Service Properties Trust (SVC) 10-K 28 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2023	Feb. 22, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1.4
Entity Common Stock, Shares Outstanding		165,768,058
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 2024 Annual Meeting of Shareholders to be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended December 31, 2023.
Entity Central Index Key	0000945394
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Boston, Massachusetts
Auditor Firm ID	34

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real estate properties:
Land	$ 1,972,145	$ 1,902,587
Buildings, improvements and equipment	7,814,192	7,658,282
Total real estate properties, gross	9,786,337	9,560,869
Accumulated depreciation	(3,181,797)	(2,970,133)
Total real estate properties, net	6,604,540	6,590,736
Acquired real estate leases and other intangibles, net	130,622	252,357
Assets held for sale	10,500	121,905
Cash and cash equivalents	180,119	38,369
Restricted cash	17,711	7,051
Equity method investment	113,304	112,617
Investment in equity securities	0	53,055
Due from related persons	6,376	35,033
Other assets, net	292,944	277,068
Total assets	7,356,116	7,488,191
LIABILITIES AND SHAREHOLDERS’ EQUITY
Revolving credit facility	0	0
Mortgage notes payable, net	558,876	0
Total liabilities	6,129,983	6,099,399
Commitments and contingencies
Shareholders’ equity:
Common shares of beneficial interest, $.01 par value; 200,000,000 shares authorized; 165,769,595 and 165,452,566 shares issued and outstanding, respectively	1,658	1,655
Additional paid in capital	4,557,473	4,554,861
Cumulative other comprehensive income	2,318	2,383
Cumulative net income	2,470,500	2,503,279
Cumulative common distributions	(5,805,816)	(5,673,386)
Total shareholders’ equity	1,226,133	1,388,792
Total liabilities and shareholders’ equity	7,356,116	7,488,191
Senior Secured Notes
LIABILITIES AND SHAREHOLDERS’ EQUITY
Senior notes	968,017	0
Senior Unsecured Notes
LIABILITIES AND SHAREHOLDERS’ EQUITY
Senior notes	3,993,327	5,655,530
Nonrelated Party
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable and other liabilities and due to related persons	587,005	425,960
Related Party
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable and other liabilities and due to related persons	$ 22,758	$ 17,909

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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)	165,769,595	165,452,566
Common shares, shares outstanding (in shares)	165,769,595	165,452,566

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Hotel operating revenues	$ 1,478,034	$ 1,467,344	$ 1,104,678
Rental income	395,829	395,667	390,902
Total revenues	1,873,863	1,863,011	1,495,580
Expenses:
Hotel operating expenses	1,223,906	1,227,357	1,010,737
Net lease operating expenses	17,663	13,176	15,658
Depreciation and amortization	384,060	401,108	485,965
General and administrative	45,397	44,404	53,439
Transaction related costs	(1,623)	1,920	64,764
Loss on asset impairment, net	9,544	10,989	78,620
Total expenses	1,678,947	1,698,954	1,709,183
Gain on sale of real estate, net	43,239	47,818	11,522
Gain (loss) on equity securities, net	48,837	(8,104)	22,535
Interest income	20,979	3,379	664
Interest expense (including amortization of debt issuance costs, discounts and premiums of $25,710, $19,375 and $21,036, respectively)	(336,342)	(341,795)	(365,721)
Loss on early extinguishment of debt	(1,524)	(791)	0
Loss before income tax benefit and equity in (losses) earnings of an investee	(29,895)	(135,436)	(544,603)
Income tax benefit	1,498	199	941
Equity in (losses) earnings of an investee	(4,382)	2,856	(941)
Net loss	(32,779)	(132,381)	(544,603)
Other comprehensive (loss) income:
Equity interest in investee’s unrealized (losses) gains	(65)	1,604	1,539
Other comprehensive (loss) income	(65)	1,604	1,539
Comprehensive loss	$ (32,844)	$ (130,777)	$ (543,064)
Weighted average common shares outstanding (basic) (in shares)	164,988	164,738	164,566
Weighted average common shares outstanding (diluted) (in shares)	164,988	164,738	164,566
Net loss per common share (basic) (in dollars per share)	$ (0.20)	$ (0.80)	$ (3.31)
Net loss per common share (diluted) (in dollars per share)	$ (0.20)	$ (0.80)	$ (3.31)
Revenue form contract with customer, produce and service extensible list	Hotels	Hotels	Hotels
Product and service, extensible list	Hotels	Hotels	Hotels

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Interest expense, amortization of debt issuance costs and debt discounts and premiums	$ 25,710	$ 19,375	$ 21,036

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, 2020		164,823,833
Beginning balance at Dec. 31, 2020	$ 2,102,790	$ 1,648	$ (5,628,746)	$ 4,550,385	$ 3,180,263	$ (760)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income attributable to shareholders	(544,603)				(544,603)
Equity interest in investee’s unrealized losses	1,539					1,539
Common share grants (in shares)		340,700
Common share grants	$ 2,967	$ 3		2,964
Common share repurchases (in shares)	(71,100)	(71,100)
Common share repurchases	$ (790)			(790)
Common share forfeitures (in shares)		(1,100)
Common share forfeitures	(1)			(1)
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) income attributable to shareholders	(132,381)				(132,381)
Equity interest in investee’s unrealized losses	1,604					1,604
Common share grants (in shares)		433,500
Common share grants	$ 2,788	$ 4		2,784
Common share repurchases (in shares)	(69,867)	(69,867)
Common share repurchases	$ (470)			(470)
Common share forfeitures (in shares)		(3,400)
Common share forfeitures	(11)			(11)
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income attributable to shareholders	(32,779)				(32,779)
Equity interest in investee’s unrealized losses	(65)					(65)
Common share grants (in shares)		438,000
Common share grants	$ 3,482	$ 4		3,478
Common share repurchases (in shares)	(98,571)	(98,571)
Common share repurchases	$ (802)	$ (1)		(801)
Common share forfeitures (in shares)		(22,400)
Common share forfeitures	(65)			(65)
Distributions	(132,430)		(132,430)
Ending balance (in shares) at Dec. 31, 2023		165,769,595
Ending balance at Dec. 31, 2023	$ 1,226,133	$ 1,658	$ (5,805,816)	$ 4,557,473	$ 2,470,500	$ 2,318

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net (loss) income attributable to shareholders	$ (32,779)	$ (132,381)	$ (544,603)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	384,060	401,108	485,965
Net amortization of debt issuance costs, discounts and premiums as interest	25,710	19,375	21,036
Straight line rental income	(13,165)	7,767	2,621
Loss on early extinguishment of debt	1,524	791	0
Loss on asset impairment, net	9,544	10,989	78,620
(Gains) losses on equity securities, net	(48,837)	8,104	(22,535)
Equity in losses (earnings) of an investee	4,382	(2,856)	941
Gain on sale of real estate, net	(43,239)	(47,818)	(11,522)
Deferred income taxes	(1,291)	(1,091)	(1,688)
Other non-cash income expense, net	(1,706)	(2,427)	(2,625)
Changes in assets and liabilities:
Due from related persons	21,135	(8)	(5,875)
Other assets	35,693	3,841	60,182
Accounts payable and other liabilities	144,079	(11,512)	(5,061)
Due to related persons	439	(10,755)	(5,552)
Net cash provided by operating activities	485,549	243,127	49,904
Cash flows from investing activities:
Acquisition of real estate properties	(165,866)	(2,766)	(7,709)
Proceeds from sale of TravelCenters of America Inc. common shares	101,892	0	0
Proceeds from sale of tradenames and trademarks	89,400	0	0
Real estate improvements	(200,894)	(103,646)	(95,017)
Hotel managers’ purchases with restricted cash	(5,407)	(4,952)	(24,565)
Net proceeds from sale of real estate	156,432	554,087	51,412
Investment in Sonesta	(5,134)	(45,470)	(25,443)
Distributions in excess of earnings from Affiliates Insurance Company	0	0	12
Net cash (used in) provided by investing activities	(29,577)	397,253	(101,310)
Cash flows from financing activities:
Proceeds from mortgage notes payable, net of discounts	576,946	0	0
Repayment of mortgage notes payable	(1,631)	0	0
Proceeds from senior secured notes, net of discounts	985,900	0	0
Repayment of senior unsecured notes	(1,675,000)	(500,000)	0
Borrowings under revolving credit facility	0	20,000	984,027
Repayments of revolving credit facility	0	(1,020,000)	(62,451)
Payment of debt issuance costs	(56,545)	(3,864)	(6,822)
Repurchase of common shares	(802)	(470)	(790)
Distributions to common shareholders	(132,430)	(38,044)	(6,596)
Net cash (used in) provided by financing activities	(303,562)	(1,542,378)	907,368
Increase (decrease) in cash and cash equivalents and restricted cash	152,410	(901,998)	855,962
Cash and cash equivalents and restricted cash at beginning of year	45,420	947,418	91,456
Cash and cash equivalents and restricted cash at end of year	$ 197,830	$ 45,420	$ 947,418

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Supplemental Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental disclosure of cash and cash equivalents and restricted cash:
Cash and cash equivalents	$ 180,119	$ 38,369	$ 944,043
Restricted cash	17,711	7,051	3,375
Total cash and cash equivalents and restricted cash	197,830	45,420	947,418
Supplemental cash flow information:
Cash paid for interest	314,323	334,264	344,043
Cash paid for income taxes	1,365	1,643	3,412
Non-cash investing activities:
Real estate improvements accrued, not paid	$ 47,868	$ 18,704	$ 7,777

Organization

Organization	12 Months Ended
	Dec. 31, 2023
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 service-focused retail net lease properties. At December 31, 2023, we owned, directly and through our subsidiaries, 221 hotels and 752 service-focused retail net lease properties. At December 31, 2023, all 221 of our hotels were managed by subsidiaries of the following companies: Sonesta Holdco Corporation, or Sonesta, (195 hotels), Hyatt Hotels Corporation, or Hyatt (17 hotels), Radisson Hospitality, Inc., or Radisson (eight hotels), and InterContinental Hotels Group, plc, or IHG (one hotel). At December 31, 2023, we owned 752 service-focused retail net lease properties with 175 tenants, including 176 travel centers leased to TravelCenters of America Inc., or TA, our largest tenant. Hereinafter, these companies are sometimes referred to as our managers and/or tenants, or collectively, operators.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
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 $142,789 and $142,542 as of December 31, 2023 and 2022, respectively, and consist primarily of our TRS’s investment in Sonesta’s common stock and amounts due from and working capital advances to certain of our hotel managers. The liabilities of our TRSs were $81,262 and $82,454 as of December 31, 2023 and 2022, 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. 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 credit losses, purchase price allocations, useful lives of fixed assets and impairment of real estate and related intangibles. 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 net 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, 2023, 2022 and 2021, we recorded $9,544, $10,989 and $78,620, 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, 2023 and 2022, our intangible assets and liabilities were as follows: December 31, 2023 2022 Assets: Tradenames and trademarks $ — $ 89,375 Above market operating leases, net of accumulated amortization of $95,275 and $82,515, respectively 126,890 155,320 Below market ground leases, net of accumulated amortization of $13,557 and $18,542, respectively 2,712 6,564 Other, net of accumulated amortization of $538 and $460, respectively 1,020 1,098 $ 130,622 $ 252,357 Liabilities: Below market operating leases, net of accumulated amortization of $784 and $597, respectively $ 746 $ 933 Above market ground leases, net of accumulated amortization of $293 and $296, respectively 7 25 $ 753 $ 958 See Note 4 for further information related to the tradenames and trademarks we sold to TA on May 15, 2023. We amortize above and below market leases on a straight line basis over the terms of the associated leases. For the years ended December 31, 2023, 2022 and 2021, amortization relating to intangible assets was $32,223, $30,775 and $41,648, respectively, and amortization relating to intangible liabilities was $205, $235 and $433, respectively. As of December 31, 2023, the weighted average amortization period for capitalized above market leases and below market lease values were 9.3 and 6.9, respectively. As of December 31, 2023, we estimate future amortization relating to intangible assets and liabilities as follows: Year Above Market Operating Leases Below Market Ground Leases Below Market Operating Leases Above Market Ground Leases & Other, Net 2024 $ 22,127 $ 735 $ (186) $ 71 2025 19,008 660 (127) 78 2026 14,645 658 (121) 78 2027 12,526 658 (89) 78 2028 9,723 1 (76) 78 Thereafter 48,861 — (147) 630 Total $ 126,890 $ 2,712 $ (746) $ 1,013 Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at the 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 amounts escrowed at certain of our mortgaged net lease properties. 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, 2023 and 2022, debt issuance costs for our revolving credit facility were $12,379 and $6,214, respectively, and accumulated amortization of debt issuance costs for our revolving credit facility were $1,502 and $3,925, respectively. Debt issuance costs, net of accumulated amortization, for our senior notes and our net lease mortgage notes, are presented as a direct deduction from the associated debt liability in our consolidated balance sheets. As of December 31, 2023 and 2022, debt issuance costs, net of accumulated amortization, were $35,016 and $25,545, respectively, for our senior notes, and $22,332 and zero, respectively, for our net lease mortgage notes. Future amortization of debt issuance costs to be recognized with respect to our revolving credit facility, our senior notes and our net lease mortgage notes as of December 31, 2023, are as follows: Year Amount 2024 $ 16,628 2025 15,718 2026 13,607 2027 11,207 2028 3,850 Thereafter 7,215 Total $ 68,225 Equity Method Investment. We account for our 34% non-controlling interest in Sonesta under the equity method of accounting. Sonesta is a private company and Adam D. Portnoy, one of our Managing Trustees who also serves as one of Sonesta’s directors, is the controlling shareholder. One of Sonesta’s other directors is our other Managing Trustee, 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 4, 5 and 9 for a further discussion of our investment in and relationships with Sonesta. Equity Securities. We record 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. 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 terms of the lease agreements. We increased rental income by $13,165 during the year ended December 31, 2023, and reduced rental income by $7,767 and $2,621 during the years ended December 31, 2022 and 2021, respectively, to record scheduled rent changes under certain of our leases on a straight line basis. Due from related persons included $7,522 of straight line rent receivables related to our TA leases at December 31, 2022. TA was no longer a related person as of May 15, 2023. Other assets, net, includes $56,833 and $32,247 of straight line rent receivables at December 31, 2023 and 2022, respectively. See Notes 4 and 9 for further information regarding our TA leases. Certain of our lease agreements require additional percentage rent if gross revenues of our properties exceed certain thresholds defined in our lease agreements. We may determine percentage rent due to us under our leases monthly, quarterly or annually, depending on the specific lease terms, and recognize it when all contingencies are met and the rent is earned. We recorded percentage rent of $6,600, $10,578 and $7,085 during the years ended December 31, 2023, 2022 and 2021, respectively. We own all the escrowed reserves established for the regular refurbishment of our hotels, or FF&E reserves. We do not report the FF&E reserves for our managed hotels as FF&E reserve income. Per Common Share Amounts. We calculate basic earnings per common share using the two class method. 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, together with the related impact on earnings, are considered when calculating diluted earnings per share. For the years ended December 31, 2023, 2022, and 2021, there were no dilutive common shares and certain unvested common shares were not included in the calculation of diluted earnings per share because to do so would have been antidilutive. Segment Information. As of December 31, 2023, 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 2020 through 2023 tax years are subject to examination by taxing authorities. We classify interest and penalties related to uncertain tax positions, if any, in our consolidated statements of comprehensive income (loss) as a component of general and administrative expense. New Accounting Pronouncements. On November 27, 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , or ASU No. 2023-07, which requires public entities to: (i) provide disclosures of significant segment expenses and other segment items if they are regularly provided to the Chief Operating Decision Maker, or the CODM, and included in each reported measure of segment profit or loss; (ii) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by ASC 280, Segment Reporting , or ASC 280, in interim periods; and (iii) disclose the CODM’s title and position, as well as an explanation of how the CODM uses the reported measures and other disclosures. The amendments in ASU No. 2023-07 are incremental to the requirements in ASC 280 and do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. ASU No. 2023-07 should be applied retrospectively to all prior periods presented in the financial statements and is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact ASU No. 2023-07 will have on our consolidated financial statements and disclosures. On December 14, 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , or ASU No. 2023-09, which requires public entities to enhance its annual income tax disclosures by requiring: (i) consistent categories and greater disaggregation of information in the rate reconciliation, and (ii) income taxes paid disaggregated by jurisdiction. ASU No. 2023-09 should be applied prospectively but entities have the option to apply it retrospectively to all prior periods presented in the financial statements. ASU No. 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact ASU No. 2023-09 will have on our consolidated financial statements and disclosures.

Real Estate Properties

Real Estate Properties	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Real Estate Properties	Note 3. Real Estate Properties As of December 31, 2023, we owned 221 hotels with an aggregate of 37,777 rooms or suites and 752 service-focused retail net lease properties with an aggregate of 13,341,172 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 $9,799,642, including $13,305 related to properties classified as held for sale as of December 31, 2023. Our real estate properties, at cost after impairments, consisted of land of $1,972,145, buildings and improvements of $7,443,750 and furniture, fixtures and equipment of $370,442, as of December 31, 2023; and 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. We funded capital improvements to certain of our properties of $235,530, $115,927 and $103,630 during 2023, 2022 and 2021, respectively. At December 31, 2023, eight of our hotels were on land we leased partially or entirely from unrelated third parties. The average remaining term of these ground leases (including renewal options) is approximately 39 years (range of 11 years to 64 years). Ground rent payable under three of these ground leases is generally calculated as a percentage of hotel revenues. Seven of the eight ground leases require annual minimum rents averaging $337 per year; future rent under one ground lease has been prepaid. 14 of our net lease properties are also on land we leased partially or entirely from unrelated third parties. The remaining terms on these leases range from three months to 41 years with rents averaging $420 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 for each of our acquisitions in 2023, 2022 and 2021, 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 Suites / Square Feet Purchase Price (1) Land Buildings and Improvements Furniture, Fixtures and Equipment Properties acquired during the year ended December 31, 2023: June 1, 2023 Miami Beach, FL Hotel 250 $ 165,866 $ 83,200 $ 77,987 $ 4,679 Properties acquired during the year ended December 31, 2022: September 12, 2022 Stoughton, MA Land — $ 2,766 $ 2,766 $ — $ — Properties acquired during the year ended December 31, 2021: March 9, 2021 Nashville, TN Land — $ 7,709 $ 7,709 $ — $ — (1) Includes acquisition related costs of $466, $51 and $109 for the years ended December 31, 2023, 2022 and 2021, respectively. Dispositions During the years ended December 31, 2023, 2022 and 2021, we sold 31, 86 and 18 properties, respectively, for an aggregate sales price of $170,325, $559,848 and $52,332, respectively, excluding closing costs. The sales of these properties as presented in the table below do not represent significant dispositions, individually or in the aggregate, nor do they represent a strategic shift in our business. 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). Property Type Number of Properties Rooms or Suites / Square Feet Gross Sales Price Gain / (Loss) on Sale of Real Estate, net Properties sold during the year ended December 31, 2023: Hotels 18 2,526 $ 157,230 $ 41,861 Net Lease 13 160,310 13,095 1,378 31 2,526 / 160,310 $ 170,325 $ 43,239 Properties sold during the year ended December 31, 2022: Hotels 65 8,296 $ 543,413 $ 48,202 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: Hotels 7 669 $ 40,552 $ 9,590 Net Lease 11 97,276 11,780 1,932 18 669 / 97,276 $ 52,332 $ 11,522 As of December 31, 2023, we had one hotel with 84 rooms and a carrying value of $4,060, and nine net lease properties with 128,159 square feet and an aggregate carrying value of $6,386 classified as held for sale. See Note 13 for further information on these properties. From January 1, 2024 through February 22, 2024, we sold one net lease property with 4,100 square feet for a sale price of $257, excluding closing costs. We have also entered into agreements to sell one hotel with 84 keys for a sales price of $3,315 and four net lease properties with an aggregate of 55,276 square feet for an aggregate sales price of $3,121. These pending sales are subject to conditions; accordingly, we cannot be sure that we will complete these sales, that these sales will not be delayed or that the terms will not change. We believe it is more likely than not that the sales of these properties will be completed by year end 2024. We continue to market five net lease properties with an aggregate of 98,422 square feet for sale.

Management Agreements and Lease

Management Agreements and Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Management Agreements and Leases	Note 4. Management Agreements and Leases As of December 31, 2023, we owned 221 hotels included in four operating agreements and 752 service-focused retail properties net leased to 175 tenants. We do not operate any of our properties. As of December 31, 2023, all 221 of our hotels were managed by subsidiaries of the following companies: Sonesta (195 hotels), Hyatt (17 hotels), Radisson (eight hotels) and IHG (one hotel). As of December 31, 2023, we owned 752 service-focused retail net lease properties with 175 tenants, including 176 travel centers leased to TA, our largest tenant. Hereinafter, these companies are sometimes referred to as our managers and/or tenants, or collectively, operators. Hotel Agreements Sonesta Agreement. As of December 31, 2023, Sonesta managed 40 of our full-service hotels, 111 of our extended stay hotels and 44 of our select service hotels pursuant to management agreements for all of the hotels, which we collectively refer to as our Sonesta agreement. The hotels Sonesta managed for us comprised approximately 49.8% of our total historical real estate investments. We acquired one hotel in June 2023, and we and Sonesta added this hotel to our Sonesta agreement. We sold two Sonesta branded hotels and 65 Sonesta branded hotels during the years ended December 31, 2023 and 2022, respectively. See Note 3 for further information regarding our acquisition and disposition activities. Our Sonesta agreement, which expires on January 31, 2037 and includes two 15-year renewal options, provides that we are paid an annual owner’s priority return if gross revenues of the hotels, after payment of hotel operating expenses and management and related fees (other than Sonesta’s incentive fee, if applicable), are sufficient to do so. The Sonesta agreement further provides that we are paid an additional return equal to 80% of the operating profits, as defined therein, after paying the owner’s priority return, reimbursing owner or manager advances, funding FF&E reserves and paying Sonesta’s incentive fee, if applicable. We do not have any security deposits or guarantees for our Sonesta hotels. We realized returns under our Sonesta agreement of $226,181, $196,721 and $53,853 during the years ended December 31, 2023, 2022 and 2021, respectively. Our Sonesta agreement requires us to fund capital expenditures that we approve at the hotels. We incurred capital expenditures for hotels included in our Sonesta agreement in an aggregate amount of $172,028 and $94,479 during the years ended December 31, 2023 and 2022, respectively, which resulted in increases in our contractual annual owner’s priority returns of $10,321 and $5,416, respectively. Our annual priority return under our Sonesta agreement as of December 31, 2023 was $353,953. We owed Sonesta $13,300 and $8,889 for capital expenditures and other reimbursements as of December 31, 2023 and 2022, respectively. Sonesta owed us $6,376 and $2,975 in owner’s priority returns and other amounts as of December 31, 2023 and 2022, 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. Our Sonesta agreement requires that 5% of the hotel gross revenues be escrowed for future capital expenditures as FF&E reserves, subject to available cash flows after payment of the owner’s priority returns due to us. No FF&E escrow deposits were required during any of the years ended December 31, 2023, 2022 or 2021. Pursuant to our Sonesta agreement, we incurred management, reservation and system fees and reimbursement costs for certain guest loyalty, marketing programs and third-party reservation transmission fees of $118,146, $114,563 and $84,926 for the years ended December 31, 2023, 2022 and 2021, respectively. These fees and costs are included in hotel operating expenses in our consolidated statements of comprehensive income (loss). In addition, we incurred procurement and construction supervision fees payable to Sonesta of $1,791 and $1,331 for the years ended December 31, 2023 and 2022, respectively, which amounts have been capitalized in our consolidated balance sheets and are depreciated over the estimated useful lives of the related capital assets. 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. As of December 31, 2023 and 2022, we had advanced $48,490 and $48,580, respectively, of initial working capital to Sonesta net of any working capital returned to us on termination of the applicable management agreements in connection with hotels we have sold. 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. In general, we and Sonesta may terminate the management agreement 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 the management agreement if minimum performance thresholds are not met for any three four See Notes 5 and 9 for further information regarding our relationship, agreements and transactions with Sonesta. Hyatt Agreement. As of December 31, 2023, 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, 2023, we are to be paid an annual owner’s priority return of $15,555. 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 2024. We realized returns under our Hyatt agreement of $9,371, $12,281 and $9,388 during the years ended December 31, 2023, 2022 and 2021, respectively. 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 statements of comprehensive income (loss). In February 2024, we funded $2,300 of additional working capital to Hyatt. We may recover this amount in the future, if cash flows are sufficient to pay our owner’s priority return and other amounts in accordance with our Hyatt agreement. During the years ended December 31, 2023 and 2022, we incurred capital expenditures for certain hotels included in our Hyatt agreement of $46,679 and $11,845, respectively, which resulted in an aggregate increase in our contractual annual owner’s priority returns of $2,801 and $754, respectively. Radisson Agreement . As of December 31, 2023, 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 $10,866. 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 planned renovations of certain hotels, which we currently expect to be completed by the end of the second quarter of 2024. We realized returns under our Radisson agreement of $6,266, $6,387 and $11,364 for the years ended December 31, 2023, 2022 and 2021, respectively. During the year ended December 31, 2023, the hotels under this agreement generated cash flows that were less than the guaranteed owner’s priority level due to us for the period, and Radisson made $650 of guaranty payments to cover the shortfall. The available balance of the guaranty was $21,350 as of December 31, 2023. Radisson had previously provided us with a guaranty, which was limited to $47,253. During the year ended December 31, 2021, the hotels under this agreement generated cash flows that were less than the minimum returns due to us and Radisson made $13,238 of guaranty payments to cover the shortfall and the previous Radisson guaranty was exhausted. During the years ended December 31, 2023 and 2022, we incurred capital expenditures of $7,660 and $3,433, respectively, for the hotels included in our Radisson agreement, which resulted in an aggregate increase in our contractual owner’s priority returns of $460 and $206, respectively. Marriott Agreement . As of December 31, 2023, we sold all 16 hotels previously managed by Marriott International, Inc., or Marriott. We realized a net operating loss under our management agreement with Marriott of $2,762 during the year ended December 31, 2023 and returns of $8,942 and $2,830 during the years ended December 31, 2022 and 2021, respectively. We did not incur capital expenditures for any of the hotels included in our management agreement with Marriott during either of the years ended December 31, 2023 or 2022. IHG Agreement. Our management agreement with IHG for one hotel expires on January 31, 2026. We realized returns under our management agreement with IHG of $4,800, $3,561 and $337 for the years ended December 31, 2023, 2022 and 2021, respectively. Any returns we receive from IHG are limited to the hotel’s available cash flows, if any, after payment of operating expenses. 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, at that time, expected to be recoverable. During the year ended December 31, 2023, we recovered $5,797 of the working capital that was previously expensed. Both amounts are included in transaction related costs in our consolidated statements of comprehensive income (loss). During the years ended December 31, 2023 and 2022, we incurred capital expenditures for our hotel in our IHG agreement of $542 and $451, respectively. Net Lease Portfolio As of December 31, 2023, we owned 752 service-focused retail net lease properties with an aggregate of 13,341,172 square feet with leases requiring annual minimum rents of $372,319 with a weighted (by annual minimum rents) average remaining lease term of 8.8 years. Our net lease properties were 97.1% occupied and leased by 175 tenants operating under 137 brands in 21 distinct industries. TA Leases. As of December 31, 2023, TA is our largest tenant, representing 28.8% of our total historical real estate investments. Pursuant to the A&R Leases, as defined and described below, we lease to TA a total of 176 travel centers under five master leases that expire in 2033, or our TA leases, subject to TA’s right to extend those leases, and require annual minimum rents of $254,000 as of December 31, 2023. As of December 31, 2023, the number of travel centers, the terms and the annual minimum rents owed to us by TA under our TA leases was as follows: Number of Travel Centers Initial Term End (1) Annualized Minimum Rent TA No. 1 Lease 35 May 14, 2033 $ 52,001 TA No. 2 Lease 36 May 14, 2033 46,111 TA No. 3 Lease 34 May 14, 2033 44,366 TA No. 4 Lease 36 May 14, 2033 47,023 TA No. 5 Lease 35 May 14, 2033 64,499 176 $ 254,000 (1) TA has five renewal options of 10 years each under each of our TA leases. 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 maintenance 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. 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. We recognized rental income from our TA leases of $266,263, $259,093 and $248,291 for the years ended December 31, 2023, 2022 and 2021, respectively. Rental income was increased by $7,932 for the year ended December 31, 2023 and decreased by $13,143 and $13,237 for the years ended December 31, 2022 and 2021, respectively, to record the scheduled rent changes on a straight line basis. TA was required to pay us previously deferred rent obligations in quarterly installments of $4,404 through January 31, 2023. TA paid us the final quarterly installment owed to us in January 2023. As of December 31, 2023 and 2022, we had receivables for current rent amounts owed to us by TA and straight line rent adjustments of $19,816 and $30,764, respectively, included in other assets, net and due from related persons, respectively, in our consolidated balance sheets. Until May 15, 2023, our TA leases required TA to pay us percentage rent based upon increases in certain sales. We recognized percentage rent due under our TA leases as rental income when all contingencies were met. We recognized percentage rent of $3,507, $10,578 and $7,085 during the years ended December 31, 2023, 2022 and 2021, respectively, under our TA leases. We did not fund any improvements under these leases during either of the years ended December 31, 2023 or 2022. TA Merger On May 15, 2023, BP Products North America Inc. acquired TA pursuant to a merger, or the TA Merger, for $86.00 per common share in cash. At the effective time of the TA Merger, we entered into amended and restated lease agreements, or the A&R Leases, for 176 of our travel center properties. Under the A&R Leases, the aggregate annual minimum rent due to our applicable subsidiaries is $254,000, with annual 2% increases throughout the initial term of 10 years and any of the five 10-year extension options that may be exercised, and there is no percentage rent requirement. TA prepaid $188,000 of rent under the A&R Leases at the effective time of the TA Merger and TA will receive monthly rent credits totaling $25,000 per year over the 10-year initial term of the A&R Leases. In addition, we received $89,400 for certain tradenames and trademarks associated with TA’s business that we sold to TA in connection with the TA Merger, which amount equaled our net book value for those tradenames and trademarks. TA is required to maintain the leased travel centers, including structural and non-structural components. In addition, TA has 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 entered into at the effective time of the TA Merger, or the A&R Guarantees, BP Corporation North America Inc. guaranteed payment under each of the A&R Leases. BP Corporation North America Inc.’s obligations under the A&R Guarantees are limited by an aggregate cap which was approximately $3,037,475 as of December 31, 2023. Following the TA Merger, TA ceased being a related party. On February 2, 2024, TA acquired the leasehold interest of one of our travel centers from a third party landlord. The aggregate minimum rent due to us under our leases with TA for the remaining 175 travel centers is unchanged as a result of TA’s acquisition of this leasehold interest. For more information regarding our relationship with TA, including the TA Merger and related transactions, see Notes 5 and 9. 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 the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. We recognized rental income from our net lease properties (excluding TA) of $129,566, $135,522 and $140,803 for the years ended December 31, 2023, 2022 and 2021, respectively, which included $5,233, $5,367 and $10,616, 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 recorded reserves for uncollectable amounts and reduced rental income by $4,927 during the year ended December 31, 2023 and reduced our reserves for uncollectable amounts and increased rental income by $320 and $9 during the years ended December 31, 2022 and 2021, respectively, based on our assessment of the collectability of rents. We had reserves for uncollectable rents of $3,436 and $7,697 as of December 31, 2023 and 2022, respectively, included in other assets in our consolidated balance sheets. Additional lease information (as lessor). As of December 31, 2023, 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: Year Amount 2024 $ 377,775 2025 377,571 2026 371,649 2027 367,491 2028 362,288 Thereafter 1,799,925 Total $ 3,656,699 Additional lease information (as lessee). As of December 31, 2023, eight 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, 2023 and 2022, our right of use assets and related lease liabilities each totaled $157,127 and $177,264, respectively, which represented our future obligations under our operating leases and are included in other assets, net accounts payable and other liabilities Year Amount 2024 $ 14,003 2025 14,076 2026 14,198 2027 14,087 2028 13,891 Thereafter 216,217 Total lease payments 286,472 Less: imputed interest (129,345) Present value of lease liabilities (1) $ 157,127 (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 5.4% and 20 years (range of three months to 64 years) and 6.7% and 33 years (range of four months to 50 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, 2023
Equity Method Investments and Joint Ventures [Abstract]
Other Investments	Note 5. Other Investments Equity Method Investment As of both December 31, 2023 and 2022, we owned 34% of Sonesta’s outstanding common stock. We account for our 34% non-controlling interest in Sonesta under the equity method of accounting. As of December 31, 2023 and 2022, our investment in Sonesta had a carrying value of $113,304 and $112,617, respectively. O n the date of acquisition of our initial equity interest in Sonesta ( February 27, 2020), t he cost basis of our investment in Sonesta exceeded our proportionate share of Sonesta’s total stockholders’ equity book value 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 in each of the years ended December 31, 2023, 2022 and 2021. We recognized (losses) earnings of ($4,382), $2,856, and ($941) related to our investment in Sonesta for the years ended December 31, 2023, 2022 and 2021, respectively. These amounts are included in equity in (losses) earnings of an investee in our consolidated statements of comprehensive income (loss). We recorded a liability of $42,000 for the fair value of our initial investment in Sonesta, as no cash consideration was exchanged related to the modification of our management agreement with, and investment in, Sonesta. This liability for our investment in Sonesta is included in accounts payable and other liabilities in our consolidated balance sheets 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 for each of the years ended December 31, 2023, 2022 and 2021, for amortization of this liability. As of December 31, 2023 and 2022, the unamortized balance of this liability was $32,479 and $34,963, 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. In 2023, we funded a $5,134 capital contribution to Sonesta to support their growth initiatives, including their franchising efforts. We continue to maintain our 34% ownership in Sonesta after giving effect to these fundings. Summarized financial information for Sonesta as of December 31, 2023 and 2022, and for the years ended December 31, 2023, 2022 and 2021 is as follows: December 31, 2023 2022 Total current assets $ 171,265 $ 156,321 Total noncurrent assets $ 694,828 $ 580,856 Total current liabilities $ 155,935 $ 141,345 Total noncurrent liabilities $ 342,839 $ 232,357 Non-controlling interest $ 54,963 $ 54,657 Year Ended December 31, 2023 2022 2021 Total revenues $ 765,011 $ 681,434 $ 478,097 Operating income (loss) $ 5,013 $ 21,929 $ (1,526) Net (loss) income $ (10,823) $ 10,056 $ (2,009) Net (loss) income attributable to shareholders $ (11,404) $ 9,184 $ (2,009) See Notes 4 and 9 for further information regarding our relationship, agreements and transactions with Sonesta. Investment in Equity Securities As discussed in Note 4, the TA Merger occurred on May 15, 2023. We received $86.00 in cash for each share of TA common stock that we owned, or a total of $101,892, as a result of the TA Merger. As of May 15, 2023 and December 31, 2022, we owned 1,184,797 shares of TA common stock, representing approximately 7.8% of TA’s outstanding shares of common stock, and reported them at fair value based on quoted market prices (Level 1 inputs as defined in the fair value hierarchy under GAAP). Our TA shares had a carrying value of $101,893 and $53,055 as of May 15, 2023 and December 31, 2022, respectively. Our historical cost basis for these shares was $24,418 as of both May 15, 2023 and December 31, 2022. We recorded gains and losses of $48,837, ($8,104) and $22,535 for the years ended December 31, 2023, 2022 and 2021, respectively, to adjust the carrying value of our investment in shares of TA common stock to its fair value.

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Indebtedness	Note 6. Indebtedness Our principal debt obligations at December 31, 2023 were: (1) $4,025,000 aggregate outstanding principal amount of senior unsecured notes; (2) $1,000,000 aggregate outstanding principal amount of senior secured notes; and (3) $608,569 aggregate outstanding principal amount of net lease mortgage notes. We had no amounts outstanding under our revolving credit facility as of December 31, 2023. On June 29, 2023, we entered into an amended and restated credit agreement, or our credit agreement, governing our $650,000 secured revolving credit facility. This new facility replaced our prior $800,000 secured revolving credit facility, which had a maturity date of July 15, 2023, and is available for general business purposes, including acquisitions. We can borrow, repay and reborrow funds available under the new facility until maturity and no principal repayments are due until maturity. The maturity date of the new facility is June 29, 2027, and, subject to the payment of an extension fee and meeting certain other conditions, we have an option to further extend the stated maturity date of the new facility by two additional six-month periods. Interest payable on drawings under the new facility is based on the secured overnight financing rate plus a margin ranging from 1.50% to 3.00% based on our leverage ratio, as defined in our credit agreement, which was 2.50% as of December 31, 2023. As collateral for all loans and other obligations under the new facility, certain of our subsidiaries pledged all of their respective equity interests in certain of our direct and indirect property owning subsidiaries, and our pledged subsidiaries provided first mortgage liens on 69 properties, including 66 hotels and three net lease properties, with an undepreciated carrying value of $1,594,253 as of December 31, 2023. In addition, in order to maintain compliance with the minimum collateral property availability covenant as defined in the credit agreement, in February 2024, we added three hotels with an undepreciated carrying value of $114,635 as of December 31, 2023, as collateral under the agreement. We also pay unused commitment fees of 20 to 30 basis points per annum on the total amount of lending commitments under our revolving credit facility based on amounts outstanding. As of December 31, 2023 and 2022, the annual interest rate payable on borrowings under the new or prior revolving credit facility was 7.88% and 6.79%, respectively. We had no borrowings outstanding under either the new or prior revolving credit facility during the year ended December 31, 2023. The weighted average annual interest rate for borrowings under the prior revolving credit facility was 3.85% and 2.85% for the years ended December 31, 2022 and 2021, respectively. As a result of the amendment, we recorded a loss on early extinguishment of debt of $238 during the year ended December 31, 2023, which represented the write-off of certain unamortized issuance costs. Our debt agreements 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 debt agreements 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 debt agreements as of December 31, 2023. Senior Secured Notes Issuance On November 16, 2023, we issued $1,000,000 principal amount of 8.625% senior secured notes due 2031. The aggregate net proceeds from this offering were $967,525, after initial purchaser discounts and other offering expenses. These notes are fully and unconditionally guaranteed on a joint and several basis by (i) newly formed wholly owned subsidiaries, or the TA Landlord Subsidiaries, that are the landlords with respect to a portion of our properties leased to TA and the immediate parent entity of the TA Landlord Subsidiaries, or the Pledgor, and (ii) all of our subsidiaries that guarantee our existing senior unsecured notes. The subsidiary guarantee provided by the Pledgor is secured by first-priority liens on the equity interests of the TA Landlord Subsidiaries. The Pledgor and the TA Landlord Subsidiaries have agreed not to guarantee any of our or our subsidiaries other indebtedness. These notes are secured by first-priority liens on the equity interests of subsidiaries that own and lease 70 of our travel center properties with an undepreciated carrying value of $785,876 as of December 31, 2023. Senior Unsecured Notes Redemptions On March 8, 2023, we redeemed at par all of our outstanding 4.50% senior notes due in 2023 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 $44 during the year ended December 31, 2023, which represented the unamortized discounts and issuance costs related to these notes. On December 9, 2023, we redeemed at par all of our outstanding 4.65% and 4.35% senior unsecured notes due in 2024 for redemption prices equal to the principal amounts of $350,000 and $825,000, respectively, plus accrued and unpaid interest. As a result of these redemptions, we recorded an aggregate loss on early extinguishment of debt of $1,242 during the year ended December 31, 2023, which represented the unamortized discounts and issuance costs related to these 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 unsecured debt obligations require sinking fund payments prior to their maturity dates. Net Lease Mortgage Notes Issuance 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. Net proceeds from this issuance were $550,564 after initial purchaser discounts and offering costs. The Issuer is a separate legal entity and is the sole owner of its assets and liabilities. The assets of the Issuer are not available to pay or otherwise satisfy obligations to the creditors of any owners or affiliates of the Issuer. The Class A notes and the Class B notes noted in the table below require monthly principal repayments at an annualized rate of 0.50% and 0.25% of the balance outstanding, respectively, and the Class C notes noted in the table below require interest payments only, with balloon payments due at maturity. The notes mature in February 2028 and may be redeemed without penalty 24 months prior to the scheduled maturity date beginning in February 2026. The notes are non-recourse and are secured by 308 net lease retail properties owned by the Issuer. The current leases relating to those properties require annual minimum rents of $63,283 and the properties had an undepreciated carrying value of $755,116 as of December 31, 2023. Our net lease mortgage notes are summarized below: Note Class Principal Outstanding as of December 31, 2023 Coupon Rate Term (in years) Maturity Class A $ 303,729 5.15% 5 February 2028 Class B 172,640 5.55% 5 February 2028 Class C 132,200 6.70% 5 February 2028 Total / weighted average $ 608,569 5.60% The required principal payments due during the next five years and thereafter under all our outstanding debt at December 31, 2023 were as follows: Year Amount 2024 $ 1,958 2025 1,151,958 2026 801,958 2027 851,958 2028 1,000,737 Thereafter 1,825,000 Total $ 5,633,569

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Note 7. Shareholders’ Equity 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, 2023, 2022 and 2021, 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 2023 438,000 $ 7.88 $ 3,451 2022 433,500 $ 6.63 $ 2,874 2021 340,700 $ 11.26 $ 3,839 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, 2023, 2022 and 2021 is as follows: 2023 2022 2021 Number Weighted Number Weighted Number Weighted Unvested shares, beginning of year 588,830 $ 8.81 425,030 $ 11.93 325,900 $ 14.71 Shares awarded 438,000 $ 7.88 433,500 $ 6.63 340,700 $ 11.26 Shares vested (394,470) $ 9.21 (266,300) $ 10.20 (240,470) $ 14.78 Shares forfeited (22,400) $ 8.91 (3,400) $ 12.08 (1,100) $ 12.96 Unvested shares, end of year 609,960 $ 7.88 588,830 $ 8.81 425,030 $ 11.93 The 609,960 unvested shares as of December 31, 2023 are scheduled to vest as follows: 212,820 shares in 2024, 181,340 shares in 2025, 139,800 shares in 2026 and 76,000 shares in 2027. As of December 31, 2023, the estimated future compensation expense for the unvested shares was $4,294. The weighted average period over which the compensation expense will be recorded is approximately 23 months. During the years ended December 31, 2023, 2022 and 2021, we recorded $3,417, $2,775 and $2,964, respectively, of compensation expense related to the Share Award Plan. At December 31, 2023, 1,084,131 of our common shares remain reserved for issuance under our Share Award Plan. Share Purchases During the years ended December 31, 2023, 2022 and 2021, we purchased our common shares from our officers and certain other current and former officers and 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 2023 98,571 $8.14 $802 2022 69,867 $6.72 $470 2021 71,100 $11.11 $790 Distributions During the years ended December 31, 2023, 2022 and 2021, we paid distributions on our common shares as follows: Annual Per Share Distribution Total Distributions Characterization of Distributions Year Ordinary Income Capital Gain Return of Capital Qualified Dividend (1) 2023 $0.80 $132,430 9.30% 86.15% 4.55% 6.25% 2022 $0.23 $38,044 —% —% 100.00% —% 2021 $0.04 $6,596 —% —% 100.00% —% (1) Qualified Dividends are a subset of, and included in, the Ordinary Income amount. On January 11, 2024, we declared a regular quarterly distribution of $0.20 per common share, or $33,154. This distribution was paid on February 15, 2024 to shareholders of record on January 22, 2024. Cumulative Other Comprehensive Income (Loss) Cumulative other comprehensive income (loss) represents our share of the comprehensive income (loss) of Sonesta. See Notes 4, 5 and 9 for further information regarding this investment.

Business and Property Managemen

Business and Property Management Agreements with RMR	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Business and Property Management Agreements with RMR	Note 8. 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, 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. Effective as of the completion of the TA Merger, we and RMR agreed to include the properties we lease to TA in our property management agreement. See Note 9 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 points 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 $33,352, $35,495 and $42,137 for the years ended December 31, 2023, 2022 and 2021, respectively. The net business management fees we recognized are included in general and administrative expense in our consolidated statements of comprehensive income (loss) for these periods. The net business management fees we recognized reflect a reduction of $3,585, $3,585 and $3,584 for the years ended December 31, 2023, 2022 and 2021, respectively, 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, and the office building component of one of our hotels that are subject to our property management agreement with RMR. Effective as of the completion of the TA Merger, we and RMR agreed to include the properties we lease to TA in our property management agreement. The property management fees payable to RMR by us for the properties we lease to TA begin in 2024 and are equal to 1.0% of gross collected rents for the 2024 calendar year, 2.0% of gross collected rents for the 2025 calendar year and 3.0% of gross collected rents for the 2026 calendar year and thereafter. 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 $8,368, $6,128 and $4,489 for the years ended December 31, 2023, 2022 and 2021, respectively. These amounts are included in net lease operating expenses or have been capitalized as appropriate in our consolidated financial statements. For the years ended December 31, 2023, 2022 and 2021, $3,702, $3,998 and $3,674, respectively, of property management fees were recognized as net lease operating expenses in our consolidated statements of comprehensive income (loss) and $4,666, $2,130 and $815, 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 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 $4,648, $3,258 and $2,971 for these expenses and costs for the years ended December 31, 2023, 2022 and 2021, respectively. We included these amounts in net lease 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, 2043, 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, 2023
Related Party Transactions [Abstract]
Related Person Transactions	Note 9. 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. As of the effective time of the TA Merger on May 15, 2023, TA is no longer a related person to us. 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, also serves as an officer and employee of RMR and as president and chief executive officer of Sonesta. In addition, each of our other officers serves as an officer of RMR. Some of our Independent Trustees also serve as independent trustees of other public companies to which RMR or its subsidiaries provide management services. Adam Portnoy serves as chair of the boards and as a managing trustee of these public companies. Other officers of RMR, including Mr. Murray and certain of our officers, serve as managing trustees or officers of certain of these companies. Our Manager, RMR . We have two agreements with RMR to provide management services to us. See Note 8 for further information regarding our management agreements with RMR. Share Awards to RMR Employees . As described in Note 7, 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 TA . We lease 176 of our travel centers to TA under the TA leases. RMR provides management services to us and, until the TA Merger, provided services to TA, and Mr. Portnoy, until the TA Merger, also served as the chair of the board of directors and as a managing director of TA and, as of immediately prior to the TA Merger, beneficially owned 661,506 shares of TA common stock (including through RMR), representing approximately 4.4% of TA’s outstanding shares of common stock. See Notes 4 and 5 for further information regarding our relationships, agreements and transactions with TA. Sonesta . Sonesta is a private company of which Adam Portnoy, one of our Managing Trustees, is a director and the controlling stockholder. One of Sonesta’s other directors 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 other officers and employees of Sonesta are former officers and employees of RMR. RMR also provides certain services to Sonesta. As of December 31, 2023, we owned 34% of Sonesta’s outstanding shares of common stock and Sonesta managed 195 of our hotels. See Notes 4 and 5 for further information regarding our relationships, agreements and transactions with Sonesta.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 10. Income Taxes Our provision (benefit) for income taxes consists of the following: Year Ended December 31, 2023 2022 2021 Current: Federal $ — $ — $ — State (106) 385 680 Foreign 503 233 350 397 618 1,030 Deferred: Foreign (1,895) (817) (1,971) (1,895) (817) (1,971) $ (1,498) $ (199) $ (941) A reconciliation of our effective tax rate and the current U.S. Federal statutory income tax rate is as follows: Year Ended December 31, 2023 2022 2021 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 % (0.3) % (0.1) % Foreign taxes (6.9) % 0.4 % 0.3 % Foreign tax rate change 11.0 % 0.0 % 0.0 % Effective tax rate 4.4 % 0.1 % 0.2 % 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. In December 2023, our subsidiary which operates in Puerto Rico elected to be taxed as a corporation for purposes of Puerto Rico tax law. This election increased the entity’s tax rate in Puerto Rico from 29.0% to 37.5%. The result of this change is primarily offset by available tax concessions in Puerto Rico. Significant components of our deferred tax assets and liabilities are as follows: As of December 31, 2023 2022 Deferred tax assets: Tax loss carryforwards $ 112,532 $ 109,650 Other 7,973 7,134 Deferred tax assets 120,505 116,784 Valuation allowance (120,505) (116,784) Net deferred tax assets $ — $ — Deferred tax liabilities: Property basis difference $ (7,970) $ (5,947) Puerto Rico deferred tax gain (8,162) (12,079) Net deferred tax liabilities $ (16,132) $ (18,026) Net deferred tax liabilities are included in accounts payable and other liabilities in our consolidated balance sheets. At December 31, 2023 and 2022, our consolidated TRS had a net deferred tax asset, prior to any valuation allowance, of $114,145 and $111,148, 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, 2023 and 2022. As of December 31, 2023 and 2022, our consolidated TRS had net operating loss carryforwards for federal income tax purposes of approximately $442,560 and $437,606, respectively, which partially expire starting in 2026. At December 31, 2023 and 2022, we recorded a deferred tax liability of $8,162 and $13,658, respectively, as a result of the book value to tax basis difference related to the accounting of an insurance settlement in 2020. At December 31, 2023 and 2022, we, excluding our subsidiaries, had net operating loss carryforwards for federal income tax purposes of approximately $514,568 and $545,828, respectively, of which certain losses incurred prior to 2018 partially expire starting in 2027.

Concentration

Concentration	12 Months Ended
	Dec. 31, 2023
Risks and Uncertainties [Abstract]
Concentration	Note 11. Concentration Geographic Concentration At December 31, 2023, our 973 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, Florida and Georgia. Our two hotels in Ontario, Canada and our hotel in Puerto Rico represent 3.1% of our hotels, by investment, in the aggregate at December 31, 2023. Credit Concentration As of December 31, 2023, Sonesta operated 195 of our hotels and TA leased 176 of our net lease properties, representing 49.8% and 28.8%, respectively, of our investment. See Notes 4 and 9 for a discussion of our Sonesta and TA agreements.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Information	Note 12. Segment Information We aggregate our hotels and net lease portfolio into two reportable segments, hotel investments and net lease investments, based on their similar operating and economic characteristics. Year Ended December 31, 2023 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 1,478,034 $ — $ — $ 1,478,034 Rental income — 395,829 — 395,829 Total revenues 1,478,034 395,829 — 1,873,863 Expenses: Hotel operating expenses 1,223,906 — — 1,223,906 Net lease operating expenses — 17,663 — 17,663 Depreciation and amortization 216,235 167,825 — 384,060 General and administrative — — 45,397 45,397 Transaction related costs — — (1,623) (1,623) Loss on asset impairment, net 27 9,517 — 9,544 Total expenses 1,440,168 195,005 43,774 1,678,947 Gain on sale of real estate, net 41,861 1,378 — 43,239 Gain on equity securities, net — — 48,837 48,837 Interest income 169 118 20,692 20,979 Interest expense — (40,920) (295,422) (336,342) Loss on early extinguishment of debt — — (1,524) (1,524) Income (loss) before income tax benefit and equity in losses of an investee 79,896 161,400 (271,191) (29,895) Income tax benefit — — 1,498 1,498 Equity in losses of an investee — — (4,382) (4,382) Net income (loss) $ 79,896 $ 161,400 $ (274,075) $ (32,779) As of December 31, 2023 Hotels Net Lease Corporate Consolidated Total assets $ 3,943,213 $ 3,084,686 $ 328,217 $ 7,356,116 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 Net lease 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 (loss) on sale of real estate, net 48,202 (384) — 47,818 Loss on equity securities, net — — (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 tax benefit and equity in earnings 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 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 Net lease 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 Gain on equity securities, net — — 22,535 22,535 Interest income 1 — 663 664 Interest expense — — (365,721) (365,721) (Loss) income before income tax benefit and equity in losses of an investee (287,077) 138,436 (395,962) (544,603) Income tax benefit — — 941 941 Equity in losses of an investee — — (941) (941) Net (loss) income $ (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

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities	Note 13. Fair Value of Assets and Liabilities The table below presents certain of our assets carried at fair value at December 31, 2023, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset. Fair Value at Reporting Date Using Description Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Non-recurring Fair Value Measurements Assets of properties held for sale (1) $ 10,446 $ — $ — $ 10,446 (1) We recorded a loss on asset impairment, net of $3,206 during the year ended December 31, 2023, to reduce the carrying value of one hotel and nine net lease properties in our consolidated balance sheets to their estimated fair value less costs to sell based on brokers’ opinion of values (Level 3 inputs as defined in the fair value hierarchy under GAAP). 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, net lease mortgage notes, senior notes and security deposits. At December 31, 2023 and 2022, the fair values of these 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, 2023 December 31, 2022 Carrying Fair Carrying Fair Value (1) Value Value (1) Value Senior Unsecured Notes, due 2023 at 4.50% $ — $ — $ 499,925 $ 491,345 Senior Unsecured Notes, due 2024 at 4.65% — — 349,510 334,292 Senior Unsecured Notes, due 2024 at 4.35% — — 822,487 749,983 Senior Unsecured Notes, due 2025 at 4.50% 349,181 341,688 348,493 301,893 Senior Unsecured Notes, due 2025 at 7.50% 796,007 808,888 793,673 762,344 Senior Unsecured Notes, due 2026 at 5.25% 347,601 339,780 346,472 292,282 Senior Unsecured Notes, due 2026 at 4.75% 448,347 419,909 447,736 354,128 Senior Unsecured Notes, due 2027 at 4.95% 397,672 362,108 396,916 315,040 Senior Unsecured Notes, due 2027 at 5.50% 445,631 412,002 444,505 387,522 Net Lease Mortgage Notes, due 2028 at 5.60% 558,876 585,784 — — Senior Unsecured Notes, due 2028 at 3.95% 395,355 327,708 394,206 283,996 Senior Unsecured Notes, due 2029 at 4.95% 420,477 351,726 419,684 293,718 Senior Unsecured Notes, due 2030 at 4.375% 393,056 310,524 391,923 264,280 Senior Secured Notes, due 2031 at 8.625% 968,017 1,047,430 — — Total financial liabilities $ 5,520,220 $ 5,307,547 $ 5,655,530 $ 4,830,823 (1) Carrying value includes unamortized discounts, premiums and certain debt issuance costs. At December 31, 2023 and 2022, 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). At December 31, 2023, we estimated the fair value of our net lease mortgage notes using discounted cash flow analyses and current prevailing market rates as of the measurement date (Level 3 inputs). As Level 3 inputs are unobservable, our estimated value may differ materially from the actual fair value.

Schedule III_Real Estate and Ac

Schedule III—Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III—Real Estate and Accumulated Depreciation	Initial Cost to Costs Capitalized Gross Amount at which Carried Property Count Brand Encumbrances (1) Land Building & Improvements Impairment Cost Basis Adjustment (2) Land Building & Total (3) Accumulated Depreciation (4) Date of Date Hotel Properties 17 Royal Sonesta Hotels® (5) $ — $ 229 $ 1,118 $ 433 $ (9) $ (12) $ 229 $ 1,530 $ 1,759 $ (433) 1913 through 1987 2005 through 2017 23 Sonesta Hotels & Resorts® (5) — 219 666 378 (51) (14) 219 979 1,198 (310) 1924 through 1999 2005 through 2023 60 Sonesta ES Suites® (5) — 132 557 385 (35) (67) 132 840 972 (432) 1984 through 2000 1996 through 2017 44 Sonesta Select® (5) — 84 395 271 (8) (86) 84 572 656 (343) 1987 through 2000 1995 through 2003 51 Sonesta Simply Suites® (5) — 68 341 129 (17) (27) 68 426 494 (220) 1996 through 2000 1997 through 2003 17 Hyatt Place® (5) — 20 137 84 — (5) 20 216 236 (94) 1992 through 2000 1997 through 2002 5 Radisson® Hotels & Resorts — 9 93 56 — (1) 9 148 157 (77) 1987 through 1990 1996 through 2018 1 Crowne Plaza® — 17 69 30 — — 17 99 116 (18) 1971 through 1988 2006 and 2017 2 Country Inn & Suites® by Radisson — 3 24 10 — (5) 3 29 32 (17) 1989 through 1997 1996 and 2005 Net Lease Service Retail Properties 132 TravelCenters of America (6) — 564 936 452 — (410) 564 978 1,542 (529) 1962 through 2017 2007 through 2017 44 Petro Stopping Centers (6) — 260 522 195 — (229) 260 488 748 (246) 1975 through 2017 2008 through 2017 14 The Great Escape — 19 64 — — — 19 64 83 (10) 1986 through 2007 2019 3 Life Time Fitness — 17 56 — — — 17 56 73 (9) 1987 through 2012 2019 5 Buehler's Fresh Foods 52 10 49 — — — 10 49 59 (10) 1980 through 2000 2019 6 AMC Theatres — 18 38 2 — — 18 40 58 (7) 1995 through 2008 2019 59 Heartland Dental — 11 37 — — — 11 37 48 (6) 1920 through 2005 2019 10 Norms — 23 24 — — — 23 24 47 (5) 1957 through 2014 2019 13 Vacant 3 24 30 4 — — 24 34 58 (8) 1970 through 2007 2007 23 Express Oil Change 37 6 37 — — — 6 37 43 (6) 1965 through 2001 2019 40 Pizza Hut 25 12 28 — — — 12 28 40 (12) 1915 through 2006 2019 3 Flying J Travel Plaza (5) — 6 32 — — — 6 32 38 (4) 2001 2019 6 America's Auto Auction 28 7 23 6 — — 7 29 36 (5) 1960 through 2005 2019 4 Courthouse Athletic Club 20 5 28 — — — 5 28 33 (5) 1980 through 2001 2019 4 B&B Theatres — 12 15 5 — — 12 20 32 (4) 1998 through 2004 2019 2 Big Al's 18 3 28 — — — 3 28 31 (3) 2006 through 2010 2019 20 Burger King 16 9 22 — — — 9 22 31 (7) 1977 through 2004 2019 1 Fleet Farm — 3 27 — — — 3 27 30 (4) 1979 2019 16 Martin's 21 7 20 — — — 7 20 27 (5) 1962 through 2003 2019 5 Regal Cinemas — 5 21 — — — 5 21 26 (4) 2005 through 2010 2019 Initial Cost to Costs Capitalized Gross Amount at which Carried Property Count Brand Encumbrances (1) Land Building & Improvements Impairment Cost Basis Adjustment (2) Land Building & Total (3) Accumulated Depreciation (4) Date of Date 19 Arby's 18 7 19 — — — 7 19 26 (7) 1967 through 2005 2019 20 Popeye's Chicken & Biscuits 21 8 17 — — — 8 17 25 (5) 1968 through 2003 2019 4 Crème de la Crème 19 7 18 — — — 7 18 25 (2) 1999 through 2009 2019 32 Church's Chicken — 5 18 — — — 5 18 23 (4) 1968 through 1983 2019 15 Hardee's 16 4 18 — — — 4 18 22 (5) 1969 through 1997 2019 5 Mister Car Wash 20 2 19 — — — 2 19 21 (2) 1960 through 2005 2019 6 United Supermarkets 17 4 17 — — — 4 17 21 (5) 1979 through 1997 2019 2 Mesa Fitness 14 3 17 — — — 3 17 20 (3) 1983 through 2007 2019 13 Taco Bell 14 4 15 — — — 4 15 19 (3) 1982 through 2019 2019 - 2020 1 CarMax — 5 13 — — — 5 13 18 (2) 2005 2019 28 Uncle Ed's Oil Shoppe — 6 12 — — — 6 12 18 (4) 1959 through 1999 2019 2 Fusion Gyms — 3 10 2 — — 3 12 15 (2) 1987 through 1994 2019 1 Dave & Buster's 12 3 11 — — — 3 11 14 (1) 1972 2019 5 Pike Nursery 16 8 6 — — — 8 6 14 (1) 1970 through 1996 2019 2 HHI-Formtech 9 3 10 — — — 3 10 13 (4) 1952 2019 3 Golden Corral — 4 8 — — — 4 8 12 (2) 1989 through 2000 2019 2 Sanford's Grub & Pub — 1 10 — — — 1 10 11 (2) 1928 through 2003 2019 4 Rite Aid — 3 7 — — — 3 7 10 (2) 1993 through 2000 2019 5 Fuddruckers — 4 6 — — — 4 6 10 (2) 1994 through 1995 2019 1 Baptist Emergency Hospital 10 2 8 — — — 2 8 10 (1) 2013 2019 2 Eddie Merlot's 6 2 8 — — — 2 8 10 (2) 1997 through 2003 2019 1 Cermak Fresh Market 7 2 7 — — — 2 7 9 (3) 1989 2019 12 Core & Main 3 4 5 — — — 4 5 9 (1) 1972 through 1998 2019 5 Lerner and Rowe 9 1 8 — — — 1 8 9 (1) 1970 through 2007 2019 4 Meineke Car Care Center — 3 6 — — — 3 6 9 (1) 1999 through 2000 2019 1 Columbus Preparatory Academy 6 1 8 — — — 1 8 9 (1) 2004 2019 1 Kohl's 5 2 6 — — — 2 6 8 (1) 1986 2019 1 Austin's Park n' Pizza 5 — 8 — — — — 8 8 (1) 2003 2019 1 LA Fitness — 1 7 — — — 1 7 8 (1) 2012 2019 1 Marcus Theaters — 2 5 — — — 2 5 7 (2) 1999 2019 1 Academy Sports + Outdoors 5 1 6 — — — 1 6 7 (1) 2016 2019 3 Oregano's Pizza Bistro 5 1 6 — — — 1 6 7 (2) 1964 through 2006 2019 1 Columbus Arts & Tech Academy 6 1 6 — — — 1 6 7 (1) 1980 2019 2 Blue Rhino 15 3 4 — — — 3 4 7 (1) 2004 2019 3 Krispy Kreme 7 2 5 — — — 2 5 7 (1) 2000 through 2004 2019 2 Diagnostic Health — 1 6 — — — 1 6 7 (1) 1985 through 1997 2019 9 Sonic Drive-In 7 3 4 — — — 3 4 7 (1) 1987 through 2018 2019 3 Texas Roadhouse 6 3 6 — — (3) 3 3 6 (1) 1992 through 2003 2019 Initial Cost to Costs Capitalized Gross Amount at which Carried Property Count Brand Encumbrances (1) Land Building & Improvements Impairment Cost Basis Adjustment (2) Land Building & Total (3) Accumulated Depreciation (4) Date of Date 5 Brookshire Brothers 4 1 5 — — — 1 5 6 (2) 1992 through 1999 2019 2 Flying Star Cafe 4 1 5 — — — 1 5 6 (1) 1994 through 1999 2019 3 Jack's Family Restaurant 4 2 4 — — — 2 4 6 (1) 2008 through 2016 2019 2 Axels — — 6 — — — — 6 6 (2) 1953 through 1995 2019 3 Wendy's 6 1 5 — — — 1 5 6 (1) 1984 through 1996 2019 1 Jack Stack Barbeque 4 1 5 — — — 1 5 6 (1) 1983 2019 7 Hughes Supply 3 2 4 — — — 2 4 6 (1) 1976 through 1993 2019 1 Multi-Tenant — 2 20 5 (9) — 2 16 18 (4) 1991 2019 2 Bricktown Brewery 4 1 4 — — — 1 4 5 (2) 1904 through 1984 2019 2 Walgreens 3 — 5 — — — — 5 5 (1) 1993 through 1999 2019 2 10 Box 4 2 3 — — — 2 3 5 (1) 1994 2019 1 Mak Pack — 1 4 — — — 1 4 5 (1) 2007 2019 1 Angstrom 5 2 3 — — — 2 3 5 (1) 1987 2019 2 HD Supply White Cap 1 2 3 — — — 2 3 5 (1) 1990 through 2001 2019 1 Planet Fitness 4 1 4 — — — 1 4 5 (1) 2007 2019 1 RGB Eye Associates 5 1 4 — — — 1 4 5 (1) 2013 2019 2 Gerber Collision & Glass 4 1 4 — — — 1 4 5 (1) 2001 through 2002 2019 1 Discount Tire — 1 4 — — — 1 4 5 (1) 2009 2019 2 Famous Dave's 3 1 3 — — — 1 3 4 (1) 1997 through 1999 2019 1 Miller Waste Mills — — 4 — — — — 4 4 (2) 1960 2019 2 Focus Child Development Center — 1 3 — — — 1 3 4 — 1965 through 1998 2019 1 Ashley Furniture 2 1 3 — — — 1 3 4 — 2000 2019 1 Boozman-Hof — 2 2 — — — 2 2 4 — 1988 2019 1 Sportsman's Warehouse 3 1 3 — — — 1 3 4 (1) 1983 2019 1 Eriks Bike Shop — 1 3 — — — 1 3 4 (1) 1996 2019 1 Rainbow Kids Clinic 3 1 3 — — — 1 3 4 — 2011 2019 1 Applebee's — 1 2 — — — 1 2 3 — 1996 2019 1 Tractor Supply — — 3 — — — — 3 3 — 2007 2019 1 Spoons Place — 1 2 — — — 1 2 3 — 1996 2019 1 Southwest Stainless, LP 2 — 3 — — — — 3 3 — 1984 2019 2 Anixter 2 1 2 — — — 1 2 3 — 1984 through 1999 2019 1 What the Buck — — 3 — — — — 3 3 (1) 1958 2019 1 Kerry's Car Care 2 1 2 — — — 1 2 3 — 2015 2019 1 Ojos Locos Sports Cantina 2 1 2 — — — 1 2 3 (1) 1993 2019 1 Black Angus Steakhouse 2 1 2 — — — 1 2 3 — 1996 2019 1 Buffalo Wild Wings 2 1 2 — — — 1 2 3 — 2014 2019 1 Slim Chickens 2 1 2 — — — 1 2 3 — 2014 2019 2 Monterey's Tex Mex 1 1 2 — — — 1 2 3 — 1979 through 1997 2019 Initial Cost to Costs Capitalized Gross Amount at which Carried Property Count Brand Encumbrances (1) Land Building & Improvements Impairment Cost Basis Adjustment (2) Land Building & Total (3) Accumulated Depreciation (4) Date of Date 1 Nacarato Trucks — — 2 — — — — 2 2 (1) 1985 2019 1 Heytex USA — — 2 — — — — 2 2 (1) 1967 2019 2 Hooters 5 1 1 — — — 1 1 2 (1) 1977 through 1994 2019 1 Mind 24-7 — 1 3 2 (3) — 1 2 3 — 2008 2019 1 Bridgestone Tire 2 1 1 — — — 1 1 2 — 1998 2019 2 Taco Bueno 2 1 1 — — — 1 1 2 (1) 1991 through 2003 2019 2 Rally's 1 1 1 — — — 1 1 2 — 1990 through 1992 2019 1 Red Robin Gourmet Burgers — 1 1 — — — 1 1 2 — 1995 2019 1 Primanti Bros. 1 1 1 — — — 1 1 2 — 2014 2019 1 Orscheln Farm and Home 2 1 1 — — — 1 1 2 — 1977 2019 1 Cycle Gear 1 1 1 — — — 1 1 2 — 1989 2019 2 Dollar General 1 — 2 — — — — 2 2 — 2012 through 2015 2019 2 Affordable Care, Inc. — 1 1 — — — 1 1 2 — 2008 through 2010 2019 1 Long John Silver's 1 1 1 — — — 1 1 2 — 1987 2019 1 Captain Ds 1 — 1 — — — — 1 1 — 1995 2019 1 Clean Express Auto Wash — — 1 — — — — 1 1 (1) 1991 2019 1 Chicken Salad Chick 1 — 1 — — — — 1 1 — 1976 2019 1 Wings, Etc. 1 — 1 — — — — 1 1 — 2014 2019 1 SRS Distribution 1 — 1 — — — — 1 1 — 1975 2019 1 Bru Burger Bar 1 — 1 — — — — 1 1 — 1996 2019 1 ERA Capital — — 1 — — — — 1 1 — 1999 2019 1 Old Mexico Cantina 1 — 1 — — — — 1 1 — 2007 2019 1 KFC 1 — 1 — — — — 1 1 — 2002 2019 1 The Atlanta Center for Foot & Ankle Surgery 2 — 1 — — — — 1 1 — 1963 2019 1 O'Reilly Auto Parts 1 — 1 — — — — 1 1 — 2006 2019 1 Touchstone Imaging 1 — 1 — — — — 1 1 — 1992 2019 1 Howlin Concrete 1 1 — — — — 1 — 1 — 1922 2019 1 El Forastero 1 — 1 — — — — 1 1 — 1985 2019 1 Bechheit — — 1 — — — — 1 1 — 1986 2019 1 Little Caesars — — 1 — — — — 1 1 — 1996 2019 1 NAPA Auto Parts — — 1 — — — — 1 1 — 2001 2019 1 Robata — — 1 — — — — 1 1 — 1980 2019 1 Giliberto's Mexican Taco Shop — — — — — — — — — — N/A 2019 1 Dunkin Donuts — — — — — — — — — — 1977 2019 1 Off the Hook Seafood & More — — — — — — — — — — 2007 2019 1 Consolidated Pipe — — — — — — — — — — 1987 2019 1 Bigham Cable — — — — — — — — — — 1989 2019 Initial Cost to Costs Capitalized Gross Amount at which Carried Property Count Brand Encumbrances (1) Land Building & Improvements Impairment Cost Basis Adjustment (2) Land Building & Total (3) Accumulated Depreciation (4) Date of Date 1 Sharks Fish & Chicken — — — — — — — — — — 1985 2019 1 Kings Wings N Things — — — — — — — — — — 1977 2019 1 Family Dollar Stores — — — — — — — — — — 1988 2019 1 Del Taco — — — — — — — — — — N/A 2019 1 Scooters Coffee 1 — — — — — — — — — 1972 2019 963 Total Held and Used $ 609 $ 1,972 $ 5,986 $ 2,449 $ (132) $ (859) $ 1,972 $ 7,444 $ 9,416 $ (2,951) Assets Held for Sale 1 Country Inn & Suites® by Radisson $ — $ 1 $ 5 $ — $ — $ — $ 1 $ 5 $ 6 $ (3) 1987 through 1997 1996 and 2005 9 Vacant — 3 8 (2) (3) — 3 3 6 — 1970 through 2007 2007 973 Total Including Held for Sale $ 609 $ 1,976 $ 5,999 $ 2,447 $ (135) $ (859) $ 1,976 $ 7,452 $ 9,428 $ (2,954) (1) Represents the principal balance of our net lease mortgage debt, excluding unamortized discounts and debt issuance costs. (2) Represents reclassifications between accumulated depreciation and building & improvements made to record certain properties at fair value in accordance with GAAP. (3) Excludes $370 of personal property classified in our consolidated balance sheets as furniture, fixtures and equipment. (4) We depreciate buildings and improvements over periods ranging between 10 to 40 years. (5) 69 properties, including 66 hotels and three net lease properties secure our credit agreement, which has no amounts outstanding as of December 31, 2023. (6) 67 TravelCenters of America and 3 Petro Stopping Centers properties secure our $1.0 billion senior secured notes due 2031, excluding unamortized discounts and debt issuance costs. The change in total cost of properties for the period from January 1, 2021 to December 31, 2023 is as follows: 2023 2022 2021 Balance at beginning of year $ 9,174,451 $ 9,790,010 $ 10,630,560 Additions: acquisitions and capital expenditures 363,601 106,588 86,016 Dispositions (110,535) (624,057) (330,091) Reclassification of properties held for sale (11,621) (98,090) (596,475) Balance at close of year $ 9,415,896 $ 9,174,451 $ 9,790,010 (B) The change in accumulated depreciation for the period from January 1, 2021 to December 31, 2023 is as follows: 2023 2022 2021 Balance at beginning of year $ 2,749,862 $ 3,069,348 $ 3,047,016 Additions: depreciation expense 207,641 309,606 298,597 Dispositions (4,747) (618,132) (153,699) Reclassification of properties held for sale (2,071) (10,960) (122,566) Balance at close of year $ 2,950,685 $ 2,749,862 $ 3,069,348 (C) The aggregate cost tax basis for federal income tax purposes of our real estate properties was $6,838,701 on December 31, 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net (loss) income attributable to shareholders	$ (32,779)	$ (132,381)	$ (544,603)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
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 $142,789 and $142,542 as of December 31, 2023 and 2022, respectively, and consist primarily of our TRS’s investment in Sonesta’s common stock and amounts due from and working capital advances to certain of our hotel managers. The liabilities of our TRSs were $81,262 and $82,454 as of December 31, 2023 and 2022, 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.
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 credit losses, purchase price allocations, useful lives of fixed assets and impairment of real estate and related intangibles.
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 net 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
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, 2023 and 2022, our intangible assets and liabilities were as follows: December 31, 2023 2022 Assets: Tradenames and trademarks $ — $ 89,375 Above market operating leases, net of accumulated amortization of $95,275 and $82,515, respectively 126,890 155,320 Below market ground leases, net of accumulated amortization of $13,557 and $18,542, respectively 2,712 6,564 Other, net of accumulated amortization of $538 and $460, respectively 1,020 1,098 $ 130,622 $ 252,357 Liabilities: Below market operating leases, net of accumulated amortization of $784 and $597, respectively $ 746 $ 933 Above market ground leases, net of accumulated amortization of $293 and $296, respectively 7 25 $ 753 $ 958 See Note 4 for further information related to the tradenames and trademarks we sold to TA on May 15, 2023. We amortize above and below market leases on a straight line basis over the terms of the associated leases. For the years ended December 31, 2023, 2022 and 2021, amortization relating to intangible assets was $32,223, $30,775 and $41,648, respectively, and amortization relating to intangible liabilities was $205, $235 and $433, respectively. As of December 31, 2023, the weighted average amortization period for capitalized above market leases and below market lease values were 9.3 and 6.9, respectively. As of December 31, 2023, we estimate future amortization relating to intangible assets and liabilities as follows: Year Above Market Operating Leases Below Market Ground Leases Below Market Operating Leases Above Market Ground Leases & Other, Net 2024 $ 22,127 $ 735 $ (186) $ 71 2025 19,008 660 (127) 78 2026 14,645 658 (121) 78 2027 12,526 658 (89) 78 2028 9,723 1 (76) 78 Thereafter 48,861 — (147) 630 Total $ 126,890 $ 2,712 $ (746) $ 1,013
Cash and Cash Equivalents	Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at the 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 amounts escrowed at certain of our mortgaged net lease properties.
Debt Issuance Costs	Debt Issuance Costs.
Equity Method Investments	Equity Method Investment. We account for our 34% non-controlling interest in Sonesta under the equity method of accounting. Sonesta is a private company and Adam D. Portnoy, one of our Managing Trustees who also serves as one of Sonesta’s directors, is the controlling shareholder. One of Sonesta’s other directors is our other Managing Trustee, 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 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 terms of the lease agreements. We increased rental income by $13,165 during the year ended December 31, 2023, and reduced rental income by $7,767 and $2,621 during the years ended December 31, 2022 and 2021, respectively, to record scheduled rent changes under certain of our leases on a straight line basis. Due from related persons included $7,522 of straight line rent receivables related to our TA leases at December 31, 2022. TA was no longer a related person as of May 15, 2023. Other assets, net, includes $56,833 and $32,247 of straight line rent receivables at December 31, 2023 and 2022, respectively. See Notes 4 and 9 for further information regarding our TA leases. Certain of our lease agreements require additional percentage rent if gross revenues of our properties exceed certain thresholds defined in our lease agreements. We may determine percentage rent due to us under our leases monthly, quarterly or annually, depending on the specific lease terms, and recognize it when all contingencies are met and the rent is earned. We recorded percentage rent of $6,600, $10,578 and $7,085 during the years ended December 31, 2023, 2022 and 2021, respectively. We own all the escrowed reserves established for the regular refurbishment of our hotels, or FF&E reserves. We do not report the 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 using the two class method. 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, together with the related impact on earnings, are considered when calculating diluted earnings per share. For the years ended December 31, 2023, 2022, and 2021, there were no dilutive common shares and certain unvested common shares were not included in the calculation of diluted earnings per share because to do so would have been antidilutive.
Segment Information	Segment Information. As of December 31, 2023, 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 2020 through 2023 tax years are subject to examination by taxing authorities. We classify interest and penalties related to uncertain tax positions, if any, in our consolidated statements of comprehensive income (loss) as a component of general and administrative expense.
New Accounting Pronouncements	New Accounting Pronouncements. On November 27, 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , or ASU No. 2023-07, which requires public entities to: (i) provide disclosures of significant segment expenses and other segment items if they are regularly provided to the Chief Operating Decision Maker, or the CODM, and included in each reported measure of segment profit or loss; (ii) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by ASC 280, Segment Reporting , or ASC 280, in interim periods; and (iii) disclose the CODM’s title and position, as well as an explanation of how the CODM uses the reported measures and other disclosures. The amendments in ASU No. 2023-07 are incremental to the requirements in ASC 280 and do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. ASU No. 2023-07 should be applied retrospectively to all prior periods presented in the financial statements and is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact ASU No. 2023-07 will have on our consolidated financial statements and disclosures. On December 14, 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , or ASU No. 2023-09, which requires public entities to enhance its annual income tax disclosures by requiring: (i) consistent categories and greater disaggregation of information in the rate reconciliation, and (ii) income taxes paid disaggregated by jurisdiction. ASU No. 2023-09 should be applied prospectively but entities have the option to apply it retrospectively to all prior periods presented in the financial statements. ASU No. 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact ASU No. 2023-09 will have on our consolidated financial statements and disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of intangible assets and liabilities	At December 31, 2023 and 2022, our intangible assets and liabilities were as follows: December 31, 2023 2022 Assets: Tradenames and trademarks $ — $ 89,375 Above market operating leases, net of accumulated amortization of $95,275 and $82,515, respectively 126,890 155,320 Below market ground leases, net of accumulated amortization of $13,557 and $18,542, respectively 2,712 6,564 Other, net of accumulated amortization of $538 and $460, respectively 1,020 1,098 $ 130,622 $ 252,357 Liabilities: Below market operating leases, net of accumulated amortization of $784 and $597, respectively $ 746 $ 933 Above market ground leases, net of accumulated amortization of $293 and $296, respectively 7 25 $ 753 $ 958
Schedule of projected future amortization expense relating to intangible assets and liabilities	As of December 31, 2023, we estimate future amortization relating to intangible assets and liabilities as follows: Year Above Market Operating Leases Below Market Ground Leases Below Market Operating Leases Above Market Ground Leases & Other, Net 2024 $ 22,127 $ 735 $ (186) $ 71 2025 19,008 660 (127) 78 2026 14,645 658 (121) 78 2027 12,526 658 (89) 78 2028 9,723 1 (76) 78 Thereafter 48,861 — (147) 630 Total $ 126,890 $ 2,712 $ (746) $ 1,013
Schedule of future amortization of debt issuance costs	Future amortization of debt issuance costs to be recognized with respect to our revolving credit facility, our senior notes and our net lease mortgage notes as of December 31, 2023, are as follows: Year Amount 2024 $ 16,628 2025 15,718 2026 13,607 2027 11,207 2028 3,850 Thereafter 7,215 Total $ 68,225

Real Estate Properties (Tables)

Real Estate Properties (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule of allocation of purchase prices by location	Our allocation of the purchase price for each of our acquisitions in 2023, 2022 and 2021, 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 Suites / Square Feet Purchase Price (1) Land Buildings and Improvements Furniture, Fixtures and Equipment Properties acquired during the year ended December 31, 2023: June 1, 2023 Miami Beach, FL Hotel 250 $ 165,866 $ 83,200 $ 77,987 $ 4,679 Properties acquired during the year ended December 31, 2022: September 12, 2022 Stoughton, MA Land — $ 2,766 $ 2,766 $ — $ — Properties acquired during the year ended December 31, 2021: March 9, 2021 Nashville, TN Land — $ 7,709 $ 7,709 $ — $ — (1) Includes acquisition related costs of $466, $51 and $109 for the years ended December 31, 2023, 2022 and 2021, respectively.
Schedule of sale of properties	During the years ended December 31, 2023, 2022 and 2021, we sold 31, 86 and 18 properties, respectively, for an aggregate sales price of $170,325, $559,848 and $52,332, respectively, excluding closing costs. The sales of these properties as presented in the table below do not represent significant dispositions, individually or in the aggregate, nor do they represent a strategic shift in our business. 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). Property Type Number of Properties Rooms or Suites / Square Feet Gross Sales Price Gain / (Loss) on Sale of Real Estate, net Properties sold during the year ended December 31, 2023: Hotels 18 2,526 $ 157,230 $ 41,861 Net Lease 13 160,310 13,095 1,378 31 2,526 / 160,310 $ 170,325 $ 43,239 Properties sold during the year ended December 31, 2022: Hotels 65 8,296 $ 543,413 $ 48,202 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: Hotels 7 669 $ 40,552 $ 9,590 Net Lease 11 97,276 11,780 1,932 18 669 / 97,276 $ 52,332 $ 11,522

Management Agreements and Lea_2

Management Agreements and Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of minimum rents to be received	As of December 31, 2023, the number of travel centers, the terms and the annual minimum rents owed to us by TA under our TA leases was as follows: Number of Travel Centers Initial Term End (1) Annualized Minimum Rent TA No. 1 Lease 35 May 14, 2033 $ 52,001 TA No. 2 Lease 36 May 14, 2033 46,111 TA No. 3 Lease 34 May 14, 2033 44,366 TA No. 4 Lease 36 May 14, 2033 47,023 TA No. 5 Lease 35 May 14, 2033 64,499 176 $ 254,000 (1) TA has five renewal options of 10 years each under each of our TA leases. Year Amount 2024 $ 377,775 2025 377,571 2026 371,649 2027 367,491 2028 362,288 Thereafter 1,799,925 Total $ 3,656,699
Schedule of minimum rent payments	As of December 31, 2023, our operating leases provide for contractual minimum rent payments to third parties during the remaining lease terms, as follows: Year Amount 2024 $ 14,003 2025 14,076 2026 14,198 2027 14,087 2028 13,891 Thereafter 216,217 Total lease payments 286,472 Less: imputed interest (129,345) Present value of lease liabilities (1) $ 157,127 (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 5.4% and 20 years (range of three months to 64 years) and 6.7% and 33 years (range of four months to 50 years), respectively.

Other Investments (Tables)

Other Investments (Tables)	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of financial information for Sonesta	Summarized financial information for Sonesta as of December 31, 2023 and 2022, and for the years ended December 31, 2023, 2022 and 2021 is as follows: December 31, 2023 2022 Total current assets $ 171,265 $ 156,321 Total noncurrent assets $ 694,828 $ 580,856 Total current liabilities $ 155,935 $ 141,345 Total noncurrent liabilities $ 342,839 $ 232,357 Non-controlling interest $ 54,963 $ 54,657 Year Ended December 31, 2023 2022 2021 Total revenues $ 765,011 $ 681,434 $ 478,097 Operating income (loss) $ 5,013 $ 21,929 $ (1,526) Net (loss) income $ (10,823) $ 10,056 $ (2,009) Net (loss) income attributable to shareholders $ (11,404) $ 9,184 $ (2,009)

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of principal balance and annual interest rates	Our net lease mortgage notes are summarized below: Note Class Principal Outstanding as of December 31, 2023 Coupon Rate Term (in years) Maturity Class A $ 303,729 5.15% 5 February 2028 Class B 172,640 5.55% 5 February 2028 Class C 132,200 6.70% 5 February 2028 Total / weighted average $ 608,569 5.60%
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, 2023 were as follows: Year Amount 2024 $ 1,958 2025 1,151,958 2026 801,958 2027 851,958 2028 1,000,737 Thereafter 1,825,000 Total $ 5,633,569

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Summary of shares issued	During the years ended December 31, 2023, 2022 and 2021, 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 2023 438,000 $ 7.88 $ 3,451 2022 433,500 $ 6.63 $ 2,874 2021 340,700 $ 11.26 $ 3,839
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, 2023, 2022 and 2021 is as follows: 2023 2022 2021 Number Weighted Number Weighted Number Weighted Unvested shares, beginning of year 588,830 $ 8.81 425,030 $ 11.93 325,900 $ 14.71 Shares awarded 438,000 $ 7.88 433,500 $ 6.63 340,700 $ 11.26 Shares vested (394,470) $ 9.21 (266,300) $ 10.20 (240,470) $ 14.78 Shares forfeited (22,400) $ 8.91 (3,400) $ 12.08 (1,100) $ 12.96 Unvested shares, end of year 609,960 $ 7.88 588,830 $ 8.81 425,030 $ 11.93
Schedule of stock repurchases	During the years ended December 31, 2023, 2022 and 2021, we purchased our common shares from our officers and certain other current and former officers and 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 2023 98,571 $8.14 $802 2022 69,867 $6.72 $470 2021 71,100 $11.11 $790
Schedule of distributions paid	During the years ended December 31, 2023, 2022 and 2021, we paid distributions on our common shares as follows: Annual Per Share Distribution Total Distributions Characterization of Distributions Year Ordinary Income Capital Gain Return of Capital Qualified Dividend (1) 2023 $0.80 $132,430 9.30% 86.15% 4.55% 6.25% 2022 $0.23 $38,044 —% —% 100.00% —% 2021 $0.04 $6,596 —% —% 100.00% —% (1) Qualified Dividends are a subset of, and included in, the Ordinary Income amount.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of components of provision for income taxes	Our provision (benefit) for income taxes consists of the following: Year Ended December 31, 2023 2022 2021 Current: Federal $ — $ — $ — State (106) 385 680 Foreign 503 233 350 397 618 1,030 Deferred: Foreign (1,895) (817) (1,971) (1,895) (817) (1,971) $ (1,498) $ (199) $ (941)
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: Year Ended December 31, 2023 2022 2021 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 % (0.3) % (0.1) % Foreign taxes (6.9) % 0.4 % 0.3 % Foreign tax rate change 11.0 % 0.0 % 0.0 % Effective tax rate 4.4 % 0.1 % 0.2 %
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, 2023 2022 Deferred tax assets: Tax loss carryforwards $ 112,532 $ 109,650 Other 7,973 7,134 Deferred tax assets 120,505 116,784 Valuation allowance (120,505) (116,784) Net deferred tax assets $ — $ — Deferred tax liabilities: Property basis difference $ (7,970) $ (5,947) Puerto Rico deferred tax gain (8,162) (12,079) Net deferred tax liabilities $ (16,132) $ (18,026)

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of segment information	Year Ended December 31, 2023 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 1,478,034 $ — $ — $ 1,478,034 Rental income — 395,829 — 395,829 Total revenues 1,478,034 395,829 — 1,873,863 Expenses: Hotel operating expenses 1,223,906 — — 1,223,906 Net lease operating expenses — 17,663 — 17,663 Depreciation and amortization 216,235 167,825 — 384,060 General and administrative — — 45,397 45,397 Transaction related costs — — (1,623) (1,623) Loss on asset impairment, net 27 9,517 — 9,544 Total expenses 1,440,168 195,005 43,774 1,678,947 Gain on sale of real estate, net 41,861 1,378 — 43,239 Gain on equity securities, net — — 48,837 48,837 Interest income 169 118 20,692 20,979 Interest expense — (40,920) (295,422) (336,342) Loss on early extinguishment of debt — — (1,524) (1,524) Income (loss) before income tax benefit and equity in losses of an investee 79,896 161,400 (271,191) (29,895) Income tax benefit — — 1,498 1,498 Equity in losses of an investee — — (4,382) (4,382) Net income (loss) $ 79,896 $ 161,400 $ (274,075) $ (32,779) As of December 31, 2023 Hotels Net Lease Corporate Consolidated Total assets $ 3,943,213 $ 3,084,686 $ 328,217 $ 7,356,116 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 Net lease 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 (loss) on sale of real estate, net 48,202 (384) — 47,818 Loss on equity securities, net — — (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 tax benefit and equity in earnings 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 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 Net lease 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 Gain on equity securities, net — — 22,535 22,535 Interest income 1 — 663 664 Interest expense — — (365,721) (365,721) (Loss) income before income tax benefit and equity in losses of an investee (287,077) 138,436 (395,962) (544,603) Income tax benefit — — 941 941 Equity in losses of an investee — — (941) (941) Net (loss) income $ (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

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset. Fair Value at Reporting Date Using Description Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Non-recurring Fair Value Measurements Assets of properties held for sale (1) $ 10,446 $ — $ — $ 10,446 (1) We recorded a loss on asset impairment, net of $3,206 during the year ended December 31, 2023, to reduce the carrying value of one hotel and nine net lease properties in our consolidated balance sheets to their estimated fair value less costs to sell based on brokers’ opinion of values (Level 3 inputs as defined in the fair value hierarchy under GAAP).
Schedule of fair value of additional financial instruments	At December 31, 2023 and 2022, the fair values of these 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, 2023 December 31, 2022 Carrying Fair Carrying Fair Value (1) Value Value (1) Value Senior Unsecured Notes, due 2023 at 4.50% $ — $ — $ 499,925 $ 491,345 Senior Unsecured Notes, due 2024 at 4.65% — — 349,510 334,292 Senior Unsecured Notes, due 2024 at 4.35% — — 822,487 749,983 Senior Unsecured Notes, due 2025 at 4.50% 349,181 341,688 348,493 301,893 Senior Unsecured Notes, due 2025 at 7.50% 796,007 808,888 793,673 762,344 Senior Unsecured Notes, due 2026 at 5.25% 347,601 339,780 346,472 292,282 Senior Unsecured Notes, due 2026 at 4.75% 448,347 419,909 447,736 354,128 Senior Unsecured Notes, due 2027 at 4.95% 397,672 362,108 396,916 315,040 Senior Unsecured Notes, due 2027 at 5.50% 445,631 412,002 444,505 387,522 Net Lease Mortgage Notes, due 2028 at 5.60% 558,876 585,784 — — Senior Unsecured Notes, due 2028 at 3.95% 395,355 327,708 394,206 283,996 Senior Unsecured Notes, due 2029 at 4.95% 420,477 351,726 419,684 293,718 Senior Unsecured Notes, due 2030 at 4.375% 393,056 310,524 391,923 264,280 Senior Secured Notes, due 2031 at 8.625% 968,017 1,047,430 — — Total financial liabilities $ 5,520,220 $ 5,307,547 $ 5,655,530 $ 4,830,823 (1) Carrying value includes unamortized discounts, premiums and certain debt issuance costs.

Organization (Details)

Organization (Details)	Dec. 31, 2023 tenant hotel property travelCenter
Real Estate Properties [Line Items]
Number of properties | property	973
Hotels
Real Estate Properties [Line Items]
Number of properties	221
Net Lease
Real Estate Properties [Line Items]
Number of properties | property	752
Number of tenants | tenant	175
IHG Agreement | Hotels | Ravinia, GA
Real Estate Properties [Line Items]
Number of properties	1
Related Party | Sonesta International Hotels Corporation | Hotels
Real Estate Properties [Line Items]
Number of properties	195
Related Party | Hyatt Hotels Corporation | Hotels
Real Estate Properties [Line Items]
Number of properties	17
Related Party | Radisson Hospitality, Inc | Hotels
Real Estate Properties [Line Items]
Number of properties	8
Related Party | TravelCenters of America LLC | Net Lease
Real Estate Properties [Line Items]
Number of properties | travelCenter	176

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Ownership interest in subsidiaries (as a percent)	100%
Total assets	$ 7,356,116	$ 7,488,191	$ 9,153,315
Liabilities	6,129,983	6,099,399
Loss on asset impairment, net	$ 9,544	10,989	$ 78,620
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	$ 142,789	142,542
Liabilities	$ 81,262	$ 82,454

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets:
Acquired real estate leases and other intangibles, net	$ 130,622	$ 252,357
Intangible assets, net	130,622	252,357
Liabilities:
Intangible liabilities, net	753	958
Amortization relating to intangible assets	32,223	30,775	$ 41,648
Amortization relating to intangible liabilities	205	235	$ 433
Tradenames and trademarks
Assets:
Tradenames and trademarks	0	89,375
Above market operating leases, net of accumulated amortization of $95,275 and $82,515, respectively
Assets:
Acquired real estate leases and other intangibles, net	126,890	155,320
Intangible assets, accumulated amortization	95,275	82,515
Below market ground leases, net of accumulated amortization of $13,557 and $18,542, respectively
Assets:
Acquired real estate leases and other intangibles, net	2,712	6,564
Intangible assets, accumulated amortization	13,557	18,542
Other, net of accumulated amortization of $538 and $460, respectively
Assets:
Acquired real estate leases and other intangibles, net	1,020	1,098
Intangible assets, accumulated amortization	538	460
Below market operating leases, net of accumulated amortization of $784 and $597, respectively
Liabilities:
Intangible liabilities, net	746	933
Intangible liabilities, accumulated amortization	784	597
Above market ground leases, net of accumulated amortization of $293 and $296, respectively
Liabilities:
Intangible liabilities, net	7	25
Intangible liabilities, accumulated amortization	$ 293	$ 296
Above Market Leases
Liabilities:
Amortization period of above and below market leases	9 years 3 months 18 days
Below Market Leases
Liabilities:
Amortization period of above and below market leases	6 years 10 months 24 days

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Future Amortization of Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
Total future amortization, intangible assets	$ 130,622	$ 252,357
Total future amortization, intangible liabilities	753	958
Above Market Operating Leases
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
2024, intangible assets	22,127
2025, intangible assets	19,008
2026, intangible assets	14,645
2027, intangible assets	12,526
2028, intangible assets	9,723
Thereafter, intangible assets	48,861
Total future amortization, intangible assets	126,890	155,320
Below Market Ground Leases
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
2024, intangible assets	735
2025, intangible assets	660
2026, intangible assets	658
2027, intangible assets	658
2028, intangible assets	1
Thereafter, intangible assets	0
Total future amortization, intangible assets	2,712
Below Market Operating Leases
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
2024, intangible liabilities	186
2025, intangible liabilities	127
2026, intangible liabilities	121
2027, intangible liabilities	89
2028, intangible liabilities	76
Thereafter, intangible liabilities	147
Total future amortization, intangible liabilities	746	$ 933
Above Market Ground Leases & Other, Net
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]
2024, intangible assets	71
2025, intangible assets	78
2026, intangible assets	78
2027, intangible assets	78
2028, intangible assets	78
Thereafter, intangible assets	630
Total future amortization, intangible assets	$ 1,013

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Debt Issuance Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Debt issuance costs for revolving credit facility	$ 12,379	$ 6,214
Accumulated amortization of debt issuance costs for revolving credit facility	1,502	3,925
Amount
2024	16,628
2025	15,718
2026	13,607
2027	11,207
2028	3,850
Thereafter	7,215
Future amortization of debt issuance costs, total	68,225
Senior notes
Debt and Equity Securities, FV-NI [Line Items]
Debt issuance costs, net	35,016	25,545
Mortages
Debt and Equity Securities, FV-NI [Line Items]
Debt issuance costs, net	$ 22,332	$ 0

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Equity Method Investments (Details)	Dec. 31, 2023	Dec. 31, 2022
Sonesta International Hotels Corporation
Debt and Equity Securities, FV-NI [Line Items]
Noncontrolling interest, ownership percentage	34%	34%

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Revenue Recognition and Segment Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Straight line rent adjustments	$ 13,165	$ (7,767)	$ (2,621)
Straight line rent receivable	$ 56,833	32,247
Number of reportable segments | segment	2
Related Party
Related Party Transaction [Line Items]
Straight line rent receivables, due from related parties		7,522
Deferred percentage rental income	$ 6,600	$ 10,578	$ 7,085

Real Estate Properties - Narrat

Real Estate Properties - Narrative (Details) $ in Thousands	2 Months Ended	12 Months Ended
	Feb. 22, 2024 USD ($) ft² property hotel key	Dec. 31, 2023 USD ($) ft² leaseAgreement unit hotel room property	Dec. 31, 2023 USD ($) ft² leaseAgreement unit hotel room property	Dec. 31, 2023 USD ($) ft² leaseAgreement unit hotel room property	Dec. 31, 2023 USD ($) ft² property unit hotel leaseAgreement room	Dec. 31, 2022 USD ($) ft² room	Dec. 31, 2022 USD ($) ft² room hotel	Dec. 31, 2022 USD ($) ft² property room	Dec. 31, 2021 USD ($) ft² property room
Real Estate Properties [Line Items]
Number of properties | property		973	973	973	973
Aggregate carrying value held-for-sale		$ 9,799,642	$ 9,799,642	$ 9,799,642	$ 9,799,642
Carrying value of net lease properties held for sale		13,305	13,305	13,305	13,305
Land		1,972,145	1,972,145	1,972,145	1,972,145	$ 1,902,587	$ 1,902,587	$ 1,902,587
Building and improvements		7,443,750	7,443,750	7,443,750	7,443,750	7,271,864	7,271,864	7,271,864
Furniture, fixtures and equipment		370,442	370,442	370,442	370,442	386,418	386,418	386,418
Capital improvements from leased facilities, funded			200,894			103,646			$ 95,017
Carrying value		$ 9,786,337	9,786,337	$ 9,786,337	$ 9,786,337	9,560,869	$ 9,560,869	$ 9,560,869
Net proceeds from sale of real estate			156,432			554,087			$ 51,412
Disposed of by sale
Real Estate Properties [Line Items]
Number of properties sold | property					31			86	18
Aggregate sale price			$ 170,325			559,848			$ 52,332
Hotels and Net Lease Properties
Real Estate Properties [Line Items]
Area of real estate (in sqft) | ft²		13,341,172	13,341,172	13,341,172	13,341,172
Capital improvements from leased facilities, funded			$ 235,530			115,927			103,630
Hotels
Real Estate Properties [Line Items]
Number of properties | hotel		221	221	221	221
Number of rooms/suites | unit		37,777	37,777	37,777	37,777
Number of properties on leased land | hotel		8	8	8	8
Ground lease remaining term		39 years
Number of ground leases | leaseAgreement		3	3	3	3
Number of ground leases requiring specified minimum annual rents | leaseAgreement		7	7	7	7
Average ground lease annual rents			$ 337
Number of ground leases with future rents prepaid | leaseAgreement		1	1	1	1
Rental expense related to operating leases			$ 9,618			$ 11,148			$ 12,182
Hotels | Subsequent event
Real Estate Properties [Line Items]
Properties to be sold | hotel	1
Rooms | key	84
Hotels | Disposed of by sale
Real Estate Properties [Line Items]
Number of rooms/suites | room		2,526	2,526	2,526	2,526	8,296	8,296	8,296	669
Number of properties sold				2	18		65	65	7
Aggregate sale price			$ 157,230			$ 543,413			$ 40,552
Hotels | Assets Held for Sale
Real Estate Properties [Line Items]
Number of properties | hotel		1	1	1	1
Number of rooms/suites | room		84	84	84	84
Carrying value		$ 4,060	$ 4,060	$ 4,060	$ 4,060
Hotels | Assets Held for Sale | Subsequent event
Real Estate Properties [Line Items]
Aggregate sale price	$ 3,315
Hotels | Minimum
Real Estate Properties [Line Items]
Ground lease remaining term		11 years
Hotels | Maximum
Real Estate Properties [Line Items]
Ground lease remaining term		64 years
Net Lease
Real Estate Properties [Line Items]
Number of properties | property		752	752	752	752
Number of properties on leased land | property		14	14	14	14
Net Lease | Disposed of by sale
Real Estate Properties [Line Items]
Area of real estate (in sqft) | ft²		160,310	160,310	160,310	160,310	138,638	138,638	138,638	97,276
Number of properties sold | property					13			21	11
Aggregate sale price			$ 13,095			$ 16,435			$ 11,780
Net Lease | Disposed of by sale | Subsequent event
Real Estate Properties [Line Items]
Number of properties | property	1
Area of real estate (in sqft) | ft²	4,100
Aggregate sale price	$ 257
Net Lease | Assets Held for Sale
Real Estate Properties [Line Items]
Number of properties | property		9	9	9	9
Area of real estate (in sqft) | ft²		128,159	128,159	128,159	128,159
Carrying value		$ 6,386	$ 6,386	$ 6,386	$ 6,386
Properties to be sold | property		5	5	5	5
Area of real estate to be sold | ft²		98,422	98,422	98,422	98,422
Net Lease | Assets Held for Sale | Subsequent event
Real Estate Properties [Line Items]
Area of real estate (in sqft) | ft²	55,276
Properties to be sold | property	4
Net proceeds from sale of real estate	$ 3,121
Net Lease | Land
Real Estate Properties [Line Items]
Rental expense related to operating leases			$ 420
Net Lease | Minimum
Real Estate Properties [Line Items]
Ground lease remaining term		3 months
Net Lease | Maximum
Real Estate Properties [Line Items]
Ground lease remaining term		41 years

Real Estate Properties - Alloca

Real Estate Properties - Allocation of Purchase Price (Details) $ in Thousands				12 Months Ended
	Jun. 01, 2023 USD ($) ft²	Sep. 12, 2022 USD ($) ft²	Mar. 09, 2021 USD ($) ft²	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Real Estate Properties [Line Items]
Transaction related costs				$ 466	$ 51	$ 109
Miami Beach, FL | Hotels
Real Estate Properties [Line Items]
Square Feet | ft²	250
Purchase Price	$ 165,866
Land	83,200
Buildings and Improvements	77,987
Furniture, Fixtures and Equipment	$ 4,679
Stoughton, MA | Land
Real Estate Properties [Line Items]
Square Feet | ft²		0
Purchase Price		$ 2,766
Land		2,766
Buildings and Improvements		0
Furniture, Fixtures and Equipment		$ 0
Nashville, TN | Land
Real Estate Properties [Line Items]
Square Feet | ft²			0
Purchase Price			$ 7,709
Land			7,709
Buildings and Improvements			0
Furniture, Fixtures and Equipment			$ 0

Real Estate Properties - Dispos

Real Estate Properties - Dispositions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 ft² property unit room	Dec. 31, 2023 USD ($) ft² unit room	Dec. 31, 2023 ft² unit hotel room	Dec. 31, 2022 ft² property room	Dec. 31, 2022 USD ($) ft² room	Dec. 31, 2022 ft² room hotel	Dec. 31, 2021 USD ($) ft² property room
Hotels
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rooms or Suites | unit	37,777	37,777	37,777
Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties | property	31			86			18
Gross Sales Price		$ 170,325			$ 559,848		$ 52,332
Gain / (Loss) on Sale of Real Estate, net		$ 43,239			$ 47,818		$ 11,522
Disposed of by sale | Hotels
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties	18		2	65		65	7
Rooms or Suites | room	2,526	2,526	2,526	8,296	8,296	8,296	669
Gross Sales Price		$ 157,230			$ 543,413		$ 40,552
Gain / (Loss) on Sale of Real Estate, net		$ 41,861			$ 48,202		$ 9,590
Disposed of by sale | Net Lease
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties | property	13			21			11
Square Feet | ft²	160,310	160,310	160,310	138,638	138,638	138,638	97,276
Gross Sales Price		$ 13,095			$ 16,435		$ 11,780
Gain / (Loss) on Sale of Real Estate, net		$ 1,378			$ (384)		$ 1,932

Management Agreements and Lea_3

Management Agreements and Leases - Narrative (Details)	Dec. 31, 2023 tenant hotel property agreement travelCenter
Management Agreements and Leases [Line Items]
Number of properties | property	973
Number of operating agreements | agreement	4
Hotels
Management Agreements and Leases [Line Items]
Number of properties	221
Net Lease
Management Agreements and Leases [Line Items]
Number of properties | property	752
Number of tenants | tenant	175
IHG Agreement | Ravinia, GA | Hotels
Management Agreements and Leases [Line Items]
Number of properties	1
Related Party | Sonesta International Hotels Corporation | Hotels
Management Agreements and Leases [Line Items]
Number of properties	195
Related Party | Hyatt Hotels Corporation | Hotels
Management Agreements and Leases [Line Items]
Number of properties	17
Related Party | Radisson Hospitality, Inc | Hotels
Management Agreements and Leases [Line Items]
Number of properties	8
Related Party | TravelCenters of America LLC | Net Lease
Management Agreements and Leases [Line Items]
Number of properties | travelCenter	176

Management Agreements and Lea_4

Management Agreements and Leases - Sonesta (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Feb. 27, 2020	Jun. 30, 2023 hotel	Dec. 31, 2023 USD ($) hotel renewalOption	Dec. 31, 2023 USD ($) hotel renewalOption	Dec. 31, 2023 USD ($) renewalOption property hotel	Dec. 31, 2023 USD ($) renewalOption hotel	Dec. 31, 2023 USD ($) hotel renewalOption	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) property	Dec. 31, 2022 USD ($) hotel	Dec. 31, 2021 USD ($) property
Management Agreements and Leases [Line Items]
Capital improvements from leased facilities, funded				$ 200,894				$ 103,646			$ 95,017
Due from related persons			$ 6,376	6,376	$ 6,376	$ 6,376	$ 6,376	35,033	$ 35,033	$ 35,033
Disposed of by sale
Management Agreements and Leases [Line Items]
Number of properties sold | property					31				86		18
Sonesta Agreement
Management Agreements and Leases [Line Items]
Percentage of gross revenues from hotel operations placed into escrow	5%
IHG Agreement
Management Agreements and Leases [Line Items]
Capital improvements from leased facilities, funded				542				451
Hotels | Disposed of by sale
Management Agreements and Leases [Line Items]
Number of properties sold					18	2			65	65	7
Hotels | Sonesta International Hotels Corporation
Management Agreements and Leases [Line Items]
Due to related party, reimbursement of capital expenditures and other			13,300	13,300	$ 13,300	$ 13,300	$ 13,300	8,889	$ 8,889	$ 8,889
Hotels | Sonesta International Hotels Corporation | Real Estate Assets at Cost | Credit concentration
Management Agreements and Leases [Line Items]
Concentration risk percentage							49.80%
Hotels | Return Of Capital | Sonesta International Hotels Corporation
Management Agreements and Leases [Line Items]
Due from related persons			$ 6,376	$ 6,376	$ 6,376	$ 6,376	$ 6,376	2,975	2,975	2,975
Hotels | Full service hotels | Sonesta International Hotels Corporation
Management Agreements and Leases [Line Items]
Number of real estate properties leased or managed | hotel			40	40	40	40	40
Hotels | Extended stay hotel | Sonesta International Hotels Corporation
Management Agreements and Leases [Line Items]
Number of real estate properties leased or managed | hotel			111	111	111	111	111
Hotels | Select service hotels | Sonesta International Hotels Corporation
Management Agreements and Leases [Line Items]
Number of real estate properties leased or managed | hotel			44	44	44	44	44
Hotels | Sonesta Agreement
Management Agreements and Leases [Line Items]
Number of renewal options | renewalOption			2	2	2	2	2
Term of renewal options			15 years
Percent payment of hotel cash flows			80%	80%	80%	80%	80%
Hotel net income (loss)				$ 226,181				196,721			$ 53,853
Capital improvements from leased facilities, funded				172,028				94,479
Annual priority return amount				353,953
Related party transaction, management, marketing and reservation system fees				118,146				114,563			$ 84,926
Procurement and construction supervisory fees				1,791				1,331
Advanced working capital			$ 48,490	48,490	$ 48,490	$ 48,490	$ 48,490	48,580	48,580	48,580
Option to terminate if not meeting performance thresholds			3 years
Option to terminate if not meeting performance thresholds, consecutive years			4 years
Hotels | Sonesta Agreement | Sonesta International Hotels Corporation
Management Agreements and Leases [Line Items]
Number of real estate properties acquired | hotel		1
Hotels | Sonesta Agreement | Return Of Capital | Sonesta International Hotels Corporation
Management Agreements and Leases [Line Items]
Due from related persons			$ 10,321	$ 10,321	$ 10,321	$ 10,321	$ 10,321	$ 5,416	$ 5,416	$ 5,416

Management Agreements and Lea_5

Management Agreements and Leases - Hyatt Agreement (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 29, 2024 USD ($)	Dec. 31, 2023 USD ($) hotel property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Management Agreements and Leases [Line Items]
Number of properties | property		973
Capital improvements from leased facilities, funded		$ 200,894	$ 103,646	$ 95,017
Hotels
Management Agreements and Leases [Line Items]
Number of properties | hotel		221
Hotels | Related Party | Hyatt Hotels Corporation
Management Agreements and Leases [Line Items]
Number of properties | hotel		17
Hotels | Hyatt Hotels Corporation Contract
Management Agreements and Leases [Line Items]
Operating agreement annual rent and return		$ 15,555
Limited guarantee amount		$ 30,000
Limited guarantee, percentage of annual minimum returns		75%
Realized returns and rents		$ 9,371	12,281	9,388
Working capital expensed (recovered)				$ 3,700
Capital improvements from leased facilities, funded		46,679	11,845
Increase in annual owner's priority returns		$ 2,801	$ 754
Hotels | Hyatt Hotels Corporation Contract | Subsequent event
Management Agreements and Leases [Line Items]
Working capital expensed (recovered)	$ 2,300

Management Agreements and Lea_6

Management Agreements and Leases - Radisson Agreement (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property hotel	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Management Agreements and Leases [Line Items]
Number of properties | property	973
Capital improvements from leased facilities, funded	$ 200,894	$ 103,646	$ 95,017
Radisson Agreement
Management Agreements and Leases [Line Items]
Capital improvements from leased facilities, funded	$ 7,660	3,433
Hotels
Management Agreements and Leases [Line Items]
Number of properties | hotel	221
Hotels | Radisson Hospitality, Inc | Related Party
Management Agreements and Leases [Line Items]
Number of properties | hotel	8
Hotels | Radisson Agreement
Management Agreements and Leases [Line Items]
Operating agreement annual rent and return	$ 10,866
Limited guarantee amount	$ 22,000
Limited guarantee, percentage of annual minimum returns	75%
Realized returns and rents	$ 6,266	6,387	11,364
Increase in guarantee	650		$ 13,238
Guaranty amount	21,350
Guarantee provided to the entity, maximum	47,253
Increase in annual owner's priority returns	$ 460	$ 206

Management Agreements and Lea_7

Management Agreements and Leases - Marriott Agreement (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) hotel	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Management Agreements and Leases [Line Items]
Operating cash flow (deficit)	$ 485,549	$ 243,127	$ 49,904
Marriott contracts | Hotels
Management Agreements and Leases [Line Items]
Operating cash flow (deficit)	$ (2,762)	$ 8,942	$ 2,830
Marriott contracts | Hotels | Marriott International, Inc.
Management Agreements and Leases [Line Items]
Number of properties sold | hotel	16

Management Agreements and Lea_8

Management Agreements and Leases - IHG Agreement (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) hotel property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Management Agreements and Leases [Line Items]
Number of properties | property	973
Cash (used in) provided by operating activities	$ 485,549	$ 243,127	$ 49,904
Capital improvements from leased facilities, funded	$ 200,894	103,646	95,017
Hotels
Management Agreements and Leases [Line Items]
Number of properties | hotel	221
IHG Agreement
Management Agreements and Leases [Line Items]
Capital improvements from leased facilities, funded	$ 542	451
IHG Agreement | Hotels
Management Agreements and Leases [Line Items]
Cash (used in) provided by operating activities	4,800	$ 3,561	337
Working capital expensed (recovered)	$ (5,797)		$ 16,711
IHG Agreement | Hotels | Ravinia, GA
Management Agreements and Leases [Line Items]
Number of properties | hotel	1

Management Agreements and Lea_9

Management Agreements and Leases - Net Lease Portfolio (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) ft² tenant industry property brand
Management Agreements and Leases [Line Items]
Number of properties	973
Net Lease
Management Agreements and Leases [Line Items]
Number of properties	752
Operating agreement annual rent and return | $	$ 372,319
Weighted average lease term	8 years 9 months 18 days
Percentage of portfolio leased by tenants	97.10%
Number of tenants | tenant	175
Number of brands | brand	137
Number of industries | industry	21
Hotels and Net Lease Properties
Management Agreements and Leases [Line Items]
Area of real estate (in sqft) | ft²	13,341,172

Management Agreements and Le_10

Management Agreements and Leases - TA Leases (Details) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	May 15, 2023 USD ($) $ / shares	Jan. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) travelCenter leaseOption property contract	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Feb. 02, 2024 travelCenter
Management Agreements and Leases [Line Items]
Rental income			$ 395,829	$ 395,667	$ 390,902
Straight line rent adjustments			$ 13,165	(7,767)	(2,621)
Number of properties | property			973
Proceeds from sale of tradenames and trademarks			$ 89,400	0	0
Reduction (increase) of rental income			$ 4,927	(320)	(9)
TravelCenters of America Inc. | BP Products North America Inc.
Management Agreements and Leases [Line Items]
Business acquisition, share price (in dollars per share) | $ / shares	$ 86
TravelCenters of America LLC
Management Agreements and Leases [Line Items]
Number of master leases | contract			5
Deferred percentage rental income			$ 3,507	10,578	7,085
BP Products North America Inc.
Management Agreements and Leases [Line Items]
Annual increase percentage	2%
Lease term	10 years
Business combination BP prepay amount	$ 188,000
Monthly rent credit amount	25,000
Guarantee obligations			3,037,475
COVID-19
Management Agreements and Leases [Line Items]
Reserves for uncollectible rents			3,436	7,697
SMTA Transaction
Management Agreements and Leases [Line Items]
Rental income			129,566	135,522	140,803
Straight line rent adjustments			5,233	5,367	10,616
Related Party
Management Agreements and Leases [Line Items]
Deferred percentage rental income			6,600	10,578	7,085
Net Lease
Management Agreements and Leases [Line Items]
Operating agreement annual rent and return			$ 372,319
Number of properties | property			752
Net Lease | Related Party | TravelCenters of America LLC
Management Agreements and Leases [Line Items]
Number of properties | travelCenter			176
Net Lease | Related Party | Real Estate Assets at Cost | Credit concentration | TravelCenters of America LLC
Management Agreements and Leases [Line Items]
Concentration risk percentage			28.80%
Travel centers | TravelCenters of America LLC
Management Agreements and Leases [Line Items]
Number of travel centers | travelCenter			176
Operating agreement annual rent and return	254,000		$ 254,000
Term of renewal options			10 years
Rental income			$ 266,263	259,093	248,291
Straight line rent adjustments			7,932	(13,143)	$ (13,237)
Quarterly payments to deferred rent receivable		$ 4,404
Accruals for unpaid rent, including deferred rents			$ 19,816	$ 30,764
Number of renewal options | leaseOption			5
Proceeds from sale of tradenames and trademarks	$ 89,400
Travel centers | TA No. 1 Lease | TravelCenters of America LLC
Management Agreements and Leases [Line Items]
Number of travel centers | travelCenter			35
Operating agreement annual rent and return			$ 52,001
Travel centers | TA No. 2 Lease | TravelCenters of America LLC
Management Agreements and Leases [Line Items]
Number of travel centers | travelCenter			36
Operating agreement annual rent and return			$ 46,111
Travel centers | TA No. 3 Lease | TravelCenters of America LLC
Management Agreements and Leases [Line Items]
Number of travel centers | travelCenter			34
Operating agreement annual rent and return			$ 44,366
Travel centers | TA No. 4 Lease | TravelCenters of America LLC
Management Agreements and Leases [Line Items]
Number of travel centers | travelCenter			36
Operating agreement annual rent and return			$ 47,023
Travel centers | TA No. 5 Lease | TravelCenters of America LLC
Management Agreements and Leases [Line Items]
Number of travel centers | travelCenter			35
Operating agreement annual rent and return			$ 64,499
Travel centers | Related Party | Subsequent event
Management Agreements and Leases [Line Items]
Number of properties | travelCenter						175

Management Agreements and Le_11

Management Agreements and Leases - Additional Lease Schedule (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 377,775
2025	377,571
2026	371,649
2027	367,491
2028	362,288
Thereafter	1,799,925
Total	$ 3,656,699

Management Agreements and Le_12

Management Agreements and Leases - Additional Lease Information Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) hotel	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Right of use asset	$ 157,127	$ 177,264
Lease liability	$ 157,127	$ 177,264
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 and due to related persons	Accounts payable and other liabilities and due to related persons
Hotels
Lessee, Lease, Description [Line Items]
Number of properties on leased land | hotel	8
Rental expense related to operating leases	$ 9,618	$ 11,148	$ 12,182

Management Agreements and Le_13

Management Agreements and Leases - Schedule of Minimum Rent Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
2024	$ 14,003
2025	14,076
2026	14,198
2027	14,087
2028	13,891
Thereafter	216,217
Total lease payments	286,472
Less: imputed interest	(129,345)
Present value of lease liabilities	$ 157,127	$ 177,264
Land
Lessee, Lease, Description [Line Items]
Weighted average discount rate used to calculate lease liability	5.40%
Lease term	20 years
Land | Minimum
Lessee, Lease, Description [Line Items]
Lease term	3 months
Land | Maximum
Lessee, Lease, Description [Line Items]
Lease term	64 years
Hotel Operating Leases
Lessee, Lease, Description [Line Items]
Weighted average discount rate used to calculate lease liability	6.70%
Lease term	33 years
Hotel Operating Leases | Minimum
Lessee, Lease, Description [Line Items]
Lease term	4 months
Hotel Operating Leases | Maximum
Lessee, Lease, Description [Line Items]
Lease term	50 years

Other Investments - Narrative (

Other Investments - Narrative (Details) $ in Thousands		12 Months Ended
	Feb. 27, 2020 USD ($)	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) hotel shares	Dec. 31, 2021 USD ($)	May 15, 2023 USD ($) shares
Schedule of Equity Method Investments [Line Items]
Equity method investment		$ 113,304	$ 112,617
Equity in (losses) earnings of an investee		(4,382)	2,856	$ (941)
Capital contribution funded		$ 5,134	45,470	25,443
Number of properties | property		973
(Gains) losses on equity securities		$ 48,837	(8,104)	22,535
TravelCenters of America LLC
Schedule of Equity Method Investments [Line Items]
Investment equity amount					$ 101,892
Related Party
Schedule of Equity Method Investments [Line Items]
Liability of the fair value of initial investment		22,758	$ 17,909
Percentage of total shares outstanding			7.80%		7.80%
Sonesta International Hotels Corporation
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of an investee		(4,382)	$ 2,856	(941)
Decrease in hotel operating expense		2,484	2,484	2,484
Capital contribution funded		5,134	$ 45,470	25,443
Number of properties | hotel			4
TravelCenters of America LLC
Schedule of Equity Method Investments [Line Items]
Number of common shares owned (in shares) | shares			1,184,797		1,184,797
Carrying value			$ 53,055		$ 101,893
TravelCenters of America LLC | Quoted Prices in Active Markets for Identical Assets (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 investment		113,304	112,617
Amount of cost basis exceeding book value	$ 8,000
Amortization period	31 years
Amortization of basis difference		260	260	$ 260
Liability of the fair value of initial investment		42,000
Unamortized balance		$ 32,479	$ 34,963
Sonesta International Hotels Corporation
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage		34%	34%

Other Investments - Financial I

Other Investments - Financial Information for Sonesta (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 1,873,863	$ 1,863,011	$ 1,495,580
Net (loss) income attributable to shareholders	(32,779)	(132,381)	(544,603)
Sonesta International Hotels Corporation
Schedule of Equity Method Investments [Line Items]
Total current assets	171,265	156,321
Total noncurrent assets	694,828	580,856
Total current liabilities	155,935	141,345
Total noncurrent liabilities	342,839	232,357
Non-controlling interest	54,963	54,657
Total revenues	765,011	681,434	478,097
Operating income (loss)	5,013	21,929	(1,526)
Net (loss) income	(10,823)	10,056	(2,009)
Net (loss) income attributable to shareholders	$ (11,404)	$ 9,184	$ (2,009)

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details) $ in Thousands				1 Months Ended	12 Months Ended
	Nov. 16, 2023 USD ($)	Jun. 29, 2023 USD ($) extensionOption	Feb. 10, 2023 USD ($) property	Feb. 29, 2024 USD ($) hotel	Dec. 31, 2023 USD ($) hotel property travelCenter	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 09, 2023 USD ($)	Jun. 28, 2023 USD ($)	Mar. 08, 2023 USD ($)
Debt Instrument [Line Items]
Revolving credit facility					$ 0	$ 0
Loss on early extinguishment of debt					1,524	791	$ 0
Proceeds from senior secured notes, net of discounts					985,900	0	$ 0
Net Lease
Debt Instrument [Line Items]
Operating agreement annual rent and return					372,319
Senior Unsecured Notes
Debt Instrument [Line Items]
Senior notes					3,993,327	5,655,530
Senior Secured Notes
Debt Instrument [Line Items]
Senior notes					$ 968,017	$ 0
Senior Secured Notes, due 2031 at 8.625%
Debt Instrument [Line Items]
Interest rate stated percentage					8.625%
Senior Notes, 4.50 Percent, Due 2023
Debt Instrument [Line Items]
Loss on early extinguishment of debt					$ 44
Unsecured senior notes										$ 500,000
Senior Unsecured Notes, due 2024 at 4.65%
Debt Instrument [Line Items]
Interest rate stated percentage					4.65%
Senior Unsecured Notes, due 2024 at 4.35%
Debt Instrument [Line Items]
Interest rate stated percentage					4.35%
Senior notes
Debt Instrument [Line Items]
Loss on early extinguishment of debt					$ 1,242
Senior notes | Senior Unsecured Notes
Debt Instrument [Line Items]
Senior notes					4,025,000
Senior notes | Senior Secured Notes
Debt Instrument [Line Items]
Senior notes					$ 1,000,000
Senior notes | Senior Secured Notes, due 2031 at 8.625%
Debt Instrument [Line Items]
Principal amount	$ 1,000,000
Properties with first mortgage liens | travelCenter					70
Undepreciated book value					$ 785,876
Interest rate stated percentage	8.625%
Proceeds from senior secured notes, net of discounts	$ 967,525
Senior notes | Senior Notes, 4.50 Percent, Due 2023
Debt Instrument [Line Items]
Interest rate stated percentage										4.50%
Senior notes | Senior Unsecured Notes, due 2024 at 4.65%
Debt Instrument [Line Items]
Interest rate stated percentage								4.65%
Unsecured senior notes								$ 350,000
Senior notes | Senior Unsecured Notes, due 2024 at 4.35%
Debt Instrument [Line Items]
Interest rate stated percentage								4.35%
Unsecured senior notes								$ 825,000
Mortages
Debt Instrument [Line Items]
Principal amount			$ 610,200		608,569
Proceeds from debt			$ 550,564
Redemption period without penalty			24 months
Debt instrument, collateral properties | property			308
Operating agreement annual rent and return					63,283
Gross book value					755,116
Mortages | Coupon Rate 5.15%
Debt Instrument [Line Items]
Principal amount					$ 303,729
Interest rate stated percentage					5.15%
Debt instrument, monthly redemption price, percentage			0.50%
Mortages | Coupon Rate 5.55%
Debt Instrument [Line Items]
Principal amount					$ 172,640
Interest rate stated percentage					5.55%
Debt instrument, monthly redemption price, percentage			0.25%
Revolving credit facility
Debt Instrument [Line Items]
Revolving credit facility					$ 0
Unsecured revolving credit facility maximum borrowing capacity		$ 650,000							$ 800,000
Number of extension options | extensionOption		2
Extension term		6 months
Interest rate (as a percent)					7.88%		6.79%
Weighted average interest rate for borrowings (as a percent)						3.85%	2.85%
Loss on early extinguishment of debt					$ 238
Revolving credit facility | Maximum
Debt Instrument [Line Items]
Facility fee					0.30%
Revolving credit facility | Minimum
Debt Instrument [Line Items]
Facility fee					0.20%
Revolving credit facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Leverage ratio limit					2.50%
Revolving credit facility | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Basis points					3%
Revolving credit facility | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Basis points					1.50%
Revolving Credit Facility and Term Loan
Debt Instrument [Line Items]
Properties with first mortgage liens | property					69
Undepreciated book value					$ 1,594,253
Revolving Credit Facility and Term Loan | Hotels
Debt Instrument [Line Items]
Properties with first mortgage liens | hotel					66
Revolving Credit Facility and Term Loan | Hotels | Subsequent event
Debt Instrument [Line Items]
Undepreciated book value				$ 114,635
Collateral properties added | hotel				3
Revolving Credit Facility and Term Loan | Net Lease
Debt Instrument [Line Items]
Properties with first mortgage liens | property					3

Indebtedness - Schedule of Init

Indebtedness - Schedule of Initial Principal Balance and Annual Interest Rates (Details) - Mortages - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Feb. 10, 2023
Debt Instrument [Line Items]
Principal amount	$ 608,569	$ 610,200
Coupon Rate 5.15%
Debt Instrument [Line Items]
Principal amount	$ 303,729
Coupon Rate	5.15%
Term (in years)	5 years
Coupon Rate 5.55%
Debt Instrument [Line Items]
Principal amount	$ 172,640
Coupon Rate	5.55%
Term (in years)	5 years
Coupon Rate 6.70%
Debt Instrument [Line Items]
Principal amount	$ 132,200
Coupon Rate	6.70%
Term (in years)	5 years
Coupon Rate 5.60%
Debt Instrument [Line Items]
Principal amount	$ 608,569
Coupon Rate	5.60%

Indebtedness - Principal Repaym

Indebtedness - Principal Repayment (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Required principal payments under outstanding debt
2024	$ 1,958
2025	1,151,958
2026	801,958
2027	851,958
2028	1,000,737
Thereafter	1,825,000
Total	$ 5,633,569

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares (in shares)	438,000	433,500	340,700
Weighted Average Grant Date Fair Value (in dollars per share)	$ 7.88	$ 6.63	$ 11.26
Weighted Average Value of Grants	$ 3,451	$ 2,874	$ 3,839

Shareholders' Equity - Common_2

Shareholders' Equity - Common Share Awards Narrative (Details)	12 Months Ended
	Dec. 31, 2023
Officers and employees of RMR | Common Shares
Distributions
Vesting period	5 years

Shareholders' Equity - Share-ba

Shareholders' Equity - Share-based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Award Plan
Unvested shares, scheduled to vest
Shares reserved for issuance (in shares)	1,084,131
Award Plans
Number of Shares
Unvested shares, beginning of year (in shares)	588,830	425,030	325,900
Shares awarded (in shares)	438,000	433,500	340,700
Shares vested (in shares)	(394,470)	(266,300)	(240,470)
Shares forfeited (in shares)	(22,400)	(3,400)	(1,100)
Unvested shares, end of year (in shares)	609,960	588,830	425,030
Weighted Average Grant Date Fair Value
Unvested shares, beginning of year (in dollars per share)	$ 8.81	$ 11.93	$ 14.71
Shares awarded (in dollars per share)	7.88	6.63	11.26
Shares vested (in dollars per share)	9.21	10.20	14.78
Shares forfeited (in dollars per share)	8.91	12.08	12.96
Unvested shares, end of year (in dollars per share)	$ 7.88	$ 8.81	$ 11.93
Unvested shares, scheduled to vest
2024 (in shares)	212,820
2025 (in shares)	181,340
2026 (in shares)	139,800
2027 (in shares)	76,000
Estimated future compensation expense	$ 4,294
Weighted average period over which the compensation expense will be recorded	23 months
Compensation expense	$ 3,417	$ 2,775	$ 2,964

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Aggregate Number of Shares Repurchased (in shares)	98,571	69,867	71,100
Weighted Average Repurchase Price (in dollars per share)	$ 8.14	$ 6.72	$ 11.11
Value	$ 802	$ 470	$ 790

Shareholders' Equity - Distribu

Shareholders' Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 11, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common Share Distributions
Annual Per Share Distribution (in dollars per share)		$ 0.80	$ 0.23	$ 0.04
Total Distributions		$ 132,430	$ 38,044	$ 6,596
Ordinary Income		9.30%	0%	0%
Capital Gain		86.15%	0%	0%
Return of Capital		4.55%	100%	100%
Qualified Dividend		6.25%	0%	0%
Subsequent event
Common Share Distributions
Total Distributions	$ 33,154
Cash distributions paid or payable (in dollars per share)	$ 0.20

Business and Property Managem_2

Business and Property Management Agreements with RMR (Details) $ in Thousands		12 Months Ended
	Jun. 22, 2021	Dec. 31, 2023 USD ($) employee agreement	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Real Estate Properties [Line Items]
Entity number of employees | employee		0
Net lease operating expenses		$ 17,663	$ 13,176	$ 15,658
RMR
Real Estate Properties [Line Items]
Property management fees percentage of gross collected rents		3%
Construction supervision fees as percentage of construction costs		5%
Property management fees percentage of gross collected rents for 2024		1%
Property management fees percentage of gross collected rents for 2025		2%
Property management fees percentage of gross collected rents for 2026		3%
Up C Transaction | RMR
Real Estate Properties [Line Items]
Recognized amortization of liability		$ 3,585	3,585	3,584
Property Management Fees | RMR
Real Estate Properties [Line Items]
Related party rate	3%
Net lease operating expenses		3,702	3,998	3,674
Construction And Supervision Fees Capitalized | RMR
Real Estate Properties [Line Items]
Amounts capitalized		$ 4,666	2,130	815
Amended and restated business management agreement
Real Estate Properties [Line Items]
Incentive fee as percentage of product of weighted average common shares outstanding		12%
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		$ 33,352	35,495	42,137
Aggregate property management and construction supervision fees		8,368	6,128	4,489
Related party reimbursement expense		$ 4,648	$ 3,258	$ 2,971
Amended and restated business management agreement | Up C Transaction | RMR
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 | Minimum
Real Estate Properties [Line Items]
Incentive management fee reduction		0.0200
Amended and restated business management agreement | Minimum | RMR
Real Estate Properties [Line Items]
Incentive management fee reduction		0.0200
Amended and restated business management agreement | Minimum | Up C Transaction | RMR
Real Estate Properties [Line Items]
Termination fee term		19 years
Amended and restated business management agreement | Maximum
Real Estate Properties [Line Items]
Incentive management fee reduction		0.0500
Amended and restated business management agreement | Maximum | RMR
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 | Maximum | Up C Transaction | RMR
Real Estate Properties [Line Items]
Termination fee term		20 years

Related Person Transactions (De

Related Person Transactions (Details)	12 Months Ended
	Dec. 31, 2023 agreement property hotel travelCenter shares	Dec. 31, 2022
Related Party Transaction [Line Items]
Number of properties | property	973
RMR | Share-Based Payment Arrangement, Employee
Related Party Transaction [Line Items]
Vesting period	4 years
RMR | First Anniversary Vesting Percentage | Share-Based Payment Arrangement, Employee
Related Party Transaction [Line Items]
Vesting percentage	20%
RMR | Second Anniversary Vesting Percentage | Share-Based Payment Arrangement, Employee
Related Party Transaction [Line Items]
Vesting percentage	20%
RMR | Third Anniversary Vesting Percentage | Share-Based Payment Arrangement, Employee
Related Party Transaction [Line Items]
Vesting percentage	20%
RMR | Fourth Anniversary Vesting Percentage | Share-Based Payment Arrangement, Employee
Related Party Transaction [Line Items]
Vesting percentage	20%
RMR | Fifth Anniversary Vesting Percentage | Share-Based Payment Arrangement, Employee
Related Party Transaction [Line Items]
Vesting percentage	20%
TravelCenters of America LLC | RMR
Related Party Transaction [Line Items]
Number of common shares owned (in shares) | shares	661,506
Noncontrolling interest, ownership percentage	4.40%
Sonesta International Hotels Corporation
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage	34%	34%
Net Lease
Related Party Transaction [Line Items]
Number of properties | property	752
Hotels
Related Party Transaction [Line Items]
Number of properties | hotel	221
RMR | Amended and restated business management agreement
Related Party Transaction [Line Items]
Number of management agreements | agreement	2
TravelCenters of America LLC | Net Lease | Related Party
Related Party Transaction [Line Items]
Number of properties | travelCenter	176
Sonesta International Hotels Corporation | Hotels | Related Party
Related Party Transaction [Line Items]
Number of properties | hotel	195

Income Taxes - Provision and Re

Income Taxes - Provision and Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 0	$ 0	$ 0
State	(106)	385	680
Foreign	503	233	350
Current tax	397	618	1,030
Deferred:
Foreign	(1,895)	(817)	(1,971)
Deferred tax	(1,895)	(817)	(1,971)
Income tax provision (benefit)	$ (1,498)	$ (199)	$ (941)
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%	(0.30%)	(0.10%)
Foreign taxes	(6.90%)	0.40%	0.30%
Foreign tax rate change	11%	0%	0%
Effective tax rate	4.40%	0.10%	0.20%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income taxes
Effective tax rate	4.40%	0.10%	0.20%
Net deferred tax assets prior to valuation allowance	$ 120,505	$ 116,784
Deferred tax liability result of insurance settlement	8,162	13,658
Net operating loss carryforwards for federal income tax purposes	$ 514,568	545,828
Puerto Rico | Minimum
Income taxes
Effective tax rate	29%
Puerto Rico | Maximum
Income taxes
Effective tax rate	37.50%
Consolidated
Income taxes
Net deferred tax assets prior to valuation allowance	$ 114,145	$ 111,148
Deferred tax assets valuation allowance percentage	100%	100%
Net operating loss carryforwards for federal income tax purpose, not subject to expiration	$ 442,560	$ 437,606

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Tax loss carryforwards	$ 112,532	$ 109,650
Other	7,973	7,134
Deferred tax assets	120,505	116,784
Valuation allowance	(120,505)	(116,784)
Net deferred tax assets	0	0
Deferred tax liabilities:
Property basis difference	(7,970)	(5,947)
Puerto Rico deferred tax gain	(8,162)	(12,079)
Net deferred tax liabilities	$ (16,132)	$ (18,026)

Concentration (Details)

Concentration (Details)	12 Months Ended
	Dec. 31, 2023 travelCenter hotel state property
Concentration Risk
Number of properties | property	973
Net Lease
Concentration Risk
Number of properties | property	752
Net Lease | TravelCenters of America LLC | Related Party
Concentration Risk
Number of properties | travelCenter	176
Hotels
Concentration Risk
Number of properties | hotel	221
Hotels | Sonesta International Hotels Corporation | Related Party
Concentration Risk
Number of properties | hotel	195
North America
Concentration Risk
Number of states in which properties are located | state	46
North America | Net Lease
Concentration Risk
Number of properties | property	973
Ontario, Canada | Hotels
Concentration Risk
Number of properties | hotel	2
Geographic Concentration Risk | Geographic distribution, foreign | Hotels | Real Estate
Concentration Risk
Concentration risk percentage	3.10%
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 | Real Estate Assets at Cost | TravelCenters of America LLC | Related Party
Concentration Risk
Concentration risk percentage	28.80%
Credit concentration | Hotels | Real Estate Assets at Cost | Sonesta International Hotels Corporation
Concentration Risk
Concentration risk percentage	49.80%

Segment Information (Details)

Segment Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment Information
Number of reportable segments | segment	2
Revenues:
Hotel operating revenues	$ 1,478,034	$ 1,467,344	$ 1,104,678
Rental income	395,829	395,667	390,902
Total revenues	1,873,863	1,863,011	1,495,580
Expenses:
Hotel operating expenses	1,223,906	1,227,357	1,010,737
Net lease operating expenses	17,663	13,176	15,658
Depreciation and amortization	384,060	401,108	485,965
General and administrative	45,397	44,404	53,439
Transaction related costs	(1,623)	1,920	64,764
Loss on asset impairment, net	9,544	10,989	78,620
Total expenses	1,678,947	1,698,954	1,709,183
Gain on sale of real estate, net	43,239	47,818	11,522
Gain (loss) on equity securities, net	48,837	(8,104)	22,535
Interest income	20,979	3,379	664
Interest expense	(336,342)	(341,795)	(365,721)
Loss on early extinguishment of debt	(1,524)	(791)	0
Loss before income tax benefit and equity in (losses) earnings of an investee	(29,895)	(135,436)	(544,603)
Income tax benefit	1,498	199	941
Equity in losses of an investee	(4,382)	2,856	(941)
Net loss	(32,779)	(132,381)	(544,603)
Total assets	7,356,116	7,488,191	9,153,315
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
Net lease operating expenses	0	0	0
Depreciation and amortization	0	0	0
General and administrative	45,397	44,404	53,439
Transaction related costs	(1,623)	1,920	0
Loss on asset impairment, net	0	0	0
Total expenses	43,774	46,324	53,439
Gain on sale of real estate, net	0	0	0
Gain (loss) on equity securities, net	48,837	(8,104)	22,535
Interest income	20,692	3,326	663
Interest expense	(295,422)	(341,795)	(365,721)
Loss on early extinguishment of debt	(1,524)	(791)
Loss before income tax benefit and equity in (losses) earnings of an investee	(271,191)	(393,688)	(395,962)
Income tax benefit	1,498	199	941
Equity in losses of an investee	(4,382)	2,856	(941)
Net loss	(274,075)	(390,633)	(395,962)
Total assets	328,217	229,195	1,086,119
Hotels | Operating segments
Revenues:
Hotel operating revenues	1,478,034	1,467,344	1,104,678
Rental income	0	0	1,808
Total revenues	1,478,034	1,467,344	1,106,486
Expenses:
Hotel operating expenses	1,223,906	1,227,357	1,010,737
Net lease operating expenses	0	0	0
Depreciation and amortization	216,235	221,416	266,641
General and administrative	0	0	0
Transaction related costs	0	0	64,764
Loss on asset impairment, net	27	10,537	60,980
Total expenses	1,440,168	1,459,310	1,403,122
Gain on sale of real estate, net	41,861	48,202	9,558
Gain (loss) on equity securities, net	0	0	0
Interest income	169	24	1
Interest expense	0	0	0
Loss on early extinguishment of debt	0	0
Loss before income tax benefit and equity in (losses) earnings of an investee	79,896	56,260	(287,077)
Income tax benefit	0	0	0
Equity in losses of an investee	0	0	0
Net loss	79,896	56,260	(287,077)
Total assets	3,943,213	3,882,701	4,487,101
Net Lease | Operating segments
Revenues:
Hotel operating revenues	0	0	0
Rental income	395,829	395,667	389,094
Total revenues	395,829	395,667	389,094
Expenses:
Hotel operating expenses	0	0	0
Net lease operating expenses	17,663	13,176	15,658
Depreciation and amortization	167,825	179,692	219,324
General and administrative	0	0	0
Transaction related costs	0	0	0
Loss on asset impairment, net	9,517	452	17,640
Total expenses	195,005	193,320	252,622
Gain on sale of real estate, net	1,378	(384)	1,964
Gain (loss) on equity securities, net	0	0	0
Interest income	118	29	0
Interest expense	(40,920)	0	0
Loss on early extinguishment of debt	0	0
Loss before income tax benefit and equity in (losses) earnings of an investee	161,400	201,992	138,436
Income tax benefit	0	0	0
Equity in losses of an investee	0	0	0
Net loss	161,400	201,992	138,436
Total assets	$ 3,084,686	$ 3,376,295	$ 3,580,095

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, 2023 USD ($) hotel property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value of Assets and Liabilities
Loss on asset impairment, net	$ 9,544	$ 10,989	$ 78,620
Assets Held for Sale
Fair Value of Assets and Liabilities
Assets of properties held for sale	10,446
Loss on asset impairment, net	$ 3,206
Assets Held for Sale | Hotels
Fair Value of Assets and Liabilities
Number of impaired properties | hotel	1
Assets Held for Sale | Net Lease
Fair Value of Assets and Liabilities
Number of impaired properties | property	9
Quoted Prices in Active Markets for Identical Assets (Level 1) | Assets Held for Sale
Fair Value of Assets and Liabilities
Assets of properties held for sale	$ 0
Significant Other Observable Inputs (Level 2) | Assets Held for Sale
Fair Value of Assets and Liabilities
Assets of properties held for sale	0
Significant Unobservable Inputs (Level 3) | Assets Held for Sale
Fair Value of Assets and Liabilities
Assets of properties held for sale	$ 10,446

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, 2023	Dec. 31, 2022
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%
Net Lease Mortgage Notes, due 2028 at 5.60%
Fair Value of Assets and Liabilities
Interest rate stated percentage	5.60%
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%
Senior Secured Notes, due 2031 at 8.625%
Fair Value of Assets and Liabilities
Interest rate stated percentage	8.625%
Carrying Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 5,520,220	$ 5,655,530
Carrying Value | Senior Unsecured Notes, due 2023 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	0	499,925
Carrying Value | Senior Unsecured Notes, due 2024 at 4.65%
Fair Value of Assets and Liabilities
Total financial liabilities	0	349,510
Carrying Value | Senior Unsecured Notes, due 2024 at 4.35%
Fair Value of Assets and Liabilities
Total financial liabilities	0	822,487
Carrying Value | Senior Unsecured Notes, due 2025 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	349,181	348,493
Carrying Value | Senior Unsecured Notes, due 2025 at 7.50%
Fair Value of Assets and Liabilities
Total financial liabilities	796,007	793,673
Carrying Value | Senior Unsecured Notes, due 2026 at 5.25%
Fair Value of Assets and Liabilities
Total financial liabilities	347,601	346,472
Carrying Value | Senior Unsecured Notes, due 2026 at 4.75%
Fair Value of Assets and Liabilities
Total financial liabilities	448,347	447,736
Carrying Value | Senior Unsecured Notes, due 2027 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	397,672	396,916
Carrying Value | Senior Unsecured Notes, due 2027 at 5.50%
Fair Value of Assets and Liabilities
Total financial liabilities	445,631	444,505
Carrying Value | Net Lease Mortgage Notes, due 2028 at 5.60%
Fair Value of Assets and Liabilities
Total financial liabilities	558,876	0
Carrying Value | Senior Unsecured Notes, due 2028 at 3.95%
Fair Value of Assets and Liabilities
Total financial liabilities	395,355	394,206
Carrying Value | Senior Unsecured Notes, due 2029 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	420,477	419,684
Carrying Value | Senior Unsecured Notes, due 2030 at 4.375%
Fair Value of Assets and Liabilities
Total financial liabilities	393,056	391,923
Carrying Value | Senior Secured Notes, due 2031 at 8.625%
Fair Value of Assets and Liabilities
Total financial liabilities	968,017	0
Fair Value
Fair Value of Assets and Liabilities
Total financial liabilities	5,307,547	4,830,823
Fair Value | Senior Unsecured Notes, due 2023 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	0	491,345
Fair Value | Senior Unsecured Notes, due 2024 at 4.65%
Fair Value of Assets and Liabilities
Total financial liabilities	0	334,292
Fair Value | Senior Unsecured Notes, due 2024 at 4.35%
Fair Value of Assets and Liabilities
Total financial liabilities	0	749,983
Fair Value | Senior Unsecured Notes, due 2025 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	341,688	301,893
Fair Value | Senior Unsecured Notes, due 2025 at 7.50%
Fair Value of Assets and Liabilities
Total financial liabilities	808,888	762,344
Fair Value | Senior Unsecured Notes, due 2026 at 5.25%
Fair Value of Assets and Liabilities
Total financial liabilities	339,780	292,282
Fair Value | Senior Unsecured Notes, due 2026 at 4.75%
Fair Value of Assets and Liabilities
Total financial liabilities	419,909	354,128
Fair Value | Senior Unsecured Notes, due 2027 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	362,108	315,040
Fair Value | Senior Unsecured Notes, due 2027 at 5.50%
Fair Value of Assets and Liabilities
Total financial liabilities	412,002	387,522
Fair Value | Net Lease Mortgage Notes, due 2028 at 5.60%
Fair Value of Assets and Liabilities
Total financial liabilities	585,784	0
Fair Value | Senior Unsecured Notes, due 2028 at 3.95%
Fair Value of Assets and Liabilities
Total financial liabilities	327,708	283,996
Fair Value | Senior Unsecured Notes, due 2029 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	351,726	293,718
Fair Value | Senior Unsecured Notes, due 2030 at 4.375%
Fair Value of Assets and Liabilities
Total financial liabilities	310,524	264,280
Fair Value | Senior Secured Notes, due 2031 at 8.625%
Fair Value of Assets and Liabilities
Total financial liabilities	$ 1,047,430	$ 0

Schedule III_Real Estate and _2

Schedule III—Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) hotel property travelCenter	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	973
Encumbrances	$ 609,000
Initial Cost to Company
Land	1,976,000
Building & Improvements	5,999,000
Costs Capitalized Subsequent to Acquisition
Improvements	2,447,000
Impairment	(135,000)
Cost Basis Adjustment	(859,000)
Gross Amount at which Carried at Close of Period
Land	1,976,000
Building & Improvements	7,452,000
Total	9,428,000	$ 9,174,451	$ 9,790,010	$ 10,630,560
Accumulated depreciation	(2,954,000)	(2,749,862)	(3,069,348)	$ (3,047,016)
Furniture, fixtures and equipment	$ 370,442	386,418
Real Estate
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	69
Senior Secured Notes Due 2031
Gross Amount at which Carried at Close of Period
Principal amount	$ 1,000,000
TravelCenters of America Inc. | Senior Secured Notes Due 2031
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | travelCenter	67
Total Held and Used
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	963
Encumbrances	$ 609,000
Initial Cost to Company
Land	1,972,000
Building & Improvements	5,986,000
Costs Capitalized Subsequent to Acquisition
Improvements	2,449,000
Impairment	(132,000)
Cost Basis Adjustment	(859,000)
Gross Amount at which Carried at Close of Period
Land	1,972,000
Building & Improvements	7,444,000
Total	9,415,896	9,174,451	9,790,010
Accumulated depreciation	$ (2,950,685)	$ (2,749,862)	$ (3,069,348)
Hotels
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | hotel	221
Hotels | Real Estate
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | hotel	66
Net Lease
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	752
Net Lease | Real Estate
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	3
Minimum | Buildings and Improvements
Gross Amount at which Carried at Close of Period
Useful life	10 years
Maximum | Buildings and Improvements
Gross Amount at which Carried at Close of Period
Useful life	40 years
Assets Held for Sale | Hotels
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | hotel	1
Assets Held for Sale | Net Lease
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	9
Royal Sonesta Hotels
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | hotel	17
Encumbrances	$ 0
Initial Cost to Company
Land	229,000
Building & Improvements	1,118,000
Costs Capitalized Subsequent to Acquisition
Improvements	433,000
Impairment	(9,000)
Cost Basis Adjustment	(12,000)
Gross Amount at which Carried at Close of Period
Land	229,000
Building & Improvements	1,530,000
Total	1,759,000
Accumulated depreciation	$ (433,000)
Sonesta Hotels & Resorts
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | hotel	23
Encumbrances	$ 0
Initial Cost to Company
Land	219,000
Building & Improvements	666,000
Costs Capitalized Subsequent to Acquisition
Improvements	378,000
Impairment	(51,000)
Cost Basis Adjustment	(14,000)
Gross Amount at which Carried at Close of Period
Land	219,000
Building & Improvements	979,000
Total	1,198,000
Accumulated depreciation	$ (310,000)
Sonesta ES Suites
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | hotel	60
Encumbrances	$ 0
Initial Cost to Company
Land	132,000
Building & Improvements	557,000
Costs Capitalized Subsequent to Acquisition
Improvements	385,000
Impairment	(35,000)
Cost Basis Adjustment	(67,000)
Gross Amount at which Carried at Close of Period
Land	132,000
Building & Improvements	840,000
Total	972,000
Accumulated depreciation	$ (432,000)
Sonesta Select
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | hotel	44
Encumbrances	$ 0
Initial Cost to Company
Land	84,000
Building & Improvements	395,000
Costs Capitalized Subsequent to Acquisition
Improvements	271,000
Impairment	(8,000)
Cost Basis Adjustment	(86,000)
Gross Amount at which Carried at Close of Period
Land	84,000
Building & Improvements	572,000
Total	656,000
Accumulated depreciation	$ (343,000)
Sonesta Simply Suites
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | hotel	51
Encumbrances	$ 0
Initial Cost to Company
Land	68,000
Building & Improvements	341,000
Costs Capitalized Subsequent to Acquisition
Improvements	129,000
Impairment	(17,000)
Cost Basis Adjustment	(27,000)
Gross Amount at which Carried at Close of Period
Land	68,000
Building & Improvements	426,000
Total	494,000
Accumulated depreciation	$ (220,000)
Hyatt Place
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | hotel	17
Encumbrances	$ 0
Initial Cost to Company
Land	20,000
Building & Improvements	137,000
Costs Capitalized Subsequent to Acquisition
Improvements	84,000
Impairment	0
Cost Basis Adjustment	(5,000)
Gross Amount at which Carried at Close of Period
Land	20,000
Building & Improvements	216,000
Total	236,000
Accumulated depreciation	$ (94,000)
Radisson Hotels & Resorts
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | hotel	5
Encumbrances	$ 0
Initial Cost to Company
Land	9,000
Building & Improvements	93,000
Costs Capitalized Subsequent to Acquisition
Improvements	56,000
Impairment	0
Cost Basis Adjustment	(1,000)
Gross Amount at which Carried at Close of Period
Land	9,000
Building & Improvements	148,000
Total	157,000
Accumulated depreciation	$ (77,000)
Crowne Plaza
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | hotel	1
Encumbrances	$ 0
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
Accumulated depreciation	$ (18,000)
Country Inn & Suites by Radisson 1
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | hotel	2
Encumbrances	$ 0
Initial Cost to Company
Land	3,000
Building & Improvements	24,000
Costs Capitalized Subsequent to Acquisition
Improvements	10,000
Impairment	0
Cost Basis Adjustment	(5,000)
Gross Amount at which Carried at Close of Period
Land	3,000
Building & Improvements	29,000
Total	32,000
Accumulated depreciation	$ (17,000)
Country Inn & Suites by Radisson 1 | Assets Held for Sale
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,000
Building & Improvements	5,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	5,000
Total	6,000
Accumulated depreciation	$ (3,000)
TravelCenters of America LLC
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	132
Encumbrances	$ 0
Initial Cost to Company
Land	564,000
Building & Improvements	936,000
Costs Capitalized Subsequent to Acquisition
Improvements	452,000
Impairment	0
Cost Basis Adjustment	(410,000)
Gross Amount at which Carried at Close of Period
Land	564,000
Building & Improvements	978,000
Total	1,542,000
Accumulated depreciation	$ (529,000)
Petro Stopping Centers
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	44
Encumbrances	$ 0
Initial Cost to Company
Land	260,000
Building & Improvements	522,000
Costs Capitalized Subsequent to Acquisition
Improvements	195,000
Impairment	0
Cost Basis Adjustment	(229,000)
Gross Amount at which Carried at Close of Period
Land	260,000
Building & Improvements	488,000
Total	748,000
Accumulated depreciation	$ (246,000)
Petro Stopping Centers | Senior Secured Notes Due 2031
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	3
The Great Escape
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	14
Encumbrances	$ 0
Initial Cost to Company
Land	19,000
Building & Improvements	64,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	19,000
Building & Improvements	64,000
Total	83,000
Accumulated depreciation	$ (10,000)
Life Time Fitness
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	3
Encumbrances	$ 0
Initial Cost to Company
Land	17,000
Building & Improvements	56,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	17,000
Building & Improvements	56,000
Total	73,000
Accumulated depreciation	$ (9,000)
Buehler's Fresh Foods
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	5
Encumbrances	$ 52,000
Initial Cost to Company
Land	10,000
Building & Improvements	49,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	10,000
Building & Improvements	49,000
Total	59,000
Accumulated depreciation	$ (10,000)
AMC Theatres
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	6
Encumbrances	$ 0
Initial Cost to Company
Land	18,000
Building & Improvements	38,000
Costs Capitalized Subsequent to Acquisition
Improvements	2,000
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	18,000
Building & Improvements	40,000
Total	58,000
Accumulated depreciation	$ (7,000)
Heartland Dental
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	59
Encumbrances	$ 0
Initial Cost to Company
Land	11,000
Building & Improvements	37,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	11,000
Building & Improvements	37,000
Total	48,000
Accumulated depreciation	$ (6,000)
Norms
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	10
Encumbrances	$ 0
Initial Cost to Company
Land	23,000
Building & Improvements	24,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	23,000
Building & Improvements	24,000
Total	47,000
Accumulated depreciation	$ (5,000)
Vacant
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	13
Encumbrances	$ 3,000
Initial Cost to Company
Land	24,000
Building & Improvements	30,000
Costs Capitalized Subsequent to Acquisition
Improvements	4,000
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	24,000
Building & Improvements	34,000
Total	58,000
Accumulated depreciation	$ (8,000)
Vacant | Assets Held for Sale
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	9
Encumbrances	$ 0
Initial Cost to Company
Land	3,000
Building & Improvements	8,000
Costs Capitalized Subsequent to Acquisition
Improvements	(2,000)
Impairment	(3,000)
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	3,000
Building & Improvements	3,000
Total	6,000
Accumulated depreciation	$ 0
Express Oil Change
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	23
Encumbrances	$ 37,000
Initial Cost to Company
Land	6,000
Building & Improvements	37,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	6,000
Building & Improvements	37,000
Total	43,000
Accumulated depreciation	$ (6,000)
Pizza Hut
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	40
Encumbrances	$ 25,000
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
Accumulated depreciation	$ (12,000)
Flying J Travel Pizza
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	3
Encumbrances	$ 0
Initial Cost to Company
Land	6,000
Building & Improvements	32,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	6,000
Building & Improvements	32,000
Total	38,000
Accumulated depreciation	$ (4,000)
America's Auto Auction
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	6
Encumbrances	$ 28,000
Initial Cost to Company
Land	7,000
Building & Improvements	23,000
Costs Capitalized Subsequent to Acquisition
Improvements	6,000
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	7,000
Building & Improvements	29,000
Total	36,000
Accumulated depreciation	$ (5,000)
Courthouse Athletic Club
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	4
Encumbrances	$ 20,000
Initial Cost to Company
Land	5,000
Building & Improvements	28,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	5,000
Building & Improvements	28,000
Total	33,000
Accumulated depreciation	$ (5,000)
B&B Theatres
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	4
Encumbrances	$ 0
Initial Cost to Company
Land	12,000
Building & Improvements	15,000
Costs Capitalized Subsequent to Acquisition
Improvements	5,000
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	12,000
Building & Improvements	20,000
Total	32,000
Accumulated depreciation	$ (4,000)
Big Al's
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 18,000
Initial Cost to Company
Land	3,000
Building & Improvements	28,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	3,000
Building & Improvements	28,000
Total	31,000
Accumulated depreciation	$ (3,000)
Burger King
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	20
Encumbrances	$ 16,000
Initial Cost to Company
Land	9,000
Building & Improvements	22,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	9,000
Building & Improvements	22,000
Total	31,000
Accumulated depreciation	$ (7,000)
Fleet Farm
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	3,000
Building & Improvements	27,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	3,000
Building & Improvements	27,000
Total	30,000
Accumulated depreciation	$ (4,000)
Martin's
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	16
Encumbrances	$ 21,000
Initial Cost to Company
Land	7,000
Building & Improvements	20,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	7,000
Building & Improvements	20,000
Total	27,000
Accumulated depreciation	$ (5,000)
Regal Cinemas
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	5
Encumbrances	$ 0
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
Accumulated depreciation	$ (4,000)
Arby's
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	19
Encumbrances	$ 18,000
Initial Cost to Company
Land	7,000
Building & Improvements	19,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	7,000
Building & Improvements	19,000
Total	26,000
Accumulated depreciation	$ (7,000)
Popeye's Chicken & Biscuits
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	20
Encumbrances	$ 21,000
Initial Cost to Company
Land	8,000
Building & Improvements	17,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	8,000
Building & Improvements	17,000
Total	25,000
Accumulated depreciation	$ (5,000)
Creme de la Creme
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	4
Encumbrances	$ 19,000
Initial Cost to Company
Land	7,000
Building & Improvements	18,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	7,000
Building & Improvements	18,000
Total	25,000
Accumulated depreciation	$ (2,000)
Church's Chicken
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	32
Encumbrances	$ 0
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
Accumulated depreciation	$ (4,000)
Hardee's
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	15
Encumbrances	$ 16,000
Initial Cost to Company
Land	4,000
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	4,000
Building & Improvements	18,000
Total	22,000
Accumulated depreciation	$ (5,000)
Mister Car Wash
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	5
Encumbrances	$ 20,000
Initial Cost to Company
Land	2,000
Building & Improvements	19,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	19,000
Total	21,000
Accumulated depreciation	$ (2,000)
United Supermarkets
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	6
Encumbrances	$ 17,000
Initial Cost to Company
Land	4,000
Building & Improvements	17,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	4,000
Building & Improvements	17,000
Total	21,000
Accumulated depreciation	$ (5,000)
Mesa Fitness
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 14,000
Initial Cost to Company
Land	3,000
Building & Improvements	17,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	3,000
Building & Improvements	17,000
Total	20,000
Accumulated depreciation	$ (3,000)
Taco Bell
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	13
Encumbrances	$ 14,000
Initial Cost to Company
Land	4,000
Building & Improvements	15,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	4,000
Building & Improvements	15,000
Total	19,000
Accumulated depreciation	$ (3,000)
CarMax
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	5,000
Building & Improvements	13,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	5,000
Building & Improvements	13,000
Total	18,000
Accumulated depreciation	$ (2,000)
Uncle Ed's Oil Shoppe
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	28
Encumbrances	$ 0
Initial Cost to Company
Land	6,000
Building & Improvements	12,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	6,000
Building & Improvements	12,000
Total	18,000
Accumulated depreciation	$ (4,000)
Fusion Gyms
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 0
Initial Cost to Company
Land	3,000
Building & Improvements	10,000
Costs Capitalized Subsequent to Acquisition
Improvements	2,000
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	3,000
Building & Improvements	12,000
Total	15,000
Accumulated depreciation	$ (2,000)
Dave & Buster's
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 12,000
Initial Cost to Company
Land	3,000
Building & Improvements	11,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	3,000
Building & Improvements	11,000
Total	14,000
Accumulated depreciation	$ (1,000)
Pike Nursery
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	5
Encumbrances	$ 16,000
Initial Cost to Company
Land	8,000
Building & Improvements	6,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	8,000
Building & Improvements	6,000
Total	14,000
Accumulated depreciation	$ (1,000)
HHI-Formtech
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 9,000
Initial Cost to Company
Land	3,000
Building & Improvements	10,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	3,000
Building & Improvements	10,000
Total	13,000
Accumulated depreciation	$ (4,000)
Golden Corral
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	3
Encumbrances	$ 0
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
Accumulated depreciation	$ (2,000)
Sanford's Grub & Pub
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 0
Initial Cost to Company
Land	1,000
Building & Improvements	10,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	10,000
Total	11,000
Accumulated depreciation	$ (2,000)
Rite Aid
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	4
Encumbrances	$ 0
Initial Cost to Company
Land	3,000
Building & Improvements	7,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	3,000
Building & Improvements	7,000
Total	10,000
Accumulated depreciation	$ (2,000)
Fuddruckers
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	5
Encumbrances	$ 0
Initial Cost to Company
Land	4,000
Building & Improvements	6,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	4,000
Building & Improvements	6,000
Total	10,000
Accumulated depreciation	$ (2,000)
Baptist Emergency Hospital
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 10,000
Initial Cost to Company
Land	2,000
Building & Improvements	8,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	8,000
Total	10,000
Accumulated depreciation	$ (1,000)
Eddie Merlot's
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 6,000
Initial Cost to Company
Land	2,000
Building & Improvements	8,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	8,000
Total	10,000
Accumulated depreciation	$ (2,000)
Cermak Fresh Market
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 7,000
Initial Cost to Company
Land	2,000
Building & Improvements	7,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	7,000
Total	9,000
Accumulated depreciation	$ (3,000)
Core & Main
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	12
Encumbrances	$ 3,000
Initial Cost to Company
Land	4,000
Building & Improvements	5,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	4,000
Building & Improvements	5,000
Total	9,000
Accumulated depreciation	$ (1,000)
Lerner And Rowe
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	5
Encumbrances	$ 9,000
Initial Cost to Company
Land	1,000
Building & Improvements	8,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	8,000
Total	9,000
Accumulated depreciation	$ (1,000)
Meineke Car Care Center
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	4
Encumbrances	$ 0
Initial Cost to Company
Land	3,000
Building & Improvements	6,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	3,000
Building & Improvements	6,000
Total	9,000
Accumulated depreciation	$ (1,000)
Columbus Preparatory Academy
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 6,000
Initial Cost to Company
Land	1,000
Building & Improvements	8,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	8,000
Total	9,000
Accumulated depreciation	$ (1,000)
Kohl's
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 5,000
Initial Cost to Company
Land	2,000
Building & Improvements	6,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	6,000
Total	8,000
Accumulated depreciation	$ (1,000)
Austin's Park n' Pizza
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 5,000
Initial Cost to Company
Land	0
Building & Improvements	8,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	8,000
Total	8,000
Accumulated depreciation	$ (1,000)
LA Fitness
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,000
Building & Improvements	7,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	7,000
Total	8,000
Accumulated depreciation	$ (1,000)
Marcus Theaters
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	2,000
Building & Improvements	5,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	5,000
Total	7,000
Accumulated depreciation	$ (2,000)
Academy Sports + Outdoors
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 5,000
Initial Cost to Company
Land	1,000
Building & Improvements	6,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	6,000
Total	7,000
Accumulated depreciation	$ (1,000)
Oregano's Pizza Bistro
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	3
Encumbrances	$ 5,000
Initial Cost to Company
Land	1,000
Building & Improvements	6,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	6,000
Total	7,000
Accumulated depreciation	$ (2,000)
Columbus Arts & Tech Academy
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 6,000
Initial Cost to Company
Land	1,000
Building & Improvements	6,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	6,000
Total	7,000
Accumulated depreciation	$ (1,000)
Blue Rhino
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 15,000
Initial Cost to Company
Land	3,000
Building & Improvements	4,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	3,000
Building & Improvements	4,000
Total	7,000
Accumulated depreciation	$ (1,000)
Krispy Kreme
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	3
Encumbrances	$ 7,000
Initial Cost to Company
Land	2,000
Building & Improvements	5,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	5,000
Total	7,000
Accumulated depreciation	$ (1,000)
Diagnostic Health
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 0
Initial Cost to Company
Land	1,000
Building & Improvements	6,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	6,000
Total	7,000
Accumulated depreciation	$ (1,000)
Sonic Drive-In
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	9
Encumbrances	$ 7,000
Initial Cost to Company
Land	3,000
Building & Improvements	4,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	3,000
Building & Improvements	4,000
Total	7,000
Accumulated depreciation	$ (1,000)
Texas Roadhouse
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	3
Encumbrances	$ 6,000
Initial Cost to Company
Land	3,000
Building & Improvements	6,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	(3,000)
Gross Amount at which Carried at Close of Period
Land	3,000
Building & Improvements	3,000
Total	6,000
Accumulated depreciation	$ (1,000)
Brookshire Brothers
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	5
Encumbrances	$ 4,000
Initial Cost to Company
Land	1,000
Building & Improvements	5,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	5,000
Total	6,000
Accumulated depreciation	$ (2,000)
Flying Star Cafe
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 4,000
Initial Cost to Company
Land	1,000
Building & Improvements	5,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	5,000
Total	6,000
Accumulated depreciation	$ (1,000)
Jack's Family Restaurant
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	3
Encumbrances	$ 4,000
Initial Cost to Company
Land	2,000
Building & Improvements	4,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	4,000
Total	6,000
Accumulated depreciation	$ (1,000)
Axels
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 0
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
Accumulated depreciation	$ (2,000)
Wendy's
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	3
Encumbrances	$ 6,000
Initial Cost to Company
Land	1,000
Building & Improvements	5,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	5,000
Total	6,000
Accumulated depreciation	$ (1,000)
Jack Stack Barbeque
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 4,000
Initial Cost to Company
Land	1,000
Building & Improvements	5,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	5,000
Total	6,000
Accumulated depreciation	$ (1,000)
Hughes Supply
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	7
Encumbrances	$ 3,000
Initial Cost to Company
Land	2,000
Building & Improvements	4,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	4,000
Total	6,000
Accumulated depreciation	$ (1,000)
Multi-Tenant
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	2,000
Building & Improvements	20,000
Costs Capitalized Subsequent to Acquisition
Improvements	5,000
Impairment	(9,000)
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	16,000
Total	18,000
Accumulated depreciation	$ (4,000)
Bricktown Brewery
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 4,000
Initial Cost to Company
Land	1,000
Building & Improvements	4,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	4,000
Total	5,000
Accumulated depreciation	$ (2,000)
Walgreens
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 3,000
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
Accumulated depreciation	$ (1,000)
10 Box
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 4,000
Initial Cost to Company
Land	2,000
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	3,000
Total	5,000
Accumulated depreciation	$ (1,000)
Mak Pack
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,000
Building & Improvements	4,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	4,000
Total	5,000
Accumulated depreciation	$ (1,000)
Angstrom
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 5,000
Initial Cost to Company
Land	2,000
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	3,000
Total	5,000
Accumulated depreciation	$ (1,000)
HD Supply White Cap
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 1,000
Initial Cost to Company
Land	2,000
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	3,000
Total	5,000
Accumulated depreciation	$ (1,000)
Planet Fitness
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 4,000
Initial Cost to Company
Land	1,000
Building & Improvements	4,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	4,000
Total	5,000
Accumulated depreciation	$ (1,000)
RGB Eye Associates
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 5,000
Initial Cost to Company
Land	1,000
Building & Improvements	4,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	4,000
Total	5,000
Accumulated depreciation	$ (1,000)
Gerber Collision & Glass
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 4,000
Initial Cost to Company
Land	1,000
Building & Improvements	4,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	4,000
Total	5,000
Accumulated depreciation	$ (1,000)
Discount Tire
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,000
Building & Improvements	4,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	4,000
Total	5,000
Accumulated depreciation	$ (1,000)
Famous Dave's
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 3,000
Initial Cost to Company
Land	1,000
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	3,000
Total	4,000
Accumulated depreciation	$ (1,000)
Miller Waste Mills
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	4,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	4,000
Total	4,000
Accumulated depreciation	$ (2,000)
Focus Child Development Center
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 0
Initial Cost to Company
Land	1,000
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	3,000
Total	4,000
Accumulated depreciation	$ 0
Ashley Furniture
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 2,000
Initial Cost to Company
Land	1,000
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	3,000
Total	4,000
Accumulated depreciation	$ 0
Boozman-Hof
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	2,000
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	2,000
Building & Improvements	2,000
Total	4,000
Accumulated depreciation	$ 0
Sportsman's Warehouse
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 3,000
Initial Cost to Company
Land	1,000
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	3,000
Total	4,000
Accumulated depreciation	$ (1,000)
Eriks Bike Shop
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,000
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	3,000
Total	4,000
Accumulated depreciation	$ (1,000)
Rainbow Kids Clinic
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 3,000
Initial Cost to Company
Land	1,000
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	3,000
Total	4,000
Accumulated depreciation	$ 0
Applebee's
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,000
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	2,000
Total	3,000
Accumulated depreciation	$ 0
Tractor Supply
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	3,000
Total	3,000
Accumulated depreciation	$ 0
Spoons Place
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,000
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	2,000
Total	3,000
Accumulated depreciation	$ 0
Southwest Stainless, LP
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 2,000
Initial Cost to Company
Land	0
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	3,000
Total	3,000
Accumulated depreciation	$ 0
Anixter
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 2,000
Initial Cost to Company
Land	1,000
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	2,000
Total	3,000
Accumulated depreciation	$ 0
What The Buck
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	3,000
Total	3,000
Accumulated depreciation	$ (1,000)
Kerry's Car Care
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 2,000
Initial Cost to Company
Land	1,000
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	2,000
Total	3,000
Accumulated depreciation	$ 0
Ojos Locos Sports Cantina
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 2,000
Initial Cost to Company
Land	1,000
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	2,000
Total	3,000
Accumulated depreciation	$ (1,000)
Black Angus Steakhouse
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 2,000
Initial Cost to Company
Land	1,000
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	2,000
Total	3,000
Accumulated depreciation	$ 0
Buffalo Wild Wings
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 2,000
Initial Cost to Company
Land	1,000
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	2,000
Total	3,000
Accumulated depreciation	$ 0
Slim Chickens
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 2,000
Initial Cost to Company
Land	1,000
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	2,000
Total	3,000
Accumulated depreciation	$ 0
Monterey's Tex Mex
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 1,000
Initial Cost to Company
Land	1,000
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	2,000
Total	3,000
Accumulated depreciation	$ 0
Nacarato Trucks
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	2,000
Total	2,000
Accumulated depreciation	$ (1,000)
Heytex USA
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	2,000
Total	2,000
Accumulated depreciation	$ (1,000)
Hooters
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 5,000
Initial Cost to Company
Land	1,000
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	1,000
Total	2,000
Accumulated depreciation	$ (1,000)
Mind 24-7
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,000
Building & Improvements	3,000
Costs Capitalized Subsequent to Acquisition
Improvements	2,000
Impairment	(3,000)
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	2,000
Total	3,000
Accumulated depreciation	$ 0
Bridgestone Tire
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 2,000
Initial Cost to Company
Land	1,000
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	1,000
Total	2,000
Accumulated depreciation	$ 0
Taco Bueno
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 2,000
Initial Cost to Company
Land	1,000
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	1,000
Total	2,000
Accumulated depreciation	$ (1,000)
Rally's
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 1,000
Initial Cost to Company
Land	1,000
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	1,000
Total	2,000
Accumulated depreciation	$ 0
Red Robin Gourmet Burgers
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,000
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	1,000
Total	2,000
Accumulated depreciation	$ 0
Primanti Bros.
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	1,000
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	1,000
Total	2,000
Accumulated depreciation	$ 0
Orscheln Farm And Home
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 2,000
Initial Cost to Company
Land	1,000
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	1,000
Total	2,000
Accumulated depreciation	$ 0
Cycle Gear
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	1,000
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	1,000
Total	2,000
Accumulated depreciation	$ 0
Dollar General
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	2,000
Total	2,000
Accumulated depreciation	$ 0
Affordable Care, Inc.
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	2
Encumbrances	$ 0
Initial Cost to Company
Land	1,000
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	1,000
Total	2,000
Accumulated depreciation	$ 0
Long John Silver's
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	1,000
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	1,000
Total	2,000
Accumulated depreciation	$ 0
Captain Ds
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
Clean Express Auto Wash
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ (1,000)
Chicken Salad Chick
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
Wings, Etc.
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
SRS Distribution
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
Bru Burger Bar
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
ERA Capital
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
Old Mexico Cantina
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
KFC
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
The Atlanta Center For Foot & Ankle Surgery
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 2,000
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
O'Reilly Auto Parts
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
Touchstone Imaging
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
Howlin Concrete
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	1,000
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	1,000
Building & Improvements	0
Total	1,000
Accumulated depreciation	$ 0
El Forastero
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
Bechheit
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
Little Caesars
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
NAPA Auto Parts
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
Robata
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	1,000
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	1,000
Total	1,000
Accumulated depreciation	$ 0
Giliberto's Mexican Taco Shop
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	0
Total	0
Accumulated depreciation	$ 0
Dunkin Donuts
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	0
Total	0
Accumulated depreciation	$ 0
Off The Hook Seafood & More
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	0
Total	0
Accumulated depreciation	$ 0
Consolidated Pipe
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	0
Total	0
Accumulated depreciation	$ 0
Bigham Cable
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	0
Total	0
Accumulated depreciation	$ 0
Sharks Fish & Chicken
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	0
Total	0
Accumulated depreciation	$ 0
Kings Wings N Things
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	0
Total	0
Accumulated depreciation	$ 0
Family Dollar Stores
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	0
Total	0
Accumulated depreciation	$ 0
Del Taco
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	0
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	0
Total	0
Accumulated depreciation	$ 0
Scooters Coffee
REAL ESTATE AND ACCUMULATED DEPRECIATION
Property Count | property	1
Encumbrances	$ 1,000
Initial Cost to Company
Land	0
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Impairment	0
Cost Basis Adjustment	0
Gross Amount at which Carried at Close of Period
Land	0
Building & Improvements	0
Total	0
Accumulated depreciation	$ 0

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in total cost of properties
Balance at beginning of year	$ 9,174,451	$ 9,790,010	$ 10,630,560
Additions: acquisitions and capital expenditures	363,601	106,588	86,016
Dispositions	(110,535)	(624,057)	(330,091)
Reclassification of properties held for sale	(11,621)	(98,090)	(596,475)
Balance at close of year	9,428,000	9,174,451	9,790,010
Change in accumulated depreciation
Balance at beginning of year	2,749,862	3,069,348	3,047,016
Additions: depreciation expense	207,641	309,606	298,597
Dispositions	(4,747)	(618,132)	(153,699)
Reclassification of properties held for sale	(2,071)	(10,960)	(122,566)
Balance at close of year	2,954,000	2,749,862	3,069,348
Tax basis for federal income tax purpose	6,838,701
Total Held and Used
Change in total cost of properties
Balance at beginning of year	9,174,451	9,790,010
Balance at close of year	9,415,896	9,174,451	9,790,010
Change in accumulated depreciation
Balance at beginning of year	2,749,862	3,069,348
Balance at close of year	$ 2,950,685	$ 2,749,862	$ 3,069,348