Service Properties Trust (SVC) 10-Q 6 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Nov. 04, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	1-11527
Entity Registrant Name	SERVICE PROPERTIES TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	04-3262075
Entity Address, Address Line One	Two Newton Place
Entity Address, Address Line Two	255 Washington Street
Entity Address, Address Line Three	Suite 300
Entity Address, City or Town	Newton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02458-1634
City Area Code	617
Local Phone Number	964-8389
Title of Each Class	Common Shares of Beneficial Interest
Trading Symbol	SVC
Name of each Exchange on which Registered	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		166,648,452
Entity Central Index Key	0000945394
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024		Dec. 31, 2023
Real estate properties:
Land	$ 1,931,353		$ 1,972,145
Buildings, improvements and equipment	7,644,949		7,814,192
Total real estate properties, gross	9,576,302		9,786,337
Accumulated depreciation	(3,191,704)		(3,181,797)
Total real estate properties, net	6,384,598		6,604,540
Acquired real estate leases and other intangibles, net	113,292		130,622
Assets held for sale	87,111		10,500
Cash and cash equivalents	48,588		180,119
Restricted cash	14,258	[1]	17,711
Equity method investment	110,783		113,304
Due from related persons	20,139		6,376
Other assets, net	308,023		292,944
Total assets	7,086,792		7,356,116
LIABILITIES AND SHAREHOLDERS’ EQUITY
Revolving credit facility	0		0
Mortgage notes payable, net	566,046		558,876
Total liabilities	6,157,773		6,129,983
Commitments and contingencies
Shareholders’ equity:
Common shares of beneficial interest, $.01 par value; 200,000,000 shares authorized; 166,648,452 and 165,769,595 shares issued and outstanding, respectively	1,666		1,658
Additional paid in capital	4,559,791		4,557,473
Cumulative other comprehensive income	1,496		2,318
Cumulative net income	2,271,366		2,470,500
Cumulative common distributions	(5,905,300)		(5,805,816)
Total shareholders’ equity	929,019		1,226,133
Total liabilities and shareholders’ equity	7,086,792		7,356,116
Nonrelated Party
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable and other liabilities	585,143		587,005
Related Party
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable and other liabilities	18,383		22,758
Senior Secured Notes
LIABILITIES AND SHAREHOLDERS’ EQUITY
Senior notes	971,066		968,017
Senior Unsecured Notes
LIABILITIES AND SHAREHOLDERS’ EQUITY
Senior notes	$ 4,017,135		$ 3,993,327
[1] (1) 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 as required by certain of our debt agreements.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Shareholders’ equity:
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	200,000,000	200,000,000
Common shares, shares issued (in shares)	166,648,452	165,769,595
Common shares, shares outstanding (in shares)	166,648,452	165,769,595

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Hotel operating revenues	$ 390,935	$ 395,526	$ 1,139,657	$ 1,134,649
Rental income	100,236	101,299	300,712	295,164
Total revenues	491,171	496,825	1,440,369	1,429,813
Expenses:
Hotel operating expenses	328,535	317,752	961,868	926,418
Net lease operating expenses	4,791	4,802	14,472	13,079
Depreciation and amortization	89,005	94,498	277,786	289,108
General and administrative	10,472	10,849	31,659	34,180
Transaction related costs	0	115	0	1,933
Loss on asset impairment, net	13,692	512	51,030	9,517
Total expenses	446,495	428,528	1,336,815	1,274,235
Gain on sale of real estate, net	4,105	123	1,110	41,959
Gain on equity securities, net	0	0	0	48,837
Interest income	537	5,626	3,318	11,880
Interest expense (including amortization of debt issuance costs, discounts and premiums of $8,076, $6,608, $22,768 and $18,644, respectively)	(99,126)	(82,280)	(284,390)	(246,363)
Loss on early extinguishment of debt, net	(133)	0	(16,181)	(282)
(Loss) income before income tax benefit (expense) and equity in earnings (losses) of an investee	(49,941)	(8,234)	(192,589)	11,609
Income tax benefit (expense)	77	2,242	(1,454)	775
Equity in earnings (losses) of an investee	2,963	1,864	(5,091)	(1,840)
Net (loss) income	(46,901)	(4,128)	(199,134)	10,544
Other comprehensive loss:
Equity interest in investee’s unrealized losses	(286)	(245)	(822)	(244)
Other comprehensive loss	(286)	(245)	(822)	(244)
Comprehensive (loss) income	$ (47,187)	$ (4,373)	$ (199,956)	$ 10,300
Weighted average common shares outstanding (basic) (in shares)	165,398	165,027	165,252	164,933
Weighted average common shares outstanding - diluted (in shares)	165,398	165,027	165,252	164,933
Net (loss) income per common share (basic) (in dollars per share)	$ (0.28)	$ (0.03)	$ (1.21)	$ 0.06
Net (loss) income per common share (diluted) (in dollars per share)	$ (0.28)	$ (0.03)	$ (1.21)	$ 0.06
Revenue from contract with customer, product and service, extensible enumeration	Hotel	Hotel	Hotel	Hotel
Cost, product and service, extensible enumeration	Hotel	Hotel	Hotel	Hotel

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Interest expense, amortization of debt issuance costs and debt discounts and premiums	$ 8,076	$ 6,608	$ 22,768	$ 18,644

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Shares	Cumulative Common Distributions	Additional Paid in Capital	Cumulative Net Income	Cumulative Other Comprehensive Income
Beginning balance (in shares) at Dec. 31, 2022		165,452,566
Beginning balance at Dec. 31, 2022	$ 1,388,792	$ 1,655	$ (5,673,386)	$ 4,554,861	$ 2,503,279	$ 2,383
Increase (Decrease) in Shareholders' Equity
Net (loss) income	25,950				25,950
Equity interest in investee’s unrealized (losses) gains	(214)					(214)
Common share grants	514			514
Common share repurchases (in shares)		(4,971)
Common share repurchases	(46)			(46)
Common share forfeitures (in shares)		(1,600)
Common share forfeitures	(1)			(1)
Distributions	(33,090)		(33,090)
Ending balance (in shares) at Mar. 31, 2023		165,445,995
Ending balance at Mar. 31, 2023	1,381,905	$ 1,655	(5,706,476)	4,555,328	2,529,229	2,169
Beginning balance (in shares) at Dec. 31, 2022		165,452,566
Beginning balance at Dec. 31, 2022	1,388,792	$ 1,655	(5,673,386)	4,554,861	2,503,279	2,383
Increase (Decrease) in Shareholders' Equity
Net (loss) income	10,544
Equity interest in investee’s unrealized (losses) gains	(244)
Ending balance (in shares) at Sep. 30, 2023		165,772,040
Ending balance at Sep. 30, 2023	1,301,950	$ 1,658	(5,772,661)	4,556,991	2,513,823	2,139
Beginning balance (in shares) at Mar. 31, 2023		165,445,995
Beginning balance at Mar. 31, 2023	1,381,905	$ 1,655	(5,706,476)	4,555,328	2,529,229	2,169
Increase (Decrease) in Shareholders' Equity
Net (loss) income	(11,278)				(11,278)
Equity interest in investee’s unrealized (losses) gains	215					215
Common share grants (in shares)		56,000
Common share grants	1,474			1,474
Common share repurchases (in shares)		(16,761)
Common share repurchases	(150)			(150)
Common share forfeitures (in shares)		(1,400)
Common share forfeitures	(2)			(2)
Distributions	(33,089)		(33,089)
Ending balance (in shares) at Jun. 30, 2023		165,483,834
Ending balance at Jun. 30, 2023	1,339,075	$ 1,655	(5,739,565)	4,556,650	2,517,951	2,384
Increase (Decrease) in Shareholders' Equity
Net (loss) income	(4,128)				(4,128)
Equity interest in investee’s unrealized (losses) gains	(245)					(245)
Common share grants (in shares)		382,000
Common share grants	1,003	$ 4		999
Common share repurchases (in shares)		(76,194)
Common share repurchases	(601)	$ (1)		(600)
Common share forfeitures (in shares)		(17,600)
Common share forfeitures	(58)			(58)
Distributions	(33,096)		(33,096)
Ending balance (in shares) at Sep. 30, 2023		165,772,040
Ending balance at Sep. 30, 2023	1,301,950	$ 1,658	(5,772,661)	4,556,991	2,513,823	2,139
Beginning balance (in shares) at Dec. 31, 2023		165,769,595
Beginning balance at Dec. 31, 2023	1,226,133	$ 1,658	(5,805,816)	4,557,473	2,470,500	2,318
Increase (Decrease) in Shareholders' Equity
Net (loss) income	(78,383)				(78,383)
Equity interest in investee’s unrealized (losses) gains	(344)					(344)
Common share grants	430			430
Common share repurchases (in shares)		(1,537)
Common share repurchases	(13)			(13)
Distributions	(33,154)		(33,154)
Ending balance (in shares) at Mar. 31, 2024		165,768,058
Ending balance at Mar. 31, 2024	1,114,669	$ 1,658	(5,838,970)	4,557,890	2,392,117	1,974
Beginning balance (in shares) at Dec. 31, 2023		165,769,595
Beginning balance at Dec. 31, 2023	1,226,133	$ 1,658	(5,805,816)	4,557,473	2,470,500	2,318
Increase (Decrease) in Shareholders' Equity
Net (loss) income	(199,134)
Equity interest in investee’s unrealized (losses) gains	$ (822)
Common share repurchases (in shares)	(149,472)
Ending balance (in shares) at Sep. 30, 2024		166,648,452
Ending balance at Sep. 30, 2024	$ 929,019	$ 1,666	(5,905,300)	4,559,791	2,271,366	1,496
Beginning balance (in shares) at Mar. 31, 2024		165,768,058
Beginning balance at Mar. 31, 2024	1,114,669	$ 1,658	(5,838,970)	4,557,890	2,392,117	1,974
Increase (Decrease) in Shareholders' Equity
Net (loss) income	(73,850)				(73,850)
Equity interest in investee’s unrealized (losses) gains	(192)					(192)
Common share grants (in shares)		146,040
Common share grants	1,396	$ 1		1,395
Common share repurchases (in shares)		(10,261)
Common share repurchases	(65)			(65)
Distributions	(33,152)		(33,152)
Ending balance (in shares) at Jun. 30, 2024		165,903,837
Ending balance at Jun. 30, 2024	1,008,806	$ 1,659	(5,872,122)	4,559,220	2,318,267	1,782
Increase (Decrease) in Shareholders' Equity
Net (loss) income	(46,901)				(46,901)
Equity interest in investee’s unrealized (losses) gains	(286)					(286)
Common share grants (in shares)		885,289
Common share grants	1,221	$ 8		1,213
Common share repurchases (in shares)		(137,674)
Common share repurchases	(642)	$ (1)		(641)
Common share forfeitures (in shares)		(3,000)
Common share forfeitures	(1)			(1)
Distributions	(33,178)		(33,178)
Ending balance (in shares) at Sep. 30, 2024		166,648,452
Ending balance at Sep. 30, 2024	$ 929,019	$ 1,666	$ (5,905,300)	$ 4,559,791	$ 2,271,366	$ 1,496

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net (loss) income	$ (199,134)	$ 10,544
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	277,786	289,108
Net amortization of debt issuance costs, discounts and premiums as interest	22,768	18,644
Straight line rental income	(14,576)	(6,867)
Loss on early extinguishment of debt, net	16,181	282
Loss on asset impairment, net	51,030	9,517
Gains on equity securities, net	0	(48,837)
Equity in losses of an investee	5,091	1,840
Gain on sale of real estate, net	(1,110)	(41,959)
Other non-cash income, net	(1,035)	(897)
Changes in assets and liabilities:
Due from related persons	(13,763)	(873)
Other assets	(140)	11,743
Accounts payable and other liabilities	9,496	163,155
Due to related persons	(3,551)	(3,442)
Net cash provided by operating activities	149,043	401,958
Cash flows from investing activities:
Acquisition of real estate properties	0	(165,843)
Proceeds from sale of TravelCenters of America Inc. common shares	0	101,892
Proceeds from sale of tradenames and trademarks	0	89,400
Real estate improvements	(224,383)	(118,785)
Hotel managers’ purchases with restricted cash	(4,609)	(3,943)
Net proceeds from sale of real estate	52,263	148,245
Investment in Sonesta	(3,392)	0
Net cash (used in) provided by investing activities	(180,121)	50,966
Cash flows from financing activities:
Proceeds from mortgage notes payable, net of discounts	0	576,946
Repayment of mortgage notes payable	(1,468)	(1,142)
Proceeds from senior unsecured notes, net of discounts	1,165,007	0
Repayment of senior unsecured notes	(1,162,653)	(500,000)
Payment of debt issuance costs	(4,588)	(38,548)
Repurchase of common shares	(720)	(797)
Distributions to common shareholders	(99,484)	(99,275)
Net cash used in financing activities	(103,906)	(62,816)
(Decrease) increase in cash and cash equivalents and restricted cash	(134,984)	390,108
Cash and cash equivalents and restricted cash at beginning of period	197,830	45,420
Cash and cash equivalents and restricted cash at end of period	$ 62,846	$ 435,528

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Supplemental Information - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
Supplemental disclosure of cash and cash equivalents and restricted cash:
Cash and cash equivalents		$ 48,588	$ 418,162
Restricted cash	[1]	14,258	17,366
Total cash and cash equivalents and restricted cash		62,846	435,528
Supplemental cash flow information:
Cash paid for interest		230,027	243,204
Cash paid for income taxes		3,219	1,463
Non-cash investing activities:
Real estate improvements accrued, not paid		35,915	25,555
Non-cash financing activities:
Extinguishment of senior unsecured notes		$ (2,569)	$ 0
[1] (1) 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 as required by certain of our debt agreements.

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Note 1. Organization and Basis of Presentation Service Properties Trust, or we, us or our, is a real estate investment trust, or REIT, organized on February 7, 1995 under the laws of the State of Maryland, which invests in hotels and service-focused retail net lease properties. At September 30, 2024, we owned, directly and through our subsidiaries, 214 hotels and 745 service-focused retail net lease properties. Basis of Presentation The accompanying condensed consolidated financial statements of us are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2023, or our 2023 Annual Report. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair statement of results for the interim period have been included. These condensed consolidated financial statements include our accounts and the accounts of our subsidiaries, all of which are 100% owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods and those of our managers and tenants are not necessarily indicative of the results that may be expected for the full year. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in our condensed consolidated financial statements include the allowance for credit losses, purchase price allocations, useful lives of fixed assets and impairment of real estate and related intangibles. We have determined that each of our wholly owned taxable REIT subsidiaries, or TRSs, is a variable interest entity, or VIE, as defined under the Consolidation Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification ™ , or ASC . 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 $156,875 and $142,789 as of September 30, 2024 and December 31, 2023, respectively, and consist primarily of our TRSs’ investment in Sonesta International Hotels Corporation’s, or, collectively with its parent and subsidiaries, Sonesta’s, common stock and amounts due from and working capital advances to certain of our hotel managers. The liabilities of our TRSs were $95,849 and $81,262 as of September 30, 2024 and December 31, 2023, 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.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Note 2. Recent Accounting Pronouncements On November 27, 2023, the FASB issued Accounting Standards Update, or 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 expect to include additional disclosures in the notes to our condensed consolidated financial statements as a result of the implementation of ASU No. 2023-07; however, these changes are not expected to have a material effect on our condensed consolidated financial statements. 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.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Note 3. Revenue Recognition We report hotel operating revenues for managed hotels in our condensed consolidated statements of comprehensive income (loss). We generally recognize hotel operating revenues, consisting primarily of room and food and beverage sales, when goods and services are provided. We report rental income for leased properties in our condensed consolidated statements of comprehensive income (loss). We recognize rental income from operating leases on a straight line basis over the terms of the lease agreements. We increased rental income by $4,030 and $6,548 for the three months ended September 30, 2024 and 2023, respectively, and increased rental income by $14,576 and $6,867 for the nine months ended September 30, 2024 and 2023, respectively, to record scheduled rent changes under certain of our leases on a straight line basis. Other assets, net, includes $76,059 and $56,833 of straight line rent receivables at September 30, 2024 and December 31, 2023, respectively. Certain of our lease agreements require additional percentage rent if gross revenues of our properties exceed certain thresholds defined in our lease agreements. We determine percentage rent due to us under our leases monthly, quarterly or annually, as applicable, depending on the specific lease terms, and recognize it when all contingencies are met and the rent is earned. We recorded percentage rent of $1,055 and $591 for the three months ended September 30, 2024 and 2023, respectively, and $2,070 and $5,383 for the nine months ended September 30, 2024 and 2023, 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	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Per Common Share Amounts	Note 4. Per Common Share Amounts We calculate basic earnings per common share using the two class method. We calculate diluted earnings per common share using the more dilutive of the two class method or the treasury stock method. Unvested common 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 three and nine months ended September 30, 2024 and 2023, there were no dilutive common shares and certain unvested common shares were not included in the calculation of diluted earnings per share because to do so would have been antidilutive.

Real Estate Properties

Real Estate Properties	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Real Estate Properties	Note 5. Real Estate Properties As of September 30, 2024, we owned 214 hotels with an aggregate of 36,875 rooms or suites and 745 service-focused retail net lease properties with an aggregate of 13,332,131 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 $9,757,372, including $181,070 related to properties classified as held for sale as of September 30, 2024. We funded capital improvements to certain of our properties of $217,108 during the nine months ended September 30, 2024. Dispositions During the nine months ended September 30, 2024, we sold 14 properties for an aggregate sales price of $54,747, 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 condensed consolidated statements of comprehensive income (loss). Quarter Sold Property Type Number of Properties Rooms or Suites / Square Feet Gross Sales Price (Loss) Gain on Sale of Real Estate Q1 2024 Hotel 1 84 $ 3,315 $ (863) Q1 2024 Net Lease 3 34,849 2,932 (2,132) Q3 2024 Hotel 6 822 44,900 5,283 Q3 2024 Net Lease 4 52,088 3,600 (1,178) 14 906 / 86,937 $ 54,747 $ 1,110 As of September 30, 2024, we had 16 hotels with an aggregate of 2,010 keys and an aggregate carrying value of $81,935 and 10 net lease properties with an aggregate of 136,241 square feet and an aggregate carrying value of $3,148 classified as held for sale. See Note 14 for further information on these properties. From October 1, 2024 through November 4, 2024, we sold five hotels with an aggregate of 642 keys for an aggregate sales price of $32,200, excluding closing costs. As of November 4, 2024, we have entered into agreements to sell eight hotels with an aggregate of 985 keys for an aggregate sales price of $44,150, excluding closing costs, and one net lease property with 3,381 square feet for a sales price of $1,000, excluding closing costs. 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 continue to market three hotels with an aggregate of 383 keys and nine net lease properties with an aggregate of 132,860 square feet for sale. We believe it is probable that the sales of these properties will be completed within one year.

Management Agreements and Lease

Management Agreements and Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Management Agreements and Leases	Note 6. Management Agreements and Leases As of September 30, 2024, we owned 214 hotels included in four operating agreements and 745 service-focused retail properties net leased to 176 tenants. We do not operate any of our properties. As of September 30, 2024, all 214 of our hotels were managed by subsidiaries of the following companies: Sonesta (189 hotels), Hyatt Hotels Corporation, or Hyatt (17 hotels), Radisson Hospitality, Inc., or Radisson (seven hotels), and InterContinental Hotels Group, plc, or IHG (one hotel). As of September 30, 2024, we owned 745 service-focused retail net lease properties with 176 tenants, including 175 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. Hotel Agreements Sonesta Agreement. As of September 30, 2024, Sonesta managed 39 of our full-service hotels, 107 of our extended stay hotels and 43 of our select service hotels pursuant to management agreements for all of the hotels, which we collectively refer to as our Sonesta agreement. As of September 30, 2024, the hotels Sonesta managed for us comprised approximately 50.1% of our total historical real estate investments. 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 $54,554 and $67,868 during the three months ended September 30, 2024 and 2023, respectively, and $157,059 and $183,004 during the nine months ended September 30, 2024 and 2023, respectively. Our Sonesta agreement requires us to fund capital expenditures made at our hotels. We incurred capital expenditures for hotels included in our Sonesta agreement in an aggregate amount of $182,493 and $97,745 during the nine months ended September 30, 2024 and 2023, respectively, which resulted in increases in our contractual annual owner’s priority returns of $10,950 and $5,864, respectively. Our annual priority return under our Sonesta agreement as of September 30, 2024 was $357,295. We owed Sonesta $12,978 and $13,300 for capital expenditures and other reimbursements at September 30, 2024 and December 31, 2023, respectively. Sonesta owed us $20,139 and $6,376 in owner’s priority returns and other amounts as of September 30, 2024 and December 31, 2023, 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 condensed 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 either of the three or nine months ended September 30, 2024 or 2023. 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 $31,500 and $32,055 for the three months ended September 30, 2024 and 2023, respectively, and $91,484 and $90,312 for the nine months ended September 30, 2024 and 2023, respectively. These fees and costs are included in hotel operating expenses in our condensed consolidated statements of comprehensive income (loss). In addition, we incurred procurement and construction supervision fees payable to Sonesta of $805 and $459 for the three months ended September 30, 2024 and 2023, respectively, and $1,792 and $1,007 for the nine months ended September 30, 2024 and 2023, respectively, which amounts have been capitalized in our condensed consolidated balance sheets and are depreciated over the estimated useful lives of the related capital assets. 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 September 30, 2024 and December 31, 2023, we had advanced $47,470 and $48,490, 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, net in our condensed consolidated balance sheets. Any remaining working capital would be returned to us upon termination in accordance with the terms of our Sonesta agreement. See Notes 7 and 11 for further information regarding our relationships, agreements and transactions with Sonesta. Hyatt Agreement. As of September 30, 2024, 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 September 30, 2024, we are to be paid an annual owner’s priority return of $17,062. 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 be completed by the end of the fourth quarter of 2024. We realized returns of $2,037 and $2,974 during the three months ended September 30, 2024 and 2023, respectively, and $4,243 and $9,685 during the nine months ended September 30, 2024 and 2023, respectively, under our Hyatt agreement. 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 nine months ended September 30, 2024 and 2023, we incurred capital expenditures for certain hotels included in our Hyatt agreement of $25,113 and $17,652, respectively, which resulted in an aggregate increase in our contractual annual owner’s priority returns of $1,507 and $1,059, respectively. Radisson Agreement . As of September 30, 2024, Radisson managed seven 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 $10,908. 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 fourth quarter of 2024. We realized returns under our Radisson agreement of $2,160 and $2,364 during the three months ended September 30, 2024 and 2023, respectively, and $5,400 and $5,728 during the nine months ended September 30, 2024 and 2023, respectively. During the nine months ended September 30, 2024 and 2023, the hotels under this agreement generated cash flows that exceeded the guaranteed owner’s priority level due to us for these periods. The available balance of the guaranty was $21,350 as of September 30, 2024. During the nine months ended September 30, 2024 and 2023, we incurred capital expenditures of $714 and $6,898, respectively, for the hotels included in our Radisson agreement, which resulted in an aggregate increase in our contractual owner’s priority returns of $42 and $414, respectively. 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 $1,189 and $1,482 during the three months ended September 30, 2024 and 2023, respectively, and $4,318 and $3,762 during the nine months ended September 30, 2024 and 2023, 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 nine months ended September 30, 2024 and 2023, we incurred capital expenditures of $700 and $373, respectively, for the hotel included in our IHG agreement. Net Lease Portfolio As of September 30, 2024, we owned 745 service-focused retail net lease properties with an aggregate of 13,332,131 square feet with leases requiring annual minimum rents of $380,034 with a weighted (by annual minimum rents) average remaining lease term of 8.3 years. Our net lease properties were 97.6% occupied and leased by 176 tenants operating under 137 brands in 21 distinct industries. TA Leases. As of September 30, 2024, TA is our largest tenant, representing 28.6% of our total historical real estate investments. We lease to TA a total of 175 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 $259,080 as of September 30, 2024. TA receives a monthly rent credit totaling $25,000 per year over the 10-year initial term of the TA leases as a result of rent it prepaid. On February 28, 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 was unchanged as a result of TA’s acquisition of this leasehold interest. 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. BP Corporation North America Inc. guarantees payment under each of the TA leases, limited to an aggregate cap which was $3,037,475 as of September 30, 2024. We recognized rental income from our TA leases of $67,834 and $67,809 for the three months ended September 30, 2024 and 2023, respectively, and $203,502 and $195,210 for the nine months ended September 30, 2024 and 2023, respectively. Rental income was increased by $3,039 and $4,309 for the three months ended September 30, 2024 and 2023, respectively, and increased by $11,233 and $3,623 for the nine months ended September 30, 2024 and 2023, respectively, to record the scheduled rent changes on a straight line basis. As of September 30, 2024 and December 31, 2023, we had receivables for current rent amounts owed to us by TA and straight line rent adjustments of $35,374 and $19,816, respectively, included in other assets, net in our condensed 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 during the nine months ended September 30, 2023 under our TA leases. We had no deferred percentage rent for either the three or nine months ended September 30, 2023. For more information regarding our relationships with TA, including the TA Merger (as defined below), see Notes 7 and 11. Our other net lease agreements generally provide for minimum rent payments and in addition may include variable payments. Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. We recognized rental income from our net lease properties (excluding TA) of $32,402 and $33,490 for the three months ended September 30, 2024 and 2023, respectively, which included $991 and $2,239, respectively, of adjustments to record scheduled rent changes under certain of our leases on a straight line basis, and $97,210 and $99,954 for the nine months ended September 30, 2024 and 2023, respectively, which included $3,343 and $3,244, 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 $515 and $1,557 for the three and nine months ended September 30, 2024, respectively, based on our assessment of the collectability of rents. We reduced reserves for uncollectable amounts and increased rental income by $1,041 for the three months ended September 30, 2023 and recorded reserves for uncollectible amounts and reduced rental income by $4,312 for the nine months ended September 30, 2023 based on our assessment of the collectability of rents. We had reserves for uncollectable rents of $4,872 and $3,436 as of September 30, 2024 and December 31, 2023, respectively, included in other assets, net in our condensed consolidated balance sheets.

Other Investments

Other Investments	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Other Investments	Note 7. Other Investments Equity Method Investment As of both September 30, 2024 and December 31, 2023, 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 September 30, 2024 and December 31, 2023, our investment in Sonesta had a carrying value of $110,783 and $113,304, respectively. On the date of acquisition of our initial equity interest in Sonesta (February 27, 2020), the 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 $65 in each of the three months ended September 30, 2024 and 2023 and $195 in each of the nine months ended September 30, 2024 and 2023. We recognized earnings related to our investment in Sonesta of $2,963 and $1,864 for the three months ended September 30, 2024 and 2023, respectively, and losses of $5,091 and $1,840 for the nine months ended September 30, 2024 and 2023, respectively. These amounts, which include amortization of the basis difference, are included in equity in earnings (losses) of an investee in our condensed 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 condensed consolidated balance sheets and is being amortized on a straight line basis through the initial term of the Sonesta agreement, January 31, 2037, as a reduction to hotel operating expenses in our condensed consolidated statements of comprehensive income (loss). We reduced hotel operating expenses by $621 for each of the three months ended September 30, 2024 and 2023 and $1,863 for each of the nine months ended September 30, 2024 and 2023 for amortization of this liability. As of September 30, 2024 and December 31, 2023, the unamortized balance of this liability was $30,616 and $32,479, respectively. In March 2024, we made a $3,392 pro rata capital contribution to Sonesta to support its growth initiatives, including its franchising efforts. We continue to maintain our 34% ownership in Sonesta after giving effect to this contribution. See Notes 6 and 11 for further information regarding our relationships, agreements and transactions with Sonesta. Investment in Equity Securities Until May 15, 2023 , we owned 1,184,797 shares, or approximately 7.8%, of TA common stock, which were reported at fair value based on quoted market prices (Level 1 inputs as defined in the fair value hierarchy under GAAP) as of the end of the period, with changes in fair value recorded in earnings in our condensed consolidated statements of comprehensive income (loss). As of May 15, 2023, our historical cost basis for these shares was $24,418 and our carrying value for these shares was $101,893. On May 15, 2023, BP Products North America Inc. acquired TA pursuant to a merger, or the TA Merger, for $86.00 per share of TA common stock in cash. We recorded a gain of $48,837 during the nine months ended September 30, 2023 to adjust the carrying value of our former investment in shares of TA common stock to its fair value.

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Indebtedness	Note 8. Indebtedness Our principal debt obligations at September 30, 2024 were: (1) $4,075,000 aggregate outstanding principal amount of senior unsecured notes; (2) $1,000,000 aggregate outstanding principal amount of senior secured notes; and (3) $607,101 aggregate outstanding principal amount of net lease mortgage notes. We had no amounts outstanding under our revolving credit facility as of September 30, 2024. Our $650,000 secured revolving credit facility is available for general business purposes, including acquisitions. We can borrow, repay, and reborrow funds available under our revolving credit facility until maturity and no principal repayments are due until maturity. The maturity date of our revolving credit 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 facility by two additional six-month periods. Interest payable on drawings under our revolving credit facility is based on the secured overnight financing rate, or SOFR, 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 September 30, 2024. As collateral for all loans and other obligations under the credit 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 70 properties, including 67 hotels and three net lease properties, with an aggregate undepreciated carrying value of $1,720,032 as of September 30, 2024. During the three months ended September 30, 2024, we sold two hotels that served as collateral under our revolving credit facility. In connection with the sales of these hotels, the hotels were released from the collateral pool in accordance with the terms of our revolving credit facility. 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 September 30, 2024 and 2023, the annual interest rate payable on borrowings under our revolving credit facility was 7.46% and 7.93%, respectively. We had no borrowings outstanding under our revolving credit facility for either the three or nine months ended September 30, 2024 or 2023. Availability under our revolving credit facility is partially based on the performance of the properties serving as collateral under the facility. Based on recent and near term expectations of performance of certain of the collateral properties, we and our lenders amended the credit facility in October 2024 to temporarily reduce the required collateral property debt yield from 12% to 8.5% from September 30, 2024 through December 31, 2024, and increase the required collateral property debt yield to 9.5% for the quarter ending March 31, 2025; 10% for the quarter ending June 30, 2025; 11% for the quarter ending September 30, 2025; and 12% for the quarter ending December 31, 2025 and thereafter. Subject to meeting these revised collateral property debt yield levels and meeting other conditions, we currently have full access to undrawn amounts under our revolving credit facility. 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 The RMR Group LLC, or 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. Borrowings under our revolving credit facility are subject to meeting ongoing minimum performance and market values of the collateral properties, satisfying certain financial covenants and other credit facility conditions. We believe we were in compliance with the terms and conditions of our debt agreements as of September 30, 2024. Senior Guaranteed Unsecured Notes Issuance In June 2024, we issued $700,000 aggregate principal amount of 8.375% senior guaranteed unsecured notes due 2029, or the 2029 Notes, and $500,000 aggregate principal amount of 8.875% senior guaranteed unsecured notes due 2032, or the 2032 Notes, in underwritten public offerings. The aggregate net proceeds from these notes were $1,162,077, after underwriting discounts and other offering expenses. These notes are fully and unconditionally guaranteed, on a joint and several basis and on a senior unsecured basis, by all of our subsidiaries, except for our foreign subsidiaries and certain other excluded subsidiaries. Such other excluded subsidiaries include, but are not limited to, subsidiaries whose equity has been pledged to secure borrowings under our credit agreement and our 8.625% senior secured notes due 2031, and subsidiaries whose assets secure our net lease mortgage notes. Repayment of 2025 Maturities In June 2024, we redeemed all of our outstanding 7.50% senior unsecured notes due 2025 for a redemption price equal to the principal amount of $800,000, plus accrued and unpaid interest and a premium equal to a make whole amount. As a result of the redemption, we recorded a loss on early extinguishment of debt of $17,681 during the nine months ended September 30, 2024, which represented the make whole premium and the write-off of unamortized discounts and issuance costs related to these notes. In June 2024, we repurchased $272,803 principal amount of our $350,000 4.50% senior unsecured notes due 2025 at a total cost of $270,396, excluding accrued interest, pursuant to a cash tender offer. Also in June 2024, we effected the satisfaction and discharge of the remaining $77,197 principal amount of our $350,000 4.50% senior unsecured notes due 2025 that were not purchased as part of the tender offer in accordance with its terms. As a result of these transactions, we recorded a gain on early extinguishment of debt of $1,500 during the nine months ended September 30, 2024, which represented the discount to par paid to repurchase the notes, net of the write-off of unamortized discounts and issuance costs related to these notes . Net Lease Mortgage Notes Our $610,200 in aggregate principal amount of net lease mortgage notes were issued on February 10, 2023 by our wholly owned, special purpose bankruptcy remote, indirect subsidiary, SVC ABS LLC, or the Issuer. 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. Our net lease mortgage notes are summarized below: Note Class Principal Outstanding as of September 30, 2024 Coupon Rate Initial Term (in years) Maturity Class A $ 302,586 5.15% 5 February 2028 Class B 172,315 5.55% 5 February 2028 Class C 132,200 6.70% 5 February 2028 Total / weighted average $ 607,101 5.60% The Class A notes and the Class B notes require monthly principal repayments at an annualized rate of 0.50% and 0.25% of the balance outstanding, respectively, and the Class C notes require interest payments only, with balloon payments due at maturity. The notes mature in February 2028 and may be redeemed without penalty 24 months prior to the scheduled maturity date beginning in February 2026. The notes are non-recourse and, as of September 30, 2024, were secured by 308 net lease retail properties owned by the Issuer. As of September 30, 2024, the current leases relating to those properties required annual minimum rents of $64,822 and had an aggregate undepreciated carrying value of $754,290. In October 2024, the Issuer substituted six net lease retail properties with an aggregate undepreciated carrying value of $13,645 as of September 30, 2024 for 13 unencumbered net lease retail properties with an aggregate undepreciated carrying value of $19,232 as of September 30, 2024. Following the substitution, the net lease mortgage notes are secured by 315 net lease retail properties owned by the Issuer and require annual minimum rents of $66,173 and had an aggregate undepreciated carrying value of $759,877 as of September 30, 2024.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Note 9. Shareholders’ Equity Share Awards On June 14, 2024, in accordance with our Trustee compensation arrangements, we awarded 18,255 of our common shares, valued at $4.93 per share, the closing price of our common shares on The Nasdaq Stock Market LLC, or Nasdaq, on that day to each of our eight Trustees as part of their annual compensation. On September 11, 2024, we awarded under our equity compensation plan an aggregate of 885,289 of our common shares, valued at $4.43 per share, the closing price of our common shares on Nasdaq on that day, to our officers and certain other employees of RMR and certain employees of Sonesta. Share Purchases During the nine months ended September 30, 2024, we purchased an aggregate of 149,472 of our common shares, valued at a weighted average share price of $4.82 per common share, from our officers and certain other current and former officers and employees of RMR and certain employees of Sonesta in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. We withheld and purchased these common shares at their fair market values based upon the trading prices of our common shares at the close of trading on Nasdaq on the applicable purchase dates. Distributions During the nine months ended September 30, 2024, we declared and paid regular quarterly distributions to common shareholders as follows: Declaration Date Record Date Paid Date Dividend Per Common Share Total Distributions January 11, 2024 January 22, 2024 February 15, 2024 $ 0.20 $ 33,154 April 11, 2024 April 22, 2024 May 16, 2024 0.20 33,152 July 11, 2024 July 22, 2024 August 15, 2024 0.20 33,178 $ 0.60 $ 99,484 On October 16, 2024, we declared a regular quarterly distribution to common shareholders of record as of October 28, 2024 of $0.01 per common share, or approximately $1,666. We expect to pay this distribution on or about November 14, 2024.

Business and Property Managemen

Business and Property Management Agreements with RMR	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Business and Property Management Agreements with RMR	Note 10. 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. Pursuant to our business management agreement with RMR, we recognized net business management fees of $7,411 and $8,287 for the three months ended September 30, 2024 and 2023, respectively, and $22,608 and $24,959 for the nine months ended September 30, 2024 and 2023, respectively. Based on our common share total return, as defined in our business management agreement, as of each of September 30, 2024 and 2023, no incentive fees are included in the net business management fees we recognized for the three and nine months ended September 30, 2024 or 2023. The actual amount of annual incentive fees for 2024, if any, will be based on our common share total return, as defined in our business management agreement, for the three-year period ending December 31, 2024, and will be payable in January 2025. We did not incur an incentive fee payable to RMR for the year ended December 31, 2023. We include business management fee amounts in general and administrative expenses in our condensed consolidated statements of comprehensive income (loss). Pursuant to our property management agreement with RMR, we recognized aggregate property management and construction supervision fees of $3,054 and $2,031 for the three months ended September 30, 2024 and 2023, respectively, and $9,073 and $5,289 for the nine months ended September 30, 2024 and 2023, respectively. Of those amounts, for the three months ended September 30, 2024 and 2023, $1,514 and $923, respectively, were expensed to net lease operating expenses in our condensed consolidated statements of comprehensive income (loss) and $1,540 and $1,108, respectively, were capitalized as building improvements in our condensed consolidated balance sheets. Of the amounts for the nine months ended September 30, 2024 and 2023, $4,503 and $2,805, respectively, were expensed to net lease operating expenses in our condensed consolidated statements of comprehensive income (loss) and $4,570 and $2,484, respectively, were capitalized as building improvements in our condensed consolidated balance sheets. The amounts capitalized are being depreciated over the estimated useful lives of the related capital assets. 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 $1,080 and $1,182 for these expenses and costs for the three months ended September 30, 2024 and 2023, respectively, and $3,206 and $3,301 for these expenses and costs for the nine months ended September 30, 2024 and 2023, respectively. We included these amounts in net lease operating expenses and general and administrative expenses, as applicable, in our condensed consolidated statements of comprehensive income (loss).

Related Person Transactions

Related Person Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Person Transactions	Note 11. Related Person Transactions We have relationships and historical and continuing transactions with TA, Sonesta, RMR, The RMR Group, Inc., or RMR Inc., and others related to them, including other companies to which RMR or its subsidiaries provide management services and some of which have trustees, directors or officers who are also our Trustees or officers. 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., the chair of the board of directors, a managing director and the president and chief executive officer of RMR Inc. and an officer and employee of RMR. John G. Murray, our other Managing Trustee and our former President and Chief Executive Officer, 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. Mr. Portnoy serves as chair of the boards and as a managing trustee of these public companies. Other officers of RMR, including certain of our officers, serve as managing trustees or officers of certain of these companies. 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 6 and 7 for further information regarding our relationships, agreements and transactions with TA. Sonesta. Sonesta is a private company. Mr. Portnoy is the largest owner and controlling shareholder and a director of Sonesta. Mr. Murray is a director of Sonesta and is its president and chief executive officer, and he is an officer and employee of RMR. Sonesta’s other director serves as RMR’s and RMR Inc.’s executive vice president, general counsel and secretary, as a managing director of RMR Inc. and as our Secretary. RMR also provides certain services to Sonesta. As of September 30, 2024, we owned 34% of Sonesta’s outstanding shares of common stock and Sonesta managed 189 of our hotels. See Notes 6 and 7 for further information regarding our relationships, agreements and transactions with Sonesta. Our Manager, RMR. We have two agreements with RMR to provide management services to us. See Note 10 for further information regarding our management agreements with RMR. For further information about these and certain other such relationships and certain other related person transactions, refer to our 2023 Annual Report.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 12. Income Taxes We have elected to be taxed as a REIT under the United States Internal Revenue Code of 1986, as amended, or the IRC, and, as such, are generally not subject to federal and most state income taxation on our operating income provided we distribute our taxable income to our shareholders and meet certain organization and operating requirements. We are subject to income tax in Canada, Puerto Rico and certain states despite our qualification for taxation as a REIT. Further, we lease our managed hotels to our wholly owned TRSs that, unlike most of our subsidiaries, file a separate consolidated tax return and are subject to federal, state and foreign income taxes. Our consolidated income tax provision (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. During the three months ended September 30, 2024, we recognized income tax benefit of $77, which includes $50 of state tax benefit and $27 of foreign tax benefit. During the three months ended September 30, 2023, we recognized income tax benefit of $2,242, which includes $1,773 of state tax benefit and $469 of foreign tax benefit.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Information	Note 13. Segment Information We aggregate our hotels and net lease portfolio into two reportable segments, hotel investments and net lease investments, based on their similar operating and economic characteristics. Three Months Ended September 30, 2024 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 390,935 $ — $ — $ 390,935 Rental income — 100,236 — 100,236 Total revenues 390,935 100,236 — 491,171 Expenses: Hotel operating expenses 328,535 — — 328,535 Net lease operating expenses — 4,791 — 4,791 Depreciation and amortization 52,762 36,243 — 89,005 General and administrative — — 10,472 10,472 Loss on asset impairment, net 6,043 7,649 — 13,692 Total expenses 387,340 48,683 10,472 446,495 Gain (loss) on sale of real estate, net 5,283 (1,178) — 4,105 Interest income 63 — 474 537 Interest expense — (11,583) (87,543) (99,126) Loss on early extinguishment of debt, net — — (133) (133) Income (loss) before income tax benefit and equity in earnings of an investee 8,941 38,792 (97,674) (49,941) Income tax benefit — — 77 77 Equity in earnings of an investee — — 2,963 2,963 Net income (loss) $ 8,941 $ 38,792 $ (94,634) $ (46,901) Nine Months Ended September 30, 2024 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 1,139,657 $ — $ — $ 1,139,657 Rental income — 300,712 — 300,712 Total revenues 1,139,657 300,712 — 1,440,369 Expenses: Hotel operating expenses 961,868 — — 961,868 Net lease operating expenses — 14,472 — 14,472 Depreciation and amortization 163,237 114,549 — 277,786 General and administrative — — 31,659 31,659 Loss on asset impairment, net 39,150 11,880 — 51,030 Total expenses 1,164,255 140,901 31,659 1,336,815 Gain (loss) on sale of real estate, net 4,420 (3,310) — 1,110 Interest income 190 138 2,990 3,318 Interest expense — (34,540) (249,850) (284,390) Loss on early extinguishment of debt, net — — (16,181) (16,181) (Loss) income before income tax expense and equity in losses of an investee (19,988) 122,099 (294,700) (192,589) Income tax expense — — (1,454) (1,454) Equity in losses of an investee — — (5,091) (5,091) Net (loss) income $ (19,988) $ 122,099 $ (301,245) $ (199,134) As of September 30, 2024 Hotels Net Lease Corporate Consolidated Total assets $ 3,923,732 $ 2,968,845 $ 194,215 $ 7,086,792 Three Months Ended September 30, 2023 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 395,526 $ — $ — $ 395,526 Rental income — 101,299 — 101,299 Total revenues 395,526 101,299 — 496,825 Expenses: Hotel operating expenses 317,752 — — 317,752 Net lease operating expenses — 4,802 — 4,802 Depreciation and amortization 54,402 40,096 — 94,498 General and administrative — — 10,849 10,849 Transaction related costs 115 — — 115 Loss on asset impairment, net — 512 — 512 Total expenses 372,269 45,410 10,849 428,528 Gain on sale of real estate, net — 123 — 123 Interest income 54 55 5,517 5,626 Interest expense — (11,526) (70,754) (82,280) Income (loss) before income tax benefit and equity in earnings of an investee 23,311 44,541 (76,086) (8,234) Income tax benefit — — 2,242 2,242 Equity in earnings of an investee — — 1,864 1,864 Net income (loss) $ 23,311 $ 44,541 $ (71,980) $ (4,128) Nine Months Ended September 30, 2023 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 1,134,649 $ — $ — $ 1,134,649 Rental income — 295,164 — 295,164 Total revenues 1,134,649 295,164 — 1,429,813 Expenses: Hotel operating expenses 926,418 — — 926,418 Net lease operating expenses — 13,079 — 13,079 Depreciation and amortization 161,236 127,872 — 289,108 General and administrative — — 34,180 34,180 Transaction related costs 588 415 930 1,933 Loss on asset impairment, net — 9,517 — 9,517 Total expenses 1,088,242 150,883 35,110 1,274,235 Gain on sale of real estate, net 41,918 41 — 41,959 Gain on equity securities, net — — 48,837 48,837 Interest income 105 80 11,695 11,880 Interest expense — (29,283) (217,080) (246,363) Loss on early extinguishment of debt — — (282) (282) Income (loss) before income tax benefit and equity in losses of an investee 88,430 115,119 (191,940) 11,609 Income tax benefit — — 775 775 Equity in losses of an investee — — (1,840) (1,840) Net income (loss) $ 88,430 $ 115,119 $ (193,005) $ 10,544 As of December 31, 2023 Hotels Net Lease Corporate Consolidated Total assets $ 3,943,213 $ 3,084,686 $ 328,217 $ 7,356,116

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities	Note 14. Fair Value of Assets and Liabilities The table below presents certain of our assets carried at fair value at September 30, 2024, 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 Measurement Assets: Assets of properties held for sale (1)(2) $ 35,394 $ — $ 33,993 $ 1,401 Assets of properties held and used (3) $ 7,500 $ — $ — $ 7,500 (1) We recorded impairment charges totaling $14,583 during the nine months ended September 30, 2024, to reduce the carrying value of seven hotels in our condensed consolidated balance sheet to their estimated fair value, less estimated costs to sell of $936, based on negotiated sales prices with third party buyers (Level 2 inputs as defined in the fair value hierarchy under GAAP). (2) We recorded impairment charges totaling $5,202 during the nine months ended September 30, 2024, to reduce the carrying value of three net lease properties in our condensed consolidated balance sheet to their estimated fair value, less estimated costs to sell of $102, based on brokers’ opinion of values (Level 3 inputs as defined in the fair value hierarchy under GAAP). (3) We recorded impairment charges totaling $4,285 during the nine months ended September 30, 2024, to reduce the carrying value of one net lease property in our condensed consolidated balance sheet to its estimated fair value. We determined the estimated fair value of this property by discounting expected future cash flows based on prevailing market rents and including an exit capitalization rate to determine the final year of cash flows. Our assessment to determine the estimated fair value of this property used significant unobservable inputs (Level 3 inputs as defined in the fair value hierarchy under GAAP) including a discount rate of 7.0% and an exit capitalization rate of 6.3%. 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 September 30, 2024 and December 31, 2023, the fair values of these financial instruments approximated their carrying values in our condensed consolidated balance sheets due to their short-term nature or floating interest rates, except as follows: September 30, 2024 December 31, 2023 Carrying Value (1) Fair Value Carrying Value (1) Fair Value Senior Unsecured Notes, due 2025 at 4.50% $ — $ — $ 349,181 $ 341,688 Senior Unsecured Notes, due 2025 at 7.50% — — 796,007 808,888 Senior Unsecured Notes, due 2026 at 5.25% 348,447 343,949 347,601 339,780 Senior Unsecured Notes, due 2026 at 4.75% 448,805 432,441 448,347 419,909 Senior Unsecured Notes, due 2027 at 4.95% 398,239 378,632 397,672 362,108 Senior Guaranteed Unsecured Notes, due 2027 at 5.50% 446,476 428,427 445,631 412,002 Net Lease Mortgage Notes, due 2028 at 5.60% 566,046 599,709 558,876 585,784 Senior Unsecured Notes, due 2028 at 3.95% 396,218 345,960 395,355 327,708 Senior Guaranteed Unsecured Notes, due 2029 at 8.375% 681,979 699,216 — — Senior Unsecured Notes, due 2029 at 4.95% 421,071 337,569 420,477 351,726 Senior Unsecured Notes, due 2030 at 4.375% 393,906 302,776 393,056 310,524 Senior Secured Notes, due 2031 at 8.625% 971,066 1,087,460 968,017 1,047,430 Senior Guaranteed Unsecured Notes, due 2032 at 8.875% 481,994 477,610 — — Total financial liabilities $ 5,554,247 $ 5,433,749 $ 5,520,220 $ 5,307,547 (1) Carrying value includes unamortized discounts, premiums and certain debt issuance costs. At September 30, 2024 and December 31, 2023, we estimated the fair values of our senior notes using an average of the bid and ask price of the notes (Level 2 inputs) as of the measurement dates. At September 30, 2024 and 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 dates (Level 3 inputs). As Level 3 inputs are unobservable, our estimated value may differ materially from the actual fair value.

Organization and Basis of Pre_2

Organization and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements of us are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2023, or our 2023 Annual Report. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair statement of results for the interim period have been included. These condensed consolidated financial statements include our accounts and the accounts of our subsidiaries, all of which are 100% owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods and those of our managers and tenants are not necessarily indicative of the results that may be expected for the full year.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in our condensed consolidated financial statements include the allowance for credit losses, purchase price allocations, useful lives of fixed assets and impairment of real estate and related intangibles.
Variable Interest Entity	We have determined that each of our wholly owned taxable REIT subsidiaries, or TRSs, is a variable interest entity, or VIE, as defined under the Consolidation Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification ™ , or ASC .
Recent Accounting Pronouncements	On November 27, 2023, the FASB issued Accounting Standards Update, or 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 expect to include additional disclosures in the notes to our condensed consolidated financial statements as a result of the implementation of ASU No. 2023-07; however, these changes are not expected to have a material effect on our condensed consolidated financial statements. 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.
Revenue Recognition	We report hotel operating revenues for managed hotels in our condensed consolidated statements of comprehensive income (loss). We generally recognize hotel operating revenues, consisting primarily of room and food and beverage sales, when goods and services are provided.
Revenue Recognition	We report rental income for leased properties in our condensed consolidated statements of comprehensive income (loss). We recognize rental income from operating leases on a straight line basis over the terms of the lease agreements.

Real Estate Properties (Tables)

Real Estate Properties (Tables)	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Schedule of Sale of Properties	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 condensed consolidated statements of comprehensive income (loss). Quarter Sold Property Type Number of Properties Rooms or Suites / Square Feet Gross Sales Price (Loss) Gain on Sale of Real Estate Q1 2024 Hotel 1 84 $ 3,315 $ (863) Q1 2024 Net Lease 3 34,849 2,932 (2,132) Q3 2024 Hotel 6 822 44,900 5,283 Q3 2024 Net Lease 4 52,088 3,600 (1,178) 14 906 / 86,937 $ 54,747 $ 1,110

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 Coupon Rate Initial Term (in years) Maturity Class A $ 302,586 5.15% 5 February 2028 Class B 172,315 5.55% 5 February 2028 Class C 132,200 6.70% 5 February 2028 Total / weighted average $ 607,101 5.60%

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Schedule of Dividends Declared	During the nine months ended September 30, 2024, we declared and paid regular quarterly distributions to common shareholders as follows: Declaration Date Record Date Paid Date Dividend Per Common Share Total Distributions January 11, 2024 January 22, 2024 February 15, 2024 $ 0.20 $ 33,154 April 11, 2024 April 22, 2024 May 16, 2024 0.20 33,152 July 11, 2024 July 22, 2024 August 15, 2024 0.20 33,178 $ 0.60 $ 99,484

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Information	Three Months Ended September 30, 2024 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 390,935 $ — $ — $ 390,935 Rental income — 100,236 — 100,236 Total revenues 390,935 100,236 — 491,171 Expenses: Hotel operating expenses 328,535 — — 328,535 Net lease operating expenses — 4,791 — 4,791 Depreciation and amortization 52,762 36,243 — 89,005 General and administrative — — 10,472 10,472 Loss on asset impairment, net 6,043 7,649 — 13,692 Total expenses 387,340 48,683 10,472 446,495 Gain (loss) on sale of real estate, net 5,283 (1,178) — 4,105 Interest income 63 — 474 537 Interest expense — (11,583) (87,543) (99,126) Loss on early extinguishment of debt, net — — (133) (133) Income (loss) before income tax benefit and equity in earnings of an investee 8,941 38,792 (97,674) (49,941) Income tax benefit — — 77 77 Equity in earnings of an investee — — 2,963 2,963 Net income (loss) $ 8,941 $ 38,792 $ (94,634) $ (46,901) Nine Months Ended September 30, 2024 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 1,139,657 $ — $ — $ 1,139,657 Rental income — 300,712 — 300,712 Total revenues 1,139,657 300,712 — 1,440,369 Expenses: Hotel operating expenses 961,868 — — 961,868 Net lease operating expenses — 14,472 — 14,472 Depreciation and amortization 163,237 114,549 — 277,786 General and administrative — — 31,659 31,659 Loss on asset impairment, net 39,150 11,880 — 51,030 Total expenses 1,164,255 140,901 31,659 1,336,815 Gain (loss) on sale of real estate, net 4,420 (3,310) — 1,110 Interest income 190 138 2,990 3,318 Interest expense — (34,540) (249,850) (284,390) Loss on early extinguishment of debt, net — — (16,181) (16,181) (Loss) income before income tax expense and equity in losses of an investee (19,988) 122,099 (294,700) (192,589) Income tax expense — — (1,454) (1,454) Equity in losses of an investee — — (5,091) (5,091) Net (loss) income $ (19,988) $ 122,099 $ (301,245) $ (199,134) As of September 30, 2024 Hotels Net Lease Corporate Consolidated Total assets $ 3,923,732 $ 2,968,845 $ 194,215 $ 7,086,792 Three Months Ended September 30, 2023 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 395,526 $ — $ — $ 395,526 Rental income — 101,299 — 101,299 Total revenues 395,526 101,299 — 496,825 Expenses: Hotel operating expenses 317,752 — — 317,752 Net lease operating expenses — 4,802 — 4,802 Depreciation and amortization 54,402 40,096 — 94,498 General and administrative — — 10,849 10,849 Transaction related costs 115 — — 115 Loss on asset impairment, net — 512 — 512 Total expenses 372,269 45,410 10,849 428,528 Gain on sale of real estate, net — 123 — 123 Interest income 54 55 5,517 5,626 Interest expense — (11,526) (70,754) (82,280) Income (loss) before income tax benefit and equity in earnings of an investee 23,311 44,541 (76,086) (8,234) Income tax benefit — — 2,242 2,242 Equity in earnings of an investee — — 1,864 1,864 Net income (loss) $ 23,311 $ 44,541 $ (71,980) $ (4,128) Nine Months Ended September 30, 2023 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 1,134,649 $ — $ — $ 1,134,649 Rental income — 295,164 — 295,164 Total revenues 1,134,649 295,164 — 1,429,813 Expenses: Hotel operating expenses 926,418 — — 926,418 Net lease operating expenses — 13,079 — 13,079 Depreciation and amortization 161,236 127,872 — 289,108 General and administrative — — 34,180 34,180 Transaction related costs 588 415 930 1,933 Loss on asset impairment, net — 9,517 — 9,517 Total expenses 1,088,242 150,883 35,110 1,274,235 Gain on sale of real estate, net 41,918 41 — 41,959 Gain on equity securities, net — — 48,837 48,837 Interest income 105 80 11,695 11,880 Interest expense — (29,283) (217,080) (246,363) Loss on early extinguishment of debt — — (282) (282) Income (loss) before income tax benefit and equity in losses of an investee 88,430 115,119 (191,940) 11,609 Income tax benefit — — 775 775 Equity in losses of an investee — — (1,840) (1,840) Net income (loss) $ 88,430 $ 115,119 $ (193,005) $ 10,544 As of December 31, 2023 Hotels Net Lease Corporate Consolidated Total assets $ 3,943,213 $ 3,084,686 $ 328,217 $ 7,356,116

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024, 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 Measurement Assets: Assets of properties held for sale (1)(2) $ 35,394 $ — $ 33,993 $ 1,401 Assets of properties held and used (3) $ 7,500 $ — $ — $ 7,500 (1) We recorded impairment charges totaling $14,583 during the nine months ended September 30, 2024, to reduce the carrying value of seven hotels in our condensed consolidated balance sheet to their estimated fair value, less estimated costs to sell of $936, based on negotiated sales prices with third party buyers (Level 2 inputs as defined in the fair value hierarchy under GAAP). (2) We recorded impairment charges totaling $5,202 during the nine months ended September 30, 2024, to reduce the carrying value of three net lease properties in our condensed consolidated balance sheet to their estimated fair value, less estimated costs to sell of $102, based on brokers’ opinion of values (Level 3 inputs as defined in the fair value hierarchy under GAAP). (3) We recorded impairment charges totaling $4,285 during the nine months ended September 30, 2024, to reduce the carrying value of one net lease property in our condensed consolidated balance sheet to its estimated fair value. We determined the estimated fair value of this property by discounting expected future cash flows based on prevailing market rents and including an exit capitalization rate to determine the final year of cash flows. Our assessment to determine the estimated fair value of this property used significant unobservable inputs (Level 3 inputs as defined in the fair value hierarchy under GAAP) including a discount rate of 7.0% and an exit capitalization rate of 6.3%.
Schedule of Fair Value of Additional Financial Instruments	At September 30, 2024 and December 31, 2023, the fair values of these financial instruments approximated their carrying values in our condensed consolidated balance sheets due to their short-term nature or floating interest rates, except as follows: September 30, 2024 December 31, 2023 Carrying Value (1) Fair Value Carrying Value (1) Fair Value Senior Unsecured Notes, due 2025 at 4.50% $ — $ — $ 349,181 $ 341,688 Senior Unsecured Notes, due 2025 at 7.50% — — 796,007 808,888 Senior Unsecured Notes, due 2026 at 5.25% 348,447 343,949 347,601 339,780 Senior Unsecured Notes, due 2026 at 4.75% 448,805 432,441 448,347 419,909 Senior Unsecured Notes, due 2027 at 4.95% 398,239 378,632 397,672 362,108 Senior Guaranteed Unsecured Notes, due 2027 at 5.50% 446,476 428,427 445,631 412,002 Net Lease Mortgage Notes, due 2028 at 5.60% 566,046 599,709 558,876 585,784 Senior Unsecured Notes, due 2028 at 3.95% 396,218 345,960 395,355 327,708 Senior Guaranteed Unsecured Notes, due 2029 at 8.375% 681,979 699,216 — — Senior Unsecured Notes, due 2029 at 4.95% 421,071 337,569 420,477 351,726 Senior Unsecured Notes, due 2030 at 4.375% 393,906 302,776 393,056 310,524 Senior Secured Notes, due 2031 at 8.625% 971,066 1,087,460 968,017 1,047,430 Senior Guaranteed Unsecured Notes, due 2032 at 8.875% 481,994 477,610 — — Total financial liabilities $ 5,554,247 $ 5,433,749 $ 5,520,220 $ 5,307,547 (1) Carrying value includes unamortized discounts, premiums and certain debt issuance costs.

Organization and Basis of Pre_3

Organization and Basis of Presentation (Details) $ in Thousands	Sep. 30, 2024 USD ($) hotel property	Dec. 31, 2023 USD ($)
Variable Interest Entity [Line Items]
Ownership interest in subsidiaries	100%
Assets of TRSs	$ 7,086,792	$ 7,356,116
Liabilities of TRSs	6,157,773	6,129,983
Consolidated
Variable Interest Entity [Line Items]
Assets of TRSs	156,875	142,789
Liabilities of TRSs	$ 95,849	$ 81,262
Hotel
Variable Interest Entity [Line Items]
Number of properties owned | hotel	214
Net Lease
Variable Interest Entity [Line Items]
Number of properties owned | property	745

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Adjustments necessary to record rent on straight line basis	$ 4,030	$ 6,548	$ 14,576	$ 6,867
Straight line rent receivables	76,059		76,059		$ 56,833
Related Party
Related Party Transaction [Line Items]
Percentage rent	$ 1,055	$ 591	$ 2,070	$ 5,383

Per Common Share Amounts (Detai

Per Common Share Amounts (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Antidilutive common shares (in shares)	0	0	0	0

Real Estate Properties - Narrat

Real Estate Properties - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 04, 2024 USD ($) ft² hotel key property	Sep. 30, 2024 USD ($) ft² property room hotel key	Mar. 31, 2024 USD ($) ft² property room	Sep. 30, 2024 USD ($) ft² property room hotel key	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Real Estate Properties [Line Items]
Aggregate undepreciated carrying value of real estate		$ 9,757,372		$ 9,757,372
Carrying value of properties held for sale		181,070		181,070
Capital improvements from leased facilities, funded				224,383	$ 118,785
Net proceeds from sale of real estate				52,263	$ 148,245
Carrying value		$ 9,576,302		$ 9,576,302		$ 9,786,337
Disposed of by sale
Real Estate Properties [Line Items]
Number of units related to real estate property | room		906		906
Square feet | ft²		86,937		86,937
Number of properties sold | property				14
Aggregate sales price, excluding closing costs				$ 54,747
Held-for-sale
Real Estate Properties [Line Items]
Square feet | ft²		136,241		136,241
Hotels and net lease properties
Real Estate Properties [Line Items]
Capital improvements from leased facilities, funded				$ 217,108
Hotel
Real Estate Properties [Line Items]
Number of properties owned | hotel		214		214
Number of units related to real estate property | room		36,875		36,875
Hotel | Disposed of by sale
Real Estate Properties [Line Items]
Number of units related to real estate property | room		822	84	822
Number of properties sold | property		6	1
Aggregate sales price, excluding closing costs		$ 44,900	$ 3,315
Hotel | Disposed of by sale | Subsequent event
Real Estate Properties [Line Items]
Number of units related to real estate property | key	642
Aggregate sales price, excluding closing costs	$ 32,200
Number of properties to be sold or rebranded | hotel	5
Hotel | Held-for-sale
Real Estate Properties [Line Items]
Number of properties owned | hotel		16		16
Number of units related to real estate property | key		2,010		2,010
Net proceeds from sale of real estate				$ 81,935
Number of properties to be sold or rebranded | hotel		3		3
Number of units related to real estate properties to be sold or rebranded | key		383		383
Hotel | Held-for-sale | Subsequent event
Real Estate Properties [Line Items]
Number of units related to real estate property | key	985
Net proceeds from sale of real estate	$ 44,150
Number of properties to be sold or rebranded | hotel	8
Net Lease
Real Estate Properties [Line Items]
Number of properties owned | property		745		745
Square feet | ft²		13,332,131		13,332,131
Net Lease | Subsequent event
Real Estate Properties [Line Items]
Number of properties to be sold or rebranded | property	1
Net Lease | Disposed of by sale
Real Estate Properties [Line Items]
Square feet | ft²		52,088	34,849	52,088
Number of properties sold | property		4	3
Aggregate sales price, excluding closing costs		$ 3,600	$ 2,932
Net Lease | Held-for-sale
Real Estate Properties [Line Items]
Number of properties owned | property		10		10
Carrying value		$ 3,148		$ 3,148
Number of properties to be sold or rebranded | property		9		9
Area of real estate property to be sold | ft²		132,860		132,860
Net Lease | Held-for-sale | Subsequent event
Real Estate Properties [Line Items]
Square feet | ft²	3,381
Net proceeds from sale of real estate	$ 1,000

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Sale of Properties (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024 USD ($) ft² room property	Mar. 31, 2024 USD ($) ft² property room	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) ft² property room	Sep. 30, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Loss) Gain on Sale of Real Estate	$ 4,105		$ 123	$ 1,110	$ 41,959
Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rooms or Suites | room	36,875			36,875
Net Lease
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square Feet | ft²	13,332,131			13,332,131
Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties | property				14
Rooms or Suites | room	906			906
Square Feet | ft²	86,937			86,937
Gross Sales Price				$ 54,747
(Loss) Gain on Sale of Real Estate				$ 1,110
Disposed of by sale | Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties | property	6	1
Rooms or Suites | room	822	84		822
Gross Sales Price	$ 44,900	$ 3,315
(Loss) Gain on Sale of Real Estate	$ 5,283	$ (863)
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	4	3
Square Feet | ft²	52,088	34,849		52,088
Gross Sales Price	$ 3,600	$ 2,932
(Loss) Gain on Sale of Real Estate	$ (1,178)	$ (2,132)

Management Agreements and Lea_2

Management Agreements and Leases - Narrative (Details)	Sep. 30, 2024 hotel property travelCenter tenant agreement
Hotel
Management Agreements and Leases [Line Items]
Number of properties owned	214
Number of operating agreements | agreement	4
Hotel | InterContinental Hotels Group, plc
Management Agreements and Leases [Line Items]
Number of properties owned	1
Net Lease
Management Agreements and Leases [Line Items]
Number of properties owned | property	745
Number of tenants | tenant	176
Related Party | Hotel | Sonesta Int'l Hotels Corp
Management Agreements and Leases [Line Items]
Number of properties owned	189
Related Party | Hotel | Hyatt Hotels Corporation
Management Agreements and Leases [Line Items]
Number of properties owned	17
Related Party | Hotel | Radisson Hospitality, Inc
Management Agreements and Leases [Line Items]
Number of properties owned	7
Related Party | Net Lease | TravelCenters of America Inc.
Management Agreements and Leases [Line Items]
Number of properties owned | travelCenter	175

Management Agreements and Lea_3

Management Agreements and Leases - Sonesta (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) hotel renewalOption	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) hotel renewalOption	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Management Agreements and Leases [Line Items]
Capital improvements from leased facilities, funded			$ 224,383	$ 118,785
Due from related persons	$ 20,139		$ 20,139		$ 6,376
Sonesta agreements
Management Agreements and Leases [Line Items]
Percentage of historical real estate investments	50.10%		50.10%
Percent of gross revenues from hotel operations placed in escrow or FF&E reserve			5%
Hotel | Sonesta Int'l Hotels Corp
Management Agreements and Leases [Line Items]
Due to related party, reimbursement of capital expenditures and other	$ 12,978		$ 12,978		13,300
Hotel | Return Of Capital | Sonesta Int'l Hotels Corp
Management Agreements and Leases [Line Items]
Due from related persons	20,139		20,139		6,376
Annual owners' priority returns	$ 357,295		$ 357,295
Hotel | Sonesta agreements
Management Agreements and Leases [Line Items]
Number of renewal options | renewalOption	2		2
Term of renewal options			15 years
Percent payment of hotel cash flows	80%		80%
Hotel net income (loss)	$ 54,554	$ 67,868	$ 157,059	183,004
Capital improvements from leased facilities, funded			182,493	97,745
Related party transaction, management marketing and reservation system fees	31,500	32,055	91,484	90,312
Procurement and construction supervision fees	805	459	1,792	1,007
Advanced working capital	47,470		47,470		$ 48,490
Hotel | Sonesta agreements | Return Of Capital | Sonesta Int'l Hotels Corp
Management Agreements and Leases [Line Items]
Due from related persons	$ 10,950	$ 5,864	$ 10,950	$ 5,864
Hotel | Full service hotel | Sonesta Int'l Hotels Corp
Management Agreements and Leases [Line Items]
Number of real estate properties leased or managed | hotel	39		39
Hotel | Limited services hotel | Sonesta Int'l Hotels Corp
Management Agreements and Leases [Line Items]
Number of real estate properties leased or managed | hotel	107		107
Hotel | Select service hotels | Sonesta Int'l Hotels Corp
Management Agreements and Leases [Line Items]
Number of real estate properties leased or managed | hotel	43		43

Management Agreements and Lea_4

Management Agreements and Leases - Hyatt Agreement (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 29, 2024 USD ($)	Sep. 30, 2024 USD ($) hotel	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) hotel	Sep. 30, 2023 USD ($)
Management Agreements and Leases [Line Items]
Capital improvements from leased facilities, funded				$ 224,383	$ 118,785
Hotel
Management Agreements and Leases [Line Items]
Number of properties owned | hotel		214		214
Hotel | Hyatt Hotels Corporation
Management Agreements and Leases [Line Items]
Operating agreement annual rent and return				$ 17,062
Limited guarantee amount		$ 30,000
Limited guarantee, percentage of annual minimum returns		75%		75%
Realized returns (loss) and rents		$ 2,037	$ 2,974	$ 4,243	9,685
Additional working capital	$ 2,300
Capital improvements from leased facilities, funded				25,113	17,652
Increase in annual owner's priority returns				$ 1,507	$ 1,059
Hotel | Related Party | Hyatt Hotels Corporation
Management Agreements and Leases [Line Items]
Number of properties owned | hotel		17		17

Management Agreements and Lea_5

Management Agreements and Leases - Radisson Agreement (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) hotel	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) hotel	Sep. 30, 2023 USD ($)
Management Agreements and Leases [Line Items]
Capital improvements from leased facilities, funded			$ 224,383	$ 118,785
Radisson Agreement
Management Agreements and Leases [Line Items]
Capital improvements from leased facilities, funded			714	6,898
Increase in annual owner's priority returns			$ 42	414
Hotel
Management Agreements and Leases [Line Items]
Number of properties owned | hotel	214		214
Hotel | Radisson Agreement
Management Agreements and Leases [Line Items]
Operating agreement annual rent and return			$ 10,908
Limited guarantee amount	$ 22,000
Limited guarantee, percentage of annual minimum returns	75%		75%
Realized returns (loss) and rents	$ 2,160	$ 2,364	$ 5,400	$ 5,728
Guarantee provided to the entity, maximum	$ 21,350		$ 21,350
Hotel | Related Party | Radisson Hospitality, Inc
Management Agreements and Leases [Line Items]
Number of properties owned | hotel	7		7

Management Agreements and Lea_6

Management Agreements and Leases - IHG Agreement (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) hotel	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) hotel	Sep. 30, 2023 USD ($)
Management Agreements and Leases [Line Items]
Cash provided by (used in) operating activities			$ 149,043	$ 401,958
Capital improvements from leased facilities, funded			224,383	118,785
IHG Agreement
Management Agreements and Leases [Line Items]
Capital improvements from leased facilities, funded			$ 700	373
Hotel
Management Agreements and Leases [Line Items]
Number of properties owned | hotel	214		214
Hotel | IHG Agreement
Management Agreements and Leases [Line Items]
Number of properties owned | hotel	1		1
Cash provided by (used in) operating activities	$ 1,189	$ 1,482	$ 4,318	$ 3,762

Management Agreements and Lea_7

Management Agreements and Leases - Other, Net Lease Portfolio and TA Leases (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) ft² brand property industry travelCenter tenant lease	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) ft² brand property industry travelCenter tenant lease	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Management Agreements and Leases [Line Items]
Rental income	$ 100,236	$ 101,299	$ 300,712	$ 295,164
Adjustments necessary to record rent on straight line basis	4,030	6,548	14,576	6,867
Reserves recorded (reduced) for uncollectible amounts against rental income	(515)	1,041	(1,557)	(4,312)
COVID-19
Management Agreements and Leases [Line Items]
Reserves for uncollectible rents	4,872		4,872		$ 3,436
TravelCenters of America Inc.
Management Agreements and Leases [Line Items]
Monthly rent credit amount	$ 25,000		$ 25,000
Lease term	10 years		10 years
Deferred percentage rental income				3,507
BP Products North America Inc.
Management Agreements and Leases [Line Items]
Guarantee obligations	$ 3,037,475		$ 3,037,475
Net Lease
Management Agreements and Leases [Line Items]
Operating agreement annual rent and return			$ 380,034
Percentage of portfolio leased by tenants	97.60%		97.60%
Number of brands | brand	137		137
Number of industries | industry	21		21
Net Lease
Management Agreements and Leases [Line Items]
Number of properties owned | property	745		745
Square feet | ft²	13,332,131		13,332,131
Weighted average remaining lease term	8 years 3 months 18 days		8 years 3 months 18 days
Number of tenants | tenant	176		176
Net Lease | Travel Centers of America | Real Estate Investment Property At Cost | Credit Concentration Risk
Management Agreements and Leases [Line Items]
Percentage of total annual minimum rents			28.60%
Net Lease | Related Party | TravelCenters of America Inc.
Management Agreements and Leases [Line Items]
Number of properties owned | travelCenter	175		175
Travel centers | TravelCenters of America Inc.
Management Agreements and Leases [Line Items]
Operating agreement annual rent and return			$ 259,080
Rental income	$ 67,834	67,809	203,502	195,210
Adjustments necessary to record rent on straight line basis	3,039	4,309	11,233	3,623
Accruals for unpaid rent, including deferred rent	$ 35,374		$ 35,374		$ 19,816
TA agreements | Travel centers | TravelCenters of America Inc.
Management Agreements and Leases [Line Items]
Number of operating agreements | lease	5		5
SMTA Transaction
Management Agreements and Leases [Line Items]
Rental income	$ 32,402	33,490	$ 97,210	99,954
Adjustments necessary to record rent on straight line basis	$ 991	$ 2,239	$ 3,343	$ 3,244

Other Investments (Details)

Other Investments (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 27, 2020	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	May 15, 2023
Schedule of Equity Method Investments [Line Items]
Equity method investment			$ 110,783		$ 110,783		$ 113,304
Investment (losses) earnings in an investee			2,963	$ 1,864	(5,091)	$ (1,840)
Capital contribution funded					3,392	0
TravelCenters of America Inc. | BP Products North America Inc.
Schedule of Equity Method Investments [Line Items]
Business acquisition, share price (in dollars per share)								$ 86
Travel Centers of America
Schedule of Equity Method Investments [Line Items]
Number of common shares owned (in shares)								1,184,797
Percentage of total shares outstanding (in percent)								7.80%
Sonesta Int'l Hotels Corp
Schedule of Equity Method Investments [Line Items]
Investment (losses) earnings in an investee			2,963	1,864	(5,091)	1,840
Decrease in hotel operating expense			621	621	1,863	1,863
Capital contribution funded		$ 3,392
Travel Centers of America
Schedule of Equity Method Investments [Line Items]
Historical cost of securities							24,418	$ 24,418
Carrying value of investment								$ 101,893
Gain on equity securities						48,837
Sonesta agreements
Schedule of Equity Method Investments [Line Items]
Equity method investment			110,783		110,783		113,304
Amount of cost basis exceeding book value	$ 8,000
Amortization period	31 years
Amortization of basis difference			65	$ 65	195	$ 195
Accounts payable and other liabilities			42,000		42,000
Unamortized balance			$ 30,616		$ 30,616		$ 32,479
Sonesta Int'l Hotels Corp
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage (in percent)			34%		34%		34%

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details) $ in Thousands		1 Months Ended		3 Months Ended		9 Months Ended
	Feb. 10, 2023 USD ($)	Oct. 31, 2024 USD ($) retailProperty	Jun. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) hotel property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) hotel property extensionOption	Sep. 30, 2023 USD ($)	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023 USD ($)
Indebtedness
Revolving credit facility				$ 0		$ 0							$ 0
Proceeds from senior unsecured notes, net of discounts						1,165,007	$ 0
(Loss) gain on early debt extinguishment				(133)	$ 0	(16,181)	(282)
Repayments of debt						2,569	0
Aggregate undepreciated carrying value of real estate				$ 9,757,372		$ 9,757,372
Revolving credit facility
Indebtedness
Collateral property debt yield (in percent)				12%		12%
Revolving credit facility | Forecast
Indebtedness
Collateral property debt yield (in percent)								12%	11%	10%	9.50%	8.50%
Net Lease | Subsequent event
Indebtedness
Debt instrument, collateral properties | retailProperty		315
Encumbered Net Lease Property | Subsequent event
Indebtedness
Debt instrument, collateral properties | retailProperty		6
Unencumbered Net Lease Property | Subsequent event
Indebtedness
Debt instrument, collateral properties | retailProperty		13
Senior Notes
Indebtedness
Proceeds from senior unsecured notes, net of discounts			$ 1,162,077
Net Lease Mortgage Notes, due 2028 at 5.60%
Indebtedness
Principal amount	$ 610,200
Redemption period	24 months
Debt instrument, collateral properties | property				308		308
Operating agreement annual rent and return						$ 64,822
Gross book value						754,290
Net Lease Mortgage Notes, due 2028 at 5.60% | Net Lease
Indebtedness
Aggregate undepreciated carrying value of real estate				$ 759,877		759,877
Net Lease Mortgage Notes, due 2028 at 5.60% | Net Lease | Subsequent event
Indebtedness
Operating agreement annual rent and return		$ 66,173
Net Lease Mortgage Notes, due 2028 at 5.60% | Encumbered Net Lease Property
Indebtedness
Aggregate undepreciated carrying value of real estate				13,645		13,645
Net Lease Mortgage Notes, due 2028 at 5.60% | Unencumbered Net Lease Property
Indebtedness
Aggregate undepreciated carrying value of real estate				19,232		19,232
Revolving credit facility
Indebtedness
Revolving credit facility				0	$ 0	0	$ 0
Revolving credit facility, maximum borrowing capacity				$ 650,000		$ 650,000
Number of extension options | extensionOption						2
Extension term						6 months
Leverage ratio limit				2.50%		2.50%
Collateral properties with first mortgage liens | property				70		70
Collateral to secure debt				$ 1,720,032		$ 1,720,032
Annual interest rate				7.46%	7.93%	7.46%	7.93%
Revolving credit facility | Hotel
Indebtedness
Collateral properties with first mortgage liens | hotel				67		67
Number of hotels sold as collateral | hotel				2
Revolving credit facility | Net Lease
Indebtedness
Collateral properties with first mortgage liens | property				3		3
Revolving credit facility | Minimum
Indebtedness
Basis spread on variable rate (in percent)						1.50%
Credit facility fee percentage (in percent)						0.20%
Revolving credit facility | Maximum
Indebtedness
Basis spread on variable rate (in percent)						3%
Credit facility fee percentage (in percent)						0.30%
Senior Unsecured Notes
Indebtedness
Senior notes				$ 4,017,135		$ 4,017,135							3,993,327
Senior Unsecured Notes | Senior Notes
Indebtedness
Senior notes				$ 4,075,000		$ 4,075,000
Senior Guaranteed Unsecured Notes, due 2029 at 8.375%
Indebtedness
Interest rate, stated percentage (in percent)				8.375%		8.375%
Senior Guaranteed Unsecured Notes, due 2029 at 8.375% | Senior Notes
Indebtedness
Principal amount			$ 700,000
Interest rate, stated percentage (in percent)			8.375%
Senior Guaranteed Unsecured Notes, due 2032 at 8.875%
Indebtedness
Interest rate, stated percentage (in percent)				8.875%		8.875%
Senior Guaranteed Unsecured Notes, due 2032 at 8.875% | Senior Notes
Indebtedness
Principal amount			$ 500,000
Interest rate, stated percentage (in percent)			8.875%
Senior Unsecured Notes, due 2025 at 7.50%
Indebtedness
Interest rate, stated percentage (in percent)				7.50%		7.50%
Senior Unsecured Notes, due 2025 at 7.50% | Senior Notes
Indebtedness
Interest rate, stated percentage (in percent)			7.50%
Repurchase amount			$ 800,000
(Loss) gain on early debt extinguishment						$ (17,681)
Senior Unsecured Notes, due 2025 at 4.50%
Indebtedness
Interest rate, stated percentage (in percent)				4.50%		4.50%
Senior Unsecured Notes, due 2025 at 4.50% | Senior Notes
Indebtedness
Principal amount			$ 350,000
Interest rate, stated percentage (in percent)			4.50%
Repurchase amount			$ 272,803
(Loss) gain on early debt extinguishment						$ 1,500
Cost of repurchase amount			270,396
Repayments of debt			$ 77,197
Senior Secured Notes
Indebtedness
Senior notes				$ 971,066		971,066							$ 968,017
Senior Secured Notes | Senior Notes
Indebtedness
Senior notes				$ 1,000,000		$ 1,000,000
Senior Secured Notes, due 2031 at 8.625%
Indebtedness
Interest rate, stated percentage (in percent)				8.625%		8.625%
Senior Secured Notes, due 2031 at 8.625% | Senior Notes
Indebtedness
Interest rate, stated percentage (in percent)			8.625%
Net Lease Mortgage Notes, due 2028 at 5.60% | Net Lease Mortgage Notes, due 2028 at 5.60%
Indebtedness
Principal amount				$ 607,101		$ 607,101
Interest rate, stated percentage (in percent)				5.60%		5.60%
Coupon Rate 5.15% | Net Lease Mortgage Notes, due 2028 at 5.60%
Indebtedness
Principal amount				$ 302,586		$ 302,586
Interest rate, stated percentage (in percent)				5.15%		5.15%
Debt instrument, monthly redemption price, percentage (in percent)	0.50%
Coupon Rate 5.55% | Net Lease Mortgage Notes, due 2028 at 5.60%
Indebtedness
Principal amount				$ 172,315		$ 172,315
Interest rate, stated percentage (in percent)				5.55%		5.55%
Debt instrument, monthly redemption price, percentage (in percent)	0.25%

Indebtedness - Schedule of Init

Indebtedness - Schedule of Initial Principal Balance and Annual Interest Rates (Details) - Net Lease Mortgage Notes, due 2028 at 5.60% - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Feb. 10, 2023
Indebtedness
Principal amount		$ 610,200
Coupon Rate 5.15%
Indebtedness
Principal amount	$ 302,586
Interest rate, stated percentage (in percent)	5.15%
Debt term	5 years
Coupon Rate 5.55%
Indebtedness
Principal amount	$ 172,315
Interest rate, stated percentage (in percent)	5.55%
Debt term	5 years
Coupon Rate 6.70%
Indebtedness
Principal amount	$ 132,200
Interest rate, stated percentage (in percent)	6.70%
Debt term	5 years
Net Lease Mortgage Notes, due 2028 at 5.60%
Indebtedness
Principal amount	$ 607,101
Interest rate, stated percentage (in percent)	5.60%

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) $ / shares in Units, $ in Thousands				3 Months Ended			9 Months Ended
	Oct. 16, 2024 USD ($) $ / shares	Sep. 11, 2024 $ / shares shares	Jun. 14, 2024 trustee $ / shares shares	Sep. 30, 2024 USD ($) $ / shares	Jun. 30, 2024 USD ($) $ / shares	Mar. 31, 2024 USD ($) $ / shares	Sep. 30, 2024 USD ($) $ / shares shares
Class of Stock [Line Items]
Shares granted (in shares) | shares		885,289
Shares granted valued (in dollars per share)		$ 4.43
Number of new trustees | trustee			8
Shares repurchased (in shares) | shares							149,472
Shares repurchased (in dollars per share)							$ 4.82
Quarterly distribution declared (in dollars per share)				$ 0.20	$ 0.20	$ 0.20	$ 0.60
Common stock dividend | $				$ 33,178	$ 33,152	$ 33,154	$ 99,484
Subsequent event
Class of Stock [Line Items]
Quarterly distribution declared (in dollars per share)	$ 0.01
Common stock dividend | $	$ 1,666
Trustee One
Class of Stock [Line Items]
Shares granted (in shares) | shares			18,255
Shares granted valued (in dollars per share)			$ 4.93
Trustee Two
Class of Stock [Line Items]
Shares granted (in shares) | shares			18,255
Shares granted valued (in dollars per share)			$ 4.93
Trustee Three
Class of Stock [Line Items]
Shares granted (in shares) | shares			18,255
Shares granted valued (in dollars per share)			$ 4.93
Trustee Four
Class of Stock [Line Items]
Shares granted (in shares) | shares			18,255
Shares granted valued (in dollars per share)			$ 4.93
Trustee Five
Class of Stock [Line Items]
Shares granted (in shares) | shares			18,255
Shares granted valued (in dollars per share)			$ 4.93
Trustee Six
Class of Stock [Line Items]
Shares granted (in shares) | shares			18,255
Shares granted valued (in dollars per share)			$ 4.93
Trustee Seven
Class of Stock [Line Items]
Shares granted (in shares) | shares			18,255
Shares granted valued (in dollars per share)			$ 4.93
Trustee Eight
Class of Stock [Line Items]
Shares granted (in shares) | shares			18,255
Shares granted valued (in dollars per share)			$ 4.93

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Dividend Per Common Share (in dollars per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.60
Total Distributions	$ 33,178	$ 33,152	$ 33,154	$ 99,484

Business and Property Managem_2

Business and Property Management Agreements with RMR (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) employee agreement	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) employee agreement	Sep. 30, 2023 USD ($)
Real Estate Properties [Line Items]
Number of employees | employee	0		0
Net lease operating expenses	$ 4,791	$ 4,802	$ 14,472	$ 13,079
Amended And Restate Business Management Agreement | RMR LLC
Real Estate Properties [Line Items]
Business management fees incurred	7,411	8,287	$ 22,608	24,959
RMR LLC
Real Estate Properties [Line Items]
Incentive fee calculation period			3 years
Net lease operating expenses	1,514	923	$ 4,503	2,805
Related party transaction amount	$ 1,540	1,108	$ 4,570	2,484
RMR LLC | Amended And Restate Business Management Agreement
Real Estate Properties [Line Items]
Number of management service agreements | agreement	2		2
Related party property management and construction management fee	$ 3,054	2,031	$ 9,073	5,289
Related party reimbursement expenses	$ 1,080	$ 1,182	$ 3,206	$ 3,301

Related Person Transactions (De

Related Person Transactions (Details)	Sep. 30, 2024 agreement hotel shares	Dec. 31, 2023
Hotel
Related Party Transaction [Line Items]
Number of properties owned	214
RMR LLC
Related Party Transaction [Line Items]
Percentage of total shares outstanding (in percent)	4.40%
Travel Centers of America | RMR LLC
Related Party Transaction [Line Items]
Number of common shares owned (in shares) | shares	661,506
Sonesta Int'l Hotels Corp
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage (in percent)	34%	34%
RMR LLC | Amended And Restate Business Management Agreement
Related Party Transaction [Line Items]
Number of management service agreements | agreement	2
Sonesta Int'l Hotels Corp | Related Party | Hotel
Related Party Transaction [Line Items]
Number of properties owned	189

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Components of provision for income taxes
Income tax (benefit) expense	$ (77)	$ (2,242)	$ 1,454	$ (775)
Current state tax (benefit) expense	(50)	(1,773)	659	(1,186)
Current foreign tax (benefit) expense	$ (27)	$ (469)	$ 795	$ 411

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Information
Number of reportable segments | segment							2
Revenues:
Hotel operating revenues	$ 390,935			$ 395,526			$ 1,139,657	$ 1,134,649
Rental income	100,236			101,299			300,712	295,164
Total revenues	491,171			496,825			1,440,369	1,429,813
Expenses:
Hotel operating expenses	328,535			317,752			961,868	926,418
Net lease operating expenses	4,791			4,802			14,472	13,079
Depreciation and amortization	89,005			94,498			277,786	289,108
General and administrative	10,472			10,849			31,659	34,180
Transaction related costs	0			115			0	1,933
Loss on asset impairment, net	13,692			512			51,030	9,517
Total expenses	446,495			428,528			1,336,815	1,274,235
Gain (loss) on sale of real estate, net	4,105			123			1,110	41,959
Gain on equity securities, net	0			0			0	48,837
Interest income	537			5,626			3,318	11,880
Interest expense	(99,126)			(82,280)			(284,390)	(246,363)
Loss on early extinguishment of debt, net	(133)			0			(16,181)	(282)
(Loss) income before income tax benefit (expense) and equity in earnings (losses) of an investee	(49,941)			(8,234)			(192,589)	11,609
Income tax expense (benefit)	77			2,242			(1,454)	775
Equity in earnings (losses) of an investee	2,963			1,864			(5,091)	(1,840)
Net (loss) income	(46,901)	$ (73,850)	$ (78,383)	(4,128)	$ (11,278)	$ 25,950	(199,134)	10,544
Total assets	7,086,792						7,086,792		$ 7,356,116
Operating segments | Hotels
Revenues:
Hotel operating revenues	390,935			395,526			1,139,657	1,134,649
Rental income	0			0			0	0
Total revenues	390,935			395,526			1,139,657	1,134,649
Expenses:
Hotel operating expenses	328,535			317,752			961,868	926,418
Net lease operating expenses	0			0			0	0
Depreciation and amortization	52,762			54,402			163,237	161,236
General and administrative	0			0			0	0
Transaction related costs				115				588
Loss on asset impairment, net	6,043			0			39,150	0
Total expenses	387,340			372,269			1,164,255	1,088,242
Gain (loss) on sale of real estate, net	5,283			0			4,420	41,918
Gain on equity securities, net								0
Interest income	63			54			190	105
Interest expense	0			0			0	0
Loss on early extinguishment of debt, net	0						0	0
(Loss) income before income tax benefit (expense) and equity in earnings (losses) of an investee	8,941			23,311			(19,988)	88,430
Income tax expense (benefit)	0			0			0	0
Equity in earnings (losses) of an investee	0			0			0	0
Net (loss) income	8,941			23,311			(19,988)	88,430
Total assets	3,923,732						3,923,732		3,943,213
Operating segments | Net Lease
Revenues:
Hotel operating revenues	0			0			0	0
Rental income	100,236			101,299			300,712	295,164
Total revenues	100,236			101,299			300,712	295,164
Expenses:
Hotel operating expenses	0			0			0	0
Net lease operating expenses	4,791			4,802			14,472	13,079
Depreciation and amortization	36,243			40,096			114,549	127,872
General and administrative	0			0			0	0
Transaction related costs				0				415
Loss on asset impairment, net	7,649			512			11,880	9,517
Total expenses	48,683			45,410			140,901	150,883
Gain (loss) on sale of real estate, net	(1,178)			123			(3,310)	41
Gain on equity securities, net								0
Interest income	0			55			138	80
Interest expense	(11,583)			(11,526)			(34,540)	(29,283)
Loss on early extinguishment of debt, net	0						0	0
(Loss) income before income tax benefit (expense) and equity in earnings (losses) of an investee	38,792			44,541			122,099	115,119
Income tax expense (benefit)	0			0			0	0
Equity in earnings (losses) of an investee	0			0			0	0
Net (loss) income	38,792			44,541			122,099	115,119
Total assets	2,968,845						2,968,845		3,084,686
Corporate
Revenues:
Hotel operating revenues	0			0			0	0
Rental income	0			0			0	0
Total revenues	0			0			0	0
Expenses:
Hotel operating expenses	0			0			0	0
Net lease operating expenses	0			0			0	0
Depreciation and amortization	0			0			0	0
General and administrative	10,472			10,849			31,659	34,180
Transaction related costs				0				930
Loss on asset impairment, net	0			0			0	0
Total expenses	10,472			10,849			31,659	35,110
Gain (loss) on sale of real estate, net	0			0			0	0
Gain on equity securities, net								48,837
Interest income	474			5,517			2,990	11,695
Interest expense	(87,543)			(70,754)			(249,850)	(217,080)
Loss on early extinguishment of debt, net	(133)						(16,181)	(282)
(Loss) income before income tax benefit (expense) and equity in earnings (losses) of an investee	(97,674)			(76,086)			(294,700)	(191,940)
Income tax expense (benefit)	77			2,242			(1,454)	775
Equity in earnings (losses) of an investee	2,963			1,864			(5,091)	(1,840)
Net (loss) income	(94,634)			$ (71,980)			(301,245)	$ (193,005)
Total assets	$ 194,215						$ 194,215		$ 328,217

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Schedule of Recurring and Non-Recurring (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)
Fair Value of Assets and Liabilities
Loss on asset impairment, net	$ 13,692	$ 512	$ 51,030	$ 9,517
Held-for-sale
Fair Value of Assets and Liabilities
Assets of properties held for sale	35,394		35,394
Held and used
Fair Value of Assets and Liabilities
Assets of properties held for sale	7,500		7,500
Quoted Prices in Active Markets for Identical Assets (Level 1) | Held-for-sale
Fair Value of Assets and Liabilities
Assets of properties held for sale	0		0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Held and used
Fair Value of Assets and Liabilities
Assets of properties held for sale	0		0
Significant Other Observable Inputs (Level 2) | Held-for-sale
Fair Value of Assets and Liabilities
Assets of properties held for sale	$ 33,993		33,993
Loss on asset impairment, net			14,583
Costs to sell			$ 936
Significant Other Observable Inputs (Level 2) | Held-for-sale | Hotel
Fair Value of Assets and Liabilities
Number of impaired properties | property	7		7
Significant Other Observable Inputs (Level 2) | Held and used
Fair Value of Assets and Liabilities
Assets of properties held for sale	$ 0		$ 0
Significant Unobservable Inputs (Level 3) | Held-for-sale
Fair Value of Assets and Liabilities
Assets of properties held for sale	$ 1,401		1,401
Loss on asset impairment, net			5,202
Costs to sell			$ 102
Significant Unobservable Inputs (Level 3) | Held-for-sale | Net Lease
Fair Value of Assets and Liabilities
Number of impaired properties | property	3		3
Significant Unobservable Inputs (Level 3) | Held and used
Fair Value of Assets and Liabilities
Assets of properties held for sale	$ 7,500		$ 7,500
Loss on asset impairment, net			$ 4,285
Significant Unobservable Inputs (Level 3) | Held and used | Exit Capitalization Rate
Fair Value of Assets and Liabilities
Measurement input	0.063		0.063
Significant Unobservable Inputs (Level 3) | Held and used | Discount Rate
Fair Value of Assets and Liabilities
Measurement input	0.070		0.070
Significant Unobservable Inputs (Level 3) | Held and used | Net Lease
Fair Value of Assets and Liabilities
Number of impaired properties | property	1		1

Fair Value of Assets and Liab_4

Fair Value of Assets and Liabilities - Schedule of Debt Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Senior Unsecured Notes, due 2025 at 4.50%
Fair Value of Assets and Liabilities
Interest rate, stated percentage (in percent)	4.50%
Senior Unsecured Notes, due 2025 at 7.50%
Fair Value of Assets and Liabilities
Interest rate, stated percentage (in percent)	7.50%
Senior Unsecured Notes, due 2026 at 5.25%
Fair Value of Assets and Liabilities
Interest rate, stated percentage (in percent)	5.25%
Senior Unsecured Notes, due 2026 at 4.75%
Fair Value of Assets and Liabilities
Interest rate, stated percentage (in percent)	4.75%
Senior Unsecured Notes, due 2027 at 4.95%
Fair Value of Assets and Liabilities
Interest rate, stated percentage (in percent)	4.95%
Senior Guaranteed Unsecured Notes, due 2027 at 5.50%
Fair Value of Assets and Liabilities
Interest rate, stated percentage (in percent)	5.50%
Net Lease Mortgage Notes, due 2028 at 5.60% | Net Lease Mortgage Notes, due 2028 at 5.60%
Fair Value of Assets and Liabilities
Interest rate, stated percentage (in percent)	5.60%
Senior Unsecured Notes, due 2028 at 3.95%
Fair Value of Assets and Liabilities
Interest rate, stated percentage (in percent)	3.95%
Senior Guaranteed Unsecured Notes, due 2029 at 8.375%
Fair Value of Assets and Liabilities
Interest rate, stated percentage (in percent)	8.375%
Senior Unsecured Notes, due 2029 at 4.95%
Fair Value of Assets and Liabilities
Interest rate, stated percentage (in percent)	4.95%
Senior Unsecured Notes, due 2030 at 4.375%
Fair Value of Assets and Liabilities
Interest rate, stated percentage (in percent)	4.375%
Senior Secured Notes, due 2031 at 8.625%
Fair Value of Assets and Liabilities
Interest rate, stated percentage (in percent)	8.625%
Senior Guaranteed Unsecured Notes, due 2032 at 8.875%
Fair Value of Assets and Liabilities
Interest rate, stated percentage (in percent)	8.875%
Carrying Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 5,554,247	$ 5,520,220
Carrying Value | Senior Unsecured Notes, due 2025 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	0	349,181
Carrying Value | Senior Unsecured Notes, due 2025 at 7.50%
Fair Value of Assets and Liabilities
Total financial liabilities	0	796,007
Carrying Value | Senior Unsecured Notes, due 2026 at 5.25%
Fair Value of Assets and Liabilities
Total financial liabilities	348,447	347,601
Carrying Value | Senior Unsecured Notes, due 2026 at 4.75%
Fair Value of Assets and Liabilities
Total financial liabilities	448,805	448,347
Carrying Value | Senior Unsecured Notes, due 2027 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	398,239	397,672
Carrying Value | Senior Guaranteed Unsecured Notes, due 2027 at 5.50%
Fair Value of Assets and Liabilities
Total financial liabilities	446,476	445,631
Carrying Value | Net Lease Mortgage Notes, due 2028 at 5.60% | Net Lease Mortgage Notes, due 2028 at 5.60%
Fair Value of Assets and Liabilities
Total financial liabilities	566,046	558,876
Carrying Value | Senior Unsecured Notes, due 2028 at 3.95%
Fair Value of Assets and Liabilities
Total financial liabilities	396,218	395,355
Carrying Value | Senior Guaranteed Unsecured Notes, due 2029 at 8.375%
Fair Value of Assets and Liabilities
Total financial liabilities	681,979	0
Carrying Value | Senior Unsecured Notes, due 2029 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	421,071	420,477
Carrying Value | Senior Unsecured Notes, due 2030 at 4.375%
Fair Value of Assets and Liabilities
Total financial liabilities	393,906	393,056
Carrying Value | Senior Secured Notes, due 2031 at 8.625%
Fair Value of Assets and Liabilities
Total financial liabilities	971,066	968,017
Carrying Value | Senior Guaranteed Unsecured Notes, due 2032 at 8.875%
Fair Value of Assets and Liabilities
Total financial liabilities	481,994	0
Fair Value
Fair Value of Assets and Liabilities
Total financial liabilities	5,433,749	5,307,547
Fair Value | Senior Unsecured Notes, due 2025 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	0	341,688
Fair Value | Senior Unsecured Notes, due 2025 at 7.50%
Fair Value of Assets and Liabilities
Total financial liabilities	0	808,888
Fair Value | Senior Unsecured Notes, due 2026 at 5.25%
Fair Value of Assets and Liabilities
Total financial liabilities	343,949	339,780
Fair Value | Senior Unsecured Notes, due 2026 at 4.75%
Fair Value of Assets and Liabilities
Total financial liabilities	432,441	419,909
Fair Value | Senior Unsecured Notes, due 2027 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	378,632	362,108
Fair Value | Senior Guaranteed Unsecured Notes, due 2027 at 5.50%
Fair Value of Assets and Liabilities
Total financial liabilities	428,427	412,002
Fair Value | Net Lease Mortgage Notes, due 2028 at 5.60% | Net Lease Mortgage Notes, due 2028 at 5.60%
Fair Value of Assets and Liabilities
Total financial liabilities	599,709	585,784
Fair Value | Senior Unsecured Notes, due 2028 at 3.95%
Fair Value of Assets and Liabilities
Total financial liabilities	345,960	327,708
Fair Value | Senior Guaranteed Unsecured Notes, due 2029 at 8.375%
Fair Value of Assets and Liabilities
Total financial liabilities	699,216	0
Fair Value | Senior Unsecured Notes, due 2029 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	337,569	351,726
Fair Value | Senior Unsecured Notes, due 2030 at 4.375%
Fair Value of Assets and Liabilities
Total financial liabilities	302,776	310,524
Fair Value | Senior Secured Notes, due 2031 at 8.625%
Fair Value of Assets and Liabilities
Total financial liabilities	1,087,460	1,047,430
Fair Value | Senior Guaranteed Unsecured Notes, due 2032 at 8.875%
Fair Value of Assets and Liabilities
Total financial liabilities	$ 477,610	$ 0