Service Properties Trust (SVC) 10-K 28 Feb 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Feb. 24, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-11527
Entity Registrant Name	SERVICE PROPERTIES TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	04-3262075
Entity Address, Address Line One	Two Newton Place
Entity Address, Address Line Two	255 Washington Street
Entity Address, Address Line Three	Suite 300
Entity Address, City or Town	Newton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02458-1634
City Area Code	617
Local Phone Number	964-8389
Title of Each Class	Common Shares of Beneficial Interest
Trading Symbol	SVC
Name of each Exchange on which Registered	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 852.1
Entity Common Stock, Shares Outstanding		165,499,767
Documents Incorporated by Reference	Certain information required by Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K is incorporated by reference to our definitive Proxy Statement for the 2023 Annual Meeting of Shareholders to be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended December 31, 2022.
Entity Central Index Key	0000945394
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Boston, Massachusetts
Auditor Firm ID	34

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Real estate properties:
Land	$ 1,902,587,000	$ 1,918,385,000
Buildings, improvements and equipment	7,658,282,000	8,307,248,000
Total real estate properties, gross	9,560,869,000	10,225,633,000
Accumulated depreciation	(2,970,133,000)	(3,281,659,000)
Total real estate properties, net	6,590,736,000	6,943,974,000
Acquired real estate leases and other intangibles, net	252,357,000	283,241,000
Assets held for sale	121,905,000	515,518,000
Cash and cash equivalents	38,369,000	944,043,000
Restricted cash	7,051,000	3,375,000
Equity method investments	112,617,000	62,687,000
Investment in equity securities	53,055,000	61,159,000
Due from related persons	35,033,000	48,168,000
Other assets, net	277,068,000	291,150,000
Total assets	7,488,191,000	9,153,315,000
LIABILITIES AND SHAREHOLDERS’ EQUITY
Revolving credit facility	0	1,000,000,000
Senior unsecured notes, net	5,655,530,000	6,143,022,000
Accounts payable and other liabilities	425,960,000	433,448,000
Due to related persons	17,909,000	21,539,000
Total liabilities	6,099,399,000	7,598,009,000
Commitments and contingencies
Shareholders’ equity:
Common shares of beneficial interest, $.01 par value; 200,000,000 shares authorized; 165,452,566 and 165,092,333 shares issued and outstanding, respectively	1,655,000	1,651,000
Additional paid in capital	4,554,861,000	4,552,558,000
Cumulative other comprehensive income (loss)	2,383,000	779,000
Cumulative net income available for common shareholders	2,503,279,000	2,635,660,000
Cumulative common distributions	(5,673,386,000)	(5,635,342,000)
Total shareholders’ equity	1,388,792,000	1,555,306,000
Total liabilities and shareholders’ equity	$ 7,488,191,000	$ 9,153,315,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Shareholders’ equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	200,000,000	200,000,000
Common shares, shares issued (in shares)	165,452,566	165,092,333
Common shares, shares outstanding (in shares)	165,452,566	165,092,333

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Hotel operating revenues	$ 1,467,344	$ 1,104,678	$ 875,098
Rental income	395,667	390,902	390,156
Total revenues	1,863,011	1,495,580	1,265,254
Expenses:
Hotel operating expenses	1,227,357	1,010,737	682,804
Other operating expenses	13,176	15,658	15,208
Depreciation and amortization	401,108	485,965	498,908
General and administrative	44,404	53,439	50,668
Transaction related costs	1,920	64,764	15,100
Loss on asset impairment	10,989	78,620	55,756
Total expenses	1,698,954	1,709,183	1,318,444
Gain on sale of real estate, net	47,818	11,522	2,261
Gain on insurance settlement	0	0	62,386
Unrealized (losses) gains on equity securities, net	(8,104)	22,535	19,882
Interest income	3,379	664	284
Interest expense (including amortization of debt issuance costs and debt discounts and premiums of $19,375, $21,036 and $14,870, respectively)	(341,795)	(365,721)	(306,490)
Loss on early extinguishment of debt	(791)	0	(9,394)
Loss before income taxes and equity in earnings (losses) of an investee	(135,436)	(544,603)	(284,261)
Income tax benefit (expense)	199	941	(17,211)
Equity in earnings (losses) of an investee	2,856	(941)	(9,910)
Net loss	(132,381)	(544,603)	(311,382)
Other comprehensive income (loss):
Equity interest in investee’s unrealized gains (losses)	1,604	1,539	(760)
Other comprehensive income (loss)	1,604	1,539	(760)
Comprehensive income	$ (130,777)	$ (543,064)	$ (312,142)
Weighted average common shares outstanding (basic) (in shares)	164,738	164,566	164,222
Weighted average common shares outstanding (diluted) (in shares)	164,738	164,566	164,222
Net loss available for common shareholders per common share (diluted) (in dollars per share)	$ (0.80)	$ (3.31)	$ (1.89)
Net loss available for common shareholders per common share (basic) (in dollars per share)	$ (0.80)	$ (3.31)	$ (1.89)
Revenue form contract with customer, produce and service extensible list	Hotel	Hotel	Hotel
Product and service, extensible list	Hotel	Hotel	Hotel

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Interest expense, amortization of debt issuance costs and debt discounts and premiums	$ 19,375	$ 21,036	$ 14,870

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Shares	Cumulative Common Distributions	Additional Paid in Capital	Cumulative Net Income	Cumulative Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2019		164,563,034
Beginning balance at Dec. 31, 2019	$ 2,505,878	$ 1,646	$ (5,534,942)	$ 4,547,529	$ 3,491,645	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(311,382)				(311,382)
Equity in unrealized gains (losses) of investees	(760)					(760)
Common share grants (in shares)		305,400
Common share grants	3,211	$ 2		3,209
Common share repurchases and forfeitures (in shares)		(44,601)
Common share repurchases and forfeitures	(353)			(353)
Distributions	(93,804)		(93,804)
Ending balance (in shares) at Dec. 31, 2020		164,823,833
Ending balance at Dec. 31, 2020	2,102,790	$ 1,648	(5,628,746)	4,550,385	3,180,263	(760)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(544,603)				(544,603)
Equity in unrealized gains (losses) of investees	1,539					1,539
Common share grants (in shares)		340,700
Common share grants	2,967	$ 3		2,964
Common share repurchases and forfeitures (in shares)		(72,200)
Common share repurchases and forfeitures	(791)			(791)
Distributions	(6,596)		(6,596)
Ending balance (in shares) at Dec. 31, 2021		165,092,333
Ending balance at Dec. 31, 2021	1,555,306	$ 1,651	(5,635,342)	4,552,558	2,635,660	779
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(132,381)
Equity in unrealized gains (losses) of investees	1,604					1,604
Common share grants (in shares)		433,500
Common share grants	2,788	$ 4		2,784
Common share repurchases and forfeitures (in shares)		(73,267)
Common share repurchases and forfeitures	(481)			(481)
Distributions	(38,044)		(38,044)
Ending balance (in shares) at Dec. 31, 2022		165,452,566
Ending balance at Dec. 31, 2022	$ 1,388,792	$ 1,655	$ (5,673,386)	$ 4,554,861	$ 2,503,279	$ 2,383

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (132,381)	$ (544,603)	$ (311,382)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	401,108	485,965	498,908
Amortization of debt issuance costs and debt discounts and premiums as interest	19,375	21,036	14,870
Straight line rental income	7,767	2,621	714
Security deposits utilized or replenished	0	0	(109,162)
Loss on early extinguishment of debt	791	0	9,394
Loss on asset impairment	10,989	78,620	55,756
Unrealized losses (gains) on equity securities, net	8,104	(22,535)	(19,882)
Equity in (earnings) losses of an investee	(2,856)	941	9,910
Gain on sale of real estate, net	(47,818)	(11,522)	(2,261)
Gain on insurance settlement	0	0	(62,386)
Deferred income taxes	(1,091)	(1,688)	13,850
Other non-cash income expense, net	(2,427)	(2,625)	(2,558)
Changes in assets and liabilities:
Due from related persons	(8)	(5,875)	(33)
Other assets	3,841	60,182	(78,340)
Accounts payable and other liabilities	(11,512)	(5,061)	2,296
Due to related persons	(10,755)	(5,552)	17,910
Net cash provided by operating activities	243,127	49,904	37,604
Cash flows from investing activities:
Real estate acquisitions and deposits	(2,766)	(7,709)	(7,090)
Real estate improvements	(103,646)	(95,017)	(69,082)
Hotel managers’ purchases with restricted cash	(4,952)	(24,565)	(153,626)
Hotel manager’s deposit of insurance proceeds into restricted cash	0	0	22,488
Net proceeds from sale of real estate	554,087	51,412	167,542
Distributions in excess of earnings from Affiliates Insurance Company	0	12	286
Net cash provided by (used in) investing activities	397,253	(101,310)	(51,807)
Cash flows from financing activities:
Proceeds from issuance of senior unsecured notes, net of discounts and premiums	0	0	1,250,000
Repayment of senior unsecured notes	(500,000)	0	(405,971)
Repayment of term loan	0	0	(400,000)
Borrowings under revolving credit facility	20,000	984,027	1,189,094
Repayments of revolving credit facility	(1,020,000)	(62,451)	(1,487,670)
Debt issuance costs	(3,864)	(6,822)	(26,903)
Repurchase of common shares	(470)	(790)	(346)
Distributions to common shareholders	(38,044)	(6,596)	(93,804)
Net cash (used in) provided by financing activities	(1,542,378)	907,368	24,400
(Decrease) increase in cash and cash equivalents and restricted cash	(901,998)	855,962	10,197
Cash and cash equivalents and restricted cash at beginning of year	947,418	91,456	81,259
Cash and cash equivalents and restricted cash at end of year	45,420	947,418	91,456
Cash paid for interest	334,264	344,043	281,097
Cash paid for income taxes	1,643	3,412	2,117
Restricted cash	7,051	3,375	18,124
Sonesta International Hotels Corporation
Cash flows from investing activities:
Investments	(45,470)	(25,443)	(5,314)
TravelCenters of America LLC
Cash flows from investing activities:
Investments	$ 0	$ 0	$ (7,011)

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Supplemental Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental disclosure of cash and cash equivalents and restricted cash:
Cash and cash equivalents	$ 38,369	$ 944,043	$ 73,332
Restricted cash	7,051	3,375	18,124
Total cash and cash equivalents and restricted cash	45,420	947,418	91,456
Supplemental cash flow information:
Cash paid for interest	334,264	344,043	281,097
Cash paid for income taxes	1,643	3,412	2,117
Non-cash investing activities:
Real estate improvements accrued, not paid	18,704	7,777	5,684
Investment in Sonesta	$ 0	$ 0	$ 42,000

Organization

Organization	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1. Organization Service Properties Trust, or we, us or our, is a real estate investment trust, or REIT, organized on February 7, 1995 under the laws of the State of Maryland, which invests in hotels and net lease service-oriented retail properties. At December 31, 2022, we owned, directly and through subsidiaries, 238 hotels and 765 net lease properties. At December 31, 2022, our 238 hotels were managed by subsidiaries of the following companies: Sonesta Holdco Corporation, or Sonesta, (196 hotels), Hyatt Hotels Corporation, or Hyatt (17 hotels), Radisson Hospitality, Inc., or Radisson (eight hotels), Marriott International, Inc., or Marriott (16 hotels) and InterContinental Hotels Group, plc, or IHG (one hotel). At December 31, 2022, we owned 765 net lease properties with 180 tenants, including 177 travel centers leased to TravelCenters of America Inc., or TA, our largest tenant. Hereinafter, these companies are sometimes referred to as managers and/or tenants, or collectively, operators.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation. These consolidated financial statements include our accounts and the accounts of our subsidiaries, all of which are 100% owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. We have determined that each of our wholly owned taxable REIT subsidiaries, or TRSs, is a variable interest entity, or VIE, as defined under the Consolidation Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification ™ , or the Codification. We have concluded that we must consolidate each of our wholly owned TRSs because we are the entity with the power to direct the activities that most significantly impact such VIEs’ performance and we have the obligation to absorb losses or the right to receive benefits from each VIE that could be significant to the VIE and are, therefore, the primary beneficiary of each VIE. The assets of our TRSs were $142,542 and $113,705 as of December 31, 2022 and 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 $82,454 and $42,432 as of December 31, 2022 and 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. Real Estate Properties. We record real estate properties at cost less impairments, if any. We record the cost of real estate acquired at the relative fair value of building, land, furniture, fixtures and equipment, and, if applicable, acquired in place leases, above or below market leases and customer relationships. We determine the fair value of each property using methods similar to those used by independent appraisers, which may involve estimated cash flows that are based on a number of factors, including capitalization rates and discount rates, among others. For transactions that qualify as business combinations, we allocate the excess, if any, of the consideration over the fair value of the assets acquired to goodwill. We depreciate real estate properties on a straight line basis over estimated useful lives of up to 40 years for buildings and improvements and up to 12 years for personal property and we amortize finite lived intangible assets over the shorter of their useful lives or the term of the associated lease. In some circumstances, we engage independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determination of useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives. We regularly evaluate whether events or changes in circumstances have occurred that could indicate an impairment in the value of our real estate properties. These indicators may include weak or declining operating profitability, cash flows or liquidity, our decision to dispose of an asset before the end of its estimated useful life or market or industry changes that could permanently reduce the value of our investments. If there is an indication that the carrying value of a property is not recoverable, we estimate the projected undiscounted cash flows of the asset to determine if an impairment loss should be recognized. We determine the amount of an impairment loss by comparing the historical carrying value of the property to its estimated fair value. We estimate fair value by evaluating recent financial performance and projecting discounted cash flows of properties using standard industry valuation techniques. In addition to consideration of impairment upon the events or changes in circumstances described above, we regularly evaluate the remaining lives of our real estate properties. If we change estimated lives, we depreciate or amortize the carrying values of affected assets over the revised remaining lives. During the years ended December 31, 2022, 2021 and 2020, we recorded $10,989, $78,620 and $55,756, respectively, of losses on asset impairment to reduce the carrying value of certain of our properties to their estimated fair values less costs to sell. Intangible Assets and Liabilities. Intangible assets consist primarily of trademarks and tradenames, acquired above market operating leases where we are the lessor and below market ground leases for which we are the tenant or lessee. Intangible liabilities consist of acquired below market operating leases where we are the lessor and acquired above market ground leases for which we are the tenant or lessee. We include intangible assets in acquired real estate leases and other intangibles, net and intangible liabilities in accounts payable and other liabilities in our consolidated balance sheets. At December 31, 2022 and 2021, our intangible assets and liabilities were as follows: As of December 31, 2022 2021 Assets: Tradenames and trademarks $ 89,375 $ 89,375 Above market operating leases, net of accumulated amortization of $82,515 and $64,471, respectively 155,320 184,943 Below market ground leases, net of accumulated amortization of $18,542 and $17,367, respectively 6,564 7,746 Other, net of accumulated amortization of $460 and $382, respectively 1,098 1,177 $ 252,357 $ 283,241 Liabilities: Below market operating leases, net of accumulated amortization of $597 and $473, respectively $ 933 $ 1,147 Above market ground leases, net of accumulated amortization of $296 and $317, respectively 25 46 $ 958 $ 1,193 We amortize above and below market leases on a straight line basis over the term of the associated lease (9.5 and 7.3 years on a weighted average basis for intangible liabilities and assets, respectively). For the years ended December 31, 2022, 2021 and 2020, amortization relating to intangible assets was $30,775, $41,648 and $52,264, respectively, and amortization relating to intangible liabilities was $235, $433 and $2,403 for the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, the weighted average amortization period for capitalized above market leases and below market lease values were 7.1 and 9.5, respectively. As of December 31, 2022, we estimate future amortization relating to intangible assets and liabilities as follows: Above Market Operating Leases Below Market Ground Leases & Other Below Market Operating Leases Above Market Ground Leases & Other 2023 $ 26,422 $ 1,168 $ (192) $ 60 2024 23,710 949 (185) 71 2025 20,092 795 (128) 78 2026 14,925 794 (121) 78 2027 12,532 792 (89) 78 Thereafter 57,639 2,066 (218) 708 $ 155,320 $ 6,564 $ (933) $ 1,073 We do not amortize our indefinite lived trademarks and tradenames, but we review the assets at least annually for impairment and reassess their classification as indefinite lived assets. In addition, we regularly evaluate whether events or changes in circumstances have occurred that could indicate impairment in value. We determine the amount of an impairment loss, if any, by comparing the carrying value of the intangible asset to its estimated fair value. Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at date of purchase to be cash equivalents. Restricted Cash. Restricted cash consists of amounts escrowed pursuant to the terms of our hotel management agreements to fund capital improvements at our hotels and proceeds from the sale of certain of our assets to be used for general business purposes pursuant to our credit agreement. Debt Issuance Costs. Debt issuance costs consist of capitalized issuance costs related to borrowings, which are amortized to interest expense over the terms of the respective debt. Debt issuance costs, net of accumulated amortization, for our revolving credit facility are included in other assets, net in our consolidated balance sheets. As of December 31, 2022 and 2021, debt issuance costs for our revolving credit facility were $6,214 and $14,879, respectively, and accumulated amortization of debt issuance costs for our revolving credit facility were $3,925 and $8,796, respectively. Debt issuance costs, net of accumulated amortization, for our unsecured senior notes, and our historical term loan, are presented as a direct deduction from the associated debt liability in our consolidated balance sheets. As of December 31, 2022 and 2021, debt issuance costs, net of accumulated amortization, for our unsecured senior notes were $25,545 and $33,736, respectively. Future amortization of debt issuance costs to be recognized with respect to our revolving credit facility and unsecured senior notes as of December 31, 2022, are as follows: Future Amortization of Debt Issuance Costs 2023 $ 9,635 2024 6,829 2025 4,953 2026 2,843 2027 1,996 Thereafter 1,578 $ 27,834 Equity Method Investments. We account for our 34.0% non-controlling interest in Sonesta under the equity method of accounting. Sonesta is a private company and Adam D. Portnoy, one of our Managing Trustees who also serves as one of Sonesta’s directors, is the controlling shareholder. One of Sonesta’s other directors is our other Managing Trustee, and Sonesta’s other director serves as The RMR Group LLC, or RMR’s, and The RMR Group Inc., or RMR Inc.’s, executive vice president, general counsel and secretary and as our Secretary. Certain of Sonesta’s officers are officers of RMR. Certain other officers and employees of Sonesta are former employees of RMR. RMR also provides certain services to Sonesta. See Notes 5 and 10 for a further discussion of our investment in and relationships with Sonesta. Equity Securities. We record our equity securities at fair value based on their quoted market price at the end of each reporting period. Changes in the fair value of our equity securities are recorded through earnings in accordance with FASB Accounting Standards Update, or ASU, No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . As of December 31, 2022, we owned 1,184,797 common shares of TA. Revenue Recognition. We report hotel operating revenues for managed hotels in our consolidated statements of comprehensive income (loss). We generally recognize hotel operating revenues, consisting primarily of room and food and beverage sales, when goods and services are provided. We report rental income for leased properties in our consolidated statements of comprehensive income (loss). We recognize rental income from operating leases on a straight line basis over the term of the lease agreements. We reduced rental income by $7,767, $2,621 and $714 during the years ended December 31, 2022, 2021 and 2020, respectively, to record scheduled rent changes under certain of our leases, the deferred rent obligations payable to us under our leases with TA and the estimated future payments to us under our TA leases for the cost of removing underground storage tanks at our travel centers on a straight line basis. See Notes 4, 5 and 10 for further information regarding our TA leases. Due from related persons includes $7,522 and $20,655 and other assets, net, includes $32,247 and $26,881 of straight line rent receivables at December 31, 2022 and 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 earned percentage rental income of $10,578, $7,085 and $3,277 during the years ended December 31, 2022, 2021 and 2020, respectively. We own all the FF&E reserve escrows for our hotels. We report deposits by our third party tenants into the escrow accounts as FF&E reserve income. We do not report the amounts which are escrowed as reserves established for the regular refurbishment of our hotels, or FF&E reserves, for our managed hotels as FF&E reserve income. Per Common Share Amounts. We calculate basic earnings per common share by dividing allocable net income available for common shareholders by the weighted average number of common shares outstanding during the period. We calculate diluted earnings per share using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares and the related impact on earnings are considered when calculating diluted earnings per share. Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in our consolidated financial statements include the allowance for doubtful accounts, purchase price allocations, useful lives of real estate and impairment of long lived assets. Segment Information. As of December 31, 2022, we had two reportable segments: hotel investments and net lease investments. Income Taxes. We have elected to be taxed as a REIT under the United States Internal Revenue Code of 1986, as amended, and, as such, are generally not subject to federal and most state income taxation on our operating income provided we distribute our taxable income to our shareholders and meet certain organization and operating requirements. We are subject to income tax in Canada, Puerto Rico and certain states despite our qualification for taxation as a REIT. Further, we lease our managed hotels to our wholly owned TRSs that, unlike most of our subsidiaries, file a separate consolidated tax return and are subject to federal, state and foreign income taxes. Our consolidated income tax provision (or benefit) includes the income tax provision (or benefit) related to the operations of our TRSs and certain state and foreign income taxes incurred by us despite our qualification for taxation as a REIT. The Income Taxes Topic of the Codification prescribes how we should recognize, measure and present in our consolidated financial statements uncertain tax positions that have been taken or are expected to be taken in a tax return. Tax benefits are recognized to the extent that it is “more likely than not” that a particular tax position will be sustained upon examination or audit. To the extent the “more likely than not” standard has been satisfied, the benefit associated with a tax position is measured as the largest amount that has a greater than 50% likelihood of being realized upon settlement. Our tax returns filed for the 2019 through 2022 tax years are subject to examination by taxing authorities. We classify interest and penalties related to uncertain tax positions, if any, in our consolidated statements of comprehensive income (loss) as a component of general and administrative expense.

Weighted Average Common Shares

Weighted Average Common Shares	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Weighted Average Common Shares	Note 3. Weighted Average Common Shares The following table provides a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per share: For the Year Ended December 31, 2022 2021 2020 (in thousands) Weighted average common shares for basic earnings per share 164,738 164,566 164,222 Effect of dilutive securities: Unvested share awards — — — Weighted average common shares for diluted earnings per share 164,738 164,566 164,222

Real Estate Properties

Real Estate Properties	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Real Estate Properties	Note 4. Real Estate Properties As of December 31, 2022, we owned 238 hotels with 40,053 rooms or suites and 765 service-oriented retail properties with 13,374,325 square feet that are primarily subject to “triple net” leases, or net leases where the tenant is generally responsible for payment of operating expenses and capital expenditures of the property during the lease term. Our properties had an aggregate undepreciated carrying value of $9,687,214, including $126,345 classified as held for sale as of December 31, 2022. Our real estate properties, at cost after impairments, consisted of land of $1,902,587, buildings and improvements of $7,271,864 and furniture, fixtures and equipment of $386,418, as of December 31, 2022; and land of $1,918,385, buildings and improvements of $7,871,626 and furniture, fixtures and equipment of $435,622, as of December 31, 2021. We funded capital improvements to certain of our properties of $115,927, $103,630 and $136,155 during 2022, 2021 and 2020, respectively. During 2020, we completed a comprehensive rebuilding project of our San Juan, PR hotel as a result of damage sustained during Hurricane Maria in 2017. We recorded a $62,386 gain on insurance settlement during the year ended December 31, 2020 for insurance proceeds received for this damage. Pursuant to GAAP, we increased the building basis of our San Juan hotel for the amount of the insurance proceeds. At December 31, 2022, 13 of our hotels were on land we leased partially or entirely from unrelated third parties. The average remaining term of the ground leases (including renewal options) is approximately 33 years (range of 12 to 65 years). Ground rent payable under eight of the ground leases is generally calculated as a percentage of hotel revenues. Twelve of the 13 ground leases require annual minimum rents averaging $344 per year; future rents under two ground leases have been prepaid. 15 of our net lease properties are on land we leased partially or entirely from unrelated third parties. The remaining terms on the leases range from one year to 19 years with rents averaging $435 per year. Generally, payments of ground lease obligations are made by our managers or tenants. However, if a manager or tenant does not perform obligations under a ground lease or does not renew any ground lease, we might have to perform obligations under the ground lease or renew the ground lease in order to protect our investment in the affected property. Any pledge, sale or transfer of our interests in a ground lease may require the consent of the applicable ground lessor and its lenders. Acquisitions Our allocation of the purchase price of each of our acquisitions based on the estimated fair value of the acquired assets and assumed liabilities is presented in the table below. We accounted for these transactions as acquisitions of assets. Acquisition Date Location Property Type Rooms or Square Feet Purchase Price (1) Land Land Improvements Building and Improvements Furniture, Fixtures and Equipment Held For Sale Intangible Assets Properties acquired during the year ended December 31, 2022 9/12/2022 Stoughton, MA Land — $ 2,766 $ 2,766 $ — $ — $ — $ — $ — Properties acquired during the year ended December 31, 2021 3/9/2021 Nashville, TN Land — $ 7,709 $ 7,709 $ — $ — $ — $ — $ — Properties acquired during the year ended December 31, 2020 3/12/2020 Two states Net Lease 6,696 $ 7,071 $ 880 $ — $ 5,363 $ — $ — $ 828 (1) Includes acquisition related costs. Dispositions During the years ended December 31, 2022, 2021 and 2020 we sold 86, 18 and 39 properties, respectively, for an aggregate sales price of $559,848, $52,332 and $174,172, respectively, excluding closing costs, as presented in the table below. The sales of these properties in the table below do not represent significant dispositions individually or in the aggregate nor do they represent a strategic shift. As a result, the results of the operations of these properties are included in continuing operations through the date of sale in our consolidated statements of comprehensive income (loss). Year of Sale Property Type Number of Properties Rooms or Suites/Square Feet Gross Sales Price Gain/(Loss) on Sale Properties sold during the year ended December 31, 2022 2022 Hotels 65 8,296 $ 543,413 $ 48,202 2022 Net Lease 21 138,638 16,435 (384) 86 8,296 / 138,638 $ 559,848 $ 47,818 Properties sold during the year ended December 31, 2021 2021 Hotels 7 669 $ 40,552 $ 9,590 2021 Net Lease 11 97,276 11,780 1,932 18 669 / 97,276 $ 52,332 $ 11,522 Properties sold during the year ended December 31, 2020 2020 Hotels 18 2,046 $ 85,787 $ 17,550 2020 Net Lease 21 1,375,483 88,385 (15,289) 39 2,046 / 1,375,483 $ 174,172 $ 2,261 From January 1, 2023 through February 24, 2023, we sold eight hotels with 1,097 rooms and a carrying value of $47,517 for a sale price of $53,268, excluding closing costs. We have also entered into agreements to sell ten hotels with 1,429 rooms and an aggregate carrying value of $62,698 for an aggregate sales price of $103,056 and two net lease properties with 2,384 square feet with an aggregate carrying value of $648 for an aggregate sales price of $670, excluding closing costs and are in the process of marketing two net lease properties with a carrying value of $729. We currently expect the sale of these properties to be completed by the end of the first quarter of 2023.

Management Agreements and Lease

Management Agreements and Leases	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Management Agreements and Leases	Note 5. Management Agreements and Leases As of December 31, 2022, we owned 238 hotels included in six operating agreements and 765 service-oriented retail properties net leased to 180 tenants. We do not operate any of our properties. Hotel agreements Sonesta agreement. As of December 31, 2022, Sonesta operated 196 of the 238 hotels we then owned, which comprised approximately 47.6% of our total historical real estate investments, including 40 of our full-service hotels, 111 extended stay hotels, and 45 select service hotels pursuant to management agreements for each of the hotels. We are also party to pooling agreements that combine certain of our management agreements with Sonesta for purposes of calculating gross revenues, payment of hotel operating expenses, payment of fees and distributions and owner’s priority returns due to us. See Notes 4 and 10 for further information regarding our relationship, agreements and transactions with Sonesta. On February 27, 2020, we entered into a transaction agreement with Sonesta pursuant to which we and Sonesta restructured our business arrangements with respect to our hotels then managed by Sonesta as follows: • We and Sonesta agreed to sell, rebrand or repurpose our 39 extended stay hotels then managed by Sonesta. We subsequently decided to suspend pursuing the sale of these 39 hotels based on market conditions; however, as noted below, we and Sonesta later decided to sell 68 of our hotels managed by Sonesta, which includes many of these 39 hotels we had previously targeted for sale, rebranding or repurposing; we subsequently sold 66 of those 68 hotels as of December 31, 2022; see Note 4 for further information regarding those sales; • The annual owner’s priority returns for the 14 full-service hotels that Sonesta then managed and continues to manage were reduced from $99,013 to $69,013 as of that date; • Sonesta issued to us approximately 34% of its outstanding shares of common stock (post-issuance) and we entered into a stockholders agreement with Sonesta, Adam Portnoy and the other stockholder of Sonesta and a registration rights agreement with Sonesta; • We and Sonesta modified our then existing management agreements and pooling agreement so that 5% of the hotel gross revenues of each of our 14 full-service hotels then managed by Sonesta will be escrowed for future capital expenditures as FF&E reserves, subject to available cash flows after payment of the annual owner’s priority returns due to us under the management agreements; • We and Sonesta modified the termination provisions of our then existing management agreements and pooling agreement and removed the provisions in our pooling agreement that allowed either us or Sonesta to require the marketing for sale of non-economic hotels; and • We and Sonesta extended the initial expiration date of the then existing management agreements for our full-service hotels managed by Sonesta located in Chicago, IL and Irvine, CA to January 2037 to align with the initial expiration date for our other full-service hotels then managed by Sonesta. We refer to the management agreements and pooling agreements in effect as of February 27, 2020 as the legacy agreements. Amended and Restated Management and Pooling Agreements with Sonesta Effective January 1, 2022, we and Sonesta amended our management agreements. We refer to these 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, were 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 if minimum performance thresholds are not met starting in 2023. • We agreed to renovate the Retained Hotels to comply with agreed upon brand standards. As we advance such funding or fund other capital expenditures, the aggregate annual owner’s priority return due to us will increase by 6% of the amounts funded. • Trade area restrictions by hotel brand have been added to define boundaries to protect our owned hotels in response to Sonesta increasing its franchising and third-party management activities. In general, we and Sonesta may terminate a management agreement for a Retained Hotel for events of default, casualty and condemnation events, although Sonesta may not terminate for certain events of default. We also have the right to terminate a management agreement for a Retained Hotel if minimum performance thresholds are not met starting in 2023 for any three four For the Sale Hotels, the term was extended to December 31, 2022 (or, if earlier, the date the applicable hotel was sold) and the FF&E reserve funding requirement was removed. We sold 65 of the Sale Hotels as of December 31, 2022 and the total annual owner’s priority return was reduced by $77,033 in connection with these sales. As of December 31, 2022, the total priority return for the remaining two Sale Hotels was $7,238. Effective December 31, 2022, the terms of the management agreements for the remaining two Sale Hotels were extended to January 31, 2023 and automatically renew for successive one month periods until the applicable hotel is sold or the agreement is terminated. The Sale Hotels are subject to a pooling agreement that combines the management agreements for the Sale Hotels for purposes of calculating gross revenues, hotel operating expenses, fees and distributions and the owner’s priority return due to us. We sold one of the two remaining Sale Hotels in January 2023 and expect the remaining sale to be completed in March 2023. 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 aggregate owner’s priority return for the 196 hotels Sonesta manages as of December 31, 2022 was $337,652. Our Sonesta agreement further provides that we are paid an additional return equal to 80% of the remaining operating profits, as defined therein, after reimbursement of owner or manager advances, and with respect to the Retained Hotels, FF&E reserve escrows and Sonesta’s incentive fee, if applicable. We realized returns of $196,721 and $53,853 during the years ended December 31, 2022 and 2021, respectively, under our Sonesta agreement. Our Sonesta hotels generated net operating losses of $65,277 during the year ended December 31, 2020. We do not have any security deposits or guarantees for our Sonesta hotels. Accordingly, the returns we receive from our Sonesta hotels are limited to the hotels’ available cash flows, if any, after payment of operating expenses, including management and related fees. 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 $114,563, $84,926 and $17,734 for the years ended December 31, 2022, 2021 and 2020, respectively. These fees and costs are included in hotel operating expenses in our consolidated statements of comprehensive income (loss). In addition, we recognized procurement and construction supervision fees of $1,331 and $2,196 for the years ended December 31, 2022 and 2021, respectively, under our Sonesta agreements. These amounts have been capitalized in our consolidated balance sheets and are depreciated over the estimated useful lives of the related capital assets. Our Sonesta agreement requires us to fund capital expenditures that we approve at our Sonesta hotels. We incurred capital expenditures for hotels included in our Sonesta agreement of $94,479 and $93,472 during the years ended December 31, 2022 and 2021, respectively, which resulted in increases in our contractual annual owner’s priority returns of $5,416 and $7,488, respectively. We owed Sonesta $8,889 and $17,248 for capital expenditures and other reimbursements at December 31, 2022, and 2021, respectively. Sonesta owed us $2,975 and $4,592 for owner’s priority returns as of December 31, 2022 and 2021, respectively. Amounts due from Sonesta are included in due from related persons and amounts owed to Sonesta are included in due to related persons in our consolidated balance sheets, respectively. The management agreements for the Retained Hotels require that 5% of the hotel gross revenues at each of the hotels 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 the years ended December 31, 2022, 2021 or 2020. 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. We had advanced $48,580 and $56,697 of initial working capital to Sonesta as of December 31, 2022 and 2021, respectively, 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 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 4, 6 and 10 for further information regarding our relationship, agreements and transactions with Sonesta. Between September 18, 2020 and December 15, 2020, we transferred the branding and management of 115 hotels previously managed by IHG, Marriott and Wyndham to Sonesta. In February and March 2021, we transitioned the branding and management of 88 hotels to Sonesta from Marriott. In June 2021, we transitioned the branding and management of five hotels to Sonesta from Hyatt and in November 2021, we transitioned the branding and management of one additional hotel to Sonesta from Radisson. We entered into management agreements with Sonesta with respect to these hotels on terms substantially consistent with our legacy agreements and added them to our applicable pooling agreement. These hotel management agreements were further amended as part of the amendments we entered into with Sonesta in February 2022 and were included in our applicable pooling agreements with Sonesta. Hyatt agreement. As of December 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 December 31, 2022, we are to be paid an annual owner’s priority return of $12,773. Any returns we receive from Hyatt are currently limited to the hotels’ available cash flows, if any, after payment of operating expenses. Hyatt has provided us with a $30,000 limited guarantee for 75% of the aggregate annual owner's priority returns due to us that will become effective upon substantial completion of planned renovations of the hotels which we currently expect to occur in 2023. We realized returns of $12,281, $9,388 and $22,037 for the years ended December 31, 2022, 2021 and 2020, respectively, under our Hyatt agreement. During the year ended December 31, 2020, the hotels under this agreement generated cash flows that were less than the minimum returns due to us for the period and we exhausted the remaining $19,200 limited guaranty available to us to cover the shortfall. During the year ended December 31, 2021, we expensed $3,700 of working capital we previously funded under our Hyatt agreement because the amount was no longer expected to be recoverable. This amount is included in transaction related costs in our consolidated statement of income (loss). We incurred capital expenditures for certain hotels included in our Hyatt agreement of $11,845 during the year ended December 31, 2022, which resulted in an aggregate increase in our contractual annual owner’s priority returns of $754. We did not incur capital expenditures for any of the hotels included in our Hyatt agreement during the year ended December 31, 2021. Radisson agreement . As of December 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 that became effective on January 1, 2023 subject to adjustment for the planned renovations of certain of the hotels we currently expect to occur in 2023. We realized returns of $6,387, $11,364 and $20,456 for the years ended December 31, 2022, 2021 and 2020, respectively, under our Radisson agreement. Radisson had previously provided us with a guaranty, which was limited to $47,253. During the year ended December 31, 2021, the hotels under our Radisson agreement generated cash flows that were less than the minimum returns due to us and Radisson made $13,238 of guaranty payments to cover part of the shortfall and the Radisson guaranty was exhausted. We incurred capital expenditures of $3,433 for the hotels included in our Radisson agreement for the year ended December 31, 2022. We did not incur capital expenditures for any of the hotels included in our Radisson agreement during the year ended December 31, 2021. Marriott agreement . As of December 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. During the period of arbitration, we entered into 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. As of February 24, 2023, we have sold seven Marriott branded hotels and we have entered agreements to sell the remaining nine hotels for an aggregate sales price of $88,476, excluding closing costs. These pending sales are subject to conditions; as a result, these sales may not occur, may be delayed or their terms may change. See Note 4 for further information regarding these sales. We realized returns of $8,942, $2,830 and $93,593 during the years ended December 31, 2022, 2021 and 2020, respectively, under our Marriott agreement. Marriott had previously provided a limited guaranty and security deposit, which were both exhausted in 2020 to cover shortfalls between cash flows from our hotels and our minimum returns. 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 capital expenditures for any of the hotels included in our Marriott agreement during the year ended December 31, 2022. We incurred capital expenditures of $7,394 and $65,840 for the hotels included in our Marriott agreement during the years ended December 31, 2021 and 2020, respectively. Other. Our management agreement with IHG for one hotel expires on January 31, 2026. We realized returns of $3,561 and $337 for the years ended December 31, 2022 and 2021, respectively, under our IHG agreement. Any returns we receive from IHG are limited to the hotel’s available cash flows, if any, after payment of operating expenses. We realized returns and rents of $107,888 during the year ended December 31, 2020 under our then agreement with IHG. During the year ended December 31, 2021, we expensed $16,711 of working capital we previously funded under our IHG agreement because the amount was no longer expected to be recoverable. This amount is included in transaction related costs in our consolidated statement of income (loss). Net lease portfolio As of December 31, 2022, we owned 765 net lease service-oriented retail properties with 13,374,325 square feet with annual minimum rent of $372,418 with a weighted (by annual minimum rents) average lease term of 9.6 years. The portfolio was 97.6% leased by 180 tenants operating under 138 brands in 21 distinct industries. TA Leases As of December 31, 2022, TA was our largest tenant, leasing 29.3% of our gross carrying value of real estate properties. The number of travel centers, the terms, the annual minimum rent and the deferred rent balances owed to us by TA under our TA leases as of December 31, 2022, were as follows: Number of Travel Centers Initial Term End (1) Annual Minimum Rent Deferred Rent (2) TA No. 1 Lease 36 December 31, 2032 $ 49,707 $ 1,165 TA No. 2 Lease 36 December 31, 2031 44,077 1,082 TA No. 3 Lease 34 December 31, 2029 42,409 1,067 TA No. 4 Lease 37 December 31, 2033 48,263 1,090 TA No. 5 Lease 34 June 30, 2035 61,654 — 177 $ 246,110 $ 4,404 (1) TA has two renewal options of 15 years each under each of our TA leases. (2) Commencing April 1, 2019, TA was required to pay us $70,458 in 16 quarterly installments of $4,404 for deferred rent TA owes us. Represents the balance as of December 31, 2022. We received the remaining balance of deferred rent due to us from TA in January 2023. Our TA leases are “triple net” leases that require TA to pay all costs incurred in the operation of the leased travel centers, including personnel, utility, inventory, customer service and insurance expenses, real estate and personal property taxes, environmental related expenses, underground storage tank removal costs and ground lease payments at those travel centers at which we lease the property and sublease it to TA. Our TA leases generally require TA to indemnify us for certain environmental matters and for liabilities that arise during the terms of the leases from ownership or operation of the leased travel centers. In addition, TA is obligated to pay us at lease expiration an amount equal to an estimate of the cost of removing underground storage tanks on the leased properties. Our TA leases do not require FF&E escrow deposits. However, TA is required to maintain the leased travel centers, including structural and non-structural components. Under our TA leases, TA generally cannot own, franchise, finance, operate, lease or manage any travel center or similar property that is not owned by us within 75 miles in either direction along the primary interstate on which a travel center owned by us is located without our consent. We recognized rental income from TA of $259,093, $248,291 and $250,573 for the years ended December 31, 2022, 2021 and 2020, respectively. Rental income for the years ended December 31, 2022, 2021 and 2020 includes $13,143, $13,237 and $13,156, respectively, of adjustments to record the deferred rent obligations under our TA leases and the estimated future payments to us by TA for the cost of removing underground storage tanks on a straight line basis. As of December 31, 2022 and 2021, we had receivables for current rent amounts owed to us by TA and straight line rent adjustments of $30,764 and $48,168, respectively. These amounts are included in due from related persons in our consolidated balance sheets. Our recognition of the deferred rent obligations are recorded on a straight line basis over the terms of our TA leases. TA paid us $17,616 in respect of such obligation for each of the years ended December 31, 2022 and 2021. In addition to the payment of annual minimum rent, our TA Nos. 1, 2, 3 and 4 leases provide for payment to us of percentage rent based on increases in total non-fuel revenues over base year levels (3% of non-fuel revenues above 2015 non-fuel revenues, and, beginning with the year ended December 31, 2021, an additional half percent (0.5%) of non-fuel revenues above 2019 non-fuel revenues) and our TA No. 5 lease provides for payment to us of percentage rent based on increases in total non-fuel revenues over base year levels (3% of non-fuel revenues above 2012 non-fuel revenues, and, beginning with the year ended December 31, 2020, an additional 0.5% of non-fuel revenues above 2019 non-fuel revenues). The total amount of percentage rent from TA that we recognized was $10,578, $7,085 and $2,764 for the years ended December 31, 2022, 2021 and 2020, respectively. Under our TA leases, TA may request that we fund capital improvements in return for increases in TA’s annual minimum rent according to the following formula: the annual minimum rent is increased by an amount equal to the amount funded by us multiplied by the greater of 8.5% or a benchmark U.S. Treasury interest rate plus 3.5%. TA is not obligated to request and we are not obligated to fund any such improvements. We did not fund any improvements under these leases during the years ended December 31, 2022 or 2021. See Notes 4, 10 and 15 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 other net lease properties (excluding TA) of $135,522, $140,803 and $137,111 for the years ended December 31, 2022, 2021 and 2020 respectively, which included $5,367, $10,616 and $14,345 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 by $320 and $9 during the years ended December 31, 2022 and 2021, respectively, and recorded reserves for uncollectible amounts of $9,892 during the year ended December 31, 2020. We had reserves for uncollectible rents of $7,697 and $15,519 as of December 31, 2022 and 2021, respectively, included in other assets in our consolidated balance sheets. Additional lease information (as lessor) . As of December 31, 2022, our leases with parties other than our TRSs provide for contractual minimum rents to be paid to us during the remaining current terms as follows: 2023 $ 371,090 2024 363,449 2025 354,941 2026 343,134 2027 333,397 Thereafter 1,849,439 Total $ 3,615,450 Additional lease information (as lessee). As of December 31, 2022, 13 of our hotels were subject to ground leases where we are the lessee. In addition, our hotel operators enter various leases on our behalf in the normal course of business at our hotels, or our hotel operating leases. We calculated right of use assets and lease liabilities as the present value of the remaining lease payment obligations for our operating leases, which include the ground leases and hotel operating leases, over the remaining lease term using our estimated incremental borrowing rate. The right of use assets and related lease liabilities are included within other assets, net and accounts payable and other liabilities, respectively, in our consolidated balance sheets. At December 31, 2022 and 2021, our right of use assets and related lease liabilities each totaled $177,264 and $177,346, respectively, which represented our future obligations under our operating leases and are included in other assets other liabilities 2023 $ 15,278 2024 15,556 2025 15,622 2026 15,740 2027 15,628 Thereafter 247,213 Total lease payments 325,037 Less: imputed interest (147,773) Present value of lease liabilities (1) $ 177,264 (1) The weighted average discount rate used to calculate the lease liability and the weighted average remaining term for our ground leases (assuming all extension options) and our hotel operating leases are approximately 5.30% and 21 (range of 15 months to 65 years) and 5.70% and 32 years (range of 1 month to 51 years), respectively. Generally, payments of ground lease obligations are made by our managers or tenants. However, if a manager or tenant did not perform obligations under a ground lease or did not renew any ground lease, we might have to perform obligations under the ground lease or renew the ground lease in order to protect our investment in the affected property.

Other Investments

Other Investments	12 Months Ended
	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Other Investments	Note 6. Other Investments Equity method investment We account for our 34.0% non-controlling interest in Sonesta under the equity method of accounting. Our investment in Sonesta had a carrying value of $112,617 and $62,687 as of December 31, 2022 and 2021, respectively. These amounts are included in other assets in our consolidated balance sheets. The cost basis of our investment in Sonesta exceeded our proportionate share of Sonesta’s total shareholders’ equity book value on the date of acquisition, February 27, 2020, by an aggregate of $8,000. As required under GAAP, we are amortizing this difference to equity in earnings of an investee over 31 years, the weighted average remaining useful life of the real estate assets and intangible assets and liabilities owned by Sonesta as of the date of our acquisition. We recorded amortization of the basis difference of $260, $260 and $217 in the years ended December 31, 2022, 2021 and 2020, respectively. We recognized earnings of $2,856 and losses of $941 and $9,910 related to our investment in Sonesta for the years ended December 31, 2022, 2021 and 2020, respectively. These amounts are included in equity in earnings (losses) of an investee in our consolidated statements of comprehensive income. We recorded a liability of $42,000 for the fair value of our initial investment in Sonesta, as no cash consideration was exchanged related to the modification of our management agreement with, and investment in, Sonesta. This liability for our investment in Sonesta is included in accounts payable and other liabilities in our consolidated balance sheet and is being amortized on a straight-line basis through January 31, 2037, as a reduction to hotel operating expenses in our consolidated statements of comprehensive income (loss). We reduced hotel operating expenses by $2,484, $2,484, and $2,070 for the years ended December 31, 2022, 2021 and 2020, respectively, for amortization of this liability. As of December 31, 2022 and 2021, the unamortized balance of this liability was $34,963 and $37,447, respectively. In 2021, we funded a $25,443 capital contribution to Sonesta related to its acquisition of Red Lion Hotels Corporation to maintain our pro rata ownership. In 2022, we funded an aggregate of $45,470 of capital contributions to Sonesta related to Sonesta’s acquisition of a portfolio of four hotels located in New York, New York. We continue to maintain our 34.0% ownership in Sonesta after giving effect to these fundings. See Note 10 for further information regarding our relationship, agreements and transactions with Sonesta. Investment in equity securities As of both December 31, 2022 and 2021 , we owned approximately 7.8% of TA’s outstanding shares of common stock, and reported this investment at fair value based on quoted market prices (Level 1 inputs). Our TA shares had a carrying value of $53,055 and $61,159 as of December 31, 2022 and 2021 , respectively. Our historical cost basis for these shares was $24,418 as of both December 31, 2022 and 2021 . We recorded unrealized losses of $8,104 and gains of $22,535 for the years ended December 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, 10, 14 and 15 for further information regarding our relationships, agreements and transactions with and our investment in, TA.

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Indebtedness	Note 7. Indebtedness Our principal debt obligations at December 31, 2022 were: $5,700,000 aggregate outstanding principal amount of senior unsecured notes. We had no amounts outstanding under our revolving credit facility as of December 31, 2022. Our revolving credit facility is governed by a credit agreement, or our credit agreement, with a syndicate of institutional lenders and has a maturity date of July 15, 2023. 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 250 basis points per annum, subject to a LIBOR floor of 0.50%, as of December 31, 2022. We also pay a facility fee, which was 30 basis points per annum at December 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 changes to our credit ratings. As of December 31, 2022, the annual interest rate payable on borrowings under our revolving credit facility was 6.79%. The weighted average annual interest rate for borrowings under our revolving credit facility was 3.85%, 2.85% and 2.36% for the years ended December 31, 2022, 2021 and 2020, respectively. We and our lenders amended our credit agreement governing the revolving credit facility in 2020. Among other things, the amendment 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 credit agreement calculated using pro forma projections as defined in the credit 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 and the lenders further amended the credit agreement and exercised our first of two options 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 as a result of the decrease in the size of the revolving credit facility and recognized a loss on early extinguishment of debt of $590 during the year ended December 31, 2022, which represented the write off of a portion of deferred financing fees; • we became 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 became tested and in full force and effect beginning with the quarter ended 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 were able to fund through the waiver period, which ended on December 31, 2022, 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 8.2% of TA, an increase from the previous aggregate limit of $50,000; • the interest rate premium payable on borrowings under our revolving credit facility was 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 continued 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 became required to maintain minimum liquidity of at least $150,000. On October 4, 2022, we and the lenders further amended the credit agreement and exercised our remaining option to extend the maturity date of our revolving credit facility by six months to July 15, 2023. Pursuant to the amendment: • we agreed to maintain minimum liquidity of $600,000 until we repay or refinance our $500,000 of 4.5% senior notes due in June 15, 2023 and maintain at least $150,000 of liquidity thereafter; and • restrictions on paying common dividends and issuing secured debt previously agreed to during the existing waiver period were removed, subject to certain conditions. As of December 31, 2022, we have met the conditions to exit the waiver period, and as a result, the restrictions on capital expenditures and other investments, including acquisitions, have expired. Our revolving credit facility continues to be secured by 73 properties with an undepreciated book value of $1,562,869 as of December 31, 2022 to secure our obligations under the credit agreement. Our credit agreement and our unsecured senior notes indentures and their supplements provide for acceleration of payment of all amounts outstanding upon the occurrence and continuation of certain events of default, such as, in the case of our credit agreement, a change of control of us, which includes RMR ceasing to act as our business manager. Our credit agreement and our unsecured senior notes indentures and their supplements also contain covenants, including those that restrict our ability to incur debts or to make distributions under certain circumstances and generally require us to maintain certain financial ratios. We believe we were in compliance with the terms and conditions of our credit agreement and our unsecured senior notes indentures and their supplements as of December 31, 2022. On June 15, 2022, we redeemed at par all of our outstanding 5.00% senior notes due 2022 for a redemption price equal to the principal amount of $500,000, plus accrued and unpaid interest. As a result of the redemption, we recorded a loss on early extinguishment of debt of $201 during the year ended December 31, 2022, which represented the unamortized discounts and issuance costs related to these notes. We recorded a loss of $9,394, net of discounts and debt issuance costs on extinguishment of debt during the year ended December 31, 2020 as a result of our repayment of our then in place $400,000 term loan and certain unsecured senior notes. All of our senior notes are prepayable at any time prior to their maturity date at par plus accrued interest plus a premium equal to a make whole amount, as defined, generally designed to preserve a stated yield to the noteholder. Interest on all of our senior notes is payable semi-annually in arrears. None of our debt obligations require sinking fund payments prior to their maturity dates. The required principal payments due during the next five years and thereafter under all our outstanding debt at December 31, 2022 were as follows: 2023 $ 500,000 2024 1,175,000 2025 1,150,000 2026 800,000 2027 850,000 Thereafter 1,225,000 $ 5,700,000 On February 10, 2023, our wholly owned, special purpose bankruptcy remote, indirect subsidiary, SVC ABS LLC, or the Issuer, issued $610,200 in aggregate principal amount of net lease mortgage notes. The Issuer is a separate legal entity and is the sole owner of its assets and liabilities. The assets of the special purpose entity are not available to pay or otherwise satisfy obligations to the creditors of any owners or affiliate of the special purpose entity. The terms of the notes are summarized as follows: Note Class Amount Coupon Rate Term (in years) Maturity Class A $ 305,000 5.15% 5 February 2028 Class B 173,000 5.55% 5 February 2028 Class C 132,200 6.70% 5 February 2028 Total / weighted average $ 610,200 5.60% The Class A notes and the Class B notes require monthly principal repayments at an annualized rate of 0.50% and 0.25% of the balance outstanding, respectively, and the Class C notes require interest payments only, with balloon payments due at maturity. The notes mature in February 2028 and may be redeemed at par beginning in February 2026. The notes are non-recourse and are secured by 308 net lease retail properties with annual minimum rents of $65,273 owned by the Issuer with a gross book value of $754,841. The net proceeds from this transaction, after initial purchaser discounts and offering costs, were approximately $554,982 and will be used for the repayment of outstanding debt and general corporate purposes. On February 6, 2023, we announced the early redemption of our outstanding 4.500% senior notes due 2023, for a redemption price equal to the principal amount of $500,000, plus accrued and unpaid interest to, but excluding the date of redemption. This redemption is expected to occur on or about March 8, 2023. We expect to fund this redemption with the proceeds from the net lease mortgage notes transaction described above.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Note 8. Shareholders' Equity Common Share Awards We have common shares available for issuance under the terms of our Amended and Restated 2012 Equity Compensation Plan, or our Share Award Plan. During the years ended December 31, 2022, 2021 and 2020, we awarded shares to our Trustees, officers and other employees of RMR as follows: Year Number of Shares Weighted Average Grant Date Fair Value Weighted Average Value of Grants 2022 433,500 $ 6.63 $ 2,874 2021 340,700 $ 11.26 $ 3,839 2020 305,400 $ 8.91 $ 2,722 The value of the share awards were based upon the closing price of our common shares on The Nasdaq Stock Market LLC, or Nasdaq, on the date of the awards. The common shares awarded to our Trustees vest immediately. The common shares awarded to our officers and certain other employees of RMR (in those capacities) vest in five A summary of shares awarded, vested, forfeited and unvested under the terms of the Share Award Plan for the years ended December 31, 2022, 2021 and 2020 is as follows: 2022 2021 2020 Number Weighted Number Weighted Number Weighted Unvested shares, beginning of year 425,030 $ 11.93 325,900 $ 14.71 194,540 $ 26.59 Shares awarded 433,500 $ 6.63 340,700 $ 11.26 305,400 $ 8.91 Shares vested (266,300) $ 10.20 (240,470) $ 14.78 (173,190) $ 17.76 Shares forfeited (3,400) $ 12.08 (1,100) $ 12.96 (850) $ 26.93 Unvested shares, end of year 588,830 $ 8.81 425,030 $ 11.93 325,900 $ 14.71 The 588,830 unvested shares as of December 31, 2022 are scheduled to vest as follows: 206,940 shares in 2023, 173,920 shares in 2024, 131,040 shares in 2025 and 76,900 shares in 2026. As of December 31, 2022, the estimated future compensation expense for the unvested shares was $4,452. The weighted average period over which the compensation expense will be recorded is approximately 22 months. During the years ended December 31, 2022, 2021 and 2020, we recorded $2,775, $2,964 and $3,206, respectively, of compensation expense related to the Share Award Plan. At December 31, 2022, 1,401,160 of our common shares remain reserved for issuance under our current Share Award Plan. Share Repurchases During the years ended December 31, 2022, 2021 and 2020, we repurchased our common shares from certain of our officers and certain current or former employees of RMR, in satisfaction of tax withholding and payment obligations in connection with the vesting of our common shares as follows: Year Aggregate Number Weighted Average Value 2022 69,867 $6.72 $470 2021 71,100 $11.11 $790 2020 43,751 $7.90 $346 Distributions During the years ended December 31, 2022, 2021 and 2020, we paid distributions on our common shares as follows: Annual Per Share Distribution Total Distribution Characterization of Distribution Year Ordinary Income Capital Gain Return of Capital Qualified Dividend 2022 $0.23 $38,044 —% — 100.00% —% 2021 $0.04 $6,596 —% — 100.00% —% 2020 $0.57 $93,804 —% — 100.00% —% On January 12, 2023, we declared a distribution of $0.20 per common share, or $33,091, to our common shareholders which we paid on February 16, 2023, to shareholders of record on January 23, 2023. Cumulative Other Comprehensive Income (Loss) Cumulative other comprehensive income (loss) represents our share of the comprehensive loss of Sonesta. See Notes 5 and 10 for further information regarding these investments. The following table presents changes in the amounts we recognized in cumulative other comprehensive income (loss) by component for the year ended December 31, 2022: Equity in Unrealized Gain (Loss) of Investees Total Balance at December 31, 2020 $ (760) $ (760) Other comprehensive loss 1,539 1,539 Balance at December 31, 2021 779 779 Other comprehensive income 1,604 1,604 Balance at December 31, 2022 $ 2,383 $ 2,383

Business and Property Managemen

Business and Property Management Agreements with RMR	12 Months Ended
	Dec. 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. See Note 10 for further information regarding our relationship, agreements and transactions with RMR. Management Agreements with RMR. Our management agreements with RMR provide for an annual base management fee, an annual incentive management fee and property management and construction supervision fees, payable in cash, among other terms: • Base Management Fee. The annual base management fee payable to RMR by us for each applicable period is equal to the lesser of: ◦ the sum of (a) 0.7% of the average aggregate historical cost of our real estate investments up to $250,000, plus (b) 0.5% of the average aggregate historical cost of our real estate investments exceeding $250,000; and ◦ the sum of (a) 0.7% of the average closing price per share of our common shares on the stock exchange on which such shares are principally traded, during such period, multiplied by the average number of our common shares outstanding during such period, plus the daily weighted average of the aggregate liquidation preference of each class of our preferred shares outstanding during such period, plus the daily weighted average of the aggregate principal amount of our consolidated indebtedness during such period, or, together, our Average Market Capitalization, up to $250,000, plus (b) 0.5% of our Average Market Capitalization exceeding $250,000. The average aggregate historical cost of our real estate investments includes our consolidated assets invested, directly or indirectly, in equity interests in or loans secured by real estate and personal property owned in connection with such real estate (including acquisition related costs and costs which may be allocated to intangibles or are unallocated), all before reserves for depreciation, amortization, impairment charges or bad debts or other similar non-cash reserves. • Incentive Management Fee . The incentive management fee which may be earned by RMR for an annual period is calculated as follows: ◦ An amount, subject to a cap based on the value of our common shares outstanding, equal to 12% of the product of: • our equity market capitalization on the last trading day of the year immediately prior to the relevant three year measurement period, and • the amount (expressed as a percentage) by which the total return per share, as defined in the business management agreement and further described below, of our common shareholders (i.e., share price appreciation plus dividends) exceeds the total shareholder return of the applicable market index, or the benchmark return per share, for the relevant measurement period. The MSCI U.S. REIT/Hotel & Resort REIT Index is the benchmark index for periods on and after August 1, 2021, and the SNL U.S. REIT Hotel Index is the benchmark index for periods prior to August 1, 2021. For purposes of the total return per share of our common shareholders, share price appreciation for a measurement period is determined by subtracting (1) the closing price of our common shares on Nasdaq on the last trading day of the year immediately before the first year of the applicable measurement period, or the initial share price, from (2) the average closing price of our common shares on the 10 consecutive trading days having the highest average closing prices during the final 30 trading days in the last year of the measurement period. ◦ The calculation of the incentive management fee (including the determinations of our equity market capitalization, initial share price and the total return per share of our common shareholders) is subject to adjustments if we issue or repurchase our common shares, or if our common shares are forfeited, during the measurement period. ◦ No incentive management fee is payable by us unless our total return per share during the measurement period is positive. ◦ The measurement periods are three year periods ending with the year for which the incentive management fee is being calculated. ◦ If our total return per share exceeds 12% per year in any measurement period, the benchmark return per share is adjusted to be the lesser of the total shareholder return of the applicable market index for such measurement period and 12% per year, or the adjusted benchmark return per share. In instances where the adjusted benchmark return per share applies, the incentive management fee will be reduced if our total return per share is between 200 basis points and 500 basis points below the applicable market index in any year, by a low return factor, as defined in the business management agreement, and there will be no incentive management fee paid if, in these instances, our total return per share is more than 500 basis points below the applicable market index in any year, determined on a cumulative basis (i.e., between 200 basis points and 500 basis point per year multiplied by the number of years in the measurement period and below the applicable market index). ◦ The incentive management fee is subject to a cap. The cap is equal to the value of the number of our common shares which would, after issuance, represent 1.5% of the number of our common shares then outstanding multiplied by the average closing price of our common shares during the 10 consecutive trading days having the highest average closing prices during the final 30 trading days of the relevant measurement period. ◦ Incentive management fees we paid to RMR for any period may be subject to “clawback” if our financial statements for that period are restated due to material non-compliance with any financial reporting requirements under the securities laws as a result of the bad faith, fraud, willful misconduct or gross negligence of RMR and the amount of the incentive management fee we paid was greater than the amount we would have paid based on the restated financial statements. Pursuant to our business management agreement with RMR, we recognized net business management fees of $35,495, $42,137 and $36,830 for the years ended December 31, 2022, 2021 and 2020, respectively. The net business management fees we recognized are included in general and administrative expenses in our consolidated statements of comprehensive income (loss) for these periods. The net business management fees we recognized reflect a reduction of $3,585 for the year ended December 31, 2022, and $3,584 for each of the years ended December 31, 2021 and 2020 for the amortization of the liability we recorded in connection with our former investment in RMR Inc. • Property Management and Construction Supervision Fees. The property management fees payable to RMR by us for each applicable period are equal to 3.0% of gross collected rents and the construction supervision fees payable to RMR by us for each applicable period are equal to 5.0% of construction costs for our net lease portfolio, excluding properties leased to TA, and the office building component of one of our hotels that are subject to our property management agreement with RMR. On June 22, 2021, we and RMR amended our property management agreement to, among other things, provide for RMR’s oversight of any major capital projects and repositioning activities at our hotels, including our hotels that are managed by Sonesta, as we may request from time to time. RMR will receive the same fee previously paid to Sonesta for these services, which is equal to 3% of the cost of any such major capital project or repositioning activity. Pursuant to our property management agreement with RMR, we recognized aggregate property management and construction supervision fees of $6,128, $4,489 and $3,575 for the years ended December 31, 2022, 2021 and 2020, respectively. These amounts are included in other operating expenses or have been capitalized as appropriate in our consolidated financial statements. For the fiscal years ended December 31, 2022, 2021 and 2020, $3,998, $3,674 and $3,283, respectively, of property management fees were recognized as operating expenses in our consolidated statements of comprehensive income (loss) and $2,131, $815 and $292, respectively, were capitalized as building improvements in our consolidated balance sheets and are being depreciated over the estimated useful lives of the related capital assets. • Expense Reimbursement. We are generally responsible for all of our operating expenses, including certain expenses incurred or arranged by RMR on our behalf. We are generally not responsible for payment of RMR’s employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR employees assigned to work exclusively or partly at our net lease properties (excluding properties leased to TA) and the office building component of one of our hotels, our share of the wages, benefits and other related costs of RMR’s centralized accounting personnel, our share of RMR’s costs for providing our internal audit function, and as otherwise agreed. Our property level operating expenses are generally incorporated into rents charged to our tenants, including certain payroll and related costs incurred by RMR. We reimbursed RMR $3,258, $2,971 and $2,618 for these expenses and costs for the years ended December 31, 2022, 2021 and 2020, respectively. We included these amounts in other operating expenses and general and administrative expense, as applicable, for these periods. • Term. Our management agreements with RMR have terms that end on December 31, 2042, and automatically extend on December 31st of each year for an additional year, so that the terms of our management agreements thereafter end on the 20th anniversary of the date of the extension. • Termination Rights . We have the right to terminate one or both of our management agreements with RMR: (i) at any time on 60 days’ written notice for convenience, (ii) immediately on written notice for cause, as defined therein, (iii) on written notice given within 60 days after the end of an applicable calendar year for a performance reason, as defined therein, and (iv) by written notice during the 12 months following a change of control of RMR, as defined therein. RMR has the right to terminate the management agreements for good reason, as defined therein. • Termination Fee . If we terminate one or both of our management agreements with RMR for convenience, or if RMR terminates one or both of our management agreements for good reason, we have agreed to pay RMR a termination fee in an amount equal to the sum of the present values of the monthly future fees, as defined therein, for the terminated management agreement(s) for the term that was remaining prior to such termination, which, depending on the time of termination would be between 19 and 20 years. If we terminate one or both of our management agreements with RMR for a performance reason, we have agreed to pay RMR the termination fee calculated as described above, but assuming a 10 year term was remaining prior to the termination. We are not required to pay any termination fee if we terminate our management agreements with RMR for cause or as a result of a change of control of RMR. • Transition Services. RMR has agreed to provide certain transition services to us for 120 days following an applicable termination by us or notice of termination by RMR, including cooperating with us and using commercially reasonable efforts to facilitate the orderly transfer of the management and real estate investment services provided under our business management agreement and to facilitate the orderly transfer of the management of the managed properties under our property management agreement, as applicable. • Vendors. Pursuant to our management agreements with RMR, RMR may from time to time negotiate on our behalf with certain third party vendors and suppliers for the procurement of goods and services to us. As part of this arrangement, we may enter agreements with RMR and other companies to which RMR or its subsidiaries provides management services for the purpose of obtaining more favorable terms from such vendors and suppliers. • Investment Opportunities . Under our business management agreement with RMR, we acknowledge that RMR may engage in other activities or businesses and act as the manager to any other person or entity (including other REITs) even though such person or entity has investment policies and objectives similar to ours and we are not entitled to preferential treatment in receiving information, recommendations and other services from RMR.

Related Person Transactions

Related Person Transactions	12 Months Ended
	Dec. 31, 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, 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 subsidiary of RMR Inc. The Chair of our Board of Trustees and one of our Managing Trustees, Adam D. Portnoy, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., and is chair of the board of directors and a managing director and the president and chief executive officer of RMR Inc. and an officer and employee of RMR. John G. Murray, our other Managing Trustee and our former President and Chief Executive Officer, was appointed the president and chief executive officer of Sonesta, effective April 1, 2022. Mr. Murray also serves as an officer and employee of RMR. In addition, 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 director or managing trustee of these public 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. 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. Share Awards to RMR Employees . As described in Note 8, we award shares to our officers and other employees of RMR annually. Generally, one fifth of these awards vest on the award date and one fifth vests on each of the next four anniversaries of the award dates. In certain instances, we may accelerate the vesting of an award, such as in connection with the award holder’s retirement as an officer of us or an officer or employee of RMR. These awards to RMR employees are in addition to the share awards to our Managing Trustees, as Trustee compensation, and the fees we paid to RMR. See Note 8 for information regarding our share awards and activity as well as certain share purchases we made in connection with share award recipients satisfying tax withholding obligations on the vesting of share awards. TA . We lease 177 of our travel centers to TA under the TA leases. As of December 31, 2022, we owned 1,184,797 shares of common stock, representing approximately 7.8% of TA’s outstanding shares of common stock, which amount includes 500,797 shares of TA common stock that we purchased in an underwritten public equity offering in July 2020 at the public offering price of $14.00 per share. RMR provides management services to both us and TA, and Adam D. Portnoy also serves as the chair of the board of directors and as a managing director of TA and, as of December 31, 2022, beneficially owned 661,505 shares of TA common stock (including through RMR), representing approximately 4.1% of TA’s outstanding shares of common stock. Spin-Off of TA . In connection with TA’s spin-off, we entered a transaction agreement with TA and RMR, pursuant to which TA granted us a right of first refusal to purchase, lease, mortgage or otherwise finance any interest TA owns in a travel center before it sells, leases, mortgages or otherwise finances that travel center to or with another party, and TA also granted us and any other company managed by RMR a right of first refusal to acquire or finance any real estate of the types in which we or they invest before TA does. TA also agreed that for so long as TA is a tenant of ours it will not permit: the acquisition by any person or group of beneficial ownership of 9.8% or more of the voting shares or the power to direct the management and policies of TA or any of its subsidiary tenants or guarantors under its leases with us; the sale of a material part of the assets of TA or any such tenant or guarantor; or the cessation of certain continuing directors constituting a majority of the board of directors of TA or any such tenant or guarantor. TA also agreed not to take any action that might reasonably be expected to have a material adverse impact on our ability to qualify as a REIT and to indemnify us for any liabilities we may incur relating to TA’s assets and business. See Notes 4, 5 and 15 for further information regarding our relationships, agreements and transactions with TA. Sonesta . Sonesta is a private company of which Adam Portnoy, one of our Managing Trustees, is a director and the controlling stockholder. One of Sonesta’s other directors and president and chief executive officer is our other Managing Trustee and former President and Chief Executive Officer, and Sonesta’s other director serves as one of RMR Inc.’s managing directors, as RMR’s and RMR Inc.’s executive vice president, general counsel and secretary and as our Secretary. Certain of Sonesta’s officers are officers of RMR. Certain other officers and employees of Sonesta are former officers and employees of RMR. RMR also provides certain services to Sonesta. As of December 31, 2022, we owned approximately 34.0% of Sonesta’s outstanding shares of common stock and Sonesta managed 196 of our hotels. See Notes 4 and 5 for further information regarding our relationships, agreements and transactions with Sonesta. Affiliates Insurance Company . Until its dissolution on February 13, 2020, we, ABP Trust, TA and four other companies to which RMR provides management services owned Affiliates Insurance Company, an Indiana insurance company, or AIC, in equal portions. We and AIC’s other shareholders participated in combined property insurance programs arranged by AIC in periods prior to 2020. In connection with AIC’s dissolution, we and each other AIC shareholder received a liquidating distribution of approximately $286 in June 2020. We received the final distribution of $12 in December 2021. We did not recognize any income in the years ended December 31, 2022, 2021 and 2020 with respect to our ownership in AIC.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 11. Income Taxes Our provision (benefit) for income taxes consists of the following: For the Year Ended December 31, 2022 2021 2020 Current: Federal $ — $ — $ — State 385 680 3,361 Foreign 233 350 — 618 1,030 3,361 Deferred: Foreign (817) (1,971) 13,850 (817) (1,971) 13,850 $ (199) $ (941) $ 17,211 A reconciliation of our effective tax rate and the current U.S. Federal statutory income tax rate is as follows: For the Year Ended December 31, 2022 2021 2020 Taxes at statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Nontaxable income of SVC (21.0) % (21.0) % (21.0) % State and local income taxes, net of federal tax benefit (0.3) % (0.1) % (1.1) % Foreign taxes 0.4 % 0.3 % (4.4) % Effective tax rate 0.1 % 0.2 % (5.5) % Deferred income tax balances generally reflect the net tax effects of temporary differences between the carrying amounts of certain of our assets and liabilities in our consolidated balance sheets and the amounts used for income tax purposes and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. Significant components of our deferred tax assets and liabilities are as follows: As of December 31, 2022 2021 Deferred tax assets: Tax loss carryforwards $ 109,650 $ 84,551 Other 7,134 4,844 116,784 89,395 Valuation allowance (116,784) (89,395) — — Deferred tax liabilities: Property basis difference (5,947) (6,263) Puerto Rico deferred tax gain (12,079) (12,581) Net deferred tax liabilities $ (18,026) $ (18,844) Net deferred tax liabilities are included in accounts payable and other liabilities in our consolidated balance sheets. At December 31, 2022 and 2021, our consolidated TRS had a net deferred tax asset, prior to any valuation allowance, of $111,148 and $84,973, respectively, which consists primarily of the tax benefit of net operating loss carryforwards and tax credits. Because of the uncertainty surrounding our ability to realize the future benefit of these assets, we have provided a 100% valuation allowance as of December 31, 2022 and 2021. As of December 31, 2022 and 2021, our consolidated TRS had net operating loss carryforwards for federal income tax purposes of approximately $437,606 and $334,686, respectively, which partially expire starting in 2025. At December 31, 2022 and 2021, we recorded a deferred tax liability of $13,658 and $12,581, respectively, as a result of the book value to tax basis difference related to the accounting of an insurance settlement in 2020. See Note 4 for further information regarding this insurance settlement.

Concentration

Concentration	12 Months Ended
	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Concentration	Note 12. Concentration Geographic Concentration At December 31, 2022, our 1,003 properties were located in 46 states in the United States, plus the District of Columbia, Ontario, Canada and Puerto Rico. Between 6% and 13% of our properties, by investment, were located in each of California, Texas, Illinois and Georgia. Our two hotels in Ontario, Canada and our hotel in Puerto Rico represent 1.7% of our hotels, by investment, in the aggregate at December 31, 2022. Credit Concentration As of December 31, 2022, Sonesta operated 196 of our hotels and TA leased 177 of our net lease properties, representing 47.6% and 29.3%, respectively, of our gross real estate assets at cost. See Notes 5 and 10 for a discussion of our Sonesta and TA agreements.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment Information	Note 13. Segment Information We aggregate our hotels and net lease portfolio into two reportable segments, hotel investments and net lease investments (previously named travel centers), based on their similar operating and economic characteristics. For the Year Ended December 31, 2022 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 1,467,344 $ — $ — $ 1,467,344 Rental income — 395,667 — 395,667 Total revenues 1,467,344 395,667 — 1,863,011 Expenses: Hotel operating expenses 1,227,357 — — 1,227,357 Other operating expenses — 13,176 — 13,176 Depreciation and amortization 221,416 179,692 — 401,108 General and administrative — — 44,404 44,404 Transaction related costs — — 1,920 1,920 Loss on asset impairment 10,537 452 — 10,989 Total expenses 1,459,310 193,320 46,324 1,698,954 Gain on sale of real estate, net 48,202 (384) — 47,818 Unrealized (losses) on equity securities — — (8,104) (8,104) Interest income 24 29 3,326 3,379 Interest expense — — (341,795) (341,795) Loss on early extinguishment of debt — — (791) (791) Income (loss) before income taxes and equity in losses of an investee 56,260 201,992 (393,688) (135,436) Income tax benefit — — 199 199 Equity in earnings of an investee — — 2,856 2,856 Net income (loss) $ 56,260 $ 201,992 $ (390,633) $ (132,381) As of December 31, 2022 Hotels Net Lease Corporate Consolidated Total assets 3,882,701 3,376,295 229,195 7,488,191 For the Year Ended December 31, 2021 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 1,104,678 $ — $ — $ 1,104,678 Rental income 1,808 389,094 — 390,902 Total revenues 1,106,486 389,094 — 1,495,580 Expenses: Hotel operating expenses 1,010,737 — — 1,010,737 Other operating expenses — 15,658 — 15,658 Depreciation and amortization 266,641 219,324 — 485,965 General and administrative — — 53,439 53,439 Transaction related costs 64,764 — — 64,764 Loss on asset impairment 60,980 17,640 — 78,620 Total expenses 1,403,122 252,622 53,439 1,709,183 Gain on sale of real estate, net 9,558 1,964 — 11,522 Unrealized gains on equity securities, net — — 22,535 22,535 Interest income 1 — 663 664 Interest expense — — (365,721) (365,721) Income (loss) before income taxes and equity in earnings of an investee (287,077) 138,436 (395,962) (544,603) Income tax benefit — — 941 941 Equity in losses of an investee — — (941) (941) Net income (loss) $ (287,077) $ 138,436 $ (395,962) $ (544,603) As of December 31, 2021 Hotels Net Lease Corporate Consolidated Total assets $ 4,487,101 $ 3,580,095 $ 1,086,119 $ 9,153,315 For the Year Ended December 31, 2020 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 875,098 $ — $ — $ 875,098 Rental income 2,472 387,684 — 390,156 Total revenues 877,570 387,684 — 1,265,254 Expenses: Hotel operating expenses 682,804 — — 682,804 Other operating expenses — 15,208 — 15,208 Depreciation and amortization 263,673 235,235 — 498,908 General and administrative — — 50,668 50,668 Transaction related costs 15,100 — — 15,100 Loss on asset impairment 17,131 38,625 — 55,756 Total expenses 978,708 289,068 50,668 1,318,444 Gain on sale of real estate, net 14,927 (12,666) — 2,261 Gain on insurance settlement 62,386 — — 62,386 Unrealized gains on equity securities — — 19,882 19,882 Interest income 6 — 278 284 Interest expense — — (306,490) (306,490) Loss on early extinguishment of debt — — (9,394) (9,394) Income (loss) before income taxes and equity in losses of an investee (23,819) 85,950 (346,392) (284,261) Income tax benefit — — (17,211) (17,211) Equity in losses of an investee — — (9,910) (9,910) Net income (loss) $ (23,819) $ 85,950 $ (373,513) $ (311,382) As of December 31, 2020 Hotels Net Lease Corporate Consolidated Total assets $ 4,846,410 $ 3,721,418 $ 119,491 $ 8,687,319

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities	Note 14. Fair Value of Assets and Liabilities The table below presents certain of our assets carried at fair value at December 31, 2022, categorized by the level of inputs, as defined in the fair values hierarchy under GAAP, used in the valuation of each asset. As of December 31, 2022 As of December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Investment in TA (Level 1) (1) $ 53,055 $ 53,055 $ 61,159 $ 61,159 Assets of properties held for sale (Level 3) (2) $ 111,592 $ 111,592 $ 515,518 $ 515,518 (1) As of both December 31, 2022 and 2021, we owned 1,184,797 shares of TA common stock, which are included in other assets in our consolidated balance sheets and reported at fair value based on quoted market prices (Level 1 inputs). See Note 6 for further information regarding our investment in TA common stock. (2) As of December 31, 2022, we owned 18 hotels with 2,526 rooms with an aggregate carrying value of $110,215 classified as held for sale and four net lease properties lease properties with 9,667 square feet with an aggregate carrying value of $1,377 classified as held for sale. These properties are recorded at their estimated then fair value less costs to sell based on information derived from third party appraisals (Level 3 inputs as defined in the fair value hierarchy under GAAP). We recorded a $10,989 loss on asset impairment in 2022 to reduce the carrying value of certain of these properties to their estimated fair value less costs to sell. As of December 31, 2021, we owned 67 hotels with 8,667 rooms with an aggregate carrying value of $503,078 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 then 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 these properties to their estimated fair value less costs to sell. In addition to the assets included in the table above, our financial instruments include our cash and cash equivalents, restricted cash, rents receivable, revolving credit facility, term loan, senior notes and security deposits. At December 31, 2022 and 2021, the fair values of these additional financial instruments approximated their carrying values in our consolidated balance sheets due to their short term nature or floating interest rates, except as follows: December 31, 2022 December 31, 2021 Carrying Fair Carrying Fair Amount (1) Value Amount (1) Value Senior Unsecured Notes, due 2022 at 5.00% $ — $ — $ 499,244 $ 501,033 Senior Unsecured Notes, due 2023 at 4.50% 499,925 491,345 499,761 505,378 Senior Unsecured Notes, due 2024 at 4.65% 349,510 334,292 349,105 347,039 Senior Unsecured Notes, due 2024 at 4.35% 348,493 749,983 821,017 821,184 Senior Unsecured Notes, due 2025 at 4.50% 346,472 301,893 347,806 342,493 Senior Unsecured Notes, due 2025 at 7.50% 396,916 762,344 791,340 867,712 Senior Unsecured Notes, due 2026 at 5.25% 394,206 292,282 345,342 348,537 Senior Unsecured Notes, due 2026 at 4.75% 391,923 354,128 447,126 439,889 Senior Unsecured Notes, due 2027 at 4.95% 822,487 315,040 396,160 395,862 Senior Unsecured Notes, due 2027 at 5.50% 447,736 387,522 443,383 461,522 Senior Unsecured Notes, due 2028 at 3.95% 419,684 283,996 393,057 370,562 Senior Unsecured Notes, due 2029 at 4.95% 793,673 293,718 418,895 407,448 Senior Unsecured Notes, due 2030 at 4.375% 444,505 264,280 390,786 370,836 Total financial liabilities $ 5,655,530 $ 4,830,823 $ 6,143,022 $ 6,179,495 (1) Carrying value includes unamortized discounts and premiums and certain debt issuance costs. At December 31, 2022 and 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).

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Event	Note 15. Subsequent Event On February 15, 2023, we and certain of our subsidiaries entered into a consent and amendment agreement, or the Consent Agreement, with TA and its subsidiary, TA Operating LLC, or together, the TCA Parties, and BP Products North America Inc., or BP, pursuant to which we and our applicable subsidiaries: (1) consented to TA’s entering into an agreement and plan of merger, or the Merger Agreement, with BP and its merger subsidiary, pursuant to which BP will acquire TA in a merger transaction, or the Merger, for cash consideration of $86.00 per share of the outstanding shares of common stock, par value $0.001 per share, of TA, or the TA common shares, and to the consummation of the Merger and the other transactions contemplated by the Merger Agreement, or collectively, the BP Acquisition; (2) agreed to amend and restate our subsidiaries’ existing lease and guaranty agreements with the applicable TCA Parties, effective at the time of the Merger; and (3) agreed to sell to TA certain tradenames and trademarks associated with TA’s business that we or our applicable subsidiaries own at their current book value of $89,400, effective at the time of the Merger. Pursuant to the amended and restated lease agreements to be entered into at the effective time of the Merger, or the A&R Leases, for 176 of our travel center properties, the aggregate annual minimum rent due to our applicable subsidiaries will be $254,000, with annual 2% increases throughout the initial term and any renewal terms of the A&R Leases, and there will be no percentage rent requirement. The A&R Leases will each have an initial term of 10 years, with five 10-year extension options, and TA Operating LLC will prepay $188,000 of rent under the A&R Leases at the effective time of the Merger and will receive monthly rent credits totaling $25,000 per year over the 10-year initial term of the A&R Leases. In addition, TA Operating LLC will have a right of first offer with respect to certain potential sales of travel center properties included in the A&R Leases. Pursuant to the amended and restated guaranty amendments to be entered into at the effective time of the Merger, or the A&R Guarantees, BP Corporation North America Inc. will guarantee payment under each of the A&R Leases. BP Corporation North America Inc.’s obligations under the A&R Guarantees will be limited by an initial aggregate cap of approximately $3,040,000. The Merger is subject to various customary conditions to closing, including the approval of TA stockholders owning a majority of the TA common shares outstanding, as well as regulatory approvals. The parties currently expect that the BP Acquisition will be completed by mid-year 2023.

Schedule III_Real Estate and Ac

Schedule III—Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III—Real Estate and Accumulated Depreciation	SERVICE PROPERTIES TRUST SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2022 (dollars in millions) Initial Cost to Costs Capitalized Gross Amount at which Carried Land Building & Improvements Impairment Cost Basis Adjustment (1) Land Building & Total (2) Hotel Properties 17 Royal Sonesta $ 227 $ 1,118 $ 408 $ (9) $ (12) $ 229 $ 1,503 $ 1,732 22 Sonesta 136 588 338 (51) (9) 136 866 1,002 60 Sonesta ES Suites 132 557 343 (35) (62) 132 803 935 44 Sonesta Select 84 395 249 (8) (77) 84 559 643 51 Simply Suites 68 341 104 (17) (24) 68 404 472 17 Hyatt Place 20 137 36 — (3) 20 170 190 5 Radisson Hotel 9 93 48 — — 9 141 150 1 Crowne Plaza 17 69 30 — — 17 99 116 3 Country Inn and Suites 4 29 10 — — 4 39 43 Net Lease Properties 133 TravelCenters of America 568 939 469 — (368) 576 1,032 1,608 44 Petro Stopping Centers 260 522 193 — (209) 261 506 767 14 The Great Escape 19 64 — — — 19 64 83 3 Life Time Fitness 17 56 — — — 17 56 73 9 AMC Theatres 24 42 1 — — 24 43 67 5 Buehler's Fresh Foods 10 49 — — — 10 49 59 59 Heartland Dental 11 37 — — — 11 37 48 10 Norms 23 24 — — — 23 24 47 19 Vacant 14 30 — — — 14 30 44 23 Express Oil Change 6 37 — — — 6 37 43 40 Pizza Hut 12 28 — — — 12 28 40 3 Flying J Travel Plaza 6 32 — — — 6 32 38 6 America's Auto Auction 7 23 4 — — 7 27 34 4 Courthouse Athletic Club 5 28 — — — 5 28 33 2 Big Al's 3 28 — — — 3 28 31 21 Burger King 9 22 — — — 9 22 31 1 Fleet Farm 3 27 — — — 3 27 30 4 B&B Theatres 12 15 3 — — 12 18 30 19 Hardee's 4 24 — — — 4 24 28 16 Martin's 7 20 — — — 7 20 27 5 Regal Cinemas 5 21 — — — 5 21 26 19 Arby's 7 19 — — — 7 19 26 20 Popeye's Chicken & Biscuits 8 17 — — — 8 17 25 4 Creme de la Creme 7 18 — — — 7 18 25 32 Church's Chicken 5 18 — — — 5 18 23 5 Mister Car Wash 2 19 — — — 2 19 21 6 United Supermarkets 4 17 — — — 4 17 21 2 Mesa Fitness 3 17 — — — 3 17 20 1 CarMax 5 13 — — — 5 13 18 13 Taco Bell 4 15 — — — 4 15 19 28 Uncle Ed's Oil Shoppe 6 12 — — — 6 12 18 1 Dave & Buster's 3 11 — — — 3 11 14 5 Pike Nursery 8 6 — — — 8 6 14 2 Fusion Gyms 3 10 1 — — 3 11 14 2 HHI-Formtech 3 10 — — — 3 10 13 3 Golden Corral 4 8 — — — 4 8 12 5 Rite Aid 3 9 — — — 3 9 12 5 Fuddruckers 4 6 — — — 4 6 10 2 Sanford's Grub & Pub 1 10 — — — 1 10 11 1 Baptist Emergency Hospital 2 8 — — — 2 8 10 2 Eddie Merlot's 2 8 — — — 2 8 10 1 Cermak Fresh Market 2 7 — — — 2 7 9 12 Core & Main 4 5 — — — 4 5 9 Initial Cost to Costs Capitalized Gross Amount at which Carried Land Building & Improvements Impairment Cost Basis Adjustment (1) Land Building & Total (2) 5 Lerner and Rowe 1 8 — — — 1 8 9 1 Kohl's 2 6 — — — 2 6 8 1 Austin's Park n' Pizza — 8 — — — — 8 8 4 Meineke Car Care Center 3 6 — — — 3 6 9 1 Columbus Preparatory Academy 1 8 — — — 1 8 9 1 LA Fitness 1 7 — — — 1 7 8 1 Academy Sports + Outdoors 1 6 — — — 1 6 7 1 Marcus Theaters 2 5 1 — — 2 6 8 3 Oregano's Pizza Bistro 1 6 — — — 1 6 7 1 Columbus Arts & Tech Academy 1 6 — — — 1 6 7 2 Blue Rhino 3 4 — — — 3 4 7 3 Texas Roadhouse 3 6 — — — 3 6 9 3 Krispy Kreme 2 5 — — — 2 5 7 2 Diagnostic Health 1 6 — — — 1 6 7 9 Sonic Drive-In 3 4 — — — 3 4 7 5 Brookshire Brothers 1 5 — — — 1 5 6 2 Flying Star Cafe 1 5 — — — 1 5 6 3 Jack's Family Restaurant 2 4 — — — 2 4 6 2 Axels — 6 — — — — 6 6 3 Wendy's 1 5 — — — 1 5 6 1 Jack Stack Barbeque 1 5 — — — 1 5 6 7 Hughes Supply 2 4 — — — 2 4 6 1 Multi-Tenant 1 4 — — — 1 4 5 1 Adult & Pediatric Orthopedics 1 4 — — — 1 4 5 2 Bricktown Brewery 1 4 — — — 1 4 5 2 Walgreens — 5 — — — — 5 5 2 10 Box 2 3 — — — 2 3 5 1 Mak Pack 1 4 — — — 1 4 5 1 ConForm Automotive 2 3 — — — 2 3 5 2 HD Supply White Cap 2 3 — — — 2 3 5 1 Planet Fitness 1 4 — — — 1 4 5 1 RGB Eye Associates 1 4 — — — 1 4 5 2 Gerber Collision & Glass 1 4 — — — 1 4 5 1 Discount Tire 1 4 — — — 1 4 5 2 Famous Dave's 1 3 — — — 1 3 4 1 Metaldyne BSM — 4 — — — — 4 4 3 Focus Child Development Center 1 3 — — — 1 3 4 1 Ashley Furniture 1 3 — — — 1 3 4 1 Boozman-Hof 2 2 — — — 2 2 4 1 Sportsman's Warehouse 1 3 — — — 1 3 4 1 Eriks Bike Shop 1 3 — — — 1 3 4 1 Max & Erma's 1 3 — — — 1 3 4 1 Joe's Crab Shack 1 3 — — — 1 3 4 1 Applebee's 1 2 — — — 1 2 3 1 Rainbow Kids Clinic 1 3 — — — 1 3 4 1 Tractor Supply — 3 — — — — 3 3 1 Spoons Place 1 2 — — — 1 2 3 1 Nacarato Trucks — 2 — — — — 2 2 1 Southwest Stainless, LP — 3 — — — — 3 3 1 Heytex USA — 2 — — — — 2 2 2 Anixter 1 2 — — — 1 2 3 1 What the Buck — 3 — — — — 3 3 1 Kerry's Car Care 1 2 — — — 1 2 3 2 Hooters 1 1 — — — 1 1 2 1 Mind 24-7 1 3 — (3) — 1 — 1 1 Ojos Locos Sports Cantina 1 2 — — — 1 2 3 1 Black Angus Steakhouse 1 2 — — — 1 2 3 1 Bridgestone Tire 1 1 — — — 1 1 2 Initial Cost to Costs Capitalized Gross Amount at which Carried Land Building & Improvements Impairment Cost Basis Adjustment (1) Land Building & Total (2) 1 Buffalo Wild Wings 1 2 — — — 1 2 3 2 Taco Bueno 1 1 — — — 1 1 2 1 Slim Chickens 1 2 — — — 1 2 3 2 Monterey's Tex Mex 1 2 — — — 1 2 3 3 Rally's 1 1 — — — 1 1 2 1 Red Robin Gourmet Burgers 1 1 — — — 1 1 2 1 Primanti Bros. 1 1 — — — 1 1 2 1 Orscheln Farm and Home 1 1 — — — 1 1 2 1 Cycle Gear 1 1 — — — 1 1 2 2 Dollar General — 2 — — — — 2 2 2 Affordable Care, Inc. 1 1 — — — 1 1 2 1 Chicken Salad Chick — 1 — — — — 1 1 1 Wings, Etc — 1 — — — — 1 1 1 SRS Distribution — 1 — — — — 1 1 1 Bru Burger Bar — 1 — — — — 1 1 1 ERA Capital — 1 — — — — 1 1 1 Old Mexico Cantina — 1 — — — — 1 1 1 KFC — 1 — — — — 1 1 1 The Atlanta Center for Foot & Ankle Surgery — 1 — — — — 1 1 1 O'Reilly Auto Parts — 1 — — — — 1 1 1 Long John Silver's 1 1 — — — 1 1 2 1 Touchstone Imaging — 1 — — — — 1 1 1 Dunkin Donuts — — — — — — — — 1 Howlin Concrete 1 — — — — 1 — 1 1 El Forastero — 1 — — — — 1 1 1 Bechheit — 1 — — — — 1 1 1 Little Caesars — 1 — — — — 1 1 1 NAPA Auto Parts — 1 — — — — 1 1 1 Robata — 1 — — — — 1 1 1 Off the Hook Seafood & More — — — — — — — — 1 Consolidated Pipe — — — — — — — — 1 Bigham Cable — — — — — — — — 1 Sharks Fish & Chicken — — — — — — — — 1 Kings Wings N Things — — — — — — — — 1 Family Dollar Stores — — — — — — — — 1 Del Taco — — — — — — — — 1 Scooters Coffee — — — — — — — — Other 2 8 2 — — 2 10 12 981 $ 1,892 $ 5,928 $ 2,240 $ (123) $ (764) $ 1,903 $ 7,271 $ 9,174 Assets Held for Sale 18 Hotels $ 25 $ 123 $ 75 $ (58) $ (43) $ 19 $ 97 $ 116 4 Net Lease Service Retail 1 3 — (2) — 1 1 1,003 Total $ 1,918 $ 6,054 $ 2,315 $ (183) $ (807) $ 1,922 $ 7,369 $ 9,291 (1) Represents reclassifications between accumulated depreciation and building & improvements made to record certain properties at fair value in accordance with GAAP. (2) Excludes $386 of personal property classified in our consolidated balance sheets as furniture, fixtures and equipment. SERVICE PROPERTIES TRUST SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2022 (dollars in millions) Accumulated Depreciation (1) Date of Date Life on which Hotel Properties 17 Royal Sonesta $ (383) 1913 through 1987 2005 through 2017 10 - 40 Years 22 Sonesta (278) 1924 through 1999 2005 through 2018 10 - 40 Years 60 Sonesta ES Suites (405) 1984 through 2000 1996 through 2017 10 - 40 Years 44 Sonesta Select (326) 1987 through 2000 1995 through 2003 10 - 40 Years 51 Simply Suites (209) 1996 through 2000 1997 through 2003 10 - 40 Years 17 Hyatt Place (92) 1992 through 2000 1997 through 2002 10 - 40 Years 5 Radisson Hotel (74) 1987 through 1990 1996 through 2018 10 - 40 Years 1 Crowne Plaza (15) 1971 through 1988 2006 and 2017 10 - 40 Years 3 Country Inn and Suites (21) 1987 through 1997 1996 and 2005 10 - 40 Years 133 Travel Centers of America (524) 1962 through 2017 2007 through 2017 10 - 40 Years 44 Petro Stopping Centers (238) 1975 through 2017 2007 through 2017 10 - 40 Years 40 Pizza Hut (9) 1972 through 2006 2019 10 - 40 Years 5 Buehler's Fresh Foods (8) 1980 through 2000 2019 10 - 40 Years 14 The Great Escape (8) 1986 through 2007 2019 10 - 40 Years 9 AMC Theatres (7) 1994 through 2008 2019 10 - 40 Years 3 Life Time Fitness (7) 1987 through 2012 2019 10 - 40 Years 19 Vacant (7) 1970 through 2008 2019 10 - 40 Years 21 Burger King (5) 1997 through 2004 2019 10 - 40 Years 19 Arby's (5) 1967 through 2005 2019 10 - 40 Years 19 Hardee's (5) 1969 through 1997 2019 10 - 40 Years 59 Heartland Dental (5) 1920 through 2005 2019 10 - 40 Years 23 Express Oil Change (5) 1965 through 2001 2019 10 - 40 Years 4 Courthouse Athletic Club (4) 1980 through 2001 2019 10 - 40 Years 20 Popeye's Chicken & Biscuits (4) 1968 through 2003 2019 10 - 40 Years 6 America's Auto Auction (4) 1960 through 2005 2019 10 - 40 Years 10 Norms (4) 1957 through 2014 2019 10 - 40 Years 6 United Supermarkets (3) 1979 through 1997 2019 10 - 40 Years 3 Flying J Travel Plaza (3) 2001 2019 10 - 40 Years 16 Martin's (3) 1962 through 2003 2019 10 - 40 Years 2 HHI-Formtech (3) 1952 2019 10 - 40 Years 32 Church's Chicken (3) 1968 through 1983 2019 10 - 40 Years 28 Uncle Ed's Oil Shoppe (3) 1959 through 1999 2019 10 - 40 Years 1 Fleet Farm (3) 1979 2019 10 - 40 Years 4 B&B Theatres (3) 1998 through 2004 2019 10 - 40 Years 5 Regal Cinemas (3) 2005 through 2010 2019 10 - 40 Years 13 Taco Bell (2) 1982 through 2019 2019 10 - 40 Years 2 Big Al's (2) 2006 through 2010 2019 10 - 40 Years 1 Cermak Fresh Market (2) 1989 2019 10 - 40 Years 2 Mesa Fitness (2) 1983 through 2007 2019 10 - 40 Years 5 Mister Car Wash (2) 1960 through 2005 2019 10 - 40 Years Accumulated Depreciation (1) Date of Date Life on which 3 Golden Corral (2) 1989 through 2000 2019 10 - 40 Years 5 Rite Aid (2) 1991 through 2000 2019 10 - 40 Years 4 Creme de la Creme (2) 1999 through 2009 2019 10 - 40 Years 5 Fuddruckers (2) 1994 through 1995 2019 10 - 40 Years 1 CarMax (2) 2005 2019 10 - 40 Years 2 Axels (2) 1953 through 1995 2019 10 - 40 Years 2 Fusion Gyms (1) 1987 through 1994 2019 10 - 40 Years 2 Sanford's Grub & Pub (1) 1928 through 2003 2019 10 - 40 Years 1 Metaldyne BSM (1) 1960 2019 10 - 40 Years 2 Bricktown Brewery (1) 1904 through 1984 2019 10 - 40 Years 3 Oregano's Pizza Bistro (1) 1964 through 2006 2019 10 - 40 Years 2 Eddie Merlot's (1) 1997 through 2003 2019 10 - 40 Years 1 Marcus Theaters (1) 1999 2019 10 - 40 Years 5 Brookshire Brothers (1) 1990 through 1999 2019 10 - 40 Years 1 Austin's Park n' Pizza (1) 2003 2019 10 - 40 Years 1 ConForm Automotive (1) 1987 2019 10 - 40 Years 1 Sportsman's Warehouse (1) 1983 2019 10 - 40 Years 12 Core & Main (1) 1972 through 1998 2019 10 - 40 Years 1 Kohl's (1) 1986 2019 10 - 40 Years 5 Pike Nursery (1) 1970 through 1996 2019 10 - 40 Years 9 Sonic Drive-In (1) 1987 through 2010 2019 10 - 40 Years 1 Dave & Buster's (1) 1992 2019 10 - 40 Years 4 Meineke Car Care Center (1) 1999 through 2000 2019 10 - 40 Years 3 Wendy's (1) 1984 through 1996 2019 10 - 40 Years 2 Walgreens (1) 1993 through 1999 2019 10 - 40 Years 7 Hughes Supply (1) 1976 through 1993 2019 10 - 40 Years 2 10 Box (1) 1994 2019 10 - 40 Years 5 Lerner and Rowe (1) 1970 through 2007 2019 10 - 40 Years 1 Heytex USA (1) 1967 2019 10 - 40 Years 3 Krispy Kreme (1) 2000 through 2004 2019 10 - 40 Years 1 Joe's Crab Shack (1) 1997 2019 10 - 40 Years 1 Jack Stack Barbeque (1) 1983 2019 10 - 40 Years 1 Adult & Pediatric Orthopedics (1) 1991 2019 10 - 40 Years 1 Columbus Preparatory Academy (1) 2004 2019 10 - 40 Years 2 Diagnostic Health (1) 1985 through 1997 2019 10 - 40 Years 2 Flying Star Cafe (1) 1994 through 1999 2019 10 - 40 Years 1 Baptist Emergency Hospital (1) 2013 2019 10 - 40 Years 1 Columbus Arts & Tech Academy (1) 1980 2019 10 - 40 Years 1 What the Buck (1) 1958 2019 10 - 40 Years 1 Eriks Bike Shop (1) 1996 2019 10 - 40 Years 1 LA Fitness (1) 2012 2019 10 - 40 Years 1 Max & Erma's (1) 1990 through 2007 2019 10 - 40 Years 2 Gerber Collision & Glass (1) 2001 through 2002 2019 10 - 40 Years 1 Ojos Locos Sports Cantina (1) 1993 2019 10 - 40 Years 1 Academy Sports + Outdoors (1) 2016 2019 10 - 40 Years 3 Jack's Family Restaurant (1) 2008 through 2016 2019 10 - 40 Years Accumulated Depreciation (1) Date of Date Life on which 3 Texas Roadhouse (1) 1992 through 2003 2019 10 - 40 Years 1 Nacarato Trucks (1) 1985 2019 10 - 40 Years 2 HD Supply White Cap (1) 1990 through 2001 2019 10 - 40 Years 1 Planet Fitness (1) 2007 2019 10 - 40 Years 2 Taco Bueno (1) 1991 through 2003 2019 10 - 40 Years 1 Mak Pack (1) 2007 2019 10 - 40 Years 2 Blue Rhino — 2004 2019 10 - 40 Years 2 Famous Dave's — 1997 through 1999 2019 10 - 40 Years 1 Discount Tire — 2009 2019 10 - 40 Years 2 Hooters — 1997 through 1994 2019 10 - 40 Years 2 Monterey's Tex Mex — 1979 through 1997 2019 10 - 40 Years 1 Multi-Tenant — 2001 2019 10 - 40 Years 1 Cycle Gear — 1996 2019 10 - 40 Years 1 Southwest Stainless, LP — 1984 2019 10 - 40 Years 2 Anixter — 1984 through 1999 2019 10 - 40 Years 1 Applebee's — 1996 2019 10 - 40 Years 1 RGB Eye Associates — 2013 2019 10 - 40 Years 1 Ashley Furniture — 2000 2019 10 - 40 Years 1 Red Robin Gourmet Burgers — 1995 2019 10 - 40 Years 1 Boozman-Hof — 1988 2019 10 - 40 Years 3 Rally's — 1990 through 1992 2019 10 - 40 Years 1 Tractor Supply — 2007 2019 10 - 40 Years 1 SRS Distribution — 1975 2019 10 - 40 Years 1 Rainbow Kids Clinic — 2011 2019 10 - 40 Years 3 Focus Child Development Center — 1965 through 1998 2019 10 - 40 Years 1 Bridgestone Tire — 1998 2019 10 - 40 Years 1 Spoons Place — 1996 2019 10 - 40 Years 1 El Forastero — 1992 2019 10 - 40 Years 1 Bru Burger Bar — 1996 2019 10 - 40 Years 1 Chicken Salad Chick — 1976 2019 10 - 40 Years 1 Long John Silver's — 1987 2019 10 - 40 Years 1 Buffalo Wild Wings — 2014 2019 10 - 40 Years 1 KFC — 2002 2019 10 - 40 Years 1 Slim Chickens — 2014 2019 10 - 40 Years 1 Black Angus Steakhouse — 1996 2019 10 - 40 Years 1 Dunkin Donuts — 1977 2019 10 - 40 Years 1 Kerry's Car Care — 2015 2019 10 - 40 Years 1 Orscheln Farm and Home — 1997 2019 10 - 40 Years 1 Sharks Fish & Chicken — 1985 2019 10 - 40 Years 1 ERA Capital — 1999 2019 10 - 40 Years 1 O'Reilly Auto Parts — 2006 2019 10 - 40 Years 1 Old Mexico Cantina — 2007 2019 10 - 40 Years 2 Dollar General — 2012 through 2015 2019 10 - 40 Years 1 Wings, Etc — 2014 2019 10 - 40 Years 1 Touchstone Imaging — 1992 2019 10 - 40 Years 1 Primanti Bros. — 2014 2019 10 - 40 Years Accumulated Depreciation (1) Date of Date Life on which 1 Howlin Concrete — 1930 2019 10 - 40 Years 1 Little Caesars — 1996 2019 10 - 40 Years 1 Bigham Cable — 1989 2019 10 - 40 Years 1 Consolidated Pipe — 1987 2019 10 - 40 Years 1 The Atlanta Center for Foot & Ankle Surgery — 1963 2019 10 - 40 Years 2 Affordable Care, Inc. — 2008 through 2010 2019 10 - 40 Years 1 NAPA Auto Parts — 2001 2019 10 - 40 Years 1 Bechheit — 1986 2019 10 - 40 Years 1 Kings Wings N Things — 1977 2019 10 - 40 Years 1 Robata — 1980 2019 10 - 40 Years 1 Off the Hook Seafood & More — 2007 2019 10 - 40 Years 1 Family Dollar Stores — 1988 2019 10 - 40 Years 1 Mind 24-7 — 2008 2019 10 - 40 Years 1 Scooters Coffee — 1972 2019 10 - 40 Years 1 Del Taco — 1992 2019 10 - 40 Years Other (3) $ (2,750) (1) Excludes accumulated depreciation of $220 related to personal property classified in our consolidated balance sheets as furniture, fixtures and equipment. SERVICE PROPERTIES TRUST NOTES TO SCHEDULE III December 31, 2022 (dollars in thousands) (A) The change in total cost of properties for the period from January 1, 2020 to December 31, 2022 is as follows: 2022 2021 2020 Balance at beginning of year $ 9,790,010 $ 10,630,560 $ 10,716,233 Additions: acquisitions and capital expenditures 106,588 86,016 99,141 Dispositions (624,057) (330,091) (145,836) Reclassification of properties held for sale (98,090) (596,475) (38,978) Balance at close of year $ 9,174,451 $ 9,790,010 $ 10,630,560 (B) The change in accumulated depreciation for the period from January 1, 2020 to December 31, 2022 is as follows: 2022 2021 2020 Balance at beginning of year $ 3,069,348 $ 3,047,016 $ 2,851,121 Additions: depreciation expense 309,606 298,597 364,636 Dispositions (618,132) (153,699) (143,814) Reclassification of properties held for sale (10,960) (122,566) (24,927) Balance at close of year $ 2,749,862 $ 3,069,348 $ 3,047,016 (C) The aggregate cost tax basis for federal income tax purposes of our real estate properties was $6,965,454 on December 31, 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. These consolidated financial statements include our accounts and the accounts of our subsidiaries, all of which are 100% owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. We have determined that each of our wholly owned taxable REIT subsidiaries, or TRSs, is a variable interest entity, or VIE, as defined under the Consolidation Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification ™ , or the Codification. We have concluded that we must consolidate each of our wholly owned TRSs because we are the entity with the power to direct the activities that most significantly impact such VIEs’ performance and we have the obligation to absorb losses or the right to receive benefits from each VIE that could be significant to the VIE and are, therefore, the primary beneficiary of each VIE. The assets of our TRSs were $142,542 and $113,705 as of December 31, 2022 and 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 $82,454 and $42,432 as of December 31, 2022 and 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.
Real Estate Properties	Real Estate Properties. We record real estate properties at cost less impairments, if any. We record the cost of real estate acquired at the relative fair value of building, land, furniture, fixtures and equipment, and, if applicable, acquired in place leases, above or below market leases and customer relationships. We determine the fair value of each property using methods similar to those used by independent appraisers, which may involve estimated cash flows that are based on a number of factors, including capitalization rates and discount rates, among others. For transactions that qualify as business combinations, we allocate the excess, if any, of the consideration over the fair value of the assets acquired to goodwill. We depreciate real estate properties on a straight line basis over estimated useful lives of up to 40 years for buildings and improvements and up to 12 years for personal property and we amortize finite lived intangible assets over the shorter of their useful lives or the term of the associated lease. In some circumstances, we engage independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determination of useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives.
Intangible Assets and Liabilities	Intangible Assets and Liabilities. Intangible assets consist primarily of trademarks and tradenames, acquired above market operating leases where we are the lessor and below market ground leases for which we are the tenant or lessee. Intangible liabilities consist of acquired below market operating leases where we are the lessor and acquired above market ground leases for which we are the tenant or lessee. We include intangible assets in acquired real estate leases and other intangibles, net and intangible liabilities in accounts payable and other liabilities in our consolidated balance sheets. At December 31, 2022 and 2021, our intangible assets and liabilities were as follows: As of December 31, 2022 2021 Assets: Tradenames and trademarks $ 89,375 $ 89,375 Above market operating leases, net of accumulated amortization of $82,515 and $64,471, respectively 155,320 184,943 Below market ground leases, net of accumulated amortization of $18,542 and $17,367, respectively 6,564 7,746 Other, net of accumulated amortization of $460 and $382, respectively 1,098 1,177 $ 252,357 $ 283,241 Liabilities: Below market operating leases, net of accumulated amortization of $597 and $473, respectively $ 933 $ 1,147 Above market ground leases, net of accumulated amortization of $296 and $317, respectively 25 46 $ 958 $ 1,193 We amortize above and below market leases on a straight line basis over the term of the associated lease (9.5 and 7.3 years on a weighted average basis for intangible liabilities and assets, respectively). For the years ended December 31, 2022, 2021 and 2020, amortization relating to intangible assets was $30,775, $41,648 and $52,264, respectively, and amortization relating to intangible liabilities was $235, $433 and $2,403 for the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, the weighted average amortization period for capitalized above market leases and below market lease values were 7.1 and 9.5, respectively. As of December 31, 2022, we estimate future amortization relating to intangible assets and liabilities as follows: Above Market Operating Leases Below Market Ground Leases & Other Below Market Operating Leases Above Market Ground Leases & Other 2023 $ 26,422 $ 1,168 $ (192) $ 60 2024 23,710 949 (185) 71 2025 20,092 795 (128) 78 2026 14,925 794 (121) 78 2027 12,532 792 (89) 78 Thereafter 57,639 2,066 (218) 708 $ 155,320 $ 6,564 $ (933) $ 1,073 We do not amortize our indefinite lived trademarks and tradenames, but we review the assets at least annually for impairment and reassess their classification as indefinite lived assets. In addition, we regularly evaluate whether events or changes in circumstances have occurred that could indicate impairment in value. We determine the amount of an impairment loss, if any, by comparing the carrying value of the intangible asset to its estimated fair value.
Cash and Cash Equivalents	Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at date of purchase to be cash equivalents.
Restricted Cash	Restricted Cash. Restricted cash consists of amounts escrowed pursuant to the terms of our hotel management agreements to fund capital improvements at our hotels and proceeds from the sale of certain of our assets to be used for general business purposes pursuant to our credit agreement.
Debt Issuance Costs	Debt Issuance Costs. Debt issuance costs consist of capitalized issuance costs related to borrowings, which are amortized to interest expense over the terms of the respective debt. Debt issuance costs, net of accumulated amortization, for our revolving credit facility are included in other assets, net in our consolidated balance sheets. As of December 31, 2022 and 2021, debt issuance costs for our revolving credit facility were $6,214 and $14,879, respectively, and accumulated amortization of debt issuance costs for our revolving credit facility were $3,925 and $8,796, respectively. Debt issuance costs, net of accumulated amortization, for our unsecured senior notes, and our historical term loan, are presented as a direct deduction from the associated debt liability in our consolidated balance sheets.
Equity Method Investments	Equity Method Investments. We account for our 34.0% non-controlling interest in Sonesta under the equity method of accounting. Sonesta is a private company and Adam D. Portnoy, one of our Managing Trustees who also serves as one of Sonesta’s directors, is the controlling shareholder. One of Sonesta’s other directors is our other Managing Trustee, and Sonesta’s other director serves as The RMR Group LLC, or RMR’s, and The RMR Group Inc., or RMR Inc.’s, executive vice president, general counsel and secretary and as our Secretary. Certain of Sonesta’s officers are officers of RMR. Certain other officers and employees of Sonesta are former employees of RMR. RMR also provides certain services to Sonesta.
Equity Securities	Equity Securities. We record our equity securities at fair value based on their quoted market price at the end of each reporting period. Changes in the fair value of our equity securities are recorded through earnings in accordance with FASB Accounting Standards Update, or ASU, No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities
Revenue Recognition	Revenue Recognition. We report hotel operating revenues for managed hotels in our consolidated statements of comprehensive income (loss). We generally recognize hotel operating revenues, consisting primarily of room and food and beverage sales, when goods and services are provided. We report rental income for leased properties in our consolidated statements of comprehensive income (loss). We recognize rental income from operating leases on a straight line basis over the term of the lease agreements. We reduced rental income by $7,767, $2,621 and $714 during the years ended December 31, 2022, 2021 and 2020, respectively, to record scheduled rent changes under certain of our leases, the deferred rent obligations payable to us under our leases with TA and the estimated future payments to us under our TA leases for the cost of removing underground storage tanks at our travel centers on a straight line basis. See Notes 4, 5 and 10 for further information regarding our TA leases. Due from related persons includes $7,522 and $20,655 and other assets, net, includes $32,247 and $26,881 of straight line rent receivables at December 31, 2022 and 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 earned percentage rental income of $10,578, $7,085 and $3,277 during the years ended December 31, 2022, 2021 and 2020, respectively. We own all the FF&E reserve escrows for our hotels. We report deposits by our third party tenants into the escrow accounts as FF&E reserve income. We do not report the amounts which are escrowed as reserves established for the regular refurbishment of our hotels, or FF&E reserves, for our managed hotels as FF&E reserve income.
Per Common Share Amounts	Per Common Share Amounts. We calculate basic earnings per common share by dividing allocable net income available for common shareholders by the weighted average number of common shares outstanding during the period. We calculate diluted earnings per share using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares and the related impact on earnings are considered when calculating diluted earnings per share.
Use of Estimates	Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in our consolidated financial statements include the allowance for doubtful accounts, purchase price allocations, useful lives of real estate and impairment of long lived assets.
Segment Information	Segment Information. As of December 31, 2022, we had two reportable segments: hotel investments and net lease investments.
Income Taxes	Income Taxes. We have elected to be taxed as a REIT under the United States Internal Revenue Code of 1986, as amended, and, as such, are generally not subject to federal and most state income taxation on our operating income provided we distribute our taxable income to our shareholders and meet certain organization and operating requirements. We are subject to income tax in Canada, Puerto Rico and certain states despite our qualification for taxation as a REIT. Further, we lease our managed hotels to our wholly owned TRSs that, unlike most of our subsidiaries, file a separate consolidated tax return and are subject to federal, state and foreign income taxes. Our consolidated income tax provision (or benefit) includes the income tax provision (or benefit) related to the operations of our TRSs and certain state and foreign income taxes incurred by us despite our qualification for taxation as a REIT. The Income Taxes Topic of the Codification prescribes how we should recognize, measure and present in our consolidated financial statements uncertain tax positions that have been taken or are expected to be taken in a tax return. Tax benefits are recognized to the extent that it is “more likely than not” that a particular tax position will be sustained upon examination or audit. To the extent the “more likely than not” standard has been satisfied, the benefit associated with a tax position is measured as the largest amount that has a greater than 50% likelihood of being realized upon settlement. Our tax returns filed for the 2019 through 2022 tax years are subject to examination by taxing authorities. We classify interest and penalties related to uncertain tax positions, if any, in our consolidated statements of comprehensive income (loss) as a component of general and administrative expense.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of intangible assets and liabilities	At December 31, 2022 and 2021, our intangible assets and liabilities were as follows: As of December 31, 2022 2021 Assets: Tradenames and trademarks $ 89,375 $ 89,375 Above market operating leases, net of accumulated amortization of $82,515 and $64,471, respectively 155,320 184,943 Below market ground leases, net of accumulated amortization of $18,542 and $17,367, respectively 6,564 7,746 Other, net of accumulated amortization of $460 and $382, respectively 1,098 1,177 $ 252,357 $ 283,241 Liabilities: Below market operating leases, net of accumulated amortization of $597 and $473, respectively $ 933 $ 1,147 Above market ground leases, net of accumulated amortization of $296 and $317, respectively 25 46 $ 958 $ 1,193
Schedule of projected future amortization expense relating to intangible assets and liabilities	As of December 31, 2022, we estimate future amortization relating to intangible assets and liabilities as follows: Above Market Operating Leases Below Market Ground Leases & Other Below Market Operating Leases Above Market Ground Leases & Other 2023 $ 26,422 $ 1,168 $ (192) $ 60 2024 23,710 949 (185) 71 2025 20,092 795 (128) 78 2026 14,925 794 (121) 78 2027 12,532 792 (89) 78 Thereafter 57,639 2,066 (218) 708 $ 155,320 $ 6,564 $ (933) $ 1,073
Schedule of future amortization of debt issuance costs to be recognized	Future amortization of debt issuance costs to be recognized with respect to our revolving credit facility and unsecured senior notes as of December 31, 2022, are as follows: Future Amortization of Debt Issuance Costs 2023 $ 9,635 2024 6,829 2025 4,953 2026 2,843 2027 1,996 Thereafter 1,578 $ 27,834

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of reconciliation weighted average common shares to calculate basic and diluted earnings per share	The following table provides a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per share: For the Year Ended December 31, 2022 2021 2020 (in thousands) Weighted average common shares for basic earnings per share 164,738 164,566 164,222 Effect of dilutive securities: Unvested share awards — — — Weighted average common shares for diluted earnings per share 164,738 164,566 164,222

Real Estate Properties (Tables)

Real Estate Properties (Tables)	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Schedule of allocation of purchase prices by location	Our allocation of the purchase price of each of our acquisitions based on the estimated fair value of the acquired assets and assumed liabilities is presented in the table below. We accounted for these transactions as acquisitions of assets. Acquisition Date Location Property Type Rooms or Square Feet Purchase Price (1) Land Land Improvements Building and Improvements Furniture, Fixtures and Equipment Held For Sale Intangible Assets Properties acquired during the year ended December 31, 2022 9/12/2022 Stoughton, MA Land — $ 2,766 $ 2,766 $ — $ — $ — $ — $ — Properties acquired during the year ended December 31, 2021 3/9/2021 Nashville, TN Land — $ 7,709 $ 7,709 $ — $ — $ — $ — $ — Properties acquired during the year ended December 31, 2020 3/12/2020 Two states Net Lease 6,696 $ 7,071 $ 880 $ — $ 5,363 $ — $ — $ 828 (1) Includes acquisition related costs.
Schedule of sale of properties	During the years ended December 31, 2022, 2021 and 2020 we sold 86, 18 and 39 properties, respectively, for an aggregate sales price of $559,848, $52,332 and $174,172, respectively, excluding closing costs, as presented in the table below. The sales of these properties in the table below do not represent significant dispositions individually or in the aggregate nor do they represent a strategic shift. As a result, the results of the operations of these properties are included in continuing operations through the date of sale in our consolidated statements of comprehensive income (loss). Year of Sale Property Type Number of Properties Rooms or Suites/Square Feet Gross Sales Price Gain/(Loss) on Sale Properties sold during the year ended December 31, 2022 2022 Hotels 65 8,296 $ 543,413 $ 48,202 2022 Net Lease 21 138,638 16,435 (384) 86 8,296 / 138,638 $ 559,848 $ 47,818 Properties sold during the year ended December 31, 2021 2021 Hotels 7 669 $ 40,552 $ 9,590 2021 Net Lease 11 97,276 11,780 1,932 18 669 / 97,276 $ 52,332 $ 11,522 Properties sold during the year ended December 31, 2020 2020 Hotels 18 2,046 $ 85,787 $ 17,550 2020 Net Lease 21 1,375,483 88,385 (15,289) 39 2,046 / 1,375,483 $ 174,172 $ 2,261

Management Agreements and Lea_2

Management Agreements and Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Schedule of minimum rents to be received	The number of travel centers, the terms, the annual minimum rent and the deferred rent balances owed to us by TA under our TA leases as of December 31, 2022, were as follows: Number of Travel Centers Initial Term End (1) Annual Minimum Rent Deferred Rent (2) TA No. 1 Lease 36 December 31, 2032 $ 49,707 $ 1,165 TA No. 2 Lease 36 December 31, 2031 44,077 1,082 TA No. 3 Lease 34 December 31, 2029 42,409 1,067 TA No. 4 Lease 37 December 31, 2033 48,263 1,090 TA No. 5 Lease 34 June 30, 2035 61,654 — 177 $ 246,110 $ 4,404 (1) TA has two renewal options of 15 years each under each of our TA leases. (2) Commencing April 1, 2019, TA was required to pay us $70,458 in 16 quarterly installments of $4,404 for deferred rent TA owes us. Represents the balance as of December 31, 2022. We received the remaining balance of deferred rent due to us from TA in January 2023. 2023 $ 371,090 2024 363,449 2025 354,941 2026 343,134 2027 333,397 Thereafter 1,849,439 Total $ 3,615,450
Schedule of minimum rent payments	As of December 31, 2022, our operating leases provide for contractual minimum rent payments to third parties during the remaining lease terms, as follows: 2023 $ 15,278 2024 15,556 2025 15,622 2026 15,740 2027 15,628 Thereafter 247,213 Total lease payments 325,037 Less: imputed interest (147,773) Present value of lease liabilities (1) $ 177,264 (1) The weighted average discount rate used to calculate the lease liability and the weighted average remaining term for our ground leases (assuming all extension options) and our hotel operating leases are approximately 5.30% and 21 (range of 15 months to 65 years) and 5.70% and 32 years (range of 1 month to 51 years), respectively.

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Required principal payments during the next five years and thereafter	The required principal payments due during the next five years and thereafter under all our outstanding debt at December 31, 2022 were as follows: 2023 $ 500,000 2024 1,175,000 2025 1,150,000 2026 800,000 2027 850,000 Thereafter 1,225,000 $ 5,700,000
Schedule of principal balance and annual interest rates	The terms of the notes are summarized as follows: Note Class Amount Coupon Rate Term (in years) Maturity Class A $ 305,000 5.15% 5 February 2028 Class B 173,000 5.55% 5 February 2028 Class C 132,200 6.70% 5 February 2028 Total / weighted average $ 610,200 5.60%

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Summary of Shares Issued	During the years ended December 31, 2022, 2021 and 2020, we awarded shares to our Trustees, officers and other employees of RMR as follows: Year Number of Shares Weighted Average Grant Date Fair Value Weighted Average Value of Grants 2022 433,500 $ 6.63 $ 2,874 2021 340,700 $ 11.26 $ 3,839 2020 305,400 $ 8.91 $ 2,722
Summary of shares granted, vested, forfeited and unvested	A summary of shares awarded, vested, forfeited and unvested under the terms of the Share Award Plan for the years ended December 31, 2022, 2021 and 2020 is as follows: 2022 2021 2020 Number Weighted Number Weighted Number Weighted Unvested shares, beginning of year 425,030 $ 11.93 325,900 $ 14.71 194,540 $ 26.59 Shares awarded 433,500 $ 6.63 340,700 $ 11.26 305,400 $ 8.91 Shares vested (266,300) $ 10.20 (240,470) $ 14.78 (173,190) $ 17.76 Shares forfeited (3,400) $ 12.08 (1,100) $ 12.96 (850) $ 26.93 Unvested shares, end of year 588,830 $ 8.81 425,030 $ 11.93 325,900 $ 14.71
Schedule of stock repurchases	During the years ended December 31, 2022, 2021 and 2020, we repurchased our common shares from certain of our officers and certain current or former employees of RMR, in satisfaction of tax withholding and payment obligations in connection with the vesting of our common shares as follows: Year Aggregate Number Weighted Average Value 2022 69,867 $6.72 $470 2021 71,100 $11.11 $790 2020 43,751 $7.90 $346
Schedule of distributions paid	During the years ended December 31, 2022, 2021 and 2020, we paid distributions on our common shares as follows: Annual Per Share Distribution Total Distribution Characterization of Distribution Year Ordinary Income Capital Gain Return of Capital Qualified Dividend 2022 $0.23 $38,044 —% — 100.00% —% 2021 $0.04 $6,596 —% — 100.00% —% 2020 $0.57 $93,804 —% — 100.00% —%
Schedule of amounts recognized in cumulative other comprehensive income (loss)	The following table presents changes in the amounts we recognized in cumulative other comprehensive income (loss) by component for the year ended December 31, 2022: Equity in Unrealized Gain (Loss) of Investees Total Balance at December 31, 2020 $ (760) $ (760) Other comprehensive loss 1,539 1,539 Balance at December 31, 2021 779 779 Other comprehensive income 1,604 1,604 Balance at December 31, 2022 $ 2,383 $ 2,383

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of components of provision for income taxes	Our provision (benefit) for income taxes consists of the following: For the Year Ended December 31, 2022 2021 2020 Current: Federal $ — $ — $ — State 385 680 3,361 Foreign 233 350 — 618 1,030 3,361 Deferred: Foreign (817) (1,971) 13,850 (817) (1,971) 13,850 $ (199) $ (941) $ 17,211
Schedule of reconciliation of effective tax rate and the U.S. Federal statutory income tax rate	A reconciliation of our effective tax rate and the current U.S. Federal statutory income tax rate is as follows: For the Year Ended December 31, 2022 2021 2020 Taxes at statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Nontaxable income of SVC (21.0) % (21.0) % (21.0) % State and local income taxes, net of federal tax benefit (0.3) % (0.1) % (1.1) % Foreign taxes 0.4 % 0.3 % (4.4) % Effective tax rate 0.1 % 0.2 % (5.5) %
Schedule of significant components of deferred tax assets and liabilities	Significant components of our deferred tax assets and liabilities are as follows: As of December 31, 2022 2021 Deferred tax assets: Tax loss carryforwards $ 109,650 $ 84,551 Other 7,134 4,844 116,784 89,395 Valuation allowance (116,784) (89,395) — — Deferred tax liabilities: Property basis difference (5,947) (6,263) Puerto Rico deferred tax gain (12,079) (12,581) Net deferred tax liabilities $ (18,026) $ (18,844)

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Schedule of segment information	For the Year Ended December 31, 2022 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 1,467,344 $ — $ — $ 1,467,344 Rental income — 395,667 — 395,667 Total revenues 1,467,344 395,667 — 1,863,011 Expenses: Hotel operating expenses 1,227,357 — — 1,227,357 Other operating expenses — 13,176 — 13,176 Depreciation and amortization 221,416 179,692 — 401,108 General and administrative — — 44,404 44,404 Transaction related costs — — 1,920 1,920 Loss on asset impairment 10,537 452 — 10,989 Total expenses 1,459,310 193,320 46,324 1,698,954 Gain on sale of real estate, net 48,202 (384) — 47,818 Unrealized (losses) on equity securities — — (8,104) (8,104) Interest income 24 29 3,326 3,379 Interest expense — — (341,795) (341,795) Loss on early extinguishment of debt — — (791) (791) Income (loss) before income taxes and equity in losses of an investee 56,260 201,992 (393,688) (135,436) Income tax benefit — — 199 199 Equity in earnings of an investee — — 2,856 2,856 Net income (loss) $ 56,260 $ 201,992 $ (390,633) $ (132,381) As of December 31, 2022 Hotels Net Lease Corporate Consolidated Total assets 3,882,701 3,376,295 229,195 7,488,191 For the Year Ended December 31, 2021 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 1,104,678 $ — $ — $ 1,104,678 Rental income 1,808 389,094 — 390,902 Total revenues 1,106,486 389,094 — 1,495,580 Expenses: Hotel operating expenses 1,010,737 — — 1,010,737 Other operating expenses — 15,658 — 15,658 Depreciation and amortization 266,641 219,324 — 485,965 General and administrative — — 53,439 53,439 Transaction related costs 64,764 — — 64,764 Loss on asset impairment 60,980 17,640 — 78,620 Total expenses 1,403,122 252,622 53,439 1,709,183 Gain on sale of real estate, net 9,558 1,964 — 11,522 Unrealized gains on equity securities, net — — 22,535 22,535 Interest income 1 — 663 664 Interest expense — — (365,721) (365,721) Income (loss) before income taxes and equity in earnings of an investee (287,077) 138,436 (395,962) (544,603) Income tax benefit — — 941 941 Equity in losses of an investee — — (941) (941) Net income (loss) $ (287,077) $ 138,436 $ (395,962) $ (544,603) As of December 31, 2021 Hotels Net Lease Corporate Consolidated Total assets $ 4,487,101 $ 3,580,095 $ 1,086,119 $ 9,153,315 For the Year Ended December 31, 2020 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 875,098 $ — $ — $ 875,098 Rental income 2,472 387,684 — 390,156 Total revenues 877,570 387,684 — 1,265,254 Expenses: Hotel operating expenses 682,804 — — 682,804 Other operating expenses — 15,208 — 15,208 Depreciation and amortization 263,673 235,235 — 498,908 General and administrative — — 50,668 50,668 Transaction related costs 15,100 — — 15,100 Loss on asset impairment 17,131 38,625 — 55,756 Total expenses 978,708 289,068 50,668 1,318,444 Gain on sale of real estate, net 14,927 (12,666) — 2,261 Gain on insurance settlement 62,386 — — 62,386 Unrealized gains on equity securities — — 19,882 19,882 Interest income 6 — 278 284 Interest expense — — (306,490) (306,490) Loss on early extinguishment of debt — — (9,394) (9,394) Income (loss) before income taxes and equity in losses of an investee (23,819) 85,950 (346,392) (284,261) Income tax benefit — — (17,211) (17,211) Equity in losses of an investee — — (9,910) (9,910) Net income (loss) $ (23,819) $ 85,950 $ (373,513) $ (311,382) As of December 31, 2020 Hotels Net Lease Corporate Consolidated Total assets $ 4,846,410 $ 3,721,418 $ 119,491 $ 8,687,319

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	12 Months Ended
	Dec. 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 December 31, 2022, categorized by the level of inputs, as defined in the fair values hierarchy under GAAP, used in the valuation of each asset. As of December 31, 2022 As of December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Investment in TA (Level 1) (1) $ 53,055 $ 53,055 $ 61,159 $ 61,159 Assets of properties held for sale (Level 3) (2) $ 111,592 $ 111,592 $ 515,518 $ 515,518 (1) As of both December 31, 2022 and 2021, we owned 1,184,797 shares of TA common stock, which are included in other assets in our consolidated balance sheets and reported at fair value based on quoted market prices (Level 1 inputs). See Note 6 for further information regarding our investment in TA common stock.
Schedule of fair value of additional financial instruments	At December 31, 2022 and 2021, the fair values of these additional financial instruments approximated their carrying values in our consolidated balance sheets due to their short term nature or floating interest rates, except as follows: December 31, 2022 December 31, 2021 Carrying Fair Carrying Fair Amount (1) Value Amount (1) Value Senior Unsecured Notes, due 2022 at 5.00% $ — $ — $ 499,244 $ 501,033 Senior Unsecured Notes, due 2023 at 4.50% 499,925 491,345 499,761 505,378 Senior Unsecured Notes, due 2024 at 4.65% 349,510 334,292 349,105 347,039 Senior Unsecured Notes, due 2024 at 4.35% 348,493 749,983 821,017 821,184 Senior Unsecured Notes, due 2025 at 4.50% 346,472 301,893 347,806 342,493 Senior Unsecured Notes, due 2025 at 7.50% 396,916 762,344 791,340 867,712 Senior Unsecured Notes, due 2026 at 5.25% 394,206 292,282 345,342 348,537 Senior Unsecured Notes, due 2026 at 4.75% 391,923 354,128 447,126 439,889 Senior Unsecured Notes, due 2027 at 4.95% 822,487 315,040 396,160 395,862 Senior Unsecured Notes, due 2027 at 5.50% 447,736 387,522 443,383 461,522 Senior Unsecured Notes, due 2028 at 3.95% 419,684 283,996 393,057 370,562 Senior Unsecured Notes, due 2029 at 4.95% 793,673 293,718 418,895 407,448 Senior Unsecured Notes, due 2030 at 4.375% 444,505 264,280 390,786 370,836 Total financial liabilities $ 5,655,530 $ 4,830,823 $ 6,143,022 $ 6,179,495 (1) Carrying value includes unamortized discounts and premiums and certain debt issuance costs.

Organization (Details)

Organization (Details)	Dec. 31, 2022 hotel property tenant retailProperty travelCenter	Jan. 01, 2022 hotel
Real Estate Properties [Line Items]
Number of properties | property	1,003
Net Lease Property
Real Estate Properties [Line Items]
Number of properties | retailProperty	1,003
Radisson Agreement | Hotel
Real Estate Properties [Line Items]
Number of properties	8
IHG Agreement | Hotel | Ravinia, GA
Real Estate Properties [Line Items]
Number of properties	1
Hotel
Real Estate Properties [Line Items]
Number of properties	238
Hotel | Hyatt Hotels Corporation Contract
Real Estate Properties [Line Items]
Number of properties	17
Net Lease Property
Real Estate Properties [Line Items]
Number of properties | property	765
Number of tenants | tenant	180
Sonesta International Hotels Corporation | Hotel
Real Estate Properties [Line Items]
Number of properties	196	261
Marriott International, Inc. | Marriott contracts | Hotel
Real Estate Properties [Line Items]
Number of properties	16
TravelCenters of America Inc. | Net Lease Property
Real Estate Properties [Line Items]
Number of properties | travelCenter	177

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Basis of Presentation and Real Estate Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Ownership interest in subsidiaries (as a percent)	100%
Total assets	$ 7,488,191	$ 9,153,315	$ 8,687,319
Liabilities	6,099,399	7,598,009
Loss on asset impairment	$ 10,989	78,620	$ 55,756
Buildings and Improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Personal Property | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	12 years
Consolidated
Property, Plant and Equipment [Line Items]
Total assets	$ 142,542	113,705
Liabilities	$ 82,454	$ 42,432

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets:
Acquired real estate leases and other intangibles, net	$ 252,357	$ 283,241
Intangible assets, net	252,357	283,241
Liabilities:
Intangible liabilities, net	$ 958	1,193
Amortization period of intangible liabilities	9 years 6 months
Amortization period of intangible assets	7 years 3 months 18 days
Amortization relating to intangible assets	$ 30,775	41,648	$ 52,264
Amortization relating to intangible liabilities	235	433	$ 2,403
Tradenames and trademarks
Assets:
Tradenames and trademarks	89,375	89,375
Above market operating leases, net of accumulated amortization of $82,515 and $64,471, respectively
Assets:
Acquired real estate leases and other intangibles, net	155,320	184,943
Intangible assets, accumulated amortization	82,515	64,471
Below market ground leases, net of accumulated amortization of $18,542 and $17,367, respectively
Assets:
Acquired real estate leases and other intangibles, net	6,564	7,746
Intangible assets, accumulated amortization	18,542	17,367
Other, net of accumulated amortization of $460 and $382, respectively
Assets:
Acquired real estate leases and other intangibles, net	1,098	1,177
Intangible assets, accumulated amortization	460	382
Below market operating leases, net of accumulated amortization of $597 and $473, respectively
Liabilities:
Intangible liabilities, net	933	1,147
Intangible liabilities, accumulated amortization	597	473
Above market ground leases, net of accumulated amortization of $296 and $317, respectively
Liabilities:
Intangible liabilities, net	25	46
Intangible liabilities, accumulated amortization	$ 296	$ 317
Above Market Leases
Liabilities:
Amortization period of above and below market leases	7 years 1 month 6 days
Below Market Leases
Liabilities:
Amortization period of above and below market leases	9 years 6 months

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Future Amortization of Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
Total future amortization, intangible assets	$ 252,357	$ 283,241
Total future amortization, intangible liabilities	(958)	(1,193)
Above Market Operating Leases
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
2023, intangible assets	26,422
2024, intangible assets	23,710
2025, intangible assets	20,092
2026, intangible assets	14,925
2027, intangible assets	12,532
Thereafter, intangible assets	57,639
Total future amortization, intangible assets	155,320	184,943
Below Market Ground Leases & Other
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
2023, intangible assets	1,168
2024, intangible assets	949
2025, intangible assets	795
2026, intangible assets	794
2027, intangible assets	792
Thereafter, intangible assets	2,066
Total future amortization, intangible assets	6,564
Below Market Operating Leases
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
2023, intangible liabilities	(192)
2024, intangible liabilities	(185)
2025, intangible liabilities	(128)
2026, intangible liabilities	(121)
2027, intangible liabilities	(89)
Thereafter, intangible liabilities	(218)
Total future amortization, intangible liabilities	(933)	$ (1,147)
Above Market Ground Leases & Other
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
2023, intangible liabilities	60
2024, intangible liabilities	71
2025, intangible liabilities	78
2026, intangible liabilities	78
2027, intangible liabilities	78
Thereafter, intangible liabilities	708
Total future amortization, intangible liabilities	$ 1,073

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Debt Issuance Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Debt issuance costs for revolving credit facility	$ 6,214	$ 14,879
Accumulated amortization of debt issuance costs for revolving credit facility	3,925	8,796
Debt issuance costs, net	25,545	$ 33,736
Future Amortization of Debt Issuance Costs
2023	9,635
2024	6,829
2025	4,953
2026	2,843
2027	1,996
Thereafter	1,578
Future amortization of debt issuance costs, total	$ 27,834

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Equity Method Investments and Equity Securities (Details)	Dec. 31, 2022 shares
Sonesta International Hotels Corporation
Debt and Equity Securities, FV-NI [Line Items]
Noncontrolling interest, ownership percentage	34%
TravelCenters of America LLC
Debt and Equity Securities, FV-NI [Line Items]
Number of common shares owned (in shares)	1,184,797

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Revenue Recognition and Segment Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Accounting Policies [Abstract]
Straight line rent adjustments	$ 7,767	$ 2,621	$ 714
Straight line rent receivable	$ 32,247	26,881
Number of reportable segments | segment	2
Affiliated Entity
Related Party Transaction [Line Items]
Straight line rent receivables, due from related parties	$ 7,522	20,655
Deferred percentage rental income	$ 10,578	$ 7,085	$ 3,277

Weighted Average Common Share_2

Weighted Average Common Shares (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Weighted average common shares for basic earnings per share (in shares)	164,738	164,566	164,222
Effect of dilutive securities: Unvested share awards (in shares)	0	0	0
Weighted average common shares for diluted earnings per share (in shares)	164,738	164,566	164,222

Real Estate Properties - Narrat

Real Estate Properties - Narrative (Details) $ in Thousands	1 Months Ended	2 Months Ended	12 Months Ended
	Jan. 31, 2023 property	Feb. 24, 2023 USD ($) ft² room property	Dec. 31, 2022 USD ($) ft² property leaseAgreement hotel room unit retailProperty	Dec. 31, 2021 USD ($) ft² property hotel room	Dec. 31, 2020 USD ($) ft² room property	Mar. 12, 2020 ft²
Real Estate Properties [Line Items]
Number of properties | property			1,003
Aggregate carrying value held-for-sale			$ 9,687,214
Carrying value of net lease properties held for sale			126,345
Land			1,902,587	$ 1,918,385
Building and improvements			7,271,864	7,871,626
Furniture, fixtures and equipment			386,418	435,622
Capital improvements from leased facilities, funded			103,646	95,017	$ 69,082
Gain on insurance settlement			0	0	62,386
Net proceeds from sale of real estate			554,087	51,412	$ 167,542
Carrying value			$ 9,560,869	$ 10,225,633
Disposed of by sale
Real Estate Properties [Line Items]
Number of properties sold | property			86	18	39
Aggregate sale price			$ 559,848	$ 52,332	$ 174,172
Hurricane
Real Estate Properties [Line Items]
Gain on insurance settlement					62,386
Hotel
Real Estate Properties [Line Items]
Number of properties | hotel			238
Net Lease Property
Real Estate Properties [Line Items]
Number of properties | property			765
Hotels and Net Lease Properties
Real Estate Properties [Line Items]
Area of real estate (in sqft) | ft²			13,374,325
Capital improvements from leased facilities, funded			$ 115,927	$ 103,630	$ 136,155
Hotel
Real Estate Properties [Line Items]
Number of rooms/suites | unit			40,053
Number of properties on leased land | hotel			13
Ground lease remaining term			33 years
Number of ground leases | leaseAgreement			8
Number of ground leases requiring specified minimum annual rents | leaseAgreement			12
Average ground lease annual rents			$ 344
Number of ground leases with future rents prepaid | leaseAgreement			2
Rental expense related to operating leases			$ 11,148
Properties to be sold | hotel			18	67
Rooms | room			2,526	8,667
Hotel | Disposed of by sale
Real Estate Properties [Line Items]
Number of rooms/suites | room			8,296	669	2,046
Number of properties sold | property			65	7	18
Aggregate sale price			$ 543,413	$ 40,552	$ 85,787
Hotel | Disposed of by sale | Subsequent event
Real Estate Properties [Line Items]
Number of rooms/suites | room		1,097
Number of properties sold | property	1	8
Net proceeds from sale of real estate		$ 53,268
Carrying value		$ 47,517
Hotel | Assets Held for Sale
Real Estate Properties [Line Items]
Number of properties | property			18
Aggregate carrying value held-for-sale			$ 110,215	$ 503,078
Hotel | Assets Held for Sale | Subsequent event
Real Estate Properties [Line Items]
Number of properties | property		10
Number of rooms/suites | room		1,429
Aggregate carrying value held-for-sale		$ 62,698
Net proceeds from sale of real estate		$ 103,056
Hotel | Minimum
Real Estate Properties [Line Items]
Ground lease remaining term			12 years
Hotel | Maximum
Real Estate Properties [Line Items]
Ground lease remaining term			65 years
Net Lease Property
Real Estate Properties [Line Items]
Number of properties | retailProperty			1,003
Area of real estate (in sqft) | ft²			9,667	154,206		6,696
Properties to be sold | property			4	22
Net Lease Property | Disposed of by sale
Real Estate Properties [Line Items]
Area of real estate (in sqft) | ft²			138,638	97,276	1,375,483
Number of properties sold | property			21	11	21
Aggregate sale price			$ 16,435	$ 11,780	$ 88,385
Net Lease Property | Assets Held for Sale
Real Estate Properties [Line Items]
Carrying value of net lease properties held for sale			$ 1,377	$ 12,440
Net Lease Property | Assets Held for Sale | Subsequent event
Real Estate Properties [Line Items]
Number of properties | property		2
Area of real estate (in sqft) | ft²		2,384
Aggregate carrying value held-for-sale		$ 648
Net proceeds from sale of real estate		$ 670
Net Lease Property | Net Lease Property | Assets Held for Sale | Subsequent event
Real Estate Properties [Line Items]
Number of properties | property		2
Proceeds from sale of property held-for-sale		$ 729
Travel centers
Real Estate Properties [Line Items]
Number of properties on leased land | property			15
Travel centers | Land
Real Estate Properties [Line Items]
Rental expense related to operating leases			$ 435
Travel centers | Minimum
Real Estate Properties [Line Items]
Ground lease remaining term			1 year
Travel centers | Maximum
Real Estate Properties [Line Items]
Ground lease remaining term			19 years

Real Estate Properties - Alloca

Real Estate Properties - Allocation of Purchase Price (Details) $ in Thousands	Sep. 12, 2022 USD ($) ft²	Mar. 09, 2021 USD ($) ft²	Mar. 12, 2020 USD ($) ft²	Dec. 31, 2022 ft²	Dec. 31, 2021 ft²
Net Lease Property
Real Estate Properties [Line Items]
Square Feet | ft²			6,696	9,667	154,206
Purchase Price			$ 7,071
Land			880
Land Improvements			0
Building and Improvements			5,363
Furniture, Fixtures and Equipment			0
Held For Sale			0
Intangible Assets			$ 828
Stoughton, MA | Land
Real Estate Properties [Line Items]
Square Feet | ft²	0
Purchase Price	$ 2,766
Land	2,766
Land Improvements	0
Building and Improvements	0
Furniture, Fixtures and Equipment	0
Held For Sale	0
Intangible Assets	$ 0
Nashville, TN | Land
Real Estate Properties [Line Items]
Square Feet | ft²		0
Purchase Price		$ 7,709
Land		7,709
Land Improvements		0
Building and Improvements		0
Furniture, Fixtures and Equipment		0
Held For Sale		0
Intangible Assets		$ 0

Real Estate Properties - Dispos

Real Estate Properties - Dispositions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) ft² property room unit	Dec. 31, 2021 USD ($) ft² property room	Dec. 31, 2020 USD ($) ft² room property	Mar. 12, 2020 ft²
Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rooms or Suites | unit	40,053
Net Lease Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square Feet | ft²	9,667	154,206		6,696
Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties | property	86	18	39
Gross Sales Price	$ 559,848	$ 52,332	$ 174,172
Gain/(Loss) on Sale	$ 47,818	$ 11,522	$ 2,261
Disposed of by sale | Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties | property	65	7	18
Rooms or Suites | room	8,296	669	2,046
Gross Sales Price	$ 543,413	$ 40,552	$ 85,787
Gain/(Loss) on Sale	$ 48,202	$ 9,590	$ 17,550
Disposed of by sale | Net Lease Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties | property	21	11	21
Square Feet | ft²	138,638	97,276	1,375,483
Gross Sales Price	$ 16,435	$ 11,780	$ 88,385
Gain/(Loss) on Sale	$ (384)	$ 1,932	$ (15,289)

Management Agreements and Lea_3

Management Agreements and Leases - Narrative (Details)	Dec. 31, 2022 agreement property tenant hotel
Management Agreements and Leases [Line Items]
Number of properties	1,003
Number of operating agreements | agreement	6
Hotel
Management Agreements and Leases [Line Items]
Number of properties | hotel	238
Net Lease Property
Management Agreements and Leases [Line Items]
Number of properties	765
Number of tenants | tenant	180

Management Agreements and Lea_4

Management Agreements and Leases - Sonesta (Details) $ in Thousands

1 Months Ended

2 Months Ended

3 Months Ended

12 Months Ended

Jan. 01, 2022 USD ($) hotel renewalOption

Nov. 01, 2021 hotel

Feb. 27, 2020 USD ($) hotel

Feb. 26, 2020 USD ($)

Jan. 31, 2023 property

Nov. 30, 2021 hotel

Feb. 24, 2023 property

Mar. 31, 2021 hotel

Dec. 15, 2020 hotel

Dec. 31, 2022 USD ($) property hotel

Dec. 31, 2021 USD ($) property hotel

Dec. 31, 2020 USD ($) property

Management Agreements and Leases [Line Items]

Number of properties | property

1,003

Capital improvements from leased facilities, funded

$ 103,646

$ 95,017

$ 69,082

Due from related persons

$ 35,033

$ 48,168

Sonesta

Management Agreements and Leases [Line Items]

Number of properties with transferred branding and management | hotel

1

Sonesta International Hotels Corporation

Management Agreements and Leases [Line Items]

Noncontrolling interest, ownership percentage

34%

Disposed of by sale

Management Agreements and Leases [Line Items]

Number of properties sold | property

86

18

39

Sonesta Agreement

Management Agreements and Leases [Line Items]

Percentage of historical real estate investments

47.60%

Percentage of gross revenues from hotel operations placed into escrow

5%

IHG Agreement | Sonesta

Management Agreements and Leases [Line Items]

Number of properties with transferred branding and management | hotel

5

Marriott contracts | Sonesta

Management Agreements and Leases [Line Items]

Number of properties with transferred branding and management | hotel

88

Hotel

Management Agreements and Leases [Line Items]

Properties to be sold | hotel

18

67

Number of properties remaining | property

2

Extended successive renewal periods

1 month

Hotel | Subsequent event

Management Agreements and Leases [Line Items]

Number of properties remaining | property

2

Hotel | Disposed of by sale

Management Agreements and Leases [Line Items]

Number of properties sold | property

65

7

18

Annual priority return amount

$ 77,033

Owner priority sale amount

$ 7,238

Hotel | Disposed of by sale | Subsequent event

Management Agreements and Leases [Line Items]

Number of properties sold | property

1

8

Hotel | Sonesta Agreement

Management Agreements and Leases [Line Items]

Percent payment of hotel cash flows

80%

Hotel net income (loss)

$ 196,721

$ 53,853

Realized returns and rents

$ (65,277)

Related party transaction, management, marketing and reservation system fees

114,563

84,926

17,734

Procurement and construction supervisory fees

1,331

2,196

Capital improvements from leased facilities, funded

94,479

93,472

Advanced working capital

48,580

56,697

Hotel | Sonesta Agreement | Full service hotels

Management Agreements and Leases [Line Items]

Operating agreement annual rent and return

$ 69,013

$ 99,013

Hotel | IHG Agreement

Management Agreements and Leases [Line Items]

Realized returns and rents

107,888

Hotel | IHG Agreement | Sonesta

Management Agreements and Leases [Line Items]

Number of properties with transferred branding and management | hotel

115

Hotel | Marriott contracts

Management Agreements and Leases [Line Items]

Capital improvements from leased facilities, funded

$ 0

7,394

$ 65,840

Hotel | Sonesta International Hotels Corporation

Management Agreements and Leases [Line Items]

Number of properties | hotel

261

196

Properties to be sold | hotel

67

68

Properties to be retained | hotel

194

Number of renewal options | renewalOption

2

Term of renewal options

15 years

Annual priority return amount

$ 325,200

$ 337,652

Annual priority return percentage

6%

Option to terminate if not meeting performance thresholds

3 years

Option to terminate if not meeting performance thresholds, consecutive years

4 years

Due to related party, reimbursement of capital expenditures and other

8,889

17,248

Hotel | Sonesta International Hotels Corporation | Return Of Capital

Management Agreements and Leases [Line Items]

Due from related persons

$ 2,975

4,592

Hotel | Sonesta International Hotels Corporation | Disposed of by sale

Management Agreements and Leases [Line Items]

Number of properties sold | property

66

Hotel | Sonesta International Hotels Corporation | Full service hotels

Management Agreements and Leases [Line Items]

Number of real estate properties leased or managed | hotel

14

40,000

Hotel | Sonesta International Hotels Corporation | Limited services hotels

Management Agreements and Leases [Line Items]

Number of real estate properties leased or managed | hotel

39

111,000

Hotel | Sonesta International Hotels Corporation | Select service hotels

Management Agreements and Leases [Line Items]

Number of real estate properties leased or managed | hotel

45,000

Hotel | Sonesta International Hotels Corporation | Sonesta Agreement | Return Of Capital

Management Agreements and Leases [Line Items]

Due from related persons

$ 5,416

$ 7,488

Management Agreements and Lea_5

Management Agreements and Leases - Hyatt Agreement (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) hotel property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Management Agreements and Leases [Line Items]
Number of properties | property	1,003
Capital improvements from leased facilities, funded	$ 103,646	$ 95,017	$ 69,082
Hotel
Management Agreements and Leases [Line Items]
Number of properties | hotel	238
Hyatt Hotels Corporation Contract | Hotel
Management Agreements and Leases [Line Items]
Number of properties | hotel	17
Hotel | Hyatt Hotels Corporation Contract
Management Agreements and Leases [Line Items]
Operating agreement annual rent and return	$ 12,773
Limited guarantee amount	$ 30,000
Limited guarantee, percentage of annual minimum returns	75%
Realized returns and rents	$ 12,281	9,388	22,037
Guarantee provided to the entity, remaining amount			$ 19,200
Working capital expensed		3,700
Capital improvements from leased facilities, funded	11,845	$ 0
Increase in annual owner's priority returns	$ 754

Management Agreements and Lea_6

Management Agreements and Leases - Radisson Agreement (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) property hotel	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Management Agreements and Leases [Line Items]
Number of properties | property	1,003
Capital improvements from leased facilities, funded	$ 103,646	$ 95,017	$ 69,082
Radisson Agreement
Management Agreements and Leases [Line Items]
Capital improvements from leased facilities, funded	$ 3,433	0	0
Hotel | Radisson Agreement
Management Agreements and Leases [Line Items]
Number of properties | hotel	8
Operating agreement annual rent and return	$ 10,200
Limited guarantee amount	$ 22,000
Limited guarantee, percentage of annual minimum returns	75%
Realized returns and rents	$ 6,387	11,364	$ 20,456
Guarantee provided to the entity, maximum	$ 47,253
Increase in guarantee		$ 13,238

Management Agreements and Lea_7

Management Agreements and Leases - Marriott Agreement (Details) $ in Thousands		12 Months Ended
	Feb. 24, 2023 USD ($) hotel	Dec. 31, 2022 USD ($) property hotel	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Management Agreements and Leases [Line Items]
Number of properties | property		1,003
Operating cash flow (deficit)		$ 243,127	$ 49,904	$ 37,604
Capital improvements from leased facilities, funded		103,646	95,017	69,082
Marriott contracts | Hotel
Management Agreements and Leases [Line Items]
Operating cash flow (deficit)		8,942	2,830	93,593
Capital improvements from leased facilities, funded		$ 0	$ 7,394	$ 65,840
Marriott contracts | Hotel | Marriott International, Inc.
Management Agreements and Leases [Line Items]
Number of properties | hotel		16
Marriott contracts | Hotel | Marriott International, Inc. | Subsequent event
Management Agreements and Leases [Line Items]
Number of properties | hotel	9
Number of properties sold | hotel	7
Proceeds from sale of property held-for-sale	$ 88,476

Management Agreements and Lea_8

Management Agreements and Leases - Other, Net Lease Portfolio (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) ft² property tenant brand retailProperty industry hotel	Dec. 31, 2021 USD ($) ft²	Dec. 31, 2020 USD ($)	Mar. 12, 2020 ft²
Management Agreements and Leases [Line Items]
Number of properties | property	1,003
Cash (used in) provided by operating activities	$ 243,127	$ 49,904	$ 37,604
Net Lease Property
Management Agreements and Leases [Line Items]
Number of properties | property	765
Number of tenants | tenant	180
Hotels and Net Lease Properties
Management Agreements and Leases [Line Items]
Area of real estate (in sqft) | ft²	13,374,325
Net Lease Property
Management Agreements and Leases [Line Items]
Number of properties | retailProperty	1,003
Area of real estate (in sqft) | ft²	9,667	154,206		6,696
Operating agreement annual rent and return	$ 372,418
Weighted average lease term	9 years 7 months 6 days
Percentage of portfolio leased by tenants	97.60%
Number of brands | brand	138
Number of industries | industry	21
IHG Agreement | Hotel
Management Agreements and Leases [Line Items]
Cash (used in) provided by operating activities	$ 3,561	$ 337
Realized returns and rents			$ 107,888
Working capital expensed		$ 16,711
IHG Agreement | Hotel | Ravinia, GA
Management Agreements and Leases [Line Items]
Number of properties | hotel	1

Management Agreements and Lea_9

Management Agreements and Leases - TA Leases (Details) $ in Thousands		12 Months Ended
	Apr. 01, 2019 USD ($) quarterlyInstallment	Dec. 31, 2022 USD ($) travelCenter leaseOption mi	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Management Agreements and Leases [Line Items]
Rental income		$ 395,667	$ 390,902	$ 390,156
Straight line rent adjustments		7,767	2,621	714
COVID-19
Management Agreements and Leases [Line Items]
Reduce reserves for uncollectible amounts		320	9	(9,892)
Reserves for uncollectible rents		7,697	15,519
SMTA Transaction
Management Agreements and Leases [Line Items]
Rental income		135,522	140,803	137,111
Straight line rent adjustments		$ 5,367	10,616	14,345
TravelCenters of America LLC | TA No. 5 Lease
Management Agreements and Leases [Line Items]
Percentage increase in non-fuel gross revenue to be paid by lessee		3%
TravelCenters of America LLC | Travel Center Nos 1, 2, 3, and 4
Management Agreements and Leases [Line Items]
Percentage increase in non-fuel gross revenue to be paid by lessee		3%
Net Lease Property
Management Agreements and Leases [Line Items]
Annual Minimum Rent		$ 372,418
Net Lease Property | TravelCenters of America LLC | Real Estate Assets at Cost | Credit concentration
Management Agreements and Leases [Line Items]
Concentration risk percentage		29.30%
Travel centers | TravelCenters of America LLC
Management Agreements and Leases [Line Items]
Number of Travel Centers | travelCenter		177
Annual Minimum Rent		$ 246,110
Deferred Rent		$ 4,404
Number of renewal options available | leaseOption		2
Term of renewal options		15 years
Aggregate payment to deferred rent receivable	$ 70,458
Number of quarterly installments | quarterlyInstallment	16
Quarterly payments to deferred rent receivable	$ 4,404	$ 17,616	17,616
Area of distance away to own property | mi		75
Rental income		$ 259,093	248,291	250,573
Straight line rent adjustments		13,143	13,237	13,156
Accruals for unpaid rent, including deferred rents		$ 30,764	48,168
Additional percentage		0.50%
Amount of percentage rent from TA that was recognized			$ 7,085	$ 2,764
Increase (decrease) operating leases annual rent fixed interest rate		8.50%
Increase (decrease) operating leases annual rent basis spread on variable rate		3.50%
Travel centers | TravelCenters of America LLC | TA No. 1 Lease
Management Agreements and Leases [Line Items]
Number of Travel Centers | travelCenter		36
Annual Minimum Rent		$ 49,707
Deferred Rent		$ 1,165
Travel centers | TravelCenters of America LLC | TA No. 2 Lease
Management Agreements and Leases [Line Items]
Number of Travel Centers | travelCenter		36
Annual Minimum Rent		$ 44,077
Deferred Rent		$ 1,082
Travel centers | TravelCenters of America LLC | TA No. 3 Lease
Management Agreements and Leases [Line Items]
Number of Travel Centers | travelCenter		34
Annual Minimum Rent		$ 42,409
Deferred Rent		$ 1,067
Travel centers | TravelCenters of America LLC | TA No. 4 Lease
Management Agreements and Leases [Line Items]
Number of Travel Centers | travelCenter		37
Annual Minimum Rent		$ 48,263
Deferred Rent		$ 1,090
Travel centers | TravelCenters of America LLC | TA No. 5 Lease
Management Agreements and Leases [Line Items]
Number of Travel Centers | travelCenter		34
Annual Minimum Rent		$ 61,654
Deferred Rent		$ 0

Management Agreements and Le_10

Management Agreements and Leases - Additional Lease Schedule (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 371,090
2024	363,449
2025	354,941
2026	343,134
2027	333,397
Thereafter	1,849,439
Total	$ 3,615,450

Management Agreements and Le_11

Management Agreements and Leases - Additional Lease Information Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) property hotel	Dec. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Right of use asset	$ 177,264	$ 177,346
Lease liability	$ 177,264	$ 177,346
Operating lease, right-of-use asset, statement of financial position, extensible list	Other assets, net	Other assets, net
Operating lease, liability, statement of financial position, extensible list	Accounts payable and other liabilities	Accounts payable and other liabilities
Hotel
Lessee, Lease, Description [Line Items]
Number of properties on leased land | hotel	13
Rental expense related to operating leases	$ 11,148
Travel centers
Lessee, Lease, Description [Line Items]
Number of properties on leased land | property	15
Travel centers | Land
Lessee, Lease, Description [Line Items]
Rental expense related to operating leases	$ 435

Management Agreements and Le_12

Management Agreements and Leases - Schedule of Minimum Rent Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
2023	$ 15,278
2024	15,556
2025	15,622
2026	15,740
2027	15,628
Thereafter	247,213
Total lease payments	325,037
Less: imputed interest	(147,773)
Present value of lease liabilities	$ 177,264	$ 177,346
Land
Lessee, Lease, Description [Line Items]
Weighted average discount rate used to calculate lease liability	5.30%
Lease term	21 years
Land | Minimum
Lessee, Lease, Description [Line Items]
Lease term	15 months
Land | Maximum
Lessee, Lease, Description [Line Items]
Lease term	65 years
Hotel Operating Leases
Lessee, Lease, Description [Line Items]
Weighted average discount rate used to calculate lease liability	5.70%
Lease term	32 years
Hotel Operating Leases | Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 month
Hotel Operating Leases | Maximum
Lessee, Lease, Description [Line Items]
Lease term	51 years

Other Investments (Details)

Other Investments (Details) $ in Thousands		12 Months Ended
	Feb. 27, 2020 USD ($)	Dec. 31, 2022 USD ($) property hotel	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity method investments		$ 112,617	$ 62,687
Equity in earnings (losses) of an investee		$ 2,856	(941)	$ (9,910)
Number of properties | property		1,003
TravelCenters of America LLC
Schedule of Equity Method Investments [Line Items]
Percentage of total shares outstanding		7.80%
Sonesta International Hotels Corporation
Schedule of Equity Method Investments [Line Items]
Capital contribution			25,443
Capital contribution funded		$ 45,470	25,443	5,314
Number of properties | hotel		4,000
TravelCenters of America LLC
Schedule of Equity Method Investments [Line Items]
Capital contribution funded		$ 0	0	7,011
Carrying value		53,055	61,159
Unrealized (loss) gain on equity securities		(8,104)	22,535
TravelCenters of America LLC | Fair Value, Inputs, Level 1
Schedule of Equity Method Investments [Line Items]
Historical cost of securities		24,418	24,418
Sonesta Agreement
Schedule of Equity Method Investments [Line Items]
Equity method investments		112,617	62,687
Amount of cost basis exceeding book value	$ 8,000
Amortization period	31 years
Amortization of basis difference		260	260	217
Equity in earnings (losses) of an investee				(9,910)
Liability of the fair value of initial investment		42,000
Decrease in hotel operating expense		2,484	2,484	$ 2,070
Unamortized balance		$ 34,963	$ 37,447
Sonesta International Hotels Corporation
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage		34%

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details)				12 Months Ended
	Feb. 10, 2023 USD ($) property	Oct. 04, 2022 USD ($)	Apr. 14, 2022 USD ($) extensionOption	Dec. 31, 2022 USD ($) hotel	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) hotel	Feb. 06, 2023 USD ($)	Jun. 15, 2022	Apr. 13, 2022 USD ($)
Debt Instrument [Line Items]
Senior unsecured notes, net				$ 5,655,530,000	$ 6,143,022,000
Revolving credit facility				0	1,000,000,000
Repayments of credit facility				1,020,000,000	62,451,000	$ 1,487,670,000
Loss on early extinguishment of debt				791,000	0	9,394,000
Repayments of term loan				0	0	$ 400,000,000
Senior Notes, 5.00 Percent, Due 2022
Debt Instrument [Line Items]
Repayments of debt					$ 500,000,000
Interest rate stated percentage					5%			5%
Loss on early extinguishment of debt				201,000
Senior Notes, 5.00 Percent, Due 2022 | COVID-19
Debt Instrument [Line Items]
Unsecured senior notes			$ 500,000,000
Senior Notes, 4.50 Percent, Due 2023
Debt Instrument [Line Items]
Interest rate stated percentage		4.50%
Minimum restricted liability		$ 600,000,000		150,000,000
Unsecured senior notes		$ 500,000,000
Senior notes
Debt Instrument [Line Items]
Senior unsecured notes, net				$ 5,700,000,000
Senior notes | Senior Notes, 4.50 Percent, Due 2023 | Subsequent event
Debt Instrument [Line Items]
Interest rate stated percentage							4.50%
Unsecured senior notes							$ 500,000,000
Revolving credit facility
Debt Instrument [Line Items]
Facility fee				0.30%
Interest rate (as a percent)				6.79%
Weighted average interest rate for borrowings (as a percent)				3.85%	2.85%	2.36%
Minimum restricted liquidity					$ 125,000,000
Extension term		6 months	6 months	6 months
Unsecured revolving credit facility maximum borrowing capacity			$ 800,000,000						$ 1,000,000,000
Number of extension options | extensionOption			2
Repayments of credit facility			$ 200,000,000
Loss on early extinguishment of debt				$ 590,000
Maximum purchase price of real property			$ 300,000,000
Fixed charge coverage ratio			1						1.5
Leverage ratio limit			70%						60%
Minimum restricted liability				$ 150,000,000		$ 125,000,000
Capital contributions			$ 100,000,000
Increase in aggregate limit of capital contributions			$ 50,000,000
Premium increase			0.25%
Revolving credit facility | TravelCenters of America LLC
Debt Instrument [Line Items]
Ownership percentage (as a percent)			8.20%
Revolving credit facility | COVID-19
Debt Instrument [Line Items]
Unsecured revolving credit facility maximum borrowing capacity					2,300,000,000
Revolving credit facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis points			2.50%	2.35%
LIBOR floor rate				0.50%
Revolving Credit Facility and Term Loan
Debt Instrument [Line Items]
Properties with first mortgage liens | hotel				73		74
Undepreciated book value				$ 1,562,869,000
Revolving Credit Facility and Term Loan | Maximum
Debt Instrument [Line Items]
Capital expenditures					250,000,000
Investment funding					$ 50,000,000
Medium-term Notes
Debt Instrument [Line Items]
Repayments of term loan						$ 400,000,000
Medium-Term Notes and Senior Notes
Debt Instrument [Line Items]
Loss on early extinguishment of debt						$ 9,394,000
Mortages | Subsequent event
Debt Instrument [Line Items]
Principal amount	$ 610,200,000
Debt instrument, collateral properties | property	308
Operating agreement annual rent and return	$ 65,273,000
Proceeds from debt	554,982,000
Gross book value	$ 754,841,000
Mortages | Coupon Rate 5.50% | Subsequent event
Debt Instrument [Line Items]
Interest rate stated percentage	5.15%
Principal amount	$ 305,000,000
Debt instrument, monthly redemption price, percentage	0.50%
Mortages | Coupon Rate 5.55% | Subsequent event
Debt Instrument [Line Items]
Interest rate stated percentage	5.55%
Principal amount	$ 173,000,000
Debt instrument, monthly redemption price, percentage	0.25%

Indebtedness - Principal Repaym

Indebtedness - Principal Repayment (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Required principal payments under outstanding debt
2023	$ 500,000
2024	1,175,000
2025	1,150,000
2026	800,000
2027	850,000
Thereafter	1,225,000
Total principal payments	$ 5,700,000

Indebtedness - Schedule of Init

Indebtedness - Schedule of Initial Principal Balance and Annual Interest Rates (Details) - Mortages - Subsequent event $ in Thousands	Feb. 10, 2023 USD ($)
Debt Instrument [Line Items]
Principal amount	$ 610,200
Coupon Rate 5.50%
Debt Instrument [Line Items]
Principal amount	$ 305,000
Interest rate stated percentage	5.15%
Debt term	5 years
Coupon Rate 5.55%
Debt Instrument [Line Items]
Principal amount	$ 173,000
Interest rate stated percentage	5.55%
Debt term	5 years
Coupon Rate 6.70%
Debt Instrument [Line Items]
Principal amount	$ 132,200
Interest rate stated percentage	6.70%
Debt term	5 years
Coupon Rate 5.60%
Debt Instrument [Line Items]
Principal amount	$ 610,200
Interest rate stated percentage	5.60%

Shareholders' Equity - Common S

Shareholders' Equity - Common Share Awards (Details) - Trustees, Officers and Other Employees - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares (in shares)	433,500	340,700	305,400
Weighted Average Grant Date Fair Value (in dollars per share)	$ 6.63	$ 11.26	$ 8.91
Weighted Average Value of Grants	$ 2,874	$ 3,839	$ 2,722

Shareholders' Equity - Common_2

Shareholders' Equity - Common Share Awards Narrative (Details)	12 Months Ended
	Dec. 31, 2022
Common Shares | Officers and employees of RMR
Distributions
Vesting period	5 days

Shareholders' Equity - Share-ba

Shareholders' Equity - Share-based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Award Plan
Unvested shares, scheduled to vest
Shares reserved for issuance (in shares)	1,401,160
Award Plans
Number of Shares
Unvested shares, beginning of year (in shares)	425,030	325,900	194,540
Shares awarded (in shares)	433,500	340,700	305,400
Shares vested (in shares)	(266,300)	(240,470)	(173,190)
Shares forfeited (in shares)	(3,400)	(1,100)	(850)
Unvested shares, end of year (in shares)	588,830	425,030	325,900
Weighted Average Grant Date Fair Value
Unvested shares, beginning of year (in dollars per share)	$ 11.93	$ 14.71	$ 26.59
Shares awarded (in dollars per share)	6.63	11.26	8.91
Shares vested (in dollars per share)	10.20	14.78	17.76
Shares forfeited (in dollars per share)	12.08	12.96	26.93
Unvested shares, end of year (in dollars per share)	$ 8.81	$ 11.93	$ 14.71
Unvested shares, scheduled to vest
2023 (in shares)	206,940
2024 (in shares)	173,920
2025 (in shares)	131,040
2026 (in shares)	76,900
Estimated future compensation expense	$ 4,452
Weighted average period over which the compensation expense will be recorded	22 months
Compensation expense	$ 2,775	$ 2,964	$ 3,206

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Aggregate Number of Shares Repurchased (in shares)	69,867	71,100	43,751
Weighted Average Repurchase Price (in dollars per share)	$ 6.72	$ 11.11	$ 7.90
Value	$ 470	$ 790	$ 346

Shareholders' Equity - Distribu

Shareholders' Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 12, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Common Share Distributions
Annual Per Share Distribution (in dollars per share)		$ 0.23	$ 0.04	$ 0.57
Total Distribution		$ 38,044	$ 6,596	$ 93,804
Ordinary Income		0%	0%	0%
Capital Gain		0%	0%	0%
Return of Capital		100%	100%	100%
Qualified Dividend		0%	0%	0%
Subsequent event
Common Share Distributions
Total Distribution	$ 33,091
Cash distributions paid or payable (in dollars per share)	$ 0.20

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Rollforward]
Beginning balance	$ 1,555,306	$ 2,102,790	$ 2,505,878
Other comprehensive income	1,604	1,539	(760)
Ending balance	1,388,792	1,555,306	2,102,790
Cumulative Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Rollforward]
Beginning balance	779	(760)	0
Ending balance	2,383	779	(760)
Equity in Unrealized Gain (Loss) of Investees
Accumulated Other Comprehensive Income (Loss) [Rollforward]
Beginning balance	779	(760)
Other comprehensive income	1,604	1,539
Ending balance	$ 2,383	$ 779	$ (760)

Business and Property Managem_2

Business and Property Management Agreements with RMR (Details) $ in Thousands		12 Months Ended
	Jun. 22, 2021	Dec. 31, 2022 USD ($) employee agreement	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Real Estate Properties [Line Items]
Entity number of employees | employee		0
RMR
Real Estate Properties [Line Items]
Property management fees percentage of gross collected rents		3%
Construction supervision fees as percentage of construction costs		5%
RMR | Up C Transaction
Real Estate Properties [Line Items]
Recognized amortization of liability				$ 3,584
RMR | Property Management Fees
Real Estate Properties [Line Items]
Related party rate	3%
Operating expense from related party transaction		$ 3,998	$ 3,674	3,283
RMR | Construction And Supervision Fees Capitalized
Real Estate Properties [Line Items]
Amounts capitalized		2,131	815	292
RMR | RMR Inc.
Real Estate Properties [Line Items]
Recognized amortization of liability		$ 3,585	3,584
Amended and restated business management agreement | RMR
Real Estate Properties [Line Items]
Number of management agreements | agreement		2
Base management fee payable as a percentage of average historical cost of the real estate investments, excluding transferred assets for investments up to a specific amount		0.70%
Base management fee payable as percentage of aggregate book value of real estate assets or transferred assets		$ 250,000
Base management fee payable as percentage of average historical cost of real estate investments excluding transferred assets for investments exceeding specified amount		0.50%
Base management fee payable as percentage of average closing stock price on stock exchange		0.70%
Base management fee payable as percentage of average market capitalization exceeding specified amount		0.50%
Incentive fee as percentage of product of weighted average common shares outstanding		12%
Measurement period		3 years
Incentive fee, consecutive trading days for share price multiplier		10 days
Incentive fee, final trading days of relevant measurement period		30 days
Percentage of shares issued in payment of incentive management fees		1.50%
Business management fees		$ 35,495	42,137	36,830
Aggregate property management and construction supervision fees		6,128	4,489	3,575
Related party reimbursement expense		$ 3,258	$ 2,971	$ 2,618
Amended and restated business management agreement | RMR | Minimum
Real Estate Properties [Line Items]
Incentive management fee reduction		0.0200
Amended and restated business management agreement | RMR | Maximum
Real Estate Properties [Line Items]
Base management fee payable, average market capitalization		$ 250,000
Base management fee payable, threshold amount of other real estate investments		$ 250,000
Incentive management fee reduction		0.0500
Amended and restated business management agreement | Reit Management And Research
Real Estate Properties [Line Items]
Incentive fee, consecutive trading days for share price multiplier		10 days
Incentive fee, final trading days of relevant measurement period		30 days
Amended and restated business management agreement | Reit Management And Research | Up C Transaction
Real Estate Properties [Line Items]
Window for providing notice of termination of property management agreement for performance by the related party		60 days
Window providing notice of termination of property management agreement after change of control by related party		12 months
Termination fee remaining term assumption		10 years
Period over which transition services will be provided by the related party after termination of the agreement		120 days
Amended and restated business management agreement | Reit Management And Research | Minimum | Up C Transaction
Real Estate Properties [Line Items]
Termination fee term		19 years
Amended and restated business management agreement | Reit Management And Research | Maximum | Up C Transaction
Real Estate Properties [Line Items]
Termination fee term		20 years

Related Person Transactions - M

Related Person Transactions - Management Agreements (Details)	12 Months Ended
	Dec. 31, 2022 agreement
First Anniversary Vesting Percentage
Related Party Transaction [Line Items]
Vesting percentage	20%
Second Anniversary Vesting Percentage
Related Party Transaction [Line Items]
Vesting percentage	20%
Third Anniversary Vesting Percentage
Related Party Transaction [Line Items]
Vesting percentage	20%
Fourth Anniversary Vesting Percentage
Related Party Transaction [Line Items]
Vesting percentage	20%
Fifth Anniversary Vesting Percentage
Related Party Transaction [Line Items]
Vesting percentage	20%
Amended and restated business management agreement | RMR
Related Party Transaction [Line Items]
Number of management agreements	2

Related Person Transactions - T

Related Person Transactions - TA Transaction Agreement (Details)	Dec. 31, 2022 property travelCenter shares	Jul. 31, 2020 $ / shares shares
Related Party Transaction [Line Items]
Number of properties | property	1,003
TravelCenters of America LLC | RMR
Related Party Transaction [Line Items]
Number of common shares owned (in shares)	661,505
Noncontrolling interest, ownership percentage	4.10%
Net Lease Property
Related Party Transaction [Line Items]
Number of properties | property	765
Net Lease Property | TravelCenters of America Inc.
Related Party Transaction [Line Items]
Number of properties | travelCenter	177
TravelCenters of America LLC
Related Party Transaction [Line Items]
Number of common shares owned (in shares)	1,184,797
Percentage of total shares outstanding	7.80%
Share ownership restrictions maximum percentage of equity shares that can be acquired without approval	9.80%
TravelCenters of America LLC | Public Stock Offering
Related Party Transaction [Line Items]
Number of common shares owned (in shares)		500,797
Offering price (in dollars per share) | $ / shares		$ 14

Related Person Transactions - S

Related Person Transactions - Sonesta and Affiliates Insurance Company (Details) $ in Thousands	1 Months Ended
	Dec. 31, 2021 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2022 property hotel	Jan. 01, 2022 hotel
Related Party Transaction [Line Items]
Number of properties | property			1,003
Sonesta International Hotels Corporation
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage			34%
Affiliates Insurance Company
Related Party Transaction [Line Items]
Proceeds from equity method investment, distribution | $	$ 12	$ 286
Hotel | Sonesta International Hotels Corporation
Related Party Transaction [Line Items]
Number of properties | hotel			196	261

Income Taxes - Provision and Re

Income Taxes - Provision and Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ 0	$ 0	$ 0
State	385	680	3,361
Foreign	233	350	0
Current tax	618	1,030	3,361
Deferred:
Foreign	(817)	(1,971)	13,850
Deferred tax	(817)	(1,971)	13,850
Income tax provision (benefit)	$ (199)	$ (941)	$ 17,211
Effective Income Tax Rate Reconciliation, Percent
Taxes at statutory U.S. federal income tax rate	21%	21%	21%
Nontaxable income of SVC	(21.00%)	(21.00%)	(21.00%)
State and local income taxes, net of federal tax benefit	(0.30%)	(0.10%)	(1.10%)
Foreign taxes	0.40%	0.30%	(4.40%)
Effective tax rate	0.10%	0.20%	(5.50%)

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Tax loss carryforwards	$ 109,650	$ 84,551
Other	7,134	4,844
Deferred tax assets, gross	116,784	89,395
Valuation allowance	(116,784)	(89,395)
Deferred income tax assets, net	0	0
Deferred tax liabilities:
Property basis difference	(5,947)	(6,263)
Puerto Rico deferred tax gain	(12,079)	(12,581)
Net deferred tax liabilities	$ (18,026)	$ (18,844)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Income taxes
Net deferred tax assets prior to valuation allowance	$ 116,784	$ 89,395
Deferred tax liability result of insurance settlement	13,658	12,581
Net operating loss carryforwards for federal income tax purposes	545,828	423,852
Consolidated
Income taxes
Net deferred tax assets prior to valuation allowance	$ 111,148	$ 84,973
Deferred tax assets valuation allowance percentage	100%	100%
Net operating loss carryforwards for federal income tax purpose, not subject to expiration	$ 437,606	$ 334,686

Concentration (Details)

Concentration (Details)	12 Months Ended
	Dec. 31, 2022 property retailProperty state travelCenter
Concentration Risk
Number of properties	1,003
Net Lease Property
Concentration Risk
Number of properties	765
TravelCenters of America Inc. | Net Lease Property
Concentration Risk
Number of properties | travelCenter	177
Net Lease Property
Concentration Risk
Number of properties | retailProperty	1,003
North America
Concentration Risk
Number of states in which properties are located | state	46
Ontario, Canada | Hotel
Concentration Risk
Number of properties	2
Geographic Concentration Risk | Geographic distribution, foreign | Hotel | Real Estate
Concentration Risk
Concentration risk percentage	1.70%
Geographic Concentration Risk | Various States, USA | Geographic distribution, domestic | Minimum | Real Estate
Concentration Risk
Concentration risk percentage	6%
Geographic Concentration Risk | Various States, USA | Geographic distribution, domestic | Maximum | Real Estate
Concentration Risk
Concentration risk percentage	13%
Credit concentration | Net Lease Property | Real Estate Assets at Cost | TravelCenters of America LLC
Concentration Risk
Concentration risk percentage	29.30%

Segment Information (Details)

Segment Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Information
Number of reportable segments | segment	2
Revenues:
Hotel operating revenues	$ 1,467,344	$ 1,104,678	$ 875,098
Rental income	395,667	390,902	390,156
Total revenues	1,863,011	1,495,580	1,265,254
Expenses:
Hotel operating expenses	1,227,357	1,010,737	682,804
Other operating expenses	13,176	15,658	15,208
Depreciation and amortization	401,108	485,965	498,908
General and administrative	44,404	53,439	50,668
Transaction related costs	1,920	64,764	15,100
Loss on asset impairment	10,989	78,620	55,756
Total expenses	1,698,954	1,709,183	1,318,444
Gain on sale of real estate, net	47,818	11,522	2,261
Gain on insurance settlement	0	0	62,386
Unrealized (losses) gains on equity securities, net	(8,104)	22,535	19,882
Interest income	3,379	664	284
Interest expense	(341,795)	(365,721)	(306,490)
Loss on early extinguishment of debt	(791)	0	(9,394)
Loss before income taxes and equity in earnings (losses) of an investee	(135,436)	(544,603)	(284,261)
Income tax benefit (expense)	199	941	(17,211)
Equity in earnings (losses) of an investee	2,856	(941)	(9,910)
Net loss	(132,381)	(544,603)	(311,382)
Total assets	7,488,191	9,153,315	8,687,319
Corporate
Revenues:
Hotel operating revenues	0	0	0
Rental income	0	0	0
Total revenues	0	0	0
Expenses:
Hotel operating expenses	0	0	0
Other operating expenses	0	0	0
Depreciation and amortization	0	0	0
General and administrative	44,404	53,439	50,668
Transaction related costs	1,920	0	0
Loss on asset impairment	0	0	0
Total expenses	46,324	53,439	50,668
Gain on sale of real estate, net	0	0	0
Gain on insurance settlement			0
Unrealized (losses) gains on equity securities, net	(8,104)	22,535	19,882
Interest income	3,326	663	278
Interest expense	(341,795)	(365,721)	(306,490)
Loss on early extinguishment of debt	(791)		(9,394)
Loss before income taxes and equity in earnings (losses) of an investee	(393,688)	(395,962)	(346,392)
Income tax benefit (expense)	199	941	(17,211)
Equity in earnings (losses) of an investee	2,856	(941)	(9,910)
Net loss	(390,633)	(395,962)	(373,513)
Total assets	229,195	1,086,119	119,491
Hotels | Operating segments
Revenues:
Hotel operating revenues	1,467,344	1,104,678	875,098
Rental income	0	1,808	2,472
Total revenues	1,467,344	1,106,486	877,570
Expenses:
Hotel operating expenses	1,227,357	1,010,737	682,804
Other operating expenses	0	0	0
Depreciation and amortization	221,416	266,641	263,673
General and administrative	0	0	0
Transaction related costs	0	64,764	15,100
Loss on asset impairment	10,537	60,980	17,131
Total expenses	1,459,310	1,403,122	978,708
Gain on sale of real estate, net	48,202	9,558	14,927
Gain on insurance settlement			62,386
Unrealized (losses) gains on equity securities, net	0	0	0
Interest income	24	1	6
Interest expense	0	0	0
Loss on early extinguishment of debt	0		0
Loss before income taxes and equity in earnings (losses) of an investee	56,260	(287,077)	(23,819)
Income tax benefit (expense)	0	0	0
Equity in earnings (losses) of an investee	0	0	0
Net loss	56,260	(287,077)	(23,819)
Total assets	3,882,701	4,487,101	4,846,410
Net Lease | Operating segments
Revenues:
Hotel operating revenues	0	0	0
Rental income	395,667	389,094	387,684
Total revenues	395,667	389,094	387,684
Expenses:
Hotel operating expenses	0	0	0
Other operating expenses	13,176	15,658	15,208
Depreciation and amortization	179,692	219,324	235,235
General and administrative	0	0	0
Transaction related costs	0	0	0
Loss on asset impairment	452	17,640	38,625
Total expenses	193,320	252,622	289,068
Gain on sale of real estate, net	(384)	1,964	(12,666)
Gain on insurance settlement			0
Unrealized (losses) gains on equity securities, net	0	0	0
Interest income	29	0	0
Interest expense	0	0	0
Loss on early extinguishment of debt	0		0
Loss before income taxes and equity in earnings (losses) of an investee	201,992	138,436	85,950
Income tax benefit (expense)	0	0	0
Equity in earnings (losses) of an investee	0	0	0
Net loss	201,992	138,436	85,950
Total assets	$ 3,376,295	$ 3,580,095	$ 3,721,418

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Assets Carried at Fair Value (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) ft² property room hotel shares	Dec. 31, 2021 USD ($) ft² property hotel room shares	Dec. 31, 2020 USD ($)	Mar. 12, 2020 ft²
Fair Value of Assets and Liabilities
Carrying Value	$ 121,905	$ 515,518
Aggregate carrying value held-for-sale	9,687,214
Loss on asset impairment	10,989	$ 78,620	$ 55,756
Carrying value of net lease properties held for sale	$ 126,345
Hotel
Fair Value of Assets and Liabilities
Properties to be sold | hotel	18	67
Rooms | room	2,526	8,667
Net Lease Property
Fair Value of Assets and Liabilities
Properties to be sold | property	4	22
Area of real estate (in sqft) | ft²	9,667	154,206		6,696
Assets Held for Sale
Fair Value of Assets and Liabilities
Loss on asset impairment	$ 10,989	$ 78,620
Assets Held for Sale | Hotel
Fair Value of Assets and Liabilities
Aggregate carrying value held-for-sale	110,215	503,078
Assets Held for Sale | Net Lease Property
Fair Value of Assets and Liabilities
Carrying value of net lease properties held for sale	1,377	12,440
Investment in TA
Fair Value of Assets and Liabilities
Fair Value	$ 53,055	$ 61,159
Fair Value, Inputs, Level 1 | Investment in TA
Fair Value of Assets and Liabilities
Shares included in investment securities (in shares) | shares	1,184,797	1,184,797
Fair Value, Inputs, Level 1 | Carrying Value | Investment in TA
Fair Value of Assets and Liabilities
Carrying Value	$ 53,055	$ 61,159
Fair Value, Inputs, Level 1 | Fair Value | Investment in TA
Fair Value of Assets and Liabilities
Fair Value	53,055	61,159
Fair Value, Inputs, Level 3 | Carrying Value | Assets Held for Sale
Fair Value of Assets and Liabilities
Carrying Value	111,592	515,518
Fair Value, Inputs, Level 3 | Fair Value | Assets Held for Sale
Fair Value of Assets and Liabilities
Fair Value	$ 111,592	$ 515,518

Fair Value of Assets and Liab_4

Fair Value of Assets and Liabilities - Fair Value of Additional Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Senior Unsecured Notes, due 2022 at 5.00%
Fair Value of Assets and Liabilities
Interest rate stated percentage	5%
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	$ 5,655,530	$ 6,143,022
Carrying Value | Senior Unsecured Notes, due 2022 at 5.00%
Fair Value of Assets and Liabilities
Total financial liabilities	0	499,244
Carrying Value | Senior Unsecured Notes, due 2023 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	499,925	499,761
Carrying Value | Senior Unsecured Notes, due 2024 at 4.65%
Fair Value of Assets and Liabilities
Total financial liabilities	349,510	349,105
Carrying Value | Senior Unsecured Notes, due 2024 at 4.35%
Fair Value of Assets and Liabilities
Total financial liabilities	348,493	821,017
Carrying Value | Senior Unsecured Notes, due 2025 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	346,472	347,806
Carrying Value | Senior Unsecured Notes, due 2025 at 7.50%
Fair Value of Assets and Liabilities
Total financial liabilities	396,916	791,340
Carrying Value | Senior Unsecured Notes, due 2026 at 5.25%
Fair Value of Assets and Liabilities
Total financial liabilities	394,206	345,342
Carrying Value | Senior Unsecured Notes, due 2026 at 4.75%
Fair Value of Assets and Liabilities
Total financial liabilities	391,923	447,126
Carrying Value | Senior Unsecured Notes, due 2027 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	822,487	396,160
Carrying Value | Senior Unsecured Notes, due 2027 at 5.50%
Fair Value of Assets and Liabilities
Total financial liabilities	447,736	443,383
Carrying Value | Senior Unsecured Notes, due 2028 at 3.95%
Fair Value of Assets and Liabilities
Total financial liabilities	419,684	393,057
Carrying Value | Senior Unsecured Notes, due 2029 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	793,673	418,895
Carrying Value | Senior Unsecured Notes, due 2030 at 4.375%
Fair Value of Assets and Liabilities
Total financial liabilities	444,505	390,786
Fair Value
Fair Value of Assets and Liabilities
Total financial liabilities	4,830,823	6,179,495
Fair Value | Senior Unsecured Notes, due 2022 at 5.00%
Fair Value of Assets and Liabilities
Total financial liabilities	0	501,033
Fair Value | Senior Unsecured Notes, due 2023 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	491,345	505,378
Fair Value | Senior Unsecured Notes, due 2024 at 4.65%
Fair Value of Assets and Liabilities
Total financial liabilities	334,292	347,039
Fair Value | Senior Unsecured Notes, due 2024 at 4.35%
Fair Value of Assets and Liabilities
Total financial liabilities	749,983	821,184
Fair Value | Senior Unsecured Notes, due 2025 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	301,893	342,493
Fair Value | Senior Unsecured Notes, due 2025 at 7.50%
Fair Value of Assets and Liabilities
Total financial liabilities	762,344	867,712
Fair Value | Senior Unsecured Notes, due 2026 at 5.25%
Fair Value of Assets and Liabilities
Total financial liabilities	292,282	348,537
Fair Value | Senior Unsecured Notes, due 2026 at 4.75%
Fair Value of Assets and Liabilities
Total financial liabilities	354,128	439,889
Fair Value | Senior Unsecured Notes, due 2027 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	315,040	395,862
Fair Value | Senior Unsecured Notes, due 2027 at 5.50%
Fair Value of Assets and Liabilities
Total financial liabilities	387,522	461,522
Fair Value | Senior Unsecured Notes, due 2028 at 3.95%
Fair Value of Assets and Liabilities
Total financial liabilities	283,996	370,562
Fair Value | Senior Unsecured Notes, due 2029 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	293,718	407,448
Fair Value | Senior Unsecured Notes, due 2030 at 4.375%
Fair Value of Assets and Liabilities
Total financial liabilities	$ 264,280	$ 370,836

Subsequent Event (Details)

Subsequent Event (Details) $ / shares in Units, $ in Thousands	Feb. 15, 2023 USD ($) travelCenter renewalOption $ / shares	Dec. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares
Subsequent Event [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Subsequent event | BP Products North America Inc.
Subsequent Event [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.001
Subsequent event | BP Products North America Inc.
Subsequent Event [Line Items]
Number of ground leases | travelCenter	176
Operating agreement annual rent and return	$ 254,000
Annual increase percentage	2%
Lease term	10 years
Number of renewal options | renewalOption	5
Renewal term	10 years
Business combination BP prepay amount	$ 188,000
Monthly rent credit amount	25,000
Guarantee obligations	3,040,000
Subsequent event | BP Products North America Inc. | Tradenames and trademarks
Subsequent Event [Line Items]
Tradenames and trademarks	$ 89,400
Subsequent event | TravelCenters of America Inc. | BP Products North America Inc.
Subsequent Event [Line Items]
Business acquisition, share price (in dollars per share) | $ / shares	$ 86

Schedule III_Real Estate and _2

Schedule III—Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) property	Dec. 31, 2022 hotel	Dec. 31, 2022 retailProperty	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Initial Cost to Company
Land				$ 1,918,000
Building & Improvements				6,054,000
Costs Capitalized Subsequent to Acquisition
Improvements				2,315,000
Impairment	$ (183,000)
Cost Basis Adjustment	$ (807,000)
Gross Amount at which Carried at Close of Period
Land				1,922,000
Building & Improvements				7,369,000
Total				9,291,000	$ 9,790,010	$ 10,630,560	$ 10,716,233
Number of properties | property	1,003
Accumulated depreciation				(2,749,862)	(3,069,348)	(3,047,016)	$ (2,851,121)
Accumulated depreciation related to personal property excluded from real estate gross	$ 220
Net Lease Property
Gross Amount at which Carried at Close of Period
Number of properties | retailProperty			1,003
Assets Held for Sale | Hotel
Initial Cost to Company
Land				25,000
Building & Improvements				123,000
Costs Capitalized Subsequent to Acquisition
Improvements				75,000
Impairment	(58,000)
Cost Basis Adjustment	$ (43,000)
Gross Amount at which Carried at Close of Period
Land				19,000
Building & Improvements				97,000
Total				116,000
Number of properties | property	18
Assets Held for Sale | Net Lease Service Retail
Initial Cost to Company
Land				1,000
Building & Improvements				3,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ (2,000)
Cost Basis Adjustment
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				1,000
Total				1,000
Number of properties | property	4
All Properties Excluding Properties Held For Sale
Initial Cost to Company
Land				1,892,000
Building & Improvements				5,928,000
Costs Capitalized Subsequent to Acquisition
Improvements				2,240,000
Impairment	$ (123,000)
Cost Basis Adjustment	$ (764,000)
Gross Amount at which Carried at Close of Period
Land				1,903,000
Building & Improvements				7,271,000
Total				9,174,451	$ 9,790,010	$ 10,630,560
Number of properties | property	981
Royal Sonesta
Initial Cost to Company
Land				227,000
Building & Improvements				1,118,000
Costs Capitalized Subsequent to Acquisition
Improvements				408,000
Impairment	$ (9,000)
Cost Basis Adjustment	$ (12,000)
Gross Amount at which Carried at Close of Period
Land				229,000
Building & Improvements				1,503,000
Total				1,732,000
Number of properties | hotel		17
Accumulated depreciation				(383,000)
Royal Sonesta | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Royal Sonesta | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Sonesta
Initial Cost to Company
Land				136,000
Building & Improvements				588,000
Costs Capitalized Subsequent to Acquisition
Improvements				338,000
Impairment	$ (51,000)
Cost Basis Adjustment	$ (9,000)
Gross Amount at which Carried at Close of Period
Land				136,000
Building & Improvements				866,000
Total				1,002,000
Number of properties | hotel		22
Accumulated depreciation				(278,000)
Sonesta | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Sonesta | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Sonesta ES Suites
Initial Cost to Company
Land				132,000
Building & Improvements				557,000
Costs Capitalized Subsequent to Acquisition
Improvements				343,000
Impairment	$ (35,000)
Cost Basis Adjustment	$ (62,000)
Gross Amount at which Carried at Close of Period
Land				132,000
Building & Improvements				803,000
Total				935,000
Number of properties | hotel		60
Accumulated depreciation				(405,000)
Sonesta ES Suites | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Sonesta ES Suites | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Sonesta Select
Initial Cost to Company
Land				84,000
Building & Improvements				395,000
Costs Capitalized Subsequent to Acquisition
Improvements				249,000
Impairment	$ (8,000)
Cost Basis Adjustment	$ (77,000)
Gross Amount at which Carried at Close of Period
Land				84,000
Building & Improvements				559,000
Total				643,000
Number of properties | hotel		44
Accumulated depreciation				(326,000)
Sonesta Select | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Sonesta Select | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Simply Suites
Initial Cost to Company
Land				68,000
Building & Improvements				341,000
Costs Capitalized Subsequent to Acquisition
Improvements				104,000
Impairment	$ (17,000)
Cost Basis Adjustment	$ (24,000)
Gross Amount at which Carried at Close of Period
Land				68,000
Building & Improvements				404,000
Total				472,000
Number of properties | hotel		51
Accumulated depreciation				(209,000)
Simply Suites | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Simply Suites | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Hyatt Place
Initial Cost to Company
Land				20,000
Building & Improvements				137,000
Costs Capitalized Subsequent to Acquisition
Improvements				36,000
Impairment	$ 0
Cost Basis Adjustment	$ (3,000)
Gross Amount at which Carried at Close of Period
Land				20,000
Building & Improvements				170,000
Total				190,000
Number of properties | hotel		17
Accumulated depreciation				(92,000)
Hyatt Place | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Hyatt Place | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Radisson Hotel
Initial Cost to Company
Land				9,000
Building & Improvements				93,000
Costs Capitalized Subsequent to Acquisition
Improvements				48,000
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				9,000
Building & Improvements				141,000
Total				150,000
Number of properties | hotel		5
Accumulated depreciation				(74,000)
Radisson Hotel | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Radisson Hotel | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Crowne Plaza
Initial Cost to Company
Land				17,000
Building & Improvements				69,000
Costs Capitalized Subsequent to Acquisition
Improvements				30,000
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				17,000
Building & Improvements				99,000
Total				116,000
Number of properties | hotel		1
Accumulated depreciation				(15,000)
Crowne Plaza | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Crowne Plaza | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Country Inn & Suites
Initial Cost to Company
Land				4,000
Building & Improvements				29,000
Costs Capitalized Subsequent to Acquisition
Improvements				10,000
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				4,000
Building & Improvements				39,000
Total				43,000
Number of properties | hotel		3
Accumulated depreciation				(21,000)
Country Inn & Suites | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Country Inn & Suites | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
TravelCenters of America LLC
Initial Cost to Company
Land				568,000
Building & Improvements				939,000
Costs Capitalized Subsequent to Acquisition
Improvements				469,000
Impairment	$ 0
Cost Basis Adjustment	$ (368,000)
Gross Amount at which Carried at Close of Period
Land				576,000
Building & Improvements				1,032,000
Total				1,608,000
Number of properties	133	133
Accumulated depreciation				(524,000)
TravelCenters of America LLC | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
TravelCenters of America LLC | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Petro Stopping Centers
Initial Cost to Company
Land				260,000
Building & Improvements				522,000
Costs Capitalized Subsequent to Acquisition
Improvements				193,000
Impairment	$ 0
Cost Basis Adjustment	$ (209,000)
Gross Amount at which Carried at Close of Period
Land				261,000
Building & Improvements				506,000
Total				767,000
Number of properties	44	44
Accumulated depreciation				(238,000)
Petro Stopping Centers | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Petro Stopping Centers | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
The Great Escape
Initial Cost to Company
Land				19,000
Building & Improvements				64,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				19,000
Building & Improvements				64,000
Total				83,000
Number of properties	14	14
Accumulated depreciation				(8,000)
The Great Escape | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
The Great Escape | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Life Time Fitness
Initial Cost to Company
Land				17,000
Building & Improvements				56,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				17,000
Building & Improvements				56,000
Total				73,000
Number of properties	3	3
Accumulated depreciation				(7,000)
Life Time Fitness | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Life Time Fitness | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
AMC Theatres
Initial Cost to Company
Land				24,000
Building & Improvements				42,000
Costs Capitalized Subsequent to Acquisition
Improvements				1,000
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				24,000
Building & Improvements				43,000
Total				67,000
Number of properties	9	9
Accumulated depreciation				(7,000)
AMC Theatres | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
AMC Theatres | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Buehler's Fresh Foods
Initial Cost to Company
Land				10,000
Building & Improvements				49,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				10,000
Building & Improvements				49,000
Total				59,000
Number of properties	5	5
Accumulated depreciation				(8,000)
Buehler's Fresh Foods | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Buehler's Fresh Foods | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Heartland Dental
Initial Cost to Company
Land				11,000
Building & Improvements				37,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				11,000
Building & Improvements				37,000
Total				48,000
Number of properties	59	59
Accumulated depreciation				(5,000)
Heartland Dental | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Heartland Dental | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Norms
Initial Cost to Company
Land				23,000
Building & Improvements				24,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				23,000
Building & Improvements				24,000
Total				47,000
Number of properties	10	10
Accumulated depreciation				(4,000)
Norms | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Norms | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Vacant
Initial Cost to Company
Land				14,000
Building & Improvements				30,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				14,000
Building & Improvements				30,000
Total				44,000
Number of properties	19	19
Accumulated depreciation				(7,000)
Vacant | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Vacant | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Express Oil Change
Initial Cost to Company
Land				6,000
Building & Improvements				37,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				6,000
Building & Improvements				37,000
Total				43,000
Number of properties	23	23
Accumulated depreciation				(5,000)
Express Oil Change | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Express Oil Change | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Pizza Hut
Initial Cost to Company
Land				12,000
Building & Improvements				28,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				12,000
Building & Improvements				28,000
Total				40,000
Number of properties	40	40
Accumulated depreciation				(9,000)
Pizza Hut | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Pizza Hut | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Flying J Travel Pizza
Initial Cost to Company
Land				6,000
Building & Improvements				32,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				6,000
Building & Improvements				32,000
Total				38,000
Number of properties	3	3
Accumulated depreciation				(3,000)
Flying J Travel Pizza | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Flying J Travel Pizza | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
America's Auto Auction
Initial Cost to Company
Land				7,000
Building & Improvements				23,000
Costs Capitalized Subsequent to Acquisition
Improvements				4,000
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				7,000
Building & Improvements				27,000
Total				34,000
Number of properties	6	6
Accumulated depreciation				(4,000)
America's Auto Auction | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
America's Auto Auction | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Courthouse Athletic Club
Initial Cost to Company
Land				5,000
Building & Improvements				28,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				5,000
Building & Improvements				28,000
Total				33,000
Number of properties	4	4
Accumulated depreciation				(4,000)
Courthouse Athletic Club | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Courthouse Athletic Club | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Big Al's
Initial Cost to Company
Land				3,000
Building & Improvements				28,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				3,000
Building & Improvements				28,000
Total				31,000
Number of properties	2	2
Accumulated depreciation				(2,000)
Big Al's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Big Al's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Burger King
Initial Cost to Company
Land				9,000
Building & Improvements				22,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				9,000
Building & Improvements				22,000
Total				31,000
Number of properties	21	21
Accumulated depreciation				(5,000)
Burger King | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Burger King | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Fleet Farm
Initial Cost to Company
Land				3,000
Building & Improvements				27,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				3,000
Building & Improvements				27,000
Total				30,000
Number of properties	1	1
Accumulated depreciation				(3,000)
Fleet Farm | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Fleet Farm | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
B&B Theatres
Initial Cost to Company
Land				12,000
Building & Improvements				15,000
Costs Capitalized Subsequent to Acquisition
Improvements				3,000
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				12,000
Building & Improvements				18,000
Total				30,000
Number of properties	4	4
Accumulated depreciation				(3,000)
B&B Theatres | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
B&B Theatres | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Hardee's
Initial Cost to Company
Land				4,000
Building & Improvements				24,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				4,000
Building & Improvements				24,000
Total				28,000
Number of properties	19	19
Accumulated depreciation				(5,000)
Hardee's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Hardee's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Martin's
Initial Cost to Company
Land				7,000
Building & Improvements				20,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				7,000
Building & Improvements				20,000
Total				27,000
Number of properties	16	16
Accumulated depreciation				(3,000)
Martin's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Martin's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Regal Cinemas
Initial Cost to Company
Land				5,000
Building & Improvements				21,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				5,000
Building & Improvements				21,000
Total				26,000
Number of properties	5	5
Accumulated depreciation				(3,000)
Regal Cinemas | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Regal Cinemas | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Arby's
Initial Cost to Company
Land				7,000
Building & Improvements				19,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				7,000
Building & Improvements				19,000
Total				26,000
Number of properties	19	19
Accumulated depreciation				(5,000)
Arby's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Arby's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Popeye's Chicken & Biscuits
Initial Cost to Company
Land				8,000
Building & Improvements				17,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				8,000
Building & Improvements				17,000
Total				25,000
Number of properties	20	20
Accumulated depreciation				(4,000)
Popeye's Chicken & Biscuits | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Popeye's Chicken & Biscuits | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Creme de la Creme
Initial Cost to Company
Land				7,000
Building & Improvements				18,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				7,000
Building & Improvements				18,000
Total				25,000
Number of properties | property	4
Accumulated depreciation				(2,000)
Creme de la Creme | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Creme de la Creme | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Church's Chicken
Initial Cost to Company
Land				5,000
Building & Improvements				18,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				5,000
Building & Improvements				18,000
Total				23,000
Number of properties	32	32
Accumulated depreciation				(3,000)
Church's Chicken | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Church's Chicken | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Mister Car Wash
Initial Cost to Company
Land				2,000
Building & Improvements				19,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				2,000
Building & Improvements				19,000
Total				21,000
Number of properties	5	5
Accumulated depreciation				(2,000)
Mister Car Wash | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Mister Car Wash | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
United Supermarkets
Initial Cost to Company
Land				4,000
Building & Improvements				17,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				4,000
Building & Improvements				17,000
Total				21,000
Number of properties	6	6
Accumulated depreciation				(3,000)
United Supermarkets | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
United Supermarkets | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Mesa Fitness
Initial Cost to Company
Land				3,000
Building & Improvements				17,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				3,000
Building & Improvements				17,000
Total				20,000
Number of properties	2	2
Accumulated depreciation				(2,000)
Mesa Fitness | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Mesa Fitness | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
CarMax
Initial Cost to Company
Land				5,000
Building & Improvements				13,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				5,000
Building & Improvements				13,000
Total				18,000
Number of properties | property	1
Accumulated depreciation				(2,000)
CarMax | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
CarMax | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Taco Bell
Initial Cost to Company
Land				4,000
Building & Improvements				15,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				4,000
Building & Improvements				15,000
Total				19,000
Number of properties	13	13
Accumulated depreciation				(2,000)
Taco Bell | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Taco Bell | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Uncle Ed's Oil Shoppe
Initial Cost to Company
Land				6,000
Building & Improvements				12,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				6,000
Building & Improvements				12,000
Total				18,000
Number of properties	28	28
Accumulated depreciation				(3,000)
Uncle Ed's Oil Shoppe | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Uncle Ed's Oil Shoppe | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Dave & Buster's
Initial Cost to Company
Land				3,000
Building & Improvements				11,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				3,000
Building & Improvements				11,000
Total				14,000
Number of properties | property	1
Accumulated depreciation				(1,000)
Dave & Buster's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Dave & Buster's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Pike Nursery
Initial Cost to Company
Land				8,000
Building & Improvements				6,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				8,000
Building & Improvements				6,000
Total				14,000
Number of properties | property	5
Accumulated depreciation				(1,000)
Pike Nursery | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Pike Nursery | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Fusion Gyms
Initial Cost to Company
Land				3,000
Building & Improvements				10,000
Costs Capitalized Subsequent to Acquisition
Improvements				1,000
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				3,000
Building & Improvements				11,000
Total				14,000
Number of properties | property	2
Accumulated depreciation				(1,000)
Fusion Gyms | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Fusion Gyms | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
HHI-Formtech
Initial Cost to Company
Land				3,000
Building & Improvements				10,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				3,000
Building & Improvements				10,000
Total				13,000
Number of properties	2	2
Accumulated depreciation				(3,000)
HHI-Formtech | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
HHI-Formtech | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Golden Corral
Initial Cost to Company
Land				4,000
Building & Improvements				8,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				4,000
Building & Improvements				8,000
Total				12,000
Number of properties | property	3
Accumulated depreciation				(2,000)
Golden Corral | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Golden Corral | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Rite Aid
Initial Cost to Company
Land				3,000
Building & Improvements				9,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				3,000
Building & Improvements				9,000
Total				12,000
Number of properties | property	5
Accumulated depreciation				(2,000)
Rite Aid | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Rite Aid | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Fuddruckers
Initial Cost to Company
Land				4,000
Building & Improvements				6,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				4,000
Building & Improvements				6,000
Total				10,000
Number of properties | property	5
Accumulated depreciation				(2,000)
Fuddruckers | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Fuddruckers | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Sanford's Grub & Pub
Initial Cost to Company
Land				1,000
Building & Improvements				10,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				10,000
Total				11,000
Number of properties | property	2
Accumulated depreciation				(1,000)
Sanford's Grub & Pub | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Sanford's Grub & Pub | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Baptist Emergency Hospital
Initial Cost to Company
Land				2,000
Building & Improvements				8,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				2,000
Building & Improvements				8,000
Total				10,000
Number of properties | property	1
Accumulated depreciation				(1,000)
Baptist Emergency Hospital | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Baptist Emergency Hospital | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Eddie Merlot's
Initial Cost to Company
Land				2,000
Building & Improvements				8,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				2,000
Building & Improvements				8,000
Total				10,000
Number of properties | property	2
Accumulated depreciation				(1,000)
Eddie Merlot's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Eddie Merlot's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Cermak Fresh Market
Initial Cost to Company
Land				2,000
Building & Improvements				7,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				2,000
Building & Improvements				7,000
Total				9,000
Number of properties	1	1
Accumulated depreciation				(2,000)
Cermak Fresh Market | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Cermak Fresh Market | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Core & Main
Initial Cost to Company
Land				4,000
Building & Improvements				5,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				4,000
Building & Improvements				5,000
Total				9,000
Number of properties | property	12
Accumulated depreciation				(1,000)
Core & Main | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Core & Main | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Lerner And Rowe
Initial Cost to Company
Land				1,000
Building & Improvements				8,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				8,000
Total				9,000
Number of properties | property	5
Accumulated depreciation				(1,000)
Lerner And Rowe | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Lerner And Rowe | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Kohl's
Initial Cost to Company
Land				2,000
Building & Improvements				6,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				2,000
Building & Improvements				6,000
Total				8,000
Number of properties | property	1
Accumulated depreciation				(1,000)
Kohl's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Kohl's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Austin's Park n' Pizza
Initial Cost to Company
Land				0
Building & Improvements				8,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				8,000
Total				8,000
Number of properties | property	1
Accumulated depreciation				(1,000)
Austin's Park n' Pizza | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Austin's Park n' Pizza | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Meineke Car Care Center
Initial Cost to Company
Land				3,000
Building & Improvements				6,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				3,000
Building & Improvements				6,000
Total				9,000
Number of properties | property	4
Accumulated depreciation				(1,000)
Meineke Car Care Center | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Meineke Car Care Center | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Columbus Preparatory Academy
Initial Cost to Company
Land				1,000
Building & Improvements				8,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				8,000
Total				9,000
Number of properties | property	1
Accumulated depreciation				(1,000)
Columbus Preparatory Academy | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Columbus Preparatory Academy | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
LA Fitness
Initial Cost to Company
Land				1,000
Building & Improvements				7,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				7,000
Total				8,000
Number of properties | property	1
Accumulated depreciation				(1,000)
LA Fitness | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
LA Fitness | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Academy Sports + Outdoors
Initial Cost to Company
Land				1,000
Building & Improvements				6,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				6,000
Total				7,000
Number of properties | property	1
Accumulated depreciation				(1,000)
Academy Sports + Outdoors | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Academy Sports + Outdoors | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Marcus Theaters
Initial Cost to Company
Land				2,000
Building & Improvements				5,000
Costs Capitalized Subsequent to Acquisition
Improvements				1,000
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				2,000
Building & Improvements				6,000
Total				8,000
Number of properties | property	1
Accumulated depreciation				(1,000)
Marcus Theaters | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Marcus Theaters | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Oregano's Pizza Bistro
Initial Cost to Company
Land				1,000
Building & Improvements				6,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				6,000
Total				7,000
Number of properties | property	3
Accumulated depreciation				(1,000)
Oregano's Pizza Bistro | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Oregano's Pizza Bistro | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Columbus Arts & Tech Academy
Initial Cost to Company
Land				1,000
Building & Improvements				6,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				6,000
Total				7,000
Number of properties | property	1
Accumulated depreciation				(1,000)
Columbus Arts & Tech Academy | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Columbus Arts & Tech Academy | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Blue Rhino
Initial Cost to Company
Land				3,000
Building & Improvements				4,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				3,000
Building & Improvements				4,000
Total				7,000
Number of properties | property	2
Accumulated depreciation				0
Blue Rhino | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Blue Rhino | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Texas Roadhouse
Initial Cost to Company
Land				3,000
Building & Improvements				6,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				3,000
Building & Improvements				6,000
Total				9,000
Number of properties | property	3
Accumulated depreciation				(1,000)
Texas Roadhouse | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Texas Roadhouse | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Krispy Kreme
Initial Cost to Company
Land				2,000
Building & Improvements				5,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				2,000
Building & Improvements				5,000
Total				7,000
Number of properties | property	3
Accumulated depreciation				(1,000)
Krispy Kreme | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Krispy Kreme | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Diagnostic Health
Initial Cost to Company
Land				1,000
Building & Improvements				6,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				6,000
Total				7,000
Number of properties | property	2
Accumulated depreciation				(1,000)
Diagnostic Health | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Diagnostic Health | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Sonic Drive-In
Initial Cost to Company
Land				3,000
Building & Improvements				4,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				3,000
Building & Improvements				4,000
Total				7,000
Number of properties | property	9
Accumulated depreciation				(1,000)
Sonic Drive-In | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Sonic Drive-In | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Brookshire Brothers
Initial Cost to Company
Land				1,000
Building & Improvements				5,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				5,000
Total				6,000
Number of properties | property	5
Accumulated depreciation				(1,000)
Brookshire Brothers | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Brookshire Brothers | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Flying Star Cafe
Initial Cost to Company
Land				1,000
Building & Improvements				5,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				5,000
Total				6,000
Number of properties | property	2
Accumulated depreciation				(1,000)
Flying Star Cafe | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Flying Star Cafe | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Jack's Family Restaurant
Initial Cost to Company
Land				2,000
Building & Improvements				4,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				2,000
Building & Improvements				4,000
Total				6,000
Number of properties | property	3
Accumulated depreciation				(1,000)
Jack's Family Restaurant | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Jack's Family Restaurant | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Axels
Initial Cost to Company
Land				0
Building & Improvements				6,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				6,000
Total				6,000
Number of properties | property	2
Accumulated depreciation				(2,000)
Axels | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Axels | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Wendy's
Initial Cost to Company
Land				1,000
Building & Improvements				5,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				5,000
Total				6,000
Number of properties | property	3
Accumulated depreciation				(1,000)
Wendy's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Wendy's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Jack Stack Barbeque
Initial Cost to Company
Land				1,000
Building & Improvements				5,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				5,000
Total				6,000
Number of properties | property	1
Accumulated depreciation				(1,000)
Jack Stack Barbeque | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Jack Stack Barbeque | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Hughes Supply
Initial Cost to Company
Land				2,000
Building & Improvements				4,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				2,000
Building & Improvements				4,000
Total				6,000
Number of properties | property	7
Accumulated depreciation				(1,000)
Hughes Supply | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Hughes Supply | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Multi-Tenant
Initial Cost to Company
Land				1,000
Building & Improvements				4,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				4,000
Total				5,000
Number of properties | property	1
Accumulated depreciation				0
Multi-Tenant | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Multi-Tenant | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Adult & Pediatric Orthopedics
Initial Cost to Company
Land				1,000
Building & Improvements				4,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				4,000
Total				5,000
Number of properties | property	1
Accumulated depreciation				(1,000)
Adult & Pediatric Orthopedics | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Adult & Pediatric Orthopedics | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Bricktown Brewery
Initial Cost to Company
Land				1,000
Building & Improvements				4,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				4,000
Total				5,000
Number of properties | property	2
Accumulated depreciation				(1,000)
Bricktown Brewery | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Bricktown Brewery | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Walgreens
Initial Cost to Company
Land				0
Building & Improvements				5,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				5,000
Total				5,000
Number of properties | property	2
Accumulated depreciation				(1,000)
Walgreens | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Walgreens | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
10 Box
Initial Cost to Company
Land				2,000
Building & Improvements				3,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				2,000
Building & Improvements				3,000
Total				5,000
Number of properties | property	2
Accumulated depreciation				(1,000)
10 Box | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
10 Box | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Mak Pack
Initial Cost to Company
Land				1,000
Building & Improvements				4,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				4,000
Total				5,000
Number of properties | property	1
Accumulated depreciation				(1,000)
Mak Pack | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Mak Pack | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
ConForm Automotive
Initial Cost to Company
Land				2,000
Building & Improvements				3,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				2,000
Building & Improvements				3,000
Total				5,000
Number of properties | property	1
Accumulated depreciation				(1,000)
ConForm Automotive | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
ConForm Automotive | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
HD Supply White Cap
Initial Cost to Company
Land				2,000
Building & Improvements				3,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				2,000
Building & Improvements				3,000
Total				5,000
Number of properties | property	2
Accumulated depreciation				(1,000)
HD Supply White Cap | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
HD Supply White Cap | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Planet Fitness
Initial Cost to Company
Land				1,000
Building & Improvements				4,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				4,000
Total				5,000
Number of properties | property	1
Accumulated depreciation				(1,000)
Planet Fitness | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Planet Fitness | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
RGB Eye Associates
Initial Cost to Company
Land				1,000
Building & Improvements				4,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				4,000
Total				5,000
Number of properties | property	1
Accumulated depreciation				0
RGB Eye Associates | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
RGB Eye Associates | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Gerber Collision & Glass
Initial Cost to Company
Land				1,000
Building & Improvements				4,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				4,000
Total				5,000
Number of properties | property	2
Accumulated depreciation				(1,000)
Gerber Collision & Glass | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Gerber Collision & Glass | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Discount Tire
Initial Cost to Company
Land				1,000
Building & Improvements				4,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				4,000
Total				5,000
Number of properties | property	1
Accumulated depreciation				0
Discount Tire | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Discount Tire | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Famous Dave's
Initial Cost to Company
Land				1,000
Building & Improvements				3,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				3,000
Total				4,000
Number of properties | property	2
Accumulated depreciation				0
Famous Dave's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Famous Dave's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Metaldyne BSM
Initial Cost to Company
Land				0
Building & Improvements				4,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				4,000
Total				4,000
Number of properties | property	1
Accumulated depreciation				(1,000)
Metaldyne BSM | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Metaldyne BSM | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Focus Child Development Center
Initial Cost to Company
Land				1,000
Building & Improvements				3,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				3,000
Total				4,000
Number of properties | property	3
Accumulated depreciation				0
Focus Child Development Center | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Focus Child Development Center | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Ashley Furniture
Initial Cost to Company
Land				1,000
Building & Improvements				3,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				3,000
Total				4,000
Number of properties | property	1
Accumulated depreciation				0
Ashley Furniture | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Ashley Furniture | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Boozman-Hof
Initial Cost to Company
Land				2,000
Building & Improvements				2,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				2,000
Building & Improvements				2,000
Total				4,000
Number of properties | property	1
Accumulated depreciation				0
Boozman-Hof | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Boozman-Hof | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Sportsman's Warehouse
Initial Cost to Company
Land				1,000
Building & Improvements				3,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				3,000
Total				4,000
Number of properties | property	1
Accumulated depreciation				(1,000)
Sportsman's Warehouse | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Sportsman's Warehouse | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Eriks Bike Shop
Initial Cost to Company
Land				1,000
Building & Improvements				3,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				3,000
Total				4,000
Number of properties | property	1
Accumulated depreciation				(1,000)
Eriks Bike Shop | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Eriks Bike Shop | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Max & Erma's
Initial Cost to Company
Land				1,000
Building & Improvements				3,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				3,000
Total				4,000
Number of properties | property	1
Accumulated depreciation				(1,000)
Max & Erma's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Max & Erma's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Joe's Crab Shack
Initial Cost to Company
Land				1,000
Building & Improvements				3,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				3,000
Total				4,000
Number of properties | property	1
Accumulated depreciation				(1,000)
Joe's Crab Shack | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Joe's Crab Shack | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Applebee's
Initial Cost to Company
Land				1,000
Building & Improvements				2,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				2,000
Total				3,000
Number of properties | property	1
Accumulated depreciation				0
Applebee's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Applebee's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Rainbow Kids Clinic
Initial Cost to Company
Land				1,000
Building & Improvements				3,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				3,000
Total				4,000
Number of properties | property	1
Accumulated depreciation				0
Rainbow Kids Clinic | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Rainbow Kids Clinic | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Tractor Supply
Initial Cost to Company
Land				0
Building & Improvements				3,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				3,000
Total				3,000
Number of properties | property	1
Accumulated depreciation				0
Tractor Supply | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Tractor Supply | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Spoons Place
Initial Cost to Company
Land				1,000
Building & Improvements				2,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				2,000
Total				3,000
Number of properties | property	1
Accumulated depreciation				0
Spoons Place | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Spoons Place | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Nacarato Trucks
Initial Cost to Company
Land				0
Building & Improvements				2,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				2,000
Total				2,000
Number of properties | property	1
Accumulated depreciation				(1,000)
Nacarato Trucks | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Nacarato Trucks | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Southwest Stainless, LP
Initial Cost to Company
Land				0
Building & Improvements				3,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				3,000
Total				3,000
Number of properties | property	1
Accumulated depreciation				0
Southwest Stainless, LP | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Southwest Stainless, LP | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Heytex USA
Initial Cost to Company
Land				0
Building & Improvements				2,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				2,000
Total				2,000
Number of properties | property	1
Accumulated depreciation				(1,000)
Heytex USA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Heytex USA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Anixter
Initial Cost to Company
Land				1,000
Building & Improvements				2,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				2,000
Total				3,000
Number of properties | property	2
Accumulated depreciation				0
Anixter | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Anixter | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
What The Buck
Initial Cost to Company
Land				0
Building & Improvements				3,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				3,000
Total				3,000
Number of properties | property	1
Accumulated depreciation				(1,000)
What The Buck | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
What The Buck | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Kerry's Car Care
Initial Cost to Company
Land				1,000
Building & Improvements				2,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				2,000
Total				3,000
Number of properties | property	1
Accumulated depreciation				0
Kerry's Car Care | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Kerry's Car Care | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Hooters
Initial Cost to Company
Land				1,000
Building & Improvements				1,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				1,000
Total				2,000
Number of properties | property	2
Accumulated depreciation				0
Hooters | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Hooters | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Mind 24-7
Initial Cost to Company
Land				1,000
Building & Improvements				3,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ (3,000)
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				0
Total				1,000
Number of properties | property	1
Accumulated depreciation				0
Ojos Locos Sports Cantina
Initial Cost to Company
Land				1,000
Building & Improvements				2,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				2,000
Total				3,000
Number of properties | property	1
Accumulated depreciation				(1,000)
Ojos Locos Sports Cantina | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Ojos Locos Sports Cantina | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Black Angus Steakhouse
Initial Cost to Company
Land				1,000
Building & Improvements				2,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				2,000
Total				3,000
Number of properties | property	1
Accumulated depreciation				0
Black Angus Steakhouse | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Black Angus Steakhouse | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Bridgestone Tire
Initial Cost to Company
Land				1,000
Building & Improvements				1,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				1,000
Total				2,000
Number of properties | property	1
Accumulated depreciation				0
Bridgestone Tire | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Bridgestone Tire | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Buffalo Wild Wings
Initial Cost to Company
Land				1,000
Building & Improvements				2,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				2,000
Total				3,000
Number of properties | property	1
Accumulated depreciation				0
Buffalo Wild Wings | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Buffalo Wild Wings | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Taco Bueno
Initial Cost to Company
Land				1,000
Building & Improvements				1,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				1,000
Total				2,000
Number of properties | property	2
Accumulated depreciation				(1,000)
Taco Bueno | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Taco Bueno | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Slim Chickens
Initial Cost to Company
Land				1,000
Building & Improvements				2,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				2,000
Total				3,000
Number of properties | property	1
Accumulated depreciation				0
Slim Chickens | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Slim Chickens | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Monterey's Tex Mex
Initial Cost to Company
Land				1,000
Building & Improvements				2,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				2,000
Total				3,000
Number of properties | property	2
Accumulated depreciation				0
Monterey's Tex Mex | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Monterey's Tex Mex | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Rally's
Initial Cost to Company
Land				1,000
Building & Improvements				1,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				1,000
Total				2,000
Number of properties | property	3
Accumulated depreciation				0
Rally's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Rally's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Red Robin Gourmet Burgers
Initial Cost to Company
Land				1,000
Building & Improvements				1,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				1,000
Total				2,000
Number of properties | property	1
Accumulated depreciation				0
Red Robin Gourmet Burgers | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Red Robin Gourmet Burgers | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Primanti Bros.
Initial Cost to Company
Land				1,000
Building & Improvements				1,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				1,000
Total				2,000
Number of properties | property	1
Accumulated depreciation				0
Primanti Bros. | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Primanti Bros. | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Orscheln Farm And Home
Initial Cost to Company
Land				1,000
Building & Improvements				1,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				1,000
Total				2,000
Number of properties | property	1
Accumulated depreciation				0
Orscheln Farm And Home | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Orscheln Farm And Home | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Cycle Gear
Initial Cost to Company
Land				1,000
Building & Improvements				1,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				1,000
Total				2,000
Number of properties | property	1
Accumulated depreciation				0
Cycle Gear | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Cycle Gear | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Dollar General
Initial Cost to Company
Land				0
Building & Improvements				2,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				2,000
Total				2,000
Number of properties | property	2
Accumulated depreciation				0
Dollar General | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Dollar General | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Affordable Care, Inc.
Initial Cost to Company
Land				1,000
Building & Improvements				1,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				1,000
Total				2,000
Number of properties | property	2
Accumulated depreciation				0
Affordable Care, Inc. | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Affordable Care, Inc. | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Chicken Salad Chick
Initial Cost to Company
Land				0
Building & Improvements				1,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				1,000
Total				1,000
Number of properties | property	1
Accumulated depreciation				0
Chicken Salad Chick | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Chicken Salad Chick | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Wings, Etc
Initial Cost to Company
Land				0
Building & Improvements				1,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				1,000
Total				1,000
Number of properties | property	1
Accumulated depreciation				0
Wings, Etc | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Wings, Etc | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
SRS Distribution
Initial Cost to Company
Land				0
Building & Improvements				1,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				1,000
Total				1,000
Number of properties | property	1
Accumulated depreciation				0
SRS Distribution | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
SRS Distribution | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Bru Burger Bar
Initial Cost to Company
Land				0
Building & Improvements				1,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				1,000
Total				1,000
Number of properties | property	1
Accumulated depreciation				0
Bru Burger Bar | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Bru Burger Bar | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
ERA Capital
Initial Cost to Company
Land				0
Building & Improvements				1,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				1,000
Total				1,000
Number of properties | property	1
Accumulated depreciation				0
ERA Capital | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
ERA Capital | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Old Mexico Cantina
Initial Cost to Company
Land				0
Building & Improvements				1,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				1,000
Total				1,000
Number of properties | property	1
Accumulated depreciation				0
Old Mexico Cantina | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Old Mexico Cantina | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
KFC
Initial Cost to Company
Land				0
Building & Improvements				1,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				1,000
Total				1,000
Number of properties | property	1
Accumulated depreciation				0
KFC | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
KFC | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
The Atlanta Center For Foot & Ankle Surgery
Initial Cost to Company
Land				0
Building & Improvements				1,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				1,000
Total				1,000
Number of properties | property	1
Accumulated depreciation				0
The Atlanta Center For Foot & Ankle Surgery | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
The Atlanta Center For Foot & Ankle Surgery | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
O'Reilly Auto Parts
Initial Cost to Company
Land				0
Building & Improvements				1,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				1,000
Total				1,000
Number of properties | property	1
Accumulated depreciation				0
O'Reilly Auto Parts | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
O'Reilly Auto Parts | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Long John Silver's
Initial Cost to Company
Land				1,000
Building & Improvements				1,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				1,000
Total				2,000
Number of properties | property	1
Accumulated depreciation				0
Long John Silver's | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Long John Silver's | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Touchstone Imaging
Initial Cost to Company
Land				0
Building & Improvements				1,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				1,000
Total				1,000
Number of properties | property	1
Accumulated depreciation				0
Touchstone Imaging | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Touchstone Imaging | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Dunkin Donuts
Initial Cost to Company
Land				0
Building & Improvements				0
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				0
Total				0
Number of properties | property	1
Accumulated depreciation				0
Dunkin Donuts | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Dunkin Donuts | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Howlin Concrete
Initial Cost to Company
Land				1,000
Building & Improvements				0
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				1,000
Building & Improvements				0
Total				1,000
Number of properties | property	1
Accumulated depreciation				0
Howlin Concrete | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Howlin Concrete | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
El Forastero
Initial Cost to Company
Land				0
Building & Improvements				1,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				1,000
Total				1,000
Number of properties | property	1
Accumulated depreciation				0
El Forastero | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
El Forastero | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Bechheit
Initial Cost to Company
Land				0
Building & Improvements				1,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				1,000
Total				1,000
Number of properties | property	1
Accumulated depreciation				0
Bechheit | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Bechheit | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Little Caesars
Initial Cost to Company
Land				0
Building & Improvements				1,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				1,000
Total				1,000
Number of properties | property	1
Accumulated depreciation				0
Little Caesars | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Little Caesars | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
NAPA Auto Parts
Initial Cost to Company
Land				0
Building & Improvements				1,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				1,000
Total				1,000
Number of properties | property	1
Accumulated depreciation				0
NAPA Auto Parts | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
NAPA Auto Parts | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Robata
Initial Cost to Company
Land				0
Building & Improvements				1,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				1,000
Total				1,000
Number of properties | property	1
Accumulated depreciation				0
Robata | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Robata | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Off The Hook Seafood & More
Initial Cost to Company
Land				0
Building & Improvements				0
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				0
Total				0
Number of properties | property	1
Accumulated depreciation				0
Off The Hook Seafood & More | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Off The Hook Seafood & More | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Consolidated Pipe
Initial Cost to Company
Land				0
Building & Improvements				0
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				0
Total				0
Number of properties | property	1
Accumulated depreciation				0
Consolidated Pipe | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Consolidated Pipe | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Bigham Cable
Initial Cost to Company
Land				0
Building & Improvements				0
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				0
Total				0
Number of properties | property	1
Accumulated depreciation				0
Bigham Cable | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Bigham Cable | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Sharks Fish & Chicken
Initial Cost to Company
Land				0
Building & Improvements				0
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				0
Total				0
Number of properties | property	1
Accumulated depreciation				0
Sharks Fish & Chicken | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Sharks Fish & Chicken | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Kings Wings N Things
Initial Cost to Company
Land				0
Building & Improvements				0
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				0
Total				0
Number of properties | property	1
Accumulated depreciation				0
Kings Wings N Things | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	10 years
Kings Wings N Things | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	40 years
Family Dollar Stores
Initial Cost to Company
Land				0
Building & Improvements				0
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				0
Total				0
Number of properties | property	1
Accumulated depreciation				0
Del Taco
Initial Cost to Company
Land				0
Building & Improvements				0
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				0
Total				0
Number of properties | property	1
Accumulated depreciation				0
Scooters Coffee
Initial Cost to Company
Land				0
Building & Improvements				0
Costs Capitalized Subsequent to Acquisition
Improvements				0
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				0
Building & Improvements				0
Total				0
Number of properties | property	1
Accumulated depreciation				0
Other
Initial Cost to Company
Land				2,000
Building & Improvements				8,000
Costs Capitalized Subsequent to Acquisition
Improvements				2,000
Impairment	$ 0
Cost Basis Adjustment	$ 0
Gross Amount at which Carried at Close of Period
Land				2,000
Building & Improvements				10,000
Total				12,000
Other Properties
Gross Amount at which Carried at Close of Period
Accumulated depreciation				$ (3,000)

Schedule III_Real Estate and _3

Schedule III—Real Estate and Accumulated Depreciation - Notes to Schedule III (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in total cost of properties
Balance at beginning of year	$ 9,790,010	$ 10,630,560	$ 10,716,233
Additions: acquisitions and capital expenditures	106,588	86,016	99,141
Dispositions	(624,057)	(330,091)	(145,836)
Reclassification of properties held for sale	(98,090)	(596,475)	(38,978)
Balance at close of year	9,291,000	9,790,010	10,630,560
Change in accumulated depreciation
Balance at beginning of year	3,069,348	3,047,016	2,851,121
Additions: depreciation expense	309,606	298,597	364,636
Dispositions	(618,132)	(153,699)	(143,814)
Reclassification of properties held for sale	(10,960)	(122,566)	(24,927)
Balance at close of year	2,749,862	3,069,348	3,047,016
Tax basis for federal income tax purpose	6,965,454
All Properties Excluding Properties Held For Sale
Change in total cost of properties
Balance at beginning of year	9,790,010	10,630,560
Balance at close of year	$ 9,174,451	$ 9,790,010	$ 10,630,560