Service Properties Trust (SVC) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 03, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		165,091,055
Entity Central Index Key	0000945394
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real estate properties:
Land	$ 1,919,126	$ 1,918,385
Buildings, improvements and equipment	7,989,900	8,307,248
Total real estate properties, gross	9,909,026	10,225,633
Accumulated depreciation	(3,031,295)	(3,281,659)
Total real estate properties, net	6,877,731	6,943,974
Acquired real estate leases and other intangibles, net	275,504	283,241
Assets held for sale	452,100	515,518
Cash and cash equivalents	969,609	944,043
Restricted cash	2,963	3,375
Equity method investments	61,974	62,687
Investment in equity securities	50,899	61,159
Due from related persons	44,430	48,168
Other assets, net	281,862	291,150
Total assets	9,017,072	9,153,315
LIABILITIES AND SHAREHOLDERS’ EQUITY
Revolving credit facility	1,000,000	1,000,000
Senior unsecured notes, net	6,146,258	6,143,022
Accounts payable and other liabilities	422,490	433,448
Due to related persons	14,025	21,539
Total liabilities	7,582,773	7,598,009
Commitments and contingencies
Shareholders’ equity:
Common shares of beneficial interest, $.01 par value; 200,000,000 shares authorized; 165,091,533 and 165,092,333, shares issued and outstanding, respectively	1,651	1,651
Additional paid in capital	4,553,020	4,552,558
Cumulative other comprehensive income	783	779
Cumulative net income available for common shareholders	2,515,838	2,635,660
Cumulative common distributions	(5,636,993)	(5,635,342)
Total shareholders’ equity	1,434,299	1,555,306
Total liabilities and shareholders’ equity	$ 9,017,072	$ 9,153,315

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Shareholders’ equity:
Common shares, 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)	165,091,533	165,092,333
Common shares, shares outstanding (in shares)	165,091,533	165,092,333

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Hotel operating revenues	$ 297,406	$ 168,953
Rental income	96,358	92,217
Total revenues	393,764	261,170
Expenses:
Hotel operating expenses	290,343	195,352
Other operating expenses	2,269	3,417
Depreciation and amortization	104,113	124,368
General and administrative	11,989	12,657
Transaction related costs	1,177	19,635
Loss on asset impairment, net	5,500	1,211
Total expenses	415,391	356,640
Other operating income:
Gain (loss) on sale of real estate, net	5,548	(9)
Unrealized losses on equity securities, net	(10,260)	(6,481)
Interest income	273	57
Interest expense (including amortization of debt issuance costs and debt discounts and premiums of $5,913 and $4,355, respectively)	(92,344)	(89,391)
Loss before income taxes and equity in losses of an investee	(118,410)	(191,294)
Income tax expense	(695)	(853)
Equity in losses of an investee	(717)	(2,843)
Net income (loss)	(119,822)	(194,990)
Other comprehensive income:
Equity interest in investee’s unrealized gains	4	0
Other comprehensive income	4	0
Comprehensive loss	$ (119,818)	$ (194,990)
Weighted average common shares outstanding (basic) (in shares)	164,667	164,498
Weighted average common shares outstanding (diluted) (in shares)	164,667	164,498
Net loss per common share (diluted) (in dollars per share)	$ (0.73)	$ (1.19)
Net loss per common share (basic) (in dollars per share)	$ (0.73)	$ (1.19)
Revenue from contract with customer, product and service, extensible enumeration	Hotels	Hotels
Cost, product and service, extensible enumeration	Hotels	Hotels

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Interest expense, amortization of debt issuance costs and debt discounts and premiums	$ 5,913	$ 4,355

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Shares	Cumulative Common Distributions	Additional Paid in Capital	Cumulative Net Income Available for Common Shareholders	Cumulative Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2020		164,823,833
Beginning balance at Dec. 31, 2020	$ 2,102,790	$ 1,648	$ (5,628,746)	$ 4,550,385	$ 3,180,263	$ (760)
Increase (Decrease) in Shareholders' Equity
Net loss	(194,990)				(194,990)
Equity interest in investee’s unrealized gains	0
Common share grants	380			380
Distributions	(1,648)		(1,648)
Ending balance (in shares) at Mar. 31, 2021		164,823,833
Ending balance at Mar. 31, 2021	1,906,532	$ 1,648	(5,630,394)	4,550,765	2,985,273	(760)
Beginning balance (in shares) at Dec. 31, 2021		165,092,333
Beginning balance at Dec. 31, 2021	1,555,306	$ 1,651	(5,635,342)	4,552,558	2,635,660	779
Increase (Decrease) in Shareholders' Equity
Net loss	(119,822)				(119,822)
Equity interest in investee’s unrealized gains	4
Common share grants	462			462
Common share repurchases and forfeitures (in shares)		(800)
Distributions	(1,651)		(1,651)
Ending balance (in shares) at Mar. 31, 2022		165,091,533
Ending balance at Mar. 31, 2022	$ 1,434,299	$ 1,651	$ (5,636,993)	$ 4,553,020	$ 2,515,838	$ 783

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (119,822)	$ (194,990)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	104,113	124,368
Net amortization of debt issuance costs, discounts and premiums as interest	5,913	4,355
Straight-line rental income	1,973	1,883
Loss on asset impairment, net	5,500	1,211
Unrealized loss on equity securities, net	10,260	6,481
Equity in losses of an investee	717	2,843
(Gain) loss on sale of real estate	(5,548)	9
Other non-cash income, net	(836)	(1,020)
Changes in assets and liabilities:
Due from related persons	395	(395)
Other assets	6,729	(13,515)
Accounts payable and other liabilities	(21,980)	(13,841)
Due to related persons	603	19,887
Net cash used in operating activities	(11,983)	(62,724)
Cash flows from investing activities:
Real estate acquisitions and deposits	0	(7,649)
Real estate improvements	(26,561)	(21,891)
Hotel managers’ purchases with restricted cash	(787)	(14,198)
Net proceeds from sale of real estate	66,218	375
Investment in Sonesta	0	(25,443)
Net cash provided by (used in) investing activities	38,870	(68,806)
Cash flows from financing activities:
Borrowings under revolving credit facility	0	973,168
Repayments of revolving credit facility	0	(51,592)
Deferred financing costs	(82)	(303)
Distributions to common shareholders	(1,651)	(1,648)
Net cash (used in) provided by financing activities	(1,733)	919,625
Increase in cash and cash equivalents and restricted cash	25,154	788,095
Cash and cash equivalents and restricted cash at beginning of period	947,418	91,456
Cash and cash equivalents and restricted cash at end of period	$ 972,572	$ 879,551

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Supplemental Information - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Supplemental disclosure of cash and cash equivalents and restricted cash:
Cash and cash equivalents	$ 969,609	$ 874,455
Restricted cash	2,963	5,096
Total cash and cash equivalents and restricted cash	972,572	879,551
Supplemental cash flow information:
Cash paid for interest	102,164	98,410
Cash paid for income taxes	581	182
Non-cash investing activities:
Real estate improvements accrued, not paid	$ 7,901	$ 9,250

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Note 1. Organization and Basis of Presentation Service Properties Trust, or we, us or our, is a real estate investment trust, or REIT, organized on February 7, At March 31, 2022, all 298 of our hotels were operated by subsidiaries of the following companies: Sonesta Holdco Corporation, or Sonesta (256 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 March 31, 2022, we owned 786 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 our managers and/or tenants, or collectively, operators. Impact of COVID-19 As a result of the COVID-19 pandemic and the impact it has had on travel and the broader economy throughout the U.S. since March 2020, our hotels have experienced significant declines in occupancy, which have had and are expected to continue to have a significant negative effect on our operating results and cash flow. While occupancy has since recovered significantly, there remains uncertainty as to when and if operations at our hotels will return to pre-pandemic levels. Liquidity As of March 31, 2022, our $1,000,000 revolving credit facility was scheduled to mature on July 15, 2022. In April 2022, we amended the agreement governing the credit facility to among other things, obtain additional covenant relief, we repaid $200,000 of the outstanding balance, and reduced the size of the facility from $1,000,000 to $800,000. Also in April 2022, we exercised a six month option to extend the maturity date of the credit facility to January 15, 2023. We have $500,000 of unsecured senior notes due on August 15, 2022, which we currently expect to repay with cash on hand on or prior to the maturity date. As of May 3, 2022, we have $916,106 of cash or cash equivalents. We also have entered agreements to sell 47 properties for an aggregate sales price of $304,940. See Notes 4 and 7 for further information regarding our asset sales and debt. Basis of Presentation The accompanying condensed consolidated financial statements of us are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2021, or our 2021 Annual Report. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair statement of results for the interim period, have been included. These condensed 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. Our operating results for interim periods and those of our managers and tenants are not necessarily indicative of the results that may be expected for the full year. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in our condensed consolidated financial statements include the allowance for credit losses, purchase price allocations, useful lives of fixed assets, impairment of real estate and related intangibles. 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 ™ . 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 $109,031 and $113,705 as of March 31, 2022 and December 31, 2021, respectively, and consist primarily of amounts due from and working capital advances to certain of our hotel managers. The liabilities of our TRSs were $33,192 and $42,432 as of March 31, 2022 and December 31, 2021, 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.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Note 2. Revenue Recognition We report hotel operating revenues for managed hotels in our condensed 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 condensed 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 $1,973 and $1,883 for the three months ended March 31, 2022 and 2021, 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 5 and 10 for further information regarding our TA leases. Due from related persons includes $17,321 and $20,655 and other assets, net, includes $28,252 and $26,881 of straight line rent receivables at March 31, 2022 and December 31, 2021, 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 recorded percentage rent of $756 and $180 for the three months ended March 31, 2022 and 2021, respectively. We had deferred estimated percentage rent of $2,499 and $1,386 for the three months ended March 31, 2022 and 2021, respectively. See Note 5 for further information on this deferred estimated percentage rent.

Weighted Average Common Shares

Weighted Average Common Shares	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Weighted Average Common Shares	Note 3. Weighted Average Common Shares We calculate basic earnings per common share by dividing net loss by the weighted average number of our 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. For the three months ended March 31, 2022 and 2021, there were no dilutive common shares and certain unvested common shares were not included in the calculation of diluted earnings per share because to do so would have been antidilutive.

Real Estate Properties

Real Estate Properties	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Real Estate Properties	Note 4. Real Estate Properties At March 31, 2022, we owned 298 hotels with an aggregate of 47,285 rooms or suites and 786 service-oriented retail properties with an aggregate of 13,515,100 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 $10,361,126, including $452,100 related to properties classified as held for sale as of March 31, 2022. We made capital expenditures at certain of our properties of $28,884 during the three months ended March 31, 2022. Dispositions During the three months ended March 31, 2022, we sold seven properties for an aggregate sales price of $65,524, excluding closing costs, as presented in the table below. The sales of these properties do not represent significant dispositions individually or in the aggregate nor do they represent a strategic shift. As a result, the results of the operations of these properties are included in continuing operations through the date of sale in our condensed 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 three months ended March 31, 2022 2022 Hotels 5 1,060 $ 60,174 $ 5,122 2022 Net Lease 2 6,960 5,350 426 1,060 / 6,960 $ 65,524 $ 5,548 As of March 31, 2022, we had 62 hotels with 7,607 rooms and an aggregate carrying value of $445,935 classified as held for sale and 19 net lease properties with 117,142 square feet and an aggregate carrying value of $6,165 classified as held for sale. See Notes 5 and 13 for further information on these properties. From April 1, 2022 through May 3, 2022, we sold 16 hotels with 2,021 rooms and an aggregate carrying value of $146,350 for an aggregate sales price of $169,469, excluding closing costs and four net lease properties with 38,578 square feet and a net carrying value of $4,697 for an aggregate sales price of $3,469 excluding closing costs.

Management Agreements and Lease

Management Agreements and Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Management Agreements and Leases	Note 5. Management Agreements and Leases As of March 31, 2022, we owned 298 hotels which were included in six operating agreements and 786 service oriented retail properties net leased to 174 tenants. We do not operate any of our properties. Hotel agreements Sonesta agreement. As of March 31, 2022, Sonesta managed 40 of our full-service hotels, 154 of our extended stay hotels, and 62 of our select service hotels pursuant to management agreements for all of the hotels. The hotels Sonesta managed for us comprised approximately 50.9% of our total historical real estate investments. On January 7, 2022, we and Sonesta amended and restated our management agreements effective January 1, 2022. We refer to our management agreements with Sonesta collectively as our Sonesta agreement. As of that date, we owned 261 hotels managed by Sonesta and 67 of these hotels were 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 was 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 were added to define boundaries to protect our owned hotels in response to Sonesta increasing its franchising and third-party management activities. For the Sale Hotels, the term was extended to December 31, 2022 (or until the applicable hotel has been sold) and the reserve established for the regular refurbishment of our hotels, or FF&E, reserve funding requirement was removed. 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, management and related fees and the owner’s priority return due to us. Our owner’s priority return will be reduced by the current owner’s priority return for a Sale Hotel once sold. We sold five of the Sale Hotels during the three months ended March 31, 2022. The total annual owner’s priority return for the remaining 62 Sale Hotels was $75,159 as of March 31, 2022. We also sold 16 Sonesta hotels between April 1, 2022 and May 3, 2022 that had a total annual owner’s priority return of $18,724 as of March 31, 2022. As of May 3, 2022, we had agreements to sell 42 additional Sonesta managed hotels for an aggregate sales price of $301,125 and having a total annual owner’s priority return of $46,527 as of March 31, 2022. These pending sales are subject to conditions; as a result, those sales may not occur, may be delayed or their terms may change. See Notes 6 and 10 for further information regarding our sales of hotels managed by Sonesta. Our Sonesta agreement provides that we are paid an annual owner’s priority return if gross revenues of the hotels, after payment of hotel operating expenses and management and related fees (other than Sonesta’s incentive fee, if applicable), are sufficient to do so. The Sonesta agreement further provides that we are paid an additional return equal to 80% of the operating profits, as defined therein, after reimbursement of owner or manager advances and with respect to the Retained Hotels, FF&E reserve escrows and Sonesta’s incentive fee, if applicable. Our Sonesta hotels generated net operating cash flow of $3,029 and a net operating cash flow deficit of $37,394 for the three months ended March 31, 2022 and 2021, respectively. Pursuant to our Sonesta agreement, we incurred management, reservation and system fees and reimbursement costs for certain guest loyalty, marketing program and third-party reservation transmission fees of $23,797 and $11,275 for the three months ended March 31, 2022 and 2021, respectively. These fees and costs are included in hotel operating expenses in our condensed consolidated statements of comprehensive income (loss). In addition, we incurred procurement and construction supervision fees payable to Sonesta of $285 and $743 for the three months ended March 31, 2022 and 2021, respectively, which amounts have been capitalized in our condensed consolidated balance sheets and are depreciated over the estimated useful lives of the related capital assets. Our Sonesta agreement requires us to fund capital expenditures that we approve at the hotels. We incurred capital expenditures for hotels included in our Sonesta agreement in an aggregate amount of $19,067 and $21,713 during the three months ended March 31, 2022 and 2021, respectively, which resulted in increases in our contractual annual owner’s priority returns of $1,144 and $1,737, respectively. We owed Sonesta $4,633 and $17,248 for capital expenditures and other reimbursements at March 31, 2022 and 2021, respectively. Sonesta owed us $3,029 in owner’s priority returns as of March 31, 2022. 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 condensed consolidated balance sheets. All of the hotels operated under the Retained Hotels management agreements 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 owner’s priority returns due to us. No FF&E escrow deposits were required during either of the three months ended March 31, 2022 or 2021. 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. The sales of the hotels managed by Sonesta referenced above resulted in a return to us of working capital amounts we had previously advanced with respect to those hotels. As of March 31, 2022 and December 31, 2021, we had advanced $55,158 and $56,697, respectively, of initial working capital to Sonesta net of any working capital returned to us on termination of the applicable management agreements in connection with such sales. These amounts are included in other assets in our condensed consolidated balance sheets. Any remaining working capital would be returned to us upon termination in accordance with the terms of our Sonesta agreement. See Notes 6 and 10 for further information regarding our relationship, agreements and transactions with Sonesta. Hyatt agreement. As of March 31, 2022, Hyatt managed 17 of our select service hotels pursuant to a portfolio management agreement that expires on March 31, 2031, or our Hyatt agreement, and provides that, as of March 31, 2022, we are to be paid an annual owner’s priority return of $12,651. Any returns we receive from Hyatt are currently limited to the hotels’ available cash flows, if any, after payment of operating expenses. Hyatt has provided us with a $30,000 limited guarantee for 75% of the aggregate annual owner's priority returns due to us beginning in 2023. We realized returns of $1,863 and $1,555 during the three months ended March 31, 2022 and 2021, respectively under our Hyatt agreement. We incurred capital expenditures for certain hotels included in our Hyatt agreement of $10,843 during the three months ended March 31, 2022, which resulted in an aggregate increase in our contractual annual owner’s priority returns of $651. We did not incur any capital expenditures for any of the hotels included in our Hyatt agreement during the three months ended March 31, 2021. Radisson agreement . As of March 31, 2022, Radisson managed eight of our full service hotels pursuant to a portfolio management agreement that expires on July 31, 2031, or our Radisson agreement, and provides that we are to be paid an annual owner’s priority return of $10,200. Any returns we receive from Radisson are currently limited to the hotels’ available cash flows, if any, after payment of operating expenses. Radisson has provided us with a $22,000 limited guarantee for 75% of the aggregate annual owner's priority returns due to us beginning in 2023. We realized returns of $454 and $5,150 during the three months ended March 31, 2022 and 2021, respectively, under our Radisson agreement. We did not incur capital expenditures for any of the hotels included in our Radisson agreement during either of the three months ended March 31, 2022 or March 31, 2021. Marriott agreement . As of March 31, 2022, Marriott managed 16 of our hotels. We were previously in arbitration proceedings with Marriott regarding, among other things, the validity of the timing of the termination of the Marriott agreements in 2020, including an exit hotel agreement which, if not terminated, would have required us to sell the 16 hotels encumbered with a Marriott brand. We entered an agreement with Marriott regarding the 16 hotels currently managed by Marriott, pursuant to which we agreed to have these hotels remain Marriott branded until the arbitration was resolved. On January 18, 2022, the arbitration concluded, and we are currently evaluating our plans to maximize the value to us of these hotels. Our Marriott hotels generated net operating cash flow of $323 during the three months ended March 31, 2022 and a net operating cash flow deficit of $14,921 during the three months ended March 31, 2021. Any returns we receive from Marriott are limited to the hotels’ available cash flows, if any, after payment of operating expenses. We did not incur any capital expenditures for any of the hotels included in our Marriott agreement during the three months ended March 31, 2022 and incurred capital expenditures of $7,000 during the three months ended March 31, 2021. Other. Our management agreement with IHG for one hotel expires on January 31, 2026. Our IHG hotel generated net operating cash flow of $130 for the three months ended March 31, 2022 and a cash flow deficit of $1,502 for the three months ended March 31, 2021. Any returns we receive from IHG are limited to the hotel’s available cash flows, if any, after payment of operating expenses. Net lease portfolio As of March 31, 2022, we owned 786 service-focused retail net lease properties with 13,515,100 square feet with leases requiring annual minimum rents of $372,023 with a weighted (by annual minimum rents) average remaining lease term of 10 years. The portfolio was 97.6% leased by 174 tenants operating under 133 brands in 21 distinct industries. TA leases. TA is our largest tenant, leasing 27.5% of our total historical real estate investments as of March 31, 2022. We lease to TA a total of 179 travel centers under five leases that expire between 2029 and 2035, subject to TA’s right to extend those leases, and require annual minimum rents of $246,110 as of March 31, 2022. In addition, TA is required to pay us previously deferred rent obligations in quarterly installments of $4,404 through January 31, 2023. TA paid $4,404 of deferred rent to us for each of the three months ended March 31, 2022 and 2021. The remaining balance of previously deferred rents was $17,614 and $22,018 as of March 31, 2022 and December 31, 2021, respectively. We recognized rental income from our TA leases of $62,038 and $62,077 for the three months ended March 31, 2022 and 2021, respectively. Rental income was reduced by $3,344 and $3,305 for the three months ended March 31, 2022 and 2021, respectively, 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 March 31, 2022 and December 31, 2021, we had receivables for current rent amounts owed to us by TA and straight-line rent adjustments of $40,606 and $48,168, respectively. These amounts are included in due from related persons in our condensed consolidated balance sheets. In addition to the rental income that we recognized during the three months ended March 31, 2022 and 2021 as described above, our TA leases require TA to pay us percentage rent based upon increases in certain sales. We recognize percentage rent due under our TA leases as rental income when all contingencies are met. We had aggregate deferred percentage rent under our TA leases of $2,391 and $1,386 for the three months ended March 31, 2022 and 2021, respectively. 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 may request that we fund capital improvements in return for increases in TA’s annual minimum rent equal to 8.5% of the amounts funded. We did not fund any capital improvements to our properties that we leased to TA during either of the three months ended March 31, 2022 or 2021. See Notes 6 and 10 for further information regarding our relationship with TA. Our other net lease agreements generally provide for minimum rent payments and in addition may include variable payments. Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight-line basis over the lease term when we have determined 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 net lease properties (excluding TA) of $34,320 and $29,644 for the three months ended March 31, 2022 and 2021, respectively, which included $1,371 and $1,422, respectively, of adjustments to record scheduled rent changes under certain of our leases on a straight-line basis. We continually review receivables related to rent, straight-line rent and property operating expense reimbursements and determine collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. The review includes an assessment of whether substantially all of the amounts due under a tenant’s lease are probable of collection. For leases that are deemed probable of collection, revenue continues to be recorded on a straight-line basis over the lease term. For leases that are deemed not probable of collection, revenue is recorded as cash is received. We recognize all changes in the collectability assessment for an operating lease as an adjustment to rental income. We reduced our reserves for uncollectible amounts and increased rental income by $507 for the three months ended March 31, 2022 based on our assessment of collectability and cash received from certain tenants. We recorded reserves for uncollectable amounts against rental income of $4,785 for the three months ended March 31, 2021. We had reserves for uncollectable rents of $11,420 and $15,519 as of March 31, 2022 and December 31, 2021, respectively, included in other assets in our condensed consolidated balance sheets. As of March 31, 2022, we had $6,355 of deferred rents outstanding related to six tenants who represented approximately 6.6% of our annualized rental income of our net lease retail portfolio as of March 31, 2022, to which we granted rent relief during the COVID-19 pandemic. These deferred rents are included in other assets, net in our condensed consolidated balance sheets. The deferred amounts did not impact our operating results for the three months ended March 31, 2022.

Other Investments

Other Investments	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Other Investments	Note 6. Other Investments Equity method investment As of March 31, 2022, we owned approximately 34% of Sonesta’s outstanding common stock. We account for our 34% non-controlling interest in Sonesta under the equity method of accounting. As of March 31, 2022 and December 31, 2021, our investment in Sonesta had a carrying value of $61,974 and $62,687, respectively. The cost basis of our investment in Sonesta exceeded our proportionate share of Sonesta’s total stockholders’ equity book value on the date of acquisition of our initial equity interest in Sonesta, 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 $65 in each of the three months ended March 31, 2022 and 2021. We recognized losses of $652 and $2,778 related to our investment in Sonesta for the three months ended March 31, 2022 and 2021, respectively. These amounts are included in equity in earnings (losses) of an investee in our condensed consolidated statements of comprehensive income (loss). We recorded a liability 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 condensed 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 condensed consolidated statements of comprehensive income (loss). We reduced hotel operating expenses by $621 for each of the three months ended March 31, 2022 and 2021, respectively, for amortization of this liability. As of March 31, 2022 and December 31, 2021, the unamortized balance of this liability was $36,826 and $37,447, respectively. In March 2021, we funded a $25,443 capital contribution to Sonesta related to its acquisition of Red Lion Hotels Corporation, which maintained our 34% ownership in Sonesta. In April, 2022, we funded a $25,000 capital contribution to Sonesta related to Sonesta’s acquisition of a portfolio of four hotels located in New York, NY. We continue to maintain our 34% ownership in Sonesta after giving effect to this funding. We currently expect to make an additional capital contribution of approximately $21,000 before December 31, 2022 in connection with Sonesta’s acquisition of these four hotels. Investment in equity securities. As of both March 31, 2022 and December 31, 2021, we owned 1,184,797 shares of TA common stock, representing approximately 8.0% of TA’s outstanding shares of common stock, and reported them at fair value based on quoted market prices (Level 1 inputs). Our TA shares had a carrying value of $50,899 and $61,159 as of March 31, 2022 and December 31, 2021, respectively. Our historical cost basis for these shares was $24,418 as of both March 31, 2022 and December 31, 2021. We recorded unrealized losses of $10,260 and $6,481 during the three months ended March 31, 2022 and 2021, respectively, to adjust the carrying value of our investment in shares of TA common stock to its fair value. See Notes 4, 5 and 10 for further information regarding our relationships, agreements and transactions with TA and Note 13 for further information regarding our investment in TA.

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Indebtedness	Note 7. Indebtedness Our principal debt obligations at March 31, 2022 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. As of March 31, 2022 , t he maturity date of our revolving credit facility was July 15, 2022, and, subject to the payment of an extension fee and meeting certain other conditions, we had the 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 March 31, 2022. We also pay a facility fee, which was 30 basis points per annum at March 31, 2022, 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, among other things, changes to our credit ratings. As of March 31, 2022, 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% for both the three months ended March 31, 2022 and 2021. As of March 31, 2022, our revolving credit facility was fully drawn. We and our lenders amended the credit agreement governing our $1,000,000 revolving credit facility, or our credit agreement, in 2020. Among other things, the amendments waived all of the then existing financial covenants through the end of the then existing agreement term, or July 15, 2022. As a result of the amendment, 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; • we had 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 were 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 have needed 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; and • we were not able to 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 demonstrated compliance with certain covenants. On April 14, 2022, we further amended our credit agreement and exercised our option to extend the maturity date of our revolving credit facility by six months to January 15, 2023. Pursuant to the amendment: • we repaid $200,000 of the outstanding balance and reduced the size of the revolving credit facility from $1,000,000 to $800,000; • we are permitted to acquire up to an aggregate of $300,000 of real property through the waiver period, which was extended pursuant to the amendment to December 31, 2022; • certain of the financial covenants in our credit agreement will be tested and in full force and effect beginning with the quarter ending September 30, 2022 and were modified to lower the required fixed charge coverage ratio from 1.5x to 1.0x through December 31, 2022, increase the required leverage ratio limit from 60% to 70% and increase the minimum liquidity requirement from $125,000 to $150,000 (which amount is subject to an additional increase as noted below); • we can fund through the waiver period an aggregate of $100,000 of capital contributions requested by Sonesta for business activities and to acquire additional shares of common stock of TA to retain our pro rata ownership of TA, an increase from the previous aggregate limit of $50,000; • the interest rate premium payable on borrowings under our revolving credit facility is increased from 235 basis points per annum to 250 basis points per annum, with the facility fee remaining unchanged at 30 basis points per annum on the total amount of lending commitments under the facility. The interest rate premiums and the facility fee continue to be subject to adjustment based upon changes to our credit ratings and, pursuant to the amendment, the interest rate premium will increase by an additional 25 basis points if we do not satisfy certain financial covenants; and • we are required to maintain minimum liquidity of $650,000 until we repay our $500,000 of 5.0% senior notes due in August, 2022 and at least $150,000 of liquidity thereafter. We continue to have the option to further extend the maturity date of our revolving credit facility by an additional six months, subject to the payment of an extension fee and meeting certain other conditions, including pursuant to the amendment, maintaining a $650,000 minimum liquidity requirement until we repay or refinance our $500,000 of 4.5% senior notes due June 2023. This requirement is reduced to $150,000 if we are in compliance with certain financial covenants, including the 1.5x ratio of consolidated income available for debt service to debt service required to incur additional debt under the agreements governing our public debt. Our revolving credit facility continues to be secured by 73 properties with an undepreciated book value of $1,757,253 as of March 31, 2022 to secure our obligations under the credit agreement.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Note 8. Shareholders' Equity Distributions During the three months ended March 31, 2022, we declared and paid regular quarterly distributions to common shareholders as follows: Declaration Date Record Date Paid Date Dividend Per Common Share Total Distributions January 13, 2022 January 24, 2022 February 17, 2022 $ 0.01 $ 1,651

Business and Property Managemen

Business and Property Management Agreements with RMR	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Business and Property Management Agreements with RMR	Note 9. Business and Property Management Agreements with RMR We have no employees. The personnel and various services we require to operate our business are provided to us by RMR. We have two agreements with RMR to provide management services to us: (1) a business management agreement, which relates to our business generally, and (2) a property management agreement, which relates to our property level operations of our net lease portfolio, 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 to manage from time to time. We recognized net business management fees payable to RMR of $9,878 and $10,299 for the three months ended March 31, 2022 and 2021, respectively. Based on our common share total return, as defined in our business management agreement, as of each of March 31, 2022 and 2021, no incentive fees are included in the net business management fees we recognized for the three months ended March 31, 2022 or 2021. The actual amount of annual incentive fees for 2022, if any, will be based on our common share total return, as defined in our business management agreement, for the three-year period ending December 31, 2022, and will be payable in January 2023. We did not incur an incentive fee payable to RMR for the year ended December 31, 2021. We include business management fee amounts in general and administrative expenses in our condensed consolidated statements of comprehensive income (loss). We and RMR amended our business management agreement effective August 1, 2021 to provide that (i) for periods beginning on and after August 1, 2021, the MSCI U.S. REIT/Hotel & Resort REIT Index will be used to calculate benchmark returns per share for purposes of determining any incentive management fee payable by us to RMR, and (ii) for periods prior to August 1, 2021, the SNL U.S. REIT Hotel Index will continue to be used. This change of index was due to S&P Global, Inc. ceasing to publish the SNL U.S. REIT Hotel Index. We recognized property management and construction supervision fees payable to RMR of $1,663 and $804 for the three months ended March 31, 2022 and 2021, respectively. Of those amounts, for the three months ended March 31, 2022 and 2021, $1,018 and $802, respectively, of property management fees were expensed to other operating expenses in our condensed consolidated statements of comprehensive income (loss) and $645 and $2, respectively, of construction and supervision fees were capitalized for the three months ended March 31, 2022 and 2021. The amounts capitalized are included in building, improvements and equipment in our condensed consolidated balance sheets and are being depreciated over the estimated useful lives of the related capital assets. We are generally responsible for all our operating expenses, including certain expenses incurred or arranged by RMR on our behalf. We are generally not responsible for payment of RMR’s employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR employees assigned to work exclusively or partly at our net lease properties, our share of the wages, benefits and other related costs of RMR's centralized accounting personnel, our share of RMR’s costs for providing our internal audit function, and as otherwise agreed. We reimbursed RMR $764 and $744 for these expenses and costs for the three months ended March 31, 2022 and 2021, respectively. We included these amounts in other operating expenses and selling, general and administrative expenses, as applicable, in our condensed consolidated statements of comprehensive income (loss). On June 22, 2021, we and RMR amended our property management agreement to, among other things, provide for RMR's oversight of any major capital projects and repositioning activities at our hotels, including our hotels that are managed by Sonesta, as we may request from time to time. RMR will receive the same fee previously paid to Sonesta for these services, which is equal to 3% of the cost of any such major capital project or repositioning activity.

Related Person Transactions

Related Person Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Person Transactions	Note 10. Related Person Transactions We have relationships and historical and continuing transactions with TA, Sonesta, RMR, The RMR Group, Inc., or RMR Inc., and others related to them, including other companies to which RMR or its subsidiaries provide management services and some of which have trustees, directors or officers who are also our Trustees or officers. RMR is a majority owned operating subsidiary of RMR Inc. The Chair of our Board of Trustees and one of our Managing Trustees, Adam D. Portnoy, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., the chair of the board of directors, a managing director and the president and chief executive officer of RMR Inc. and an officer and employee of RMR. John G. Murray, our other Managing Trustee and our former President and Chief Executive Officer until March 31, 2022, also serves as an officer and employee of RMR, and each of our other officers serves as an officer of RMR. Some of our Independent Trustees also serve as independent trustees or independent directors of other public companies to which RMR or its subsidiaries provide management services. Adam Portnoy serves as chair of the boards and as a managing trustee or managing director of those companies. Other officers of RMR, including Mr. Murray and certain of our other officers, serve as managing trustees, managing directors or officers of certain of these companies. TA . We lease 179 of our travel centers to TA under our TA leases. As of March 31, 2022, we owned approximately 8.0% of TA’s outstanding shares of common stock. RMR 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 March 31, 2022, beneficially owned 658,505 shares of TA common stock (including through RMR), representing approximately 4.4% of TA’s outstanding shares of common stock. See Notes 5, 6 and 13 for further information regarding our relationships, agreements, transactions and investments with TA. Sonesta. Sonesta is a private company and is controlled by one of our Managing Trustees, Adam D. Portnoy. Mr. Portnoy, is the largest owner and controlling shareholder and a director of Sonesta. One of Sonesta’s other directors is our other Managing Trustee and former President and Chief Executive Officer and is Sonesta’s president and chief executive officer. Sonesta’s other director serves as RMR’s and RMR Inc.’s executive vice president, general counsel and secretary, as a managing director of RMR Inc. and as our Secretary. Certain other officers of Sonesta are officers of RMR and certain other officers and employees of Sonesta are former employees of RMR. RMR also provides certain services to Sonesta. As of March 31, 2022, we owned approximately 34% of Sonesta which managed 256 of our hotels. See Notes 4, 5 and 6 for further information regarding our relationships, agreements and transactions with Sonesta. Our Manager, RMR. We have two agreements with RMR to provide management services to us. See Note 9 for further information regarding our management agreements with RMR.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 11. Income Taxes We have elected to be taxed as a REIT under the United States Internal Revenue Code of 1986, as amended, or the IRC, 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 includes the income tax provision 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.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Information	Note 12. Segment Information We aggregate our hotels and net lease portfolio into two reportable segments, hotel investments and net lease investments, based on their similar operating and economic characteristics. For the Three Months Ended March 31, 2022 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 297,406 $ — $ — $ 297,406 Rental income — 96,358 — 96,358 Total revenues 297,406 96,358 — 393,764 Expenses: Hotel operating expenses 290,343 — — 290,343 Other operating expenses — 2,269 — 2,269 Depreciation and amortization 56,162 47,951 — 104,113 General and administrative — — 11,989 11,989 Transaction related costs — — 1,177 1,177 Loss on asset impairment 5,568 (68) — 5,500 Total expenses 352,073 50,152 13,166 415,391 Gain on sale of real estate, net 4,990 558 — 5,548 Unrealized loss on equity securities, net — — (10,260) (10,260) Interest income — — 273 273 Interest expense — — (92,344) (92,344) Income (loss) before income taxes and equity in earnings of an investee (49,677) 46,764 (115,497) (118,410) Income tax expense — — (695) (695) Equity in losses of an investee — — (717) (717) Net income (loss) $ (49,677) $ 46,764 $ (116,909) $ (119,822) As of March 31, 2022 Hotels Net Lease Corporate Consolidated Total assets $ 4,391,689 $ 3,522,573 $ 1,102,810 $ 9,017,072 For the Three Months Ended March 31, 2021 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 168,953 $ — $ — $ 168,953 Rental income 496 91,721 — 92,217 Total revenues 169,449 91,721 — 261,170 Expenses: Hotel operating expenses 195,352 — — 195,352 Other operating expenses — 3,417 — 3,417 Depreciation and amortization 68,124 56,244 — 124,368 General and administrative — — 12,657 12,657 Transition related costs 19,635 — — 19,635 Loss on asset impairment — 1,211 — 1,211 Total expenses 283,111 60,872 12,657 356,640 Loss on sale of real estate, net — (9) — (9) Unrealized loss on equity securities, net — — (6,481) (6,481) Interest income — — 57 57 Interest expense — — (89,391) (89,391) Income (loss) before income taxes and equity in losses of an investee (113,662) 30,840 (108,472) (191,294) Income tax expense — — (853) (853) Equity in losses of an investee — — (2,843) (2,843) Net income (loss) $ (113,662) $ 30,840 $ (112,168) $ (194,990) As of December 31, 2021 Hotels Net Lease Corporate Consolidated Total assets $ 4,487,101 $ 3,580,095 $ 1,086,119 ` $ 9,153,315

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset. March 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Recurring Fair Value Measurement Assets: Investment in TA (Level 1) (1) $ 50,899 $ 50,899 $ 61,159 $ 61,159 Non-Recurring Fair Value Measurement Assets: Assets of properties held for sale (Level 2) (2) $ 452,100 $ 452,100 $ — $ — Assets of properties held for sale (Level 3) (2) $ — $ — $ 515,518 $ 515,518 (1) See Note 6 for further information regarding our investment in TA. (2) As of March 31, 2022, we owned 62 hotels with 7,607 rooms with an aggregate carrying value of $445,935 classified as held for sale and 19 net lease properties with 117,142 square feet with an aggregate carrying value of $6,165 classified as held for sale. These properties are recorded at their estimated fair value less costs to sell based on offers received from third parties (Level 2 inputs as defined in the fair value hierarchy under GAAP). 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 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. 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 and senior notes. At March 31, 2022 and December 31, 2021, the fair values of these additional financial instruments approximated their carrying values in our condensed consolidated balance sheets due to their short-term nature or floating interest rates, except as follows: March 31, 2022 December 31, 2021 Carrying Value (1) Fair Value Carrying Value (1) Fair Value Senior Unsecured Notes, due 2022 at 5.00% $ 499,546 $ 499,878 $ 499,244 $ 501,033 Senior Unsecured Notes, due 2023 at 4.50% 499,802 495,955 499,761 505,378 Senior Unsecured Notes, due 2024 at 4.65% 349,206 337,362 349,105 347,039 Senior Unsecured Notes, due 2024 at 4.35% 821,384 799,310 821,017 821,184 Senior Unsecured Notes, due 2025 at 4.50% 347,978 330,433 347,806 342,493 Senior Unsecured Notes, due 2025 at 7.50% 791,924 837,868 791,340 867,712 Senior Unsecured Notes, due 2026 at 5.25% 345,624 331,644 345,342 348,537 Senior Unsecured Notes, due 2026 at 4.75% 447,278 413,582 447,126 439,889 Senior Unsecured Notes, due 2027 at 4.95% 396,349 371,150 396,160 395,862 Senior Unsecured Notes, due 2027 at 5.50% 443,659 441,153 443,383 461,522 Senior Unsecured Notes, due 2028 at 3.95% 393,344 340,798 393,057 370,562 Senior Unsecured Notes, due 2029 at 4.95% 419,093 366,218 418,895 407,448 Senior Unsecured Notes, due 2030 at 4.375% 391,071 333,256 390,786 370,836 Total financial liabilities $ 6,146,258 $ 5,898,607 $ 6,143,022 $ 6,179,495 (1) Carrying value includes unamortized discounts and premiums and issuance costs. At March 31, 2022 and December 31, 2021, 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).

Organization and Basis of Pre_2

Organization and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements of us are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2021, or our 2021 Annual Report. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair statement of results for the interim period, have been included. These condensed 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. Our operating results for interim periods and those of our managers and tenants are not necessarily indicative of the results that may be expected for the full year.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in our condensed consolidated financial statements include the allowance for credit losses, purchase price allocations, useful lives of fixed assets, impairment of real estate and related intangibles.
Variable Interest Entity	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 ™ .
Revenue Recognition	We report hotel operating revenues for managed hotels in our condensed 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.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.
Revenue Recognition	We report rental income for leased properties in our condensed 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.

Real Estate Properties (Tables)

Real Estate Properties (Tables)	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Schedule of sale of properties	Year of Sale Property Type Number of Properties Rooms or Suites/Square Feet Gross Sales Price Gain/ (Loss) on Sale Properties sold during the three months ended March 31, 2022 2022 Hotels 5 1,060 $ 60,174 $ 5,122 2022 Net Lease 2 6,960 5,350 426 1,060 / 6,960 $ 65,524 $ 5,548

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Dividends declared	During the three months ended March 31, 2022, we declared and paid regular quarterly distributions to common shareholders as follows: Declaration Date Record Date Paid Date Dividend Per Common Share Total Distributions January 13, 2022 January 24, 2022 February 17, 2022 $ 0.01 $ 1,651

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of segment information	For the Three Months Ended March 31, 2022 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 297,406 $ — $ — $ 297,406 Rental income — 96,358 — 96,358 Total revenues 297,406 96,358 — 393,764 Expenses: Hotel operating expenses 290,343 — — 290,343 Other operating expenses — 2,269 — 2,269 Depreciation and amortization 56,162 47,951 — 104,113 General and administrative — — 11,989 11,989 Transaction related costs — — 1,177 1,177 Loss on asset impairment 5,568 (68) — 5,500 Total expenses 352,073 50,152 13,166 415,391 Gain on sale of real estate, net 4,990 558 — 5,548 Unrealized loss on equity securities, net — — (10,260) (10,260) Interest income — — 273 273 Interest expense — — (92,344) (92,344) Income (loss) before income taxes and equity in earnings of an investee (49,677) 46,764 (115,497) (118,410) Income tax expense — — (695) (695) Equity in losses of an investee — — (717) (717) Net income (loss) $ (49,677) $ 46,764 $ (116,909) $ (119,822) As of March 31, 2022 Hotels Net Lease Corporate Consolidated Total assets $ 4,391,689 $ 3,522,573 $ 1,102,810 $ 9,017,072 For the Three Months Ended March 31, 2021 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 168,953 $ — $ — $ 168,953 Rental income 496 91,721 — 92,217 Total revenues 169,449 91,721 — 261,170 Expenses: Hotel operating expenses 195,352 — — 195,352 Other operating expenses — 3,417 — 3,417 Depreciation and amortization 68,124 56,244 — 124,368 General and administrative — — 12,657 12,657 Transition related costs 19,635 — — 19,635 Loss on asset impairment — 1,211 — 1,211 Total expenses 283,111 60,872 12,657 356,640 Loss on sale of real estate, net — (9) — (9) Unrealized loss on equity securities, net — — (6,481) (6,481) Interest income — — 57 57 Interest expense — — (89,391) (89,391) Income (loss) before income taxes and equity in losses of an investee (113,662) 30,840 (108,472) (191,294) Income tax expense — — (853) (853) Equity in losses of an investee — — (2,843) (2,843) Net income (loss) $ (113,662) $ 30,840 $ (112,168) $ (194,990) As of December 31, 2021 Hotels Net Lease Corporate Consolidated Total assets $ 4,487,101 $ 3,580,095 $ 1,086,119 ` $ 9,153,315

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset. March 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Recurring Fair Value Measurement Assets: Investment in TA (Level 1) (1) $ 50,899 $ 50,899 $ 61,159 $ 61,159 Non-Recurring Fair Value Measurement Assets: Assets of properties held for sale (Level 2) (2) $ 452,100 $ 452,100 $ — $ — Assets of properties held for sale (Level 3) (2) $ — $ — $ 515,518 $ 515,518 (1) See Note 6 for further information regarding our investment in TA.
Schedule of fair value of additional financial instruments	At March 31, 2022 and December 31, 2021, the fair values of these additional financial instruments approximated their carrying values in our condensed consolidated balance sheets due to their short-term nature or floating interest rates, except as follows: March 31, 2022 December 31, 2021 Carrying Value (1) Fair Value Carrying Value (1) Fair Value Senior Unsecured Notes, due 2022 at 5.00% $ 499,546 $ 499,878 $ 499,244 $ 501,033 Senior Unsecured Notes, due 2023 at 4.50% 499,802 495,955 499,761 505,378 Senior Unsecured Notes, due 2024 at 4.65% 349,206 337,362 349,105 347,039 Senior Unsecured Notes, due 2024 at 4.35% 821,384 799,310 821,017 821,184 Senior Unsecured Notes, due 2025 at 4.50% 347,978 330,433 347,806 342,493 Senior Unsecured Notes, due 2025 at 7.50% 791,924 837,868 791,340 867,712 Senior Unsecured Notes, due 2026 at 5.25% 345,624 331,644 345,342 348,537 Senior Unsecured Notes, due 2026 at 4.75% 447,278 413,582 447,126 439,889 Senior Unsecured Notes, due 2027 at 4.95% 396,349 371,150 396,160 395,862 Senior Unsecured Notes, due 2027 at 5.50% 443,659 441,153 443,383 461,522 Senior Unsecured Notes, due 2028 at 3.95% 393,344 340,798 393,057 370,562 Senior Unsecured Notes, due 2029 at 4.95% 419,093 366,218 418,895 407,448 Senior Unsecured Notes, due 2030 at 4.375% 391,071 333,256 390,786 370,836 Total financial liabilities $ 6,146,258 $ 5,898,607 $ 6,143,022 $ 6,179,495 (1) Carrying value includes unamortized discounts and premiums and issuance costs.

Organization and Basis of Pre_3

Organization and Basis of Presentation (Details) $ in Thousands	May 03, 2022USD ($)propertyhotel	Apr. 30, 2022USD ($)	Mar. 31, 2022USD ($)propertytravelCenterhoteltenant	Mar. 31, 2021USD ($)	Apr. 14, 2022USD ($)	Jan. 01, 2022hotel	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Variable Interest Entity [Line Items]
Repayments of credit facility			$ 0	$ 51,592
Cash and cash equivalents			969,609	874,455			$ 944,043
Net proceeds from sale of real estate			$ 66,218	$ 375
Ownership interest in subsidiaries			100.00%
Assets of TRSs			$ 9,017,072				9,153,315
Liabilities of TRSs			7,582,773				7,598,009
Consolidated
Variable Interest Entity [Line Items]
Assets of TRSs			109,031				113,705
Liabilities of TRSs			33,192				$ 42,432
Revolving credit facility
Variable Interest Entity [Line Items]
Revolving credit facility, maximum borrowing capacity			$ 1,000,000
Revolving credit facility | COVID-19
Variable Interest Entity [Line Items]
Revolving credit facility, maximum borrowing capacity								$ 2,300,000
Subsequent event
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 916,106
Subsequent event | Senior Unsecured Notes, due 2022 at 5.00% | COVID-19
Variable Interest Entity [Line Items]
Senior notes					$ 500,000
Subsequent event | Revolving credit facility
Variable Interest Entity [Line Items]
Revolving credit facility, maximum borrowing capacity					$ 800,000
Repayments of credit facility		$ 200,000
Optional extension term		6 months
Hotels and net lease properties | Subsequent event | Held-for-sale
Variable Interest Entity [Line Items]
Number of properties owned | property	47
Net proceeds from sale of real estate	$ 304,940
Hotels | Held-for-sale
Variable Interest Entity [Line Items]
Number of properties owned | hotel			4
Hotels | Subsequent event | Held-for-sale
Variable Interest Entity [Line Items]
Number of properties owned | hotel	42
Net proceeds from sale of real estate	$ 301,125
Hotels
Variable Interest Entity [Line Items]
Number of properties owned | hotel			298
Net Lease
Variable Interest Entity [Line Items]
Number of properties owned | property			786
Number of tenants | tenant			174
Net Lease | TravelCenters of America Inc.
Variable Interest Entity [Line Items]
Number of properties owned | travelCenter			179
Sonesta Int'l Hotels Corp | Hotels
Variable Interest Entity [Line Items]
Number of properties owned | hotel			256			261
Hyatt Hotels Corporation | Hotels
Variable Interest Entity [Line Items]
Number of properties owned | hotel			17
Radisson Agreement | Hotels
Variable Interest Entity [Line Items]
Number of properties owned | hotel			8
Radisson Agreement | Hotels
Variable Interest Entity [Line Items]
Number of properties owned | hotel			8
Marriott Contracts | Hotels
Variable Interest Entity [Line Items]
Number of properties owned | hotel			16
Marriott Contracts | Hotels
Variable Interest Entity [Line Items]
Number of properties owned | hotel			16
IHG Agreement | Hotels | Maximum
Variable Interest Entity [Line Items]
Number of properties owned | hotel			1

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Adjustments necessary to record rent on straight line basis	$ 1,973	$ 1,883
Straight line rent receivables	28,252		$ 26,881
TA
Related Party Transaction [Line Items]
Straight line rent receivable, due from related persons	17,321		$ 20,655
Percentage rent	(756)	(180)
Deferred percentage rental income	$ 2,499	$ 1,386

Real Estate Properties - Narrat

Real Estate Properties - Narrative (Details) $ in Thousands	May 03, 2022USD ($)ft²roompropertyhotelstate	May 03, 2022USD ($)ft²propertyroomhotelstate	Mar. 31, 2022USD ($)ft²roompropertyunithotelkey	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)ft²roomhotelproperty
Real Estate Properties [Line Items]
Aggregate undepreciated carrying value of real estate			$ 10,361,126
Improvements to certain properties			26,561	$ 21,891
Carrying value			9,909,026		$ 10,225,633
Net proceeds from sale of real estate			$ 66,218	$ 375
Hotels
Real Estate Properties [Line Items]
Number of properties owned | hotel			298
Net Lease
Real Estate Properties [Line Items]
Number of properties owned | property			786
Disposed of by sale
Real Estate Properties [Line Items]
Number of properties sold | property			7
Aggregate sales price			$ 65,524
Held-for-sale
Real Estate Properties [Line Items]
Square feet | ft²			117,142
Hotels and net lease properties
Real Estate Properties [Line Items]
Square feet | ft²			13,515,100
Improvements to certain properties			$ 28,884
Hotels and net lease properties | Held-for-sale | Subsequent event
Real Estate Properties [Line Items]
Number of properties owned | property	47	47
Net proceeds from sale of real estate	$ 304,940
Hotels
Real Estate Properties [Line Items]
Number of rooms/suites | unit			47,285
Number of properties to be sold or rebranded | hotel			62		67
Number of units to be sold or rebranded | room			7,607		8,667
Hotels | Disposed of by sale
Real Estate Properties [Line Items]
Number of rooms/suites | room			1,060,000
Number of properties sold | property			5
Aggregate sales price			$ 60,174
Hotels | Disposed of by sale | Subsequent event
Real Estate Properties [Line Items]
Number of rooms/suites | room	2,021	2,021
Number of properties sold | hotel		16
Carrying value	$ 146,350	$ 146,350
Aggregate sales price		$ 169,469
Hotels | Held-for-sale
Real Estate Properties [Line Items]
Number of properties owned | hotel			4
Aggregate undepreciated carrying value of real estate			$ 445,935		$ 503,078
Number of keys in real estate property | key			631
Hotels | Held-for-sale | Subsequent event
Real Estate Properties [Line Items]
Number of properties owned | hotel	42	42
Net proceeds from sale of real estate	$ 301,125
Number of states in which property is located | state	22	22
Net Lease
Real Estate Properties [Line Items]
Square feet | ft²					154,206
Number of properties to be sold or rebranded | property			19		22
Net Lease | Disposed of by sale
Real Estate Properties [Line Items]
Square feet | ft²			6,960,000
Number of properties sold | property			2
Aggregate sales price			$ 5,350
Net Lease | Disposed of by sale | Subsequent event
Real Estate Properties [Line Items]
Square feet | ft²	38,578	38,578
Number of properties sold | property		4
Carrying value	$ 4,697	$ 4,697
Net proceeds from sale of real estate		$ 3,469
Net Lease | Held-for-sale
Real Estate Properties [Line Items]
Carrying value of properties held for sale			$ 6,165		$ 12,440
Net Lease | Held-for-sale | Subsequent event
Real Estate Properties [Line Items]
Number of properties owned | property	5	5
Square feet | ft²	64,617	64,617
Net proceeds from sale of real estate	$ 3,815

Real Estate Properties - Sale o

Real Estate Properties - Sale of Properties (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)ft²unitpropertyroom	Dec. 31, 2021ft²
Hotels
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rooms | unit	47,285
Net Lease
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square Feet | ft²		154,206
Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties | property	7
Gross Sales Price	$ 65,524
Gain/ (Loss) on Sale	$ 5,548
Disposed of by sale | Hotels
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties | property	5
Rooms | room	1,060,000
Gross Sales Price	$ 60,174
Gain/ (Loss) on Sale	$ 5,122
Disposed of by sale | Net Lease
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties | property	2
Square Feet | ft²	6,960,000
Gross Sales Price	$ 5,350
Gain/ (Loss) on Sale	$ 426

Management Agreements and Lea_2

Management Agreements and Leases - Narrative (Details)	Mar. 31, 2022propertyagreementtenanthotel
Management Agreements and Leases [Line Items]
Number of operating agreements | agreement	6
Hotels
Management Agreements and Leases [Line Items]
Number of properties owned | hotel	298
Net Lease
Management Agreements and Leases [Line Items]
Number of properties owned | property	786
Number of tenants | tenant	174

Management Agreements and Lea_3

Management Agreements and Leases - Sonesta (Details) $ in Thousands	May 03, 2022USD ($)hotel	Jan. 01, 2022USD ($)hotelrenewalOption	Feb. 27, 2020	May 03, 2022hotel	Mar. 31, 2022USD ($)propertyhotel	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)hotel
Management Agreements and Leases [Line Items]
Net proceeds from sale of real estate					$ 66,218	$ 375
Capital improvements from leased facilities, funded					26,561	21,891
Due from related persons					$ 44,430		$ 48,168
Disposed of by sale
Management Agreements and Leases [Line Items]
Number of properties sold | property					7
Sonesta agreements
Management Agreements and Leases [Line Items]
Percentage of historical real estate investments					50.90%
Percent of gross revenues from hotel operations placed in FF&E reserve			5.00%
Hotels
Management Agreements and Leases [Line Items]
Number of properties to be sold or rebranded | hotel					62		67
Owner's priority amount					$ 75,159
Hotels | Disposed of by sale
Management Agreements and Leases [Line Items]
Number of properties sold | property					5
Owner's priority amount					$ 18,724
Hotels | Disposed of by sale | Subsequent event
Management Agreements and Leases [Line Items]
Number of properties sold | hotel				16
Hotels | Held-for-sale
Management Agreements and Leases [Line Items]
Number of properties owned | hotel					4
Owner's priority amount					$ 46,527
Hotels | Held-for-sale | Subsequent event
Management Agreements and Leases [Line Items]
Number of properties owned | hotel	42			42
Net proceeds from sale of real estate	$ 301,125
Hotels | Sonesta agreements
Management Agreements and Leases [Line Items]
Percent payment of hotel cash flows					80.00%
Hotel net income (loss)					$ 3,029	(37,394)
Related party transaction, management marketing and reservation system fees					23,797	11,275
Procurement and construction supervision fees					285	743
Capital improvements from leased facilities, funded					19,067	21,713
Advanced working capital					$ 55,158		$ 56,697
Hotels | Sonesta Int'l Hotels Corp
Management Agreements and Leases [Line Items]
Number of properties owned | hotel		261			256
Number of properties to be sold or rebranded | hotel		67
Number of real estate 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%
Due to related party, reimbursement of capital expenditures and other					$ 4,633	17,248
Hotels | Sonesta Int'l Hotels Corp | Return Of Capital
Management Agreements and Leases [Line Items]
Due from related persons					$ 1,144	$ 1,737
Hotels | Sonesta Int'l Hotels Corp | Disposed of by sale
Management Agreements and Leases [Line Items]
Number of properties sold | hotel					5
Hotels | Sonesta Int'l Hotels Corp | Full service hotel
Management Agreements and Leases [Line Items]
Number of real estate properties leased or managed | hotel					40
Hotels | Sonesta Int'l Hotels Corp | Limited services hotel
Management Agreements and Leases [Line Items]
Number of real estate properties leased or managed | hotel					154
Hotels | Sonesta Int'l Hotels Corp | Select service hotels
Management Agreements and Leases [Line Items]
Number of real estate properties leased or managed | hotel					62

Management Agreements and Lea_4

Management Agreements and Leases - Hyatt Agreement (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)hotel	Mar. 31, 2021USD ($)
Management Agreements and Leases [Line Items]
Capital improvements from leased facilities, funded	$ 26,561	$ 21,891
Hotels
Management Agreements and Leases [Line Items]
Number of properties owned | hotel	298
Hyatt Hotels Corporation | Hotels
Management Agreements and Leases [Line Items]
Number of properties owned | hotel	17
Hotels | Hyatt Hotels Corporation
Management Agreements and Leases [Line Items]
Operating agreement annual rent and return	$ 12,651
Limited guarantee amount	$ 30,000
Limited guarantee, percentage of annual minimum returns	75.00%
Realized returns and rents	$ 1,863	1,555
Capital improvements from leased facilities, funded	10,843	$ 0
Increase in annual owner's priority returns	$ 651

Management Agreements and Lea_5

Management Agreements and Leases - Radisson Agreement (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)hotel	Mar. 31, 2021USD ($)
Management Agreements and Leases [Line Items]
Capital improvements from leased facilities, funded	$ 26,561	$ 21,891
Radisson Agreement
Management Agreements and Leases [Line Items]
Capital improvements from leased facilities, funded	$ 0	0
Hotels | Radisson Agreement
Management Agreements and Leases [Line Items]
Number of properties owned | hotel	8
Operating agreement annual rent and return	$ 10,200
Limited guarantee amount	$ 22,000
Limited guarantee, percentage of annual minimum returns	75.00%
Realized returns and rents	$ 454	$ 5,150

Management Agreements and Lea_6

Management Agreements and Leases - Marriott Agreement (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)hotel	Mar. 31, 2021USD ($)
Management Agreements and Leases [Line Items]
Cash provided by (used in) operating activities	$ (11,983)	$ (62,724)
Capital improvements from leased facilities, funded	$ 26,561	21,891
Marriott Contracts | Hotels
Management Agreements and Leases [Line Items]
Number of properties owned | hotel	16
Cash provided by (used in) operating activities	$ 323	(14,921)
Capital improvements from leased facilities, funded		$ 7,000
Marriott Contracts | Hotels | Marriott International, Inc.
Management Agreements and Leases [Line Items]
Number of properties owned | hotel	16

Management Agreements and Lea_7

Management Agreements and Leases - Other, Net Lease Portfolio and TA Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)ft²propertytravelCenterbrandtenantagreementindustry	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)ft²	Dec. 01, 2020hotel
Management Agreements and Leases [Line Items]
Cash provided by (used in) operating activities	$ (11,983)	$ (62,724)
Number of operating agreements | agreement	6
Rental income	$ 96,358	92,217
Adjustments necessary to record rent on straight line basis	1,973	1,883
COVID-19
Management Agreements and Leases [Line Items]
Reserves for uncollectible amounts against rental income	507	4,785
Reserves for uncollectible rents	11,420		$ 15,519
Amount of deferred annual minimum rents	$ 6,355
Number of rent deferral agreements | tenant	6
Temporary rent assistance as a percentage of total rental income	6.60%
SMTA Transaction
Management Agreements and Leases [Line Items]
Rental income	$ 34,320	29,644
Adjustments necessary to record rent on straight line basis	$ 1,371	1,422
Net Lease
Management Agreements and Leases [Line Items]
Number of properties owned | property	786
Number of tenants | tenant	174
Net Lease | TravelCenters of America Inc.
Management Agreements and Leases [Line Items]
Number of properties owned | travelCenter	179
Travel Centers of America
Management Agreements and Leases [Line Items]
Deferred percentage rental income	$ 2,391	1,386
Hotels | IHG Agreement
Management Agreements and Leases [Line Items]
Cash provided by (used in) operating activities	$ 130	(1,502)
Hotels | IHG Agreement | Ravinia, GA
Management Agreements and Leases [Line Items]
Number of properties owned | hotel				1
Hotels and net lease properties
Management Agreements and Leases [Line Items]
Square feet | ft²	13,515,100
Net Lease
Management Agreements and Leases [Line Items]
Square feet | ft²			154,206
Operating agreement annual rent and return	$ 372,023
Weighted average remaining lease term	10 years
Percentage of portfolio leased by tenants	97.60%
Number of brands | brand	133
Number of industries | industry	21
Net Lease | Real Estate Investment Property At Cost | Credit Concentration Risk | Travel Centers of America
Management Agreements and Leases [Line Items]
Percentage of total annual minimum rents	27.50%
Travel centers | Travel Centers of America
Management Agreements and Leases [Line Items]
Operating agreement annual rent and return	$ 246,110
Quarterly payments to deferred rent receivable	4,404	4,404
Remaining balance of previously deferred rents	17,614		$ 22,018
Rental income	62,038	62,077
Adjustments necessary to record rent on straight line basis	3,344	$ 3,305
Accruals for unpaid rent, including deferred rent	$ 40,606		$ 48,168
Increase in annual rent fixed interest rate	8.50%
Travel centers | Travel Centers of America | TA agreements
Management Agreements and Leases [Line Items]
Number of operating agreements | agreement	5

Other Investments (Details)

Other Investments (Details) $ in Thousands	Feb. 27, 2020USD ($)	Apr. 30, 2022USD ($)hotel	Mar. 31, 2021USD ($)	Mar. 31, 2022USD ($)shares	Mar. 31, 2021USD ($)	Dec. 31, 2022USD ($)	Dec. 31, 2021USD ($)shares
Schedule of Equity Method Investments [Line Items]
Equity method investments				$ 61,974			$ 62,687
Equity in losses of an investee				(717)	$ (2,843)
Capital contribution funded				$ 0	25,443
Travel Centers of America
Schedule of Equity Method Investments [Line Items]
Shares included in investment securities (in shares) | shares				1,184,797			1,184,797
Percentage of total shares outstanding				8.00%
Sonesta agreements
Schedule of Equity Method Investments [Line Items]
Equity method investments				$ 61,974			$ 62,687
Amount of cost basis exceeding book value	$ 8,000
Amortization period	31 years
Amortization of basis difference				65	65
Decrease in hotel operating expense				621	621
Unamortized balance				36,826			37,447
Sonesta Int'l Hotels Corp
Schedule of Equity Method Investments [Line Items]
Equity in losses of an investee				(652)	(2,778)
Capital contribution funded			$ 25,443
Sonesta Int'l Hotels Corp | Subsequent event
Schedule of Equity Method Investments [Line Items]
Capital contribution funded		$ 25,000
Number of properties owned | hotel		4
Sonesta Int'l Hotels Corp | Subsequent event | Forecast
Schedule of Equity Method Investments [Line Items]
Capital contribution funded						$ 21,000
Travel Centers of America
Schedule of Equity Method Investments [Line Items]
Unrealized loss on equity securities				10,260	$ 6,481
Travel Centers of America | Level 1
Schedule of Equity Method Investments [Line Items]
Historical cost of securities				$ 24,418			$ 24,418
Sonesta Int'l Hotels Corp
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage				34.00%

Indebtedness (Details)

Indebtedness (Details) $ in Thousands	Apr. 14, 2022USD ($)	Apr. 13, 2022USD ($)	Apr. 30, 2022USD ($)	Mar. 31, 2022USD ($)hotelextension	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)hotel	Sep. 01, 2022USD ($)	Dec. 31, 2021USD ($)
Indebtedness
Revolving credit facility, outstanding borrowings				$ 1,000,000				$ 1,000,000
Senior unsecured notes, net				6,146,258				$ 6,143,022
Repayments of credit facility				$ 0	$ 51,592
Senior Unsecured Notes, due 2022 at 5.00%
Indebtedness
Interest rate, stated percentage				5.00%		5.00%
Senior Unsecured Notes, due 2023 at 4.50%
Indebtedness
Interest rate, stated percentage				4.50%
COVID-19 | Senior Unsecured Notes, due 2023 at 4.50%
Indebtedness
Senior notes				$ 500,000
COVID-19 | Subsequent event | Senior Unsecured Notes, due 2022 at 5.00%
Indebtedness
Senior notes	$ 500,000
Revolving credit facility
Indebtedness
Revolving credit facility, outstanding borrowings				1,000,000
Revolving credit facility, maximum borrowing capacity				$ 1,000,000
Debt extension option, number | extension				2
Extension term				6 months		6 months
Credit facility fee percentage				0.30%
Annual interest rate				2.85%
Weighted average annual interest rate				2.85%	2.85%
Minimum restricted liability						$ 125,000
Revolving credit facility | Subsequent event
Indebtedness
Revolving credit facility, maximum borrowing capacity	$ 800,000
Extension term	6 months
Minimum restricted liability	$ 650,000
Repayments of credit facility			$ 200,000
Maximum purchase price of real property	$ 300,000
Fixed charge coverage ratio	1	1.5
Leverage ratio limit	70.00%	60.00%
Capital contributions	$ 100,000
Increase in aggregate limit of capital contributions		$ 50,000
Premium increase	0.25%
Revolving credit facility | Subsequent event | Forecast
Indebtedness
Minimum restricted liability							$ 150,000
Revolving credit facility | COVID-19
Indebtedness
Revolving credit facility, maximum borrowing capacity						$ 2,300,000
Revolving credit facility | LIBOR
Indebtedness
Basis spread on variable rate				2.35%
LIBOR floor				0.50%
Revolving credit facility | LIBOR | Subsequent event
Indebtedness
Basis spread on variable rate	2.50%
Senior unsecured notes
Indebtedness
Senior unsecured notes, net				$ 6,200,000
Senior unsecured notes | Senior Unsecured Notes, due 2023 at 4.50%
Indebtedness
Interest rate, stated percentage				4.50%
Revolving Credit Facility And Term Loan
Indebtedness
Collateral properties with first mortgage liens | hotel				73		74
Collateral to secure debt				$ 1,757,253
Revolving Credit Facility And Term Loan | Maximum
Indebtedness
Funding capital expenditures						$ 250,000
Other investments						$ 50,000

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 14, 2022	Mar. 31, 2022
Class of Stock [Line Items]
Dividend Per Common Share (in dollars per share)		$ 0.01
Total Distributions		$ 1,651
Subsequent event
Class of Stock [Line Items]
Total Distributions	$ 1,651
Quarterly distribution declared (in dollars per share)	$ 0.01

Business and Property Managem_2

Business and Property Management Agreements with RMR (Details) $ in Thousands	Jun. 22, 2021	Mar. 31, 2022USD ($)employeeagreement	Mar. 31, 2021USD ($)
Real Estate Properties [Line Items]
Number of employees | employee		0
RMR LLC
Real Estate Properties [Line Items]
Incentive fee calculation period		3 years
Related party property management and construction management fee		$ 1,663	$ 804
RMR LLC | Amended And Restate Business Management Agreement
Real Estate Properties [Line Items]
Number of management service agreements | agreement		2
Business management fees incurred		$ 9,878	10,299
Related party reimbursement expenses		764	744
RMR LLC | Property Management Fees
Real Estate Properties [Line Items]
Related party expenses		1,018	802
Related party, percentage fee	3.00%
RMR LLC | Construction and Supervision Fees Capitalized
Real Estate Properties [Line Items]
Related party transaction amount		$ 645	$ 2

Related Person Transactions (De

Related Person Transactions (Details)	Mar. 31, 2022propertyagreementhoteltravelCentershares	Jan. 01, 2022hotel	Dec. 31, 2021shares
Sonesta Int'l Hotels Corp
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage	34.00%
RMR LLC | Travel Centers of America
Related Party Transaction [Line Items]
Shares included in investment securities (in shares)	658,505
Noncontrolling interest, ownership percentage	4.40%
Net Lease
Related Party Transaction [Line Items]
Number of properties owned | property	786
Net Lease | TravelCenters of America Inc.
Related Party Transaction [Line Items]
Number of properties owned | travelCenter	179
Travel Centers of America
Related Party Transaction [Line Items]
Percentage of total shares outstanding	8.00%
Shares included in investment securities (in shares)	1,184,797		1,184,797
RMR LLC | Amended And Restate Business Management Agreement
Related Party Transaction [Line Items]
Number of management service agreements | agreement	2
Sonesta Int'l Hotels Corp | Hotels
Related Party Transaction [Line Items]
Number of properties owned | hotel	256	261

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Components of provision for income taxes
Income tax expense	$ 695	$ 853
Current foreign tax expense	114	100
Current state tax expense	$ 581	$ 753

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Segment Information
Number of reportable segments | segment	2
Revenues:
Hotel operating revenues	$ 297,406	$ 168,953
Rental income	96,358	92,217
Total revenues	393,764	261,170
Expenses:
Hotel operating expenses	290,343	195,352
Other operating expenses	2,269	3,417
Depreciation and amortization	104,113	124,368
General and administrative	11,989	12,657
Transaction related costs	1,177	19,635
Loss on asset impairment, net	5,500	1,211
Total expenses	415,391	356,640
Gain (loss) on sale of real estate, net	5,548	(9)
Unrealized losses on equity securities, net	(10,260)	(6,481)
Interest income	273	57
Interest expense	(92,344)	(89,391)
Loss before income taxes and equity in losses of an investee	(118,410)	(191,294)
Income tax expense	(695)	(853)
Equity in losses of an investee	(717)	(2,843)
Net income (loss)	(119,822)	(194,990)
Total assets	9,017,072		$ 9,153,315
Corporate
Revenues:
Hotel operating revenues	0	0
Rental income	0	0
Total revenues	0	0
Expenses:
Hotel operating expenses	0	0
Other operating expenses	0	0
Depreciation and amortization	0	0
General and administrative	11,989	12,657
Transaction related costs	1,177	0
Loss on asset impairment, net	0	0
Total expenses	13,166	12,657
Gain (loss) on sale of real estate, net	0	0
Unrealized losses on equity securities, net	(10,260)	(6,481)
Interest income	273	57
Interest expense	(92,344)	(89,391)
Loss before income taxes and equity in losses of an investee	(115,497)	(108,472)
Income tax expense	(695)	(853)
Equity in losses of an investee	(717)	(2,843)
Net income (loss)	(116,909)	(112,168)
Total assets	1,102,810		1,086,119
Hotels | Operating segments
Revenues:
Hotel operating revenues	297,406	168,953
Rental income	0	496
Total revenues	297,406	169,449
Expenses:
Hotel operating expenses	290,343	195,352
Other operating expenses	0	0
Depreciation and amortization	56,162	68,124
General and administrative	0	0
Transaction related costs	0	19,635
Loss on asset impairment, net	5,568	0
Total expenses	352,073	283,111
Gain (loss) on sale of real estate, net	4,990	0
Unrealized losses on equity securities, net	0	0
Interest income	0	0
Interest expense	0	0
Loss before income taxes and equity in losses of an investee	(49,677)	(113,662)
Income tax expense	0	0
Equity in losses of an investee	0	0
Net income (loss)	(49,677)	(113,662)
Total assets	4,391,689		4,487,101
Net Lease | Operating segments
Revenues:
Hotel operating revenues	0	0
Rental income	96,358	91,721
Total revenues	96,358	91,721
Expenses:
Hotel operating expenses	0	0
Other operating expenses	2,269	3,417
Depreciation and amortization	47,951	56,244
General and administrative	0	0
Transaction related costs	0	0
Loss on asset impairment, net	(68)	1,211
Total expenses	50,152	60,872
Gain (loss) on sale of real estate, net	558	(9)
Unrealized losses on equity securities, net	0	0
Interest income	0	0
Interest expense	0	0
Loss before income taxes and equity in losses of an investee	46,764	30,840
Income tax expense	0	0
Equity in losses of an investee	0	0
Net income (loss)	46,764	$ 30,840
Total assets	$ 3,522,573		$ 3,580,095

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Recurring and Non-Recurring (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022USD ($)ft²roomhotelproperty	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)ft²roomhotelproperty
Fair Value of Assets and Liabilities
Carrying Value	$ 452,100		$ 515,518
Aggregate undepreciated carrying value of real estate	10,361,126
Loss on asset impairment, net	$ 5,500	$ 1,211
Held-to-maturity Securities
Fair Value of Assets and Liabilities
Loss on asset impairment, net			$ 78,620
Held-for-sale
Fair Value of Assets and Liabilities
Square feet | ft²	117,142
Hotels
Fair Value of Assets and Liabilities
Number of properties to be sold or rebranded | hotel	62		67
Number of units to be sold or rebranded | room	7,607		8,667
Hotels | Held-for-sale
Fair Value of Assets and Liabilities
Aggregate undepreciated carrying value of real estate	$ 445,935		$ 503,078
Net Lease
Fair Value of Assets and Liabilities
Number of properties to be sold or rebranded | property	19		22
Square feet | ft²			154,206
Net Lease | Held-for-sale
Fair Value of Assets and Liabilities
Carrying value of properties held for sale	$ 6,165		$ 12,440
Level 1 | Travel Centers of America | Carrying Value
Fair Value of Assets and Liabilities
Carrying Value	50,899		61,159
Level 1 | Travel Centers of America | Fair Value
Fair Value of Assets and Liabilities
Fair Value	50,899		61,159
Level 2 | Held-for-sale | Carrying Value
Fair Value of Assets and Liabilities
Carrying Value			0
Carrying value of properties held for sale	452,100
Level 2 | Held-for-sale | Fair Value
Fair Value of Assets and Liabilities
Fair Value	452,100		0
Level 3 | Held-for-sale | Carrying Value
Fair Value of Assets and Liabilities
Carrying Value	0		515,518
Level 3 | Held-for-sale | Fair Value
Fair Value of Assets and Liabilities
Fair Value	$ 0		$ 515,518

Fair Value of Assets and Liab_4

Fair Value of Assets and Liabilities - Debt Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Senior Unsecured Notes, due 2022 at 5.00%
Fair Value of Assets and Liabilities
Interest rate, stated percentage	5.00%		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%
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	$ 6,146,258	$ 6,143,022
Carrying Value | Senior Unsecured Notes, due 2022 at 5.00%
Fair Value of Assets and Liabilities
Total financial liabilities	499,546	499,244
Carrying Value | Senior Unsecured Notes, due 2023 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	499,802	499,761
Carrying Value | Senior Unsecured Notes, due 2024 at 4.65%
Fair Value of Assets and Liabilities
Total financial liabilities	349,206	349,105
Carrying Value | Senior Unsecured Notes, due 2024 at 4.35%
Fair Value of Assets and Liabilities
Total financial liabilities	821,384	821,017
Carrying Value | Senior Unsecured Notes, due 2025 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	347,978	347,806
Carrying Value | Senior Unsecured Notes, due 2025 at 7.50%
Fair Value of Assets and Liabilities
Total financial liabilities	791,924	791,340
Carrying Value | Senior Unsecured Notes, due 2026 at 5.25%
Fair Value of Assets and Liabilities
Total financial liabilities	345,624	345,342
Carrying Value | Senior Unsecured Notes, due 2026 at 4.75%
Fair Value of Assets and Liabilities
Total financial liabilities	447,278	447,126
Carrying Value | Senior Unsecured Notes, due 2027 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	396,349	396,160
Carrying Value | Senior Unsecured Notes, due 2027 at 5.50%
Fair Value of Assets and Liabilities
Total financial liabilities	443,659	443,383
Carrying Value | Senior Unsecured Notes, due 2028 at 3.95%
Fair Value of Assets and Liabilities
Total financial liabilities	393,344	393,057
Carrying Value | Senior Unsecured Notes, due 2029 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	419,093	418,895
Carrying Value | Senior Unsecured Notes, due 2030 at 4.375%
Fair Value of Assets and Liabilities
Total financial liabilities	391,071	390,786
Fair Value
Fair Value of Assets and Liabilities
Total financial liabilities	5,898,607	6,179,495
Fair Value | Senior Unsecured Notes, due 2022 at 5.00%
Fair Value of Assets and Liabilities
Total financial liabilities	499,878	501,033
Fair Value | Senior Unsecured Notes, due 2023 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	495,955	505,378
Fair Value | Senior Unsecured Notes, due 2024 at 4.65%
Fair Value of Assets and Liabilities
Total financial liabilities	337,362	347,039
Fair Value | Senior Unsecured Notes, due 2024 at 4.35%
Fair Value of Assets and Liabilities
Total financial liabilities	799,310	821,184
Fair Value | Senior Unsecured Notes, due 2025 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	330,433	342,493
Fair Value | Senior Unsecured Notes, due 2025 at 7.50%
Fair Value of Assets and Liabilities
Total financial liabilities	837,868	867,712
Fair Value | Senior Unsecured Notes, due 2026 at 5.25%
Fair Value of Assets and Liabilities
Total financial liabilities	331,644	348,537
Fair Value | Senior Unsecured Notes, due 2026 at 4.75%
Fair Value of Assets and Liabilities
Total financial liabilities	413,582	439,889
Fair Value | Senior Unsecured Notes, due 2027 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	371,150	395,862
Fair Value | Senior Unsecured Notes, due 2027 at 5.50%
Fair Value of Assets and Liabilities
Total financial liabilities	441,153	461,522
Fair Value | Senior Unsecured Notes, due 2028 at 3.95%
Fair Value of Assets and Liabilities
Total financial liabilities	340,798	370,562
Fair Value | Senior Unsecured Notes, due 2029 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	366,218	407,448
Fair Value | Senior Unsecured Notes, due 2030 at 4.375%
Fair Value of Assets and Liabilities
Total financial liabilities	$ 333,256	$ 370,836