 4,518
Weighted average period over which the compensation expense will be recorded	22 months
Compensation expense	$ 2,964	$ 3,206	$ 2,849

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Aggregate Number of Shares Repurchased (in shares)	71,100	43,751	31,225
Weighted Average Repurchase Price (in dollars per share)	$ 11.11	$ 7.90	$ 25.61
Value	$ 790	$ 346	$ 800

Shareholders' Equity - Distribu

Shareholders' Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 13, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Common Share Distributions
Annual Per Share Distribution (in dollars per share)		$ 0.04	$ 0.57	$ 2.15
Total Distribution		$ 6,596	$ 93,804	$ 353,620
Ordinary Income		0.00%	0.00%	44.50%
Capital Gain		0.00%	0.00%	37.93%
Return of Capital		100.00%	100.00%	17.57%
Qualified Dividend		0.00%	0.00%	0.50%
Subsequent event
Common Share Distributions
Total Distribution	$ 1,652
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, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Rollforward]
Beginning balance	$ 2,102,790	$ 2,505,878	$ 2,597,431
Other comprehensive income	1,539	(760)	91
Amounts reclassified from cumulative other comprehensive income to net income	0	0	175
Ending balance	1,555,306	2,102,790	2,505,878
Cumulative Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Rollforward]
Beginning balance	(760)	0	(266)
Amounts reclassified from cumulative other comprehensive income to net income			175
Ending balance	779	(760)	0
Equity in Unrealized Gain (Loss) of Investees
Accumulated Other Comprehensive Income (Loss) [Rollforward]
Beginning balance	(760)	0
Other comprehensive income	1,539	(760)
Amounts reclassified from cumulative other comprehensive income to net income	0	0
Ending balance	$ 779	$ (760)	$ 0

Business and Property Managem_2

Business and Property Management Agreements with RMR LLC (Details) $ in Thousands	Jun. 22, 2021	Dec. 31, 2021USD ($)employeeagreement	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
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			$ 3,584	$ 3,584
RMR LLC | Property Management Fees
Real Estate Properties [Line Items]
Related party rate	3.00%
Operating expense from related party transaction		$ 3,674	3,283	1,370
RMR LLC | Construction And Supervision Fees Capitalized
Real Estate Properties [Line Items]
Amounts capitalized		815	292	29
RMR LLC | RMR Inc.
Real Estate Properties [Line Items]
Recognized amortization of liability		$ 3,584
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		$ 42,137	36,830	41,607
Aggregate property management and construction supervision fees		4,489	3,575	1,399
Related party reimbursement expense		$ 2,971	$ 2,618	$ 620
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 ($)$ / sharesshares	Dec. 31, 2021agreement
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, 2021propertytravelCentershares	Jul. 31, 2020$ / sharesshares
Related Party Transaction [Line Items]
Number of properties | property	1,091
TravelCenters of America LLC | RMR LLC
Related Party Transaction [Line Items]
Number of common shares owned (in shares)	658,505
Noncontrolling interest, ownership percentage	4.40%
TravelCenters of America LLC
Related Party Transaction [Line Items]
Number of common shares owned (in shares)	1,184,797
Percentage of total shares outstanding	8.00%
Share ownership restrictions maximum percentage of equity shares that can be acquired without approval	9.80%
TravelCenters 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
Net Lease Property
Related Party Transaction [Line Items]
Number of properties | property	788
Net Lease Property | TravelCenters of America Inc.
Related Party Transaction [Line Items]
Number of properties | travelCenter	179

Related Person Transactions - S

Related Person Transactions - Sonesta and AIC (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2021USD ($)hotelproperty	Jun. 30, 2020USD ($)	Dec. 31, 2021USD ($)hotelproperty	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 30, 2019USD ($)
Related Party Transaction [Line Items]
Number of properties | property	1,091		1,091
Distributions in excess of earnings from Affiliates Insurance Company				$ 9,000
Distribution of earnings from Affiliates Insurance Company			$ 0	0	$ 2,423
Earnings (losses) recognized related to equity investments			$ (941)	(9,910)	393
Sonesta International Hotels Corporation
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage	34.00%		34.00%
Affiliates Insurance Company
Related Party Transaction [Line Items]
Aggregate annual premium						$ 5,738
Distribution of earnings from Affiliates Insurance Company	$ 12	$ 286
Equity method investments, carrying value				$ 12	298
Earnings (losses) recognized related to equity investments					393
Other comprehensive income, other, net of tax					$ (175)
Hotel
Related Party Transaction [Line Items]
Number of properties | hotel	303		303
Hotel | Sonesta International Hotels Corporation
Related Party Transaction [Line Items]
Number of properties | hotel	261		261

Income Taxes - Provision and Re

Income Taxes - Provision and Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ 0	$ 0	$ 0
State	680	3,361	2,327
Foreign	350	0	593
Current tax	1,030	3,361	2,920
Deferred:
Foreign	(1,971)	13,850	(127)
Deferred tax	(1,971)	13,850	(127)
Income tax provision (benefit)	$ (941)	$ 17,211	$ 2,793
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	(0.10%)	(1.10%)	0.70%
Foreign taxes	0.30%	(4.40%)	0.10%
Effective tax rate	0.20%	(5.50%)	0.80%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Tax loss carryforwards	$ 84,551	$ 42,940
Other	4,844	3,175
Deferred tax assets, gross	89,395	46,115
Valuation allowance	(89,395)	(46,115)
Deferred income tax assets, net	0	0
Deferred tax liabilities:
Property basis difference	(6,263)	(6,682)
Puerto Rico deferred tax gain	(12,581)	(13,850)
Net deferred tax liabilities	$ (18,844)	$ (20,532)

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Gross Unrecognized Tax Benefits
Gross Unrecognized Tax Benefits, Beginning Balance	$ 2,531
Gross Unrecognized Tax Benefits, Current Period Increase	0
Gross Unrecognized Tax Benefits, Ending Balance	$ 2,531

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income taxes
Net deferred tax assets prior to valuation allowance	$ 89,395	$ 46,115
Deferred tax liability result of insurance settlement	12,581	13,843
Net operating loss carryforwards for federal income tax purposes	423,852	333,533
Consolidated
Income taxes
Net deferred tax assets prior to valuation allowance	$ 84,973	$ 40,879
Deferred tax assets valuation allowance percentage	100.00%	100.00%
Net operating loss carryforwards for federal income tax purpose, not subject to expiration	$ 334,686	$ 159,727

Concentration (Details)

Concentration (Details)	12 Months Ended
	Dec. 31, 2021hotelstatetravelCenterpropertyretailProperty
Concentration Risk
Number of properties	1,091
Net Lease Property
Concentration Risk
Number of properties	788
TravelCenters of America Inc. | Net Lease Property
Concentration Risk
Number of properties | travelCenter	179
Net Lease Property
Concentration Risk
Number of properties | retailProperty	1,091
Hotel
Concentration Risk
Number of properties | hotel	303
Hotel | Sonesta Agreement
Concentration Risk
Number of properties | hotel	261
North America
Concentration Risk
Number of states in which properties are located | state	47
Ontario, Canada | Hotel
Concentration Risk
Number of properties	2
Credit concentration | Net Lease Property | Real Estate Assets at Cost | TravelCenters of America LLC
Concentration Risk
Concentration risk percentage	27.50%
Geographic Concentration Risk | Geographic distribution, foreign | Hotel | Real Estate
Concentration Risk
Concentration risk percentage	1.60%
Geographic Concentration Risk | Various States, USA | Geographic distribution, domestic | Minimum | Real Estate
Concentration Risk
Concentration risk percentage	6.00%
Geographic Concentration Risk | Various States, USA | Geographic distribution, domestic | Maximum | Real Estate
Concentration Risk
Concentration risk percentage	11.00%

Segment Information (Details)

Segment Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Segment Information
Number of reportable segments | segment	2
Revenues:
Hotel operating revenues	$ 1,104,678	$ 875,098	$ 1,989,173
Rental income	390,902	390,156	326,975
Total revenues	1,495,580	1,265,254	2,316,148
Expenses:
Hotel operating expenses	1,010,737	682,804	1,410,927
Other operating expenses	15,658	15,208	8,357
Depreciation and amortization	485,965	498,908	428,448
General and administrative	53,439	50,668	54,639
Transaction related costs	64,764	15,100	1,795
Loss on asset impairment	78,620	55,756	39,296
Total expenses	1,709,183	1,318,444	1,943,462
Gain on sale of real estate, net	11,522	2,261	159,535
Dividend income	0	0	1,752
Gain on insurance settlement	0	62,386	0
Unrealized gains (losses) on equity securities, net	22,535	19,882	(40,461)
Interest income	664	284	2,215
Interest expense	(365,721)	(306,490)	(225,126)
Loss on early extinguishment of debt	0	(9,394)	(8,451)
Income (loss) before income taxes and equity in earnings (losses) of an investee	(544,603)	(284,261)	262,150
Income tax benefit (expense)	941	(17,211)	(2,793)
Equity in earnings (losses) of an investee	(941)	(9,910)	393
Net income	(544,603)	(311,382)	259,750
Total assets	9,153,315	8,687,319	9,033,967
Corporate
Revenues:
Hotel operating revenues	0	0	0
Rental income	0	0	0
Total revenues	0	0	0
Expenses:
Hotel operating expenses	0	0	0
Other operating expenses		0	0
Depreciation and amortization	0	0	0
General and administrative	53,439	50,668	54,639
Transaction related costs	0	0	1,795
Loss on asset impairment	0	0	0
Total expenses	53,439	50,668	56,434
Gain on sale of real estate, net	0	0	0
Dividend income			1,752
Gain on insurance settlement		0
Unrealized gains (losses) on equity securities, net	22,535	19,882	(40,461)
Interest income	663	278	1,420
Interest expense	(365,721)	(306,490)	(225,126)
Loss on early extinguishment of debt		(9,394)	(8,451)
Income (loss) before income taxes and equity in earnings (losses) of an investee	(395,962)	(346,392)	(327,300)
Income tax benefit (expense)	941	(17,211)	(2,793)
Equity in earnings (losses) of an investee	(941)	(9,910)	393
Net income	(395,962)	(373,513)	(329,700)
Total assets	1,086,119	119,491	124,587
Hotels | Operating segments
Revenues:
Hotel operating revenues	1,104,678	875,098	1,989,173
Rental income	1,808	2,472	25,724
Total revenues	1,106,486	877,570	2,014,897
Expenses:
Hotel operating expenses	1,010,737	682,804	1,410,927
Other operating expenses	0	0	0
Depreciation and amortization	266,641	263,673	268,088
General and administrative	0	0	0
Transaction related costs	64,764	15,100	0
Loss on asset impairment	60,980	17,131	28,371
Total expenses	1,403,122	978,708	1,707,386
Gain on sale of real estate, net	9,558	14,927	0
Dividend income			0
Gain on insurance settlement		62,386
Unrealized gains (losses) on equity securities, net	0	0	0
Interest income	1	6	795
Interest expense	0	0	0
Loss on early extinguishment of debt		0	0
Income (loss) before income taxes and equity in earnings (losses) of an investee	(287,077)	(23,819)	308,306
Income tax benefit (expense)	0	0	0
Equity in earnings (losses) of an investee	0	0	0
Net income	(287,077)	(23,819)	308,306
Total assets	4,487,101	4,846,410	4,866,549
Net Lease | Operating segments
Revenues:
Hotel operating revenues	0	0	0
Rental income	389,094	387,684	301,251
Total revenues	389,094	387,684	301,251
Expenses:
Hotel operating expenses	0	0	0
Other operating expenses	15,658	15,208	8,357
Depreciation and amortization	219,324	235,235	160,360
General and administrative	0	0	0
Transaction related costs	0	0	0
Loss on asset impairment	17,640	38,625	10,925
Total expenses	252,622	289,068	179,642
Gain on sale of real estate, net	1,964	(12,666)	159,535
Dividend income			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
Income (loss) before income taxes and equity in earnings (losses) of an investee	138,436	85,950	281,144
Income tax benefit (expense)	0	0	0
Equity in earnings (losses) of an investee	0	0	0
Net income	138,436	85,950	281,144
Total assets	$ 3,580,095	$ 3,721,418	$ 4,042,831

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, 2021USD ($)ft²roomhotelpropertyshares	Dec. 31, 2020USD ($)statepropertyshares	Dec. 31, 2019USD ($)	Mar. 12, 2020ft²	Sep. 20, 2019state
Fair Value of Assets and Liabilities
Carrying Value	$ 515,518	$ 13,543
Properties to be sold | property		5
Loss on asset impairment	78,620	$ 55,756	$ 39,296
Number of states in which property is located | state					45
Carrying value of net lease properties held for sale	$ 515,518
Held and used
Fair Value of Assets and Liabilities
Loss on asset impairment		55,756
Hotel
Fair Value of Assets and Liabilities
Properties to be sold | hotel	67
Rooms | room	8,667
Carrying value of net lease properties held for sale		$ 10,699
Net Lease Property
Fair Value of Assets and Liabilities
Properties to be sold | property	22	6
Area of real estate (in sqft) | ft²	154,206			6,696
Assets Held for Sale
Fair Value of Assets and Liabilities
Loss on asset impairment	$ 78,620
Assets Held for Sale | Hotel
Fair Value of Assets and Liabilities
Aggregate carrying value held-for-sale	503,078
Number of states in which property is located | state		4
Assets Held for Sale | Net Lease Property
Fair Value of Assets and Liabilities
Aggregate carrying value held-for-sale		$ 2,844
Number of states in which property is located | state		6
Carrying value of net lease properties held for sale	12,440
Investment in TA
Fair Value of Assets and Liabilities
Unrealized gain (loss) on equity securities	$ 20,367	$ 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	1,184,797
Historical cost of securities	$ 24,418	$ 24,418
Fair Value, Inputs, Level 1 | Carrying Value | Investment in TA
Fair Value of Assets and Liabilities
Carrying Value	61,159	38,624
Fair Value, Inputs, Level 1 | Fair Value | Investment in TA
Fair Value of Assets and Liabilities
Fair Value	61,159	38,624
Fair Value, Inputs, Level 3 | Carrying Value | Assets Held for Sale
Fair Value of Assets and Liabilities
Carrying Value	515,518	13,543
Fair Value, Inputs, Level 3 | Fair Value | Assets Held for Sale
Fair Value of Assets and Liabilities
Fair Value	$ 515,518	$ 13,543

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, 2021	Dec. 31, 2020	Jun. 17, 2020
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 5.50%
Fair Value of Assets and Liabilities
Interest rate stated percentage	5.50%
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 Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 6,143,022	$ 6,130,166
Carrying Value | Senior Unsecured Notes, due 2022 at 5.00%
Fair Value of Assets and Liabilities
Total financial liabilities	499,244	498,032
Carrying Value | Senior Unsecured Notes, due 2023 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	499,761	499,596
Carrying Value | Senior Unsecured Notes, due 2024 at 4.65%
Fair Value of Assets and Liabilities
Total financial liabilities	349,105	348,700
Carrying Value | Senior Unsecured Notes, due 2024 at 4.35%
Fair Value of Assets and Liabilities
Total financial liabilities	821,017	819,546
Carrying Value | Senior Unsecured Notes, due 2025 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	347,806	347,118
Carrying Value | Senior Unsecured Notes, due 2025 at 7.50%
Fair Value of Assets and Liabilities
Total financial liabilities	791,340	789,006
Carrying Value | Senior Unsecured Notes, due 2026 at 5.25%
Fair Value of Assets and Liabilities
Total financial liabilities	345,342	344,212
Carrying Value | Senior Unsecured Notes, due 2026 at 4.75%
Fair Value of Assets and Liabilities
Total financial liabilities	447,126	446,515
Carrying Value | Senior Unsecured Notes, due 2027 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	396,160	395,405
Carrying Value | Senior Unsecured Notes, due 2027 at 5.50%
Fair Value of Assets and Liabilities
Total financial liabilities	443,383	442,370
Carrying Value | Senior Unsecured Notes, due 2028 at 3.95%
Fair Value of Assets and Liabilities
Total financial liabilities	393,057	391,908
Carrying Value | Senior Unsecured Notes, due 2029 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	418,895	418,102
Carrying Value | Senior Unsecured Notes, due 2030 at 4.375%
Fair Value of Assets and Liabilities
Total financial liabilities	390,786	389,656
Fair Value
Fair Value of Assets and Liabilities
Total financial liabilities	6,179,495	6,361,902
Fair Value | Senior Unsecured Notes, due 2022 at 5.00%
Fair Value of Assets and Liabilities
Total financial liabilities	501,033	510,285
Fair Value | Senior Unsecured Notes, due 2023 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	505,378	505,280
Fair Value | Senior Unsecured Notes, due 2024 at 4.65%
Fair Value of Assets and Liabilities
Total financial liabilities	347,039	347,893
Fair Value | Senior Unsecured Notes, due 2024 at 4.35%
Fair Value of Assets and Liabilities
Total financial liabilities	821,184	819,328
Fair Value | Senior Unsecured Notes, due 2025 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	342,493	346,462
Fair Value | Senior Unsecured Notes, due 2025 at 7.50%
Fair Value of Assets and Liabilities
Total financial liabilities	867,712	926,404
Fair Value | Senior Unsecured Notes, due 2026 at 5.25%
Fair Value of Assets and Liabilities
Total financial liabilities	348,537	354,996
Fair Value | Senior Unsecured Notes, due 2026 at 4.75%
Fair Value of Assets and Liabilities
Total financial liabilities	439,889	448,506
Fair Value | Senior Unsecured Notes, due 2027 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	395,862	404,328
Fair Value | Senior Unsecured Notes, due 2027 at 5.50%
Fair Value of Assets and Liabilities
Total financial liabilities	461,522	491,918
Fair Value | Senior Unsecured Notes, due 2028 at 3.95%
Fair Value of Assets and Liabilities
Total financial liabilities	370,562	388,146
Fair Value | Senior Unsecured Notes, due 2029 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	407,448	430,064
Fair Value | Senior Unsecured Notes, due 2030 at 4.375%
Fair Value of Assets and Liabilities
Total financial liabilities	$ 370,836	$ 388,292

SCHEDULE III_REAL ESTATE AND _2

SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)propertyhotelretailProperty	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Initial Cost to Company
Land	$ 2,027,000
Building & Improvements	6,570,000
Costs Capitalized Subsequent to Acquisition
Improvements	2,464,000
Impairment	(219,000)
Cost Basis Adjustment	(178,000)
Gross Amount at which Carried at Close of Period
Land	2,021,000
Building & Improvements	8,383,000
Total	10,403,000	$ 10,630,560	$ 10,716,233	$ 8,820,346
Personal property excluded from real estate gross	$ 436
Number of properties | property	1,091
Accumulated depreciation	$ (3,069,348)	(3,047,016)	(2,851,121)	$ (2,574,297)
Accumulated depreciation related to personal property excluded from real estate gross	$ 213
Hotel
Gross Amount at which Carried at Close of Period
Number of properties | hotel	303
Net Lease Property
Gross Amount at which Carried at Close of Period
Number of properties | retailProperty	1,091
Assets Held for Sale | Hotel
Initial Cost to Company
Land	$ 110,000
Building & Improvements	541,000
Costs Capitalized Subsequent to Acquisition
Improvements	84,000
Impairment	(64,000)
Cost Basis Adjustment	(3,000)
Gross Amount at which Carried at Close of Period
Land	95,000
Building & Improvements	506,000
Total	$ 601,000
Number of properties | property	67
Assets Held for Sale | Net Lease Property
Initial Cost to Company
Land	$ 7,000
Building & Improvements	23,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	(18,000)
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	7,000
Building & Improvements	6,000
Total	$ 12,000
Number of properties | property	22
All Properties Excluding Properties Held For Sale
Initial Cost to Company
Land	$ 1,910,000
Building & Improvements	6,006,000
Costs Capitalized Subsequent to Acquisition
Improvements	2,380,000
Impairment	(137,000)
Cost Basis Adjustment	(175,000)
Gross Amount at which Carried at Close of Period
Land	1,919,000
Building & Improvements	7,871,000
Total	9,790,010	$ 10,630,560	$ 10,716,233
Royal Sonesta
Initial Cost to Company
Land	227,000
Building & Improvements	1,118,000
Costs Capitalized Subsequent to Acquisition
Improvements	405,000
Impairment	(9,000)
Cost Basis Adjustment	(9,000)
Gross Amount at which Carried at Close of Period
Land	227,000
Building & Improvements	1,496,000
Total	$ 1,723,000
Number of properties | hotel	17
Accumulated depreciation	$ (340,000)
Royal Sonesta | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Royal Sonesta | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Sonesta
Initial Cost to Company
Land	$ 136,000
Building & Improvements	588,000
Costs Capitalized Subsequent to Acquisition
Improvements	321,000
Impairment	(51,000)
Cost Basis Adjustment	(5,000)
Gross Amount at which Carried at Close of Period
Land	136,000
Building & Improvements	848,000
Total	$ 984,000
Number of properties | hotel	22
Accumulated depreciation	$ (253,000)
Sonesta | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Sonesta | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Sonesta ES Suites
Initial Cost to Company
Land	$ 132,000
Building & Improvements	557,000
Costs Capitalized Subsequent to Acquisition
Improvements	368,000
Impairment	(35,000)
Cost Basis Adjustment	(48,000)
Gross Amount at which Carried at Close of Period
Land	132,000
Building & Improvements	794,000
Total	$ 926,000
Number of properties | hotel	60
Accumulated depreciation	$ (391,000)
Sonesta ES Suites | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Sonesta ES Suites | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Sonesta Select
Initial Cost to Company
Land	$ 84,000
Building & Improvements	395,000
Costs Capitalized Subsequent to Acquisition
Improvements	308,000
Impairment	(8,000)
Cost Basis Adjustment	(71,000)
Gross Amount at which Carried at Close of Period
Land	89,000
Building & Improvements	548,000
Total	$ 637,000
Number of properties | hotel	44
Accumulated depreciation	$ (312,000)
Sonesta Select | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Sonesta Select | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Simply Suites
Initial Cost to Company
Land	$ 68,000
Building & Improvements	341,000
Costs Capitalized Subsequent to Acquisition
Improvements	105,000
Impairment	(17,000)
Cost Basis Adjustment	(18,000)
Gross Amount at which Carried at Close of Period
Land	66,000
Building & Improvements	395,000
Total	$ 461,000
Number of properties | hotel	51
Accumulated depreciation	$ (203,000)
Simply Suites | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Simply Suites | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Hyatt Place
Initial Cost to Company
Land	$ 20,000
Building & Improvements	137,000
Costs Capitalized Subsequent to Acquisition
Improvements	21,000
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	20,000
Building & Improvements	158,000
Total	$ 178,000
Number of properties | hotel	17
Accumulated depreciation	$ (89,000)
Hyatt Place | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Hyatt Place | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Radisson Hotels
Initial Cost to Company
Land	$ 9,000
Building & Improvements	93,000
Costs Capitalized Subsequent to Acquisition
Improvements	45,000
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	9,000
Building & Improvements	138,000
Total	$ 147,000
Number of properties | hotel	5
Accumulated depreciation	$ (70,000)
Radisson Hotels | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Radisson Hotels | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Crowne Plaza Hotels
Initial Cost to Company
Land	$ 17,000
Building & Improvements	69,000
Costs Capitalized Subsequent to Acquisition
Improvements	30,000
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	17,000
Building & Improvements	99,000
Total	$ 116,000
Number of properties | hotel	1
Accumulated depreciation	$ (12,000)
Crowne Plaza Hotels | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Crowne Plaza Hotels | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Courtyard Hotels
Initial Cost to Company
Land	$ 13,000
Building & Improvements	64,000
Costs Capitalized Subsequent to Acquisition
Improvements	63,000
Impairment	(14,000)
Cost Basis Adjustment	(23,000)
Gross Amount at which Carried at Close of Period
Land	12,000
Building & Improvements	68,000
Total	$ 80,000
Number of properties | hotel	13
Accumulated depreciation	$ (4,000)
Courtyard Hotels | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Courtyard Hotels | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Country Inn & Suites
Initial Cost to Company
Land	$ 4,000
Building & Improvements	29,000
Costs Capitalized Subsequent to Acquisition
Improvements	10,000
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	4,000
Building & Improvements	39,000
Total	$ 43,000
Number of properties | hotel	3
Accumulated depreciation	$ (20,000)
Country Inn & Suites | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Country Inn & Suites | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Residence Inns
Initial Cost to Company
Land	$ 4,000
Building & Improvements	9,000
Costs Capitalized Subsequent to Acquisition
Improvements	12,000
Impairment	(3,000)
Cost Basis Adjustment	(1,000)
Gross Amount at which Carried at Close of Period
Land	3,000
Building & Improvements	17,000
Total	$ 20,000
Number of properties | hotel	3
Accumulated depreciation	$ (1,000)
Residence Inns | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Residence Inns | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
TravelCenters of America LLC
Initial Cost to Company
Land	$ 568,000
Building & Improvements	939,000
Costs Capitalized Subsequent to Acquisition
Improvements	463,000
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	575,000
Building & Improvements	1,393,000
Total	$ 1,968,000
Number of properties | property	134
Accumulated depreciation	$ (834,000)
TravelCenters of America LLC | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
TravelCenters of America LLC | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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	259,000
Building & Improvements	717,000
Total	$ 976,000
Number of properties | property	45
Accumulated depreciation	$ (418,000)
Petro Stopping Centers | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Petro Stopping Centers | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
AMC Theatres
Initial Cost to Company
Land	$ 30,000
Building & Improvements	55,000
Costs Capitalized Subsequent to Acquisition
Improvements	1,000
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	30,000
Building & Improvements	56,000
Total	$ 86,000
Number of properties | property	11
Accumulated depreciation	$ (6,000)
AMC Theatres | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
AMC Theatres | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	14
Accumulated depreciation	$ (5,000)
The Great Escape | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
The Great Escape | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	3
Accumulated depreciation	$ (5,000)
Life Time Fitness | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Life Time Fitness | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	5
Accumulated depreciation	$ (6,000)
Buehler's Fresh Foods | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Buehler's Fresh Foods | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	59
Accumulated depreciation	$ (3,000)
Heartland Dental | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Heartland Dental | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	10
Accumulated depreciation	$ (2,000)
Norms | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Norms | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	23
Accumulated depreciation	$ (3,000)
Express Oil Change | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Express Oil Change | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Pizza Hut
Initial Cost to Company
Land	$ 12,000
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	12,000
Building & Improvements	27,000
Total	$ 39,000
Number of properties | property	39
Accumulated depreciation	$ (6,000)
Pizza Hut | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Pizza Hut | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	3
Accumulated depreciation	$ (2,000)
Flying J Travel Pizza | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Flying J Travel Pizza | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	6
Accumulated depreciation	$ (2,000)
America's Auto Auction | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
America's Auto Auction | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	6
Accumulated depreciation	$ (2,000)
Regal Cinemas | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Regal Cinemas | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	4
Accumulated depreciation	$ (3,000)
Courthouse Athletic Club | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Courthouse Athletic Club | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	44
Accumulated depreciation	$ (3,000)
Church's Chicken | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Church's Chicken | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	2
Accumulated depreciation	$ (2,000)
Big Al's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Big Al's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	21
Accumulated depreciation	$ (4,000)
Burger King | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Burger King | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ (2,000)
Mills Fleet Farm | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Mills Fleet Farm | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	19
Accumulated depreciation	$ (3,000)
Hardee's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Hardee's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	4
Accumulated depreciation	$ (2,000)
B&B Theatres | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
B&B Theatres | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	16
Accumulated depreciation	$ (2,000)
Martin's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Martin's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	19
Accumulated depreciation	$ (4,000)
Arby's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Arby's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	4
Accumulated depreciation	$ (1,000)
Creme de la Creme | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Creme de la Creme | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	20
Accumulated depreciation	$ (3,000)
Popeye's Chicken & Biscuits | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Popeye's Chicken & Biscuits | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	5
Accumulated depreciation	$ (1,000)
Mister Car Wash | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Mister Car Wash | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	6
Accumulated depreciation	$ (2,000)
United Supermarkets | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
United Supermarkets | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	2
Accumulated depreciation	$ (2,000)
Mesa Fitness | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Mesa Fitness | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	13
Accumulated depreciation	$ (2,000)
Taco Bell | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Taco Bell | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ (1,000)
CarMax | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
CarMax | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	28
Accumulated depreciation	$ (2,000)
Uncle Ed's Oil Shoppe | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Uncle Ed's Oil Shoppe | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ (1,000)
Dave & Buster's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Dave & Buster's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Fusion Gyms
Initial Cost to Company
Land	$ 3,000
Building & Improvements	10,000
Costs Capitalized Subsequent to Acquisition
Improvements	1,000
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
Number of properties | property	2
Accumulated depreciation	$ (1,000)
Fusion Gyms | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Fusion Gyms | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	5
Accumulated depreciation	$ (1,000)
Pike Nursery | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Pike Nursery | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	2
Accumulated depreciation	$ (2,000)
HHI-Formtech | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
HHI-Formtech | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Golden Corral
Initial Cost to Company
Land	$ 4,000
Building & Improvements	8,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	4,000
Building & Improvements	8,000
Total	$ 12,000
Number of properties | property	3
Accumulated depreciation	$ (1,000)
Golden Corral | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Golden Corral | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	5
Accumulated depreciation	$ (1,000)
Rite Aid | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Rite Aid | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	2
Accumulated depreciation	$ (1,000)
Sandford's Grub & Pub | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Sandford's Grub & Pub | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Baptist Emergency Hospital | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Baptist Emergency Hospital | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	2
Accumulated depreciation	$ (1,000)
Eddie Merlot's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Eddie Merlot's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	5
Accumulated depreciation	$ (1,000)
Fuddruckers | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Fuddruckers | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ (2,000)
Cermak Fresh Market | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Cermak Fresh Market | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ (1,000)
Columbus Preparatory Academy | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Columbus Preparatory Academy | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	12
Accumulated depreciation	$ (1,000)
Core & Main | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Core & Main | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	5
Accumulated depreciation	$ (1,000)
Lerner And Rowe | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Lerner And Rowe | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	4
Accumulated depreciation	$ (1,000)
Meineke Car Care Center | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Meineke Car Care Center | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Texas Roadhouse
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
Number of properties | property	3
Accumulated depreciation	$ (1,000)
Texas Roadhouse | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Texas Roadhouse | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ (1,000)
Austin's Park n' Pizza | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Austin's Park n' Pizza | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ (1,000)
Kohl's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Kohl's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
LA Fitness | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
LA Fitness | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Academy Sports Plus Outdoors | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Academy Sports Plus Outdoors | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	2
Accumulated depreciation	$ 0
Blue Rhino | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Blue Rhino | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Columbus Arts & Tech Academy | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Columbus Arts & Tech Academy | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	2
Accumulated depreciation	$ (1,000)
Diagnostic Health | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Diagnostic Health | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	3
Accumulated depreciation	$ (1,000)
Krispy Kreme | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Krispy Kreme | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Marcus Theaters
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
Number of properties | property	1
Accumulated depreciation	$ (1,000)
Marcus Theaters | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Marcus Theaters | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	3
Accumulated depreciation	$ (1,000)
Oregano's Pizza Bistro | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Oregano's Pizza Bistro | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	9
Accumulated depreciation	$ (1,000)
Sonic Drive-In | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Sonic Drive-In | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Axels
Initial Cost to Company
Land	$ 0
Building & Improvements	6,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	6,000
Total	$ 6,000
Number of properties | property	2
Accumulated depreciation	$ (1,000)
Axels | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Axels | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	5
Accumulated depreciation	$ (1,000)
Brookshire Brothers | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Brookshire Brothers | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	2
Accumulated depreciation	$ 0
Flying Star Cafe | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Flying Star Cafe | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	2
Accumulated depreciation	$ (1,000)
Heytex USA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Heytex USA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	7
Accumulated depreciation	$ (1,000)
Hughes Supply | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Hughes Supply | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ (1,000)
Jack Stack Barbeque | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Jack Stack Barbeque | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	3
Accumulated depreciation	$ 0
Jack's Family Restaurant | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Jack's Family Restaurant | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	3
Accumulated depreciation	$ (1,000)
Wendy's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Wendy's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	2
Accumulated depreciation	$ (1,000)
Ten Box | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Ten Box | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ (1,000)
Adult & Pediatric Orthopedics | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Adult & Pediatric Orthopedics | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	2
Accumulated depreciation	$ (1,000)
Bricktown Brewery | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Bricktown Brewery | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ (1,000)
ConForm Automotive | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
ConForm Automotive | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	2
Accumulated depreciation	$ 0
Gerber Collision & Glass | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Gerber Collision & Glass | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	2
Accumulated depreciation	$ 0
HD Supply White Cap | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
HD Supply White Cap | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Multi-Tenant
Initial Cost to Company
Land	$ 1,000
Building & Improvements	4,000
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	13,000
Total	$ 16,000
Number of properties | property	1
Accumulated depreciation	$ (3,000)
Multi-Tenant | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Multi-Tenant | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Planet Fitness | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Planet Fitness | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
RGB Eye Associates | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
RGB Eye Associates | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Walgreens
Initial Cost to Company
Land	$ 0
Building & Improvements	5,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	5,000
Total	$ 5,000
Number of properties | property	2
Accumulated depreciation	$ (1,000)
Walgreens | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Walgreens | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Ashley Furniture | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Ashley Furniture | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Boozman-Hof | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Boozman-Hof | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Caldwell Country Chevrolet | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Caldwell Country Chevrolet | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Eriks Bike Shop
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
Number of properties | property	1
Accumulated depreciation	$ 0
Eriks Bike Shop | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Eriks Bike Shop | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	2
Accumulated depreciation	$ 0
Famous Dave's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Famous Dave's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	3
Accumulated depreciation	$ 0
Focus Child Development Center | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Focus Child Development Center | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ (1,000)
Joe's Crab Shack | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Joe's Crab Shack | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Max & Erma'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
Number of properties | property	1
Accumulated depreciation	$ 0
Max & Erma's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Max & Erma's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ (1,000)
Metaldyne BSM | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Metaldyne BSM | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Rainbow Kids Clinic | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Rainbow Kids Clinic | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ (1,000)
Sportsman's Warehouse | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Sportsman's Warehouse | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	2
Accumulated depreciation	$ 0
Anixter | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Anixter | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Applebee's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Applebee's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Black Angus Steakhouse | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Black Angus Steakhouse | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Buffalo Wild Wings | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Buffalo Wild Wings | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Kerry's Car Care | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Kerry's Car Care | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	2
Accumulated depreciation	$ 0
Monterey's Tex Mex | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Monterey's Tex Mex | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Ojos Locos Sports Cantina | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Ojos Locos Sports Cantina | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	2
Accumulated depreciation	$ 0
Orscheln Farm And Home | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Orscheln Farm And Home | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	2
Accumulated depreciation	$ 0
Rick Johnson Auto & Tire | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Rick Johnson Auto & Tire | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Slim Chickens | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Slim Chickens | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Southwest Stainless, LP | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Southwest Stainless, LP | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Spoons Place | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Spoons Place | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Tractor Supply | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Tractor Supply | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
What The Buck | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
What The Buck | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	2
Accumulated depreciation	$ 0
Affordable Care, Inc. | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Affordable Care, Inc. | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Bridgestone Tire | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Bridgestone Tire | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Cycle Gear
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
Number of properties | property	1
Accumulated depreciation	$ 0
Cycle Gear | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Cycle Gear | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	2
Accumulated depreciation	$ 0
Dollar General | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Dollar General | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	2
Accumulated depreciation	$ 0
Hooters | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Hooters | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	2
Accumulated depreciation	$ 0
KFC | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
KFC | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Long John Silver'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
Number of properties | property	1
Accumulated depreciation	$ 0
Long John Silver's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Long John Silver's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	3
Accumulated depreciation	$ 0
Rally's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Rally's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Red Robin Gourmet Burgers | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Red Robin Gourmet Burgers | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Schumacher Homes
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
Number of properties | property	1
Accumulated depreciation	$ 0
Schumacher Homes | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Schumacher Homes | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	2
Accumulated depreciation	$ 0
Taco Bueno | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Taco Bueno | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Bru Burger Bar | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Bru Burger Bar | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Chicken Salad Chick
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
Number of properties | property	1
Accumulated depreciation	$ 0
Chicken Salad Chick | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Chicken Salad Chick | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
El Forastero
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
Number of properties | property	1
Accumulated depreciation	$ 0
El Forastero | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
El Forastero | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
ERA Capital
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
Number of properties | property	1
Accumulated depreciation	$ 0
ERA Capital | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
ERA Capital | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Howlin Concrete | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Howlin Concrete | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Little Caesars | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Little Caesars | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
NAPA Auto Parts | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
NAPA Auto Parts | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Old Mexico Cantina | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Old Mexico Cantina | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
O'Reilly Auto Parts | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
O'Reilly Auto Parts | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
SRS Distribution | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
SRS Distribution | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
The Atlanta Center For Foot & Ankle Surgery | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
The Atlanta Center For Foot & Ankle Surgery | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Touchstone Imaging | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Touchstone Imaging | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Wings, Etc
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
Number of properties | property	1
Accumulated depreciation	$ 0
Wings, Etc | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Wings, Etc | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Bigham Cable
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	0
Total	$ 0
Number of properties | property	1
Accumulated depreciation	$ 0
Bigham Cable | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Bigham Cable | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Consolidated Pipe | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Consolidated Pipe | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Del Taco | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Del Taco | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Dunkin Donuts
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
Number of properties | property	1
Accumulated depreciation	$ 0
Dunkin Donuts | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Dunkin Donuts | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Family Dollar Stores | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Family Dollar Stores | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Fazoli's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Fazoli's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Kings Wings N Things
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
Number of properties | property	1
Accumulated depreciation	$ 0
Kings Wings N Things | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Kings Wings N Things | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	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
Number of properties | property	1
Accumulated depreciation	$ 0
Off The Hook Seafood & More | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Off The Hook Seafood & More | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Sharks Fish & Chicken
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
Number of properties | property	1
Accumulated depreciation	$ 0
Sharks Fish & Chicken | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Sharks Fish & Chicken | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Vacant
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
Number of properties | property	8
Accumulated depreciation	$ 0
Vacant | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Vacant | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Other Properties
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
Accumulated depreciation	$ 0

SCHEDULE III_REAL ESTATE AND _3

SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION - Notes to Schedule III (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in total cost of properties
Balance at beginning of year	$ 10,630,560	$ 10,716,233	$ 8,820,346
Additions: acquisitions and capital expenditures	86,016	99,141	1,983,380
Dispositions	(330,091)	(145,836)	0
Reclassification of properties held for sale	(596,475)	(38,978)	(87,493)
Balance at close of year	10,403,000	10,630,560	10,716,233
Change in accumulated depreciation
Balance at beginning of year	3,047,016	2,851,121	2,574,297
Additions: depreciation expense	298,597	364,636	305,441
Dispositions	(153,699)	(143,814)	(28,617)
Reclassification of properties held for sale	(122,566)	(24,927)	0
Balance at close of year	3,069,348	3,047,016	2,851,121
Tax basis for federal income tax purpose	8,056,671
All Properties Excluding Properties Held For Sale
Change in total cost of properties
Balance at beginning of year	10,630,560	10,716,233
Balance at close of year	$ 9,790,010	$ 10,630,560	$ 10,716,233